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Central North Airport Group operates, maintains and develops airports mainly in northern and central Mexico. Most revenue comes from regulated airport services, chiefly a charge for departing passengers. Airlines include this charge in tickets, collect it from passengers and remit it to the company. Airlines also pay for services such as landing and aircraft parking.
The company earns additional income by leasing airport space to shops and restaurants, often receiving the greater of a minimum rent or a share of tenant sales. It also collects parking fees and earns income from OMA Carga logistics, hotel operations and industrial-property leasing. Terminal commercial revenue is outside the airport maximum-tariff system.
The business depends heavily on passenger traffic, predominantly on domestic flights. Monterrey is its largest airport and revenue contributor. VivaAerobus supplies a large share of aeronautical revenue; together with Volaris and Aeroméxico and its affiliates, it accounts for most of that revenue. These airlines are not required to keep serving the airports. The Mexican government caps regulated revenue relative to passenger and cargo volumes, limiting the company’s ability to raise charges. Its concessions also require approved construction and maintenance investments, and it cannot continue operating without them.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
OMA’s results depend heavily on Mexican domestic airline capacity, especially VivaAerobus and Volaris, which together supplied 62.9% of its aeronautical revenue from airline customers in 2025.
Pacific Airport Group shares OMA’s exposure to Mexican air-travel demand and airport concession policy: both charge airlines and passengers for airport use and collect rents from shops and restaurants. Watch its Mexican airport business rather than its Jamaican operations for a comparison with OMA.
ASUR shares OMA’s exposure to Mexican aviation demand, but its Cancún airport also competes for vacation travelers with OMA’s Acapulco, Mazatlán and Zihuatanejo airports; both operators earn airport-use fees and commercial revenue at Mexican concession airports. Cancún’s passenger traffic is the clearest place to watch that tourism rivalry.
Corporacion America Airports S.A. depends on traffic growth much as OMA does: both charge passengers and airlines regulated fees for airport use and also earn commercial airport revenue, though they serve different regions. Its passenger traffic and aircraft movements offer a comparison for the volumes behind OMA’s airport fees, not a direct read on Mexican demand.
American Airlines’ capacity on routes using OMA’s airports directly affects OMA’s airport fees; the airline sells passenger and cargo transport and accounted for 5.8% of OMA’s aeronautical revenue in 2025. Watch capacity changes on those routes, where OMA collects departing-passenger charges included in tickets and billed to the airline.
American Airlines Group Inc. earningsAAL
American Airlines Group’s report will show capacity changes on routes serving OMA airports, where the airline’s passenger traffic affects the charges OMA collects from carriers.
Watch American Airlines Group’s capacity on routes serving OMA airports, alongside whether passenger volumes hold up. Steady or growing capacity with passenger volumes holding supports the departures on which OMA collects passenger charges; capacity cuts, especially with fewer passengers, can shrink that fee base. Capacity is seats offered, not passengers carried.
Grupo Aeroportuario del Sureste, S.A. de C.V. earningsASR
Cancún traffic in ASUR’s report shows how vacation travel is flowing, as Cancún competes with OMA’s Acapulco, Mazatlán and Zihuatanejo airports for travelers.
Compare Cancún passenger traffic with traffic at OMA’s three tourist airports. If Cancún grows while those airports lag, the pattern is consistent with stronger pull toward ASUR; if both weaken, the more cautious conclusion is softer vacation demand, not that OMA has won those travelers.
Grupo Aeroportuario del Centro Norte S.A.B. de C.V earningsThis company
OMA earns from airport charges and traveler spending, and this report will show whether passenger and cargo traffic is translating into regulated aeronautical revenue and commercial income.
Read passenger and cargo traffic alongside aeronautical revenue per workload unit; one workload unit is one passenger or 100 kilograms of cargo. Then check non-aeronautical revenue per passenger. If traffic grows and both revenue measures hold up, more volume is turning into airport charges and commercial spending. If traffic grows but either measure weakens, the added volume is generating less revenue through regulated charges or traveler spending.
