Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Grupo Aeroportuario del Centro Norte, OMA, first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Grupo Aeroportuario del Centro Norte、OMA 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Please go ahead, sir.

現在我很高興介紹您的主持人，投資者關係官 Emmanuel Camacho。先生，請繼續。

Thank you, Sico. Hello everyone. Welcome to OMA's first-quarter 2025 earnings conference call. We're delighted to have you join us today as we discuss our company's performance and financial results for the past quarter. Joining us today are our CEO, Ricardo Duenas; and our CFO, Ruffo Pérez Pliego.

謝謝你，Sico。大家好。歡迎參加 OMA 2025 年第一季財報電話會議。我們很高興您今天能加入我們，一起討論公司上個季度的業績和財務結果。今天與我們一起出席的有我們的執行長 Ricardo Duenas；以及我們的財務長 Ruffo Pérez Pliego。

Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements which are based on current management's expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control.

請注意，我們今天討論過程中所做的某些陳述可能構成前瞻性陳述，這些陳述基於當前管理層的期望和信念，並受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果大不相同，包括我們無法控制的因素。

And now I'll turn the call over to Ricardo Duenas for his opening remarks.

現在我將把電話交給里卡多·杜埃納斯 (Ricardo Duenas) 來致開場白。

Thank you, Emmanuel. Good morning, everyone. We appreciate your presence on this call today. This morning, Ruffo and I will review our quarterly operational financial results, and then we will be pleased to answer your questions.

謝謝你，伊曼紐。大家早安。我們感謝您今天參加此電話會議。今天上午，魯福和我將回顧我們的季度營運財務業績，然後我們將很高興回答您的問題。

In the first quarter of this year, OMA's passenger traffic totaled 6.4 million passengers, a 9.1% increase year over year. This increase was mainly attributed to an increase in seat capacity of 13.4% during the quarter.

今年第一季，OMA客運量總計640萬人次，較去年同期成長9.1%。這一增長主要歸因於本季座位容量增加了 13.4%。

On the domestic front, passenger traffic grew by 8%, driven primarily by the Monterrey Airport, which saw increases on routes to Querétaro, the metropolitan area of Mexico City, including the Mexico City AIFA and Toluca airports: Hermosillo, Ciudad Juárez, Guadalajara, and Culiacán. These routes collectively added over 285,000 passengers during the quarter, representing 72% of the total domestic passenger growth.

國內方面，客運量增加了 8%，主要得益於蒙特雷機場飛往墨西哥城大都會區克雷塔羅的航線增加，包括墨西哥城 AIFA 和托盧卡機場：埃莫西約、華雷斯城、瓜達拉哈拉和庫利亞坎。這些航線在本季共增加了超過 285,000 名乘客，佔國內乘客總數成長的 72%。

International passenger traffic increased 15.1%. This growth was also driven by the Monterrey Airport with passenger traffic increases on routes to San Antonio, Chicago, Los Angeles, Orlando, San Francisco, Oakland, Miami, Austin, and Denver. This routes collectively added over 132,000 passengers during the quarter, accounting for 94% of the total international passenger increase in the first quarter.

國際客運量成長15.1%。這一成長也得益於蒙特雷機場飛往聖安東尼奧、芝加哥、洛杉磯、奧蘭多、舊金山、奧克蘭、邁阿密、奧斯汀和丹佛航線的客運量增加。該航線本季共新增旅客超過13.2萬人次，佔第一季國際旅客增量的94%。

During the first quarter, we launched 16 new routes, 5 of which were international. In terms of airline participation, VivaAerobus represented 49% of our total traffic during the quarter, with an 11% increase in terminal passenger numbers compared to the first quarter of '24, while Volaris, which accounted for 22% of our total traffic, recorded a 20% passenger increase during the quarter.

第一季度，我們開通了16條新航線，其中5條國際航線。在航空公司參與方面，VivaAerobus 在本季占我們總客流量的 49%，與 2024 年第一季相比，航廈乘客數量增加了 11%，而 Volaris 佔我們總客流量的 22%，本季乘客數量增加了 20%。

Moving on to OMA's first quarter financial highlights. Aeronautical revenues increased 13.8% with aeronautical revenue for passenger rising 4.3% in the quarter. Commercial revenues had a strong digit growth, with commercial revenue per passenger growing 13% to MXN66. As compared to the first quarter of '24, driven by VIP lounges, restaurants, and retail. VIP lounges benefit from higher access rates and a larger number of users, as well as the effect of the previously open lounges. The restaurant and retail line items benefited from the consolidation of new business units open across our airports during the past quarters.

接下來介紹 OMA 第一季的財務亮點。本季航空收入成長 13.8%，其中客運航空收入成長 4.3%。商業收入強勁成長，每位乘客的商業收入成長 13%，達到 66 墨西哥比索。與 24 年第一季相比，受貴賓休息室、餐廳和零售的推動。VIP休息室受益於更高的出入率和更多的用戶量，以及之前開放的休息室的效果。餐飲和零售項目受惠於過去幾季我們在各機場開設的新業務部門的整合。

Occupancy rate of commercial space stood at 96% at the end of the quarter. On the diversification front, revenues increased 22%, OMA Carga contributed most to this growth, mainly as a result of an increase in revenue related to air cargo operations in Monterrey.

本季末商業空間出租率為96%。在多元化方面，收入成長了 22%，OMA Carga 對此成長的貢獻最大，這主要是由於蒙特雷航空貨運業務相關收入的增加。

Revenue from Industrial Services increased 56.4% year over year, reaching MXN42 million, primarily driven by a higher number of square meters leased in our industrial park. During the quarter we completed construction of a warehouse measuring about 9,200 square meters as well as 2,400 square meters expansion of an existing facility. Additionally, we are currently building a 5,000 square meters warehouse, which we expect to complete in the second quarter of this year.

工業服務收入年增 56.4%，達到 4,200 萬墨西哥比索，主要原因是我們工業園區租賃面積增加。本季度，我們完成了約 9,200 平方米的倉庫建設以及 2,400 平方米的現有設施擴建。此外，我們目前正在建造一個5000平方公尺的倉庫，預計今年第二季完工。

OMA's first quarter adjusted EBITDA increased by 16% to MXN2.4 billion and an adjusted EBITDA margin of 74.9%. On the capital expenditure front, total investments in the quarter, including MDP investment, major maintenance, and strategic investments were MXN502 million.

OMA 第一季調整後 EBITDA 成長 16% 至 24 億墨西哥比索，調整後 EBITDA 利潤率為 74.9%。在資本支出方面，本季的總投資（包括 MDP 投資、主要維護和策略投資）為 5.02 億墨西哥比索。

Lastly, I want to mention that last Friday we held our 2025 Annual Shareholders Meeting where shareholders voted on several matters, including the declaration and payment of a MXN4.5 billion cash dividend.

最後，我想提一下，上週五我們舉行了 2025 年度股東大會，股東們就多項事項進行了投票，包括宣布和支付 45 億墨西哥比索的現金股息。

I would now like to turn the call over to Ruffo Pérez Pliego who will discuss our financial highlights for the quarter.

現在我想將電話轉給 Ruffo Pérez Pliego，他將討論我們本季的財務亮點。

Thank you, Ricardo. Good morning, everyone. I will briefly walk you through our financial results for the quarter, and then we will open the call for your questions. Aeronautical revenues increased 13.8% relative to the first quarter of '24, driven primarily by higher aeronautical yields, as well as increasing both domestic and international passenger traffic.

謝謝你，里卡多。大家早安。我將簡要向您介紹本季度的財務業績，然後我們將開始回答您的問題。航空收入較 24 年第一季成長 13.8%，主要得益於航空收益的提高以及國內和國際客運量的增加。

Non-aero revenues increased by 20.9%. Commercial revenues increased to 2.8%, and the nine items with the highest growth were VIP lounges, restaurants, and retail. VIP lounges rose 80%, mainly due to an increasing rates and higher number of users, as well as the opening and the consolidation of the Zihuatanejo lounge, which started operations last year.

非航空收入成長了20.9%。商業收入成長2.8%，其中增幅最高的九個項目為貴賓室、餐廳、零售。VIP 休息室數量增加了 80%，主要原因是價格上漲和用戶數量增加，以及去年開始營運的 Zihuatanejo 休息室的開放和合併。

Restaurants increased 32.8%, driven by greater customer penetration and the opening or replacement of outlets in previous quarters in airports such as Monterrey, Ciudad Juárez, and (inaudible). Retail increased 50.9% as a result of the contribution of new spaces opened or replacements of existing spaces in previous quarters, as well as the higher penetration primarily in airports like Juárez, Monterrey, Torreón, and Culiacán.

餐廳數量增加了 32.8%，這得益於顧客滲透率的提高以及前幾季在蒙特雷、華雷斯城和（聽不清楚）。零售額成長了 50.9%，這得益於前幾季新開設的空間或現有空間的替代，以及主要在華雷斯、蒙特雷、托雷翁和庫利亞坎等機場的滲透率提高。

Diversification activities increased 22%, mainly due to high revenues from OMA Carga and the industrial park. Total aeronautical and non-aeronautical revenues grew 15.6% to MXN3.1 billion in the quarter. Construction revenues amounted to MXN403 million in the first quarter, a increase of 60% as a result of lower MDP investment execution.

多元化活動成長了 22%，主要得益於 OMA Carga 和工業園區的高收入。本季航空和非航空總收入成長 15.6%，達到 31 億墨西哥比索。第一季建築收入達到 4.03 億墨西哥比索，由於 MDP 投資執行率較低，成長了 60%。

The cost of services and G&A expense increased 10.2% year over year, primarily due to a 42% rise in our cost and expenses. Payroll increased by 9.9% while contracted services grew 8.8%, mainly due to higher costs for security and cleaning services following contract renewals in private quarters. Concession tax increased 16% to MXN259 million in line with the increasing revenues. Major maintenance provision was MXN53.4 million as compared to MXN71.3 million in the first quarter of '24.

服務成本和一般及行政費用年增 10.2%，主要原因是我們的成本和費用增加了 42%。薪資增加了 9.9%，而合約服務增加了 8.8%，主要是由於私人住宅合約續約後保全和清潔服務成本增加。隨著收入的增加，特許稅也增加了 16%，達到 2.59 億墨西哥比索。主要維修準備金為 5,340 萬墨西哥比索，而 24 年第一季為 7,130 萬墨西哥比索。

As Ricardo mentioned, OMA's first quarter adjust EBITDA that was MXN2.4 billion, and adjusted EBITDA margin reached 74.9%. Our financing expense reached MXN312 million pesos, an increase of 13%, mainly due to a lower interest income as a result of lower average cash balance during the quarter as compared to the same period of the last year. Consolidated net income reached MXN1.3 billion, which showed an increase of 19.7% versus the first quarter of '24.

Ricardo 提到，OMA 第一季調整後 EBITDA 為 24 億墨西哥比索，調整後 EBITDA 利潤率達到 74.9%。我們的融資費用達到 3.12 億墨西哥比索，成長 13%，主要是因為本季平均現金餘額與去年同期相比較低，導致利息收入較低。合併淨收入達到 13 億墨西哥比索，較 24 年第一季成長 19.7%。

Turning to our cash position. Cash generated from operating activities in the first quarter amounted to MXN1.9 billion, and cash at the end of the quarter stood at MXN2.3 billion. At the end of the quarter, total debt amounted to MXN11.3 billion. We maintained a strong balance sheet and in the quarter with a net debt to adjust EBITDA ratio of 1 time.

談談我們的現金狀況。第一季經營活動產生的現金為 19 億墨西哥比索，季末現金為 23 億墨西哥比索。截至本季末，總債務達 113 億墨西哥比索。我們維持了強勁的資產負債表，本季淨負債與調整後EBITDA比率為1倍。

This concludes our prepared remarks. Sico, please open the call for questions.

我們的準備好的演講到此結束。Sico，請開始提問。

(Operator Instructions) Alan Macias, Bank of America.

（操作員指示）美國銀行艾倫·馬西亞斯 (Alan Macias)。

Hi, good morning and thank you for the call. Just a question on your expectations for traffic. Traffic in Monterrey has continued to be very strong. I understand there's more capacity, but how are you looking at demand and how was April so far? Thank you.

您好，早安，感謝您的來電。我只是想問一下您對交通的期望。蒙特雷的交通持續十分繁忙。我知道容量增加，但您如何看待需求？四月到目前為止的情況如何？謝謝。

Hello, Alan. Thank you for your question. Yes, first quarter traffic was looking good numbers. April, remember April, we're going to have the holidays, the Holy Week on April. We didn't have that one last year, so on a month to month, the numbers are going to be good.

你好，艾倫。感謝您的提問。是的，第一季的流量看起來不錯。四月，記得四月，我們將迎來假期，四月的聖週。去年我們沒有這種情況，因此從月度來看，數字將會很好。

We're still looking at the same expectation as we mentioned in the previous call somewhere around the mid-single digits. We are cautious for the rest of the year as we're monitoring the macro landscape and the international news coming there.

我們仍然期待與上次電話會議中提到的相同的預期，即大約在個位數的中間值。由於我們正在密切關注宏觀形勢和國際新聞，因此我們對今年剩餘時間持謹慎態度。

Pablo Monsivais, Barclays.

巴克萊銀行的 Pablo Monsivais。

Hi, thanks for taking my question. This is just a more broad question, but in case that your MDP has low CapEx requirements and you don't have major investment opportunities abroad. What do you think the right strategy for dividends will be from going forward? Thank you.

你好，謝謝你回答我的問題。這只是一個更廣泛的問題，但如果您 MDP 的資本支出要求較低，並且您在國外沒有重大投資機會。您認為未來正確的股利策略是什麼？謝謝。

Hi, Pablo. So, over the past few years we have, tried to distribute as much cash as possible to shareholders in the form of dividends. That strategy, I don't think it's going to change in the foreseeable future. So as we are able to generate higher free cash flow, that should be translated into, higher dividend distributions.

你好，Pablo。因此，過去幾年我們一直試圖以股利的形式向股東分配盡可能多的現金。我認為這項策略在可預見的未來不會改變。因此，當我們能夠產生更高的自由現金流時，這應該會轉化為更高的股利分配。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

Yes, hello, congrats on the results. I have two questions. The first one is on capital allocation. CCR is, as you probably know, selling their assets -- some of their assets in Brazil. Would you be interested in those assets or part of those assets or all of them? It would be much appreciated if you could give any perspective on that.

是的，你好，恭喜你所取得的成果。我有兩個問題。第一個是關於資本配置。您可能知道，CCR 正在出售其資產——部分位於巴西的資產。您對這些資產、部分資產還是全部資產感興趣？如果您能對此提出任何看法，我們將不勝感激。

And my second question is on like the traffic guidance. And we're seeing that like the low-cost carriers have retrenched some of the capacity Volaris, Viva. But still things are pointing to quite good capacity increases for you guys for the rest of the year, maybe double digits. So your guidance does surprise me a bit. Maybe it's -- could you elaborate how conservative you're being?

我的第二個問題是關於交通引導。我們看到廉價航空公司 Volaris、Viva 等都削減了部分運力。但情況仍然表明，今年剩餘時間內你們的產能將有相當不錯的成長，可能達到兩位數。所以你的指導確實讓我有點驚訝。也許是——您能詳細說明一下您有多保守嗎？

And even if things kind of collapse in the second half of the year due to the macro environment. Wouldn't that like set the stage better for you guys compared to the other airport operators because it would lower the base of like your traffic that you will be settling or negotiating in your next MDP. Thank you.

即使下半年宏觀環境導致情況出現崩潰。與其他機場營運商相比，這難道不會為你們創造更好的條件嗎？因為這會降低你們在下一個 MDP 中解決或談判的客流量基數。謝謝。

I'll take the first. The first one, yes, we took a look at the CCR assets, and but -- we at the moment we decided not to participate on that process. And for the second part, Ruffo.

我要第一個。第一個，是的，我們查看了 CCR 資產，但是—我們目前決定不參與這個過程。第二部由魯福 (Ruffo) 主演。

Yes, the seat capacity situation is somewhat (inaudible) there were some announcements made last week and some capacity cuts are being reflected starting May and June by some of the low-cost carriers. Remember also that in the fourth quarter of '24, several routes were open, so there will be a much higher base of comparison in the fourth quarter as well. So yeah, it might be a bit conservative but there are some uncertainties, and we don't want to be over optimistic on capacity growth at this time.

是的，座位容量情況有些（聽不清楚）上週發布了一些公告，一些低成本航空公司從 5 月和 6 月開始削減了一些容量。還要記住，24 年第四季度，有多條航線開通，因此第四季度的比較基數也會高得多。所以，是的，這可能有點保守，但也存在一些不確定性，我們目前不想對產能成長過於樂觀。

And regarding your -- the second half of your question on if this is going to benefit us in MDP negotiation that will occur towards the second half of the year. Remember that the current formula looks at the tariff -- sorry, at the traffic for the first five years and actually through 2040, in our case. So any minor changes in capacity in a certain year wouldn't move that much the needle when you are looking at the next 15-year traffic forecast. So I don't think it's going to be necessarily a huge positive to have a lower traffic expectation this year.

關於您問題的後半部分，這是否會對我們在今年下半年進行的 MDP 談判有益。請記住，目前的公式考慮的是關稅——抱歉，在我們的情況下，是前五年以及實際上到 2040 年的交通量。因此，當您查看未來 15 年的交通預測時，某一年的容量的任何微小變化都不會產生太大影響。因此，我認為今年的客流量預期降低並不一定會帶來巨大的正面影響。

Okay, perfect. So it probably helps in the negotiations but only marginally, perfect. I appreciate the clarity. Thank you.

好的，完美。因此，它可能對談判有幫助，但只是略有幫助，不夠完美。我很欣賞這種清晰度。謝謝。

Thank you.

謝謝。

Alberto Valerio, UBS.

瑞銀的 Alberto Valerio。

Hi. Thank you, gentlemen for taking my question. My question is on non-aeronautical revenues tax was strong this quarter, it jumped from fourth quarter last year and also year over year from the first quarter. I'm wondering if you can see another jump for the following quarters or it will be something more stable inflation index for looking forward for that line. Thank you.

你好。謝謝各位先生回答我的問題。我的問題是，本季非航空收入稅表現強勁，比去年第四季大幅成長，比第一季也有年比大幅成長。我想知道您是否會看到接下來幾季的通膨指數再次出現上漲，或者對於該線而言，通膨指數是否會更加穩定。謝謝。

Yeah, I think that's the results in (inaudible) reflects the strategy that we have been implementing over the last couple of years, especially since VINCI acquisition. For the next quarters in terms of commercial revenue, perhaps we expect a similar outcome as to the first quarter. And most likely in 2026, we'll see a higher yield as the new spaces in Monterrey starts to be opened.

是的，我認為這是（聽不清楚）的結果，反映了我們過去幾年一直在實施的策略，特別是自從收購 VINCI 以來。對於下一季的商業收入，我們或許預期結果與第一季類似。最有可能的是，到 2026 年，隨著蒙特雷新空間的開放，我們將看到更高的收益。

Perfect. Those spaces will be open before World Cup, isn't it?

完美的。這些空間將在世界盃之前開放，不是嗎？

Yes, correct.

是的，正確。

Perfect, thank you very much, gentlemen.

太好了，非常感謝，先生們。

Pablo Ricalde, Itau.

巴勃羅·里卡爾德 (Pablo Ricalde)，伊塔烏。

Hi, good morning. Congratulations on that. I have two questions. The first one is on the routes. I remember when, your new partner came in, VINCI were like all these plans of adding new routes like local routes. Is that still on the table or given all these macro concerns that's on hold for now?

嗨，早安。恭喜你。我有兩個問題。第一個是關於路線。我記得當你的新合作夥伴加入時，VINCI 就制定了增加新航線（例如本地航線）的計劃。這個提議是否仍在討論中，還是考慮到所有這些宏觀方面的擔憂，現在暫時擱置？

And my second question is on the parks --

我的第二個問題是關於公園--

Pablo. May I request you to use your handset, please.

巴勃羅。您可以使用您的手機嗎？

I don't know if you can hear me now.

我不知道你現在是否能聽到我說話。

Yeah, we can hear you.

是的，我們能聽到你的聲音。

Yes, sir, please go ahead.

是的，先生，請繼續。

So, my first question is on the new roots. I remember when VINCI came in there was like all these plans of adding new routes like local routes. Is that still on the table or that's on hold for now?

所以，我的第一個問題是關於新根的。我記得當 VINCI 進來時，有很多增加新路線的計劃，例如本地路線。這個還在討論中嗎，還是暫時擱置？

In terms of, new routes open, it's -- we have a constant dialogue with airlines. We are focusing both in building our international connectivity and the increase that you saw in the last few quarters, particularly from Monterrey Airport points towards that strategy of building good connectivity out of Monterrey. But we also have a very two strong players in the local market and therefore we also focus on building greater regional connectivity.

就開闢新航線而言，我們與航空公司保持持續的對話。我們正致力於建立國際連通性以及過去幾季所看到的成長，特別是蒙特雷機場的成長，這體現了我們在蒙特雷以外建立良好連通性的策略。但我們在當地市場也擁有兩家非常強大的公司，因此我們也專注於建立更大的區域連結性。

Jay Singh, Citibank.

花旗銀行的傑伊·辛格。

Thanks for taking my questions, Jay dialing on for Stephen Trent. First thing I want to ask is, do you see any regulators pushing to adjust the TUA at Mexico City import and to the extent that you could talk about it, maybe could this have any tariff implications for OMA?

感謝您回答我的問題，Jay 接聽 Stephen Trent 的電話。我想問的第一件事是，您是否看到任何監管機構推動調整墨西哥城進口的 TUA，您是否可以談論它，這是否會對 OMA 產生任何關稅影響？

Sorry, the question again, the regulator pushing TUA, again?

抱歉，我又問這個問題了，監管機構又在推動 TUA 嗎？

To adjust the airport use fees at Mexico City Airport.

調整墨西哥城機場的機場使用費。

Well, the TUA for Mexico City Airport is $13 and it increases by US CPI inflation. We have not heard that process or mechanics of adjustment is going to change. So I believe that's adjusted at the beginning of every year. So probably the adjustment already took place in January, and we wouldn't expect increase to us in the Mexico City airport for the rest of the year.

嗯，墨西哥城機場的 TUA 為 13 美元，並且會隨著美國 CPI 通膨而上漲。我們還沒聽說調整過程或機制將會改變。所以我相信每年年初都會進行調整。因此，調整可能在一月份就已經進行了，我們預計今年剩餘時間內墨西哥城機場的票價不會上漲。

Okay, got it. And my second question is, how much do you interact with VINCI on strategic matters, such as the MDP or any potential foreign investments?

好的，明白了。我的第二個問題是，您與 VINCI 在策略議題上有多少互動，例如 MDP 或任何潛在的外國投資？

We have a very close communication with them. They're involved in the MDP. Of course, in non-aero they have been very active, in CapEx execution as well. So it's a very close communication with them.

我們與他們保持著非常密切的溝通。他們參與了 MDP。當然，他們在非航空領域也非常活躍，在資本支出執行方面也是如此。因此，我們與他們的溝通非常密切。

Got it. Thanks so much, gentlemen.

知道了。非常感謝，先生們。

Thank you. As there are no further questions, I would now like to hand the conference over to Ricardo Duenas, CEO for closing comments.

謝謝。由於沒有其他問題，我現在想將會議交給執行長里卡多·杜埃納斯（Ricardo Duenas）發表結束語。

We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement, and continued support. Ruffo, Emanuel, and I are always available should you have any further questions or require additional information. Thank you once again and have a great day.

我們感謝大家參加今天的電話會議。我們感謝您的深刻提問、參與和持續支持。如果您有任何其他問題或需要更多信息，Ruffo、Emanuel 和我隨時為您服務。再次感謝您並祝您有美好的一天。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。