Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2025 Q3 法說會逐字稿

Greetings and welcome to the OMA third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Emmanuel Camacho, Investor Relations Officer for OMA. Thank you. You may begin.

各位好，歡迎參加 OMA 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我謹將會議交給主持人，OMA 投資者關係官 Emmanuel Camacho。謝謝。你可以開始了。

Thank you, Melissa. Hello, everyone, and welcome to OMA's Third Quarter 2025 Earnings Conference Call. We're delighted to have you join us today as we discuss the company's performance and financial results for the past quarter. Joining us today are CEO, Ricardo Duenas; and CFO, Ruffo Perez del.

謝謝你，梅麗莎。大家好，歡迎參加OMA 2025年第三季財報電話會議。我們非常高興今天能邀請您與我們一起討論公司上一季的業績和財務結果。今天加入我們的是執行長 Ricardo Duenas；和財務長 Ruffo Perez del。

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 expectations 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作的某些陳述可能構成前瞻性陳述，這些陳述基於當前的管理層預期，並受到諸多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果存在重大差異，包括一些我們無法控制的因素。

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，請他致開幕詞。

Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our operational performance and financial results. And finally, we will be pleased to answer your questions. In the third quarter of this year, OMA's passenger traffic totaled 7.6 million passengers, an 8% increase year-over-year.

謝謝你，伊曼紐。各位早安，感謝大家今天收看我們的節目。今天上午，我和魯福將一起檢視我們的營運績效和財務表現。最後，我們很樂意回答您的問題。今年第三季度，OMA的客運量總計760萬人次，較去年同期成長8%。

Seat capacity increased by 11% during the quarter. On the domestic front, passenger traffic grew by 7%, driven primarily by the Monterrey Airport which saw increases on routes to the metropolitan area of Mexico City, mainly to Toluca Airport, Bajio, Puerto Vallarta, Merida and Queretaro. These routes collectively added over 300,000 passengers during the quarter, representing 68% of the total domestic passenger growth.

本季座位容量增加了11%。國內方面，客運量增加了 7%，主要得益於蒙特雷機場的客運量增長，該機場飛往墨西哥城大都會區的航線客運量有所增加，主要飛往托盧卡機場、巴希奧、巴亞爾塔港、梅里達和克雷塔羅。本季這些航線共增加了 30 多萬名乘客，佔國內乘客總數成長的 68%。

International passenger traffic increased by 11%, mainly driven by Monterrey on the route to San Francisco, San Luis Potosi with higher traffic on the routes to Atlanta and Dallas and Tampico on the route of Dallas. Together, these routes added more than 47,000 passengers during the quarter, accounting for 46% of the total international passenger growth.

國際客運量成長了 11%，主要得益於蒙特雷（通往舊金山的航線）、聖路易斯波托西（通往亞特蘭大和達拉斯的航線客運量較高）以及坦皮科（通往達拉斯的航線）。本季度，這些航線共增加了 47,000 多名乘客，佔國際乘客總成長量的 46%。

Moving on to OMA's third quarter financial highlights. Aeronautical revenues increased 11%, with aeronautical revenue per passenger rising 3% in the quarter. Commercial revenues grew by 7% compared to the third quarter of '24, and commercial revenue per passenger stood at MXN60. Commercial revenue growth was mainly driven by parking, restaurants, VIP lounges and retail, mainly as a result of higher penetration and an increase in passenger traffic.

接下來是OMA第三季財務亮點。本季航空收入成長了 11%，每位乘客的航空收入成長了 3%。與 2024 年第三季相比，商業收入成長了 7%，每位乘客的商業收入為 60 墨西哥比索。商業收入成長主要由停車場、餐廳、貴賓休息室和零售業推動，這主要是由於市場滲透率提高和客流量增加所致。

Occupancy rate for commercial space stood at 96% at the end of the quarter. On the diversification front, revenues increased 8%, with Industrial Services contributed most of this growth, mainly because of additional square meters leased in our industrial park as compared to the third quarter of '24 and contractual increases to rents.

本季末，商業空間入住率達 96%。在多元化方面，收入成長了 8%，其中工業服務貢獻了大部分成長，這主要是因為與 2024 年第三季相比，我們在工業園區租賃的面積增加了，以及租金的合約成長。

OMA's third quarter adjusted EBITDA increased by 9% to MXN2.7 billion with a margin of 74.8%. On the capital expenditure front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN472 million. Finally, in relation to the negotiation process of our next master development program discussion with the AFAC remain underway. We submitted our proposed Master Development program for the '26/'30 period at the end of June, and the process remains on track.

OMA 第三季調整後 EBITDA 成長 9% 至 27 億墨西哥比索，利潤率為 74.8%。在資本支出方面，本季總投資額（包括 MDP 投資、重大維護和策略投資）為 4.72 億墨西哥比索。最後，關於我們與 AFAC 的下一個碩士發展計劃的談判過程，討論仍在進行中。我們在 6 月底提交了 2026/2030 年期間的碩士發展計畫提案，目前進展順利。

During the quarter, we continued addressing AFAC's technical observations and advancing the validation of investment projects in accordance with the schedule agreed with the authority. We continue to expect the final resolution and publication of results during December. Our expectations regarding the overall investment level remain at committed levels of MDP investment similar in real terms to the level of the previous '21/'25 MDP and maximum tariff increase in the low single digits.

本季度，我們繼續落實 AFAC 的技術意見，並按照與該機構商定的時間表推進投資項目的驗證工作。我們仍然期待在12月期間得到最終決議並公佈結果。我們對整體投資水平的預期仍然維持在已承諾的MDP投資水平，實際值與之前的2021/2025年MDP水平相似，並且最大關稅增長幅度保持在個位數低位。

I would now like to turn the call over to Ruffo Perez Castillo, who will discuss our financial highlights for the quarter.

現在我將把電話交給 Ruffo Perez Castillo，他將討論我們本季的財務亮點。

Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter, and then we will open the call for your questions. Aeronautical revenues increased 10.6% relative to 3Q '24, mainly due to the increase in passenger traffic as well as higher aeronautical yields. Non-aeronautical revenues increased 7.3%. Commercial revenues increased 7.0%.

謝謝你，里卡多，大家早安。我將簡要介紹本季的財務業績，然後我們將開放問答環節，回答大家的問題。航空收入較 2024 年第三季成長 10.6%，主要原因是客運量增加以及航空收益率提高。非航空收入成長了7.3%。商業收入成長了7.0%。

The line items with the highest growth were parking, restaurants, VIP lounges and retail. Parking grew by 9.4%, mainly as a result of higher passenger traffic. Restaurants and retail increased 9.8% and 8.2%, respectively, both driven by higher passenger traffic as well as the previously opened or replaced outlets. VIP lounges rose 9.9%, mainly due to higher market penetration, primarily in Monterrey as well as the increase in passenger traffic.

成長最快的項目是停車、餐飲、貴賓休息室和零售。停車需求增加了 9.4%，主要原因是客流量增加。餐飲業和零售業分別成長了 9.8% 和 8.2%，這都得益於客流量的增加以及先前新開或新更換的門市。VIP休息室的使用率上升了9.9%，主要原因是市場滲透率提高，尤其是在蒙特雷，以及客流量增加。

Diversification activities increased 8.2%. Industrial Services, which relates to the operation of the Industrial Park contributed most to the growth in the quarter, increasing by 53% resulting from higher square meters leased as compared to third quarter of '24 as well as contractual rent increases. Total aeronautical and non-aeronautical revenues grew 9.8% to MXN3.5 billion in the quarter. Construction revenues amounted to MXN382 million in the third quarter.

多角化經營活動成長了8.2%。與工業園區營運相關的工業服務是本季成長的主要貢獻者，成長了 53%，這主要得益於與 2024 年第三季相比租賃面積的增加以及合約租金的上漲。本季航空和非航空總收入成長9.8%，達到35億墨西哥比索。第三季建築業收入達3.82億墨西哥比索。

The cost of airport services and G&A expense increased 14.4% versus 3Q '24, primarily due to the following line items: (inaudible) grew by 10.7%, mainly as a result of annual wage increases as well as higher headcount as compared to the third quarter of '24. Other costs and expenses increased by 22% due primarily to higher IT-related requirements and transportation services.

機場服務成本和一般管理費用較 2024 年第三季增加 14.4%，主要原因是以下項目：（聽不清楚）成長 10.7%，主要是由於年度薪資成長以及與 2024 年第三季相比員工人數增加。其他成本和費用增加了 22%，主要原因是 IT 相關需求和運輸服務增加。

Contracted services expense rose 16.4%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting the inflationary pressures and tight labor market conditions in Mexico. Minor maintenance increased 19.8%, primarily due to timing effect of the work performed. Concession tax increased by 10.4% to MXN280 million, in line with revenue growth.

合約服務支出增加了 16.4%，主要是由於前幾季合約續約後保全和清潔服務成本增加，反映了墨西哥的通膨壓力和勞動力市場緊張狀況。小修費用增加了 19.8%，主要是因為施工時間的影響。特許經營稅成長了 10.4%，達到 2.8 億墨西哥比索，與收入成長一致。

Major maintenance provision was MXN28 million as compared to MXN75 million in the same quarter of last year. OMA's third quarter adjusted EBITDA grew 9.0% to MXN2.7 billion, and adjusted EBITDA margin reached 74.8%. Our financing expense increased by 9.8% to MXN299 million, mainly driven by higher interest expense as a result of higher average debt levels. Consolidated net income was MXN1.5 billion in the quarter, an increase of 9.1% versus the same quarter of last year.

主要維護準備金為 2,800 萬墨西哥比索，而去年同期為 7,500 萬墨西哥比索。OMA 第三季調整後 EBITDA 成長 9.0% 至 27 億墨西哥比索，調整後 EBITDA 利潤率達到 74.8%。我們的融資費用增加了 9.8%，達到 2.99 億墨西哥比索，主要原因是平均債務水準上升導致利息支出增加。本季綜合淨利為15億墨西哥比索，較去年同期成長9.1%。

Turning to our cash position. Cash generated from operating activities in the third quarter amounted to MXN1.9 billion and investing and financing activities used cash MXN480 million and MXN365 million, respectively. As a result, our cash position at the end of the quarter stood at MXN4.4 billion. At the end of September, total debt amounted to MXN13.6 billion, and we maintained a solid financial position, ending the quarter with a net debt to adjusted EBITDA ratio of 0.9 times.

接下來來看看我們的現金狀況。第三季經營活動產生的現金為19億墨西哥比索，投資和融資活動分別使用了4.8億墨西哥比索和3.65億墨西哥比索的現金。因此，截至季末，我們的現金餘額為 44 億墨西哥比索。截至 9 月底，總債務達 136 億墨西哥比索，我們維持了穩健的財務狀況，本季末淨負債與調整後 EBITDA 的比率為 0.9 倍。

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

我們的發言稿到此結束。梅麗莎，請開始接受提問。

(Operator Instructions)

（操作說明）

Pablo Ricalde, Itau.

巴勃羅·里卡爾德，伊塔烏。

Hi, good morning, Martin. I have one question regarding your traffic expectations maybe for the fourth quarter, maybe your early thoughts on 2026, taking into account World Cup?

你好，早安，馬丁。我有一個關於您預計第四季度交通流量的問題，或者關於您對 2026 年的初步想法，考慮到世界盃的影響？

You understand? Can you hear me?

你明白嗎？你聽得到我嗎？

Yes. Thank you, Pablo. So we're looking for the rest of the year to finish in our traffic overall for the year between 7% and 8% growth. And our expectation at this point in time for next year, it's traffic to be in the low to mid-single digits for next year's growth.

是的。謝謝你，帕布羅。因此，我們預計今年剩餘時間裡，全年流量總成長率將達到 7% 至 8%。目前我們對明年的預期是，明年的交通流量成長率將處於個位數低至中等水準。

Okay, perfect. Thanks.

好的，完美。謝謝。

(Operator Instructions)

（操作說明）

[Enrique Cantu], GBM.

[Enrique Cantu]，GBM。

Hi, thank you for the call and for your time. I have a quick question. commercial revenue (inaudible) declined this quarter construction since early 2023. Could you elaborate on the main drivers behind the softness? And how do you plan to reaccelerate this growth?

您好，感謝您的來電和抽出時間。我有個問題。商業收入（聽不清楚）本季有所下降，這是自2023年初以來的建築業發展造成的。能否詳細說明一下這種柔軟度背後的主要驅動因素？那麼，您打算如何重新加速這一成長？

Hi Enrique. So yes, commercial revenue per passenger mainly reflects in (inaudible) the impact of onetime revenues recorded in the previous year. And in the following quarters, we expect commercial revenues per passengers to gradually increase in line with inflation from current levels.

你好，恩里克。所以，是的，每位乘客的商業收入主要反映了（聽不清楚）上一年記錄的一次性收入的影響。接下來的幾個季度，我們預計每位乘客的商業收入將從目前的水平逐步增長，與通貨膨脹率同步增長。

Okay. Perfect. And just another one, if I may. SG&A and we think cost rose this quarter eroding margins despite a strong top line growth. Do you view this cost pressures as temporary? Or should we expect structurally higher cost sales heading into 2026?

好的。完美的。如果可以的話，我再補充一個問題。銷售、管理及行政費用（SG&A）上升，我們認為儘管營收強勁成長，但本季成本上升侵蝕了利潤率。您認為這種成本壓力是暫時的嗎？或者我們應該預期到 2026 年銷售額將出現結構性上漲？

Sorry, could you repeat that? Maybe you're too close to the microphone.

不好意思，你能再說一次嗎？也許你離麥克風太近了。

Yes, sorry. So it's SG&A and (inaudible). We saw that this quarter they erode margins. Do you view these cost pressures as temporary? Or should we expect this higher cost base heading into '2026?

是的，抱歉。所以是銷售、一般及行政費用，以及（聽不清楚）。我們看到，本季他們的利潤率有所下降。您認為這些成本壓力是暫時的嗎？或者我們應該預期這種較高的成本基數會持續到 2026 年？

So yes, as we mentioned, there are some specific line items that are facing some pressures like clean and security. We're the total level of cost in the following quarters should be similar to the level of cost that we are facing right now. However, we do have started to analyze different alternatives to continue maintaining costs at check. And it's part of the history of the company to be very cost conscious, and we expect pressures not to be permanent.

是的，正如我們所提到的，有些特定項目面臨一些壓力，例如清潔和安全。預計未來幾季的總成本水準將與目前面臨的成本水準相近。但是，我們已經開始分析不同的替代方案，以繼續控製成本。注重成本控制是公司歷史的一部分，我們預期這種壓力不會是永久性的。

Perfect. Thank you very much.

完美的。非常感謝。

Gabriel Himelfarb, Scotiabank.

加布里埃爾·希梅爾法布，豐業銀行。

Hi, good morning. Thanks for the call. A quick question on capital allocation. First, for the next MDP, I think you have mentioned that almost all the capital will go to Monterrey. It will be focused on perhaps increasing the capacity of the airport or developing more the commercial the commercial portion of the business?

您好，早安。謝謝你的來電。關於資本配置，請問一個問題。首先，關於下一個MDP，我想您已經提到過，幾乎所有的資金都將用於蒙特雷。重點或許會放在提高機場容量，或是進一步發展機場的商業部分？

And my second question, are you seeking or have you considered expanding GAAP -- sorry, OMA's portfolio towards outside Mexico?

我的第二個問題是，您是否正在尋求或考慮將 GAAP（抱歉，是 OMA）的業務拓展到墨西哥以外的地區？

Thank you, Gabriel. Regarding the last part, we're always looking for opportunities to expand internationally. At this point in time, we don't have a concrete transaction that we could share. In terms of the MDP, it's around half of the MDP will be allocated to Monterrey. Given that half of the traffic is allocated in Monterrey.

謝謝你，加布里埃爾。關於最後一點，我們一直在尋找拓展國際市場的機會。目前，我們還沒有可以分享的具體交易資訊。就MDP而言，大約一半的MDP資金將分配給蒙特雷。鑑於一半的交通流量都分配在了蒙特雷。

We're looking to expand in most of capacity that will generate commercial opportunities as well. There's payment, there's technology there's environmental and sustainability projects as well.

我們正在尋求擴大大部分產能，這將帶來商業機會。涉及支付、技術，以及環境和永續發展項目。

Okay, thank you.

好的，謝謝。

Thank you. There are no questions at this time. I'll turn the floor back to Mr. Duenas for any final comments.

謝謝。目前沒有問題。我將把發言權交還給杜埃納斯先生，請他作最後的總結發言。

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

感謝各位參加今天的電話會議。我們感謝您提出的富有洞察力的問題、積極參與和持續支持。如果您有任何其他問題或需要更多信息，我和魯福、伊曼紐爾隨時為您服務。再次感謝，祝您今天過得愉快。

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。您可以在此時斷開線路。感謝您的參與。