OMA's Cargo and Connectivity Push Overshadow Flat Traffic Growth

Passenger growth stalls, but non-aero and cargo revenues surge, with new European routes and a clear path to full tariff compliance.

OMAB · Earnings Call · 2026-07-28

Traffic Flat, Connectivity Thrives

OMA reported a quiet quarter on the passenger front, but the surface masks a deeper story of diversification and international expansion. While total traffic inched up just 0.4% year-over-year, this was driven entirely by domestic strength; international fell 1.2% on softness in Monterrey's U.S. routes. Yet the quarter was far from dull on the network side. “During the second quarter, airlines opened 24 new routes across our airports, including 18 domestic and 6 international routes. This included the launch of Aeroméxico's new route to Paris in April as well as Iberia's new route to Madrid in June, marking the airline's first-ever operation in Monterrey.” — Ricardo Duenas Espriu, CEO · 2026-07-28 The new new route to Paris has already proven so popular that it was converted to a year-round operation—a rare vote of confidence in Monterrey's long-haul potential. This fits a broader push to position the airport as a true connecting hub, leveraging VINCI's know-how to court airlines and expand connectivity.

Non-Aero and Cargo Outperform

The more compelling story this quarter is the acceleration in non-aeronautical revenue, which surged 9.8% and now contributes an outsized share of the top line. Commercial revenue per passenger reached Ps. 66.4, up 6.3%, driven by parking, restaurants, and VIP lounges. The real standout, however, was OMA Carga, which grew 29% on the back of new client operations and higher-value cargo handling in Monterrey, plus spillover from the implementation of handling services for UPS and FedEx in Chihuahua.

We are currently working in two new hotels: one additional in Monterrey and a new one in Ciudad Juárez. We are expanding our cargo operations as well. We are currently evaluating industrial park expansion.
Ricardo Duenas Espriu, CEO · 2026-07-28

The company is clearly investing to capture more value from its real estate and logistics assets, diversifying beyond the aeronautical or aero-dependent model. CFO Ruffo Perez Pliego noted that “commercial revenues increased 6.7%, mainly driven by higher parking, restaurants, VIP lounges and retail revenues” — Ruffo Perez Pliego del Castillo, CFO · 2026-07-28, and the margin expanded to 75.2% despite persistent labor and supplies cost pressures.

Tariff Compliance and Financial Discipline

On the regulated side, management reaffirmed a measured path toward full tariff compliance. The mid-April tariff adjustment is reflected in a 4% increase in aeronautical revenues, but CEO Ricardo Dueñas cautioned that the end-year compliance rate would be around 93–95%, not 100%. "“We believe by the end of the year we are going to be around the 93% compliance with maximum tariffs” — Ricardo Duenas Espriu, CEO · 2026-07-28", he said, matching the 2–3 year glide path discussed in prior calls. This is not a surprise to investors who have followed the maximum tariff trajectory, but it clarifies the revenue runway ahead. The balance sheet also received a boost: OMA issued Ps. 3 billion in long-term notes to repay short-term debt and the OMA 23 notes due in July. Net debt to adjusted EBITDA sits at a comfortable 1.1x, and the company still expects full-year investment of Ps. 3.5–4.0 billion, including carryover projects from the previous MDP.

The VINCI Effect

When asked about what's next, management emphasized the intangible benefits of the VINCI partnership: human capital, supplier scale, and construction expertise. "“Their know-how and their expertise in the construction side of the business has also been very valuable", CEO Ricardo Dueñas said. This is a recurring theme—in early 2025, he told analysts "<inline_quote component_hash="5206738355048336027">We have a very close communication with them. They're involved in the MDP, of course in non-aero” — Ricardo Duenas Espriu, CEO · 2026-07-28". The difference now is that these partnerships are yielding concrete results: two new hotels, cargo expansion, and a new terminal wing in Monterrey that will add commercial space and, management hopes, push revenue per passenger higher from 2028 onward. For investors, the headline might be flat traffic, but the investment thesis is now firmly about yield improvement, cargo growth, and disciplined capital allocation. OMA is not waiting for passenger growth to return; it's actively building the non-aero revenue streams that should support margins regardless of the cycle.