Grupo Aeroportuario del Centro Norte B de C : OMA Announces First Quarter 2021 Operating and Financial Results

OMA Announces First Quarter 2021

Operating and Financial Results

Mexico City, Mexico, April 27, 2021- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ: OMAB; BMV: OMA), today reported its unaudited, consolidated financial and operating results for the first quarter 2021.

Summary

• Passenger traffic decreased 37.8%, reaching 3.0 million passengers. The airports with the lowest decline in passengers, in percentage terms, compared to 1Q20 were Culiacán, Ciudad Juárez and Reynosa.
• Capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments were Ps.360 million for the quarter.
• OMA becomes the first airport operator to place a Green Bond in the Mexican market and the only one with an outstanding Green Bond in Latin America. On April 16, 2021, OMA completed its issuance of Ps.3,500 million in long-termnotes (certificados bursátiles) in the Mexican market through two tranches. One of the tranches was issued as a Green Bond. On April 19, OMA prepaid the Ps.3,000 million Notes (ticker: OMA14).

(Thousand Passengers and Million Pesos)	1Q20	1Q21	% Var
Passenger Traffic	4,864	3,025	(37.8)
Aeronautical Revenues	1,275	872	(31.6)
Non-Aeronautical Revenues	440	318	(27.8)
Aeronautical + Non-Aeronautical Revenues	1,716	1,190	(30.7)
Construction Revenues	181	293	62.0
Total Revenues	1,896	1,483	(21.8)
Adjusted EBITDA	1,239	808	(34.8)
Adjusted EBITDA Margin (%)	72.2%	67.9%
Income from Operations	1,084	612	(43.6)
Operating Margin (%)	57.2%	41.3%
Consolidated Net Income	970	416	(57.1)
Net Income of Controlling Interest	966	415	(57.0)
EPS (Ps.)	2.47	1.06	(56.9)
EPADS (US$)	0.84	0.41	(50.8)
MDP and Strategic Investments	220	360	63.2

Chief Financial Officer

Investor Relations:

Ruffo Pérez Pliego del Castillo [phone] [e-mail]

Luis Emmanuel Camacho Thierry [phone] [e-mail]

www.oma.aero

OMA will hold its 1Q20 earnings conference call on April 28, 2021 at 11 am Eastern time, 10 am Mexico City time.

Call 1-877-407-9208toll-free from the U.S. or 1-201-493-6784 from outside the U.S. The conference ID is 13719107. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.

1Q21 Operating Results

Operations, Passengers, and Cargo

During the quarter, there were no new route openings or definitive cancellations. The number of seats offered decreased 37.5% compared to the same quarter of the previous year, due mainly to the number of routes suspended by the airlines.

Total passenger traffic decreased 37.8%. Of total traffic, 89.0% was domestic and 11.0% was international.

Domestic passenger traffic decreased 35.4% and international passenger traffic decreased 52.4%, which reflects restrictions on air travel in the international market.

The airports with the largest contribution to passenger traffic decline were:

• Monterrey (-41.4%), on its Mexico City, Guadalajara, and Querétaro routes.
• Culiacán (-25.8%), on its Mexico City, Guadalajara and Tijuana routes.
• Zihuatanejo (-56.6%), on its Mexico City, Calgary, Los Angeles and Vancouver routes.
• Chihuahua (-30.4%), mainly on its Mexico City, Monterrey and Guadalajara routes.

However, the Culiacán, Ciudad Juárez and Reynosa airports showed a better performance in percentage terms than the rest of the airports compared to 1Q20.

2

	1Q20	1Q21	% Var
Available Seats	7,341,559	4,588,918	(37.5)
Passenger Traffic:
Domestic	4,163,451	2,691,250	(35.4)
International	700,762	333,739	(52.4)
Total Passenger Traffic	4,864,213	3,024,989	(37.8)
Commercial Aviation (Regular and Charter)	4,823,590	2,984,419	(38.1)
General Aviation	40,623	40,570	(0.1)
Cargo Units	218,383	270,510	23.9
Workload Units	5,082,596	3,295,499	(35.2)
Flight Operations (Takeoffs and Landings):
Domestic	65,874	51,286	(22.1)
International	11,727	9,104	(22.4)
Total Flight Operations	77,601	60,390	(22.2)

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 87.1% as of March 31, 2021. During the quarter, a total of 224.8 m2 in commercial spaces were vacated.

Freight Logistics Services

• OMA Carga's revenues increased by 29.9% due to higher handling, storage and custody activity related to air import cargo during the quarter. Total tonnage handled increased 26.6% to 8,976 metric tons.

Hotel Services

• The NH Collection Terminal 2 Hotel had a 52.9% occupancy rate. The average room rate was Ps.2,049 per night, during the quarter.
• Hilton Garden Inn had a 33.6% occupancy rate. The average room rate was Ps.1,810 per night during the quarter.

Industrial Services

• OMA VYNMSA Aero Industrial Park: Revenues reached Ps.15 million, an increase of 40.2% compared to 1Q20. The increase is due to additional revenues generated from three warehouses rented during 4Q20.

Consolidated Financial Results

Revenues

Aeronautical revenues decreased 31.6%.

3

(Ps. Thousands)	1Q20	1Q21	% Var
Domestic Passenger Charges	776,161	547,181	(29.5)
International Passenger Charges	305,122	182,935	(40.0)
Other Aeronautical Services, Regulated Leases and Access Rights	194,012	141,837	(26.9)

Aeronautical Revenues	1,275,294	871,953	(31.6)
Aeronautical Revenues/Passenger (Ps.)	262.2	288.2	9.9

Non-aeronautical revenues decreased 27.8%.

Commercial revenues decreased 37.8%. The line items with the largest variations were:

• Parking, -43.2%, due to the reduction in operations. The decrease is mostly driven by a slower passenger traffic recovery in Monterrey Airport compared to the average of our airports.
• Restaurants, Car Rentals and Retail, -45.5%,-30.6% and -44.4%, respectively, as a result of a decrease in fixed or minimum rents and participation on sales.

(Ps. Thousands)	1Q20	1Q21	% Var
Commercial Activities:
Parking	59,899	34,050	(43.2)
Advertising	19,961	12,746	(36.1)
Retail	26,863	14,941	(44.4)
Duty Free	5,186	2,322	(55.2)
Restaurants	38,426	20,932	(45.5)
Car Rentals	39,219	27,215	(30.6)
Passenger Services	1,090	763	(30.0)
Time Shares & Hotel Promotion	4,578	2,914	(36.3)
Communications and Networks	4,129	4,732	14.6
VIP Lounges	14,265	9,272	(35.0)
Financial Services	2,367	1,956	(17.4)
Other Services (incl. marketing and cost recoveries)	11,212	9,448	(15.7)
Total Revenues from Commercial Activities	227,194	141,291	(37.8)

Diversification revenues decreased 15.8%, mainly due to lower revenues from hotel services, which were partially offset by higher revenues from OMA Carga and the OMA VYNMSA aero industrial park.

4

(Ps. Thousands)	1Q20	1Q21	% Var
Diversification Activities:
Hotel Services	77,092	35,608	(53.8)
OMA Carga (Freight Logistics Service)	49,044	63,708	29.9
Real Estate Services	4,985	4,334	(13.1)
Industrial Services	10,984	15,400	40.2
Other Services (incl. marketing and cost recoveries)	1,510	1,846	22.3

Total Revenues from Diversification Activities	143,615	120,896	(15.8)
Complementary Activities:
Checked Baggage Screening	38,347	25,241	(34.2)
Other Leases	21,906	23,974	9.4
Access Rights	6,648	4,119	(38.0)
Other Services (incl. marketing and cost recoveries)	2,646	2,204	(16.7)

Total Revenues from Complementary Activities	69,547	55,539	(20.1)
Non-Aeronautical Revenues	440,356	317,726	(27.8)
Non-Aeronautical Revenues/Passenger (Ps.)	90.5	105.0	16.0

Construction revenues represent the value of improvements to concessioned assets. They are equal to construction costs and generate neither a gain nor a loss. Construction revenues and costs are determined based on the advance in the execution of projects in accordance with the airports' Master Development Programs (MDP), and variations depend on the rate of project execution.

(Ps. Thousands)	1Q20	1Q21	% Var
Aeronautical Revenues	1,275,294	871,953	(31.6)
Non-Aeronautical Revenues	440,356	317,726	(27.8)
Aeronautical + Non-Aeronautical Revenues	1,715,650	1,189,679	(30.7)
Construction Revenues	180,847	292,907	62.0
Total Revenues	1,896,497	1,482,586	(21.8)
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.)	352.7	393.3	11.5

Costs and Operating Expenses

The sum of cost of airport services and general and administrative expenses (G&A) decreased 11.0%, mainly due to lower security and cleaning costs, lower payroll expenses derived from the reduction of headcount applied during 3Q20, as a result of the cost reduction initiatives implemented by the company during 2020, as well as a lower minor maintenance cost.

5