Grupo Aeroportuario del Centro Norte B de C : OMA Announces Second Quarter 2020 Operating and Financial Results

OMA Announces Second Quarter 2020

Operating and Financial Results

Mexico City, Mexico, July 22, 2020- 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 second quarter 2020.

2Q20 Summary

• Passenger traffic decreased 90.2%, reaching 583 thousand passengers. The drop in the number of passengers is mainly due to the measures implemented as a result of the health emergency caused by COVID-19,both in Mexico and in the main international destinations of our airports, as well as to the significant reduction in the offer of seats by the airlines that operate in our airports and the lower demand for travel. See section "COVID-19Update" in this report.
• Capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments were Ps. 376 million for the quarter.

(Thousand Passengers and Million Pesos)	2Q19	2Q20	% Var	6M19	6M20	% Var
Passenger Traffic	5,958	583	(90.2)	11,072	5,447	(50.8)
Aeronautical Revenues	1,496	154	(89.7)	2,819	1,429	(49.3)
Non-Aeronautical Revenues	455	193	(57.5)	881	634	(28.1)
Aeronautical + Non-Aeronautical Revenues	1,951	347	(82.2)	3,701	2,063	(44.3)
Construction Revenues	216	288	33.5	408	469	14.9
Total Revenues	2,167	635	(70.7)	4,109	2,531	(38.4)
Adjusted EBITDA	1,441	25	(98.2)	2,711	1,265	(53.3)
Adjusted EBITDA Margin (%)	73.9%	7.3%		73.3%	61.3%
Income from Operations	1,276	(150)	n.a.	2,404	934	(61.1)
Operating Margin (%)	58.9%	-23.6%		58.5%	36.9%
Consolidated Net Income	848	(181)	n.a.	1,609	789	(50.9)
Net Income of Controlling Interest	849	(180)	n.a.	1,605	785	(51.1)
EPS (Ps.)	2.16	(0.46)	n.a.	4.08	2.01	(50.7)
EPADS (US$)	0.90	(0.16)	n.a.	1.70	0.70	(59.2)
MDP and Strategic Investments	269	376	39.8	509	596	17.1

Chief Financial Officer

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

Investor Relations:

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

www.oma.aero

OMA will hold its 2Q20 earnings conference call on July 23, 2020 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 13706204. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.

2Q20 Operating Results

Operations, Passengers, and Cargo

During the quarter, there were no new route openings or definitive cancellations. The offer of seats decreased 85.0% compared to the same quarter of the previous year, mainly due to the number of routes suspended by the airlines.

Total passenger traffic decreased 90.2%. Of total traffic, 94.2% was domestic and 5.8% was international.

Domestic passenger traffic decreased 89.7%. and international passenger traffic decreased 94.8%.

The airports with the greatest impact on total passenger traffic due to the reduction of frequencies or suspension of flights are:

• Monterrey (-90.9%), on its Mexico City, Cancún, Guadalajara, Tijuana and Houston routes.
• Culiacán (-83.1%), mainly on its Tijuana and Mexico City routes.
• Chihuahua (-91.3%), on its Mexico City route.

	2Q19	2Q20	% Var	6M19	6M20	% Var
Available Seats	7,837,398	1,175,323	(85.0)	15,011,842	8,516,882	(43.3)
Passenger Traffic:
Domestic	5,307,291	548,497	(89.7)	9,676,827	4,711,948	(51.3)
International	650,792	34,055	(94.8)	1,394,757	734,817	(47.3)
Total Passenger Traffic	5,958,083	582,552	(90.2)	11,071,584	5,446,765	(50.8)
Commercial Aviation (Regular and Charter)	5,914,843	563,312	(90.5)	10,982,423	5,386,902	(50.9)
General Aviation	43,240	19,240	(55.5)	89,161	59,863	(32.9)
Cargo Units	248,955	171,953	(30.9)	488,551	390,336	(20.1)
Workload Units	6,207,038	754,505	(87.8)	11,560,135	5,837,101	(49.5)
Flight Operations (Takeoffs and Landings):
Domestic	75,796	23,179	(69.4)	147,471	89,053	(39.6)
International	11,134	2,813	(74.7)	23,145	14,540	(37.2)
Total Flight Operations	86,930	25,992	(70.1)	170,616	103,593	(39.3)

2

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 93.7% as of June 30, 2020.

Hotel Services

• The NH Collection Terminal 2 Hotel had a 12.9% occupancy rate, a decrease of 70.5 percentage points compared to 2Q19. The average room rate was Ps.1,980 per night.
• Hilton Garden Inn. As of April 6, 2020, the hotel closed operations due to the low demand caused by the COVID-19 contingency. On July 6, 2020, it restarted operations.

Freight Logistics Services

• OMA Carga's revenues decreased by 23.1% due to lower import and export cargo operations during the quarter. Total tonnage handled decreased 40.6% to 4,782 metric tons.

Industrial Services

• OMA VYNMSA Aero Industrial Park: Revenues reached Ps. 12 million, an increase of 29.3%. The increase is due to the expansion of two industrial warehouses, as well as the depreciation of the Mexican peso compared to the second quarter of 2019.

Consolidated Financial Results

Revenues

Aeronautical revenues decreased 89.7%.

(Ps. Thousands)	2Q19	2Q20	% Var	6M19	6M20	% Var
Domestic Passenger Charges	1,010,188	49,361	(95.1)	1,818,106	823,533	(54.7)
International Passenger Charges	294,091	17,850	(93.9)	624,064	324,960	(47.9)
Other Aeronautical Services, Regulated Leases and Access Rights	191,526	86,501	(54.8)	376,934	280,513	(25.6)

Aeronautical Revenues	1,495,805	153,712	(89.7)	2,819,104	1,429,006	(49.3)
Aeronautical Revenues/Passenger (Ps.)	251.1	263.9	5.1	254.6	262.4	3.0

Non-aeronautical revenues decreased 57.5%.

Commercial revenues decreased 57.8%. The line items with the largest variations were:

• Parking, -88.6%, due to the reduction in short and long stay operations.
• Restaurants, Car Rentals and Retail, -61.7%,-51.0% and -54.8%, respectively, as most revenue generation in the quarter was related to fixed or minimum rental levels.

3

(Ps. Thousands)	2Q19	2Q20	% Var	6M19	6M20	% Var
Commercial Activities:
Parking	70,690	8,083	(88.6)	131,763	67,982	(48.4)
Advertising	19,037	20,067	5.4	38,629	40,028	3.6
Retail	26,431	11,951	(54.8)	51,554	38,814	(24.7)
Duty Free	4,437	1,118	(74.8)	10,280	6,304	(38.7)
Restaurants	36,020	13,811	(61.7)	67,246	52,237	(22.3)
Car Rentals	40,298	19,754	(51.0)	74,384	58,973	(20.7)
Passenger Services	1,205	1,249	3.6	2,230	2,339	4.9
Time Shares & Hotel Promotion	3,928	3,014	(23.3)	8,108	7,592	(6.4)
Communications and Networks	3,788	4,145	9.4	7,536	8,273	9.8
VIP Lounges	12,223	5,338	(56.3)	22,519	19,603	(12.9)
Financial Services	2,442	1,773	(27.4)	4,823	4,140	(14.2)
Other Services (incl. marketing and cost recoveries)	10,489	7,281	(30.6)	20,565	18,493	(10.1)
Total Revenues from Commercial Activities	230,990	97,583	(57.8)	439,638	324,778	(26.1)
Diversification revenues decreased 57.3%, mainly due to lower revenues from hotel services.
(Ps. Thousands)	2Q19	2Q20	% Var	6M19	6M20	% Var
Diversification Activities:
Hotel Services	87,161	7,519	(91.4)	177,236	84,611	(52.3)
OMA Carga (Freight Logistics Service)	49,381	37,956	(23.1)	95,105	87,000	(8.5)
Real Estate Services	4,355	4,270	(1.9)	8,871	9,256	4.3
Industrial Services	9,411	12,168	29.3	18,578	23,152	24.6
Other Services (incl. marketing and cost recoveries)	1,242	2,819	127.0	2,278	4,329	90.0
Total Revenues from Diversification Activities	151,550	64,732	(57.3)	302,069	208,347	(31.0)
Complementary Activities:
Checked Baggage Screening	45,307	4,305	(90.5)	84,115	42,652	(49.3)
Other Leases	20,471	21,908	7.0	41,263	43,814	6.2
Access Rights	4,484	2,376	(47.0)	9,230	9,024	(2.2)
Other Services (incl. marketing and cost recoveries)	2,660	2,482	(6.7)	5,161	5,128	(0.6)
Total Revenues from Complementary Activities	72,922	31,070	(57.4)	139,768	100,617	(28.0)
Non-Aeronautical Revenues	455,462	193,386	(57.5)	881,474	633,742	(28.1)
Non-Aeronautical Revenues/Passenger (Ps.)	76.4	332.0	334.3	79.6	116.4	46.1

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)	2Q19	2Q20	% Var	6M19	6M20	% Var
Aeronautical Revenues	1,495,805	153,712	(89.7)	2,819,105	1,429,006	(49.3)
Non-Aeronautical Revenues	455,462	193,386	(57.5)	881,474	633,742	(28.1)
Aeronautical + Non-Aeronautical Revenues	1,951,267	347,098	(82.2)	3,700,579	2,062,748	(44.3)
Construction Revenues	215,597	287,841	33.5	408,021	468,688	14.9
Total Revenues	2,166,864	634,939	(70.7)	4,108,600	2,531,436	(38.4)
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.)	327.5	595.8	81.9	334.2	378.7	13.3

4

Costs and Operating Expenses

The sum of cost of airport services and general and administrative expenses (G&A) decreased 16.1%, mainly due to lower minor maintenance, subcontracted services and electricity expense, as a result of the cost reduction initiatives implemented by the company.

(Ps. Thousands)	2Q19	2Q20	% Var	6M19	6M20	% Var
Payroll	124,258	128,667	3.5	247,030	259,683	5.1
Contracted Services (Security, Cleaning and Professional Services)	74,615	54,177	(27.4)	143,101	122,659	(14.3)
Minor Maintenance	51,755	23,569	(54.5)	95,814	67,232	(29.8)
Basic Services (Electricity, Water, Telephone)	19,454	13,405	(31.1)	46,447	31,537	(32.1)
Materials and Supplies	7,723	9,535	23.5	14,391	16,691	16.0
Insurance	6,670	8,618	29.2	14,468	14,994	3.6
Other costs and expenses	45,966	39,247	(14.6)	82,745	79,989	(3.3)
Cost of Airport Services + G&A	330,441	277,218	(16.1)	643,996	592,785	(8.0)
Cost of Hotel Services	46,320	13,140	(71.6)	94,707	55,611	(41.3)
Cost of Industrial Park Services	1,111	2,944	165.1	1,908	4,279	124.2
Subtotal (Cost of Services + G&A)	377,871	293,301	(22.4)	740,611	652,676	(11.9)
Subtotal (Cost of Services + G&A) / Passenger (Ps.)	63.4	503.5	693.9	66.9	119.8	79.1

The major maintenance provision was Ps.68 million. The outstanding balance of the maintenance provision as of June 30, 2020 was Ps. 1,060 million.

The airport concession tax decreased 79.6% as a result of the decrease in revenues; technical assistance fee decreased 76.2%.

As a result of the foregoing, total operating costs and expenses decreased 11.9%.

(Ps. Thousands)	2Q19	2Q20	% Var	6M19	6M20	% Var
Cost of Services	239,320	161,282	(32.6)	475,408	390,900	(17.8)
Administrative Expenses (G&A)	138,551	132,019	(4.7)	265,203	261,776	(1.3)
Subtotal (Cost of Services + G&A)	377,871	293,301	(22.4)	740,611	652,676	(11.9)
Major Maintenance Provision	60,519	68,348	12.9	102,156	116,155	13.7
Construction Cost	215,597	287,841	33.5	408,021	468,688	14.9
Concession Taxes	93,406	19,099	(79.6)	175,567	102,221	(41.8)
Technical Assistance Fee	39,444	9,404	(76.2)	74,263	43,156	(41.9)
Depreciation & Amortization	104,307	106,888	2.5	204,394	214,473	4.9
Other (Income) Expense - Net	(686)	(32)	(95.3)	(738)	(32)	(95.7)
Total Operating Costs and Expenses	890,458	784,849	(11.9)	1,704,274	1,597,337	(6.3)

Operating Income and Adjusted EBITDA

Operating loss was of Ps.150 million, with an operating margin of -23.6%.

Adjusted EBITDA was PS.25 million, with an Adjusted EBITDA margin of 7.3%.

5

(Ps. Thousands)	2Q19	2Q20	% Var	6M19	6M20	% Var
Consolidated Net Income	848,243	(181,265)	n.a.	1,608,727	789,206	(50.9)
-	Financing (Expense) Income	(57,356)	(90,143)	57.2	(101,629)	198,369	n.a.
+	Income Taxes	370,807	(58,788)	n.a.	693,970	343,262	(50.5)
Operating Income	1,276,406	(149,910)	n.a.	2,404,326	934,099	(61.1)
	Operating Margin (%)	58.9%	-23.6%		58.5%	36.9%
+	Depreciation and Amortization	104,307	106,888	2.5	204,394	214,473	4.9
EBITDA	1,380,713	(43,022)	n.a.	2,608,720	1,148,572	(56.0)
	EBITDA Margin (%)	63.7%	-6.8%		63.5%	45.4%
-	Construction Revenue	215,597	287,841	33.5	408,021	468,688	14.9
+	Construction Cost	215,597	287,841	33.5	408,021	468,688	14.9
+	Major Maintenance Provision	60,519	68,348	12.9	102,156	116,155	13.7
Adjusted EBITDA	1,441,232	25,326	(98.2)	2,710,876	1,264,727	(53.3)
	Adjusted EBITDA Margin: Adjusted EBITDA/(Aeronautical Revenue + Non-Aeronautical Revenue) (%)	73.9%	7.3%		73.3%	61.3%

Financing Income, Taxes, and Net Income

Financing Expense was Ps.90 million, mainly due to interest expense.

(Ps. thousand)	2Q19	2Q20	% Var	6M19	6M20	% Var
Interest Income	43,923	26,834	(38.9)	98,781	77,502	(21.5)
Interest (Expense)	(86,864)	(104,413)	20.2	(175,262)	(210,490)	20.1
Exchange Gain (Loss), net	(14,415)	(12,564)	(12.8)	(25,148)	331,357	n.a.
Total Financing Income (Expense)	(57,356)	(90,143)	57.2	(101,629)	198,369	n.a.

Tax benefit was Ps.59 million

Consolidated net loss in the quarter was Ps.181 million.

Earnings per share, based on net loss of the controlling interest, loss per share was Ps.0.46; and the ADS loss was US $ 0.16. Each ADS equals eight Series B shares.

(Ps. thousand)	2Q19	2Q20	% Var	6M19	6M20	% Var
Consolidated Net Income	848,243	(181,265)	n.a.	1,608,727	789,206	(50.9)
Net income margin %	39.1%	-28.5%		39.2%	31.2%
Non-controlling interest	(628)	(1,019)	62.3	3,268	3,949	20.8
Net income of controlling Interet	848,871	(180,246)	n.a.	1,605,459	785,257	(51.1)
Earnings per Share, Ps.	2.16	(0.46)	n.a.	4.08	2.01	(50.7)
Earnings per ADS, US$	0.90	(0.16)	n.a.	1.70	0.70	(59.2)

MDP and Strategic Investments

In 2Q20, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.376 million, comprised of Ps.288 million in improvements to concessioned assets, Ps.20 million in major maintenance and Ps.68 million in strategic investments.

6

The most important investment expenditures included:

Airport	Project				Status
		MDP Investments
Reynosa	Rehabilitation and expansion of commercial aviation platform				In Process
Monterrey	Expansion of Terminal C				In Process
Monterrey	Expansion of public area in Terminal A - first phase				In Process
Tampico	Expansion and remodeling of terminal building				In Process
Zihuatanejo	Modernization of terminal building				In Process
Chihuahua	Major rehabilitation of runway				In Process
Tampico	Minor rehabilitation of runway				In Process
Monterrey	Major and minor rehabilitation of runway and taxiways				In Process
Monterrey	Construction of cargo platform and expansion of taxiway				In Process
Monterrey	Construction of remote platforms and taxiways				In Process
		Strategic Investments
Ciudad Juárez	Long-stay parking expansion				In Process
Monterrey	Industrial park - Construction of industrial warehouse				In Process
Monterrey	Industrial park - Construction of industrial warehouse				Started
Debt
(Ps. Thousands)		Maturity	Interest Rate	June 30,	December 31,	June 30,
				2019	2019	2020
Total Short-Term Debt		-	-	-	-
Long-Term Debt
10-yr Bond, Ps. 1,500 mm: OMA13	2023	6.47%	1,500,000	1,500,000	1,500,000
Finance CAPEX and Refinance Debt	Bullet
7-yr Bond, Ps. 3,000 mm: OMA14	2021	6.85%	3,000,000	3,000,000	3,000,000
Finance CAPEX and Refinance Debt	Bullet
10-yr Term Loan - Private Export Funding Corporation	2021	3M Libor + 125 pb	69,128	49,575	29,320
Finance Security Equipment	Qtly. Amort.
Subtotal Long-Term Debt			4,569,128	4,549,575	4,529,320
Less: Current Portion of Long-Term Debt			(35,906)	(36,851)	(3,032,940)
Less: Commissions and Financing Expenses			(7,321)	(5,967)	(4,566)
Total Long-Term Debt			4,525,901	4,506,758	1,491,814
Plus: Financial leases			236,221	220,860	205,135
Plus: Current Portion of Long-Term Debt			35,906	36,851	3,032,940
Total Debt + Financial leases			4,798,028	4,764,469	4,729,889
Mexican peso denominated debt			98%	99%	99%
U.S. dollar denominated debt			2%	1%	1%
Net Debt (Includes financial leases)			2,190,073	1,334,596	1,583,798
Net Debt / Adjusted EBITDA (x)			0.42	0.24	0.38

Derivatives

As of the date of this report, OMA has no financial derivatives exposure.

7

Cash Flow Statement

In 2Q20, cash flows from operating activities used cash of Ps.414 million, compared to a cash generation of Ps.614 million in the same period of 2019, mainly due to the lower income before taxes and the increase in recoverable taxes.

Investing activities used cash of Ps.480 million in the second quarter. Outflows are mainly related to construction works executed during 1Q20.

Financing activities generated an outflow of Ps.97 million, mainly due to interest paid of Ps.80 million.

Cash decreased Ps.992 million in 2Q20, to Ps.3,146 million as of June 30, 2020.

	From April 1 to June 30,		From Jan 1 to June 30,
(Ps. Thousands)	2019	2020	%Var	2019	2020	%Var
Income Before Taxes	1,219,050	(240,053)	n.a.	2,302,697	1,132,468	(50.8)
Items not affecting Operating Activities, net	216,148	275,002	27.2	404,380	136,522	(66.2)
Changes in operational assets and liabilities, net	(821,550)	(448,640)	(45.4)	(996,384)	(947,365)	(4.9)
Net Flow from Operating Activities	613,648	(413,691)	n.a.	1,710,693	321,624	(81.2)
Net Flow from Investing Activities	(116,944)	(480,484)	310.9	(247,161)	(609,751)	146.7
Net Flow from Financing Activities	(1,699,988)	(97,478)	(94.3)	(1,790,218)	(329,284)	(81.6)
Net Increase (Reduction) in Cash and Cash Equivalents	(1,203,284)	(991,653)	(17.6)	(326,686)	(617,412)	89.0
Effect of change for fair value of cash and equivalents	(9,726)	(28,868)	196.8	(24,261)	333,630	n.a.
Cash and Equivalents at Beginning of Period	3,820,965	4,166,612	9.0	2,958,902	3,429,873	15.9
Cash and Equivalents at End of Period	2,607,955	3,146,091	20.6	2,607,955	3,146,091	20.6

COVID-19 Update

As previously reported by OMA, during the months of April and May a decree issued by the Ministry of Health was in force, pursuant to which non-essential activities in the country were suspended. Despite airports were considered essential under this decree and remained in operation, passenger traffic suffered a severe decrease as a result of the reduction in travel demand and seat supply by airlines.

On May 29, 2020, the Federal Government issued a decree pursuant to which, as of June 1, an epidemiological risk traffic light was established by region (municipality or state), that determines the level of health alert and the type of activities authorized to take place. As a result, the reactivation level and the type of economic activities allowed are different in the states where our airports operate.

Since June, activity at OMA airports has begun to recover and has continued to improve in the first weeks of July. The number of passengers from July 1st to 20th decreased 73.3%, relative to the same period of the previous year. This compares to passenger traffic declines in the months of April, May and June of 92.8%, 93.5%, and 84.6%, respectively.

Likewise, it is important to mention that OMA airports have implemented health security protocols in coordination with Mexican health and aeronautical authorities, in order to look after the health of our passengers, as well as our personnel and that of service providers.

8

Subsequent Events

Extraordinary General Shareholders' Meeting approves cancellation of shares: The Shareholders´ Meeting held on July 7, 2020, approved the cancellation of 3,659,417 Series "B" shares, acquired by OMA pursuant to Article 56 of the Securities Market Law. As a result, shares outstanding after giving effect to the aforementioned cancellation of shares are 390,111,556.

Restart of operations of the Hilton Garden Inn Hotel: On July 6, 2020, the Hilton Garden Inn hotel that operates at the Monterrey airport restarted activities. The hotel had suspended operations since April 6, 2020 due to low occupancy derived from COVID-19.

9

	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
	Passenger Traffic
	(Terminal Passengers - Excludes Transit Passengers)
Total Passengers	2Q19	2Q20	% Var	6M19	6M20	% Var
Acapulco	221,043	15,297	(93.1)	436,256	237,039	(45.7)
Ciudad Juárez	428,716	44,075	(89.7)	764,010	367,747	(51.9)
Culiacán	644,774	108,916	(83.1)	1,211,097	647,232	(46.6)
Chihuahua	438,002	37,916	(91.3)	787,383	381,556	(51.5)
Durango	122,400	15,063	(87.7)	217,999	132,705	(39.1)
Mazatlán	274,901	33,059	(88.0)	585,917	355,010	(39.4)
Monterrey	2,902,266	262,991	(90.9)	5,271,934	2,446,028	(53.6)
Reynosa	126,002	12,164	(90.3)	229,421	105,409	(54.1)
San Luis Potosí	160,408	10,006	(93.8)	297,639	147,645	(50.4)
Tampico	192,783	9,931	(94.8)	360,613	153,561	(57.4)
Torreón	183,320	15,849	(91.4)	340,462	156,885	(53.9)
Zacatecas	122,968	9,556	(92.2)	219,017	110,146	(49.7)
Zihuatanejo	140,500	7,729	(94.5)	349,836	205,802	(41.2)
Total	5,958,083	582,552	(90.2)	11,071,584	5,446,765	(50.8)
Domestic Passengers	2Q19	2Q20	% Var	6M19	6M20	% Var
Acapulco	210,628	15,177	(92.8)	394,980	207,127	(47.6)
Ciudad Juárez	426,848	44,031	(89.7)	761,082	366,488	(51.8)
Culiacán	634,634	108,768	(82.9)	1,193,143	639,487	(46.4)
Chihuahua	403,631	35,191	(91.3)	725,450	351,683	(51.5)
Durango	102,984	12,191	(88.2)	184,782	107,901	(41.6)
Mazatlán	218,884	30,079	(86.3)	388,806	222,394	(42.8)
Monterrey	2,533,727	246,709	(90.3)	4,602,960	2,146,718	(53.4)
Reynosa	124,985	12,070	(90.3)	227,723	104,743	(54.0)
San Luis Potosí	113,860	5,843	(94.9)	211,123	105,842	(49.9)
Tampico	178,695	9,549	(94.7)	334,234	142,436	(57.4)
Torreón	165,026	14,300	(91.3)	307,169	142,817	(53.5)
Zacatecas	86,464	7,883	(90.9)	150,710	76,684	(49.1)
Zihuatanejo	106,925	6,706	(93.7)	194,665	97,628	(49.8)
Total	5,307,291	548,497	(89.7)	9,676,827	4,711,948	(51.3)
International Passengers	2Q19	2Q20	% Var	6M19	6M20	% Var
Acapulco	10,415	120	(98.8)	41,276	29,912	(27.5)
Ciudad Juárez	1,868	44	(97.6)	2,928	1,259	(57.0)
Culiacán	10,140	148	(98.5)	17,954	7,745	(56.9)
Chihuahua	34,371	2,725	(92.1)	61,933	29,873	(51.8)
Durango	19,416	2,872	(85.2)	33,217	24,804	(25.3)
Mazatlán	56,017	2,980	(94.7)	197,111	132,616	(32.7)
Monterrey	368,539	16,282	(95.6)	668,974	299,310	(55.3)
Reynosa	1,017	94	(90.8)	1,698	666	(60.8)
San Luis Potosí	46,548	4,163	(91.1)	86,516	41,803	(51.7)
Tampico	14,088	382	(97.3)	26,379	11,125	(57.8)
Torreón	18,294	1,549	(91.5)	33,293	14,068	(57.7)
Zacatecas	36,504	1,673	(95.4)	68,307	33,462	(51.0)
Zihuatanejo	33,575	1,023	(97.0)	155,171	108,174	(30.3)
Total	650,792	34,055	(94.8)	1,394,757	734,817	(47.3)

10

	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
	Unaudited Consolidated Balance Sheet
	(Thousands of Pesos)
	June 30,	December 31,	June 30,	% Var	% Var
	2019	2019	2020	Jun20/Jun19	Jun20/Dec19
Assets
Current Assets
Cash and Cash Equivalents	2,607,955	3,429,873	3,146,091	20.6	(8.3)
Trade Accounts Receivable - Net	834,814	757,756	795,930	(4.7)	5.0
Trade Accounts Receivable from Related Parties	25,082	181,989	295,789	1,079.3	62.5
Recoverable Taxes	121,088	295,768	504,660	316.8	70.6
Advances to Contractors	119,540	102,776	135,467	13.3	31.8
Other Current Assets	48,718	42,742	108,453	122.6	153.7
Total Current Assets	3,757,197	4,810,904	4,986,390	32.7	3.6
Land, Buildings, Machinery and Equipment - Net	2,642,682	2,647,101	2,680,090	1.4	1.2
Investments in Airport Concessions - Net	8,849,785	9,267,111	9,593,070	8.4	3.5
Rights of use of leased assets, net	229,189	210,788	192,668	(15.9)	(8.6)
Other Assets - Net	59,175	44,053	37,965	(35.8)	(13.8)
Deferred Taxes	296,723	297,004	287,964	(3.0)	(3.0)
Total Assets	15,834,751	17,276,961	17,778,147	12.3	2.9
Liabilities and Stockholder's Equity
Current Liabilities
Current Portion of Long-Term Debt	35,906	36,851	3,032,940	8,346.9	8,130.3
Current Portion of Major Maintenance Provision	223,792	151,554	474,954	112.2	213.4
Current Portion of Financial Leases	45,732	72,320	71,529	56.4	(1.1)
Trade Accounts Payable	190,454	196,791	177,351	(6.9)	(9.9)
Taxes and Accrued Expenses	583,234	590,263	299,730	(48.6)	(49.2)
Accounts Payable to Related Parties	185,094	187,515	299,305	61.7	59.6
Total Current Liabilities	1,264,212	1,235,294	4,355,809	244.5	252.6
Long-Term Debt	4,525,901	4,506,758	1,491,814	(67.0)	(66.9)
Guarantee Deposits	311,900	387,656	379,816	21.8	(2.0)
Employee Benefits	86,279	106,159	112,464	30.3	5.9
Major Maintenance Provision	762,832	802,342	585,364	(23.3)	(27.0)
Financial Leases	190,489	148,540	133,606	(29.9)	(10.1)
Deferred Taxes	171,165	202,717	192,573	12.5	(5.0)
Total liabilities	7,312,778	7,389,466	7,251,446	(0.8)	(1.9)
Common Stock	303,394	301,739	300,822	(0.8)	(0.3)
Additional paid-in capital	29,786	29,786	29,786	-	-
Retained Earnings	6,507,598	8,121,937	8,907,194	36.9	9.7
Share Repurchase Reserve	1,500,000	1,257,454	1,108,371	(26.1)	(11.9)
Labor Obligations	13,178	4,194	4,194	(68.2)	-
Non-Controlling Interest	168,017	172,385	176,334	5.0	2.3
Stockholders' Equity	8,521,973	9,887,495	10,526,701	23.5	6.5
Total Liabilities and Stockholder's Equity	15,834,751	17,276,961	17,778,147	12.3	2.9

11

	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
	Unaudited Consolidated Statement of Comprehensive Income
	(Thousands of Pesos)
	2Q19	2Q20	% Var	6M19	6M20	% Var
Revenues
Aeronautical Revenues	1,495,805	153,712	(89.7)	2,819,105	1,429,006	(49.3)
Non-Aeronautical Revenues	455,462	193,386	(57.5)	881,474	633,742	(28.1)
Aeronautical Revenues + Non-Aeronautical Revenues	1,951,267	347,098	(82.2)	3,700,579	2,062,748	(44.3)
Construction Revenues	215,597	287,841	33.5	408,021	468,688	14.9
Total Revenues	2,166,864	634,939	(70.7)	4,108,600	2,531,436	(38.4)
Operating Costs
Cost of Services	239,320	161,282	(32.6)	475,408	390,900	(17.8)
Administrative Expenses	138,551	132,019	(4.7)	265,203	261,776	(1.3)
Major Maintenance Provision	60,519	68,348	12.9	102,156	116,155	13.7
Construction Costs	215,597	287,841	33.5	408,021	468,688	14.9
Concession Taxes	93,406	19,099	(79.6)	175,567	102,221	(41.8)
Technical Assistance Fee	39,444	9,404	(76.2)	74,263	43,156	(41.9)
Depreciation and Amortization	104,307	106,888	2.5	204,394	214,473	4.9
Other expenses (Revenues) - Net	(686)	(32)	(95.3)	(738)	(32)	(95.7)
Total Operating Costs and Expenses	890,458	784,849	(11.9)	1,704,274	1,597,337	(6.3)
Operating Income	1,276,406	(149,910)	n.a.	2,404,326	934,099	(61.1)
Operating Margin (%)	58.9%	-23.6%		58.5%	36.9%
Financing (Expense) Income:
Interest Income	43,923	26,834	(38.9)	98,781	77,502	(21.5)
Interest (Expense)	(86,864)	(104,413)	20.2	(175,262)	(210,490)	20.1
Exchange Gain (Loss) - Net	(14,415)	(12,564)	(12.8)	(25,148)	331,357	n.a.
Total Financing (Expense) Income	(57,356)	(90,143)	57.2	(101,629)	198,369	n.a.
Income before Taxes	1,219,050	(240,053)	n.a.	2,302,697	1,132,468	(50.8)
Income Tax	370,807	(58,788)	n.a.	693,970	343,262	(50.5)
Consolidated Net Income	848,243	(181,265)	n.a.	1,608,727	789,206	(50.9)
Consolidated Comprehensive Income	848,243	(181,265)	n.a.	1,608,727	789,206	(50.9)
Consolidated Net Income attributable to:
Non-Controlling Interest	(628)	(1,019)	62.3	3,268	3,949	20.8
Controlling Interest	848,871	(180,246)	n.a.	1,605,459	785,257	(51.1)
Consolidated Comprehensive Income attributable to:
Non-Controlling Interest	(628)	(1,019)	62.3	3,268	3,949	20.8
Controlling Interest	848,871	(180,246)	n.a.	1,605,459	785,257	(51.1)
Weighted Average Shares Outstanding	393,446,466	390,111,556		393,446,466	390,518,608
EPS (Ps.)	2.16	(0.46)	n.a.	4.08	2.01	(50.7)
EPADS (US$)	0.90	(0.16)	n.a.	1.70	0.70	(59.2)
EBITDA	1,380,713	(43,022)	n.a.	2,608,720	1,148,572	(56.0)
EBITDA Margin (%)	63.7%	-6.8%		63.5%	45.4%
Adjusted EBITDA	1,441,232	25,326	(98.2)	2,710,876	1,264,727	(53.3)
Adjusted EBITDA Margin (%)	73.9%	7.3%		73.3%	61.3%

12

	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
	Unaudited Consolidated Cash Flow Statement
	(Thousands of Pesos)
	From April 1 to June 30,		From Jan 1 to June 30,
	2019	2020	% Var.	2019	2020	% Var.
Operating Activities
Income Before Taxes	1,219,050	(240,053)	n.a.	2,302,697	1,132,468	(50.8)
Depreciation and Amortization	104,307	106,888	2.5	204,394	214,473	4.9
Major Maintenance Provision	60,519	68,348	12.9	102,156	116,155	13.7
Doubtful Accounts Provision	233	4,651	1,892.3	156	4,882	3,025.0
(Profit) / Loss on Sales of Machinery and Equipment - Net	(686)	(32)	(95.4)	(746)	(32)	(95.7)
Interest Income	(43,035)	(38,008)	(11.7)	(97,097)	(77,502)	(20.2)
Items in Results Related to Financing Activities
Present Value of Major Maintenance Provision	(888)	30,188	n.a.	(1,684)	38,028	n.a.
Interest Expense	86,864	85,399	(1.7)	175,262	172,462	(1.6)
Non-Paid Exchange Fluctuation	8,834	17,568	98.9	21,938	(331,944)	n.a.
	1,435,198	34,949	(97.6)	2,707,077	1,268,990	(53.1)
Changes in:
Trade Accounts Receivable - Net	(154,110)	(44,171)	(71.3)	(138,404)	(43,056)	(68.9)
Recoverable Taxes	(39,363)	(138,619)	252.2	(8,423)	(208,892)	2,380.0
Other Accounts Receivable	(58,125)	(50,196)	(13.6)	(65,113)	(50,487)	(22.5)
Accounts Payable	(16,435)	5,772	n.a.	(31,153)	(50,190)	61.1
Taxes and Accrued Expenses	(84,530)	26,649	n.a.	(15,785)	(19,147)	21.3
Taxes Paid	(384,424)	(244,720)	(36.3)	(630,423)	(614,965)	(2.5)
Accounts Payable to Related Parties	(49,093)	1,695	n.a.	(55,766)	88,693	n.a.
Major Maintenance Payments	(28,520)	(19,819)	(30.5)	(57,396)	(47,761)	(16.8)
Other Long-Term Liabilities	(6,949)	14,768	n.a.	6,078	(1,561)	n.a.
Net Flow from Operating Activities	613,648	(413,691)	n.a.	1,710,693	321,624	(81.2)
Investment Activities
Acquisition of Property, Plant and Equipment	(15,427)	(82,108)	432.2	(39,395)	(114,440)	190.5
Investment in Airport Concessions	(157,315)	(436,416)	177.4	(324,733)	(572,845)	76.4
Other Long-Term Assets	12,078	-	(100.0)	(532)	-	(100.0)
Proceeds from Sale of Land, Machinery and Equipment	686	32	(95.4)	746	32	(95.7)
Interest income	43,035	38,008	(11.7)	97,097	77,502	(20.2)
Other Investments Held to Maturity	-	-	n.a.	19,657	-	(100)
Net Flow from Investing Activities	(116,944)	(480,484)	310.9	(247,161)	(609,751)	146.7
Cash Flow before Financing Activities	496,704	(894,175)	n.a.	1,463,532	(288,127)	n.a.
Financing Activities
Repurchase of Shares	-	-	n.a.	-	(150,000)	n.a.
Loans - Disbursed	7,350	18,865	156.7	14,700	32,585	121.7
Loans - Paid	(9,371)	(11,078)	18.2	(21,772)	(21,941)	0.8
Interest Expense	(78,729)	(79,863)	1.4	(163,909)	(160,900)	(1.8)
Payment of loans related to financial leases	(20,557)	(25,402)	23.6	(20,557)	(29,028)	41.2
Net Cash Flow from Financing Activities	(1,699,988)	(97,478)	(94)	(1,790,218)	(329,284)	(82)
Net Increase (Reduction) in Cash and Cash Equivalents	(1,203,284)	(991,653)	(18)	(326,686)	(617,412)	89
Effect of change for fair value of cash and equivalents	(9,726)	(28,868)	n.a.	(24,261)	333,630	n.a.
Cash and Equivalents at Beginning of Period	3,820,965	4,166,612	9.0	2,958,902	3,429,873	15.9
Cash and Equivalents at End of Period	2,607,955	3,146,091	20.6	2,607,955	3,146,091	20.6

13

		Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
		Unaudited Statement of Changes in Stockholders' Equity
		As of June 30, 2019 (Thousand Pesos)
			Additional		Share		Non-	Total
	Number of	Capital stock	Paid-In	Retained	Repurchase	Labor	Controlling	Stockholder's
	Shares	Nominal	Capital	Earnings	Reserve	Obligations	Interest	Equity
Balance as of December 31, 2018	393,446,466	303,394	29,786	6,534,804	1,466,016	13,178	164,749	8,511,927
Dividends Paid	-	-	-	(1,598,681)	-	-	-	(1,598,681)
Increase in the Share Purchase Reserve	-	-	-	(33,984)	33,984	-	-	-
Comprehensive Income (Loss)	-	-	-	1,605,459	-	-	3,268	1,608,727
Balance as of June 30, 2019	393,446,466	303,394	29,786	6,507,598	1,500,000	13,178	168,017	8,521,973
		Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
		Unaudited Statement of Changes in Stockholders' Equity
		As of June 30, 2020 (Thousand Pesos)
			Additional		Share		Non-	Total
	Number of	Capital stock	Paid-in	Retained	Repurchase	Labor	Controlling	Stockholder's
	Shares	Nominal	Capital	Earnings	Reserve	Obligations	Interest	Equity
Balance as of December 31, 2019	391,300,815	301,739	29,786	8,121,937	1,257,454	4,194	172,385	9,887,495
Reissuance (Repurchase) of Shares - Net	(1,189,259)	(917)	-	-	(149,083)	-	-	(150,000)
Comprehensive Income (Loss)	-	-	-	785,257	-	-	3,949	789,206
Balance as of June 30, 2020	390,111,556	300,822	29,786	8,907,194	1,108,371	4,194	176,334	10,526,701

14

			Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
			Unaudited Operating Results by Airport
				(Thousands of Pesos)
Monterrey	2Q19	2Q20	6M19	6M20	Culiacán	2Q19	2Q20	6M19	6M20
Total Revenues	933,499	405,623	1,745,089	1,161,780	Total Revenues	203,930	40,193	366,969	208,850
Aeronautical Revenues	711,961	74,159	1,271,771	602,684	Aeronautical Revenues	162,822	29,496	305,840	166,688
Non- Aeronatical Revenue	184,246	101,007	349,392	274,495	Non- Aeronatical Revenue	16,610	7,721	31,741	27,239
Construction Revenues	37,292	230,457	123,926	284,601	Construction Revenues	24,498	2,975	29,389	14,923
Income from Operations	126,479	75,198	247,305	173,588	Income from Operations	25,137	18,553	51,495	40,516
EBITDA	154,758	105,643	303,273	233,843	EBITDA	29,783	23,776	60,730	50,919
Chihuahua					Ciudad Juárez
Total Revenues	165,815	20,006	284,309	124,861	Total Revenues	121,184	20,392	212,766	114,638
Aeronautical Revenues	108,375	10,288	196,820	97,220	Aeronautical Revenues	104,421	11,057	182,958	89,954
Non- Aeronatical Revenue	17,271	7,455	32,365	23,391	Non- Aeronatical Revenue	14,466	5,441	27,073	18,831
Construction Revenues	40,169	2,264	55,125	4,251	Construction Revenues	2,297	3,894	2,736	5,853
Income from Operations	17,704	3,737	34,960	18,155	Income from Operations	16,848	(6,115)	32,039	6,819
EBITDA	21,979	10,080	42,756	30,607	EBITDA	19,790	(3,013)	37,921	12,928
Mazatlán					Acapulco
Total Revenues	100,200	20,935	214,815	144,311	Total Revenues	106,030	13,687	184,954	104,300
Aeronautical Revenues	69,763	4,172	169,130	106,085	Aeronautical Revenues	56,503	6,722	119,380	73,303
Non- Aeronatical Revenue	12,717	5,785	26,654	21,440	Non- Aeronatical Revenue	10,004	5,941	20,332	17,020
Construction Revenues	17,720	10,978	19,031	16,787	Construction Revenues	39,522	1,024	45,242	13,977
Income from Operations	10,981	(8,230)	29,867	8,247	Income from Operations	9,197	(11,216)	21,398	4,316
EBITDA	15,286	(3,563)	38,454	17,491	EBITDA	19,888	(46)	42,646	26,608
Zihuatanejo					Other six airports
Total Revenues	51,945	9,066	138,446	97,437	Total Revenues	339,289	75,781	676,408	409,013
Aeronautical Revenues	37,024	(571)	112,867	70,183	Aeronautical Revenues	249,188	22,871	468,736	231,702
Non- Aeronatical Revenue	5,730	3,012	13,973	11,078	Non- Aeronatical Revenue	32,914	16,583	62,830	51,425
Construction Revenues	9,191	6,625	11,606	16,176	Construction Revenues	57,187	36,327	144,842	125,886
Income from Operations	5,334	(8,477)	19,348	7,287	Income from Operations	39,519	(33,620)	81,104	3,711
EBITDA	9,981	(3,731)	28,611	16,740	EBITDA	53,216	(17,013)	108,000	36,242
Consorcio Grupo Hotelero T2 (1)					Consorcio Hotelero Aeropuerto Monterrey (1)
Revenues	62,544	7,828	125,783	64,988	Revenues	26,043	29	52,688	20,752
Income from Operations	19,505	(12,606)	39,097	4,410	Income from Operations	8,410	(5,770)	17,172	(701)
EBITDA	29,701	(2,978)	59,224	23,664	EBITDA	11,227	(2,929)	22,936	4,980
OMA VYNMSA Aero Industrial Park
Revenues	10,068	14,264	19,762	26,222	(1) Includes results of other equity-method subsidiaries
Income from Operations	4,162	5,737	8,267	10,755
EBITDA	8,762	11,085	17,466	21,452

15

Notes to the Financial Information

Financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"), and presented in accordance with IAS 34 "Interim Financial Reporting."

Unless stated otherwise, all comparisons of operating or financial results are made with respect to the comparable prior year period. The exchange rates used to convert foreign currency amounts were Ps. 19.1685 as of June 30, 2019, Ps.18.8727 as of December 31, 2019 and Ps. 23.1325 as of June 30, 2020.

Construction revenue, construction cost: IFRIC 12 "Service Concession Arrangements" addresses how service concession operators should account for the obligations they undertake and rights they receive in service concession arrangements. The concession contracts for each of OMA's airport subsidiaries establishes that the concessionaire is obligated to carry out improvements to the infrastructure transferred in exchange for the rights over the concession granted by the Federal Government. The latter will receive all the assets at the end of the concession period. As a result the concessionaire should recognize, using the percentage of completion method, the revenues and costs associated with the improvements to the concessioned assets. The amount of the revenues and costs so recognized should be the price that the concessionaire pays or would pay in an arm's length transaction for the execution of the works or the purchase of machinery and equipment, with no profit recognized for the construction or improvement. The application of IFRIC 12 does not affect operating income, net income, or EBITDA, but does affect calculations of margins based on total revenues.

Capital investments: includes investments in fixed assets (including investments in land, machinery, and equipment) and improvements to concessioned properties under the Master Development Plan (MDP) plus strategic investments.

Strategic Investments: Refers only to those capital investments additional to the Master Development Program.

Passengers and Terminal passengers: All references to passenger traffic volumes are to Terminal passengers, which includes passengers on the three types of aviation (commercial, charter, and general aviation), and excludes passengers in transit.

Adjusted EBITDA and Adjusted EBITDA margin: OMA defines Adjusted EBITDA as EBITDA less construction revenue plus construction expense and maintenance provision. We calculate the Adjusted EBITDA margin as Adjusted EBITDA divided by the sum of aeronautical revenue and non-aeronautical revenue. Construction revenue and construction cost do not affect cash flow generation and the maintenance provision corresponds to capital investments. OMA defines EBITDA as net income minus net comprehensive financing income, taxes, and depreciation and amortization. Neither Adjusted EBITDA nor EBITDA should be considered as an alternative to net income as an indicator of our operating performance, or as an alternative to cash flow as an indicator of liquidity. It should be noted that neither Adjusted EBITDA nor EBITDA is defined under IFRS, and may be calculated differently by different companies.

16

Analyst Coverage

In accordance with the requirements of the Mexican Stock Exchange, the analysts covering OMA are:

Institución	Nombre	Institución	Nombre
Actinver Casa de Bolsa	Ramón Ortiz	HSBC	Alexandre Falcao
Bank of America Merrill Lynch	Alan Macías	Intercam Casa de Bolsa	Alejandra Marcos
Banorte-IXE	José Espitia	Insight Investment Research	Robert Crimes
Barclays Bank PLC	Pablo Monsiváis	Itaú BBA	Thais Cascello
BBVA Bancomer	Mauricio Hernández Prida	J.P. Morgan	Fernando Abdalla
Bradesco BBI	Rodolfo Ramos	Morgan Stanley	Josh Milberg / Lucas T Barbosa
Citigroup	Stephen Trent	Santander	Rubén López / Pedro Bruno
Credit Suisse	Felipe Vinagre	Scotiabank	Francisco Suárez
Goldman Sachs	Bruno Armorim	Signum Research	Lucía Tamez
Grupo Bursátil Mexicano (GBM)	Mauricio Martínez Vallejo	UBS Brasil CCTVM	Rogerio Araujo
Vector	Marco Montañez	BTG Pactual	Lucas Marquiori
Invex	Valeria Romo

This report may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current information and expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," "estimate," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to update publicly its forward-looking statements, whether as a result of new information, future events, or otherwise.

About OMA

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's third largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates the NH Collection Hotel inside Terminal 2 of the Mexico City airport and the Hilton Garden Inn at the Monterrey airport. OMA employs over 1,000 persons in order to offer passengers and clients airport and commercial services in facilities that comply with all applicable international safety, security, and ISO 9001:2008 environmental standards. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, visit:

• Webpagehttp://ir.oma.aero
• Twitterhttp://twitter.com/OMAeropuertos
• Facebookhttps://www.facebook.com/OMAeropuertos

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