Grupo Aeroportuario del Centro Norte B de C : OMA Announces Third Quarter 2022 Operating and Financial Results

OMA Announces Third Quarter 2022

Operating and Financial Results

Mexico City, Mexico, October 28, 2022- 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 third quarter 2022 (3Q22).

3Q22 Summary

• Passenger traffic increased 22.8% during 3Q22, as compared to 3Q21, reaching 6.3 million passengers, and increased 2.0% as compared to 3Q19. The airports with the highest traffic growth compared to 3Q21 were Monterrey, Culiacán, Chihuahua, Mazatlán and Ciudad Juárez.
• Adjusted EBITDA was Ps.1,907 million, which compares to Ps.1,473 million in 3Q21, and was 31.6% higher than 3Q19.
• Adjusted EBITDA margin reached 76.5%, compared to 75.2% in 3Q21 and 74.1% in 3Q19.
• Capital investments and major maintenance works included in the Master Development Plans (MDPs) plus strategic investments were Ps.839 million in the quarter.

(Thousand Passengers and Million Pesos)	3Q19	3Q21	3Q22	%Var	%Var	9M19	9M21	9M22	%Var	%Var
vs3Q19	vs 3Q21	vs 9M19	vs 9M21
Passenger Traffic	6,145	5,105	6,268	2.0	22.8	17,217	12,666	16,752	(2.7)	32.3
Aeronautical Revenues	1,491	1,504	1,910	28.1	27.0	4,310	3,725	5,100	18.3	36.9
Non-Aeronautical Revenues	465	456	583	25.3	27.8	1,347	1,175	1,626	20.8	38.5
Aeronautical + Non-Aeronautical Revenues	1,956	1,960	2,493	27.4	27.2	5,657	4,900	6,726	18.9	37.3
Construction Revenues	199	417	653	228.0	56.4	607	1,140	1,543	154.2	35.3
Total Revenues	2,155	2,377	3,145	45.9	32.3	6,264	6,040	8,269	32.0	36.9
Adjusted EBITDA	1,450	1,473	1,907	31.6	29.5	4,160	3,589	5,149	23.8	43.5
Adjusted EBITDA Margin (%)	74.1%	75.2%	76.5%			73.5%	73.3%	76.6%
Income from Operations	1,286	1,187	1,717	33.5	44.7	3,691	2,835	4,316	16.9	52.2
Operating Margin (%)	59.7%	49.9%	54.6%			58.9%	46.9%	52.2%
Consolidated Net Income	858	812	1,101	28.4	35.7	2,466	1,848	2,782	12.8	50.6
Net Income of Controlling Interest	856	809	1,098	28.3	35.7	2,462	1,844	2,771	12.6	50.3
EPS (Ps.)	2.18	2.08	2.84	30.4	36.4	6.26	4.74	7.18	14.6	51.5
EPADS (US$)	0.89	0.81	1.13	27.1	38.5	2.55	1.85	2.84	11.7	53.8
MDP and Strategic Investments	357	524	839	135.1	60.2	867	1,366	2,053	136.8	50.3

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 3Q22 earnings conference call on October 31, 2022 at 12:00 p.m. Eastern time, 10:00 a.m. Mexico City time.

Call [phone]toll-free from the U.S. or [phone] from outside the U.S. The conference ID is 13733556. The conference call will also be available by webcast at http://ir.oma.aero/en/calendario-de-eventos.

3Q22 Operating Results

Operations, Passengers, and Cargo

The number of seats offered increased 16.9% compared to 3Q21 and decreased 0.4%, compared to 3Q19.

During the quarter, 8 new routes, started operations.

Airline			Opened
# Routes	Origin	Destination	Type
		Domestic Routes
		Monterrey	Toluca	Regular
Viva Aerobus	3	Monterrey	Cozumel	Seasonal
		Acapulco	Santa Lucía (AIFA)	Regular
Aeroméxico	2	Monterrey	Santa Lucía (AIFA)	Regular
Acapulco	Santa Lucía (AIFA)	Regular
		International Routes
Viva Aerobus	1	Monterrey	Chicago	Regular
Delta Airlines	1	Monterrey	Detroit	Regular
Arajet	1	Monterrey	Santo Domingo	Regular

Total passenger traffic reached 6.3 million passengers, an increase of 22.8% as compared to 3Q21 and an increase of 2.0% versus 3Q19. During the quarter, of total traffic, 89.1% was domestic and 10.9% was international.

Domestic passenger traffic increased 25.6%, compared to 3Q21, while international traffic increased 4.1%. Compared to 3Q19, domestic passenger traffic and international passenger traffic increased 1.8% and 3.7%, respectively.

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The airports with the largest passenger traffic growth in volume terms as compared to 3Q21, were:

• Monterrey (+25.6%), on its Mexico City, Guadalajara and Cancún routes.
• Culiacán (+31.1%), on its Tijuana, Mexicali, San José del Cabo, Guadalajara and Mexico City routes.
• Chihuahua (+21.4%), on its Cancún, Mexico City, Dallas and Monterrey routes.
• Mazatlán (+31.2%), on its Mexico City, Tijuana and Monterrey routes.
• Ciudad Juárez (+17.4%), on its Mexico City and Cancún routes.

The airports with the largest passenger traffic recovery in volume terms as compared to 3Q19, were:

• Ciudad Juárez (+26.5%), on its Mexico City, Cancún, Guadalajara and Puerto Vallarta routes.
• Mazatlán (+35.4%), on its Tijuana, Mexico City, Chihuahua and Phoenix routes.
• Culiacán (+2.5%), on its Tijuana, Mexicali, San José del Cabo and Cancún routes.
• Reynosa (+7.2%), on its Mexico City route.
• San Luis Potosí (+5.4%), on its Cancún, Dallas and Tijuana routes.

	3Q19	3Q21	3Q22	%Var	%Var	9M19	9M21	9M22	%Var	%Var
	vs3Q19	vs 3Q21	vs 9M19	vs 9M21
Available Seats	8,127,223	6,919,783	8,091,085	(0.4)	16.9	23,139,065	17,499,706	22,393,569	(3.2)	28.0
Passenger Traffic:
Domestic	5,488,464	4,450,345	5,587,541	1.8	25.6	15,165,291	11,037,479	14,843,465	(2.1)	34.5
International	656,510	654,176	680,756	3.7	4.1	2,051,267	1,628,902	1,908,760	(6.9)	17.2
Total Passenger Traffic	6,144,974	5,104,521	6,268,297	2.0	22.8	17,216,558	12,666,381	16,752,225	(2.7)	32.3
Commercial Aviation (Regular and Charter)	6,106,776	5,067,628	6,232,239	2.1	23.0	17,089,199	12,587,497	16,675,542	(2.4)	32.5
General Aviation	38,198	36,893	36,058	(5.6)	(2.3)	127,359	78,884	76,683	(39.8)	(2.8)
Cargo Units	238,977	311,465	342,673	43.4	10.0	727,528	869,673	1,013,620	39.3	16.6
Workload Units	6,383,951	5,415,986	6,610,970	3.6	22.1	17,944,086	13,536,054	17,765,845	(1.0)	31.2
Flight Operations (Takeoffs and Landings):
Domestic	73,639	62,136	65,761	(10.7)	5.8	221,110	171,889	191,766	(13.3)	11.6
International	11,046	10,288	8,850	(19.9)	(14.0)	34,191	30,241	29,461	(13.8)	(2.6)
Total Flight Operations	84,685	72,424	74,611	(11.9)	3.0	255,301	202,130	221,227	(13.3)	9.4

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 93.0% as of September 30, 2022. During the quarter, a total of 1,002 m2 in commercial spaces were occupied, mainly in the Monterrey and Tampico airports.

Freight Logistics Services

• OMA Carga's revenues increased by 34.7%, compared to 3Q21 due to higher handling, storage and custody activity related to ground and air import cargo. Total tonnage handled was 9,851 metric tons, 9.5% lower than 3Q21.

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Hotel Services

• The NH Collection Terminal 2 Hotel had a 78.5% occupancy rate, compared to 69.5% in 3Q21, with an 11.3% increase in the average room rate to Ps.2,448 per night.
• Hilton Garden Inn had a 76.6% occupancy rate, compared to 51.0% in 3Q21, with a 13.1% increase in the average room rate to Ps.2,155 per night.

Industrial Services

• OMA VYNMSA Aero Industrial Park: Revenues reached Ps.18.2 million, an increase of 17.3% versus 3Q21. The increase is explained by a higher number of leased m2 as compared to 3Q21.

Consolidated Financial Results

Revenues

Aeronautical revenues increased 27.0% mainly due to an increase in passenger traffic, compared to 3Q21, as well as the increase in aeronautical tariffs during 1Q22.

(Ps. Thousands)	3Q21	3Q22	% Var	9M21	9M22	% Var
Domestic Passenger Charges	969,959	1,321,412	36.2	2,386,982	3,454,253	44.7
International Passenger Charges	351,514	360,095	2.4	845,528	1,000,092	18.3
Other Aeronautical Services, Regulated Leases and Access Rights	182,215	228,345	25.3	492,727	645,519	31.0

Aeronautical Revenues	1,503,689	1,909,852	27.0	3,725,236	5,099,863	36.9
Aeronautical Revenues/Passenger (Ps.)	294.6	304.7	3.4	294.1	304.4	3.5

Non-aeronautical revenues increased 27.8%.

Commercial revenues increased 33.8%. The line items with the largest increases were:

• Parking, +58.1%, as a result of an increase in passenger traffic, as well as higher penetration in the Chihuahua, Monterrey and Culiacán airports.
• Car Rentals, Restaurants and Retail, +33.9%, +22.9% and +34.3%, respectively, as a result of an increase in revenue share and the start of operations of new initiatives implemented.
• VIP Lounges, +57.4%, as a result of the transition to a direct operation of the OMA Premium Lounges and an increase in number of users of these lounges.

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(Ps. Thousands)	3Q21	3Q22	% Var	9M21	9M22	% Var
Commercial Activities:
Parking	62,251	98,436	58.1	151,270	242,820	60.5
Advertising	19,916	18,218	(8.5)	49,116	55,877	13.8
Retail	24,442	32,831	34.3	57,451	89,981	56.6
Duty Free	2,969	2,968	(0.0)	7,251	11,662	60.8
Restaurants	37,097	45,579	22.9	86,253	127,876	48.3
Car Rentals	39,156	52,430	33.9	98,606	141,826	43.8
Passenger Services	931	1,120	20.3	2,496	3,095	24.0
Time Shares & Hotel Promotion	3,266	3,983	21.9	9,781	12,538	28.2
Communications and Networks	4,499	3,919	(12.9)	13,606	11,701	(14.0)
VIP Lounges	13,319	20,960	57.4	33,869	57,967	71.1
Financial Services	2,225	3,730	67.6	6,103	9,885	62.0
Other Services	10,383	10,796	4.0	29,229	31,084	6.3
Total Revenues from Commercial Activities	220,454	294,970	33.8	545,031	796,312	46.1

Diversification revenues increased 34.6%, mainly due to higher revenues from Hotel Services and OMA Carga.

(Ps. Thousands)	3Q21	3Q22	% Var	9M21	9M22	% Var
Diversification Activities:
Hotel Services	60,516	84,856	40.2	149,081	233,362	56.5
OMA Carga (Freight Logistics Service)	66,219	89,187	34.7	194,174	254,172	30.9
Real Estate Services	4,663	6,862	47.2	13,725	19,385	41.2
Industrial Services	15,472	18,154	17.3	46,152	54,391	17.9
Other Services	2,431	1,951	(19.8)	5,786	5,528	(4.5)

Total Revenues from Diversification Activities	149,301	201,009	34.6	408,918	566,838	38.6
Complementary Activities:
Checked Baggage Screening	43,132	53,974	25.1	106,296	144,269	35.7
Other Leases	36,432	25,333	(30.5)	93,830	93,652	(0.2)
Access Rights	4,328	5,388	24.5	13,275	17,848	34.4
Other Services	2,368	2,277	(3.8)	7,187	7,353	2.3

Total Revenues from Complementary Activities	86,260	86,972	0.8	220,588	263,122	19.3
Non-Aeronautical Revenues	456,014	582,951	27.8	1,174,537	1,626,272	38.5
Non-Aeronautical Revenues/Passenger (Ps.)	89.3	93.0	4.1	92.7	97.1	4.7

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)	3Q21	3Q22	% Var	9M21	9M22	% Var
Aeronautical Revenues	1,503,689	1,909,852	27.0	3,725,236	5,099,863	36.9
Non-Aeronautical Revenues	456,014	582,952	27.8	1,174,537	1,626,272	38.5
Aeronautical + Non-Aeronautical Revenues	1,959,703	2,492,804	27.2	4,899,773	6,726,135	37.3
Construction Revenues	417,164	652,643	56.4	1,140,471	1,543,075	35.3
Total Revenues	2,376,867	3,145,447	32.3	6,040,244	8,269,210	36.9
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.)	383.9	397.7	3.6	386.8	401.5	3.8

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