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Dec 31, 2025
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OMA Q4 2025 Earnings Report
OMA reported its unaudited consolidated financial and operating results for the fourth quarter of 2025.
Key Takeaways
OMA delivered a solid fourth quarter with a 6.0% increase in passenger traffic and a 5.9% growth in Adjusted EBITDA. Despite a slight 2.9% dip in operating income due to increased concession taxes and maintenance provisions, net income grew by 3.6% year-over-year. The company maintained a strong balance sheet with a leverage ratio of 1.03x and successfully secured approval for its 2026-2030 Master Development Program.
Total passenger traffic reached 7.5 million in 4Q25, driven by strong growth in Monterrey and San Luis Potosí.
Adjusted EBITDA grew 5.9% to Ps.2,577 million, maintaining a high margin of 73.6%.
The Mexican government approved the 2026-2030 Master Development Program with a committed investment of Ps.16,005 million.
Net income increased 3.6% to Ps.1,223 million, with earnings per share of Ps.3.15.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
OMA has received approval for its Master Development Program (MDP) for the 2026-2030 period, outlining significant capital commitments and a mechanism to recover increased concession taxes.
Positive Outlook
- Committed investment of Ps.16,005 million for the 2026-2030 MDP period.
- Excess concession taxes paid in 2024-2025 will begin to be recovered through maximum tariffs starting January 2026.
- Strong passenger growth momentum in key hubs like Monterrey (+8.2%).
- Expansion of route network with 13 domestic and 5 international routes started in 4Q25.
- Healthy liquidity position with Ps.3,098 million in cash.
Challenges Ahead
- Increased airport concession tax rate from 5% to 9% impacting margins.
- Higher costs for minor maintenance, security, and energy utilities.
- Appreciation of the Mexican peso affecting industrial park revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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