Oct 29, 2026 earnings call — Traffic growth and commercial expansion
Adjusted EBITDA rose 9% to MXN 2.9 billion, and margin expanded to 75%.
Revenue $0.3B (est $0.3B) · EPS $1.72 (est $1.86)
Key quotes
"During the third quarter of 2026, OMA served 7.7 million passengers, reflecting a 1.3% increase year-over-year, while available seat capacity increased by 1.3%."
"The full commercial area for Monterrey, it is expected to open by the fourth quarter of next year."
"Diversification revenues increased by 20% year-over-year, mainly driven by our OMA Carga business, where revenues increased 42%, reflecting new client operations, additional high-value cargo handling in Monterrey, and higher average stay of merchandise in our warehouses."
Analyst Q&A 6
technical assistance and tariff compliance
Q (Jens Spiess · Morgan Stanley): Analyst asked if internalizing the technical assistance fee would lower the regulator reference value. He also asked current level and timeline to reach full compliance with the maximum tariff.
A: Management said technical assistance is a recognized expense under the current tariff-based regulation and comes from strategic partner VINCI Airports. They expect to finish this year at around 93% compliance, reach about 95% next year, and 100% by the third year of the five-year plan (measured as a yearly average).
"We anticipate to end this year somewhere around 93% compliance with maximum tariff." — Ricardo Dueñas (CEO)
planned tariff increase to airlines
Q (Pablo Ricalde · Itaú): Analyst asked whether OMA already discussed the January 1 tariff hike with airlines and how large the increase will be.
A: Management said they have already shared the information with the airlines and there is a process to follow. They said the increase will be slightly above 4% in nominal terms.
"There is some process that we need to follow, and it will be something slightly above 4% increase nominal terms." — Ricardo Dueñas (CEO)
cargo clients and cargo types
Q (Alan Macías · BofA): Analyst asked which new clients joined OMA Carga and what types of cargo were involved.
A: Management said the quarter's growth came from new client operations in Monterrey, handling more high-value cargo, and longer average stays of merchandise in their warehouses. They expect growth in the high teens for the rest of this year and a similar rate next year.
"So during this quarter, the growth was attributable to new client operations in Monterrey, as well as the handling of additional high-value cargo operations and higher average stay of merchandise in our warehouses." — Ricardo Dueñas (CEO)
Monterrey commercial opening and impact
Q (Enrique Cantú · GBM): Analyst asked if Monterrey's commercial expansion is still on track for late 2027 and how much commercial revenue per passenger could increase.
A: Management said the full commercial area for Monterrey is expected to open by the fourth quarter of next year, with a partial opening (mostly baggage claim) by the end of this year. They expect the new commercial area to raise income per passenger for Monterrey by about 15% in real terms, and that effect will show in 2028 results.
"Regarding impact of the new commercial area in Monterrey, we would expect that on a per pax basis for Monterrey Airport that will result in about a 15% increase in income per pax in real terms once it is open." — Ruffo Pérez Pliego (CFO)
internalize technical assistance; traffic outlook
Q (Jens Spiess · Morgan Stanley): Analyst asked again whether OMA plans to internalize the technical assistance fee like peers, and for traffic expectations next year, especially second half.
A: Management said they have no plans to internalize the technical assistance fee now, because VINCI, their strategic partner, provides most of the value in that assistance. They also said they anticipate traffic in the low single digits for 2027 and expect recovery to start by mid-year.
"We believe that the technical assistance fee is very well-grounded as VINCI, our strategic partner, is providing most of good value in that technical assistance." — Ricardo Dueñas (CEO)
possible airline merger and investments
Q (Guilherme Mendes · JPMorgan): Analyst asked how a potential Viva–Volaris merger might affect traffic and whether that is included in the 2027 low-single-digit outlook, and if OMA is considering investments outside Mexico.
A: Management said they are waiting for the National Antitrust Commission outcome and have no indication from the airlines yet, so they cannot assess the merger's full impact. For capital spending, they listed a Monterrey hotel, VIP lounges, some parking investments, evaluation of another hotel, and said there is no tangible international opportunity in the pipeline now but they remain open to opportunities.
"Up to this day, we do not have an indication from the airlines of how the operation would work if the merger is approved, therefore, we can't assess the full potential impact." — Ricardo Dueñas (CEO)