{"product_id":"omab-vrio-analysis","title":"Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) truly built to last? Our VRIO analysis cuts through the noise, dissecting the Value, Rarity, Inimitability, and Organization of its core resources to reveal the true source of its competitive edge. Discover immediately whether their current strengths translate into a sustainable advantage or just temporary luck - the full, critical breakdown awaits below.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Concession Portfolio: 13 Airports in Central\/Northern Mexico\n\u003c\/h2\u003e\n\n\u003cp\u003eYour core asset is the portfolio of 13 federal concessions across central and northern Mexico. This structure is what underpins your strong operational performance, as seen in the recent Q3 2025 results where passenger traffic hit \u003cstrong\u003e7.6 million\u003c\/strong\u003e, a \u003cstrong\u003e7.7%\u003c\/strong\u003e year-over-year increase. The value of these contracts is clear in your margins; your Adjusted EBITDA for the quarter was \u003cstrong\u003ePs. 2,654 million\u003c\/strong\u003e, delivering a robust \u003cstrong\u003e74.8%\u003c\/strong\u003e margin.\u003c\/p\u003e\n\n\u003ch\u003eConcession Portfolio: 13 Airports in Central\/Northern Mexico\u003c\/h\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The portfolio provides revenue diversification across key industrial and regional centers, anchored by the high-growth Monterrey airport, which saw traffic jump \u003cstrong\u003e14.1%\u003c\/strong\u003e in Q3 2025. This geographic spread helps smooth out local economic volatility. Also, non-aeronautical revenue growth of about \u003cstrong\u003e7.3%\u003c\/strong\u003e in Q3 2025 shows you are effectively monetizing the passenger flow generated by these concessions.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Holding 13 long-term federal concessions is certainly uncommon, but you are not the only operator with a significant footprint in Mexico. What is rare is the specific mix, especially the dominance of Monterrey, which is the main engine, growing at \u003cstrong\u003e14.1%\u003c\/strong\u003e in Q3 2025. Still, the sheer scale of 13 operating agreements is a high barrier to entry for a new competitor.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Imitating this portfolio is difficult, bordering on impossible in the near term. New concessions are controlled by the government, and securing 13 long-term contracts would require decades of regulatory navigation and capital deployment. The high cost and time to replicate this network make it hard to copy.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e You are organized to manage this scale, evidenced by your consistent operational quality and high margins. For instance, your cash reserves stood at \u003cstrong\u003ePs. 4,445 million\u003c\/strong\u003e as of September 30, 2025, supporting continued investment without leverage - your net debt to adjusted EBITDA is only about \u003cstrong\u003e0.9x\u003c\/strong\u003e. However, resource allocation is clearly skewed, with Monterrey driving most of the growth.\u003c\/p\u003e\n\n\u003cp\u003eHere’s a quick look at the Q3 2025 operational snapshot:\u003c\/p\u003e\n\u003ctable border=\"1\"\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMetric\u003c\/td\u003e\n    \u003ctd\u003eValue (Q3 2025)\u003c\/td\u003e\n    \u003ctd\u003eContext\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eTotal Passengers\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e7.6 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eUp \u003cstrong\u003e7.7%\u003c\/strong\u003e YoY\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003ePs. 2,654 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\n\u003cstrong\u003e74.8%\u003c\/strong\u003e Margin\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMonterrey Traffic Growth\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e+14.1%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eKey growth driver\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eCommercial Occupancy\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e95.5%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eStrong utilization of terminal space\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e The long-term nature of these concession contracts locks in your market access, which translates into a \u003cstrong\u003eSustained Competitive Advantage\u003c\/strong\u003e. This structural protection is what allows you to maintain industry-leading margins, like the \u003cstrong\u003e74.8%\u003c\/strong\u003e Adjusted EBITDA margin seen in Q3 2025, even while investing heavily in the Master Development Programs.\u003c\/p\u003e\n\n\u003cp\u003eTo keep this advantage sharp, focus on the following priorities based on the portfolio dynamics:\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eMonitor concession renewal timelines for key airports.\u003c\/li\u003e\n  \u003cli\u003eDouble down on international route development at Monterrey.\u003c\/li\u003e\n  \u003cli\u003eInvest to mitigate traffic declines at underperforming sites like Reynosa (-\u003cstrong\u003e21.7%\u003c\/strong\u003e Q3 2025).\u003c\/li\u003e\n  \u003cli\u003eMaintain low leverage, currently at \u003cstrong\u003e0.9x\u003c\/strong\u003e Net Debt\/EBITDA.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Monterrey International Airport (MTY) Hub Status\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: MTY is OMA's primary asset, driving disproportionate traffic growth (e.g., 14.1% YoY in Q3 2025) and serving as a major industrial gateway.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eMonterrey International Airport (MTY) was the main engine of growth for Grupo Aeroportuario del Centro Norte (OMA) in the third quarter of 2025, with passenger traffic increasing by \u003cstrong\u003e14.1% YoY\u003c\/strong\u003e in the quarter. Total passenger traffic for OMA across all its airports reached \u003cstrong\u003e7.6 million\u003c\/strong\u003e in Q3 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Yes; MTY is Mexico's fourth-busiest airport and a critical hub for northern industry.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eMTY serves Monterrey, Mexico's \u003cstrong\u003ethird largest metropolitan area\u003c\/strong\u003e. The international segment growth for OMA in Q3 2025 was \u003cstrong\u003e11.2% YoY\u003c\/strong\u003e, driven by greater connectivity with the US and Canada, strengthening MTY's position as a key northern Mexico departure point.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: High; replicating the established infrastructure, airline relationships, and passenger flow at MTY is extremely difficult.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Yes; 49% of new Master Development Program investments are directed here to optimize capacity.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe Master Development Program (MDP) for the 2021–2025 period committed a total investment of \u003cstrong\u003e15,993 million pesos\u003c\/strong\u003e across OMA's network, with \u003cstrong\u003e53%\u003c\/strong\u003e of this funding allocated specifically to Monterrey Airport. The expansion of Terminal A at MTY is projected to nearly double its annual capacity to \u003cstrong\u003e12.5 million passengers\u003c\/strong\u003e by 2026. The proposed 2026–2030 MDP plans for about \u003cstrong\u003ehalf\u003c\/strong\u003e of its investment focus to be on Monterrey.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained; the sheer scale and strategic importance of MTY create a durable advantage.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eOMAB's operational efficiency, largely anchored by MTY's performance, is evident in its Q3 2025 financial results:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 2.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 1.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 (+9.1% YoY)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash Reserves\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 4.45 B\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Passengers (Jan-Oct 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e23.62 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-to-Date (+9.2% YoY)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024 Total Revenue\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e15.07 billion\u003c\/strong\u003e (MXN)\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe company's overall profitability metrics further underscore the asset quality:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eReturn on Equity (Normalized): \u003cstrong\u003e53.44%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eGross Margin: \u003cstrong\u003e74.20%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eOperating Margin: \u003cstrong\u003e56.39%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Commercial Revenue Diversification Engine\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eCommercial Revenue Diversification Engine\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eReduces reliance on volatile aeronautical fees; commercial revenues grew \u003cstrong\u003e20%\u003c\/strong\u003e in Q2 2025, with restaurants showing a \u003cstrong\u003e41.1%\u003c\/strong\u003e increase. Total Revenues for Q2 2025 surged by \u003cstrong\u003e16.8%\u003c\/strong\u003e to \u003cstrong\u003eMXN 3.4 billion\u003c\/strong\u003e. Adjusted EBITDA in Q2 2025 increased by \u003cstrong\u003e19%\u003c\/strong\u003e to \u003cstrong\u003eMXN 2.6 billion\u003c\/strong\u003e, achieving an adjusted EBITDA margin of \u003cstrong\u003e74.6%\u003c\/strong\u003e. Passenger traffic increased by \u003cstrong\u003e11.3%\u003c\/strong\u003e to \u003cstrong\u003e7.2 million\u003c\/strong\u003e in Q2 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerate; other operators also pursue this, but OMA’s execution, especially in industrial services and its established commercial footprint across \u003cstrong\u003e13\u003c\/strong\u003e international airports, is strong. The company completed a \u003cstrong\u003eMXN 2.75 billion\u003c\/strong\u003e issuance in long-term notes to fund investments.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary; new retail concepts and contract renegotiations can be copied over time. The current commercial revenue mix is segmented, with Parking at \u003cstrong\u003e28%\u003c\/strong\u003e, Restaurants at \u003cstrong\u003e20%\u003c\/strong\u003e, and Car Rentals at \u003cstrong\u003e15%\u003c\/strong\u003e of commercial revenue.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eYes; management explicitly focuses on commercial innovation and contract renegotiations, with \u003cstrong\u003e49%\u003c\/strong\u003e of new investments directed at Monterrey Airport to enhance capacity and passenger experience.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary; strong execution keeps it ahead, but it’s an industry-wide focus. The company operates over \u003cstrong\u003e24,659 square meters\u003c\/strong\u003e of commercial space.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ2 2025 Result\u003c\/th\u003e\n\u003cth\u003eComparison\/Detail\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommercial Revenue Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth in Q2 2025.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRestaurant Revenue Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e41.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDriven by greater customer penetration and outlet replacement.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAeronautical Revenue Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth in Q2 2025.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 3.4 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUp \u003cstrong\u003e16.8%\u003c\/strong\u003e year-over-year in Q2 2025.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAchieved in Q2 2025, up from \u003cstrong\u003e73.3%\u003c\/strong\u003e in Q2 2024.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe strategic focus on diversification is supported by capital allocation:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e49%\u003c\/strong\u003e of new investments are directed at Monterrey Airport.\u003c\/li\u003e\n\u003cli\u003eCapital investments and major maintenance works totaled \u003cstrong\u003ePs. 975 million\u003c\/strong\u003e in the quarter.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Master Development Program (MDP) Execution Capability\n\u003c\/h2\u003e\n\n\u003cp\u003eThe Master Development Program (MDP) execution capability is assessed based on historical investment, capacity expansion achievements, and forward-looking planning metrics.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric Category\u003c\/th\u003e\n\u003cth\u003eData Point\u003c\/th\u003e\n\u003cth\u003eValue\/Amount\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCurrent MDP Investment (2021-2025)\u003c\/td\u003e\n\u003ctd\u003eTotal MDP Investment (Pesos)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15,993 million pesos\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapacity Expansion (MTY Terminal A)\u003c\/td\u003e\n\u003ctd\u003eInitial Phase Expansion of Functionality\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e42%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapacity Expansion (MTY Terminal A)\u003c\/td\u003e\n\u003ctd\u003eCapacity after Initial Phase (Passengers)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15.9 million passengers\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapacity Target (MTY Terminal A)\u003c\/td\u003e\n\u003ctd\u003eTarget Capacity by 2026\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.5 million passengers\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancing for MDP\u003c\/td\u003e\n\u003ctd\u003eDebt Issuance Completed (June 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 2.75 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancing for MDP\u003c\/td\u003e\n\u003ctd\u003eDemand for Issuance (Multiple)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e4.3 times\u003c\/strong\u003e the amount issued\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFuture MDP Investment (2026-2030)\u003c\/td\u003e\n\u003ctd\u003eTotal Planned Investment (Pesos)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMX$16 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFuture MDP Investment (2026-2030)\u003c\/td\u003e\n\u003ctd\u003eMonterrey Allocation (Approximate Share)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eHalf\u003c\/strong\u003e of total planned spending\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch\u003e\nValue: Allows for proactive capacity expansion (like MTY Terminal A to reach \u003cstrong\u003e12.5 million passengers\u003c\/strong\u003e by \u003cstrong\u003e2026\u003c\/strong\u003e) and efficiency gains.\n\u003c\/h\u003e\n\u003cp\u003eThe MDP directly supports capacity increases, such as the expansion of Monterrey's Terminal A, which is projected to reach \u003cstrong\u003e12.5 million passengers\u003c\/strong\u003e annually by \u003cstrong\u003e2026\u003c\/strong\u003e. The 2021-2025 MDP involved an investment of \u003cstrong\u003e15,993 million pesos\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003ch\u003e\nRarity: No; all operators have MDPs, but OMA’s disciplined approach is noteworthy.\n\u003c\/h\u003e\n\u003cp\u003eThe submission of the \u003cstrong\u003e2026–2030 MDP\u003c\/strong\u003e proposal to AFAC at the end of June 2025 demonstrates forward planning. Q2 2025 passenger traffic reached \u003cstrong\u003e7.2 million\u003c\/strong\u003e, an \u003cstrong\u003e11%\u003c\/strong\u003e increase year-over-year.\u003c\/p\u003e\n\n\u003ch\u003e\nImitability: Moderate; the ability to secure financing (like the \u003cstrong\u003eMXN 2.75 billion\u003c\/strong\u003e note issuance) and execute large projects is key.\n\u003c\/h\u003e\n\u003cp\u003eThe ability to access capital markets for committed investments is evident through the June 2025 completion of a \u003cstrong\u003ePs. 2.75 billion\u003c\/strong\u003e long-term notes issuance. This issuance attracted demand totaling \u003cstrong\u003eMXN 11.917 billion\u003c\/strong\u003e, which was \u003cstrong\u003e4.3 times\u003c\/strong\u003e the amount issued. Proceeds are designated to fund committed investments under the MDP.\u003c\/p\u003e\n\n\u003ch\u003e\nOrganization: Yes; the submission of the \u003cstrong\u003e2026–30 MDP\u003c\/strong\u003e proposal shows forward planning.\n\u003c\/h\u003e\n\u003cp\u003eThe company has formally submitted its proposed \u003cstrong\u003e2026–2030 MDP\u003c\/strong\u003e to the Federal Civil Aviation Agency (AFAC). The proposed investment aligns with the previous five-year period in real peso terms. The expected final capacity for Monterrey after the multiyear expansion is about \u003cstrong\u003e18 million passengers\u003c\/strong\u003e a year.\u003c\/p\u003e\n\n\u003ch\u003e\nCompetitive Advantage: Temporary; sustained advantage depends on timely, cost-effective project completion.\n\u003c\/h\u003e\n\u003cp\u003eThe Q2 2025 EBITDA margin was reported at \u003cstrong\u003e74.7%\u003c\/strong\u003e. The proposed \u003cstrong\u003e2026-2030 MDP\u003c\/strong\u003e anticipates a low single-digit increase in the maximum tariff in real terms.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: High Adjusted EBITDA Margin Profile\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The Q2 2025 Adjusted EBITDA Margin reached \u003cstrong\u003e74.6%\u003c\/strong\u003e, reflecting strong operating leverage on traffic growth and cost management. This was achieved alongside an Adjusted EBITDA of \u003cstrong\u003eMXN 2.6 billion\u003c\/strong\u003e on Total Revenues of \u003cstrong\u003e3.4 billion MXN\u003c\/strong\u003e in Q2 2025.\u003c\/p\u003e\n\u003cp\u003eThe consistency of this high margin profile across recent quarters is detailed below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ1 2025\u003c\/th\u003e\n\u003cth\u003eQ2 2025\u003c\/th\u003e\n\u003cth\u003eQ3 2025\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin (%)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA (MXN Billion)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.372\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.7\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassenger Traffic (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6.4\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.2\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassenger Traffic Growth (YoY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e9.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Yes; the \u003cstrong\u003e74.6%\u003c\/strong\u003e margin in Q2 2025 is positioned among the highest reported within the global airport infrastructure peer group based on available data points. The Q1 2025 margin was \u003cstrong\u003e74.9%\u003c\/strong\u003e and Q3 2025 was \u003cstrong\u003e74.8%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High; this margin profile is supported by structural elements of the operating model, including the concession structure and operational scale across \u003cstrong\u003e13 airports\u003c\/strong\u003e in central and northern Mexico.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; management actively emphasizes cost efficiencies alongside revenue expansion, evidenced by the simultaneous growth in key revenue streams and margin maintenance.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAeronautical Revenues increased by \u003cstrong\u003e17%\u003c\/strong\u003e in Q2 2025.\u003c\/li\u003e\n\u003cli\u003eCommercial Revenues rose by \u003cstrong\u003e20%\u003c\/strong\u003e in Q2 2025.\u003c\/li\u003e\n\u003cli\u003eCommercial revenue per passenger increased by \u003cstrong\u003e8%\u003c\/strong\u003e to \u003cstrong\u003e62 pesos\u003c\/strong\u003e in Q2 2025 compared to the prior year's second quarter.\u003c\/li\u003e\n\u003cli\u003eOccupancy rate for commercial space stood at \u003cstrong\u003e96%\u003c\/strong\u003e at the end of Q2 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the consistent high margin, ranging from \u003cstrong\u003e74.6%\u003c\/strong\u003e to \u003cstrong\u003e74.9%\u003c\/strong\u003e across the first three quarters of 2025, reflects inherent structural advantages within the operating model that are difficult for competitors to replicate quickly.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Industrial Real Estate \u0026amp; Logistics Arm\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a high-growth, non-aeronautical revenue stream. Diversification revenues increased \u003cstrong\u003e11%\u003c\/strong\u003e in Q2 2025, with industrial service contributing most to this growth. The company completed the construction of a \u003cstrong\u003e5,000 square meter\u003c\/strong\u003e warehouse in Q2 2025 as part of an expansion plan.\u003c\/p\u003e\n\u003cp\u003eThe scale of this segment's contribution to overall financial performance is contextualized by the following figures from recent quarters:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.4 billion MXN\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated for total revenue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiversification Revenue Growth (YoY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+11%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIndustrial Services Growth (YoY)\u003c\/td\u003e\n\u003ctd\u003eContributed most to growth (Specific % not stated)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+53%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 2.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 2.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Yes; this level of integrated industrial park development alongside airport operations is not common for all Mexican airport groups.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High; requires specific land rights, capital, and expertise to develop and lease large industrial warehouses. The company is actively investing, with total investments in Q2 2025 (including MDP, major maintenance, and strategic investments) reaching \u003cstrong\u003eARS $965,000,000\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; ongoing innovation and completion of new warehouse space show commitment. The company completed a \u003cstrong\u003e5,000 square meter\u003c\/strong\u003e warehouse in Q2 2025. The company also submitted an investment proposal for the 2026-2030 master development program.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; it’s a unique, high-margin revenue diversification moat. The Adjusted EBITDA margin for Q2 2025 was \u003cstrong\u003e74.6%\u003c\/strong\u003e. The Q3 2025 Adjusted EBITDA margin was \u003cstrong\u003e74.8%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eKey operational metrics supporting the Industrial Arm's value proposition:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ2 2025 Commercial space occupancy rate stood at \u003cstrong\u003e96%\u003c\/strong\u003e at the end of the quarter.\u003c\/li\u003e\n\u003cli\u003eThe company is involved in OMA Carga business comprising warehouses that provide cargo logistics services.\u003c\/li\u003e\n\u003cli\u003eThe company builds and operates an industrial park at the Monterrey airport.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Passenger Traffic Growth Momentum\n\u003c\/h2\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003ePassenger traffic growth directly drives aeronautical and commercial revenue streams. In the second quarter of 2025 (2Q25), OMA reported that terminal passenger traffic increased by 11.3% compared to 2Q24, reaching 7.2 million passengers. This volume supported a 17.0% year-over-year increase in Aeronautical Revenues and a 16.0% increase in Non-Aeronautical Revenues for the quarter. Total Revenues grew by 16.8% to Ps. 3,438 million in 2Q25. Adjusted EBITDA for 2Q25 increased by 18.8% to Ps. 2,564 million, with an Adjusted EBITDA Margin of 74.6%.\u003c\/p\u003e\n\u003cp\u003eThe growth momentum continued in subsequent months, with October 2025 traffic increasing 8.5% year-over-year, and September 2025 traffic increasing 8.8% year-over-year. For the first half of 2025 (6M 2025), total passenger traffic reached 13,629 thousand passengers, a 10.3% increase over 6M 2024.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2Q24 Value\u003c\/th\u003e\n\u003cth\u003e2Q25 Value\u003c\/th\u003e\n\u003cth\u003e% Var vs 2Q24\u003c\/th\u003e\n\u003cth\u003e6M 2024 Value\u003c\/th\u003e\n\u003cth\u003e6M 2025 Value\u003c\/th\u003e\n\u003cth\u003e% Var vs 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassenger Traffic (Thousands)\u003c\/td\u003e\n\u003ctd\u003e6,470\u003c\/td\u003e\n\u003ctd\u003e7,201\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.3\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e12,359\u003c\/td\u003e\n\u003ctd\u003e13,629\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10.3\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAeronautical Revenues (Million Ps.)\u003c\/td\u003e\n\u003ctd\u003e2,204\u003c\/td\u003e\n\u003ctd\u003e2,579\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e4,258\u003c\/td\u003e\n\u003ctd\u003e4,917\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15.5\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Aeronautical Revenues (Million Ps.)\u003c\/td\u003e\n\u003ctd\u003e740\u003c\/td\u003e\n\u003ctd\u003e858\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e1,425\u003c\/td\u003e\n\u003ctd\u003e1,687\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e18.4\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenues (Million Ps.)\u003c\/td\u003e\n\u003ctd\u003e3,500\u003c\/td\u003e\n\u003ctd\u003e4,353\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e24.4\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e7,255\u003c\/td\u003e\n\u003ctd\u003e7,922\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e9.2\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA (Million Ps.)\u003c\/td\u003e\n\u003ctd\u003e2,157\u003c\/td\u003e\n\u003ctd\u003e2,564\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e18.8\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e4,201\u003c\/td\u003e\n\u003ctd\u003e4,936\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.5\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eThe strong growth rate is not inherently rare as it correlates with regional economic health, particularly in the Monterrey metropolitan area, a key asset for OMA. However, the 19% increase in international passenger traffic during 2Q25, alongside a 10% domestic increase, indicates robust performance across segments.\u003c\/p\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eThe ability to capture traffic is largely dependent on external factors such as airline capacity decisions and broader tourism demand trends. OMA's operational performance is subject to external regulatory interactions with bodies like AFAC and the U.S. DOT.\u003c\/p\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eThe organization supports traffic capture through strategic investments and route development. Capital investments in 2Q25 totaled Ps. 975 million for Master Development Plans and strategic works. 49% of new investments are directed at Monterrey Airport to optimize capacity. The company has a consistent track record, having paid dividends for five consecutive years.\u003c\/p\u003e\n\u003cp\u003eKey operational statistics supporting the organization's ability to manage traffic:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCommercial passengers accounted for 99.4% of total traffic in November 2025.\u003c\/li\u003e\n\u003cli\u003eIn September 2025, Monterrey Airport traffic grew 14.1%, contributing significantly to the total.\u003c\/li\u003e\n\u003cli\u003eThe company's airline mix in the last twelve months ending June 2025 was led by Viva Aerobus at 50% of total passengers, followed by Volaris (23%) and Grupo Aeroméxico (17%).\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003ePassenger traffic growth momentum is primarily a measure of operational execution and market conditions rather than a protected, inimitable resource. The company's Adjusted EBITDA margin expanded from 66.0% in 2017 to 74.7% in the twelve months ending June 2025.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: Strategic Leadership and Governance Refresh\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e New leadership appointments are intended to strengthen execution of capital projects and commercial strategy. Performance metrics associated with this team include 74.7% EBITDA margins and 10.3% passenger growth in 2025 results. Non-aeronautical revenue reached 87% of non-airline income. The company is executing a 15.99B-peso Master Development Program (MDP).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e No; management changes are common, but the specific talent brought in matters. Key appointments include C-level executives with extensive international airport experience.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low; new hires can be poached, though the institutional knowledge remains. The specific expertise, such as experience in over 80 global tender processes, is valuable but not entirely inimitable.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; the company is actively restructuring leadership to focus on disciplined expansion. CEO Ricardo Dueñas emphasizes a focus on “disciplined expansion and commercial innovation.”\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; the benefit lasts as long as the new team executes effectively, such as achieving the goal of doubling capacity to 12.5M passengers by 2026 at Monterrey Terminal A.\u003c\/p\u003e\n\u003cp\u003eRecent operational and financial data points:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePassenger traffic decreased 1.5% in 1Q24 compared to 1Q23, totaling 5.9 million passengers.\u003c\/li\u003e\n\u003cli\u003eAeronautical and non-aeronautical revenues grew 7.2% in 1Q24 compared to 1Q23.\u003c\/li\u003e\n\u003cli\u003eAdjusted EBITDA increased 3.1% to Ps.2,043 million in 1Q24.\u003c\/li\u003e\n\u003cli\u003eCapital investments under the MDP plus strategic investments totaled Ps.1,110 million in 1Q24.\u003c\/li\u003e\n\u003cli\u003eThe company has achieved a 91% emissions reduction since 2018.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eKey leadership appointments and relevant experience:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eExecutive Role\u003c\/td\u003e\n\u003ctd\u003eAppointment Year\u003c\/td\u003e\n\u003ctd\u003eRelevant Experience Detail\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eChief Technical Officer (Yann Le Bihan)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2024\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e15 years in airport management; CTO of VINCI Airports Brazil since 2017.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eChief Commercial Officer (Alvaro Leite)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2023\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExperience in over 80 global tender processes; CCO of VINCI Airports from 2021 to 2023.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eChief Commercial Officer (Pierre Grosmaire)\u003c\/td\u003e\n\u003ctd\u003eSeptember \u003cstrong\u003e2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eCCO of Lyon Airports (VINCI) from 2018 to 2025, handling over 11 million annual passengers.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDirector of Human Capital (Griselda Alvarado)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2024\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePrior executive roles at PepsiCo Inc. and The Home Depot.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - VRIO Analysis: ESG Alignment and Sustainability Record\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Reduces regulatory risk and appeals to international capital markets; achieved a \u003cstrong\u003e91%\u003c\/strong\u003e emissions reduction since 2018 baseline year for Scope 1 and 2 $\\text{CO}_2\\text{e}$.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; OMA remains the only airport group in Mexico certified under ISO 14064.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; operational changes are imitable, but achieving this level of reduction requires long-term commitment.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes; ESG progress is explicitly highlighted in investor communications, including the 2024 Sustainability Report.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; it builds reputation capital that competitors must now scramble to match.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eESG Performance Metrics Summary:\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\/Status\u003c\/td\u003e\n\u003ctd\u003eYear\/Baseline\u003c\/td\u003e\n\u003ctd\u003eCitation\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eScope 1 \u0026amp; 2 $\\text{CO}_2\\text{e}$ Reduction vs. 2018\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e91%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024 Report \/ 2018 Baseline\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal 2024 Scope 1 \u0026amp; 2 Emissions\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3,066.96 tons of $\\text{CO}_2\\text{e}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eScope 1 Emissions (2024)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,443.86 $\\text{tCO}_2\\text{e}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eScope 2 Emissions (2024)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,623.10 $\\text{tCO}_2\\text{e}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAirports with Level 3 ACA Accreditation\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e13\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCurrent\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePhytosanitary Product Use\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eZero use\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCurrent\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFemale Representation in Leadership\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCurrent (Goal: \u003cstrong\u003e30% by 2030\u003c\/strong\u003e)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEnergy from Wind Power\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e81%\u003c\/strong\u003e of 71,000 MWh consumption\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSolar Investment\u003c\/td\u003e\n\u003ctd\u003eMore than \u003cstrong\u003eMX\\$270 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eTo date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinance:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe MXN 2.75 billion long-term note proceeds were successfully placed on June 25, 2025. The issuance was rated AAA(mex) by Fitch and AAA.mx by Moody's Local. Demand totaled MXN 11.917 billion, 4.3 times the amount issued.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe MXN 2.75 billion issuance was structured in two tranches: OMA 25 (MXN 820 million, 3-year maturity, floating rate) and OMA 25-2 (MXN 1.93 billion, 7-year maturity, fixed rate of 9.34%).\u003c\/li\u003e\n\u003cli\u003eProceeds are designated to refinance short-term debt, fund committed investments under the 2021-2025 Master Development Program, and for general corporate purposes.\u003c\/li\u003e\n\u003cli\u003eThe 13-week cash flow projection incorporating these proceeds must be finalized by Friday, with the MXN 2.75 billion inflow scheduled based on the note placement date.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516223250581,"sku":"omab-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/omab-vrio-analysis.png?v=1740179645","url":"https:\/\/dcf-model.com\/pt\/products\/omab-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}