OMA and GAPB's fourth-quarter performance shows mixed results, with rising cost pressures becoming evident

LootboxPhobia · 2026-02-24T09:22:23+00:00

The performance of Mexico Central North Airport Group and Pacific Airport Group in Q4 2025 did not meet expectations, mainly due to rising operating costs. The former's EBITDA increased by 8% but passenger traffic declined, while the latter's EBITDA grew by 5.9% also affected by cost pressures. Both companies will hold conference calls to discuss future operational strategies and cost management.

LootboxPhobia

2026-02-24 09:22:23

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Investing.com – Mexico Central North Airport Group (Grupo Aeroportuario del Centro Norte, NASDAQ: OMAB) and Mexico Pacific Airport Group (Grupo Aeroportuario del Pacífico, NYSE: PAC) announced that their Q4 2025 results did not meet analyst expectations, mainly due to rising operating costs.

GAPB’s Q4 EBITDA was 5.1 billion Mexican pesos, up approximately 8% year-over-year, despite a 1% decline in passenger traffic.

Performance was about 6% below FactSet consensus, primarily due to weaker commercial revenue per passenger and a profit margin contraction of about 315 basis points to 64%.

The margin pressure was driven by increased maintenance expenses, technical assistance costs, and franchise fees.

The company recently internalized technical assistance services, which is expected to gradually ease some cost pressures. GAPB will hold a conference call on Wednesday at 10:00 a.m. Eastern Time (11:00 p.m. Beijing Time).

Key topics expected to be discussed include the cost-cutting plans, recovery of Jamaica operations after Hurricane Melissa, security issues at Guadalajara Airport, and passenger traffic outlook for 2026.

OMA reported Q4 adjusted EBITDA of 2.58 billion Mexican pesos, up 5.9% year-over-year, aligning with a 6.0% increase in passenger traffic. Performance was about 1.6% below FactSet consensus, mainly due to an 11% rise in operating costs year-over-year.

EBITDA profit margin slightly decreased from 73.8% in Q4 2024 to 73.6%.

The company maintained a net debt-to-EBITDA ratio of 1.0x. OMA will hold a conference call on Tuesday at 12:30 p.m. Eastern Time (Wednesday at 1:30 a.m. Beijing Time).

Topics expected to be discussed include the progress of the recently approved five-year master plan, passenger traffic forecasts for 2026, operating cost management, and commercial revenue development.

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