Grupo Aeroportuario del Centro Norte S.A.B. de C.V.

Greetings. Welcome to OMA's fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Emmanuel Camacho, investor relations officer. Thank you. You may begin.

Thank you, Sherry. Hello, everyone. Thank you for standing by, and welcome to OMAC's fourth quarter 2025 earnings conference call. We are delighted to have you join us today as we discuss our company's performance and financial results for the past quarter. Joining us today are CEO Ricardo Ureña and CFO Rufo Perez-Pilego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to materialize, including factors that may be beyond our control. And now, I'll turn the call over to Ricardo Lónez for his opening remarks.

Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, I will briefly discuss the approval of our master development program Then Rufo and I will review our annual quarterly operational performance and financial results. And finally, we will be happy to answer your questions. During December, we received approval from the Federal Civil Aviation Agency for a master development program covering the 2630 period. The approved investment commitment amounts to approximately 16 billion pesos expressed in December 2024 pesos. This new five-year program is focused on capacity expansion and quality enhancements at our largest airports in terms of passenger contribution, while further strengthening the efficiency of our network. Investments are allocated across terminal expansions, airside infrastructure, equipment upgrades, pavement rehabilitation, modernization works, environmental initiatives, as well as safety and certification programs. Capacity and quality improvements, infrastructure optimization, airport equipment, and sustainability-related CapEx represent the main drivers of the program. In this context, our MDP prioritizes projects that enhance passenger experience, improve operational efficiency, and incorporate technology solutions that support long-term service quality and cost optimization. Sustainability and decarbonization are embedded in our investment strategy with initiatives aimed at improving energy efficient and supporting our long-term emission reduction targets. Importantly, the total investment commitment of 2026-2030 is comparable in real terms to the investment considered in the 2021-2025 cycle. However, traffic levels today are materially higher than five years ago, This implies an improvement in capital efficiency per passenger and reflects the scalability of our existing infrastructure. In other words, this MDP reflects disciplined capital allocation, greater efficiency in the deployment of CAPEX, and a focus on maximizing the use of current assets. The approval also provides long-term regulatory visibility and reinforces the structural growth outlook of our airports. Moving now to our full year 2025 results, this was a year marked by the continued recovery in operational capacity and the strong performance in our main airport of Monterey. While the Pratt & Whitney engine inspection program continued to affect certain fleets during the year, capacity constraints eased compared to 2024. This allowed Mexican Airlines to progressively restore frequencies and reintroduce routes that had been limited or suspended due to aircraft availability. As a result, seat capacity across our airports increased close to 11% during 2025, reflecting improved aircraft deployment and network adjustments. During 2025, we opened 35 new routes, of which 24 were domestic and 11 were international, further strengthening connectivity across our airports. Supported by higher seat availability and route expansion, total passenger traffic reached 28.8 million passengers in 2025, representing an 8.5 increase as compared to 2024, with domestic passenger traffic growing by 8% and international passenger traffic by 12%. The expansion reflects a continued diversification of Monterey's international footprint. In addition to consolidating its position as a key gateway to the United States, Monterey has progressively expanded its long-haul connectivity in recent years, including overseas service to Europe and Asia. The consolidation of long-haul routes such as Monterey-Madrid, Monterey-Tokyo, and Monterey-Sol reinforces our long-term vision of position in Monterey not only as a regional hub within Mexico, but as an increasingly relevant international connecting point linking northern Mexico with major global destinations. In 2026, we will continue strengthening overseas connectivity with additional operations to Madrid and the launch of Monterey-Paris route in April 2026, further expanding our presence across diversified international markets. Beyond traffic growth, 2025 was also a year of solid execution across our commercial and diversification businesses. On the commercial front, we recorded growth across three key revenue line items, driven primarily by the opening of new outlets and continued commercial mix optimization. Restaurant revenues grew by 22%, VIP lounges revenues increased by 30%, and parking revenues increased by 13% as compared to 2025. From our diversification lines of business, our industrial part was one of the strongest contributions to growth with 44% increase in revenues versus 2024 supported by higher least square meters. OMA cargo revenues recorded strong results as well with a 9% increase in revenues, mainly as a result of higher volumes and improved operational efficiencies. Regarding our financial performance, Aeronautical and non-aeronautical revenues each grew approximately 12% year over year. As a result, our adjusted EBITDA for the year was 10.2 billion pesos, and we recorded an adjusted EBITDA margin of 74.5%. I will now move on to our fourth quarter 2025 performance. In the quarter, all mass passenger traffic totaled 7.5 million, A 6% increase year-over-year, seat capacity increased by 8% during the quarter. On the domestic front, passenger traffic grew by 6%, driven primarily by the Monterey Airport, which saw increase on routes to the metropolitan areas of Mexico City, mainly to Toluca and Mexico City airports, Bajio, Puerto Vallarta, Merida, and Guadalajara. These routes collectively added for over 300,000 passengers during the quarter, representing 79% of the total domestic passenger growth. International passenger traffic increased by 4%, mainly driven by Monterey, with higher traffic on the routes to Bogota, Toronto, and Panama, and San Luis Potosi on the routes to Dallas, Fort Worth, Atlanta, and San Antonio. Together, this route added more than 67,000 passengers during the quarter. In terms of road by airline, Volaris, which accounted for 24% of our total passenger traffic in the quarter, recorded a 17% increase in passenger traffic compared to the fourth quarter of 2024, while Viva, which accounted for 51% of our total passenger traffic, recorded a 5% traffic increase during the quarter. Turning to our financial performance, aeronautical revenues increased 6%. Commercial revenues grew by 8% compared to the fourth quarter of 24, and commercial revenue per passenger stood at 62 pesos. Commercial revenue growth was mainly driven by parking, restaurants, VIP lounges, and retail, mainly as a result of higher penetration and the increase in passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter. On the diversification front, revenues increased 5%, with Alma Cargo contributing most of the growth, mainly because of higher revenues from our bonded warehouses in Chihuahua, given our successful strategy to further develop this warehouse in previous quarters. Alma's fourth quarter adjusted EBITDA increased by 6% to 2.6 billion pesos, with a margin of 73.6%. On the capital expenditures front, total investments in the quarter, including MDP investments, major maintenance, and strategic investments, were 755 million pesos. I would now like to turn the call over to Rufo Perez Pliego, who will discuss our financial highlights for the quarter.