Central North Airport Group (NASDAQ: GAERF)

Grupo Aeroportuario del Centro Norte, S. A. B. de C. V. operates a network of 13 airports located in Mexico’s central and northern regions. The company also manages two hotel properties and an industrial park adjacent to its Monterrey airport. Its core business consists of providing airport infrastructure and services to airlines, passengers and cargo operators. In addition, it earns income from commercial leasing, parking, advertising and other non aeronautical activities.

Revenue is generated primarily from aeronautical services such as passenger charges, landing fees, aircraft parking fees and revenue from leasing space to airlines. Non aeronautical income comes from commercial retail and food and beverage leasing, parking facilities, advertising, car rentals and financial services. The diversification segment contributes through hotel operations at the Mexico City Terminal 2 NH Collection and the Monterrey Hilton Garden Inn, as well as cargo handling via OMA Carga and leasing of the OMA VYNMSA industrial park. In 2025 the company reported total revenue of Ps.15,964,414 thousand, equivalent to US$886,912 thousand, with aeronautical services representing about 63.8 percent of the total and non aeronautical and diversification activities making up the remainder.

The company operates through the following segments: Airports, Terminal 2 NH Collection Hotel, Hilton Garden Inn Hotel and OMA VYNMSA Industrial Park.

• Airports: This segment encompasses the operation and maintenance of 13 international airports across Mexico, providing aeronautical services to airlines and passengers as well as commercial leasing and parking facilities.

• Terminal 2 NH Collection Hotel: This segment manages a 287 room hotel and associated commercial space inside Terminal 2 of Mexico City International Airport, generating revenue from room sales, food and beverage and ancillary services.

• Hilton Garden Inn Hotel: This segment operates a 134 room hotel at the Monterrey airport, earning income from room occupancy, food and beverage and hotel amenities.

• OMA VYNMSA Industrial Park: This segment develops and leases warehouse and logistics space at the Monterrey airport, providing storage, handling and distribution services to third party tenants.

Within the Mexican airport sector, Grupo Aeroportuario del Centro Norte holds a notable position, handling approximately 15.2 percent of the country’s total aviation passenger traffic in 2025 and ranking among the top five airport groups by passenger volume. The company faces limited direct competition for most of its airports because they serve distinct geographic regions, although its tourist facing airports compete with other leisure destinations such as Cancún, Los Cabos and Puerto Vallarta. Competitive advantages include a diversified revenue mix that reduces reliance on aeronautical fees, a strong presence in the economically vibrant Monterrey market and long term concession rights that provide stability for infrastructure investment.

The company’s customer base includes domestic and international airlines such as VivaAerobus, Volaris, Grupo Aeroméxico, American Airlines and United Airlines, which pay aeronautical fees for landing, parking and passenger services. It also serves millions of passengers each year, ranging from business travelers at Monterrey to vacationers at its coastal airports. Commercial tenants encompass retailers, food and beverage operators, car rental firms, advertising agencies and financial service providers, while the hotel segments serve leisure and business guests and the industrial park leases space to logistics and manufacturing companies.