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Investing.com -- Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB) and Grupo Aeroportuario del Pacífico (NYSE:PAC) reported fourth quarter 2025 results that fell short of analyst expectations, primarily due to rising operational costs.
GAPB posted fourth quarter EBITDA of MXN5.1 billion, an increase of approximately 8% year-over-year, despite a 1% decline in passenger traffic.
The results came in roughly 6% below FactSet consensus estimates, attributed to weaker commercial revenues per passenger and a margin contraction of approximately 315 basis points to 64%.
The margin pressure stemmed from higher maintenance expenses, technical assistance costs and concession fees.
The company recently moved to internalize technical assistance services, which is expected to gradually reduce some cost pressures. GAPB will hold a conference call on Wednesday at 10am ET.
Key discussion points are expected to include operational cost reduction plans, recovery of Jamaican operations following hurricane Melissa, safety concerns at Guadalajara airport, and the 2026 traffic outlook.
OMA reported fourth quarter adjusted EBITDA of MXN2.58 billion, up 5.9% year-over-year, matching its 6.0% passenger traffic growth. The results missed FactSet consensus by 1.6%, driven by operating costs that rose 11% year-over-year.
EBITDA margin declined slightly to 73.6% from 73.8% in the fourth quarter of 2024.
The company maintains a net debt to EBITDA ratio of 1.0x. OMA is scheduled to hold a conference call on Tuesday at 12:30pm ET.
Anticipated topics include progress on the recently approved five-year master plan, 2026 traffic projections, operating cost management, and commercial revenue development.
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