Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Mex$241, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Infrastructure industry in South America. Total returns to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$224 per share. Declared Dividend • May 18
Dividend of Mex$6.28 announced Shareholders will receive a dividend of Mex$6.28. Ex-date: 26th May 2026 Payment date: 27th May 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
First quarter 2026 earnings: Revenues exceed analyst expectations First quarter 2026 results: Revenue: Mex$3.82b (up 6.9% from 1Q 2025). Net income: Mex$1.23b (down 4.0% from 1Q 2025). Profit margin: 32% (down from 36% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Announcement • Apr 11
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q1, 2026 Results on Apr 27, 2026 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q1, 2026 results at 3:00 PM, Central Standard Time on Apr 27, 2026 Announcement • Apr 07
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Annual General Meeting, Apr 24, 2026 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Annual General Meeting, Apr 24, 2026. Location: auditorium of the club de industriales, andres bello 29 polanco iv section, miguel hidalgo borough, postal code 11560, mexico Mexico Reported Earnings • Feb 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: Mex$13.83 (up from Mex$12.76 in FY 2024). Revenue: Mex$16.0b (up 5.9% from FY 2024). Net income: Mex$5.34b (up 8.4% from FY 2024). Profit margin: 34% (in line with FY 2024). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 30
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q4, 2025 Results on Feb 23, 2026 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q4, 2025 results After-Market on Feb 23, 2026 Declared Dividend • Nov 14
Dividend of Mex$5.77 announced Shareholders will receive a dividend of Mex$5.77. Ex-date: 26th November 2025 Payment date: 27th November 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (89.7% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to Mex$244. The fair value is estimated to be Mex$311, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. New Risk • Oct 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 88% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (88% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 25
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: Mex$3.90 (up from Mex$3.57 in 3Q 2024). Revenue: Mex$3.93b (up 6.1% from 3Q 2024). Net income: Mex$1.50b (up 9.2% from 3Q 2024). Profit margin: 38% (up from 37% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 06
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q3, 2025 Results on Oct 23, 2025 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q3, 2025 results After-Market on Oct 23, 2025 Reported Earnings • Jul 29
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: Mex$3.46 (up from Mex$3.33 in 2Q 2024). Revenue: Mex$4.35b (up 24% from 2Q 2024). Net income: Mex$1.34b (up 3.7% from 2Q 2024). Profit margin: 31% (down from 37% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 6.9%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 11
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q2, 2025 Results on Jul 28, 2025 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q2, 2025 results at 8:30 AM, Eastern Standard Time on Jul 28, 2025 Buy Or Sell Opportunity • Jul 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to Mex$255. The fair value is estimated to be Mex$211, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Price Target Changed • May 20
Price target increased by 7.9% to Mex$237 Up from Mex$220, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of Mex$244. Stock is up 37% over the past year. The company is forecast to post earnings per share of Mex$14.40 for next year compared to Mex$12.76 last year. Declared Dividend • May 15
Dividend of Mex$5.77 announced Shareholders will receive a dividend of Mex$5.77. Ex-date: 23rd May 2025 Payment date: 26th May 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.3% to Mex$217. The fair value is estimated to be Mex$177, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Apr 28
Grupo Aeroportuario del Centro Norte Approves Cash Dividend, Payable in Two Installment No Later Than May 31, 2025 and November 30, 2025 Respectively Grupo Aeroportuario del Centro Norte, announced that its Annual General Ordinary Shareholders’ Meeting held on April 28, 2025, approved, among other matters, the payment of a cash dividend of MXN 4,500 million, to be paid in two installments: the first installment of MXN 2,250 million no later than May 31, 2025, and a second installment of MXN 2,250 million, no later than November 30, 2025. Announcement • Apr 17
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q1, 2025 Results on Apr 28, 2025 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q1, 2025 results After-Market on Apr 28, 2025 Buy Or Sell Opportunity • Apr 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to Mex$200. The fair value is estimated to be Mex$167, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Apr 07
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Annual General Meeting, Apr 25, 2025 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Annual General Meeting, Apr 25, 2025. Location: auditorium of the club de industriales, andres bello 29 polanco iv section, miguel hidalgo borough, postal code 11560, mexico Mexico Reported Earnings • Feb 25
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: Mex$12.76 (down from Mex$12.98 in FY 2023). Revenue: Mex$15.1b (up 4.3% from FY 2023). Net income: Mex$4.93b (down 1.7% from FY 2023). Profit margin: 33% (down from 35% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Feb 11
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q4, 2024 Results on Feb 24, 2025 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q4, 2024 results After-Market on Feb 24, 2025 Announcement • Feb 08
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Announces One Route Starts Operations During the Month of January 2025 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced one route started operations during the month of January 2025. Airline: Aerus. Routes: 1. Origin: Monterrey. Destination: Laredo. Route type: regular. Buy Or Sell Opportunity • Jan 14
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to Mex$195. The fair value is estimated to be Mex$157, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. New Risk • Jan 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Mexican stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (88% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.7% average weekly change). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$184, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Infrastructure industry in South America. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Nov 12
Upcoming dividend of Mex$5.45 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 20 November 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Mexican dividend payers (7.1%). Lower than average of industry peers (4.5%). Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: Mex$3.57 (down from Mex$3.65 in 3Q 2023). Revenue: Mex$3.70b (down 5.2% from 3Q 2023). Net income: Mex$1.38b (down 2.3% from 3Q 2023). Profit margin: 37% (up from 36% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q3, 2024 Results on Oct 24, 2024 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: Mex$3.33 (up from Mex$3.29 in 2Q 2023). Revenue: Mex$3.50b (down 3.4% from 2Q 2023). Net income: Mex$1.29b (up 1.2% from 2Q 2023). Profit margin: 37% (up from 35% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q2, 2024 Results on Jul 25, 2024 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 New Risk • Jun 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Mexican stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (66% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.6% average weekly change). Upcoming Dividend • May 14
Upcoming dividend of Mex$5.45 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Mexican dividend payers (6.6%). Lower than average of industry peers (4.3%). Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: Mex$2.79 (vs Mex$2.79 in 1Q 2023) First quarter 2024 results: EPS: Mex$2.79 (down from Mex$2.79 in 1Q 2023). Revenue: Mex$3.76b (up 17% from 1Q 2023). Net income: Mex$1.08b (flat on 1Q 2023). Profit margin: 29% (down from 34% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Apr 12
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q1, 2024 Results on Apr 24, 2024 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q1, 2024 results After-Market on Apr 24, 2024 Announcement • Apr 06
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Annual General Meeting, Apr 26, 2024 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Annual General Meeting, Apr 26, 2024, at 10:00 Central Standard Time. Location: auditorium of Club de Industriales, located at Andrés Bello 29, Polanco IV Secc, Alcaldía Miguel Hidalgo, Zip Code 11560, Mexico City Mexico United States Agenda: To consider Reports of the Board of Directors in accordance with Article 28, section IV, paragraphs (d) and (e) of the Mexican Securities Law, regarding the fiscal year ended as of December 31, 2023 and adoption of resolutions thereof; to consider Reports of the Chief Executive Officer and External Auditor in accordance with Article 28, section IV, paragraph (b) of the Mexican Securities Law, regarding the fiscal year ended December 31, 2023 and adoption of resolutions thereof; and to transact such other business matters. Reported Earnings • Feb 25
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: Mex$12.98 (up from Mex$10.10 in FY 2022). Revenue: Mex$14.5b (up 21% from FY 2022). Net income: Mex$5.01b (up 28% from FY 2022). Profit margin: 35% (up from 33% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Mex$185, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$100 per share. Buying Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be Mex$166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 8.3% per annum over the same time period. Reported Earnings • Oct 30
Third quarter 2023 earnings: Revenues exceed analyst expectations Third quarter 2023 results: Revenue: Mex$3.91b (up 24% from 3Q 2022). Net income: Mex$1.41b (up 28% from 3Q 2022). Profit margin: 36% (up from 35% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.5%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Infrastructure industry in South America. Announcement • Oct 28
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. to Report Q3, 2023 Results on Oct 27, 2023 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. announced that they will report Q3, 2023 results on Oct 27, 2023 Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Mex$128, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Infrastructure industry in South America. Total returns to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$166 per share. Buying Opportunity • Oct 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be Mex$166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings is also forecast to grow by 9.3% per annum over the same time period. Announcement • Oct 21
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Announces Board Changes Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA announced that the Board of Directors approved, among other matters, to accept the resignation presented by Eric Delobel, as Board Member of the Company, who served as a member of the Board of Directors since December 2022. As a result of the above, the Board of Directors approved the appointment of Guillaume Dubois as Provisional Board Member until his appointment is submitted for approval at the next General Ordinary Shareholders' Meeting. Mr. Guillaume Dubois is Technical Director of Vinci Airports and Hydrogen, Safety and Program Management Referent for VINCI Concessions since August, 2023. Mr. Dubois joined the VINCI Group in 2015 and previously held positions as Technical and Operations Director of VINCI Highways, Director of Asset Management in North America for VINCI Concessions, and CEO of the Regina Bypass Project. Prior to VINCI, he held different senior management positions at the Bouygues Group. Mr. Dubois is a graduate of the École Nationale des Ponts de Chaussées (1999). Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Mex$148, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$162 per share. Announcement • Sep 09
Grupo Aeroportuario Del Centro Norte, S.A.B. De C.V. Announces Dividend, Payable on September 20, 2023 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA announced details for the payment of the second of two installments of the dividend approved by its shareholders. Based on the resolutions adopted by its Annual General Ordinary Shareholders’ Meeting, held on April 21, 2023, shareholders approved, among other matters, declaration and payment of a cash dividend of MXN 2,300 million, to be paid in two installments: the first installment of MXN 1,800 million, or MXN 4.614064804 per share, paid on June 22, 2023, and a second installment of MXN 500 million, or MXN 1.281684668 per share to be paid no later than September 30, 2023. Second installment will be paid on September 20, 2023 against delivery of coupon number 9 at the offices of the share depositary, S.D. Indeval, Institución para el Depósito de Valores, S.A. de C.V. (INDEVAL), Reforma No. 255, 3er. piso, Colonia Cuauhtémoc, Delegación Cuauhtémoc, 06500 Mexico City, Mexico. Payment will be made to shareholders registered in OMA’s share registry, or to others who evidence their ownership of shares or certificates in accordance with Mexico’s Securities Market Law. The record date for payment will be September 19, 2023 for owners of shares as well as holders of American Depositary Shares (ADSs). Reported Earnings • Jul 30
Second quarter 2023 earnings: Revenues exceed analyst expectations Second quarter 2023 results: Revenue: Mex$3.62b (up 24% from 2Q 2022). Net income: Mex$1.27b (up 38% from 2Q 2022). Profit margin: 35% (up from 32% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.2%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Infrastructure industry in South America. 
