Grupo Aeroportuario Del Centro Norte: Short And Long-Term Catalysts (Ticker: OMAB)

A timely update on my favorite airport operator (and top-performing stock of 2025)

Below, paying subscribers to Emerging Moats can read a quarterly update on Grupo Aeroportuario Del Centro Norte (Grupo OMAB for short). I will cover the latest earnings/traffic releases, my thoughts on the upcoming concession contract, and how I am managing the position in my portfolio.

Since increasing my position size by 3x on January 21st, 2025, Grupo OMAB stock has produced a 43.8% total return in US dollar terms, marking another strong year for the Mexican airport operator. 2026 could prove even more pivotal. Multiple catalysts are on the horizon over the next 12 months.

Despite these gains, Grupo OMAB still trades at under 11x EBITDA, according to our friends at Fiscal.AI.

For anyone who has never heard of Grupo OMAB, I wrote a (free) report back at the beginning of 2025, along with a comprehensive podcast covering everything you need to know about this stock. It is more “podcast show notes in newsletter form” compared to an Emerging Moats research report, but it will give you an overview of the Mexican airport operator business model:

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Here are my prior newsletters and (tentative) schedule for Q1 2026.

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Let’s dig into Grupo OMAB, beginning with the Q3 earnings result…

Q3 and traffic update