SEC Form 6-K filed by Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October

GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.

(CENTRAL NORTH AIRPORT GROUP)

(Translation of Registrant’s Name Into English)

México

(Jurisdiction of incorporation or organization)

Torre Latitud, L501, Piso 5

Av. Lázaro Cárdenas 2225

Col. Valle Oriente, San Pedro Garza García

Nuevo León, México

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             .)

OMA Announces Third Quarter 2024

Operating and Financial Results

Mexico City, Mexico, October 24, 2024— Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ: OMAB; BMV: OMA), today reported its unaudited, consolidated financial and operating results for the third quarter 2024 (3Q24).

3Q24 summary

3Q24 Operating Results

Operations, Passengers, and Cargo

The number of seats offered decreased 8.1% compared to 3Q23.

During the quarter, 1 domestic route and 4 international routes started operations.

* There was no other airline operating this route.

Total passenger traffic reached 7.0 million passengers, a decrease of 5.3% as compared to 3Q23. During the quarter, of total traffic, 86.8% was domestic and 13.2% was international.

Domestic passenger traffic decreased 7.4%, compared to 3Q23, while international traffic increased 10.8%.

The airports with the largest passenger traffic growth in volume terms as compared to 3Q23, were:

The airports with the largest passenger traffic decrease in volume terms as compared to 3Q23, were:

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 95.3% as of September 30, 2024.

Freight Logistics Services

Hotel Services

Industrial Services

Consolidated Financial Results

Revenues

Aeronautical revenues decreased 3.4%.

Non-aeronautical revenues increased 18.9%.

Commercial revenues increased 17.0%. The line items with the largest increases were:

Diversification revenues increased 26.7%, mainly due to higher revenues from OMA Carga and Hotel Services.

Construction revenues represent the value of improvements to concessioned assets. They are equal to construction costs and generate neither a gain nor a loss. Construction revenues and costs are determined based on the advance in the execution of projects in accordance with the airports’ Master Development Programs (MDP), and variations depend on the rate of project execution.

Costs and Operating Expenses

The sum of cost of airport services and general and administrative expenses (G&A) increased 6.1% as compared to 3Q23.

The major maintenance provision expense was Ps.75 million. The outstanding balance of the maintenance provision as of September 30, 2024 was Ps.2,119 million.

The airport concession tax increased 73% to Ps.262.3 million, as a result of a change in the rate from 5% to 9% applied to the revenues generated by OMA’s airport concessions, pursuant to the Mexican Federal Duties Law. Under the Tariff Regulation Bases effective as of October 20, 2023, payments made to the government related to aeronautical revenues, in excess of those included in the most recent tariff revision, will be added to the reference value to be used in the next joint maximum tariff revision. Therefore, starting in January 2026, these excess airport concession taxes amounts paid will begin to be recovered through the maximum tariff.

In the third quarter of 2024, the 4% excess of Concession Tax levied on aeronautical revenues amounted to Ps.101.3 million, equivalent to 3.1% of the sum of OMA's aeronautical and non-aeronautical revenues. This amount is included within the Ps.262.3 million recorded as Concession Tax expense in 3Q24. Excluding the Ps.101.3 million and its effects on OMA's results, Adjusted EBITDA for OMA would have been Ps.2,533 million, with a margin of 78.4%.

The technical assistance fee was Ps.62.5 million.

Total operating costs and expenses decreased 6.1%.

Operating Income and Adjusted EBITDA

Operating Income was Ps.2,168 million, with an operating margin of 58.6%.

Adjusted EBITDA was Ps.2,435 million, with a margin of 75.4%.

*Excluding the incremental effect of the concession tax on aeronautical revenues, OMA's Adjusted EBITDA would have been Ps.2,553 million, with a margin of 78.4% during 3Q24. For the nine months ended on September 30, 2024, Adjusted EBITDA would have been Ps.6,907 million, with a margin of 77.5%

Financing Expense and Net Income

Financing Expense remained unchanged relative to 3Q23.

Consolidated net income in the quarter was Ps.1,385 million, a decrease of 2.1% as compared to 3Q23.

Earnings per share, based on net income of the controlling interest was Ps.3.57, and earnings per ADS was US$1.45. Each ADS represents eight Series B shares.

MDP and Strategic Investments

In 3Q24, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.581 million, comprised of Ps.472 million in improvements to concessioned assets, Ps.31 million in major maintenance, Ps.72 million in strategic investments and Ps.6 million in other concepts.

The most important investment expenditures included:

Indebtedness

Derivatives

As of the date of this report, OMA has no financial derivatives exposure.

Cash Flow Statement

During 3Q24, cash flows from operating activities generated cash of Ps.1,753 million.

Investing activities used cash for Ps.694 million in the third quarter. Financing activities reflect mainly the interest payment related to bonds issued in the securities market, resulting in a net cash outflow of Ps.290 million.

The net increase in cash resulting from operating, investing and financing activities in 3Q24 was Ps.769 million. This, combined with the positive effect of changes in the value of cash of Ps.19 million, resulted in a Cash and Cash Equivalents balance as of September 30, 2024 of Ps.2,398 million.

Relevant Events.

OMA inaugurates expansion of Terminal Building at Durango International Airport. In September 2024, OMA inaugurated the expansion and remodeling project of the Terminal Building at Durango International Airport. The project included the construction of 858 m² and the renovation of an additional 3,000 m². After the expansion, the terminal total area is 5,704 m² and has an annual capacity to handle up to 760,000 passengers.

Cybersecurity incident follow-up. In relation to the material event published on October 18th , 2024 regarding a cybersecurity incident, OMA has continued to work with external advisors to assess the full scope of the breach. The Company has taken necessary measures and has reinforced protocols to strengthen its defenses and prevent future incidents. We have gradually restored certain services while continuing to collaborate with cybersecurity experts to safeguard the integrity of our systems. As of today, we have not identified a material adverse impact on the Company's operations and financial position, though we are closely monitoring the situation and assessing any possible continued effects.

Notes to the Financial Information

Financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), and presented in accordance with IAS 34 “Interim Financial Reporting.” For more information, please refer to our Quarterly Financial Information submitted to the Mexican Stock Exchange (www.bmv.com.mx)

Unless stated otherwise, all comparisons of operating or financial results are made with respect to the comparable period of 2023. The exchange rates used to convert foreign currency amounts were Ps.17.6195 as of September 30, 2023, Ps.16.9190 as of December 31, 2023 and Ps.19.6697 June 30, 2024.

Construction revenue, construction cost: IFRIC 12 “Service Concession Arrangements” addresses how service concession operators should account for the obligations they undertake and rights they receive in service concession arrangements. The concession contracts for each of OMA’s airport subsidiaries establishes that the concessionaire is obligated to carry out improvements to the infrastructure transferred in exchange for the rights over the concession granted by the Federal Government. The latter will receive all the assets at the end of the concession period. As a result, the concessionaire should recognize, using the percentage of completion method, the revenues and costs associated with the improvements to the concessioned assets. The amount of the revenues and costs so recognized should be the price that the concessionaire pays or would pay in an arm’s length transaction for the execution of the works or the purchase of machinery and equipment, with no profit recognized for the construction or improvement. The application of IFRIC 12 does not affect operating income, net income, or EBITDA, but does affect calculations of margins based on total revenues.

Capital investments: includes investments in fixed assets (including investments in land, machinery, and equipment) and improvements to concessioned properties under the Master Development Plan (MDP) plus strategic investments.

Strategic Investments: Refers only to those capital investments additional to the Master Development Program.

Passengers and Terminal passengers: All references to passenger traffic volumes are to Terminal passengers, which includes passengers on the three types of aviation (commercial, charter, and general aviation), and excludes passengers in transit. The definition of terminal passengers of OMA may differ from the definition utilized by its shareholder VINCI Airports.

Adjusted EBITDA and Adjusted EBITDA margin: OMA defines Adjusted EBITDA as EBITDA less construction revenue plus construction expense and maintenance provision. We calculate the Adjusted EBITDA margin as Adjusted EBITDA divided by the sum of aeronautical revenue and non-aeronautical revenue. Construction revenue and construction cost do not affect cash flow generation and the maintenance provision corresponds to capital investments. OMA defines EBITDA as net income minus net comprehensive financing income, taxes, and depreciation and amortization. Neither Adjusted EBITDA nor EBITDA should be considered as an alternative to net income as an indicator of our operating performance, or as an alternative to cash flow as an indicator of liquidity. It should be noted that neither Adjusted EBITDA nor EBITDA is defined under IFRS, and may be calculated differently by different companies.

Analyst Coverage

In accordance with the requirements of the Mexican Stock Exchange, the analysts covering OMA are:

This report may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current information and expectations and projections about future events. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target,” “estimate,” or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption “Risk Factors.” OMA undertakes no obligation to update publicly its forward-looking statements, whether as a result of new information, future events, or otherwise.

About OMA

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA’s airports serve Monterrey, Mexico’s third largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates the NH Collection Hotel inside Terminal 2 of the Mexico City airport and the Hilton Garden Inn at the Monterrey airport. OMA employs over 1,200 persons in order to offer passengers and clients airport and commercial services in facilities. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, visit:

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated October 24, 2024