Grupo Aeroportuario del Centro Norte S.A.B de C.V. - ADR

Operational growth stayed positive; international led - 7.7m passengers in 3Q26 (+1.3% YoY) with capacity up +1.3%. - Domestic traffic +0.6% YoY, driven heavily by San Luis Potosí Airport—routes to Felipe Ángeles + Monterrey added >35,000 passengers (about 91% of domestic growth). - International traffic +6% YoY, mainly from Monterrey with higher volume on NY, Madrid, Paris routes. - Airline mix: Volaris +14% YoY (27% of pax) while Viva -2% YoY (49% of pax). - Surprise/green flag: commercial performance (see below) outgrew passenger growth, helping margins.

Financial performance: revenue growth strong; margins expanded; leverage low - Aeronautical revenues +6.7% YoY, mainly from tariff adjustment effective April 2026, partially offset by peso appreciation; also implied aeronautical revenue per pax +5.3%. - Non-aero revenues +13.3% YoY, lifting total revenue (aero + non-aero) to MXN 3.8bn (+8.3%). - Adjusted EBITDA +8.7% YoY to MXN 2.9bn, with adjusted EBITDA margin at 75.0% (margin expansion). - Net income MXN 1.6bn (+2.9% YoY). - Financing expense +16.5% to MXN 348m (higher avg debt). - Balance sheet: cash at Sept-end MXN 4.0bn, total debt MXN 14.9bn, net debt/adj. EBITDA ~1.0x (not stretched).

Commercial diversification momentum (key driver of “good”) - Commercial revenues +11% YoY, with commercial revenue per passenger = MXN 66. - Segment highlights: - VIP lounges +28% (capture-rate improvement + Torreón VIP lounge started operations). - Restaurants +13.5% (traffic + new units in Durango & Torreón). - Parking +6.7% (higher average tariffs). - Retail +18.5% (new units + traffic). - Commercial occupancy ~96%—capacity utilization looks strong. - Diversification revenues +20.4% (notably OMA Carga +42%, driven by new Monterrey clients, additional high-value cargo and longer warehouse merchandise stay). - Opportunity: management expects OMA Carga growth in the high teens for the remainder of 2026 and similar for 2027 (clear growth engine beyond airports).