OMA: Positive PAX performance in December

OMA's consolidated passenger traffic maintains its positive trend, with a 7% year-over-year (YoY) growth in December (compared to +3% in November 2025 and above our +6% YoY estimate), reaching 2.7 million users. This positive performance is supported by a gradual recovery in capacity (after the P&W engine recall) and explained by the opening of 10 new routes in December (8 domestic). On an accumulative basis, in 4Q25, OMA's total PAX had increased 6% YoY (ending the year with a 9% in line with our expectation).

Although OMA's traffic performance has been more robust compared to ASUR's and GAP's figures so far in 2025, the company's current valuation has already incorporated this positive trend. Furthermore, in OMA, the implicit limited upside to our PT is close to 11%, slightly lower than our +13% expectation for the Mexbol index performance. As a result, we reiterate our Market Perform rating.

Main highlights: Domestic passenger traffic increased by 6.9% YoY, while the international segment (17% of total traffic) gained 6.5%. Monterrey airport (53% of total) posted a favorable 7.5% expansion compared to 2024 levels (+8.2% YoY in 4Q25), maintaining a positive trend, and reflecting increased traffic due to seat capacity recovery (ASMs) in OMA's airport network and the opening of new routes. Monterrey's domestic users gained 5%, while international passengers decreased 11% YoY.