OMA (Grupo Aeroportuario del Centro Norte) operates 13 airports in Mexico's central and northern regions under 50-year government concessions. OMA's airports handled approximately 28.8 million terminal passengers in 2025, with Monterrey — Mexico's third-largest city and a major industrial hub — accounting for roughly half of passengers and revenues. The remaining airports serve tourist destinations, regional centers, and border cities. OMA charges airlines, passengers, and tenants fees for using airport infrastructure, generating revenue through two streams: aeronautical revenues (~64% of total) and non-aeronautical revenues (~22%). Aeronautical revenue is regulated by the Mexican government under a maximum tariff system, with fees set every five years; because revenue per passenger is capped, traffic volume is the primary growth lever. Non-aeronautical revenue is unregulated and includes parking, retail, food and beverage, duty-free, and car rentals, typically structured as royalties tied to tenant sales. OMA also operates diversification businesses, including an industrial park at Monterrey (fully leased, benefiting from nearshoring demand), bonded cargo warehouses, and two hotels. OMA's cost base is largely fixed, making margins highly sensitive to traffic volume. Growth is driven by expanding Monterrey's international connectivity, increasing commercial revenue per passenger as newly expanded terminal space ramps up, and growing its industrial park and cargo businesses. OMA has historically returned 85%–95% of net income to shareholders as dividends.