Grupo Aeroportuario del Centro Norte B de C : OMA Announces Third Quarter 2023 Operating and Financial Results - Form 6-K

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 2023

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 2023

Operating and Financial Results

Mexico City, Mexico, October 27, 2023- 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 2023 (3Q23).

3Q23 Summary

3Q23 Operating Results

Operations, Passengers, and Cargo

The number of seats offered increased 15.5% compared to 3Q22.

During the quarter, 37 domestic routes started operations.

*Routes that started operations and were suspended during the quarter.

Total passenger traffic reached 7.4 million passengers, an increase of 18.6% as compared to 3Q22. During the quarter, of total traffic, 88.8% was domestic and 11.2% was international.

Domestic passenger traffic increased 18.1%, compared to 3Q22, while international traffic increased 22.8%.

The airports with the largest passenger traffic growth in volume terms as compared to 3Q22, were:

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 94.7% as of September 30, 2023.

Freight Logistics Services

Hotel Services

Industrial Services

Consolidated Financial Results

Revenues

Aeronautical revenues increased 31.0% mainly due to an increase in passenger traffic, compared to 3Q22, as well as increases in aeronautical tariffs during the first quarter of the current year.

Non-aeronautical revenues increased 17.6%.

Commercial revenues increased 23.6%. The line items with the largest increases were:

Diversification revenues increased 8.3%, mainly due to higher revenues from 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 2.8%, mainly due to higher minor maintenance, contracted services and basic services costs, partially offset by lower payroll costs.

The major maintenance provision was Ps.94.8 million. The outstanding balance of the maintenance provision as of September 30, 2023 was Ps.2,159 million.

The airport concession tax was Ps.151 million and the technical assistance fee was Ps.66.9 million.

Total operating costs and expenses increased 14.4%.

Operating Income and Adjusted EBITDA

Operating Income was Ps.2,272 million, with an operating margin of 58.2%.

Adjusted EBITDA was Ps.2,532 million, with a margin of 79.4%.

Financing Income and Net Income

Financing Expense was Ps.272 million, compared to Ps.219 million during 3Q22. The increase was mainly due to a higher interest expense as a result of a higher level of indebtedness and an increase in financing costs.

Consolidated net income in the quarter was Ps.1,414 million, an increase of 28.4%.

Earnings per share, based on net income of the controlling interest was Ps.3.65, and earnings per ADS was US$1.66. Each ADS represents eight Series B shares.

MDP and Strategic Investments

In 3Q23, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.964 million, comprised of Ps.719 million in improvements to concessioned assets, Ps.105 million in major maintenance, Ps.139 million in strategic investments and Ps.1 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 3Q23, cash flows from operating activities generated cash of Ps.1,498 million.

Investing activities used cash for Ps.505 million in the third quarter. Financing activities reflect mainly the second tranche of the ordinary dividend payment of Ps.500 million, resulting in a net cash outflow of Ps.798 million.

The net increase in cash resulting from operating, investing and financing activities in 3Q23 was Ps.195 million. This, combined with the positive effect of changes in the value of cash of Ps.19.1 million, resulted in a Cash and Cash Equivalents balance as of September 30, 2023 of Ps.2,220 million.

Relevant Events

OMA Announces Appointment of a Provisional Board Member. On October 26, the Board of Directors approved, among other matters, to accept the resignation submitted by José Alejandro Ortega Aguayo and Ricardo Maldonado Yáñez as Board Members of the Company. Additionally, the Board of Directors approved the appointment of Katia Eschenbach as Provisional Independent Board Member, until her appointment is submitted for approval at the next General Ordinary Shareholders' Meeting. The biography of Katia Eschenbach can be found in the following link: https://ir.oma.aero/en/board-of-directors/

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 2022. The exchange rates used to convert foreign currency amounts were Ps.20.1927 as of September 30, 2022, Ps.19.4715 as of December 31, 2022 and Ps.17.6195 as of September 30, 2023.

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 27, 2023