Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB) Q1 2023 Earnings Conference Call April 27, 2023 12:00 PM ET

Company Participants

Emmanuel Camacho - IR Officer

Ricardo Duenas - CEO

Ruffo Perez Pliego - CFO

Conference Call Participants

Carlos Peyrelongue - Bank of America Merrill Lynch

Joshua Milberg - Morgan Stanley

Guilherme Mendes - JPMorgan Chase & Co.

Alberto Valerio - UBS

Fernanda Recchia - BTG

Rodolfo Ramos - Bradesco BBI

Bruno Amorim - Goldman Sachs Group

Operator

Greetings, and welcome to the Grupo Aeroportuario del Centro Norte OMA First Quarter 2023 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you, Emmanuel. You may begin.

Emmanuel Camacho

[Technical Difficulty] and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may contribute forward-looking statements, which are based on current management expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. With that, I'll turn the call over to Ricardo Duenas for his opening remarks.

Ricardo Duenas

Thank you, Emmanuel. Good morning, everyone. This morning, I will briefly comment on several events occurred during the quarter. Then I will review our operational performance and financial results. And finally, we will be pleased to answer your questions.

Last Friday, we held our 2023 Annual Shareholders Meeting, where shareholders approved among other matters, the declaration and payment of an ordinary cash dividend to shareholders of MXN 2.3 billion in 2 installments, the first one of MXN 1.8 billion no later than June 30, and the second one, MXN 500 million, no better than September 30.

In addition, on March 10, we successfully completed our MXN 3.2 billion issuance in long-term sustainability linked notes in the Mexican market. Pursuant to the framework of the notes, we have set an ambitious carbon footprint reduction target. Proceeds were used to amortize our OMA 13 notes for MXN 1.5 billion and to repay MXN 1.2 billion in short-term loans. The remaining MXN 500 million will be used for general corporate purposes, including the funding of future investments.

Moving on to our main first quarter of 2023 results. OMA delivered solid financial and operating results in the first quarter of this year. Adjusted EBITDA grew 41% in the quarter to MXN 2 billion, and adjusted EBITDA margin reached 77.5%, largely as a result of the increase in both aero and non-aero revenues.