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Corporación América Airports (CAAP) investor relations material

Corporación América Airports Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary21 Aug, 2025

Executive summary

  • Double-digit revenue and adjusted EBITDA growth driven by strong passenger traffic, with record second-quarter results in Argentina, Italy, Uruguay, and Armenia; total revenues rose 18.9% year-over-year, outpacing 13.7% passenger growth.

  • Adjusted EBITDA increased 23% year-over-year to $168M, with margin expanding 1.4 percentage points to 38.6%, supported by robust performances in Argentina, Uruguay, and Armenia.

  • Cargo revenues surged 30% year-over-year, led by Argentina, Brazil, and Uruguay, with new business models and tariff increases contributing.

  • Total liquidity reached $595 million, up 13% from year-end 2024, and net leverage hit a record low of 1.0x.

  • Commercial initiatives advanced, including expanded duty-free in Argentina and shopping mall construction in Brazil.

Financial highlights

  • Consolidated revenues (ex-IFRIC12) rose 18.9% year-over-year to $435M, with revenue per passenger up 4.5% to $21.

  • Adjusted EBITDA margin expanded to 38.6%, up from 37.2% in 2Q24.

  • Net debt decreased to $643M as of June 30, 2025, with net leverage ratio at 1.0x.

  • Commercial revenues rose 22% year-over-year, led by cargo, parking, VIP lounges, and duty free.

  • Net income attributable to owners was $49.3M, down 1.8% year-over-year; EPS at $0.30.

Outlook and guidance

  • Positive traffic momentum expected to continue in Argentina, with strong summer seasons anticipated in Italy, Romania, and Armenia.

  • Focus remains on enhancing non-aeronautical revenues and pursuing both organic and inorganic growth opportunities.

  • Awaiting official resolution on Montenegro and exploring opportunities in Latin America, Iraq, Angola, and other M&A initiatives.

  • Strategic projects advancing, including Florence Airport master plan in Italy and terminal expansion in Armenia.

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Frequently asked questions

Corporación América Airports S.A. specializes in acquiring, developing, and operating airport concessions. The company is recognized as a leading private airport operator globally, managing roughly 50 airports across six countries in Latin America and Europe. The company's portfolio encompass some of the largest and most important airports in their respective regions. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the New York Stock Exchange.

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