Corporación América Airports (CAAP) Q1 2025 earnings summary

Executive summary

• Passenger traffic rose 7.3% year-over-year in 1Q25, led by Argentina and Italy, with Argentina reaching record highs and Uruguay also setting a January record.

• International traffic increased nearly 13%, while domestic traffic rose 4% (8% ex-Natal); total passenger traffic reached 20.4 million.

• Revenues grew 6.4% year-over-year to $417M, or 11.5% ex-IAS29, with revenue per passenger stable at $20.5.

• Adjusted EBITDA reached $156M, down 4.6% YoY, but up 4% ex-IAS29, with a margin of 38.2%.

• Strategic expansion included proposals for airport concessions in Montenegro and Angola, and ongoing portfolio growth initiatives.

Financial highlights

• Total revenues increased 6.4% YoY to $417M, or 11.5% ex-IAS29, outpacing traffic growth.

• Revenue per passenger stable at $20.5, up 3.9% ex-IAS29.

• Aeronautical revenues up 6.8% (12.7% ex-IAS29), driven by Argentina, Uruguay, and Ecuador.

• Commercial revenues up 6.1% (10.2% ex-IAS29), with strong growth in Argentina.

• Adjusted EBITDA margin at 38.2% ex-IAS29, down 2.7–4.4pp YoY.

Outlook and guidance

• Positive traffic trends expected to continue, especially in Argentina, Italy, and Armenia, with a strong summer season anticipated.

• Ongoing focus on cost discipline, expanding commercial and non-aeronautical revenues, and advancing strategic projects.

• No material cost increases anticipated quarter-over-quarter in Argentina.