Corporación América Airports (CAAP) Q1 2026 earnings summary

Executive summary

• Achieved double-digit revenue and adjusted EBITDA growth in 1Q26, with margin expansion of 2.3 percentage points year-over-year, driven by strong international passenger traffic and commercial activities.

• Passenger traffic rose 7.0% YoY to 21.8 million, led by international growth (+13.7%) and strong performance in Argentina.

• Revenues increased 18.8% YoY to $495.2M, outpacing traffic growth, with broad-based gains across all countries except Ecuador.

• Adjusted EBITDA grew 26.1% YoY to $196.2M, with margin reaching 39.6%.

• Maintained robust liquidity of $772M and a net leverage ratio of 0.5x.

Financial highlights

• Total revenues (ex-IFRIC 12) rose 18.8% YoY to $495.2M, nearly triple the passenger traffic growth.

• Revenue per passenger increased 11% YoY to $22.7.

• Adjusted EBITDA (ex-IFRIC 12) up 26.1% to $196.2M, with margin expanding 2.3 percentage points to 39.6%.

• Net debt at $419M as of March 31, 2026, with net leverage at 0.5x.

• Cash and cash equivalents reached $772M, up from year-end 2025.

Outlook and guidance

• Demand trends remain strong, especially in international markets, with solid momentum into Q2.

• Considering introduction of a dividend policy to enhance shareholder returns while maintaining investment flexibility.

• Monitoring geopolitical developments in the Middle East for potential impacts on traffic and operations.