Corporación América Airports (CAAP) Q2 2025 earnings summary

Executive summary

• Double-digit revenue and passenger traffic growth, with revenues up 18.9% year-over-year and passenger traffic up 13.7% to nearly 21 million, led by record second-quarter volumes in Argentina, Italy, Uruguay, and Armenia.

• Adjusted EBITDA increased 23.3% year-over-year to $168M, with margin up 1.4 percentage points to 38.6%, supported by robust performances in Argentina, Uruguay, and Armenia.

• Strong cash flow generation led to a liquidity position of $595 million, up 13% from year-end 2024, and net leverage ratio improved to a record low of 1.0x.

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

• Strategic projects progressed, such as the Florence Airport master plan in Italy and Yerevan Airport expansion in Armenia.

Financial highlights

• Total revenues excluding IFRIC 12 rose 18.9% year-over-year to $435M, with revenue per passenger up 4.5% to $21.0.

• Adjusted EBITDA ex IFRIC 12 reached $169 million, up 23% year-over-year, with margin at 38.6%.

• Net debt decreased to $643 million from $718 million at December 2024, with net leverage at 1.0x.

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

• Total costs and expenses (ex-IFRIC12) rose 16.8% year-over-year, below revenue growth.

Outlook and guidance

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

• Focus remains on organic and inorganic growth, including M&A in Latin America, Iraq, Angola, and Montenegro.

• Strategic investments and commercial initiatives are advancing to drive long-term value.