Corporación América Airports (CAAP) Q2 2026 earnings summary

Executive summary

• Revenue excluding IFRIC 12 grew 8.2% year-over-year to $470.7M, driven by 13.2% growth in commercial and 3.7% in aeronautical revenues, despite a 0.6% decline in passenger traffic; broad-based international growth offset domestic weakness in Argentina.

• Adjusted EBITDA ex-IFRIC 12 fell 4.5% year-over-year to $160.3M, with margin contracting to 34.1% from 38.6% due to lower results in Argentina and Uruguay, offset by double-digit EBITDA growth in Italy, Brazil, Armenia, and Ecuador.

• Strong liquidity position with $861M as of June 30, 2026, and net leverage ratio of 0.5x, supported by cash flow generation and debt repayments.

• Board approved $150M in cash dividends for 2026, or $0.91 per share, reflecting a balanced approach to shareholder returns and financial strength.

• Diversification and portfolio quality helped offset headwinds in Argentina and Uruguay.

Financial highlights

• Total revenue excluding IFRIC 12 grew 8.2% year-over-year to $470.7M, with total revenue at $534.0M, up 12.0% year-over-year.

• Passenger traffic was 20.6M in 2Q26, down 0.6% year-over-year; international traffic rose 5.9% while domestic fell 8.1%.

• Consolidated revenue per passenger rose nearly 9% to $22.9.

• Adjusted EBITDA was $160.3M, down 4.5% year-over-year, with declines concentrated in Argentina and Uruguay.

• Net debt at $381M, with net debt to LTM adjusted EBITDA at 0.5x.

Outlook and guidance

• International traffic in Argentina expected to be supported by new routes and growing inbound demand, though domestic constraints and runway maintenance may weigh on near-term results.

• Flybondi's reduced capacity is expected to be gradually replaced by other airlines.

• Uruguay's revenue growth to be supported by new ILS system, VIP lounge, and healthy traffic trends.

• Focus remains on expanding connectivity, commercial activities, and pursuing new concession opportunities.

• Board approved $150M in cash dividends for 2026.