Corporación América Airports (CAAP) Q3 2025 earnings summary

Executive summary

• Achieved record adjusted EBITDA of $194 million, up 34% year-over-year, with margin expansion of 5.2 percentage points to 41.2%.

• Revenues rose 16.6% year-over-year to $472 million, outpacing 9.3% passenger traffic growth to 23.3 million.

• Strong commercial and aeronautical revenue growth, with double-digit EBITDA increases in Argentina, Armenia, Brazil, and Italy.

• Net income attributable to owners was $55.1 million, up 275% year-over-year; basic EPS was $0.34.

• Maintained robust liquidity, with $661 million in total liquidity and net leverage ratio at 0.9x.

Financial highlights

• Total revenues ex IFRIC 12 increased 16.6% year-over-year, nearly double the 9.3% passenger traffic growth.

• Revenue per passenger rose 6.7% to $20.2.

• Aeronautical revenues up 15.2%, commercial revenues up 18%, and cargo revenues up 20%.

• Adjusted EBITDA margin expanded to 41.2%, up from 35.9% year-over-year.

• Operating income rose 45.6% year-over-year to $147 million.

Outlook and guidance

• Positive traffic trends expected to continue into Q4, though with more moderate domestic growth in Argentina.

• Anticipates solid Q4 results, but without the benefit of easier comparisons seen in Q3.

• Advancing on inorganic expansion projects and airport portfolio expansion, including Baghdad Airport and Angola tender.

• Ongoing focus on enhancing passenger experience and expanding commercial offerings.