Corporación América Airports (CAAP) Q4 2024 earnings summary

Executive summary

• Nearly 80 million passengers served in 2024, with record highs in Argentina in December and early 2025; diversified portfolio and international operations offset regional softness.

• Adjusted EBITDA margin expanded in all countries except Argentina, with strong cash flow generation and a solid balance sheet.

• Cargo volumes grew 16% year-over-year in Q4, with all countries contributing positively.

• Strategic initiatives included expansion of commercial areas, new regulatory agreements, and infrastructure projects across key regions.

Financial highlights

• Q4 2024 revenues (ex-IFRIC 12) were $396.2M, down 0.6% year-over-year; revenue per passenger rose to $19.3.

• Adjusted EBITDA for Q4 declined 6.7% year-over-year (ex-IAS 29 and Natal impact), mainly due to Argentina's performance.

• Total liquidity at year-end was $526 million, up 15% from 2023; cash & equivalents at $439.8 million.

• Net income attributable to owners in Q4 was $34.4M, down 73.7% year-over-year; EPS $0.21.

• All subsidiaries reported positive operating cash flow and compliance with debt covenants.

Outlook and guidance

• Cautiously optimistic for Argentina in 2025, expecting continued recovery in domestic traffic and sustained international growth.

• Consolidated traffic trends for early 2025 are positive, with expectations for mid-single digit growth to continue.

• Strategic focus remains on cost efficiency, commercial revenue growth, and portfolio expansion.