Corporación América Airports (CAAP) Q4 2025 earnings summary

Executive summary

• Achieved record passenger traffic and revenue growth in 2025, with robust performance and full-year records in Argentina, Armenia, Italy, and Uruguay, reflecting resilient demand and expanded connectivity.

• Revenue growth outpaced traffic, driven by strong aeronautical and commercial segments, with commercial revenues boosted by cargo, fuel, and passenger services.

• Adjusted EBITDA rose nearly 40% YoY in 4Q25 to $211M, with margin expansion of 7.3pp; FY25 Adjusted EBITDA up 15% YoY to $716M.

• Secured long-term concession extensions in Armenia (35 years) and Galapagos/Ecuador (6 years), and awarded new concessions in Iraq and Angola.

• Maintained robust liquidity, with year-end cash and equivalents between $593M and $750M, and net debt to LTM Adjusted EBITDA at 0.7x.

Financial highlights

• 4Q25 revenues reached $465M (+17.3% YoY); FY25 revenues $1.8B (+9.8% YoY); revenue per passenger up nearly 8% to $20.8.

• Adjusted EBITDA for 4Q25 was $211M (+39.8% YoY); FY25 Adjusted EBITDA $716M (+15% YoY); margin expanded 7.3pp in 4Q25.

• Cargo revenues up 22% YoY, mainly driven by Argentina, Uruguay, and Brazil.

• Costs and expenses rose 10.8% YoY, below revenue growth, supporting operating leverage.

• Net income attributable to owners in 4Q25: $106.3M (EPS $0.65); FY25: $247.7M (EPS $1.53).

Outlook and guidance

• Expect continued positive momentum in passenger traffic, especially international growth in Argentina.

• EBITDA margins expected to remain stable in the near term.

• Commercial revenue growth to continue, though possibly at a slightly slower pace than 2025.

• Exploring additional bidding processes and M&A opportunities across multiple regions.

• Closely monitoring geopolitical risks, particularly in the Middle East.