CAAP Q1 2026 Profits Name Transcript

Date

Might 13, 2026 at 10 a.m. ET

Name members

• Leader Government Officer — Martin Francisco Antranik Eurnekian Bonnarens
• Leader Monetary Officer — Jorge Arruda
• Head of Investor Members of the family — Patricio Inaki Esnaola

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Takeaways

• Passenger Visitors — Higher 7%, attaining just about 22 million vacationers, pushed basically by way of world volumes.
• World Visitors — Grew just about 14%, with double-digit features in Argentina, Italy, and Ecuador; world call for used to be the fundamental supply of enlargement throughout all areas.
• Overall Income (ex-IFRIC 12) — Rose 19%, outpacing passenger enlargement, with Argentina up 16%, Armenia up 31%, and Brazil up 39%.
• Income in line with Passenger — Higher 11% to $22.70 from $20.50, reflecting upper business efficiency in line with traveler.
• Aeronautical Income — Higher 17%, led by way of Argentina with +18% and supported by way of tariff will increase in Brazil, Uruguay, and Ecuador.
• Business Income — Rose 21%, pushed by way of features in gasoline, shipment, and constant double-digit enlargement in all segments and geographies.
• Overall Value and Bills (ex-IFRIC 12) — Grew 13%, slower than earnings, supporting EBITDA margin growth.
• Adjusted EBITDA (ex-IFRIC 12) — Up 26% to $196 million, with margin up 2.3 share issues; Argentina and Armenia contributed maximum to EBITDA enlargement.
• Liquidity — Overall liquidity rose to $772 million, up 8% from year-end as all subsidiaries aside from Italy and Ecuador generated certain money go with the flow.
• Web Debt — Diminished to $419 million from $452 million at prior year-end, with internet leverage at 0.5x.
• Armenia Concession Extension — Control introduced a 35-year extension to 2067 and a brand new $425 million funding for infrastructure and enlargement.
• Dividend Coverage — The corporate is thinking about introducing a dividend coverage “within the close to time period,” topic to interior and board dialogue.
• Argentina Concession Replace — Control said “the important thing sides, have principally been agreed,” pending a countrywide decree and public management evaluation.
• Italy Concession Development — Native leadership expects “all authorizations by way of yr finish,” enabling development to start thereafter.
• New Markets and Expansion Tasks — Contemporary airport awards in Baghdad and Luanda require solely marginal fairness outlay, whilst further possible alternatives are below evaluation without a huge fairness commitments anticipated inside 6-One year.

Abstract

Corporación América Airports (CAAP +0.02%) reported broad-based top-line and benefit growth, with all international locations out of doors Italy handing over double-digit EBITDA enlargement and important margin enhancement. Shipment revenues larger 16%, pushed essentially by way of Argentina and Uruguay, whilst overall shipment quantity received 1.7% as effects had been asymmetric throughout markets. Armenia’s resilience used to be emphasised, with larger connectivity and restricted affect from the Center East war famous along primary new long-term investments. The corporate highlighted making improvements to working leverage in Argentina, the place inflation outpaced foreign money depreciation by way of 40 share issues, but prices had been successfully managed. Money place reinforced via tough operations, and new strategic concessions and negotiations in core markets signaled endured geographic and business growth.

• The corporate said, “we now have now not noticed any affect.” from upper gasoline costs or airfares on call for portfolio-wide, attributed partially to airline hedging.
• Control characterised contemporary features in Brazil as reflecting a “higher setting after the limitations noticed within the aviation sector in prior classes.”
• “each nation reaching double digit enlargement.” in business revenues in keeping with leadership, confirming a standardized efficiency uplift around the portfolio.
• Unfastened money go with the flow technology remained certain in all subsidiaries aside from Italy and Ecuador, the place capital expenditures and concession charge timing, respectively, affected effects; all others contributed to larger liquidity.

Business word list

• IFRIC 12: World Monetary Reporting Interpretations Committee interpretation regarding accounting for provider concession preparations, which can be excluded from reported non-IFRIC efficiency figures.
• Aeronautical Income: Source of revenue derived from core aviation actions together with passenger charges, touchdown fees, and airside services and products without delay associated with airport operations.
• Adjusted EBITDA: Profits sooner than pastime, tax, depreciation, and amortization, changed to exclude IFRIC 12-related pieces and different management-defined changes for operational comparison.

Complete Convention Name Transcript

Operator: Just right morning, and welcome to Corporación América Airports’ First Quarter 2026 Convention Name. A slide presentation accompanies lately’s webcast and is to be had within the Investor phase of the corporate’s web site. As a reminder, all members are in listen-only mode. There can be a possibility to invite questions on the finish of the presentation. At the moment, I wish to flip the decision over to Patricio Inaki Esnaola of Investor Members of the family. Patricio, please cross forward.

Patricio Inaki Esnaola: Thanks. Just right morning, everybody, and thanks for becoming a member of us lately. Talking all over lately’s name can be Martin Eurnekian, our Leader Government Officer and Jorge Arruda, our Leader Monetary Officer. Ahead of we continue, I wish to make the next secure harbor remark. These days’s name will include ahead having a look statements, and I refer you to the ahead having a look statements phase of our income unencumber and up to date filings with the SEC. We suppose no legal responsibility to replace or revise any ahead having a look statements to replicate new or modified occasions or cases. Please observe that all over this name, all references to revenues, prices, adjusted EBITDA and margin will seek advice from figures apart from IFRIC 12.

Additionally, all comparisons mentioned are yr over yr until differently famous.

Martin Francisco Antranik Eurnekian Bonnarens: Thanks, Iñaki, and just right morning to everybody becoming a member of us lately. I can now flip the decision over to our CEO, Martin Eurnekian. Thanks, Iñaki, and just right morning to everybody becoming a member of us lately. We began 2026 with a powerful first quarter efficiency. Around the industry, we noticed forged visitors enlargement endured earnings momentum robust profitability and extra strengthening of our stability sheet. Passenger visitors larger 7% yr over yr supported by way of certain developments throughout all our international locations of operation. World visitors remained the primary motive force of enlargement. With in particular robust efficiency in Argentina, the place further routes, upper frequencies, and forged summer season call for endured to improve the restoration in world trip. Income efficiency used to be in particular encouraging.

With height line enlargement smartly forward of passenger visitors. This used to be supported by way of wholesome enlargement in world passengers, and our talent to proceed expanding earnings in line with passenger in our business actions. Profitability confirmed robust development within the quarter. Adjusted EBITDA larger at a sooner tempo than visitors. And margins expanded as upper revenues go with the flow via the price base evidencing our disciplined leadership. Argentina and Armenia had been the biggest members to EBITDA enlargement. Whilst different international locations additionally posted certain yr over yr efficiency. We closed the quarter with a powerful stability sheet, Leverage declined additional. Offering vital flexibility to spend money on our operations, pursue disciplined enlargement alternatives and believe the implementation of a dividend coverage.

In any case, it is very important spotlight the resilience of Armenia. In spite of the regional geopolitical state of affairs, the industry endured to accomplish smartly. Supported by way of larger connectivity and the less than expected affect from the Center East war. General, this used to be a powerful begin to the yr and reinforces the resilience of our portfolio and the advantages of our assorted platform. Transferring directly to passenger visitors on slide 4. We posted a powerful efficiency throughout our operations. With just about 22 million passengers touring throughout our airports. Expansion used to be basically pushed by way of world trip which larger just about 14% with certain contributions from each nation within the portfolio and double digit enlargement in Argentina, Italy, and Ecuador.

Home visitors used to be widely solid within the quarter. Expansion in Brazil and Ecuador offset softer home volumes in Argentina and Italy, the place efficiency used to be suffering from capability constraints operational disruptions, and in Argentina, the 24 hour national strike in February. Taking a look on the major markets, in Argentina, passenger visitors larger with regards to 6% yr over yr. World visitors enlargement remained very robust. Up 19%. Pushed by way of visitors with Brazil, and The Caribbean and forged call for all over the summer season and carnival classes. Home visitors used to be reasonably decrease, basically reflecting transient fleet constraints at one of the most airways. In combination, with the 1 day national hard work strike in February that disrupted operations.

Even with those headwinds, key recreational locations akin to Bariloche, Cordoba, Iguazu, Mendoza carried out smartly all over the quarter. In Italy, visitors grew simply over 7% pushed by way of world passengers which accounted for with regards to 80% of overall visitors and larger greater than 10% yr over yr. Each Florence and Pisa contributed to this efficiency. Home visitors used to be modestly decrease, basically because of lowered job at Florence. Whilst antagonistic climate in January additionally led to a couple cancellations and diversions. In Brazil, visitors larger by way of 12%. Reflecting a greater setting after the limitations noticed within the aviation sector in prior classes. Home visitors grew by way of just about 6% Transit passengers larger by way of greater than 20% and world visitors additionally contributed definitely.

Brasilia endured to take pleasure in its geographic location and big infrastructure. Permitting it to care for its function as a very powerful home hub within the nation. Passenger visitors in Uruguay larger by way of just about 4% supported by way of the summer time and extra frequencies. Each new and resumed routes connecting Montevideo and Punta del Este with locations in Brazil and Argentina. Together with services and products from GOL Armenia, Argentina, and Azul, helped improve call for all over the quarter. In Armenia, visitors used to be up 8.5% supported by way of expanded airline job, further routes, and better frequencies. The brand new Wizz Air base at Zvartnots introduced in past due 2025 endured to improve connectivity with Europe.

March used to be suffering from regional disruptions associated with the war in The Center East, together with flight cancellations because of aerospace restrictions, Then again, the affect used to be extra restricted than to start with anticipated. Finally, visitors in Ecuador larger 7%. In spite of ongoing safety considerations. World visitors used to be up greater than 10% supported basically by way of upper frequencies within the U.S. and endured job on Eu routes. Home visitors additionally advanced despite the fact that prime airfares stay a constraint on call for. In sum, visitors enlargement within the quarter used to be wholesome and large founded. With world call for proceeding to be the important thing motive force around the portfolio. Turning to shipment on slide 5. We additionally delivered a powerful quarter in our shipment industry.

With shipment linked revenues up 16% yr over yr supported by way of forged contributions from Argentina and Uruguay. At the quantity aspect, effects had been combined around the portfolio. Overall shipment quantity used to be up 1.7% as opposed to closing yr. With enlargement in Armenia, and Argentina offset by way of softer developments in Brazil, Italy, Uruguay and Ecuador. Taking a look forward, we stay desirous about strengthening our shipment platform making improvements to our business functions and proceeding to seize enlargement alternatives around the community. Let me now flip the decision over to Jorge, who will evaluation our monetary effects. Please cross forward.

Jorge Arruda: Thanks, Martin. And just right day, everybody. Beginning with the highest line on Slide 6, overall revenues apart from IFRIC 12 larger 19% just about 3x the 7% enlargement in passenger visitors. Maximum significantly, overall revenues grew by way of 16% in Argentina, 31% in Armenia, and 39% in Brazil, with all different international locations additionally posting double digit enlargement. 11% appreciation of the euro and the ten% appreciation of the Brazilian actual supported our U. S. Buck effects. Income in line with passenger used to be up 11% to $22.70 when put next with $20.50 in the similar quarter closing yr. Aeronautical revenues larger 17% led by way of Argentina and supported by way of large founded enlargement around the portfolio.

Argentina remained the biggest contributor with revenues up 18% reflecting a powerful 19% build up in world visitors volumes. Brazil, Armenia, Uruguay, and Italy additionally delivered double digit enlargement pushed by way of forged passenger visitors developments throughout all 4 markets. Tariff will increase in Brazil, Uruguay, and Ecuador additionally contributed to aeronautical earnings enlargement. Business revenues had been up 21%, smartly forward of visitors enlargement. Upper contributions from gasoline revenues and load blended with forged enlargement throughout VIP lounges, meals and beverage, duty-free, and parking amenities supported those effects. Particularly, efficiency used to be constant around the portfolio with each nation reaching double digit enlargement. Turning to Slide 7.

Overall price and bills apart from IFRIC 12 larger 13%, smartly under earnings enlargement of nineteen% supporting EBITDA margin growth. Value of services and products had been up 14% in large part because of upper gasoline price in Armenia, in step with the growth in gasoline revenues in addition to upper concession charges consistent with earnings enlargement and larger salaries and social contributions in Argentina. SG&A bills larger 19% basically reflecting upper salaries and social contributions and larger provider charges related to our new industry actions. In Argentina, overall price and bills larger simply over 9% yr over yr, smartly under earnings enlargement of 16%.

This displays robust working leverage supported by way of sustained price self-discipline and our endured center of attention on mitigating Argentina peso denominated price pressures with inflation outpacing the peso depreciation by way of 40 share issues. Transferring directly to profitability on Slide 8. Adjusted EBITDA ex-IFRIC 12 used to be up 26% to $196 million with margin increasing 2.3 share issues supported by way of certain contributions from each nation of operation and double digit enlargement around the portfolio aside from in Italy. Robust momentum endured in Argentina with adjusted EBITDA up 28% and margin increasing 4.1 share issues pushed by way of robust world passenger developments and disciplined leadership of Argentine peso denominated price pressures.

Armenia additionally delivered a powerful quarter with adjusted EBITDA up 34% pushed by way of tough earnings enlargement, margin contraction all over the quarter, mirrored the next contribution from the gasoline industry which structured carries decrease margins than the core airport operations. At Brazil Airport, adjusted EBITDA larger 44% yr over yr with margin increasing 3.7 share issues supported by way of robust visitors enlargement. Italy posted a 4% build up or 10% when apart from development services and products at Toscana Aeroporti Costruzioni. In Uruguay, adjusted EBITDA larger 16%, whilst the margin remained quite solid because the robust passenger developments had been partly offset by way of upper salaries and upkeep bills in addition to the appreciation of the Uruguayan peso which additionally weighed on margins.

In any case, Ecuador delivered a powerful restoration with adjusted EBITDA expanding 16% and margin increasing 1.8 share issues, supported by way of forged visitors developments and better obligation unfastened revenues. The appreciation of the euro and the Brazilian actual as mentioned above additionally supported our US greenback effects. Turning to Slide 9, supported by way of robust money go with the flow technology, we closed the quarter with overall liquidity of $772 million up 8% from $750 million at yr finish of 2025, Importantly, all working subsidiaries generated certain money go with the flow all over the quarter. Excluding Italy, and Ecuador, the place capital expenditure and concession charge bills respectively weighted on unfastened money go with the flow technology. Making an investment actions contributed with $10 million to our overall liquidity place.

In any case, money utilized in financing actions essentially mirrored $27 million in mortgage repayments made in Argentina. Transferring directly to the debt and adulthood profile on slide 10. Overall debt at quarter finish stood at $1.1 billion whilst internet debt declined to $419 million from $452 million at year-end of 2025, supported by way of solid debt ranges and money technology. Our internet leverage ratio stood at 0.5x. I can now hand the decision again to Martin, who will supply final remarks and talk about our view for the rest of the yr.

Martin Francisco Antranik Eurnekian Bonnarens: Thanks, Jorge. On Slide 12, I wish to depart you with a couple of key messages. Our first quarter effects beef up the certain begin to the yr. Efficiency used to be large founded supported by way of world visitors enlargement, business execution, and the working leverage around the portfolio. On the identical time, our stability sheet stays robust. Giving us flexibility to proceed advancing on our enlargement technique and embellishing shareholder go back. At the strategic entrance, we completed a very powerful milestone in Armenia, extending the concession by way of 35 years to 2067 and agreeing to a brand new $425 million funding program.

This plan will permit us to seriously extend our infrastructure paving the best way for sustainable enlargement in each passenger visitors and business actions whilst additional growing Zvartnots Airport as a very powerful regional hub. In Ecuador, the Galapagos extension, an economics rebalancing additional toughen our presence within the nation. We additionally proceed to advance discussions in Iraq and Angola following the Baghdad and Luanda awards. Whilst selectively comparing new soft processes and M&A alternatives. Throughout our present operations we stay desirous about infrastructure upgrades and business tasks that improve higher connectivity and strengthen passenger enjoy, and better earnings in line with passenger. Taking a look forward, call for developments stay robust. In particular in world markets.

Supported by way of our forged stability sheet we’re taking into consideration the advent of a dividend coverage as a part of a broader framework to toughen shareholder returns whilst holding the versatility to spend money on our operations and pursue enlargement alternatives that create price. On the identical time, we will be able to proceed to watch geopolitical tendencies in The Center East and any possible implications for visitors and airline capability.

Patricio Inaki Esnaola: With that, we’re in a position to take your questions. Operator, please open the road for questions. Hi, everybody and thanks for becoming a member of us lately. That is Iñaki Esnaola. Ahead of we transfer to Q&A, I wish to observe that Martin Eurnekian used to be sadly not able to sign up for us reside lately. Because of trip delays impacting his go back flight agenda. However thankfully, he used to be in a position to take part within the prerecorded portion of the decision and Jorge will now take over for the reside Q&A consultation.

Operator: Operator? Thanks. As a reminder to invite a query, please press megastar adopted by way of the number one in your phone keypad. To withdraw any questions, press *1 once more. Our first query comes from Alejandro Demichelis from Jefferies. Please cross forward. Your line is open.

Analyst (Alejandro Demichelis): Sure, just right morning. Thanks very a lot for taking my questions. Couple of questions, if I might. The primary 1 is I believe, the ready remarks, you had been speaking about more or less call for enlargement and so. Are you seeing any more or less adjustments in call for throughout your portfolio on account of the upper more or less gasoline costs or more or less prime airfare tickets. So any more or less perception that you’ll be able to give us on that, could be very useful. After which the second one 1 is, you simply introduced more or less a possible framework for doing.

May just you please give us some indication of ways we must be interested by the dividend on the subject of, , the distribution, what sort of payout ratio we must be interested by and so forth?

Jorge Arruda: Hi. Thanks. Thanks to your query. So, on gasoline costs and the way that affects our portfolio, In keeping with the ideas we now have in connection, which is in accordance with seat be offering, we don’t see up to now an affect. There used to be an affect in Armenia, in reference to the visitors, with The Center East that within the first few months of the yr, is down, Then again, greater than offset by way of vital enlargement with all different markets for Armenia. So the total quantity for Armenia is certain. Even though, the visitors, with in particular the Center East, used to be down. General, within the portfolio, once more, we now have now not noticed any affect.

We observe that, the vast majority of the airways are hedged for a number of months, if now not a complete yr. On oil costs. Clearly, we now have been tracking the placement, however , once more, up to now, we now have now not noticed any affect. In reference to dividend coverage, as you’ll be able to see within the numbers, we now have been gathering money. , the our portfolio of businesses are appearing smartly, are producing money. And a few of that money being upstreamed to the keeping corporate.

We’re within the means of discussing internally and with our board and our govt committee, a dividend coverage and we will be able to get again to the marketplace, within the close to time period with, our perspectives on how we should– how and once we must enforce a dividend coverage.

Analyst (Alejandro Demichelis): this is implausible. this is very transparent. Thanks.

Operator: Subsequent query comes from Julia Orsi from JPMorgan. Please cross forward. Your line is open.

Analyst (Julia Orsi): Sure. Hi, everybody. Just right morning. Thank you for taking my questions. So 2 issues on our aspect. The primary 1, are you able to supply extra main points on how the negotiations with Argentina and Italy are trending within the context of the renegotiation procedure? And the second one 1, interested by capital allocation, there’s nonetheless the Iraq and Angola processes happening. However how must we bring to mind your participation at the coming auctions? Is there anything else within the pipeline within the brief to medium time period this is price flagging to us? Thanks.

Jorge Arruda: That is Jorge once more. Thanks to your query. In reference to Argentina, as we now have famous in earlier calls, and interplay with buyers and analysts. [Technical Difficulty] Women and gents, we now have misplaced reference to the speaker line.

Operator: 1 second whilst we reconnect them. Please keep at the line.

Patricio Inaki Esnaola: Hello, everybody. I believe, we now have issues of Jorge’s line. We will grasp on only a 2nd. Please.

Operator: Jorge has reconnected.

Jorge Arruda: Apologies for the technical connection factor. So, as I used to be announcing, discussions with the technical groups are in large part concluded. And the important thing sides, have principally been agreed. The method calls for a countrywide decree and as a result, it comes to a number of portions of the federal government, a number of public management our bodies. The method general is confidential, however we will be able to proceed to stay the marketplace posted. In connection along with your 2nd query, which is capital allocation, as we now have reported prior to now, we now have lately been awarded on 2, concessions, for the Luanda Airport in Angola and for the Baghdad Airport in Iraq. In each instances, the processes are shifting. We’ve got been having a number of interactions with the federal government.

The volume of fairness required, in those tasks are marginal. Rather then that, we’re having a look at a handful of alternative alternatives that we believe are executable within the subsequent 6 to twelve months. In none of them, we consider that there could be a big fairness contribution. However on the other hand, they all will deliver numerous price to our portfolio. Each on the subject of financial and strategic and enlargement point of view. Clearly, we will be able to proceed to stay the marketplace posted, however on the subject of capital allocation and new industry, that is what’s in our pipeline.

Analyst (Julia Orsi): Were given it. Thanks. And simply to elucidate, what’s the newest at the Italy dialogue as smartly? The most recent on what? Italy. Sure. Italy. At the renegotiation processes as smartly.

Jorge Arruda: Sure. We proceed to make development. There were child steps on the subject of development, however in the suitable path. And lately, our native leadership believes that we must have all authorizations by way of yr finish. And due to this fact be capable to start development. Operator: Were given it.

Operator: Thanks. We haven’t any additional questions. I wish to flip the decision again over to Jorge Arruda for final remarks.

Jorge Arruda: On behalf of Corporación América, I wish to thanks to your participation within the name. And to your questions. Myself, Iñaki, and Martin stay totally to be had. When you have, to any extent further questions or doubts that you just like to speak about with us. Thanks very a lot, and feature an ideal day.

Operator: This concludes lately’s convention name. Thanks to your participation. You could now disconnect.