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.

• Adjusted EBITDA grew nearly 40% YoY in 4Q25, with margin expansion, supported by operating leverage and commercial execution; FY25 Adjusted EBITDA up over 10% YoY.

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

• Maintained a healthy balance sheet with low leverage (net debt to EBITDA at 0.7x) and strong liquidity, enabling financial flexibility for growth.

• Received $32.5 million arbitration award from Peru, positively impacting EBITDA.

Financial highlights

• Total revenues ex-IFRIC 12 increased 17.3% YoY in 4Q25 and 8.4% for FY25, outpacing 9% passenger traffic growth.

• Revenue per passenger rose nearly 8% to $20.8.

• Adjusted EBITDA ex-IFRIC 12 up nearly 40% to $211 million in 4Q25; FY25 Adjusted EBITDA $715.5M (+15% YoY).

• Excluding one-time items, Adjusted EBITDA increased 33% YoY in 4Q25, with margin expansion of 4.6pp to 38.3%.

• Total liquidity reached $750 million, up 36% from year-end 2024; net debt decreased to $502 million.

Outlook and guidance

• Expect continued positive momentum in passenger traffic, especially strong international trends 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, for potential impacts on international travel.