May. 22 at 9:33 PM
$CAAP Corporacion America Airport reports Q1 EPS 25c, consensus 47c
Reports Q1 revenue
$447.8M vs.
$433.0M last year. Commenting on the results for the quarter Mr. Martin Eurnekian, CEO of Corporacion America Airports, noted: "We had a solid start to 2025, driven by a strong recovery in Argentina and traffic growth across all our markets. Total passenger traffic rose by over 7% year-over-year, or more than 9% when excluding the discontinued Natal concession in Brazil. Argentina led the rebound, delivering double-digit growth and reaching record-high volumes in January.
Uruguay also achieved an all-time record at Carrasco airport in January, while Italy posted strong performance at both Florence and Pisa airports. Growth was broad-based, with gains in both international and domestic traffic. International traffic in particular maintained strong momentum, increasing nearly 13% compared to the same period last year. Revenues grew by 6% year-over-year, or close to 12% on an ex-IAS 29 basis-outpacing traffic growth and highlighting our focus on maintaining commercial revenue momentum. Adjusted EBITDA excluding IAS 29 rose 4% to
$158 million, supported by positive contributions from Argentina, Uruguay, and Ecuador.
EBITDA margin ex-IAS 29 stood at 38%, impacted by inflationary pressures in Argentina, where Peso-denominated costs continued to outpace currency depreciation, as well as FX translation effects in Brazil and, to a lesser extent, in Italy. On the commercial front, we are advancing key initiatives to increase revenue per PAX as well as enhance the passenger experience. In Argentina, we are completing the expansion of the duty-free arrivals area at Ezeiza Airport this month, more than doubling its size. In Uruguay, we inaugurated a new covered parking facility at Montevideo Airport, further improving service quality and unlocking growth in commercial revenues.
Strategically, we continued to advance value creation projects across our portfolio. In Armenia, we are progressing with our
$425 million Capex program. In Italy, the Florence master plan received a positive environmental review, and in Argentina, we remain in active negotiations with the government regarding the revision of the economic equilibrium of the Aeropuertos Argentina concession agreement. On the new business front, we submitted our proposal for a 30-year concession in Montenegro and further clarifications in Angola. We boosted our new business development team to pursue future opportunities.
Finally, we were honored to receive several industry recognitions that speak to our operational excellence. Carrasco Airport in Uruguay was named Best Airport in Latin America and the Caribbean under 2 million passengers by ACI. Brasilia Airport ranked second globally for punctuality in its category and topped Brazil in passenger satisfaction, while Guayaquil Airport in Ecuador earned a prestigious 5-star EFQM rating. We enter the rest of the year with strong momentum and remain focused on executing our strategy with discipline to control costs and deliver value creation."
