Corporacion America Airports Reports Third Quarter 2025 Results

Solid traffic performance supported double-digit growth in both Aeronautical and Commercial revenues

Achieved record high Adjusted EBITDA ex-IFRIC of $194 million with margin expanding 5.2pp YoY

Maintained robust liquidity with $540 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.9x

LUXEMBOURG--(BUSINESS WIRE)-- Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and nine-month periods ended September 30, 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 23.

Third Quarter 2025 Highlights

• Consolidated Revenues ex-IFRIC12 reached $472.1 million, up 16.6% year-over-year (YoY), driven by increases of 18.0% and 15.2% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 17.5% YoY to $475.4 million.
• Key operating metrics:
  • 9.3% increase in passenger traffic to 23.3 million.
  • 3.4% decrease in cargo volume to 93.5 thousand tons.
  • 6.9% increase in aircraft movements to 230.3 thousand.
• Operating Income of $147.0 million, compared with $100.9 million in 3Q24.
• Adjusted EBITDA ex-IFRIC12 increased 33.6% to $194.3 million, from $145.4 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 34.9% to $195.3 million.
• Adjusted EBITDA margin ex-IFRIC12 expanded 5.2 percentage points to 41.2% from 35.9% in 3Q24. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 41.1% from 35.8% in the prior-year quarter.
• Maintained strong liquidity position with $540.4 million in Cash & Cash equivalents as of September 30, 2025.
• Net debt to LTM Adjusted EBITDA remained at 0.9x as of September 30, 2025, reflecting continued financial discipline and solid Adjusted EBITDA growth.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered another very strong quarter, achieving our highest Adjusted EBITDA to date supported by solid execution across our network. Traffic increased more than 9% year-over-year, supported by positive trends in nearly all our markets. Revenue growth once again outpaced traffic, rising 17% in the quarter, driven by broad-based strength across Aeronautical and Commercial revenues. We also saw another quarter of healthy revenue per passenger expansion, reflecting the success of our commercial initiatives. Adjusted EBITDA ex-IFRIC 12 increased nearly 34% year-over-year, supported by strong performances in Argentina, Armenia, Brazil, and Italy. To note, Argentina faced favorable comparison as 3Q24 had absorbed significant inflation-driven cost increases. As a result, the Adjusted EBITDA margin expanded by more than 5 percentage points.

We also advanced several initiatives aimed at enhancing the passenger experience and strengthening our commercial offering. Armenia inaugurated a fully redesigned Duty Free store, while Uruguay is undergoing an expansion of its Duty Free area and the construction of a new, larger VIP lounge.

Our strategic priorities across existing concessions also moved forward, with a focus on strengthening economics and creating value. In Argentina, we continue progressing through the AA2000 concession rebalancing process. In Armenia, the approval process for the Yerevan Airport capex program is progressing. And in Italy, the government issued the Environmental Impact Assessment decree last week, representing an important milestone in connection with the approval process of the Florence Airport master plan.

On the new business development front, we recently signed the Award Agreement for the Baghdad Airport project in Iraq, while government processes continue advancing in the Angola tender. We apply a disciplined approach to growth, pursuing new opportunities only when we have a clear understanding of the associated risks and are confident they will create long-term value. We continue evaluating additional opportunities across other countries.

Looking ahead, we expect positive traffic momentum to continue, although domestic growth in Argentina is anticipated to moderate from the exceptionally strong levels seen earlier in the year. Overall, we anticipate solid results in the fourth quarter, although not benefiting from the easier comparisons that supported third-quarter robust performance in Argentina.

In sum, we remain focused on executing our strategy to drive revenue per passenger growth and strengthen our commercial offering. The combination of disciplined cost management and an expanding passenger base continues to reinforce our profitability and cash generation capacity.”

Operating & Financial Highlights (In millions of U.S. dollars, unless otherwise noted)
	3Q25 as reported	3Q24 as reported	% Var as reported	IAS 29 3Q25	3Q25 ex IAS 29	3Q24 ex IAS 29	% Var ex IAS 29
Passenger Traffic (Million Passengers)	23.3	21.3	9.3%		23.3	21.3	9.3%
Revenue	527.3	461.8	14.2%	-4.8	532.1	462.8	15.0%
Aeronautical Revenues	246.0	213.5	15.2%	-2.5	248.5	214.1	16.1%
Non-Aeronautical Revenues	281.2	248.3	13.3%	-2.3	283.5	248.8	14.0%
Revenue excluding construction service	472.1	404.7	16.6%	-3.3	475.4	404.6	17.5%
Operating Income / (Loss)	147.0	100.9	45.6%	-29.0	175.9	125.6	40.1%
Operating Margin	27.9%	21.9%	601	0.0%	33.1%	27.1%	593
Net Income Attributable to Owners of the Parent	55.1	14.7	275.2%	6.1	48.9	3.1	1,479.0%
Basic EPS (US$)	0.34	0.09	270.4%	0.04	0.30	0.02	1,458.9%
Adjusted EBITDA	196.8	146.3	34.5%	-1.0	197.7	145.6	35.7%
Adjusted EBITDA Margin	37.3%	31.7%	564	-	37.2%	31.5%	569
Adjusted EBITDA Margin excluding Construction Service	41.2%	35.9%	523	-	41.1%	35.8%	530
Net Debt to LTM Adjusted EBITDA	0.9x	0.9x	-	-	-	-	-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)	0.9x	1.0x	-	-	-	-	-

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.
1)	LTM Adjusted EBITDA excluding impairments of intangible assets.

Operating & Financial Highlights (In millions of U.S. dollars, unless otherwise noted)
	9M25 as reported	9M24 as reported	% Var as reported	IAS 29 9M25	9M25 ex IAS 29	9M24 ex IAS 29	% Var ex IAS 29
Passenger Traffic (Million Passengers)	64.4	58.5	10.0%		64.4	58.5	10.0%
Revenue	1,399.5	1,369.9	2.2%	-59.8	1,459.3	1,287.6	13.3%
Aeronautical Revenues	677.4	659.1	2.8%	-31.1	708.5	616.2	15.0%
Non-Aeronautical Revenues	722.1	710.7	1.6%	-28.7	750.8	671.4	11.8%
Revenue excluding construction service	1,276.1	1,213.2	5.2%	-51.2	1,327.3	1,139.3	16.5%
Operating Income / (Loss)	356.2	336.0	6.0%	-107.7	463.9	371.9	24.8%
Operating Margin	25.5%	24.5%	92	-	31.8%	28.9%	291
Net (Loss) / Income Attributable to Owners of the Parent	140.0	244.9	-42.8%	-56.1	196.1	421.4	-53.5%
EPS (US$)	0.86	1.52	-43.2%	-0.35	1.21	2.62	-53.8%
Adjusted EBITDA	506.5	469.3	7.9%	-23.0	529.5	432.9	22.3%
Adjusted EBITDA Margin	36.2%	34.3%	193	-	36.3%	33.6%	266
Adjusted EBITDA Margin excluding Construction Service	39.1%	38.5%	54	-	39.3%	37.8%	146
Net Debt to LTM Adjusted EBITDA	0.9x	0.9x	-	-	-	-	-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)	0.9x	1.0x	-	-	-	-	-

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.
1)	LTM Adjusted EBITDA excluding impairments of intangible assets.

To obtain the full text of this earnings release and the earnings presentation, please click on the following link: http://investors.corporacionamericaairports.com/Results-Center

3Q25 EARNINGS CONFERENCE CALL

When:	10:00 a.m. Eastern Time, November 24, 2025
Who:	Mr. Martín Eurnekian, Chief Executive Officer Mr. Jorge Arruda, Chief Financial Officer Mr. Patricio Iñaki Esnaola, Head of Investor Relations
Dial-in:	1-800-549-8228 (North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: 70697
Webcast:	CAAP 3Q25 Earnings Conference Call
Replay:	1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: 70697 #

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 23 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

Forward Looking Statements

Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

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Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com

Phone: +5411 4899-6716

Source: Corporación América Airports