Corporación América Airports S.A. Reports Fourth Quarter and Full Year 2025 Results

Key Terms

ifrs regulatory

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

ias 29 regulatory

IAS 29 is an accounting rule that tells companies how to adjust their financial statements when they operate in economies with very high inflation, so numbers reflect current purchasing power rather than outdated prices. For investors, it matters because it converts historic figures into meaningful, comparable values—like updating old price tags to today’s dollars—helping assess real profits, assets and liabilities and avoid being misled by inflation-distorted results.

ifric 12 regulatory

IFRIC 12 is an international accounting rule that tells companies how to record deals where a private firm builds or runs infrastructure (like roads, airports or utilities) on behalf of the public and is paid over time for providing the service. It matters to investors because it determines whether the infrastructure appears as an asset on the company’s balance sheet or as a right to charge users, which affects reported profits, debt levels and the company’s apparent financial health — similar to whether you count a leased house as yours or just the right to collect rent.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

hyperinflation accounting regulatory

Hyperinflation accounting is a set of bookkeeping rules used when a country’s currency is losing value extremely fast, requiring companies to adjust their financial records so numbers reflect real purchasing power instead of outdated cash amounts. For investors, it matters because these adjustments change reported profits, asset values and cash balances—like updating a shopping list during runaway price hikes—so comparisons across time or with companies in stable economies remain meaningful.

eps financial

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

net debt financial

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

icsid regulatory

ICSID is the International Centre for Settlement of Investment Disputes, a World Bank–linked forum that helps resolve legal fights between private investors and national governments, acting like a neutral referee when a company and a state disagree over an investment. Investors care because ICSID rulings can order governments to pay damages, influence sovereign risk, affect the value of assets and contracts, and create precedents that shape future investor protections.

Solid traffic performance supported by record highs in Argentina, Armenia, Italy and Uruguay

Achieved double-digit YoY growth in Adjusted EBITDA ex-IFRIC with margin expanding 4.6pp, ex-one-off impacts

Maintained robust liquidity with $593 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.7x

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-month period ended December 31, 2025, and audited results for the full year 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 24.

Fourth Quarter 2025 Highlights

• Consolidated Revenues ex-IFRIC12 reached $464.8 million, up 17.3% year-over-year (YoY), driven by increases of 17.4% and 16.3% in Aeronautical and Commercial revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 16.7% YoY to $461.0 million.
• Key operating metrics:
  • 9.1% increase in passenger traffic to 22.3 million.
  • 1.0% decrease in cargo volume to 117.1 thousand tons.
  • 5.6% increase in aircraft movements to 225.5 thousand.
• Operating Income of $128.0 million, compared with $108.4 million in 4Q24.
• Adjusted EBITDA ex-IFRIC12 increased 39.8% to $210.7 million, from $150.8 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 38.6% to $208.5 million. Excluding one-offs in 4Q24 and 4Q25, Adjusted EBITDA ex-IFRIC12 rose 33.3%.
• Adjusted EBITDA margin ex-IFRIC12 expanded 7.3 percentage points to 45.3% from 38.0% in 4Q24. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 45.2% from 38.1% in the prior-year quarter. Excluding one-offs, Adjusted EBITDA margin ex-IFRIC12 expanded by 4.6 percentage points.
• Maintained strong liquidity position with $592.8 million in Cash & Cash equivalents as of December 31, 2025.
• Net debt to LTM Adjusted EBITDA of 0.7x as of December 31, 2025, reflecting continued financial discipline and solid Adjusted EBITDA growth.

Full Year 2025 Highlights

• Consolidated Revenues ex-IFRIC12 increased 8.4% YoY to $1,756.4 million, reflecting increases of 10.1% and 6.6% in Commercial and Aeronautical Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 16.5% YoY to $1,788.5 million.
• Key operating metrics:
  • 9.8% increase in passenger traffic to 86.7 million.
  • 1.4% increase in cargo volume to 403.7 thousand tons.
  • 6.4% increase in aircraft movements to 876.4 thousand.
• Operating Income of $488.3 million, compared with $447.3 million in 2024.
• Adjusted EBITDA ex-IFRIC12 increased 15.0% to $715.5 million, from $622.2 million in 2024. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 25.6% to $730.0 million. Excluding one-offs in 4Q24 and 4Q25, Adjusted EBITDA ex-IFRIC12 rose 12.9%.
• Adjusted EBITDA margin ex-IFRIC12 expanded 2.3 percentage points to 40.7% from 38.4% in 2024. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 40.8% from 37.9% in the prior year. Excluding one-offs, Adjusted EBITDA margin ex-IFRIC12 expanded by 1.5 percentage points.
• Maintained strong liquidity position with $592.8 million in Cash & Cash equivalents as of December 31, 2025.
• Net debt to LTM Adjusted EBITDA of 0.7x as of December 31, 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 closed the year with a very strong fourth quarter, achieving record traffic for both the quarter and the full year, supported by broad-based growth across our network. Passenger traffic increased 9% year-over-year in the quarter, reaching full-year record levels in Argentina, Armenia, Italy and Uruguay, reflecting resilient demand and continued connectivity expansion. Revenue increased 17% year-over-year excluding construction services, once again outpacing traffic growth and driven by solid performance across both aeronautical and commercial revenues. This translated into meaningful operating leverage. Adjusted EBITDA excluding IFRIC 12 increased nearly 40% year-over-year, with reported margins expanding by more than 7 percentage points. Even excluding one-off impacts in both periods, Adjusted EBITDA margin improved 4.6 percentage points year-over-year, underscoring the structural improvement in our profitability profile.

Argentina delivered an outstanding performance, supported by double-digit international traffic growth and disciplined cost management, while Armenia continued to benefit from expanded connectivity and commercial initiatives. Across the portfolio, revenue per passenger and commercial execution remain central to strengthening the quality and resilience of our business.

We ended the year with one of the strongest balance sheets in our history. Net leverage declined to 0.7x, supported by Adjusted EBITDA growth, disciplined capital allocation and cash generation. Our liquidity position provides flexibility to fund committed investments and take advantage of future growth opportunities, while preserving financial discipline.

Strategically, recent developments further enhance the long-term visibility of our platform. In November, we signed an award agreement with the Government of Iraq to operate Baghdad International Airport, and in December, we were awarded the concession to operate Luanda’s new international airport in Angola, both of which offer attractive long-term growth fundamentals. On January 23, 2026, we secured an important milestone in Armenia, where our subsidiary entered into an amendment agreement with the Government of the Republic of Armenia. This amendment includes extending the concession by 35 years through 2067, committing to a $425 million investment program and establishing a clear investment and tariff framework, which created significant value. Shortly thereafter, on January 27, 2026, we executed an addendum to the Galápagos concession in Ecuador, rebalancing the agreement, restoring economic equilibrium and extending its term by six years. In addition, in January, Sociedad Aeroportuaria Kuntur Wasi S.A. received the payment related to the ICSID final arbitration award for the Chinchero concession in Peru, which had a positive impact of $32.5 million on our EBITDA in 4Q25. This outcome resolves a long-standing process and reinforces our commitment to defending our contractual rights while further strengthening our financial position.

As we enter 2026, our focus remains on disciplined execution and value creation, balancing traffic growth, commercial optimization, prudent capital investment and financial strength across our global network. We are also closely monitoring the evolving geopolitical situation in the Middle East and remain attentive to any potential implications for our operations and international travel.”

Operating & Financial Highlights (In millions of U.S. dollars, unless otherwise noted)
	4Q25 as reported	4Q24 as reported	% Var as reported	IAS 29 4Q25	4Q25 ex IAS 29	4Q24 ex IAS 29	% Var ex IAS 29
Passenger Traffic (Million Passengers)	22.3	20.5	9.1%		22.3	20.5	9.1%
Revenue	545.4	461.1	18.3%	1.3	544.1	461.6	17.9%
Aeronautical Revenues	248.4	211.6	17.4%	1.7	246.7	212.7	16.0%
Non-Aeronautical Revenues	297.0	249.5	19.0%	-0.5	297.5	248.9	19.5%
Revenue excluding construction service	464.8	396.2	17.3%	3.8	461.0	395.2	16.7%
Operating Income / (Loss)	128.0	108.4	18.1%	-27.9	156.0	134.7	15.7%
Operating Margin	23.5%	23.5%	-4	0.0%	28.6%	29.2%	-53
Net Income Attributable to Owners of the Parent	106.3	34.4	208.7%	-76.3	182.6	21.3	757.0%
Basic EPS (US$)	0.65	0.21	204.8%	-0.47	1.12	0.13	746.3%
Adjusted EBITDA	215.0	155.4	38.3%	2.2	212.8	155.1	37.2%
Adjusted EBITDA Margin	39.4%	33.7%	5.7pp	-	39.1%	33.6%	5.5pp
Adjusted EBITDA Margin excluding Construction Service	45.3%	38.0%	7.3pp	-	45.2%	38.1%	7.1pp
Net Debt to LTM Adjusted EBITDA	0.7x	1.1x	-	-	-	-	-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)	0.7x	1.1x	-	-	-	-	-

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)
	2025 as reported	2024 as reported	% Var as reported	IAS 29 2025	2025 ex IAS 29	2024 ex IAS 29	% Var ex IAS 29
Passenger Traffic (Million Passengers)	86.7	79.0	9.8%		86.7	79.0	9.8%
Revenue	1,962.1	1,843.3	6.4%	-41.5	2,003.6	1,749.2	14.5%
Aeronautical Revenues	934.7	876.7	6.6%	-20.6	955.3	828.9	15.3%
Non-Aeronautical Revenues	1,027.4	966.5	6.3%	-20.9	1,048.3	920.3	13.9%
Revenue excluding construction service	1,756.4	1,619.9	8.4%	-32.2	1,788.5	1,534.6	16.5%
Operating Income / (Loss)	488.3	447.3	9.2%	-131.6	619.9	506.5	22.4%
Operating Margin	24.9%	24.3%	62	-	30.9%	29.0%	198
Net (Loss) / Income Attributable to Owners of the Parent	247.7	282.7	-12.4%	-65.1	312.9	214.0	46.2%
EPS (US$)	1.53	1.76	-13.1%	-0.40	1.93	1.33	45.0%
Adjusted EBITDA	727.8	628.7	15.8%	-14.5	742.3	588.0	26.3%
Adjusted EBITDA Margin	37.1%	34.1%	3.0pp	-	37.0%	33.6%	3.4pp
Adjusted EBITDA Margin excluding Construction Service	40.7%	38.4%	2.3pp	-	40.8%	37.9%	2.9pp
Net Debt to LTM Adjusted EBITDA	0.7x	1.1x	-	-	-	-	-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)	0.7x	1.1x	-	-	-	-	-

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

4Q25 EARNINGS CONFERENCE CALL

When:	09:00 a.m. Eastern Time, March 17, 2026
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: 11551
Webcast:	CAAP 4Q25 Earnings Conference Call
Replay:	1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: 11551 #

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 24 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 2025, Corporación América Airports served 86.7 million passengers, 9.8% above the 79.0 million passengers served in 2024. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260317703139/en/

Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com

Phone: +5411 4899-6716

Source: Corporación América Airports