Corporación América Airports S.A. Q2 FY2025 earnings call

• Passenger traffic: Up almost 14% from last year, with strong growth in most markets. Argentina had double-digit increases in international and domestic travels, and Italy, Uruguay, Armenia hit new second quarter records. - Revenue: Revenues grew nearly 19%, revenue per passenger hedged up to $21. - Adjusted EBITDA: Up 23% YOY, margin at 38.6%. - Cargo: Cargo revenues up 30% YOY, led by Argentina, Brazil, Uruguay. - Operational highlights: Obtained environmental approval for Florence Airport Master Plan, Argentine subsidiary approved $150 million dividend, inaugurated new duty-free arrivals area at Ezeiza Airport, construction of shopping mall at Brasilia Airport progressing.

Passenger traffic: Total passenger traffic increased 13.7% year-over-year to nearly 21 million passengers. Argentina had double-digit growth in international and domestic travels, keeping a new second quarter historical record. Italy, Uruguay, and Armenia also hit new second quarter historical records. Cargo: Cargo revenues were up 30% year-over-year, led by Argentina, Brazil, and Uruguay. Revenue contribution: Total revenues ex-IFRIC12 increased 18.9% year-over-year. Aeronautical revenues were up 15.1% mainly supported by strong performance in Argentina. Commercial revenues were up 22% year-over-year, driven by higher cargo revenues and solid performance across parking facilities, VIP lounges, etc. Adjusted EBITDA: Adjusted EBITDA ex-IFRIC12 reached $169 million, up 23% year-over-year, with the margin up 1.4 percentage points to 38.6%.

• Expect positive traffic momentum to continue in Argentina, with strong summer seasons anticipated in Italy and Romania. - Pursuing organic and inorganic growth opportunities, including M&A initiatives in Latin America, Iraq, Angola, etc., and awaiting official resolution from Montenegro's government.

• Ecuador: Traffic broadly flat, with 0.5% decline in total passengers, affected by high airfares and security environment. - Uruguay: Traffic declined 6% in July due to route removal and adverse weather. - M&A processes: Subject to uncertainties like NDA confidentiality and market conditions.

Q: Details on Argentina recaliber discussion next steps and Motiva's CCR airport sales interest.

A: Jorge Arruda Filho said conversations with technical teams in Argentina are ongoing regarding rebalancing, with new Secretary of Transport engaged. On Motiva's asset, CAAP is looking at the opportunity, keeping market updated as process progresses