Corporación América Airports S.A. Q3 FY2025 earnings call

• Delivered strong quarter with passenger traffic up over 9%, revenue growth 17%, adjusted EBITDA up 34% to $194M. - Argentina, Armenia, Brazil, and Italy drove growth. - CapEx program approvals underway in Armenia and Italy; Italian government issued Environmental Impact Assessment Decree for Florence Airport. - Inorganic expansion projects evaluated. - Cargo revenues up 20% y-o-y due to improved pricing dynamics.

Passenger Traffic: Total passenger traffic across the airport network was 23.3 million, up over 9%. Argentina saw nearly 13% growth (third-quarter record), Italy nearly 10%, Brazil over 8%, Uruguay 5.3% decline, Armenia over 6%, Ecuador 1% decline. Cargo: Cargo revenues up 20% y-o-y, with 23% growth in Argentina and double-digit growth in Brazil and Uruguay. Revenues: Total revenues excluding IFRIC 12 increased 16.6%. Aeronautical revenues up 15.2%, commercial revenues up 18%. Revenue per passenger was $20.2, up 6.7%.

• Anticipate positive traffic trends to continue into Q4, though with more moderate domestic traffic growth in Argentina. - Expect solid results in Q4 but not benefiting from easier comparisons that aided Q3 performance in Argentina.

• Uruguay and Ecuador had slight declines in aeronautical revenues due to scheduled runway closures. - Difficulties in providing precise timelines for certain projects like the Argentina concession rebalance and some inorganic expansion timelines.

Q: On the rebalancing in Argentina, what are the near-term milestones and timing for potential approval? Also, on commercial revenues, what to expect going forward?

A: Jorge Arruda stated progress in Argentina rebalancing at technical and political levels but no precise timetable; commercial revenues up 18% in the quarter, trend expected to continue.

Q: Update on Armenia and Italy investment opportunities and timelines?

A: Jorge Arruda said in Italy, environmental assessment approval obtained, next step is Conferenza di Servizi expected to commence end of first quarter, taking ~3 months; for Armenia, good progress in discussions but no precise timetable.

Q: Idea on the size of the Baghdad Airport opportunity and potential traffic?

A: Jorge Arruda said signed non-binding award agreement, expecting to be called by government to finalize process; constructive view on potential traffic growth in Iraq and region.