Corporación América Airports S.A. Q4 FY2025 earnings call

• Passenger traffic: 22.3 million total in 2025, with strong growth in various markets like Argentina (9% increase, record quarter and year), Italy (8% growth), Brazil (12% growth), Uruguay (5% growth), Armenia (nearly 14% growth), Ecuador (1% growth).
• Revenue: Aeronautical revenues up 17%, commercial up 60%. Revenue per passenger up nearly 8% to $20.8.
• Profitability: Strong adjusted EBITDA growth, margin expansion. Argentina had adjusted EBITDA up 43% with margin expansion, Armenia up 15%.
• Strategic progress: Secured 35-year concession extension in Armenia and six-year in Galapagos. Received concession awards in Baghdad and Luanda.

Passenger traffic in Q4 2025 was robust, up over 9% YOY with new annual records in several countries. Revenue growth outpaced traffic, driven by aeronautical and commercial businesses. Cargo revenues up 22% YOY. Total revenues increased 17%. Adjusted EBITDA up nearly 40% to $211 million. Net debt decreased to $502 million with net leverage ratio at 0.7 times. Liquidity was $750 million, 36% increase YOY.

• Expect continued positive momentum in passenger traffic, especially strong international trends in Argentina.
• Prioritize commercial optimization and revenue per passenger growth across portfolio.
• Closely monitoring geopolitical situation in Middle East for potential impact on international travel.

• Impact of war in Armenia: Approximately 10%-15% of traffic affected, with flat growth observed initially but traffic expected to resume quickly once war ends.
• Uncertainty in Argentina concession rebalance and Italy investment approval processes due to political and bureaucratic dynamics.

Q: Martin mentioned strong traffic growth expected for rest of year and if margins profitability is new base, and impact of war in Armenia.

A: George responded that margins EBITDA are stable for now, approximately 10%-15% of Armenia traffic affected by war with flat growth initially but traffic to resume quickly once war ends.

Q: Andres asked about Argentina concession rebalance timing and Italy investment opportunity.

A: Jorge said Argentina rebalance timing hard to provide publicly due to political/bureaucratic dynamics, but in right track; Italy investment also hard to give timetable as more processes needed before construction begins but making progress.

Q: Julia asked about capital allocation strategy and commercial revenues growth.

A: Jorge said awarded in Iraq and Angola, pursuing those opportunities with funding from cash at hand; commercial revenues had good 2025 growth with VIP lounges, parking, fueling contributing, and first few months of 2026 showing similar positive trend.

Q: Pablo asked about funding for acquisitions outside Argentina.

A: Jorge said funding for targets would primarily come from cash at hand