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Mar 31
CAAP Q1 2025 Earnings Report
CAAP reported revenue and passenger traffic growth driven by strong performance in Argentina and international operations.
Key Takeaways
Corporación América Airports had a solid Q1 2025 with revenue increasing to $416.9M and adjusted EBITDA ex-IAS29 growing by 4%. Record passenger traffic in Argentina contributed to a robust start of the year, although net income declined compared to the prior year due to inflationary and FX pressures.
Revenue grew 6.4% YoY to $416.9M, or 11.5% ex-IAS29.
Passenger traffic increased 7.3% YoY to 20.4 million travelers.
Adjusted EBITDA excluding IAS29 rose 4% to $157.9M.
Net income fell 73.3% YoY to $40.8M due to inflation and FX impacts.
CAAP
CAAP
CAAP Revenue by Geographic Location
Forward Guidance
CAAP expects continued momentum in passenger traffic and commercial revenue growth, though inflation and currency devaluation pose risks.
Positive Outlook
- Passenger traffic is expected to maintain strong momentum.
- Commercial initiatives like expanded duty-free and parking expected to drive revenue per PAX.
- Capex expansion underway in Armenia with $425M program.
- Florence master plan received positive environmental review.
- New business opportunities pursued in Montenegro and Angola.
Challenges Ahead
- Inflationary pressures in Argentina remain a concern.
- Currency depreciation outpacing cost controls.
- FX translation effects in Brazil and Italy impacting margins.
- Adjusted EBITDA margin declined YoY.
- Operating income dropped 16.6% despite revenue growth.