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Mar 31, 2025
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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