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Jun 30, 2025
CAAP Q2 2025 Earnings Report
Corporación América Airports delivered double-digit revenue and EBITDA growth in Q2 2025, supported by robust passenger traffic gains across multiple markets.
Key Takeaways
CAAP reported $476.8 million in revenue and $49.3 million in net income for Q2 2025, with passenger traffic rising nearly 14% year-over-year to 20.7 million. Adjusted EBITDA margin excluding construction services expanded to 38.6%.
Revenue rose 14.6% YoY to $476.8 million, with strong gains in both aeronautical and commercial segments.
Passenger traffic increased 13.7% YoY to 20.7 million travelers.
Adjusted EBITDA reached $171.2 million, with a 313bp margin expansion.
Cash and cash equivalents stood at $496.8 million with net debt to LTM EBITDA at 1.0x.
Revenue by Segment
Forward Guidance
CAAP anticipates continued passenger growth in Argentina and strong summer seasons in Italy and Armenia.
Positive Outlook
- Sustained demand and new routes driving traffic growth in Argentina.
- Construction progress on Brasília shopping mall supporting future non-aeronautical revenue.
- Environmental approval for Florence Airport Master Plan secured.
- Capex expansion underway for Yerevan Airport.
- Strong balance sheet supports growth and M&A opportunities.
Challenges Ahead
- Exposure to currency devaluation risks, particularly in Argentina.
- Pending resolution of Montenegro airport project.
- Potential regulatory and political uncertainties in core markets.
- Dependency on summer seasonality in Europe and Armenia.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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