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- **Revenue and Profit Growth**: 16.6% revenue growth, 34% EBITDA increase, 41.2% margin expansion.
- **Key Markets and Investments**: Argentina (68% EBITDA growth), Baghdad Airport, Italy's master plan, cargo 20% growth.
- **Financial Discipline**: 7.9% cost growth vs 16.6% revenue, $661M liquidity, 0.9x leverage.
- **Future Drivers**: Commercial revenue momentum, inorganic expansion, cost efficiency.

**【CEO Summary Section】**
- **Revenue and Traffic Growth**: Total revenue increased 16.6% (17% ex-IFRIC 12), driven by 9% passenger traffic growth. Argentina, Armenia, Brazil, and Italy led with double-digit revenue gains. Commercial revenues rose 18%, outpacing traffic by 8.7 percentage points.
- **Profitability**: Adjusted EBITDA reached $194 million (34% YoY growth), margin expanded to 41.2%, with Argentina contributing 68% EBITDA growth. Cargo revenues surged 20%.
- **Investment and Expansion**: Progress on CapEx programs in Armenia and Italy; signed Baghdad Airport Award Agreement; Brazil mall opening Q2 2026; duty-free expansions in Armenia and Uruguay.
- **Market Performance**: Argentina (13% traffic, 68% EBITDA growth), Italy (record traffic, 10% EBITDA growth), Brazil (8% traffic, 19% EBITDA growth), Armenia (6% traffic, 25% EBITDA growth).

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Aeronautical (+15.2%), Commercial (+18%), Cargo (+20% YoY). Revenue per passenger ($20.2 vs $19 YoY). Argentina, Armenia, Brazil, Italy drove 68%, 25%, 19%, 10% EBITDA growth.
- **Cost Management**: Total costs up 7.9% vs 16.6% revenue growth. Argentina's cost efficiency (3.3% cost growth vs 22.1% aeronautical revenue). Liquidity at $661M, net debt $579M (0.9x leverage).
- **Liquidity and Debt**: Year-to-date positive cash flow across all subsidiaries. Debt reduction to $579M from $718M. Baghdad Airport project to be detailed post-concession agreement.

**【Q&A Highlights】**
- **Argentina Rebalance**: Progressing technically and politically; no timeline but positive momentum.
- **Commercial Revenues**: VIP, cargo, duty-free growth expected to continue, not accelerating but sustained.
- **Investment Pipeline**: Italy's Florence Airport master plan (EIA approval, 3-month government review), Armenia projects, Baghdad Airport opportunity.

Corporación América Airports S.A. (CAAP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Income (Loss) from Associates

Income (Loss) from Joint ventures

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Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

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Total Comprehensive Income Attributable to Owners of the Company

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CAAP

CAAP fundamentals

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