Summary of Corporación América Airports (CAAP) Q2 2026 Earnings Call

1Key Financial Results and Metrics

Adjusted EBITDA (ex IFRIC 12): $160 million, down 4.5% year-over-year, primarily due to challenges in Argentina and Uruguay.

Total Revenues (ex IFRIC 12): Grew 8% year-over-year, driven by strong performance in Armenia and Brazil.

Revenue per Passenger: Increased nearly 9% to $22.9, reflecting improved commercial performance across all markets.

Aeronautical Revenues: Up 4%, supported by growth in Brazil, Italy, Armenia, Uruguay, and Ecuador, offsetting a decline in Argentina.

Commercial Revenues: Increased 13%, with notable growth in Armenia and Brazil, despite a decline in Argentina.

Total Costs and Expenses (ex IFRIC 12): Increased 16%, driven by higher fuel costs and non-recurring expenses.

Net Debt: Decreased to $381 million from $502 million at the end of 2025, with a net leverage ratio of 0.5x.

Liquidity: Total liquidity at $861 million, up 20% from $750 million at the close of 2025.

2Strategic Updates and Business Highlights

Four out of six segments achieved double-digit EBITDA growth, indicating a diversified and resilient portfolio.

Continued strong international demand and passenger growth, particularly in Armenia and Brazil.

Cash dividend of $150 million approved for 2026, reflecting a commitment to shareholder returns while maintaining financial strength.

Ongoing strategic initiatives include concession rebalancing in Argentina, expansion of commercial facilities in Montevideo, and efforts to enhance cargo profitability.

3Forward Guidance and Outlook

Anticipated growth in international traffic in Argentina due to new routes and increased frequencies, though domestic traffic may remain constrained due to limited airline capacity.

The new instrument lending system in Uruguay is expected to start generating revenues, supporting future growth.

Continued focus on potential new concession opportunities in the Americas, Africa, and the Middle East.

4Bad News, Challenges, or Points of Concern

Cargo Business: Decline attributed to an unfavorable year-over-year comparison and labor disruptions affecting operations in Argentina.

Domestic Traffic in Argentina: Declined approximately 12%, primarily due to reduced seat capacity from Flybondi and higher fuel prices.

Non-recurring Costs: Impacted EBITDA in Uruguay, alongside challenges posed by runway maintenance affecting traffic.

Comparison Base: Future results may be pressured by challenging year-over-year comparisons, particularly in the cargo segment.

5Notable Q&A Insights

Contract Renegotiations: Ongoing discussions in Argentina regarding concession rebalancing; updates will be provided once binding agreements are reached.

Commercial Revenue Sustainability: Strong performance in commercial revenues is expected to continue, supported by ongoing projects and expansions.

Domestic Traffic Outlook: Positive sentiment regarding the recovery of domestic traffic in Argentina, with expectations that reduced capacity from Flybondi will be replaced by other airlines.

International Traffic in Armenia: Continued strong performance expected, driven by new routes and healthy demand from Europe, despite regional conflicts impacting some traffic. This summary captures the essential financial metrics, strategic initiatives, and outlook for CAAP, along with the challenges faced and insights from the Q&A session.