Corporación América Airports (CAAP) Q2 2025 Earnings Call August 21, 2025 10:00 AM ET Company ParticipantsPatricio Esnaola - Head - IRMartín Antranik Eurnekian - CEO & DirectorJorge Arruda - CFOGuilherme Mendes - Executive Director - Equity ResearchOperatorGood morning, and welcome to the Corporacion America Airports Second Quarter twenty twenty five Conference Call. A slide presentation accompanies today's webcast and is available in the Investors section of the company's website. As a reminder, all partic ...

Financial Data and Key Metrics Changes - Total revenues increased by 18.9% year over year, outpacing passenger traffic growth of 13.7% [17] - Revenue per passenger rose by 4.5% to $21 from $20.1 last year [17] - Adjusted EBITDA reached $169 million, up 23% year over year, with a margin expansion of 1.4 percentage points to 38.6% [21][22] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.1%, with Argentina seeing over 20% growth [18] - Commercial revenues grew by 22% year over year, driven by higher cargo revenues and strong performance in parking, VIP lounges, and duty-free stores [18][19] - Cargo revenues surged by 30% year over year, led by Argentina, Brazil, and Uruguay [14] Market Data and Key Metrics Changes - Passenger traffic in Argentina grew by 17%, with international traffic up nearly 19% [9] - Italy recorded a 9% increase in traffic, reaching a second-quarter record [10] - Brazil saw a 15% year-over-year increase in traffic, with international traffic growing over 41% [10] Company Strategy and Development Direction - The company is focused on enhancing non-aeronautical revenues and expanding commercial opportunities [26] - Ongoing projects include the construction of a shopping mall at Brasilia Airport and the expansion of duty-free areas in Argentina [26][27] - The company is pursuing growth opportunities in Latin America, Iraq, and Angola, among others [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive traffic momentum, particularly in Argentina [29] - The company highlighted the resilience and quality of its diversified portfolio, which supports revenue growth and EBITDA margin expansion [26] Other Important Information - The company closed the quarter with a total liquidity position of $595 million, up 13% from the previous year [23] - Total debt at quarter end was $1.1 billion, with net debt decreasing to $643 million [24] Q&A Session Summary Question: Details on Argentina's rig lever discussion and interest in Motiva's former CCR airport sales - Management confirmed ongoing discussions regarding the rig lever and emphasized engagement with authorities [34][35] - The company is interested in the Motiva asset and is evaluating the opportunity while maintaining confidentiality [33]

Disclaimer and Forward-Looking Statement Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include all statements that are not historical facts and can be identified by terms such as "believes," "continue," "could," "potential," "remain," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known ...

This quarterly report represents an earnings surprise of -36.17%. A quarter ago, it was expected that this company would post earnings of $0.46 per share when it actually produced earnings of $0.25, delivering a surprise of -45.65%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Corporacion America Airports, which belongs to the Zacks Transportation - Airline industry, posted revenues of $481.6 million for the quarter ended June 2025, surpassing the Zacks Cons ...

Group 1 - The article discusses the resilience of a company's growth story despite potential challenges such as tariffs [1] - The author, Ian Bezek, has extensive experience in Latin American markets and focuses on high-quality growth stocks [2] - The company has a beneficial long position in shares of CAAP, PAC, and OMAB, indicating confidence in these investments [3]

Group 1 - Global air traffic has not only recovered but is also showing new dynamics of growth, indicating a positive trend in the aviation industry [1] - Corporación América Airports (NYSE: CAAP) is positioned as a unique platform to capture value in this growing market [1]

Investors interested in Transportation stocks should always be looking to find the best-performing companies in the group. ANA Holdings Inc. (ALNPY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.ANA Holdings Inc. is one of 124 individual stocks in the Transportation sector. Collectively, these companies sit at #15 in the Zacks Sector Rank. T ...

Core Viewpoint - The article emphasizes the importance of value investing and highlights Corporacion America Airports (CAAP) as a strong value stock based on various financial metrics [2][4][7]. Company Analysis - Corporacion America Airports (CAAP) has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for investment [4]. - CAAP's current P/E ratio is 10.50, which is lower than the industry average of 10.80, suggesting it may be undervalued [4]. - The Forward P/E ratio for CAAP has fluctuated between 8.09 and 20.22 over the past 52 weeks, with a median of 13.58 [4]. - The PEG ratio for CAAP is 0.63, which is lower than the industry average of 0.82, indicating a favorable valuation relative to expected earnings growth [5]. - CAAP's P/B ratio stands at 2.28, compared to the industry average of 3.38, further supporting the notion of being undervalued [6]. - Over the past 12 months, CAAP's P/B ratio has ranged from 1.61 to 2.45, with a median of 2.04 [6]. - Overall, the financial metrics suggest that CAAP is likely undervalued and has a strong earnings outlook, making it a notable value stock in the market [7].

Core Viewpoint - Corporacion America Airports S.A. is conducting its Q1 2025 earnings conference call, highlighting its performance and financials for the quarter [1]. Group 1: Company Overview - The conference call features key participants including the Head of Investor Relations, the CEO, and the CFO [1][3]. - The call is structured to provide an overview of the company's performance, followed by detailed financial insights and a Q&A session [6]. Group 2: Financial Highlights - The CEO will present the main highlights of the company's performance for the first quarter of 2025, with the CFO providing a more detailed financial analysis afterward [6].

Financial Data and Key Metrics Changes - Total passenger traffic grew by over 7% year over year, exceeding 9% when excluding the discontinued Natal concession [5][6] - Revenues increased by 6% year over year, and nearly 12% on an ex IAS 29 basis [6][19] - Adjusted EBITDA reached $156 million, up 4% excluding IAS 29, with a margin of 38.2% [7][24] - Total revenues ex IFRIC 12 increased by 6.4% year on year or 11.5% on an ex IAS 29 basis [19] - Total costs and expenses excluding IFRIC 12 rose by 17.7% year over year [22] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 6.8% year over year, or 12.7% when excluding IAS 29, driven by strong performance in Argentina [20] - Commercial revenues grew by 6.1% year over year, primarily from parking facilities, VIP lounges, and duty-free stores [21] - Cargo volumes were up 9% year over year, with strong growth in Uruguay and Argentina [17][18] Market Data and Key Metrics Changes - In Argentina, passenger traffic rose over 12%, with international traffic increasing by 21% year over year [10][11] - Italy saw traffic growth of over 10%, with international traffic accounting for roughly three-quarters of total volume [12] - Brazil experienced mid-single-digit traffic growth year over year, with international traffic up 28% [13] - In Uruguay, total traffic increased in low single digits, benefiting from new international routes [14] Company Strategy and Development Direction - The company is focused on pursuing both organic and inorganic growth opportunities to expand its airport portfolio [26][30] - Ongoing negotiations with the Argentine government regarding the revision of the AA2000 concession agreement [30] - Expansion plans in Italy are progressing, with a positive environmental review for the Florence Master Plan [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of passenger demand, particularly in Argentina and Italy [28][44] - The company anticipates continued positive traffic trends, supported by new operations and strong demand [30][44] - Management remains committed to maintaining strict cost discipline, especially in Argentina [22][51] Other Important Information - The company closed the quarter with a liquidity position of $524 million and a net leverage ratio of 1.1 times [25][26] - Recent awards for operational excellence were received by Carrasco International Airport and Brasilia Airport, highlighting the company's commitment to quality service [31][32][33] Q&A Session Summary Question: Information on the Montenegro proposal and traffic outlook for Argentina - Management provided details on the Montenegro proposal, highlighting its potential for tourism growth and targeting mid-teens IRR [39][41] - Traffic in Argentina is expected to remain strong, with several new routes starting operations [43][44] Question: Cost control initiatives and potential impacts of government changes in Argentina - Management discussed ongoing cost control measures and the expectation of normalized cost growth in line with inflation [51][52] - The impact of government changes on the concession process is uncertain, but management does not foresee significant delays [55][56] Question: Update on expansions in Italy - Management indicated that the environmental impact approval process is progressing well, with updates expected by the third quarter [67][68]