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Core Insights - Corporacion America Airports S.A. (NYSE: CAAP) has released its latest quarterly earnings, indicating a positive trend for the company [1] Company Overview - The company operates airports in Argentina and has shown consistent growth over the years, attracting long-term shareholders [1] Analyst Background - The analysis is provided by a former hedge fund analyst with extensive experience in Latin American markets, focusing on high-quality growth stocks [1]

Market Overview - U.S. stock futures showed slight declines, with Nasdaq 100 down approximately 0.19%, S&P 500 down around 0.10%, and Dow Jones down about 0.13% following a strong performance in the previous session [2] - The S&P 500 climbed 1.55% to close at 6,705.12, the Nasdaq Composite surged 2.69% to settle at 22,872.01, and the Dow Jones gained around 202.86 points, or 0.44%, to end at 46,448.27 [3] Economic Indicators - Key economic reports are anticipated, including October's U.S. retail sales and Producer Price Index (PPI) readings, which are crucial for assessing inflation and consumer spending [4] - Upcoming reports include October Durable Orders, November Chicago PMI, October New Home Sales, and October Personal Income and Outlays [4] Company Performance - Alphabet (GOOGL) shares rallied over 6% following the announcement of its upgraded AI model, Gemini 3 [5] - Other AI-related companies saw strong performance: Broadcom surged 11.1%, Micron Technology gained about 8%, Palantir Technologies rose 4.8%, and Advanced Micro Devices advanced 5.5% [5] - Alibaba Group shares surged 5.1% after announcing its AI app, Qwen, had 10 million downloads in its first week [6] - Novo Nordisk shares tumbled 5.6% after a clinical trial for its Alzheimer's treatment failed [6] - Corporación América Airports shares gained 1.6% after reporting third-quarter revenues that beat estimates [6] Market Sentiment - There is a growing expectation of a Federal Reserve interest rate cut in December, with traders betting on an 85% probability of a rate cut next month [8] - Recent dovish remarks from Fed officials have contributed to this shift in expectations, positively impacting stock performance despite concerns about AI sector valuations [8]

Core Insights - Corporación América Airports S.A. (NYSE:CAAP) is a leading private airport operator globally, managing a diverse portfolio of airports and providing essential infrastructure and services to millions of passengers annually [1] Financial Performance - On November 24, 2025, CAAP reported earnings per share (EPS) of $0.30, missing the Zacks Consensus Estimate of $0.53 [2][6] - Despite the EPS miss, CAAP exceeded revenue expectations, generating $532.1 million compared to the estimated $492 million [3][6] - The company has a price-to-earnings (P/E) ratio of approximately 26.18, indicating investor confidence in its earnings potential [4][6] - The debt-to-equity ratio of approximately 0.78 suggests a moderate level of debt compared to equity [4][6] Financial Ratios - The price-to-sales ratio is about 2.01, while the enterprise value to sales ratio is 2.36, underscoring CAAP's market valuation relative to its sales [3] - The current ratio of about 1.49 indicates the company's ability to cover short-term liabilities with short-term assets [5] - The enterprise value to operating cash flow ratio of approximately 12.83 reflects CAAP's valuation in relation to its cash flow from operations [5]

Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, nearly doubling passenger traffic growth of 9.3% [11] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [4][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, primarily driven by Argentina, with a 22.1% increase in aeronautical revenues in Argentina [11][12] - Commercial revenues were up 18%, significantly above the 9.3% increase in traffic, supported by higher contributions from cargo and passenger-related services [12][14] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [3][5][6] - International traffic rose 8%, with Argentina, Italy, and Brazil leading the growth [5][7] - Cargo revenues increased by 20%, driven by a 23% increase in Argentina [9] Company Strategy and Development Direction - The company is advancing its investment plans in Armenia and Italy, with CAPEX program approvals underway [4][20] - Inorganic expansion projects are being evaluated across key target markets, including a recent award agreement for the Baghdad Airport project [20][35] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, although with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on enhancing passenger experience and expanding commercial offerings [19] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and future commercial revenues - Management is making good progress on the rebalance of the concession agreement, but a precise timetable is difficult to provide [24] - Commercial revenues were up 8% versus last year, and the trend is expected to continue [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment for the project has been approved, with the next step expected to commence towards the end of the first quarter [28] - Discussions in Armenia are progressing well, but a precise timetable is not available [30] Question: Size of the opportunity at Baghdad Airport - An award agreement has been signed, and management has a constructive view on potential traffic growth in the region [35]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 16.6%, nearly doubling the passenger traffic growth of 9.3% [11] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [4][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, primarily driven by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [11][12] - Commercial revenues grew by 18%, significantly outpacing traffic growth, supported by higher contributions from cargo, VIP lounges, and other passenger-related services [12][13] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [3][5] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Cargo revenues rose by 20% year-over-year, driven by a 23% increase in Argentina [9] Company Strategy and Development Direction - The company is advancing its investment plans, with CapEx program approvals underway in Armenia and Italy [4][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains optimistic about the resilience of its business model and the quality of its assets [21] Other Important Information - The total liquidity position at the end of the quarter was $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and expectations for commercial revenues - Management is making progress on the rebalance of the concession agreement but cannot provide a precise timetable [24] - Commercial revenues were up 8% versus last year, with a continued positive trend expected [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment for the project has been approved, with the next steps expected to commence towards the end of the first quarter [28][29] - Discussions in Armenia are progressing well, but a precise timetable cannot be provided [30] Question: Size of the opportunity at Baghdad Airport - An award agreement has been signed, and management is optimistic about potential traffic growth in the region [35]

Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, significantly outpacing passenger traffic growth of 9.3% [12] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [5][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, driven primarily by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [12][13] - Commercial revenues grew by 18%, supported by strong performance in cargo, VIP lounges, and other passenger-related services [12][13] - Cargo revenues were up 20% year-over-year, with Argentina seeing a 23% increase [10] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [4][6] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Brazil and Italy also reported strong traffic growth, with Brazil's total traffic up over 8% [8][9] Company Strategy and Development Direction - The company is advancing its investment plans, with CAPEX program approvals underway in Armenia and Italy [5][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on maintaining a competitive cost structure while enhancing cargo capabilities [11] - Overall, management expressed confidence in the resilience of the business model and the quality of assets [21] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and commercial revenues outlook - Management confirmed progress in discussions regarding the rebalance of the concession agreement but could not provide a specific timetable [23][24] - Commercial revenues were reported to be up 8% versus last year, with expectations of continued positive trends [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment approval has been obtained, with the next steps expected to commence towards the end of the first quarter [27][28] - Discussions regarding investment opportunities in Armenia are ongoing, with no specific timeline provided [28] Question: Size of the opportunity at Baghdad Airport - Management indicated a constructive view on potential traffic growth in the region, with further details to be provided once the concession agreement is finalized [33][34]

分组1 - Corporacion America Airports S.A. reported quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.53 per share, and showing an increase from $0.09 per share a year ago, resulting in an earnings surprise of -35.85% [1] - The company posted revenues of $532.1 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 8.26%, compared to year-ago revenues of $461.8 million [2] - The stock has increased approximately 20.3% since the beginning of the year, outperforming the S&P 500's gain of 12.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.51 on revenues of $470.23 million, and for the current fiscal year, it is $1.72 on revenues of $1.89 billion [7] - The Zacks Industry Rank for Transportation - Airline is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

THIRD QUARTER 2025 EARNINGS CALL PRESENTATION November 24, 2025 → OPENING REMARKS → KEY HIGHLIGHTS → TRAFFIC & CARGO TRENDS → FINANCIAL TRENDS → CLOSING REMARKS → Q&A → APPENDIX CORPORACION AMERICA AIRPORTS CORPORACIÓN AMÉRICA AIRPORTS 2 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 t ...

Nov 24, 2025 8:31 AM Eastern Standard Time Corporacion America Airports Reports Third Quarter 2025 Results Share Solid traffic performance supported double-digit growth in both Aeronautical and Commercial revenues Achieved record high Adjusted EBITDA ex-IFRIC of $194 million with margin expanding 5.2pp YoY Maintained robust liquidity with $540 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.9x LUXEMBOURG--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), ("CAAP†or ...