Group 1 - Argentina is currently in the spotlight due to its upcoming midterm legislative elections scheduled for October [1] Group 2 - Ian Bezek, a former hedge fund analyst, has extensive experience in Latin American markets, focusing on countries like Mexico, Colombia, and Chile [3]

Core Insights - Corporación América Airports S.A. reported a 10.2% year-on-year increase in passenger traffic for August 2025, indicating strong growth in the aviation sector [1] Passenger Traffic Highlights - Domestic passengers reached 3,963 thousand in August 2025, up from 3,590 thousand in August 2024, reflecting a 10.4% increase [1] - Year-to-date (YTD) domestic passengers for 2025 totaled 29,020 thousand, compared to 26,589 thousand in 2024, marking a 9.1% increase [1] Cargo Volume and Aircraft Movements - The report includes statistics on cargo volume and aircraft movements, although specific figures were not detailed in the provided excerpt [1]

Financial Data and Key Metrics Changes - Passenger traffic increased by almost 14% year over year, with total passenger traffic reaching nearly 21 million [4][7] - Revenues grew nearly 19%, with revenue per passenger rising to $21, reflecting strong execution in increasing revenues per passenger [5][16] - Adjusted EBITDA increased by 23% year over year, with a margin improvement of 1.4 percentage points to 38.6% [5][20] - Total revenues excluding IFRIC 12 increased by 18.9%, outpacing passenger traffic growth [16] Business Line Data and Key Metrics Changes - Aeronautical revenues rose by 15.1%, primarily driven by strong performance in Argentina [17] - Commercial revenues increased by 22% year over year, significantly above the traffic growth rate [17] - Cargo revenues surged by 30% year over year, with notable contributions from Argentina, Brazil, and Uruguay [14][15] Market Data and Key Metrics Changes - Argentina saw a 17% overall traffic growth, with international traffic increasing close to 19% [8] - Italy recorded a 9% increase in traffic, reaching a second quarter record [9] - Brazil experienced a 15% year-over-year increase in traffic, with international traffic growing over 41% [10] - Ecuador's traffic remained flat, with a 0.5% decline in total passengers [13] Company Strategy and Development Direction - The company is focused on enhancing non-aeronautical revenues and expanding commercial opportunities [24] - Ongoing construction projects include a shopping mall at Brasilia Airport, expected to open in April 2026 [25] - The company is pursuing both organic and inorganic growth opportunities to enhance its airport portfolio [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive traffic momentum, particularly in Argentina [26] - The company highlighted the resilience and quality of its diversified portfolio, which supports revenue growth and EBITDA margin expansion [24] Other Important Information - The company closed the quarter with a total liquidity position of $595 million, up 13% from the previous year [21] - Total debt at quarter end was $1.1 billion, with net debt decreasing to $643 million [22] Q&A Session Summary Question: Details on the rig lever discussion in Argentina - Management confirmed ongoing conversations with technical teams regarding the economic equilibrium and investment requirements, with good progress being made [31][32] Question: Interest in Motiva's former CCR airport sales - Management acknowledged interest in the asset and stated that it is under a typical M&A process, with updates to be provided as progress is made [30]

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 ...

Core Viewpoint - Corporacion America Airports S.A. reported quarterly earnings of $0.3 per share, missing the Zacks Consensus Estimate of $0.47 per share, representing a -36.17% earnings surprise [1][6] Financial Performance - The company posted revenues of $481.6 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 7.71%, compared to $416.2 million in the same quarter last year [2] - Over the last four quarters, the company has not surpassed consensus EPS estimates [2] - The current consensus EPS estimate for the upcoming quarter is $0.52 on revenues of $473.42 million, and for the current fiscal year, it is $1.81 on revenues of $1.89 billion [7] Stock Performance - Shares of Corporacion America Airports have increased by approximately 11.3% since the beginning of the year, outperforming the S&P 500's gain of 9% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Transportation - Airline industry is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Performance - Sales income for the six-month period ended June 30, 2025, was $557.5 million, a slight increase from $553.1 million in the same period of 2024, representing a growth of 0.4%[9] - Operating profit for the period was $139.7 million, down 20.4% from $175.3 million in the previous year[9] - Net income for the period was $73.8 million, a decrease of 75.6% compared to $302.5 million in the same period of 2024[9] - The company reported a gross profit of $197.5 million for the six-month period, down 10.8% from $221.4 million in the previous year[9] - Total revenues for the six months ended June 30, 2025, reached $557,505 million, a slight increase from $553,105 million in the same period of 2024[75] - Aeronautical income for the six months ended June 30, 2025, was $320,865 million, compared to $323,542 million in 2024, reflecting a decrease of 0.5%[75] - Non-aeronautical income for the six months ended June 30, 2025, increased to $236,640 million from $229,563 million in 2024, representing a growth of 3.1%[75] - Total costs for the six months ended June 30, 2025, amounted to $360,208 million, up from $331,872 million in 2024, indicating an increase of 8.5%[76] - The company recorded commercial income of $939 million with Duty Paid S.A. for the six-month period ended June 30, 2025, compared to $1,182 million for the same period in 2024, a decrease of 20.5%[114] Assets and Liabilities - Total assets as of June 30, 2025, were $2,648.4 million, a decrease from $2,658.4 million at the end of 2024[11] - Cash and cash equivalents increased to $144.3 million from $122.7 million at the end of 2024, reflecting a growth of 17.6%[11] - Total shareholders' equity rose to $1,427.5 million, up from $1,353.5 million at the end of 2024, indicating an increase of 5.5%[11] - Financial debts decreased to $608.9 million from $644.4 million, a reduction of 5.5%[11] - The net balance of financial debts decreased to $692,703 million as of June 30, 2025, from $740,931 million at the end of 2024, reflecting a reduction of 6.5%[85] - Current liabilities decreased to $114,893 million as of June 30, 2025, down from $163,767 million at December 31, 2024, a reduction of 29.8%[120] - Total liabilities decreased to $728,682 million as of June 30, 2025, compared to $816,057 million at December 31, 2024, reflecting a decline of 10.7%[120] - Provisions and other charges totaled $25,239 million as of June 30, 2025, down from $40,034 million at December 31, 2024, a decrease of 37.0%[119] Cash Flow and Investments - Net cash flow generated by operating activities increased significantly to $137.619 million in Q2 2025, compared to $52.826 million in Q2 2024, marking an increase of approximately 160.2%[16] - The company’s cash flow from investing activities showed a net outflow of $12.754 million in Q2 2025, compared to an outflow of $10.982 million in Q2 2024, reflecting a worsening of approximately 16.1%[16] - Current investments surged to $55,040 million as of June 30, 2025, compared to $25,660 million at December 31, 2024, marking an increase of 114.3%[102] Expenses and Provisions - Distribution and selling expenses increased to $35.1 million, up from $33.0 million, reflecting a rise of 6.4%[9] - Administrative expenses for the six months ended June 30, 2025, rose to $30,114 million, up from $23,714 million in 2024, marking an increase of 27%[78] - The company reported an increase in amortization of intangible assets to $81.883 million in Q2 2025 from $59.362 million in Q2 2024, an increase of approximately 37.9%[16] - The provision for bad debts increased to $12,591 million as of June 30, 2025, compared to $10,906 million at the end of 2024, representing a rise of 15.4%[99] Shareholder Information - The company incurred a total of $29.567 million in dividend payments during Q2 2025, compared to no dividend payments in Q2 2024[16] - The company allocated $1,318 million in short-term compensation to key management for the six-month period ended June 30, 2025, up from $868 million in the same period of 2024, an increase of 51.7%[114] Economic Indicators - The income tax loss for the six-month period ended June 30, 2025, was $33,281 million, with an inflation adjustment of $79,219 million due to a cumulative CPI variation exceeding 100%[73][74] - The price index as of June 30, 2025, was reported at 8,871.3479, with a six-month inflation rate of 12.8% and a year-on-year rate of 39.7%[60] - The inflation rate for the first semester of 2025 was reported at 51.62%, with a quarterly devaluation of 7.4%[129] Operational Highlights - Passenger traffic reached 22,039 thousand in the first half of 2025, a 14.5% increase compared to 19,252 thousand in the same period of 2024[169] - The company expects continued growth trends in passenger traffic for the remainder of 2025, aiming for a record year[174] - The second phase of the 2025 capital expenditure program is underway, focusing on runway works and terminal upgrades to enhance capacity and service levels[176] Compliance and Audit - The consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. as of June 30, 2025, include significant events and circumstances known to the company[191] - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with Argentine professional accounting standards[189] - The external auditor's review was conducted in accordance with International Standards for Review Engagements NIER 2410, ensuring the reliability of the interim financial information[188] - The Board of Directors is responsible for the preparation and issuance of the financial statements, adhering to International Accounting Standard 34 "Interim Financial Reporting" (IAS 34)[189] - The review period did not reveal any significant issues or observations that would affect the financial statements[192] - The external auditor's report was issued on August 6, 2025, confirming the integrity of the financial statements[188]

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]

Company Overview - ANA Holdings Inc. (ALNPY) is a notable stock within the Transportation sector, which consists of 124 individual stocks [2] - The company currently holds a Zacks Rank of 2 (Buy), indicating a favorable investment outlook based on earnings estimates and revisions [3] Performance Analysis - Year-to-date, ANA Holdings Inc. has returned 7.9%, significantly outperforming the average loss of 7.1% in the Transportation group [4] - Over the past three months, the Zacks Consensus Estimate for ANA Holdings Inc.'s full-year earnings has increased by 10.4%, reflecting improved analyst sentiment [4] Industry Context - ANA Holdings Inc. is part of the Transportation - Airline industry, which includes 29 companies and currently ranks 134 in the Zacks Industry Rank [6] - The airline industry has experienced an average loss of 7.8% this year, further highlighting ANA Holdings Inc.'s relative strength [6] Comparative Performance - Another strong performer in the Transportation sector is Corporacion America Airports S.A. (CAAP), which has returned 12.2% year-to-date and also holds a Zacks Rank of 2 (Buy) [5][7] - Both ANA Holdings Inc. and Corporacion America Airports S.A. are positioned well within the Transportation sector, suggesting potential for continued solid performance [7]