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]

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]