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]

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][21] - Adjusted EBITDA reached $156 million, up 4% excluding IAS 29, with a margin of 38.2% [7][25] - Total revenues ex IFRIC 12 increased by 6.4% year on year or 11.5% on an ex IAS 29 basis [21] - Total costs and expenses excluding IFRIC 12 rose by 17.7% year over year [24] Business Line Data and Key Metrics Changes - Domestic traffic increased by 4% year over year, or nearly 8% when excluding Natal [9] - International traffic rose by close to 13% year over year, with Argentina and Italy leading the growth [10] - Aeronautical revenues were up 6.8% year over year, or 12.7% when excluding IAS 29, driven by strong performance in Argentina [22] - Commercial revenues increased by 6.1% year over year, primarily from parking facilities and duty-free stores [23] Market Data and Key Metrics Changes - In Argentina, passenger traffic rose over 12%, with domestic traffic growing by 9% and international traffic increasing by 21% [10][12] - Italy saw traffic up over 10%, with domestic traffic growing over 17% year over year [13] - Brazil experienced mid-single-digit growth in traffic year over year, with international traffic growing by 28% [14] - In Uruguay, total traffic was up low single digits, benefiting from new international routes [15] Company Strategy and Development Direction - The company is focused on pursuing both organic and inorganic growth opportunities to expand its airport portfolio [29][33] - Ongoing negotiations with the Argentine government regarding the revision of the AA2000 concession agreement [32] - Expansion plans in Italy are progressing, with a positive environmental review for the Florence Master Plan [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of passenger demand, particularly in Argentina and Italy, with expectations for continued positive traffic trends [31][45] - The company anticipates a strong summer season in both Italy and Armenia [34] - Management highlighted the importance of maintaining strict cost discipline, especially in Argentina [24][52] Other Important Information - The company closed the quarter with a total liquidity position of $524 million and a net leverage ratio of 1.1 times [28][29] - Cargo volumes increased by 9% year over year, with a new cargo business model implemented in Argentina [18][20] 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 [42][43] - Traffic in Argentina is expected to remain strong, supported by new routes and healthy demand [45] Question: Cost control initiatives and potential impacts from government changes in Argentina - Management discussed ongoing cost control measures and expected normalized cost increases, emphasizing a focus on maintaining costs despite inflation [52] - The impact of government changes on the concession process is uncertain, but management does not foresee significant delays [58] Question: Update on expansions in Italy - Management indicated that the environmental impact approval process is progressing well, with expectations for updates by the third quarter [74]