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]

Core Insights - Beijing Capital International Airport Company reported a total revenue of 2.755 billion RMB for the first half of 2025, representing a year-on-year increase of 2.63% [1] - The company recorded a net loss of 164 million RMB, which is a 56.48% improvement compared to the previous year [1] - The company experienced stable growth in air traffic volume due to strong passenger travel demand [1] Financial Performance - The total number of aircraft takeoffs and landings reached 217,305, an increase of approximately 2.8% year-on-year [1] - Passenger throughput totaled 34,168,396, reflecting a year-on-year growth of about 4.5% [1] - Cargo and mail throughput amounted to 746,268 tons, marking a year-on-year increase of approximately 5.9% [1] Revenue Breakdown - Aviation-related business revenue totaled 1.344 billion RMB, showing a year-on-year increase of about 4.6% [1] - Aircraft takeoff and related revenue was 689.412 million RMB, up approximately 1.9% year-on-year, influenced by minor fluctuations in domestic market demand [2] - Passenger service revenue reached 655.098 million RMB, a year-on-year increase of about 7.5%, driven by growth in international passenger traffic [2]

Core Viewpoint - Meilan Airport (00357.HK) reported a total revenue of RMB 1.079 billion for the six months ending June 30, 2025, representing a 6.09% decrease compared to the same period in 2024 [1] Financial Performance - The net loss attributable to shareholders was RMB 70.202 million, an improvement from a net loss of RMB 248 million in the same period of 2024 [1] - The loss per share was RMB 0.15, compared to RMB 0.52 in the previous year [1] Factors Influencing Performance - The reduction in net loss was primarily due to the absence of provisions for arbitration case compensation that were recorded in 2024 [1] - Excluding the impact of the arbitration case, the net loss for the first half of 2025 increased by RMB 78.555 million compared to the previous year [1] - Operational metrics at Meilan Airport showed a decline, with aircraft takeoffs and landings down by 3.43% and passenger throughput down by 4.05%, leading to a decrease in aviation revenue of RMB 28.033 million [1] - Non-aviation revenue also decreased by RMB 41.981 million, influenced by a decline in passenger spending [1]

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]