苏州被机场包围了。 11月24日，嘉兴南湖机场获得《运输机场使用许可证》，成为浙江省内第9个、全国第268个颁证的运输 机场。 这座4E级（仅次于最高级的4F级机场）机场，是长三角首个、全国第二个专业性航空货运枢纽，还兼 顾客运支线功能。 对苏州而言，这座几十公里外的新机场，相当于家门口多了个航空驿站，居民出行也添了新选择。 西北边有无锡苏南硕放机场，东接上海虹桥、浦东两大国际机场，如今南边再添嘉兴南湖机场，苏州的 机场朋友圈持续扩容。 而苏州的被包围，只是长三角机场群上新潮的一个缩影。 2025年的长三角，新机场一个接一个。 7月18日，浙江丽水机场通航，浙西南结束无民航历史，把"江南秘境"接入航空网络。 11月12日，安徽亳州机场通航，年旅客吞吐量100万人次，直飞35座国内城市。 年底预计还有新成员加入，蚌埠滕湖机场正在冲刺年底通航，届时将成为皖北地区重要的航空交通枢 纽。 这还远没到终点。 机场密集上新，长三角的空中通道越来越密。 中国民航局数据显示，2024年长三角机场群旅客吞吐量超2.8亿人次，远超京津冀机场群、粤港澳大湾 区机场群珠三角九市、成渝机场群。 机场密度，意味着发展速度。 一座座机场已 ...

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]

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]