Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 16.6%, nearly doubling the 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 notable 22.1% increase in aeronautical revenues from Argentina [11][12] - Commercial revenues grew by 18%, significantly outpacing traffic growth, supported by higher contributions from cargo, VIP lounges, and other passenger-related services [12][13] 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] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Cargo revenues rose by 20% year-over-year, driven by a 23% increase in Argentina [9] Company Strategy and Development Direction - The company is advancing its investment plans, with CapEx program approvals underway in Armenia and Italy [4][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 optimistic about the resilience of its business model and the quality of its assets [21] Other Important Information - The total liquidity position at the end of the quarter was $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 expectations for commercial revenues - Management is making progress on the rebalance of the concession agreement but cannot provide a precise timetable [24] - Commercial revenues were up 8% versus last year, with a continued positive trend expected [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment for the project has been approved, with the next steps expected to commence towards the end of the first quarter [28][29] - Discussions in Armenia are progressing well, but a precise timetable cannot be provided [30] Question: Size of the opportunity at Baghdad Airport - An award agreement has been signed, and management is optimistic about potential traffic growth in the region [35]

Group 1 - Hong Kong International Airport processed 5.37 million passengers in October 2025, a year-on-year increase of 18%, with flight movements reaching 34,465, up 9.1% [1] - Transit passengers saw a significant increase of 50.2% year-on-year, totaling 1.5 million [1] - Cargo volume increased by 2.9% year-on-year to 455,000 metric tons, with export cargo being the main growth driver, rising 1.4% to 287,000 metric tons [1] Group 2 - For the first ten months of the year, the airport handled over 50 million passengers and 325,330 flight movements, representing increases of 15.1% and 8.9% respectively compared to the same period in 2024 [1] - Cargo volume for the same period rose by 2.3% to 4.12 million metric tons [1] - Over the past 12 months, passenger volume increased by 15.5% to 59.58 million, with flight movements up 9.4% to 389,955 [1] Group 3 - Hong Kong International Airport was awarded "Asia Large Airport of the Year" at the CAPA Aviation Awards for Excellence for its successful completion of the three-runway system project [2] - The airport also continued to be recognized in the "TTG Travel Hall of Fame" as the "Best Airport," a title it has held since 2013 [2] - The CEO of the Airport Authority expressed pride in these accolades, highlighting the airport's commitment to maintaining world-class service and its status as a leading international aviation hub [2]

波黑《萨拉热窝时报》11月9日报道。萨拉热窝机场10月接待旅客18.14万人次，同比增长22.3%； 货运量274.6吨，起降航班1615架次。今年累计旅客量已达195.55万人次，创历史新高，预计全年总客流 将首次突破220万人次。（驻波黑使馆经商处） （原标题：萨拉热窝机场年客流量首破200万大关） ...

Core Insights - Shenzhen Customs reported that the international and regional cargo throughput at Shenzhen Airport reached 771,000 tons in the first nine months of this year, marking a year-on-year increase of 12.7%, which is a historical high for the same period [1] Group 1 - The cargo throughput at Shenzhen Airport demonstrates strong logistics vitality [1]

Core Insights - The core point of the article highlights the significant growth in international and regional cargo throughput at Shenzhen Airport, reaching a record high in the first nine months of the year, indicating strong logistics vitality at the Shenzhen air port [1] Group 1 - Shenzhen Airport's international and regional cargo throughput reached 771,000 tons in the first nine months of the year [1] - This figure represents a year-on-year increase of 12.7%, marking the highest level for the same period in history [1]

Core Insights - The 138th China Import and Export Fair (Canton Fair) is being held in Guangzhou from October 15 to November 4, with a steady increase in passenger flow at Baiyun Airport, expected to average 52,000 daily entries and exits during the event, representing a 9% month-on-month increase and a 5% increase compared to the previous fair [1] Group 1: Passenger Flow and Flight Operations - Daily average passenger flow at Baiyun Airport is projected to reach approximately 52,000 during the Canton Fair, with peak daily entries possibly exceeding 55,000 [1] - International flight ticket orders from Baiyun Airport are on the rise, with increases ranging from 5% to 20%, and a notable increase in foreign passenger bookings [1] - The airport plans to add and restore multiple international and regional passenger flights, including routes to Hong Kong, Kathmandu, and Kolkata, with an expected average of 270 passenger flights and 60 cargo flights daily during the fair, reflecting increases of 8.9% and 3.5% respectively [1] Group 2: Peak Travel Times and Customs Facilitation - Inbound passenger flow peaks are predicted on October 13, 14, 21, 26, and 30, while outbound peaks are expected on October 18, 25, and November 1 [2] - Specific peak times for inbound and outbound passenger flow have been identified for both T1 and T2 terminals, with inbound peaks occurring mainly in the early morning and afternoon, and outbound peaks in the late evening [2] - Baiyun Border Inspection Station will enhance communication and collaboration with port authorities, establish dedicated customs channels for the fair, and provide expedited services for eligible travelers, including multilingual support for foreign guests [2]

Core Viewpoint - Baiyun Airport (600004.SH) reported a year-on-year increase of 10.84% in passenger throughput for September, while cargo and mail throughput experienced a slight decline of 0.78% [1] Company Summary - Passenger throughput in September increased by 10.84% year-on-year [1] - Cargo and mail throughput decreased by 0.78% year-on-year [1]

Core Insights - The domestic airport passenger and cargo throughput in China showed a significant recovery in August compared to the same period last year, with record-breaking passenger volumes during the summer travel season [1][2] Group 1: Passenger Traffic Growth - In August, Shanghai Airport reported a total passenger throughput of 12.3986 million, reflecting a growth trend [1] - Pudong Airport's passenger throughput increased by 6.9% year-on-year, while Hongqiao Airport saw a 2.18% increase [1] - International routes at Pudong Airport experienced a notable growth of 18.06%, and Hongqiao's international routes grew by nearly 20% [1] - Baiyun Airport's passenger throughput reached 7.3384 million in August, up 4.33% year-on-year, with international routes growing by 14.08% [1] - Shenzhen Airport's international passenger throughput grew by approximately 12%, with a year-to-date increase of nearly 27% [1] - Xiamen Airport's international routes saw a year-on-year increase of about 9% [1] Group 2: Cargo Volume Growth - Cargo and mail throughput at major airports also increased in August, with Pudong and Hongqiao airports seeing year-on-year growth of approximately 11% and 8%, respectively [1] - Shenzhen Airport's cargo throughput grew by 8.26% year-on-year, while Xiamen Airport's cargo throughput increased by about 5% [1] Group 3: International Route Expansion - The international passenger market is experiencing strong growth due to optimized entry and exit policies and expanded route networks [2] - Shanghai Airport has enhanced its intercontinental connectivity by adding new routes to Belgrade, Casablanca, and Geneva, and has strengthened its Asian route network [2] - Shenzhen Airport anticipates that by 2025, passenger volume will exceed 11.2 million during the summer travel season, with flight numbers surpassing 76,000 [2] - Shenzhen Airport has opened or increased frequency on several international routes, significantly boosting international passenger traffic [3] Group 4: Financial Performance - Airport listed companies generally reported profit growth in the first half of the year, with Shenzhen Airport's net profit attributable to shareholders increasing by nearly 80%, the highest growth rate among peers [3] - Shenzhen Airport has implemented measures to improve customs environments, such as a 144-hour transit visa exemption and streamlined border inspection processes, to support rapid international business growth [3]

Group 1 - The domestic major airports in China experienced a significant recovery in passenger and cargo throughput in August compared to the same period last year, with historical records being set for passenger volume during the summer travel season [1] - Shanghai Airport reported a total passenger throughput of 12.3986 million in August, with Pudong Airport seeing a year-on-year increase of 6.9% and Hongqiao Airport increasing by 2.18%. International routes showed remarkable growth, with Pudong's international passenger throughput up by 18.06% [1] - Baiyun Airport also reported a similar trend, with August passenger throughput at 7.3384 million, a year-on-year increase of 4.33%, and international routes up by 14.08% [1] Group 2 - The international passenger market is experiencing strong growth due to optimized entry and exit policies and expanded route networks, with Shanghai Airport achieving record flight and passenger volumes during the summer travel season [2] - Shenzhen Airport announced that by 2025, it expects to exceed 11.2 million passengers and 76,000 flights during the summer travel season, both setting new historical highs [2] - Shenzhen Airport has been actively opening or increasing flights to various international destinations, significantly boosting the international passenger market [3] Group 3 - Shenzhen Airport's management highlighted the importance of optimizing route layouts and enhancing service quality to create a more connected international travel network, supporting the city's high-level opening-up [3] - The financial performance of airport-listed companies has generally improved, with Shenzhen Airport's net profit attributable to shareholders increasing by nearly 80%, the highest growth rate among peers [3] - The airport has implemented measures to improve customs environments, such as a 144-hour visa-free transit policy, to accelerate the growth of international business [3]

Core Insights - The Greater Bay Area is set to welcome its first five-runway airport, Guangzhou Baiyun International Airport, while Shenzhen Bao'an International Airport's third runway is expected to be operational within the year, marking a significant expansion wave across the region's airports [1][3][4] Airport Expansion - Seven airports in the Greater Bay Area are undergoing expansion, with notable projects including the completion of the fifth runway at Guangzhou Baiyun Airport and the third runway at Shenzhen Bao'an Airport [3][4] - By 2024, all seven airports will have expansion news, with specific upgrades such as Huizhou Airport's increased parking capacity and Hong Kong International Airport's new three-runway system expected to enhance passenger and cargo throughput significantly [4][5] Capacity and Growth - Guangzhou Baiyun Airport is projected to handle 76.37 million passengers in 2024, a 20.89% increase, while still being slightly surpassed by Shanghai Pudong Airport [4][5] - The expansion at Baiyun Airport, with a total investment of 53.77 billion yuan, aims to achieve a passenger capacity of 140 million and cargo capacity of over 6 million tons [5] International Connectivity - The expansion of airports is expected to enhance international connectivity, with Guangzhou Baiyun Airport adding 19 new or increased international routes and Shenzhen Airport increasing its international flight frequency by 26.1% [8][9] - The Greater Bay Area's airports are positioned to capitalize on the growing demand for cross-border e-commerce, with Guangdong's cross-border e-commerce expected to reach 745.4 billion yuan in 2024 [8][9] Regional Trade Relations - The expanding air network is strengthening trade relationships, particularly between Shenzhen and ASEAN countries, with significant increases in passenger and cargo volumes on Southeast Asian routes [9] - Shenzhen Airport's cargo volume to Southeast Asia reached 110,000 tons, reflecting a 21% increase, supported by the establishment of a new cargo hub in Vietnam [9]