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]