CAAP

Corporación América Airports S.A. has now reported its past second-quarter 2026 results, with sales rising to US$534.04 million and net income to US$52.75 million, alongside a board-approved US$150 million cash dividend for 2026. Despite softer cargo volumes and modest declines in domestic traffic and aircraft movements, the company increased revenue per passenger and reduced net debt to about US$381 million, highlighting improved cash generation against mixed operating trends. We’ll now examine how the earnings miss amid higher revenue and a sizeable dividend payout influences Corporación América Airports’ investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 54 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Corporación América Airports, you have to believe its diversified concessions and rising revenue per passenger can offset softer traffic in some markets and Argentina’s macro and regulatory risks. The latest quarter does not materially change that near term: revenue surprised positively, but an earnings miss and weaker Argentine and cargo trends keep the key risk focused on how well CAAP can defend margins if domestic capacity or local inflation pressures persist. The board’s approval of a US$150 million cash dividend for 2026 is the most relevant development here, because it sits alongside lower net debt of about US$381 million and solid liquidity. This combination reinforces the near term catalyst of stronger cash generation from higher commercial revenue per passenger, while still leaving investors exposed to any prolonged weakness in domestic traffic or cargo volumes in markets like Argentina and Ecuador. Yet, while the dividend and low leverage look reassuring, investors should be aware that Argentina’s inflation and regulatory exposure could still... Read the full narrative on Corporación América Airports (it's free!) Corporación América Airports' narrative projects $2.3 billion revenue and $452.9 million earnings by 2029. This requires 3.7% yearly revenue growth and about a $168.9 million earnings increase from $284.0 million today. Uncover how Corporación América Airports' forecasts yield a $32.43 fair value, a 39% upside to its current price. Simply Wall St Community members, using their own models, put CAAP’s fair value between US$32.43 and US$89.51 across 2 independent views, so opinions clearly differ. Against that backdrop, the recent earnings miss alongside resilient revenue and higher revenue per passenger raises questions about how much margin pressure from Argentina and cargo softness the business can absorb over time, encouraging you to weigh multiple viewpoints on the company’s outlook. Explore 2 other fair value estimates on Corporación América Airports - why the stock might be worth over 3x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Corporación América Airports research is our analysis highlighting 5 key rewards that could impact your investment decision. Our free Corporación América Airports research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Corporación América Airports' overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: Find 50 companies with promising cash flow potential yet trading below their fair value. The future of work is here. Discover the 39 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Invest in the nuclear renaissance through our list of 92 elite nuclear energy infrastructure plays powering the global AI revolution. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CAAP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Corporación América Airports (CAAP) has moved into focus after reporting its second quarter 2026 results, with sales of US$534.04 million and net income of US$52.75 million, as well as updated traffic and dividend figures. See our latest analysis for Corporación América Airports. At a latest share price of US$23.31, Corporación América Airports has seen its 1 day share price return gain 1.39%, while the year to date share price return is down 12.27%, after a period in which the 1 year total shareholder return reached 12.01% and the 5 year total shareholder return was very large compared with the starting point. If the Q2 earnings news has you reassessing airport operators, it can also be a useful moment to scan other infrastructure exposed ideas through the 39 power grid technology and infrastructure stocks Corporación América Airports is back on the move after Q2, and the stock is still well below its recent highs. Does it make more sense to start building a position now, or to wait for a cheaper entry based on today’s valuation? On the most followed narrative, Corporación América Airports screens as undervalued, with a fair value of $32.43 compared with the latest close of $23.31, which puts the long term story in focus rather than the latest quarter. Read the complete narrative. Want to see what is sitting underneath that fair value for Corporación América Airports? The narrative leans on steady top line expansion, rising margins and a future earnings base that only lines up if several moving parts fall into place. Result: Fair Value of $32.43 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh risks such as Argentina’s economic and regulatory exposure and the cancelled Baghdad contract, which highlights concession and political uncertainty for Corporación América Airports. Find out about the key risks to this Corporación América Airports narrative. Given the mixed sentiment around Corporación América Airports, it can help to look directly at the numbers and weigh them against your own expectations. If you want to see what investors are optimistic about before you decide on your stance, review the 5 key rewards If you feel ready to look past Corporación América Airports after Q2, use this moment to compare fresh ideas and avoid missing opportunities that fit your style. Scan for potential mispriced opportunities by checking companies highlighted in the 52 high quality undervalued stocks. Strengthen your income watchlist by reviewing companies in the 12 dividend fortresses that focus on higher yielding payouts. Prioritise resilience by focusing on companies within the 78 resilient stocks with low risk scores that score well on stability metrics. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CAAP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Corporacion America Airports S.A. (CAAP) came out with quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -37.26%. A quarter ago, it was expected that this company would post earnings of $0.51 per share when it actually produced earnings of $0.47, delivering a surprise of -7.84%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Corporacion America Airports, which belongs to the Zacks Transportation - Airline industry, posted revenues of $541.9 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.56%. This compares to year-ago revenues of $481.6 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Corporacion America Airports shares have lost about 7.7% since the beginning of the year versus the S&P 500's gain of 13.1%. While Corporacion America Airports has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Corporacion America Airports was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.63 on $561.16 million in revenues for the coming quarter and $2.20 on $2.14 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the broader Zacks Transportation sector, ZIM Integrated Shipping Services (ZIM), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 19. This container shipping company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -152.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. ZIM Integrated Shipping Services' revenues are expected to be $1.63 billion, down 0.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corporacion America Airports S.A. (CAAP) : Free Stock Analysis Report ZIM Integrated Shipping Services Ltd. (ZIM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Revenue ex-IFRIC 12 Increased 8.2% YoY on Strong Aeronautical and Commercial Revenue Growth Adjusted EBITDA ex-IFRIC 12 of $160.3 Million, Down 4.5% YoY, as Double-Digit Growth Across Four Markets Partially Offset Lower Results in Argentina and Uruguay Strong Financial Position with $692 Million in Cash & Cash Equivalents and Net Debt to LTM Adj. EBITDA of 0.5x LUXEMBOURG, August 18, 2026--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), ("CAAP" or the "Company") one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and six-month period ended June 30, 2026. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ("IASB"). Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29"), as detailed in Section "Hyperinflation Accounting in Argentina" on page 25. Second Quarter 2026 Highlights Consolidated Revenues excluding IFRIC12 (ex-IFRIC12) reached $470.7 million, up 8.2% year-over-year (YoY), driven by increases of 13.2% and 3.7% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29), consolidated revenues ex-IFRIC12 increased 8.4% YoY to $475.4 million. Key operating metrics: Operating Income of $105.5 million, compared with $117.3 million in 2Q25. Adjusted EBITDA ex-IFRIC12 decreased 4.5% to $160.3 million, from $167.9 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 decreased 4.3% to $161.3 million. Adjusted EBITDA margin ex-IFRIC12 contracted 4.5 percentage points to 34.1% from 38.6% in 2Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 decreased to 33.9% from 38.4% in the prior-year quarter. Maintained strong liquidity position with $692.5 million in Cash & Cash equivalents as of June 30, 2026. Net debt to LTM Adjusted EBITDA of 0.5x as of June 30, 2026. CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: "We delivered a solid operating performance in the second quarter, with total passenger traffic remaining largely stable at 20.6 million passengers, as broad-based growth across our portfolio helped mitigate the domestic decrease in Argentina. Revenue excluding Construction services continued to outpace traffic growth, rising 8% year-over-year, supported by solid performance in both our aeronautical and commercial businesses. Revenue per passenger increased nearly 9%, with every country in which we operate contributing to this improvement, including Argentina. Consolidated Adjusted EBITDA excluding IFRIC 12 reached $160 million, down 4.5% year-over-year. Profitability was affected by headwinds in Argentina and, to a lesser extent, non-recurring costs and expenses in Uruguay. In Argentina, results were primarily impacted by the reduction in Flybondi´s operating fleet, and a challenging comparison base for cargo revenues in 2Q25. By contrast, Italy, Brazil, Armenia and Ecuador each delivered double-digit year-on-year EBITDA growth, highlighting the strength of the diversification of our portfolio. Our financial position strengthened further, with cash and cash equivalents increasing to $692 million at quarter-end and net leverage at 0.5x. These metrics reflect continued cash generation, debt repayments and disciplined financial management, providing us with flexibility to execute our strategic priorities and pursue our acquisition strategy. We remain focused on advancing our strategic priorities centered on expanding passenger traffic volume, commercial activities, as well as revenue per passenger across the portfolio. Key initiatives include the ongoing concession rebalancing process in Argentina, efforts to obtain final approval for the Florence Airport Master Plan, the opening of a new VIP Lounge and expansion of the Duty-Free area in Montevideo, as well as various initiatives in connection with our cargo business in Argentina. At the same time, we continue to work hard on potential new concessions across the Americas, Africa and the Middle East. Looking ahead, new routes, additional frequencies and growing inbound demand are expected to support international traffic in Argentina during the second half of the year, although domestic airline capacity constraints, planned runway maintenance, and challenging comparison base for cargo revenues may continue to weigh on the country’s near-term reported results. In Uruguay, revenues associated with the new ILS system beginning in August, together with the opening of a new VIP lounge, new cargo business initiatives and healthy traffic trends, are expected to support revenue growth. Finally, I am pleased to announce that our Board approved the payment of cash dividends for a total of $150 million to be paid during 2026. This decision takes into account several key considerations, including shareholder returns, maintaining financial strength, preserving adequate cash balances at each operating company to support their strategic objectives, and maintaining sufficient liquidity at CAAP to pursue future growth opportunities. We remain committed to financial discipline and focused on creating long-term value for our shareholders." To obtain the full text of this earnings release and the earnings presentation, please click on the following link: http://investors.corporacionamericaairports.com/Results-Center Use of Non-IFRS Financial Measures This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt: Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA excluding Construction Service ("Adjusted EBITDA ex-IFRIC") is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin excluding Construction Service ("Adjusted EBITDA Margin ex-IFRIC12") excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable). Net debt is calculated by deducting "Cash and cash equivalents" from total financial debt. Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29". The impact from "Hyperinflation Accounting in Argentina" is described in more detail page 25 of this report. Definitions and Concepts Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services. Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%. About Corporación América Airports Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2025, Corporación América Airports served 86.7 million passengers, 9.8% above the 79.0 million passengers served in 2024. The Company is listed on the New York Stock Exchange where it trades under the ticker "CAAP". For more information, visit http://investors.corporacionamericaairports.com Forward Looking Statements Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "believes," "continue," "could," "potential," "remain," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences. View source version on businesswire.com: https://www.businesswire.com/news/home/20260818877945/en/ Contacts Investor Relations Contact Patricio Iñaki Esnaola Email: [email protected] Phone: +5411 4899-6716

This article first appeared on GuruFocus. Revenue: Total revenues, excluding IFRIC 12, grew 8% year-over-year. Revenue per Passenger: Consolidated revenue per passenger rose nearly 9% to $22.9 from $21 in the same quarter last year. Aeronautical Revenues: Increased 4%, supported by broad-based growth across the portfolio. Commercial Revenues: Up 13%, driven by growth across all countries of operation except Argentina. Adjusted EBITDA: Excluding IFRIC 12, was $160 million, down 4.5% year-over-year. Total Cost and Expenses: Excluding IFRIC 12, increased 16% year-over-year, primarily driven by higher fuel costs in Armenia, non-recurring costs in Uruguay, and local currency re-appreciation. Passenger Traffic: Approximately 21 million passengers traveled through the airports during the quarter, leaving total traffic broadly stable year-over-year. International Traffic: Increased nearly 6%, with double-digit growth in Armenia. Domestic Traffic: Declined approximately 8%, primarily due to lower seat capacity in Argentina. Total Liquidity: Ended the quarter at $861 million, up 20% from $750 million at the close of 2025. Total Debt: Stood at $1.1 billion at the quarter end. Net Debt: Declined to $381 million from $502 million at year-end 2025. Net Leverage Ratio: Stood at 0.5 times. Dividend: Board approved cash dividends totaling $150 million payable this year, equivalent to approximately $0.91 per share. Is CAAP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. International passenger traffic grew nearly 6% with double-digit growth in Armenia and positive contributions across all markets, including Argentina. Consolidated revenue per passenger rose nearly 9% to $22.9, driven by stronger commercial performance with increases across every country, including Argentina. Four of six segments delivered double-digit EBITDA growth, with Italy up 19%, Brasilia up 32%, Armenia up 21%, and Ecuador up 17%. Net debt declined to $381 million from $502 million at year-end 2025, with net leverage at a low 0.5 times. Board approved a cash dividend of $150 million (approximately $0.91 per share), marking a milestone in capital allocation and enhancing shareholder returns. Adjusted EBITDA declined 4.5% year-over-year, primarily due to a challenging comparison base for cargo revenues in Argentina and lower domestic seat capacity. Domestic traffic in Argentina declined nearly 12% due to reduced airline capacity, particularly from Flybondi's reduced operating fleet and higher fuel prices. Uruguay's adjusted EBITDA fell 16% due to non-recurring costs, including implementation of a new ILS system and maintenance expenses, with margin contracting 8.4 percentage points. Cargo revenues in Argentina declined significantly due to an extraordinary bad year-over-year comparison base, as labor disruptions in 2025 had boosted storage revenues. Total costs and expenses increased 16% year-over-year, driven by higher fuel costs in Armenia, non-recurring costs in Uruguay, and local currency appreciation in Argentina and Uruguay. Q: Could you provide an update on the contract renegotiations in Argentina and Italy, and should the strong commercial revenue per passenger performance be considered recurring?A: Martin Eurnekian (CEO) stated that the rebalancing process in Argentina is progressing with the regulator, though recent press leaks should not be considered binding. Jorge Arruda (CFO) added that the process for the Toscana airport in Italy is also moving ahead, with an expected statement from authorities declaring it a strategic project. On commercial revenues, Arruda highlighted that excluding cargo in Argentina, commercial revenues grew 26% year-over-year, driven by strong performance in VIP lounges, duty-free, and parking. He noted that new projects, such as a new VIP lounge in Montevideo and duty-free expansion, should continue to support this growth. Q: How should we think about the recently announced dividend, and can you quantify the impact of runway maintenance in Argentina on Q3 results?A: Martin Eurnekian (CEO) explained that the $150 million dividend was approved based on a balance of enhancing shareholder returns, maintaining financial strength, preserving cash at operating companies for strategic objectives, and keeping liquidity at the parent level for growth opportunities. He noted these same principles will guide future dividend decisions. Regarding runway maintenance, Eurnekian stated that the planned work at Aeroparque (about 2 days) and Ezeiza (just over 15 days) will have some traffic impact, but on a consolidated basis, the company does not expect a major impact on its numbers. Q: What is driving the strong traffic performance in Armenia, and what should we expect in the second half of the year?A: Martin Eurnekian (CEO) attributed Armenia's strong performance, including 17% traffic growth in July, to healthy demand from Europe, new routes, and the establishment of a base by Fly Arna at Zvartnots Airport. This has more than offset the impact of reduced traffic to the Middle East, which accounts for about 20% of total traffic. Eurnekian expects the healthy trend in Armenia to continue, along with positive trends across the rest of the portfolio, though Argentina's domestic traffic will remain impacted by seat capacity in the near term. Q: How do you see the evolution of domestic traffic in Argentina through the end of 2026?A: Jorge Arruda (CFO) explained that domestic traffic was primarily affected by the reduction in Flybondi's fleet, but he believes this capacity will be replaced by other players over time, as seen in previous disruptions in other markets. He noted that Aerolineas Argentinas had its second-best month in history in July, and Flybondi plans to increase its fleet from 16 to 19 aircraft in the coming months. Arruda remains positive on the short-to-medium term outlook, as the issue is one of seat supply rather than demand. Q: Can you elaborate on the new concession opportunities you are pursuing in the Americas, Africa, and the Middle East?A: Martin Eurnekian (CEO) declined to provide specific details on opportunities that are not yet mature, but he did confirm that the company is shortlisted for the Hurghada Airport tender in Egypt alongside a local partner. He noted that the company is actively pursuing several initiatives across the Americas, Africa, and the Middle East at various stages of maturity, and will announce them publicly when they become binding or public. Q: What were the main drivers behind the 4.5% decline in adjusted EBITDA, and how should we view the underlying performance?A: Jorge Arruda (CFO) explained that the decline was driven by an extraordinary bad comparison base for cargo revenues in Argentina, lower domestic seat capacity, and non-recurring costs in Uruguay. However, he highlighted that excluding cargo in Argentina and non-recurring expenses in Uruguay, EBITDA would have grown 5%. Revenues in Argentina grew 13% excluding cargo, while costs excluding amortization grew only 3.4%, demonstrating the underlying strength of the portfolio. Q: What is driving the strong revenue per passenger growth, and is it sustainable?A: Jorge Arruda (CFO) noted that consolidated revenue per passenger rose nearly 9% to $22.9, driven by strong commercial performance across every country, including Argentina. He highlighted the VIP lounge business, duty-free, parking, and rental space as key contributors. Arruda expressed confidence that this trend is sustainable, citing upcoming projects such as a new VIP lounge in Montevideo and duty-free expansion, which should continue to support commercial revenue growth. Q: Can you provide more color on the cargo business in Argentina and the initiatives to improve its profitability?A: Martin Eurnekian (CEO) explained that the cargo revenue decline was due to an extraordinary comparison base, as labor disruptions at customs in April 2025 led to exceptionally high storage revenues. This year, normalized operations and more efficient clearance processes have reduced storage times and revenues. Eurnekian noted that various initiatives are already being implemented to enhance profitability in the cargo business in Argentina, though he did not provide specific details. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Adjusted EBITDA declined 4.5% primarily due to a challenging year-over-year comparison in Argentina's cargo business, where 2025 labor disruptions had artificially inflated storage revenues. Domestic traffic in Argentina fell 12% due to a significant reduction in Flybondi's operating fleet and higher fuel costs, rather than a lack of underlying demand. International demand remained robust across the portfolio, with Armenia delivering 13% traffic growth despite regional aerospace restrictions related to Middle East conflicts. Revenue per passenger increased 9% to $22.90, reflecting successful commercial initiatives in VIP lounges, duty-free, and space rentals that outpaced passenger volume growth. The company maintained a strong financial position with a net leverage ratio of 0.5x, providing the flexibility to initiate a $150 million dividend while pursuing new concessions. Operational costs in Uruguay were impacted by non-recurring expenses related to the implementation of a new Instrument Landing System (ILS) and maintenance cycles. Management expects domestic seat capacity in Argentina to recover as other airlines gradually replace the capacity lost from recent fleet reductions. The new Instrument Landing System in Uruguay began generating revenue in August 2026, which is expected to support margin recovery in the second half of the year. Strategic focus remains on the economic rebalancing of the Argentina concession and obtaining final approval for the Florence Airport Master Plan in Italy. The company is actively pursuing new concession opportunities in the Americas, Africa, and the Middle East, including a shortlisted bid for Hurghada Airport in Egypt. Capital allocation will prioritize a balance between shareholder returns, maintaining OpCo-level liquidity for CapEx (notably in Armenia), and preserving firepower for M&A. Cargo revenue normalization in Argentina is expected to remain a headwind for the near term as clearance processes become more efficient compared to the prior year's disruptions. Planned runway maintenance at Aeroparque and Ezeiza in Q4 2026 will cause temporary traffic shifts, though management expects minimal consolidated impact. Armenia's margin contraction is characterized as a structural shift due to the expansion of the lower-margin fuel business, despite strong top-line growth. Currency volatility remains a factor, with the re-appreciation of local currencies in Argentina and Uruguay impacting the U.S. dollar-denominated cost base. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed they are actively working with regulators on the economic rebalancing in Argentina but dismissed recent press leaks as non-binding. In Italy, the Ministry of Infrastructure and the regulator are expected to soon declare the Florence Master Plan a strategic project, moving the process toward final approval. Excluding the cargo impact, commercial revenues grew 26%, driven by high-margin streams like VIP lounges and duty-free expansions. Management expressed confidence in recurring performance, citing upcoming projects like the new Montevideo VIP lounge and expanded duty-free areas. The decline is attributed to seat supply rather than demand; Flybondi is expected to increase its fleet from 16 to 19 aircraft in the coming months. Management noted that historically, capacity gaps left by struggling carriers are typically filled by competitors within several months. The $150 million dividend was calibrated to ensure no impact on credit ratings or debt covenants while preserving cash for a major CapEx program in Armenia. Future dividends will be evaluated against the need to maintain 'firepower' for new business opportunities currently being tendered.

Interested in Corporacion America Airports S.A.? Here are five stocks we like better. Second-quarter adjusted EBITDA excluding IFRIC 12 fell 4.5% to $160 million, as weaker Argentine domestic traffic and cargo revenue, along with non-recurring Uruguay expenses, offset double-digit EBITDA growth in Italy, Brazil, Armenia and Ecuador. Passenger traffic was broadly stable at approximately 21 million, with international traffic up nearly 6% but domestic traffic down 8%, mainly due to reduced airline capacity in Argentina. Revenue excluding IFRIC 12 grew 8%, supported by a 13% increase in commercial revenue and higher revenue per passenger. The company ended the quarter with $861 million in liquidity and net leverage of 0.5 times, while approving $150 million in cash dividends, or about $0.91 per share. Management expects international demand, new routes and Uruguay initiatives to support the second half, though Argentine capacity constraints, runway maintenance and difficult cargo comparisons remain headwinds. Corporacion America Airports (NYSE:CAAP) reported second-quarter adjusted EBITDA excluding IFRIC 12 of $160 million, down 4.5% from a year earlier, as pressure in Argentina’s cargo business, reduced domestic airline capacity in Argentina and non-recurring expenses in Uruguay offset growth across much of its airport portfolio. Chief Executive Officer Martín Eurnekian said four of the company’s six operating segments delivered double-digit EBITDA growth during the quarter. He also said international passenger demand remained healthy across most markets, while revenue growth exceeded passenger-volume growth. → AMG’s Alternatives Boom Powers Record Growth “Our business remains strong, and the diversification and quality of our portfolio continue to support our overall performance,” Eurnekian said. Approximately 21 million passengers traveled through the company’s airports in the second quarter, leaving total traffic broadly stable year over year. International traffic increased nearly 6%, while domestic traffic fell about 8%, primarily because of lower seat capacity in Argentina. → Microsoft's Maia 300 Chip Targets NVIDIA's AI Dominance Excluding Argentina, total passenger traffic increased across all of the company’s markets, according to Eurnekian. Argentina: Total traffic declined about 6%. International traffic rose 4%, supported by increased capacity in April and May, but domestic traffic fell nearly 12% amid reduced airline capacity. Eurnekian cited Flybondi’s smaller operating fleet and higher fuel prices as major factors. July domestic traffic was down 10%, while international traffic increased 5%. Italy: Traffic increased just over 5%, led by a 6.4% rise in international passengers. Pisa and Florence both contributed to the increase. Brazil: Traffic rose roughly 4%, as a 14% increase in transit passengers more than offset a modest decline in domestic traffic. Brasilia continued to benefit from its role as a connecting hub. July traffic grew 8%. Uruguay: Passenger traffic increased 2%, despite the timing shift of the Easter holidays. The company cited added connectivity, including Azul’s Montevideo-Belo Horizonte service. July traffic rose 3%. Armenia: Traffic climbed 13%, the strongest increase in the portfolio, despite flight cancellations and regional airspace restrictions tied to Middle East conflict. July traffic rose 17%. Ecuador: Traffic increased about 2%, with international passenger traffic up more than 8%. New service from Avianca, JetBlue and LATAM, as well as added American Airlines frequencies, supported international demand. July traffic declined 1% as domestic weakness outweighed international growth. Chief Financial Officer Jorge Arruda said Argentina’s domestic traffic weakness was principally an airline-capacity issue rather than a demand issue. He said Flybondi plans to expand its fleet from 16 to 19 aircraft in coming months, while Aerolíneas Argentinas and JetSmart recorded their second-best domestic months in Argentina during July. → The Metals Company’s Big Bet Now Comes Down to a License “Over the short to medium term, we are positive,” Arruda said of Argentina’s domestic market. Total revenue excluding IFRIC 12 increased 8% year over year, outpacing traffic. Consolidated revenue per passenger rose nearly 9% to $22.90 from $21.00 in the prior-year period, reflecting stronger commercial performance throughout the portfolio, including Argentina. Aeronautical revenue increased 4%, with growth in Brazil, Italy, Armenia, Uruguay and Ecuador more than offsetting a decline in Argentina. Tariff increases in Brazil, Uruguay and Ecuador also supported results. Commercial revenue grew 13%, led by fuel-related revenue in Armenia and increased revenue from VIP lounges, space rentals, food and beverage and duty-free operations. Argentina was the exception, where lower cargo, parking and duty-free revenue outweighed gains in other commercial categories. Arruda said commercial revenue would have increased 26% excluding Argentina cargo, which faced a difficult comparison with the prior year. Customs labor disruptions in Argentina in the second quarter of 2025 extended cargo storage periods and generated unusually high storage revenue. This year, normalized customs operations and faster clearance processes reduced dwell times and storage revenue. Total costs and expenses excluding IFRIC 12 rose 16%, driven by higher fuel costs in Armenia, non-recurring expenses in Uruguay and the appreciation of local currencies in Argentina and Uruguay against the U.S. dollar. Excluding the fuel business, costs and expenses increased 9%. Adjusted EBITDA declined 21% in Argentina, where lower domestic passenger traffic and the difficult cargo comparison affected profitability. Uruguay’s adjusted EBITDA declined 16%, mainly due to costs related to a new instrument landing system, or ILS, before associated revenue began in August, as well as other non-recurring expenses. Other markets posted double-digit EBITDA growth. Italy’s adjusted EBITDA rose 19%, or 11% excluding construction services at Toscana Aeroporti. Brasilia Airport’s EBITDA increased 32%, Armenia’s rose 21%, and Ecuador’s increased 17%. The company ended the quarter with total liquidity of $861 million, up 20% from $715 million at the end of 2025. Total debt stood at $1.1 billion, while net debt declined to $381 million from $502 million at year-end. Net leverage was 0.5 times. The board approved $150 million of cash dividends payable this year, equivalent to about $0.91 per share. Eurnekian said the decision reflects the company’s objective of improving shareholder returns while maintaining financial strength, adequate operating-company cash balances and flexibility for growth opportunities. The company said it continues to advance a concession rebalancing process in Argentina and efforts to obtain final approval for the Florence Airport Master Plan. Arruda said the Toscana Aeroporti process is moving forward and that the company expects Italian authorities to issue a statement declaring the project strategic before a subsequent service conference process. For the second half, management expects new routes, additional frequencies and inbound demand to support international traffic in Argentina. However, limited domestic airline capacity, planned runway maintenance and another challenging cargo comparison may affect near-term Argentine results. Arruda said runway maintenance at Aeroparque and Ezeiza is not expected to have a major impact on consolidated results. In Uruguay, the new ILS began generating revenue in August. The company also expects a new VIP lounge, an expanded duty-free area, cargo initiatives and healthy traffic trends to support revenue growth. Corporación América Airports is also evaluating concession opportunities across the Americas, Africa and the Middle East. Arruda identified Hurghada Airport in Egypt as a public tender where the company has been publicly named as a shortlisted bidder alongside a local partner. Corporación América Airports SA operates as a global airport infrastructure and services company, specializing in the development, acquisition and management of airport concessions. Headquartered in Buenos Aires, Argentina, the firm oversees long-term agreements that cover the planning, design, financing and ongoing operation of airport facilities. Its integrated approach aims to enhance operational efficiency and passenger experience through modernized terminals and streamlined processes. The company's core activities encompass passenger handling, cargo operations and ancillary services such as retail concessions, food and beverage outlets, ground handling, fueling and airport parking. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Corporacion America Airports Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: May 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Passenger traffic increased by 7% year-over-year, with strong international travel growth, particularly in Argentina. Revenue growth outpaced passenger traffic, with a 19% increase in total revenues, driven by strong performance in Argentina, Armenia, and Brazil. Adjusted EBITDA increased by 26%, with margin expansion supported by disciplined cost management and strong revenue growth. The company maintained a strong balance sheet with declining leverage, providing flexibility for investments and potential dividend policy implementation. Significant progress in strategic initiatives, including a 35-year concession extension in Armenia and ongoing discussions for new opportunities in Iraq and Angola. Domestic traffic was stable, with some regions like Argentina and Italy experiencing capacity constraints and operational disruptions. Higher fuel costs in Armenia and increased concession fees contributed to a 13% rise in total costs and expenses. SG&A expenses increased by 19%, driven by higher salaries and service fees related to new business activities. Despite strong overall performance, Italy's adjusted EBITDA growth was modest at 4%, impacted by construction services. Geopolitical tensions in the Middle East affected Armenia's traffic, although the impact was less severe than anticipated. Warning! GuruFocus has detected 9 Warning Signs with TRMD. Is CAAP fairly valued? Test your thesis with our free DCF calculator. Q: Are you seeing any changes in demand across your portfolio due to high fuel prices or airfare tickets? A: (CFO) We haven't seen any impact on demand across our portfolio due to high fuel prices or airfare tickets. Most airlines are hedged for several months on oil prices. In Armenia, traffic with the Middle East was down, but overall growth in other markets compensated for this. We continue to monitor the situation closely. Q: Can you provide more details on the potential dividend policy framework? A: (CFO) We are in the process of discussing a dividend policy internally and with our board. Our portfolio is performing well and generating cash, some of which is being upstreamed to the holding company. We will update the market soon on how and when we plan to implement a dividend policy. Q: How are the negotiations with Argentina and Italy progressing in the context of the renegotiation process? A: (CFO) In Argentina, discussions with technical teams are largely concluded, and key aspects have been agreed upon. The process requires a national decree and involves several government bodies. In Italy, progress is being made, and we expect to have authorizations by year-end to begin construction. Q: What is your approach to capital allocation, considering the ongoing processes in Iraq and Angola? A: (CFO) We have been awarded concessions for Luanda Airport in Angola and Baghdad Airport in Iraq. The equity required for these projects is marginal. We are also evaluating other opportunities executable in the next 6 to 12 months, which will add value to our portfolio without requiring large equity contributions. Q: What are the latest developments in the Italy renegotiation process? A: (CFO) Progress in Italy is ongoing, albeit in small steps, but in the right direction. Our local management expects to have the necessary authorizations by year-end to begin construction. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 19% significantly outpaced the 7% increase in passenger traffic, driven by a 14% surge in high-value international travel and enhanced commercial monetization. Management attributed strong profitability to operating leverage, where higher revenues flowed through a disciplined cost base, particularly in Argentina and Armenia. In Argentina, the company successfully mitigated inflationary pressures by keeping cost increases well below revenue growth, despite inflation outpacing peso depreciation by 40 percentage points. Commercial revenue per passenger rose 11% to $22.70, reflecting strategic focus on VIP lounges, duty-free, and food and beverage services across the portfolio. The Armenia business demonstrated resilience against regional geopolitical tensions, with growth supported by the new Wizz Air base and expanded European connectivity. Brazil's performance benefited from a stabilized aviation sector environment, leading to a 44% increase in adjusted EBITDA and significant margin expansion. Management is evaluating the implementation of a formal dividend policy, supported by a net leverage ratio of 0.5x and consistent cash flow generation. The company committed to a $425 million investment program in Armenia following a 35-year concession extension, aimed at establishing Zvartnots as a regional hub. Guidance for the remainder of the year assumes continued strength in international demand, though management is monitoring potential airline capacity impacts from Middle East volatility. Strategic expansion remains focused on the Luanda and Baghdad awards, with management indicating that upcoming M&A opportunities will require only marginal equity contributions. In Italy, management expects to secure all necessary authorizations by year-end 2026 to commence major construction projects. Domestic traffic in Argentina and Italy faced headwinds from airline capacity constraints, operational disruptions, and a 24-hour nationwide strike in Argentina during February. Armenia's EBITDA margin was impacted by a higher revenue mix from the fuel business, which carries structurally lower margins than core airport operations. Security concerns in Ecuador persist, though international traffic remains robust due to increased frequencies on U.S. and European routes. Currency fluctuations provided a tailwind to U.S. Dollar results, specifically the 11% appreciation of the Euro and 10% appreciation of the Brazilian Real. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated they have not yet seen a negative impact on traffic from higher fuel prices or airfares, noting that most airlines are hedged for several months to a full year. While Middle East traffic in Armenia saw an initial decline, it was more than offset by growth in other international markets. The company is currently discussing the policy with the board and executive committee as cash continues to accumulate at the holding company level. Management expects to provide specific views on the 'how and when' of implementation in the near term. In Argentina, technical discussions are largely concluded, but the finalization requires a national decree involving multiple government bodies. In Italy, progress is described as 'baby steps' in the right direction, with a target to have all authorizations in place by the end of the year.

Interested in Corporacion America Airports S.A.? Here are five stocks we like better. Corporacion America Airports posted a strong Q1, with passenger traffic up 7%, revenue excluding IFRIC 12 up 19%, and adjusted EBITDA up 26% as international travel drove growth across its airport network. Revenue growth outpaced traffic, helped by higher aeronautical and commercial revenue; revenue per passenger rose to $22.70 from $20.50 a year ago, while margins improved as costs rose more slowly than revenue. The company ended the quarter with a stronger balance sheet, including $772 million in liquidity and lower net debt, and said it is internally discussing a dividend policy while also advancing major concessions and expansion plans in Armenia, Angola, Iraq and other markets. Corporacion America Airports (NYSE:CAAP) reported a strong start to 2026, with first-quarter passenger traffic, revenue and profitability all increasing year over year as international travel remained the main driver across its airport portfolio. Chief Executive Officer Martín Eurnekian said the company saw “solid traffic growth, continued revenue momentum, strong profitability, and further strengthening of our balance sheet” during the quarter. Passenger traffic rose 7% year over year to nearly 22 million travelers, while total revenue excluding IFRIC 12 increased 19%, nearly three times the pace of passenger growth. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? Chief Financial Officer Jorge Arruda said revenue per passenger increased 11% to $22.70 from $20.50 a year earlier. Adjusted EBITDA excluding IFRIC 12 rose 26% to $196 million, and the company’s margin expanded 2.3 percentage points. Eurnekian said international traffic increased nearly 14% in the quarter, with gains across all countries in the company’s portfolio and double-digit growth in Argentina, Italy and Ecuador. Domestic traffic was broadly stable, with growth in Brazil and Ecuador offsetting softer volumes in Argentina and Italy. → MP Materials Is Quietly Building a Rare Earth Powerhouse In Argentina, total passenger traffic increased nearly 6%. International traffic rose 19%, supported by routes involving Brazil and the Caribbean, along with demand during the summer and carnival periods. Domestic traffic declined slightly, reflecting temporary airline fleet constraints and a 24-hour nationwide strike in February that disrupted operations. Eurnekian said key leisure destinations including Bariloche, Córdoba, Iguazú and Mendoza still performed well. Italy traffic rose just over 7%, driven by international passengers, which accounted for close to 80% of total traffic and increased more than 10%. Both Florence and Pisa contributed to the increase, while domestic traffic was modestly lower due mainly to reduced activity at Florence and weather-related cancellations and diversions in January. → MercadoLibre Boldly Invests in Growth: Discount Deepens Brazil traffic increased 12%, including nearly 6% domestic growth and a more than 20% increase in transit passengers. Eurnekian said Brasília continued to benefit from its location and infrastructure, maintaining its role as an important domestic hub. Uruguay traffic rose nearly 4%, helped by the summer season and additional frequencies. New and resumed routes connecting Montevideo and Punta del Este with destinations in Brazil and Argentina supported demand. Armenia traffic increased 8.5%, supported by expanded airline activity, additional routes and higher frequencies, including the Wizz Air base at Zvartnots launched in late 2025. In Ecuador, passenger traffic rose 7% despite ongoing security concerns. International traffic increased more than 10%, helped by higher frequencies to the U.S. and continued activity on European routes. Domestic traffic also improved, though Eurnekian said high airfares remain a constraint on demand. Arruda said revenue growth was broad-based, with total revenue excluding IFRIC 12 increasing 16% in Argentina, 39% in Armenia and 31% in Brazil. All other countries also posted double-digit revenue growth. He said the appreciation of the euro and Brazilian real supported U.S. dollar results. Aeronautical revenue increased 17%, led by Argentina and supported by growth across the portfolio. Argentina’s aeronautical revenue rose 18%, reflecting the 19% increase in international traffic. Brazil, Armenia, Uruguay and Italy also delivered double-digit growth, while tariff increases in Brazil, Uruguay and Ecuador contributed to the result. Commercial revenue rose 21%, well above traffic growth. Arruda cited higher fuel and cargo contributions, along with growth in VIP lounges, food and beverage, duty-free and parking. Every country in the portfolio achieved double-digit commercial revenue growth. The cargo business also posted revenue growth, with cargo-related revenue up 16%. Cargo volumes increased 1.7% overall, as gains in Armenia and Argentina offset softer trends in Brazil, Italy, Uruguay and Ecuador. Total costs and expenses excluding IFRIC 12 rose 13%, below the 19% increase in revenue. Cost of services increased 14%, largely due to higher fuel costs in Armenia, higher concession fees tied to revenue growth, and increased salaries and social contributions in Argentina. Selling, general and administrative expenses rose 19%, mainly reflecting higher compensation costs and service fees associated with new business activities. Arruda said Argentina’s total costs and expenses increased just over 9%, well below its 16% revenue growth, reflecting operating leverage and cost discipline. He also noted that inflation outpaced peso depreciation by 14 percentage points, creating peso-denominated cost pressures. Adjusted EBITDA increased in every country of operation, with double-digit growth across the portfolio except Italy. Argentina’s adjusted EBITDA rose 28%, with margin expanding 4.1 percentage points. Armenia’s adjusted EBITDA rose 34%, driven by revenue growth, though its margin contracted because of a higher contribution from the lower-margin fuel business. Brazil adjusted EBITDA increased 44%, with margin expanding 3.7 percentage points. Italy adjusted EBITDA rose 4%, or 10% excluding construction services at Toscana Aeroporti e Costruzioni. Uruguay adjusted EBITDA increased 16%, while margin was relatively stable as passenger trends were partly offset by higher salaries, maintenance expenses and the appreciation of the Uruguayan peso. Ecuador adjusted EBITDA rose 16%, with margin expanding 1.8 percentage points. The company ended the quarter with total liquidity of $772 million, up from $750 million at the end of 2025. Total debt stood at $1.1 billion, while net debt declined to $419 million from $502 million at year-end. Arruda said the net leverage ratio was 0.5 times. Eurnekian said the stronger balance sheet provides flexibility to invest in operations, pursue disciplined growth opportunities and consider a dividend policy. In response to a question from Jefferies analyst Alejandro Demichelis, Arruda said the company is discussing a dividend policy internally with its board and executive committee and expects to update the market “in the near term” on how and when it could be implemented. Arruda also said the company has not seen a portfolio-wide demand impact from higher fuel prices so far. He noted that Armenia saw a decline in traffic with the Middle East, but that growth in other markets more than offset it. He added that many airlines are hedged for several months, if not a full year, against oil prices. Eurnekian highlighted the company’s 35-year concession extension in Armenia to 2067 and a new $425 million investment program. He said the plan will expand infrastructure and support growth in passenger traffic and commercial activity while further developing Zvartnots Airport as a regional hub. The company also said the Galapagos extension and economic rebalancing in Ecuador strengthened its position in that country. Arruda said discussions in Argentina are largely concluded at the technical-team level, with key aspects “basically” agreed, though the process requires a national decree and involvement from multiple government bodies. In Italy, Arruda said the company continues to make gradual progress and that local management believes authorizations could be in place by year-end, allowing construction to begin. Regarding capital allocation, Arruda said the company continues to advance the recently awarded concessions for Luanda Airport in Angola and Baghdad Airport in Iraq. He said the required equity contributions for those projects are “marginal.” The company is also evaluating a handful of opportunities it considers executable over the next six to 12 months, none of which is expected to require a large equity contribution. Eurnekian said demand trends remain strong, particularly in international markets, while the company continues to monitor geopolitical developments in the Middle East and possible implications for traffic and airline capacity. Corporación América Airports SA operates as a global airport infrastructure and services company, specializing in the development, acquisition and management of airport concessions. Headquartered in Buenos Aires, Argentina, the firm oversees long-term agreements that cover the planning, design, financing and ongoing operation of airport facilities. Its integrated approach aims to enhance operational efficiency and passenger experience through modernized terminals and streamlined processes. The company's core activities encompass passenger handling, cargo operations and ancillary services such as retail concessions, food and beverage outlets, ground handling, fueling and airport parking. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Corporacion America Airports Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.