Corporacion America Airports S.A.CAAP
Scheduled
Corporacion America Airports S.A. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
PeriodQ2 2026
Key takeaways
- Total revenues excluding IFRIC 12 grew 8% year over year, outpacing traffic figures.
- Consolidated revenue per passenger rose nearly 9% to $22.9 from $21 in the same quarter last year.
- Aeronautical revenues increased 4%, supported by growth across Brazil, Italy, Armenia, Uruguay, and Ecuador, offsetting a decline in Argentina.
- Commercial revenues were up 13%, driven by growth across all countries except Argentina.
- Total costs and expenses excluding IFRIC 12 increased 16% year over year, mainly due to higher fuel costs in Armenia, non-recurring costs in Uruguay, and currency appreciation in Argentina and Uruguay.
- Adjusted EBITDA excluding IFRIC 12 was $160 million, down 4.5%, with declines concentrated in Argentina and Uruguay; other countries delivered double-digit growth.
- Argentina's adjusted EBITDA declined 21% with margin contraction due to lower domestic traffic and a bad cargo revenue comparison base.
- Italy posted a 19% adjusted EBITDA increase, or 11% excluding Toscana Aeroporti construction services, with margin expansion.
- Brasilia Airport's adjusted EBITDA rose 32%, with margin expansion driven by passenger growth and higher commercial revenues.
- Uruguay's adjusted EBITDA declined 16%, margin contracted due to costs related to a new ILS system and non-recurring events.
- Armenia's adjusted EBITDA increased 21%, margin contracted due to expansion of the lower-margin fuel business.
- Ecuador's adjusted EBITDA increased 17%, with margin expansion supported by passenger growth and higher duty free revenues.
- Total liquidity ended the quarter at $861 million, up 20% from $715 million at the end of 2025.
- Net debt declined to $381 million from $502 million at year-end 2025, with a net leverage ratio of 0.5 times.
- The board approved cash dividends totaling $150 million, equivalent to approximately $0.91 per share, payable this year.
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