Total passenger traffic up 22.1% YoY reaching 96% of pre-pandemic levels

Armenia, Ecuador and Italy above July 2019 levels

Aircraft movements at 98% of July 2019

Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”), one of the leading private airport operators in the world, reported today a 22.1% year-on-year (YoY) increase in passenger traffic in July 2023, reaching 96.3% of July 2019 levels.

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2-Year Passenger Traffic Monthly Performance (vs. 2019) (Graphic: Business Wire)

Passenger Traffic Overview

Total passenger traffic grew 22.1% compared to the same month of 2022, supported by the ongoing recovery in travel demand after the Covid-19 pandemic and the gradual resumption of routes and frequencies across all countries of operations. Overall passenger traffic reached 96.3% of July 2019 levels, down from 102.6% posted in June, with international passenger traffic surpassing pre-pandemic levels of July 2019 by 5.2%. Domestic traffic stood at 93.6% of July 2019.

In Argentina, total passenger traffic continued to recover in July, increasing 29.4% YoY and reaching 98.1% of pre-pandemic volumes, down from 105.9% in June. The sequential drop in the comparison against the same month of 2019 is explained by a deceleration in Domestic passenger traffic growth, which in previous months benefited from a government program aimed at boosting domestic tourism. However, Domestic traffic increased month-over-month on an absolute basis and was 2.4% higher than July 2019 levels. International passenger traffic continued to recover and reached 88.3% of pre-pandemic levels, up from the 83.1% recorded in June.

In Italy, passenger traffic grew by 16.4% compared to the same month in 2022 and surpassed pre-pandemic levels for the first time, increasing by 6.2% against July 2019. International passenger traffic, which accounted for 80% of the total traffic, exceeded July 2019 levels by 4.9%, while domestic passenger traffic surpassed pre-pandemic levels by 12.8%. Both Pisa and Florence airports either met or exceeded pre-pandemic traffic volumes in July.

In Brazil, total passenger traffic increased by 3.9% YoY and reached 87.9% of July 2019 pre-pandemic volumes. Domestic traffic, which accounted for nearly two thirds of total traffic, improved month-over-month on an absolute basis, reaching 92.0% of pre-pandemic levels, while transit passengers reached 77.6% of July 2019 levels, down from 95.1% in June. Traffic was affected by financial and aircraft constraints within some of the local airlines.

In Uruguay, total passenger traffic, which is largely international, continued to recover and increased 44.1% YoY, reaching 94.6% of July 2019 levels, up from 85.1% in June.

In Ecuador, passenger traffic increased 15.0% YoY and surpassed pre-pandemic volumes by 10.1%. Both domestic and international passenger traffic exceeded pre-pandemic levels by 14.2% and 6.5%, respectively.

In Armenia, passenger traffic continued its solid recovery trend and increased by 43.7% YoY, surpassing the pre-pandemic levels of July 2019 by 61.5%, down from 82.4% in June. The sequential drop in the comparison against the same month of 2019 is explained by the fact that the months of July and August are seasonally strong, and the Armenia airport is operating at its maximum capacity due to the significant growth it has experienced. This makes the comparison between July 2023 and July 2019 appear less favorable than the comparison between June 2023 and June 2019. In July 2019, the volume increased due to the high seasonality of the month, whereas in July 2023, although the traffic also increased due to the high seasonality, the growth was limited by the current capacity of the airport.

Cargo Volume and Aircraft Movements

Cargo volume increased 18.6% YoY to 87.7% of July 2019 levels, or 88.8% when adjusting for the discontinuation of operations in Peru. Cargo volumes in Armenia and Uruguay were above pre-pandemic levels, whereas Italy stood at 98.1%, Ecuador at 97.8%, Argentina at 86.2% and Brazil at 67.2%. Almost 70% of cargo volume originated in Argentina, Ecuador and Uruguay.

Aircraft movements increased 16.2% YoY to 98.3% of July 2019 levels, or exceeded pre-pandemic levels by 1.9% when adjusting for the discontinuation of operations in Peru. All the countries of operations, except Ecuador and Brazil, exceeded July 2019 pre-pandemic levels.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 53 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2022, Corporación América Airports served 65.6 million passengers, 83.7% above the 35.7 million passengers served in 2021 and 22.1% below the 84.2 million served in 2019. 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.

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