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Corporación América Airports Reports First Quarter 2024 Results

Passenger traffic up 2.6% YoY, or 4.3% adjusting for Natal discontinuation

Consolidated Revenues, ex-IFRIC12 up 12.4% YoY

Adjusted EBITDA ex-IFRIC12 of $163.2 million; margin up 1.5pp to 41.7%

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-month period ended March 31, 2024. 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 21.

First Quarter 2024 Highlights

  • Consolidated Revenues ex-IFRIC12 of $391.7 million, a 12.4% year-over-year (YoY) increase, driven by increases of $36.0 million in Aeronautical Revenues and $8.1 million in Commercial Revenues. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 5.7% YoY to $371.1 million.
  • Delivered YoY increases across key operating metrics:
    • 2.6% in passenger traffic to 19.0 million. Excluding Natal, passenger traffic increased 4.3% YoY.
    • 3.3% in cargo volume to 87.9 thousand tons.
    • 0.1% in aircraft movements.
  • Operating Income of $124.8 million, up from $102.0 million in 1Q23.
  • Adjusted EBITDA ex-IFRIC12 increased 16.4% to $163.2 million, from $140.1 million in the year-ago period. Excluding rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 7.8% to $151.8 million.
  • Adjusted EBITDA margin ex-IFRIC12 expanded to 41.7% from 40.2% in 1Q23, or to 40.9% from 40.1% when excluding rule IAS 29.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We are pleased to have started the new year on a solid footing, delivering a good performance across key operational and financial metrics. Our top line increased 12% year-on-year, surpassing passenger traffic growth, supported by healthy aeronautical and commercial revenue growth. Strong focus on execution and travel demand drove Adjusted EBITDA growth, ex-IFRIC12, of 16% year-on-year and margin expansion of 1.5 percentage points to 41.7%. This good performance was driven by strong momentum across most of our geographies. The growth in Adjusted EBITDA and a reduction in debt levels have contributed to further improving our net leverage ratio, achieving a record low of 1.2 times.

Progressing on our strategic agenda, we accomplished two significant milestones this quarter. Firstly, we are delighted with the successful 10-year extension of the concession agreement of our Punta del Este international airport in Uruguay. Secondly, the ICSID Arbitral Court approved a final award of $91 million in connection with the arbitration process of Chinchero International Airport in Peru, where we hold a 50% economic interest.

Our expansion strategy remains a key priority to support future growth for the Company. On this front, we are engaged in negotiations for the expansion of the airports in Armenia and Florence. Simultaneously, we continue evaluating projects in various geographical regions with the aim of further expanding our global airport portfolio.

With respect to market dynamics, we continue to witness positive dynamics in Uruguay and Italy. Despite facing challenges in the Brazilian market, we have successfully managed to grow our EBITDA throughout this challenging cycle. In Argentina, we are closely monitoring the macro and political environment, a concession we have successfully managed for over 25 years, as well as the geopolitical dynamics in the Caucasus region. We remain confident in our ability to develop new avenues for growth, maintain a healthy financial position and create value to our shareholders.”

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)


1Q24 as reported

1Q23 as reported

% Var as reported

IAS 29 1Q24

1Q24 ex IAS 29

1Q23 ex IAS 29

% Var ex IAS 29

Passenger Traffic (Million Passengers)
















Aeronautical Revenues








Non-Aeronautical Revenues








Revenue excluding construction service








Operating Income / (Loss)








Operating Margin








Net (Loss) / Income Attributable to Owners of the Parent
















Adjusted EBITDA








Adjusted EBITDA Margin








Adjusted EBITDA Margin excluding Construction Service








Net Debt to LTM Adjusted EBITDA








Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)








Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

(1) LTM Adjusted EBITDA excluding impairments of intangible assets.

To obtain the full text of this earnings release and the earnings presentation, please click on the following link:




10:00 a.m. Eastern Time, May 23, 2024


Mr. Martín Eurnekian, Chief Executive Officer

Mr. Jorge Arruda, Chief Financial Officer

Mr. Patricio Iñaki Esnaola, Head of Investor Relations


1-800-549-8228 (North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: 97449


CAAP 1Q24 Earnings Conference Call


1-877-674-7070 (North America, Toll Free); 1-416-764-8692 (Other locations); Playback Passcode: 97449 #

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 21 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. The Company is a leading private airport operator in the world, currently operating 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2023, Corporación América Airports served 81.1 million passengers, 23.7% above the 65.6 million passengers served in 2022 and 3.6% 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

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: the Covid-19 impact, 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.


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