Corporacion America Airports S.A.

Latest Results (20.05.2026):

Corporación América Airports S.A. — First Quarter 2026: the company reported a strong start to 2026 with consolidated Revenues ex‑IFRIC12 of $495.2 million (up 18.8% YoY) and passenger traffic up 7.0% to 21.8 million. Adjusted EBITDA ex‑IFRIC12 reached $196.2 million (+26.1% YoY) with margin expansion to 39.6% (+2.3 pp). Liquidity remained robust with $666.2 million in cash and cash equivalents and Net Debt to LTM Adjusted EBITDA at 0.5x. Results incorporate IAS 29 hyperinflation accounting for Argentina; the company discloses ex‑IAS29 comparatives.

Top‑line & traffic

Consolidated Revenues ex‑IFRIC12: $495.2m (+18.8% YoY). Excluding IAS 29 the figure was $477.9m (+15.5% YoY). Aeronautical revenues +17.4% and Commercial revenues +21.0%. Total passenger traffic rose 7.0% YoY to 21.8 million (international +13.7%, domestic roughly flat).

Profitability & margins

Adjusted EBITDA ex‑IFRIC12: $196.2m (+26.1% YoY); ex‑IAS29: $187.4m (+18.7%). Adjusted EBITDA margin ex‑IFRIC12 expanded to 39.6% (from 37.3%), or 39.2% ex‑IAS29 (from 38.2%). Operating income was $139.5m (vs $104.0m in 1Q25).

Net income, EPS and financial items

Net income: $80.4m (1Q26) vs $36.2m (1Q25). Net income attributable to owners: $77.1m (vs $40.8m). Basic EPS: $0.47 (vs $0.25). Net financial loss improved to -$10.5m (from -$34.9m), helped by FX gains in Argentina and lower interest expense. Income tax expense was $47.9m.

Liquidity, debt and leverage

Cash & cash equivalents: $666.2m; total liquidity $772.4m. Total debt $1,085.3m. Net Debt / LTM Adjusted EBITDA improved to 0.5x (LTM Adj. EBITDA $823.5m). All subsidiaries compliant with covenants as of March 31, 2026.

Regional contributors

Argentina was the largest driver: reported revenues $310.2m (+15.4%) and Adjusted EBITDA $127.1m (+27.5% reported; +16.0% ex‑IAS29). Brazil showed a strong recovery: revenues $33.1m (+31.7%) and EBITDA $13.8m (+43.6%). Armenia grew substantially (revenues $67.4m, +40.0%), driven by commercial/fuel-related activity. Italy delivered revenue growth ($32.6m, +20.5%) but segment EBITDA declined. Uruguay and Ecuador also posted double‑digit revenue growth.

Costs, capex and operating drivers

Total costs and expenses excluding construction rose 13.4% (11.3% ex‑IAS29), growing more slowly than revenues. Key cost pressures: fuel (notably in Armenia), higher concession fees and salaries (Argentina). Capital expenditures in 1Q26 were $48.2m (+30.1% YoY), with Argentina, Uruguay and Italy representing the largest shares.

Strategic & operational notes

Management highlighted broad‑based international demand, continued commercial execution and disciplined cost control. The company is advancing concession discussions in Iraq and Angola and flagged monitoring geopolitical risks in the Middle East as it tracks airline capacity and fuel supply implications.