Corporación América Airports Soars in Q1 2025 with Record Traffic and Revenue Growth
CORPORAÇÃO AMÉRICA AIRPORTS, a leading airport operator in the Americas, has kicked off its fiscal year 2025 on a high note, reporting record-breaking passenger traffic and revenue growth in the first quarter. According to the company's Q1 2025 conference call transcript, Patricio Iñaki Esnaola, Head of Investor Relations, led the discussion with Martin Eurnekian, Chief Executive Officer, and Jorge Arruda, Chief Financial Officer.
Speaking during the call, CEO Martin Eurnekian highlighted the company's strong start to the year, with total passenger traffic growing by over 7% year-over-year. Excluding the discontinued Natal concession, growth reached nearly 9%, driven by robust performances in Argentina and Italy, where Argentina achieved record traffic levels in January.
International traffic increased by close to 13%, led by Argentina and Italy, while domestic traffic rose 4%, or almost 8% when excluding Natal. Revenues also saw a 6% increase year-over-year, with ex-IAS29 revenues jumping nearly 12%. Revenue per passenger remained relatively stable at $20.5, or increased by 3.9% excluding IAS29.
"We're pleased to report a strong start to the year, with record traffic levels in Argentina and Italy," said CEO Martin Eurnekian. "Our airport operations continue to perform well, driven by growing demand for air travel."
Adjusted EBITDA came in at $156 million, up 4% excluding IAS29, and the margin stood at 38.2%. However, inflationary pressures in Argentina had a significant impact on operating costs and EBITDA.
The company sustained a solid performance financially, with healthy cash generation and a strong liquidity position. Leverage remained low, providing capacity to advance its strategic growth agenda with discipline.
On the expansion front, Corporación América Airports remains active in pursuing opportunities and continues to make progress across multiple geographies, analyzing several projects. The company's passenger traffic on Page 4 showed a strong performance across most of its operations during the first quarter of 2025.
Total passenger traffic increased by 7% year-over-year to over 20.4 million, excluding for comparison purposes, the Natal Airport concession, which was exited in February last year. Traffic growth was broad-based with both international and domestic traffic performing well. Domestic traffic increased by 4% year-over-year or nearly 8% when excluding Natal.
"Our airport operations continue to perform well, driven by growing demand for air travel," said CEO Martin Eurnekian. "We're seeing strong growth in Argentina, Italy, and Brazil, with a positive contribution from all markets except Armenia."
The company's financial performance was supported by healthy cash generation and a solid liquidity position. Leverage remained low, providing capacity to advance its strategic growth agenda with discipline.
