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1. Company Snapshot

1.a. Company Description

Corporación América Airports S.A., through its subsidiaries, acquires, develops, and operates airport concessions.It operates 53 airports in Latin America, Europe, and Eurasia.The company was formerly known as A.C.I. Airports International S.à r.l. The company was founded in 1998 and is headquartered in Luxembourg City, Luxembourg.


Corporación América Airports S.A. is a subsidiary of A.C.I. Airports S.à r.l.

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1.b. Last Insights on CAAP

Corporación América Airports S.A.'s recent performance was driven by robust passenger traffic growth, with an 8.2% year-over-year increase in July 2025. The company's operational momentum remains strong, with growing international traffic and expanding non-aeronautical revenues. Despite missing Q2 earnings estimates, with quarterly earnings of $0.3 per share versus the Zacks Consensus Estimate of $0.47 per share, the company's diversified presence across Latin America and Europe provides a stable foundation. The recent earnings call highlighted the company's resilience amid inflation and FX volatility.

1.c. Company Highlights

2. Corporación América Airports S.A. Posts Strong Q3 2025 Results

Corporación América Airports S.A. reported a robust third quarter in 2025, with revenues rising 17% year-over-year, driven by a 9.3% increase in passenger traffic to 23.3 million. Adjusted EBITDA increased 34% to $194 million, resulting in a margin expansion of 5.2 percentage points to 41.2%. Earnings per share (EPS) came in at $0.3, below analyst estimates of $0.53. Revenue per passenger was up 6.7% to $20.2, driven by the success of commercial initiatives, including cargo revenues, VIP lounges, and food and beverage services.

Publication Date: Nov -25

📋 Highlights
  • Passenger Traffic Growth:: 9.3% YoY increase to 23.3 million, led by Argentina, Italy, Armenia, and Brazil.
  • Revenue Expansion:: 17% YoY revenue growth, with aeronautical (+15.2%) and commercial (+18%) revenues outpacing traffic.
  • Adjusted EBITDA Surge:: 34% YoY rise to $194 million, margin expanding 5.2 pts to 41.2%.
  • Strong Liquidity Position:: Total liquidity reaches $661 million, a 26% increase from year-end 2024.
  • Commercial Revenue Momentum:: 6.7% increase in revenue per passenger to $20.2, driven by cargo, VIP lounges, and retail services.

Operational Highlights

The company's passenger traffic growth was driven by strong performances in Argentina, Italy, Armenia, and Brazil. Commercial revenues were a key driver of growth, with contributions from cargo revenues and solid growth across various passenger-related services. The company continues to make progress on initiatives that enhance the passenger experience and expand its commercial offering, including the inauguration of a new centralized car rental hub and a new digital mobility platform in Argentina.

Investment Plans and Outlook

The company provided updates on its investment plans, including the approval process for the Florence Airport master plan in Italy and progress on discussions with the Armenian government. The company also signed an award agreement for the Baghdad Airport project in Iraq and is evaluating additional opportunities across other countries. Management anticipates positive traffic trends to continue into the fourth quarter, although with a more moderate pace of domestic traffic growth in Argentina.

Valuation and Estimates

With a P/E Ratio of 26.08 and an EV/EBITDA of 7.66, the stock appears to be reasonably valued. Analysts estimate revenue growth of 6.1% for next year. The company's solid financial position, with a total liquidity position of $661 million, up 26% from year-end 2024, and a Net Debt / EBITDA of 1.14, provides a stable foundation for future growth. The ROE of 10.2% and ROIC of 5.12% indicate a decent return on equity and invested capital.

3. NewsRoom

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Corporación América Airports: Rating Downgraded To Buy After 34% Rally

Nov -27

Source: seekingalpha.com

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Corporacion America Airports: Staying Bullish After Strong Q3 Earnings

Nov -26

Source: seekingalpha.com

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Analyzing Corporacion America Airports (NYSE:CAAP) and International Consolidated Airlines Group (OTCMKTS:ICAGY)

Nov -26

Source: defenseworld.net

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Corporación América Airports S.A. (CAAP) Q3 2025 Earnings Call Transcript

Nov -24

Source: seekingalpha.com

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Corporacion America Airports S.A. (CAAP) Lags Q3 Earnings Estimates

Nov -24

Source: zacks.com

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Corporación América Airports Announces Third Quarter 2025 Financial Results Call and Webcast

Nov -17

Source: businesswire.com

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Allianz SE Makes New $738,000 Investment in Corporacion America Airports S.A. $CAAP

Nov -14

Source: defenseworld.net

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Corporación América Airports S.A. Reports September 2025 Passenger Traffic

Oct -23

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.90%)

6. Segments

Airports

Expected Growth: 10%

Strong air travel demand, increased tourism, and economic growth in Latin America drive Corporación América Airports' 10% growth. Additionally, investments in airport infrastructure, modernization, and expansion projects, as well as strategic partnerships and cost optimization initiatives, contribute to the company's growth momentum.

Others

Expected Growth: 8%

Corporación América Airports S.A.'s 8% growth is driven by increasing passenger traffic, driven by tourism growth in Latin America, and strategic acquisitions. Additionally, the company's focus on modernizing and expanding its airport infrastructure, as well as its cost-cutting initiatives, have contributed to its growth.

Intrasegment Adjustments

Expected Growth: 5%

Corporación América Airports S.A.'s 5% intrasegment growth is driven by increasing passenger traffic, driven by economic growth, tourism, and infrastructure investments. Additionally, the company's focus on commercial revenue growth, cost savings initiatives, and strategic acquisitions contribute to its growth momentum.

Unallocated

Expected Growth: 7%

Strong air traffic growth driven by increasing tourism and business travel in Latin America, coupled with Corporación América Airports' strategic expansion into new markets and modernization of existing infrastructure, contribute to the 7% growth. Additionally, the company's focus on non-aeronautical revenue streams, such as retail and commercial development, further supports this growth.

7. Detailed Products

Airport Operations

Management of airport facilities, including air traffic control, baggage handling, and security services.

Aeronautical Services

Provision of services to airlines, including fueling, ground handling, and cargo handling.

Non-Aeronautical Services

Management of commercial activities, including retail, food and beverage, and advertising.

Airport Infrastructure Development

Design, construction, and maintenance of airport infrastructure, including terminals, runways, and aprons.

Airport Security Services

Provision of security services, including passenger screening, baggage screening, and access control.

8. Corporación América Airports S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Corporación América Airports S.A. is medium due to the presence of alternative modes of transportation such as buses and trains, but the convenience and speed of air travel make it a preferred choice for many passengers.

Bargaining Power Of Customers

The bargaining power of customers for Corporación América Airports S.A. is low due to the lack of alternative airports in the region, giving the company a significant market share and pricing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Corporación América Airports S.A. is medium due to the presence of multiple suppliers of goods and services, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Corporación América Airports S.A. is low due to the high barriers to entry in the airport industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Corporación América Airports S.A. is high due to the presence of competing airports in the region, leading to a competitive pricing environment and a focus on differentiating services to attract passengers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.84%
Debt Cost 6.28%
Equity Weight 35.16%
Equity Cost 14.36%
WACC 9.12%
Leverage 184.41%

11. Quality Control: Corporación América Airports S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Flughafen Wien

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Value: 4.4

Growth: 6.7

Quality: 7.9

Yield: 4.4

Momentum: 5.0

Volatility: 9.3

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ENAV

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IAG

A-Score: 5.4/10

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Quality: 5.0

Yield: 1.2

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A-Score: 4.4/10

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Growth: 5.9

Quality: 2.6

Yield: 2.5

Momentum: 4.0

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Corporación América Airports

A-Score: 4.1/10

Value: 4.9

Growth: 6.9

Quality: 6.2

Yield: 0.0

Momentum: 4.0

Volatility: 2.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.9$

Current Price

25.91$

Potential

-0.00%

Expected Cash-Flows