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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. faces challenges despite growth attributes. The company's January 2026 passenger traffic rose 8.8% year-over-year, driven by 14.8% international growth. However, one research analyst has rated the stock with a sell recommendation, and one has given a hold recommendation. The average twelve-month target price from brokerages is $26.40. Additionally, the company received a payment of $91.2 million from the Republic of Peru, following an ICSID arbitration award.

1.c. Company Highlights

2. Corporate America Airports: Q4 2025 Performance and Growth Outlook

Corporación América Airports posted a robust fourth quarter, with revenues jumping 17% year‑over‑year to $X million, and adjusted EBITDA leaping 40% to $211 million, expanding its margin by 7.5 percentage points. The company’s earnings per share reached $0.65 versus analyst expectations of $0.37, underscoring a strong earnings beat. Liquidity surged 36% to $750 million, while net debt fell to $502 million, yielding a net leverage ratio of 0.7x. At a valuation level, the stock trades at a P/E of 17.74 and an EV/EBITDA of 6.62, reflecting the market’s confidence in continued revenue growth and margin stability.

Publication Date: Apr -12

📋 Highlights
  • Passenger Traffic Growth:: 9% YoY increase to 22.3 million, with 12% international growth driven by Argentina contributing over half the rise.
  • Revenue Expansion:: 17% revenue growth excluding IFRIC 12, fueled by double-digit aeronautical and commercial revenue gains.
  • Adjusted EBITDA Surge:: 40% YoY growth to $211 million, with a 7.5 pp margin expansion from strong Argentina and Armenia performance.
  • Financial Strength:: Liquidity up 36% to $750 million, net debt reduced to $502 million, and net leverage of 0.7x, enabling growth investments.
  • New Concessions & Opportunities:: Secured 35-year Armenia extension, Galapagos+6 years, and awards for Baghdad and Luanda, targeting future traffic growth.

Revenue & Traffic

Passenger traffic climbed 9% YoY to a record 22.3 million, with international traffic up 12%, largely driven by Argentina, which contributed more than half of the total increase. Revenue growth outpaced traffic growth, fueled by double‑digit gains in both aeronautical and commercial segments, illustrating the company’s ability to extract higher value per passenger.

Profitability & Margins

Adjusted EBITDA surged 40% to $211 million, with margin expansion of 7.5 pp, supported by strong performance in Argentina and Armenia. Management expects EBITDA margins to remain stable, aligning with the projected 4% revenue growth for the upcoming year, and anticipates margin growth to mirror traffic increases.

Liquidity & Capital Allocation

Liquidity rose 36% to $750 million, while net debt fell to $502 million, improving the net leverage ratio to 0.7x. According to the earnings call transcript, Jorge Arruda highlighted the company’s liquidity position and its strategy to deploy cash for strategic acquisitions, prioritizing opportunities in Iraq, Angola, and other regions.

Strategic Concessions & Growth

The company secured a 35‑year concession extension in Armenia and a six‑year extension in Galapagos, enhancing long‑term visibility. New concession awards in Baghdad and Luanda provide attractive growth potential, while discussions on the Argentina concession rebalance continue amid political and bureaucratic dynamics.

Geopolitical Risks & Outlook

Traffic in Armenia has been affected by the Middle East conflict, with an estimated 10‑15% of traffic impacted. Management remains optimistic that traffic will rebound once hostilities subside, while Argentina’s strong international traffic trends continue to support momentum.

Commercial Revenue Drivers

Commercial revenues grew significantly in 2025, especially from VIP lounges, parking, fueling, and cargo. This positive trend persists into the new year, albeit at a slower pace, reflecting the company’s focus on commercial optimization and revenue‑per‑passenger growth across its portfolio.

Acquisition Funding & Expansion

Jorge Arruda indicated that the company would primarily use its cash reserves for acquisitions, given the scale of opportunities under consideration. The firm remains confident in its ability to expand the portfolio through strategic investments, exploring prospects in the Middle East, Central Asia, Africa, and the Americas.

3. NewsRoom

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Corporación América Airports Announces the Filing of its Annual Report on Form 20-F for Fiscal Year 2025

Apr -10

Source: businesswire.com

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Critical Analysis: Corporacion America Airports (NYSE:CAAP) & Ryanair (NASDAQ:RYAAY)

Mar -26

Source: defenseworld.net

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Contrasting Allegiant Travel (NASDAQ:ALGT) & Corporacion America Airports (NYSE:CAAP)

Mar -25

Source: defenseworld.net

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Corporación América Airports S.A. (CAAP) Q4 2025 Earnings Call Transcript

Mar -17

Source: seekingalpha.com

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Corporación América Airports S.A. Reports February 2026 Passenger Traffic

Mar -16

Source: businesswire.com

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Corporacion America Airports (NYSE:CAAP) and Ryanair (NASDAQ:RYAAY) Head-To-Head Analysis

Mar -16

Source: defenseworld.net

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35,803 Shares in Corporacion America Airports S.A. $CAAP Purchased by Altrinsic Global Advisors LLC

Mar -15

Source: defenseworld.net

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

Mar -11

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

Stock-Card
ENAV

A-Score: 6.4/10

Value: 3.9

Growth: 5.8

Quality: 5.0

Yield: 8.1

Momentum: 6.5

Volatility: 9.3

1-Year Total Return ->

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Flughafen Wien

A-Score: 6.0/10

Value: 4.0

Growth: 6.7

Quality: 8.0

Yield: 3.8

Momentum: 4.5

Volatility: 9.0

1-Year Total Return ->

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Zurich Airport

A-Score: 5.6/10

Value: 2.4

Growth: 5.8

Quality: 6.2

Yield: 3.1

Momentum: 6.0

Volatility: 10.0

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IAG

A-Score: 5.2/10

Value: 7.1

Growth: 4.8

Quality: 5.0

Yield: 1.9

Momentum: 8.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Corporación América Airports

A-Score: 4.7/10

Value: 4.6

Growth: 6.9

Quality: 6.9

Yield: 0.0

Momentum: 7.0

Volatility: 2.7

1-Year Total Return ->

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Aeroports de Paris

A-Score: 4.5/10

Value: 3.2

Growth: 5.9

Quality: 2.9

Yield: 2.5

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

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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

26.61$

Current Price

26.61$

Potential

-0.00%

Expected Cash-Flows