Q1 2025 Corporacion America Airports SA Earnings Call Transcript
Key Points
- Total passenger traffic grew by over 7% year-over-year, with strong performance in Argentina and Italy.
- International traffic increased nearly 13%, driven by Argentina and Italy, while domestic traffic rose 4%.
- Adjusted EBITDA excluding IAS29 rose 4% year-over-year, supported by strong contributions from Argentina, Uruguay, and Ecuador.
- Corporacion America Airports SA maintained a solid liquidity position with $524 million and a net leverage ratio of 1.1 times.
- The company is actively pursuing expansion opportunities, including proposals in Montenegro and Angola, and is enhancing its business development capabilities.
- Inflationary pressures in Argentina led to peso-denominated operating costs rising significantly, impacting EBITDA.
- Currency devaluations in Brazil and Italy negatively affected reported revenues in US dollars.
- Aeronautical revenues in Italy declined despite traffic growth due to increased marketing support for low-cost airlines.
- Total costs and expenses excluding IFRIC12 rose 17.7% year-over-year, driven by higher maintenance expenses and concession fees.
- The bureaucratic process for expansion in Italy is slow, with uncertain timelines for environmental impact approval.
Good morning, and welcome to the Corporacion America Airports' first quarter 2025 conference call. A slide presentation accompanies today's webcast and is available in the Investors section of the company's website.
(Operator Instructions) At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Please go ahead.
Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martin Eurnekian, our Chief Executive Officer; and Jorge Arruda, our Chief Financial Officer.
Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Please note that throughout this call, all
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