Q2 2026 Corporacion America Airports SA Earnings Call Transcript
Key Points
- International passenger traffic grew nearly 6% with double-digit growth in Armenia and positive contributions across all markets, including Argentina.
- Consolidated revenue per passenger rose nearly 9% to $22.9, driven by stronger commercial performance with increases across every country, including Argentina.
- Four of six segments delivered double-digit EBITDA growth, with Italy up 19%, Brasilia up 32%, Armenia up 21%, and Ecuador up 17%.
- Net debt declined to $381 million from $502 million at year-end 2025, with net leverage at a low 0.5 times.
- Board approved a cash dividend of $150 million (approximately $0.91 per share), marking a milestone in capital allocation and enhancing shareholder returns.
- Adjusted EBITDA declined 4.5% year-over-year, primarily due to a challenging comparison base for cargo revenues in Argentina and lower domestic seat capacity.
- Domestic traffic in Argentina declined nearly 12% due to reduced airline capacity, particularly from Flybondi's reduced operating fleet and higher fuel prices.
- Uruguay's adjusted EBITDA fell 16% due to non-recurring costs, including implementation of a new ILS system and maintenance expenses, with margin contracting 8.4 percentage points.
- Cargo revenues in Argentina declined significantly due to an extraordinary bad year-over-year comparison base, as labor disruptions in 2025 had boosted storage revenues.
- Total costs and expenses increased 16% year-over-year, driven by higher fuel costs in Armenia, non-recurring costs in Uruguay, and local currency appreciation in Argentina and Uruguay.
Hello, everyone. Thank you for joining us, and welcome to Corporacion America Airports' second quarter 2026 earnings conference call. (Operator Instructions)
I will now hand the conference over to Inaki Anola, 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 statements. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and reading filings with the SEC.
We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or sentences. Please note that throughout this call, all references to revenues, cost, adjusted EBITDA and margin will refer to figures excluding IFRIC 12. Also, all
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