Corporación América Airports S.A. Reports December 2024 Passenger Traffic

Rhea-AI Summary

Corporación América Airports (CAAP) reported a 3.2% year-over-year increase in passenger traffic for December 2024, reaching 6.97 million passengers. Excluding Natal airport operations, total traffic grew 6.6% YoY. International passenger traffic rose 11.4%, while domestic traffic declined 2.1%.

Notable highlights include Argentina achieving an all-time high monthly passenger traffic with a 7.0% YoY increase, driven by a 3.4% rise in domestic traffic and 16.2% growth in international traffic. Italy showed strong performance with 15.2% total growth, while Brazil saw an 11.3% decrease (3.4% increase excluding Natal). Cargo volume increased 9.3% YoY, with positive contributions from most countries. Aircraft movements grew 2.5% YoY across operations.

Positive

• Record-breaking monthly passenger traffic in Argentina (+7.0% YoY)
• Strong international passenger traffic growth (+11.4% YoY)
• Significant cargo volume increase (+9.3% YoY)
• Robust performance in Italy with 15.2% total passenger growth
• New route launches and increased flight frequencies across multiple markets

Negative

• Overall domestic passenger traffic declined 2.1% YoY
• Brazil's total passenger traffic decreased 11.3% YoY
• Total aircraft movements for FY'24 down 3.0% compared to FY'23
• Full-year 2024 total passenger traffic decreased 2.7% vs 2023

Insights

Aviation Industry Analyst

The December 2024 traffic data reveals several key strategic developments in CAAP's operations. The 3.2% YoY increase in total passenger traffic (or 6.6% excluding Natal) demonstrates resilient growth despite regional challenges. The 11.4% surge in international traffic is particularly noteworthy, indicating strong recovery in cross-border travel.

Argentina's performance stands out with an all-time high monthly traffic and 16.2% YoY growth in international passengers. The market dynamics are shifting with JetSMART's expansion and major carriers like United, Delta and Air Canada increasing frequencies. This diversification reduces dependency on any single carrier and strengthens competitive positioning.

Italy's robust 15.2% traffic growth, particularly the 25.3% surge in domestic traffic, showcases successful market penetration in a key European market. The Brazilian operation's adjusted 3.4% growth (ex-Natal) demonstrates resilience despite industry-wide aircraft constraints. The strategic exit from Natal Airport appears well-timed, allowing focus on more profitable operations.

Financial Analyst

The traffic metrics indicate positive revenue momentum for CAAP. The 9.3% increase in cargo volume is particularly important for diversifying revenue streams. Strong cargo growth in Argentina (12.8%), Uruguay (11.2%) and Armenia (46.2%) suggests robust commercial activity and potential for increased cargo handling revenues.

The expansion of international routes and frequencies by major carriers (United, Delta, Air Canada) typically generates higher aeronautical revenues through increased landing fees and passenger charges. The growth in aircraft movements (2.5% YoY) while handling more passengers indicates improved operational efficiency and capacity utilization.

The strategic portfolio rebalancing, evident in the Natal exit and growth in higher-margin international traffic (11.4% YoY), positions CAAP for improved profitability. The diversification across markets helps mitigate country-specific risks, while the strong performance in Argentina and Italy provides a solid foundation for sustained growth.

All-time high monthly PAX traffic in Argentina

Total passenger traffic down 3.2% YoY, or up 6.6% YoY ex-Natal

International passenger traffic up 11.4% YoY; up 16.2% YoY in Argentina

LUXEMBOURG--(BUSINESS WIRE)-- Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”), one of the leading private airport operators in the world, reported today a 3.2% year-on-year (YoY) increase in passenger traffic in December 2024. Excluding Natal for comparison purposes, total traffic in December increased by 6.6% YoY.

Monthly Passenger Traffic Performance (In million PAX) (Photo: Business Wire)

Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2024 vs. 2023)
Statistics	Dec'24	Dec'23	% Var.		FY’24		FY'23			% Var.
Domestic Passengers (thousands)	3,772	3,854	-2.1%		40,996		45,679			-10.3%
International Passengers (thousands)	2,554	2,293	11.4%		30,758		28,362			8.4%
Transit Passengers (thousands)	639	600	6.4%		7,227		7,106			1.7%
Total Passengers (thousands)1	6,965	6,747	3.2%		78,981		81,147			-2.7%
Cargo Volume (thousand tons)	39.5	36.1	9.3%		398.0		370.2			7.5%
Total Aircraft Movements (thousands)	73.3	71.5	2.5%		823.7		849.5			-3.0%

1 Excluding Natal for comparison purposes, total passenger traffic was up 6.6% in December and down 0.4% for FY 2024.

Passenger Traffic Overview

Total passenger traffic increased by 3.2% in December compared to the same month in 2023, or by 6.6% when adjusted for the discontinuation of operations at Natal Airport. Domestic passenger traffic decreased by 2.1% year-over-year but increased by 3.3% when excluding Natal. This growth was primarily driven by strong performance in Italy and a recovery in domestic traffic in Argentina. International traffic increased by 11.4%, mainly driven by growth in Argentina and Italy.

In Argentina, total passenger traffic increased by 7.0% YoY, marking an all-time high and an improvement compared to the 3.3% YoY decline recorded in November. This growth was primarily driven by a strong recovery in domestic traffic, which rose by 3.4% YoY, a significant rebound from the 7.2% YoY decline posted in November. JetSMART has continued to gain market share since initiating its growth strategy a few months ago and recently incorporated its first Airbus A320neo, bringing its domestic fleet to 12 aircraft. International passenger traffic increased by 16.2% YoY, up from the 10.3% YoY growth recorded in November. Among other developments, United Airlines began operating its second daily frequency to Houston every weekday through mid-February, while Delta Air Lines initiated its second daily frequency to Atlanta through mid-January. Additionally, Air Canada resumed its daily flights from Ezeiza through the end of March, and LATAM Airlines reinstated its seasonal route between Bariloche and Santiago de Chile. Also in December, Sky Peru launched flights to Lima from Aeroparque.

In Italy, passenger traffic grew by 15.2% compared to the same month in 2023. International passenger traffic, which accounted for almost 75% of the total traffic, increased by 11.9% YoY, driven by a 16.2% increase at Pisa airport and a 6.8% increase at Florence airport. Domestic passenger traffic increased by a strong 25.3% YoY, with strong performances at both Pisa and Florence airports.

In Brazil, total passenger traffic decreased by 11.3% YoY, or increased by 3.4% YoY when adjusting for the discontinuation of Natal Airport. These results reflect an improvement in traffic trends despite the still challenging aviation context and aircraft constraints in the country, along with the positive impact of the temporary closure of Porto Alegre airport. Domestic traffic, which accounted for almost 60% of the total traffic, was down 20.4% YoY, or up 0.9% when excluding Natal, while transit passengers were up 5.5% YoY. As a reminder, following the friendly termination process concluded in February 2024, CAAP no longer operates Natal Airport, effective February 19, 2024. Therefore, statistics for Natal are available up to February 18, 2024.

In Uruguay, total passenger traffic, predominantly international, continued its recovery, increasing by 8.2% YoY. In December, SKY Airline launched a new route connecting Montevideo with Rio de Janeiro, while Azul Linhas Aéreas began operating flights to Florianópolis. At Punta del Este Airport, the Company inaugurated the summer season with the first direct flight from Santiago de Chile to Punta del Este, operated by LATAM with three weekly flights from November to March.

In Ecuador, passenger traffic increased by 1.2% YoY, following a strong recovery in 2023. International passenger traffic increased by 4.4% YoY, while domestic traffic decreased by 2.9% YoY, impacted by high airfare prices affecting travel demand.

In Armenia, passenger traffic increased by 6.4% YoY, improving from last month's performance and following a strong recovery in 2023, which benefited from the introduction of new airlines and routes, as well as an increase in flight frequencies. The introduction of new routes has continued into 2024.

Cargo Volume and Aircraft Movements

Cargo volume increased by 9.3% compared to the same month in 2023, with positive YoY contributions from all countries of operation, except for Brazil and Ecuador: Argentina (+12.8%), Uruguay (+11.2%), Armenia (+46.2%), Italy (+7.6%), Ecuador (-6.9%) and Brazil (-12.0%). Argentina, Brazil, and Armenia accounted for more than 80% of the total cargo volume in December.

Aircraft movements increased by 2.5% YoY, with positive YoY contributions from all countries of operation, except for Brazil: Argentina (+6.1%), Uruguay (+1.3%), Armenia (+10.1%), Ecuador (+0.3%), Italy (+7.4%), and Brazil (-10.4%). Argentina, Brazil, and Ecuador accounted for more than 80% of total aircraft movements in December.

Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2024 vs. 2023)

	Dec'24		Dec'23		% Var.		FY'24		FY'23		% Var.
Passenger Traffic (thousands)
Argentina	4,089		3,822		7.0%		42,140		43,672		-3.5%
Italy	565		491		15.2%		9,038		8,162		10.7%
Brazil (1)	1,319		1,487		-11.3%		15,529		17,101		-9.2%
Uruguay	200		185		8.2%		2,241		1,951		14.9%
Ecuador	387		382		1.2%		4,682		4,840		-3.3%
Armenia	405		381		6.4%		5,351		5,421		-1.3%
TOTAL	6,965		6,747		3.2%		78,981		81,147		-2.7%

(1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up to February 18, 2024.

Cargo Volume (tons)
Argentina	21,248		18,844		12.8%		207,535		191,815		8.2%
Italy	1,140		1,059		7.6%		13,036		12,939		0.7%
Brazil	5,667		6,442		-12.0%		65,629		66,634		-1.5%
Uruguay	3,027		2,721		11.2%		32,268		31,180		3.5%
Ecuador	3,320		3,567		-6.9%		37,344		33,812		10.4%
Armenia	5,050		3,454		46.2%		42,235		33,852		24.8%
TOTAL	39,451		36,087		9.3%		398,047		370,232		7.5%
Aircraft Movements
Argentina	42,674		40,212		6.1%		449,699		458,594		-1.9%
Italy	5,153		4,796		7.4%		82,227		77,929		5.5%
Brazil	11,876		13,257		-10.4%		143,202		158,408		-9.6%
Uruguay	3,658		3,612		1.3%		32,536		31,986		1.7%
Ecuador	6,518		6,500		0.3%		76,145		78,483		-3.0%
Armenia	3,416		3,102		10.1%		39,862		44,073		-9.6%
TOTAL	73,295		71,479		2.5%		823,671		849,473		-3.0%

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250120834257/en/

Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com

Phone: +5411 4899-6716

Source: Corporación América Airports

FAQ

What was CAAP's passenger traffic growth in December 2024?

CAAP reported a 3.2% year-over-year increase in passenger traffic in December 2024, or 6.6% when excluding Natal airport operations.

How did CAAP's international passenger traffic perform in December 2024?

International passenger traffic increased by 11.4% year-over-year in December 2024, with particularly strong growth in Argentina (+16.2%).

What was the cargo volume performance for CAAP in December 2024?

Cargo volume increased by 9.3% compared to December 2023, with positive contributions from most countries of operation.

How did CAAP's Argentina operations perform in December 2024?

Argentina achieved an all-time high monthly passenger traffic with a 7.0% YoY increase, including 3.4% growth in domestic traffic and 16.2% in international traffic.

What was CAAP's full-year 2024 passenger traffic compared to 2023?

CAAP's full-year 2024 total passenger traffic decreased by 2.7% compared to 2023, though it was only down 0.4% when excluding Natal airport.