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

Rhea-AI Summary

Corporación América Airports (CAAP) reported a 5.3% year-over-year increase in passenger traffic for January 2025, reaching 6.99 million passengers. Excluding Natal operations, total traffic grew 9.5% YoY. International passenger traffic rose significantly by 13.9%, while domestic traffic declined 1.0% (but grew 5.9% excluding Natal).

Argentina showed strong performance with a 12.8% total traffic increase, marking an all-time high, driven by 8.8% domestic and 22.0% international growth. Italy grew 5.6%, Brazil declined 14.3% (but grew 2.8% excluding Natal), Uruguay increased 4.7%, Ecuador rose 8.1%, and Armenia grew 6.7%. Cargo volume increased 12.2% YoY, while aircraft movements rose 1.2%.

Positive

• Total passenger traffic increased 5.3% YoY (9.5% excluding Natal)
• International passenger traffic up 13.9% YoY
• Argentina achieved all-time high monthly traffic, up 12.8% YoY
• Cargo volume increased 12.2% YoY
• Aircraft movements grew 1.2% YoY

Negative

• Domestic passenger traffic declined 1.0% YoY
• Brazil total passenger traffic decreased 14.3% YoY
• Brazil aircraft movements declined 12.6% YoY
• Discontinuation of Natal Airport operations

Insights

Airport Operations & Financial Analyst

The January 2025 traffic data reveals several strategically significant trends for CAAP's operational and financial outlook. The 13.9% surge in international passengers is particularly noteworthy, as international traffic typically generates higher aeronautical revenues per passenger through increased duty-free spending and higher airport fees.

Argentina's performance stands out with 22% YoY growth in international traffic, demonstrating successful market recovery and route development strategies. This shift toward international traffic mix should positively impact CAAP's revenue per passenger metrics, as international passengers typically generate 2-3x more revenue than domestic travelers.

The cargo volume increase of 12.2% signals strengthening commercial activity, with notable growth in Uruguay (45.9%) and Armenia (28.8%). These markets are emerging as important secondary growth drivers, diversifying revenue streams beyond the core Argentine operations.

Uruguay's strategic expansion with new routes to Rio de Janeiro, Florianópolis, and Santiago demonstrates effective airline partnership development, particularly important during the peak summer season. The 4.7% traffic growth in Uruguay, despite being a smaller market, represents high-value leisure traffic with strong spending characteristics.

Operational efficiency remains strong, with aircraft movements growing at a slower rate (1.2%) than passenger traffic (5.3%), indicating improved load factors and resource utilization. This operational leverage should support margin expansion, particularly important given the high fixed-cost nature of airport operations.

The Brazilian market transition, excluding Natal, shows signs of stabilization with a 2.8% adjusted growth, suggesting the core operations are maintaining momentum despite broader industry challenges. The strategic exit from Natal allows management to focus resources on more profitable operations.

Another all-time high monthly PAX traffic in Argentina

Total passenger traffic up 5.3% YoY, or up 9.5% YoY ex-Natal

International passenger traffic up 13.9% YoY; up 22.0% 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 5.3% year-on-year (YoY) increase in passenger traffic in January 2025. Excluding Natal for comparison purposes, total traffic in January increased by 9.5% YoY.

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

Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2025 vs. 2024)
Statistics	Jan'25	Jan'24	% Var.
Domestic Passengers (thousands)	3,573	3,610	-1.0%
International Passengers (thousands)	2,717	2,387	13.9%
Transit Passengers (thousands)	705	643	9.6%
Total Passengers (thousands)1	6,995	6,640	5.3%
Cargo Volume (thousand tons)	32.1	28.6	12.2%
Total Aircraft Movements (thousands)	70.6	69.8	1.2%
1 Excluding Natal for comparison purposes, total passenger traffic was up 9.5% in January.

Passenger Traffic Overview

Total passenger traffic increased by 5.3% in January compared to the same month in 2024, or by 9.5% when adjusted for the discontinuation of operations at Natal Airport. Domestic passenger traffic declined by 1.0% year-over-year but grew by 5.9% when excluding Natal. This growth was primarily driven by a strong recovery in domestic traffic in Argentina. Meanwhile, international traffic rose by 13.9%, with all operating countries contributing positively year-over-year. Argentina, in particular, accounted for 80% of the total international traffic growth.

In Argentina, total passenger traffic increased by 12.8% YoY, an improvement from the 7.0% YoY growth recorded in December, marking another all-time high. This increase was primarily driven by a strong recovery in domestic traffic, which rose by 8.8% YoY, up from the 3.4% YoY growth recorded in December. As a reminder, domestic traffic YoY comparisons are no longer impacted by the ‘Previaje’ incentive program, which was suspended in December 2023 following the swearing-in of the new government. International passenger traffic continued to perform well and increased by a robust 22.0% YoY, up from the 16.2% YoY growth recorded in December.

In Italy, passenger traffic grew by 5.6% compared to the same month in 2024. International passenger traffic, which accounted for over 75% of the total traffic, increased by 5.2% YoY, driven by an 8.1% increase at Pisa airport and a 2.0% increase at Florence airport. Domestic passenger traffic increased by 7.0% YoY, with strong performances at both Pisa and Florence airports.

In Brazil, total passenger traffic decreased by 14.3% YoY, or increased by 2.8% 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. Domestic traffic, which accounted for over 50% of the total traffic, was down 28.2% YoY, or 3.5% when excluding Natal, while transit passengers were up 9.7% 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, rising by 4.7% YoY, driven by new routes launched for the summer season. In December, SKY Airline introduced 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 kicked off 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 rose by 8.1% year-over-year, despite ongoing security concerns in the country. International passenger traffic increased by 13.1% YoY, while domestic traffic grew by 3.2% YoY, affected by high airfare prices, which have impacted travel demand.

In Armenia, passenger traffic increased by 6.7% YoY, following a strong recovery post-Covid. This growth was supported by the introduction of new airlines and routes, along with an increase in flight frequencies.

Cargo Volume and Aircraft Movements

Cargo volume increased by 12.2% compared to the same month in 2024, with positive YoY contributions from all countries of operation, except for Brazil and Ecuador: Argentina (+14.1%), Uruguay (+45.9%), Armenia (+28.8%), Italy (+4.3%), Ecuador (-4.8%) and Brazil (-4.7%). Argentina, Brazil, and Armenia accounted for almost 80% of the total cargo volume in January.

Aircraft movements increased by 1.2% YoY, with positive YoY contributions from all countries of operation, except for Brazil: Argentina (+4.5%), Uruguay (+1.7%), Armenia (+6.3%), Ecuador (+3.9%), Italy (+3.8%), and Brazil (-12.6%). Argentina, Brazil, and Ecuador accounted for more than 80% of total aircraft movements in January.

Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2025 vs. 2024)

	Jan'25	Jan'24	% Var.
Passenger Traffic (thousands)
Argentina	4,218	3,738	12.8%
Italy	485	459	5.6%
Brazil (1)	1,283	1,497	-14.3%
Uruguay	243	232	4.7%
Ecuador	373	345	8.1%
Armenia	393	368	6.7%
TOTAL	6,995	6,640	5.3%
(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	17,658	15,471	14.1%
Italy	1,073	1,029	4.3%
Brazil	4,434	4,653	-4.7%
Uruguay	2,950	2,022	45.9%
Ecuador	2,811	2,953	-4.8%
Armenia	3,128	2,429	28.8%
TOTAL	32,054	28,557	12.2%
Aircraft Movements
Argentina	41,116	39,352	4.5%
Italy	4,524	4,359	3.8%
Brazil	11,072	12,665	-12.6%
Uruguay	3,899	3,835	1.7%
Ecuador	6,853	6,594	3.9%
Armenia	3,148	2,961	6.3%
TOTAL	70,612	69,766	1.2%

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/20250218936620/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 total passenger traffic growth in January 2025?

CAAP reported a 5.3% year-over-year increase in total passenger traffic in January 2025, or 9.5% when excluding Natal operations.

How did CAAP's international passenger traffic perform in January 2025?

International passenger traffic increased by 13.9% year-over-year, with positive contributions from all operating countries.

What was the impact of Natal Airport's discontinuation on CAAP's Brazilian operations?

Brazil's total passenger traffic decreased 14.3% YoY, but showed 2.8% growth when adjusted for the discontinuation of Natal Airport operations.

How did CAAP's Argentina operations perform in January 2025?

Argentina achieved an all-time high with 12.8% YoY total traffic growth, including 8.8% domestic and 22.0% international traffic growth.

What was CAAP's cargo volume performance in January 2025?

Cargo volume increased by 12.2% YoY, with positive contributions from all countries except Brazil and Ecuador.