CORPORACION AMERICA AIRPORTS S.A. (CAAP)

Corporación América Airports S.A. (CAAP) acquires, develops and operates airport concessions and describes itself as a leading private airport operator. It has operated since 1998, when it won the Argentine concession for 33 airports as part of the AA2000 consortium. It now operates 52 airports across Latin America, Europe and Eurasia. It has recently been awarded concessions for Baghdad International Airport in Iraq and Dr. António Agostinho Neto International Airport in Angola, but the definitive agreements are still under negotiation or pending. It completed its initial public offering in February 2018.

Revenue falls into four categories: aeronautical, commercial, construction service and other. Aeronautical revenue comes from passenger fees and aircraft landing and parking charges, with international fees generally higher than domestic or transit fees. Commercial revenue comes from cargo and warehouse services, duty free and retail shops, car parking, catering, hangar services, food and beverage, advertising, fuel, VIP lounges, car rentals and rent of space. Construction service revenue reflects concession-mandated improvements, accounted for under IFRIC 12. The concessions follow three models: single till in Argentina, dual till in Italy and inflation-based tariffs in Armenia, Ecuador, Uruguay and Brazil. For 2025 the company reported consolidated revenue of US$1,962.1 million, net income from continuing operations of US$257.7 million and Adjusted EBITDA of US$727.8 million.

Argentina is the largest market. The company operates 37 of the country's 56 national system airports, including Ezeiza and Aeroparque, through AA2000 (85.0% owned), Bahía Blanca (BBL, 85.0%) and Neuquén (ANSA, 77.7%). Its Argentine airports handle over 93.4% of the country's commercial passenger traffic. The AA2000 concession runs to 2038 and carries a 15% concession fee on revenues excluding construction services. Argentina accounted for 54.7% of passengers and 54.5% of revenue in 2025. Other operations are: - Italy: Pisa and Florence airports through Toscana Aeroporti, in which it holds 62.3%. - Brazil: Brasilia Airport through ICAB (51.0%). - Uruguay: Carrasco and Punta del Este airports, plus six regional airports added in 2021. - Ecuador: Guayaquil (TAGSA, 50.0%) and Galapagos (ECOGAL, 99.9%). - Armenia: Zvartnots and Shirak airports, with the concession extended to 2067. - Peru: 50% of the AAP southern Peru concession, transferred to Andino Investment Holding in December 2021.

In 2025 its airports served 86.7 million passengers and handled 876,428 aircraft movements. About 39.4% of passengers were international, 51.3% domestic and 9.3% transit.

The company holds its concessions through local subsidiaries and consortia. It contracts third parties through bidding processes for construction and improvement work, except in Italy, where it also owns a construction company. Its concessions are granted by governmental authorities for limited periods, with extension options in some cases. Corporación América Airports S.A. was formed in 2012, under a former name, to consolidate its airport interests. The text does not give its headquarters location or competitors.