Corporación América Airports
Multi-country concession cash flows depend on traffic, tariff frameworks, commercial execution and currency. Excluding IFRIC 12 construction services clarifies underlying operating revenue.
Business at a glance
Multi-country concession cash flows depend on traffic, tariff frameworks, commercial execution and currency. Excluding IFRIC 12 construction services clarifies underlying operating revenue.
Operating footprint: Airport concessions in Argentina, Brazil, Uruguay, Armenia, Italy and Ecuador
Managed airports and airport interests
Corporación América Airports’ 2025 reporting portfolio comprised 52 airports in six countries. The airport lists show its concessions and operating-company interests; 37 of the airports are in Argentina.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
Argentina · 37 airportsAirport concessions / operating interests
- Bariloche (BRC)
- Catamarca (CTC)
- Buenos Aires Aeroparque (AEP)
- Comodoro Rivadavia (CRD)
- Córdoba (COR)
- Esquel (EQS)
- Buenos Aires Ezeiza (EZE)
- Formosa (FMA)
- General Pico (GPO)
- Iguazú (IGR)
- Jujuy (JUJ)
- La Rioja (IRJ)
- Malargüe (LGS)
- Mar del Plata (MDQ)
- Mendoza (MDZ)
- Paraná (PRA)
- Posadas (PSS)
- Puerto Madryn (PMY)
- Reconquista (RCQ)
- Resistencia (RES)
- Río Cuarto (RCU)
- Río Gallegos (RGL)
- Río Grande (RGA)
- Salta (SLA)
- San Fernando (FDO)
- San Luis (LUQ)
- San Rafael (AFA)
- San Juan (UAQ)
- Santa Rosa (RSA)
- Santiago del Estero (SDE)
- Tucumán (TUC)
- Viedma (VDM)
- Villa Reynolds (VME)
- El Palomar (EPA)
- Neuquén (NQN)
- Bahía Blanca (BHI)
- Termas de Río Hondo (RHD)
The 37 include the Aeropuertos Argentina concession network and the other Argentine concessions. General-aviation or inactive commercial facilities should not be assumed to have scheduled passenger traffic.
Brazil · 1 airportAirport concession
- Brasília (BSB)
Natal was divested in 2024 and is outside this reporting portfolio.
Uruguay · 8 airportsAirport concessions
- Montevideo / Carrasco (MVD)
- Punta del Este (PDP)
- Rivera (RVY)
- Salto (STY)
- Carmelo
- Durazno (DZO)
- Melo (MLZ)
- Paysandú (PDU)
Armenia · 2 airportsAirport concessions
- Yerevan / Zvartnots (EVN)
- Gyumri / Shirak (LWN)
Ecuador · 2 airportsAirport concessions
- Guayaquil (GYE)
- Galápagos / Baltra (GPS)
Italy · 2 airportsOperating interests through Toscana Aeroporti
- Pisa (PSA)
- Florence (FLR)
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| Buenos Aires Aeroparque · AEP | Argentina | Calendar 2025 | 17.815m | 2024: 14.941m · 2023: 15.628m |
| Buenos Aires Ezeiza · EZE | Argentina | Calendar 2025 | 12.002m | 2024: 11.362m · 2023: 10.826m |
| Córdoba · COR | Argentina | Calendar 2025 | 3.261m | 2024: 2.862m · 2023: 2.972m |
| Bariloche · BRC | Argentina | Calendar 2025 | 2.563m | 2024: 2.375m · 2023: 2.603m |
| Mendoza · MDZ | Argentina | Calendar 2025 | 2.648m | 2024: 2.311m · 2023: 2.426m |
| Iguazú · IGR | Argentina | Calendar 2025 | 1.785m | 2024: 1.504m · 2023: 1.567m |
| Brasília · BSB | Brazil | Calendar 2025 | 16.7m | Airport passenger traffic |
| Montevideo / Carrasco · MVD | Uruguay | Calendar 2025 | 2.1m | Airport passenger traffic |
| Yerevan / Zvartnots · EVN | Armenia | Calendar 2025 | 5.6m | Airport passenger traffic |
| Gyumri / Shirak · LWN | Armenia | Calendar 2025 | 138,000 | Airport passenger traffic |
| Guayaquil · GYE | Ecuador | Calendar 2025 | 4.2m | Airport passenger traffic |
| Galápagos / Baltra · GPS | Ecuador | Calendar 2025 | 528,000 | Airport passenger traffic |
| Pisa · PSA | Italy | Calendar 2025 | 6.0m | Airport passenger traffic |
| Florence · FLR | Italy | Calendar 2025 | 3.8m | Airport passenger traffic |
Argentine airport values are converted from thousands of passengers and rounded to three decimals in millions. Other rows use the operator’s rounded 2025 airport summaries. Country financial segments are not treated as airport-level financial accounts.
Portfolio research checked 30 September 2026. An unavailable airport metric is left unreported; group financials are not allocated by passenger share.
Key operating and financial figures
Source: CAAP Q2 2026 results filed with the SEC. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Calendar years · year ended 31 December
CAAP consolidated airport portfolio. Financial figures are as reported in US dollars, including IAS 29 accounting where applicable.
Passengers
Revenue excluding construction
Adjusted EBITDA excluding IFRIC 12
Net debt / adjusted EBITDA
Charts use annual results. Gaps indicate unavailable values; the table shows the annual series.
Full-year history
Read across the years to compare traffic, income and the economics of the airport business. Scroll horizontally on smaller screens.
| Indicator / unit | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Passengersmillion · Traffic | 65.6 | 81.1 | 79.0 | 86.7 |
| Traffic growth, calculated% · Traffic | — | 23.6 | -2.6 | 9.7 |
| Reported revenueUS$m · Financial | 1,378.7 | 1,400.0 | 1,843.3 | 1,962.1 |
| Revenue excluding constructionUS$m · Financial | 1,228.9 | 1,255.3 | 1,619.9 | 1,756.4 |
| Adjusted EBITDA excluding IFRIC 12US$m · Financial | 454.8 | 671.3 | 622.2 | 715.5 |
| Adjusted EBITDA margin excluding construction, calculated% · Financial | 37.0 | 53.5 | 38.4 | 40.7 |
| Net income attributable to ownersUS$m · Financial | 168.2 | 239.5 | 282.7 | 247.7 |
| Net debt / adjusted EBITDA× · Capital | 2.4 | 1.4 | 1.1 | 0.7 |
Traffic growth is calculated from consecutive years in the traffic series above and may differ slightly from growth rates published using unrounded or adjusted figures. The first year has no preceding year in this table.
What the numbers say
Traffic reached 86.7m in 2025 after dipping in 2024. Operating revenue and EBITDA recovered, while reported leverage declined.
The exceptionally high 2023 EBITDA includes a US$166.5m Natal concession termination indemnity. Currency and Argentine inflation accounting also affect the reported US-dollar series.
Historical sources and comparability
- Construction revenue and its EBITDA contribution are excluded from the operating revenue and EBITDA rows. Reported total revenue is shown separately. The construction-excluded margin is calculated from these two published operating series.
- The 2023 EBITDA excluding that indemnity was US$504.8m. IAS 29 and exchange-rate effects mean reported dollar changes are not a direct measure of underlying airport demand. No constant-currency series is reconstructed here.
- Annual history is separate from the latest interim or rolling-period snapshot. Operator definitions and reporting perimeters differ, so these profiles are not a like-for-like league table.
What drives the airport business
Compare reported and ex-IFRIC 12 revenue while accounting for Argentine hyperinflation.
Track domestic and international traffic separately, especially in Argentina.
Watch concession obligations and commercial revenue alongside passenger growth.
Source and method
This profile uses the operator’s own published figures. Group metrics are not assigned to an individual airport. Passenger volume is an activity measure, not revenue; construction-accounting and adjusted-profit labels follow the source. Where a comparable financial measure is not publicly available, it is not estimated.
Read the official CAAP Q2 2026 results filed with the SEC ↗