Corporación América Airports reported Q2 revenue excluding construction services up 8.2% year over year to $470.7 million and net income up 6.9% to $52.8 million. Passenger traffic slipped 0.6% to 20.6 million, and adjusted EBITDA fell 4.5% to $160.3 million.
Revenue per passenger rose nearly 9%, with commercial revenue up 13.2% and aeronautical revenue up 3.7%. The article links the adjusted-EBITDA decline mainly to Argentina, where Flybondi reduced its fleet; cargo volume fell 1.5% to 95.7 thousand tons and aircraft movements fell 2.6% to 208.8 thousand. Non-recurring costs in Uruguay also weighed, while EBITDA grew in Italy, Brazil, Armenia and Ecuador.
At June 30, CAAP had $692.5 million in cash, and net debt was 0.5 times trailing adjusted EBITDA, down from 1.0 times a year earlier; its board approved $150 million in 2026 dividends. The article cites a 4.89 forward P/E as of September 25 and argues the shares are cheap, while noting management said Argentine airline-capacity limits, runway maintenance and difficult cargo comparisons may weigh on near-term results. Argentina’s concession rebalancing remained underway, and Florence Airport’s master plan was awaiting final regulatory clearance.
