Corporacion America Airports Sa · NYSE:CAAP
Corporacion America Airports Sa — Q4 2024 Earnings Presentation
21 slides from Corporacion America Airports Sa's earnings presentation, Mar 19, 2025
Slide 1: Fourth Quarter 2024 Earnings Call Presentation
Fourth Quarter 2024 Earnings Call Presentation
Slide 2: Disclaimer and Forward-Looking Statement
Fourth Quarter 2024 Disclaimer and Forward-Looking Statement Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include all statements that ar
Slide 3: Robust results across markets mitigated soft performance in Argentina
Fourth Quarter 2024 Robust results across markets mitigated ► Passenger traffic (PAX) down 1.2% YoY in 4Q (or up 1.5% ex-Natal) soft performance in Argentina, where PAX o Inter up 7.1% YoY; Argentina +11.3%, Italy +8.8% o Dom down 6.7% YoY (or 1.5% ex-Natal); Argentina (-5.9%) rebounded towards year
Slide 4: Sustained recovery in passenger traffic fueled by strong performance in Italy, Brazil, Uruguay
Fourth Quarter 2024 Sustained recovery in Passenger traffic fueled by strong performance in Italy, Brazil (ex-Natal), Uruguay and international traffic in Argentina Monthly Passenger traffic Passenger Traffic by Country (in millions) 14.0 (In millions) 12.0 11.7 11.5 4Q24: 20.5m 10.6 8.5 4Q23: 20.7m
Slide 5: Cargo volumes up 16% YoY supported by double-digit growth
Fourth Quarter 2024 Cargo volumes up 16% YoY supported by double-digit growth in Argentina, Armenia and Uruguay Monthly Cargo Volume Cargo Volume by Country (in Thousand Tons) (in Thousand Tons) 45.0 70.0 63.4 60.0 40.0 55.2 53.3 50.0 35.0 40.0 30.0 30.0 18.3 18.2 18.3 20.0 14.2 25.0 9.3 9.5 9.6 9.4
Slide 6: Topline slightly down, aligned with PAX trends
Fourth Quarter 2024 Topline slightly down, aligned with PAX trends Revenue by type – vs 4Q23 (ex-IFRIC12; in US$ million) -0.6% ► Total Revenues ex-IFRIC12 and Ex-IAS29 down 0.6% YoY, showing a smaller decline than the drop in traffic o Aeronautical revenues up 1.7% YoY, despite 1.2% PAX decline wit
Slide 7: Costs & expenses benefited from Rule IAS29 and Natal in 4Q23
Fourth Quarter 2024 Costs & expenses benefited from Rule IAS29 and Natal in 4Q23. Excluding extraordinary items, costs & expenses remained flat Total Costs and Expenses – vs 4Q23 (ex-IFRIC; in US$ million) ► Ex-IAS29 and ex-Natal impairment reversal of $103.8M in 4Q23, Total Costs and Expenses ex-IF
Slide 8: Adjusted EBITDA growth across all countries mitigated soft performance in Argentina
Fourth Quarter 2024 Adjusted EBITDA growth across all countries of operations mitigated soft performance in Argentina Adjusted EBITDA – vs 4Q23 (ex-IFRIC; in US$ million) Adjusted EBITDA Margin Ex- IFRIC12 41% 38% -6.7% ► Excluding Natal indemnification and the impact of Rule IAS29, Adj. EBITDA Ex-I
Slide 9: Strong cash flow generation fueled a 15% increase in total liquidity
Fourth Quarter 2024 Strong cash flow generation fueled a 15% increase in total liquidity vs. 2023; positive operating cash flow across all operating subsidiaries Cash Provided by Operating Activities: $405 M ► Total liquidity position1/2 of $526M as of December 31, 2024, up from $458M as of year end
Slide 10: Strong financial position with net leverage ratio of 1.1x
Fourth Quarter 2024 Strong financial position with a net leverage ratio of 1.1x and a healthy debt maturity profile Total Debt Maturity Profile Liquidity Total Debt Breakdown by Country Position1/2 (interest and principal payments) (December 31, 2024) (December 31, 2024; US$ Million) 568 594 526 0%
Slide 11: Closing Remarks
Closing Remarks
Slide 12: Fourth Quarter 2024 closing remarks
Fourth Quarter 2024 ► Strong performance across key markets offset softer trends in Argentina, where passenger traffic rebounded to record-high in Dec’ 24 and Jan’ 25 ► Adjusted EBITDA margin expansion in all countries of operations, except Argentina ► Ongoing initiatives to enhance commercial reven
Slide 13: Questions & Answers
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Slide 14: Exhibits: Business and Financial Review of Key Countries of Operations
Exhibits: Business and Financial Review of Key Countries of Operations
Slide 15: Argentina: Strong PAX recovery by quarter-end
Fourth Quarter 2024 Argentina: Strong PAX recovery by quarter-end reaching all-time high in Dec’24 that continued into Feb’25; Adjusted EBITDA impacted by lower domestic traffic and commercial revenues Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-I
Slide 16: Italy: Passenger traffic up 11% YoY; strong Adjusted EBITDA growth
Fourth Quarter 2024 Italy: Passenger traffic up 11% YoY; Strong Adjusted EBITDA growth and margin expansion driven by traffic growth and robust performance in Parking F&B, and VIP Lounges Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ m
Slide 17: Brazil: Traffic ex-Natal up 6.5% YoY
Fourth Quarter 2024 Brazil: Traffic ex- Natal up increased 6.5% YoY; Double-digit growth in Adjusted EBITDA ex-Natal driven by PAX growth, commercial revenues and R$110M compensation for concession re-equilibrium Passenger traffic Net Revenue by type Total Cost and Expenses2 Adjusted EBITDA ( in mil
Slide 18: Uruguay: Strong Adjusted EBITDA growth and margin expansion
Fourth Quarter 2024 Uruguay: Strong Adjusted EBITDA growth and margin expansion driven by robust traffic growth, tariff adjustments and higher commercial revenues Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$
Slide 19: Armenia: Strong performance in Cargo, F&B & VIP Lounges
Fourth Quarter 2024 Armenia: Strong performance in Cargo, F&B & VIP Lounges fueled Adjusted EBITDA growth & 3pp Margin expansion Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) (ex-IFRIC in US$ million
Slide 20: Ecuador: High airfares weighed on domestic traffic
Fourth Quarter 2024 Ecuador: High airfares weighed on domestic traffic, while Adjusted EBITDA Margins expanded on strong operating leverage Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (in US$ million) ( in US$ million) (ex-IFRIC in US$ million) 27% 34
Slide 21: IR Contact
IR Contact Patricio Iñaki Esnaola Email: Patricio.esnaola@caairports.com Phone: +5411 4899 6716
Corporacion America Airports — Q4 2024 Earnings Presentation on 6ix