Corporacion America Airports Sa · NYSE:CAAP
Corporacion America Airports Sa — Q3 2024 Earnings Presentation
21 slides from Corporacion America Airports Sa's earnings presentation, Nov 21, 2024
Slide 1: Third Quarter 2024 Earnings Call Presentation
Third Quarter 2024 Earnings Call Presentation
Slide 2: Disclaimer and Forward-Looking Statement
Third 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 are
Slide 3: Geographic diversification partially mitigated soft performance in Argentina
Third Quarter 2024 Geographic diversification partially mitigated soft ► Passenger traffic (PAX) down 3.9% YoY or 1.5% when adjusting for the discontinuation of performance in Argentina Natal airport concession ► 3Q24 Revenues down 4.2% YoY, in line with lower PAX Passenger Cargo Revenues* Adj. Adj.
Slide 4: Passenger traffic impacted by lower domestic travel in Argentina
Third Quarter 2024 Passenger traffic impacted by lower domestic travel in Argentina, partially offset by strong traffic performance in Uruguay, Argentina (inter), Italy, and Brazil (ex Natal) Monthly Passenger traffic 14.0 Passenger Traffic by Country (in millions) (In millions) 12.0 11.5 11.5 8.5 1
Slide 5: Cargo volumes up 4% YoY supported by growth in Armenia, Italy, Uruguay and Argentina
Third Quarter 2024 Cargo volumes up 4% YoY supported by growth in Armenia, Italy, Uruguay and Argentina Monthly Cargo Volume Cargo Volume by Country (in Thousand Tons) (in Thousand Tons) 45.0 60.0 53.5 50.1 50.0 47.9 40.0 40.0 35.0 30.0 30.0 21.0 20.0 16.9 16.5 25.0 10.7 8.2 8.4 8.7 9.4 10.0 6.8 7.4
Slide 6: Topline declined by low single-digits, in line with PAX performance
Third Quarter 2024 Topline declined by low single-digits, in line with PAX performance Revenue by type – vs 3Q23 (ex-IFRIC12; in US$ million) -4.2% ► Total Revenues ex-IFRIC12 down 4.2% YoY, in line with decline in PAX o Aeronautical revenues down 1.5% YoY, mainly reflecting tough comparisons from a
Slide 7: Costs & expenses up 5% mainly driven by inflationary pressures in Argentina
Third Quarter 2024 Costs & expenses up 5% mainly driven by inflationary pressures in Argentina; Remain focused on cost controls Total Costs and Expenses – vs 2Q23 (ex-IFRIC; in US$ million) +5% ► Total Costs and Expenses ex-IFRIC12 up 5% YoY, driven by the impact of higher inflation compared to curr
Slide 8: Adjusted EBITDA remains affected by Argentina
Third Quarter 2024 Adjusted EBITDA remains affected by Argentina; Solid performance in Uruguay, Brazil and Italy (excl. one-off) Adjusted EBITDA – vs 3Q23 (ex-IFRIC; in US$ million) 41% Adjusted EBITDA Margin Ex- IFRIC12 36% Argentina As Reported -$28 million -16% ► Adj. EBITDA Ex-IFRIC12 down 16% Y
Slide 9: Robust cash flow boosted total liquidity by 32% vs. 2023 year-end
Third Quarter 2024 Robust cash flow boosted total liquidity by 32% vs. 2023 year-end; positive operating cash flow across all operating subsidiaries Cash Provided by Operating Activities: $370 M ► Total liquidity position1 of $605M as of September 30, 2024, up from $458M as of year end 2023 ► All op
Slide 10: Strong financial position with a net leverage ratio at an all-time low of 0.9x
Third Quarter 2024 Strong financial position with a net leverage ratio at an all-time low of 0.9x and a healthy debt maturity profile Total Debt Maturity Profile (1) Liquidity Total Debt Breakdown by Country Position (interest and principal payments) (September 30, 2024) (September 30, 2024; US$ Mil
Slide 11: Closing Remarks
Closing Remarks
Slide 12: Third Quarter 2024 closing remarks
Third Quarter 2024 ► Geographic diversification partially mitigates soft performance in Argentina amid challenging macroeconomic conditions ► Strong PAX performance in Argentina (inter), Uruguay, Italy and Brazil (ex Natal) ► Several initiatives to drive commercial revenue growth o Commenced work on
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: Adjusted EBITDA impacted by lower domestic traffic
Third Quarter 2024 Argentina: Adjusted EBITDA impacted by lower domestic traffic, lower commercial revenues and inflationary pressures on costs. International PAX traffic growth of 10% YoY. Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$
Slide 16: Italy: Passenger traffic growth of 6% YoY
Third Quarter 2024 Italy: Passenger traffic growth of 6% YoY; Revenues and Adjusted EBITDA reflecting tough comparisons from a $5.8M one-time tariff compensation received in 3Q23 Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (
Slide 17: Brazil: Traffic ex-Natal increased 6.2%
Third Quarter 2024 Brazil Traffic ex- Natal increased 6.2% despite financial and aircraft constraints in some local airlines. Adjusted EBITDA benefitted from a one- time gain of $2M from a reversal of a provision for economic re-equilibrium of the concession Passenger traffic Net Revenue by type Tot
Slide 18: Uruguay: Strong Adjusted EBITDA growth and margin expansion
Third Quarter 2024 Uruguay: Strong Adjusted EBITDA growth and margin expansion driven by robust traffic growth, tariff adjustments and higher commercial revenues Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$
Slide 19: Armenia: Passenger traffic declined 2%
Third Quarter 2024 Armenia: Passenger traffic declined 2% largely due to difficult comparisons with a strong 2023 bolstered by the addition of new airlines and an increase in flight frequencies Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in
Slide 20: Ecuador: Domestic traffic comparison affected by exit of local carrier
Third Quarter 2024 Ecuador: Domestic traffic comparison affected by exit of local carrier. Adjusted EBITDA margin impacted by higher costs and expenses Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (in US$ million) ( in US$ million) (ex-IFRIC in US$ mil
Slide 21: IR Contact
IR Contact Patricio Iñaki Esnaola Email: Patricio.esnaola@caairports.com Phone: +5411 4899 6716
Corporacion America Airports — Q3 2024 Earnings Presentation on 6ix