Here are 1-3 brief analogies for Corporacion America Airports (CAAP):

• It's like Simon Property Group (SPG), but instead of shopping malls, they own and operate entire airport complexes globally.
• Think of it as a global toll road operator such as Transurban, but for the world's airports and their associated services.
• Imagine Delta Airlines or United Airlines, but instead of flying planes, CAAP owns and manages the airports themselves – the runways, terminals, retail, and services for air travel.

• Aeronautical Services: These include fees charged to airlines for aircraft landing, parking, and passenger boarding, representing core airport operations and infrastructure usage.
• Commercial Services: These generate revenue from retail, food and beverage outlets, duty-free shops, car rental agencies, advertising, and parking facilities, serving as terminal concessions and passenger amenities.
• Cargo Services: These encompass facilities and operations for the processing, storage, and transfer of air freight, forming its air cargo logistics and handling segment.

Corporacion America Airports (CAAP) primarily sells its services to other companies rather than directly to individuals. While CAAP serves a vast number of airlines, concessionaires, and other commercial entities across its network of airports, its largest customer is Aerolíneas Argentinas, which accounted for 14.1% and 14.0% of its total revenues in 2022 and 2021, respectively. As Aerolíneas Argentinas is a state-owned company, it does not have a public stock symbol.

Beyond its largest customer, CAAP's customer base can be broadly categorized into the following types of companies:

• Airlines: These companies utilize CAAP's airport infrastructure for passenger and cargo flights, including services such as landing, aircraft parking, and passenger processing. Airlines pay various aeronautical fees to CAAP. Examples of other significant airlines that operate at CAAP's airports globally include, but are not limited to:

  • American Airlines Group Inc. (Symbol: AAL)
  • Delta Air Lines, Inc. (Symbol: DAL)
  • United Airlines Holdings, Inc. (Symbol: UAL)
  • LATAM Airlines Group S.A. (Historically traded as LTM, currently not publicly traded)
  • Deutsche Lufthansa AG (Symbol: LHA.DE)

• Commercial Concessionaires and Tenants: These are companies that operate retail stores, food and beverage outlets, duty-free shops, car rental services, advertising spaces, and other commercial services within CAAP's airports. They typically pay rent and/or a percentage of their revenues to CAAP.

  • Dufry AG (Symbol: DUFN) - A major global travel retailer.
  • Starbucks Corporation (Symbol: SBUX) - Often through franchisees operating within airports.
  • Avis Budget Group, Inc. (Symbol: CAR) - Car rental services.
  • Various other local and international retail, food service, and advertising companies.

• Cargo Airlines and Logistics Providers: These companies utilize airport facilities for cargo handling, storage, and transport, paying cargo-related fees.

  • FedEx Corporation (Symbol: FDX)
  • United Parcel Service, Inc. (Symbol: UPS)
  • Many other cargo carriers and logistics companies that operate at their airports.

Martin Eurnekian, Chief Executive Officer

Mr. Eurnekian has approximately 20 years of experience within Corporacion America Airports, having served across different positions and countries. He has more than 15 years of experience managing diverse businesses in seven different countries, primarily Latin America and Europe. He has led the processes associated with evaluating, acquiring, and constructing (or remodeling) many of the Company's airports. He also served as the chairman of AA2000 and is a member of the boards of directors of the airport operating companies controlled by the group. Mr. Eurnekian holds an Engineering degree in Information Technology from Universidad de Belgrano, Argentina. He has managed several airlines, including LAPA and Southernwinds in Argentina and Volare in Italy. He is the nephew of Eduardo Eurnekian, owner of the Corporación América holding company, which also includes energy assets, a semiconductor maker, and real estate.

Jorge Arruda, Chief Financial Officer

Mr. Arruda joined Corporacion America Airports in 2014 and was appointed Chief Financial Officer effective May 1, 2021. He currently serves as Head of Finance and M&A and is also the CEO of Inframerica Brazil. Mr. Arruda has over 20 years of investment banking experience and more than 7 years in the airport industry. Prior to joining CAAP, he served as CEO and Head of Investment Banking at Nomura Securities Brazil. He has been leading CAAP's Brazilian operations as CEO since July 2017 and has led bond exchanges in Argentina and Uruguay, as well as renegotiated bank loans and concession agreement equilibriums.

Matías Patanian, Vice President of Aeropuertos Argentina 2000

Mr. Patanian serves as the Vice President of Aeropuertos Argentina 2000, a Corporacion America Airports subsidiary, and is also the Vice President of River Plate, a prominent Argentine football club. He has held strategic positions within Corporación América and maintains a strong relationship with Eduardo Eurnekian's holding. He has been involved in political lobbying efforts concerning the potential privatization of football clubs in Argentina.

Roberto Naldi, Head of European Business Development

Mr. Naldi is the Head of European Business Development for Corporacion America Airports. He also serves as the President of Corporación América Italia S.p.A. and is a member of the board of directors for Florence Airport and Pisa Airport. Prior to his current roles, he held various positions as a senior advisor and board member across different CAAP airports. Mr. Naldi holds a degree in Civil Engineering from the University of Florence, Italy.

Andres Zenarruza, Head of Legal and Compliance

Mr. Zenarruza is the Head of Legal and Compliance for Corporacion America Airports. Before joining CAAP, he worked in the legal department of the Corporate and Investment Bank of Citi in Argentina and was an associate at Baker and McKenzie's Buenos Aires office. He earned his law degree from the University of Buenos Aires and a Master of Laws from the University of Cambridge in 2002. He is recognized as a British Chevening Scholar and a Cambridge Overseas Trust Scholar.

The emergence of electric Vertical Take-Off and Landing (eVTOL) aircraft and the development of urban air mobility (UAM) networks represent a clear emerging threat. Companies like Joby Aviation, Archer Aviation, and Volocopter are rapidly progressing towards commercial operations, with significant investments from airlines and aerospace firms, and regulatory bodies actively working on certification. These eVTOLs are designed to offer short to medium-distance air travel, often point-to-point between urban centers or within large metropolitan areas, utilizing dedicated vertiports rather than traditional airports. This technology poses a threat to Corporacion America Airports by potentially diverting a segment of short-haul passenger traffic that would otherwise utilize CAAP's airports, thereby impacting passenger fees, airside revenues, and ancillary commercial activities such as parking, retail, and food and beverage services.

Corporacion America Airports (CAAP) operates across several core business segments, primarily airport operations which encompass both aeronautical and commercial services, and air cargo services. Their addressable markets can be sized as follows:

• Airport Services (Aeronautical and Non-Aeronautical): The global airport services market was valued at USD 196.96 billion in 2024 and is projected to reach USD 570.12 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period. Latin American air travelers are projected to reach a total of 731 million by 2037.
• Airport Retail and Concessions: The global airport retailing market size was valued at USD 29.0 billion in 2024 and is projected to reach USD 69.7 billion by 2033, demonstrating a CAGR of 10.2% from 2025-2033. In Latin America, the airport segment dominates the travel retail market, holding approximately 51% of the total market share in 2024, with the broader Latin America travel retail market expected to grow at a CAGR of less than 9%.
• Air Cargo Services: The Latin America air cargo and freight logistics market generated a revenue of USD 5,686.6 million in 2023 and is expected to reach USD 11,856.5 million by 2030, growing at a CAGR of 11.1% from 2024 to 2030. Specifically, the South America air cargo market was valued at US$ 6.13 billion in 2022 and is projected to reach US$ 7.41 billion by 2028, with a CAGR of approximately 3.2% during that period.

Corporacion America Airports (CAAP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Sustained Passenger Traffic Growth: The company anticipates continued strong passenger traffic across its diverse airport portfolio, with notable contributions from Argentina, Italy, Brazil, and Armenia. This growth, including an increase in both domestic and international travelers, directly translates into higher aeronautical and commercial revenues.

2. Expansion of Commercial Activities and Services: CAAP is actively implementing commercial initiatives to boost revenue, such as expanding duty-free zones at airports like Argentina's Ezeiza and developing new commercial spaces, including a shopping mall at Brasília Airport in Brazil, scheduled to open in April 2026. These efforts enhance the revenue generated per passenger.

3. Aeronautical Tariff Adjustments and Price Increases: The approval of significant increases in domestic passenger tariffs, particularly a 124% increase in Argentina effective November 1, is a direct and substantial driver for aeronautical revenue growth.

4. Growth in Air Cargo Revenues: Strong momentum in air cargo revenues, supported by improved pricing, the adoption of new cargo business models, and the ongoing expansion of e-commerce trends, is projected to significantly uplift both revenue and EBITDA margins.

5. Strategic Infrastructure Investments and Acquisitions: CAAP is focused on expanding its capacity and market presence through strategic infrastructure investments, such as the environmentally approved Florence Airport Master Plan and ongoing expansion projects in Armenia. The company is also actively seeking inorganic growth opportunities, including potential mergers and acquisitions and new concessions, to enhance its airport portfolio and competitiveness.

Outbound Investments

• In November 2025, Corporacion America Airports signed an award agreement to operate Baghdad International Airport in partnership with Amwaj International.
• As of September 2025, the company was actively in negotiations and bidding for new airport concessions in Montenegro and Angola.
• In 2021, Corporacion America Airports made a strategic decision to sell its operations in Peru.

Capital Expenditures

• For its Aeropuertos Argentina 2000 (AA2000) concession, CAAP completed infrastructure works for approximately USD 336 million plus VAT during Phase 1, primarily in 2022 and 2023.
• In 2024, AA2000 executed capital expenditure works for USD 52.0 million (VAT included), exceeding the required commitment for that year under Phase 2 of its investment plan in Argentina.
• Expected capital expenditures for AA2000 in Argentina include annual investments of approximately USD 41 million plus VAT between 2024 and 2027, totaling around USD 164 million plus VAT for Phase 2. Key areas of focus for capital expenditure initiatives in the first half of 2025 include expansion in Florence, Yerevan, and across its Argentine and Uruguayan networks.