Corporación América Airports S.A. (NYSE:CAAP) reported fourth-quarter results that exceeded analyst expectations, supported by continued growth in passenger traffic across its airport network. Shares rose about 0.6% following the announcement.
The airport operator posted earnings per share of $0.65 for the quarter, beating the analyst consensus estimate of $0.36 by $0.29. Revenue totaled $545.4 million, above the consensus forecast of $476.46 million and up 18.3% compared with the same period a year earlier.
Passenger traffic increased 9.1% year over year to 22.3 million travelers during the quarter. Revenue excluding construction services climbed 17.3% to $464.8 million, reflecting a 17.4% rise in aeronautical revenue and a 16.3% increase in commercial revenue. Adjusted EBITDA excluding IFRIC12 jumped 39.8% to $210.7 million from $150.8 million in the fourth quarter of 2024, with margins expanding by 7.3 percentage points to 45.3%.
The company also maintained a solid liquidity position, reporting $592.8 million in cash and cash equivalents as of December 31, 2025. Net debt to adjusted EBITDA stood at 0.7x.
“We closed the year with a very strong fourth quarter, achieving record traffic for both the quarter and the full year, supported by broad-based growth across our network,” said Martín Eurnekian, CEO of Corporación América Airports. “Revenue increased 17% YoY excluding construction services, once again outpacing traffic growth and driven by solid performance across both aeronautical and commercial revenues.”
For the full year 2025, passenger traffic rose 9.8% to 86.7 million. Revenue excluding construction services reached $1,756.4 million, representing an 8.4% increase year over year, while adjusted EBITDA excluding IFRIC12 advanced 15.0% to $715.5 million. The full-year adjusted EBITDA margin improved by 2.3 percentage points to 40.7%.
The company also expanded its global footprint during the year. It recently secured concession agreements to operate Baghdad International Airport in Iraq and the new international airport in Luanda, Angola. In January 2026, Corporación América Airports also extended its concession in Armenia by 35 years through 2067, committing to invest $425 million as part of the agreement.