Corporación América Airports (NYSE:CAAP), one of the world's largest private airport operators, delivered a strong finish to fiscal 2025, characterized by robust top-line growth and a dramatic expansion in profitability.
Consolidated revenues (excluding IFRIC12) reached $464.8 million for the fourth quarter, representing a 17.3% increase over the same period in 2024.
The growth was balanced across the business, with aeronautical revenues up 17.4% and commercial revenues—which include retail, duty-free, and parking—climbing 16.3%.
The company’s operational engine remained in high gear throughout the quarter.
Passenger traffic rose 9.1% year-over-year to 22.3 million travelers, while aircraft movements increased 5.6% to 225.5 thousand.
While cargo volume saw a slight 1% dip to 117.1 thousand tons, the surge in passenger-related activity more than compensated for the softened freight demand.
This increased scale allowed CAAP to report an operating income of $128 million, up from $108.4 million in the year-ago quarter.
A defining feature of the report was the company's operating leverage.
Adjusted EBITDA (ex-IFRIC12) surged 39.8% to $210.7 million.
Even when stripping out the impact of hyperinflationary accounting (IAS 29) and one-off items, adjusted EBITDA still grew by a healthy 33.3%.
This efficiency gain was reflected in the adjusted EBITDA margin, which expanded by 730 basis points to 45.3%.
Management credited this performance to disciplined cost controls and a favorable mix of international passenger traffic, which typically generates higher per-capita spending.
Financially, CAAP remains in a highly defensive position with significant flexibility for future expansion.
The company ended the year with $592.8 million in cash and cash equivalents.
Its leverage profile reached a conservative net debt to LTM adjusted EBITDA ratio of 0.7x, down significantly from previous years.