Corporación América Airports S.A. (CAAP): Business Model Canvas

Tauchen Sie ein in die komplexe Welt des Flughafenmanagements mit Corporación América Airports S.A. (CAAP), einem Kraftpaket, das die Luftfahrtinfrastruktur in ganz Lateinamerika verändert. Dieses dynamische Unternehmen hat den Flughafenbetrieb revolutioniert, indem es ein ausgeklügeltes Geschäftsmodell entwickelt hat, das über den reinen Transport hinausgeht und ein umfassendes Ökosystem aus Konnektivität, Innovation und strategischer Servicebereitstellung geschaffen hat. Von der Verwaltung hochmoderner Flughafeneinrichtungen bis hin zur Generierung mehrerer Einnahmequellen stellt CAAP einen überzeugenden Plan dafür dar, wie moderne Flughafenunternehmen in einer komplexen globalen Transportlandschaft erfolgreich sein können.

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Vereinbarungen mit Flughafeninfrastrukturentwicklern

Seit 2024 hat CAAP strategische Partnerschaften mit den folgenden Infrastrukturentwicklern aufgebaut:

Partner	Land	Investitionswert	Partnerschaftsfokus
Odebrecht Infraestrutura	Brasilien	125 Millionen Dollar	Ausbau der Flughafeninfrastruktur
Constructora OAS	Argentinien	87,3 Millionen US-Dollar	Modernisierung des Terminals

Partnerschaften mit internationalen Fluggesellschaften und Transportbehörden

Zu den Airline-Partnerschaften von CAAP gehören:

• LATAM Airlines Group: 22 Flughafenkonzessionen
• Air France-KLM: Passagierkonnektivitätsvereinbarungen
• Emirates: Zusammenarbeit bei der Bodenabfertigung

Airline-Partner	Jährlicher Personenverkehr	Dauer der Partnerschaft
LATAM Airlines	8,4 Millionen Passagiere	10-Jahres-Vertrag
Air France-KLM	3,2 Millionen Passagiere	5-Jahres-Vertrag

Zusammenarbeit mit lokalen und nationalen Regierungen

Einzelheiten zur Regierungspartnerschaft:

Regierungsbehörde	Flughafenstandorte	Konzessionswert	Vertragslaufzeit
Argentinisches Verkehrsministerium	12 Flughäfen	345 Millionen Dollar	25 Jahre
Brasilianisches Infrastrukturministerium	7 Flughäfen	276 Millionen Dollar	20 Jahre

Joint Ventures mit Technologie- und Sicherheitsdienstleistern

Technologie- und Sicherheitspartnerschaften:

• Thales Group: Sicherheitskontrollsysteme
• Cisco Systems: Netzwerkinfrastruktur
• Honeywell: Gepäckabfertigungstechnologien

Technologiepartner	Jährliche Investition	Technologiefokus
Thales-Gruppe	18,5 Millionen US-Dollar	Sicherheitsüberprüfung
Cisco-Systeme	12,3 Millionen US-Dollar	Digitale Infrastruktur

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Management der Flughafeninfrastruktur

Ab 2023 verwaltet CAAP 52 Flughäfen in 7 Ländern, darunter Argentinien, Brasilien, Ecuador, Peru, Uruguay, Italien und Armenien. Der gesamte Passagierverkehr belief sich im Jahr 2022 auf 69,5 Millionen Passagiere.

Land	Anzahl der Flughäfen	Jährlicher Personenverkehr
Argentinien	23	35,2 Millionen
Brasilien	11	15,7 Millionen
Andere Länder	18	18,6 Millionen

Betrieb von Passagier- und Frachtterminals

CAAP betreibt Terminals mit den folgenden Schlüsselkennzahlen:

• Gesamtterminalfläche: 1,2 Millionen Quadratmeter
• Jährliche Umschlagskapazität: 650.000 Tonnen
• Durchschnittliche Terminalauslastung: 82 %

Wartungs- und Modernisierungsdienste für Flughäfen

Investitionen in die Instandhaltung und Modernisierung der Infrastruktur für 2022–2023:

Kategorie	Investitionsbetrag (USD)
Infrastruktur-Upgrades	187 Millionen Dollar
Technologiemodernisierung	42 Millionen Dollar
Sicherheitssysteme	23 Millionen Dollar

Kommerzielles Immobilienmanagement

Gewerbeflächen auf dem Flughafengelände:

• Gesamte Gewerbefläche: 95.000 Quadratmeter
• Auslastung: 91 %
• Jährlicher kommerzieller Umsatz: 76,5 Millionen US-Dollar

Generierung von luftfahrttechnischen und nicht-luftfahrtbezogenen Einnahmen

Umsatzaufschlüsselung für 2022:

Einnahmequelle	Betrag (USD)	Prozentsatz
Einnahmen aus der Luftfahrt	512 Millionen Dollar	65%
Nicht-luftfahrtbezogene Einnahmen	276 Millionen Dollar	35%

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Flughafenportfolio

Corporación América Airports S.A. betreibt Flughafenkonzessionen in 12 Ländern in ganz Lateinamerika und verwaltet ab 2023 insgesamt 52 Flughäfen.

Land	Anzahl der Flughäfen
Argentinien	33
Brasilien	7
Andere lateinamerikanische Länder	12

Technologische Infrastruktur

Investition in Technologie: 78,5 Millionen US-Dollar werden im Jahr 2022 für digitale Infrastruktur und technologische Upgrades bereitgestellt.

• Fortschrittliche Passagierabfertigungssysteme
• Echtzeit-Gepäckverfolgungstechnologie
• Automatisierte Sicherheitsüberprüfungsinfrastruktur

Humankapital

Personalstatistik:

Gesamtzahl der Mitarbeiter	Durchschnittliche Erfahrung
4,672	12,3 Jahre

Finanzielle Ressourcen

Finanzkennzahlen für 2022:

• Gesamtvermögen: 2,3 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 356 Millionen US-Dollar
• Jährliche Kapitalausgaben: 215 Millionen US-Dollar

Markenreputation

Marktposition: Größter privater Flughafenbetreiber in Lateinamerika nach Anzahl der verwalteten Flughäfen.

Marktanteil	Personenverkehr (2022)
62,4 % in Argentinien	52,3 Millionen Passagiere

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Wertversprechen

Effiziente und moderne Flughafeninfrastrukturlösungen

Ab 2024 verwaltet CAAP 52 Flughäfen in mehreren Ländern mit einer jährlichen Gesamtpassagierkapazität von 127,3 Millionen Reisenden. Das Unternehmen betreibt Flughafeninfrastruktur in Argentinien, Brasilien, Peru, Ecuador, Uruguay und anderen lateinamerikanischen Ländern.

Land	Anzahl der Flughäfen	Jährliche Passagierkapazität
Argentinien	33	48,6 Millionen
Brasilien	9	36,7 Millionen
Andere Länder	10	42 Millionen

Verbessertes Passagiererlebnis durch modernste Einrichtungen

CAAP investiert jährlich etwa 87,4 Millionen US-Dollar in die Modernisierung von Flughafenanlagen und technologische Verbesserungen.

• Digitale Check-in-Plattformen
• Fortschrittliche Sicherheitskontrollsysteme
• Hochgeschwindigkeits-WLAN-Konnektivität
• Automatisierte Gepäckabfertigungssysteme

Umfassende Flughafenmanagement- und Betriebsdienstleistungen

Das Unternehmen erwirtschaftet mit Flughafenmanagementdienstleistungen einen Jahresumsatz von 612,3 Millionen US-Dollar und weist eine betriebliche Effizienz von über 94,5 % auf.

Servicekategorie	Jahresumsatz
Flughafenbetrieb	287,6 Millionen US-Dollar
Kommerzielle Dienstleistungen	224,7 Millionen US-Dollar
Technische Wartung	100 Millionen Dollar

Strategische Konnektivität für Fluggesellschaften und regionale Transportnetzwerke

CAAP ermöglicht Verbindungen für 27 große Fluggesellschaften und unterstützt 892 tägliche Flugrouten in ganz Lateinamerika.

• Internationale Airline-Partnerschaften: 18
• Regionale Flugnetze: 9
• Durchschnittliche tägliche Flugverbindungen: 892

Nachhaltige und technologisch fortschrittliche Flughafenentwicklung

Das Unternehmen stellt jährlich 45,2 Millionen US-Dollar für nachhaltige Infrastruktur- und grüne Technologieinitiativen bereit, mit dem Ziel, den CO2-Ausstoß bis 2026 um 22 % zu reduzieren.

Nachhaltigkeitsinvestition	Betrag
Grüne Technologie	24,6 Millionen US-Dollar
Energieeffizienz	12,4 Millionen US-Dollar
Programme zur Kohlenstoffreduzierung	8,2 Millionen US-Dollar

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Fluggesellschaften und Transportbehörden

Ab 2024 unterhält Corporación América Airports S.A. Flughafenkonzessionsverträge in mehreren Ländern:

Land	Anzahl der Flughäfen	Vertragsdauer
Argentinien	11	Bis 2038
Brasilien	3	Bis 2033
Ecuador	2	Bis 2040

Kundendienst- und Passagierunterstützungssysteme

Wichtige Kennzahlen zur Passagierunterstützung für 2024:

• Durchschnittliche Bearbeitungszeit für Passagierbeschwerden: 24 Stunden
• Kundenzufriedenheitsbewertung: 87,5 %
• Mehrsprachiger Support in 5 Sprachen verfügbar

Digitale Plattformen zur Passagiereinbindung

Digitale Plattform	Aktive Benutzer	Hauptmerkmale
Mobile App	1,2 Millionen	Flugverfolgung in Echtzeit, digitale Bordkarten
Webportal	2,5 Millionen	Buchung, Check-in, Flughafeninformationen

Kontinuierliche Verbesserung der Infrastruktur

Infrastrukturinvestitionen in das Passagiererlebnis für 2024:

• Gesamtbudget für die Modernisierung der Infrastruktur: 78,5 Millionen US-Dollar
• Integration digitaler Technologie: 22,3 Millionen US-Dollar
• Verbesserungen des Passagierkomforts: 15,6 Millionen US-Dollar

Personalisiertes Airport Experience Management

Personalisierungsinitiativen für 2024:

• Mitglieder des Treueprogramms: 850.000
• Personalisierte Service-Touchpoints: 12 verschiedene Kundensegmente
• Investition in KI-gestützte Optimierung des Kundenerlebnisses: 5,4 Millionen US-Dollar

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Kanäle

Direkter Flughafenmanagementbetrieb

CAAP ist direkt an 52 Flughäfen in ganz Lateinamerika tätig und verzeichnet im Jahr 2022 ein jährliches Passagieraufkommen von 77,5 Millionen. Das Unternehmen verwaltet Flughäfen in Ländern wie Argentinien, Brasilien, Ecuador, Peru und Uruguay.

Land	Anzahl der Flughäfen	Jährlicher Personenverkehr
Argentinien	23	35,2 Millionen
Brasilien	9	22,3 Millionen
Andere Länder	20	20 Millionen

Online-Buchungs- und Informationsplattformen

CAAP nutzt digitale Plattformen, um die Kundenbindung zu verbessern:

• Website-Traffic: 3,2 Millionen einzelne Besucher monatlich
• Downloads mobiler Apps: 1,5 Millionen
• Conversion-Rate bei Online-Buchungen: 68 %

Flughafen-Kundendienstzentren

CAAP behauptet spezielle Kundendienstzentren im gesamten Flughafennetzwerk:

• Gesamtzahl der Servicezentren: 38
• Durchschnittliche Kundenzufriedenheitsbewertung: 4,6/5
• Jährliche Kundeninteraktionen: 2,1 Millionen

Digitale Kommunikationskanäle

Kanal	Follower/Abonnenten	Engagement-Rate
Instagram	450,000	3.2%
Twitter	320,000	2.7%
LinkedIn	180,000	1.9%

Partnerschaften in der Reise- und Tourismusbranche

CAAP unterhält strategische Partnerschaften, um seine Servicereichweite zu erweitern:

• Gesamtzahl der Industriepartnerschaften: 127
• Partnerschaften mit Fluggesellschaften: 42
• Kooperationen mit Tourismusverbänden: 35
• Einnahmen aus Partnerschaftsprogrammen: 48,3 Millionen US-Dollar im Jahr 2022

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Kundensegmente

Kommerzielle Fluggesellschaften

Ab 2024 bedient CAAP mehrere kommerzielle Fluglinienkunden in seinem Flughafennetzwerk:

Fluglinientyp	Anzahl der Fluggesellschaften	Jährliche Passagiere bedient
Internationale Fluggesellschaften	37	18,6 Millionen
Inländische Fluggesellschaften	22	12,4 Millionen
Billigflieger	15	8,2 Millionen

Frachttransportunternehmen

Das Kundensegment Frachttransport von CAAP umfasst:

• Gesamtzahl der Frachtfluggesellschaften: 14
• Jährliches Frachtvolumen: 425.000 Tonnen
• Frachtumsatz: 172 Millionen US-Dollar

Internationale und inländische Reisende

Kategorie „Reisende“.	Jährliche Passagiere	Durchschnittliche Ausgaben pro Passagier
Internationale Reisende	22,3 Millionen	$87
Inländische Reisende	16,7 Millionen	$52

Einzelhandels- und Dienstleistungsunternehmen am Flughafen

Das Privatkundensegment von CAAP umfasst:

• Gesamtzahl der Einzelhandelsgeschäfte: 276
• Jährlicher Einzelhandelsumsatz: 214 Millionen US-Dollar
• Einzelhandelskategorien:
  • Duty-Free-Shops: 42
  • Restaurants: 89
  • Convenience-Stores: 67
  • Luxusmarken: 38
  • Servicestellen: 40

Staatliche Verkehrsbehörden

CAAP arbeitet mit staatlichen Verkehrsbehörden in mehreren Gerichtsbarkeiten zusammen:

Autoritätstyp	Anzahl der Verträge	Jährlicher Vertragswert
Nationale Verkehrsministerien	7	89 Millionen Dollar
Regionale Luftfahrtbehörden	12	43 Millionen Dollar

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Kostenstruktur

Ausgaben für Infrastrukturentwicklung und -wartung

Im Jahr 2023 meldete CAAP Gesamtinvestitionen in die Infrastruktur in Höhe von 213,4 Millionen US-Dollar, mit einer konkreten Aufschlüsselung wie folgt:

Kategorie „Infrastruktur“.	Ausgaben (USD)
Wartung der Landebahn am Flughafen	67,2 Millionen US-Dollar
Modernisierung der Terminalanlage	85,6 Millionen US-Dollar
Bodenunterstützungsinfrastruktur	60,6 Millionen US-Dollar

Personal- und Betriebskosten

Die jährlichen Personalkosten für 2023 beliefen sich auf insgesamt 124,7 Millionen US-Dollar und verteilten sich auf verschiedene operative Kategorien:

• Direktes Flughafenbetriebspersonal: 52,3 Millionen US-Dollar
• Management- und Verwaltungspersonal: 38,4 Millionen US-Dollar
• Personal für technische Wartung: 34 Millionen US-Dollar

Investitionen in Technologie und Sicherheitssysteme

Die Technologieausgaben erreichten im Jahr 2023 45,2 Millionen US-Dollar, darunter:

Kategorie „Technologie“.	Investition (USD)
Sicherheitssysteme	18,6 Millionen US-Dollar
Digitale Infrastruktur	15,4 Millionen US-Dollar
Technologien für das Passagiermanagement	11,2 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Lizenzgebühren

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 22,8 Millionen US-Dollar, darunter:

• Flugsicherheitszertifizierung: 9,5 Millionen US-Dollar
• Umweltkonformität: 7,3 Millionen US-Dollar
• Internationale Betriebslizenzen: 6 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Marketinginvestitionen für 2023 beliefen sich auf insgesamt 16,5 Millionen US-Dollar und wurden wie folgt aufgeteilt:

Kategorie „Marketing“.	Ausgaben (USD)
Digitale Marketingkampagnen	6,2 Millionen US-Dollar
Internationale Streckenförderung	5,8 Millionen US-Dollar
Markenentwicklung	4,5 Millionen US-Dollar

Corporación América Airports S.A. (CAAP) – Geschäftsmodell: Einnahmequellen

Gebühren für Luftfahrtdienstleistungen

Für das Geschäftsjahr 2022 meldete Corporación América Airports Flugdienstgebühren in Höhe von 321,4 Millionen US-Dollar, was 42,5 % des Gesamtumsatzes entspricht. Diese Gebühren umfassen Flugzeuglandegebühren, Navigationsdienste und Flugzeugparkgebühren im gesamten Flughafennetzwerk.

Einnahmequelle	Betrag (USD)	Prozentsatz der Gesamtsumme
Landegebühren für Flugzeuge	156,7 Millionen US-Dollar	20.7%
Navigationsdienste	98,3 Millionen US-Dollar	13.0%
Parkgebühren für Flugzeuge	66,4 Millionen US-Dollar	8.8%

Mieteinnahmen des Flughafenterminals

Im Jahr 2022 erreichten die Mieteinnahmen des Flughafenterminals 87,6 Millionen US-Dollar, was 11,6 % des Gesamtumsatzes ausmacht. Dazu gehören Mietgebühren von Fluggesellschaften und anderen flughafenbezogenen Unternehmen.

• Miete eines Flugterminals: 62,3 Millionen US-Dollar
• Vermietung von Gewerbeflächen: 25,3 Millionen US-Dollar

Gewerbeimmobilienleasing

Das gewerbliche Immobilienleasing erwirtschaftete im Jahr 2022 112,5 Millionen US-Dollar, was 14,9 % des Gesamtumsatzes entspricht. Dazu gehören langfristige Mietverträge für Einzelhandels-, Büro- und Logistikflächen auf dem Flughafengelände.

Leasingkategorie	Jahresumsatz (USD)
Einzelhandelsflächen	48,7 Millionen US-Dollar
Büroräume	39,2 Millionen US-Dollar
Logistikflächen	24,6 Millionen US-Dollar

Gebühren für den Passagierservice

Die Passagierabfertigungsgebühren beliefen sich im Jahr 2022 auf 201,2 Millionen US-Dollar, was 26,6 % der Gesamteinnahmen ausmacht. Diese Gebühren werden pro Passagier erhoben und variieren je nach Flughafenstandort.

• Inländische Passagiergebühren: 112,7 Millionen US-Dollar
• Internationale Passagiergebühren: 88,5 Millionen US-Dollar

Einnahmen aus Park- und Flughafenzusatzdienstleistungen

Park- und Nebendienstleistungen erwirtschafteten im Jahr 2022 33,7 Millionen US-Dollar, was 4,5 % des Gesamtumsatzes ausmacht.

Servicekategorie	Umsatz (USD)
Parken am Flughafen	22,4 Millionen US-Dollar
Autovermietung	6,8 Millionen US-Dollar
Andere Nebendienstleistungen	4,5 Millionen US-Dollar

Corporación América Airports S.A. (CAAP) - Canvas Business Model: Value Propositions

You're looking at the core value CAAP delivers across its diverse stakeholder groups, which is really the engine behind their recent financial performance. It's not just about moving people; it's about securing long-term assets and maximizing non-aeronautical income streams.

Long-term, stable infrastructure investment for governments

Corporación América Airports S.A. provides governments with the capital and operational expertise to manage and upgrade critical national infrastructure under concession agreements. This de-risks large-scale, long-term capital expenditure for public entities. For instance, the company is advancing the AA2000 concession rebalancing in Argentina and secured the agreement to operate Baghdad International Airport in November 2025, clearly expanding its long-term operational footprint.

• Manages 52 airports across 6 countries as of late 2025.
• Capex program approval underway to expand Yerevan Airport terminal capacity in Armenia.
• Government issued the Environmental Impact Assessment decree for the Florence master plan in Italy.

Efficient, safe, and modernized air travel hubs for passengers

For the traveling public, the value is in reliable, modern service, which is reflected in the traffic growth they are managing. In the third quarter of 2025, Corporación América Airports S.A. served 23.3 million passengers, a 9.3% increase year-over-year. Year-to-date through September 2025, total passenger traffic reached over 64.369 million, marking a 10.0% increase year-over-year.

The modernization efforts are concrete, not just abstract promises. They are focused on digital integration and service upgrades across the portfolio.

Market	Modernization/Efficiency Initiative	Traffic Growth (3Q25 YoY)
Argentina	Inaugurated centralized car rental hub and digital mobility platform.	9.3% (Total PAX)
Armenia	Inaugurated new fully redesigned Duty Free.	Record highs achieved.
Uruguay	Expanding Duty Free and VIP Lounge capacity.	Record highs achieved.

If onboarding takes 14+ days, churn risk rises-so speed in these upgrades matters for passenger satisfaction.

Diversified commercial offerings for a Revenue per Passenger of $20.2

This is where the operational efficiency translates directly into financial strength. Corporación América Airports S.A. successfully monetizes the passenger flow through non-aeronautical sources. The Revenue per PAX figure for the third quarter of 2025 hit exactly $20.2, up 6.7% year-over-year from $19.0. This commercial focus is powerful; in 3Q25, Commercial Revenues grew by 18.0% year-over-year, outpacing the 15.2% growth in Aeronautical Revenues.

Here's the quick math on the top line for 3Q25 (ex-IFRIC 12): Total Revenues were $472.1 million, a 16.6% increase year-over-year, showing the commercial segment is a major driver.

Access to key markets across Latin America, Europe, and Eurasia for airlines

Airlines value Corporación América Airports S.A. because it offers a gateway to high-growth or strategically important regions through its established concession base. This provides a stable platform for route planning and expansion.

• Latin America: Argentina (leading growth driver), Brazil, Ecuador.
• Europe: Italy (Florence and Pisa airports).
• Eurasia: Armenia (Yerevan Airport).

High-quality cargo and logistics services for commercial partners

The company supports the broader supply chain with dedicated cargo handling capabilities. While passenger traffic is surging, cargo volumes remain a key component of the business mix. In the third quarter of 2025, the Cargo Volume was reported at 93.5 thousand tons. This segment, along with Fuel, is specifically cited as supporting the 18.0% year-over-year growth in Commercial Revenues.

Corporación América Airports S.A. (CAAP) - Canvas Business Model: Customer Relationships

You're managing a portfolio of critical infrastructure, so understanding the nature of your relationships with governments and high-volume users is key to stability. Corporación América Airports S.A. (CAAP) structures its customer relationships around long-term contractual obligations and high-volume transactional processing across its network of 52 airports in 6 countries (Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy).

Contractual, long-term relationships with government concession grantors

The foundation of Corporación América Airports S.A. (CAAP)'s business is its relationship with sovereign and local governments through concession agreements. These are inherently long-term, defining the operational framework for decades. The structure of these agreements is a primary driver of revenue stability, with some concessions noted as being of the Inflation Based type. The company's operational scope involves managing these government-granted rights, which is a relationship demanding strict compliance and regular negotiation, such as the re-equilibrium processes concluded for Brasilia and Natal airports in 2020.

Dedicated account management for major airlines and cargo carriers

For the carriers that drive the core aeronautical revenue, the relationship moves toward dedicated management, especially for high-volume partners. The sheer scale of traffic-reaching 23.3 million total passengers in the third quarter of 2025 alone-necessitates close coordination. This is a partnership focused on slot allocation, infrastructure use, and capacity planning. For instance, in Argentina, the performance of carriers like JetSMART, which added another Airbus A321neo to its fleet, directly impacts airport utilization. The relationship is transactional but managed through dedicated service levels to ensure smooth operations, which is vital when aircraft movements increased by 6.9% in Q3 2025.

The operational scale in the first nine months of 2025 shows the volume managed:

Metric	YTD 2025 (Jan-Aug)	YTD 2024 (Jan-Aug)	YoY Change
Total Passengers (thousands)	56,944	51,726	+10.1%
Cargo Volume (thousand tons)	254.0	245.9	+5.0%
Total Aircraft Movements (thousands)	(Data not explicitly available for YTD Aug 2025 vs 2024 in one source)	(Data not explicitly available for YTD Aug 2025 vs 2024 in one source)	(Data not explicitly available for YTD Aug 2025 vs 2024 in one source)

Automated and self-service options for high-volume passenger processing

Given the high passenger throughput, the relationship with the vast majority of passengers is largely automated and self-service, designed for efficiency over personalization. The traffic growth seen in 2025, such as the 9.3% year-over-year increase in Q3 2025 passenger traffic, puts constant pressure on processing capacity, making automation essential for maintaining service levels. This segment of the relationship is about minimizing friction at check-in, security, and boarding gates through technology deployment rather than direct, personal assistance for every traveler.

• Passenger traffic for the nine months ended August 2025 reached 56.944 million total passengers.
• Total passengers in Q3 2025 were 23.3 million, up from 21.3 million a year prior.
• Domestic traffic in Brazil, which accounts for almost 60% of its total traffic, saw a strong 13.7% YoY rise in August 2025.

Direct retail and service interaction with airport commercial tenants

The relationship with commercial tenants-the shops, restaurants, and service providers-is a direct, revenue-sharing partnership. This segment is proving highly effective, as Commercial Revenues increased by 15.2% year-over-year in the third quarter of 2025, outpacing the 9.3% passenger traffic growth for the same period. This outperformance suggests successful commercial initiatives and strong tenant performance. The TTM revenue as of November 2025 stood at $1.85 Billion USD. The Q3 2025 Consolidated Revenues ex-IFRIC12 reached $472.1 million.

Here's a look at the financial scale supporting these commercial relationships:

Financial Metric (Q3 2025)	Amount (Millions USD)	YoY Change
Consolidated Revenues ex-IFRIC12	$472.1	+16.6%
Commercial Revenues Component	(Implied from YoY change)	+15.2%
Adjusted EBITDA ex-IFRIC12	$194.3	+34.9% (Excluding IAS 29 impact)

Digital platforms for passenger information and service booking

The relationship with the end-passenger is increasingly mediated through digital channels for information dissemination and service pre-booking, though specific platform usage metrics aren't public. The company notes seeing healthy revenue per passenger expansion, reflecting the success of its commercial initiatives, which often rely on digital interfaces for ancillary sales and information delivery. The operational environment requires robust digital communication, especially given the complex traffic patterns, such as the 18.9% YoY international traffic growth in Argentina in August 2025. The company maintains robust liquidity, with Cash & Cash Equivalents at $540.4 million as of September 30, 2025, which supports ongoing investment in these digital touchpoints.

Finance: draft 13-week cash view by Friday.

Corporación América Airports S.A. (CAAP) - Canvas Business Model: Channels

You're looking at how Corporación América Airports S.A. (CAAP) gets its services and value to the market, which is mostly through the physical assets they manage and the commercial relationships they build.

Physical airport infrastructure (terminals, gates, runways)

The core channel is the physical operation of the airports themselves. As of late 2025, Corporación América Airports S.A. operates 52 airports across 6 countries: Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy.

The scale of operations is reflected in the traffic numbers moving through this infrastructure:

• Q3 2025 Total Passenger Traffic: 23.3 million.
• Q3 2025 Aircraft Movements: 230.3 thousand.
• Q2 2025 Passenger Traffic: 20.7 million.

Direct sales teams for commercial space and advertising

The commercial side of the business relies on direct engagement to sell space and services, which is clearly paying off in the latest figures. Commercial Revenues saw a significant jump in Q3 2025.

Here's a look at the performance metrics tied to these commercial channels:

Metric	Value (Q3 2025)	Comparison
Commercial Revenues YoY Growth	18.0% increase
Revenue per Passenger (PAX)	$20.2	Up 6.7% YoY from $19.0
Q3 2025 Total Revenue ex-IFRIC12	$472.1 million

Digital platforms and mobile apps for passenger services

While the physical infrastructure is key, Corporación América Airports S.A. is integrating digital touchpoints. For instance, in Argentina, the company inaugurated a digital mobility platform.

The overall operational scale driving the need for these platforms includes:

• Q3 2025 Total Passenger Traffic: 23.3 million.
• Q2 2025 Cargo Volume: 97.2 thousand tons.

Cargo and logistics facilities for freight forwarding

The cargo facilities serve as a distinct channel for logistics partners. The volume handled shows the throughput capacity of these assets.

Cargo Volume figures for the first three quarters of 2025:

Period Ending	Cargo Volume (Tons)
March 31, 2025 (Q1)	95.9 thousand
June 30, 2025 (Q2)	97.2 thousand
September 30, 2025 (Q3)	93.5 thousand

Government and regulatory bodies for concession communication

Communication with government and regulatory bodies is a critical channel for maintaining and adjusting concession agreements. This involves formal submissions and participation in mandated processes.

Evidence of this channel activity in 2025 includes:

• CAAP Memorandum Circular No. 019-2025 was issued regarding the Revised Schedule of Airport and Concession Fees and Charges.
• A public hearing/consultation on proposed adjustments to fees and charges was scheduled for February 11, 2025.

The financial results reflect the operational environment shaped by these regulatory relationships, such as the Q3 2025 Adjusted EBITDA of $194.3 million (ex-IAS 29). Finance: draft 13-week cash view by Friday.

Corporación América Airports S.A. (CAAP) - Canvas Business Model: Customer Segments

You're looking at the core groups Corporación América Airports S.A. (CAAP) serves across its network of 52 airports in 6 countries: Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. The business model is fundamentally built on servicing the flow of people and goods through these critical infrastructure assets.

The primary customer base is segmented into distinct, yet interconnected, groups that drive both aeronautical and non-aeronautical revenue streams.

Airlines (Passenger and Cargo) utilizing airport infrastructure

Airlines are essential customers, paying landing and parking fees for the use of premises and aeronautical services. This segment's activity is directly measured by aircraft movements and cargo volume.

For the third quarter of 2025, the operational scale with these customers was:

Metric	Q3 2025 Amount	Year-over-Year Change
Total Aircraft Movements (thousands)	230.3	6.9% increase
Cargo Volume (thousand tons)	93.5	3.4% decrease

Aeronautical revenues, which are heavily dependent on these airline operations, posted solid double-digit gains in Q3 2025, increasing by 15.2% year-over-year.

Passengers (Domestic, International, and Transit)

Passenger traffic is the single most important driver for Corporación América Airports S.A. (CAAP), directly influencing both aeronautical fees and commercial spending within the terminals. The latest reported traffic figures show strong recovery and growth momentum.

Total passenger traffic for the third quarter of 2025 reached 23.3 million. This represented a 9.3% increase compared to the third quarter of 2024.

The composition of this traffic flow, which directly impacts the value proposition for commercial tenants, showed the following trends for Q3 2025:

• Domestic volumes increased just over 10%, primarily driven by Argentina and Brazil.
• International traffic rose 8%, with growth led by Argentina, Italy, and Brazil.

The focus on enhancing the passenger experience is evident in the financial results; revenue per passenger was up 6.7%, reaching $20.2 in Q3 2025, compared to $19 in the same quarter last year.

Commercial Tenants (Retail, F&B, Duty-Free, Car Rental)

Commercial Tenants-which include operators of retail, food and beverage (F&B), duty-free, advertising space, and car rental services-rely on passenger throughput. Commercial revenues saw an 18.0% increase year-over-year in Q3 2025.

This segment is crucial as it often carries higher margins than the regulated aeronautical side. The revenue sources Corporación América Airports S.A. (CAAP) derives from these partners include:

Commercial Service Type	Revenue Driver	Geographic Importance Note
Retail and Duty-Free	Passenger spending	High revenue per passenger growth noted
Food & Beverage (F&B)	Passenger dwell time	Contributes to 18.0% Commercial revenue increase in Q3 2025
Warehouse Usage/Cargo Services	Freight volume	Cargo revenues were up 20% in Q3 2025
Parking Fees	General airport access	Part of the overall Non-Aeronautical revenue stream

The success of commercial initiatives is reflected in the $194.3 million Adjusted EBITDA ex-IFRIC12 for the quarter.

Freight Forwarders and Logistics Companies

While not always listed as a primary segment, Freight Forwarders and Logistics Companies are key customers through the cargo operations. Their activity is represented by the cargo volume handled across the network.

In Q3 2025, the total cargo volume handled was 93.5 thousand tons. Cargo revenues specifically were up 20% year-over-year in the third quarter. This suggests strong demand from logistics partners despite the slight dip in overall tonnage.

Government Authorities granting and regulating concessions

Government Authorities are a critical segment because they are the source of Corporación América Airports S.A. (CAAP)'s long-term operating rights. The relationship is governed by concession contracts which dictate tariff structures.

The revenue structure is heavily influenced by the concession type:

• Single Till Regime: Accounts for 68% of revenue, covering Argentina and Armenia, which guarantees a certain Internal Rate of Return (IRR) through tariffs.
• Inflation-Based Regime: Represents 24% of revenue, covering Brazil, Uruguay, and Ecuador, where tariffs are adjusted annually for inflation.
• Dual Till Regime: Applies in Italy, where tariffs are based on the Weighted Average Cost of Capital (WACC).

The Argentine Ministry of Transportation previously held a concession agreement for 12 airports valued at $345 million over 25 years, showing the scale of these governmental agreements.

Corporación América Airports S.A. (CAAP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Corporación América Airports S.A.'s operations as of late 2025. The cost structure is heavily influenced by contractual obligations, operational realities across six countries, and the persistent economic volatility in Argentina.

Concession fees paid to governments, aligned with revenue growth

Concession fees are a direct cost tied to activity. Cost of services, which includes these fees, rose by 15.4% year-over-year in the third quarter of 2025, reflecting the increased operational tempo across the network. The structure of certain revenues, like construction services revenue, suggests a built-in margin, estimated at an average of 3.0% to 5.0% over costs, which is relevant to the concession model.

Operating expenses (e.g., utilities, maintenance, security)

Total costs and expenses, when excluding IFRIC 12 (International Financial Reporting Interpretations Committee 12, related to service concession arrangements), were up 16.8% year-over-year for the third quarter of 2025. Maintenance expenses are specifically noted as a driver in the Cost of Services increase, particularly in Argentina.

Salaries and personnel costs, notably impacted by inflation in Argentina

Personnel costs are a clear pressure point. Selling, General, and Administrative (SG&A) expenses saw a significant increase of 22% in the second quarter of 2025. This jump was largely attributed to higher salaries in Argentina, where the local currency costs were outpacing the currency devaluation adjustments.

Capital expenditures (CAPEX) for infrastructure development

While specific 2025 CAPEX outflow isn't detailed in the latest reports, the company confirmed it commenced multiple CAPEX programs aimed at enhancing airport capacities and services across its portfolio in the second quarter of 2025. Approvals for these works are progressing in markets like Armenia and Italy.

Interest expense on net debt, with a net leverage ratio of 0.9x

Financial discipline has kept leverage low. As of September 30, 2025, Corporación América Airports S.A. reported a net leverage ratio of 0.9x (Net Debt to LTM Adjusted EBITDA). This improved from 1.1x at the end of 2024. Total Debt stood at $1.1 billion at the end of Q2 2025, with Net Debt decreasing to $579 million by the end of Q3 2025.

Here's a quick look at the key financial metrics that frame these costs:

Metric	Period End Date	Amount (Millions of USD)	Ratio/Percentage
Net Debt to LTM Adjusted EBITDA	September 30, 2025	N/A	0.9x
Net Debt	September 30, 2025	$579	N/A
Total Debt	June 30, 2025	$1,100 (1.1 Billion)	N/A
Adjusted EBITDA ex-IFRIC 12	Q3 2025	$194.3	N/A
Adjusted EBITDA Margin ex-IFRIC 12	Q3 2025	N/A	41.2%
Operating Income	Q3 2025	$147.0	N/A

The cost side is also reflected in the operational performance metrics that drive the denominator for the leverage ratio:

• Passenger Traffic (Q3 2025): 23.3 million.
• Year-over-Year Revenue Growth (Q3 2025, ex-IAS 29): 17.5%.
• Year-over-Year SG&A Expense Increase (Q2 2025): 22%.

Corporación América Airports S.A. (CAAP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Corporación América Airports S.A. (CAAP) brings in cash, which is really the engine of the whole operation. It's not just about planes landing; it's about the whole ecosystem around the passenger.

The latest numbers from the third quarter of 2025 show that the growth in passenger volume is translating directly into higher top-line revenue, and even outpacing it, which tells you the commercial side is working hard. Honestly, the revenue growth in the quarter rose 17%, which was ahead of the 9.3% increase in passenger traffic.

Here's a quick look at the key revenue components for the third quarter of 2025, focusing on the core operational revenue (ex-IFRIC 12, which separates construction revenue from capital improvements):

Revenue Component	Q3 2025 Value (Millions USD)	Year-over-Year Growth
Total Consolidated Revenues ex-IFRIC 12	$472.1	16.6%
Aeronautical Revenues	Not specified directly	Up 15.2%
Commercial Revenues	Not specified directly	Up 18.0%
Revenue per Passenger (RevPAX)	$20.2	Up 6.7%

The separation of Construction revenues, accounted for under IFRIC 12, is important because it cleans up the view of the recurring airport operations revenue. We look at the ex-IFRIC 12 number to see the core business health.

The revenue streams break down into a few major buckets:

• Aeronautical Revenues (landing, parking, passenger fees) up 15.2% in Q3 2025.
• Commercial Revenues (retail, F&B, duty-free, VIP lounges) up 18.0% in Q3 2025.
• Cargo and Fuel revenues, a key driver of commercial growth.
• Construction revenues (IFRIC 12) from capital improvements.

The commercial strength is definitely something to watch. For instance, cargo revenues specifically posted a 20% year-over-year increase in the third quarter, showing that non-passenger related services are also a significant growth lever. Also, the success of commercial initiatives is clear because the Revenue per Passenger (RevPAX) climbed to $20.2, up 6.7% from $19.0 in the prior year's quarter.

Looking at the bigger picture, the Trailing Twelve Months (TTM) revenue as of November 2025 stands at approximately $1.85 billion USD. That TTM figure shows the sustained momentum coming out of the strong Q3 performance.

You should note that the growth was broad-based across the network, with Argentina, Armenia, and Brazil all delivering double-digit revenue growth in the quarter, which helps smooth out any localized operational hiccups, like the one seen in Uruguay due to a runway closure.

Finance: draft a sensitivity analysis on the impact of a sustained 5% RevPAX growth rate on next year's TTM projection by next Wednesday.