Corporación América Airports S.A. (CAAP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la gestión del aeropuerto con los aeropuertos de la corporación América S.A. (CAAP), una potencia que transforma la infraestructura de aviación en América Latina. Esta empresa dinámica ha revolucionado las operaciones del aeropuerto mediante la creación de un modelo de negocio sofisticado que va más allá del mero transporte, creando un ecosistema integral de conectividad, innovación y prestación de servicios estratégicos. Desde la gestión de las instalaciones del aeropuerto de vanguardia hasta la generación de múltiples flujos de ingresos, CAAP representa un plan convincente de cómo las corporaciones aeroportuarias modernas pueden prosperar en un complejo panorama de transporte global.

Airports S.A. (CAAP) de Corporación América (CAAP) - Modelo de negocios: asociaciones clave

Acuerdos estratégicos con desarrolladores de infraestructura del aeropuerto

A partir de 2024, CAAP ha establecido asociaciones estratégicas con los siguientes desarrolladores de infraestructura:

Pareja	País	Valor de inversión	Enfoque de asociación
Odebrecht infraestrutura	Brasil	$ 125 millones	Expansión de infraestructura del aeropuerto
Constructora oas	Argentina	$ 87.3 millones	Modernización terminal

Asociaciones con aerolíneas internacionales y autoridades de transporte

Las asociaciones de la aerolínea de CAAP incluyen:

• Latam Airlines Group: 22 concesiones aeroportuarias
• Air France-KLM: Acuerdos de conectividad de pasajeros
• Emiratos: colaboración de manejo de tierra

Socio de la aerolínea	Tráfico anual de pasajeros	Duración de la asociación
Latam Airlines	8.4 millones de pasajeros	Contrato de 10 años
Air france-klm	3.2 millones de pasajeros	Acuerdo a 5 años

Colaboración con los gobiernos locales y nacionales

Detalles de la asociación gubernamental:

Entidad gubernamental	Ubicación en el aeropuerto	Valor de concesión	Período de contrato
Ministerio de Transporte Argentino	12 aeropuertos	$ 345 millones	25 años
Ministerio de Infraestructura Brasileña	7 aeropuertos	$ 276 millones	20 años

Empresas conjuntas con proveedores de servicios tecnológicos y de seguridad

Asociaciones de tecnología y seguridad:

• Group Thales: Sistemas de detección de seguridad
• Cisco Systems: infraestructura de red
• Honeywell: tecnologías de manejo de equipaje

Socio tecnológico	Inversión anual	Enfoque tecnológico
Grupo de Thales	$ 18.5 millones	Selección de seguridad
Sistemas de Cisco	$ 12.3 millones	Infraestructura digital

Aeropuertos de Capasco América S.A. (CAAP) - Modelo de negocio: actividades clave

Desarrollo y gestión de infraestructura del aeropuerto

A partir de 2023, CAAP administra 52 aeropuertos en 7 países, incluidos Argentina, Brasil, Ecuador, Perú, Uruguay, Italia y Armenia. El tráfico total de pasajeros manejado en 2022 fue de 69.5 millones de pasajeros.

País	Número de aeropuertos	Tráfico anual de pasajeros
Argentina	23	35.2 millones
Brasil	11	15.7 millones
Otros países	18	18.6 millones

Operaciones de la terminal de pasajeros y de carga

CAAP opera terminales con las siguientes métricas clave:

• Área terminal total: 1.2 millones de metros cuadrados
• Capacidad anual de manejo de carga: 650,000 toneladas métricas
• Tasa de utilización terminal promedio: 82%

Servicios de mantenimiento y modernización del aeropuerto

Inversión en mantenimiento y modernización de infraestructura para 2022-2023:

Categoría	Monto de inversión (USD)
Actualizaciones de infraestructura	$ 187 millones
Modernización tecnológica	$ 42 millones
Sistemas de seguridad	$ 23 millones

Gestión de bienes raíces comerciales

Espacios comerciales dentro de las instalaciones del aeropuerto:

• Área comercial total: 95,000 metros cuadrados
• Tasa de ocupación: 91%
• Ingresos comerciales anuales: $ 76.5 millones

Generación de ingresos aeronáuticos y no aeronauticos

Desglose de ingresos para 2022:

Flujo de ingresos	Cantidad (USD)	Porcentaje
Ingresos aeronáuticos	$ 512 millones	65%
Ingresos no aerouticales	$ 276 millones	35%

Aeropuertos de Capasco América S.A. (CAAP) - Modelo de negocios: recursos clave

Cartera de aeropuerto diversa

Airports S.A. de las Capasiones de América opera concesiones del aeropuerto en 12 países de América Latina, administrando un total de 52 aeropuertos a partir de 2023.

País	Número de aeropuertos
Argentina	33
Brasil	7
Otros países latinoamericanos	12

Infraestructura tecnológica

Inversión en tecnología: $ 78.5 millones asignados para infraestructura digital y actualizaciones tecnológicas en 2022.

• Sistemas avanzados de procesamiento de pasajeros
• Tecnología de seguimiento de equipaje en tiempo real
• Infraestructura de detección de seguridad automatizada

Capital humano

Estadísticas de la fuerza laboral:

Total de empleados	Experiencia promedio
4,672	12.3 años

Recursos financieros

Métricas financieras para 2022:

• Activos totales: $ 2.3 mil millones
• Efectivo y equivalentes de efectivo: $ 356 millones
• Gastos de capital anuales: $ 215 millones

Reputación de la marca

Posición de mercado: El mayor operador de aeropuerto privado en América Latina por número de aeropuertos administrados.

Cuota de mercado	Tráfico de pasajeros (2022)
62.4% en Argentina	52.3 millones de pasajeros

Aeropuertos de Capasco América S.A. (CAAP) - Modelo de negocio: Propuestas de valor

Soluciones de infraestructura aeropuerto eficientes y modernas

A partir de 2024, CAAP administra 52 aeropuertos en varios países, con una capacidad total de pasajeros anuales de 127.3 millones de viajeros. La compañía opera la infraestructura del aeropuerto en Argentina, Brasil, Perú, Ecuador, Uruguay y otros países latinoamericanos.

País	Número de aeropuertos	Capacidad anual de pasajeros
Argentina	33	48.6 millones
Brasil	9	36.7 millones
Otros países	10	42 millones

Experiencia mejorada de pasajeros a través de instalaciones de última generación

CAAP invierte aproximadamente $ 87.4 millones anuales en actualizaciones de instalaciones en el aeropuerto y mejoras tecnológicas.

• Plataformas de check-in digitales
• Sistemas avanzados de detección de seguridad
• Conectividad Wi-Fi de alta velocidad
• Sistemas de manejo de equipaje automatizado

Gestión integral de aeropuerto y servicios operativos

La compañía genera $ 612.3 millones en ingresos anuales de los servicios de gestión del aeropuerto, con tasas de eficiencia operativa superiores al 94.5%.

Categoría de servicio	Ingresos anuales
Operaciones en el aeropuerto	$ 287.6 millones
Servicios comerciales	$ 224.7 millones
Mantenimiento técnico	$ 100 millones

Conectividad estratégica para aerolíneas y redes de transporte regional

CAAP facilita las conexiones para 27 aerolíneas principales, admitiendo 892 rutas de vuelo diarias en América Latina.

• Asociaciones internacionales de aerolíneas: 18
• Redes de aerolíneas regionales: 9
• Conexiones de vuelo diarias promedio: 892

Desarrollo de aeropuerto sostenible y tecnológicamente avanzado

La compañía asigna $ 45.2 millones anuales a iniciativas de infraestructura sostenible y tecnología verde, con un objetivo de reducción de carbono del 22% para 2026.

Inversión de sostenibilidad	Cantidad
Tecnología verde	$ 24.6 millones
Eficiencia energética	$ 12.4 millones
Programas de reducción de carbono	$ 8.2 millones

Aeropuertos de Capasco América S.A. (CAAP) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con aerolíneas y autoridades de transporte

A partir de 2024, los aeropuertos de la corporación América S.A. mantienen los acuerdos de concesión del aeropuerto en múltiples países:

País	Número de aeropuertos	Duración del contrato
Argentina	11	Hasta 2038
Brasil	3	Hasta 2033
Ecuador	2	Hasta 2040

Sistemas de servicio al cliente y soporte de pasajeros

Métricas clave de soporte de pasajeros para 2024:

• Tiempo de resolución promedio de la queja del pasajero: 24 horas
• Calificación de satisfacción del cliente: 87.5%
• Soporte multilingüe disponible en 5 idiomas

Plataformas digitales para la participación de los pasajeros

Plataforma digital	Usuarios activos	Características clave
Aplicación móvil	1.2 millones	Seguimiento de vuelo en tiempo real, pases de embarque digital
Portal web	2.5 millones	Reserva, check-in, información del aeropuerto

Mejora de la infraestructura continua

Inversión en infraestructura en experiencia de pasajeros para 2024:

• Presupuesto de actualización total de infraestructura: $ 78.5 millones
• Integración de tecnología digital: $ 22.3 millones
• Mejoras de comodidad de pasajeros: $ 15.6 millones

Gestión personalizada de experiencia en el aeropuerto

Iniciativas de personalización para 2024:

• Miembros del programa de lealtad: 850,000
• Puntos de contacto de servicio personalizados: 12 segmentos de clientes diferentes
• Inversión de optimización de experiencia del cliente con IA: $ 5.4 millones

Aeropuertos de Capasco América S.A. (CAAP) - Modelo de negocios: canales

Operaciones directas de gestión del aeropuerto

CAAP opera directamente en 52 aeropuertos en América Latina, con un tráfico de pasajeros anual total de 77.5 millones en 2022. La compañía administra aeropuertos en países como Argentina, Brasil, Ecuador, Perú y Uruguay.

País	Número de aeropuertos	Tráfico anual de pasajeros
Argentina	23	35.2 millones
Brasil	9	22.3 millones
Otros países	20	20 millones

Plataformas de reserva e información en línea

CAAP utiliza plataformas digitales para mejorar la participación del cliente:

• Tráfico del sitio web: 3.2 millones de visitantes únicos mensualmente
• Descargas de aplicaciones móviles: 1.5 millones
• Tasa de conversión de reserva en línea: 68%

Centros de servicio al cliente del aeropuerto

CAAP mantiene Centros de servicio al cliente dedicados a través de su red aeroportuaria:

• Centros de servicio totales: 38
• Calificación promedio de satisfacción del cliente: 4.6/5
• Interacciones anuales del cliente: 2.1 millones

Canales de comunicación digital

Canal	Seguidores/suscriptores	Tasa de compromiso
Instagram	450,000	3.2%
Gorjeo	320,000	2.7%
LinkedIn	180,000	1.9%

Asociaciones de la industria de viajes y turismo

CAAP mantiene asociaciones estratégicas para expandir su alcance de servicio:

• Asociaciones totales de la industria: 127
• Asociaciones de aerolíneas: 42
• Colaboraciones de la junta turística: 35
• Ingresos de los programas de asociación: $ 48.3 millones en 2022

Airports S.A. (CAAP) de Corporacia de América (CAAP) - Modelo de negocio: segmentos de clientes

Aerolíneas comerciales

A partir de 2024, CAAP atiende a múltiples clientes de aerolíneas comerciales en su red de aeropuerto:

Aerolínea	Número de aerolíneas	Pasajeros anuales atendidos
Aerolíneas internacionales	37	18.6 millones
Aerolíneas nacionales	22	12.4 millones
Portadores de bajo costo	15	8.2 millones

Compañías de transporte de carga

El segmento de clientes de transporte de carga de CAAP incluye:

• Aerolíneas de carga totales: 14
• Volumen de carga anual: 425,000 toneladas métricas
• Ingresos de carga: $ 172 millones

Viajeros internacionales y nacionales

Categoría de viajero	Pasajeros anuales	Gasto promedio por pasajero
Viajeros internacionales	22.3 millones	$87
Viajeros nacionales	16.7 millones	$52

Empresas minoristas y de servicios de aeropuerto

El segmento de clientes minoristas de CAAP incluye:

• Total de tiendas minoristas: 276
• Ingresos minoristas anuales: $ 214 millones
• Categorías minoristas:
  • Tiendas libres de impuestos: 42
  • Restaurantes: 89
  • Tiendas de conveniencia: 67
  • Marcas de lujo: 38
  • Outlets de servicio: 40

Autoridades de transporte gubernamental

CAAP colabora con las autoridades de transporte gubernamental en múltiples jurisdicciones:

Tipo de autoridad	Número de contratos	Valor anual del contrato
Ministerios Nacionales de Transporte	7	$ 89 millones
Autoridades de aviación regional	12	$ 43 millones

Corporación de Aeropuertos de Corporación América S.A. (CAAP) - Modelo de negocio: Estructura de costos

Gastos de desarrollo y mantenimiento de la infraestructura

En 2023, CAAP informó una inversión de infraestructura total de $ 213.4 millones, con un desglose específico de la siguiente manera:

Categoría de infraestructura	Gasto (USD)
Mantenimiento de la pista del aeropuerto	$ 67.2 millones
Actualizaciones de la instalación de terminal	$ 85.6 millones
Infraestructura de soporte de tierra	$ 60.6 millones

Personal y costos operativos

Los gastos anuales de personal para 2023 totalizaron $ 124.7 millones, distribuidos en varias categorías operativas:

• Personal directo de operaciones del aeropuerto: $ 52.3 millones
• Personal administrativo y de gestión: $ 38.4 millones
• Fuerza laboral de mantenimiento técnico: $ 34 millones

Inversiones en el sistema de tecnología y seguridad

Los gastos de tecnología en 2023 alcanzaron $ 45.2 millones, que incluyen:

Categoría de tecnología	Inversión (USD)
Sistemas de seguridad	$ 18.6 millones
Infraestructura digital	$ 15.4 millones
Tecnologías de gestión de pasajeros	$ 11.2 millones

Cumplimiento regulatorio y tarifas de licencia

Los costos de cumplimiento regulatorio para 2023 ascendieron a $ 22.8 millones, incluyendo:

• Certificación de seguridad de la aviación: $ 9.5 millones
• Cumplimiento ambiental: $ 7.3 millones
• Licencias operativas internacionales: $ 6 millones

Gastos de marketing y desarrollo empresarial

Las inversiones de marketing para 2023 totalizaron $ 16.5 millones, asignadas de la siguiente manera:

Categoría de marketing	Gasto (USD)
Campañas de marketing digital	$ 6.2 millones
Promoción de ruta internacional	$ 5.8 millones
Desarrollo de la marca	$ 4.5 millones

Aeropuertos de Corpororio América S.A. (CAAP) - Modelo de negocios: flujos de ingresos

Tarifas de servicio aeronáutico

Para el año fiscal 2022, los aeropuertos de la corporación América informaron tarifas de servicio aeronáutico de $ 321.4 millones, lo que representa el 42.5% de los ingresos totales. Estas tarifas incluyen cargos de aterrizaje de aeronaves, servicios de navegación y tarifas de estacionamiento de aviones en su red de aeropuerto.

Fuente de ingresos	Cantidad (USD)	Porcentaje de total
Cargos de aterrizaje de aeronaves	$ 156.7 millones	20.7%
Servicios de navegación	$ 98.3 millones	13.0%
Tarifas de estacionamiento de aviones	$ 66.4 millones	8.8%

Ingresos de alquiler de la terminal del aeropuerto

En 2022, los ingresos por alquiler de la terminal del aeropuerto alcanzaron los $ 87.6 millones, lo que representa el 11.6% de los ingresos totales. Esto incluye tarifas de alquiler de aerolíneas y otras empresas relacionadas con el aeropuerto.

• Alquiler de terminales de la aerolínea: $ 62.3 millones
• Alquiler de espacio comercial: $ 25.3 millones

Arrendamiento de bienes raíces comerciales

El arrendamiento de bienes raíces comerciales generó $ 112.5 millones en 2022, lo que representa el 14.9% de los ingresos totales. Esto incluye arrendamientos a largo plazo para espacios minoristas, de oficina y logísticos dentro de las instalaciones del aeropuerto.

Categoría de arrendamiento	Ingresos anuales (USD)
Espacios minoristas	$ 48.7 millones
Espacios de oficina	$ 39.2 millones
Espacios logísticos	$ 24.6 millones

Cargos de servicio de pasajeros

Los cargos de servicio de pasajeros ascendieron a $ 201.2 millones en 2022, constituyendo el 26.6% de los ingresos totales. Estos cargos se recogen por pasajero y varían según la ubicación del aeropuerto.

• Cargos de pasajeros nacionales: $ 112.7 millones
• Cargos internacionales de pasajeros: $ 88.5 millones

Ingresos de estacionamiento y servicios aeropuertos aeroportuarios

El estacionamiento y los servicios auxiliar generaron $ 33.7 millones en 2022, representando el 4.5% de los ingresos totales.

Categoría de servicio	Ingresos (USD)
Estacionamiento de aeropuerto	$ 22.4 millones
Servicios de alquiler de automóviles	$ 6.8 millones
Otros servicios auxiliares	$ 4.5 millones

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.