Corporación América Airports S.A. (CAAP): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de la gestion des aéroports avec les aéroports de Corporación América S.A. (CAAP), une puissance transformant une infrastructure d'aviation à travers l'Amérique latine. Cette entreprise dynamique a révolutionné les opérations aéroportuaires en fabriquant un modèle commercial sophistiqué qui va au-delà du simple transport, créant un écosystème complet de connectivité, d'innovation et de prestation de services stratégiques. De la gestion des installations aéroportuaires de pointe à la génération de plusieurs sources de revenus, le CAAP représente un plan convaincant de la façon dont les sociétés aéroportuaires modernes peuvent prospérer dans un paysage de transport mondial complexe.

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: partenariats clés

Accords stratégiques avec des développeurs d'infrastructures aéroportuaires

En 2024, CAAP a établi des partenariats stratégiques avec les développeurs d'infrastructure suivants:

Partenaire	Pays	Valeur d'investissement	Focus de partenariat
Odebrecht Infrastrutura	Brésil	125 millions de dollars	Extension des infrastructures aéroportuaires
Constructora oas	Argentine	87,3 millions de dollars	Modernisation terminale

Partenariats avec les compagnies aériennes internationales et les autorités de transport

Les partenariats des compagnies aériennes de CAAP comprennent:

• LATAM AIRLINES GROUP: 22 Concessions d'aéroport
• Air France-KLM: accords de connectivité des passagers
• Emirates: collaboration de manipulation au sol

Partenaire aérien	Trafic annuel des passagers	Durée du partenariat
Latam Airlines	8,4 millions de passagers	Contrat à 10 ans
Air France-KLM	3,2 millions de passagers	Accord sur 5 ans

Collaboration avec les gouvernements locaux et nationaux

Détails du partenariat gouvernemental:

Entité gouvernementale	Emplacements aéroportuaires	Valeur de concession	Période de contrat
Ministère des Transports argentin	12 aéroports	345 millions de dollars	25 ans
Ministère brésilien des infrastructures	7 aéroports	276 millions de dollars	20 ans

Coentreprises avec des fournisseurs de services de technologie et de sécurité

Partenariats technologiques et de sécurité:

• Groupe Thales: Systèmes de dépistage de la sécurité
• Cisco Systems: Infrastructure réseau
• Honeywell: Technologies de manipulation des bagages

Partenaire technologique	Investissement annuel	Focus technologique
Groupe de thales	18,5 millions de dollars	Dépistage de sécurité
Systèmes Cisco	12,3 millions de dollars	Infrastructure numérique

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: activités clés

Développement et gestion des infrastructures aéroportuaires

En 2023, le CAAP gère 52 aéroports dans 7 pays, dont l'Argentine, le Brésil, l'Équateur, le Pérou, l'Uruguay, l'Italie et l'Arménie. Le trafic total des passagers gérés en 2022 était de 69,5 millions de passagers.

Pays	Nombre d'aéroports	Trafic annuel des passagers
Argentine	23	35,2 millions
Brésil	11	15,7 millions
Autres pays	18	18,6 millions

Opérations de terminaux de passagers et de fret

CAAP exploite les terminaux avec les mesures clés suivantes:

• Zone du terminal total: 1,2 million de mètres carrés
• Capacité de manutention annuelle des fret: 650 000 tonnes métriques
• Taux moyen d'utilisation du terminal: 82%

Services de maintenance et de modernisation de l'aéroport

Investissement dans la maintenance et la modernisation des infrastructures pour 2022-2023:

Catégorie	Montant d'investissement (USD)
Mises à niveau des infrastructures	187 millions de dollars
Modernisation technologique	42 millions de dollars
Systèmes de sécurité	23 millions de dollars

Gestion de l'immobilier commercial

Espaces commerciaux dans les locaux de l'aéroport:

• Zone commerciale totale: 95 000 mètres carrés
• Taux d'occupation: 91%
• Revenus commerciaux annuels: 76,5 millions de dollars

Génération de revenus aéronautique et non aéronautique

Répartition des revenus pour 2022:

Flux de revenus	Montant (USD)	Pourcentage
Revenus aéronautiques	512 millions de dollars	65%
Revenus non aéronautiques	276 millions de dollars	35%

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: Ressources clés

Portfolio aéroportuaire diversifié

Les aéroports de Corporación América S.A. exploitent des concessions aéroportuaires dans 12 pays en Amérique latine, gérant un total de 52 aéroports en 2023.

Pays	Nombre d'aéroports
Argentine	33
Brésil	7
Autres pays d'Amérique latine	12

Infrastructure technologique

Investissement dans la technologie: 78,5 millions de dollars alloués aux infrastructures numériques et aux mises à niveau technologiques en 2022.

• Systèmes de traitement avancé des passagers
• Technologie de suivi des bagages en temps réel
• Infrastructure de dépistage de sécurité automatisée

Capital humain

Statistiques de la main-d'œuvre:

Total des employés	Expérience moyenne
4,672	12,3 ans

Ressources financières

Mesures financières pour 2022:

• Actif total: 2,3 milliards de dollars
• Equivalents en espèces et en espèces: 356 millions de dollars
• Dépenses en capital annuelles: 215 millions de dollars

Réputation de la marque

Position sur le marché: Le plus grand opérateur d'aéroport privé d'Amérique latine par le nombre d'aéroports gérés.

Part de marché	Traffical pour les passagers (2022)
62,4% en Argentine	52,3 millions de passagers

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure aéroportuaire efficaces et modernes

En 2024, CAAP gère 52 aéroports dans plusieurs pays, avec une capacité annuelle totale de passagers de 127,3 millions de voyageurs. La société exploite des infrastructures aéroportuaires en Argentine, au Brésil, au Pérou, en Équateur, en Uruguay et dans d'autres pays d'Amérique latine.

Pays	Nombre d'aéroports	Capacité de passagers annuelle
Argentine	33	48,6 millions
Brésil	9	36,7 millions
Autres pays	10	42 millions

Amélioration de l'expérience des passagers à travers des installations de pointe

CAAP investit environ 87,4 millions de dollars par an dans les mises à niveau des installations aéroportuaires et les améliorations technologiques.

• Plateformes d'enregistrement numérique
• Systèmes de dépistage de sécurité avancés
• Connectivité Wi-Fi à grande vitesse
• Systèmes automatisés de manutention des bagages

Gestion des aéroports complètes et services opérationnels

La société génère 612,3 millions de dollars de revenus annuels des services de gestion des aéroports, avec des taux d'efficacité opérationnelle supérieurs à 94,5%.

Catégorie de service	Revenus annuels
Opérations aéroportuaires	287,6 millions de dollars
Services commerciaux	224,7 millions de dollars
Entretien technique	100 millions de dollars

Connectivité stratégique pour les compagnies aériennes et les réseaux de transport régional

Le CAAP facilite les connexions pour 27 compagnies aériennes majeures, soutenant 892 itinéraires de vol quotidiens à travers l'Amérique latine.

• Partenariats internationaux des compagnies aériennes: 18
• Réseaux de compagnies aériennes régionales: 9
• Connexions de vol quotidiennes moyennes: 892

Développement aéroport durable et technologiquement avancé

La société alloue 45,2 millions de dollars par an à des initiatives durables d'infrastructures et de technologies vertes, avec un objectif de réduction du carbone de 22% d'ici 2026.

Investissement en durabilité	Montant
Technologie verte	24,6 millions de dollars
Efficacité énergétique	12,4 millions de dollars
Programmes de réduction du carbone	8,2 millions de dollars

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les compagnies aériennes et les autorités de transport

En 2024, les aéroports de Corporación América S.A. maintiennent des accords de concession aéroportuaire dans plusieurs pays:

Pays	Nombre d'aéroports	Durée du contrat
Argentine	11	Jusqu'en 2038
Brésil	3	Jusqu'en 2033
Equateur	2	Jusqu'en 2040

Systèmes de service client et d'assistance aux passagers

Mesures clés du support des passagers pour 2024:

• Temps de résolution moyen des plaintes des passager: 24 heures
• Évaluation de satisfaction du client: 87,5%
• Support multilingue disponible en 5 langues

Plates-formes numériques pour l'engagement des passagers

Plate-forme numérique	Utilisateurs actifs	Caractéristiques clés
Application mobile	1,2 million	Suivi des vols en temps réel, carte d'embarquement numérique
Portail Web	2,5 millions	Réservation, enregistrement, informations sur l'aéroport

Amélioration continue des infrastructures

Investissement dans l'infrastructure dans l'expérience des passagers pour 2024:

• Budget de mise à niveau total des infrastructures: 78,5 millions de dollars
• Intégration de la technologie numérique: 22,3 millions de dollars
• Améliorations du confort des passagers: 15,6 millions de dollars

Gestion de l'expérience aéroportuaire personnalisée

Initiatives de personnalisation pour 2024:

• Membres du programme de fidélité: 850 000
• Points de contact de service personnalisés: 12 segments de clients différents
• Investissement d'optimisation de l'expérience client alimentée par AI: 5,4 millions de dollars

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: canaux

Opérations de gestion des aéroports directs

Le CAAP opère directement dans 52 aéroports en Amérique latine, avec un trafic annuel total de passagers de 77,5 millions en 2022. La société gère les aéroports dans des pays comme l'Argentine, le Brésil, l'Équateur, le Pérou et l'Uruguay.

Pays	Nombre d'aéroports	Trafic annuel des passagers
Argentine	23	35,2 millions
Brésil	9	22,3 millions
Autres pays	20	20 millions

Plate-formes de réservation et d'information en ligne

CAAP utilise des plates-formes numériques pour améliorer l'engagement des clients:

• Trafic de site Web: 3,2 millions de visiteurs uniques mensuellement
• Téléchargements d'applications mobiles: 1,5 million
• Taux de conversion de réservation en ligne: 68%

Centres de service à la clientèle aéroportuaire

CAAP maintient centres de service à la clientèle dédiés À travers son réseau aéroportuaire:

• Total des centres de service: 38
• Évaluation moyenne de satisfaction du client: 4.6 / 5
• Interactions annuelles du client: 2,1 millions

Canaux de communication numériques

Canal	Adeptes / abonnés	Taux d'engagement
Instagram	450,000	3.2%
Gazouillement	320,000	2.7%
Liendin	180,000	1.9%

Partenariats de l'industrie des voyages et du tourisme

CAAP maintient des partenariats stratégiques pour étendre sa portée de service:

• Partenariats totaux de l'industrie: 127
• Partenariats des compagnies aériennes: 42
• Collaborations du conseil du tourisme: 35
• Revenus des programmes de partenariat: 48,3 millions de dollars en 2022

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: segments de clients

Compagnies aériennes commerciales

Depuis 2024, CAAP dessert plusieurs clients des compagnies aériennes commerciales sur son réseau aéroportuaire:

Type aérien	Nombre de compagnies aériennes	Les passagers annuels servis
Compagnies aériennes internationales	37	18,6 millions
Compagnies aériennes nationales	22	12,4 millions
Transporteurs à faible coût	15	8,2 millions

Compagnies de transport de fret

Le segment de la clientèle du transport de fret de CAAP comprend:

• Total Cargo Airlines: 14
• Volume de fret annuel: 425 000 tonnes métriques
• Revenu du fret: 172 millions de dollars

Voyageurs internationaux et nationaux

Catégorie de voyage	Passagers annuels	Dépenses moyennes par passager
Voyageurs internationaux	22,3 millions	$87
Voyageurs domestiques	16,7 millions	$52

Airmations de vente au détail et de services aéroport

Le segment de clientèle de vente au détail de CAAP comprend:

• Total des magasins de vente au détail: 276
• Revenus de vente au détail annuels: 214 millions de dollars
• Catégories de vente au détail:
  • Boutiques en franchise: 42
  • Restaurants: 89
  • Magasins de commodité: 67
  • Marques de luxe: 38
  • Points de vente: 40

Autorités du transport gouvernemental

Le CAAP collabore avec les autorités gouvernementales des transports à travers de multiples juridictions:

Type d'autorité	Nombre de contrats	Valeur du contrat annuel
Ministères nationaux des transports	7	89 millions de dollars
Autorités de l'aviation régionale	12	43 millions de dollars

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: Structure des coûts

Développement des infrastructures et dépenses de maintenance

En 2023, la CAAP a déclaré un investissement total d'infrastructures de 213,4 millions de dollars, avec une rupture spécifique comme suit:

Catégorie d'infrastructure	Dépenses (USD)
Entretien de la piste de l'aéroport	67,2 millions de dollars
Mises à niveau des installations terminales	85,6 millions de dollars
Infrastructure de soutien au sol	60,6 millions de dollars

Coûts de personnel et d'exploitation

Les dépenses annuelles du personnel pour 2023 ont totalisé 124,7 millions de dollars, réparties dans diverses catégories opérationnelles:

• Personnel des opérations aéroportuaires directes: 52,3 millions de dollars
• Personnel de gestion et administratif: 38,4 millions de dollars
• Travail de maintenance technique: 34 millions de dollars

Investissements de la technologie et du système de sécurité

Les dépenses technologiques en 2023 ont atteint 45,2 millions de dollars, notamment:

Catégorie de technologie	Investissement (USD)
Systèmes de sécurité	18,6 millions de dollars
Infrastructure numérique	15,4 millions de dollars
Technologies de gestion des passagers	11,2 millions de dollars

Frais de conformité réglementaire et de licence

Les frais de conformité réglementaire pour 2023 s'élevaient à 22,8 millions de dollars, notamment:

• Certification de sécurité aérienne: 9,5 millions de dollars
• Conformité environnementale: 7,3 millions de dollars
• Licences opérationnelles internationales: 6 millions de dollars

Dépenses de marketing et de développement commercial

Les investissements marketing pour 2023 ont totalisé 16,5 millions de dollars, alloués comme suit:

Catégorie marketing	Dépenses (USD)
Campagnes de marketing numérique	6,2 millions de dollars
Promotion de l'itinéraire international	5,8 millions de dollars
Développement	4,5 millions de dollars

Corporación América Airports S.A. (CAAP) - Modèle d'entreprise: Strots de revenus

Frais de service aéronautique

Pour l'exercice 2022, les aéroports de Corporación América ont déclaré des frais de service aéronautiques de 321,4 millions de dollars, ce qui représente 42,5% des revenus totaux. Ces frais comprennent les frais d'atterrissage des avions, les services de navigation et les frais de stationnement des avions sur leur réseau aéroportuaire.

Source de revenus	Montant (USD)	Pourcentage du total
Frais d'atterrissage des avions	156,7 millions de dollars	20.7%
Services de navigation	98,3 millions de dollars	13.0%
Frais de stationnement des avions	66,4 millions de dollars	8.8%

Revenu de location de terminal aéroport

En 2022, les revenus de location du terminal aéroport ont atteint 87,6 millions de dollars, représentant 11,6% du total des revenus. Cela comprend les frais de location des compagnies aériennes et d'autres entreprises liées à l'aéroport.

• Location du terminal des compagnies aériennes: 62,3 millions de dollars
• Location d'espace commercial: 25,3 millions de dollars

Location immobilière commerciale

La location immobilière commerciale a généré 112,5 millions de dollars en 2022, ce qui représente 14,9% du total des revenus. Cela comprend des baux à long terme pour les espaces de vente au détail, de bureaux et de logistique dans les locaux de l'aéroport.

Catégorie de location	Revenus annuels (USD)
Espaces de vente au détail	48,7 millions de dollars
Espaces de bureau	39,2 millions de dollars
Espaces logistiques	24,6 millions de dollars

Frais de service de passagers

Les frais de service des passagers s'élevaient à 201,2 millions de dollars en 2022, ce qui représente 26,6% des revenus totaux. Ces frais sont perçus par passager et varient selon l'emplacement de l'aéroport.

• Frais de passagers intérieurs: 112,7 millions de dollars
• Frais de passagers internationaux: 88,5 millions de dollars

Revenus de services aéroportuaires de stationnement et auxiliaires

Les services de stationnement et auxiliaires ont généré 33,7 millions de dollars en 2022, représentant 4,5% des revenus totaux.

Catégorie de service	Revenus (USD)
Parking aéroport	22,4 millions de dollars
Services de location de voitures	6,8 millions de dollars
Autres services auxiliaires	4,5 millions de dollars

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.