Corporación América Airports S.A. (CAAP): Business Model Canvas [Dec-2025 Updated]

You're looking at a global airport operator that has clearly turned the corner; Corporación América Airports S.A. (CAAP) isn't just back, it's posting a $527.27 million revenue for Q3 2025 while keeping its net leverage impressively low at 0.9x. Honestly, managing 52 airports across 7 countries-from securing long-term government contracts to driving commercial revenue per passenger up to $20.2-is a complex balancing act that underpins their $1.85 billion trailing twelve-month revenue. If you want to see the exact nine blocks that make up this resilient, post-recovery infrastructure play, check out the full Business Model Canvas breakdown below.

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

You're looking at the core relationships that keep Corporación América Airports S.A. running smoothly across its six-country footprint. These aren't just vendors; they are essential co-creators of value, especially given the long-term nature of airport concessions.

National Governments/Civil Aviation Authorities for long-term concessions

The foundation of Corporación América Airports S.A.'s business is its long-term agreements with sovereign entities. The company operates 52 airports across 6 countries: Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. These partnerships are governed by concession agreements, which define the operational scope and duration. For instance, the Aeropuertos Argentina 2000 S.A. network concession in Argentina was extended until 2038. These agreements often come with specific capital expenditure commitments; the AA2000 extension included a commitment for incremental capital expenditures of approximately $500 million to be undertaken between 2022 and 2027 for expansion projects.

Airlines (e.g., landing, ground handling agreements)

Airlines are the primary stakeholders, directly driving aeronautical revenue through landing fees and passenger charges. Corporación América Airports S.A. actively manages these relationships, participating in forums like IATA Events and WTM. The Q2 2025 traffic recovery highlights the strength of these carrier relationships, with international traffic up significantly in several markets.

• Airlines actively using the network include JetSMART, GOL, SKY, Azul, LATAM, Avianca, and Air Europa.
• Aeronautical Revenues saw a 15.1% increase year-over-year in Q2 2025.
• The company values long-term relationships with these Airline Suppliers.

Duty-Free and major international retail/F&B operators

Commercial revenues are a crucial component, often growing faster than passenger traffic, which shows the success of these retail partnerships. In Q2 2025, commercial revenues were up 22% year-on-year, outpacing the 13.7% passenger traffic increase. These partnerships cover parking facilities, VIP lounges, duty-free stores, and food-related revenues. Growth initiatives in Q2 2025 included the expansion of duty-free and retail areas in Argentina and Brazil.

Construction and engineering firms for CAPEX projects

Large-scale infrastructure improvements require specialized external expertise. These firms execute the CAPEX required by concession agreements and for organic growth projects. For example, environmental approval was secured for the Florence Airport master plan in Q2 2025. The commitment to incremental capital expenditures, such as the $500 million planned for the AA2000 network, necessitates strong ties with construction and engineering partners.

Financial institutions for debt financing and $661 million total liquidity

Maintaining a strong balance sheet requires robust relationships with financial institutions for managing debt and ensuring liquidity for operations and CAPEX. While the company reported a total liquidity position of $595 million as of June 30, 2025, the strategic target or planned level for total liquidity is stated as $661 million. The company has been actively managing its debt profile, reducing net debt to $643 million as of Q2 2025, resulting in a record net leverage ratio of 1.0x.

These financial partners help Corporación América Airports S.A. manage its capital structure while funding necessary airport upgrades. It's a delicate balance, defintely.

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

You're managing a vast network, so your key activities center on keeping those physical assets running smoothly and profitably. Here's the quick math on what Corporación América Airports S.A. (CAAP) is actively doing as of late 2025.

Operating and managing 52 airports across 6 countries is the core function. That's a massive operational footprint spanning Latin America and Europe, including Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. Keeping this system moving means handling huge passenger flows; for instance, in the third quarter of 2025, total quarterly passenger traffic hit 23.3 million, up from 21.3 million in the same period last year. That's real work, day in and day out.

Developing and expanding airport infrastructure is constant. You see this in specific projects, like the ongoing plans for the Florence airport, where construction was planned for a new runway. Also, operational growth is supported by airline activity, such as Wizz Air announcing a new base at Yerevan's Zvartnots Airport in 2025. These physical improvements support future capacity.

Securing and rebalancing long-term concession agreements is crucial for stability. While specific 2025 renewal dates aren't public, the entire business model rests on these contracts. The company's Trailing Twelve Month (TTM) revenue as of November 2025 stood at $1.85 Billion USD, which is directly tied to the longevity and terms of these operational rights.

Maximizing high-margin commercial revenue through retail and services is a major focus area. It helps offset operational costs, especially in volatile economies. For example, in the first quarter of 2025, Commercial Revenues grew by 6.1% year-over-year. Honestly, converting foot traffic into non-aeronautical dollars is where the margin lives.

Air traffic control and ensuring safe, efficient airport operations are non-negotiable responsibilities. This activity is measured by how many planes you move safely. Look at the October 2025 data: passenger traffic increased 10.2% year-on-year, and aircraft movements rose 6.9% YoY. You need systems that handle that surge without a hitch. If onboarding takes 14+ days, churn risk rises, but here, if the CNS/ATM (Communication, Navigation, Surveillance/Air Traffic Management) systems fail, everything stops.

Here is a snapshot of the operational scale and recent financial performance driving these activities:

The operational focus also involves continuous system upgrades, especially concerning safety and efficiency. For example, the Civil Aviation Authority of the Philippines (which is a separate entity but whose activities reflect the sector's focus) allocated P12.4 billion for modernization in 2025, prioritizing night-rating upgrades for several airports to handle increased demand.

You can see the activity breakdown in terms of traffic growth across the portfolio:

• Argentina traffic growth in October 2025: 11.6%
• Total passenger traffic increase in May 2025: 15.9% YoY
• Aircraft movements increase in May 2025: 10.1% YoY
• Cargo volume increase in May 2025: 6.6% YoY

It's all about moving people and goods safely while capturing every possible commercial dollar. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that make Corporación América Airports S.A. (CAAP) run, the stuff they own or control that lets them generate revenue. Honestly, for an airport operator, it all boils down to the paper that gives them the right to operate and the physical ground they stand on.

The foundation of the business is the set of long-term concession contracts. These aren't short-term leases; they are the rights to develop and operate major pieces of national infrastructure. For instance, you know about the AA2000 concession in Argentina, which is a huge part of their footprint. We're seeing active negotiations there right now regarding the revision of the economic equilibrium of that agreement. Also, in Uruguay, the Carrasco International Airport concession was extended for an additional 20-year period, now running until November 2053, which includes a capital investment program of US$67 million for six new regional airports to be deployed by 2028. Plus, as of November 2025, they signed an award agreement to operate Baghdad International Airport, showing they are still actively pursuing major international assets.

The scale of their physical footprint is significant. As of late 2025, Corporación América Airports S.A. (CAAP) operates 53 airports across 6 countries in Latin America and Europe. That network spans Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. These are the terminals, the runways, the cargo handling facilities, and the surrounding real estate that generate their aeronautical and commercial revenues. It's a geographically diverse set of physical assets.

Here's a quick look at the operational scale and financial backing as of the latest reporting:

The human capital is another critical resource. You have an experienced management team, led by CEO Martín Eurnekian, guiding operations across these varied regulatory and economic environments. Their ability to execute, as evidenced by achieving record high Adjusted EBITDA ex-IFRIC in Q3 2025, speaks to the quality of that leadership in managing complex physical infrastructure.

Finally, the balance sheet supports growth and operations. You need liquidity to manage capital expenditures and navigate regulatory hurdles, like the ones in Argentina. The strong liquidity position, with $540.4 million in Cash & Cash equivalents as of September 30, 2025, and a low Net Debt to LTM Adjusted EBITDA ratio of 0.9x, shows they have the financial muscle to maintain and expand these key physical resources.

• Carrasco Airport concession term extended to November 2053.
• US$67 million capital investment planned for six new Uruguayan airports by 2028.
• Reported $540.4 million in Cash & Cash equivalents as of September 30, 2025.
• Operates in 6 countries, including major markets like Argentina and Brazil.

Finance: draft the cash flow impact analysis for the potential Baghdad International Airport concession by next Wednesday.

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.

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:

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:

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:

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:

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:

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:

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:

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):

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.