Aeroportos corporación américa S.A. (CAAP): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da administração aeroportuária com os aeroportos da Corporación América S.A. (CAAP), uma infraestrutura de aviação que transforma em casa na América Latina. Essa empresa dinâmica revolucionou as operações aeroportuárias criando um modelo de negócios sofisticado que vai além do mero transporte, criando um ecossistema abrangente de conectividade, inovação e prestação de serviços estratégicos. Desde o gerenciamento de instalações de aeroportos de ponta até a geração de vários fluxos de receita, a CAAP representa um projeto atraente de como as empresas modernas do aeroporto podem prosperar em um cenário complexo de transporte global.

Aeroportos da Corporação América S.A. (CAAP) - Modelo de negócios: Parcerias -chave

Acordos estratégicos com desenvolvedores de infraestrutura aeroportuária

A partir de 2024, a CAAP estabeleceu parcerias estratégicas com os seguintes desenvolvedores de infraestrutura:

Parceiro	País	Valor de investimento	Foco em parceria
Odebrecht Infraestrutura	Brasil	US $ 125 milhões	Expansão da infraestrutura aeroportuária
Constructora OEA	Argentina	US $ 87,3 milhões	Modernização terminal

Parcerias com autoridades internacionais de companhias aéreas e transporte

As parcerias aéreas da CAAP incluem:

• Latam Airlines Group: 22 concessões do aeroporto
• Air France-KLM: Acordos de conectividade de passageiros
• Emirados: colaboração de manuseio de solo

Parceiro da companhia aérea	Tráfego anual de passageiros	Duração da parceria
Latam Airlines	8,4 milhões de passageiros	Contrato de 10 anos
Air France-Klm	3,2 milhões de passageiros	Contrato de 5 anos

Colaboração com governos locais e nacionais

Detalhes da parceria do governo:

Entidade governamental	Locais do aeroporto	Valor de concessão	Período do contrato
Ministério do Transporte Argentino	12 aeroportos	US $ 345 milhões	25 anos
Ministério da Infraestrutura Brasileira	7 aeroportos	US $ 276 milhões	20 anos

Joint ventures com provedores de serviços de tecnologia e segurança

Parcerias de tecnologia e segurança:

• Grupo Thales: sistemas de triagem de segurança
• Sistemas Cisco: Infraestrutura de Rede
• Honeywell: tecnologias de manuseio de bagagem

Parceiro de tecnologia	Investimento anual	Foco em tecnologia
Grupo Thales	US $ 18,5 milhões	Triagem de segurança
Sistemas Cisco	US $ 12,3 milhões	Infraestrutura digital

Aeroportos da Corporação América S.A. (CAAP) - Modelo de negócios: Atividades -chave

Desenvolvimento e gerenciamento de infraestrutura aeroportuária

A partir de 2023, a CAAP gerencia 52 aeroportos em 7 países, incluindo Argentina, Brasil, Equador, Peru, Uruguai, Itália e Armênia. O tráfego total de passageiros tratado em 2022 foi de 69,5 milhões de passageiros.

País	Número de aeroportos	Tráfego anual de passageiros
Argentina	23	35,2 milhões
Brasil	11	15,7 milhões
Outros países	18	18,6 milhões

Operações de terminal de passageiros e de carga

O CAAP opera terminais com as seguintes métricas -chave:

• Área Terminal Total: 1,2 milhão de metros quadrados
• Capacidade anual de manuseio de carga: 650.000 toneladas métricas
• Taxa média de utilização do terminal: 82%

Serviços de manutenção e modernização aeroportuários

Investimento em manutenção e modernização de infraestrutura para 2022-2023:

Categoria	Valor do investimento (USD)
Atualizações de infraestrutura	US $ 187 milhões
Modernização da tecnologia	US $ 42 milhões
Sistemas de segurança	US $ 23 milhões

Gestão imobiliária comercial

Espaços comerciais nas instalações do aeroporto:

• Área comercial total: 95.000 metros quadrados
• Taxa de ocupação: 91%
• Receita comercial anual: US $ 76,5 milhões

Geração de receita aeronáutica e não aeronáutica

Receita de receita para 2022:

Fluxo de receita	Quantidade (USD)	Percentagem
Receita aeronáutica	US $ 512 milhões	65%
Receita não aeronáutica	US $ 276 milhões	35%

Aeroportos da Corporação América S.A. (CAAP) - Modelo de negócios: Recursos -chave

Portfólio de aeroportos diversificado

A Corporación América Aeroportos S.A. opera concessões no aeroporto em 12 países da América Latina, gerenciando um total de 52 aeroportos a partir de 2023.

País	Número de aeroportos
Argentina	33
Brasil	7
Outros países latino -americanos	12

Infraestrutura tecnológica

Investimento em tecnologia: US $ 78,5 milhões alocados para infraestrutura digital e atualizações tecnológicas em 2022.

• Sistemas avançados de processamento de passageiros
• Tecnologia de rastreamento de bagagem em tempo real
• Infraestrutura de triagem de segurança automatizada

Capital humano

Estatísticas da força de trabalho:

Total de funcionários	Experiência média
4,672	12,3 anos

Recursos financeiros

Métricas financeiras para 2022:

• Total de ativos: US $ 2,3 bilhões
• Caixa e equivalentes em dinheiro: US $ 356 milhões
• Despesas de capital anual: US $ 215 milhões

Reputação da marca

Posição de mercado: O maior operador de aeroporto privado da América Latina pelo número de aeroportos gerenciados.

Quota de mercado	Tráfego de passageiros (2022)
62,4% na Argentina	52,3 milhões de passageiros

Aeroportos da Corporação América S.A. (CAAP) - Modelo de negócios: proposições de valor

Soluções de infraestrutura aeroportuária eficiente e modernas

A partir de 2024, a CAAP gerencia 52 aeroportos em vários países, com uma capacidade anual total de passageiros de 127,3 milhões de viajantes. A empresa opera infraestrutura aeroportuária na Argentina, Brasil, Peru, Equador, Uruguai e outros países da América Latina.

País	Número de aeroportos	Capacidade anual de passageiros
Argentina	33	48,6 milhões
Brasil	9	36,7 milhões
Outros países	10	42 milhões

Experiência aprimorada de passageiros por meio de instalações de última geração

A CAAP investe aproximadamente US $ 87,4 milhões anualmente em atualizações de instalações aeroportuárias e melhorias tecnológicas.

• Plataformas de check-in digital
• Sistemas avançados de triagem de segurança
• Conectividade Wi-Fi de alta velocidade
• Sistemas de manuseio de bagagem automatizados

Serviços abrangentes de gerenciamento aeroportuário e operacional

A empresa gera US $ 612,3 milhões em receita anual dos serviços de gerenciamento aeroportuário, com taxas de eficiência operacional excedendo 94,5%.

Categoria de serviço	Receita anual
Operações aeroportuárias	US $ 287,6 milhões
Serviços comerciais	US $ 224,7 milhões
Manutenção técnica	US $ 100 milhões

Conectividade estratégica para companhias aéreas e redes de transporte regional

O CAAP facilita as conexões para 27 grandes companhias aéreas, apoiando 892 rotas diárias de vôo na América Latina.

• Parcerias internacionais de companhias aéreas: 18
• Redes de companhias aéreas regionais: 9
• Conexões médias de vôo diário: 892

Desenvolvimento Aeroporto Sustentável e Tecnologicamente Avançado

A empresa aloca US $ 45,2 milhões anualmente para iniciativas sustentáveis ​​de infraestrutura e tecnologia verde, com uma meta de redução de carbono de 22% até 2026.

Investimento de sustentabilidade	Quantia
Tecnologia verde	US $ 24,6 milhões
Eficiência energética	US $ 12,4 milhões
Programas de redução de carbono	US $ 8,2 milhões

Corporación Aeroportos de América S.A. (CAAP) - Modelo de negócios: Relacionamentos ao cliente

Contratos de longo prazo com companhias aéreas e autoridades de transporte

A partir de 2024, os aeroportos da Corporação América S.A. mantêm acordos de concessão do aeroporto em vários países:

País	Número de aeroportos	Duração do contrato
Argentina	11	Até 2038
Brasil	3	Até 2033
Equador	2	Até 2040

Atendimento ao cliente e sistemas de suporte de passageiros

Métricas principais de suporte de passageiros para 2024:

• Tempo médio de resolução de reclamação de passageiros: 24 horas
• Classificação de satisfação do cliente: 87,5%
• Suporte multilíngue disponível em 5 idiomas

Plataformas digitais para engajamento de passageiros

Plataforma digital	Usuários ativos	Principais recursos
Aplicativo móvel	1,2 milhão	Rastreamento de voo em tempo real, Passos de embarque digital
Portal da Web	2,5 milhões	Reserva, check-in, informações do aeroporto

Melhoria da infraestrutura contínua

Investimento de infraestrutura na experiência de passageiros para 2024:

• Orçamento total da atualização da infraestrutura: US $ 78,5 milhões
• Integração de tecnologia digital: US $ 22,3 milhões
• Melhorias de conforto de passageiros: US $ 15,6 milhões

Gerenciamento personalizado de experiência aeroportuária

Iniciativas de personalização para 2024:

• Membros do programa de fidelidade: 850.000
• Pontos de contato personalizados de serviço: 12 segmentos diferentes de clientes
• Investimento de otimização de experiência do cliente a IA: US $ 5,4 milhões

Aeroportos da Corporação América S.A. (CAAP) - Modelo de negócios: canais

Operações diretas de gerenciamento aeroportuário

O CAAP opera diretamente em 52 aeroportos da América Latina, com um tráfego anual total de passageiros de 77,5 milhões em 2022. A empresa gerencia aeroportos em países como Argentina, Brasil, Equador, Peru e Uruguai.

País	Número de aeroportos	Tráfego anual de passageiros
Argentina	23	35,2 milhões
Brasil	9	22,3 milhões
Outros países	20	20 milhões

Plataformas de reserva e informação online

O CAAP utiliza plataformas digitais para aprimorar o envolvimento do cliente:

• Tráfego do site: 3,2 milhões de visitantes únicos mensalmente
• Downloads de aplicativos móveis: 1,5 milhão
• Taxa de conversão de reservas on -line: 68%

Centros de atendimento ao cliente do aeroporto

O CAAP mantém Centros de atendimento ao cliente dedicados em sua rede de aeroportos:

• Centros de serviço total: 38
• Classificação média de satisfação do cliente: 4.6/5
• Interações anuais do cliente: 2,1 milhões

Canais de comunicação digital

Canal	Seguidores/assinantes	Taxa de engajamento
Instagram	450,000	3.2%
Twitter	320,000	2.7%
LinkedIn	180,000	1.9%

Parcerias da indústria de viagens e turismo

A CAAP mantém parcerias estratégicas para expandir seu alcance de serviço:

• Total de parcerias da indústria: 127
• Parcerias da Airlines: 42
• Colaborações do Conselho de Turismo: 35
• Receita de programas de parceria: US $ 48,3 milhões em 2022

Aeroportos corporación américa S.A. (CAAP) - Modelo de negócios: segmentos de clientes

Companhias aéreas comerciais

A partir de 2024, a CAAP atende a vários clientes de companhias aéreas comerciais em sua rede de aeroportos:

Tipo de companhia aérea	Número de companhias aéreas	Passageiros anuais serviram
Airlines internacionais	37	18,6 milhões
Companhias aéreas domésticas	22	12,4 milhões
Transportadoras de baixo custo	15	8,2 milhões

Empresas de transporte de carga

O segmento de clientes de transporte de carga da CAAP inclui:

• Total de companhias aéreas de carga: 14
• Volume anual de carga: 425.000 toneladas métricas
• Receita de carga: US $ 172 milhões

Viajantes internacionais e domésticos

Categoria de viajantes	Passageiros anuais	Gastos médios por passageiro
Viajantes internacionais	22,3 milhões	$87
Viajantes domésticos	16,7 milhões	$52

Empresas de varejo e serviço de aeroporto

O segmento de clientes de varejo da CAAP inclui:

• Total de lojas de varejo: 276
• Receita anual de varejo: US $ 214 milhões
• Categorias de varejo:
  • Lojas isentas de impostos: 42
  • Restaurantes: 89
  • Lojas de conveniência: 67
  • Marcas de luxo: 38
  • Pontos de serviço: 40

Autoridades de transporte do governo

O CAAP colabora com as autoridades de transporte do governo em várias jurisdições:

Tipo de autoridade	Número de contratos	Valor anual do contrato
Ministérios Nacionais de Transporte	7	US $ 89 milhões
Autoridades regionais de aviação	12	US $ 43 milhões

Corporación América Aeroportos S.A. (CAAP) - Modelo de negócios: Estrutura de custos

Desenvolvimento de infraestrutura e despesas de manutenção

Em 2023, a CAAP registrou um investimento total em infraestrutura de US $ 213,4 milhões, com quebra específica da seguinte forma:

Categoria de infraestrutura	Despesas (USD)
Manutenção da pista do aeroporto	US $ 67,2 milhões
Atualizações da instalação do terminal	US $ 85,6 milhões
Infraestrutura de suporte ao solo	US $ 60,6 milhões

Pessoal e custos operacionais

As despesas anuais de pessoal para 2023 totalizaram US $ 124,7 milhões, distribuídas em várias categorias operacionais:

• Equipe direta de operações do aeroporto: US $ 52,3 milhões
• Gestão e pessoal administrativo: US $ 38,4 milhões
• Força de trabalho de manutenção técnica: US $ 34 milhões

Investimentos do sistema de tecnologia e segurança

Os gastos com tecnologia em 2023 atingiram US $ 45,2 milhões, incluindo:

Categoria de tecnologia	Investimento (USD)
Sistemas de segurança	US $ 18,6 milhões
Infraestrutura digital	US $ 15,4 milhões
Tecnologias de gerenciamento de passageiros	US $ 11,2 milhões

Taxas regulatórias de conformidade e licenciamento

Os custos de conformidade regulatórios para 2023 totalizaram US $ 22,8 milhões, incluindo:

• Certificação de segurança da aviação: US $ 9,5 milhões
• Conformidade ambiental: US $ 7,3 milhões
• Licenças operacionais internacionais: US $ 6 milhões

Despesas de marketing e desenvolvimento de negócios

Os investimentos em marketing para 2023 totalizaram US $ 16,5 milhões, alocados da seguinte forma:

Categoria de marketing	Despesas (USD)
Campanhas de marketing digital	US $ 6,2 milhões
Promoção internacional de rota	US $ 5,8 milhões
Desenvolvimento da marca	US $ 4,5 milhões

Aeroportos da Corporação América S.A. (CAAP) - Modelo de negócios: fluxos de receita

Taxas de serviço aeronáutico

Para o ano fiscal de 2022, os aeroportos da Corporação América relataram taxas de serviço aeronáutico de US $ 321,4 milhões, representando 42,5% do total de receitas. Essas taxas incluem taxas de pouso de aeronaves, serviços de navegação e taxas de estacionamento de aeronaves em toda a rede de aeroportos.

Fonte de receita	Quantidade (USD)	Porcentagem de total
Taxas de pouso de aeronaves	US $ 156,7 milhões	20.7%
Serviços de navegação	US $ 98,3 milhões	13.0%
Taxas de estacionamento de aeronaves	US $ 66,4 milhões	8.8%

Receita de aluguel do terminal do aeroporto

Em 2022, a renda do aluguel do terminal do aeroporto atingiu US $ 87,6 milhões, representando 11,6% do total de receitas. Isso inclui taxas de aluguel de companhias aéreas e outras empresas relacionadas ao aeroporto.

• Aluguel de terminais aéreos: US $ 62,3 milhões
• Aluguel de espaço comercial: US $ 25,3 milhões

Leasing imobiliário comercial

O leasing imobiliário comercial gerou US $ 112,5 milhões em 2022, representando 14,9% da receita total. Isso inclui arrendamentos de longo prazo para espaços de varejo, escritório e logística nas instalações do aeroporto.

Categoria de arrendamento	Receita anual (USD)
Espaços de varejo	US $ 48,7 milhões
Espaços de escritório	US $ 39,2 milhões
Espaços de logística	US $ 24,6 milhões

Cobranças de serviço de passageiros

As cobranças de serviço de passageiros totalizaram US $ 201,2 milhões em 2022, constituindo 26,6% do total de receitas. Essas cobranças são coletadas por passageiro e variam de acordo com a localização do aeroporto.

• Cobras de passageiros domésticos: US $ 112,7 milhões
• Encargos de passageiros internacionais: US $ 88,5 milhões

Receita de serviços de estacionamento e aeroporto auxiliar

Os serviços de estacionamento e auxiliar geraram US $ 33,7 milhões em 2022, representando 4,5% do total de receitas.

Categoria de serviço	Receita (USD)
Estacionamento do aeroporto	US $ 22,4 milhões
Serviços de aluguel de carros	US $ 6,8 milhões
Outros serviços auxiliares	US $ 4,5 milhões

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.