Corporación América Airports: 1Q26: Strong operating beat, EPS 7% above BofA. Reiterate Buy

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Corporación América Airports: 1Q26: Strong operating beat, EPS 7% above BofA. Reiterate Buy

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Corporación América Airports

1Q26: Strong operating beat, EPS 7%

above BofA. Reiterate Buy

Maintain Rating: BUY | PO: 32.00 USD | Price: 24.68 USD

1Q26: Revenues +18%, EBITDA +25% & EPS+87% yoy 14 May 2026

Yesterday, CAAP reported another set of solid operating numbers. Consolidated revenues Equity

came in at US$538mn, easily beating our numbers (17% above BofA) and the Visible

Carlos Peyrelongue >>

Alpha consensus (15% above). EBITDA (ex- construction) reached US$198mn also Mex Eq Strat/Research Analyst

beating our estimates and consensus. Traffic (pre released) continued to improve (up 7% Merrill Lynch (Mexico) +52 55 5201 3276

yoy and 5% above BofA) as a solid traffic trends in Argentina were supported by Brazil carlos.peyrelongue@bofa.com

(up 12%) and Armenia (up 9%). Commercial revenues were up 21% on the back of Daniel Rojas Vielman >>

across-the-board regional contributions from fuel revenues, cargo, VIP lounges, food, Research Analyst Merrill Lynch (Mexico)

duty free, and parking. EPS of US$47 cents per ADR were above BofAe. +52 55 5201 6248

daniel.rojas2@bofa.com

Alan Macias >>Argentina: Domestic Pax traffic momentum pauses Research Analyst

Whereas domestic traffic now experiences a temporary soft patch (+6% yoy), there is Merrill Lynch (Mexico)

still strong momentum from international traffic (+19% yoy), taking the total PAX figure +52alan.macias@bofa.com55 5201 3433

to 12.8 mn passengers (up 5% yoy). Key leisure destinations, including Bariloche,

Cordoba, Iguazu and Mendoza provided support to results.

Conference call feedback: Potential dividends on horizon Stock Data

International traffic is still the main growth engine.