Corporacion America Airports SA (CAAP) 2024 Q4 法說會逐字稿

Good morning and welcome to the Corporacion America Airports fourth-quarter and year-end 2024 conference call. A slide presentation accompanies today's webcast and is available in the Investors Section of the company's website. (Operator Instructions) At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Patricio, please go ahead.

早安，歡迎參加 Corporacion America Airports 2024 年第四季和年終電話會議。今天的網路廣播附帶幻燈片演示，可在公司網站的投資者部分查看。（操作員指示）現在，我想將電話轉給投資者關係主管 Patricio Inaki Esnaola。帕特里西奧，請繼續。

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martín Eurnekian, our Chief Executive Officer, and Jorge Arruda, our Chief Financial Officer.

謝謝。大家早安，感謝大家今天加入我們。今天的電話會議發言者將是我們的執行長 Martín Eurnekian 和財務長 Jorge Arruda。

Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements, and I refer you to the forward-looking statement section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性陳述，我請您參閱我們的收益報告和最近向美國證券交易委員會提交的文件中前瞻性陳述的部分。我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。

Please note that throughout this call all references to revenues, costs, adjusted EBITDA, and margin, we refer to figures excluding Isaac 12. I will now turn the call over to our CEO, Martin Eurnekian.

請注意，在整個電話會議中，所有提及收入、成本、調整後的 EBITDA 和利潤率的數字均不包括 Isaac 12。現在我將電話轉給我們的執行長 Martin Eurnekian。

Thank you, Inaki. Good day, everyone, and thank you for joining us today. I'd like to start by sharing some key highlights from our fourth quarter 2024 performance. Afterwards, Jorge will provide a more in-depth financial review, and then we will open the floor for questions.

謝謝你，Inaki。大家好，感謝大家今天加入我們。首先，我想分享一下我們 2024 年第四季業績的一些主要亮點。之後，豪爾赫將提供更深入的財務審查，然後我們將開始提問。

Strong performances across most markets were key in driving our overall results this quarter, underscoring the strength of our diversified portfolio. While Argentina's performance remained soft in the fourth quarter as a whole, we were encouraged by a notable rebound in domestic passenger traffic towards year's end.

大多數市場的強勁表現是推動我們本季整體業績的關鍵，凸顯了我們多元化投資組合的實力。儘管阿根廷第四季整體表現依然疲軟，但年底國內客運量明顯反彈，令我們感到鼓舞。

Total passengers reached record heights in December 2024 with continued positive momentum in January and February. Passenger traffic declined by 1.2% year-over-year, but increased 1.5%, excluding Natal.

2024 年 12 月，旅客總數創歷史新高，1 月和 2 月持續保持正面動能。客運量年減 1.2%，但不包括納塔爾，成長 1.5%。

Notably, we saw a solid 11.3% increase in international traffic in Argentina, supported by a continued recovery in outbound tourism. In total, we served nearly 80 million passengers across our airports in 2024, with approximately 20 million traveling in the fourth quarter alone.

值得注意的是，受出境旅遊持續復甦的推動，阿根廷的國際客流量穩定成長了 11.3%。整體而言，2024 年，我們各機場共服務了近 8,000 萬名乘客，光第四季就有約 2,000 萬名乘客出行。

As Jorge will discuss briefly, fourth quarter year-over-year comps were affected by the sharp devaluation of the Argentine peso in late December 2023, and the indemnification payment received in the fourth quarter of last year in connection with the friendly termination of the Natal Airport concession. Excluding these two factors, revenues were down by 0.6% year-over-year, in line with lower passenger traffic, where revenue per passenger improved slightly to $19.3 from $19.2 in 2023.

正如 Jorge 簡要討論的那樣，第四季度的同比業績受到了 2023 年 12 月下旬阿根廷比索大幅貶值以及去年第四季度因友好終止納塔爾機場特許經營權而收到的賠償金的影響。除去這兩個因素，收入年減 0.6%，與客運量下降一致，每位乘客的收入從 2023 年的 19.2 美元略微提高到 19.3 美元。

In turn, adjusted EBITDA for the quarter declined by 7%, pressured by weaker domestic traffic in Argentina, lower cargo revenues, and reduced duty free sales, which were unusually high in the fourth quarter of 2023 as they benefited from a favorable official exchange rate until the peso devaluation took place in mid-December 2023. Importantly, all other countries of operations reported positive year-over-year contributions to adjusted EBITDA.

反過來，本季調整後的 EBITDA 下降了 7%，原因是阿根廷國內客運量減弱、貨運收入下降以及免稅銷售額減少。在 2023 年 12 月中旬比索貶值之前，由於受益於有利的官方匯率，免稅銷售額在 2023 年第四季異常高。重要的是，所有其他營運國家都報告了調整後 EBITDA 的同比正貢獻。

Notably, we maintain a strong cash flow and a robust financial position with our leverage ratio remaining at low levels. This solid footing gives us the flexibility to confidently pursue strategic growth initiatives. The balance across our portfolio continues to demonstrate the resilience of our business and our ability to deliver consistent performance despite localized challenges.

值得注意的是，我們保持強勁的現金流和穩健的財務狀況，槓桿率保持在較低水平。這項堅實基礎使我們能夠靈活自信地推行策略成長計畫。我們投資組合的平衡繼續證明了我們業務的韌性以及我們在面臨局部挑戰的情況下提供穩定績效的能力。

Now, let's move to slide 4 to discuss passenger traffic trends in more detail. Turning to page 4 for a review of passenger traffic trends. Overall, total passenger traffic declined by 1.2% year-on-year to over 20 million. When adjusted for the discontinuation of Natal Airport, passenger traffic was up 1.5%.

現在，讓我們轉到投影片 4，更詳細地討論客運趨勢。翻到第 4 頁回顧客運趨勢。整體而言，總客運量較去年同期下降1.2%，至2,000多萬人次。考慮到納塔爾機場停運，客運量增加了 1.5%。

As a reminder, effective February 2024, we had terminated our concession agreement for the Natal Airport. Overall traffic improved from a 1.5% decline reported in the previous quarter to a growth of 1.5% when excluding Natal.

提醒一下，自 2024 年 2 月起，我們已終止納塔爾機場的特許經營協議。整體客流量從上一季的下降 1.5% 改善至不包括納塔爾在內的成長 1.5%。

Domestic traffic showed sequential improvement but remains 7% lower year-over-year or down 2% excluding Natal, mainly reflecting weaker demand in Argentina, particularly in October and November. However, international traffic rose 7% year-over-year, supported by strong performances in Argentina and Italy, underscoring the resilience of our international operations.

國內客運量較去年同期改善，但年比仍下降 7%，不包括納塔爾則下降 2%，主要反映阿根廷需求疲軟，尤其是在 10 月和 11 月。然而，受阿根廷和義大利強勁表現的推動，國際客流量年增 7%，凸顯了我們國際業務的韌性。

Let's take a closer look at some key year-on-year trends by region. Starting with Argentina, passenger traffic declined just over 1%, showing a marked improvement from the 6.2% decline posted in the third quarter. This recovery was supported by record-high passenger volumes in December.

讓我們仔細看看各地區的一些關鍵同比趨勢。從阿根廷開始，客運量下降了1%多一點，與第三季6.2%的降幅相比有了明顯改善。12 月創紀錄的客運量推動了這項復甦。

The year-over-year decline was primarily driven by softer domestic traffic in October and November, reflecting the absence of the previous government incentive program that had bolstered local tourism in 2023, but was not repeated this year. Encouragingly, international traffic remained a bright spot, up 11% year-on-year, supported by additional routes and increased flight frequencies.

年比下降主要是由於 10 月和 11 月國內客流量減少，反映出政府先前推出的激勵計畫失效，該計畫曾在 2023 年提振國內旅遊業，但今年並未重複。令人鼓舞的是，國際客運量仍然是一個亮點，在新增航線和增加航班頻率的推動下，年增 11%。

American Airlines resumed its Ezeiza-Dallas route and expanded services to Miami, while Delta introduced a second daily frequency to Atlanta. Meanwhile, British Airways increased seat capacity by nearly 22%, while Avianca launched its new Guayaquil-Ezeiza route. Additionally, Emirates, Iberia, and United boosted their frequencies, further enhancing connectivity. The strong momentum achieved in December continued into January and February, with passenger traffic growing by 13% and 10% year-on-year, respectively.

美國航空恢復了埃塞薩至達拉斯航線，並擴大了飛往邁阿密的航班，達美航空則開通了飛往亞特蘭大的第二班每日航班。同時，英國航空的座位容量增加了近 22%，而哥倫比亞航空則開通了新的瓜亞基爾-埃塞薩航線。此外，阿聯酋航空、西班牙國家航空和美國聯合航空也增加了航班頻率，進一步增強了連結性。12 月的強勁勢頭延續到了 1 月和 2 月，客運量分別年增 13% 和 10%。

In Italy, traffic rose by 11%, reaching 2 million passengers. Growth was driven both by international travel, up high-single digits, and an impressive high-teens increase in domestic travel, reflecting strong demand in November and December, particularly at Pisa Airport. This performance continued into January and February with passenger traffic increasing by 6% and 14% year-on-year, respectively.

義大利的客運量成長了 11%，達到 200 萬人次。成長主要由國際旅行（高個位數成長）和國內旅行（令人印象深刻的高十幾率成長）推動，反映出 11 月和 12 月的強勁需求，尤其是比薩機場的需求。1 月和 2 月繼續保持這一良好勢頭，客運量分別年增 6% 和 14%。

Turning to Brazil, traffic continued to recover, rising in the high-single digits when adjusted for the discontinuation of Natal Airport, despite ongoing challenges in the aviation sector and aircraft availability in the country. This recovery trend extended into January and February, where overall traffic excluding Natal increased by 3% and 9% year-on-year, respectively.

轉向巴西，儘管該國航空業和飛機供應方面仍面臨持續挑戰，但客運量繼續復甦，經納塔爾機場停駛調整後，客運量仍實現了高個位數增長。這種復甦趨勢延續到了 1 月和 2 月，除納塔爾以外的整體客運量分別比去年同期增加了 3% 和 9%。

In Uruguay, passenger traffic increased by mid-single digit, supported by new and resumed routes, including American Airlines restatement of its Montevideo-Miami route. As well as new services from SKY and LATAM Airlines, connecting Montevideo to Rio de Janeiro and Punta del Este to Santiago de Chile for the summer season.

在烏拉圭，客運量成長了中等個位數，這得益於新航線和恢復的航線，包括美國航空重新開通的蒙得維的亞-邁阿密航線。天空航空和拉丁美洲航空也推出了夏季新航線，連接蒙得維的亞和里約熱內盧，以及埃斯特角城和智利聖地亞哥。

Additionally, Paranair resumed its Montevideo-Salto route, reestablishing these connections after more than two decades. Traffic in the first two months of the year performed well with year-on-year increases of 5% and 2% in January and February respectively.

此外，Paranair 恢復了蒙得維的亞-薩爾托航線，時隔二十多年重新建立了這條航線。今年前兩個月的客運量表現良好，1月和2月分別較去年同期成長5%和2%。

In Armenia traffic was slightly up by 1%. Following a strong 2023 performance, growth was supported by the introduction of several new airlines, including China Southern, Air Cairo, Salam Air, and Sky Express, which began operations at the Yerevan Airport during the quarter. Traffic in January rose by 7%, while in February it declined by 5% year-over-year.

亞美尼亞的客流量略微上漲了 1%。繼 2023 年表現強勁之後，幾家新航空公司的加入推動了成長，其中包括中國南方航空、開羅航空、薩拉姆航空和天空快捷，這些航空公司於本季開始在埃里溫機場營運。1月客流量較去年同期成長7%，而2月份客流量較去年同期下降5%。

Lastly, in Ecuador, passenger traffic declined by less than 1% year-over-year. A slight increase in international traffic was upset by a low-single digit decline in domestic travel, which remained affected by high airfare prices and ongoing security concerns, which continued to weigh on demand. Traffic in January performed well, increasing by 8% year-on-year, while in February it declined by 2%.

最後，厄瓜多爾的客運量較去年同期下降不到 1%。國際客流量略有成長，但國內客流量出現個位數低幅下滑，這主要受到高昂機票價格和持續的安全問題的影響，進而對需求造成壓力。1月客運量表現良好，年增8%，而2月則下降了2%。

In summary, while Argentina's domestic market faced challenges earlier in the quarter, we closed the year on a positive note with record-high volumes in December. Meanwhile, strong results in Italy, Uruguay, and Brazil further underscored the resilience of our diversified portfolio.

總而言之，儘管阿根廷國內市場在本季早些時候面臨挑戰，但我們以 12 月創下歷史新高的銷量，以積極的態度結束了這一年度。同時，義大利、烏拉圭和巴西的強勁業績進一步凸顯了我們多元化投資組合的韌性。

Next, as shown on slide 5, growth in cargo volumes accelerated to 16% year-over-year in the fourth quarter, with positive contributions from all countries of operations. Cargo in Armenia was up over 51%, while Argentina posted an increase in the high-teens, benefiting from the flexible import regulations and improved macro conditions.

接下來，如投影片 5 所示，第四季貨運量年增率加速至 16%，所有營運國家都做出了積極貢獻。亞美尼亞的貨運量增加了 51% 以上，而阿根廷的貨運量則增加了 15% 以上，這得益於靈活的進口法規和改善的宏觀條件。

Despite volume growth, cargo revenues ex-IAS29 declined 3% year-over-year, primarily due to fewer storage days for imported goods in Argentina. This negatively impacted last year's bidding scheme, which we already have revised this year. We remain focused on maximizing operational efficiencies across our network and continue to monitor cargo revenue trends closely.

儘管貨運量有所增長，但根據 IAS29 計算的貨運收入年減了 3%，主要原因是阿根廷進口貨物的倉儲天數減少。這對去年的競標方案產生了負面影響，我們今年已經對其進行了修改。我們將繼續致力於最大限度地提高整個網路的營運效率，並繼續密切關注貨運收入趨勢。

I will now turn the call to Jorge, who will review our financial results. Please go ahead.

現在我將電話轉給 Jorge，他將審查我們的財務結果。請繼續。

Thank you, Martin and good day, everyone. Before I start, I'd like to remind you that fourth-quarter 2024 year-over-year comps were affected by the sharp devaluation of the Argentine peso in late December 2023, and the indemnification payment received in the fourth quarter of 2023 in connection with the termination of the Natal Airport concession.

謝謝你，馬丁，大家好。在開始之前，我想提醒您，2024 年第四季的同比業績受到了 2023 年 12 月下旬阿根廷比索大幅貶值以及 2023 年第四季度因終止納塔爾機場特許經營權而收到的賠償金的影響。

Therefore, for a better and proper understanding of our performance, we will present and discuss our results, excluding the impact of IAS29 in Argentina in both years, as well as the contribution from Natal in the fourth quarter of 2023 in line with our fourth quarter earnings discussions from last year.

因此，為了更好、更正確地理解我們的業績，我們將展示和討論我們的業績，不包括兩年來阿根廷 IAS29 的影響，以及 2023 年第四季度納塔爾的貢獻，這與我們去年第四季度的收益討論一致。

Let's start with our top line on slide 6. Total revenues ex-IFRIC12 were slightly down 0.6% year-on-year, in line with passenger traffic, while our revenue per passenger was up 0.6% to $19.3, leveraging caps global footprint.

讓我們從第 6 張投影片的頂行開始。不以 IFRIC12 計算的總收入較去年同期略有下降 0.6%，與客運量持平，而得益於全球業務佈局，我們的每位乘客收入上漲 0.6%，達到 19.3 美元。

Aeronautical revenues were up 1.7% year-on-year despite a 1.2% year-on-year decline in traffic, with positive contributions from all countries of operations except Brazil. Notably in Uruguay, we recorded a strong 12% increase in Aeronautical revenues, capitalizing on robust momentum in this country. Importantly, in Argentina, Aeronautical revenues rose 1.3%, supported by an 11.3% year-on-year increase in international traffic, and to a lesser extent, by a domestic passenger tariff increase that took effect on November 1.

儘管客運量年減 1.2%，但航空收入年增 1.7%，除巴西外，所有營運國家都做出了積極貢獻。值得注意的是，在烏拉圭，我們利用該國強勁的發展勢頭，實現了航空收入 12% 的強勁成長。重要的是，阿根廷的航空收入增長了 1.3%，這得益於國際客運量同比增長 11.3%，而 11 月 1 日生效的國內客運運價上調也在一定程度上推動了這一增長。

Commercial revenues were down 2.9% year-on-year, but improved sequentially, following a 6.6% decline in the third quarter. This decline was mainly driven by lower Cargo Duty Free revenues in Argentina and lower Fuel revenues in Armenia, partially offset by higher revenues from VIP Lounges, Parking, Food and Beverage, and Catering services, particularly in Italy, Ecuador, and Uruguay. As Martin pointed out, Duty Free and Cargo in Argentina were extraordinarily high in 2023 due to a significant disparity between the official and parallel FX rates, and the expected evaluation respectively.

商業收入較去年同期下降 2.9%，但繼第三季下降 6.6% 之後，較上季有所改善。下降的主要原因是阿根廷的貨運免稅收入下降和亞美尼亞的燃油收入下降，但貴賓休息室、停車、食品和飲料以及餐飲服務的收入增加（尤其是在義大利、厄瓜多爾和烏拉圭）部分抵消了這一下降。正如馬丁所指出的，由於官方和平行外匯匯率與預期評估之間存在巨大差異，2023 年阿根廷的免稅和貨運費用異常高昂。

Now, turn to slide 7, total cost and expenses, excluding Isaac 12 were largely stable year-over-year. While the cost of services declined by 2.8%, this was offset by higher SG&A expenses, in part, impacted by the inflation level in Argentina.

現在，翻到第 7 張投影片，不包括 Isaac 12 的總成本和費用與去年同期相比基本上保持穩定。雖然服務成本下降了 2.8%，但這被更高的銷售、一般及行政費用所抵消，部分原因是受到阿根廷通貨膨脹水準的影響。

Importantly, we remain committed to stringent cost controls across our operations, particularly in Argentina, where challenging macro dynamics persists. Nonetheless, we anticipate a more stable environment for this year.

重要的是，我們仍然致力於在整個營運過程中嚴格控製成本，特別是在宏觀經濟情勢依然嚴峻的阿根廷。儘管如此，我們預計今年的環境將更加穩定。

Now, moving on to profitability on slide 8. Adjusted EBITDA ex-IFRIC12 was $151 million (sic - see slide 8, "$150 million"), a 6.7% year-on-year decline, largely explained by Argentina's soft performance. This was partially mitigated by strong contributions and growth from all other markets, particularly Uruguay and Italy, which posted another quarter of solid growth in adjusted EBITDA, along with strong margin expansion.

現在，我們來看看幻燈片 8 上的獲利能力。調整後的 EBITDA（不計入 IFRIC12）為 1.51 億美元（原文如此 - 見幻燈片 8，“1.5 億美元”），同比下降 6.7%，這主要是由於阿根廷表現疲軟。所有其他市場的強勁貢獻和成長在一定程度上緩解了這一影響，尤其是烏拉圭和義大利，這兩個市場的調整後 EBITDA 再次實現穩健成長，利潤率也大幅擴張。

We are particularly encouraged by the performance of our operations in Brazil, which benefited from solid traffic recovery, excluding Natal, higher VIP Lounges, Cargo, and Duty Free revenues, as well as favorable impact quarter from BRL110 million high economic compensation related to the re-equilibrium of the concession for COVID-related losses for 2024.

我們對巴西業務的表現尤其感到鼓舞，這得益於除納塔爾外客流量的穩健復甦、貴賓休息室、貨運和免稅收入的增加，以及與 2024 年 COVID 相關損失特許經營權重新平衡相關的 1.1 億雷亞爾高額經濟補償帶來的有利影響。

Turning to slide 9, supported by our strong cash flow generation, we closed the year with a total liquidity position of $526 million up 15% when compared to year-end 2023. Furthermore, all of our operating subsidiaries reported positive cash flow from operating activities during the 12-month period. As a reminder, cash using financing activities included the previously announced $31 million acquisition of our indirect stake in AA2000.

轉到投影片 9，在強勁現金流的支持下，我們今年的流動資金總額達到 5.26 億美元，與 2023 年底相比成長了 15％。此外，我們所有的營運子公司在 12 個月期間均報告了來自營運活動的正現金流。提醒一下，現金使用融資活動包括先前宣布的以 3,100 萬美元收購我們在 AA2000 的間接股份。

Now, moving on to debt and maturity profile on slide 10. Total debt at year-end was $1.2 billion while our net debt decreased to $718 million from $963 million in December 2023. Our net leverage ratio is stood at 1.1 times at year-end, reflecting debt reductions from the amortization of scheduled principal payments, as well as early redemption in Argentina and Armenia during 2024.

現在，讓我們來看看投影片 10 上的債務和到期情況。截至年底的總債務為 12 億美元，而我們的淨債務從 2023 年 12 月的 9.63 億美元減少至 7.18 億美元。我們的淨槓桿率在年底為 1.1 倍，反映了按計劃攤銷本金支付帶來的債務減少，以及 2024 年在阿根廷和亞美尼亞的提前贖回。

Wrapping up, we close the year with a robust balance sheet and healthy debt profile, which positions us well to capture future growth opportunities. Despite the headwinds we face throughout 2024, our business remains resilient. As we look ahead, we remain committed to cost efficiency, enhancing our commercial operations, and expanding our portfolio to deliver value to our shareholders.

總而言之，我們以強勁的資產負債表和健康的債務狀況結束了這一年，這使我們能夠抓住未來的成長機會。儘管我們在 2024 年面臨逆風，但我們的業務仍然保持韌性。展望未來，我們將持續致力於提高成本效率、強化商業營運、擴大產品組合，為股東創造價值。

I will now hand back the call to Martin, who will provide closing remarks and discuss our view for this year.

現在我將把電話交還給馬丁，他將發表結束語並討論我們對今年的看法。

Moving on to slide 12. As we conclude, I would like to highlight a few takeaways from the quarters. Our solid results across key markets largely offset softer performance in Argentina, where domestic passenger traffic showed encouraging signs of recovery, reaching record highs in December 2024, as well as in January 2025. While adjusted EBITDA margins improved across all countries of operation, except Argentina, we are confident that ongoing initiatives to boost commercial revenues and strategic developments across our concessions will support improved results in the quarters ahead.

移至投影片 12。最後，我想強調一下本季的幾點要點。我們在主要市場的穩健業績在很大程度上抵消了阿根廷的疲軟表現，阿根廷國內客運量顯示出令人鼓舞的復甦跡象，在 2024 年 12 月和 2025 年 1 月均創下歷史新高。雖然除阿根廷外，所有營運國家的調整後 EBITDA 利潤率均有所提高，但我們相信，持續提高商業收入的舉措和特許經營權的策略發展將支持未來幾季業績的改善。

On the commercial front, we are advancing on key projects to enhance the passenger experience and boost commercial revenue growth across our network. In Argentina, we are expanding the duty-free area at the Ezeiza Airport's arrival terminal, increasing the space by over 50% to 1,100 square meters.

在商業方面，我們正在推動重點項目，以提升乘客體驗並促進整個網路的商業收入成長。在阿根廷，我們正在擴建埃塞薩機場到達航站樓的免稅區，面積增加 50% 以上，達到 1,100 平方米。

In Brazil, we inaugurated a logistics center, signed agreements with three car dealerships, and are progressing with the construction of a new life-style center. Lastly, in Uruguay, the construction of a new convert parking facility at Montevideo Airport is moving forward as planned.

在巴西，我們開設了一個物流中心，與三家汽車經銷商簽署了協議，並且正在推動新生活方式中心的建設。最後，在烏拉圭，蒙得維的亞機場新的轉換停車設施的建設正在按計劃進行。

We also achieved important milestones across our concessions. In Argentina, a domestic tariff increase became effective in November, which will provide additional support to our local operations. In Brazil, we reached an agreement with the government on a new methodology for long-term economic re-equilibrium to compensate for the impacts of COVID. Meanwhile, in Uruguay, we inaugurated a new state-of-the-art private aviation terminal at Punta del Este Airport, and last February, completed the works on Durazno International Airport.

我們也在特許經營領域取得了重要的里程碑。在阿根廷，國內關稅上調於11月生效，這將為我們的當地業務提供額外支援。在巴西，我們與政府就長期經濟再平衡的新方法達成協議，以抵消新冠疫情的影響。同時，在烏拉圭，我們在埃斯特角機場啟用了一個新的最先進的私人航空航站樓，並在去年二月完成了杜拉斯諾國際機場的建設。

In Italy, we continue advancing on the EUR425 million master plan for Florence Airport. While in Armenia, we are progressing on approvals for our $425 million CapEx program. Both initiatives remain key strategic priorities aimed at delivering long-term value for our shareholders. Finally, we close the year with a solid balance sheet and a net leverage ratio of 1.1 times, reinforcing our financial stability and flexibility to invest in growth opportunities.

在義大利，我們繼續推動佛羅倫斯機場4.25億歐元的總體規劃。在亞美尼亞，我們正在推動 4.25 億美元資本支出計畫的批准。這兩項舉措仍然是我們為股東創造長期價值的關鍵策略重點。最後，我們以穩健的資產負債表和 1.1 倍的淨槓桿率結束了這個年度，增強了我們的財務穩定性和投資成長機會的靈活性。

Looking ahead, we are cautiously optimistic about Argentina in 2025. While international traffic continues to perform well, we expect a recovery in domestic traffic supported by the positive momentum posted in January and February.

展望未來，我們對2025年的阿根廷持謹慎樂觀的態度。雖然國際客運量繼續表現良好，但我們預計，在 1 月和 2 月的積極勢頭的支持下，國內客運量將出現復甦。

To conclude, in 2025, we remain focused on executing on our strategic growth objectives, while capitalizing on the initiatives taken throughout 2024. With a strong foundation in place, we are confident in our ability to drive sustainable growth and deliver value.

總而言之，2025 年，我們將繼續專注於實現策略成長目標，同時充分利用 2024 年採取的措施。憑藉堅實的基礎，我們有信心推動永續成長並創造價值。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions) Alejandro Demichelis, Jefferies.

（操作員指示） Alejandro Demichelis，Jefferies。

Two questions, if I may, please. The first one is, could you please update us on how you see the concessional review process in Argentina; how much progress you're making, what are the next steps we can see from there?

請問我有兩個問題。第一個問題是，您能否向我們介紹一下您對阿根廷優惠審查程序的看法？你取得了多少進展，我們可以看到下一步的行動是什麼？

And then the second question is, Martin, you talk about your strategic priorities and initiatives. Maybe you can also ask how you're seeing the opportunities for inorganic growth, say, in Latin America and also outside of the region, please?

第二個問題是，馬丁，您談談您的策略重點和舉措。也許您也可以問一下，您如何看待無機成長的機會，例如在拉丁美洲以及該地區以外？

In terms of Argentina and the contract, a little bit, as we said last time, we expect things to happen during this year, hopefully.

就阿根廷和合約而言，正如我們上次所說的那樣，我們希望事情能夠在今年內發生。

Although the official timing, was expected for the end of third quarter and second quarter, we don't have exact days as of today to be able to know when the regulator will finish the work they are doing. But we have very good expectations that during this year, we will have positive news on that side in terms of having a path to move ahead.

儘管官方預計的時間是第三季和第二季末，但截至今天我們還沒有確切的日期來知道監管機構何時完成他們正在進行的工作。但我們非常期待，今年我們將在前進的道路上聽到積極的消息。

And as we said last time, the regulatory environment in Argentina, the (spoken in foreign language), which is the law approved in the last year by the government, gives the executive and the regulator very good tools to be able to do a comprehensive revision. So we are very positive on that side, but we still do not have details or exact dates. Although we hope we will have news during this year.

正如我們上次所說，阿根廷的監管環境，（用外語說），即政府去年批准的法律，為行政部門和監管機構提供了非常好的工具，以便進行全面的修訂。所以我們對此非常積極，但我們仍然沒有細節或確切日期。儘管我們希望今年能有消息。

And regarding in organic growth, we are happy to say that we're looking at very diverse opportunities in different geographies, and different sizes and shapes, let's say. We have, strengthened our M&A team, adding more talent and people to the team to be able to take on more challenges. So, hopefully you will see us very active in the market as the opportunities arise and become public. Thank you, Alejandro.

關於有機成長，我們很高興地說，我們正在尋找不同地區、不同規模和形態的多樣化機會。我們加強了我們的併購團隊，為團隊增加了更多的人才和人員，以便能夠應對更多的挑戰。因此，希望隨著機會的出現和公開，您會看到我們在市場上非常活躍。謝謝你，亞歷杭德羅。

But these opportunities are mostly in Latin America, or can we expect something outside of the region?

但這些機會主要在拉丁美洲，或者我們可以期待該地區以外的機會嗎？

No, definitely you can expect us in very diverse regions. We have already participated in ongoing processes in the Middle East, in Africa, and in Latin America, and in Europe. So we're looking at many opportunities, yes.

不，你絕對可以期待我們出現在非常多樣化的地區。我們已經參與了中東、非洲、拉丁美洲和歐洲正在進行的進程。所以我們正在尋找很多機會，是的。

Thank you.

謝謝。

Fernanda Recchia, BTG.

費爾南達·雷基亞 (Fernanda Recchia)，BTG。

Two questions from our side as well. The first. I would like to explore a little bit further the traffic trends for the year of 2025. So as we look, the year-to-date trend has shown a better trend for Argentina, especially on the domestic route. So if you could provide some color on what is your expectation for Argentina this year.

我們也有兩個問題。第一個。我想進一步探討 2025 年的交通趨勢。因此，我們看，今年迄今為止的趨勢對阿根廷來說有所好轉，尤其是在國內航線上。那麼，您能否透露一下您對今年阿根廷隊的期望呢？

Also, Brazil is suffering on a year-to-date basis, so I would appreciate any thoughts and comments on Brazil as well. This is the first question.

此外，巴西今年迄今正遭受苦難，因此我也非常感激任何有關巴西的想法和評論。這是第一個問題。

And my second question is regarding the projects in Armenia and Italy. I think Martin mentioned that we are progressing well on his closing remarks. But if you could provide any further details in terms of deadline and what is missing for us to have the final approval. Thank you.

我的第二個問題是關於亞美尼亞和義大利的專案。我認為馬丁在結束語中提到我們進展順利。但如果您能提供有關截止日期以及我們獲得最終批准所缺少的內容的進一步詳細資訊。謝謝。

Starting with the traffic for 2025, you asked about Argentina, there are, I think, there are two main issues affecting the real positive dynamics we are seeing in Argentina. One is the macro environment where more people have more access to US dollars and to buy international tickets, as we have seen the international passengers growth that we have seen in the last two months is substantial. But also domestic has picked up.

從您問到的2025年的交通狀況開始，關於阿根廷的情況，我認為有兩個主要問題影響著我們在阿根廷看到的真正的積極動態。一是宏觀環境，越來越多的人可以獲得美元併購買國際機票，正如我們所看到的，過去兩個月國際旅客數量大幅增長。但國內市場也已回升。

So we are very positive on the trends in Argentina, given those dynamics and the fact that the government has worked through last year very aggressively on opening all sorts of red tape for the aviation industry. Firstly, signing Open Skies agreements with a lot of countries, which give the possibilities for more airlines to put more flights without any preconditions.

因此，考慮到這些動態以及政府去年積極為航空業開放各種繁文縟節的事實，我們對阿根廷的趨勢非常樂觀。首先，與許多國家簽署開放天空協議，這為更多航空公司無條件增設航班提供了可能性。

And also the opening of the internal regulations themselves, which also allow foreign companies, and foreign aircraft, and foreign crews to work domestically and internationally in Argentina with far less restrictions than before. So these two things combined are unleashing the growth potential that we're seeing in the traffic in Argentina.

此外，阿根廷也放寬了內部監管，允許外國公司、外國飛機和外國機組人員在阿根廷國內和國際開展工作，而且限制比以前少得多。因此，這兩件事結合起來釋放了我們在阿根廷交通中看到的成長潛力。

You mentioned Brazil. I understood you mentioned the suffering of Brazil. Maybe you're looking at the numbers adding Natal, which is not there anymore. But if you take out Natal, the dynamics in Brazil are quite interesting.

您提到了巴西。我知道您提到了巴西的苦難。也許您正在查看添加納塔爾 (Natal) 的數字，但納塔爾已經不存在了。但如果你把納塔爾排除在外，巴西的動態就相當有趣了。

Jorge's here, he can comment, but about 5% in growth in the first two months for Brasilia Airport, almost 6%. So, although the industry as a whole has challenges in Brazil, as we mentioned in the call, we think that these dynamics are not bad given the overall Brazilian environment.

豪爾赫在這裡，他可以發表評論，但巴西利亞機場在前兩個月的成長速度約為 5%，接近 6%。因此，儘管正如我們在電話會議中提到的那樣，整個產業在巴西面臨挑戰，但我們認為，考慮到巴西的整體環境，這些動態並不壞。

And regarding Armenia and Italy, in both cases in different dynamics, we are progressing really well. In Armenia we're waiting feedback on the government on the negotiation to do this new CapEx that we mentioned in the presentation. But for that a lot of things will probably be revised. We're waiting for feedback from the government on that side. And as soon as we have an agreed model, we will let the investors know about it with more details.

至於亞美尼亞和義大利，儘管兩國情況不同，但都取得了良好的進展。在亞美尼亞，我們正在等待政府就我們在演示中提到的這項新資本支出進行談判的反饋。但為此，很多事情可能會被修改。我們正在等待那邊政府的回饋。一旦我們達成一致，我們將向投資者提供更多詳細資訊。

And regarding Italy, we are very well advanced into all the technical requirements to receive the most important approval that we need, which is the environmental one. But the teams have been working very hard with the different sides of the government that work on this. And we can say we're fairly advanced and, hopefully, in the next few months, we will have news, positive news on the approval for the environmental approval that we need to be able to start construction on the CapEx program for Florence, which is the one that's going to be more transformative for the company and for value creation. Thank you, Fernanda.

至於義大利，我們在所有技術要求方面都取得了巨大進展，獲得了我們所需的最重要的批准，即環境批准。但這些團隊一直與政府各部門密切合作，致力於這項工作。我們可以說我們已經相當先進了，希望在接下來的幾個月裡，我們會有關於環境審批的積極消息，我們需要能夠開始建立佛羅倫薩的資本支出計劃，這將是對公司和價值創造更具變革性的計劃。謝謝你，費爾南達。

Thank you, Martin. And just a follow up. I thinking on a consolidated figure, can we expect traffic to keep this next single digit that we saw on a year-to-date basis?

謝謝你，馬丁。這只是後續行動。我考慮一下綜合數據，我們是否可以預期流量將維持年初至今的個位數？

Yeah, I would say that the trends that we are seeing in the beginning of the year for most of our regions look promising. Probably Armenia, where we saw a negative February, it's a little bit of an outlier where we expect to have an overall consolidated year on the positive side. So yes, I think that you can say that whatever we're seeing in the first two months, we expect those trends to continue.

是的，我想說，我們在今年年初看到的大多數地區的趨勢看起來都很有希望。可能是亞美尼亞，我們看到其二月的經濟成長呈負成長，這是一個有點異常的情況，我們預計其全年總體經濟將呈現正成長。所以是的，我認為你可以說，無論我們在前兩個月看到什麼，我們都預期這些趨勢將會持續下去。

Perfect. Thank you so much.

完美的。太感謝了。

Stephen Trent, Citigroup.

花旗集團的史蒂芬‧特倫特。

The first question, I was wondering how you think about weighing potential growth opportunities, potential investments in new concessions; any view as to whether geographic or air traffic diversity is the main thing you look at? Or are you more interested, for example, in acquiring assets that are single till or dual till or inflation-based or something along those lines? Would just love to hear a little more about that. Thank you.

第一個問題，我想知道您如何權衡潛在的成長機會和新特許經營的潛在投資？您認為地理多樣性還是空中交通多樣性才是您主要考慮的因素嗎？或者您對收購單收銀機、雙收銀機或基於通貨膨脹的資產或類似資產更感興趣？我很想聽到更多關於這方面的資訊。謝謝。

I think it's a difficult question to ask on -- to answer on our side, because as we have always mentioned, we have a view on being, first of all, accretive to our portfolio. Second, very disciplined on how we look at and how we analyze the opportunities, and very opportunistic in the end to be able to get all that.

我認為這是一個很難提出的問題——從我們的角度來回答，因為正如我們一直提到的，我們認為首先要增加我們的投資組合。第二，我們非常自律地看待和分析機會，並最終抓住機會，獲得所有機會。

So, I wouldn't say I wouldn't be able to la to classify a regulatory scheme that we think it's better. I think we need to look at an opportunity as a whole and analyze case-by-case to see whether an opportunity is interesting or not. And I wouldn't say that the regulatory scheme needs to be one or the other for it to be interesting.

所以，我不會說我無法對我們認為更好的監管方案進行分類。我認為我們需要從整體上看待一個機會，並逐一分析以確定一個機會是否有趣。而且我不會說監管方案必須非此即彼才會有趣。

As you see in our portfolio, we have all the cases that you mentioned, and we like them all. No, I would think that each of our concessions, as of today, is a success story and being very diverse and very different. So I couldn't tell you that we are looking for a specific regulatory scheme when we go for a concession, but we do an in-depth analysis of the potential; the capacity of that opportunity to add value to our shareholders, regardless of the type of concession or even geography.

正如您在我們的投資組合中看到的，我們擁有您提到的所有案例，並且我們都喜歡它們。不，我認為，截至今天，我們的每一項讓步都是一個成功的故事，而且非常多元、非常不同。因此，我無法告訴您我們在尋求特許經營權時正在尋找特定的監管方案，但我們會對潛力進行深入分析；無論特許權類型或地理位置如何，這一機會都能為我們的股東創造價值。

Because as we said before, we are working publicly in opportunities in the Middle East, in Europe, Latin America, and Africa. So we're fairly open into the geographies that we think our management will be capable of adding value.

因為正如我們之前所說，我們正在公開尋找中東、歐洲、拉丁美洲和非洲的機會。因此，我們對我們認為我們的管理層能夠增加價值的地區持相當開放的態度。

Okay, I really appreciate that. That's very helpful, Martin. And just one quick follow up from me, you guys have had some success in amending your existing concessions, adding more years to the concession tenure.

好的，我真的很感激。這非常有幫助，馬丁。我只想快速跟進一下，你們在修改現有優惠方面取得了一些成功，延長了優惠期限。

Do you think it's reasonable that we could expect more potential contract extensions over the coming years? Is this is something that you're still discussing with your grantors? Thank you.

您認為我們可以合理地期待未來幾年有更多潛在的合約續約嗎？這是您仍在與授權人討論的事情嗎？謝謝。

Well, in this case, as we always say, our teams are focused on creating value for our shareholders, but for our stakeholders as well. Because if we do not create value for all, it'd be difficult to have a sustainable business in a public service as the one we run.

嗯，在這種情況下，正如我們常說的，我們的團隊專注於為股東創造價值，也為利害關係人創造價值。因為如果我們不為所有人創造價值，那麼像我們這樣的公共服務機構就很難實現永續發展。

So with that mindset, you will see our teams finding ways to keep investing, keep creating value, keep working towards the growth of the companies and the concessions that we have. And sometimes, to get all that mixed together, the extension and the extra time are a very good way to create value for all stakeholders, including, of course, our shareholders. So, you can say that we are always in the lookout to create value in this and in other ways as well.

因此，有了這種心態，你會看到我們的團隊正在尋找方法，繼續投資，繼續創造價值，繼續為公司的發展和我們所擁有的優惠而努力。有時，將所有這些結合起來，延期和額外的時間是為所有利害關係人（當然也包括我們的股東）創造價值的非常好的方式。因此，你可以說，我們一直在尋找透過這種方式以及其他方式創造價值的方法。

Okay. Very helpful, Martin. Thank you.

好的。非常有幫助，馬丁。謝謝。

Thank you. We have no further questions. I will turn the call back over to Martin Eurnekian for closing comments.

謝謝。我們沒有其他問題了。我將把電話轉回 Martin Eurnekian 進行最後演講。

I just wanted to thank everybody for joining us today. And also remind you that our investor relations team is available for any further questions or discussions you wanted to have about our company. Thanks again and enjoy the rest of your day. Bye-bye.

我只是想感謝大家今天的參加。並且還要提醒您，我們的投資者關係團隊可以解答您對我們公司的任何進一步的問題或進行討論。再次感謝並祝您今天過得愉快。再見。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。