Corporacion America Airports SA (CAAP) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Corporacion America Airports' first quarter 2025 conference call. A slide presentation accompanies today's webcast and is available in the Investors section of the company's website.

早安，歡迎參加 Corporacion America Airports 2025 年第一季電話會議。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。

(Operator Instructions) At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Please go ahead.

（操作員指示）現在，我想將電話轉給投資者關係主管 Patricio Inaki Esnaola。請繼續。

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martin 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。今天的電話會議演講者將是我們的執行長 Martin Eurnekian 和我們的財務長 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 statements 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. Please note that throughout this call, all references to revenues, costs, adjusted EBITDA, and margin will refer to figures excluding IFRIC12.

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關於前瞻性陳述的部分。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。請注意，在整個電話會議中，所有提及的收入、成本、調整後的 EBITDA 和利潤率均指不包括 IFRIC12 的數字。

I will now turn the call over to our CEO, Martin Eurnekian.

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.

謝謝你，Inaki。大家好，感謝大家今天加入我們。

Let me begin by walking you through the main highlights of our first quarter 2025 by performance. After that, Jorge will take you through the financials in more detail, and we'll then move on to Q&A.

首先，我先向您介紹我們 2025 年第一季的主要業績亮點。之後，Jorge 將向您更詳細地介紹財務狀況，然後我們將進入問答環節。

I am pleased to report that we had a strong start to the year with total passenger traffic growing by over 7% year over year or more than 9% when excluding the discontinued Natal concession. Growth was driven by strong performance in Argentina and Italy.

我很高興地報告，我們今年開局強勁，總客運量同比增長超過 7％，如果不包括已終止的納塔爾特許經營權，則增長超過 9％。阿根廷和義大利的強勁表現推動了成長。

In Argentina, we reached record traffic levels in January. We also reached a record high in January in Carrasco Airport in Uruguay. International traffic increased nearly 13%, led by Argentina and Italy while domestic traffic rose 4% or close to 8% when excluding Italy. Revenues rose 6% year-over-year.

在阿根廷，一月份的交通流量達到了創紀錄的水平。一月份，烏拉圭卡拉斯科機場的客流量也創下了歷史新高。國際客運量成長近 13%，其中阿根廷和義大利的客運量成長最快，而國內客運量成長了 4%，若不包括義大利則成長了近 8%。營收年增6%。

However, on an ex-IAS29 basis, we delivered an increase of nearly 12% surpassing passenger growth despite the impact of global currency devaluations in Brazil and to a lesser extent in Italy on reported revenues in US dollars.

然而，根據非國際會計準則 29，儘管巴西和義大利的全球貨幣貶值對以美元計算的收入產生了一定影響（但影響程度較小），但我們仍實現了近 12% 的增長，超過了客運量的增幅。

Revenue per passenger remains relatively stable at $20.5 or increased by 3.9% excluding-IAS29. Adjusted EBITDA came in at $156 million excluding IAS29, it was up 4% and the margin stood at 38.2%. Inflationary pressures in Argentina were peso-denominated operating costs rose at significantly higher pace than the valuation had an impact on our EBITDA.

每位乘客的收入保持相對穩定，為 20.5 美元，或成長 3.9%（不包括 IAS29）。調整後的 EBITDA（不包括 IAS29）為 1.56 億美元，成長 4%，利潤率為 38.2%。阿根廷的通膨壓力導致以比索計價的營運成本上漲速度明顯高於估值對我們的 EBITDA 的影響。

From a financial standpoint, we sustained solid performance, supported by healthy and solid liquidity position. Our leverage remained at low levels, providing capacity to advance our strategic growth agenda with discipline.

從財務角度來看，在健康、穩固的流動性狀況的支持下，我們保持了穩健的表現。我們的槓桿率仍處於較低水平，這為我們有序推進策略成長議程提供了能力。

On the expansion front, we remain active in pursuing opportunities and continue to make progress across multiple geographies, analyzing several projects. Let's turn to passenger traffic on page 4, which showed a strong performance across most of our operations during the first quarter of 2025. Total passenger traffic increased by 7% year-over-year to over 20.4 million excluding for comparison purposes, the Natal airport concession which we executed in February last year.

在擴張方面，我們繼續積極尋求機遇，並繼續在多個地區取得進展，分析多個項目。讓我們翻到第 4 頁的客運量，它顯示 2025 年第一季我們的大部分營運都表現強勁。總客運量年增 7%，達到 2,040 多萬人次（為了便於比較，不包括我們去年 2 月實施的納塔爾機場特許經營權）。

Traffic was up over 9% in the period and highlights the underlying strength of demand across key markets as well as the quality of our portfolio. Growth was broad-based with both international and domestic traffic performing well. Domestic traffic increased by 4% year-over-year or nearly by 8% when excluding Natal. This was primarily driven by a recovery in Argentina and strong performance in Italy and Brazil.

在此期間，客流量增加了 9% 以上，凸顯了主要市場需求的潛在實力以及我們投資組合的品質。成長基礎廣泛，國際及國內客運均表現良好。國內客運量年增 4%，若不包括納塔爾，則成長近 8%。這主要得益於阿根廷的經濟復甦以及義大利和巴西的強勁表現。

International traffic was up by close to 13% year over year with a positive contribution from all markets except Armenia. Let's go now into the year-on-year performance by country. Beginning with Argentina, our largest market, passenger traffic growth of 12%, recovering strongly from the moderate declines in the prior quarter and achieving an all-time high in January.

國際客運量年增近 13%，除亞美尼亞外所有市場都做出了積極貢獻。現在讓我們來看看各國同比的表現。從我們最大的市場阿根廷開始，客運量成長了 12%，從上一季的溫和下滑中強勁復甦，並在 1 月創下歷史新高。

Growth was supported by a recovery in domestic demand and continued strong momentum in international travel. Domestic traffic grew by 9%, rebounding from the contraction in the prior quarter as year-over-year comparisons are no longer affected by the Previaje Asset Travel Incentive Program discontinued under the new administration in December 2023. We've also seen positive growth developments in Argentina's domestic market with low-cost carriers and expanding capacity and connectivity.

國內需求復甦和國際旅遊持續強勁勢頭推動了經濟成長。國內客運量成長了 9%，從上一季的萎縮中反彈，因為年比數據不再受到 2023 年 12 月新政府停止的 Previaje 資產旅行激勵計畫的影響。我們也看到阿根廷國內市場出現了積極的成長勢頭，廉價航空公司不斷湧現，運能和連結性不斷增強。

On the international side, traffic increased by 21% year-over-year, further accelerating from the pace in the prior quarter. Aerolineas Argentinas resumed operations to Porto Alegre and confirmed plans to continue operating the Cordoba–Rio de Janeiro route year around, while Avianca upgraded its service to Buenos Aires using Wamos aircraft to accommodate rising demand and LATAM increased frequencies on its Cordoba to Santiago and Mendoza-Santiago routes

國際客運量年增21%，較上一季進一步加速。阿根廷航空公司恢復了飛往阿雷格里港的航班，並確認計劃全年繼續運營科爾多瓦-裡約熱內盧航線；哥倫比亞航空升級了飛往布宜諾斯艾利斯的航班，使用 Wamos 飛機以滿足不斷增長的需求；拉美航空增加了科爾多瓦至聖地亞哥和門多薩至聖地亞哥航線的航班頻率。

This strong performance in Argentina continued into April with domestic and international passenger traffic going the right 14% and 21% year-over-year, respectively.

阿根廷 4 月持續保持強勁表現，國內和國際客運量分別較去年同期成長 14% 和 21%。

Turning now to Italy, traffic was up over 10%, reflecting steady growth across both Florence and Pisa airports. This good performance was mainly fueled by announcing this progresses and load expansion initiatives.

現在轉向義大利，客流量增加了 10% 以上，反映出佛羅倫斯和比薩機場的穩定成長。這一良好表現主要得益於宣布這些進展和負載擴展計劃。

International traffic, which accounted for roughly three-quarters of total volume, grew just over 8%, with both airports contributing positively. Domestic traffic grew at an even faster pace. This solid performance continued into April with domestic and international passenger traffic increasing by 15% and 10%, respectively.

國際客運量約佔總客運量的四分之三，增幅略高於 8%，兩大機場都做出了積極貢獻。國內客運量成長速度更快。4月份，這一強勁表現持續延續，國內和國際客運量分別成長了15%和10%。

In Brazil, we continue to see traffic growth with volumes up in the mid-single digits year-over-year when excluding the Natal Airport, which we seek to operate in February of last year, while the sector still faces headwinds related to aircraft supply underlying demand showing encouraging sign of improvement across the quarter.

在巴西，我們繼續看到客流量成長，如果不包括我們去年 2 月開始營運的納塔爾機場，客流量同比增長中個位數，而該行業仍然面臨與飛機供應相關的阻力，潛在需求在本季度顯示出令人鼓舞的改善跡象。

However, international traffic grew 28% year over year, underscoring the great momentum in international demand. In April, overall, traffic increased by 17% against April last year.

然而，國際客運量年增28%，凸顯了國際需求的強勁動能。4月份，整體客流量較去年同期成長了17%。

Uruguay total traffic was up low single digits as international routes continue to expand. The summer season saw new services from Sky and LATAM connecting Montevideo to Rio de Janeiro and Punta del Este to Santiago, respectively.

隨著國際航線的不斷擴張，烏拉圭的總客運量實現了個位數的低成長。夏季，天空航空和 LATAM 分別開通了連接蒙得維的亞和里約熱內盧以及埃斯特角城和聖地亞哥的新航班。

Azul also began operations between Montevideo and Florianópolis and announced the new route to Campinas at improving the connectivity and tourism flows.

巴西藍航空還啟動了蒙得維的亞和弗洛里亞諾波利斯之間的航班​​運營，並宣布開通飛往坎皮納斯的新航線，以改善連通性和旅遊流量。

Traffic in Natal performed well and increased by 17%, benefiting from additional demand generated by the Easter holiday.

納塔爾的客流量表現良好，增加了 17%，這得益於復活節假期帶來的額外需求。

In Armenia, where we are operating at capacity during various hours of the day, following strong post-COVID performance, passenger traffic increased slightly by over 1%. Notably, Wizz Air announced that it will establish a base at Yerevan Airport along with a broad range of new European routes, scheduled to start operating later in the year.

在亞美尼亞，由於新冠疫情后表現強勁，我們在一天中的不同時段都滿負荷運營，客運量略微增長了 1% 以上。值得注意的是，維茲航空宣布將在埃里溫機場建立基地，並開設多條新的歐洲航線，計劃於今年稍後開始營運。

In addition, China Southern, Air Cairo, Salam Air, and Sky Express, began operating at Yerevan Airport. These developments are boosting connectivity and positioning Armenia as a regional hub. We expect these operations to contribute positively to traffic growth in the country. Traffic in April rose by 8% against April last year.

此外，中國南方航空、開羅航空、薩拉姆航空和天空快運航空也開始在埃里溫機場營運。這些發展正在增強連結性，並使亞美尼亞成為地區樞紐。我們期望這些營運能夠為該國的交通成長做出積極貢獻。四月份的客流量比去年同期成長了8%。

Finally, in Ecuador, total traffic increased by over 2% year-over-year, driven by a mid-signal increase in international demand, combined with modest growth in domestic traffic. Higher federal levels and the challenging security factors in the country continue to weigh on growth.

最後，厄瓜多爾的總客運量年增超過 2％，這得益於國際需求的中等訊號增長以及國內客運量的溫和增長。聯邦政府層級提高和該國嚴峻的安全因素繼續對經濟成長造成壓力。

But overall activity remained positive. Traffic in April decreased by 1.8% compared to April 2024. The quarter delivered a strong performance led by Argentina’s solid rebound and steady growth across Italy, Uruguay, and Brazil, which showed improving trends excluding the Natal. Overall, these great results highlight the quality of our network of airports.

但整體活動仍保持正面。與 2024 年 4 月相比，4 月的交通量下降了 1.8%。本季表現強勁，其中阿根廷強勁反彈，義大利、烏拉圭和巴西（納塔爾除外）均呈現穩定成長趨勢。整體而言，這些出色的成績凸顯了我們機場網路的品質。

Turning now to cargo on slide 5. We saw a strong start of the year with volumes up 9% year-over-year in the first quarter reflecting solid performance in most geographies. Growth was particularly strong in Uruguay, up nearly 30%, reflecting higher activity in both imports and exports, followed by growth in the low teens in Argentina, which continued to benefit from more flexible import regulations and improved macro conditions. Armenia and Italy also posted solid gains, while Brazil and Ecuador showed modest declines.

現在轉到投影片 5 上的貨物。今年開局表現強勁，第一季銷量年增 9%，反映出大多數地區表現穩健。烏拉圭的成長尤其強勁，成長近 30%，反映出進出口活動的增加，其次是阿根廷，成長率處於低位，繼續受益於更靈活的進口法規和改善的宏觀條件。亞美尼亞和義大利也取得了穩定成長，而巴西和厄瓜多爾則是小幅下滑。

Notably, Argentina, Brazil, and Armenia continue to represent the bulk of activity, together accounting for nearly 80% of total cargo volume in the quarter.

值得注意的是，阿根廷、巴西和亞美尼亞繼續佔據主要地位，合計佔本季總貨運量的近 80%。

Cargo revenues declined 7% year-over-year, primarily reflecting fewer storage days for imported goods in Argentina. However, on an ex-IAS29 basis, cargo revenues were up slightly, supported by better pricing and volume trends in Uruguay. A new cargo business model was implemented mid-March in Argentina, which has already started to contribute to revenue growth in the second quarter on year-over-year basis.

貨運收入較去年同期下降 7%，主要原因是阿根廷進口貨物的倉儲天數減少。不過，以非 IAS29 標準，貨運收入略有上升，這得歸功於烏拉圭更好的定價和運量趨勢。阿根廷於三月中旬實施了新的貨運業務模式，該模式已開始為第二季的營收年增率做出貢獻。

Looking ahead, we will continue working to enhance our cargo performance across the network, leveraging local opportunities and ensuring we maintain a competitive and efficient cost base.

展望未來，我們將繼續努力提高整個網路的貨運性能，利用當地機會，確保保持具有競爭力和高效的成本基礎。

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. Let's start with our top line on slide 6. Total revenues ex-IFRIC12 increased 6.4% year-on-year or 11.5% on an ex-IAS29 basis. Well above passenger traffic growth despite the impact of local currency devaluations in Brazil and to a lesser extent in Italy on reported revenues in US dollars.

謝謝你，馬丁，大家好。讓我們從第 6 張投影片的頂行開始。根據 IFRIC12 計算，總營收年增 6.4%，根據 IAS29 計算，總營收年增 11.5%。儘管巴西和義大利的當地貨幣貶值對美元收入產生了一定影響，但客運量增幅仍遠高於預期。

Our revenue per passenger remains stable at $20.5 or increased by 3.9% when excluding IAS29. Aeronautical revenues were up 6.8% during the same period or 12.7% when excluding IAS29, mainly supported by the strong performance we saw in Argentina coupled with positive contributions from Uruguay and Ecuador.

我們的每位乘客收入保持穩定在 20.5 美元，若不包括 IAS29 則增長了 3.9%。航空收入同期成長 6.8%，若不計入 IAS29，則成長 12.7%，這主要得益於阿根廷的強勁表現以及烏拉圭和厄瓜多爾的積極貢獻。

\In local currency, aeronautical revenues at the Brazilian airport increased by 11%. Most notably, in Argentina ex-IAS29, aeronautical revenues grew by over 23%, supported by 21% year-on-year increase in international traffic. And to a lesser extent, by higher domestic passenger fees due to the tariffs increase that took effect in November last year.

\以當地貨幣計算，巴西機場的航空收入增加了11％。最值得注意的是，阿根廷（非 IAS29）的航空收入增加了 23% 以上，這得益於國際運輸量年增 21%。另外，去年 11 月起的運價上調導致國內旅客費用上漲，這也在一定程度上導致了這一現象。

In contrast, aeronautical revenues in Italy declined despite traffic growth due to an increasing marketing support provided to low-cost airlines at Pisa Airport, which is accounted as a deduction from revenue.

相較之下，義大利的航空收入儘管有所增長，但由於比薩機場加大了對低成本航空公司的營銷支持，導致收入有所下降，這筆支出被計入收入扣除額。

However, the increased marketing support is generating additional growth in traffic and consequently in commercial revenues. Commercial revenues increase by 6.1% year-over-year or 10.2% excluding the impact of IAS29, primarily driven by higher contributions from parking facilities, VIP lounges, duty-free stores, and other passenger-related revenue streams.

然而，增加的行銷支援正在帶來流量的額外成長，從而帶來商業收入的增加。商業收入年增 6.1%，若不計 IAS29 的影響則增加 10.2%，這主要得益於停車設施、貴賓休息室、免稅店和其他與乘客相關的收入來源的貢獻增加。

Growth was particularly robust in Argentina, which delivered double-digit gains, further underpinned by solid performance in Italy, Uruguay, and Ecuador. In local currency, commercial revenues at Brasília airport increased by 12%. These positive trends were partially offset by lower fuel-related revenues in Armenia, which has lower margins.

阿根廷的成長尤其強勁，實現了兩位數的成長，義大利、烏拉圭和厄瓜多爾的穩健表現也為其提供了進一步的支撐。以當地貨幣計算，巴西利亞機場的商業收入增加了 12%。這些正面趨勢被亞美尼亞燃料相關收入的下降（利潤率較低）部分抵消。

Turing to slide 7. Total costs and expenses excluding IFRIC12 were up 17.7% year-over-year. Cost of service rose approximately 16%, and that is driven by higher maintenance expenses in Argentina and increased concession fees in line with higher activity.

翻到幻燈片 7。不包括 IFRIC12 的總成本和費用年增 17.7%。服務成本上漲約 16%，這是由於阿根廷的維護費用增加以及隨著活動增加而增加的特許經營費所致。

To note, cost of service in Argentina were significantly impacted by accumulated inflation, outpacing currency depreciation, and tough comparisons against the first quarter of 2024, which did not fully reflect the inflationary impact following the sharp evaluation of the peso at the end of 2023.

值得注意的是，阿根廷的服務成本受到累積通貨膨脹、貨幣貶值幅度超過預期以及與 2024 年第一季度相比的嚴格影響，這並未完全反映出 2023 年底比索大幅貶值後的通貨膨脹影響。

SG&A expenses grew, 23% mainly reflecting higher salaries in Argentina, primarily driven by the aforementioned effect of higher inflation and evaluation. Looking ahead, we remain firmly committed to maintaining strict cost discipline across our operations with a particular focus on Argentina. Furthermore, going forward, we currently do not expect material cost increase on a quarter-over-quarter basis.

銷售、一般及行政費用 (SG&A) 增加了 23%，主要反映了阿根廷工資上漲，這主要是受到前面提到的通貨膨脹和評估上漲的影響。展望未來，我們將繼續堅定地致力於在整個營運過程中保持嚴格的成本紀律，特別關注阿根廷。此外，展望未來，我們目前預計材料成本不會比上季增加。

Moving to profitability on slide 8. Adjusted EBITDA ex- IFRIC12 reached $156 million, down 4.6% year-over-year or up 4% when excluding the impact of IAS29, driven by a 10.5% increase in Argentina. Uruguay reported another consecutive quarter of adjusted EBITDA growth of 3.8% fueled by steady traffic increases and strong commercial performance, particularly in cargo and VIP lounge services. Ecuador delivered solid results underpinned by robust retail and duty-free revenues contributing to the positive momentum across our key markets.

轉到幻燈片 8 上的獲利能力。調整後 EBITDA（不計 IFRIC12）達到 1.56 億美元，年減 4.6%，若不計 IAS29 的影響則成長 4%，這得益於阿根廷成長 10.5%。烏拉圭報告稱，由於客流量穩定成長和商業表現強勁，尤其是貨運和貴賓休息室服務，調整後 EBITDA 連續一個季度增長 3.8%。厄瓜多爾取得了穩健的業績，這得益於強勁的零售和免稅收入，為我們主要市場的積極勢頭做出了貢獻。

Importantly, adjusted EBITDA at BrasiIia Airport increased 12% in local currency. Adjusted EBITDA margin ex-IFRIC12 was down 4.3 percentage points year-over-year or 2.7 percentage points on an ex-IAS29 basis to 38.2%, mainly impacted by margin contractions in Argentina and Italy.

重要的是，巴西利亞機場的調整後 EBITDA 以當地貨幣計算增加了 12%。調整後的 EBITDA 利潤率（不以 IFRIC12 計算）年減 4.3 個百分點，或以 IAS29 計算下降 2.7 個百分點至 38.2%，主要受阿根廷和義大利利潤率收縮的影響。

In Argentina, while margin headwinds persisted in the first quarter, we expect improved trends in the coming quarter supported by strong passenger performance and continued growth in commercial revenues combined with normalized cost levels, given the much lower gap between inflation and devaluation and easier comparisons.

在阿根廷，雖然第一季利潤率持續面臨阻力，但考慮到通膨與貶值之間的差距較小且比較起來更容易，我們預計下一季的趨勢將有所改善，這得益於強勁的客運表現、商業收入的持續增長以及正常化的成本水平。

In Italy, results in the quarter were affected by higher maintenance and energy costs. However, both of them are embedded in the regulatory IRR pursuant to the dual fuel concession regime and therefore will be compensated through tariff increases.

在義大利，本季業績受到維護和能源成本上漲的影響。然而，根據雙燃料優惠制度，它們都包含在監管內部收益率 (IRR) 中，因此將透過提高關稅來補償。

Turning to slide 9. We closed the quarter with a solid total liquidity position of $524 million, slightly down from $526 million recorded at year-end 2024. Notably, all of our operating subsidiaries reported positive cash flow from operating activities, except for Italy due to the CapEx program at Pisa Airport and Ecuador due to the one-time annual concession fee payment which is due and paid every January.

翻到第 9 張投影片。本季末，我們的總流動資金狀況穩健，為 5.24 億美元，略低於 2024 年底的 5.26 億美元。值得注意的是，我們所有的營運子公司都報告了來自經營活動的正現金流，除了義大利（由於比薩機場的資本支出計劃）和厄瓜多爾（由於每年一月到期支付的一次性年度特許經營費）。

The CapEx in Italy was financed with local borrowing pursuant to the existing syndicated credit facility. Cash used in financing activities reflected debt reductions in Argentina and Ecuador. In Ecuador, we have now fully repaid all outstanding debt.

義大利的資本支出是根據現有的銀團信貸安排透過當地借款融資的。融資活動所用的現金反映了阿根廷和厄瓜多爾的債務減少。在厄瓜多爾，我們現在已經全部償還了所有未償債務。

Moving on to debt and maturity profile on slide 10. Total debt at the end of the quarter stood at $1.1 billion, while net debt declined to $690 million from $780 million in December 2024. Our net leverage ratio remains steady at 1.1 times.

轉到第 10 張投影片，討論債務和到期情況。本季末的總債務為 11 億美元，而淨債務從 2024 年 12 月的 7.8 億美元下降至 6.9 億美元。我們的淨槓桿率保持穩定在1.1倍。

In summary, we closed the quarter with a robust balance sheet and healthy debt profile. As we continue to strengthen our liquidity position, our capital allocation strategy remains unchanged. We remain focused on pursuing both organic and inorganic growth opportunities to expand our airport portfolio and deliver value creation 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本季。隨著我們不斷加強流動性狀況，我們的資本配置策略保持不變。我們將繼續專注於尋求有機和無機成長機會，以擴大我們的機場組合併為我們的股東創造價值。

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

現在我將把會議轉回給我的團隊，他們將作最後發言並討論我們對今年的看法。

Thank you, Jorge. To wrap up, please turn to slide 12. We delivered a solid first quarter with all countries posting traffic growth and particularly strong dynamics in Argentina, Italy, and Brazil, excluding Natal. Notably, both Argentina and Uruguay reached record high traffic in January, underscoring the positive momentum in such markets. The strong momentum continued into April with consolidated traffic growing 14% year-over-year, as previously reported.

謝謝你，豪爾赫。最後，請翻到第 12 張投影片。我們第一季取得了穩健的成績，所有國家的客流量均實現成長，尤其是阿根廷、義大利和巴西（納塔爾除外）的客流量成長尤為強勁。值得注意的是，阿根廷和烏拉圭一月份的客流量均創下歷史新高，凸顯了這兩個市場積極的發展動能。正如之前報導的那樣，強勁的勢頭持續到了 4 月份，綜合客流量同比增長 14%。

Financially, we maintained a healthy position with liquidity at $524 million and the net leverage steady at 1.1 times. Adjusted EBITDA excluding IAS29 rose 4% year-over-year, supported by strong contributions from Argentina, Uruguay, and Ecuador.

財務方面，我們保持了健康狀態，流動性為 5.24 億美元，淨槓桿穩定在 1.1 倍。不包括 IAS29 的調整後 EBITDA 年成長 4%，這得益於阿根廷、烏拉圭和厄瓜多爾的強勁貢獻。

On the commercial front, we remain focused on enhancing non-aeronautical revenues. At Ezeiza Airport in Argentina, we inaugurated the most modern VIP lounge in Latin America and are finalizing the expansion of the duty-free area at the airport's arrival terminal, more than doubling its space. In Uruguay, we inaugurated a new covered parking facility at Montevideo Airport, further enhancing the passenger experience and non-aeronautical revenue growth.

在商業方面，我們仍然專注於提高非航空收入。在阿根廷埃塞薩機場，我們啟用了拉丁美洲最現代化的貴賓休息室，並正在完成機場到達航站樓免​​稅區的擴建工作，使其面積擴大一倍以上。在烏拉圭，我們在蒙得維的亞機場啟用了一個新的有蓋停車場，進一步提升了乘客體驗和非航空收入的成長。

We are also making progress on strategic fronts. In Argentina, we are advancing negotiations with the government in connection with the revision of the economic equilibrium of the AA2000 concession agreement. In Italy, our Florence master plan received a positive environmental review, while in Armenia we continue to move forward with the $425 million CapEx program.

我們在戰略方面也取得了進展。在阿根廷，我們正在與政府就修改AA2000特許協議的經濟平衡進行談判。在義大利，我們的佛羅倫斯總體規劃獲得了正面的環境評價，而在亞美尼亞，我們繼續推進 4.25 億美元的資本支出計畫。

At the same time, we remain focused on expanding our portfolio. Having submitted a proposal in Montenegro and a revised plan in Angola, we are evaluating new opportunities across regions. We also strengthen our new business management team to further enhance our business development capabilities and reinforce our ability to pursue value-advanced growth opportunities.

同時，我們仍致力於擴大我們的產品組合。我們在黑山提交了一份提案，並在安哥拉提交了一份修訂計劃，目前正在評估各個地區的新機會。我們也加強了新的業務管理團隊，以進一步提高我們的業務發展能力並增強我們追求價值提升成長機會的能力。

Looking ahead, we expect positive traffic trends to continue in Argentina, supported by strong demand and several new operations recently announced. And we anticipate a strong summer season, both in Italy and Armenia.

展望未來，我們預計，在強勁的需求和最近宣布的幾項新業務的支持下，阿根廷的交通運輸趨勢將繼續保持積極態勢。我們預計義大利和亞美尼亞的夏季都將迎來強勁成長。

Before closing, I'd like to highlight several recent accomplishments that underscore the strength of our network and commitment to operational excellence. In Uruguay, Carrasco International Airport was named the best airport in Latin America and the Caribbean in the under 2 million passengers category by ACI's Airport Service Quality Awards based on global passenger feedback. This is the second time Carrasco received this honor, reflecting our focus on delivering a seamless and passenger-centric experience.

最後，我想強調我們最近的幾項成就，這些成就凸顯了我們網路的實力和對卓越營運的承諾。在烏拉圭，卡拉斯科國際機場根據全球乘客的回饋，被國際機場協會（ACI）的機場服務品質獎評選為拉丁美洲和加勒比地區客流量 200 萬以下類別的最佳機場。這是卡拉斯科第二次獲得此項榮譽，體現了我們致力於提供無縫和以乘客為中心的體驗。

In Brazil, Brasilia Airport was recognized by [Serium] as the most punctual airport in the country and ranked second globally among medium-sized airports with over 88% of flights departing on time. Brasilia Airport also ranked number one in passenger satisfaction among Brazilian airports according to the latest survey from the Ministry of Ports and Airports for the first quarter of 2025.

在巴西，巴西利亞機場被[Serium]評為全國最準時的機場，在全球中型機場中排名第二，準點率超過88%。根據港口和機場部2025年第一季的最新調查，巴西利亞機場在巴西機場旅客滿意度方面也排名第一。

And in Ecuador, Guayaquil Airport received a prestigious five-star rating from the European Foundation for Quality Management, recognizing the excellence in service quality and organizational performance. This award reflects the dedication of our local teams and reinforce our strategy of delivering best-in-class operations across geographies.

在厄瓜多爾，瓜亞基爾機場獲得了歐洲品質管理基金會頒發的五星級評級，以表彰其卓越的服務品質和組織績效。該獎項體現了我們當地團隊的奉獻精神，並強化了我們在各個地區提供一流營運的策略。

Wrapping up, we remain confident in the strength of our portfolio, the discipline of our strategy, and our ability to continue creating value across our network.

總而言之，我們仍然對我們的產品組合實力、我們的策略紀律以及我們在整個網路中繼續創造價值的能力充滿信心。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

Thank you, sir. (Operator Instructions)

謝謝您，先生。（操作員指示）

Fernanda Recchia, BTIG

費爾南達·雷基亞（Fernanda Recchia），BTIG

Hello, Jorge and Martin. Thank you for taking my question. Two points from our side. First, could you please provide more information regarding the Montenegro proposal that you submitted in May? Maybe if you could comment on the capacity of these airports, the regulatory region, the amount of CapEx that you're planning to do so. And also, you also mentioned that you presented a revised proposal for Angola. If you could give us the updated term of the proposal would be great. This is the first topic.

你好，Jorge 和 Martin。感謝您回答我的問題。我們這邊得了兩分。首先，您能否提供更多有關您五月提交的黑山提案的資訊？也許您可以評論一下這些機場的容量、監管區域以及您計劃的資本支出金額。另外，您也提到您向安哥拉提出了修改後的提案。如果您能向我們提供該提案的更新條款，那就太好了。這是第一個話題。

And second on traffic, if you could comment on Argentina. As you mentioned, it has been performing strongly at the beginning of this year. So if you could provide us with your outlook for the upcoming months. We have seen April that continue this performance, but looking forward if you think this is sustainable level. Thank you.

其次關於交通問題，您可以評論阿根廷的情況。正如您所說，它在今年年初表現強勁。因此，如果您能向我們提供未來幾個月的展望。我們已經看到四月繼續保持這種表現，但如果您認為這是可持續的水平，那就拭目以待吧。謝謝。

Okay, good. Hi, Fernanda, this is Jorge. Thanks for your questions. So first on Montenegro, we submitted a proposal pursuant to the public tender offering -- public tender process that they are carrying out on May 9. We expect according to the rules of the tender, they should be announcing within 30 days. Let's see if that will be accomplished or there's going to be any delay, but it's imminent.

好的，很好。你好，費爾南達，我是豪爾赫。感謝您的提問。首先，關於黑山，我們根據他們將於 5 月 9 日進行的公開招標程序提交了一份提案。我們預計，根據招標規則，他們應該在 30 天內公佈結果。讓我們看看這是否會實現，或者是否會有任何延遲，但它即將實現。

It's a 3 million passenger. In total, there are two airports, the airport of the capital, Podgorica and Tivat, which is based in the Kotor Bay, which is a beautiful area in Montenegro and in the Mediterranean and the Atlantic Sea. We are very excited. It's what we view as a low-hanging fruit because tourism is not very well developed over there. So we see strong potential there.

這是300萬名乘客。總共有兩座機場，首都波德戈里察和蒂瓦特機場，蒂瓦特機場位於科托爾灣，這是黑山一個美麗的地區，位於地中海和大西洋。我們非常興奮。我們認為這是唾手可得的成果，因為那裡的旅遊業還不是很發達。因此，我們看到了那裡巨大的潛力。

In terms of IRR, we are targeting mid-teens. It's an inflation-based regime, so tariffs are going to be adjusted by inflation every year. The other reason we are quite optimistic that in the mid-term we see Montenegro being part of the European community.

就 IRR 而言，我們的目標大約是十幾歲。這是一個基於通貨膨脹的製度，因此關稅每年都會根據通貨膨脹進行調整。我們非常樂觀地認為，中期黑山將成為歐洲共同體的一部分，這是另一個原因。

In Angola that you also requested, we submitted the proposal a while back. We have passed, let's say, to the second phase and have been requested to make some clarifications and adjustments in the proposal. We are in the process of preparing this revised proposal. There was a session with the government in Rwanda about a month or a month and a half ago and we're expecting the next few weeks to submit a revised and updated proposal to them.

在您所要求的安哥拉，我們不久前就提交了提案。我們已經進入第二階段，並被要求對提案做出一些澄清和調整。我們正在準備這份修訂提案。大約一個月或一個半月前，我們與盧安達政府舉行了一次會議，預計在接下來的幾週內向他們提交一份修訂和更新的提案。

Regarding traffic, we remain -- I mean, obviously you have seen the numbers for the quarter and for our main markets and also into April the trend continued or improved. We see very healthy demand going ahead of us in our main markets, most notably in Argentina and most notably within Argentina and international. As Martin said in the script, there are several new routes that are going to start operations in the coming months and quarters. So we see very, very again, healthy demand ahead of us.

關於流量，我們仍然——我的意思是，顯然你已經看到了本季和我們主要市場的數據，而且到了四月份，趨勢仍然持續或有所改善。我們看到主要市場的需求非常旺盛，尤其是阿根廷，尤其是阿根廷國內和國際市場。正如馬丁在劇本中所說，未來幾個月和幾季將有幾條新航線開始營運。因此，我們再次看到，未來的需求非常非常健康。

In Italy, the same in Argentina, WIZZ Airlines established or decided to establish a base and have announced several new routes. In Brazil, traffic finally started to pick up. We believe that the goal coming out of Chapter 11 is good news with a healthy balance sheet. So we are excited basically across our portfolio from a traffic perspective. Anything else that you wanted me to address?

在義大利和阿根廷，WIZZ航空均已建立或決定建立基地，並宣布了幾條新航線。在巴西，交通終於開始回升。我們相信，擺脫破產保護的目標是實現資產負債表健康的好消息。因此，從流量角度來看，我們對我們的投資組合感到興奮。您還有什麼想讓我解決的嗎？

No, that's very clear, Jorge. Thank you very much for your answer.

不，這很清楚，豪爾赫。非常感謝您的回答。

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑富瑞。

Yeah, good morning gentlemen. Thank you for taking my questions. A couple of questions please. Jorge, you mentioned about your cost controls that you're trying to implement. Now, could you please give us a bit more color on what initiatives are there? Should we expect kind of costs to continue to grow, say, in line with inflation in Argentina or at a different pace? That's the first question.

是的，先生們早安。感謝您回答我的問題。請問幾個問題。豪爾赫，您提到了您正在嘗試實施的成本控制。現在，您能否向我們詳細介紹一下有哪些舉措？我們是否應該預期成本會繼續成長，比如說，與阿根廷的通貨膨脹同步成長，還是以不同的速度成長？這是第一個問題。

And then the second question is, you mentioned your active discussions with the government in Argentina for the rebalancing of the concession. So are you thinking about the potential changes or the merger between ORSNA and ANAC, the changes that we have seen at the Secretary of Transport? So could those things delay the process that you embark, or can we see a further review of the process?

第二個問題是，您提到您正在與阿根廷政府積極討論重新平衡特許權的問題。那麼，您是否考慮過 ORSNA 和 ANAC 之間的潛在變化或合併，以及我們在交通部長方面看到的這些變化？那麼這些事情是否會延遲您開始的進程，或者我們是否會看到對該進程的進一步審查？

Okay. Thank you very much for your questions. Regarding cost, I would like to remind you that the gap between inflation and devaluation comparing this quarter with the first quarter of 2024 was very significant. So inflation in the period was about 53%, while devaluation 25%. The other thing that I wanted to highlight, if we exclude the amortization, which has a lot to do with CapEx and with the continued CapEx programs that we have been doing, the number instead of 17% is 13%.

好的。非常感謝您的提問。關於成本，我想提醒大家，本季與 2024 年第一季相比，通貨膨脹和貶值之間的差距非常大。因此，該時期的通貨膨脹率約為 53%，而貨幣貶值率為 25%。我想強調的另一件事是，如果我們排除攤銷，這與資本支出以及我們一直在進行的持續資本支出計劃有很大關係，那麼這個數字將不是 17%，而是 13%。

So what you see in terms of us reported and in our earning presentation is a 17.7% increase. And if we exclude amortization, it’s 13% increase, much more aligned with overall passenger growth of about 9.5% and below international traffic in Argentina, for instance, of 21%.

因此，您從我們的報告和收益報告中看到的是 17.7% 的成長。如果我們排除攤銷，增幅為 13%，與整體客運量 9.5% 的增幅更為一致，但低於阿根廷等國 21% 的國際客運量增幅。

Going ahead, we expect much more normalized numbers. We do not see any material increase on a quarter-over-quarter basis in Argentina. In terms of cost controls, I mean, this is obviously a normal course of business for us to be and continue to be very focused on costs, but we are confident that we can maintain costs despite the significant growth that we have been seeing, particularly international traffic.

展望未來，我們期待更多標準化的數字。我們沒有看到阿根廷的季度環比出現任何實質的增長。在成本控制方面，我的意思是，這顯然是我們正常的業務過程，我們將繼續非常關注成本，但我們有信心，儘管我們看到了顯著的成長，特別是國際流量，我們仍然可以維持成本。

I also wanted to highlight that the second impact that we had on costs was in Italy, although a lot less material. It's marginal. But I'd like to highlight that this is part of the dual fuel regime and it's going to be compensated through tariffs increase going forward.

我還想強調的是，我們對成本的第二個影響是在義大利，儘管影響不那麼顯著。這是微不足道的。但我想強調的是，這是雙燃料製度的一部分，未來將透過提高關稅來補償。

Now, I will turn to Martin to talk about -- if you'd like to talk more about costs, I can continue otherwise I will turn to Martin to talk about the second question on Argentina economic equilibrium.

現在，我將請馬丁談談——如果你想多談成本，我可以繼續，否則我將請馬丁談談關於阿根廷經濟平衡的第二個問題。

No, I think the cost is clear. Thank you.

不，我認為成本是清楚的。謝謝。

Thank you, Jorge, and thank you Alejandro for your questions. I think it's a difficult one. As you know, government bureaucracy is sometimes difficult to predict and usually it takes more time than is initially expected. So we are happy with the process that is being made. I cannot tell you what to expect from the change in the Secretary of Transport. I would assume that it might impact, not significantly, but might have an impact in the speed of the work.

謝謝你，豪爾赫，也謝謝你，亞歷杭德羅提出的問題。我認為這很難。眾所周知，政府官僚機構有時很難預測，而且通常需要比最初預期更多的時間。因此，我們對正在進行的進程感到滿意。我無法告訴你交通部長的變動會帶來什麼結果。我認為它可能會產生影響，雖然不是很大，但可能會影響工作速度。

But still, being the same government and not being any material change in the environment overall, I don't expect it to be really material. So we need to see and understand what this new secretary wants to do and how it wants to do it and if there are going to be further changes in other authorities of the regulator and so on.

但是，由於政府還是同一個，整體環境也沒有任何實質的變化，我並不認為這會帶來實質的改變。因此，我們需要了解並理解這位新任部長想要做什麼、如何做，以及監管機構的其他權力是否會進一步的變化等等。

But we're not afraid that any of these changes will in the end change the aim or the final decision or work on our concession. But as you said, it might impact on how fast it gets done. So as soon as we have updates, we will keep you, our investors posted. But for now, we do not see any significant change and we see the teams working as before.

但我們並不擔心這些改變最終會改變我們的目標、最終決定或我們的讓步。但正如你所說，它可能會影響完成的速度。因此，一旦我們有更新，我們就會通知您，我們的投資者。但目前，我們沒有看到任何重大變化，我們看到團隊的工作方式與以前一樣。

Okay. If I can kind of squeeze a bit of a follow-up there. I think in the last update that came from AA2000 there was this discussion about what the actual number could be. So the question is, is there now an agreement on what the actual difference or the actual imbalance of the contract is?

好的。如果我可以擠出一點時間來跟進的話。我認為在 AA2000 的最新更新中曾討論過實際數字是多少。那麼問題是，現在是否就合約的實際差異或實際不平衡達成了一致？

This is a work in progress and obviously led by the regulator, not by us. And it also has a confidential character. So in the end, until there is no official documents on this review, it would be probably unwise for us to really comment and give a sense that in the end, may not be exactly what comes out or might be fair. So I'd rather wait a little bit, have the government regulator work on it. And once we have official news, we can share it with everybody.

這是一項正在進行的工作，顯然是由監管機構而不是我們主導的。而且它還具有保密性。所以最後，在沒有關於這次審查的官方文件之前，我們真正發表評論並給出最終結果可能不完全一致或不公平的看法可能是不明智的。所以我寧願等一段時間，讓政府監管機構來處理此事。一旦我們有官方消息，我們就會與大家分享。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Stephen Trent, Citi.

花旗銀行的史蒂芬‧特倫特。

Good morning, gentlemen, and thanks very much for taking my questions. A couple of them were already answered, but if I could circle back a little bit on M&A. I definitely heard some interesting stuff in Montenegro, Angola, et cetera. But maybe I missed it. I did not hear you say much about the Americas and wondering, for example, if the Motiva, the former CCR airports are of any interest to you? Thank you.

先生們，早安，非常感謝您回答我的問題。其中幾個問題已經得到解答，但我能否稍微回顧一下併購問題。我確實在黑山、安哥拉等地聽到了一些有趣的事。但也許我錯過了。我沒有聽到您談論太多有關美洲的事情，例如，我想知道您是否對 Motiva（以前的 CCR 機場）感興趣？謝謝。

(multiple speakers) Hi, Steve. Thanks for the question. There is a process going on. It's a confidential process. We have an appetite to evaluate. It's a large portfolio. As such, there are challenges, there are good things, there are also challenges, and we'll keep you posted in the market in general as we make progress and as we can make disclosures about the process.

（多位發言者）嗨，史蒂夫。謝謝你的提問。有一個過程正在進行中。這是一個保密的過程。我們有興趣進行評估。這是一個很大的投資組合。因此，有挑戰，有好事，也有挑戰，我們會隨時向您通報市場進展情況，並披露有關進程的資訊。

Appreciate that Jorge, that's very clear. And just kind of a quick follow up also on the M&A side. I recall some time ago that CAAP was possibly going to look at some investments along with an investment fund in the Middle East, I believe in the UAE. Is that something that could still be a conduit for you guys or are you thinking for mainly to invest directly in places like Montenegro and elsewhere? Thank you.

感謝 Jorge，這非常清楚。這只是對併購方面的一個快速跟進。我記得不久前，CAAP 可能會與一個投資基金一起考慮在中東（我相信是在阿聯酋）進行一些投資。這對你們來說是否仍是一種管道，還是你們主要考慮直接在黑山等地進行投資？謝謝。

Thanks, Steve. Generally speaking, we have been very active in looking for new opportunities. As we have mentioned, we actually boosted our new business team. We allocated more people to this team and are looking at more opportunities for us, including but not limited to Middle East. So yes, Middle East is included in our target.

謝謝，史蒂夫。總的來說，我們一直非常積極地尋找新的機會。正如我們所提到的，我們實際上增強了我們的新業務團隊。我們為這個團隊分配了更多人員，並正在尋找更多機會，包括但不限於中東。是的，中東也包含在我們的目標之內。

Great. Thanks, Jorge and Martin, appreciate it.

偉大的。謝謝，Jorge 和 Martin，非常感激。

[Daniel Harris, Bank of America].

[丹尼爾哈里斯，美國銀行]。

Good morning, gentlemen. Thank you for taking my questions. I just wanted to ask you one question regarding the expansions in Italy. Can you give us an update on how that stands and the outlook for commencing the expansions. Thank you.

先生們，早安。感謝您回答我的問題。我只是想問你一個有關義大利擴張的問題。您能否向我們介紹一下最新情況以及擴張的前景？謝謝。

Hello. Thank you very much for your question. Regarding Italy, as you know, it's a very young and bureaucratic process to get what is called the (inaudible), which is the environmental impact approval. We are of course, the team in Italy is extremely focused on delivering all the required documents and observations by the regulatory body on this.

你好。非常感謝您的提問。至於義大利，如你所知，獲得所謂的（聽不清楚），即環境影響批准，是一個非常年輕和官僚主義的過程。當然，我們義大利的團隊非常專注於向監管機構提供所有必要的文件和意見。

The feedback from the team is that, the process is moving ahead as supposed. We have had good news on interim parts of the process that have been successfully finished with, let's say, with no major observations that might impact on any delays.

團隊的回饋是，該進程正在按預期進行。我們收到了有關該進程中期部分的好消息，這些部分已經成功完成，沒有可能影響延誤的重大觀察。

But even with all of this, having said this, the real timing is difficult to assess. We really expect to have news by the third quarter, but as with any bureaucratic process, it's really difficult to put an exact finish date. But again, so far, there are no, let's say, red or yellow flags in the process, and things are moving ahead.

但即便如此，真正的時機仍然很難評估。我們確實希望在第三季之前得到消息，但與任何官僚程序一樣，很難確定確切的完成日期。但到目前為止，這一進程中還沒有出現任何紅旗或黃旗，事情正在向前邁進。

Hopefully, as soon as we have official news, we can share it with all investors. And hopefully, by third quarter we have the finalization of the process, and afterwards, the immediate commencement of the works. But again, subject to bureaucratic process. And as soon as we have information, we will share it with everybody.

希望一旦我們有官方消息，就可以與所有投資者分享。希望我們能在第三季完成整個流程，然後立即開始工作。但同樣，要經過官僚程序。一旦我們獲得信息，我們就會與大家分享。

Great, thank you for the color.

太好了，謝謝你的顏色。

Thank you. And at this time, it appears we have no further questions. I will turn the call back to Martin.

謝謝。目前看來我們沒有其他問題了。我會把電話轉回給馬丁。

I just wanted to thank everybody for your interest in our company and your participation in the call. I wish you all a great rest of your day and remind you that our team is available at any time to engage with you, respond to any questions that you might have.

我只是想感謝大家對我們公司的關注和參加電話會議。我祝大家今天過得愉快，並提醒大家，我們的團隊隨時可以與您聯繫，回答您可能遇到的任何問題。

Have a really good rest of your day. Bye-bye.

祝您今天剩餘的時間過得愉快。再見。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you use disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們確實要求您斷開線路。