Corporacion America Airports SA (CAAP) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Corporacion America Airports' second-quarter 2025 Conference Call. A slide presentation accompanies today's webcast 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 2025 年第二季電話會議。今天的網路廣播附帶的幻燈片演示可在公司網站的投資者部分找到。（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 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 the call, all references to revenues, costs, adjusted EBITDA margin will refer to figures excluding IFRIC 12.

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。請注意，在整個通話過程中，所有提及的收入、成本、調整後的 EBITDA 利潤率均指不包括 IFRIC 12 的數字。

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

現在我將把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 am pleased to report an excellent quarter for CAAP. Customer traffic was up almost 14% from last year, with strong growth in the great majority of our markets. Argentina had a standalone performance, keeping a new second quarter historical record with double-digit increases in both international and domestic drivers.

謝謝你，Inaki。大家好，感謝大家今天的參與。我很高興地向大家報告 CAAP 本季的出色表現。客流量比去年成長了近 14%，絕大多數市場都實現了強勁成長。阿根廷表現獨樹一幟，創下第二季歷史紀錄，國際和國內驅動因素均達到兩位數成長。

We also saw solid gains in Brazil, Italy, Uruguay and Armenia, while Ecuador remained largely flat. Italy, Uruguay and Armenia also hit new second quarter historical records.

我們也看到巴西、義大利、烏拉圭和亞美尼亞的強勁成長，而厄瓜多則基本持平。義大利、烏拉圭和亞美尼亞也創下了第二季的歷史新高。

On the top line, revenues grew nearly 19%, outpacing passenger growth and demonstrating a strong execution of our management team in increasing revenues per passenger as well as the quality of our portfolio. Revenue per passenger hedged up to $21 driven by steady contributions for cargo parking, VIP lounges and duty free. This led to a 23% year-over-year increase in adjusted EBITDA, supported by notable contributions from Argentina, Uruguay and Armenia, with the margin up 1.4 percentage points to 38.6%.

就總收入而言，收入成長了近 19%，超過了乘客的成長速度，並證明了我們的管理團隊在增加每位乘客的收入以及我們的投資組合品質方面的強大執行力。受貨運停車場、貴賓休息室和免稅店穩定貢獻的推動，每位乘客的收入高達 21 美元。這導致調整後的 EBITDA 年增 23%，其中阿根廷、烏拉圭和亞美尼亞的貢獻尤為顯著，利潤率上升 1.4 個百分點至 38.6%。

We closed the quarter with a very strong financial position that gives us flexibility to keep moving on our growth plans. We also wanted to highlight that we obtained (inaudible) approval from (inaudible) region of Pascal for the Florence Airport (inaudible). Lastly, our Argentine subsidiary, AA2000 has recently approved a $150 million distribution.

我們以非常強勁的財務狀況結束了本季度，這使我們能夠靈活地繼續推進我們的成長計劃。我們還想強調的是，我們獲得了帕斯卡地區（聽不清楚）對佛羅倫斯機場的批准（聽不清楚）。最後，我們的阿根廷子公司 AA2000 最近批准了 1.5 億美元的分配。

Moving on to slide 4. We saw a very strong traffic performance across operations, except a quarter where traffic was flat. Total passenger traffic increased 13.7% year-over-year to nearly 21 million passengers, accelerating from the 7% growth or 9% ex Natal reported in the first quarter. Domestic traffic rose just under 15%, driven primarily by a recovery in demand in Argentina and Brazil and to a lesser extent, in Italy.

轉到投影片 4。我們看到，除某個季度的流量持平外，整個營運過程中的流量表現都非常強勁。總客運量年增 13.7%，達到近 2,100 萬人次，高於第一季報告的 7% 增幅或納塔爾以外 9% 的增幅。國內客運量成長近 15%，主要得益於阿根廷和巴西需求的復甦，其次是義大利。

International traffic increased 12% with positive contributions from all markets, except Equator and particularly strong results in Argentina and Italy which together accounted for more than 80% of the year-over-year increase in the quarter. Brazil, Uruguay and Armenia also posted strong growth in international traffic.

國際客運量成長了 12%，除了赤道市場外，所有市場都做出積極貢獻，尤其是阿根廷和義大利的業績表現強勁，這兩個市場合計佔本季同比成長的 80% 以上。巴西、烏拉圭和亞美尼亞的國際客運量也強勁成長。

Let's look at performance by country. In Argentina, our largest market, overall traffic growth accelerated to 17% from nearly 13% in the first quarter. Domestic traffic was up 16% supported by sustained demand recovery and multiple drought resumptions. On international front, traffic increased close to 19% reflecting new and expanded services from carriers such as JetSmart, Gold, Sky, Azul, LATAM, Avianca and Air Europa. This strong performance continued into July with domestic and international passenger traffic increasing by 10% and 13%, respectively.

讓我們看看各國的表現。在我們最大的市場阿根廷，整體客流量成長率從第一季的近 13% 加速至 17%。受需求持續復甦和乾旱多次恢復的推動，國內客運量增加了 16%。在國際方面，客流量成長了近 19%，這反映了 JetSmart、Gold、Sky、Azul、LATAM、Avianca 和 Air Europa 等航空公司提供的新服務和擴展服務。這一強勁表現持續到7月份，國內和國際客運量分別成長了10%和13%。

Italy delivered a 9% increase in traffic reaching a second quarter record driven by both domestic and international travel. International traffic, representing 81% of the total was up 9%, supported by strong growth at Florence and Pisa Airports. Domestic volumes grew 11%, led by nearly 20% growth at Pisa, mainly reflecting (inaudible) frequency increases. This solid performance continued into July with domestic and international passenger traffic increasing by 8% and 6%, respectively. Brazil recorded a 15% year-over-year increase in traffic. Domestic traffic up nearly 14% and transit passengers up 15%.

在國內和國際旅遊的推動下，義大利的客流量成長了 9%，創下第二季的最高紀錄。國際客流量佔總客流量的 81%，成長了 9%，這得益於佛羅倫斯和比薩機場的強勁成長。國內航班量增加了 11%，其中 Pisa 航班量增加了近 20%，這主要反映了（聽不清楚）航班頻率的增加。這一強勁表現持續至7月份，國內和國際客運量分別成長了8%和6%。巴西的客運量年增了15%。國內客運量成長近 14%，過境旅客成長 15%。

International traffic, though a smaller share of the mix, grew over 41% with growth to the US reaching record highs. In July, overall traffic increased by 6% against July last year. In Uruguay, traffic was up nearly 9% marking also a second quarter record. The performance in the quarter benefited from the strong activity during Easter holiday.

儘管國際客流量所佔份額較小，但增加了 41% 以上，其中飛往美國的客流量增幅創下歷史新高。7月份，整體客流量較去年同期成長了6%。在烏拉圭，客運量成長了近 9%，也創下了第二季的最高紀錄。本季的業績得益於復活節假期期間的強勁活動。

Azul announced the introduction of a new route between Montevideo and (inaudible) which began operating last month. In July, overall traffic in Uruguay declined 6% year-over-year, mainly impacted by the removal of the Montevideo (inaudible) route by JetSmart as well as several days of adverse weather conditions that led to flight cancellations. In Armenia, traffic was up 8%, fueled by the arrival of several new carriers, including China Southern, (inaudible), (inaudible) Air and Sky Express and the announcement of a (inaudible) airbase launching eight new European routes. These developments are strengthening connectivity and supporting our role in positioning in Armenia as a regional hub. Traffic in July rose by 7% against the same period last year.

阿蘇爾航空宣布開通蒙得維的亞和（聽不清楚）之間的新航線，該航線已於上個月開始營運。7 月份，烏拉圭整體客運量年減 6%，主因是 JetSmart 航空取消了蒙得維的亞（聽不清楚）航線，以及連續幾天的惡劣天氣導致航班取消。在亞美尼亞，客運量增加了 8%，這得益於幾家新航空公司的加入，包括中國南方航空、（聽不清楚）、（聽不清楚）航空和天空快捷，以及（聽不清楚）空軍基地宣布開通 8 條新的歐洲航線。這些發展正在加強連結性並支持我們在亞美尼亞作為區域樞紐的地位。七月份客運量較去年同期成長了7%。

Lastly, traffic in Ecuador was broadly flat, with a 0.5% decline in total passengers. Domestic traffic rose slightly, while international volumes declined impacted by reduced US operations. High (inaudible) levels and still challenging security environment in the country continue to affect travel. In July, traffic remained broadly flat compared to July 2024.

最後，厄瓜多爾的客運量基本上持平，旅客總數下降了 0.5%。國內客運量略有上升，而國際客運量則因美國業務減少而下降。該國高水準（聽不清楚）且仍充滿挑戰的安全環境繼續影響著旅行。與 2024 年 7 月相比，7 月的客流量基本持平。

In summary, this was a record second quarter for Argentina, Italy, Uruguay and Armenia, highlighting the strength and resilience of our network and our ability to capture growth across diverse geographies.

總而言之，這是阿根廷、義大利、烏拉圭和亞美尼亞創紀錄的第二季度，凸顯了我們網路的實力和彈性，以及我們在不同地區實現成長的能力。

Turning now to Cargo on slide 5. We delivered another strong quarter with cargo revenues up 30% year-over-year, led by Argentina, Brazil and Uruguay. The increase reflected not only higher volumes in key markets, but also improved pricing dynamics and new revenue streams.

現在轉到投影片 5 上的貨物。我們又度過了一個強勁的季度，貨運收入年增 30%，其中阿根廷、巴西和烏拉圭的貨運收入成長最快。這一成長不僅反映了主要市場銷售的增加，也反映了定價動態的改善和新的收入來源。

In Argentina, cargo revenues were boosted by the new cargo business model implemented in mid-March, which is delivered as planned. Uruguay also saw a solid (inaudible) from tariff increases in the courier segment while Brazil benefited from increased higher pharma imported volumes as well as higher average ticket on domestic cargo. Armenia maintained its positive trend, contributing meaningfully to overall volumes.

在阿根廷，3月中旬實施的新貨運業務模式按計畫實施，貨運收入得到提振。烏拉圭也因快遞行業的關稅上調而獲得了顯著增長（聽不清），而巴西則受益於藥品進口量的增加以及國內貨運平均票價的上漲。亞美尼亞保持了積極的趨勢，對整體銷量做出了重大貢獻。

Looking ahead, we will continue to build on this momentum, enhancing our current capabilities and leveraging growth opportunities across our airports while maintaining a competitive and efficient cost structure. I will now turn the call over to Jorge, who will review our financial results. Please, go ahead.

展望未來，我們將繼續保持這一勢頭，增強我們現有的能力，利用我們機場的成長機會，同時保持具有競爭力和高效的成本結構。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-IFRIC 12 increased 18.9% year-over-year, outpacing passenger traffic growth of 13.7%. This strong performance was driven by double-digit growth in Argentina, Armenia, Italy and Uruguay. Excluding the onetime litigation benefit reported in the second quarter of 2024, Brazil also delivered double-digit revenue growth, further supporting our solid results.

謝謝你，馬丁，大家好。讓我們從投影片 6 的頂行開始。不依照國際財務報告解釋委員會第 12 號的規定，總收入年增 18.9%，高於客運量 13.7% 的增幅。這一強勁表現得益於阿根廷、亞美尼亞、義大利和烏拉圭的兩位數成長。除 2024 年第二季報告的一次性訴訟收益外，巴西的營收也實現了兩位數成長，進一步支持了我們穩健的業績。

Our revenue per passenger was up 4% to $21 from $20.1 last year. Aeronautical revenues were up 15.1% mainly supported by the strong performance we saw in Argentina, coupled with positive contributions from all countries except Ecuador. In Argentina, revenues were up more than 20% supported by an 18.5% year-on-year increase in international traffic and to a lesser extent, higher domestic passenger fees following the tariff adjustment implemented in November last year.

我們每位乘客的收入從去年的 20.1 美元增長了 4%，達到 21 美元。航空收入成長 15.1%，主要得益於阿根廷的強勁表現，以及厄瓜多爾以外所有國家的積極貢獻。在阿根廷，營收成長了 20% 以上，這得益於國際客運量年增 18.5%，以及去年 11 月實施的運費調整後國內客運費上漲（幅度較小）。

Strong momentum continued in Argentina, Uruguay and Italy, each delivering double-digit growth, while Brazil posted a 9.5% increase in line with passenger traffic trends. In contrast, Ecuador reported a 2.2% revenue decline, reflecting a modest drop in traffic during the quarter.

阿根廷、烏拉圭和義大利持續保持強勁勢頭，均實現了兩位數的成長，而巴西的客運量成長了 9.5%，與客運趨勢一致。相比之下，厄瓜多爾的營收下降了 2.2%，反映出本季客流量略有下降。

Commercial revenues were up year-on-year, well above the 13.7% increase in traffic, driven by higher cargo revenues and solid performance across parking facilities, VIP lounges, duty-free stores and other passenger-related services. Fuel-related revenues, primarily in Armenia, also contributed to the increase. Growth was particularly strong in Argentina and Armenia, up 27% and 26%, respectively, with additional double-digit gains in Italy and Uruguay further highlighting the strength of our commercial portfolio.

商業收入年增，遠高於客運量 13.7% 的增幅，這得益於貨運收入的增加以及停車設施、貴賓休息室、免稅商店和其他乘客相關服務的穩健表現。燃料相關收入（主要來自亞美尼亞）也促進了這一成長。阿根廷和亞美尼亞的成長尤其強勁，分別成長了 27% 和 26%，義大利和烏拉圭也實現了兩位數的成長，進一步凸顯了我們商業投資組合的實力。

Turning to slide 7. Total cost and expenses, excluding ex-IFRIC12 were up 16.8% year-over-year in line with higher activity but below revenue growth of nearly 19%. Cost of services rose by 15.4%, primarily reflecting higher concession fees and maintenance expenses tied to increased activity in Argentina as well as higher fuel costs in Armenia, consistent with the growth in fuel revenues.

翻到幻燈片 7。不包括 IFRIC12 在內的總成本和費用年增 16.8%，與更高的活動一致，但低於近 19% 的收入成長。服務成本上漲了 15.4%，主要反映了阿根廷活動增加導致的特許經營費和維護費用增加，以及亞美尼亞燃料成本上漲，這與燃料收入的成長一致。

SG&A expenses increased 22%, largely due to higher sales in Argentina, driven primarily by inflation outpacing currency devaluation and tough comparisons with second quarter 2024. We note, however, the total cost and expenses in Argentina excluding ex-IFRIC12 declined 5.5% in the second quarter compared to the prior quarter, confirming the improved trend we signaled in our first quarter earnings call.

銷售、一般及行政費用 (SG&A) 增長了 22%，這主要是由於阿根廷的銷售額增加，這主要是由於通貨膨脹超過了貨幣貶值，並且與 2024 年第二季度相比較為艱難。然而，我們注意到，阿根廷第二季的總成本和費用（不包括前 IFRIC12）與上一季相比下降了 5.5%，證實了我們在第一季財報電話會議上暗示的改善趨勢。

Moving on to profitability on slide 8. Adjusted EBITDA ex-IFRIC12 reached $169 million, up 23% year-over-year mainly driven by a 34% increase in Argentina and positive contributions from all countries except Ecuador.

繼續討論幻燈片 8 上的獲利能力。調整後的 EBITDA（不計入 IFRIC12）達到 1.69 億美元，年增 23%，主要得益於阿根廷 34% 的成長以及除厄瓜多爾以外所有國家的積極貢獻。

Uruguay delivered another consecutive quarter of strong growth with adjusted EBITDA up 27%, supported by a steady traffic gains and robust commercial performance, particularly in cargo and other passenger-related revenues, such as duty-free and VIP lounges. Armenia delivered double-digit growth underpinned by traffic growth and robust fuel revenues contributing to the positive momentum across our key markets.

烏拉圭連續一個季度實現強勁增長，調整後 EBITDA 增長 27%，這得益於穩定的客流量增長和強勁的商業表現，尤其是貨運和其他與乘客相關的收入，例如免稅和貴賓休息室。亞美尼亞實現了兩位數的成長，這得益於客流量的成長和強勁的燃料收入，為我們主要市場的積極勢頭做出了貢獻。

Adjusted EBITDA at Brasilia Airport was up 16%, excluding the onetime benefit of $1.7 million from the resolution of a litigation process which was recorded in second quarter 2024. In Italy, adjusted EBITDA increased 2% or 14% when excluding other construction service-related costs at (inaudible), a subsidiary of (inaudible).

巴西利亞機場的調整後 EBITDA 成長了 16%，不包括 2024 年第二季記錄的訴訟程序解決所帶來的 170 萬美元的一次性收益。在義大利，調整後的 EBITDA 成長了 2%，如果扣除其他建築服務相關成本，則增加了 14%。（聽不清楚）。

Adjusted EBITDA in Ecuador declined 3%, reflecting weaker passenger traffic during the period. Adjusted EBITDA margin ex-IFRIC 12 expanded 1.4 percentage points year-over-year to 38.6%, mainly driven by margin improvements in Argentina and Uruguay. Notably, in Argentina, we achieved a 3.2 percentage point margin expansion supported by strong traffic growth and robust commercial revenues despite continued pressure on Argentine peso costs from inflation running ahead of currency depreciation and tough year-over-year comparisons.

厄瓜多爾的調整後 EBITDA 下降了 3%，反映出該期間客運量較弱。調整後的 EBITDA 利潤率（不依照 IFRIC 12）年增 1.4 個百分點至 38.6%，主要得益於阿根廷和烏拉圭利潤率的提高。值得注意的是，在阿根廷，儘管通貨膨脹率高於貨幣貶值且同比形勢嚴峻，阿根廷比索成本持續承壓，但我們在強勁的客流量增長和強勁的商業收入的支持下，實現了 3.2 個百分點的利潤率增長。

Turning to slide 9. On the back of our strong cash flow generation, we closed the quarter with a total liquidity position of $595 million, up 13% from the $526 million recorded at year-end 2024. Notably, all of our operating subsidiaries reported positive year-to-date cash flow from operating activities, except for Ecuador due to the onetime annual concession fee payment, which is due and paid every January.

翻到第 9 張投影片。在強勁現金流的推動下，本季末我們的總流動資金達到 5.95 億美元，較 2024 年底的 5.26 億美元成長 13%。值得注意的是，我們所有的營運子公司都報告了年初至今的經營活動現金流為正，但厄瓜多爾除外，因為該公司每年 1 月需支付一次性年度特許費。

Cash used in financing activities reflected debt repayments in Argentina and Ecuador as well as dividends paid to noncontrolling interest in subsidiaries. As Martin noted at the beginning of the call, driven by strong cash generation, our Argentine subsidiary has recently approved a digital distribution of $150 million, of which $127.5 million will be paid to CAAP. We are very pleased with the performance of our operations in Argentina, which enables us to meet our CapEx commitments, pay our debt service and distribute excess cash to strengthen our consolidated cash position.

融資活動中使用的現金反映了阿根廷和厄瓜多爾的債務償還以及向子公司非控制權益支付的股息。正如馬丁在電話會議開始時指出的那樣，在強勁的現金流驅動下，我們的阿根廷子公司最近批准了 1.5 億美元的數位分銷，其中 1.275 億美元將支付給 CAAP。我們對阿根廷業務的表現非常滿意，這使我們能夠履行資本支出承諾、支付債務並分配多餘現金以加強我們的綜合現金狀況。

Moving on to the debt and maturity profile on slide 10. Total debt at quarter end was $1.1 billion, while our net debt decreased to $643 million from $718 million in December 2024. Our net leverage ratio improved to a record low of 1 times, driven by lower net debt and stronger adjusted EBITDA levels.

繼續討論投影片 10 的債務和到期情況。本季末的總債務為 11 億美元，而我們的淨債務從 2024 年 12 月的 7.18 億美元降至 6.43 億美元。受淨債務降低和調整後 EBITDA 水準增強的推動，我們的淨槓桿率改善至 1 倍的歷史低點。

To wrap up, we delivered strong operating and financial results, ending the quarter with a solid balance sheet and healthy debt position. We remain focused on pursuing both organic and inorganic growth opportunities to enhance our airport portfolio and create value.

總而言之，我們取得了強勁的營運和財務業績，本季結束時資產負債表穩健，債務狀況健康。我們將繼續專注於尋求有機和無機成長機會，以增強我們的機場組合併創造價值。

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

現在我將把發言權交還給馬丁，他將致閉幕詞並討論我們對今年剩餘時間的看法。

To close, let's turn to slide 12. This was a very strong second quarter with broad-based passenger growth across our network that underscores the resilience and quality of our diversified portfolio. We continue to perform well in driving revenue growth and EBITDA margin expansion while keeping a solid financial position.

最後，讓我們翻到第 12 張投影片。第二季表現非常強勁，我們整個網路的乘客數量普遍成長，凸顯了我們多元化投資組合的彈性和品質。我們在保持穩健財務狀況的同時，繼續在推動收入成長和 EBITDA 利潤率擴張方面表現良好。

On the commercial front, we remain focused on enhancing (inaudible). In Argentina, we inaugurated the new (inaudible), expanding it from 700 to 1,100 square meters to improve the passenger experience and capture additional commercial opportunities. In Brazil, construction of the shopping mall at Brasilia Airport is progressing with opening planned for April 2026 alongside other initiatives to grow food and beverage, retail and service offerings across the portfolio. Strategically, we are moving forward across our concessions.

在商業方面，我們仍然專注於提升（聽不清楚）。在阿根廷，我們啟用了新的（聽不清楚），將其面積從 700 平方米擴大到 1,100 平方米，以改善乘客體驗並抓住更多商業機會。在巴西，巴西利亞機場購物中心的建設正在推進，計劃於 2026 年 4 月開業，同時還將推出其他舉措，以擴大整個投資組合中的食品和飲料、零售和服務產品。從策略上來說，我們正在推進我們的特許經營業務。

In Argentina, we are progressing with the AA2000 concession (inaudible) process. In Italy, we secured (inaudible) approval from the region of Tuscany for the Florence Airport master plan in April. While in Armenia, we continue to make progress on the CapEx (inaudible) approvals to expand (inaudible).

在阿根廷，我們正在推動 AA2000 特許權（聽不清楚）進程。在義大利，我們在四月獲得了托斯卡納地區對佛羅倫薩機場總體規劃的批准（聽不清楚）。在亞美尼亞，我們繼續在資本支出（聽不清楚）審批方面取得進展，以擴大（聽不清楚）。

On the new business front, we are awaiting official resolution from the government of Montenegro and actively pursuing opportunities in Latin America, Iraq and (inaudible) and other M&A initiatives, among others.

在新業務方面，我們正在等待黑山政府的正式決議，並積極尋求拉丁美洲、伊拉克和（聽不清楚）以及其他併購計畫等方面的機會。

Looking ahead, we expect positive traffic momentum to continue in Argentina with strong summer seasons anticipated in both Italy and Romania. In sum, our second quarter performance underscores the strength of our geographic diversification, the quality of our portfolio, the effectiveness of our strategy and the dedication of our teams across markets.

展望未來，我們預計阿根廷的交通運輸勢頭將持續向好，義大利和羅馬尼亞的夏季交通運輸也將迎來強勁成長。總而言之，我們第二季的業績凸顯了我們地域多元化的優勢、投資組合的品質、策略的有效性以及跨市場團隊的奉獻精神。

Operator, please open the lines for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Guilherme Mendes, J.P. Morgan.

吉爾赫姆門德斯，摩根大通。

Yes. The first one is on Argentina. If you can provide some details on what is the next steps for the (inaudible) discussion? I know you can -- you don't have a lot of visibility on timing, but if you can share what should we expect on the next milestones that would be useful?

是的。第一個是關於阿根廷的。您能否提供一些有關（聽不清楚）討論的下一步措施的詳細資訊？我知道你可以——你對時間安排沒有太多的了解，但如果你能分享我們對下一個里程碑的期望，那會很有用嗎？

And the second one is on Motiva's former CCR airport sales. If you are still interested in this asset, if it is something that you probably would (inaudible) alone or you consider doing so with our partner probably dividing the Brazilian assets to the non-Brazilian assets?

第二個是關於 Motiva 之前的 CCR 機場銷售。如果您仍然對這項資產感興趣，如果這是您可能會（聽不清楚）單獨做的事情，或者您考慮與我們的合作夥伴一起將巴西資產劃分為非巴西資產？

Thank you for your question. Let me start with the second one. We are looking at the asset. As you may know, it's a typical M&A process subject to NDA confidentiality, et cetera. But what we can say at this point in time is that we are looking at the asset.

感謝您的提問。讓我先從第二個開始。我們正在查看該資產。您可能知道，這是一個典型的併購流程，受保密協議等約束。但目前我們可以說的是，我們正在關注這項資產。

It's an interest opportunity for CAAP, and we will keep the market updated as we make progress in the process. Regarding Argentina, your first question, conversations with the technical teams are ongoing, have never been interrupted. The conversations includes the rebalancing of the economic equilibrium, investment requirements in system, among other aspects. There is a new Secretary of Transport since mid-May, we are very engaged with all the authorities. We believe that we are making good progress, and we will keep the market updated as we make concrete steps into this process.

這對 CAAP 來說是一個有趣的機會，我們將在這過程中持續向市場通報最新進展。關於阿根廷，您的第一個問題，與技術團隊的對話一直在進行，從未中斷。對話內容包括經濟平衡的再平衡、系統投資需求等面向。自五月中旬以來，新任交通部長就職，我們與所有當局都保持著密切的聯繫。我們相信我們正在取得良好進展，我們將在這一過程中採取具體措施，並隨時向市場通報最新情況。

(Operator Instructions) There are no further questions at this time. I will now hand the call back over to Martin Eurnekian for the closing remarks. Please proceed.

（操作員指示）目前沒有其他問題。現在我將把電話轉回給馬丁·尤爾內基安 (Martin Eurnekian) 作結束語。請繼續。

I would like to thank everyone for your participation and interest in our call. I remind you that our team remains available for any questions that you might have in the future. Thank you very much, and please have a very good rest of your day. Bye-bye.

我要感謝大家對我們電話會議的參與和關注。我提醒您，我們的團隊隨時準備好解答您將來可能遇到的任何問題。非常感謝您，祝您今天剩餘時間愉快。再見。

Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝各位，女士們、先生們。會議現已結束。感謝大家的加入。你們都可以斷開自己的線路。