Corporacion America Airports SA (CAAP) 2025 Q3 法說會逐字稿

Good morning and welcome to the Corporacion America Airport third-quarter 2025 conference call. A slide presentation accompanies today's webcast and is available in the Investor section of the company's website. (Operator Instructions)

早安，歡迎參加美洲機場集團2025年第三季電話會議。本次網路直播附帶幻燈片簡報，可在公司網站的投資者關係版塊查看。（操作說明）

At this time, I would like to turn the call over to Patricio Iñaki Esnaola, Head of Investor Relations. Please go ahead, Patricio.

此時，我想把電話交給投資人關係主管帕特里西奧·伊納基·埃斯納奧拉。請繼續，帕特里西奧。

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。各位早安，感謝大家今天收看我們的節目。在今天的電話會議上發言的有我們的執行長馬丁·尤爾內基安和我們的財務長豪爾赫·阿魯達。

Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain 4l statements, and I refer you to the forward-looking statements section of our earnings relief and resume filings with the SEC.

在繼續之前，我想先做出以下安全港聲明。今天的電話會議將包含 41 項聲明，請參閱我們向美國證券交易委員會提交的盈利報告和恢復文件中的前瞻性聲明部分。

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 IFRIC 12.. Also, all comparisons discussed are year over year unless otherwise noted.

我們不承擔因新的或變更的事件或情況而更新或修改任何前瞻性聲明的義務。請注意，本次電話會議中所有提及的收入、成本、調整後 EBITDA 和利潤率均指不包括 IFRIC 12 的數據。此外，除非另有說明，所有比較均指同比比較。

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

現在我將把電話轉交給我們的執行長馬丁·尤爾內基安。

Thank you, Inaki.

謝謝你，伊納基。

Good day, everyone, and thank you for joining us today. We delivered another very strong quarter at CAAP with solid execution across the board. Passenger traffic was up more than 9%, supported by good momentum in other markets.

大家好，感謝各位今天收看我們的節目。CAAP本季業績表現強勁，各方面執行力都很出色。受其他市場良好成長動能的支撐，客運量成長超過 9%。

Italy and Armenia reached historical records, and Argentina continued to perform exceptionally well with double-digit growth in both international and domestic travel. Revenue growth once again outpaced traffic, rising 17% in the quarter.

義大利和亞美尼亞創下歷史新高，阿根廷也持續表現出色，國際和國內旅遊都實現了兩位數的成長。營收成長再次超過流量成長，本季成長了 17%。

Aeronautical revenues posted solid double-digit gains and commercial revenues were up 18%, driven by continued strength in cargo, fuel, VIP lounges, and other passenger-related services. We also continue to see healthy traction in revenue per passenger, which increased nearly 7%, reflecting the ongoing success of our commercial initiatives.

航空收入實現了兩位數的穩健成長，商業收入成長了 18%，這主要得益於貨運、燃油、貴賓休息室和其他乘客相關服務的持續強勁成長。我們也看到每位乘客的收入持續保持健康成長勢頭，成長了近 7%，這反映了我們商業舉措的持續成功。

This strong operating performance carried into profitability metrics that increased. Adjusted EBITDA increased 34% to $194 million marking a new record for the company geared mainly by Argentina, Armenia, Brazil, and Italy. The margin expanded over 5 percentage-points with easier comparisons also contributing to the strong results in Argentina. We also maintain a solid financial position, providing us flexibility to continue moving forward with our investment plans and long-term growth strategy.

強勁的營運績效轉化為獲利能力指標的成長。經調整的 EBITDA 成長了 34%，達到 1.94 億美元，創下公司新紀錄，主要得益於阿根廷、亞美尼亞、巴西和義大利市場的成長。阿根廷的強勁表現也得益於相對較低的基數效應，使得差距擴大了 5 個百分點以上。我們也保持著穩健的財務狀況，這使我們能夠靈活地繼續推進我們的投資計劃和長期成長策略。

On the investment side, CapEx program approvals are underway in Armenia and Italy. Last week, the Italian government issued the Environmental Impact Assessment decree representing an important milestone in connection with the approval process of the Florence airport master plan.

在投資方面，亞美尼亞和義大利的資本支出項目審批正在進行中。上週，義大利政府頒布了環境影響評估法令，這標誌著佛羅倫斯機場總體規劃審批過程中的一個重要里程碑。

We also continue advancing our inorganic expansion projects as we evaluate opportunities across our key target markets. All in all, it was another quarter of strong performance and discipline execution. We are very proud of our team of executives.

我們也持續推動非內生性擴張項目，同時評估我們在主要目標市場中的各種機會。總的來說，這又是一個表現強勁、執行力強的季度。我們為我們的管理團隊感到非常自豪。

Turning to passenger traffic on slide 4, we delivered another healthy traffic growth across most markets. A total of 23.3 million passengers travelled across our airport network this quarter, up over 9%, supported by solid domestic and international trends. Domestic volumes increased just over 10%, driven primarily by Argentina and Brazil, with additional contributions from Italy. International traffic rose 8% with growth in nearly all countries led by strong performances in Argentina, Italy, and Brazil.

在第 4 張投影片中，我們展示了客運量，大多數市場都實現了健康的客運量成長。本季度，我們的機場網路共接待旅客 2,330 萬人次，較去年同期成長超過 9%，這得益於國內和國際市場的強勁成長動能。國內銷量成長略超過 10%，主要得益於阿根廷和巴西的推動，義大利也有所貢獻。國際客運量成長了 8%，幾乎所有國家都實現了成長，其中阿根廷、義大利和巴西表現強勁。

Let me walk you through performance by country. Argentina continued to stand out with total passenger traffic up nearly 13%, marking a third quarter record.

讓我帶你了解各國的表現。阿根廷繼續保持領先地位，客運總量成長近 13%，創下第三季紀錄。

Domestic traffic grew nearly 11%, supported by sustained demand and incremental capacity, particularly from JetSMART and -- . International traffic increased 16%, reflecting strong connectivity gains, including new and resumed routes from LATAM, GOL, COPA, and JetSMART, among others.

國內客運量成長近11%，這得益於持續的需求和新增運力，特別是來自JetSMART的運力。——。國際客運量成長了 16%，反映出連接性的顯著提升，其中包括 LATAM、GOL、COPA 和 JetSMART 等航空公司開通和恢復的新航線。

Operations were briefly disrupted by ATEPSA union strikes and adverse weather, but the overall momentum remained very solid.

ATEPSA工會罷工和惡劣天氣曾短暫中斷運營，但整體動能依然非常強勁。

This strong performance continued into October with domestic and international passenger traffic increasing by 10% and 15% respectively. In Italy, traffic was up nearly 10%, reaching a record high. International traffic, which represents over 80% of the total, increased almost 7%, driven by strong results at -- Pisa.

這一強勁勢頭延續到了10月份，國內和國際客運量分別成長了10%和15%。義大利的交通流量增加了近 10%，達到歷史新高。國際客流量佔總客流量的 80% 以上，成長了近 7%，這主要得益於比薩港的強勁業績。

Pisa also supported domestic traffic which rose nearly 6%. This positive trend continues into October with domestic and international passenger traffic increasing by 2% and 8% respectively.

比薩也促進了國內客流量的成長，成長了近 6%。這一正面趨勢延續到10月份，國內和國際客運量分別成長了2%和8%。

Brazil delivered the growth of over 8% in total traffic, with both domestic and international segments growing at double-digit rates reflecting improved trends. Traffic in October remains solid, up 10% year-on-year.

巴西的總客流量成長超過 8%，國內和國際客流量均以兩位數的速度成長，反映出客流量成長趨勢的改善。10月份的交通流量依然穩健，較去年同期成長10%。

Uruguay saw a 5.3% decline in traffic affected by several days of adverse weather, as well as a six day planned closure of the main runway to complete the installation of a new precision instrument landing system.

受連續數日惡劣天氣的影響，烏拉圭航空交通量下降了 5.3%，此外，為了完成新精密儀表著陸系統的安裝，主跑道計劃關閉六天。

During the quarter, Azul launched a new route between Montevideo and Campinas, which should support traffic going forward. In October, however, traffic recovered, rising 6.9% versus the same month last year. Armenia continued to perform well with traffic up just over 6%, reaching a record high. Traffic increase was supported by strong international demand and expanded connectivity from new airline entrants.

本季度，Azul 開通了蒙得維的亞和坎皮納斯之間的新線路，這將有助於未來的客流量成長。然而，10 月交通量有所回升，比去年同期成長了 6.9%。亞美尼亞的流量持續保持良好勢頭，成長超過 6%，創歷史新高。強勁的國際需求和新航空公司的加入，推動了客運量的成長。

Wizz Air also established a new base at Zvartnots, adding eight new European routes in October, further strengthening Armenia's positioning as a growing regional hub. As a result, traffic in October rose by a strong 15% against the same period last year.

威茲航空也在茲瓦爾特諾茨建立了新的基地，10 月新增了 8 條歐洲航線，進一步鞏固了亞美尼亞作為新興區域樞紐的地位。因此，10 月的交通流量比去年同期大幅增加了 15%。

Lastly, Ecuador posted a slight 1% decline in total traffic, reflecting a still challenging security environment and a softer international demand. JetBlue and Avianca increased frequencies on several international routes while domestic traffic was stable, although operations were temporarily affected by a two-day planned runway closure in September.

最後，厄瓜多爾的總流量略微下降了 1%，反映出安全環境依然嚴峻和國際需求疲軟。捷藍航空和哥倫比亞航空增加了幾條國際航線的班次，國內客運量保持穩定，儘管9月計劃關閉跑道兩天，導致營運暫時受到影響。

In October, traffic increased by 1.2% compared to the same month last year. In summary, it was another quarter of board based traffic growth across most of our markets, underscoring the strength of our network and the depth of demand across our operations.

10月份的交通流量比去年同期成長了1.2%。總而言之，我們大多數市場的闆卡流量又實現了一個季度的成長，這凸顯了我們網路的實力和我們業務營運的深厚需求。

Moving on to cargo on slide 5. We delivered another strong quarter with cargo revenues up 20% year-over-year, driven by a 23% increase in Argentina and a double-digit growth in both Brazil and Uruguay. This performance reflected improved pricing dynamics, including a new cargo business model implemented in mid-March in Argentina which is performing as planned.

接下來是投影片5中的貨物部分。我們又迎來了一個強勁的季度，貨運收入年增 20%，其中阿根廷成長 23%，巴西和烏拉圭均實現了兩位數的成長。這項業績反映了價格動態的改善，包括阿根廷在 3 月中旬實施的新貨運業務模式，目前正按計畫運作。

Looking ahead, we will continue to build this momentum by enhancing our cargo capabilities and leveraging growth opportunities across our airports while maintaining a competitive and efficient cost structure.

展望未來，我們將繼續保持這一發展勢頭，透過提升貨運能力和利用機場的成長機會，同時保持具有競爭力和高效的成本結構。

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

現在我將把電話轉交給豪爾赫，他將審查我們的財務表現。請繼續。

Mr. Martin, and good day everyone. Let's begin with our top-line on slide 6. Total revenues ex-IFRIC 12 increased 16.6%, nearly doubling passenger traffic growth of 9.3%. This strong performance was driven by double-digit growth in both our outgoing commercial revenues, supported by positive contributions across all countries of operations, with Argentina, Armenia, Brazil and Italy, each delivering double-digit revenue growth.

馬丁先生，大家好。讓我們從第 6 張投影片上的主要內容開始。不包括 IFRIC 12 在內的總收入成長了 16.6%，幾乎是客運量成長 9.3% 的兩倍。這一強勁的業績得益於我們對外商業收入的兩位數增長，以及所有營運國家的積極貢獻，其中阿根廷、亞美尼亞、巴西和義大利均實現了兩位數的收入成長。

Our revenue per passenger was up 6.7%, reaching $20.2 compared with $19 in the same quarter last year. Aeronautical revenues increased 15.2%, mainly driven by a strong performance in Argentina complemented by broad-based increases across most countries, with the exception of Ecuador and Uruguay. Argentina was once again the key driver, with aeronautical revenues up 22.1%, mainly reflecting a 15.9% increase in international traffic volumes.

我們的每位乘客收入成長了 6.7%，達到 20.2 美元，而去年同期為 19 美元。航空收入成長了 15.2%，主要得益於阿根廷的強勁表現，以及除厄瓜多爾和烏拉圭以外大多數國家的普遍成長。阿根廷再次成為主要驅動力，航空收入成長了 22.1%，主要反映了國際客運量成長了 15.9%。

The strong momentum continued in Brazil and Armenia, each delivering double-digit growth, while Italy posted a 9.8% revenue increase, all consistent with passenger traffic trends. In contrast, Uruguay and Ecuador reported slight declines in Aeronautical revenues due to a lower passenger traffic resulting from scheduled runway closures related to the installation of a new instrument lending system in Uruguay and runway repaving works in Ecuador.

巴西和亞美尼亞的強勁成長勢頭得以延續，均實現了兩位數的成長，而義大利的營收成長了 9.8%，所有這些都與客運量趨勢相符。相較之下，烏拉圭和厄瓜多爾的航空收入略有下降，這是由於烏拉圭安裝新的儀表借用系統和厄瓜多爾進行跑道重鋪工程導致計劃跑道關閉，從而造成客運量減少。

Commercial revenues were up 18%, well above 9.3% increase in traffic, supported by higher contributions from cargo revenues and solid growth across VIP lounges, parking facilities, food and beverage services, as well as other passenger-related services. Food-related revenues, primarily in Armenia, also supported the increase.

商業收入成長了 18%，遠高於客流量 9.3% 的成長，這得益於貨運收入的增加以及貴賓休息室、停車設施、餐飲服務和其他乘客相關服務的穩健成長。食品相關收入，尤其是亞美尼亞的食品相關收入，也支撐了這一成長。

Overall we saw solid performance across all markets. Armenia and Argentina stood out with commercial revenues of 22% and 19% respectively, while Italy and Brazil also delivered double-digit growth, highlighting the continuing strength of our commercial portfolio and our ability to drive value beyond the core Aeronautical business.

整體而言，所有市場均表現穩健。亞美尼亞和阿根廷的商業收入分別增長了 22% 和 19%，表現突出；意大利和巴西也實現了兩位數的增長，這凸顯了我們商業組合的持續強勁勢頭以及我們在核心航空業務之外創造價值的能力。

Turning to slide 7, total cost and expenses, excluding IFRIC 12, increased 7.9%, aligned with higher activity but remained well below revenue growth of nearly 17%. Postal services were up 5%, largely due to a higher concession fee aligned with revenue growth as well as higher fuel costs in Armenia consistent with the growth in fuel revenues. This was partially offset by lower services and fees and maintenance expenses.

翻到第 7 張投影片，不包括 IFRIC 12 在內的總成本和費用成長了 7.9%，與更高的業務量相符，但仍遠低於近 17% 的營收成長。郵政服務增加了 5%，這主要是由於特許經營費的提高與收入增長相一致，以及亞美尼亞燃料成本的上漲與燃料收入的增長相一致。服務費、收費和維護費用的降低部分抵消了這種影響。

SG&A increased 20%, mainly reflected taxes and salaries in Argentina. In Argentina, total costs and expenses were up 3.3%, benefits from favorable comparisons as the same quarter last year had absorbed significant inflation-driven cost increases along with continued focus on cost efficiency. The comparison was further supported by the faster pace of currency devaluation relative to inflation during the quarter, which diluted peso-denominated costs when translated into US dollars.

銷售、一般及行政費用增加了 20%，主要反映了阿根廷的稅收和薪資成長。在阿根廷，總成本和費用成長了 3.3%，受益於有利的基數比較，因為去年同期已經吸收了通貨膨脹導致的顯著成本成長，同時也持續關注成本效益。這項比較也得到了本季貨幣貶值速度快於通貨膨脹速度的佐證，這導致以比索計價的成本在換算成美元時被稀釋。

Moving on to profitability on slide 8, adjusted EBITDA ex-IFRIC 12 was up 34%, reaching a record of $194 million reflecting a strong performance across all countries except Uruguay, with double-digit growth in Argentina, Armenia, and Brazil.

接下來是第 8 張投影片的獲利情況，經調整的 EBITDA（不包括 IFRIC 12）成長了 34%，達到創紀錄的 1.94 億美元，反映出除烏拉圭以外所有國家的強勁表現，其中阿根廷、亞美尼亞和巴西實現了兩位數的成長。

Argentina delivered another outstanding quarter with adjusted EBITDA of up 68%, supported by the aforementioned easier comparisons, solid top-line growth, strong passenger trends, and continuing momentum in our commercial activities. Armenia also performed very well. We've adjusted a bit up 25%, driven by. Higher passenger traffic and improved fuel margins.

阿根廷迎來了一個出色的季度，調整後 EBITDA 成長了 68%，這得益於上述較為寬鬆的基數、穩健的營收成長、強勁的客運趨勢以及我們商業活動的持續勢頭。亞美尼亞隊也表現出色。我們略微上調了 25%，主要原因是：客運量增加，燃油利潤率提高。

At Brasilia Airport, adjusted EBITDA increased 19%, reflecting healthy traffic growth and strong performance across VIP lounges and cargo operations. Italy posted a 10% increase, or 18% when excluding construction services at Toscana Aeroporti Costruzioni. This increase was driven by higher passenger traffic and solid growth in duty-free VIP lounges, parking revenues.

巴西利亞機場調整後的 EBITDA 成長了 19%，反映出客流量的健康成長以及 VIP 休息室和貨運業務的強勁表現。義大利經濟成長了 10%，如果排除托斯卡納機場建設公司 (Toscana Aeroporti Costruzioni) 的建築服務，則成長了 18%。這一成長主要得益於客流量增加以及免稅貴賓休息室和停車收入的穩定成長。

In Uruguay, results reflect a temporary operation impacts with adjusted EBITDA down 11% following a six-day planned runway closure to install a new instrument landing system. Finally, Ecuador delivered a 4% increase in adjusted EBITDA supported by stronger duty-free and retail revenues.

在烏拉圭，由於計劃關閉跑道六天以安裝新的儀表著陸系統，導致營運受到暫時性影響，調整後的 EBITDA 下降了 11%。最後，在免稅和零售收入強勁成長的推動下，厄瓜多爾調整後 EBITDA 成長了 4%。

Overall, adjusted EBITDA margin ex-IFRIC 12. expanded 5.2 percentage-points to 41.2%, driven by significant improvements in Argentina and continued operational efficiency across most markets. Notably, in Argentina, we delivered a 12% point margin expansion driven by easy comparison, strong revenue growth, and effective cost controls.

整體而言，經調整的 EBITDA 利潤率（不包括 IFRIC 12）成長 5.2 個百分點至 41.2%，這主要得益於阿根廷的顯著改善以及大多數市場持續的營運效率提升。值得一提的是，在阿根廷，我們實現了 12 個百分點的利潤率成長，這得益於易於比較的業績基數、強勁的收入成長和有效的成本控制。

Turning to slide 9, supported by continued strong operating and financial performance, we ended the quartet with a total liquidity position of $661 million up 26% from the $526 million recorded at year end 2024.

翻到第 9 張投影片，在持續強勁的營運和財務表現的支持下，我們最終以 6.61 億美元的總流動性狀況結束了這四張投影片，比 2024 年底記錄的 5.26 億美元增長了 26%。

Importantly, all of our operating subsidiaries generate a positive year-to-date cash flow from operating activities, underscoring the strength and consistency of our cash generation across markets. Cash using financing activities mainly affected debt repaying in Argentina and Ecuador, as well as dividends paid to non-controlling interest and cap subsidiaries.

重要的是，我們所有營運子公司今年迄今的經營活動都產生了正現金流，這凸顯了我們在各個市場現金流的強勁性和穩定性。現金使用融資活動主要影響阿根廷和厄瓜多爾的債務償還，以及向非控制權益和資本子公司支付的股利。

Moving on to the debt and maturity profile on time, total debt at quarter end was $1.1 billion while our net debt further decreased to $579 million from $718 million in December 2024. Our net leverage ratio also improved, reaching 0.9 times.

接下來是債務和到期情況，截至季末，總債務為 11 億美元，而我們的淨債務從 2024 年 12 月的 7.18 億美元進一步減少至 5.79 億美元。我們的淨槓桿率也得到改善，達到 0.9 倍。

To wrap up, we deliver another quarter of strong results marked by strong execution and financial discipline. Our balance sheet remains robust, providing the capacity to pursue new growth opportunities, both organic and inorganic to continue creating value across our portfolio.

綜上所述，我們又迎來了一個業績強勁的季度，這得益於我們強大的執行力和嚴謹的財務紀律。我們的資產負債表依然穩健，為我們提供能力去追求新的成長機會，包括內生式成長和外延式成長，從而繼續在我們的投資組合中創造價值。

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

現在我將把電話交還給馬丁，他將作總結發言並討論我們對今年剩餘時間的看法。

Thank you, Jorge. Let's turn to slide 12 to wrap up our presentation. This was another very strong quarter for CAAP marked by solid performance across our portfolio. We delivered high profitability with further margin expansion, all while preserving a strong financial position. Overall, the quarter highlights the strength of our portfolio and the quality of our management team.

謝謝你，豪爾赫。讓我們翻到第 12 張投影片來結束我們的簡報。CAAP本季表現依然強勁，旗下所有投資組合均取得穩健業績。我們在維持穩健財務狀況的同時，也實現了高獲利和利潤率的進一步提升。整體而言，本季凸顯了我們投資組合的實力和管理團隊的素質。

We're also making good progress on initiatives that enhance the passenger experience and expand our commercial offering.

我們在提升乘客體驗和拓展商業服務方面也取得了良好進展。

In Argentina, we inaugurated a new centralized car rental hub and the new digital mobility platform. In Brazil, the Brasilia shopping mall is on track to open in the second quarter of 2026. Armenia opened a fully redesigned duty-free store, and Uruguay is moving ahead with expanding its duty-free and VIP lounge areas.

在阿根廷，我們啟用了一個新的集中式汽車租賃中心和一個新的數位旅遊平台。在巴西，巴西利亞購物中心預計將於 2026 年第二季開幕。亞美尼亞開設了一家經過全面重新設計的免稅店，烏拉圭正在推進其免稅店和貴賓休息室區域的擴建。

Strategic priorities across our concessions continue to advance. We continue to make progress in both the AA2000 concession rebalance in Argentina, as well as the approval of the CapEx program in Armenia. In Italy, the government issued the Environmental Impact Assessment Decree last week marking an important milestone in connection with the approval process of the Florence airport master plan.

我們特許經營業務的策略重點持續推進。我們在阿根廷的 AA2000 特許經營權重新平衡以及亞美尼亞的資本支出計劃的批准方面都繼續取得進展。上週，義大利政府頒布了環境影響評估法令，這標誌著佛羅倫斯機場總體規劃審批過程中的一個重要里程碑。

Turning to our inorganic expansion pipeline. We recently signed an Award Agreement for the Baghdad Airport project in Iraq, and the governance process continued for the Angola tender.

接下來，我們轉向非內生性擴張管道。我們最近簽署了伊拉克巴格達機場計畫的授標協議，安哥拉招標的治理流程也持續進行。

In Montenegro, the government Standards Commission announced the result and ranked CAAP in second place. We continue evaluating additional opportunities across other countries. Looking ahead, we anticipate positive traffic trends to continue into the fourth quarter, though with a more moderate pace of domestic traffic growth in Argentina.

在黑山，政府標準委員會公佈了結果，並將 CAAP 評為第二名。我們將繼續評估其他國家的其他機會。展望未來，我們預計積極的交通趨勢將持續到第四季度，儘管阿根廷國內交通成長速度將較為溫和。

Overall, we anticipate solid results in the fourth quarter, although not benefiting from the issue of comparisons that support the third quarter performance in Argentina. In summary, our third quarter performance reinforces the resilience of our business model, the quality of our assets, and the strong execution by our teams across all markets.

總體而言，我們預計第四季業績穩健，儘管由於阿根廷第三季業績受到基數效應的影響，我們無法從中受益。總而言之，我們第三季的業績進一步證明了我們商業模式的韌性、資產的品質以及我們各個市場團隊的強大執行力。

Operator, please open the line for questions.

接線員，請開通提問線。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Guilherme Mendes, JPMorgan.

Guilherme Mendes，摩根大通。

My first question is on, the rebalance in Argentina. Martin, you mentioned that discussions are progressing well, but can you share what are the main milestones that we could expect for the near term and the potential timing and the timing for the potential, approval and a follow-up on the commercial revenues.

我的第一個問題是關於阿根廷的財政平衡問題。馬丁，你提到討論進展順利，但你能否分享一下我們近期可以期待的主要里程碑是什麼，以及潛在的審批時間以及商業收入的後續進展時間？

First of all, congrats on the strong performance. And what can we expect going forward? So it is a more normalized level, or can we still expect some kind of improvement on the commercial revenues per pack?

首先，恭喜你們取得如此優異的成績。那麼，未來我們又可以期待些什麼呢？所以，目前的水平已經比較正常了，還是我們仍然可以期待每包產品的商業收入有所提高？

Thank you.

謝謝。

This is Jorge. Thanks for your question. So, in connection with Argentina, we continue to make progress at both at a technical and political level. It's difficult for us in management to provide a timetable, but the message again is that we continue to make good progress in connection with the rebalance of the concession agreement.

這是豪爾赫。謝謝你的提問。因此，在與阿根廷的關係方面，我們在技術和政治層面都繼續取得進展。管理層很難給出時間表，但再次強調的是，我們在特許經營協議的重新平衡方面繼續取得良好進展。

In connection with your second question, commercial revenues in the quarter was up 8% versus last year. It's a very good performance and as we reported, there are a number of reasons including VIP lounges, car rental, fueling, cargo, etc. We continue to see the same trend. I'm not sure that it is accelerating, but definitely we'll continue to see the trend to continue.

關於您的第二個問題，本季商業收入比去年同期成長了 8%。這是一個非常好的表現，正如我們報告的那樣，原因有很多，包括貴賓休息室、汽車租賃、加油、貨物運輸等等。我們繼續看到同樣的趨勢。我不確定這種趨勢是否正在加速，但可以肯定的是，我們會看到這種趨勢繼續下去。

Andres Cardona, Citigroup.

安德烈斯·卡多納，花旗集團。

Well, my question is about any update you could share with us about the Armenia and vis-a-vis investment opportunities. If you have any update or visibility of the timeline to provide more details of the projects. Thank you.

我的問題是關於您能否與我們分享一些關於亞美尼亞及其投資機會的最新資訊。如果您有任何關於專案時間表的更新或信息，請提供更多專案詳情。謝謝。

Hi Andres, it's Jorge again here, and thanks for your questions. So let me start with the second one. In Italy, as Martin has mentioned, we have, recently obtained the approval for the environmental assessment of the project.

嗨，安德烈斯，我是豪爾赫，感謝你的提問。那麼，就讓我從第二個問題開始吧。正如馬丁所提到的，我們最近在義大利獲得了該專案環境評估的批准。

The next step formally is the so-called confident -- to take place. Which is a kind of form of various government entities led by the Ministry of Infrastructure. We expect that to commence towards the end of the first quarter, and it's a process that should take approximately three months, after which, then we would basically be ready to start the work.

下一步正式來說就是所謂的「信心」——發生。這是由基礎設施部牽頭的各種政府實體所組成的一種形式。我們預計這項工作將在第一季末開始，整個過程大約需要三個月時間，之後我們基本上就可以開始工作了。

So that's the current timeline that we have been told. Again, when we are dealing with the government, it's difficult for us to in to -- in management to set up a precise timetable, but that's our best guess as of today and we will continue to keep the market updated.

這就是我們目前了解到的時間表。再次強調，在與政府打交道時，我們很難——在管理上——制定一個精確的時間表，但這是我們目前最好的猜測，我們將繼續向市場通報最新情況。

In connection with Armenia, we continue to make good progress in terms of discussions. In connection with discussions with the government and you know government officials in general, and again it's difficult for us to provide a precise timetable, but again we'll keep the market posted.

在與亞美尼亞的關係方面，我們在討論方面繼續取得良好進展。關於與政府及政府官員的討論，我們很難給出確切的時間表，但我們會及時向市場通報最新情況。

Daniel Rojas, Bank of America.

Daniel Rojas，美國銀行。

-- My question was regarding the Baghdad airport. Could you give us an idea of the size of the opportunity and what else can you share with us in terms of potential traffic in that airport? Thank you.

我的問題是關於巴格達機場的。您能否大致介紹一下這個機會的規模，以及您還能分享一下該機場的潛在客流量方面的資訊？謝謝。

It's Jorge again. Thank you very much. As we have announced, we signed an award agreement which is a document that it is nonbinding from in connection with the process. We are expecting to be called by the government to finalize the process and sign the concession agreement. Once that happens, we will inform the market and provide more details about our financial plan. In many aspects including debt, equity, CapEx, et cetera.

又是豪爾赫。非常感謝。正如我們先前宣布的，我們簽署了一份授標協議，但該協議對整個流程不具約束力。我們預計政府會召見我們，以最終確定流程並簽署特許經營協議。一旦這種情況發生，我們將向市場通報並提供更多關於我們財務計劃的細節。在許多方面，包括債務、股權、資本支出等等。

But what I wanted to anticipate is that we have a very constructive view in connection with the potential growth of traffic in that country and in that region in general.

但我希望預見的是，我們對該國乃至整個地區的交通潛在成長持非常積極的看法。

Thank you. And at this time we have no other questions registered. I would like to turn the call back over to Martin.

謝謝。目前我們沒有收到其他問題。我想把電話轉回給馬丁。

I would just like to thank everybody for your time and participation and remind you that our team is always available to take any additional questions.

我謹代表團隊感謝大家抽空參與，並提醒大家，我們的團隊隨時樂意解答任何其他問題。

Enjoy the rest of your day. Thank you very much.

祝您今天餘下的時間愉快。非常感謝。

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 please disconnect your line.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的參與，現在請您斷開電話線。