Corporacion America Airports SA (CAAP) 2026 Q1 法說會逐字稿

Good morning, and welcome to Corporacion America Airports' first quarter 2026 conference call. A slide presentation accompanies today's webcast and is available in the Investor section of the company's website. (Operator Instructions)

各位早安，歡迎參加 Corporacion America Airports 2026 年第一季電話會議。今天的網路直播將搭配投影片簡報，並已上傳至公司網站「投資人」專區。（接線員指示）

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

此刻，我想將電話交給投資人關係主管 Patricio Inaki Esnaola。Patricio，請開始。

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，感謝今天加入我們。今天電話會議的發言人包括：我們的執行長 Martin Eurnekian，以及我們的財務長 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.

在開始之前，我想先作以下安全港聲明。今天的電話會議將包含前瞻性陳述，請參閱我們的財報新聞稿以及近期向美國證券交易委員會（SEC）提交文件中的前瞻性陳述章節。對於因新事件或情況變更而需更新或修訂任何前瞻性陳述，我們不承擔任何義務。

Please note that throughout this call, all references to revenues, cost, adjusted EBITDA and margin will refer to figures excluding IFRIC 12. Also, all comparisons discussed are year-over-year unless otherwise noted.

請注意，在本次電話會議中，所有對營收、成本、調整後 EBITDA 及利潤率的提及，均指排除 IFRIC 12 的數據。此外，除非另有說明，所有比較皆為年對年。

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

接下來我將把電話交給我們的執行長 Martin Eurnekian。

Thank you, Inaki, and good morning to everyone joining us today. We started 2026 with a strong first quarter performance. Across the business, we saw solid traffic growth, continued revenue momentum, strong profitability and further strengthening of our balance sheet.

謝謝你，Inaki，也向今天加入我們的各位道早安。我們以強勁的第一季表現開啟 2026 年。整體業務方面，我們看到穩健的旅客量成長、營收動能延續、獲利能力強勁，以及資產負債表進一步強化。

Passenger traffic increased 7% year-over-year, supported by positive trends across all our countries of operations. International traffic remained the main driver of growth, with particularly strong performance in Argentina where additional routes, higher frequencies and solid summer demand continued to support the recovery in international travel.

旅客運量年對年增加 7%，受惠於我們所有營運國家皆呈現正向趨勢。國際旅客量仍是成長的主要驅動力，其中阿根廷表現尤其強勁；新增航線、提高航班頻次以及穩健的夏季需求，持續支撐國際旅行復甦。

Revenue performance was particularly encouraging, with top line growth well ahead of passenger traffic. This was supported by healthy growth in international passengers and our ability to continue increasing revenue per passenger in our Commercial activities.

營收表現尤其令人鼓舞，營收成長明顯領先旅客量成長。這主要受惠於國際旅客的健康成長，以及我們在商業活動中持續提升每位旅客營收的能力。

Profitability showed strong progress in the quarter. Adjusted EBITDA increased at a faster pace than traffic, and margins expanded as higher revenues flowed through the cost base, evidencing our disciplined management. Argentina and Armenia were the largest contributors to EBITDA growth, while other countries also posted positive year-over-year performance.

本季獲利能力顯著改善。調整後 EBITDA 的增速快於旅客量，且隨著較高營收在成本基礎上產生槓桿效應，利潤率擴張，展現我們嚴謹的管理。阿根廷與亞美尼亞是 EBITDA 成長的最大貢獻者，其他國家也繳出正向的年對年表現。

We closed the quarter with a strong balance sheet. Leverage declined further, providing significant flexibility to invest in our operations, pursue disciplined growth opportunities and consider the implementation of a dividend policy.

我們以強健的資產負債表結束本季。槓桿比率進一步下降，為我們投資營運、把握審慎的成長機會，以及考慮實施股利政策提供了顯著的彈性。

Finally, it is important to highlight the resilience of Armenia. Despite the regional geopolitical situation, the business continued to perform well, supported by increased connectivity and the lower-than-anticipated impact from the Middle East conflict. Overall, this was a strong start of the year and reinforces the resilience of our portfolio and the benefits of our diversified platform.

最後，必須強調亞美尼亞的韌性。儘管區域地緣政治情勢存在不確定性，業務仍持續表現良好，受惠於連通性提升，以及中東衝突帶來的影響低於原先預期。整體而言，這是今年強勁的開局，並再次印證我們投資組合的韌性與多元化平台所帶來的效益。

Moving on to passenger traffic on slide 4. We posted a strong performance across our operations, with nearly 22 million passengers traveling across our airports. Growth was mainly driven by international travel, which increased nearly 14%, with positive contributions from every country in the portfolio and double-digit growth in Argentina, Italy and Ecuador.

接著看投影片第 4 頁的旅客運量。我們在各地營運皆繳出強勁表現，約有 2,200 萬名旅客在我們的機場出行。成長主要由國際旅行帶動，國際旅客量增加近 14%；投資組合中每個國家皆有正向貢獻，且阿根廷、義大利與厄瓜多出現雙位數成長。

Domestic traffic was broadly stable in the quarter. Growth in Brazil and Ecuador offset softer domestic volumes in Argentina and Italy where performance was affected by capacity constraints, operational disruptions and, in Argentina, the 24-hour nationwide strike in February.

本季國內旅客量整體大致持平。巴西與厄瓜多的成長，抵銷了阿根廷與義大利較疲弱的國內旅客量；後者表現受到運能限制、營運中斷影響，而阿根廷則另受 2 月 24 小時全國性罷工影響。

Looking at the main markets. In Argentina, passenger traffic increased close to 6% year-over-year. International traffic growth remained very strong, up 19%, driven by traffic with Brazil and the Caribbean and solid demand during the summer and carnival periods. Domestic traffic was slightly lower, mainly reflecting temporary fleet constraints at some of the airlines, together with the 1-day nationwide labor strike in February that disrupted operations. Even with these headwinds, key leisure destinations such as Bariloche, Cordoba, Iguazu and Mendoza performed well during the quarter.

再看主要市場。在阿根廷，旅客運量年對年增加接近 6%。國際旅客量成長仍非常強勁，上升 19%，主要由與巴西及加勒比海之間的旅客量帶動，並受惠於夏季與嘉年華期間的穩健需求。國內旅客量略為下降，主要反映部分航空公司短期機隊限制，以及 2 月 1 天的全國性勞工罷工造成營運受干擾。即便面臨這些逆風，Bariloche、Cordoba、Iguazu 與 Mendoza 等主要休閒目的地在本季仍表現良好。

In Italy, traffic grew just over 7%, driven by international passengers, which accounted for close to 80% of total traffic and increased more than 10% year-over-year. Both Florence and Pisa contributed to this performance. Domestic traffic was modestly lower, mainly due to reduced activity at Florence, while adverse weather in January also led to some cancellations and diversions.

在義大利，旅客量成長略高於 7%，由國際旅客帶動；國際旅客約占總旅客量近 80%，年對年增加超過 10%。佛羅倫斯與比薩兩地皆對此表現有所貢獻。國內旅客量小幅下降，主要因佛羅倫斯的活動量減少；此外，1 月的不利天候也導致部分航班取消與改降。

In Brazil, traffic increased by 12%, reflecting a better environment after the constraints seen in the aviation sector in prior periods. Domestic traffic grew by nearly 6%. Transit passengers increased by more than 20%. And international traffic also contributed positively. Brasilia continued to benefit from its geographic location and large infrastructure, allowing it to maintain its role as an important domestic hub in the country.

在巴西，旅客量增加 12%，反映航空產業在先前期間所見限制之後，整體環境有所改善。國內旅客量成長近 6%。轉機旅客增加超過 20%。國際旅客量亦有正向貢獻。巴西利亞持續受惠於其地理位置與大型基礎設施，使其得以維持作為國內重要樞紐的角色。

Passenger traffic in Uruguay increased by nearly 4%, supported by the summer season and additional frequencies. Both new and resumed routes connecting Montevideo and Punta del Este with destinations in Brazil and Argentina, including services from GOL, Aerolineas Argentinas and Azul, helped support demand during the quarter.

烏拉圭旅客量增加近 4%，受惠於夏季旺季與新增航班頻次。連結蒙得維的亞與埃斯特角城至巴西與阿根廷目的地的新開與復航航線（包括 GOL、阿根廷航空與 Azul 的服務），有助於支撐本季需求。

In Armenia, traffic was up 8.5%, supported by expanded airline activities, additional routes and higher frequencies. The new Wizz Air base at Zvartnots, launched in late 2025, continued to support connectivity with Europe. March was affected by regional disruptions related to the conflict in the Middle East, including flight cancellations due to airspace restrictions. However, the impact was more limited than initially expected.

在亞美尼亞，旅客量成長 8.5%，受惠於航空公司活動擴大、新增航線及提高航班頻次。Wizz Air 於 2025 年底在 Zvartnots 新設的基地，持續強化與歐洲的連通性。3 月受到與中東衝突相關的區域性干擾影響，包括因空域限制而取消航班。然而，實際影響較最初預期更為有限。

Lastly, traffic in Ecuador increased 7%, despite ongoing security concerns. International traffic was up more than 10%, supported mainly by higher frequencies to the US and continued activity on European routes. Domestic traffic also improved, although high airfares remained a constraint on demand. In sum, traffic growth in the quarter was healthy and broad-based, with international demand continuing to be the key driver across the portfolio.

最後，厄瓜多旅客量增加 7%，儘管安全疑慮仍在。國際旅客量上升超過 10%，主要受惠於飛往美國航線的頻次提升，以及歐洲航線活動持續。國內旅客量亦有所改善，惟高票價仍對需求形成限制。總結而言，本季旅客量成長健康且涵蓋面廣，國際需求仍是整體投資組合的關鍵驅動力。

Turning to cargo on slide 5. We also delivered a strong quarter in our cargo business, with cargo-related revenues up 16% year-over-year, supported by solid contributions from Argentina and Uruguay. On the volume side, results were mixed across the portfolio. Total cargo volume was up 1.7% versus last year, with growth in Armenia and Argentina offset by softer trends in Brazil, Italy, Uruguay and Ecuador.

接著看投影片第 5 頁的貨運。我們的貨運業務本季同樣表現強勁，貨運相關營收年對年成長 16%，主要受惠於阿根廷與烏拉圭的穩健貢獻。在運量方面，各地表現不一。總貨運量較去年增加 1.7%，亞美尼亞與阿根廷的成長，抵銷了巴西、義大利、烏拉圭與厄瓜多較疲弱的趨勢。

Looking ahead, we remain focused on strengthening our cargo platform, improving our commercial capabilities and continuing to capture growth opportunities across the network.

展望未來，我們仍將專注於強化我們的貨運平台、提升商業能力，並持續在整個網路中把握成長機會。

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

接下來我把電話交給 Jorge，由他回顧我們的財務結果。請開始。

Thank you, Martin, and good day, everyone. Starting with the top line on slide 6. Total revenues, excluding IFRIC 12 increased 19%, nearly 3 times the 7% growth in passenger traffic. Most notably, total revenues grew by 16% in Argentina, 39% in Armenia and 31% in Brazil, with all other countries also posting double-digit growth. The 11% appreciation of the euro and the 10% of the Brazilian real supported our US dollar results. Revenue per passenger was up 11% to $22.7, compared with $20.5 in the same quarter last year.

謝謝你，Martin，各位大家好。先從第 6 頁投影片的營收（top line）開始。剔除 IFRIC 12 後，總營收成長 19%，幾乎是旅客運量 7% 成長的 3 倍。尤其值得注意的是，總營收在阿根廷成長 16%、在亞美尼亞成長 39%、在巴西成長 31%，其他所有國家也都呈現雙位數成長。歐元升值 11% 以及巴西雷亞爾升值 10% 支撐了我們以美元計的結果。每位旅客營收上升 11% 至 22.7 美元，去年同季為 20.5 美元。

Aeronautical revenues increased 17%, led by Argentina and supported by broad-based growth across the portfolio. Argentina remained the largest contributor with revenues up 18%, reflecting a strong 19% increase in international traffic volumes. Brazil, Armenia, Uruguay and Italy also delivered double-digit growth, driven by solid passenger traffic trends across all four markets. Tariff increases in Brazil, Uruguay and Ecuador also contributed to Aeronautical revenue growth.

航空性收入成長 17%，由阿根廷帶動，並受惠於整體投資組合的廣泛成長。阿根廷仍是最大貢獻者，收入成長 18%，反映國際旅客運量強勁成長 19%。巴西、亞美尼亞、烏拉圭與義大利也都繳出雙位數成長，主要受四個市場穩健的旅客運量趨勢所帶動。巴西、烏拉圭與厄瓜多的費率調升亦對航空性收入成長有所貢獻。

Commercial revenues were up 21%, well ahead of traffic growth. Higher contributions from fuel revenues and cargo, combined with solid growth across VIP lounges, food and beverage, duty-free and parking facility supported these results. Notably, performance was consistent across the portfolio with every country achieving double-digit growth.

商業性收入成長 21%，明顯領先於運量成長。燃油收入與貨運的更高貢獻，加上貴賓室、餐飲、免稅、停車設施等業務的穩健成長，共同支撐了這些結果。值得注意的是，整體投資組合表現一致，每個國家皆達成雙位數成長。

Turning to slide 7. Total cost and expenses excluding IFRIC 12 increased 13%, well below revenue growth of 19%, supporting EBITDA margin expansion. Cost of services were up 14%, largely due to higher fuel costs in Armenia, consistent with the expansion in fuel revenues as well as higher concession fees in line with revenue growth and increased salaries and social contributions, mainly in Argentina.

接著看第 7 頁投影片。剔除 IFRIC 12 後，總成本與費用增加 13%，明顯低於 19% 的營收成長，支撐 EBITDA 利潤率擴張。服務成本上升 14%，主要因亞美尼亞燃油成本較高（與燃油收入擴張一致），以及特許權費用隨營收成長而增加，另有薪資與社會保險提撥增加，主要發生在阿根廷。

SG&A expenses increased 19%, mainly reflecting higher salaries and social contributions and increased service fees associated with our new business activities.

銷售、一般及管理（SG&A）費用增加 19%，主要反映薪資與社會保險提撥上升，以及與我們新業務活動相關的服務費增加。

In Argentina, total costs and expenses increased just over 9% year-over-year, well below revenue growth of 16%. This reflects strong operating leverage supported by sustained cost discipline and our continued focus on mitigating Argentina peso denominated cost pressures, with inflation outpacing the peso depreciation by 14 percentage points.

在阿根廷，總成本與費用年增僅略高於 9%，明顯低於 16% 的營收成長。這反映在持續的成本紀律支持下所展現的強勁營運槓桿，並且我們持續聚焦於緩解以阿根廷披索計價的成本壓力；通膨較披索貶值高出 14 個百分點。

Moving on to profitability on slide 8. Adjusted EBITDA ex IFRIC 12 was up 26% to $196 million, with margin expanding 2.3 percentage points, supported by positive contributions from every country of operation and double-digit growth across the portfolio except in Italy.

接著看第 8 頁投影片的獲利表現。剔除 IFRIC 12 的調整後 EBITDA 成長 26% 至 1.96 億美元，利潤率擴張 2.3 個百分點，受惠於各營運國家皆有正向貢獻，且除義大利外，整體投資組合皆呈現雙位數成長。

Strong momentum continued in Argentina with adjusted EBITDA up 28% and margin expanding 4.1 percentage points, driven by strong international passenger trends and disciplined management of Argentine peso denominated cost pressures. Armenia also delivered a strong quarter with adjusted EBITDA up 34%, driven by robust revenue growth. Margin contraction during the quarter primarily reflected a higher contribution from the fuel business, which structurally carries lower margins than the core airport operations.

阿根廷延續強勁動能，調整後 EBITDA 成長 28%，利潤率擴張 4.1 個百分點，主要由強勁的國際旅客趨勢與對以阿根廷披索計價成本壓力的嚴謹管理所帶動。亞美尼亞同樣繳出強勁季度表現，調整後 EBITDA 成長 34%，受惠於穩健的營收成長。本季利潤率收縮主要反映燃油業務貢獻提高；相較於核心機場營運，燃油業務結構性利潤率較低。

At Brazil airports, adjusted EBITDA increased 44% year-over-year, with margin expanding 3.7 percentage points, supported by strong traffic growth. Italy posted a 4% increase or 10% when excluding construction services at Toscana Aeroporti Costruzioni.

在巴西機場，調整後 EBITDA 年增 44%，利潤率擴張 3.7 個百分點，受惠於強勁的運量成長。義大利則成長 4%；若排除 Toscana Aeroporti Costruzioni 的建設服務，則成長 10%。

In Uruguay, adjusted EBITDA increased 16%, while the margin remained relatively stable as the strong passenger trends were partially offset by higher salaries and maintenance expenses as well as the appreciation of the Uruguayan peso, which also weighed on margins. Finally, Ecuador delivered a strong recovery with adjusted EBITDA increasing 16% and margin expanding 1.8 percentage points, supported by solid traffic trends and higher duty-free revenues. The appreciation of the euro and the Brazilian real, as discussed above, also supported our US dollar results.

在烏拉圭，調整後 EBITDA 成長 16%，利潤率相對穩定；強勁的旅客趨勢部分被較高的薪資與維護費用，以及烏拉圭披索升值所抵銷，後者亦對利潤率造成壓力。最後，厄瓜多呈現強勁復甦，調整後 EBITDA 成長 16%，利潤率擴張 1.8 個百分點，受惠於穩健的運量趨勢與更高的免稅收入。如前所述，歐元與巴西雷亞爾升值亦支撐了我們以美元計的結果。

Turning to slide 9. Supported by strong cash flow generation, we closed the quarter with total liquidity of $772 million, up 8% and from $750 million at year-end of 2025. Importantly, all operating subsidiaries generated positive cash flow during the quarter, with the exception of Italy and Ecuador where capital expenditure and concession fee payments, respectively, weighed on free cash flow generation. Investing activities contributed with $10 million to our total liquidity position. Finally, cash used in financing activities primarily reflected $27 million in loan repayment, mainly in Argentina.

接著看第 9 頁投影片。在強勁的現金流創造支持下，我們於本季末的總流動性為 7.72 億美元，較 2025 年底的 7.50 億美元增加 8%。重要的是，除義大利與厄瓜多外，所有營運子公司本季皆產生正向現金流；義大利因資本支出、厄瓜多因特許權費用支付，分別對自由現金流的產生造成壓力。投資活動為我們的總流動性部位貢獻 1,000 萬美元。最後，融資活動所使用的現金主要反映 2,700 萬美元的貸款償還，主要發生在阿根廷。

Moving on to the debt and maturity profile on slide 10. Total debt at quarter-end stood at $1.1 billion, while net debt declined to $490 million from $502 million at year-end 2025. Supported by stable debt levels and cash generation, our net leverage ratio stood at 0.5 times.

接著看第 10 頁投影片的債務與到期結構。截至季末，總債務為 11 億美元，而淨債務由 2025 年底的 5.02 億美元下降至 4.90 億美元。在債務水準穩定與現金創造的支持下，我們的淨槓桿比率為 0.5 倍。

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

我現在把電話交回給 Martin，由他做結語並說明我們對今年剩餘期間的看法。

Thank you, Jorge. On slide 12, I would like to leave you with a few key messages. Our first quarter results reinforced the positive start to the year. Performance was broad-based, supported by international traffic growth, commercial execution and the operating leverage across the portfolio. At the same time, our balance sheet remains strong, giving us flexibility to continue advancing on our growth strategy and enhancing shareholder return.

謝謝你，Jorge。請看第 12 頁投影片，我想留給各位幾個重點訊息。我們第一季的結果強化了今年良好開局的正向態勢。表現具廣泛性，受惠於國際運量成長、商業執行力，以及整體投資組合的營運槓桿。同時，我們的資產負債表仍然強健，使我們具備彈性持續推進成長策略並提升股東報酬。

On the strategic front, we achieved an important milestone in Armenia, extending the concession by 35 years to 2067, and leading to a new $425 million investment program. This plan will allow us to significantly expand our infrastructure, paving the way for sustainable growth in both passenger traffic and commercial activities while further developing Zvartnots Airport as an important regional hub.

在策略面，我們在亞美尼亞達成一項重要里程碑，將特許經營權延長 35 年至 2067 年，並帶來一項新的 4.25 億美元投資計畫。此計畫將使我們得以大幅擴充基礎設施，為旅客運量與商業活動的永續成長鋪路，同時進一步將 Zvartnots 機場打造為重要的區域樞紐。

In Ecuador, the Galapagos extension and economics rebalancing further enhanced our presence in the country. We also continue to advance discussions in Iraq and Angola following the Baghdad and Luanda awards, while selectively evaluating new tender processes and M&A opportunities. Across our existing operations, we remain focused on infrastructure upgrades and commercial initiatives that support better connectivity and improved passenger experience and higher revenue per passenger.

在厄瓜多，加拉巴哥延長案與經濟條件再平衡進一步強化了我們在該國的布局。我們也在巴格達與羅安達得標後，持續推進在伊拉克與安哥拉的討論，同時有選擇性地評估新的招標流程與併購（M&A）機會。在既有營運方面，我們仍專注於基礎設施升級與商業倡議，以支持更佳的連通性、提升旅客體驗，並提高每位旅客營收。

Looking ahead, demand trends remain strong, particularly in international markets. Supported by our solid balance sheet, we are considering the introduction of a dividend policy as part of a broader framework to enhance shareholder returns while preserving the flexibility to invest in our operations and pursue growth opportunities that create value. At the same time, we will continue to monitor geopolitical developments in the Middle East and any potential implications for traffic and airline capacity.

展望未來，需求趨勢仍然強勁，尤其是在國際市場。在我們穩健的資產負債表支持下，我們正考慮引入股利政策，作為更廣泛框架的一部分，以在保留投資營運並追求創造價值的成長機會之彈性的同時，提升股東報酬。與此同時，我們將持續關注中東地緣政治發展，以及其對旅運量與航空公司運能的任何潛在影響。

With that, we are ready to take your questions. Operator, please open the line for questions.

接下來，我們準備開始回答各位的提問。接線員，請開放提問線路。

Hello, everyone, and thank you for joining us today. This is Inaki Esnaola. Before we move to Q&A, I would like to note that Martin Eurnekian was unfortunately unable to join us live today due to travel delays impacting his return flight schedule. But fortunately, he was able to participate in the prerecorded portion of the call, and Jorge will now take over for the live Q&A session.

各位好，感謝今天加入我們。我是 Inaki Esnaola。在進入問答之前，我想先說明，Martin Eurnekian 因旅程延誤影響其返程航班時刻，遺憾無法即時參與今天的直播。不過幸運的是，他已參與本次電話會議的預錄部分，接下來 Jorge 將接手進行即時問答環節。

Operator?

接線員？

(Operator Instructions) Alejandro Demichelis, Jefferies.

（接線員指示）Alejandro Demichelis，Jefferies。

A couple of questions, if I may. The first one is, I think in the prepared remarks you were talking about kind of demand growth and so on. So are you seeing any kind of changes in demand across your portfolio because of the higher kind of fuel prices or kind of high airfare tickets. So any kind of insight that you can give us on that, that will be kind of very helpful.

如果可以的話，我有兩個問題。第一個，我想在事先準備的發言中你們提到需求成長等。因此，因為燃油價格較高或機票價格偏高，你們是否在整體投資組合中看到任何需求面的變化？若能提供一些洞見，將非常有幫助。

And then the second one is you just announced kind of a potential framework for dividend. Could you please give us some indication of how we should be thinking about the dividend in terms of the distribution, what kind of payout ratio we should be thinking about and so on?

第二個問題是，你們剛宣布一個可能的股利框架。可否請你們提供一些指引，讓我們理解股利在分配上應如何看待、應考量何種配息率（payout ratio）等？

So on fuel prices and how that impacts our portfolio, according to the information we have in connection -- which is based on seat offer, we do not see so far an impact. There was an impact in Armenia in connection with the traffic with the Middle East that in the first few months of the year is down. However, more than compensating with significant growth with all other markets for Armenia. So the overall number for Armenia is positive, despite the fact that the traffic, particularly in the Middle East, was down.

關於燃油價格及其對我們投資組合的影響，根據我們掌握的資訊——其係以座位供給（seat offer）為基礎——截至目前我們尚未看到影響。亞美尼亞方面，與中東旅運相關的流量在今年前幾個月確實下滑；然而，亞美尼亞在其他所有市場的顯著成長已超過彌補。因此，儘管特別是中東的旅運量下降，亞美尼亞的整體數字仍為正向。

Overall in the portfolio, again, we haven't seen an impact. We note that the majority of the airlines are hedged for several months, if not a full year, on oil prices. Obviously, we have been monitoring the situation. But again, so far, we haven't seen an impact.

整體投資組合而言，我們同樣尚未看到影響。我們注意到，多數航空公司對油價已進行避險，期限為數個月，甚至長達一年。當然，我們一直在監控情勢，但截至目前仍未看到影響。

In connection with dividend policy, as you can see in the numbers, we have been accumulating cash. Our portfolio of companies are performing well, are generating cash, and some of that being upstream to the holding company. So we are in the process of discussing internally and with our Board and at our Executive Committee a dividend policy, and we will get back to the market in the near term with our views on how we should -- how and when we should implement a dividend policy.

關於股利政策，如各位從數字中所見，我們一直在累積現金。我們的投資組合公司表現良好、持續產生現金，其中部分已上繳至控股公司。因此，我們正在內部以及與董事會與執行委員會討論股利政策，並將在近期向市場回報我們對於應如何以及何時實施股利政策的看法。

Julia Orsi, JPMorgan.

Julia Orsi，JPMorgan。

So two points on our side. The first one, can you provide more details on how the negotiations with Argentina and Italy are trending in the context of the renegotiation process?

我們這邊有兩點。第一，能否在重新協商的背景下，提供更多關於與阿根廷及義大利談判進展趨勢的細節？

And the second one, thinking about capital allocation, there's still the Iraq and Angola process that's going on. But how should we think of your participation on the coming auctions? Is there anything on the pipeline in the short to medium term that is worth flagging to us?

第二，從資本配置的角度來看，目前仍有伊拉克與安哥拉的流程在進行中。但我們應如何看待你們參與接下來的標案？短中期是否有任何值得提醒我們注意的管線項目？

In connection with Argentina, as we have noted in previous calls and interaction with investors and analysts, discussion (technical difficulty)

關於阿根廷，正如我們在先前的電話會議以及與投資人和分析師的互動中所提到的，討論（技術困難）

Ladies and gentlemen, we have lost connection with the speaker line. (Operator Instructions)

各位女士先生，我們與講者線路的連線已中斷。（接線員指示）

Hi, everyone. I think we have problems with Jorge's line. If we can hold on just a second, please.

各位好。我想 Jorge 的線路出了問題，請大家稍等一下。

Apologies, the technical connection. So as I was saying, discussions with the technical teams are largely concluded, and the key aspects have basically been agreed. The process requires a national decree. And as a consequence, it involves several parts of the government, several public administration bodies. The process overall is confidential, but we will continue to keep the market posted.

抱歉，技術連線問題。正如我剛才所說，與技術團隊的討論大致已結束，關鍵要點基本上也已達成一致。該流程需要國家法令（national decree）。因此，這牽涉到政府的多個部門與多個公共行政機構。整體流程屬於保密性質，但我們會持續向市場更新。

In connection with your second question, which is capital allocation, as we have reported in the past, we have recently been awarded on two concessions: for the Luanda Airport in Angola and for the Baghdad Airport in Iraq. In both cases, the processes are moving. We've been having several interactions with the government. The amount of equity required in these projects are marginal.

關於你的第二個問題，也就是資本配置，如我們過去所報告的，我們近期在兩項特許經營權中得標：安哥拉的羅安達機場，以及伊拉克的巴格達機場。兩個案子目前流程都在推進中，我們也已與政府進行多次互動。這些專案所需的股權投入金額都很小。

Other than that, we are looking at a handful of other opportunities that we consider are executable in the next 6 to 12 months. In none of them we believe that there's going to be a large equity contribution. But however, all of them will bring a lot of value to our portfolio, both in terms of monetary and strategic and growth perspective.

除此之外，我們也在評估少數其他機會，我們認為可在未來 6 到 12 個月內落地執行。在這些機會中，我們不認為會需要大額股權投入；但它們都將為我們的投資組合帶來很大的價值，無論是從金錢面、策略面或成長角度。

Obviously, we will continue to keep the market posted. But in terms of capital allocation and new business, this is what is in our pipeline.

當然，我們會持續向市場更新。但就資本配置與新業務而言，以上就是我們目前的管線內容。

Got it. And just to clarify, what is the latest on the Italy discussion as well?

了解。再確認一下，義大利的討論最新進展如何？

The latest on what? Italy.

你問的是哪一項最新進展？義大利？

Yes, Italy. On the renegotiation process as well.

是的，義大利。也就是重新協商流程的進展。

Yes. We continue to make progress. There has -- baby steps in terms of progress, but in the right direction. And currently, our local management believes that we should have authorizations by year-end, and therefore, be able to begin construction.

是的。我們持續取得進展。進展幅度——可以說是一步一步來——但方向正確。目前我們當地管理團隊認為，我們應可在年底前取得核准，因此能夠開始施工。

We have no further questions. I would like to turn the call back over to Jorge Arruda for closing remarks.

我們沒有其他問題。我想把電話會議交回給 Jorge Arruda 作結語。

On behalf of Corporacion America, I'd like to thank you for your participation in the call and for your questions. Myself, Inaki and Martin remain fully available if you have any further questions or doubts that you'd like to discuss with us. Thank you very much, and have a great day.

我謹代表 Corporacion America，感謝各位參與本次電話會議並提出問題。我本人、Inaki 與 Martin 若各位還有任何問題或疑慮想與我們討論，我們都完全願意隨時提供協助。非常感謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

本次電話會議到此結束。感謝各位的參與。您現在可以掛線。