Corporación América Airports S.A. Reports November 2024 Passenger Traffic

Total passenger traffic down 2.7% YoY, or 0.2% YoY ex-Natal

International passenger traffic up 6.6% YoY; up 10.3% YoY in Argentina

Corporación América Airports S.A. (NYSE:CAAP), ("CAAP" or the "Company"), one of the leading private airport operators in the world, reported today a 2.7% year-on-year (YoY) decrease in passenger traffic in November 2024. Excluding Natal for comparison purposes, total traffic in November decreased by 0.2% YoY.

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Monthly Passenger Traffic Performance (In million PAX) (Graphic: Business Wire)

Passenger Traffic Overview

Total passenger traffic declined by 2.7% in November compared to the same month in 2023, or 0.2% when adjusting for the discontinuation of Natal airport. Domestic passenger traffic decreased by 6.7% YoY, or 2.6% when excluding Natal, primarily due to weaker YoY domestic traffic performance in Argentina. International traffic increased by 6.6%, mainly driven by growth in Argentina and Italy.

In Argentina, total passenger traffic declined by 3.3% YoY, an improvement compared to the 7.8% YoY decline recorded in October. This result was primarily driven by weaker performance in domestic traffic, which fell by 7.2% YoY. Last year, domestic traffic benefited from incentives provided by a government program called "Previaje" to boost domestic tourism; however, it continued to be impacted by the ongoing recession in the country. JetSMART has continued to gain market share since initiating its growth strategy a few months ago, while Flybondi increased its operational capacity by 13% with the addition of two more aircraft. International passenger traffic increased by 10.3% YoY, up from the 7.0% YoY increase recorded in October. Among other developments, Avianca inaugurated its Guayaquil–Ezeiza route with three weekly flights, and Paranair launched the Jujuy–Asunción route. Additionally, Emirates, Iberia, and United increased their flight frequencies during the month. International passenger traffic in November also benefited from the final game of the Libertadores Cup, with Azul, Gol, JetSMART, and Flybondi scheduling charter flights for the event.

In Italy, passenger traffic grew by 15.3% compared to the same month in 2023. International passenger traffic, which accounted for almost 75% of the total traffic, increased by 10.7% YoY, driven by a 13.7% increase at Florence airport and an 8.1% increase at Pisa airport. Domestic passenger traffic increased by a strong 30.6% YoY, with strong performances at both Pisa and Florence airports.

In Brazil, total passenger traffic decreased by 8.8% YoY, or increased by 4.0% YoY when adjusting for the discontinuation of Natal Airport. These results reflect an improvement in traffic trends despite the still challenging aviation context and aircraft constraints in the country, along with the positive impact of the temporary closure of Porto Alegre airport. Domestic traffic, which accounted for 60% of the total traffic, was down 10.7% YoY, or up 10.3% when excluding Natal, while transit passengers were down 7.1% YoY. As a reminder, following the friendly termination process concluded in February 2024, CAAP no longer operates Natal Airport, effective February 19, 2024. Therefore, statistics for Natal are available up to February 18, 2024.

In Uruguay, total passenger traffic, predominantly international, continued to recover, increasing by 4.4% YoY. American Airlines resumed its Montevideo–Miami route with three weekly flights, which will increase to daily service during the high season. At Punta del Este Airport, the company is inaugurating the summer season with the first direct flight from Santiago de Chile to Punta del Este. From November to March, LATAM will offer three weekly flights to connect these two destinations.

In Ecuador, passenger traffic decreased by 2.6% YoY, following a strong recovery in 2023. International passenger traffic decreased by 1.9% YoY, while domestic traffic decreased by 3.7% YoY, impacted by high airfare prices affecting travel demand.

In Armenia, passenger traffic decreased by 0.2% YoY, consistent with last month's performance and following a strong recovery in 2023, which benefited from the introduction of new airlines and routes, as well as an increase in flight frequencies. The introduction of new routes has continued into 2024.

Cargo Volume and Aircraft Movements

Cargo volume increased by 23.2% compared to the same month in 2023, with positive YoY contributions from all countries of operation, except for Italy and Ecuador: Argentina (+28.2%), Uruguay (+17.1%), Armenia (+80.3%), Brazil (+5.2%), Ecuador (-0.3%) and Italy (-5.0%). Argentina, Brazil, and Armenia accounted for more than 80% of the total cargo volume in November.

Aircraft movements increased by 7.0% YoY, with positive YoY contributions from all countries of operation, except for Brazil: Argentina (+14.6%), Uruguay (+3.6%), Armenia (+2.7%), Ecuador (+3.6%), Italy (+5.6%), and Brazil (-9.8%). Argentina, Brazil, and Ecuador accounted for more than 80% of total aircraft movements in November.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2023, Corporación América Airports served 81.1 million passengers, 23.7% above the 65.6 million passengers served in 2022 and 3.6% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker "CAAP". For more information, visit http://investors.corporacionamericaairports.com.

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