Corporación América Airports reported mixed financial results for the second quarter of 2026, with revenue exceeding expectations but adjusted earnings per share falling short amid rising costs and weaker domestic traffic in Argentina.
The company’s adjusted earnings per share came in at $0.32, missing Wall Street forecasts of $0.496 by 35.48%, or $0.176 below expectations. Revenue totaled $534 million, beating estimates of $497.4 million by 7.36% and rising 8% year-over-year, excluding IFRIC 12 adjustments. Adjusted EBITDA, excluding IFRIC 12, declined 4.5% from the prior year to $160 million, reflecting higher expenses and operational headwinds.
Shares of the airport operator fell 5.56% in pre-market trading to $22.675, down from a prior close of $24.01, after the results were released. The stock has traded within a 52-week range of $17.36 to $30.5.
Total passenger volume remained broadly flat year-over-year at approximately 21 million, with international traffic rising 5.9% while domestic traffic declined about 8%. The drop in domestic traffic was driven largely by reduced seat capacity in Argentina, where Flybondi scaled back operations and fuel prices weighed on costs. Commercial revenues increased 13% year-over-year, or 26% excluding Argentina’s cargo business.
Regional performance varied significantly. Traffic in Armenia grew 13%, the strongest in the portfolio, despite regional airspace restrictions and cancellations, supported by Wizz Air’s expansion at Zvartnots Airport. Italy saw a 5% increase in traffic, with international passengers accounting for over 80% of the total. Brazil posted a 4% rise in traffic, while Uruguay and Ecuador recorded modest gains of 2% and 2%, respectively.
The company’s financial position strengthened, with net debt declining to $381 million from $502 million at year-end 2025. Total liquidity rose 20% to $861 million, and the net leverage ratio improved to 0.5x. Total debt stood at $1.1 billion at quarter-end.
The board approved a $150 million cash dividend for 2026, equating to roughly $0.91 per share. Executives emphasized the resilience of the portfolio, noting that four of the six operating segments delivered double-digit EBITDA growth despite headwinds in Argentina and non-recurring costs in Uruguay.
CEO Martín Eurnekian highlighted the company’s diversification and liquidity as key supports, stating that the business remains strong despite challenges. CFO Jorge Arruda pointed to growth initiatives such as a new VIP lounge and duty-free expansion in Montevideo as bright spots in the commercial revenue outlook.
