Corporación América Airports S.A. CAAP

Company Overview

Corporación América Airports S.A. (NYSE: CAAP) is one of the world’s largest private airport operators by number of airports managed. The company operates, acquires, develops, and commercializes airport concessions, primarily across Latin America and Europe, with additional activities in cargo logistics and related airport services. Its revenue base is diversified across aeronautical services, such as passenger, aircraft, and cargo fees, and non-aeronautical activities including retail concessions, parking, duty-free operations, advertising, and real estate services within airport properties.

The company traces its origins to the broader Corporación América Group founded by Argentine entrepreneur Eduardo Eurnekian, which began expanding into airport privatizations during the 1990s following aviation sector deregulation in several Latin American countries. CAAP subsequently consolidated airport assets under a unified operating structure and became publicly traded on the New York Stock Exchange in 2018. The company’s strategic positioning is tied to long-term concession agreements, operational expertise in emerging markets, and a geographically diversified portfolio that includes major gateway airports and regional aviation infrastructure.

Business Operations

CAAP organizes its activities primarily through airport concession operations across multiple jurisdictions. Its principal operating segments include Argentina, Italy, Brazil, Uruguay, Ecuador, and Armenia-based operations, with additional airport assets and aviation-related businesses in other markets. The company generates revenue through regulated aeronautical fees tied to passenger traffic and aircraft operations, alongside commercial revenue streams such as retail leasing, food and beverage concessions, parking, VIP lounges, cargo handling, logistics, and advertising. Passenger traffic recovery following the COVID-19 pandemic has remained a major driver of financial performance across several operating regions.

The company controls and manages critical airport infrastructure assets under long-term concession agreements negotiated with national governments and aviation authorities. Major subsidiaries and operating entities include Aeropuertos Argentina, Toscana Aeroporti, and airport operating companies in Brazil, Uruguay, Ecuador, and Armenia. CAAP has also maintained relationships with airline operators, government regulators, tourism authorities, and infrastructure investors to support route expansion and modernization initiatives. Operational investments have focused on terminal upgrades, digital passenger processing systems, runway modernization, and cargo capacity expansion.

Strategic Position & Investments

CAAP’s strategic direction centers on expanding passenger traffic, increasing commercial revenue per passenger, and strengthening airport infrastructure through capital investment programs. The company has pursued selective acquisitions and concession extensions to reinforce its presence in strategic aviation markets. A significant component of its long-term strategy involves increasing non-aeronautical revenue, particularly through retail development, logistics services, and real estate commercialization associated with airport ecosystems.

The company has invested heavily in modernization projects across its portfolio, particularly in Argentina and Brazil, including terminal redevelopment, operational digitalization, and sustainability initiatives. Through its ownership interest in Toscana Aeroporti, CAAP maintains exposure to the Italian aviation market via Florence and Pisa airports. The company has also explored emerging technologies tied to passenger processing automation, operational efficiency systems, and environmental sustainability measures, including renewable energy usage and airport decarbonization initiatives aligned with international aviation standards.

Geographic Footprint

CAAP maintains a broad international airport portfolio spanning South America, Europe, and Eurasian markets. The company is headquartered in Luxembourg, while many operational and management functions are coordinated through regional offices and local airport subsidiaries. Its largest concentration of assets remains in Argentina, where it operates the country’s principal airport network, including Buenos Aires’ Ezeiza International Airport and Aeroparque Jorge Newbery.

Beyond Argentina, the company maintains operational presence in Brazil, Uruguay, Ecuador, Italy, and Armenia, among other jurisdictions. Through these concessions, CAAP serves domestic travelers, international airlines, tourism flows, and cargo operators across multiple continents. Its geographic diversification has historically helped offset localized economic volatility and regulatory changes while supporting exposure to both business and leisure travel demand.

Leadership & Governance

CAAP operates under a corporate governance framework shaped by international public market standards and aviation infrastructure oversight requirements. The company’s leadership strategy has emphasized long-term concession management, disciplined infrastructure investment, operational efficiency, and expansion of commercial airport services. Founder influence remains significant through the broader Corporación América Group, while executive management oversees day-to-day operations across multiple jurisdictions.

Key executives include:

• Martín Eurnekian – Chief Executive Officer
• Leonardo Pereira – Chief Financial Officer
• Eduardo Eurnekian – Founder and Chairman Emeritus of the broader Corporación América Group
• Sergio Souto – Chief Operating Officer
• Mariano Berardi – Head of Investor Relations

The company’s governance and operational disclosures are primarily detailed through SEC filings, annual reports, earnings presentations, and regulated disclosures issued through the New York Stock Exchange and relevant aviation authorities.