Corporacion America Airports Q2 2026 Earnings Report

Corporacion America Airports EPS Results

• Actual EPS: $0.32
• Consensus EPS: $0.50
• Beat/Miss: Missed by -$0.18
• One Year Ago EPS: N/A

Corporacion America Airports Revenue Results

• Actual Revenue: $534.04 million
• Expected Revenue: $497.52 million
• Beat/Miss: Beat by +$36.52 million
• YoY Revenue Growth: N/A

Corporacion America Airports Announcement Details

• Quarter: Q2 2026
• Date: 8/18/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, August 18, 2026
• Conference Call Time: 12:00PM ET

Corporación América Airports S.A. operates as a global airport infrastructure and services company, specializing in the development, acquisition and management of airport concessions. Headquartered in Buenos Aires, Argentina, the firm oversees long-term agreements that cover the planning, design, financing and ongoing operation of airport facilities. Its integrated approach aims to enhance operational efficiency and passenger experience through modernized terminals and streamlined processes.

The company’s core activities encompass passenger handling, cargo operations and ancillary services such as retail concessions, food and beverage outlets, ground handling, fueling and airport parking. By providing a comprehensive suite of services, it supports airlines, freight carriers and concessionaires in delivering seamless travel and logistics solutions. Ongoing investments in digital check-in systems, security screening and lounge facilities reflect its commitment to adopting industry best practices.

With concessions spanning more than 50 airports across Argentina, Italy, Uruguay, Ecuador and Armenia, Corporación América Airports serves both domestic and international markets. Its portfolio includes key regional hubs in South America and select gateways in Europe, accommodating commercial, charter and cargo flights. The geographic diversity of its operations helps the company mitigate local market cycles and leverage cross-border tourism and trade growth.

Established following the award of its initial Argentine airport concession in 2000, the company consolidated its global airport interests within the Corporación América group, which is controlled by Argentine entrepreneur Eduardo Eurnekian. In June 2017, Corporación América Airports completed its initial public offering on the New York Stock Exchange, positioning itself to access international capital markets and support further expansion of its concession network.

Corporacion America Airports Q2 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Adjusted EBITDA fell 4.5% to $160 million, pressured by weaker domestic traffic and cargo revenue in Argentina, plus non-recurring costs and ILS implementation expenses in Uruguay. Four of six operating segments nevertheless delivered double-digit EBITDA growth.
• Positive Sentiment: Passenger traffic was broadly stable as international traffic grew nearly 6%, offsetting an 8% decline in domestic traffic. Revenue increased 8% and revenue per passenger rose nearly 9% to $22.90, with commercial revenue up 13% across most markets.
• Positive Sentiment: The company ended the quarter with $861 million of liquidity, up from $715 million at year-end 2025, while net debt declined to $381 million and net leverage stood at just 0.5 times. The board also approved $150 million of cash dividends, or approximately $0.91 per share.
• Neutral Sentiment: Management expects international growth to support Argentina, while domestic traffic may remain constrained by limited airline capacity, runway maintenance, and difficult cargo comparisons. It expects Flybondi capacity to be gradually replaced, Uruguay’s new ILS and commercial expansions to support results, and continues pursuing concession opportunities in the Americas, Africa, and Middle East.

Presentation

[Operator]

Now hand the conference over to Iñaki Esnaola, Head of Investor Relations. Please go ahead.

[Iñaki Esnaola, Head of Investor Relations at Corporación América Airports]

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martín Eurnekian, our Chief Executive Officer, and Jorge Arruda, our Chief Financial Officer. 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.

[Iñaki Esnaola, Head of Investor Relations at Corporación América Airports]

Please note that throughout this call, all references to revenues, costs, adjusted EBITDA, and margin, we refer to figures excluding IFRIC 12. Also, all comparisons discussed are year-over-year, unless otherwise noted. I will now turn the call over to our CEO, Martín Eurnekian.

[Martín Eurnekian, CEO at Corporación América Airports]

Thank you, Iñaki, and good morning to everyone joining us today. Our second quarter adjusted EBITDA ex IFRIC 12 was down 4.5%, primarily driven by our cargo business in Argentina, lower seat capacity in the domestic market in Argentina, and non-recurring costs and expenses in Uruguay. Our cargo business in Argentina was primarily affected by an extraordinarily bad year-over-year comparison base. Labor disruptions at customs in April 2025 resulted in longer cargo storage periods and consequently, exceptionally high storage revenues.

[Martín Eurnekian, CEO at Corporación América Airports]

Seat capacity in Argentina was largely affected by Flybondi's significantly reduced operating fleet and higher fuel prices. Non-recurring costs and expenses in Uruguay, including costs associated with the implementation of the new ILS system, as well as maintenance and other expenses, also weighted on adjusted EBITDA during the quarter. Despite these headwinds, our business remains strong, and the diversification and quality of our portfolio continue to support our overall performance with four of our six segments delivering double-digit EBITDA growth.

[Martín Eurnekian, CEO at Corporación América Airports]

We observed healthy international demand and passenger growth across most of our markets in the second quarter. We also continued to deliver strong revenue performance. Growth in both our aeronautical and commercial businesses enabled revenues to increase faster than passenger volumes. We were particularly pleased with the continued improvement in the revenue per passenger throughout the portfolio, including Argentina. Our financial position remains strong, supported by healthy liquidity, continued cash generation, and low leverage.

[Martín Eurnekian, CEO at Corporación América Airports]

This gives us the capacity to invest in our existing operations, pursue our acquisition strategy, and return capital to shareholders while preserving financial flexibility. In that context, our board approved a cash dividend distribution for 2026. This represents an important milestone in our capital allocation strategy, and I would like to discuss the dividend and its underlying principles in greater detail in my closing remarks. I would also like to highlight that our first half revenue and EBITDA remained ahead of the prior year period.

[Martín Eurnekian, CEO at Corporación América Airports]

With that, let me turn to the traffic trends across our markets. Moving on into traffic on slide four. Approximately 21 million passengers traveled through our airports during the quarter, leaving total traffic broadly stable year-over-year. International traffic remained positive, increasing nearly 6%, with double-digit growth in Armenia and positive contributions across the board, including Argentina. Domestic traffic declined approximately 8%, primarily due to lower seat capacity in Argentina. Excluding Argentina, total passenger traffic increased across all of our markets.

[Martín Eurnekian, CEO at Corporación América Airports]

Looking at the main markets, in Argentina, international traffic was up 4%, supported by strong seat capacity growth during April and May, while overall passenger traffic declined approximately 6%, as growth in international travel was more than offset by weaker domestic volumes. In fact, Argentina recorded the strongest increase in international seat capacity among South American markets during the first half of the year, driven by several airlines announcing new routes and additional frequencies.

[Martín Eurnekian, CEO at Corporación América Airports]

Domestic traffic declined close to 12%, mainly reflecting lower airline capacity, while underlying demand remained resilient. Seat offer was largely affected by Flybondi's significantly reduced operating fleet and higher fuel prices. July traffic showed a sequential improvement from June, with domestic traffic declining 10% and international traffic growing 5% year-over-year. In Italy, traffic increased just over 5%, driven mainly by international passengers, which represented more than 80% of total traffic and grew 6.4%.

[Martín Eurnekian, CEO at Corporación América Airports]

Both Pisa and Florence airports contributed positively, with domestic traffic also modestly higher. This positive trend continued into July, with international passenger traffic increasing by more than 6%, while domestic traffic remained relatively stable. In Brazil, traffic increased approximately 4%, reflecting continued year-over-year growth. Domestic traffic was slightly lower, but this was more than offset by a 14% increase in transit passengers. Brasilia continued to benefit from its position as an important connecting hub within Brazil's domestic network.

[Martín Eurnekian, CEO at Corporación América Airports]

Traffic in July remained solid, up 8% year-over-year. Passenger traffic in Uruguay increased 2%, despite the calendar shift of the Easter holidays, supported by additional connectivity, including Azul's new service between Montevideo and Belo Horizonte. In July, traffic increased by 3% compared to the same month last year. Armenia reported the strongest traffic growth in our portfolio, up 13%. This strong performance was achieved despite flight cancellations and regional airspace restrictions related to the conflict in the Middle East.

[Martín Eurnekian, CEO at Corporación América Airports]

Strong demand from all other regions, together with the Wizz Air base launch at Zvartnots late last year, more than offset the disruptions caused by the conflict in the Middle East. This positive momentum continued into July, with traffic growing 17% year-over-year. In Ecuador, traffic increased approximately 2% despite continued security concerns. International traffic grew more than 8%, supported by strong demand on routes to the U.S., new services from Avianca, JetBlue, and LATAM, and additional frequencies from American Airlines.

[Martín Eurnekian, CEO at Corporación América Airports]

Domestic traffic remains softer as elevated airfares continue to constrain demand. In July, traffic declined 1% year-over-year, as strong international traffic growth was more than offset by a decline in domestic traffic. In summary, international demand remained healthy and broad-based during the quarter, helping to mitigate the concentrated pressure on domestic traffic in Argentina. Moving on to cargo on slide five. Cargo revenues declined, primarily driven by Argentina. Such decline was caused by an extraordinarily bad year-over-year comparison base.

[Martín Eurnekian, CEO at Corporación América Airports]

As I explained earlier, labor disruptions at customs in the second quarter of last year extended cargo dwell times and resulted in exceptionally high storage revenues. In addition, normalized customs operations and more efficient clearance processes this year reduced dwell times and consequently, storage revenues. Various initiatives are already being implemented to enhance profitability in our cargo business in Argentina. Let me now turn over to Jorge, who will review our financial results. Please go ahead.

[Jorge Arruda, CFO at Corporación América Airports]

Thank you, Martín, and good day, everyone. Starting with the top line on Slide 6, total revenues, excluding IFRIC 12, grew 8% year-over-year, once again, outpacing traffic figures. Armenia and Brazil delivered another quarter of double-digit growth. Consolidated revenue per passenger rose nearly 9% to $22.9 from $21 in the same quarter last year, reflecting stronger commercial performance with increases across every country, including Argentina. Aeronautical revenues increased 4%, supported by broad-based growth across the portfolio.

[Jorge Arruda, CFO at Corporación América Airports]

Brazil, Italy, Armenia, Uruguay, and Ecuador delivered strong results, more than offsetting a decline in Argentina. Tariff increases in Brazil, Uruguay, and Ecuador provided further support. In Argentina, the increase in aeronautical revenues from higher international traffic was more than offset by lower domestic traffic and lower domestic passenger fees in U.S. dollars terms following the depreciation of the Argentine peso during the period. Commercial revenues were up 13%, well ahead of traffic performance, driven by growth across all countries of operation except Argentina.

[Jorge Arruda, CFO at Corporación América Airports]

Performance was led by fuel-related revenues in Armenia, together with broad-based growth in passenger-driven revenue streams, including VIP lounges, space rentals, food and beverage, and duty-free. In Argentina, lower cargo, parking, and duty-free revenues more than offset growth across all other commercial revenue streams. Turning to slide seven. Total costs and expenses, excluding IFRIC 12, increased 16% year-over-year, primarily driven by higher fuel costs in Armenia, non-recurring costs and expenses in Uruguay, and the real appreciation of local currency in Argentina and Uruguay against the U.S. dollars.

[Jorge Arruda, CFO at Corporación América Airports]

In Armenia, fuel costs increased, reflecting both higher costs and volumes associated with the growth of the fuel-related revenues. Excluding the fuel business, total costs and expenses increased 9%. In Argentina, costs and expenses increased only 6%, despite a material increase in amortization, representing a containing freeze given the prevailing macro environment. Moving on to profitability on slide eight. Adjusted EBITDA, excluding IFRIC 12, was $160 million, down 4.5%, with the decline concentrated in Argentina and Uruguay.

[Jorge Arruda, CFO at Corporación América Airports]

Every other country of operation delivered double-digit growth. Starting with Argentina, adjusted EBITDA declined 21%, with the margin contracting 6.2 percentage points, primarily reflecting lower domestic passenger traffic and the extraordinary bad comparison base for cargo revenues I mentioned earlier. Italy posted a 19% increase or 11% when excluding construction service at Toscana Aeroporti, and margin expanding 3.1 percentage points on passenger growth and higher duty-free and VIP lounge revenues.

[Jorge Arruda, CFO at Corporación América Airports]

Brasilia Airport delivered another strong quarter, with adjusted EBITDA up 32% and the margin expanding 2.3 percentage points, driven by strong passenger growth together with higher VIP lounge, space rental, and food and beverage revenues. This was further supported by the appreciation of the BRL. In Uruguay, adjusted EBITDA declined 16% and the margin contracted 8.4 percentage points, primarily reflecting costs associated with the implementation of the new ILS system ahead of the related revenue, which began only in August, and the impact of non-recurring events I mentioned earlier.

[Jorge Arruda, CFO at Corporación América Airports]

These were partially offset by passenger growth and stronger VIP lounge and duty-free revenues. Armenia also delivered a strong quarter with adjusted EBITDA up 21%. As in recent quarters, margin contraction reflected the continued expansion of the fuel business, which structurally carries lower margin than core airport operations. Ecuador delivered another solid quarter with adjusted EBITDA increasing 17% and margin expanding 2 percentage points, supported by passenger growth and higher duty-free revenues.

[Jorge Arruda, CFO at Corporación América Airports]

Turning to slide nine. Strong cash flow generation allowed us to continue building our cash position, and we ended the quarter with total liquidity of $861 million, up 20% from $715 million at the close of 2025. Importantly, nearly all operating subsidiaries generated positive operating cash flow during the first half of the year. The exceptions were Italy and Ecuador, where CapEx and concession fee payments, respectively, weighted on free cash flow generation. Finally, cash used in financing activities primarily reflected $55 million in loan repayments made in Argentina.

[Jorge Arruda, CFO at Corporación América Airports]

Moving on to the debt and maturity profile on slide 10. Total debt at the quarter end stood at $1.1 billion, while net debt declined to $381 million from $502 million at year-end 2025. Our net leverage ratio stood at 0.5x, reflecting stable debt levels and continued cash generation. I will now hand the call back to Martín, who will provide closing remarks and discuss our view for the remainder of the year.

[Martín Eurnekian, CEO at Corporación América Airports]

Thank you, Jorge. On slide 12, I would like to leave you with a few key messages. Despite the headwinds mentioned earlier by both Jorge and myself, some related to bad year-over-year comparisons and others to non-recurring items, our business remains strong and the diversification of our portfolio continues to support our overall performance. We are particularly pleased with the broad-based growth in international traffic, the increase in revenue per passenger across every country in which we operate, including Argentina, and the double-digit EBITDA growth delivered by other four markets.

[Martín Eurnekian, CEO at Corporación América Airports]

Our robust liquidity and low leverage provide a strong foundation to continue focusing on our strategic objectives, pursue growth opportunity, and return capital to shareholders while maintaining financial strength. We also continue to make progress on our key strategic initiatives across the portfolio, including advancing the concession rebalancing process in Argentina, efforts to obtain final approval of the Florence Airport Master Plan, commercial expansion in Montevideo through a new VIP lounge and a larger duty-free area, and actions to improve the profitability of our cargo business in Argentina.

[Martín Eurnekian, CEO at Corporación América Airports]

In parallel, we continue to work on potential new concession opportunities across the Americas, Africa, and the Middle East. Turning to the second half, new routes, additional frequencies, and growing inbound demand should support international traffic in Argentina. At the same time, limited domestic airline capacity, planned runway maintenance, and additional challenging comparison base for cargo revenues may continue to affect the country's near-term results.

[Martín Eurnekian, CEO at Corporación América Airports]

However, we expect Flybondi's reduced operating capacity in Argentina to be gradually replaced by other airlines over time, as we have observed in previous airline disruptions. In Uruguay, the new instrument landing system began generating revenues in August, and together with the opening of the new VIP lounge, additional cargo initiatives and healthy traffic trends are expected to support revenue growth. Finally, as announced in today's earnings release, our board approved cash dividends totaling $150 million payable this year, which is equivalent to approximately $0.91 per share.

[Martín Eurnekian, CEO at Corporación América Airports]

This approval was based primarily on the following key principles: enhancing shareholder returns, maintaining our financial strength, preserving adequate cash balances at each operating company to support their strategic objectives, and maintaining sufficient liquidity at CAAP to pursue further growth opportunities. With that, we are ready to take your questions. Operator, please open the line for Q&A.

[Operator]

We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Guilherme Mendes with JPMorgan. Your line is open. Please go ahead.

[Guilherme Mendes, Analyst at JPMorgan]

Hi, Martín, Jorge, and Iñaki. Thanks for taking my question. My first question is on the contract renegotiations in Argentina and Italy. If you could provide an update on the latest discussions or an expectation in terms of timing for their conclusion. The second is a follow-up on the commercial passengers. It was pretty strong performance, I think, on a per passenger basis. Just wondering if this level of revenues per passenger should be assumed to be recurring going forward. Thank you.

[Martín Eurnekian, CEO at Corporación América Airports]

Hello, Guilherme. Martín here. Thank you for your questions. I will start on Argentina and then pass it on to Jorge for the rest of your question. Regarding the negotiation in Argentina, the rebalancing in Argentina, as we have said before, we keep working with the regulator to move ahead on the rebalancing of the economic equilibrium of the concession. Many of you probably seen a leak in the press regarding that negotiation. It should be taken as a leak, and I will only say that it indicates that we are working and moving ahead.

[Martín Eurnekian, CEO at Corporación América Airports]

But once we have something that is binding, we will come to you with the relevant information. As of today, none of that is actually valid or binding. Hopefully, soon enough, we will come back with relevant and binding news regarding the Argentina contract. Thank you, and I will pass it on to Jorge for the rest of your question.

[Jorge Arruda, CFO at Corporación América Airports]

Hi, Guilherme. Thank you very much for your question and for all the reports. In connection with Toscana Aeroporti, the process is moving ahead as well. We continue to work with the relevant government authorities, in particular with the Minister of Infrastructure and the regulator, ENAC, that we expect that they will issue a statement in the very near future declaring this a strategic project. It is part of the process. Thereafter, there is going to be a so-called Conferenza di Servizi. In summary, as of today, we continue to make progress, and there are no red flags.

[Jorge Arruda, CFO at Corporación América Airports]

Again, we will continue to keep the market fully updated on concrete developments. In connection with your second question, commercial revenues. The quarter posted very solid commercial revenues. While the headline number is about 14%, if we exclude cargo in Argentina, which has an extremely bad comparison, commercial revenues actually increased 26%. Well ahead of passengers. This is driven by many reasons across the board. But what I would like to highlight is perhaps the VIP lounge business continues to perform very well.

[Jorge Arruda, CFO at Corporación América Airports]

Duty-free in most of the markets. Parking. Rental space, for instance, in Brazil, was phenomenal. Generally speaking, commercial revenues had a very good performance. Going ahead, we have projects in different countries that will continue to support the number. For instance, there is going to be a totally new VIP lounge in the Montevideo airport, an expansion of the duty-free business in Montevideo.

[Jorge Arruda, CFO at Corporación América Airports]

Moreover, when we do a double-click in our numbers for the second quarter, for instance, again, if we exclude cargo in Argentina and certain non-recurring expenses that we have in Uruguay, our EBITDA would have grown 5% instead of the drop of 4.5%. Revenues in Argentina, for instance, has grown 13% without cargo. Cost and expenses without amortization have, in Argentina, grown only 3.5%, 3.4% more precisely.

[Jorge Arruda, CFO at Corporación América Airports]

Again, the headline number may not be the best one, but when we do a double click, we see very strong numbers in many business lines, and therefore makes us very comfortable that the portfolio is performing very well.

[Guilherme Mendes, Analyst at JPMorgan]

That is all very clear. Thank you both.

[Operator]

Your next question comes from the line of Jeanlen Sizar with Jefferies. Your line is open. Please go ahead.

[Jeanlen Sizar, Analyst at Jefferies]

Hi, guys. Thank you for your time. This is Jeanlen on behalf of Alejandro Demichelis at Jefferies. I have one question, please. How do you see the evolution of domestic traffic in Argentina through the end of 2026? Thank you.

[Jorge Arruda, CFO at Corporación América Airports]

Hi, Jean. This is Jorge again. Thank you for your question and for the reports as well. Domestic traffic was primarily affected by the reduction in the fleet of Flybondi, which we believe that sooner or later are going to be replaced by other players in the market. As we actually seen already, in July, for instance, both Aerolíneas Argentinas and JetSmart had its second-best month in history in Argentina on domestic market. Flybondi is planned to increase in the next few months from 16 aircraft to 19 aircraft.

[Jorge Arruda, CFO at Corporación América Airports]

As I briefly mentioned, we have seen that over and over again in other markets, like PLUNA in Uruguay, Avianca in Brazil, among a few other cases, that in a matter of several months, this offer, if I can put it like that, is replaced because it is not a matter of demand, it is a matter of offer. It is a seat offer, seat capacity. Obviously this will take some time and a couple of months, but over the short to medium term, we are positive.

[Jeanlen Sizar, Analyst at Jefferies]

Thank you.

[Operator]

Your next question comes from the line of Pablo Ricalde with Itaú. Your line is open. Please go ahead.

[Pablo Ricalde, Analyst at Itaú]

Hi. Good morning, Corporación América. I have two questions. The first one on the dividends you just announced. How should we think of dividends going forward? Should we think about maybe this in a more normalized level or this is more an extraordinary side, given how strong your balance sheet looks? The other one is, if you have quantified the effect of the closure or the runway maintenance in Ezeiza in Aeroparque in the third quarter results.

[Jorge Arruda, CFO at Corporación América Airports]

Hi. Thank you for your questions. In connection with dividends, our decision-making process to propose and ultimately approve this dividend, was a balance of a couple of points. Primarily shareholders return, providing the proper return to shareholders, maintaining financial strength of our group, CAAP and its subsidiaries, and by that I mean no impact in governance, no impact in existing credit ratings, among other things. Preserving an adequate cash balance at each of the operating companies to pursue their strategic objectives.

[Jorge Arruda, CFO at Corporación América Airports]

For instance, in Armenia, we are about to start a major CapEx program, as we previously announced, together with the extension of the concession agreement there. And obviously the company will require some additional or increased working capital facilities. So obviously we want to preserve that financial strength at the OpCo level as well. Finally, keep an adequate liquidity in CAAP to pursue its new business activities. We have been very active pursuing new business, so obviously we want to keep a firepower to make that possible.

[Jorge Arruda, CFO at Corporación América Airports]

So we will take those things into consideration. We took those things into consideration to define the amount and the actual payment, and we will take those things into considerations in the future, whenever deciding whether or not to pay a dividend. Regarding maintenance of the runways in Aeroparque in Ezeiza, which are planned for about two days in Aeroparque and just more than 15 days in Ezeiza. There will be an impact. Some of the traffic from Ezeiza will migrate to Aeroparque, some will be kept in Ezeiza, some will not happen. But this is planned.

[Jorge Arruda, CFO at Corporación América Airports]

This is obviously absolutely required for the security. On a consolidated basis, we do not see a major impact in our numbers.

[Pablo Ricalde, Analyst at Itaú]

Okay. Perfect.

[Operator]

Your next question comes from the line of Daniel Rojas with Bank of America. Your line is open. Please go ahead.

[Daniel Rojas, Analyst at Bank of America]

Good morning, gentlemen. Thank you for taking my question. I just wanted to drill down on Armenia. We saw July traffic figures, they were very good there. Armenia was up 17%. I just wanted to get some color from you on what's happening with Iran and the conflict in the Middle East, and what we should look for in terms of potential traffic growth in the next few months. Anything you can give us. Thank you.

[Jorge Arruda, CFO at Corporación América Airports]

I'm sorry, your first question was traffic in Armenia. Your second question was?

[Daniel Rojas, Analyst at Bank of America]

What to expect in the second half of the year in terms of also traffic and with everything that is happening.

[Jorge Arruda, CFO at Corporación América Airports]

Okay, good. Thank you. Armenia has been performing extremely well, and you probably saw July figures of 17%. We are very pleased with these numbers. This is primarily driven by healthy traffic with Europe, new routes, generally speaking, and in particular with Wizz Air, and also the establishment of the base of Wizz Air in Yerevan. This more than offsets the impact of traffic to Middle East, which accounts for about 20%+ of the traffic, of the overall traffic, and was impacted for obvious reasons.

[Jorge Arruda, CFO at Corporación América Airports]

Again, more than offset by the traffic with Europe and on the legacy carriers and Wizz Air that are creating traffic. They establish a base, they establish several new routes, targeting primarily diaspora, but obviously the whole market. For now, we continue to see a healthy trend in Armenia. Generally speaking, we also see a healthy trend in the rest of our portfolio. In Uruguay, particularly the quarter was not great, but we see better trends going forward.

[Jorge Arruda, CFO at Corporación América Airports]

In Argentina, we continue to see growth on international and the domestic, as I mentioned earlier, for the next few months is going to continue to be impacted by domestic seat offer, seat capacity. Obviously, the runway maintenance of Ezeiza will have an impact in October to November, but again, not material in the context of our portfolio.

[Daniel Rojas, Analyst at Bank of America]

Thank you. That is very helpful.

[Operator]

As a reminder, if you would like to ask a question, press star one to raise your hand. With no further questions, we have reached the end of the Q&A session. Oh, forgive me. I see Guilherme Mendes is asking a follow-up question from JPMorgan. Guilherme, your line is open. Please go ahead.

[Guilherme Mendes, Analyst at JPMorgan]

Yes, thanks so much for the follow-up. Martín, you mentioned about opportunities in the Americas, Africa, and the Middle East. If you do not mind exploring which are these opportunities and which stage each of them are currently. Thank you.

[Martín Eurnekian, CEO at Corporación América Airports]

Thank you for your question, Guilherme. As we usually do, we do not talk about opportunities when they are not mature enough. You obviously heard years back on Nigeria once we were named the winners of the bid. Same thing with Angola, we were awarded winners of the bid and we announced it. We are pursuing several new opportunities in the region, in Africa, also Middle East. There is a public tender that was announced for Hurghada Airport, where we were also publicly announced as one of the shortlisted bidders, alongside a local partner for, again, Hurghada Airport in Egypt.

[Martín Eurnekian, CEO at Corporación América Airports]

Same thing for different opportunities we are looking in the Middle East and the Americas. Ideally, we would come to the market when those processes become public or when our participation becomes public, as we are pursuing many different initiatives that have very different stages of maturity.

[Guilherme Mendes, Analyst at JPMorgan]

Very clear. Thanks you Martín.

[Operator]

We have now reached the end of the Q&A session. I will now turn the call back to Martín for closing remarks.

[Martín Eurnekian, CEO at Corporación América Airports]

I want to thank everybody for taking the time to participate today. I wish you a very nice week, and remind you that our team is always available for any further questions or information regarding our company. Have a great day.

[Operator]

This concludes today's call. Thank you for attending. You may now disconnect.

Participants

Analysts

• Iñaki Esnaola, Head of Investor Relations at Corporación América Airports
• Martín Eurnekian, CEO at Corporación América Airports
• Jorge Arruda, CFO at Corporación América Airports
• Guilherme Mendes, Analyst at JPMorgan
• Jeanlen Sizar, Analyst at Jefferies
• Pablo Ricalde, Analyst at Itaú
• Daniel Rojas, Analyst at Bank of America