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11/15/2023
Operator
Good morning and welcome to the Corporación América Airport's third quarter conference call. A slide presentation accompanies today's webcast and is available in the investor section of the Corporación América Airport's website. As a reminder, all participants are in a listen-only mode. There will be an opportunity to ask questions at the end of the presentation. At this time, I would like to turn the call over to Patricio Iñaki-Esaola, Head of Investor Relations. Patricio, please go ahead.
Patricio
Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martín Ebrinekian, 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 statement section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking segments to reflect new or changed events or symptom centers. I will now turn the call over to our CEO, Martin Elmecchian.
Martín Ebrinekian
Thank you, Iñaki. Hello, everyone, and welcome to our third quarter 2023 earnings call. I will start today's call with an overview of key highlights, followed by a review of traffic and cargo trends. I will then hand it over to Jorge for an overview of our third quarter financial results. We delivered another strong quarter with a robust performance across the business. Revenues increased 37% compared to third quarter 2019 and adjusted EBITDA set another record high at $173 million. up 73% compared to a third quarter of 2019, even with passenger traffic at 2% below pre-pandemic levels. Adjusted EBITDA margin XR12 expanded 8.6 percentage points to 40.9% as we continue to drive operating gains. This good performance was supported by positive adjusted EBITDA growth across all geographies. reflecting our sustained focus on efficient execution together with the continued recovery in travel demand. In addition, we closed the quarter with a strong balance sheet and a comfortable maturity profile. Our leverage ratio improved further this quarter, achieving an all-time low of 1.6 times
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