Corporacion America Airports SA

available in the investor section of the company'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 Enaki Esnaola, Head of Investor Relations. Patricio, please go ahead.

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martín Ormequian, 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 relief 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. Please note that throughout this call, all references to revenues, costs, adjusted EBITDA, and margin will refer to figures excluding I-312. I will now turn the call over to our CEO, Martín Orniquén.

Thank you, Iñaki. Good day, everyone, and thank you for joining us today. I'd like to start by sharing some key highlights from our fourth quarter 2024 performance. Afterwards, Jorge will provide a more in-depth financial review, and then we will open the floor for questions. Strong performances across most markets were key in driving our overall results this quarter. Underscoring the strength of our diversified portfolio, while Argentina's performance remained soft in the fourth quarter as a whole, we were encouraged by a notable rebound in domestic passenger traffic toward year's end. Total passengers reached record heights in December 2024, with continued positive momentum in January and February. Passenger traffic declined by 1.2% year over year, but increased 1.5%, excluding Natal. Notably, we saw a solid 11.3% increase in international traffic in Argentina, supported by a continued recovery in outbound tourism. In total, we served nearly 80 million passengers across our airports in 2024, with approximately 20 million traveling in the fourth quarter alone. As Jorge will discuss briefly, Fourth quarter year-over-year comps were affected by the sharp devaluation of the Argentine peso in late December 2023, and the indemnification payment received in the fourth quarter of last year in connection with the friendly termination of the Natal Airport concession. Excluding these two factors, revenues were down by 0.6% year-over-year in line with lower passenger traffic, where revenue per passenger improved slightly to $19.3 from $19.2 in 2023. In turn, adjusted EBITDA for the quarter declined by 7%. pressured by weaker domestic traffic in Argentina, lower cargo revenues, and reduced duty-free sales, which were unusually high in the fourth quarter of 2023, as they benefited from a favorable official exchange rate until the peso devaluation took place in mid-December 2023. Importantly, all other countries of operations reported positive year-over-year contributions to adjusted EBITDA. Notably, we maintain a strong cash flow and a robust financial position with our leverage ratio remaining at low levels. This solid footing gives us the flexibility to confidently pursue strategic growth initiatives. The balance across our portfolio continues to demonstrate the resilience of our business and our ability to deliver consistent performance despite localized challenges. Now let's move to slide four to discuss passenger traffic trends in more detail. Turning to page four for a review of passenger traffic trends. Overall, total passenger traffic declined by 1.2% year on year to over 20 million. When adjusted for the discontinuation of Natal Airport, passenger traffic was up 1.5%. As a reminder, Effective February 2024, we had terminated our concession agreement for the Natal Airport. World traffic improved from a 1.5% decline reported in the previous quarter to a growth of 1.5% when excluding Natal. Domestic traffic showed sequential improvement but remained 7% lower year over year, or down 2% excluding Natal, mainly reflecting weaker demand in Argentina, particularly in October and November. However, international traffic rose 7% year over year, supported by strong performances in Argentina and Italy, underscoring the resilience of our international operations. Let's take a closer look at some key year-on-year trends by region. Starting with Argentina, passenger traffic declined just over 1%, showing a marked improvement from the 6.2% decline posted in the third quarter. This recovery was supported by record high passenger volumes in December. The year-over-year decline was primarily driven by softer domestic traffic in October and November, reflecting the absence of the Previaje government incentive program that had boasted local tourism in 2023 but was not repeated this year. Encouragingly, international traffic remained a bright spot, up 11% year-on-year, supported by additional routes and increased flight frequencies. American Airlines resumed its Ezeiza-Dallas route and expanded services to Miami, While Delta introduced a second daily frequency to Atlanta, meanwhile, British Airways increased capacity by nearly 22%, while Avianca launched its new Guayaquil-Ezeiza route. Additionally, Emirates, Iberia, and United boosted their frequencies, further enhancing connectivity. The strong momentum achieved in December continued into January and February, with passenger traffic growing by 13% and 10% year-on-year, respectively. In Italy, traffic rose by 11%, reaching 2 million passengers. Growth was driven both by international travel, up high single digits, and an impressive high teen increase in domestic travel, reflecting strong demand in November and December, particularly at Pisa Airport. This performance continued into January and February, with passenger traffic increasing by 6% and 14% year-on-year, respectively. Turning to Brazil, traffic continued to recover, rising in the high signal digits when adjusted for the discontinuation of Natal Airport, despite ongoing challenges in the aviation sector and aircraft availability in the country. This recovery trend extended into January and February, where overall traffic, excluding Natal, increased by 3% and 9% year-on-year, respectively. In Uruguay, passenger traffic increased by mid-single digit, supported by new and resumed routes, including American Airlines' restatement of its Montevideo-Miami route, as well as new services from Sky and LATAM Airlines connecting Montevideo to Rio de Janeiro and Punta del Este-Santiago de Chile for the summer season. Additionally, Paranaer resumed its Montevideo-Salto route, reestablishing these connections after more than two decades. Traffic in the first two months of the year performed well with year-on-year increases of 5% and 2% in January and February, respectively. In Armenia, traffic was slightly up by 1%. Following a strong 2023 performance, growth was supported by the introduction of several new airlines, including China Southern, El Cairo, Salam Air, and Sky Express, which began operations at Yerevan Airport during the quarter. Traffic in January rose by 7%, while in February it declined by 5% year over year. Lastly, in Ecuador, passenger traffic declined by less than 1% year over year. A slight increase in international traffic was offset by a low single-digit decline in domestic travel, which remained affected by high airfare prices and ongoing security concerns, which continued to weigh on demand. Traffic in January performed well, increasing by 8% year-on-year, while in February it declined by 2%. In summary, while Argentina's domestic market faced challenges earlier in the quarter, we closed the year on a positive note with record high volumes in December. Meanwhile, strong results in Italy, Uruguay, and Brazil further underscored the resilience of our diversified portfolio. Next, As shown on slide five, growth in cargo volumes accelerated to 16% year-over-year in the fourth quarter, with positive contributions from all countries of operations. Cargo in Armenia was up over 51%, while Argentina posted an increase in the high teens, benefiting from the flexible import regulations and improved macro conditions. Despite volume growth, cargo revenues, ex-IAS 29, declined 3% year over year, primarily due to fewer storage days for imported goods in Argentina. This negatively impacted last year's billing scheme, which we already have revised this year. We remain focused on maximizing operational efficiencies across our network and continue to monitor cargo revenue trends closely. I will now turn the call to Jorge, who will review our financial results. Please go ahead.