Corporacion America Airports SA

As a reminder, all participants are in a lesson-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-Efnaula, 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 Martina Ornekian, our Chief Executive Officer, and Jorge Arruda, our Chief Financial Officer. Before we proceed, I would like to make the following Second 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 statements to reflect new or changed events or circumstances. Please note that throughout the call, All references to revenues, costs, adjusted EBITDA, and margin, we refer to figures excluding IFRIC 12. I will now turn the call over to our CEO, Martin Ornagian. Thank you, Yaki.

Good day, everyone, and thank you for joining us today. I am pleased to report an excellent quarter for CAAP. Passenger traffic was up almost 14% from last year, with strong growth in the great majority of our markets. Argentina had a standout performance, hitting a new second quarter historical record with double-digit increases in both international and domestic travel. We also saw solid gains in Brazil, Italy, Uruguay, and Armenia, while Ecuador remained largely flat. Italy, Uruguay, and Armenia also hit new second quarter historical records. On the top line, revenues grew nearly 19%, outpacing passenger growth and demonstrating a strong execution of our management team in increasing revenues per passenger, as well as the quality of our portfolio. Revenue per passenger edged up to $21, given by steady contributions for cargo, parking, VIP lounges, and duty-free. This led to a 23% year-over-year increase in adjusted EBITDA, supported by notable contributions from Argentina, Uruguay, and Armenia, with the margin up 1.4 percentage points to 38.6%. We closed the quarter with a very strong financial position that gives us flexibility to keep moving on our growth plans. We also wanted to highlight that we obtained environmental approval from the region of Tuscany for the Florence Airport Master Plan in April. Lastly, our Argentine subsidiary, AA2000, has recently approved a $150 million dividend distribution. Moving on to slide four. We saw a very strong traffic performance across operation, except Ecuador, where traffic was flat. Total passenger traffic increased 13.7% year over year to nearly 21 million passengers, accelerating from the 7% growth or 9% ex-natal reported in the first quarter. Domestic traffic rose just under 15%, driven primarily by a recovery in demand in Argentina and Brazil, and to a lesser extent in Italy. International traffic increased 12%, with positive contributions from oil markets, except Ecuador, and particularly strong results in Argentina and Italy. which together accounted for more than 80% of the year-over-year increase in the quarter. Brazil, Uruguay, and Armenia also posted strong growth in international traffic. Let's look at performance by country. In Argentina, our largest market, overall traffic growth accelerated to 17% from nearly 13% in the first quarter. Domestic traffic was up 16%, supported by sustained demand recovery and multiple drought resumptions. On the international front, traffic increased close to 19%, reflecting new and expanded services from carriers such as JetSmart, Gol, Sky, Azul, Latam, Avianca, and Edeuropa. This strong performance continued into July, with domestic and international passenger traffic increasing by 10% and 13%, respectively. Italy delivered and 9% increase in traffic within a second quarter record, driven by both domestic and international travel. International traffic is descending. 81% of the total was up 9%, supported by strong growth at Florence and Pisa airports. Domestic volumes grew 11%, led by nearly 20% growth at Pisa, mainly reflecting Ryanair's frequency increases. This solid performance continued into July, with domestic and international passenger traffic increasing by 8% and 6% respectively. Brazil recorded a 15% year-over-year increase in traffic. Domestic traffic up nearly 14%, and transit passengers up 15%. International traffic, though a smaller share of the mix, grew over 41%, with routes to the U.S. reaching record highs. In July, overall traffic increased by 6% against July last year. In Uruguay, traffic was up nearly 9%, marking also a second quarter record. The performance in the quarter benefited from the strong activity during Easter holiday. Azul announced the introduction of a new route between Montevideo and Campinas, which began operating last month. In July, overall traffic in Uruguay declined 6% year-over-year, mainly impacted by the removal of the Montevideo-Buenos Aires route by JetSmart, as well as several days of adverse weather conditions that led to flight cancellations. In Armenia, traffic was up 8%, fueled by the arrival of several new carriers, including China Southern, Ercaido, Salam Air, and Sky Express, and the announcement of a WIS airbase launching eight new European routes. These developments are strengthening connectivity and supporting our role in positioning Armenia as a regional hub. Traffic in July rose by 7% against the same period last year. Lastly, traffic in Ecuador was brought to a flat, with a 0.5% decline in total passengers. Domestic traffic rose slightly when international volumes declined impacted by reduced U.S. operations. High airfare levels and still challenging security environment in the country continued to affect travel. In July, traffic remained broadly flat compared to July 2024. In sum, this was a record second quarter for Argentina, Italy, Uruguay, and Armenia, highlighting the strength and resilience of our network and their ability to capture growth across diverse geographies. Turning now to cargo on slide five. We delivered another strong quarter, with cargo revenues up 30% year over year, led by Argentina, Brazil, and Uruguay. The increase reflected not only higher volumes in key markets, but also improved pricing dynamics and new revenue streams. In Argentina, cargo revenues were boosted by the new cargo business model implemented in mid-March, which is delivering a slant. Uruguay also saw a solid lift from direct increases in the courier segment, while Brazil benefited from increased higher pharma imported volumes as well as higher average ticket on domestic cargo. Armenia maintained its positive trend, contributing meaningfully to overall volumes. Looking ahead, We will continue to build on this momentum, enhancing our cargo capabilities and leveraging growth opportunities across our airports while maintaining a competitive and efficient cost structure. I will now turn the call over to Jorge, who will deliver your financial results. Please, go ahead.