Corporacion America Airports SA

Good morning and welcome to the Corporacion America Airport third quarter 2025 conference call. A slide presentation accompanies today's webcast and is 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 Agnichi Esnola, Head of Investor Relations. Please go ahead, Patricio.

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 four looking statements, and I refer you to the four looking statements section of our earnings release and resume 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 IFRIC 12. Also, all comparisons discussed are year-over-year unless otherwise noted. I will now turn the call over to our CEO, Martín Ormequén.

Thank you, Iñaki. Good day, everyone, and thank you for joining us today. We delivered another very strong quarter at CAP, with solid execution across the board. Passenger traffic was up more than 9%, supported by good momentum in other markets. Italy and Armenia reached historical records, and Argentina continued to perform exceptionally well, with double-digit growth in both international and domestic travel. Revenue growth once again outpaced traffic. rising 17% in the quarter. Aeronautical revenues posted solid double-digit gains, and commercial revenues were up 18%, driven by continued strength in cargo, fuel, VIP lounges, and other passenger-related services. We also continued to see healthy traction in revenue per passenger, which increased nearly 7%, reflecting the ongoing success of our commercial initiatives. This strong operating performance carried into profitability metrics. Adjustability increased 34% to $194 million, marking a new record for the company, geared mainly by Argentina, Armenia, Brazil, and Italy. The margin expanded over 5 percentage points, with easier comparisons also contributing to the strong results in Argentina. We also maintain a solid financial position, providing us flexibility to continue moving forward with our investment plans and long-term growth strategy. On the investment side, CAPEX program approvals are underway in Armenia and Italy. Last week, the Italian government issued the Environmental Impact Assessment Decree, representing an important milestone in connection with the approval process of the Florence Airport Master Plant. We also continue advancing our inorganic expansion projects as we evaluate opportunities across our key target markets. All in all, it was another quarter of strong performance and disciplined execution. We are very proud of our team of executives. Turning to passenger traffic on slide four, we delivered another quarter of healthy traffic growth across most markets. A total of 23.3 million passengers traveled across our airport network this quarter, up over 9%, supported by solid domestic and international trends. Domestic volumes increased just over 10%, driven primarily by Argentina and Brazil, with additional contributions from Italy. International traffic rose 8%, with growth in nearly all countries, led by strong performances in Argentina, Italy, and Brazil. Let me walk you through performance by country. Argentina continued to stand out, with total passenger traffic up nearly 13%, marking a third quarter record. Domestic traffic grew nearly 11%, supported by sustained demand and incremental capacity, particularly from JetSmart and Aerolíneas Argentinas. International traffic increased 16%, reflecting strong connectivity gains, including new and resumed routes from LATAM, GOL, COPA, and JetSmart, among others. Operations were briefly disrupted by ATEPSA Union strikes and adverse weather, but the overall momentum remained very solid. This strong performance continued into October, with domestic and international passenger traffic increasing by 10 and 15% respectively. In Italy, traffic was up nearly 10%, reaching a record high. International traffic, which represents over 80% of the total, increased almost 7%, driven by strong results at CIS and PISA. PISA also supported domestic traffic, which rose nearly 6%, This positive trend continued into October, with domestic and international passenger traffic increasing by 2 and 8% respectively. Brazil delivered a growth of over 8% in total traffic, with both domestic and international segments growing at double-digit rates, reflecting improved trends. Traffic in October remained solid, up 10% year on year. Uruguay saw a 5.3% percent declining traffic, affected by several days of adverse weather, as well as a six-day planned closure of the main runway to complete the installation of a new precision instrument landing system. During the quarter, Azul launched a new route between Montevideo and Campinas, which should support traffic going forward. In October, however, traffic recovered rising 6.9% versus the same month last year. Armenia continued to perform well, with traffic up just over 6%, reaching a record high. Traffic increase was supported by strong international demand and expanded connectivity from new airline entrants. Wizz Air also established a new base at Slavnos, adding eight new European routes in October, further strengthening Armenia's positioning as a growing regional hub. As a result, traffic in October rose by a strong 15% against the same period last year. Lastly, Ecuador posted a slight 1% decline in total traffic, reflecting a still challenging security environment and a softer international demand. JetBlue and Navianca increased frequencies on several international routes, while domestic traffic was stable. although operations were temporarily affected by a two-day planned runway closure in September. In October, traffic increased by 1.2% compared to the same month last year. In summary, it was another quarter of broad-based traffic growth across most of our markets, underscoring the strength of our network and the depth of demand across our operations. Moving on to cargo on slide five. We delivered another strong quarter, with cargo revenues up 20% year-over-year, driven by a 23% increase in Argentina and a double-digit growth in both Brazil and Uruguay. This performance reflected improved pricing dynamics, including a new cargo business model implemented in mid-margin Argentina, which is performing as planned. Looking ahead, we will continue to build this momentum by 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 review our financial results. Please go ahead.