Corporación América Airports S.A. (CAAP) Q1 2023 Earnings Call Transcript


Corporación América Airports S.A. (NYSE:CAAP) Q1 2023 Earnings Conference Call May 24, 2023 10:00 AM ET

Company Participants

Patricio Iñaki Esnaola – Head of Investor Relations

Martin Eurnekian – Chief Executive Officer

Jorge Arruda – Chief Financial Officer

Conference Call Participants

Alejandro Demichelis – Nau Securities

Stephen Trent – Citi

Peter Bowley – Bank of America


Good morning, everyone, and welcome to the Corporación América Airports First Quarter ’23 Earnings Conference Call. My name is Carla, and I will be your call coordinator for today. [Operator Instructions].

I will now hand you over to the management team.

Patricio Iñaki Esnaola

Good morning, everyone, and thank you for joining us today. Speaking during today’s call will be Martin 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’ll 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.

Now, let me turn the call over to our CEO, Martin Eurnekian.

Martin Eurnekian

Thank you, Iñaki. Hello, everyone, and welcome to our first quarter 2023 earnings call.

I will start today’s call with a brief overview of our financial highlights followed by a quick review of traffic and cargo trends. I will then hand over the call to Jorge to discuss the first quarter financial results.

To begin, we are pleased to have started the year with a robust quarter. We delivered record high adjusted EBITDA, $140.6 million, 20% above that of first quarter 2019, with EBITDA margin, ex-IFRIC12, at 40%, 150 basis points above the same quarter of 2019. This was achieved with total passenger traffic still at 90% of pre-pandemic levels. Moreover, we