Corporación América Airports S.A. announced that its subsidiary Inframerica Concessionária do Aeroporto de Brasília S.A. has entered into a Transition Amendment Agreement (TAA) with the Brazilian Civil Aviation Authority (ANAC) to renegotiate the Brasília Airport concession. The agreement, approved by the Brazilian Federal Court in April 2026, introduces material changes to the economic equilibrium of the concession, including the replacement of the fixed concession fee with a variable fee and the addition of 10 regional airports. CAAP holds a 51% equity interest in Inframerica, while Infraero, a Brazilian state-owned company, holds the remaining 49%. The renegotiation involved ANAC, the Ministry of Ports and Airports, and the Federal Court of Accounts.

Key Changes to the Concession

The TAA outlines several modifications to the existing concession structure. These changes aim to improve the economic balance and service quality of the airport. The primary adjustments include:

Tender Process and Future Steps

Due to the material changes, the Brazilian Federal Court has mandated a fast-track competitive public tender process for 100% of Inframerica's shares. This process is expected to occur by December 2026. Corporación América Airports intends to participate in the tender. If no bids are submitted, the amended concession will be automatically granted to Inframerica.

Operational Context

Corporación América Airports currently operates 52 airports across six countries, including Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. In 2025, the company served 86.7 million passengers, a 9.8% increase compared to the 79.0 million passengers served in 2024. The company is listed on the New York Stock Exchange under the ticker "CAAP".

Corporación América Airports S.A. reported a 0.2% year-on-year decrease in total passenger traffic for May 2026, serving 6.89 million passengers compared to 6.90 million in the same period last year. The decline was driven by an 8.5% drop in domestic passengers to 3.21 million, which was partially offset by a 7.3% increase in international passengers to 2.99 million. Year-to-date passenger traffic grew 4.7% to 35.76 million, supported by robust international demand.

Passenger Traffic Overview

The company's performance in May 2026 was mixed across its operating regions. International traffic growth was broad-based, with increases in Uruguay, Argentina, Italy, and Ecuador, alongside double-digit growth in Armenia despite regional disruptions related to the conflict in Iran. Brazil was the only country where international traffic did not contribute positively.

In Argentina, total passenger traffic decreased by 5.7% year over year to 3.34 million. Domestic traffic declined by 12.2%, primarily due to reduced capacity at Flybondi and JetSMART, while international traffic rose 7.2% to 2.99 million. Italy reported a 5.6% increase in total traffic to 1.03 million, driven by strong international demand. Brazil's total traffic grew 3.6% to 1.41 million, supported by a 14.7% rise in transit passengers. Uruguay and Ecuador saw total traffic increases of 7.0% and 2.6%, respectively. Armenia led growth with a 12.7% increase to 527,000 passengers.

Operational Metrics

Cargo volume decreased by 2.7% year over year to 32,700 tons in May 2026. Growth in Argentina and Armenia was insufficient to offset declines in Italy, Ecuador, Uruguay, and Brazil. Argentina, Brazil, and Ecuador accounted for nearly 80% of total cargo volumes.

Total aircraft movements declined by 1.1% to 70,538. Positive contributions from Armenia, Italy, and Brazil were outweighed by declines in Ecuador, Argentina, and Uruguay. Argentina, Brazil, and Italy represented more than 80% of total aircraft movements for the month.