CORPORACION AMERICA AIRPORTS S.A., 20-F filed on 3/27/2025
Annual and Transition Report (foreign private issuer)
v3.25.1
Document and Entity Information
 12 Months Ended
Dec. 31, 2024
shares
Document and Entity Information  
Document Type 20-F
Document Registration Statement false
Document Annual Report true
Document Period End Date Dec. 31, 2024
Current Fiscal Year End Date --12-31
Document Transition Report false
Document Shell Company Report false
Entity File Number 001-38354
Entity Registrant Name CORPORACIÓN AMÉRICA AIRPORTS S.A.
Entity Incorporation, State or Country Code N4
Entity Address, Address Line One 128, Boulevard de la Pétrusse
Entity Address, City or Town Luxembourg
Entity Address, Postal Zip Code L-2330
Entity Address, Country LU
Title of 12(b) Security Common Shares, U.S.$1.00 nominal value per share
Trading Symbol CAAP
Security Exchange Name NYSE
Entity Common Stock, Shares Outstanding 163,222,707
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Accelerated Filer
Entity Emerging Growth Company false
ICFR Auditor Attestation Flag true
Document Financial Statement Error Correction [Flag] false
Document Accounting Standard International Financial Reporting Standards
Entity Shell Company false
Auditor Name Price Waterhouse & Co. S.R.L
Auditor Firm ID 1349
Auditor Location Buenos Aires, Argentina
Entity Central Index Key 0001717393
Document Fiscal Year Focus 2024
Document Fiscal Period Focus FY
Amendment Flag false
Business Contact  
Document and Entity Information  
Contact Personnel Name Jorge Arruda Filho
City Area Code 352
Local Phone Number 26258274
Entity Address, Address Line One 128, Boulevard de la Pétrusse
Entity Address, City or Town Luxembourg
Entity Address, Postal Zip Code L-2330
Entity Address, Country LU
v3.25.1
CONSOLIDATED STATEMENT OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Continuing operations      
Revenue $ 1,843,267 $ 1,400,038 $ 1,378,663
Cost of services (1,237,333) (914,677) (962,978)
Gross profit 605,934 485,361 415,685
Selling, general and administrative expenses (198,108) (138,669) (141,355)
Impairment reversal / (loss) of non-financial assets   102,838 (111)
Other operating income 46,390 100,560 37,340
Other operating expense (6,963) (9,453) (6,984)
Operating income 447,253 540,637 304,575
Share of (loss) / income in associates (996) 7,108 (970)
Income before financial results and income tax 446,257 547,745 303,605
Financial income 71,430 101,598 63,859
Financial loss 110,305 (406,570) (196,405)
Inflation adjustment (21,260) (40,547) 19,459
Income before income tax 606,732 202,226 190,518
Income tax (298,820) 24,241 (24,883)
Income for the year 307,912 226,467 165,635
Attributable to:      
Owners of the parent 282,674 239,506 168,166
Non-controlling interest 25,238 (13,039) (2,531)
Income / (loss) for the year $ 307,912 $ 226,467 $ 165,635
Earnings per share for profit attributable to the ordinary equity holders of the Group:      
Basic earnings per share $ 1.76 $ 1.49 $ 1.05
Diluted earnings per share $ 1.75 $ 1.49 $ 1.05
v3.25.1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
Income for the year $ 307,912 $ 226,467 $ 165,635
Items that will not be reclassified to profit or loss:      
Remeasurement of defined benefit obligation net of tax (33) 4 859
Items that may be reclassified to profit or loss:      
Changes in the fair value of the instruments used to hedge cash flows (3,517)    
Income tax impact of the instruments used to hedge cash flows 844    
Share of other comprehensive income / (loss) from associates 19 (70) 43
Currency translation adjustment (Note 25.d and 25.e) 466,203 (281,684) 91,105
Other comprehensive income / (loss) for the year, net of income tax 463,516 (281,750) 92,007
Total comprehensive income / (loss) for the year 771,428 (55,283) 257,642
Attributable to:      
Owners of the parent 647,792 7,818 239,015
Non-controlling interest 123,636 (63,101) 18,627
Total comprehensive income / (loss) for the year $ 771,428 $ (55,283) $ 257,642
v3.25.1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non-current assets    
Intangible assets, net $ 3,155,448 $ 2,520,965
Property, plant and equipment, net 77,801 74,919
Right-of-use asset 9,921 10,493
Investments in associates 11,746 11,992
Other financial assets at fair value through profit or loss 4,237 5,979
Other financial assets at amortized cost 84,618 61,090
Derivative financial instruments   69
Deferred tax assets 13,372 62,712
Inventories 314 318
Other receivables 58,461 42,640
Trade receivables 18 889
Total non-current assets 3,415,936 2,792,066
Current assets    
Inventories 11,410 16,148
Other financial assets at fair value through profit or loss 3,129 4,884
Other financial assets at amortized cost 82,923 83,142
Other receivables 63,156 145,549
Current tax assets 7,366 3,779
Trade receivables 157,546 126,560
Cash and cash equivalents 439,847 369,848
Currents assets other than assets classified as held for sale 765,377 749,910
Assets classified as held for sale 137  
Total current assets 765,514 749,910
Total assets 4,181,450 3,541,976
EQUITY    
Share capital 163,223 163,223
Share premium 183,430 183,430
Treasury shares (4,094) (4,322)
Free distributable reserve 378,910 378,910
Non-distributable reserve 1,358,028 1,358,028
Currency translation adjustment (116,471) (482,852)
Legal reserves 7,419 3,676
Other reserves (1,319,682) (1,313,888)
Retained earnings 718,511 438,775
Total attributable to owners of the parent 1,369,274 724,980
Non-controlling interests 148,686 78,929
Total equity 1,517,960 803,909
Non-current liabilities    
Borrowings 1,042,704 1,133,549
Derivative financial instruments liabilities 3,351  
Deferred tax liabilities 383,369 137,315
Other liabilities 621,412 768,364
Lease liabilities 7,010 10,294
Trade payables 1,914 2,617
Total Non-current liabilities 2,059,760 2,052,139
Current liabilities    
Borrowings 115,367 199,688
Other liabilities 348,586 345,864
Lease liabilities 3,707 3,687
Current tax liabilities 15,307 23,921
Trade payables 120,763 112,768
Total current liabilities 603,730 685,928
Total liabilities 2,663,490 2,738,067
Total equity and liabilities $ 4,181,450 $ 3,541,976
v3.25.1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Share capital
Share premium
Treasury shares
Free distributable reserves
Non-distributable reserves
Legal reserves
Currency translation adjustment
Other reserves
Retained earnings
 [1]
Total
Non-controlling interests
Total
Balance at Dec. 31, 2021 $ 163,223 $ 183,430 $ (4,772) $ 378,910 $ 1,358,028 $ 1,081 $ (321,647) $ (1,321,211) $ 32,689 $ 469,731 $ 303,877 $ 773,608
Income / (loss) for the year                 168,166 168,166 (2,531) 165,635
Shareholders contributions                     24,170 24,170
Share-based payments reserve     172         157 338 667   667
Redemption of preferred shares                     (182,336) (182,336)
Other comprehensive income / (loss) for the year             70,502 347   70,849 21,158 92,007
Changes in non-controlling interests               6,682   6,682 (18,064) (11,382)
Balance at Dec. 31, 2022 163,223 183,430 (4,600) 378,910 1,358,028 1,081 (251,145) (1,314,025) 201,193 716,095 146,274 862,369
Income / (loss) for the year                 239,506 239,506 (13,039) 226,467
Shareholders contributions                     9,424 9,424
Transfer to legal reserve           2,595     (2,595)      
Share-based payments reserve     278         106 671 1,055   1,055
Other comprehensive income / (loss) for the year             (231,707) 19   (231,688) (50,062) (281,750)
Changes in non-controlling interests               12   12 (13,668) (13,656)
Balance at Dec. 31, 2023 163,223 183,430 (4,322) 378,910 1,358,028 3,676 (482,852) (1,313,888) 438,775 724,980 78,929 803,909
Income / (loss) for the year                 282,674 282,674 25,238 307,912
Transfer to legal reserve           3,743     (3,743)      
Share-based payments reserve     228         110 805 1,143   1,143
Other comprehensive income / (loss) for the year             366,381 (1,263)   365,118 98,398 463,516
Changes in non-controlling interests               (4,641)   (4,641) (53,879) (58,520)
Balance at Dec. 31, 2024 $ 163,223 $ 183,430 $ (4,094) $ 378,910 $ 1,358,028 $ 7,419 $ (116,471) $ (1,319,682) $ 718,511 $ 1,369,274 $ 148,686 $ 1,517,960
[1] Retained Earnings calculated according to Luxembourg Law are disclosed in Note 26.c.
v3.25.1
CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Thousands, € in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities      
Income for the year $ 307,912 $ 226,467 $ 165,635
Adjustments for:      
Amortization and depreciation 203,008 151,593 172,480
Deferred income tax 263,620 (62,697) 4,415
Current income tax 35,200 38,456 20,468
Share of loss in associates 996 (7,108) 970
Impairment (reversal) / loss of non-financial assets reversal   (102,838) 111
Loss on disposals of property, plant and equipment and intangible assets 221 592 420
Gain on disposal of subsidiaries (391)   (4,186)
Low value, short term and variable lease payments (1,686) (3,082) (1,154)
Share-based compensation expenses 1,143 1,055 667
Interest expense 107,464 95,185 164,288
Other financial results, net (20,414) (41,558) (41,055)
Net foreign exchange (317,036) 164,026 (90,603)
Government subsidies per Covid-19 context (16,394) (21,511) (14,133)
Government grants collected 76 383 10,020
Other accruals (5,476) 3,145 (5,043)
Inflation adjustment 1,053 54,170 6,969
Acquisition of Intangible assets (212,573) (149,436) (154,940)
Income tax paid (40,294) (22,919) (22,631)
Income due to concession compensation   (62,677)  
Collection due to concession compensation 90,609    
Unpaid concession fees 54,199 49,992 46,084
Changes in liability for concessions 87,556 98,480 101,488
Changes in working capital (133,491) (53,303) (57,641)
Net cash provided by operating activities 405,302 356,415 302,629
Net cash used in discontinued operating activities 0 0 0
Cash flows from investing activities      
Cash contribution in associates (666) (84) (260)
Net disposal of subsidiaries companies     (406)
Acquisition of other financial assets (156,418) (128,899) (150,856)
Disposals of other financial assets 136,781 72,571 170,235
Acquisition of Property, plant and equipment (12,218) (9,661) (9,091)
Acquisition of Intangible assets (1,435) (1,221) (732)
Proceeds from sale of Property, plant and Equipment 25 264 233
Net cash inflow on disposal of subsidiaries (404)    
Others 1,842 626 263
Net cash (used in) / provided by investing activities (32,493) (66,404) 9,386
Net cash used in discontinued investing activities     (14,700)
Cash flows from financing activities      
Proceeds from cash contributions   9,424 24,170
Proceeds from borrowings 190,345 87,846 371,951
Principal elements of lease payments (4,397) (3,118) (4,307)
Loans repaid (314,077) (200,475) (328,775)
Interest paid (96,168) (83,791) (111,387)
Debt expenses capitalization (2,467) (110) (2,011)
Guarantee deposit 1,147 2,168 (512)
Dividends paid to non-controlling interests in subsidiaries (14,945) (13,656) (11,382)
Payment for additional acquisitions in subsidiaries (30,949)    
Redemption of preferred shares     (172,029)
Others 322 86 (6)
Net cash used in financing activities (271,189) (201,626) (234,288)
Net cash used in discontinued financing activities 0 0 0
Increase in cash and cash equivalents 101,620 88,385 77,727
Decrease in cash and cash equivalents from discontinued operations     (14,700)
Cash and cash equivalents      
At the beginning of the year 369,848 385,265  
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents (31,621) (103,802) (53,545)
Increase in cash and cash equivalents 101,620 88,385 77,727
Decrease in cash and cash equivalents from discontinued operations     (14,700)
At the end of the year $ 439,847 $ 369,848 $ 385,265
v3.25.1
General information
 12 Months Ended
Dec. 31, 2024
General information  
General information

1      General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz.

The Company’s registered office address is 128, Boulevard de la Pétrusse, Luxembourg.

The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy, and Ecuador.

The fiscal year begins on January 1 and ends on December 31.

These Consolidated Financial Statements have been approved for issuance by the Board of Directors on March 19, 2025.
v3.25.1
Basis of presentation and accounting policies
 12 Months Ended
Dec. 31, 2024
Basis of presentation and accounting policies  
Basis of presentation and accounting policies

2      Basis of presentation and accounting policies

A     Summary of material accounting policies information

The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

The Group’s Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) and interpretations (“IFRIC”) developed by the IFRS Interpretations Committee applicable to companies reporting under IFRS. The Consolidated Financial Statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”).

Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group, or are held for sale.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 2.Y.

Several balance sheet consolidated statements of financial position and consolidated statements of income items have been combined in the interests of clarity. These items are stated and explained separately in the notes to the Consolidated Financial Statements. The statement of income is structured according to the function of the expense method (nature of the expenses is classified in notes).

These Consolidated Financial Statements are presented in thousands of U.S. dollars unless otherwise stated. All amounts are rounded off to thousands of U.S. dollars unless otherwise stated. As such, insignificant rounding differences may occur. A dash (“—”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the pertinent figure, after rounding, amounts to nil.

​

2      Basis of presentation and accounting policies (Cont.)

A     Summary of material accounting policies information (Cont.)

New and amended standards adopted by the Group

The Group has adopted the following standards and interpretations that become applicable for annual period commencing on or after January 1, 2024:

- Non-current liabilities with covenants – Amendments to IAS 1.

- Classification of Liabilities as Current or Non-current – Amendments to IAS 1.

- Lease Liability in Sale and Leaseback – Amendments to IFRS 16.

- Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7.

- Operating segment information - IFRIC agenda decision regarding IFRS 8.

During the year ended December 31, 2023, the Group has applied the following standards and amendments for the first time for their annual reporting period commencing on January 1, 2023:

- Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8.

- Deferred tax related to assets and liabilities arising from a single transaction - Amendment to IAS 12.

- International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12.

The amendments listed above did not have any material impact on our Consolidated Financial Statements, except for the clarifications on IFRS 8 Operating segment information and its impact on segment disclosures, from which the level of disclosures in Note 4 has been increased compared to what has been historically reported.

The following accounting standards and interpretations have been published but the application is not mandatory for December 31, 2024 reporting periods and have not been early adopted by the Group:

- Lack of exchangeability – Amendments to IAS 21.

- Presentation and Disclosures in Financial Statements - IFRS 18.

- Classification and measurement of financial instruments - Amendments to IFRS 9 and IFRS 7.

The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions.

B        Group accounting policies

(1)     Subsidiaries and transactions with non-controlling interests

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.

​

2      Basis of presentation and accounting policies (Cont.)

B      Group accounting policies (Cont.)

(1)    Subsidiaries and transactions with non-controlling interests (Cont.)

The acquisition method is used to account for the business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred or assumed at the date of exchange, and the equity interest issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Accounting treatment is applied on an acquisition by acquisition basis.The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statement of Income.

Transactions with non-controlling interests that do not result in a loss of control are accounted as equity transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Material intercompany transactions, balances and unrealized gains and losses have been eliminated in consolidation. However, financial gains and losses from intercompany transactions may arise when the subsidiaries have different functional currencies. These financial gains and losses are included in the Consolidated Statement of Income under Financial income and Financial loss.

(2)     Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor`s share of profit or loss of the investment after the date of acquisition. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment. The Company’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss.

Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The Company’s pro-rata share of earnings in associates is recorded in the Consolidated Statement of Income under Share of income / (loss) in associates and Share of other comprehensive (loss)/ income from associates. The Company’s pro-rata share of changes in other reserves is recognized in the Consolidated Statement of Changes in Equity under Other Reserves.

​

2        Basis of presentation and accounting policies (Cont.)

​

B        Group accounting policies (Cont.)

​

(3)     List of Subsidiaries

​

Detailed below are the subsidiaries of the Company, which have been consolidated in these Consolidated Financial Statements. The percentage of ownership refers to the direct and indirect ownership of CAAP in their subsidiaries at each period-end.

​

Holdings companies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of ownership at

 

​

​

Country of

​

​

​

​

​

December 31, 

 

Company

    

incorporation

    

Local currency

    

Main activity

    

2024

    

2023

    

2022

 

Abafor S.A.

​

Uruguay

​

Uruguayan pesos

​

Holding company

​

100.00

%  

100.00

%  

100.00

%

ACI Airport Sudamérica S.A.U. (“ACI”)

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%  

ACI Airports Italia S.A.U.

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

America International Airports LLC (1)

 

USA

 

U.S. dollars

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Anabe ITG S.L. (9)

​

Spain

​

Euros

​

Holding company

​

100.00

%  

100.00

%  

100.00

%

Barnsley ITG S.L. (11)

​

Spain

​

Euros

​

Holding company

​

100.00

%  

99.98

%

—

​

Cargo & Logistics S.A. (1) (7)

 

Argentina

 

Argentine pesos

 

Holding company

 

85.00

%  

82.89

%  

82.89

%

Cedicor S.A.

 

Uruguay

 

Uruguayan pesos

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Cerealsur S.A.

 

Uruguay

 

Uruguayan pesos

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Corporación Aeroportuaria S.A. (“CAER”)

 

Argentina

 

Argentine pesos

 

Holding company

 

99.98

%  

99.98

%  

99.98

%

Corporacion Africa Airports Nigeria Limited (“CAAN”) (9)

​

Nigeria

​

Naira

​

Holding company

​

51.00

%  

51.00

%

—

​

Corporación América Italia S.p.A. (“CAI”)

 

Italy

 

Euros

 

Holding company

 

75.00

%  

75.00

%  

75.00

%

Corporación América S.A. (“CASA”) (7)

 

Argentina

 

Argentine pesos

 

Holding company

 

100.00

%  

97.22

%  

97.22

%

Corporación América Sudamericana S.A.(7)

 

Panamá

 

U.S. dollars

 

Holding company

 

99.29

%  

96.53

%  

96.53

%

DICASA Spain S.A.U. (“DICASA”) (1)

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Inframérica Participaçoes S.A. (1) (8)

 

Brazil

 

Brazilian real

 

Holding company

 

99.98

%  

99.98

%  

99.98

%

Yokelet S.L.

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

​

 

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

(3)     List of Subsidiaries (Cont.)

​

Operating companies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of ownership at

 

​

​

Country of

​

​

​

​

​

December 31, 

 

Company

    

incorporation

    

Local currency

    

Main activity

    

2024

    

2023

    

2022

 

Abuja Airport Concession Company (“AACC”) (10)

​

Nigeria

​

Naira

​

Airports Operation

​

51.00

%  

51.00

%  

—

​

ACI do Brasil S.A. (“ACIB”) (12)

​

Brazil

​

Brazilian real

​

Airports Operation(12)

​

99.99

%  

99.99

%  

99.99

%

Aerocombustibles Argentinos S.A. (“AEAR”) (13)

 

Argentina

 

Argentine pesos

 

Fueling company

 

—

​

94.79

%  

94.79

%

Aeropuerto de Bahía Blanca S.A. (“BBL”) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

85.00

%  

82.64

%  

82.64

%

Aeropuertos Argentina 2000 S.A.(“AA2000”) (2) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

84.79

%  

82.69

%  

82.69

%

Aeropuertos del Neuquén S.A. (“ANSA”) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

77.70

%  

75.54

%  

75.54

%

Armenia International Airports C.J.S.C. (“AIA”)

 

Armenia

 

Dram

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

CAAirports International Services S.A.

​

Uruguay

​

Uruguayan pesos

​

Service company

​

100.00

%  

100.00

%  

100.00

%

Consorcio Aeropuertos Internacionales S.A. (“CAISA”)

 

Uruguay

 

Uruguayan pesos

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

Enarsa Aeropuertos S.A. (7)

 

Argentina

 

Argentine pesos

 

Fuel plants

 

80.00

%  

77.77

%  

77.77

%

Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”) (8)

 

Brazil

 

Brazilian real

 

Airports Operation

 

50.99

%  

50.99

%  

50.99

%

Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) (12)

 

Brazil

 

Brazilian real

 

Airports Operation

 

—

​

—

​

99.98

%

Kano Airport Concession Company Limited (“KACC”) (10)

​

Nigeria

​

Naira

​

Airports Operation

​

51.00

%  

51.00

%  

—

​

Paoletti América S.A. (3) (7)

 

Argentina

 

Argentine pesos

 

Service company

 

42.39

%  

41.35

%  

41.35

%

Puerta del Sur S.A. (”PDS”)

 

Uruguay

 

Uruguayan pesos

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

Servicios y Tecnología Aeroportuaria S.A. (7)

 

Argentina

 

Argentine pesos

 

Service company

 

84.90

%  

82.79

%  

82.79

%

Sinatus S.A. (14)

​

Uruguay

​

Uruguayan pesos

​

Service company

​

100.00

%  

100.00

%  

—

​

TCU S.A.

 

Uruguay

 

Uruguayan pesos

 

Service company

 

100.00

%  

100.00

%  

100.00

%

Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (4) (11)

 

Ecuador

 

U.S. dollars

 

Airports Operation

 

50.00

%  

49.99

%  

49.99

%

Texelrío S.A. (7)

​

Argentina

​

Argentine pesos

​

Service company

​

59.35

%  

57.88

%  

57.88

%  

Toscana Aeroporti S.p.A. (“TA”) (5) (6)

​

Italy

​

Euros

​

Airports Operation

​

46.71

%  

46.71

%  

46.71

%  

Villalonga Furlong S.A. (7)

 

Argentina

 

Argentine pesos

 

Service company

 

85.01

%  

82.90

%  

82.90

%

(1) These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

​

(2) Includes a 9.35% direct interest of Cedicor S.A. in AA2000.

(3) The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(4) The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(5) The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

​

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

​

(3)     List of Subsidiaries (Cont.)

​

(6) The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation.

​

(7) In October, 2024, Cedicor S.A. acquired the non-controlling participation of CASA, increasing its participation to 100%, indirectly modifying the participation in CASA’s subsidiaries.

​

(8) During 2022 CAAP made contributions in Inframérica Participaçoes S.A.

​

(9) Holding company part of the structure related to the future Nigerian concessions (Note 26.b).

​

(10) Operating company part of the structure related to the future Nigerian concessions (Note 26.b).

​

(11) Holding company incorporated under CAER in December 2023, becoming shareholder of TAGSA. In April 2024 CAER sold Barnsley to CAAP.

​

(12) In December 2023, ACIB incorporated ICASGA (Note 26.b).

​

(13) In September 2024, CASA sold its participation in AEAR.

​

(14) Subsidiary incorporated under Abafor S.A.

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

​

(3)     List of Subsidiaries (Cont.)

Summarized financial information in respect of each of the Group’s subsidiaries that has most significant non-controlling interests is set below. The summarized financial information below represents amounts before intragroup elimination.

​

​

​

​

​

​

​

​

​

​

TA

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

253,600

​

267,569

​

​

Current assets

 

54,069

 

68,197

​

​

Total assets

 

307,669

 

335,766

​

​

Non-current liabilities

 

124,224

 

78,834

​

​

Current liabilities

 

65,192

 

139,248

​

​

Total liabilities

 

189,416

 

218,082

​

​

Equity

 

118,253

 

117,684

​

​

Revenue

 

138,786

 

133,422

​

117,209

Gross income

 

45,491

 

41,783

​

22,633

Operating income

 

33,687

 

28,418

​

10,306

Financial results

 

(6,334)

 

(7,350)

​

(4,119)

Share of income / (loss) in associates

 

12

 

14

​

(258)

Income tax

 

(8,927)

 

(6,842)

​

(1,528)

Net income

 

18,438

 

14,240

​

4,401

Other comprehensive (loss) / income for the year

 

(9,961)

 

4,142

​

(5,827)

Total comprehensive income / (loss) for the year

 

8,477

 

18,382

​

(1,426)

Dividends paid

​

(7,586)

​

(7,838)

​

(7,340)

​

 

​

 

​

​

​

Increase / (decrease) in cash

​

​

​

​

​

​

Provided by operating activities

​

20,526

​

21,469

​

26,588

Provided by / (used in) investing activities

 

4,981

 

(1,388)

​

(3,161)

Used in financing activities

 

(29,379)

 

(52,221)

​

(21,843)

​

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

(3)     List of Subsidiaries (Cont.)

​

​

​

​

​

​

​

​

​

​

TAGSA

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

47,605

​

53,782

​

​

Current assets

 

64,736

 

59,737

​

​

Total assets

 

112,341

 

113,519

​

​

Non-current liabilities

 

4,282

 

7,329

​

​

Current liabilities

 

54,321

 

54,106

​

​

Total liabilities

 

58,603

 

61,435

​

​

Equity

 

53,738

 

52,084

​

​

Revenue

 

110,261

 

105,228

​

96,199

Gross profit

 

46,380

 

42,943

​

38,614

Operating income

 

26,650

 

25,319

​

22,561

Financial results

 

1,426

 

656

​

(316)

Income tax

 

(2,809)

 

(2,455)

​

(1,937)

Net income

 

25,267

 

23,520

​

20,308

Other comprehensive (loss) / income for the year

 

(94)

 

80

​

356

Total comprehensive income for the year

 

25,173

 

23,600

​

20,664

Dividends paid

 

(23,520)

 

(20,308)

​

(17,225)

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

35,168

 

35,891

​

36,709

Used in investing activities

 

(4,887)

 

(5,382)

​

(10,152)

Used in financing activities

 

(31,044)

 

(27,337)

​

(24,399)

​

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

​

(3)      List of Subsidiaries (Cont.)

​

​

​

​

​

​

​

​

​

​

ICAB

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

460,853

​

666,428

​

​

Current assets

 

63,567

 

86,371

​

​

Total assets

 

524,420

 

752,799

​

​

Non-current liabilities

 

703,624

 

906,312

​

​

Current liabilities

 

180,425

 

215,761

​

​

Total liabilities

 

884,049

 

1,122,073

​

​

Equity

 

(359,629)

 

(369,274)

​

​

Revenue

 

108,991

 

100,252

​

79,713

Gross profit

 

40,646

 

31,262

​

19,047

Operating income

 

50,539

 

37,816

​

21,328

Financial results

 

(99,915)

 

(102,953)

​

(114,550)

Income tax

 

(33,332)

 

3,250

​

(12,409)

Net loss

 

(82,708)

 

(61,887)

​

(105,631)

Other comprehensive income / (loss) for the year

 

92,353

 

(25,918)

​

(13,748)

Total comprehensive income/(loss) for the year

 

9,645

 

(87,805)

​

(119,379)

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

16,423

 

6,876

​

32,188

Used in investing activities

 

(40)

 

(16)

​

(53)

(Used in) / provided by financing activities

 

(29,942)

 

(12,784)

​

17,003

​

​

2         Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

(3)      List of Subsidiaries (Cont.)

​

​

​

​

​

​

​

​

​

​

​

AA2000

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

1,993,898

​

1,165,410

​

​

Current assets

 

240,235

 

181,405

​

​

Total assets

 

2,234,133

 

1,346,815

​

​

Non-current liabilities

 

845,739

 

672,981

​

​

Current liabilities

 

250,925

 

124,665

​

​

Total liabilities

 

1,096,664

 

797,646

​

​

Equity

 

1,137,469

 

549,169

​

​

Revenue

 

1,038,928

 

635,563

​

758,111

Gross profit

 

308,766

 

218,246

​

234,803

Operating income

 

226,879

 

170,714

​

190,446

Financial results

 

286,863

 

(211,898)

​

35,866

Income tax

 

(230,512)

 

52,912

​

2,900

Net income

 

283,230

 

11,728

​

229,212

Other comprehensive income / (loss) for the year

 

387,669

 

(250,002)

​

314,021

Total comprehensive income / (loss) for the year

 

670,899

 

(238,274)

​

543,233

Dividends paid

​

(38,084)

​

—

​

—

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

153,386

 

192,164

​

146,789

(Used in) / provided by investing activities

 

(7,152)

 

(64,305)

​

8,338

Used in financing activities

 

(117,602)

 

(74,050)

​

(122,453)

​

​

(4)     Discontinued operations

A discontinued operation is a component of the entity that has been disposed and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income, when applicable.

​

2        Basis of presentation and accounting policies (Cont.)

C        Foreign currency translation

(1)     Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”).

The Consolidated Financial Statements are presented in U.S. dollars, which is the Company’s functional currency and the Group’s presentation currency.

(2)     Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. If such transactions occurred in a company applying IAS 29, after the above-mentioned translation, transactions are re-expressed in terms of the measuring unit current at the end of the reporting period.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the end of each period exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as follows:

-

Exchange differences arising from foreign currency loans are recognized on a net aggregate basis in the Financial loss line of the Consolidated Statement of Income.

-

Other exchange differences are recognized on a net aggregate basis in Financial income or Financial loss in the Consolidated Income Statement, depending on whether they are gains or losses at net level on a quarterly basis.

Foreign exchange gains and losses derived from the net monetary position in subsidiaries applying IAS 29 are presented in real (inflation-adjusted) terms.

(3)     Translation of financial information in currencies other than the Company’s functional currency

Income and expenses of the subsidiaries whose functional currencies are not the U.S. dollar and are not in a hyperinflationary economy, are translated into U.S. dollars at average exchange rates on a quarterly basis. Assets and liabilities for each balance sheet presented are translated at the balance sheet date exchange rates.

All figures (income, expenses, assets and liabilities) of the subsidiaries whose functional currencies are the one of a hyperinflationary economy, are translated into U.S. dollars at the balance sheet date exchange rates, considering that all items are expressed in terms of the measuring unit current at the end of the reporting period.

Translation differences are recognized in the Consolidated Statement of Comprehensive Income as “Currency translation adjustment”. As of December 31, 2024, 2023 and 2022, the Company recognized a translation income/(loss) of USD 466.2 million, USD (281.7) million and USD 91.1 million, respectively, arising from the translation of the investments in Argentina, Brazil, Italy and Armenia. In the case of a sale or other disposal of any of such subsidiaries, any cumulative translation difference would be recognized in the Statement of Income as a gain or loss from the sale of such subsidiary.

2        Basis of presentation and accounting policies (Cont.)

D        Intangible assets

(1)     Concession Assets

The Group, through its subsidiaries has been awarded the concession for the administration and operation of the following airports:

-

PDS and CAISA of major airports in Uruguay (Montevideo and Punta del Este) as well as six regional airports under the concession of PDS.

-

TA a merger of Aeroporto di Firenze S.p.A. (“ADF”) and Società Aeroporto Toscano Galileo Galilei S.p.A. (“SAT”) of Florence and Pisa airports, respectively.

-

ICAB and ICASGA of Brasilia and São Gonçalo do Amarante airports, respectively. As mentioned in Note 26.b, the concession of the São Gonçalo do Amarante airport was handed to a new concessionaire.

-

TAGSA of Guayaquil airport, “José Joaquin de Olmedo”.

-

AA2000 of 35 airports in Argentina.

-

BBL of Bahía Blanca airport in Argentina.

-

ANSA of Neuquén airport in Argentina.

-

AIA of the “Zvartnots” International Airport of Yerevan and Shirak Airport, Republic of Armenia.

​

The concession agreements are accounted for in accordance with the principles included in IFRIC 12 “Service Concession Arrangements”. The Group recognized an intangible asset for:

a)

Fixed fees payables as the result of the acquisition of the right (license) to charge users for the service of airport concession (see Note 23),

b)

Right to obtain benefits for services provided using the assets built under the concession contracts.

In case that an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services; the grantor has little, if any, discretion to avoid payment, usually because the agreement is enforceable by law, the Company recognizes as Other financial assets at fair value through profit or loss in the Consolidated Statement of Financial Position.

Acquisitions correspond, according to the terms of the Concession contract, to the improvements of existing infrastructure assets to increase their useful life or capacity, or the construction of new infrastructure assets.

General and specific borrowing costs, attributable to the acquisition, construction or production of assets that necessarily take a substantial period to get ready for their intended use, rental or sale are added to the cost of such assets until the assets are substantially ready to be used, rented or sold.

As part of the obligations arising from the concession agreements, the Group provides construction or upgrade services. IFRIC 12 “Service Concession Arrangements” requires recognition of revenues and costs from the construction or upgrade services provided. The fair value of the construction or upgrade service is equal to the construction or upgrade costs plus a reasonable margin determined for each concession.

The intangible asset for infrastructure under each concession agreement is amortized over the contract term in accordance with an appropriate method reflecting the rate of consumption of the concession asset’s economic benefits as from the date the infrastructure is brought into service.

2       Basis of presentation and accounting policies (Cont.)

D       Intangible assets (Cont.)

(1)     Concession Assets (Cont.)

The concession fee paid to the grantor under the concession agreements is recognized depending on the terms defined in the concession agreement:

a)

Fixed concession fee is recognized at the beginning of the concession as it is reliably measurable, as a counterpart an intangible asset is recognized, this type of fee is independent from the revenue.

b)

Variable fees payable that are defined as a percentage over certain revenue streams are recognized on a monthly basis in the Consolidated Statement of Income.

Each operating company is responsible for obtaining the necessary guarantees for the commitments assumed in each concession. They are mostly covered by insurance that is paid in advance and it is recorded in Other receivables, and is accrued over the life of the coverage.

Main commitments under each concession agreement are included in Note 26 b.

(2)     Goodwill

Goodwill represents the excess of the acquisition cost over the fair value of the Group’s share of net identifiable assets, liabilities and contingent liabilities acquired as part of business combinations determined by management. Goodwill impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Impairment losses on goodwill are not reversed. Goodwill, net of impairment losses, if any, is included in the Consolidated Statement of Financial Position under Intangible assets, net. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each cash-generating units (CGUs) of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

(3)     Other intangible assets

An intangible asset purchased or produced internally is booked among Assets, as required by IAS 38, only if it can be identified and controlled, and if it is possible to predict the generation of future economic benefits and if its cost can be determined reliably.

Intangible assets with finite lives are valued at purchase or production cost less accumulated amortization and impairment losses. Amortization is determined by making reference to the period of its estimated useful life and starts when the asset is available for use.

E       Property, plant and equipment

Property, plant and equipment is recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses; historical cost includes expenses directly attributable to the acquisition of the items.

Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group and the investment enhances the condition of assets beyond its original condition.

2      Basis of presentation and accounting policies (Cont.)

E      Property, plant and equipment (Cont.)

Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over the estimated useful life, as follows:

​

​

​

​

​

Buildings and improvements

    

25‑30

years

Plant and production equipment

​

3‑10

years

Vehicles, furniture and fixtures, and other equipment

​

4‑10

years

​

The residual values and useful lives of significant property, plant and equipment are reviewed and adjusted, if appropriate, at each year-end date.

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in Other operating income / (expense) in the Consolidated Statement of Income.

F       Assets classified as held for sale

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell.

An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition.

Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale.

G       Inventories

Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories is based on the weighted averaged principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

If applicable, the Group establishes an allowance for obsolete or slow-moving inventory related to finished goods. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging.

H       Trade and other receivables and contract assets

Trade and other receivables are initially recognized at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less loss allowance. See Note 3.A(ii) for a description of the Group’s impairment policies.

A construction contract is a contract specifically negotiated for the construction of an asset. When the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are acknowledged by the percentage of completion method. A contract asset is initially recognized for unbilled work in progress. Upon completion of the work and acceptance by the customer, the amount recognized as contract assets is reclassified to trade receivables.

2      Basis of presentation and accounting policies (Cont.)

I       Cash and cash equivalents

Cash and cash equivalents are comprised of cash in banks, mutual funds and short-term investments with an original maturity of three months or less at the date of purchase which are readily convertible to known amounts of cash.

In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes bank overdrafts if the overdraft is repayable on demand and is integral to the Group’s cash management.

J       Equity

(1)    Equity components

The Consolidated Statement of Changes in Equity includes:

-

The share capital, share premium, legal reserve, free distributable reserves and non-distributable reserves calculated in accordance with Luxembourg Law;

-

The treasury shares, currency translation adjustment, other reserves, retained earnings and non-controlling interest.

(2)    Share capital

Share capital is stated at nominal value. As of December 31, 2024, 2023 and 2022, share capital was USD 163 million (USD 1 per share).

All issued shares are fully paid.

The authorized capital of the Company is set at USD 225 million represented by a maximum of 225 million shares having a nominal value of USD 1 each.

Pursuant to Luxembourg regulations, contributions in kind made by shareholders must be at fair value and might be considered as Free Distributable Reserve.

(3)    Dividends distribution by the Company to shareholders

Dividends distribution are recorded in the Company’s financial statements as a provision when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note 26.c).

(4)    Other reserves

SCF’s airport business was historically conducted through a large number of entities as to which there was no single holding entity but which were separately owned by entities directly or indirectly controlled by SCF during all the periods presented. In order to facilitate the Company’s initial public offering, in 2016 SCF completed a reorganization (the “Reorganization”) whereby, each of the operating and holding entities under SCF’s common control, were ultimately contributed to the Company.

The reorganization was accounted for as a reorganization of entities under common control, using the predecessor cost method. The net effect was recorded in Equity under Other Reserves. Moreover, in 2016, and considering that the shares of America International Airports LLC were contributed to the Free Distributable Reserves of the Company at the fair value a significant negative amount was included in Other Reserves to reflect the reduction to the predecessor’s cost of the shares.

Other reserves also include the share-based payment reserve constituted in connection with the creation of a management share compensation program as explained in Note 30 as well as cash flow hedge reserve net of income tax (Note 3.A.i.b).

​

2      Basis of presentation and accounting policies (Cont.)

J       Equity (Cont.)

(5)    Non-controlling interest

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in Other reserves within equity attributable to owners of the Company.

K       Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Subsequently borrowings are measured at amortized cost.

Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.

In the event of debt renegotiations, if the exchange of debt instruments between the financial creditor and the Group is concluded under substantially different conditions or entails a substantial modification of the conditions, considering both quantitative and qualitative factors, the existing financial liability is de-recognized as an extinguishment of the original liability and a new liability is recognized. Otherwise, the original liability should not be extinguished, but should be considered as a modification, adjusting its measurement in relation to the new terms and conditions.

L       Current and Deferred income tax

The tax expense for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Income, except for tax items recognized in the Consolidated Statement of Comprehensive Income.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income taxes recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. The principal temporary differences arise from intangible assets adjusted for the effects of IAS 29 in the Argentinian subsidiaries, and the effect of valuation on fixed assets, inventories and provisions. Deferred tax assets are also recognized for tax losses carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.

Deferred tax assets are recognized to the extent it is probable that future taxable income will be available against which the temporary differences can be utilized.

2        Basis of presentation and accounting policies (Cont.)

L       Current and Deferred income tax (Cont.)

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

At the end of each reporting period, CAAP reassesses unrecognized deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

​

In order to determine the net taxable income of Argentine subsidiaries at the end of each year, the tax inflation adjustment determined in accordance with articles No. 95 to No. 98 of the income tax law has been incorporated into the tax results, due to the fact that as of December 31, 2024, 2023 and 2022 the accumulated price index variation for the last 36 months has already exceeded 100%.

​

M       Employee benefits

Compensation to employees in the event of dismissal is charged to profit or loss of the year in which it becomes payable.

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits and annual leave that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current in Salary payable in Other liabilities.

Long-term employee benefits

Some entities of the Group have long term employee benefits that are unfunded defined benefit plan in accordance with IAS 19 - “Employee Benefits”.

The company calculates annually the provision for employee retirement cost based on actuarial calculations performed by independent professionals using the Projected Unit Credit Costs method. The present value of the defined benefit obligations at each year-end is calculated discounting estimated future cash outflows at an annual rate equivalent to the average rate of high-quality corporate bonds, which are denominated in the same currency in which the benefits will be paid, and whose terms approximate the terms of the pension obligations.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation.

Service cost and interest cost are recognized in the Consolidated Statement of Income, while actuarial gains and losses arising from changes in actuarial assumptions are recognized in the Consolidated Statement of Comprehensive Income.

Actuarial assumptions include variables such as, in addition to the discount rate, death rate, age, sex, years of service, current and future level of salaries, turnover rates, among others.

2       Basis of presentation and accounting policies (Cont.)

M      Employee benefits (Cont.)

Long-term employee benefits (Cont.)

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.

Share-based payments

Share-based compensation benefits are provided to employees via the Management Share Compensation Plan. Information related to this plan is set out in Note 30.

In the case the Company receives employees’ services as consideration for its own equity instruments the share-based payments transaction is considered equity-settled while if services are acquired by incurring a liability to transfer cash or other assets for those services based on the price of its own equity instruments the transaction is considered cash-settled.

The fair value of shares granted to employees under the share compensation plan is recognized as an expense over the relevant service period considering specified performance targets to be met while the employee is rendering the service required, being the year to which the service relates and the vesting period of the shares. The fair value is measured at the grant date of the shares, using the Company’s share market price, and is recognized in equity in the share-based payment reserve in line Other Reserves.

The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each reporting period, and adjustments are recognized in profit or loss and the share-based payment reserve.

Where shares are forfeited due to a failure by the employee to satisfy the service or performance conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture.

The shares under the plan are held as treasury shares until they are delivered to employees.

N       Provisions

Provisions for legal claims and other charges are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation and; the amount has been reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as financial loss.

The concession agreements in the different jurisdictions include certain commitments to be complied by each company. These commitments can be grouped in two categories:

-Works that can be classified as standard maintenance of the infrastructure, which are expensed as incurred.
-Major scheduled maintenance and refurbishments of the infrastructure in the future.

Since IFRIC 12 does not recognize infrastructure as property, plant and equipment, rather as a right to charge customers for the use of the infrastructure, major refurbishments and renewals to be performed in future years to maintain or restore the infrastructure asset to its level of functionality, operation and safety should be recognized in accordance with IAS 37 - Provisions, Contingent Liabilities and Assets (unless the grantor agrees to reimburse the operator). Provision is recorded at the best estimate of the amount of the expenditure expected to be incurred to perform the major overhaul or restoration work, discounted using a rate that reflects time value of money and risks involved.

2        Basis of presentation and accounting policies (Cont.)

O       Trade payables

Trade payables are initially recognized at fair value, generally the nominal invoice amount and are subsequently measured at amortized cost using the effective interest method.

P       Concession fee payable

Each concession agreement determines different types of concession fees to be paid to the corresponding regulatory authority. Fees could be fixed or variable. Some concession agreements establish both a minimum fixed payment, and an additional variable amount if certain conditions are met (such as a minimum number of passengers, among others).

For those concession agreements that require payment of a fixed amount, the Company recognized the obligation at present value. The increase in the provision due to the passage of time is recognized in financial results. The variable concession fees paid to the grantor derived from the concession agreements are recognized as cost of the period. The fixed concession fee payable is capitalized at the inception of the agreement as concession assets- intangible asset.

Q       Leases / Sub-concession of spaces

The Group as a lessee

The Group acts as a lessee renting various offices, equipment and cars.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

-fixed payments (including in-substance fixed payments), less any lease incentives receivable,
-variable lease payment that are based on an index or a rate,
-amounts expected to be payable by the lessee under residual value guarantees,
-the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
-payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

​

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the group entities use that rate as a starting point to determine the incremental borrowing rate.

​

2       Basis of presentation and accounting policies (Cont.)

Q      Leases / Sub-concession of spaces (Cont.)

The Group as a lessee (Cont.)

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

Right-of-use assets are measured at cost comprising the following:

-the amount of the initial measurement of lease liability,
-any lease payments made at or before the commencement date less any lease incentives received,
-any initial direct costs, and
-restoration costs.

​

Payments associated with short-term leases, leases of low-value assets and variable leases that do not depend on an index or rate are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

The Group as a lessor

The Group acts as a lessor regarding leases and sub-concession of spaces with third parties at its airport facilities.

As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not.

Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. The respective leased assets are included in the balance sheet based on their nature.

R       Revenue recognition

Revenue is recognized when control over a good or service is transferred to customer and thus when the latter has the ability to direct the use and obtain the benefits from the good or service. Revenue is recognized either over time or at a point in time, when (or as) the Group satisfies performance obligations by transferring the promised services or goods to its customers.

Group revenue arises mainly from airports operations and includes:

Aeronautical revenues

These revenues are those generally regulated under each airport’s concession agreement. They consist of passengers’ departure fees, landing, parking and other fees paid by the airlines.

Revenue from aeronautical services, derived from the use of airports facilities by aircrafts and passengers, is recognized over time as the services are provided. The Group considers that it has completed its performance obligations when the services (for instance passenger fee rate, landing rates, platform use fees, among others) are rendered to its customers. The Group does not defer collection terms in excess of the normal market terms, so there is no need to distinguish between a commercial component and a revenue interest component.

2       Basis of presentation and accounting policies (Cont.)

R       Revenue recognition (Cont.)

Non-aeronautical revenues

-Commercial revenues: those are typically not regulated under the applicable concession agreement. Commercial revenues are leases and/or rent fees from retail (including duty free), food and beverage, services and car rental companies, advertising, car parking, fueling charges and cargo fees, among others.
-Construction service revenues: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin determined according to the analysis performed by each concession.

Under the terms of IFRIC 12 “Service Concession Arrangements”, a concession operator may have a twofold activity:

-a construction activity in respect of its obligations to design, build and finance a new asset that it delivers to the grantor;
-an operating and maintenance activity in respect of concession assets.

Revenue from non-aeronautical activities such as commercial revenue (excluding sale of goods, leases and sub-concession of spaces) and construction services are recognized over time. The Group considers that it has completed its performance obligations when the services (such as warehouse use fees, parking facilities and VIP lounges) are rendered to its customers or construction costs are incurred.

Revenue from sale of goods, mainly fueling, is recognized at a point in time when control of the goods is transferred to the customer and the customer obtains the benefits from the goods. The Group considers that it has completed its performance obligations when the goods are supplied to its customers.

The Group recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as Other liabilities in the Consolidated Statement of Financial Position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognizes either a contract asset or a receivable in its Consolidated Statement of Financial Position, depending on whether something other than the passage of time is required before the consideration is due.

Revenue is shown net of value-added tax and discounts. Intercompany balances with subsidiaries have been eliminated in consolidation.

S       Cost of services and other expenses

Cost of services and other expenses are accrued and recognized in the Consolidated Statement of Income.

Construction service cost: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided.

Commissions, freight and other selling expenses, including services and fees, office expenses and maintenance, are recorded in Selling, general and administrative expenses in the Consolidated Statement of Income.

T       Government grants

Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions during the fiscal year where the grant is recognized.

Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate.

​

2        Basis of presentation and accounting policies (Cont.)

T       Government grants (Cont.)

A government grant that becomes receivable as a compensation for expenses or losses already incurred, or for the purpose of giving immediate support to the Group, with no future related costs, shall be recognized in profit or loss of the period in which it becomes receivable.

Grants related to income are presented as part of profit or loss, either separately or under a general heading such as Other operating income; alternatively, they are deducted from the related expense.

Grants related to assets, including non-monetary grants at fair value, are presented in the Consolidated Statement of Financial Position, either by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset.

U       Financial instruments

Non-derivative financial instruments comprise investments in debt instruments, corporate bonds, time deposits, trade and other receivables, cash and cash equivalents, borrowings, and trade and other payables.

The Group classifies its financial assets in the following measurement categories:

(i)

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in financial income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the Consolidated Statement Income.

(ii)

Fair value through other comprehensive income (“FVOCI”): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the Consolidated Statement of Income.

(iii)

Fair value through profit or loss (“FVPL”): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.

The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows.

The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

V       Derivative financial instruments

Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges), to hedge some of the existing and future interest rate risks through interest rate swaps.

2        Basis of presentation and accounting policies (Cont.)

V       Derivative financial instruments (Cont.)

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized as Other comprehensive income / (loss) for the year in the Other reserve line within equity without affecting profit or loss. Deferred taxes on the fair values of cash flow hedges are also recorded in shareholders’ equity. The effectiveness of the cash flow hedges is assessed on a regular basis. Ineffective cash flow hedges are recorded in the income statement through profit or loss under interest income or interest expense. The gain or loss relating to the effective portion of the interest rate swaps hedging variable rate borrowings is recognized in profit or loss within finance result at the same time as the interest expense on the hedged borrowings.

Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in Financial income or Financial loss line.

Derivatives are classified as “held for trading” for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.

Derivative financial instruments as of December 31, 2024 are classified within Level 2 and Level 3 and as of December 31, 2023 are classified within Level 3 of the fair value hierarchy.

W       Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”), which is the Group’s Board of Directors. The CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 4.

For management purposes, the Company analyzes its business based on strategic business units providing airport and non-airport services to clients in the different countries where business units are located. Assets, liabilities and results from holding companies are included as Unallocated.

X       Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

In order to conclude whether an economy is categorized as hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100%. Considering that the inflation in Argentina has exceeded the 100% three-year cumulative inflation rate in July 2018, and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29 as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The inflation adjustment was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics (“INDEC”).

​

2         Basis of presentation and accounting policies (Cont.)

X       Application of IAS 29 in financial reporting of Argentine subsidiaries and associates (Cont.)

The Government Board of the Argentine Federation of Professional Councils of Economic Sciences (FACPCE) issued Resolution JG 539/18, which prescribes the indices to be used by entities with a functional currency of the Argentine peso for the application of the restatement procedures. These indices are largely based on the Wholesale Price Index for periods up to December 31, 2016 and the Retail Price Index thereafter.

The price index as of December 31, 2024, was 7,694.01 (3,533.19 and 1,134.59 as of December 31, 2023 and 2022 respectively) and the conversion factor derived from the indexes for the year ended December 31, 2024, was 2.18 (3.11 and 1.95 as of December 31, 2023 and 2022 respectively).

The main procedures for the above-mentioned adjustment are as follows:

●Monetary assets and liabilities which are carried at current amounts at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date.
●Non-monetary assets and liabilities which are not carried at current amounts at the balance sheet date, and components of shareholders’ equity are adjusted by applying the relevant conversion factors at the date of the transactions.
●All items in the statement of income are restated by applying the relevant conversion factors.
●The effect of inflation on the Company’s net monetary position is included in Inflation adjustment in the Consolidated Statement of Income. Exchange rate gains and losses derived from the net monetary position are presented in real (inflation-adjusted) terms.
●The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the hyperinflation adjustments required by IAS 29 will lead to a difference in addition to the difference arising on the adoption of hyperinflation accounting. This is because the rate at which the hyperinflationary currency depreciates against a stable currency is rarely equal to the rate of inflation. The inflation adjustment and the translation of the current period is included in Currency translation adjustment in Other comprehensive income / (loss) for the year line.

Y       Critical accounting estimates and judgments

Critical accounting estimates are those that require management to make significant judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations.

The Group’s critical accounting estimates are discussed below.

(a)

Impairment testing

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Assets that have an indefinite useful life or assets not ready to use are not subject to amortization and are tested annually for impairment.

​

2         Basis of presentation and accounting policies (Cont.)

Y       Critical accounting estimates and judgments (Cont.)

(a)

Impairment testing (Cont.)

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units or CGUs). As mentioned in Note 12, the Company performed impairment tests for those assets with impairment indicators based on the discounted cash flow model covering the remaining concessions periods (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical data. An impairment loss, if applicable, is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. A previously recognized impairment loss of non-financial assets (other than goodwill) is reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the Consolidated Statement of Income.

(b)

Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.

Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. In assessing the recoverability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

(c)

Concession - application of IFRIC 12

The Group has carried out a comprehensive implementation of the standards applicable to the accounting treatment of their concession and has determined that, among others, IFRIC 12 is applicable. The Group treats their investments related to improvements and upgrades to be performed in connection with the concession obligation under the intangible asset model established by IFRIC 12, as all investments required by the concession obligation, regardless of their nature, directly increase the maximum tariff per traffic unit. Accordingly, all amounts invested under the concession obligation have a direct correlation to the amount of fees the Group will be able to charge each passenger or cargo service provider, and thus, a direct correlation to the amount of revenues the Group will be able to generate. As a result, the Group defines all expenditures associated with investments required by the concession obligation as revenue generating activities given that they ultimately provide future benefits, whereby subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. Additionally, compliance with the committed investments per the Master Development Programs is mandatory, as well as the fulfillment of the maximum tariff and therefore, in case of a failure to meet any one of these obligations, the Group could be subject to sanctions and the concessions could be revoked.
v3.25.1
Financial Risk Management
 12 Months Ended
Dec. 31, 2024
Financial Risk Management  
Financial Risk Management

3      Financial Risk Management

The Group’s operations expose it to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and liquidity risk. The Group manages its financial risk exposure independently at each operating subsidiary, however, decisions are discussed by the Board of Directors (“BOD”) members. The most significant financial risks to which the Group is exposed are detailed below.

AFinancial Risk Factors

(i)

Market risk

a)

Foreign exchange risk

The Group operates in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. In addition, the Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk.

In order to manage foreign exchange risk, the Group has a strategy based on minimizing net positions of assets and liabilities denominated in foreign currencies together with the use of derivative financial instruments.

During last years the Argentine monetary authority imposed certain exchange rate restrictions, which also affect the value of foreign currency in alternative markets for certain restricted exchange rate transactions in the official market. As of December 31, 2024 and 2023, these measures have remained in force restricting the access to the foreign exchange market in order to contain the demand for U.S. dollars including the requirement to obtain prior authorization from the Central Bank of Argentina (“BCRA”) for certain transactions in the Mercado Único y Libre de Cambios (“MULC”). However, the BCRA has eased the access to the MULC for the payment of imports of goods and services rendered from December 13, 2023, as well as gradually lifting certain foreign exchange restrictions (Note 3.A.v).

Considering this situation, the Company continues to assess the evolution of the above-mentioned variables and any other factors in its Argentine subsidiaries in order to identify the unforeseen potential effects that could alter its business and performance.

The value of the Group’s financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. A significant majority of the Group’s business activities are conducted in the respective functional currencies of the subsidiaries. However, the Group transacts in currencies other than the respective functional currencies of the subsidiaries. There are material monetary balances held by the Group companies at each period-end that are denominated in other currencies (non-functional currency). The following table provides a breakdown of the Group’s main monetary net assets and liabilities which impact the Group’s profit and loss:

​

​

​

​

​

​

​

    

As of December 31, 

    

As of December 31, 

Currency Exposure / Functional currency

​

2024

​

2023

U.S. Dollar / Argentine Peso

 

(428,845)

 

(484,709)

U.S. Dollar / Armenian Dram

 

36,835

 

47,842

U.S. Dollar / Euro

​

75,409

​

(68)

Euro / Armenian Dram

 

31,735

 

347

Euro / Argentine Peso

​

(2,324)

​

(2,831)

​

​

3      Financial Risk Management (Cont.)

A.

Financial Risk Factors (Cont.)

(i)

Market risk (Cont.)

a)

Foreign exchange risk (Cont.)

The relevant exposures correspond to:

◾ U.S. Dollar / Argentine Peso

As of December 31, 2024 and 2023 consisting primarily of U.S. dollar - denominated net monetary assets and liabilities at certain Argentine subsidiaries which functional currency is the Argentine Peso. A depreciation of 3% in the ARS / USD exchange rate in real (inflation-adjusted) terms would generate a pre-tax loss of USD 12,865 as of December 31, 2024 (pre-tax loss of USD 48,470 as of December 31, 2023 considering a depreciation of 10% in the ARS/ USD exchange rate).

◾ U.S. Dollar / Armenian Dram

As of December 31, 2024 and 2023 consisting primarily of U.S. dollar - denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency is the Armenian Dram. A depreciation of 2% in the Dram / USD exchange rate would generate a pre-tax gain of USD 736.7 as of December 31, 2024 (pre-tax gain of USD 478.4 as of December 31, 2023 considering a depreciation of 1% in the Dram / Euro exchange rate).

◾

U.S. Dollar / Euro

As of December 31, 2024 and 2023 consisting primarily of U.S. dollar - denominated net monetary assets and liabilities at the European subsidiaries which functional currency is the Euro. An appreciation of 2% in the Euro / USD exchange rate would generate a pre-tax loss of USD 1,508.2 as of December 31, 2024 (pre-tax gain of USD 1.4 as of December 31, 2023 considering an appreciation of 2% in the Euro / USD exchange rate).

◾ Euro / Armenian Dram

As of December 31, 2024 and 2023 consisting primarily of Euro - denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency is the Armenian Dram. A depreciation of 2% in the Dram / Euro exchange rate would generate a pre-tax gain of USD 634.7 as of December 31, 2024 (pre-tax gain of USD 3.5 as of December 31, 2023 considering a depreciation of 1% in the EUR / Dram exchange rate).

◾ Euro / Argentine Peso

As of December 31, 2024 and 2023 consisting primarily of Euro- denominated net monetary assets and liabilities at certain Argentinian subsidiaries which functional currency is the Argentine Peso. A depreciation of 3% in the Euro / ARS exchange rate in real (inflation-adjusted) terms would generate a pre-tax loss of USD 69.7 as of December 31, 2024 (pre-tax loss of USD 283.1 as of December 31, 2023 considering a depreciation of 10% in the Euro / ARS exchange rate).

b)

Interest rate risk

The Group’s interest rate risk principally arises from long-term borrowings (Note 22). Borrowings issued at variable rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities.

These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

3      Financial Risk Management (Cont.)

A.Financial Risk Factors (Cont.)

(i)

Market risk (Cont.)

(b)

Interest rate risk (Cont.)

The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings as of December 31, 2024 and 2023.

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Fixed rate (*)

​

884,757

​

990,251

Variable rate

 

273,314

 

342,986

​

 

1,158,071

 

1,333,237

​

(*) As of December 31, 2024 includes USD 86.2 million of short-term borrowings (USD 125.5 million as of December 2023) and USD 798.6 million of long-term borrowings (USD 864.8 million as of December 31, 2023).

​

The Group estimates that, other factors being constant, a 10% increase in floating rates at year-end would increase financial loss for the year ended December 31, 2024 and 2023, by USD 2,200 and USD 2,695 respectively. A 10% decrease in the floating interest rate would have an equal and opposite effect in the Consolidated Statement of Income.

This sensitivity analysis provides only a limited, point-in-time view of this market risk sensitivity of certain of the Group’s financial instruments. The actual impact of rate changes on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis.

Regarding the loan facility lines of the new financial agreement signed by TA (Note 22), the Company aims to mitigate the exposure to the interest rate fluctuations (Euribor) affecting cash flows. To achieve this, in July 2024, TA entered into interest rate swaps agreements with each Lender, establishing a fixed interest rate of 3.02% over the principal amount already drawn, effective until June 30, 2030. The notional amount being hedged corresponds to 100% of the principal drawn (EUR 82.8 million) for the semi-annual interest payments until June 30, 2027, while for the interest payments from December 31, 2027 to June 30, 2030 it covers a 75% of that principal.

As of December 30, 2024, the fair value of the derivatives stands at EUR 3.2 million (equivalent to USD 3.4 million), which, net of deferred tax, impacts Other Comprehensive Income by EUR 2.5 million (equivalent to USD 2.7 million).

(ii)

Credit risk

The financial instruments that could be subject to concentration of credit risk consist of cash, cash equivalents, trade receivables and short-term investments.

The Group mainly places its cash and cash equivalents and short-term investments in several entities with low credit risk, reducing in this way the credit exposure to only one entity. The Group has not experienced significant losses from those assets.

Each subsidiary is responsible for managing and analyzing credit risk of its trade receivables, for each of their new customers before standard payment and delivery terms and conditions are offered. There is no significant concentration of credit risk from customers.

The Group credit policies with customers are designed to identify customers with acceptable credit history. The Group recognized provision for loss allowance to cover impairment for potential credit losses. The credit quality of the financial assets that are not yet due and not impaired can be assessed based on the credit qualification (“rating”) granted by entities external to the Group or through the historical uncollectible rates.

​

3      Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

(ii)

Credit risk (Cont.)

Trade receivables and contract assets

The Group applies the IFRS 9 simplified approach to measuring expected credit losses (“ECL”) for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

The policy implemented by the Group consists in performing a case by case analysis, identifying those receivables and contract assets with no reasonable expectation of recovery or with particular situations, that are impaired according to each circumstances. For all other receivables and contract assets, the expected loss rate consists in stratifying trade receivables and contract assets into categories based on overdue days. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2024 or 1 January 2024 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect historical experience of losses on trade receivables, current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due.

​

The provision for loss allowance as of December 31, 2024 and December 31, 2023 was determined as follows for both trade receivables and contract assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

   

​

Past due

 

​

​

Trade

​

​

​

​

​

30‑60

​

60‑90

​

90‑180

​

> 180

 

​

    

Receivables

    

Not due

    

0‑30 days

    

days

    

days

    

days

    

days

 

At December 31, 2024

​

  

​

  

​

  

​

  

​

  

​

  

​

  

​

Trade receivables - gross carrying amount

 

178,580

 

102,563

 

28,727

 

11,050

 

5,818

 

6,854

 

23,568

​

Contract assets - gross carrying amount

​

45

​

45

​

—

​

—

​

—

​

—

​

—

​

Expected loss rate (*)

 

​

 

1%

​

1%

​

3%

​

9%

​

19%

​

76%

​

Provision for loss allowance

 

(21,061)

 

(687)

 

(361)

 

(375)

 

(532)

 

(1,273)

 

(17,833)

​

Net value

 

157,564

 

101,921

 

28,366

 

10,675

 

5,286

 

5,581

 

5,735

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

   

​

Past due

 

​

​

Trade

​

​

​

​

​

30‑60

​

60‑90

​

90‑180

​

> 180

 

​

    

Receivables

    

Not due

    

0‑30 days

    

days

    

days

    

days

    

days

 

At December 31, 2023

​

​

​

  

​

  

​

  

​

  

​

  

​

  

​

Trade receivables - gross carrying amount

 

148,329

 

86,066

 

23,685

 

9,783

 

2,274

 

4,617

 

21,904

​

Contract assets - gross carrying amount

​

1,488

​

1,488

​

—

​

—

​

—

​

—

​

—

​

Expected loss rate (*)

 

​

 

2%

​

1%

​

5%

​

13%

​

25%

​

86%

​

Provision for loss allowance

 

(22,368)

 

(1,466)

 

(230)

 

(449)

 

(298)

 

(1,150)

 

(18,775)

​

Net value

 

127,449

 

86,088

 

23,455

 

9,334

 

1,976

 

3,467

 

3,129

​

​

(*)  Average expected loss rate. As of December 2024 and 2023, includes effect of the impact of the provisions risen from the case by case analysis.

3      Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

(ii)

Credit risk (Cont.)

Trade receivables and contract assets (Cont.)

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a significant period when past due.

The closing loss allowances for trade receivables and contract assets as of December 31, 2024 and 2023 reconcile to the opening loss allowances as follows:

​

​

​

​

​

​

​

​

    

2024

    

2023

    

Balance at January 1,

 

(22,368)

 

(29,718)

 

Bad debts of the year

 

(8,215)

 

(4,735)

 

Recoveries

 

4,321

 

3,331

 

Write off

 

2,856

 

2,717

 

Translation differences and inflation adjustment

 

2,345

 

6,037

 

Balance at December 31, 

 

(21,061)

 

(22,368)

 

​

During the year, the following gains/(losses) were recognized in profit or loss in relation to impaired financial assets (see Note 7):

​

​

​

​

​

​

​

​

​

    

2024

    

2023

     

2022

Impairment losses

 

  

 

  

​

​

- movement in provision for impairment

 

(8,883)

 

(4,985)

​

(13,443)

- recovery of previous impairment losses

 

4,440

 

3,439

​

18,203

Net impairment losses on financial assets

 

(4,443)

 

(1,546)

​

4,760

​

(iii)

Liquidity risk

The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and statement of financial position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources with adequate committed funding lines from high quality lenders.

The Group monitors its current and projected financial position using several key internally generated reports such as cash flow and debt maturity. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates on the key profitability, liquidity and balance sheet ratios.

The Group’s debt positions are continually reviewed to meet current and expected debt requirements. The Group maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using different types of debt. The maturity profile is managed, by spreading the repayment dates and extending facilities.

3     Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

(iii)

Liquidity risk (Cont.)

Liquid financial assets as a whole (comprising cash and cash equivalents) were 10.52% of total assets at the end of 2024 compared to 10.44% at the end of 2023. The Group has a conservative approach to the management of its liquidity, which consists mainly in cash at banks and cash equivalents.

(iv)

Capital Management

The capital structure of the Group consists of shareholders’ equity and short-term to long-term net borrowings. The type and maturity of the Group’s borrowings are analyzed further in Note 22. The Group’s equity is analyzed into its various components in the Consolidated Statement of Changes in Equity.

​

Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders.

​

The objectives of the Group for capital management are to safeguard its capacity to continue doing business and be able to provide yield to owners as well as benefits to holders of instruments of shareholder’s equity and maintain an optimum capital structure to reduce cost of capital.

​

​

​

​

​

​

​

​

​

At December 31, 

 

​

    

2024

    

2023

 

Borrowings

​

1,158,071

​

1,333,237

​

Less: Cash and cash equivalents

 

(439,847)

 

(369,848)

​

Net debt

 

718,224

 

963,389

​

Equity

 

1,517,960

 

803,909

​

​

 

​

 

​

​

Net debt to equity ratio

 

47%

​

120%

​

​

(v)

Argentina economical context

CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as consequence of political and economic uncertainties, both in national and international environments.

On December 10, 2023, a new government took office in Argentina, setting as one of its key objectives the establishment of a new economic framework. To achieve this, it proposed a broad reform of laws and regulations. On December 13, 2023, the Argentine peso experienced a sharp drop with an ARS/USD rate devalued by more than 300% at year-end while annual inflation reached 211% in 2023.

Throughout the 2024 fiscal year, Argentina’s economic and regulatory context was shaped by significant macroeconomic adjustments, market deregulation, and changes to the foreign exchange restriction framework, all of which had a substantial impact on economic activity.

As part of its economic stabilization program, the government pursued a policy of sharp reductions in public spending, aiming to achieve a primary fiscal balance.

Subsidies for energy, gas, and public transportation tariffs were either eliminated or reduced, leading to significant cost increases for these services. Additionally, a hiring freeze was imposed, and the size of the state structure was reduced, including budget cuts for public agencies. The pension system was also reformed, modifying the criteria for adjusting retirement benefits, among other measures. While these policies contributed to deficit reduction, they also had a contractionary impact on economic activity, affecting consumption and investment across various sectors.

3     Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

(v)

Argentina economical context (Cont.)

In terms of foreign exchange restrictions, throughout 2024, the BCRA gradually liberalized access to the MULC to facilitate foreign trade operations and normalize currency flows. The requirement for BCRA approval to access the MULC in certain commercial transactions was eliminated, new financing schemes for importing essential goods were introduced, and access to U.S. dollars for the payment of pre-existing commercial debts was eased. Despite these measures, certain restrictions persist in strategic sectors, and access to the MULC remains subject to regulations for specific transactions.

Argentina experienced a notable reduction in its country risk, driven primarily by the implementation of fiscal austerity policies, structural reforms that bolstered investor confidence, debt renegotiations, and agreements with the International Monetary Fund. These factors contributed to greater financial market stability, an appreciation of sovereign bonds, and enhanced exchange rate stability, reinforcing market confidence and reduction of inflation from very high levels.

As of the issuance date of these Consolidated Financial Statements, the stabilization process remains ongoing. At this time, it is not possible to predict its future evolution or any new measures that may be announced. Considering this situation, the Company continues to assess the evolution of the above-mentioned variables and any other factors, in order to define its course of action and identify the currently unforeseeable potential effects that they could have on its business and performance.

(vi)

Ecuador political context

In 2024, Ecuador faced significant challenges related to the security crisis, implementing important actions to address this situation, including an increase in the VAT rate from 12% to 15%, an increase in the Foreign Exchange Exit Tax (ISD) from 3.5% to 5%, the reduction and targeting of subsidies, the establishment of a special contribution, among other measures.

Even though CAAP’s Ecuadorian subsidiaries performance have not been significantly impacted, the Company continues to assess the evolution of the above-mentioned context, in order to define its course of action and identify the currently unforeseeable potential effects that they could have on its business and performance.

(vii)

Armenia geopolitical context

Armenia’s business environment faces challenges due to geopolitical tensions, particularly ongoing aggression from Azerbaijan, and regional instability. Despite these challenges, businesses are diversifying supply chains and exploring new markets, while the government’s reform efforts provide a path for long-term stability.

Even though AIA’s performance has shown a significant increase of its operations during 2023 which have remained stable during 2024, the Company continues to assess the evolution of the above-mentioned context.

B     Financial instruments by category

​

​

​

​

​

​

​

​

​

​

Assets at fair value 

​

Assets at amortized

​

​

December 31, 2024

    

through profit and loss

    

cost

    

Total

Financial assets as per the statement of financial position

 

  

 

  

 

  

Trade receivables

 

—

 

157,564

 

157,564

Other receivables

 

—

 

73,542

 

73,542

Other financial assets (*)

 

7,366

 

167,541

 

174,907

Cash and cash equivalents

 

—

 

439,847

 

439,847

Total

 

7,366

 

838,494

 

845,860

​

3      Financial Risk Management (Cont.)

B      Financial instruments by category (Cont.)

​

​

​

​

​

​

​

​

​

​

Liabilities at fair value

​

Liabilities at

​

​

​

    

 through profit and loss

    

amortized cost

    

Total

Financial liabilities as per the statement of financial position

 

  

 

  

 

  

Borrowings

 

—

 

1,158,071

 

1,158,071

Leases liabilities

​

—

​

10,717

​

10,717

Derivative financial liabilities (**)

​

3,351

​

—

​

3,351

Trade payables and other liabilities

 

—

 

897,157

 

897,157

Total

 

3,351

 

2,065,945

 

2,069,296

​

​

​

​

​

​

​

​

​

​

Assets at fair value 

​

Assets at amortized

​

​

December 31, 2023

    

through profit and loss

    

cost

    

Total

Financial assets as per the statement of financial position

 

​

 

  

 

  

Trade receivables

 

—

 

127,449

 

127,449

Other receivables

 

—

 

154,583

 

154,583

Other financial assets (*)

​

10,863

​

144,232

​

155,095

Derivative financial assets

​

69

​

—

​

69

Cash and cash equivalents

 

—

 

369,848

 

369,848

Total

 

10,932

 

796,112

 

807,044

​

​

​

​

​

​

​

​

​

​

Liabilities at fair value 

​

Liabilities at

​

​

​

    

through profit and loss

    

amortized cost

    

Total

Financial liabilities as per the statement of financial position

 

  

 

  

 

  

Borrowings

​

—

​

1,333,237

​

1,333,237

Leases liabilities

 

—

 

13,981

 

13,981

Derivative financial liabilities (**)

​

—

​

—

​

—

Trade payables and other liabilities

 

—

 

1,062,621

 

1,062,621

Total

 

—

 

2,409,839

 

2,409,839

​

(*)   Other financial assets measured at fair value are Level 1 hierarchy. The book value of these assets represents its fair value.

(**) Derivative financial liabilities measured at fair value are valuated through calculations under Level 2 hierarchy.

C     Fair value hierarchy

IFRS 13 requires for financial instruments that are measured in the Consolidated Statement of Financial Position at fair value, a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

There were no transfers between Level 1 and Level 2 of the fair value hierarchy and there were no transfers from Level 1 and Level 2 to Level 3.

​

3      Financial Risk Management (Cont.)

C     Fair value hierarchy (Cont.)

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in Level 1 and comprise primarily government securities, mutual funds and corporate bonds.

D     Fair value estimation

The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
v3.25.1
Segment information
 12 Months Ended
Dec. 31, 2024
Segment information  
Segment information

4     Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within the “Unallocated” column. This column also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in the “Intrasegment Adjustments” column.

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

​

4       Segment information (Cont.)

Geographical information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable

 

 

Intrasegment

​

​

​

​

 

​

​

​

Argentina

​

​

Brazil

​

​

Uruguay

​

​

Armenia

​

​

Ecuador

​

​

Italy

​

​

segment

​

​

Adjustments

​

​

Unallocated

​

​

Total

Year ended December 31, 2024

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

​

Aeronautical revenue (*)

 

512,153

​

 

40,809

​

 

81,033

​

 

90,534

​

 

81,438

​

 

70,762

​

 

876,729

​

 

—

​

​

—

​

​

876,729

Non-aeronautical revenue (*)

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

​

Commercial revenue

 

376,187

​

 

68,817

​

 

75,137

​

 

150,453

​

 

28,748

​

 

47,208

​

 

746,550

​

 

(11,893)

​

​

4,031

​

​

738,688

Construction service revenue

 

155,641

​

 

1,498

​

 

37,903

​

 

11,840

​

 

75

​

 

16,404

​

 

223,361

​

 

—

​

​

—

​

​

223,361

Other revenue

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

4,413

​

​

4,429

​

​

(4,125)

​

​

4,185

​

​

4,489

Revenue

 

1,043,981

​

 

111,124

​

 

194,089

​

 

252,827

​

 

110,261

​

 

138,787

​

 

1,851,069

​

 

(16,018)

​

​

8,216

​

​

1,843,267

Salaries and social security contributions

 

(184,764)

​

 

(22,456)

​

 

(27,311)

​

 

(21,120)

​

 

(12,763)

​

 

(28,367)

​

 

(296,781)

​

 

—

​

​

(1,147)

​

​

(297,928)

Concession fees

 

(130,156)

​

 

(21,947)

​

 

(21,672)

​

 

—

​

 

(36,580)

​

 

(8,313)

​

 

(218,668)

​

 

8,067

​

​

—

​

​

(210,601)

Construction service cost

 

(155,375)

​

 

(1,498)

​

 

(37,903)

​

 

(11,495)

​

 

(75)

​

 

(10,488)

​

 

(216,834)

​

 

—

​

​

—

​

​

(216,834)

Maintenance expense

 

(132,313)

​

 

(5,594)

​

 

(16,034)

​

 

(6,010)

​

 

(4,749)

​

 

(8,486)

​

 

(173,186)

​

 

4

​

​

(19)

​

​

(173,201)

Amortization and depreciation

 

(110,829)

​

 

(11,190)

​

 

(9,553)

​

 

(21,347)

​

 

(7,092)

​

 

(10,563)

​

 

(170,574)

​

 

—

​

​

(11,897)

​

​

(182,471)

Cost of fuel

​

—

​

​

(267)

​

​

(3,519)

​

​

(94,922)

​

​

—

​

​

—

​

​

(98,708)

​

​

19

​

​

—

​

​

(98,689)

Other operational expenditures

​

(123,586)

​

​

(19,502)

​

​

(23,440)

​

​

(15,948)

​

​

(22,388)

​

​

(39,923)

​

​

(244,787)

​

​

7,928

​

​

(18,858)

​

​

(255,717)

Operational expenditure

​

(837,023)

​

​

(82,454)

​

​

(139,432)

​

​

(170,842)

​

​

(83,647)

​

​

(106,140)

​

​

(1,419,538)

​

​

16,018

​

​

(31,921)

​

​

(1,435,441)

Other operating income

​

22,705

​

​

22,110

​

​

23

​

​

336

​

​

64

​

​

1,041

​

​

46,279

​

​

—

​

​

111

​

​

46,390

Other operating expenses

​

(5,233)

​

​

(447)

​

​

(265)

​

​

(991)

​

​

(27)

​

​

—

​

​

(6,963)

​

​

—

​

​

—

​

​

(6,963)

Operating income / (loss)

 

224,430

​

 

50,333

​

 

54,415

​

 

81,330

​

 

26,651

​

 

33,688

​

 

470,847

​

 

—

​

​

(23,594)

​

​

447,253

Share of income / (loss) in associates

 

(1)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

12

​

 

11

​

 

—

​

​

(1,007)

​

​

(996)

Amortization and depreciation

 

110,829

​

 

11,190

​

 

9,553

​

 

21,347

​

 

7,092

​

 

10,563

​

 

170,574

​

 

—

​

​

11,897

​

​

182,471

Adjusted Ebitda

 

335,258

​

 

61,523

​

 

63,968

​

 

102,677

​

 

33,743

​

 

44,263

​

 

641,432

​

 

—

​

​

(12,704)

​

​

628,728

Construction services revenue

 

(155,641)

​

 

(1,498)

​

 

(37,903)

​

 

(11,840)

​

 

(75)

​

 

(16,404)

​

 

(223,361)

​

 

—

​

​

—

​

​

(223,361)

Construction services cost

 

155,375

​

 

1,498

​

 

37,903

​

 

11,495

​

 

75

​

 

10,488

​

 

216,834

​

 

—

​

​

—

​

​

216,834

Adjusted Ebitda excluding Construction Services

 

334,992

​

 

61,523

​

 

63,968

​

 

102,332

​

 

33,743

​

 

38,347

​

 

634,905

​

 

—

​

​

(12,704)

​

​

622,201

Construction services revenue

 

155,641

​

 

1,498

​

 

37,903

​

 

11,840

​

 

75

​

 

16,404

​

 

223,361

​

 

—

​

​

—

​

​

223,361

Construction services cost

​

(155,375)

​

​

(1,498)

​

​

(37,903)

​

​

(11,495)

​

​

(75)

​

​

(10,488)

​

​

(216,834)

​

​

—

​

​

—

​

​

(216,834)

Adjusted Ebitda

​

335,258

​

​

61,523

​

​

63,968

​

​

102,677

​

​

33,743

​

​

44,263

​

​

641,432

​

​

—

​

​

(12,704)

​

​

628,728

Financial income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

71,430

Financial loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

110,305

Inflation adjustment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(21,260)

Amortization and depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(182,471)

Income before income tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

606,732

Income tax

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

(298,820)

Net income for the year

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

307,912

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

​

Current assets

​

242,657

​

​

66,824

​

​

42,502

​

​

70,306

​

​

64,789

​

​

54,069

​

​

541,147

​

​

(92,626)

​

​

316,993

​

​

765,514

Non-current assets

 

1,999,467

​

 

461,164

​

 

227,452

​

 

185,355

​

 

47,605

​

 

253,599

​

 

3,174,642

​

 

(47,044)

​

​

288,338

​

​

3,415,936

Capital Expenditure

 

155,747

​

 

2,610

​

 

36,479

​

 

17,514

​

 

4,164

​

 

19,170

​

 

235,684

​

 

—

​

​

28

​

​

235,712

Current liabilities

 

253,577

​

 

181,138

​

 

30,102

​

 

17,211

​

 

54,374

​

 

65,191

​

 

601,593

​

 

(92,626)

​

​

94,763

​

​

603,730

Non-current liabilities

 

846,196

​

 

704,842

​

 

62,821

​

 

—

​

 

4,282

​

 

124,224

​

 

1,742,365

​

 

(47,044)

​

​

364,439

​

​

2,059,760

​

(*) Mainly includes revenues recognized over time, see Note 5.

​

4       Segment information (Cont.)

Geographical information (Cont.)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable

 

 

Intrasegment

​

​

​

​

 

​

​

​

Argentina

​

​

Brazil

​

​

Uruguay

​

​

Armenia

​

​

Ecuador

​

​

Italy

​

​

segment

​

​

Adjustments

​

​

Unallocated

​

​

Total

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aeronautical revenue (*)

 

296,393

 

 

45,656

 

 

65,428

 

 

88,519

 

 

78,336

 

 

70,121

 

 

644,453

 

 

—

​

 

—

​

 

644,453

Non-aeronautical revenue (*)

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

—

 

 

​

​

 

​

​

 

​

Commercial revenue

 

251,274

 

 

64,838

 

 

68,077

 

 

160,355

 

 

26,871

 

 

39,908

 

 

611,323

 

 

(11,598)

​

 

3,926

​

 

603,651

Construction service revenue

 

93,014

 

 

151

 

 

31,705

 

 

3,630

 

 

21

 

 

16,201

 

 

144,722

 

 

—

​

 

—

​

 

144,722

Other revenue

​

—

​

​

—

​

​

20

​

​

—

​

​

—

​

​

7,192

​

​

7,212

​

​

(3,997)

​

​

3,997

​

​

7,212

Revenue

 

640,681

 

 

110,645

 

 

165,230

 

 

252,504

 

 

105,228

 

 

133,422

 

 

1,407,710

 

 

(15,595)

​

 

7,923

​

 

1,400,038

Salaries and social security contributions

 

(109,260)

 

 

(24,592)

 

 

(25,221)

 

 

(18,988)

 

 

(12,276)

 

 

(27,554)

 

 

(217,891)

 

 

—

​

 

(1,067)

​

 

(218,958)

Concession fees

 

(79,930)

 

 

(22,551)

 

 

(18,748)

 

 

—

 

 

(35,122)

 

 

(7,630)

 

 

(163,981)

 

 

7,736

​

 

—

​

 

(156,245)

Construction service cost

 

(92,899)

 

 

(151)

 

 

(31,705)

 

 

(3,524)

 

 

(21)

 

 

(9,971)

 

 

(138,271)

 

 

—

​

 

—

​

 

(138,271)

Maintenance expense

 

(66,423)

 

 

(7,359)

 

 

(14,878)

 

 

(5,757)

 

 

(5,675)

 

 

(7,657)

 

 

(107,749)

 

 

19

​

 

(19)

​

 

(107,749)

Amortization and depreciation

 

(60,534)

 

 

(12,035)

 

 

(8,154)

 

 

(19,638)

 

 

(6,688)

 

 

(10,695)

 

 

(117,744)

 

 

—

​

 

(12,238)

​

 

(129,982)

Cost of fuel

​

—

​

​

(356)

​

​

(3,740)

​

​

(109,242)

​

​

—

​

​

—

​

​

(113,338)

​

​

271

​

​

—

​

​

(113,067)

Other operational expenditures

​

(66,197)

​

​

(23,324)

​

​

(20,515)

​

​

(14,653)

​

​

(20,330)

​

​

(41,281)

​

​

(186,300)

​

​

7,569

​

​

(10,343)

​

​

(189,074)

Operational expenditure

​

(475,243)

​

​

(90,368)

​

​

(122,961)

​

​

(171,802)

​

​

(80,112)

​

​

(104,788)

​

​

(1,045,274)

​

​

15,595

​

​

(23,667)

​

​

(1,053,346)

Impairment loss of non-financial assets (**)

​

—

​

​

103,764

​

​

—

​

​

—

​

​

—

​

​

(926)

​

​

102,838

​

​

—

​

​

—

​

​

102,838

Other operating income (**)

​

13,426

​

​

82,793

​

​

60

​

​

361

​

​

240

​

​

710

​

​

97,590

​

​

—

​

​

2,970

​

​

100,560

Other operating expenses

​

(7,344)

​

​

(542)

​

​

(506)

​

​

(1,021)

​

​

(38)

​

​

—

​

​

(9,451)

​

​

—

​

​

(2)

​

​

(9,453)

Operating income / (loss)

 

171,520

 

 

206,292

 

 

41,823

 

 

80,042

 

 

25,318

 

 

28,418

 

 

553,413

 

 

—

​

 

(12,776)

​

 

540,637

Share of income / (loss) in associates

 

(5)

 

 

—

 

 

—

 

 

—

 

 

—

 

 

14

 

 

9

 

 

—

​

 

7,099

​

 

7,108

Amortization and depreciation

 

60,534

 

 

12,035

 

 

8,154

 

 

19,638

 

 

6,688

 

 

10,695

 

 

117,744

 

 

—

​

 

12,238

​

 

129,982

Adjusted Ebitda

 

232,049

 

 

218,327

 

 

49,977

 

 

99,680

 

 

32,006

 

 

39,127

 

 

671,166

 

 

—

​

 

6,561

​

 

677,727

Construction services revenue

 

(93,014)

 

 

(151)

 

 

(31,705)

 

 

(3,630)

 

 

(21)

 

 

(16,201)

 

 

(144,722)

 

 

—

​

 

—

​

 

(144,722)

Construction services cost

 

92,898

 

 

151

 

 

31,705

 

 

3,524

 

 

21

 

 

9,972

 

 

138,271

 

 

—

​

 

—

​

 

138,271

Adjusted Ebitda excluding Construction Services

 

231,933

 

 

218,327

 

 

49,977

 

 

99,574

 

 

32,006

 

 

32,898

 

 

664,715

 

 

—

​

 

6,561

​

 

671,276

Construction services revenue

 

93,014

 

 

151

 

 

31,705

 

 

3,630

 

 

21

 

 

16,201

 

 

144,722

 

 

—

​

 

—

​

 

144,722

Construction services cost

​

(92,898)

​

​

(151)

​

​

(31,705)

​

​

(3,524)

​

​

(21)

​

​

(9,972)

​

​

(138,271)

​

​

—

​

​

—

​

​

(138,271)

Adjusted Ebitda

​

232,049

​

​

218,327

​

​

49,977

​

​

99,680

​

​

32,006

​

​

39,127

​

​

671,166

​

​

—

​

​

6,561

​

​

677,727

Financial income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

101,598

Financial loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(406,570)

Inflation adjustment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(40,547)

Amortization and depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(129,982)

Income before income tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

202,226

Income tax

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

24,241

Net income for the year

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

226,467

​

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

​

Current assets

​

183,795

​

​

188,160

​

​

49,871

​

​

91,159

​

​

59,737

​

​

68,197

​

​

640,919

​

​

(85,454)

​

​

194,445

​

​

749,910

Non-current assets

 

1,170,392

 

 

667,193

 

 

197,529

 

 

154,754

 

 

53,782

 

 

267,568

 

 

2,511,218

 

 

(768)

​

 

281,616

​

 

2,792,066

Capital Expenditure

 

93,326

 

 

1,727

 

 

38,725

 

 

7,073

 

 

3,267

 

 

17,504

 

 

161,622

 

 

—

​

 

—

​

 

161,622

Current liabilities

 

127,079

 

 

221,843

 

 

29,968

 

 

34,076

 

 

54,106

 

 

139,248

 

 

606,320

 

 

(85,454)

​

 

165,062

​

 

685,928

Non-current liabilities

 

673,245

 

 

907,835

 

 

62,073

 

 

—

 

 

7,329

 

 

78,834

 

 

1,729,316

 

 

(768)

​

 

323,591

​

 

2,052,139

​

(*) Mainly includes revenues recognized over time, see Note 5.

(**) The Brazilian segment includes the impact of the compensation received regarding the Natal airport, see Note 26.b.

​

4       Segment information (Cont.)

Geographical information (Cont.)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable

 

 

Intrasegment

​

​

​

​

 

​

​

​

Argentina

​

​

Brazil

​

​

Uruguay

​

​

Armenia

​

​

Ecuador

​

​

Italy

​

​

segment

​

​

Adjustments

​

​

Unallocated

​

​

Total

Year ended December 31, 2022

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

​

​

 

​

​

 

​

Aeronautical revenue (*)

 

330,288

 

 

36,610

 

 

43,450

 

 

60,662

 

 

68,370

 

 

70,371

 

 

609,751

 

 

—

​

 

—

​

 

609,751

Non-aeronautical revenue (*)

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

​

Commercial revenue

 

308,346

 

 

52,700

 

 

56,171

 

 

145,059

 

 

25,060

 

 

32,449

 

 

619,785

 

 

(10,652)

​

 

3,412

​

 

612,545

Construction service revenue

 

124,210

 

 

—

 

 

13,169

 

 

1,819

 

 

2,769

 

 

7,829

 

 

149,796

 

 

—

​

 

—

​

 

149,796

Other revenue

 

—

​

​

—

​

​

13

 

 

—

 

 

—

​

​

6,558

​

​

6,571

​

​

(1,737)

​

​

1,737

​

​

6,571

Revenue

 

762,844

 

 

89,310

 

 

112,803

 

 

207,540

 

 

96,199

 

 

117,207

 

 

1,385,903

 

 

(12,389)

​

 

5,149

​

 

1,378,663

Salaries and social security contributions

 

(129,366)

 

 

(23,409)

 

 

(20,385)

 

 

(13,826)

 

 

(10,106)

 

 

(40,075)

 

 

(237,167)

 

 

—

​

 

(1,034)

​

 

(238,201)

Concession fees

 

(93,772)

 

 

(20,213)

 

 

(14,891)

 

 

—

 

 

(30,985)

 

 

(5,983)

 

 

(165,844)

 

 

7,336

​

 

—

​

 

(158,508)

Construction service cost

 

(124,016)

 

 

—

 

 

(13,169)

 

 

(1,767)

 

 

(2,769)

 

 

(6,134)

 

 

(147,855)

 

 

—

​

 

—

​

 

(147,855)

Maintenance expense

 

(76,022)

 

 

(5,653)

 

 

(10,932)

 

 

(4,992)

 

 

(3,992)

 

 

(7,757)

 

 

(109,348)

 

 

1

​

 

(19)

​

 

(109,366)

Amortization and depreciation

 

(87,363)

 

 

(11,228)

 

 

(7,381)

 

 

(17,650)

 

 

(6,434)

 

 

(11,122)

 

 

(141,178)

 

 

—

​

 

(11,953)

​

 

(153,131)

Cost of fuel

​

—

​

​

(358)

​

​

(1,372)

​

​

(105,440)

 

 

—

 

​

—

​

​

(107,170)

​

​

—

​

​

—

​

​

(107,170)

Other operational expenditures

​

(72,402)

​

​

(23,418)

​

​

(16,398)

​

​

(12,049)

​

​

(19,365)

​

​

(40,517)

​

​

(184,149)

​

​

5,052

​

​

(11,005)

​

​

(190,102)

Operational expenditure

​

(582,941)

​

​

(84,279)

​

​

(84,528)

​

​

(155,724)

​

​

(73,651)

​

​

(111,588)

​

​

(1,092,711)

​

​

12,389

​

​

(24,011)

​

​

(1,104,333)

Impairment loss of non-financial assets

​

—

​

​

—

 

 

—

 

 

—

 

 

—

​

​

(111)

​

​

(111)

​

​

—

​

​

—

​

​

(111)

Other operating income

​

15,859

​

​

16,254

​

​

159

​

​

175

​

​

91

​

​

4,796

​

​

37,334

​

​

—

​

​

6

​

​

37,340

Other operating expenses

​

(5,232)

​

​

(424)

​

​

(478)

​

​

(769)

​

​

(77)

 

​

—

​

​

(6,980)

​

​

—

​

​

(4)

​

​

(6,984)

Operating (loss) / income

 

190,530

 

 

20,861

 

 

27,956

 

 

51,222

 

 

22,562

 

 

10,304

 

 

323,435

 

 

—

​

 

(18,860)

​

 

304,575

Share of income / (loss) in associates

 

(24)

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(257)

 

 

(281)

 

 

—

​

 

(689)

​

 

(970)

Amortization and depreciation

 

87,363

 

 

11,228

 

 

7,381

 

 

17,650

 

 

6,434

 

 

11,122

 

 

141,178

 

 

—

​

 

11,953

​

 

153,131

Adjusted Ebitda

 

277,869

 

 

32,089

 

 

35,337

 

 

68,872

 

 

28,996

 

 

21,169

 

 

464,332

 

 

—

​

 

(7,596)

​

 

456,736

Construction services revenue

 

(124,210)

 

 

—

 

 

(13,169)

 

 

(1,819)

 

 

(2,769)

 

 

(7,829)

 

 

(149,796)

 

 

—

​

 

—

​

 

(149,796)

Construction services cost

 

124,018

 

 

—

 

 

13,169

 

 

1,766

 

 

2,769

 

 

6,133

 

 

147,855

 

 

—

​

 

—

​

 

147,855

Adjusted Ebitda excluding Construction Services

 

277,677

 

 

32,089

 

 

35,337

 

 

68,819

 

 

28,996

 

 

19,473

 

 

462,391

 

 

—

​

 

(7,596)

​

 

454,795

Construction services revenue

 

124,210

 

 

—

 

 

13,169

 

 

1,819

 

 

2,769

 

 

7,829

 

 

149,796

 

 

—

​

 

—

​

 

149,796

Construction services cost

 

(124,018)

​

​

—

​

​

(13,169)

​

​

(1,766)

​

​

(2,769)

​

​

(6,133)

​

​

(147,855)

​

​

—

​

​

—

​

​

(147,855)

Adjusted Ebitda

​

277,869

​

​

32,089

​

​

35,337

​

​

68,872

​

​

28,996

​

​

21,169

​

​

464,332

​

​

—

​

​

(7,596)

​

​

456,736

Financial income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

63,859

Financial loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(196,405)

Inflation adjustment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

19,459

Amortization and depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(153,131)

Income before income tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

190,518

Income tax

​

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

(24,883)

Net income for the year

​

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

165,635

​

(*) Mainly includes revenues recognized over time, see Note 5.
v3.25.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue  
Revenue

5     Revenue

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Aeronautical revenue

 

876,729

 

644,453

 

609,751

Non aeronautical revenue

 

​

 

​

 

​

Commercial revenue

 

738,688

 

603,651

 

612,545

Construction service revenue

 

223,361

 

144,722

 

149,796

Other revenue

 

4,489

 

7,212

 

6,571

Revenue

 

1,843,267

 

1,400,038

 

1,378,663

​

 

​

 

​

 

​

Timing of revenue recognition

 

​

 

​

 

​

Over time

 

1,446,616

​

1,039,699

 

1,035,506

At a point in time

 

104,526

​

119,730

 

114,826

Revenues accounted for under IFRS 16

 

292,125

​

240,609

 

228,331

Revenue

 

1,843,267

​

1,400,038

 

1,378,663

​
v3.25.1
Cost of services
 12 Months Ended
Dec. 31, 2024
Cost of services  
Cost of services

6       Cost of services

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Salaries and social security contributions (*)

 

(251,805)

 

(185,920)

 

(205,891)

Construction services cost

 

(216,834)

 

(138,271)

 

(147,855)

Concession fees (**)

 

(210,601)

 

(156,245)

 

(158,508)

Amortization and depreciation (***)

 

(175,118)

 

(123,679)

 

(145,794)

Maintenance expenses

 

(170,722)

 

(105,619)

 

(107,474)

Cost of fuel

 

(98,689)

 

(113,067)

 

(107,170)

Services and fees

 

(69,894)

 

(56,642)

 

(56,834)

Office expenses

 

(16,034)

 

(9,744)

 

(10,753)

Taxes

 

(5,409)

 

(2,355)

 

(3,502)

Provision for maintenance costs

 

(4,582)

 

(4,364)

 

(3,450)

Others

 

(17,645)

 

(18,771)

 

(15,747)

​

 

(1,237,333)

 

(914,677)

 

(962,978)

​

(*) At the year-end, the number of employees was 6.1 thousand in 2024, 2023 and 2022.

(**) Includes depreciation for fixed concession assets fees, as shown in Note 12, of USD 19,936 for the year ended December 31, 2024 (USD 20,715 and USD 18,764 for the year ended December 31, 2023 and 2022 respectively).

(***) Includes depreciation of leases of USD 2,572 for the year ended December 31, 2024 (USD 2,464 and USD 3,676 for the year ended December 31, 2023 and 2022 respectively).
v3.25.1
Selling, general and administrative expenses
 12 Months Ended
Dec. 31, 2024
Selling, general and administrative expenses  
Selling, general and administrative expenses

7     Selling, general and administrative expenses

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Taxes (*)

​

(63,389)

​

(37,013)

​

(45,250)

Salaries and social security contributions

 

(46,123)

 

(33,038)

 

(32,310)

Services and fees

 

(45,313)

 

(39,691)

 

(44,836)

Office expenses

 

(8,827)

 

(4,870)

 

(3,685)

Amortization and depreciation (**)

 

(7,353)

 

(6,303)

 

(7,337)

Advertising

 

(6,499)

 

(1,547)

 

(1,652)

Insurance

 

(2,669)

 

(2,810)

 

(2,359)

Maintenance expenses

 

(2,479)

 

(2,130)

 

(1,892)

Bad debts

 

(8,883)

 

(4,985)

 

(13,443)

Bad debts recovery

 

4,440

 

3,439

 

18,203

Other

 

(11,013)

 

(9,721)

 

(6,794)

​

 

(198,108)

 

(138,669)

 

(141,355)

​

(*) Mainly included taxes over bank transactions and tax on revenue not included in the line item “Income tax”.

(**) Includes depreciation of leases of USD 776 for the year ended December 31, 2024 (USD 739 and USD 901 for the year ended December 31, 2023 and 2022 respectively).
v3.25.1
Other operating income
 12 Months Ended
Dec. 31, 2024
Other operating income  
Other operating income

8       Other operating income

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Government grants (1)

 

21,686

 

13,313

 

15,621

Government subsidies per Covid-19 context (2)

​

16,394

​

21,511

​

14,133

Compensation for concession (3)

​

—

​

62,677

​

—

Other

 

8,310

 

3,059

 

7,586

​

 

46,390

 

100,560

 

37,340

​

(1)  Correspond to grants for the development of airport infrastructure. As consideration for having granted the concession of the Group A of the National Airport System of Argentina, AA2000 assigns to the Government 15% of the total revenues of the concession, 2.5% of such revenues are destined to fund the investment commitments of AA2000 corresponding to the investment plan under the concession agreement by means of a trust in which AA2000 is the settlor; Banco de la Nación Argentina, the trustee; and the beneficiaries are AA2000 and constructors of the airports’ works. The funds in the trust are used to settle the accounts payable to suppliers of the infrastructure being built in the Argentine Airport System. As per IAS 20, the benefit received by AA2000 qualifies as a grant related to income on a monthly basis that it is recognized at fair value since there is a reasonable assurance that such benefit will be received.

(2)   Mainly corresponds to the following government subsidies to support airports in the context of Covid-19 pandemic for the year ended December 31, 2024, 2023 and 2022:

​

◾Re-equilibrium of concession agreements due to force majeure or fortuitous case events in Brazilian airports for a total amount of USD 16,315 USD 17,785 and USD 13,639 net of tax in 2024, 2023 and 2022 respectively.

Due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic is a case of “force majeure” or “fortuitous event” concluding that the loss from the impact of the pandemic is not part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, the Agência Nacional de Aviação Civil (“the Brazilian ANAC”) determined that the compensation owing to the operators should be based on their projected operational result in the scenario without pandemic.

However, in 2024, there was a significant change in the methodology to determine the economic-financial re-equilibrium.

The previous methodology was based on the difference between the estimated operational cash flow (pre-Covid-19 scenario) and the actual cash flow (post-Covid-19 scenario), calculated based on EBITDA.

The new methodology focuses on the difference in the number of passengers processed at the airport between the pre- and post-Covid-19 scenarios. The re-equilibrium is calculated based on the EBITDA of the factual scenario, considering some adjustments required by ANAC. Then, this “EBITDA/Pax” indicator is then multiplied by the observed difference in passenger numbers, resulting in the rebalancing amount. This change has brought simplification and greater predictability to the re-equilibrium calculation, with an amendment ensuring its continuity for the coming years until the actual demand reaches the demand projected by ANAC for the pre-COVID scenario of the year 2023.

The compensatory amounts for the years 2024, 2023 and 2022 with respect of Brasilia airport were estimated at USD 16,315 USD 15,264 and USD 11,754 net of tax respectively, and the measure of this reconstitution is through the offset of the concession fee payable, see amount compensated in Note 23.

The compensatory amounts for the years 2023 and 2022 for Natal airport were estimated at USD 2,521 and USD 1,885 net of tax respectively, which was received through the offset of the monthly contribution and the readjustment of aeronautical tariffs until December 31, 2023, date on which the pending amount was included in the indemnification received from the Brazilian Government as part of the re-bidding process (Note 26.b).

8       Other operating income (Cont.)

During 2024, the final compensatory amount for the year 2023 for the Brasilia and Natal airports was determined, resulting, net of tax, in a decrease of USD 139 and an increase of USD 218, respectively compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2023.

During 2023, the final compensatory amount for the year 2022 for the Brasilia and Natal airports was determined, resulting, net of tax, in an increase of USD 3,550 and USD 176, respectively compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2022.

During 2022, the final compensatory amounts for the year 2021 were determined, resulting, net of tax, in an increase of USD 1,046 related to Brasilia airport and a reversal of USD 190 related to the Natal Airport compared to the amounts that had initially been estimated and recognized as Other operating income as of December 31, 2021.

◾ In June 2022, the final amount referring to the compensation granted to TA in 2021 was determined, resulting in a reversal of approximately EUR 339 thousand (equivalent to USD 362).

There are no unfulfilled conditions or other contingencies attached to these grants.

(3)   Corresponds to the indemnification regarding the concession of the Natal Airport as detailed in Note 26.b for a total amount of USD 62.7 that comprises a net gain for the compensation of the assets offset by liabilities of the concession.
v3.25.1
Financial results, net
 12 Months Ended
Dec. 31, 2024
Financial results, net  
Financial results, net

9       Financial results, net

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Interest income

 

56,368

 

52,680

 

43,919

Foreign exchange results

 

2,531

 

39,772

 

10,658

Other financial income (1)

 

12,531

 

9,146

 

9,282

Financial income

 

71,430

 

101,598

 

63,859

​

 

​

 

​

 

​

Interest expense

 

(107,464)

 

(95,185)

 

(164,288)

Foreign exchange results (2)

 

314,505

 

(203,798)

 

79,945

Changes in liability for concessions (3)

 

(87,556)

 

(98,480)

 

(101,488)

Other financial loss (4)

 

(9,180)

 

(9,107)

 

(10,574)

Financial loss

 

110,305

 

(406,570)

 

(196,405)

​

 

​

 

​

 

​

Inflation adjustment

 

(21,260)

 

(40,547)

 

19,459

Inflation adjustment

 

(21,260)

 

(40,547)

 

19,459

Financial results, net

 

160,475

 

(345,519)

 

(113,087)

​

(1) Mainly includes gains from other financial assets for a total amount of USD 9,464 for the year ended December 31, 2024 (USD 5,021 and USD 5,695 for the year ended December 31, 2023 and 2022, respectively).

(2) Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency loans in AA2000.

(3) Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

(4)  Includes leases financial cost, see Note 14(ii).
v3.25.1
Share of results in associates
 12 Months Ended
Dec. 31, 2024
Share of results in associates  
Share of results in associates

10       Share of results in associates

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Share of (loss) / income in associates (Note 15)

 

(996)

 

7,108

 

(970)

​

 

(996)

 

7,108

 

(970)

​
v3.25.1
Income tax
 12 Months Ended
Dec. 31, 2024
Income tax  
Income tax

11       Income tax

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Current income tax

 

(35,200)

 

(38,456)

 

(20,468)

Deferred income tax

 

(263,620)

 

62,697

 

(4,415)

​

 

(298,820)

 

24,241

 

(24,883)

​

The income tax expense differs from the theoretical amount that would arise using the tax rate in each country as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Income / (loss) for the year before income tax

 

606,732

 

202,226

 

190,518

Tax calculated at the tax rate in each country

 

(212,374)

 

(59,160)

 

(57,275)

Adjustments

 

​

 

​

 

​

Non-taxable income(6)

 

34,130

 

57,519

 

17,624

Expenses related to non-taxable income

​

(12,689)

​

(8,871)

​

(19,005)

Non-deductible expenses

 

(11,221)

 

(3,581)

 

(14,402)

Effect of tax inflation adjustment (1)

​

(167,973)

​

(114,289)

​

(123,956)

Effect of inflation adjustment

​

(80,365)

​

(53,895)

​

10,253

Effect of asset revaluation for tax purposes (2)

 

118,242

 

119,483

 

141,030

Inflation adjustment for tax purposes of tax losses (3)

 

76,622

 

81,273

 

57,322

Unrecognized deferred taxes (4)

 

(49,631)

 

(11,427)

 

(43,861)

Investment project exonerations (5)

 

12,737

 

12,552

 

6,095

Other

 

(6,298)

 

4,637

 

1,292

Income tax

​

(298,820)

​

24,241

​

(24,883)

​

(1)In order to determine the net taxable income of CAAP’s Argentine subsidiaries at the end of each year, the tax inflation adjustment determined in accordance with articles No. 95 to No. 98 of the income tax law has been incorporated into the tax results for a total amount of USD 167,973 as of December 31, 2024 (USD 114,289 and USD 123,956 as of December 31, 2023 and 2022 respectively), due to the fact that as of December 31, 2024, 2023 and 2022 the accumulated price index variation for the last 36 months has already exceeded 100%. Likewise, the income tax law allowed the deferral of the charge generated until 2020 by the tax inflation adjustment in six consecutive years. For 2024 the tax inflation adjustment is applicable as the accumulated inflation of the last three years is greater than 100%, and the adjustment resulting from this procedure was recognized as a current tax of the year. As consequence, as of December 31, 2024, USD 167,973 (USD 114,289 and USD 123,956 as of December 31, 2023 and 2022 respectively) was recognized as a reduction of current tax losses in deferred tax.

​

(2)Corresponds to the asset revaluation for tax purpose included in Law No. 27.430 of Argentina. As of March 29, 2019, AA2000 start exercising the option of the asset revaluation for tax purpose.

​

(3)On May 23, 2022, AA2000 filed tax returns for year 2021, reporting tax losses from previous years in accordance with the mechanism provided by the tax laws in Argentina. As of December 31, 2024, the taxable base of the historical tax carryforward losses (excluding the result of the current fiscal year) amounts to ARS 75,345 million, equivalent to USD 73.0 million, (ARS 38,585 million, equivalent to USD 47.7 million, as of December 31, 2023) and adjusted by inflation to ARS 138,781 million, equivalent to USD 134.5 million, (ARS 255,660 million, equivalent to USD 316.2 million, as of December 31, 2023). AA2000 also made a filing before AFIP, under tax secrecy protection provided by law, in order to preserve its rights in a transparency framework. AA2000’s management, with the assistance of its legal and tax advisors, believe that the arguments raised before AFIP are closely related to those considered by the court in similar procedures, and therefore, it has solid arguments to support the applied criteria.

​

(4)Mainly temporary differences for which no deferred income tax has been recognized from Brazilian concessions. Additionally, as of December 31, 2022 and December 31, 2024, deferred tax assets on tax loss carry forwards from Brazilian concessions for a total amount of USD 14.8 million and USD 35.8 million, respectively, were unrecognized because there was not sufficient evidence that there would be enough future taxable profits to use such tax losses.

11       Income tax (Cont.)

​

(5)On November 9, 2022, PDS was granted by Government of Uruguay tax exemptions related to investments to be made in connection with the development and expansion of new airports (Note 26.b) and the rest of the capex program of PDS managed by CAAP until the expiry of the concession in 2053. The exemptions include VAT and customs duties otherwise applied to construction costs as well as exemptions of income tax for a 25 year period, starting in 2022.

​

(6)As of December 31, 2023 includes USD 35.3 million related to the reversal of the impairment of intangible assets of ICASGA (see Note 12).

​

OECD Pillar Two model rules

​

The group is within the scope of the OECD Pillar Two model rules (the Global Anti-Base Erosion Proposal, or ‘GloBE’ rules). The Pillar Two legislation implementing the GloBE rules was enacted in 2023 notably in Luxembourg, the jurisdiction of the Company, and in certain other jurisdictions where it operates. The Pillar Two legislation came into effect as from fiscal years starting on or after 31 December 2023. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

​

With the information currently available, and in light of the assessment carried out, the Company has not identified a material impact of the Pillar Two legislation on the Company’s tax liability.

​

This is based on the fact that for fiscal year 2024 it has been concluded that no Qualified Domestic Minimum Top-up Tax (“QDMTT”) will be due in Luxembourg and, even if so, the Company will not be the designated paying entity.

​

In addition, the entity liable for any resulting GloBE top-up tax to be paid in relation to any jurisdiction other than Luxembourg, when and if the case, is the ultimate parent entity of the multinational group the Company belongs to, rather than the Company itself.

​

Finally, for the first three years of operation, transitional exemptions (i.e. the so-called transitional safe harbours) operate on a jurisdiction-by-jurisdiction basis to remove the need to prepare full calculations, while the top-up tax due in respect of a given jurisdiction is deemed to be zero, should one of the three foreseen tests be met. The Company has analyzed these exemptions and concluded that very few jurisdictions may be failing to meet the exemptions, but no material GloBE top-up tax is expected to arise. The Group continues to assess its exposure to the Pillar Two legislation.
v3.25.1
Intangible assets, net
 12 Months Ended
Dec. 31, 2024
Intangible assets, net  
Intangible assets, net

12       Intangible assets, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Patent, intellectual

​

​

​

​

​

​

​

​

property rights and

​

​

​

    

Concession Assets

    

Goodwill

    

others

    

Total

Cost

​

​

​

​

​

​

​

​

Balances at January 1, 2024

    

4,153,428

    

9,293

    

24,661

    

4,187,382

Acquisitions

​

219,322

​

—

​

1,435

​

220,757

Impairment reversal

 

—

 

—

 

—

 

—

Disposals

 

(434)

 

—

 

(484)

 

(918)

Other

 

2,941

 

—

 

—

 

2,941

Transfer

 

(1,245)

 

—

 

—

 

(1,245)

Transfer from property plant and equipment

​

16

​

—

​

—

​

16

Translation differences and inflation adjustment

​

1,028,272

​

(505)

​

(1,769)

​

1,025,998

Balances at December 31, 2024

​

5,402,300

​

8,788

​

23,843

​

5,434,931

Balances at January 1, 2023

​

4,749,233

​

9,003

​

22,658

​

4,780,894

Acquisitions

​

150,616

​

—

​

1,221

​

151,837

Impairment reversal (*)

 

102,838

 

—

 

—

 

102,838

Disposals (**)

 

(139,218)

 

—

 

(88)

 

(139,306)

Other

 

236

 

—

 

—

 

236

Transfer

​

(2,000)

​

—

​

—

​

(2,000)

Transfer from property plant and equipment

​

1,156

​

—

​

—

​

1,156

Translation differences and inflation adjustment

 

(709,433)

 

290

 

870

 

(708,273)

Balances at December 31, 2023

 

4,153,428

 

9,293

 

24,661

 

4,187,382

Depreciation

 

​

 

​

 

​

 

​

Accumulated at January 1, 2024

 

1,645,013

 

—

 

21,404

 

1,666,417

Depreciation of the year

 

188,465

 

—

 

822

 

189,287

Disposals

​

(31)

​

—

​

(284)

​

(315)

Transfer from property plant and equipment

​

5

​

—

​

—

​

5

Translation differences and inflation adjustment

​

425,542

​

—

​

(1,453)

​

424,089

Accumulated at December 31, 2024

​

2,258,994

​

—

​

20,489

​

2,279,483

Accumulated at January 1, 2023

​

1,800,871

​

—

​

20,021

​

1,820,892

Depreciation of the year

 

138,620

​

—

 

650

​

139,270

Disposals (**)

 

(13,554)

 

—

 

(17)

 

(13,571)

Translation differences and inflation adjustment

 

(280,924)

 

—

 

750

 

(280,174)

Accumulated at December 31, 2023

 

1,645,013

​

—

 

21,404

 

1,666,417

Net balances at December 31, 2024

 

3,143,306

 

8,788

 

3,354

 

3,155,448

Net balances at December 31, 2023

​

2,508,415

​

9,293

​

3,257

​

2,520,965

​

(*) Mainly includes a reversal of impairment of intangible assets recognized in previous periods due to the compensation received by ICASGA as part of the re-bidding process detailed in Note 26.b, for an amount of USD 103.8 million.

(**) Mainly includes the disposal of the intangible assets regarding ICASGA’s concession, see Note 26.b.

Due to the good performance witnessed during 2024 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the losses from its operations.

Therefore, the Group performed the impairment test of the Brazilian CGU (covering concession assets with a carrying value of USD 509.2 million as of December 31, 2024) based on the discounted cash flow model covering the remaining concession period (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical data.

​

12       Intangible assets, net (Cont.)

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs of a subsidiary or group of subsidiaries that are expected to benefit from such business combination. As of December 31, 2024 and 2023, the recoverable amount of aforementioned CGU’s exceeded their respective carrying amount.
v3.25.1
Property, plant and equipment, net
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment, net  
Property, plant and equipment, net

13       Property, plant and equipment, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Land,

​

Plant and

​

Vehicles,

​

​

​

​

​

​

​

​

building and

​

production

​

furniture and

​

Works in

​

​

​

​

​

    

improvements

    

Equipment

    

fixtures

    

progress

    

Others

    

Total

Cost

 

  

 

  

 

  

 

  

 

  

 

  

Balances at January 1, 2024

 

59,361

 

54,229

 

70,385

 

482

 

23,531

 

207,988

Acquisitions

 

110

 

3,343

 

10,459

 

736

 

307

 

14,955

Disposals

 

—

 

(41)

 

(1,941)

 

—

 

(2)

 

(1,984)

Transfers

​

11

​

—

​

—

​

(11)

​

—

​

—

Transfers to intangible

 

—

 

(4)

 

(12)

 

—

 

—

 

(16)

Translation differences and inflation adjustment

 

(1,647)

 

(1,900)

 

2,463

 

(17)

 

(1,373)

 

(2,474)

Balances at December 31, 2024

 

57,835

 

55,627

 

81,354

 

1,190

 

22,463

 

218,469

Balances at January 1, 2023

 

56,644

 

51,920

 

68,597

 

1,055

 

22,521

 

200,737

Acquisitions

 

40

 

2,209

 

5,405

 

1,556

 

575

 

9,785

Disposals

​

—

​

(38)

​

(469)

​

—

​

(387)

​

(894)

Transfers

 

1,886

 

57

 

—

 

(1,981)

 

38

 

—

Transfers to intangible

​

—

​

(1,002)

​

—

​

(154)

​

—

​

(1,156)

Translation differences and inflation adjustment

 

791

 

1,083

 

(3,148)

 

6

 

784

 

(484)

Balances at December 31, 2023

 

59,361

 

54,229

 

70,385

 

482

 

23,531

 

207,988

Accumulated at January 1, 2024

 

16,342

 

41,867

 

53,574

 

—

 

21,286

 

133,069

Depreciation of the year

​

1,255

​

2,786

​

5,507

​

—

​

825

​

10,373

Disposals

 

—

 

(32)

 

(1,839)

 

—

 

(2)

 

(1,873)

Transfers

​

—

​

10

​

(10)

​

—

​

—

​

—

Transfers to intangible

​

—

​

—

​

(5)

​

—

​

—

​

(5)

Translation differences and inflation adjustment

​

82

​

(1,555)

​

1,838

​

—

​

(1,261)

​

(896)

Accumulated at December 31, 2024

 

17,679

 

43,076

 

59,065

 

—

 

20,848

 

140,668

Accumulated at January 1, 2023

 

15,324

 

38,163

 

52,491

 

—

 

20,017

 

125,995

Depreciation of the year

​

1,134

​

2,890

​

4,152

​

—

​

944

​

9,120

Disposals

​

—

​

(36)

​

(388)

​

—

​

(378)

​

(802)

Translation differences and inflation adjustment

 

(116)

 

850

 

(2,681)

 

—

 

703

 

(1,244)

Accumulated at December 31, 2023

 

16,342

 

41,867

 

53,574

 

—

 

21,286

 

133,069

Net balances at December 31, 2024

 

40,156

 

12,551

 

22,289

 

1,190

 

1,615

 

77,801

Net balances at December 31, 2023

​

43,019

​

12,362

​

16,811

​

482

​

2,245

​

74,919

​
v3.25.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

14       Leases

​

(i)

Amounts recognized in Consolidated Financial Position:

The Consolidated Statement of Financial Position shows the following amounts relating to leases:

​

​

​

​

​

​

​

    

For the year ended December 31,

Right-of-use assets

​

2024

    

2023

Land, building and improvements

 

7,465

 

7,655

Plant and production equipment

 

1,685

 

2,246

Vehicles, furniture and fixtures

 

771

 

592

​

 

9,921

 

10,493

​

​

​

​

​

Lease liabilities

 

​

 

​

Current

 

3,707

 

3,687

Non-current

 

7,010

 

10,294

​

 

10,717

 

13,981

​

The evolution of right-of-use assets and lease liabilities during 2024 and 2023 are as follows:

​

​

​

​

​

​

Right-of-use assets

    

2024

     

2023

Balances at the beginning of the year

 

10,493

​

9,192

Additions

 

619

​

5,217

Contract modifications

​

(2)

​

(49)

Depreciation of the year

 

(3,348)

​

(3,203)

Translation differences and inflation adjustment

 

2,159

​

(664)

Balances at the end of the year

 

9,921

​

10,493

​

​

​

​

​

​

Lease liabilities

    

2024

     

2023

Balances at the beginning of the year

 

13,981

​

8,809

New contracts

 

619

​

5,336

Lease payments

 

(4,397)

​

(3,118)

Contract modifications

​

(2)

​

(49)

Leases financial cost

 

847

​

446

Translation differences and inflation adjustment

 

(331)

​

2,557

Balances at the end of the year

 

10,717

​

13,981

​

The maturity of lease liabilities is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

 1 year or less 

    

  1 to 2 years 

    

  2 to 5 years 

    

 Over 5 years 

    

 Total 

At December 31, 2024

 

3,966

 

3,421

 

1,920

 

3,057

 

12,364

At December 31, 2023

​

3,822

 

3,883

 

4,879

 

4,052

 

16,636

​

The amounts disclosed in the table are the contracted undiscounted cash flows.

​

14       Leases (Cont.)

(ii)

Amounts recognized in Consolidated Statement of Income:

The Consolidated Statement of Income shows the following amounts relating to leases:

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

    

2024

    

2023

    

2022

Depreciation charge of right-of-use assets

 

​

​

  

​

​

Land, building and improvements

 

(2,817)

​

(2,730)

​

(3,966)

Plant and production equipment

 

(219)

​

(198)

​

(179)

Vehicles, furniture and fixtures

 

(312)

​

(275)

​

(432)

​

 

(3,348)

​

(3,203)

​

(4,577)

​

​

​

​

​

​

​

Financial expenses (Leases financial cost)

 

(847)

​

(446)

​

(605)

Expense relating to short-term leases (included in cost of services and selling, general and administrative expenses)

 

(771)

​

(865)

​

(412)

Expense relating to leases of low-value assets that are not shown above as short-term leases (included in cost of services and selling, general and administrative expenses)

 

(351)

​

(326)

​

(300)

Expense relating to variable lease payments not included in lease liabilities (included in cost of services)

 

(762)

​

(1,855)

​

(1,330)

​

(iii)

Variable lease payments

Some security equipment leases contain variable payment terms that are linked to passenger traffic. Variable lease payments that depend on passengers are recognized in profit or loss in the period in which the condition that triggers those payments occurs. A 10% increase in passenger traffic across airports in the Group with such variable lease contracts would increase total lease payments by approximately USD 76.2 as of December 31, 2024 (USD 185.5 and 133.0 as of December 31, 2023 and 2022 respectively).

(iv)

The Group as a lessor

As indicated in Note 2.Q, leases and sub-concession of spaces are classified as operating leases. These revenues mainly refer to sub-concessions of commercial spaces (duty free shops, food and beverage services, retail stores) and advertising spaces, among others. Lease payments for some contracts include a minimum agreed upon amount and other variable lease payments by applying a percentage on lessors’ revenues, both of which are set forth in the lease agreements. Where considered necessary to reduce credit risk, the Group may obtain guarantees for the term of the lease.

Commercial revenues corresponding to variable income from lease or sub-concession of spaces that do not depend on an index or rate, for example determined on the basis of lessee’s sales or passenger traffic, correspond, as December 31, 2024, to a 46% of total revenues of leases and sub-concession of spaces (42% and 48% as of December 31, 2023 and 2022 respectively).

14       Leases (Cont.)

(iv)

The group as a lessor (Cont.)

Minimum lease payments receivable on leases and sub-concession of spaces with third parties at its airports facilities are as follows:

​

​

​

​

​

​

​

​

​

    

At December 31,

​

    

2024

    

2023

     

2022

Within 1 year

 

105,455

​

109,314

​

99,142

Between 1 and 5 years

 

273,589

​

266,875

​

241,115

Later than 5 years

 

152,681

​

160,059

​

136,344

Total

 

531,725

​

536,248

​

476,601

​
v3.25.1
Investments in associates
 12 Months Ended
Dec. 31, 2024
Investments in associates  
Investments in associates

15       Investments in associates

​

​

​

​

​

​

​

​

​

For the year ended December 31,

 

​

    

2024

    

2023

 

Balances at the beginning of the year

 

11,992

 

1,911

​

Share of (loss)/income in associates (Note 10)

 

(996)

 

7,108

​

Contributions

 

666

 

84

​

Acquisitions (1)

 

—

 

3,384

​

Others

​

65

​

(425)

​

Translation differences

 

19

 

(70)

​

Balances at the end of the year

 

11,746

 

11,992

​

​

(1) Consist of the consideration for the acquisition of Navinten S.A. (Note 28)

​

Breakdown of the share of (loss)/income in associates is as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Sociedad Aeroportuaria Kuntur Wasi S.A.

 

(666)

 

(84)

 

(260)

Navinten S.A. (**)

​

(263)

​

7,292

​

—

Others

 

(67)

 

(100)

 

(710)

​

 

(996)

 

7,108

 

(970)

​

Main Associates are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Investment in associates

​

​

​

​

​

​

Percentage of

​

​

​

​

​

​

​

​

​

​

ownership at

​

For the year ended

​

​

​

​

Country of

​

December 31, 

​

December 31, 

Company

    

Main activity

    

incorporation

    

2024

    

2023

    

2024

    

2023

Aeropuertos Ecológicos de Galápagos S.A. (*)

 

Airport Operation

 

Ecuador

 

99.90

%  

99.90

%  

1,000

 

1,000

Navinten S.A. (**)

​

Duty free operation

​

Uruguay

​

49.00

%  

49.00

%  

10,001

​

10,264

Sociedad Aeroportuaria Kuntur Wasi S.A. (***)

 

Airport Operation

 

Perú

 

50.00

%  

47.90

%  

—

 

—

Others

 

  

 

—

 

—

 

—

 

745

 

728

​

 

  

 

  

 

  

 

  

 

11,746

 

11,992

​

(*) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Dirección General de Aviación Civil (“DGAC”), however, the Group maintains the operational management of such company and therefore has significant influence.

15       Investments in associates (Cont.)

(**) See Note 28 regarding the acquisition of Navinten S.A.

(***) On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero; therefore, since then the investment has been maintained in zero.

v3.25.1
Deferred income tax
 12 Months Ended
Dec. 31, 2024
Deferred income tax  
Deferred income tax

16       Deferred income tax

Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate enacted in each country that are expected to apply in the period the temporary difference will reverse. The tax rate per country as of December 31, 2024 and 2023 is the following: Uruguay: 25%, Argentina: 35%, Italy: 29%, Armenia: 18%, Brazil: 34%, Ecuador: 25%, Spain: 25%, Luxembourg: 25%.

The evolution of deferred tax assets and liabilities during the years 2024 and 2023 are as follows:

Deferred tax liabilities

​

​

​

​

​

​

​

​

​

​

​

    

Property, plant 

    

    

    

​

    

​

​

​

and equipment and

​

Tax inflation

​

​

​

​

​

​

Intangibles Assets

​

adjustment

​

Other liabilities

​

Total

Balances at January 1, 2024

 

287,498

​

10,927

​

16,182

 

314,607

Increase/ (decrease) of deferred tax liabilities for the year

 

48,936

​

(18,132)

​

(8,350)

 

22,454

Translation differences and inflation adjustment

 

109,697

​

7,696

​

5,568

 

122,961

Balances at December 31, 2024

 

446,131

​

491

​

13,400

 

460,022

Balances at January 1, 2023

 

304,726

​

13,449

​

7,106

 

325,281

Increase/(decrease) of deferred tax liabilities for the year

 

37,230

​

1,822

​

8,943

 

47,995

Translation differences and inflation adjustment

 

(54,458)

​

(4,344)

​

133

 

(58,669)

Balances at December 31, 2023

 

287,498

​

10,927

​

16,182

 

314,607

​

Deferred tax assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax loss

​

Property, plant and

​

​

​

​

​

​

Provisions and

​

carry

​

equipment and

​

​

​

​

​

    

allowances

    

 forwards

    

Intangibles Assets

    

Other

    

Total

Balances at January 1, 2024

 

23,807

 

205,376

 

813

 

10,008

 

240,004

(Decrease) / increase of deferred tax assets for the year

​

(8,152)

​

(230,917)

​

(139)

​

(1,958)

​

(241,166)

Other (*)

 

—

 

(6,887)

 

—

 

820

 

(6,067)

Translation differences and inflation adjustment

​

5,678

​

91,252

​

9

​

315

​

97,254

Balances at December 31, 2024

​

21,333

​

58,824

​

683

​

9,185

​

90,025

Balances at January 1, 2023

​

26,266

​

112,775

​

989

​

7,675

​

147,705

(Decrease) / increase of deferred tax assets for the year

 

1,786

 

105,839

 

(164)

 

3,231

 

110,692

Translation differences and inflation adjustment

 

(4,245)

 

(13,238)

 

(12)

 

(898)

 

(18,393)

Balances at December 31, 2023

 

23,807

 

205,376

 

813

 

10,008

 

240,004

​

(*) Mainly includes the application of tax loss carry forwards to tax prepayments made by BSB based on Law 14,740/23.

The Group does not recognize deferred tax assets for unused tax loss carryforward or unused tax credit if it is not probable that there will be sufficient future taxable profit against which the loss carryforward or credit can be utilized.

​

At December 31, 2024 an amount of USD 358.7 million (USD 362.7 million at December 31, 2023) has not been recognized within deferred tax assets because there is not sufficient evidence that there will be enough taxable profit available to allow the benefit of part or all of that deferred tax asset to be utilized. Unused tax loss carryforwards do not expire although there are certain deduction limits, except for USD 88.4 million which expire between 2034 and 2041 as of December 31, 2024 (USD 87.1 million expire between 2034 and 2040 as of December 31, 2023).

​

At December 31, 2024, USD 9.5 million (USD 62.3 million at December 31, 2023) of the deferred tax asset relates to tax losses carryforward that do not expire, while the remaining USD 49.3 million (USD 143.1 million at December 31, 2023) expire as follows:

​

​

​

​

​

​

​

​

For the year ended December 31,

Expiration date

    

2024

    

2023

December 31, 2025

    

—

    

73,344

December 31, 2026

 

2,028

 

1,095

December 31, 2027

​

—

​

38,320

December 31, 2028

 

47,070

 

30,384

December 31, 2030

​

269

​

—

​

Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current tax assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:

​

​

​

​

​

​

​

    

2024

    

2023

Deferred tax assets

 

13,372

 

62,712

Deferred tax liabilities

 

(383,369)

 

(137,315)

​
v3.25.1
Other receivables
 12 Months Ended
Dec. 31, 2024
Other receivables  
Other receivables

17       Other receivables

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-Current

​

  

​

  

Tax credits

 

6,688

​

9,623

Trust funds (1)

 

42,162

 

22,627

Prepaid expenses

 

1,865

 

192

Other

 

7,746

 

10,198

​

 

58,461

 

42,640

Current

 

  

 

  

Tax credits

 

26,498

 

13,646

Guarantee deposit (2)

 

7,000

 

35,809

Receivables from related parties (Note 27)

 

9,239

 

9,315

Prepaid expenses

 

6,122

 

4,662

Compensation receivable (3)

​

—

​

66,612

Other (4)

 

14,297

 

15,505

​

 

63,156

 

145,549

​

(1) Funds are held by a trust, on which the Company does not have the power to direct the relevant activities of the trustee company and is not exposed, or have rights, to variable returns, as such does not consolidate the trustee company.

(2) As of December 31, 2023, includes the indemnification that ICAGSA received in cash from the Brazilian Government amounting the equivalent to USD 41.3 million (see Note 26.b). ICASGA was required to maintain the amount collected in a guarantee deposit account with BNDES. The cash cannot be withdrawn or used by ICASGA until the borrowings with BNDES are paid-off from that bank account, which occurred in January 2024 (see note 26.b). As a result, ICASGA borrowings with BNDES (USD 15.6 million as of December 31, 2023) have been presented net of the cash in guarantee deposits, as the requirements under IFRS were met.

(3) As of December 31, 2023, included the compensation receivable related to the Natal airport, which was collected on January 5 2025, as detailed in Note 26.b.

(4) Mainly includes receivable for the additional Municipal tax on passenger boarding fees of TA for a total amount of USD 5,534 as of December 31, 2024 (USD 7,595 as of December 31, 2023).

The fair value of financial assets recorded under other receivables current approximates to its carrying amount. The fair value of financial assets recorded under other receivables non-current amounts to approximately USD 45.6 million at December 31, 2024 (USD 24.4 million as of December 31, 2023). The fair value of these financial assets was calculated using a discounted cash flow (Level 3).
v3.25.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventories  
Inventories

18       Inventories

​

​

​

​

​

​

​

​

At December 31, 

Non- Current

    

2024

    

2023

Supplies

​

314

​

318

​

​

314

​

318

Current

​

​

​

​

Supplies

 

4,725

 

4,881

Oil and byproducts

 

6,681

 

11,263

Others

 

4

 

4

​

 

11,410

 

16,148

​
v3.25.1
Trade receivables
 12 Months Ended
Dec. 31, 2024
Trade receivables  
Trade receivables

19       Trade receivables

​

​

​

​

​

​

​

​

At December 31, 

Non-Current

    

2024

    

2023

Accounts receivable

 

4,305

 

4,581

Trade receivables from related parties (Note 27)

​

—

​

741

Loss allowance (see Note 3A(ii))

 

(4,287)

 

(4,433)

​

 

18

 

889

Current

 

​

 

​

Accounts receivable

 

169,162

 

138,586

Trade receivables from related parties (Note 27)

 

5,113

 

4,421

Contract assets

​

45

​

1,488

Loss allowance (see Note 3A(ii))

 

(16,774)

 

(17,935)

​

 

157,546

 

126,560

​

Fair value of trade receivables approximates the carrying amount.
v3.25.1
Other financial assets
 12 Months Ended
Dec. 31, 2024
Other financial assets  
Other financial assets

20       Other financial assets

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Other financial assets at fair value through profit or loss

 

  

 

  

Equity investments (*)

 

145

 

3,690

Other

​

4,092

​

2,289

​

 

4,237

 

5,979

Other financial assets at amortized cost

 

  

 

  

Related parties (Note 27)

 

26,404

 

6,545

Time deposits

​

9,856

​

—

Corporate bonds

 

46,445

 

53,735

Government securities

​

1,862

​

—

Other

​

51

​

810

​

 

84,618

 

61,090

​

 

88,855

 

67,069

Current

 

​

 

​

Other financial assets at fair value through profit or loss

 

​

 

​

Corporate bonds

 

665

 

729

Mutual funds

​

2,055

​

3,515

Government securities

 

259

 

434

Other

​

150

​

206

​

 

3,129

 

4,884

Other financial assets at amortized cost

 

​

 

​

Corporate bonds

​

13,943

​

4,959

Related parties (Note 27)

 

21,493

 

24,890

Time deposits

 

38,605

 

43,159

Treasury bills

 

1,232

 

9,658

Government securities

​

7,621

​

—

Other

 

29

 

476

​

 

82,923

 

83,142

​

 

86,052

 

88,026

​

(*)   Includes equity investments where the Group holds a minor equity interest and does not exert significant influence. As of December 31, 2023, mainly included TA’s holding of an 8.16% stake in Firenze Parcheggi S.p.A., a company that manages public parking lots in Florence. This stake was sold in February 2024.

Fair value of other financial assets approximate book value.
v3.25.1
Cash and cash equivalents
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents  
Cash and cash equivalents

21       Cash and cash equivalents

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Cash to be deposited

​

540

​

657

Cash at banks

 

189,684

 

192,381

Time deposits

 

21,615

 

16,729

Other cash equivalents (1)

 

228,008

 

160,081

​

 

439,847

 

369,848

​

(1) Mainly includes bank deposit certificates with immediate liquidity, treasury bills and highly liquid investments in mutual funds.

​

The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties.

As of December 31, 2024, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 4,621 (USD 5,864 as of December 31, 2023).
v3.25.1
Borrowings
 12 Months Ended
Dec. 31, 2024
Borrowings  
Borrowings

22       Borrowings

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Bank and financial borrowings (**)

 

250,150

 

278,147

Notes (*)

 

778,218

 

855,402

Other (***)

​

14,336

​

—

​

 

1,042,704

 

1,133,549

Current

 

​

 

​

Bank and financial borrowings (**)

 

32,769

 

114,092

Notes (*)

 

81,845

 

85,535

Bank overdrafts

​

—

​

61

Other (***)

​

753

​

—

​

 

115,367

 

199,688

Total Borrowings

 

1,158,071

 

1,333,237

​

Changes in borrowings during the years are as follows:

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

1,333,237

 

1,465,437

Loans obtained

 

190,345

 

87,846

Loans repaid

 

(314,077)

 

(200,475)

Interest paid

 

(96,168)

 

(83,791)

Accrued interest for the year

 

103,020

 

90,928

Offsetting of financial assets (Note 17)

​

—

​

(15,224)

Debt renegotiation expenses capitalization

​

(2,467)

​

(110)

Translation differences and inflation adjustment

 

(55,819)

 

(11,374)

Balances at the end of the year

 

1,158,071

 

1,333,237

​

​

22       Borrowings (Cont.)

​

The maturity of borrowings is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

1 year or less

    

1 to 2 years

    

2 to 5 years

    

Over 5 years

    

Total

At December 31, 2024 (1)

 

199,693

 

213,504

 

568,212

 

594,054

 

1,575,463

At December 31, 2023 (1)

 

294,299

 

239,443

 

569,488

 

711,815

 

1,815,045

​

(1) The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Fair value of borrowings (2)

 

1,167,139

 

1,328,357

​

 

1,167,139

 

1,328,357

​

(2)  Quoted prices (unadjusted) in active markets for identical liabilities included Fair Value Level 1 under IFRS 13 and valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2. There are no financial liabilities measured at fair value.

(*) Notes include the following as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company

    

Note

    

Issuance

    

Currency

    

Nominal value (in
millions of USD)

    

Maturity

    

Interest rate

    

Outstanding
(in millions of USD)

ACI

​

Senior secured guarantee notes

​

Nov-2021

​

USD

​

246.2

​

Nov-2034

​

Fixed 6.875%

​

237.2

​

​

Senior secured guarantee notes

​

May-2015, May-2020 (1)

 

USD

 

14.6

 

Nov-2032

 

Fixed 6.875%

​

10.4

​

 

Senior secured guarantee notes

 

Feb-2017, May-2020 (1)

 

USD

 

212.3

 

Feb-2027

 

Fixed 6.875%

​

44.5

​

​

​

 

Oct-2021

 

USD

 

208.9

 

Aug-2031

 

Fixed 8.500%

​

209.1

​

 

Class 1 Series 2021 Notes

 

Nov-2021

 

USD

 

64.0

 

Aug-2031

 

Fixed 8.500%

​

61.7

​

 

Class 4 Notes

 

Nov-2021

 

USD

 

62.0

 

Nov-2028

 

Fixed 9.500%

​

61.4

AA2000

​

Class 5 Notes

​

Feb-2022

​

USD (2)

​

138.0

​

Feb-2032

​

Fixed 5.500%

​

138.4

​

​

Class 6 Notes

​

Feb-2022

​

USD (2)

​

36.0

​

Feb-2025

​

Fixed 2.000%

​

27.2

​

​

Class 9 Notes

​

Aug-2022, July-2023

​

USD (2)

​

30.0

​

Aug-2026

​

Fixed 0.000%

​

23.1

​

​

Class 10 Notes

​

July-2023

​

USD (2)

​

25.0

​

July-2025

​

Fixed 0.000%

​

18.5

​

 

Class 11 Notes

 

Dec-2024

 

USD

 

28.8

 

Dec-2026

 

Fixed 5.500%

​

28.6

Total

 

  

 

  

 

  

 

  

 

  

 

  

 

860.1

​

(1)

A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2)

These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

​

22       Borrowings (Cont.)

​

(*) Notes include the following as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company

​

Note

    

Issuance

    

Currency

    

Nominal value (in
millions of USD)

    

Maturity

    

Interest rate

    

Outstanding
(in millions of USD)

ACI

​

Senior secured guarantee notes

​

Nov-2021

​

USD

​

246.2

​

Nov-2034

​

Fixed 6.875%

​

235.9

​

​

Senior secured guarantee notes

​

May-2015, May-2020 (1)

​

USD

​

14.6

​

Nov-2032

​

Fixed 6.875%

​

11.4

CAI

​

Secured notes

​

Jan-2020

​

EUR

​

71.8

​

Dec-2024

​

Fixed 4.556%

​

67.7

​

​

Senior secured guarantee notes

 

Feb-2017, May-2020 (1)

 

USD

 

212.3

 

Feb-2027

 

Fixed 6.875%

​

67.8

​

​

​

​

Oct-2021

​

USD

​

208.9

​

Aug-2031

​

Fixed 8.500%

​

208.6

​

​

Class 1 Series 2021 Notes

​

Nov-2021

​

USD

​

64.0

​

Aug-2031

​

Fixed 8.500%

​

61.2

AA2000

​

Class 4 Notes

​

Nov-2021

​

USD

​

62.0

​

Nov-2028

​

Fixed 9.500%

​

60.7

​

​

Class 5 Notes

​

Feb-2022

​

USD (2)

​

138.0

​

Feb-2032

​

Fixed 5.500%

​

138.3

​

​

Class 6 Notes

​

Feb-2022

​

USD (2)

​

36.0

​

Feb-2025

​

Fixed 2.000%

​

34.4

​

​

Class 9 Notes

​

Aug-2022, July-2023

​

USD (2)

​

30.0

​

Aug-2026

​

Fixed 0.000%

​

30.4

​

​

Class 10 Notes

​

July-2023

​

USD (2)

​

25.0

​

July-2025

​

Fixed 0.000%

​

24.5

Total

​

  

 

  

 

  

 

  

 

  

 

  

 

940.9

​

(1)A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below
(2)These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos
-ACI Senior Secured Guarantee Notes (“ACI Existing Notes”) are guaranteed and have a security package that includes the pledge of the shares in PDS and Cerealsur S.A., and certain accounts of Cerealsur S.A. and ACI. As of December 31, 2024 and 2023, they were secured by a debt service reserve account of ACI and the funds contained therein. These notes are fully and unconditionally guaranteed by Cerealsur S.A.and PDS.

On May 26, 2020, ACI issued USD 180.9 million aggregate principal amount of 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 to repurchase and exchange 93.6% of the total original principal amount of the ACI Existing Notes obtaining consents to certain proposed amendments to the indenture governing the ACI Existing Notes and certain waivers. The main covenants and guarantees remain unchanged except for the incorporation of ACI’s shares pledge.

On November 12, 2021, ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated; an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes to cancel interest payments until November 29, 2023 and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million which was increased in November 2024 to USD 14.6 million, remaining in force as of December 31, 2024.

-The Italian Notes were secured by an economic first ranking pledge in respect of all the shares representing 100% of the share capital of CAI, 100% of the share capital of Dicasa Spain S.A.U. and the shares representing CAI’s holding in TA, which were released at maturity date.
-The Senior guarantee notes of AA2000 (“AA2000 Existing Notes”) are secured by a collateral assignment of fiduciary rights of certain revenue of AA2000.

The main covenants require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends if any default, whether declared or not, has occurred. As of December 31, 2024 AA2000 is in compliance with said covenants.

22       Borrowings (Cont.)

On May 20, 2020 AA2000 issued USD 306 million aggregate principal amount of 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes. The collateral assignment of revenue under AA2000 Existing Notes was extended to the Series 2020 Additional Notes in equal terms.Accrued interest are capitalized quarterly. The main covenants and guarantees remain unchanged.

On October 28, 2021, AA2000 issued USD 208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 (the “Series 2021 Notes”) to repurchase and exchange 24.61% of the total original principal amount of the Series 2017 Notes and 66.83% of the original principal amount of Series 2020 Additional Notes. Additionally, on November 4, 2021, AA2000 issued USD 64 million of Series 2021 Notes related to a new fund raising. The main covenants and guarantees remain unchanged.

The Series 2021 Notes and the Existing Notes not exchanged are secured by the collateral currently securing the Existing Notes on a pro rata and pari passu basis. In addition, to secure its obligations under the Series 2021 Notes, AA2000, together with the relevant parties thereto, amended the cargo trust agreement dated August 9, 2019, entered into by AA2000 and the trustee (as amended, the “Cargo Trust”) in order to include holders of Series 2021 Notes as beneficiaries therein, granting them a security interest which is subordinated to (i) the rights of creditors under certain existing loans of AA2000, and (ii) any debt permitted to be incurred to finance or refinance any capital expenditures made or to be made pursuant to the concession agreement entered into by AA2000 with the Argentine National Government (as amended form time to time, the “Concession Agreement”) for the operation of the airports in Argentina.

Once the Existing Notes not exchanged in the Exchange Offer mature or are cancelled in full, AA2000 is required to amend and restate the Cargo Trust and the current trust related to the tariffs dated January 19, 2017, entered into by AA2000 and the trustee thereto (the “Tariffs Trust”), so that the Series 2021 Notes become secured under the Cargo Trust on a pro rata and pari passu basis with the existing beneficiaries of the Cargo Trust, and these beneficiaries in turn become secured under the Tariffs Trust on a pro rata and pari passu basis with the Series 2021 Notes. In accordance with the Concession Agreement, the collateral assignment of revenue must be authorized by ORSNA. ORSNA approved, on October 15 2021, the amendment of the Tariffs Trust and of the Cargo Trust to include the Series 2021 Notes as beneficiaries thereto (including their future amendment and restatement, once the Existing Notes are cancelled in full). Furthermore, AA2000 received the approval from the Central Bank of Argentina to establish a non-interest bearing U.S. dollar trust account in the United States to secure the Series 2021.

On November 4, 2021, AA2000 additionally issued USD 62 million aggregate principal amount of Class 4 Senior Secured Notes related to a new money offering. These Senior Secured Notes are secured by a first priority lien on the Cargo Trust on a pari passu basis with certain commercial bank lenders to AA2000 and a second priority lien with new debt incurred by AA2000 to fund infrastructure works for a total amount of up to USD 235 million.

On February 21, 2022, AA2000 issued USD 174 million of dollar-linked notes, in the local market, in two tranches:

-USD 138 million of Class 5 Notes, with a five-year grace period and quarterly amortization, starting May 2027. AA2000 is using these proceeds to fund infrastructure works in the Group “A” airports, within the National Airports System;
-USD 36 million of Class 6 Notes.

In June 2022, AA2000 repurchased USD 2 million of dollar-linked notes issued in August 2020. In August 2022, USD 25.4 million of these notes were exchanged for dollar-linked Class 9 Notes, while at the maturity date, in August 2022, AA2000 repaid the remaining USD 12.6 million.

On July 8, 2022, AA2000 issued USD 20 million of dollar-linked Class 7 Notes in the local market. In December 2023, the notes were early redeemed.

22        Borrowings (Cont.)

On August 19, 2022, AA2000 issued USD 30 million of dollar-linked Class 9 Notes in the local market, repayable in three installments of USD 10 million each, in February, May and August 2026. The integration of the nominal value amounted to USD 25.4 million through the exchange of Class 2 Notes while the remaining USD 4.6 million were integrated in ARS.

In July, 2023, AA2000 issued additional Class 9 Dollar - linked Notes, for a total amount of USD 2.7 million. The main covenants and guarantees remain unchanged. Furthermore, AA2000 issued USD 25.0 million aggregate principal amount of Class 10 Dollar - linked Notes to repurchase and exchange 90.7% of the total original principal amount of the Series 3 Notes.

In December, 2024, AA2000 issued Class 11 Notes, for a total amount of USD 28.8 million. Interest shall be payable semi-annually until the maturity date.

During 2024, AA2000 repurchased dollar-linked Class 6, Class 9 and Class 10 Notes for nominal value of USD 7.3 million, USD 7.1 million and USD 4.7 million, respectively.

(**) As of December 31, 2024, significant bank and financial borrowings include the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding

​

​

​

​

​

​

​

​

​

​

​

​

(In millions

​

​

Company

​

Lender

​

Currency

​

Maturity

​

Interest Rate

​

of USD)

​

Capitalization(1)

ICAB

 

BNDES

 

R$

 

Dec-2033

 

Variable

 

TJLP(2) plus spread

 

157.7

 

A

TAGSA

 

Banco Guayaquil SA

 

USD

 

Feb-2026

 

Variable

 

T.R.E.(3) plus spread

​

2.4

 

D

​

​

Banco Bolivariano CA

​

USD

​

Dec-2025

​

Variable

​

T.R.E.(3) plus spread

​

1.8

​

D

​

 

Scotiabank Uruguay

 

USD

 

Feb-2026

 

Fixed

 

4.30%

​

0.3

 

D

TCU

 

Santander Uruguay

 

USD

 

Nov-2027

 

Fixed

 

5.37%

​

0.7

 

D

​

​

Santander Uruguay

​

USD

​

Jan-2028

​

Fixed

​

5.37%

​

0.8

​

D

Toscana Aeroporti S.p.A.

​

Intesa Sanpaolo, UniCredit , BPM, BNP and Cassa Depositi e Prestiti

​

EUR

​

Jun-2030

​

Variable

​

Euribor plus spread

​

90.7

​

A

AA2000

​

ICBC Dubai

​

USD

​

Oct-2025

​

Variable

​

SOFR plus spread

​

10.2

​

B

CAISA

​

Santander Uruguay

​

USD

​

Apr-2027

​

Fixed

​

5.10%

​

3.9

​

B

​

​

Banco Itaú

​

USD

​

Apr-2027

​

Fixed

​

3.80%

​

3.9

​

​

​

​

Santander Uruguay

​

USD

​

Apr-2029

​

Variable

​

SOFR plus spread

​

4.0

​

D

PDS

​

Banco de la República Oriental del Uruguay

​

USD

​

Mar-2028

​

Variable

​

5.15%

​

6.5

​

C

Total

 

  

 

  

 

  

 

  

 

  

 

282.9

 

  

​

22         Borrowings (Cont.)

​

As of December 31, 2023, significant bank and financial borrowings include the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding

​

​

​

​

​

​

​

​

​

​

​

​

(In millions

​

​

Company

​

Lender

​

Currency

​

Maturity

​

Interest Rate

​

of USD)

​

Capitalization(1)

​

    

BNDES

    

R$

    

Sept-2032

    

Variable

    

TJLP(2) plus spread

    

6.6

    

  

ICASGA

 

BNDES

 

R$

 

June-2032

 

Variable

 

T.R. plus spread plus IPCA

 

1.8

 

A

​

 

BNDES

 

R$

 

Sept-2032

 

Variable

 

T.R. plus spread plus IPCA

  

4.9

 

  

​

 

BNDES

 

R$

 

July-2032

 

Variable

 

T.R. plus spread plus IPCA

 

2.3

 

  

ICAB

 

BNDES

 

R$

 

Dec-2033

 

Variable

 

TJLP(2) plus spread

 

213.9

 

A

​

 

Banco Guayaquil SA

 

USD

 

Feb-2026

 

Variable

 

T.R.E.(3) plus spread

​

4.2

 

D

​

​

Banco Guayaquil SA (4)

​

USD

​

Dec-2025

​

Variable

​

T.R.E.(3) plus spread

​

1.4

​

D

TAGSA

​

Banco Bolivariano CA

​

USD

​

Dec-2025

​

Variable

​

T.R.E.(3) plus spread

​

3.6

​

D

​

 

Banco Bolivariano CA

 

USD

 

Nov-2024

 

Variable

 

T.R.E.(3) plus spread

​

1.8

 

D

​

 

Scotiabank Uruguay

 

USD

 

Oct-2024

 

Fixed

 

4.30%

​

0.4

 

D

TCU

​

Scotiabank Uruguay

​

USD

​

Feb-2026

​

Fixed

​

4.30%

​

0.6

​

D

​

​

Santander Uruguay

​

USD

​

Nov-2027

​

Fixed

​

5.37%

​

1.0

​

D

​

​

Santander Uruguay

​

USD

​

Jan-2028

​

Fixed

​

5.37%

​

1.0

​

D

​

 

Banco de Innovación de Infraestructuras y Desarrollo

 

EUR

 

Sept-2027

 

Variable

 

Euribor 6 month plus spread

 

13.0

 

D

​

 

Unicredit

 

EUR

 

Mar-2024

 

Variable

 

Euribor 3 month plus spread

  

9.4

 

D

TA

​

ISP-SACE

​

EUR

​

Sept-2026

​

Variable

​

Euribor 3 month plus spread

​

60.5

​

D

​

 

BPM

 

EUR

 

June-2024

 

Variable

 

Euribor 3 month plus spread

  

0.1

 

D

​

​

BPM

​

EUR

​

Feb-2024

​

Variable

​

Euribor 3 month plus spread

​

4.0

​

D

​

​

MPS Servicio capital

​

EUR

​

Mar-2024

​

Variable

​

Euribor 6 month plus spread

​

12.3

​

D

​

​

Banca Intesa San Paolo

​

EUR

​

Jan-2024

​

Fixed

​

6.10%

​

12.2

​

D

AIA

 

Ameriabank C.J.S.C.

 

EUR

 

Dec-2024

 

Fixed

 

6.00%

 

13.2

 

B

​

​

Banco de la Provincia de Buenos Aires

​

USD

​

July-2024

​

Fixed

​

7.00%

​

0.3

​

D

​

​

Onshore renegotiation – ICBC

​

USD

​

Nov-2024

​

Fixed

​

8.50%

​

9.0

​

A

AA2000

​

ICBC Dubai

​

USD

​

Oct-2025

​

Variable

​

SOFR plus spread

​

10.2

​

B

​

​

ICBC

​

USD

​

Jan-2024

​

Fixed

​

15.50%

​

0.5

​

D

​

​

ICBC

​

USD

​

Dec-2024

​

Fixed

​

15.50%

​

0.1

​

D

CAISA

​

Santander Uruguay

​

USD

​

Apr-2027

​

Fixed

​

5.10%

​

5.5

​

​

​

​

Banco Itaú

​

USD

​

Apr-2027

​

Fixed

​

3.80%

​

5.5

​

B

PDS

​

Banco de la República Oriental del Uruguay

​

USD

​

Mar-2028

​

Variable

​

6.14%

​

8.5

​

C

Total(5)

 

  

 

  

 

  

 

  

 

  

 

407.8

 

  

​

(1) A - Secured/guaranteed

B – Secured/unguaranteed

C – Unsecured/guaranteed

D - Unsecured/unguaranteed

ARS - Argentine Pesos.

R$ - Brazilian Reales.

(2) TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate).

IPCA: corresponds to the Brazilian Consumer Price index.

(3) T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate).

(4) TAGSA prepaid the loan on December 13, 2024.

(5) The total outstanding amount includes the financial debt of ICASGA with BNDES which, as disclosed in Note 17, is shown in the Consolidated statement of financial position net of guarantee deposits. Therefore, the net amount of Bank and financial borrowings amounts to USD 392.2 million. As mentioned in Note 26.b, on December 31, 2023, ICASGA was absorbed by ACIB, therefore the financial debts of ICASGA were transferred to ACIB. Additionally, on January 15, 2024, the outstanding financial debt owing to BNDES for a total amount of R$ 75.9 million (equivalent to USD 15.7 million) was prepaid, after which the related guarantees were released.

​

​

22       Borrowings (Cont.)

-

The Credit Facility Agreement between ICAB and BNDES is secured by the pledge of ICAB and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising under the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of ICAB. It also establishes under certain circumstances a required pre-authorization by BNDES on payments of ICAB dividends if exceeding 25% of net profits and compliance of certain financial ratios.

During 2017 and 2018 ICAB entered into amendments and extension agreements with BNDES in which ACI Airports S.à r.l. and CAAP agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3, being in compliance as of December 31,2024.

As of June 30, 2023, ICAB did not meet one of the obligations set forth in the financing agreement with BNDES, regarding the payment of the variable concession fee. On August 15, 2023, ICAB issued a formal letter to the Brazilian ANAC, informing that payment of the variable concession fee was made through the application of Covid - 19 re - equilibrium credits (see Note 8). With the netting of the debt with the existing credits, ICAB complied with its obligations under BNDES agreement and, therefore, since then has been in compliance with the obligation.

-

In December 2022, AIA entered into a new loan agreement with Ameriabank C.J.S.C. for up to EUR 40 million of which EUR 20 million were disbursed in December 2022, while the remaining EUR 20 million were disbursed in April, 2023. In December 2023 AIA prepaid EUR 20 million, which shortened the loan repayment date up to December 23, 2024. Additionally, in June 2024 the outstanding financial debt owed to Ameriabank C.J.S.C. was prepaid, after which the related guarantees were released.

-

In May 2024, TA signed, with closing date June 27, 2024, a new financial agreement with Intesa Sanpaolo S.p.A., UniCredit S.p.A., Banca Monte dei Paschi di Siena S.p.A, and Cassa Depositi e Prestiti S.p.A., Banca Nazionale del Lavoro S.p.A. (“Lenders”). This loan includes the following credit lines:

●up to EUR 96.2 million divided into two tranches, to be mainly applied towards TA’s existing financial debt repayment;
●up to EUR 60.2 million divided into two tranches, to be allocated for the investment plan of the Pisa airport; and
●up to EUR 20.0 million of revolving loans primarily to meet TA working capital needs.

On June 27, 2024, the loan facility was drawn for an amount equal to EUR 82.8 million and was primarily used to repay TA’s existing financial debt.

As of December 31, 2024, the Lenders had disbursed EUR 89.4 million (equivalent to USD 92.9 million).

This loan agreement includes covenants which require the maintenance of certain financial ratios to be fulfilled as of June 30 and December 31 of each year the loan remains outstanding along with certain restrictions on dividend distributions.

Those covenants have been met as of December 31, 2024. This loan agreement is also secured by the assignment of account receivables, a pledge on project and operational accounts, a share pledge over subsidiaries, a special privilege on all movable assets and a mortgage on any current and future real estate property rights acquired by TA.

As of December 31, 2024, this loan is covered by a guarantee from SACE S.p.A., for up to the greater of (i) 80% of the loan related to the investment plan or (ii) EUR 48.0 million.

​

22       Borrowings (Cont.)

-

On November 18, 2021, AA2000 agreed with Banco Galicia and Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. (“ICBC”) and Banco Santander Río S.A., (collectively, the “Lenders”) the granting of a bimonetary loan in order to prepay previous loans received from the Lenders. The loans are secured by the Argentine Collateral Trust Agreement. During 2022 disbursements under the bimonetary loan were granted and used to offset the installments of the Framework Agreement for ARS 3,682.0 million (equivalent to USD 20.8 million) and for USD 7.8 million. Additionally, prepayments of the bimonetary loans in ARS were made during 2022 for ARS 6,085.0 million (equivalent to USD 34.3 million). The loan in ARS was prepaid during 2023, with a bank overdraft obtained from Citibank N.A, while the loan in USD was repaid in installments made until November, 2024 (referred as Onshore renegotiation – ICBC) and the corresponding guarantees were released.

On July 29, 2022, AA2000 obtained a loan from Industrial and Commercial Bank of China, Dubai branch, for a total amount of USD 10 million. The loan will be repaid in three installments to be made in April, July and October 2025.  The loan is secured by a first priority lien on the income generated in the cargo terminal on a pari passu basis with certain commercial bank lenders to AA2000 and the Class 4 Notes, and a second priority lien on the international and regional air station usage fees and concession compensation rights.

The main covenants regarding these loans of AA2000 includes the compliance with certain financial ratios that are to be met at the end of each quarter, which has been met as of December 31, 2024.

-CAISA pursuant to the credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply with certain financial ratios, which have been met as of December 31, 2024, as well as certain restrictions. Assignment of certain revenues has been given to secure the aforementioned credit facilities.

-

On April 16, 2021, PDS obtained a loan of USD 10 million with Banco de la República Oriental del Uruguay (BROU) accruing interest at a variable rate set by BROU. This loan is repayable in 60 monthly installments starting on April 2023 and is secured by a guarantee issued by CAAP, and by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.2 million guaranteed by Corporación America Sudamericana S.A. and a personal guarantee issued by the PDS Chairman as ancillary guarantor of up to USD 0.6 million.

(***) As of December 31, 2024, other borrowings correspond to a loan obtained in December 2024 by CAIT for EUR 14.5 million (equivalent to USD 15.1 million) to be repaid in a single installment at December, 2026, the maturity date. This loan is guaranteed by DICASA as fideiussione. Additionally, the shares of CAIT held by DICASA are not to be transferred or otherwise disposed of until the loan is repaid.

As of December 31, 2024 and December 31, 2023, the Company and its subsidiaries met the financial covenants under all outstanding financings.
v3.25.1
Other liabilities
 12 Months Ended
Dec. 31, 2024
Other liabilities  
Other liabilities

23       Other liabilities

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Concession fee payable (1)

 

550,095

 

690,319

Advances from customers

 

8,584

 

13,368

Provisions for legal claims (4)

 

7,928

 

8,979

Provision for maintenance costs (2)

 

21,941

 

21,364

Other taxes payable

 

789

 

199

Employee benefit obligation (3)

 

3,885

 

4,382

Salary payable

 

—

 

291

Other liabilities with related parties (Note 27)

 

12,904

 

15,275

Other payables

 

15,286

 

14,187

​

 

621,412

 

768,364

Current

 

​

 

​

Concession fee payable (1)

 

198,420

 

223,051

Other taxes payable

 

29,956

 

18,921

Salary payable

 

57,402

 

41,656

Other liabilities with related parties (Note 27)

 

2,146

 

2,689

Advances from customers

 

5,026

 

5,647

Provision for maintenance cost (2)

 

6,165

 

5,678

Expenses provisions

 

3,294

 

6,203

Provisions for legal claims (4)

 

5,889

 

5,286

Other payables (*)

 

40,288

 

36,733

​

 

348,586

 

345,864

​

(*) As of December 31, 2024, includes deferred income for a total amount of USD 18,556 (USD 21,060 as of December 31, 2023).

​

Maturity of the other liabilities is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

1 year or less

    

1 - 2 years

    

2 - 5 years

    

Over 5 years

    

Total

At December 31, 2024 (**)

 

348,586

 

84,662

 

265,716

 

1,335,332

 

2,034,296

At December 31, 2023 (**)

 

345,864

 

96,071

 

279,683

 

1,266,124

 

1,987,742

​

(**) The amounts disclosed in the table are undiscounted cash flows.

The fair value of financial liabilities within current and non-current other liabilities approximates to its carrying amount.

(1) The most significant amounts included in the concession fee payable derive from the concession agreement between the Brazilian ANAC and ICAB.

The Brazilian concession agreement establishes the payment of a fixed and variable concession fee.

a)

Fixed concession fee

The Brasilia Airport concession agreement established a fixed concession fee of R$ 4,501,132 thousand, payable in 25 equal annual installments since inception of the concession period. The concession fee is adjusted for inflation annually based on the changes in the Brazilian IPCA. The Natal Airport concession agreement established an annual fixed concession fee of R$ 6,800 thousand, payable as from the 37th month of the inception of the concession, and adjusted periodically by the Selic rate. The Group initially recognized the present value of fixed concession fee against a concession asset in intangible assets. The liability is presented as current and non-current concession fee payable under other liabilities. Due to the re-bidding process of the Natal Airport (Note 26.b), as of December 31, 2023 ICASGA extinguished all the concession fee obligations.

This fixed concession fee is divided in two parts:

​

(a)

Right of use if the airport operates at the existing operating capacity at the beginning of the concession, and

(b)

the second portion relates to the Group estimation of the value of the right of use after completion of the infrastructure works that increase capacity of the airport.

Changes in the liability related to the increase capacity of the airport or contract modifications are accounted for against the “Concession asset”. Changes in the liabilities due to passage of time and inflation adjustment are recognized against profit or loss of the year.

b)

Variable concession fee

The concession agreement for the Brasilia Airport requires payment of an annual fee of 2% of aeronautical and commercial revenues with a cap annually established by the Brazilian ANAC. After that limit, concession fee is calculated at 4.5%.

Changes in the year for fixed and variable concession fee payable are as follows:

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

913,370

 

929,009

Financial result (*)

 

87,556

 

100,237

Concession fees

 

190,665

 

135,530

Payments (**)

 

(227,571)

 

(199,618)

Re-equilibrium compensation (***)

 

(19,144)

 

(22,946)

Other (****)

​

2,405

​

(75,475)

Translation differences and inflation adjustment

 

(198,766)

 

46,633

Balances at the end of the year

 

748,515

 

913,370

​

(*) Mainly includes changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment shown in Note 9.

(**) As of December 31, 2023, includes USD 19,156 that were deducted from the indemnification received by ICASGA due to de re-bidding process described in Note 26.b.

(***) Mainly includes compensation with the re-equilibrium granted to ICAB as detailed in Note 8.

(****) As of December 31, 2023, mainly includes the extinguishment of future concession fee obligations of ICASGA due to the re-bidding of Natal airport, as detailed in Note 26.b for the equivalent to USD 74,640.

On October 23, 2020, the Ministério da Infraestrutura of Brazil issued an order (Portaria No. 157) that allow companies to re-schedule at least 50% of their 2020 concession fee payment. On November 2, 2020, ICAB re-scheduled 50% of its fixed concession fees payment of 2020, in accordance with the provisions of the aforementioned order, to the six final years of the concession. The Government order (Portaria No. 157) determined that re-scheduling the payments of the concession fee must not exceed, for each financial year, 75% above the original value and 50% above the original value for the last five years of the concession. As of December 31, 2024 and 2023, a 50% of the fixed concession fee to be paid in 2021 by ICAB was pending as a re-scheduling of such fee was requested. Even though the Brazilian Ministry of Infrastructure had granted its approval, the Brazilian ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations. Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to the Brazilian ANAC. The Brazilian ANAC appealed, but in April 2022, the court of justice provisionally maintained the first instance judgment favorable to ICAB. In November 2023, the first instance rule was confirmed, granting ICAB the right to reschedule the 50% of 2021 fixed concession fee. The Brazilian ANAC appealed and the case remains pending as of December 31, 2024.

Regarding the 2022 concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits. To pay the remaining amount ICAB presented an offer of court payment orders to the Ministry of Infrastructure on November 2022. In December 2022, the Ministry issued an official letter confirming that ICAB remained in compliance with its obligations, while the analysis of the court payment orders is pending.

(2) Changes in the year of the Provision for maintenance costs is as follows:

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

27,042

 

22,914

Accrual of the year

 

5,594

 

5,349

Use of the provision

 

(2,801)

 

(2,127)

Translation differences and inflation adjustment

 

(1,729)

 

906

Balances at the end of the year

 

28,106

 

27,042

​

(3) TAGSA and Toscana have post-employment benefits which are defined benefit obligations. The amount of termination benefit has been calculated using the “Projected Unit Credit Method”, making actuarial valuations at the end of the year.

The assumptions used for the purposes of valuation of TA long term benefits at December 31, 2024 and 2023 are:

-  Annual discount rate: 3.38% (3.17% in 2023).

-  Annual inflation rate: 2.00% (2.00% in 2023).

-  Annual employee termination benefit increase rate: 3.00% (3.00% in 2023).

The iBoxx Eurozone Corporate AA 10+ index has been selected as the discount rate to be used, as the term of 10 or more years is comparable to the average remaining period of service of the personnel subject to the long term benefit.

The sensibility in relation with the provision of Toscana for a total amount of USD 2.5 million is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assumption

    

Annual discount rate

    

Annual rate of inflation

    

Annual turnover rate

Variation rates

 

0.5%

​

(0.5)%

​

0.25%

​

(0.25)%

​

2.5%

​

(2.5)%

Provision for salary payable

 

2,418

 

2,611

 

2,538

 

2,485

 

2,520

 

2,503

​

The assumptions used for the valuation of TAGSA at December 31, 2024 and 2023 are:

-  Annual discount rate: 5.15% (5.77% in 2023).

-  Annual turnover rate: 16.07% (15.52% in 2023).

-  Annual employee termination benefit (in years): 6.29 (6.84 in 2023).

-  Annual employee mortality and disability rate: TM IESS 2002 (TM IESS 2002 in 2023). (*)

-  Annual employee future wage increase: 1.33% (1.33% in 2023).

(*)

Mortality Table “Instituto Ecuatoriano de Seguridad Social”

The sensibility in relation with the prevision of TAGSA for a total amount of USD 1.4 million is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annual employee future

​

​

​

​

Assumption

    

Annual discount rate

    

wage increase

    

Annual turnover rate

Variation rates

 

0.5%

​

(0.5)%

​

0.5%

​

(0.5)%

​

0.5%

​

(0.5)%

Provision for salary payable

 

1,312

 

1,435

 

1,436

 

1,311

 

1,366

 

1,378

​

Changes of the provision in the year is as follows:

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

4,382

 

4,376

Actuarial gain/loss (in other comprehensive income)

 

13

 

(32)

Service Cost

 

(273)

 

367

Amounts paid in the year

 

(359)

 

(418)

Other

​

275

​

—

Translation differences and inflation adjustment

 

(153)

 

89

At the end of the year

 

3,885

 

4,382

​

The amounts shown in the Consolidated Statement of Comprehensive Income for USD (33) in 2024 (USD 4 in 2023) correspond to the actuarial (loss)/income of USD (13) (USD (8) in 2023), net of taxes of USD (20) (USD 12 in 2023).

(4) Changes in the year of the provision for legal claims is as follows:

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

14,265

 

13,136

Accrual of the year

 

3,768

 

4,469

Other

​

136

​

—

Use of the provision

 

(1,896)

 

(1,911)

Translation differences and inflation adjustment

 

(2,456)

 

(1,429)

Balances at the end of the year

 

13,817

 

14,265

​
v3.25.1
Trade payables
 12 Months Ended
Dec. 31, 2024
Trade payables  
Trade payables

24       Trade payables

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Trade payable with suppliers

 

1,914

 

2,617

​

 

1,914

 

2,617

Current

 

​

 

​

Trade payables with suppliers

 

115,763

 

107,502

Trade payables with related parties (Note 27)

 

5,000

 

5,266

​

 

120,763

 

112,768

​

Fair value of trade payables does not materially differ from the net book value.
v3.25.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity  
Equity

25       Equity

a) Share capital and treasury shares

As of December 2024, 2023 and 2022, Share capital amounted to USD 163,223.

The movements of treasury shares for the year is as follows:

In December 2021, additional 250,000 shares (equivalent to USD 1,440) were assigned to employees. In December 2023, 2022 and 2021, 50,000, 62,500 and 125,000 of those shares (equivalent to USD 288, USD 360 and USD 720 respectively) assigned during 2021 and fully vested, were delivered to the eligible executives and key employees, while the remaining 12,500 shares have been forfeited during 2022 (Note 30).

In April 2022, USD 500 (equivalent to 89,767 shares) were assigned to employees to be delivered in shares. In May 2022 and April 2023, 26,930 shares were delivered in each installment (equivalent to USD 150 each) while the remaining shares vested in May 2024 and were delivered in August 2024 (Note 30).

​

25       Equity (Cont.)

a) Share capital and treasury shares (Cont.)

In December 2022, USD 314 (equivalent to 56,348 shares) were assigned to employees to be delivered in shares. In January and April 2023, 16,904 shares were delivered in each installment (equivalent to USD 94 each) while the remaining shares vested in May 2024 and were delivered in August 2024 (Note 30).

In April 2023, USD 739 (equivalent to 77,938 shares) were assigned to employees to be delivered in shares. In April 2024 and August 2024, 23,381 shares were delivered to the eligible executives and key employees in each installment (equivalent to USD 221.7 each), while the remaining shares will vest in May 2025 (Note 30).

In November 2023, USD 340 (equivalent to 35,910 shares) were assigned to be delivered in shares. In November 2023 and August 2024, 10,773 shares were delivered to the eligible executives and key employees in each installment (equivalent to USD 102.1 each), while the remaining shares will vest in May 2025 (Note 30).

In August 2024, additional USD 1,279 (equivalent to 87,324 shares) were assigned to employees of which 26,197 shares (equivalent to USD 383.8) were delivered to the eligible executives and key employees, while the remaining shares will vest in installments in May 2025 and May 2026 (Note 30).

As of December 31, 2024, 2023 and 2022, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

 

2022

Treasury shares

​

Shares

    

USD

    

Shares

    

USD

    

Shares

    

USD

At January 1

 

2,251,123

 

4,322

 

2,396,015

 

4,600

​

2,485,445

​

4,772

Transfer of treasury shares to executives and key employees

 

(118,798)

 

(228)

 

(144,892)

 

(278)

​

(89,430)

​

(172)

At December 31

 

2,132,325

 

4,094

 

2,251,123

 

4,322

​

2,396,015

​

4,600

​

b) Share premium

​

As of December 2024, 2023 and 2022, Share premium amounted to USD 183,430.

c) Other reserves

The movements of Other reserves of the owners of the Company is as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

At the beginning of the year

 

(1,313,888)

 

(1,314,025)

 

(1,321,211)

Change in participations (*)

​

(4,641)

​

12

​

6,682

Share-based compensation reserve (Note 30)

 

1,143

 

1,055

 

667

Execution of share-based compensation reserve

 

(1,033)

 

(949)

 

(510)

Hedge reserve net of income tax

​

(1,249)

​

—

​

—

Remeasurement of defined benefit obligations net for income tax

 

(14)

 

19

 

347

​

 

(1,319,682)

 

(1,313,888)

 

(1,314,025)

​

(*) This consists mainly in change in participations in CASA, see Note 25 e).

​

25       Equity (Cont.)

d) Other comprehensive income / (loss)

The movements of the reserve of other comprehensive income / (loss) for the year of the owners of the parent is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

​

​

​

    

​

    

Transfer from

    

​

​

​

​

​

Remeasurement

​

​

​

Share of other

​

Income

​

shareholders

​

​

​

​

Currency

​

of defined

​

​

​

comprehensive

​

Tax

​

equity – currency

​

​

​

​

translation

​

benefit

​

Cash flow

​

loss from

​

effect 

​

translation

​

​

​

    

adjustments

    

obligations (*)

    

hedge (*)

    

associates

    

(*)

    

differences

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at January 1, 2024

​

(505,015)

​

532

​

—

​

(41,239)

​

(115)

​

63,402

​

(482,435)

Other comprehensive income/(loss) for the year

​

366,362

​

(3)

​

(1,643)

​

19

​

383

​

—

​

365,118

For the year ended December 31, 2024

​

(138,653)

​

529

​

(1,643)

​

(41,220)

​

268

​

63,402

​

(117,317)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at January 1, 2023

 

(273,378)

 

520

 

—

​

(41,169)

 

(122)

 

63,402

 

(250,747)

Other comprehensive income/(loss) for the year

 

(231,637)

 

12

 

—

​

(70)

 

7

 

—

 

(231,688)

For the year ended December 31, 2023

 

(505,015)

 

532

 

—

​

(41,239)

 

(115)

 

63,402

 

(482,435)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at January 1, 2022

 

(343,837)

 

120

 

—

​

(41,212)

 

(69)

 

63,402

 

(321,596)

Other comprehensive income/(loss) for the year

 

70,459

 

400

 

—

​

43

 

(53)

 

—

 

70,849

For the year ended December 31, 2022

 

(273,378)

 

520

 

—

​

(41,169)

 

(122)

 

63,402

 

(250,747)

​

(*) Income tax relating to OCI amounts to Remeasurement of defined benefit obligations and cash flow hedge. The movement was recognized as other comprehensive income / (loss) of other reserves.

​

25       Equity (Cont.)

e) Non – controlling interest

The movements of the non- controlling interest for the year is as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

At the beginning of the year

 

78,929

 

146,274

 

303,877

Shareholder contributions (1)

 

—

 

9,424

 

24,170

Income / (loss) for the year

 

25,238

 

(13,039)

 

(2,531)

Redemption of preferred shares (f)

​

—

​

—

​

(182,336)

Other comprehensive income / (loss)

 

​

 

​

 

​

Currency translation

 

99,841

 

(50,047)

 

20,646

Remeasurement of defined benefit obligations

 

(10)

 

(20)

 

616

Cash flow hedge

​

(1,874)

​

—

​

—

Reserve for income tax

 

441

 

5

 

(104)

​

 

98,398

 

(50,062)

 

21,158

Changes in non-controlling interest

 

​

 

​

 

  

Changes in the participations –acquisitions (2)

 

(26,499)

 

(12)

 

(6,682)

Dividends paid (3)

 

(27,380)

 

(13,656)

 

(11,382)

​

 

(53,879)

 

(13,668)

 

(18,064)

Non-controlling interest at the end of the year

 

148,686

 

78,929

 

146,274

​

(1) Corresponds mainly to contributions made by the non-controlling interest in ICAB.

(2) As of December 31, 2024 mainly corresponds to an acquisition performed in October 2024 when Cedicor S.A. purchased for USD 30,949 the participation of the non-controlling interest, becoming the owner of 100% of Corporación America S.A.’s shares. In 2022, corresponds mainly to contributions of Cedicor S.A. in CASA capitalized on December 1, 2022, increasing its participation from 97.2% to 97.22%.

(3) As of December 31, 2024, dividend payments approved during the year to non-controlling interest for USD 12,435 remain pending.

f) Redemption of preferred shares

On March 10, 2022, an extraordinary general meeting of AA2000 approved the redemption of the preferred shares, the reduction of the capital stock and the amendment of Article 2.01 of AA2000’s bylaws. The total redemption value amounted ARS 17,225,719,240 (equivalent to approximately USD 155.2 million), which adjusted by inflation as of December 31, 2022 amounts to ARS 32,302,581,376 (equivalent to approximately USD 182.3 million).

As of December 31, 2022, the preferred shares were fully settled in cash by AA2000. The payments adjusted by inflation since the date of each disbursement amounts to ARS 30,476,665,719 (equivalent to approximately USD 172.0 million).

​
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits
 12 Months Ended
Dec. 31, 2024
Contingencies, commitments and restrictions on the distribution of profits  
Contingencies, commitments and restrictions on the distribution of profits

26       Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the Financial Statements, and take into consideration the Group’s litigation and settlement strategies.

The Company believes that the aggregate provisions recorded for losses in these Consolidated Financial Statements, are adequate based upon currently available information.

Argentina legal proceedings

AA2000 Environmental proceedings

Pursuant to the Final Memorandum of Agreement entered into with the Argentine Government, dated April 3, 2007, AA2000 is required to assess and remediate environmental damage at their airports in Argentina.

In August 2005, a civil action was brought by Asociación de Superficiarios de la Patagonia, a non-governmental organization, against Shell Oil Company for alleged environmental damages caused by an oil spill at Ezeiza Airport and, in September 2006, AA2000 was called to intervene as a third party at the request of the plaintiff. The lawsuit alleges that AA2000 is jointly liable with Shell due to the fact that AA2000 manages the real property at which the environmental damages occurred. AA2000 has asserted that Shell is solely responsible for any damages. As of the date of these Consolidated Financial Statements, Shell Oil Company and the ORSNA are currently jointly working in the damage remediation activities.

In August 2011, Asociación de Superficiarios de la Patagonia (“ASSUPA”) brought a civil action against AA2000 in an Argentine administrative federal court in the City of Buenos Aires (Justicia Federal en lo Contencioso Administrativo de la Capital Federal), under the General Environmental Law No. 25,675, requesting compensation for environmental damage caused in all airports under the AA2000 Concession Agreement.

A “General Remediation Agreement” was entered into with ASSUPA, under which the execution of airport-specific improvement and renovation works was agreed. It was also agreed that these remediation works be funded out of the Trust Fund for Funding Infrastructure Works in airports under the AA2000 Concession Agreement (2.5%).

In connection with the civil action filed by ASSUPA, on April 15, 2021, a specific agreement covering the improvement and renovation works at Ezeiza airport was signed.

The agreements subscribed with ASSUPA were submitted to ORSNA and were also approved by the Court hearing the civil action filed by ASSUPA on August 30, 2021.

In addition, an agreement covering the fees of ASSUPA’s legal counsel and technical experts has also been signed. The monetary amount of this agreement was recognized as of September 30, 2021 and was included in Other operating expenses line.

The amounts to be paid in connection with the remediation works will be considered investments under the AA2000 Concession Agreement.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

a. Contingencies (Cont.)

Argentina legal proceedings (Cont.)

ANSA civil proceedings

On October 26, 2018, Aeropuertos del Neuquén S.A. (“ANSA”) was served with a complaint from a supplier alleging ANSA’s breach of contract for the financing of the construction of a hangar at the airport of Neuquén.

On July 7, 2022, the first instance judgment rejected the claim and imposed the payment of the Court costs to the plaintiff who appealed.

On December 13, 2023, the Court of Appeals partially upheld the plaintiff’s appeal on the merits and reversed the first instance ruling, ordering ANSA to pay the sum of USD 0.6 million plus USD 0.3 million in interest (set as of December 29, 2023, at an annual rate of 8%). The legal costs of both instances were put on the charges of ANSA and amount, in total, to 53.3% of the judgment amount and on appeal were reduced to 15.6% of the judgment amount for the first-instance proceedings and 30% of that figure for the second-instance proceedings.

ANSA has appealed this ruling before the Supreme Court of Neuquén on both, the merits and the Court costs and the former counsel appealed just on the amount of the fess. The likelihood of success of ANSA’s appeal is uncertain although there are reasonable grounds to challenge the second instance ruling. Conversely, the chances of success of the counsel’s appeal are low. Both extraordinary appeals are pending.

The appeal does not prevent the beneficiaries of the judgement from requesting provisional seizures against ANSA to ensure the collection of their fees if the judgement is upheld. These seizures cannot be executed until the provincial extraordinary appeal is resolved and the execution will proceed only if the appeal is dismissed. If seizures are requested, they will need to be backed by insurance policies. Counsel’s fees should be covered by the insurance policy previously submitted in the proceedings.

ANSA also received a claim from a supplier of USD 0.5 million regarding a breach of contract. Within the framework of the lawsuit, the court ordered an attachment order on ANSA’s bank accounts in the amount of USD 0.3 million, which was replaced by an insurance offered by ANSA in the amount of USD 0.5 million. On September 11, 2024, the trial court partially granted the claim and ordered ANSA to pay ARS 3.4 million (equivalent to USD 3) plus interest, with judicial costs to be shared equally between the parties. Both parties have appealed the decision.

Brazil legal proceedings

Civil Proceedings

ICAB identified three payments in the total amount of approximately R$ 858,000 (equivalent to USD 138.6) made during 2014 by ICAB (when Infravix was still an indirect shareholder of Inframérica), to individuals or entities for which Inframérica was unable to clearly identify a proper purpose. On September 14, 2019, Receita Federal imposed Inframerica to pay the amount of R$1.3 million (equivalent to USD 209.9) in late taxes, claiming that these alleged payments were without cause or did not identify a beneficiary. The case has been being investigated by the Federal Court of the Federal District where the proceedings are currently stalled. The outcome of this procedure is still uncertain. Infravix is no longer a shareholder in either ICAB or ACIB. Neither ICAB nor ACIB have been notified of any investigation against them.

​

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

a. Contingencies (Cont.)

Brazil legal proceedings (Cont.)

Tax Proceedings

On November 1, 2017, ICASGA initiated a lawsuit before the Municipality of São Gonçalo do Amarante to dispute the legality of the Property and Urban Territorial Tax (“IPTU”) collected by the City of São Gonçalo do Amarante.

On January 18, 2018, the judge granted a provisional decision by suspending the tax collection, and on August 27, 2019, a further ruling found the collection as unfounded. The Municipality appealed and obtained a provisional decision, which allowed for the collection of such tax up to the amount of approximately R$ 17 million. On December 11, 2019, ICASGA appealed said provisional decision which was granted on May 27, 2020 and, consequently, the tax collection was suspended. The Municipality appealed again before the Brazilian Supreme Court and, on June 16, 2020, such appeal was denied.

On November 17, 2020, the State Court made its final decision and denied the Municipality’s appeal. Therefore, the judgement dismissing the collection of IPTU against ICASGA was confirmed. The Municipality filed a final appeal at the Supreme Court and on August 1, 2023 a first decision was granted, in favor of the City. The Minister decided to revoke the State Court’s last decision and ruled that the State Court had to analyze the lawsuit again. ICASGA submitted an appeal before the Supreme Court, asking for this monocratic decision to be reviewed by the other Ministers. The Supreme Court partially changed its decision, and decided to keep IPTU immunity as a rule, but to allow the Municipality to collect this tax only over the areas occupied by third parties who exploit activities unrelated to the airport public service.

After the Supreme Court’s decision, in December 2023 the Municipality rectified the value of the tax demanded from R$ 80 million (equivalent to USD 12.9 million), to R$ 8 million (equivalent to USD 1.2 million), which is the total value of IPTU for all the concession years. ICASGA filled an administrative appeal, since still consider that the amount is not correct and should not be charged over ICASGA.

In a decision given on April 3, 2024, the Municipality: (i) revoked the IPTU tax collection for the years 2012 to 2014 and (ii) maintained the IPTU over the entire Airport through the years 2015 to 2023.

ACIB filed another administrative appeal, based on the Supreme Court decision that allows the Municipality to collect this tax only over the Airport areas occupied by third parties who exploit activities unrelated to the Airport public service, which was denied. The Municipality would have to claim the payment at Court proceeding in which case ACIB is prepared to dispute it.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

a. Contingencies (Cont.)

Brazil legal proceedings (Cont.)

Tax Proceedings (Cont.)

In September 2014, ICAB initiated a lawsuit that dispute the legality of the IPTU collected by the Federal District. In October 2014, the judge granted a provisional decision by suspending the tax collection, and in April 2015, a further ruling found the collection as unfounded.

In June 2022, the Brazilian Supreme Court confirmed this ruling, excluding ICAB’s responsibility for the payment of IPTU and restricting this tax to the areas occupied by third parties who pursue activities unrelated to the airport. Despite the Supreme Court’s decision, the Federal District continued to make legal demands mistakenly charging IPTU against Inframerica.

There are currently five lawsuits regarding IPTU claims, amounting to USD 3.3 million approximately.

ACIB replaced ICASGA in all legal proceedings as consequence of the absorption of ICASGA by ACIB, effective as from December 31, 2023.

Ecuadorian Proceedings

Tax Proceedings

The Ecuadorian tax authority (Servicio de Rentas Internas del Ecuador, “SRI”) determined that TAGSA owed approximately USD 3.3 million in connection with differences established by the SRI for the 2017 withholding tax determination. The request for a nullity resolution against this determination was submitted by TAGSA on April 27, 2021, which was rejected on November 8, 2021, by the SRI. On January 31, 2022, after exhausting all administrative remedies, TAGSA filed a judicial claim for USD 4.5 million. On July 13 and September 6, 2022, hearings took place, and on October 18 a ruling was issued in favor of TAGSA. On December 12, 2022, the SRI submitted a cassation appeal against the ruling, which was accepted by the National Court on July 6, 2023. On July 14, 2023 TAGSA submitted its response and on July 2, 2024, the Court issued a final decision in favour of TAGSA, confirming the previous ruling. On July 31, 2024, SRI raised an Extraordinary Protection Action against the ruling issued by the National Court of Justice. On October 21, 2024, the Admission Chamber of the Constitutional Court of Ecuador rejected this action, leading to the case being archived and returned to the original court.

Currently, TAGSA is waiting for the National Court of Justice to refer the case to the appropriate court for the unblocking and subsequent return of the associated guarantee that amounts to USD 0.5 million.

Italian proceedings

TA entered into two preliminary sales contracts with Nuove Iniziative Toscane (“NIT”) in 2018 committing to purchase, from NIT itself, land and buildings located in the “Piana di Castello” near the Municipality of Florence. For the first contract, the expected price was equal to EUR 75 million, of which EUR 3 million were paid as a deposit at the time of the execution, while for the second the expected price was EUR 90 thousand, of which EUR 9 thousand had been already paid.

On September 10, 2021, NIT filed a claim before the Civil Court of Milan - claiming the fulfillment of the conditions precedent required to obtain the issuance of a constitutive sentence pursuant to art. 2932 of the Italian Civil Code, - condemning TA to pay the remaining contract price (EUR 72 million the first contract and EUR 81 thousand for the second contract), in addition to the incurred costs and damages.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

a. Contingencies (Cont.)

Italian proceedings (Cont.)

On January 20, 2022, TA answered the claim by rejecting all the requests made by NIT, as inadmissible and unfounded; taking into consideration the non-occurrence of the conditions precedent, and requesting NIT to immediately return the sums already paid by TA.

The parties submitted their final briefs in December 2023, and On May 1, 2024, the Court issued the ruling in which NIT’s claim was rejected and NIT was condemned to return to TA the sums that had been paid as deposit, plus interest and, legal costs.

On May 31, 2024, TA received from NIT reimbursement of the deposit plus interests (EUR 4.7 million). On November 22, 2024, NIT appealed the first instance ruling. TA instructed its lawyer to appear in the appeal proceeding.

Peruvian proceedings

On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto Internacional de Chinchero.

On June 21, 2018, an arbitration procedure request was submitted by Kuntur Wasi to the competent authority ICSID (known as CIADI in Spanish). On the same date, CASA also submitted to CIADI a request for the arbitration procedure under the Bilateral investment treaty framework. Both procedures before CIADI shall be carried out in a single docket.

On August 10, 2023, Kuntur Wasi received notification from the CIADI Arbitral Court regarding a favorable resolution concerning the arbitration procedure due to unreasonably and arbitrary unilateral termination of the Concession Agreement by the Peruvian Ministry of Transports and Communications. While the Arbitral Court has already determined the final award for damages and losses, and on February 28, 2024, both parties submitted further information to calculate the business profit based on the invested amounts as well as interests thereon.

On May 9, 2024, ICSID/CIADI confirmed that “Peru breached the concession contract by terminating it without a well-founded reason of public interest” and ordered that “damages in the amount of USD 91.2 million (including interest to February 28, 2024) should be paid to Kuntur Wasi, together with any additional interest that has accrued at the rate established in this award to the date of payment; compounded annually”. Kuntur Wasi is seeking the enforcement of the CIADI final award against the Government of Perú. As of the date of these Consolidated Financial Statements the Company is evaluating the chances of recoverability of the final award and pending this review, no amount has been recognized in these financial statements.

Following advice taken from local counsel, no provision has been recognized at December 31, 2024 in relation to the above proceedings, except those specifically mentioned.

​

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

​

    

Current

    

​

​

​

​

​

Number of

​

Concession Start

​

Concession

​

​

Country

​

Concession

​

Airports

​

 Date

​

End Date

​

Extension Details

Argentina

 

AA2000

 

35

​

1998

 

2038

 

​

​

 

ANSA

 

1

 

2001

 

2026

 

​

​

 

BBL

 

1

 

2008

 

2033

 

10 years

Italy

 

TA (SAT)

 

1

 

2006

 

2048

​

​

​

 

TA (ADF)

 

1

 

2003

 

2045

​

​

Brazil

 

ICAB

 

1

 

2012

 

2037

 

5 years

Uruguay

 

PDS

 

7

 

2003

 

2053(1)

​

​

​

 

CAISA

 

1

 

1993

 

2043(2)

​

​

Ecuador

 

TAGSA

 

1

 

2004

 

2031

​

​

​

 

ECOGAL

 

1

 

2011

 

2026

​

​

Armenia

 

AIA

 

2

 

2002

 

2032

 

Option to renew every 5 years

Total

 

  

 

52

​

​

​

​

​

​

​

(1) In 2021, the Group obtained a twenty-year extension and the concession of six new regional airports, of which PDS is taking control between 2022 and 2025.

(2)

In 2024, the Group obtained a ten-year extension until 2043.

​

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Argentine Concession Agreement

In February 1998 AA2000 was awarded the concession agreement for the use, operation and management of 33 airports in Argentina (the “Group A” airports). The concession agreement was subsequently amended and supplemented by the memorandum of agreement it entered into with the Argentine National Government on April 3, 2007 (the “Memorandum of Agreement”). References to the concession agreement amended and supplemented by the Memorandum of Agreement are carried out as the “Argentine Concession Agreement”.

Likewise, and in order to be able to continue with the policies related to the expansion of the aviation market, AA2000 was awarded the concessions for the operation of the El Palomar Airport and Termas de Rio Hondo Airports, which were brought under the AA2000 Concession Agreement pursuant to Decree No. 1107/2017 and Resolution of ORSNA No. 27/2021 respectively.

The Argentine Concession Agreement was granted for an initial period of 30 years through February 13, 2028 and an additional extension period of up to 10 years.

In December 2020, the Argentine Government extended the term of the AA2000 Concession Agreement until February 2038.

Obligations assumed by AA2000 as Concessionaire

Under the terms of the Concession Agreement, AA2000 is responsible for several functions in connection with the airports, among others; operating airport services and facilities in a reliable manner, implementing the master plans approved by the ORSNA, investing in airport infrastructure in accordance with the applicable investment plan, the maintenance of airports under the concession agreement.

Pursuant to the Technical Conditions of the Extension approved by Decree No. 1009/2020, other several financial commitments were imposed to AA2000 including the availability of funds to make direct investments.

The Financial Projection of Income and Expenses attached to the Technical Conditions of the Extension include the detail of the estimated dates in which the required commitments and capital expenditures would be performed.

The Argentine Concession Agreement requires AA2000 to formulate a master plan for each of its airports. Each master plan establishes the investment commitments to be received by each airport during the term of the Argentine Concession Agreement, taking into account the expected demand of aeronautical and commercial services. AA2000 has executed the capital expenditures committed under the investment plan submitted for the period 2006-2028. In order to strengthen the airport system, new investments commitments were established, listed in the Technical Conditions for the Extension, for the periods 2021, 2022-2023; 2024-2027 and 2028-2038.

AA2000’s capital expenditures under the Technical Conditions of the Extension equals the aggregate amount of approximately USD 500 million plus VAT, to be executed in two phases: (i) phase 1, approximately USD 336 million plus VAT to be executed preferably within 2022 and 2023, and (ii) phase 2, annual investments of approximately USD 41 million plus VAT between 2024 and 2027, for a total of approximately USD 164 million plus VAT. Investments between 2028 and 2038 will be further determined based on the operational needs of the airport system and will take into consideration the economic equilibrium of the concession.

As of December 31, 2024, AA2000 completed the infrastructure works committed within phase 1, while it is currently executing the phase 2 commitment. In February 2024 and November 2024, AA2000 informed the ORSNA about the status of the phase 1 commitments, which have not been responded by the ORSNA. With respect to the phase 2 commitment, AA2000 executed works for USD 52.0 million (VAT included), which surpasses the required commitment amount for 2024 under this phase.

​

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Argentine Concession Agreement (Cont.)

Obligations assumed by AA2000 as Concessionaire (Cont.)

On July 28, 2023, ORSNA issued Resolution N° 56-23, in which it laid down the conditions related to the Review of the Financial Projection of Income and Expenses (in Spanish, PFIE) for the concession period of 2019-2023. Among others, it was determined that the revision of the financial and economic equation of the concession agreement, will be finalized upon reaching the international passenger traffic level of 2019. AA2000 challenged Resolution N° 56-23. On November 27, 2023 ORSNA and AA2000, agreed: (i) to suspend the current procedural deadlines until September 30, 2024, (ii) that AA2000 must produce at its own cost and expense a passenger traffic projection study; (iii) to postpone until May 30, 2024 the ordinary annual review of the PFIE of the concession, covering periods until December 31, 2023. AA2000 has fulfilled the commitments assumed under the referred agreement.

Considering the changes in the Argentinean government and taking into account that the members of ORSNA’s Board of Directors had not been appointed, it was agreed to suspend for 20 business days the procedural deadlines duly established, according to a presentation made both parties on June 28, 2024. On July 3, 2024, AA2000 was notified of the Court’s decision granting the suspension of the requested deadlines.

In light of the change in ORSNA’s administration, and in order to fulfill the agreements previously reached, on August 9, 2024, ORSNA and AA2000 signed a new Meeting Record which postponed the annual ordinary review of the PFIE for the concession until October 30, 2024, covering all periods up to December 31, 2023. Additionally, they agreed to extend the deadline for the regulatory body to adopt final measures within its authority to restore the financial and economic balance of the concession until November 30, 2024, and to suspend the procedural deadlines in the aforementioned legal proceedings until December 31, 2024. On December 9, 2024, ORSNA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR, approving the PFIE Reviews covering the periods 2021, 2022, and 2023. AA2000 requested the review of the referred resolution regarding: the elements of the Financial Projection in connection with capital and maintenance expenses and the projections of passenger traffic, commercial revenues and maintenance expenses. The claim also addresses delays in economic equilibrium revisions and discounts on some rates. On December 27, 2024, a joint request was submitted with ORSNA for the suspension of deadlines. Pursuant to the request of the parties, procedural deadlines are suspended until June 30, 2025.

Pursuant to the terms of the Argentine Concession Agreement, the Argentine National Government will have the right to buyout the concession at any time as from February 13, 2018. If such right is exercised, the Argentine National Government is required to indemnify AA2000 and assume in full any debts incurred by AA2000 to acquire goods or services for purposes of providing airport services, except for debts incurred in connection with the investment plan for which AA2000 would be compensated as part of the payment made to AA2000 by the Argentine Government.

Additionally, the Argentine Concession Agreement defines some additional conditions upon which either the Argentine National Government or AA2000 could demand the termination of the agreement. Termination of the AA2000 Concession Agreement would constitute a default under the Senior secured guarantee notes due 2027, the Class 1 Series 2021 Notes due 2031 and the ICBC Dubai Loan.

Concession fees

Under the terms of the Argentine Concession Agreement, AA2000 is required to allocate monthly an amount equal to 15% of revenues (in Argentine pesos) to the Specific Allocation of Revenue, as follows:

-11.25% of total revenue to a trust for the development of the Argentine National Airport System to fund capital expenditures for the Argentine National Airport System. Of such funds, a 30% will be previously deducted for deposit in an account to the order of the National Administration of Social Security of Argentina. The ORSNA will determine which construction projects within the Argentine National Airport System shall be implemented with such funds, whether at airports operated by AA2000 or not. AA2000 may file proposals with the ORSNA, which, together with the ORSNA’s proposals, shall be communicated to the Secretary of Transportation, which shall decide the application of the trust funds.

-1.25% of total revenue to a fund to study, control and regulate the Argentine Concession, which shall be administered and managed by the ORSNA.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Argentine Concession Agreement (Cont.)

Concession fees (Cont).

-2.5% of total revenue to a trust for investment commitments for the “Group A” airports of the Argentine National Airport System. (Those operated by AA2000).

In lieu of putting money into the trust AA2000 may provide evidencing of the provision of aeronautical and/or airport services performed within the framework of the concession. Acceptance of those credits is subject to approval of the Secretary of Transportation and the ORSNA.

Guarantees

In order to guarantee performance of the works, AA2000 has posted a surety bond to comply with the investment plan guarantee required by the ORSNA amounting as of December 31, 2024 to USD 25 million. Additionally, AA2000 provides a performance guarantee for concession contract fulfillment for the total amount of ARS 26,419 million (approximately USD 25.6 million) which is renewed on an annual basis.

Insurance

In addition, AA2000 is required to maintain a civil liability insurance policy covering personal and property damages, loss or injury in an amount of at least ARS 300 million (approximately USD 0.3 million). AA2000 has contracted an insurance policy for an amount of USD 300 million covering liabilities that may arise under civil law in connection with the management and development of works at the airports. Additionally, AA2000 maintains insurance policies covering regarding operational risk and construction risk up to USD 3.184 million and USD 40 million, respectively.

Other information regarding AA2000 as Concessionaire

As a result of the renegotiation of the concession contract, in 2006 AA2000 delivered to the Argentine Government 496,161,413 preferred shares which were convertible into common shares of AA2000. Such preferred shares had a nominal value of ARS 1 each and had no voting rights. Such shares were redeemable by AA2000 at any time at nominal value plus accrued interest. Beginning in 2020, the Argentine Government had the option to convert all of the preferred shares into common shares of AA2000, up to a maximum amount of 12.5% per year of the total amount of the initial preferred shares issued to the Argentine Government, to the extent AA2000 had not previously redeemed such annual percentage for the respective year. In addition, according to the agreement for AA2000 Concession extension, AA2000 had the option to redeem the preferred shares during 2022, which was exercised, see Note 25.f.

In addition to the airports operated under the AA2000 Concession Agreement, the Group also operates the Neuquén Airport and the Bahía Blanca Airport.

The Neuquén Airport and the Bahía Blanca Airport are not material to CAAP’s business.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Uruguayan Concession Agreements

Carrasco International Airport and New Airports

PDS signed with the Uruguayan Government a concession agreement which granted from year 2003 to 2023 the management, exploitation, construction, maintenance and operation of Carrasco International Airport “Gral. Cesáreo L. Berisso”. A first amendment to the contract dated September 2, 2014 extended the concession until November 20, 2033. As of November 8, 2021, a second amendment to the concession agreement was made, modifying among other things, (i) extending the term of the agreement until November 20, 2053, (ii) incorporating into the concession six additional new airports located in Rivera, Salto, Carmelo, Durazno, Melo, Paysandú,(“New Airports”) and (iii) requiring PDS to make capital expenditures in connection with the development of the New Airports of USD 67 million in the aggregate between 2022 and 2028 in accordance with the following investment schedule, which may be adjusted as a result of force majeure events and certain other particular circumstances: USD 13 million during 2022, USD 32 million during 2023, USD 18 million during 2024; and USD 4 million during 2028.

Except with respect to the Durazno International Airport in which operations will not start before January 1, 2025 (see Note 34), the operation of the New Airports by PDS under the amended concession agreement started progressively once certain conditions were met, including without limitation, the issuance of certain environmental permits. On January 11, April 22, July 22, October 20, 2022 and February 8, 2023, the International Airport of Carmelo “Balneario Zargazazú”, the International Airport of Rivera “Pte. Gral Oscar D. Gestido”, the International Airport of Salto “Nueva Hespérides”, the International Airport of Melo and the International Airport of Paysandú “Brig. Gral. Tydeo Larre Borges” were taken over by PDS, respectively.

The terms and conditions under the amended concession agreement are substantially the same as those currently in place for the Carrasco Airport except for, within others, the operation of the new airports, the terms of the concession, insurance, guarantees and early termination of the agreement.

Obligations assumed by PDS as Concessionaire

Under the terms of the Concession Agreement, PDS is responsible for several functions in connection with the airports, among others; operating airport services and facilities in a reliable manner, make investments and maintenance as described in the technical attachments to the concession agreement, maintain the guarantees and insurance policies valid and current, pay the annual concession fee.

On May 15, 2024, PDS signed amendments to its concession agreement to include part of the old passenger terminal of the Carrasco International Airport into the concession, PDS plans to invest approximately USD 5.5 million to expand its cargo activities, in particular, pharma and courier in this space. In counterpart, PDS will pay an additional fee.

Additionally, PDS committed to invest in a new Instrument Landing System (ILS) category IIIb, similar to those utilized in the world’s major airports. This system will enable aircrafts to land safely in adverse weather conditions, thereby enhancing air connectivity, increasing predictability for airlines, and providing a competitive advantage for aviation development. The amendment foresees a tariff adjustment (approach fee) that can be charged by PDS.

During the next five years, PDS is committed to make additional capital expenditures in the amount of USD 13.2 million.

Upon execution of the amended concession agreement, the Uruguayan Ministry of Defense will still have the right, with prior authorization from the Uruguayan executive power, to terminate the concession agreement prior to the scheduled termination date due to reasons based on “public interest”. In this case, an indemnification amount shall be paid the amount of which depends on whether the termination relates to one or more of the New Airports or to the Carrasco International Airport, in accordance with the following; the early termination may be done either: (i) with respect to the Carrasco Airport and the New Airports (“Full Termination”), or (ii) with respect to one or more of the New Airports only (“Partial Termination”).

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Uruguayan Concession Agreements (Cont.)

Carrasco International Airport and New Airports (Cont.)

Obligations assumed by PDS as Concessionaire (Cont.)

Punta del Este Airport Additionally, the concession agreement may be terminated by the Defense Ministry (with prior approval of the executive power) upon repeated and material breaches of the concession agreement by PDS. In the event of force majeure (e.g., the destruction severe damage that prevents the airport’s operations), the Defense Ministry will be entitled to terminate the concession agreement without paying the termination payment to PDS and collect all of the indemnification payments under all of the airport’s insurance policies. Alternatively, the Defense Ministry could request PDS to re-build the airport if the reconstruction of the airport does not alter the terms of the concession agreement. The concession agreement may be also terminated by mutual agreement (with prior approval of the Uruguayan executive power). No termination fee is payable by any party in this circumstance.

Concession fees

Pursuant to the concession agreement, PDS is required to pay to the Uruguayan Government an annual fee, which will be the higher of: a) USD 5,829; or b) the amount resulting from multiplying the work units (per passenger or per each 100 kilograms of cargo or mailing) by USD 0.00536, plus applicable cargo fees. The aforementioned 2014 amendment established additional fees based on the number of passengers that use the Carrasco Airport and as long as the number of passengers exceed 1.5 million passengers per year. These additional fees are calculated by multiplying the number of passengers by a fixed coefficient, depending on the volume of passengers.

Guarantees

Based on the above, PDS is required to provide the following guarantees: a guarantee securing the completion of the construction work of the new terminal for a total amount as of December 31, 2024 of USD 4.7 and a performance guarantee for USD 7.6 million that will be returned to PDS six months after the expiration of the concession agreement. Guarantees securing the completion of each group of construction works related to the New Airports, to be determined under the Investment Program and for the amounts set forth under the Investment Schedule. The guarantees are set as an amount equal to 5% of each group of construction work to be performed.

Insurance

PDS must contract civil liability insurance against damages, losses or injuries that could be caused to persons or property in relation to the performance under the concession agreement, with itself and the Uruguayan Ministry of Defense as loss payees, to cover all risks until termination or expiration of the concession. The minimum coverage amount is USD 250 million. As of December 31, 2024, the coverage amount was USD 300 million.

Punta del Este Airport

CAISA signed with the Uruguayan Government a concession agreement which grants until the year 2019 for the reconstruction, maintenance and partial operation of the services of International Airport C/C Carlos A. Curbelo (Laguna del Sauce) – Punta del Este, starting to operate in 2008.

As of June 28, 2019, the concession agreement between CAISA and the Ministry of Defense was amended extending its term to March 31, 2033.

On May 15, 2024, CAISA signed an amendment to its concession agreement that includes the extension of the term of the concession for a ten-year period to 2043, the removal of certain investment projects amounting to USD 7.6 million, and a new commitment to invest USD 3.0 million within the period of 2024-2026.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Uruguayan Concession Agreements (Cont.)

Punta del Este Airport (Cont.)

Terms of the Punta del Este Concession Agreement extension include a minimum annual concession fee of USD 500 and incremental capital expenditures of approximately USD 35 million, including the construction of a new general aviation terminal building, remodeling of boarding areas and a new VIP lounge, together with implementation of technology and innovation to improve the passenger experience. In June 2024, the minimum annual concession fee was increased from USD 611 up to USD 649 aligned with an increase in tariffs.

During the next five years and upon execution of the amendment, CAISA expects to incur additional capital expenditures in the amount of USD 3.9 million, all required by contract.

Based on the above, CAISA was required to provide the following guarantees: a guarantee securing the completion of the construction works and a guarantee for concession contract fulfillment for USD 1.0 million and USD 0.4 million (secured by TCU S.A.) respectively.

Additionally, CAISA must contract civil liability insurance against damages, losses or injuries that could be caused to persons or property in relation to the performance under the concession agreement. The amount insured as of December 31, 2024 is approximately USD 365 million.

Ecuadorian Concession Agreement

TAGSA

TAGSA has a concession agreement which granted until July 27, 2029 the development, operation and maintenance of Guayaquil airport, José Joaquin de Olmedo (“JJO”). On July 20, 2021 TAGSA, AAG and the Municipality of Guayaquil entered into an amendment of the agreement resolving to extend the concession of the Guayaquil airport for additional two years, i.e. until July 27, 2031.

Obligations assumed by TAGSA as Concessionaire

Under the terms of the Concession Agreement, TAGSA is responsible for several functions in connection with the airport, among others; operate and manage the airport, make investments and maintenance specified in the Concession Agreement and expansion of the national terminal, pay the annual concession fee, provide other non-aeronautic services.

On July 6, 2018, TAGSA amended the concession agreement (the “Guayaquil Concession Agreement”) which established new additional works for an amount of USD 32.2 million to be completed by TAGSA prior to the end of the concession’s term. As of December 31, 2024, USD 4.9 million remain pending.

The concession agreement may be terminated prior to the scheduled termination date upon the breach by TAGSA and/or by AAG of its obligations stipulated in the concession agreement or any amendment as well as due to mutual agreement of the parties.

Concession fees

TAGSA was required to pay the annual concession amount to a trust, which amounts to 55.25% of gross revenues from tariffs and charges, and certain other commercial revenues from the operation of JJO to the Trust Fund for Development of the New Airport of Guayaquil, plus a fixed amount of USD 1.5 million per year for administrative services. The Guayaquil Concession Agreement included an increase of USD 524.6 (for the six-month period from August 2019 to January 2020) on a one-time basis; thereafter the amount and calculation applied in the previous period will be maintained. Due to COVID-19 pandemic, on July 20, 2021 a reduction of the annual concession fee to be paid in 2021 from 55.25% to 53.66% was agreed. In addition, from 2022 and until the economic and financial equilibrium is met, the concession fee to be paid will be 50.25%.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Ecuadorian Concession Agreement (Cont.)

Guarantees

TAGSA is required to maintain a performance bond as security for the timely fulfillment of the obligations under the concession agreement of USD 3.0 million for the rest of the concession. In addition, TAGSA is required to maintain a performance bond for the payments to the Trust for the development of the new Guayaquil Airport that corresponds to an amount of 20% of the amount that is required to be paid by TAGSA to the Trust minus the amount of the performance bond of Guayaquil Concession Agreement. The current amount of the performance bond is USD 6.7 million.

Insurance

In addition, TAGSA is required to maintain a civil liability insurance policy covering personal and property damages, loss or injury. TAGSA has taken out an insurance policy for an amount of approximately USD 581.3 million covering liabilities that may arise under civil law in connection with the management and development of work in the airports.

ECOGAL

ECOGAL has a concession agreement, which granted until 2026 the development, operation and maintenance of Seymour Airport in Galapagos Island.

ECOGAL is required to maintain a bank guarantee of USD 700 to the Dirección General de Aviación Civil de Ecuador (“DGAC”), which should be in place during the term of the Galapagos Concession Agreement. This bank guarantee is in force as of December 31, 2024.

Brazilian Concession Agreement

ICAB signed with the Brazilian ANAC a concession agreement which grants the construction, operation and maintenance of the airport of Brasilia for a period of 25 years from 2012. They can be extended for another five years if necessary to reestablish economic equilibrium.

Obligations assumed by ICAB as Concessionaire

Under the terms of the Concession Agreements, ICAB is responsible for several functions in connection with the airports, among others; provide adequate services to passengers and users of the airports, provide proper services, presenting the Brazilian ANAC with an Infrastructure Management Plan and Services Quality plan every five years making any necessary investments to expand airport operations to sustain the required service levels. During the next five years, ICAB expects to incur additional mandatory investments in the amount of USD 5.5 million with respect to the Brasilia Airport.

The Brazilian Concession Agreement will be deemed terminated prior to the scheduled termination date upon any of the following events;

-

the expropriation of the concession by the Brazilian ANAC for reasons of public interest;

-

forfeiture declaration by the Brazilian ANAC as a result of the breach of material contractual obligations by ICAB pursuant to Article 38 of the Brazilian Concessions Law;

-

termination by a judicial order resulting from an action filed by ICAB based upon the breach of the Brazilian ANAC obligations;

-

the annulment of the Brazilian Concession Agreements by a judicial or administrative order based on the discovery of illegalities or irregularities in the tender documents, in the bid process or in the Brazilian Concession Agreement; or

-

bankruptcy or liquidation of ICAB, as the case may be.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Brazilian Concession Agreement (Cont.)

If the Brazilian Concession Agreement is terminated in connection with a forfeiture declaration issued by the Brazilian ANAC, then the amount of the indemnification payment will be limited to the non-amortized amount of assets reverted to the Brazilian Government less the amount of (i) any applicable losses; (ii) fines; and (iii) insurance payments received by ICAB, in each case, in connection with the events and circumstances that resulted in the forfeiture declaration.

Concession fees

Grant payment obligations arising from this concession agreement are described in Note 23.

Guarantees

Under the Brazilian Concession Agreement, the Brazilian concessionaires are required to provide certain performance bonds for some events. Main performance bonds relates to Phase I-B and Phase II events. The current amount of Phase II is R$ 269.3 million (equivalent to USD 43.5 million) in ICAB. The performance bond in ICAB is granted by a guarantee letter of CAAP signed with BMG insurance company.

Re-bidding of the International Airport of São Gonçalo do Amarante (“Natal Airport”)

On March 5, 2020, CAAP announced that its subsidiary ICASGA filed a request to the Brazilian ANAC to commence the re-bidding process of the Natal Airport, pursuant to Law No. 13,448 of July 5, 2017, and the Brazilian ANAC Resolution No. 533 of November 7, 2019.

On May 26, 2020, the Brazilian ANAC confirmed the technical and legal feasibility of the request regarding the re-bidding process initiated by ICASGA. On June 3, 2020, the process was approved by the Ministério da Infraestrutura and on June 10, 2020, the Conselho do Programa de Parcerias de Investimentos of the Ministério da Economia expressed a favorable opinion and submitted the request for proposal for re-bidding to the President of Brazil.

On August 24, 2020, Natal Airport was qualified to go through the re-bidding process. On November 20, 2020, ICASGA and the Brazilian ANAC signed a concession agreement amendment setting forth the rules and proceedings for the re-bidding (the “Amendment”) and the re-bidding process became irrevocable and irreversible. The Amendment imposed restrictions on the ICASGA’s actions, such as making investments, acquisition or disposal of reversible assets, without the prior express consent of the Brazilian ANAC.

However, despite the fact that ICASGA may no longer hold the right to operate Natal Airport until the end of the original term the re-bidding process was not effective until certain aspects beyond ICASGA’s control were confirmed, namely; i) that the re-bidding procedure for determining the new concessionaire be successfully completed and ii) that the bid offered by the winner of the bidding process be sufficient to pay the indemnity owed by the Brazilian ANAC to ICASGA.

The auction successfully took place on May 19, 2023. On September 12, 2023, a contract between the new concessionaire and the Brazilian ANAC was signed, starting the process of approval of the compensation payment to ICASGA. However, the conclusion of the re-bidding process was still uncertain, given that the amount determined by the new offer was not sufficient to pay the indemnity owing to ICASGA in full and the Brazilian legislation did not allow the Government to pay the outstanding balance unless there was a specific budget approval.

The residual part of the budget was finally approved by the National Congress and endorsed by the President of Brazil on December 27, 2023 crystalizing a final gross indemnification of R$ 609.5 million (equivalent to USD 125.9 million).

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Brazilian Concession Agreement (Cont.)

Re-bidding of the International Airport of São Gonçalo do Amarante (“Natal Airport”) (Cont.)

Considering that all conditions for the concession agreement amended to be effective were met, as of December 31, 2023, a net gain of USD 166.5 million was recognized in ICASGA, mainly due to a gain for the reversal of impairment losses recognized in previous periods over intangible assets of USD 103.8 million (Note 12) and other operating income that includes the compensation for the assets and liabilities of the concession for a total of USD 62.7 million (Note 8). The related concession assets, including the concession intangible asset, and liabilities were derecognized as of December 31, 2023. The transaction did not have an impact on income tax as unrecognized tax loss carry forwards were used to compensate the current tax expense for an amount of approximately R$ 36.8 million (equivalent to USD 7.4 million). Based on tax advice received, management considers that the deduction of 100% of the tax loss carryforwards can be applied.

On December 29, 2023, the Brazilian Government made a partial payment deducting all the obligations related to fixed and variable concession fees and including the receivables related to re-equilibriums (a total net payment of R$ 199.7 million equivalent to USD 41.3 million), extinguishing all the concession fees obligations that ICAGSA maintained. On January 5, 2024, the remaining balance of the indemnification was collected totaling USD 90.6 million.

Additionally, on December 31, 2023, following ICASGA’s absorption by ACIB, a Brazilian subsidiary of CAAP, all the rights and obligations of ICASGA were transferred to ACIB.

Armenian Concession Agreement

AIA CJSC has been awarded a concession agreement, which grants until year 2032 the exclusive rights of exploitation, administration, maintenance and operation of Yerevan airport, Zvartnots. At the end of the concession period, the Company has the option to indefinitely extend the term of the concession agreement for additional periods of five years. The Armenian Concession Agreement does not require AIA to pay any fee or other consideration of any kind whatsoever for the rights granted to it under the Armenian Concession Agreement.Within the scope of the Armenian Concession Agreement the Company planned to build a new terminal in three phases. The first two phases are completed, which mainly included the construction of a new terminal for arrivals and departures.

Obligations assumed by AIA as Concessionaire

Under the terms of the Concession Agreement, AIA is responsible for several functions in connection with the airports, among others; operate and manage the airports, comply with the master plan, provide the Armenian Government with an annual report (and such other reports as the Armenian Government may reasonably request) on the development of the management, exploitation and operation of the airport.

Every five years during the term of the concession, the Company is required to submit a Master Plan to the Government of the Republic of Armenia, which describes the works to be executed in that five-year period, including the corresponding preliminary estimates and also sets forth the guidelines for the works and operations related to improvement and maintenance of the Airport during the remaining part of the term, as well as the description of actual works. The Master Plan will be updated every five years and extended to cover the 30-year term of the Armenian Concession Agreement.

AIA’s management has presented to the Armenian Government a new draft Master Plan in order to determine the capital expenditures to be incurred in Zvartnots Airport and Shirak Airport in the next five years. As of December 31, 2024, this master plan is pending of approval.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Armenian Concession Agreement (Cont.)

Obligations assumed by AIA as Concessionaire (Cont.)

The Armenian Concession Agreement may be terminated prior to the scheduled termination date upon the occurrence of any of the following events:

-concession manager’s breach of certain obligations;
-bankruptcy of the concession manager;
-administrative discretionary act;
-the Armenian Government’s breach of any of its obligations; and
-force majeure events.

Italian Concession Agreement

TA has the concession of the airports of Pisa and Florence, starting to operate both airports in 2014.

The concession for Pisa Airport (“Pisa Concession”) was approved on December 7, 2006, with the Inter-Ministerial Decree issued by the Ministry of Transportation, the Ministry of the Economy and the Ministry of Defense. The Concession Agreement initially expires on December 7, 2046.

The Florence Concession was approved on March 11, 2003, with the Inter-Ministerial Decree issued by the Ministry of Infrastructure and Transport and the Ministry of the Economy and Finance. In order to meet the urgent need to implement the relevant legal framework, the abovementioned Inter-Ministerial Decree provided the extension of the duration of the concession to 40 years. The Concession Agreement initially was due to expire on February 10, 2043.

In view of the drop in traffic at Italian airports deriving from the Covid-19 virus outbreak and in order to contain the consequent economic effects, the term of all the current concessions for the management and development of airport activities was extended by two additional years under Law No. 77 of July 17, 2020, which amends Article 202 paragraph 1-bis of Decree-Law No. 34 of May 19, 2020, extending Pisa and Florence concessions until 2048 and 2045, respectively.

​

Obligations assumed by TA as Concessionaire

Under the terms of the Concession Agreements, TA is responsible for several functions in connection with the airports, among others; organize and manage the airport business, pay the annual concession fee, guarantee the suitability of the standards of offered services.

Pursuant the terms of the Italian Concession Agreements, TA is required to present a long-term master plan for each individual airport. The master plan projections (including traffic, operating expenses, investment commitments, etc.) are used by ENAC (Italian regulatory authority) to determine airport tariffs, and are revised every four years. Once approved by ENAC, the investment commitments in the master plan become binding obligations under the terms of the respective Concession.

On November 3, 2015, TA received the technical approval by ENAC of its 2014-2029 master plan for Florence Airport, and on December 28, 2017, the Ministry of Environment, after conducting an environmental impact assessment (Valutazione di Impatto Ambientale), approved such master plan. However, on May 27, 2019, upon request of the Environmental Association (Associazione VAS Vita Ambiente) and other authorities, such approval was repealed through judgment No. 793.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Italian Concession Agreement (Cont.)

Obligations assumed by TA as Concessionaire (Cont.)

On July 25, 2019, TA, jointly with the Ministry of Environment, ENAC and other authorities, appealed such judgement and on February 14, 2020, TA was notified by the Council of State the need to undertake a new environmental procedure regarding the master plan. In the meantime, the legal framework was changing by the Italian Government and the public debate procedure was introduced as mandatory in case of new runway and new passenger Terminal. Therefore, during 2022 a project review of the master plan was performed and a new master plan 2035 was defined. On October 2022, TA started the public debate process.

Between January and March 2024 TA updated the master plan documents in compliance with the observations expressed by the Environmental Ministry at the end of the previous Scoping phase and on May 2024 ENAC required the Ministry to start the second phase (so called integrated assessment) of the EIA-ESA procedure (a new integrated environmental procedure introduced by law in 2020). On July-August 2024 ENAC received from the Environmental and Culture Ministries a request for integration of their respective observations on the submitted documents. At the end of November 2024, ENAC submitted the revised documents. The completion of the EIA-ESA procedure is expected by the end of April 2025.    

Upon completion of the environmental procedure ENAC will ask the Ministry of Infrastructure to start the authorization process for the assessment of urban planning. The procedure will be carried out between the spring and the beginning of autumn 2025.

On October 24, 2017, ENAC approved and signed 2015-2028 master plan for the Pisa airport.

Both, Pisa and Florence Concession Agreements provides that, in the event needs of public interest arise, TA may request that the concessions be revoked, at which time TA will assume the burden of making all compensatory payments to be determined with the relevant third parties and after consulting ENAC.

The concessions granted may be forfeited before its expiration date upon the occurrence of specified events of default. If any of the concessions is revoked before its expiration, whether through a forfeiture or termination due to an event of default, ENAC shall regain the rights over the assets which were assigned to TA.

Concession fees

As consideration for both airport concessions granted by ENAC, TA is required to pay annual fees to be determined pursuant to Law No. 662/1996, which states that the relevant fees shall be the subject of the joint determination of the Ministry of Finance and the Ministry of Infrastructure and Transport. The fees are established by Inter-Managerial Decree (decreto interdirigenziale) dated June 30, 2003, which provides the adoption of a work load unit criteria, where each unit corresponds to one passenger or 100 kg of goods or post.

Concession fee payments are to be made in two separate installments, the first one to be made each July 31 and the second one each January 31 of each year during the concession agreement. The following year, each payment shall be equivalent to 50% of the annual concession fee payments. The value of the minimum concession fee is adjusted on an annual basis according to inflation.

Guarantees

Suretyships provided to third parties on behalf of TA (EUR 10.4 million as of December 31, 2024, equivalent to USD 10.8 million) mainly refer to performance bonds with ENAC as beneficiary, in order to guarantee full and exact fulfillment of the obligations of the concessionaire under the concession agreements; of the Municipalities of Pisa and Florence to ensure compliance with municipal regulations in the execution of works for the expansion of the airports infrastructure by TA and other items.

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Italian Concession Agreement (Cont.)

Insurance

Under the Pisa and Florence Concession Agreement, TA shall procure an insurance policy, for an amount to be determined in agreement with ENAC, in order to cover a series of risks related to the assets used either directly or indirectly in the airport management business (e.g., fires, aircraft crashes, damages due to transported goods, machinery or natural events). TA has taken out insurance policy for an amount of about EUR 882 million covering property damages, business interruptions and airport liabilities.

CAAP - Preferred bidder to operate Abuja and Kano airports in Nigeria

In October 2022, a consortium formed by CAAP, Mota - Engil, Engenharia e Construção África S.A., and Mota - Engil Nigeria Limited (the “Consortium”), of which the Company holds a 51% stake, has been declared by the Federal Government of Nigeria as preferred bidder for the Abuja and Kano airports and cargo terminals concessions. A preferred bidder’s bank guarantee has been issued for USD 1.8 and USD 0.4 million related to the Abuja and Kano airports respectively, expiring on December 20, 2025. These guarantees have been counter guaranteed by CAAP for 51% of the total amount. The Consortium, the Federal Ministry of Aviation and the Federal Airports Authority of Nigeria are currently revising and negotiating the final terms and conditions of the concession agreements.

In May 2023, the structure under the Consortium was created in Nigeria, with Corporacion Africa Airports Nigeria Limited as a holding company and Kano Airport Concession Company Limited and Abuja Airport Concession Company Limited as operating companies related to the Kano and Abuja airports and cargo terminal concessions respectively. As of December 31, 2024, CAAP holds indirectly a 51% of ownership of Corporacion Africa Airports Nigeria Limited, which is in turn 100% owner of Kano Airport Concession Company Limited and Abuja Airport Concession Company Limited. The companies remain without operation until the concession agreements are executed.

Other commitments

As of December 31, 2024, TAC holds guarantees related to construction works for an amount of EUR 0.5 million, equivalent to USD 0.5 million.

As of December 31, 2024, CAAP guarantees an energy supply contract signed by ICAB covering the purchase of electric power for R$ 1.2 million (equivalent to approximately USD 0.2 million).

​

26       Contingencies, commitments and restrictions on the distribution of profits (Cont.)

c. Restrictions to the distribution of profits and payment of dividends

As of December 31, 2024, 2023 and 2022, equity as defined under Luxembourg laws and regulations (“Lux GAAP”) consisted of:

​

​

​

​

​

​

​

​

​

​

At December 31, 

​

​

2024

​

2023

​

2022

Share capital

 

163,223

 

163,223

 

163,223

Share premium

 

183,430

 

183,430

 

183,430

Reserve for own shares

​

4,094

​

4,322

​

4,600

Legal reserve

 

7,419

 

3,676

 

1,081

Free distributable reserves

 

378,910

 

378,910

 

378,910

Non-distributable reserves

 

1,353,934

 

1,353,706

 

1,353,428

Retained earnings

 

86,099

 

37,890

 

(34,372)

Total equity in accordance with Luxembourg law

 

2,177,109

 

2,125,157

 

2,050,300

​

At least 5% of the Company’s net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to the creation of a legal reserve equivalent to 10% of the Company’s share capital. Dividends may not be paid out of the legal reserve. The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg laws and regulations.
v3.25.1
Related party balances and transactions
 12 Months Ended
Dec. 31, 2024
Related party balances and transactions  
Related party balances and transactions

27       Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación América International S.à r.l. (previously denominated America Corporation International S.à r.l.), both of which are Luxembourg based companies.

Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions. Interests in subsidiaries are set out in Note 2.B.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”. The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

27       Related party balances and transactions (Cont.)

Summary of balances with related parties are:

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Year-end balances

 

  

 

  

​

​

​

​

​

(a) Arising from sales / purchases of goods / other

 

  

 

  

Trade receivables with associates

 

2,379

 

4,200

Trade receivables with other related parties

 

2,734

 

962

Other receivables with associates

 

—

 

58

Other receivables with other related parties

 

9,239

 

9,257

Other financial assets with associates

 

3,260

 

3,108

Other financial assets with other related parties(*)

 

44,637

 

28,327

Trade payables to associates

​

(1,123)

​

(2,765)

Trade payables to other related parties

 

(3,877)

 

(2,501)

​

 

57,249

 

40,646

(b) Other liabilities

 

​

 

  

Other liabilities to associates(**)

​

(13,813)

​

(15,539)

Other liabilities to other related parties

 

(1,237)

 

(2,425)

​

 

(15,050)

 

(17,964)

(c) Other balances

 

​

 

​

Cash at banks in other related parties

 

34,102

 

23,249

​

 

34,102

 

23,249

​

(*) As of December 31, 2024 mainly includes a loan and time deposits to other related parties amounting to USD 15.1 million and USD 25.0 million respectively (USD 14.8 million and USD 10.1 million respectively as of December 31, 2023). As of December 31, 2024, the loan accrues interests at a fixed annual rate of 7.0%, and matures in December 2025. Regarding the time deposits total approximately USD 5.0 million have been set in Armenian Drams accruing interests at a fixed annual rate of 9.6%, maturing in August 2025, while USD 10.0 million accrues interests at a fixed annual rate of 5.0%, maturing in January 2027 and the remaining USD 10.0 million accrues interests at a fixed annual rate of 4.5%, maturing in July 2027

(**) Includes deferred income from associates.

Summary of transactions with related parties are:

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

    

2024

    

2023

    

2022

Transactions

 

  

 

  

 

  

Aeronautical/Commercial revenue

 

27,120

 

14,267

 

9,957

Fees

 

(13,066)

 

(10,300)

 

(7,266)

Interest accruals

 

1,855

 

660

 

1,240

Acquisition of goods and services

 

(31,124)

 

(22,955)

 

(22,278)

Compensation to the Group’s key staff

​

(4,871)

​

(4,249)

​

(3,806)

Others

 

(2,593)

 

(4,198)

 

(4,367)

​

The Group leases buildings to other related parties, which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 4,677 as of December 31, 2024 (USD 6,973 as of December 31, 2023). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 5,969 (USD 5,433 as of December 31, 2023).

27       Related party balances and transactions (Cont.)

As of December 31, 2024 the Group acquired from other related parties the non - controlling participation of CASA for USD 30,949 described in note 25.e.
v3.25.1
Business combinations, other acquisitions and investments
 12 Months Ended
Dec. 31, 2024
Business combinations, other acquisitions and investments  
Business combinations, other acquisitions and investments

28       Business combinations, other acquisitions and investments

In December 2023, after a series of purchase and sale operations, CAAP became holder of 49% of the share capital of Navinten S.A. (“Navinten”), a non-listed company based in Uruguay that operates duty-free shops at Uruguayan airports. The acquisition increases the Group’s market share in the commercial business linked to the airports of said country.

The consideration for the transaction amounts to USD 3.4 million payable through a promissory note issued by CAAP and the fair value of the net assets acquired amounted to USD 4.1 million, resulting in a net gain shown in Share of income/ (loss) in associates in the Consolidated Statement of Income of USD 0.7 million. The result in associates that related to Navinten is USD 7.3 million and is included also in Share of income/ (loss) in associates (Note 15).

Subject to meeting certain performance metrics between 2024 and 2027, CAAP has the right to receive a single-lump sum of USD 5.5 million, adjustable and payable according to certain parameters. This earn-out, if applicable, shall be payable within the first three months of calendar year 2028.

In addition, a call option agreement was signed, which gives CAAP the exclusive and irrevocable right, but not obligation, to purchase the remaining 51% of Navinten’s share capital. The purchase option may be exercised from November 20, 2027 to November 20, 2038 at a purchase price equal to 51% of the difference between Navinten’s current assets and current liabilities on the date of exercise of the option.

​
v3.25.1
Cash flow disclosures
 12 Months Ended
Dec. 31, 2024
Cash flow disclosures  
Cash flow disclosures

29       Cash flow disclosures

​

​

​

​

​

​

​

​

​

    

At December 31, 

​

​

2024

    

2023

    

2022

Changes in working capital

 

  

 

  

 

  

Other receivables and credits

 

(68,846)

 

(32,429)

 

(55,064)

Inventories

 

5,013

 

(1,551)

 

(3,566)

Other liabilities

 

(69,658)

 

(19,323)

 

989

​

 

(133,491)

 

(53,303)

 

(57,641)

​

29       Cash flow disclosures (Cont.)

The most significant non-cash transactions are detailed below:

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

    

2024

    

2023

    

2022

Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities

 

(6,749)

 

(1,180)

 

(111)

Property, plant and equipment with an increase in Other liabilities

​

(2,737)

​

(124)

​

—

Right-of-use asset initial recognition with an increase in Lease liabilities (Note 14)

 

(619)

 

(5,217)

 

(465)

Concession fees paid with credit of financial re-equilibrium (Note 23)

​

(2,200)

​

(22,946)

​

(15,434)

Income tax paid with tax certificates

 

(6,887)

 

(2,339)

 

(971)

Dividends pending of payment

​

(12,435)

​

—

​

—

Compensation of trade receivables

​

—

​

—

​

27,844

Application of credits compensated with concession fees

​

—

​

(19,156)

​

(24,126)

Application of credits compensated with other liabilities

​

—

​

—

​

(3,717)

Purchase of Navinten shares (Note 28)

​

—

​

(3,384)

​

—

Sale of Navinten shares (Note 28)

​

—

​

3,384

​

—

ICASGA’s compensation received through a guarantee deposit (Note 17)

​

—

​

(41,262)

​

—

Release of concession fee payable due to ICAGSA’s re-bidding process (Note 23)

​

—

​

(74,640)

​

—

Compensation of ICASGA’s re-equilibriums

​

—

​

5,309

​

—

Compensation of ICASGA’s monthly contribution

​

—

​

(3,767)

​

—

ICASGA’s compensation to be collected (Note 17)

 

—

 

(66,612)

 

—

​

Reconciliation of debt:

According to the IAS 7, the movements in the debt of the year that impact on the cash flow as part of the financing activities are detailed below:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Bank and 
financial

    

​

    

​

    

​

    

​

​

​

borrowings

​

Notes

​

Banks overdrafts

​

Other

​

Total

Values at the beginning of the year

 

392,239

 

940,937

 

61

​

—

 

1,333,237

Proceeds from borrowings

​

145,741

​

29,105

​

—

​

15,499

​

190,345

Loans and interest paid

​

(231,001)

​

(179,025)

​

(219)

​

—

​

(410,245)

Debt renegotiation expenses

​

(2,256)

​

(200)

​

—

​

(11)

​

(2,467)

Effects of exchange rate changes and inflation adjustment

​

(50,613)

​

(4,775)

​

4

​

(435)

​

(55,819)

Other non-cash movements *

 

28,809

 

74,021

 

154

​

36

 

103,020

Balances as of December 31, 2024

 

282,919

 

860,063

 

—

​

15,089

 

1,158,071

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Bank and 
financial

    

​

    

​

    

​

    

​

​

​

borrowings

​

Notes

​

Banks overdrafts

​

Other

​

Total

Values at the beginning of the year

 

478,904

 

986,533

 

—

​

—

 

1,465,437

Proceeds from borrowings

​

81,900

​

1,682

​

4,264

​

—

​

87,846

Loans and interest paid

 

(202,341)

 

(78,455)

 

(3,470)

​

—

 

(284,266)

Debt renegotiation expenses

​

—

​

(110)

​

—

​

—

​

(110)

Effects of exchange rate changes and inflation adjustment

​

11,219

​

(20,452)

​

(2,141)

​

—

​

(11,374)

Other non-cash movements *

 

22,557

 

51,739

 

1,408

​

—

 

75,704

Balances as of December 31, 2023

 

392,239

 

940,937

 

61

​

—

 

1,333,237

29       Cash flow disclosures (Cont.)

Reconciliation of debt: (Cont.)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bank and 
financial

​

​

​

​

    

​

    

​

​

    

borrowings

    

Notes

    

Banks overdrafts

​

Other

    

Total

Values at the beginning of the year

​

612,269

​

827,334

​

—

​

—

​

1,439,603

Proceeds from borrowings

 

143,388

 

210,762

 

17,801

​

—

 

371,951

Loans and interest paid

 

(321,435)

 

(101,757)

 

(16,970)

​

—

 

(440,162)

Debt renegotiation expenses

 

(1,282)

 

(729)

 

—

​

—

 

(2,011)

Effects of exchange rate changes and inflation adjustment

​

(7,518)

​

(10,504)

​

(1,015)

​

—

​

(19,037)

Other non-cash movements *

 

53,482

 

61,427

 

184

​

—

 

115,093

Balances as of December 31, 2022

 

478,904

 

986,533

 

—

​

—

 

1,465,437

​

* This line mainly includes interest accrued.
v3.25.1
Share-based payments
 12 Months Ended
Dec. 31, 2024
Share-based payments  
Share-based payments

30       Share-based payments

Management share compensation plan

On August 20, 2020, the Company approved a management share compensation plan for a period beginning on such date and ending on December 31, 2025, extendable thereafter upon approval of the Board of Directors.

The purpose of the plan is to permit executives and key employees of either the Company or any of its subsidiaries or its affiliates acting as employers (together the “Company Group”) who are eligible to receive an annual incentive compensation consisting either of (i) a certain number of shares in the share capital of the Company or of (ii) contractual rights to receive, at a certain point in time, a certain number of shares, thereby encouraging the employees to focus on the long term growth and its contribution to the success of the Company Group.

The operation of the plan is supervised by the Compensation Committee of the Board of Directors.

The Committee will determine, in its sole discretion, whether shares will be issued and allocated or rights will be granted to executives and key employees.

Shares earmarked for the plan are held in treasury until they are allocated to executives and key employees in accordance with the Management Compensation Plan by the Compensation Committee.

Under the plan, executives and key employees are granted shares which only vest if certain performance standards are met and are recognized as part of employee benefit costs in the period the shares are granted, being recorded in Salaries and social security contributions or Services and fees and as an increase in Other reserves in equity as services provided were received as consideration for the Company’s own equity instruments.

The value of shares granted is recognized on the grant date (grant date fair value) based on the closing share price at which the Company’s shares are traded on the NYSE.

As detailed in Note 25.a, as of December 31, 2024, certain awards in shares were approved under the terms of the Management share compensation plan and most of those shares have been already allocated to eligible employees.

30       Share-based payments (Cont.)

Management share compensation plan (Cont.)

Set out below are summaries of shares granted under the plan for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Average 

    

​

    

Average 

    

​

    

Average 

    

    

​

​

price per 
share

​

2024

​

price per 
share

​

2023

​

price per 
share

​

2022

As at January 1,

 

7.83

 

138,141

 

5.62

 

169,185

​

5.76

​

125,000

Granted during the year

 

14.65

 

87,324

 

9.48

 

113,848

​

5.57

​

146,115

Forfeited during the year

​

—

​

—

​

—

​

—

​

(5.80)

​

(12,500)

Exercised during the year

 

(8.70)

 

(118,798)

 

(6.55)

 

(144,892)

​

(5.70)

​

(89,430)

As at December 31,

 

12.44

 

106,667

 

7.83

 

138,141

​

5.62

​

169,185

​

Additionally, below are summaries the amounts in U.S. dollars of shares granted and accrued under each plan for the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Assignment date

    

Granted

    

Accrued

    

Granted

    

Accrued

    

Granted

    

Accrued

December 2021 (*)

    

—

    

—

    

—

    

96

    

—

    

252

April 2022

 

—

 

33

 

—

 

150

 

500

 

317

December 2022

 

—

 

31

 

—

 

184

 

314

 

98

April 2023

 

—

 

216

 

739

 

474

 

—

 

—

November 2023

​

—

​

160

​

340

​

151

​

—

​

—

August 2024

​

1,279

​

703

​

—

​

—

​

—

​

—

As at December 31,

 

1,279

 

1,143

 

1,079

 

1,055

 

814

 

667

​

(*) Includes shares forfeited during 2022 for USD 72.
v3.25.1
Discontinued operations
 12 Months Ended
Dec. 31, 2024
Discontinued operations  
Discontinued operations

31       Discontinued operations

In December 2021, the Group sold the participation in Aeropuertos Andinos del Perú S.A. (“AAP”).

For the sale of the shares in the associate, the company received USD 5 thousand, while it has committed to make a one-time payment to the buyer for assumed liabilities and future CAPEX commitments of AAP amounting to USD 17.2 million, of which USD 2.5 were paid in 2021 while the remaining USD 14.7 million were paid in four installments between January and December 2022.

​
v3.25.1
Earnings per share
 12 Months Ended
Dec. 31, 2024
Earnings per share  
Earnings per share

32       Earnings per share

a) Basic earnings per share

Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group by the weighted average number of shares outstanding each year.

32       Earnings per share (Cont.)

a) Basic earnings per share (Cont.)

The following table shows the net income and the number of shares that have been used for the calculation of the basic earnings per share total:

​

​

​

​

​

​

​

​

​

​

At December 31,

​

    

2024

    

2023

    

2022

Income / (loss) attributable to equity holders of the Group

 

282,674

 

239,506

 

168,166

Weighted average number of shares (thousands) (Note 32. c)

 

161,012

 

160,891

 

160,755

Basic earnings per share of the year attributable to the ordinary equity holders of the Group

 

1.76

 

1.49

 

1.05

​

b) Diluted earnings per share

Diluted earnings per share is calculated by dividing the profit or loss attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during each year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

The following tables shows the net income and the number of shares that have been used for the calculation of the diluted earnings per share total:

​

​

​

​

​

​

​

​

​

    

At December 31,

​

​

2024

​

2023

​

2022

Income / (loss) attributable to equity holders of the Group

 

282,674

 

239,506

 

168,166

Weighted average number of shares and potential ordinary shares (thousands) (Note 32.c)

 

161,193

 

161,058

 

160,795

Diluted earnings per share of the year attributable to the ordinary equity holders of the Group

 

1.75

 

1.49

 

1.05

​

c) Weighted average number of shares used as the denominator

​

​

​

​

​

​

​

​

​

    

At December 31,

​

    

2024

    

2023

    

2022

Weighted average number of shares outstanding

 

163,223

 

163,223

 

163,223

Weighted average number of treasury shares

 

(2,211)

 

(2,332)

 

(2,468)

Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share

 

161,012

 

160,891

 

160,755

Adjustments for calculation of diluted earnings per share:

​

​

​

​

​

​

Equity settled share - based payment (1)

​

181

​

167

​

40

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share

​

161,193

​

161,058

​

160,795

​

(1) Rights to equity settled share-based payment granted to executives and key employees in accordance with the Management Compensation Plan by the Compensation Committee (Note 30) are included in the calculation of diluted earnings per share, assuming all outstanding rights will vest. The rights are not included in the determination of basic earnings per share.

v3.25.1
Restricted Net Assets
 12 Months Ended
Dec. 31, 2024
Restricted Net Assets  
Restricted Net Assets

33        Restricted Net Assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. According to the information provided by the Company’s subsidiaries, as a result of the financing conditions their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances are restricted as of December 31, 2024 and 2023.

Even though the Company currently does not require any dividends, loans or advances from its subsidiaries for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development or merely to declare and pay dividends or distributions to the Company’s shareholders.

The Company performed a test on the restricted net assets of its consolidated subsidiaries (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose its condensed financial information for the parent Company only. See Note 35.

​
v3.25.1
Subsequent events
 12 Months Ended
Dec. 31, 2024
Subsequent events  
Subsequent events

34       Subsequent events

PDS – Concession agreement

On February 10, 2025, the International Airport of Durazno “Santa Bernardina” was taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021, being the last of the New airports to be taken over.
v3.25.1
Condensed Financial Information of the Company
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information of the Company  
Condensed Financial Information of the Company

35       Condensed Financial Information of the Company

The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s Consolidated Financial Statements. The results of operations reflected in the financial statements prepared in accordance with IFRS differ from those reflected in the statutory financial statements of the Company prepared in accordance with Lux GAAP (see Note 26.c).

Certain information and footnote disclosures generally included in financial statements prepared in accordance with IFRS have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the Consolidated Financial Statements of the Group.

For the purpose of presenting parent only financial information, the Company records its investments in subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as Investments in subsidiaries and the income/loss of the subsidiaries are presented as Share of (loss) / income in subsidiaries and associates. Certain information and footnote disclosures generally included in the Consolidated Financial Statements prepared in accordance with IFRS have been condensed and omitted.

As of December 31, 2024, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those that have been separately disclosed in the Consolidated Financial Statements, mainly included in Note 22 and 26.b.

35       Condensed Financial Information of the Company (Cont.)

CONDENSED STATEMENT OF INCOME

​

​

​

​

​

​

​

​

​

    

For the year ended

    

For the year ended 

    

For the year ended 

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

Continuing operations

​

​

​

​

​

​

Selling, general and administrative expenses

 

(7,816)

 

(7,728)

 

(7,342)

Other operating income

​

5

​

2,972

​

6

Other operating expense

​

—

​

(1)

​

(5)

Operating loss

 

(7,811)

 

(4,757)

 

(7,341)

Share of income in subsidiaries and associates

 

283,083

 

247,585

 

182,050

Income before financial results and income tax

 

275,272

 

242,828

 

174,709

Financial income

 

6,573

 

1,905

 

1,874

Financial loss

 

(723)

 

(586)

 

(429)

Income before income tax from continuing operations

 

281,122

 

244,147

 

176,154

Income tax

 

(1,854)

 

(4,629)

 

(1,307)

Income for the year

 

279,268

 

239,518

 

174,847

​

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

​

​

​

​

​

​

​

​

​

​

For the year ended

​

For the year ended

​

For the year ended

​

    

December

    

December

    

December

​

​

31, 2024

​

31, 2023

​

31, 2022

Income for the year

 

279,268

 

239,518

 

174,847

​

​

​

​

​

​

​

Items that may be reclassified to profit or loss:

 

​

 

​

 

​

Share of other comprehensive income / (loss) from subsidiaries and associates from continuing operations

​

363,884

​

(231,688)

​

70,849

Total comprehensive income for the year

 

643,152

 

7,830

 

245,696

​

​

35       Condensed Financial Information of the Company (Cont.)

CONDENSED STATEMENT OF FINANCIAL POSITION

​

​

​

​

​

​

​

    

At December 

    

At December 

​

​

31, 2024

​

31, 2023

​

​

​

​

​

ASSETS

 

  

 

  

Non-current assets

 

  

 

  

Property, plant and equipment, net

 

24

 

12

Right-of-use asset

 

227

 

270

Investments in subsidiaries

 

1,390,616

 

746,199

Investments in associates

 

10,001

 

10,264

Other financial assets at amortized cost

​

3,543

​

3,920

Current assets

 

​

 

​

Other financial assets at fair value through profit or loss

​

2,205

​

2,200

Other financial assets at amortized cost

​

—

​

31

Other receivables

 

210

 

202

Cash and cash equivalents

 

1,152

 

1,325

Total assets

 

1,407,978

 

764,423

​

​

​

​

​

EQUITY

 

​

 

​

Share capital

 

163,223

 

163,223

Share premium

 

183,430

 

183,430

Treasury shares

 

(4,094)

 

(4,322)

Free distributable reserve

 

378,910

 

378,910

Non-distributable reserve

 

1,358,028

 

1,358,028

Currency translation adjustment

 

(117,705)

 

(482,852)

Legal reserves

 

7,419

 

3,676

Other reserves

 

(1,344,247)

 

(1,343,094)

Retained earnings

 

744,310

 

467,981

Equity

 

1,369,274

 

724,980

​

​

​

​

​

LIABILITIES

 

​

 

​

Non-current liabilities

 

​

 

​

Deferred tax liabilities

 

2,500

 

3,648

Lease liabilities

 

190

 

229

Current liabilities

 

​

 

​

Borrowings

 

33,999

 

33,413

Other liabilities

 

1,751

 

1,773

Lease liabilities

 

30

 

49

Trade payables

 

234

 

331

Total liabilities

 

38,704

 

39,443

Total equity and liabilities

 

1,407,978

 

764,423

​

35       Condensed Financial Information of the Company (Cont.)

CONDENSED STATEMENT OF CASH FLOWS

​

​

​

​

​

​

​

​

​

    

For the year ended

    

For the year ended

    

For the year ended

Cash flows from operating activities

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

Income for the year

 

279,268

 

239,518

 

174,847

Adjustments for:

 

​

 

​

 

​

Amortization and depreciation

 

59

 

40

 

57

Deferred income tax

 

(1,148)

 

2,418

 

202

Income tax accrued

​

3,002

​

2,211

​

1,105

Share of income in subsidiaries and associates

 

(283,083)

 

(247,585)

 

(182,050)

Interest expense

 

587

 

559

 

426

Net foreign exchange

 

(44)

 

(471)

 

(1,874)

Other financial results, net

 

(582)

 

(145)

 

3

Share base compensation

​

507

​

420

​

317

Changes in working capital

 

149

 

(2,919)

 

760

Net cash used in operating activities

 

(1,285)

 

(5,954)

 

(6,207)

Net cash used in discontinued activities

​

—

​

—

​

—

Cash contribution in subsidiaries and associates

 

(208,562)

 

(58,987)

 

(36,417)

Acquisition of other financial assets

​

(29,491)

​

—

​

—

Disposals of other financial assets

 

30,482

 

760

 

—

Property, plant and equipment acquisitions

​

(28)

​

—

​

—

Dividends and refund of cash contributions from subsidiaries

​

208,796

​

64,344

​

57,000

Net cash provided by investing activities

 

1,197

 

6,117

 

20,583

Net cash used in discontinued investing activities

​

—

​

—

​

(14,700)

Principal elements of lease payments

​

(49)

​

(44)

​

(53)

Net cash used in by financing activities

 

(49)

 

(44)

 

(53)

Net cash used in discontinued operations from financing activities

 

—

 

—

 

—

​

​

​

​

​

​

​

(Decrease) / increase in cash and cash equivalents

 

(137)

 

119

 

14,323

Decrease in cash and cash equivalents from discontinued operations

​

—

​

—

​

(14,700)

​

​

​

​

​

​

​

Cash and cash equivalents

 

​

 

​

 

​

At the beginning of the year

 

1,325

 

1,220

 

1,614

Effect of exchange rate changes in cash and cash equivalents

 

(36)

 

(14)

 

(17)

(Decrease) / increase in cash and cash equivalents

 

(137)

 

119

 

(377)

At the end of the year

 

1,152

 

1,325

 

1,220

​
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk management and strategy

On November 15, 2023, the Board approved the Information Security Incident Management Policy (the “Cybersecurity Policy”) which establishes guidelines to identify, assess, manage and communicate material risks from cybersecurity incidents. The Cybersecurity Policy is applicable to the Company and its subsidiaries’ information systems and supporting infrastructure in all locations. It also covers processes to oversee and identify risks from cybersecurity threats associated with the use of third-party service providers, being an important part of the Company’s global risk management strategy. In addition to the Cybersecurity Policy, the Company has enacted a cybersecurity risk matrix (the “Cybersecurity Risk Matrix”) to determine cybersecurity risks and align projects to address such risks. Therefore, our actions, plans and projects are aligned with the risks identified within such Cybersecurity Risk Matrix which is reviewed annually by information security officers and authorized by the corporate information security manager.

All strategic information security projects are established in a global strategic plan, based on the analysis of the risks determined and classified in accordance with the Cybersecurity Risk Matrix. Critical risks are addressed by a combination of security services and technology. Also, a global security operation center and an incident response and threat intelligence service are in place. A combination of information security applications and monitoring controls are also used to detect and protect the information assets based on protection layers criteria. Global penetration testing and security reviews are regularly performed in our subsidiaries.

Also, the Cybersecurity Policy created the Information Security Incident Response Committee (the “ISIRC”) which is a non-permanent body, mainly responsible for coordinating and authorizing the strategy and tasks to contain a Cybersecurity Incident and restore normal operation. The members of the ISIRC are:

(a)local IT Manager/Responsible (of the involved subsidiary);
(b)an Information Security Specialist (local and/or corporate);
(c)the Head of Legal and Compliance (representing our Executive Committee); and
(d)if necessary, members of other technology-related teams, or members of our Executive Committee or other members of senior management shall be included.

According to the Cybersecurity Policy, Cybersecurity Incidents must be classified by the local security manager from a technical perspective in critical, high, medium, low, or very low based on the Incident Impact Calculation Matrix. Such classification is reviewed by the ISIRC, from a qualitative and quantitative perspective, and considers factors that are not taken into account in a mathematical calculation, in order to determine the severity of the incident.

The Cybersecurity Policy establishes an incident management process, which can be defined as a plan to manage Cybersecurity Incidents and to ensure that the Company takes immediate action in case of any incidents. The incident management process consists of the following phases: (i) detection; (ii) analysis and early communication; (iii) containment; (iv) eradication; (v) recovery; (vi) documentation and improvement proposals; and (vii) disclosure.

The phase of “detection” involves (i) data gathering and analysis; (ii) identification of indicators of an attack or compromise of the network; and (iii) correlating events and having the intelligence to identify early signs of an attack. Examples of detectable events include data breaches, an unusual number of locked accounts, encrypted files, among others. Upon detection of a Cybersecurity Incident, such incident is immediately reported to the Local Cybersecurity Manager/Responsible who then convenes an ISIRC meeting. As per the Cybersecurity Policy, once a Cybersecurity Incident is identified, the Local Cybersecurity Manager/Responsible shall classify it from a technical perspective based on the Incident Impact Calculation Matrix, prepare the corresponding Cybersecurity Incident Report and create a record of the information and documentation related to the incident. All the information related to the Cybersecurity Incident is then submitted to the ISIRC which shall review the classification provided by the Local Cybersecurity Manager/Responsible and define the severity of the incident.

The Cybersecurity Incidents which individually or in the aggregate are classified by the ISIRC as critical or high, must be reported by the ISIRC to our Executive Committee, which shall analyze if the incident must be disclosed. The Cybersecurity Policy also establishes that in case of detection of any Cybersecurity Incident, it shall be immediately reported to the local cybersecurity officer (local or corporate), who will call an ISIRC meeting. In case of critical or high incident, the Executive Committee must then report it to the Board of Directors of the Company.

In relation to the “containment” strategy, the Cybersecurity Policy establishes that it is dependent on the type of attack and its potential impact on the organization. In any case, after the Cybersecurity Incident has been successfully contained, any element or change produced because of the Cybersecurity Incident must be repaired. This could include, rebuilding affected servers, removing malware, or closing and resetting passwords of breached accounts.

On the “recovery” phase, every affected system should be restored in order to reinstate regular operations.

After receiving information from the ISIRC, the Executive Committee must determine if a Cybersecurity Incident is material, or if any series of related Cybersecurity Incidents taken together are material, in which case it must decide the necessity and extent of any ongoing and annual disclosures. In order to determine the materiality of a Cybersecurity Incident or series of related cybersecurity incidents taken together, our Executive Committee must evaluate the impact of such incident from a quantitative and a qualitative perspective, as well as, if there is a substantial likelihood that a reasonable investor would have considered it important in making an investment decision or if it significantly alters the total mix of available information. As part of the materiality analysis, our Executive Committee may consider both the immediate fallout and any longer-term effects, including on our operations, finances, brand, reputation and customer relationships. If the Executive Committee deems it necessary, could report the Cybersecurity Incident to our Board of Directors, to be involved in the determination of materiality of the incident.

The Head of Legal and Compliance leads the disclosure process if the Cybersecurity Incident is material. In accordance with the terms and conditions of our third-party agreements, our providers are obliged to inform us immediately in the case of detection of a Cybersecurity Incident that could involve the Company in any manner, in which case the local cybersecurity manager must call a ISIRC who must define if it should be reported to the Executive Committee to determine if it is material.

Finally, although our business strategy, results of operations or financial condition have not been materially affected by Cybersecurity Incidents up to this date, we understand that the cybersecurity risks have been increasing, especially as infiltrating technology continues to become increasingly sophisticated, and while we have implemented several measures and procedures to mitigate such risk, such as the Cybersecurity Policy, we must remain vigilant and alert to such risks and keep our systems and procedures updated to the most recent trends.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

On November 15, 2023, the Board approved the Information Security Incident Management Policy (the “Cybersecurity Policy”) which establishes guidelines to identify, assess, manage and communicate material risks from cybersecurity incidents. The Cybersecurity Policy is applicable to the Company and its subsidiaries’ information systems and supporting infrastructure in all locations. It also covers processes to oversee and identify risks from cybersecurity threats associated with the use of third-party service providers, being an important part of the Company’s global risk management strategy. In addition to the Cybersecurity Policy, the Company has enacted a cybersecurity risk matrix (the “Cybersecurity Risk Matrix”) to determine cybersecurity risks and align projects to address such risks. Therefore, our actions, plans and projects are aligned with the risks identified within such Cybersecurity Risk Matrix which is reviewed annually by information security officers and authorized by the corporate information security manager.

All strategic information security projects are established in a global strategic plan, based on the analysis of the risks determined and classified in accordance with the Cybersecurity Risk Matrix. Critical risks are addressed by a combination of security services and technology. Also, a global security operation center and an incident response and threat intelligence service are in place. A combination of information security applications and monitoring controls are also used to detect and protect the information assets based on protection layers criteria. Global penetration testing and security reviews are regularly performed in our subsidiaries.

Also, the Cybersecurity Policy created the Information Security Incident Response Committee (the “ISIRC”) which is a non-permanent body, mainly responsible for coordinating and authorizing the strategy and tasks to contain a Cybersecurity Incident and restore normal operation. The members of the ISIRC are:

(a)local IT Manager/Responsible (of the involved subsidiary);
(b)an Information Security Specialist (local and/or corporate);
(c)the Head of Legal and Compliance (representing our Executive Committee); and
(d)if necessary, members of other technology-related teams, or members of our Executive Committee or other members of senior management shall be included.

According to the Cybersecurity Policy, Cybersecurity Incidents must be classified by the local security manager from a technical perspective in critical, high, medium, low, or very low based on the Incident Impact Calculation Matrix. Such classification is reviewed by the ISIRC, from a qualitative and quantitative perspective, and considers factors that are not taken into account in a mathematical calculation, in order to determine the severity of the incident.

The Cybersecurity Policy establishes an incident management process, which can be defined as a plan to manage Cybersecurity Incidents and to ensure that the Company takes immediate action in case of any incidents. The incident management process consists of the following phases: (i) detection; (ii) analysis and early communication; (iii) containment; (iv) eradication; (v) recovery; (vi) documentation and improvement proposals; and (vii) disclosure.

The phase of “detection” involves (i) data gathering and analysis; (ii) identification of indicators of an attack or compromise of the network; and (iii) correlating events and having the intelligence to identify early signs of an attack. Examples of detectable events include data breaches, an unusual number of locked accounts, encrypted files, among others. Upon detection of a Cybersecurity Incident, such incident is immediately reported to the Local Cybersecurity Manager/Responsible who then convenes an ISIRC meeting. As per the Cybersecurity Policy, once a Cybersecurity Incident is identified, the Local Cybersecurity Manager/Responsible shall classify it from a technical perspective based on the Incident Impact Calculation Matrix, prepare the corresponding Cybersecurity Incident Report and create a record of the information and documentation related to the incident. All the information related to the Cybersecurity Incident is then submitted to the ISIRC which shall review the classification provided by the Local Cybersecurity Manager/Responsible and define the severity of the incident.

The Cybersecurity Incidents which individually or in the aggregate are classified by the ISIRC as critical or high, must be reported by the ISIRC to our Executive Committee, which shall analyze if the incident must be disclosed. The Cybersecurity Policy also establishes that in case of detection of any Cybersecurity Incident, it shall be immediately reported to the local cybersecurity officer (local or corporate), who will call an ISIRC meeting. In case of critical or high incident, the Executive Committee must then report it to the Board of Directors of the Company.

In relation to the “containment” strategy, the Cybersecurity Policy establishes that it is dependent on the type of attack and its potential impact on the organization. In any case, after the Cybersecurity Incident has been successfully contained, any element or change produced because of the Cybersecurity Incident must be repaired. This could include, rebuilding affected servers, removing malware, or closing and resetting passwords of breached accounts.

On the “recovery” phase, every affected system should be restored in order to reinstate regular operations.

After receiving information from the ISIRC, the Executive Committee must determine if a Cybersecurity Incident is material, or if any series of related Cybersecurity Incidents taken together are material, in which case it must decide the necessity and extent of any ongoing and annual disclosures. In order to determine the materiality of a Cybersecurity Incident or series of related cybersecurity incidents taken together, our Executive Committee must evaluate the impact of such incident from a quantitative and a qualitative perspective, as well as, if there is a substantial likelihood that a reasonable investor would have considered it important in making an investment decision or if it significantly alters the total mix of available information. As part of the materiality analysis, our Executive Committee may consider both the immediate fallout and any longer-term effects, including on our operations, finances, brand, reputation and customer relationships. If the Executive Committee deems it necessary, could report the Cybersecurity Incident to our Board of Directors, to be involved in the determination of materiality of the incident.

The Head of Legal and Compliance leads the disclosure process if the Cybersecurity Incident is material. In accordance with the terms and conditions of our third-party agreements, our providers are obliged to inform us immediately in the case of detection of a Cybersecurity Incident that could involve the Company in any manner, in which case the local cybersecurity manager must call a ISIRC who must define if it should be reported to the Executive Committee to determine if it is material.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Board of Directors has also decided to include cybersecurity as a permanent item of the agenda of its meetings and to receive a report with a summary of any cybersecurity event, even not material, on a quarterly basis. Additionally, and as required by internal policies, the Board of Directors must be informed of any critical or high impact security incident detected at any time
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Executive Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Cybersecurity Incidents which individually or in the aggregate are classified by the ISIRC as critical or high, must be reported by the ISIRC to our Executive Committee, which shall analyze if the incident must be disclosed. The Cybersecurity Policy also establishes that in case of detection of any Cybersecurity Incident, it shall be immediately reported to the local cybersecurity officer (local or corporate), who will call an ISIRC meeting. In case of critical or high incident, the Executive Committee must then report it to the Board of Directors of the Company.
Cybersecurity Risk Role of Management [Text Block]

The Information Security Department of the Company (the “Information Security Department”) is responsible for implementing and maintaining an organization-wide information security framework, from the perspective of normative governance (policies, standards, and procedures) but also from the technological capabilities to achieve the necessary security standards to minimize the risk of the Company from cyber security attacks.

The Information Security Department reports to the Executive Committee through the Head of Legal and Compliance. The Head of Legal and Compliance is technically and strategically assisted by the Information Security Corporate Manager, who is also supported by a specialized group of information technology and security engineers and highly specialized worldwide leaders and researchers. See “Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management—Background of Our Officers and Directors.”

The Information Security Corporate Manager has more than twenty years of progressive experience in all aspects of technology risk management, and has a deep understanding of strategic and tactical aspects of information technology security, internal control over information technology and operational processes over critical assets and infrastructure. The Information Security Corporate Manager is experienced in aspects as a comprehensive access management strategy, cybersecurity monitoring and governance, awareness programs, business continuity strategy, information technology general controls under the Sarbanes-Oxley Act, among others.

The Information Security Plan, Budget and strategic projects are presented and explained, at least once per year, to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Information Security Incident Response Committee
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The Information Security Corporate Manager has more than twenty years of progressive experience in all aspects of technology risk management, and has a deep understanding of strategic and tactical aspects of information technology security, internal control over information technology and operational processes over critical assets and infrastructure. The Information Security Corporate Manager is experienced in aspects as a comprehensive access management strategy, cybersecurity monitoring and governance, awareness programs, business continuity strategy, information technology general controls under the Sarbanes-Oxley Act, among others.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Cybersecurity Incidents which individually or in the aggregate are classified by the ISIRC as critical or high, must be reported by the ISIRC to our Executive Committee, which shall analyze if the incident must be disclosed. The Cybersecurity Policy also establishes that in case of detection of any Cybersecurity Incident, it shall be immediately reported to the local cybersecurity officer (local or corporate), who will call an ISIRC meeting.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Basis of presentation and accounting policies (Policies)
 12 Months Ended
Dec. 31, 2024
Basis of presentation and accounting policies  
Basis of preparation

Basis of preparation

The Group’s Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) and interpretations (“IFRIC”) developed by the IFRS Interpretations Committee applicable to companies reporting under IFRS. The Consolidated Financial Statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”).

Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group, or are held for sale.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 2.Y.

Several balance sheet consolidated statements of financial position and consolidated statements of income items have been combined in the interests of clarity. These items are stated and explained separately in the notes to the Consolidated Financial Statements. The statement of income is structured according to the function of the expense method (nature of the expenses is classified in notes).

These Consolidated Financial Statements are presented in thousands of U.S. dollars unless otherwise stated. All amounts are rounded off to thousands of U.S. dollars unless otherwise stated. As such, insignificant rounding differences may occur. A dash (“—”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the pertinent figure, after rounding, amounts to nil.
New and amended standards adopted by the Group

New and amended standards adopted by the Group

The Group has adopted the following standards and interpretations that become applicable for annual period commencing on or after January 1, 2024:

- Non-current liabilities with covenants – Amendments to IAS 1.

- Classification of Liabilities as Current or Non-current – Amendments to IAS 1.

- Lease Liability in Sale and Leaseback – Amendments to IFRS 16.

- Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7.

- Operating segment information - IFRIC agenda decision regarding IFRS 8.

During the year ended December 31, 2023, the Group has applied the following standards and amendments for the first time for their annual reporting period commencing on January 1, 2023:

- Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8.

- Deferred tax related to assets and liabilities arising from a single transaction - Amendment to IAS 12.

- International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12.

The amendments listed above did not have any material impact on our Consolidated Financial Statements, except for the clarifications on IFRS 8 Operating segment information and its impact on segment disclosures, from which the level of disclosures in Note 4 has been increased compared to what has been historically reported.

The following accounting standards and interpretations have been published but the application is not mandatory for December 31, 2024 reporting periods and have not been early adopted by the Group:

- Lack of exchangeability – Amendments to IAS 21.

- Presentation and Disclosures in Financial Statements - IFRS 18.

- Classification and measurement of financial instruments - Amendments to IFRS 9 and IFRS 7.

The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions.

Group accounting policies

B        Group accounting policies

(1)     Subsidiaries and transactions with non-controlling interests

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.

​

2      Basis of presentation and accounting policies (Cont.)

B      Group accounting policies (Cont.)

(1)    Subsidiaries and transactions with non-controlling interests (Cont.)

The acquisition method is used to account for the business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred or assumed at the date of exchange, and the equity interest issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Accounting treatment is applied on an acquisition by acquisition basis.The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statement of Income.

Transactions with non-controlling interests that do not result in a loss of control are accounted as equity transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Material intercompany transactions, balances and unrealized gains and losses have been eliminated in consolidation. However, financial gains and losses from intercompany transactions may arise when the subsidiaries have different functional currencies. These financial gains and losses are included in the Consolidated Statement of Income under Financial income and Financial loss.

(2)     Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor`s share of profit or loss of the investment after the date of acquisition. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment. The Company’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss.

Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The Company’s pro-rata share of earnings in associates is recorded in the Consolidated Statement of Income under Share of income / (loss) in associates and Share of other comprehensive (loss)/ income from associates. The Company’s pro-rata share of changes in other reserves is recognized in the Consolidated Statement of Changes in Equity under Other Reserves.

​

2        Basis of presentation and accounting policies (Cont.)

​

B        Group accounting policies (Cont.)

​

(3)     List of Subsidiaries

​

Detailed below are the subsidiaries of the Company, which have been consolidated in these Consolidated Financial Statements. The percentage of ownership refers to the direct and indirect ownership of CAAP in their subsidiaries at each period-end.

​

Holdings companies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of ownership at

 

​

​

Country of

​

​

​

​

​

December 31, 

 

Company

    

incorporation

    

Local currency

    

Main activity

    

2024

    

2023

    

2022

 

Abafor S.A.

​

Uruguay

​

Uruguayan pesos

​

Holding company

​

100.00

%  

100.00

%  

100.00

%

ACI Airport Sudamérica S.A.U. (“ACI”)

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%  

ACI Airports Italia S.A.U.

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

America International Airports LLC (1)

 

USA

 

U.S. dollars

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Anabe ITG S.L. (9)

​

Spain

​

Euros

​

Holding company

​

100.00

%  

100.00

%  

100.00

%

Barnsley ITG S.L. (11)

​

Spain

​

Euros

​

Holding company

​

100.00

%  

99.98

%

—

​

Cargo & Logistics S.A. (1) (7)

 

Argentina

 

Argentine pesos

 

Holding company

 

85.00

%  

82.89

%  

82.89

%

Cedicor S.A.

 

Uruguay

 

Uruguayan pesos

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Cerealsur S.A.

 

Uruguay

 

Uruguayan pesos

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Corporación Aeroportuaria S.A. (“CAER”)

 

Argentina

 

Argentine pesos

 

Holding company

 

99.98

%  

99.98

%  

99.98

%

Corporacion Africa Airports Nigeria Limited (“CAAN”) (9)

​

Nigeria

​

Naira

​

Holding company

​

51.00

%  

51.00

%

—

​

Corporación América Italia S.p.A. (“CAI”)

 

Italy

 

Euros

 

Holding company

 

75.00

%  

75.00

%  

75.00

%

Corporación América S.A. (“CASA”) (7)

 

Argentina

 

Argentine pesos

 

Holding company

 

100.00

%  

97.22

%  

97.22

%

Corporación América Sudamericana S.A.(7)

 

Panamá

 

U.S. dollars

 

Holding company

 

99.29

%  

96.53

%  

96.53

%

DICASA Spain S.A.U. (“DICASA”) (1)

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Inframérica Participaçoes S.A. (1) (8)

 

Brazil

 

Brazilian real

 

Holding company

 

99.98

%  

99.98

%  

99.98

%

Yokelet S.L.

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

​

 

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

(3)     List of Subsidiaries (Cont.)

​

Operating companies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of ownership at

 

​

​

Country of

​

​

​

​

​

December 31, 

 

Company

    

incorporation

    

Local currency

    

Main activity

    

2024

    

2023

    

2022

 

Abuja Airport Concession Company (“AACC”) (10)

​

Nigeria

​

Naira

​

Airports Operation

​

51.00

%  

51.00

%  

—

​

ACI do Brasil S.A. (“ACIB”) (12)

​

Brazil

​

Brazilian real

​

Airports Operation(12)

​

99.99

%  

99.99

%  

99.99

%

Aerocombustibles Argentinos S.A. (“AEAR”) (13)

 

Argentina

 

Argentine pesos

 

Fueling company

 

—

​

94.79

%  

94.79

%

Aeropuerto de Bahía Blanca S.A. (“BBL”) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

85.00

%  

82.64

%  

82.64

%

Aeropuertos Argentina 2000 S.A.(“AA2000”) (2) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

84.79

%  

82.69

%  

82.69

%

Aeropuertos del Neuquén S.A. (“ANSA”) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

77.70

%  

75.54

%  

75.54

%

Armenia International Airports C.J.S.C. (“AIA”)

 

Armenia

 

Dram

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

CAAirports International Services S.A.

​

Uruguay

​

Uruguayan pesos

​

Service company

​

100.00

%  

100.00

%  

100.00

%

Consorcio Aeropuertos Internacionales S.A. (“CAISA”)

 

Uruguay

 

Uruguayan pesos

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

Enarsa Aeropuertos S.A. (7)

 

Argentina

 

Argentine pesos

 

Fuel plants

 

80.00

%  

77.77

%  

77.77

%

Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”) (8)

 

Brazil

 

Brazilian real

 

Airports Operation

 

50.99

%  

50.99

%  

50.99

%

Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) (12)

 

Brazil

 

Brazilian real

 

Airports Operation

 

—

​

—

​

99.98

%

Kano Airport Concession Company Limited (“KACC”) (10)

​

Nigeria

​

Naira

​

Airports Operation

​

51.00

%  

51.00

%  

—

​

Paoletti América S.A. (3) (7)

 

Argentina

 

Argentine pesos

 

Service company

 

42.39

%  

41.35

%  

41.35

%

Puerta del Sur S.A. (”PDS”)

 

Uruguay

 

Uruguayan pesos

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

Servicios y Tecnología Aeroportuaria S.A. (7)

 

Argentina

 

Argentine pesos

 

Service company

 

84.90

%  

82.79

%  

82.79

%

Sinatus S.A. (14)

​

Uruguay

​

Uruguayan pesos

​

Service company

​

100.00

%  

100.00

%  

—

​

TCU S.A.

 

Uruguay

 

Uruguayan pesos

 

Service company

 

100.00

%  

100.00

%  

100.00

%

Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (4) (11)

 

Ecuador

 

U.S. dollars

 

Airports Operation

 

50.00

%  

49.99

%  

49.99

%

Texelrío S.A. (7)

​

Argentina

​

Argentine pesos

​

Service company

​

59.35

%  

57.88

%  

57.88

%  

Toscana Aeroporti S.p.A. (“TA”) (5) (6)

​

Italy

​

Euros

​

Airports Operation

​

46.71

%  

46.71

%  

46.71

%  

Villalonga Furlong S.A. (7)

 

Argentina

 

Argentine pesos

 

Service company

 

85.01

%  

82.90

%  

82.90

%

(1) These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

​

(2) Includes a 9.35% direct interest of Cedicor S.A. in AA2000.

(3) The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(4) The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(5) The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

​

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

​

(3)     List of Subsidiaries (Cont.)

​

(6) The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation.

​

(7) In October, 2024, Cedicor S.A. acquired the non-controlling participation of CASA, increasing its participation to 100%, indirectly modifying the participation in CASA’s subsidiaries.

​

(8) During 2022 CAAP made contributions in Inframérica Participaçoes S.A.

​

(9) Holding company part of the structure related to the future Nigerian concessions (Note 26.b).

​

(10) Operating company part of the structure related to the future Nigerian concessions (Note 26.b).

​

(11) Holding company incorporated under CAER in December 2023, becoming shareholder of TAGSA. In April 2024 CAER sold Barnsley to CAAP.

​

(12) In December 2023, ACIB incorporated ICASGA (Note 26.b).

​

(13) In September 2024, CASA sold its participation in AEAR.

​

(14) Subsidiary incorporated under Abafor S.A.

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

​

(3)     List of Subsidiaries (Cont.)

Summarized financial information in respect of each of the Group’s subsidiaries that has most significant non-controlling interests is set below. The summarized financial information below represents amounts before intragroup elimination.

​

​

​

​

​

​

​

​

​

​

TA

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

253,600

​

267,569

​

​

Current assets

 

54,069

 

68,197

​

​

Total assets

 

307,669

 

335,766

​

​

Non-current liabilities

 

124,224

 

78,834

​

​

Current liabilities

 

65,192

 

139,248

​

​

Total liabilities

 

189,416

 

218,082

​

​

Equity

 

118,253

 

117,684

​

​

Revenue

 

138,786

 

133,422

​

117,209

Gross income

 

45,491

 

41,783

​

22,633

Operating income

 

33,687

 

28,418

​

10,306

Financial results

 

(6,334)

 

(7,350)

​

(4,119)

Share of income / (loss) in associates

 

12

 

14

​

(258)

Income tax

 

(8,927)

 

(6,842)

​

(1,528)

Net income

 

18,438

 

14,240

​

4,401

Other comprehensive (loss) / income for the year

 

(9,961)

 

4,142

​

(5,827)

Total comprehensive income / (loss) for the year

 

8,477

 

18,382

​

(1,426)

Dividends paid

​

(7,586)

​

(7,838)

​

(7,340)

​

 

​

 

​

​

​

Increase / (decrease) in cash

​

​

​

​

​

​

Provided by operating activities

​

20,526

​

21,469

​

26,588

Provided by / (used in) investing activities

 

4,981

 

(1,388)

​

(3,161)

Used in financing activities

 

(29,379)

 

(52,221)

​

(21,843)

​

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

(3)     List of Subsidiaries (Cont.)

​

​

​

​

​

​

​

​

​

​

TAGSA

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

47,605

​

53,782

​

​

Current assets

 

64,736

 

59,737

​

​

Total assets

 

112,341

 

113,519

​

​

Non-current liabilities

 

4,282

 

7,329

​

​

Current liabilities

 

54,321

 

54,106

​

​

Total liabilities

 

58,603

 

61,435

​

​

Equity

 

53,738

 

52,084

​

​

Revenue

 

110,261

 

105,228

​

96,199

Gross profit

 

46,380

 

42,943

​

38,614

Operating income

 

26,650

 

25,319

​

22,561

Financial results

 

1,426

 

656

​

(316)

Income tax

 

(2,809)

 

(2,455)

​

(1,937)

Net income

 

25,267

 

23,520

​

20,308

Other comprehensive (loss) / income for the year

 

(94)

 

80

​

356

Total comprehensive income for the year

 

25,173

 

23,600

​

20,664

Dividends paid

 

(23,520)

 

(20,308)

​

(17,225)

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

35,168

 

35,891

​

36,709

Used in investing activities

 

(4,887)

 

(5,382)

​

(10,152)

Used in financing activities

 

(31,044)

 

(27,337)

​

(24,399)

​

​

2        Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

​

(3)      List of Subsidiaries (Cont.)

​

​

​

​

​

​

​

​

​

​

ICAB

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

460,853

​

666,428

​

​

Current assets

 

63,567

 

86,371

​

​

Total assets

 

524,420

 

752,799

​

​

Non-current liabilities

 

703,624

 

906,312

​

​

Current liabilities

 

180,425

 

215,761

​

​

Total liabilities

 

884,049

 

1,122,073

​

​

Equity

 

(359,629)

 

(369,274)

​

​

Revenue

 

108,991

 

100,252

​

79,713

Gross profit

 

40,646

 

31,262

​

19,047

Operating income

 

50,539

 

37,816

​

21,328

Financial results

 

(99,915)

 

(102,953)

​

(114,550)

Income tax

 

(33,332)

 

3,250

​

(12,409)

Net loss

 

(82,708)

 

(61,887)

​

(105,631)

Other comprehensive income / (loss) for the year

 

92,353

 

(25,918)

​

(13,748)

Total comprehensive income/(loss) for the year

 

9,645

 

(87,805)

​

(119,379)

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

16,423

 

6,876

​

32,188

Used in investing activities

 

(40)

 

(16)

​

(53)

(Used in) / provided by financing activities

 

(29,942)

 

(12,784)

​

17,003

​

​

2         Basis of presentation and accounting policies (Cont.)

B        Group accounting policies (Cont.)

(3)      List of Subsidiaries (Cont.)

​

​

​

​

​

​

​

​

​

​

​

AA2000

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

1,993,898

​

1,165,410

​

​

Current assets

 

240,235

 

181,405

​

​

Total assets

 

2,234,133

 

1,346,815

​

​

Non-current liabilities

 

845,739

 

672,981

​

​

Current liabilities

 

250,925

 

124,665

​

​

Total liabilities

 

1,096,664

 

797,646

​

​

Equity

 

1,137,469

 

549,169

​

​

Revenue

 

1,038,928

 

635,563

​

758,111

Gross profit

 

308,766

 

218,246

​

234,803

Operating income

 

226,879

 

170,714

​

190,446

Financial results

 

286,863

 

(211,898)

​

35,866

Income tax

 

(230,512)

 

52,912

​

2,900

Net income

 

283,230

 

11,728

​

229,212

Other comprehensive income / (loss) for the year

 

387,669

 

(250,002)

​

314,021

Total comprehensive income / (loss) for the year

 

670,899

 

(238,274)

​

543,233

Dividends paid

​

(38,084)

​

—

​

—

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

153,386

 

192,164

​

146,789

(Used in) / provided by investing activities

 

(7,152)

 

(64,305)

​

8,338

Used in financing activities

 

(117,602)

 

(74,050)

​

(122,453)

​

​

(4)     Discontinued operations

A discontinued operation is a component of the entity that has been disposed and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income, when applicable.
Foreign currency translation

C        Foreign currency translation

(1)     Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”).

The Consolidated Financial Statements are presented in U.S. dollars, which is the Company’s functional currency and the Group’s presentation currency.

(2)     Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. If such transactions occurred in a company applying IAS 29, after the above-mentioned translation, transactions are re-expressed in terms of the measuring unit current at the end of the reporting period.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the end of each period exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as follows:

-

Exchange differences arising from foreign currency loans are recognized on a net aggregate basis in the Financial loss line of the Consolidated Statement of Income.

-

Other exchange differences are recognized on a net aggregate basis in Financial income or Financial loss in the Consolidated Income Statement, depending on whether they are gains or losses at net level on a quarterly basis.

Foreign exchange gains and losses derived from the net monetary position in subsidiaries applying IAS 29 are presented in real (inflation-adjusted) terms.

(3)     Translation of financial information in currencies other than the Company’s functional currency

Income and expenses of the subsidiaries whose functional currencies are not the U.S. dollar and are not in a hyperinflationary economy, are translated into U.S. dollars at average exchange rates on a quarterly basis. Assets and liabilities for each balance sheet presented are translated at the balance sheet date exchange rates.

All figures (income, expenses, assets and liabilities) of the subsidiaries whose functional currencies are the one of a hyperinflationary economy, are translated into U.S. dollars at the balance sheet date exchange rates, considering that all items are expressed in terms of the measuring unit current at the end of the reporting period.

Translation differences are recognized in the Consolidated Statement of Comprehensive Income as “Currency translation adjustment”. As of December 31, 2024, 2023 and 2022, the Company recognized a translation income/(loss) of USD 466.2 million, USD (281.7) million and USD 91.1 million, respectively, arising from the translation of the investments in Argentina, Brazil, Italy and Armenia. In the case of a sale or other disposal of any of such subsidiaries, any cumulative translation difference would be recognized in the Statement of Income as a gain or loss from the sale of such subsidiary.
Intangible assets

D        Intangible assets

(1)     Concession Assets

The Group, through its subsidiaries has been awarded the concession for the administration and operation of the following airports:

-

PDS and CAISA of major airports in Uruguay (Montevideo and Punta del Este) as well as six regional airports under the concession of PDS.

-

TA a merger of Aeroporto di Firenze S.p.A. (“ADF”) and Società Aeroporto Toscano Galileo Galilei S.p.A. (“SAT”) of Florence and Pisa airports, respectively.

-

ICAB and ICASGA of Brasilia and São Gonçalo do Amarante airports, respectively. As mentioned in Note 26.b, the concession of the São Gonçalo do Amarante airport was handed to a new concessionaire.

-

TAGSA of Guayaquil airport, “José Joaquin de Olmedo”.

-

AA2000 of 35 airports in Argentina.

-

BBL of Bahía Blanca airport in Argentina.

-

ANSA of Neuquén airport in Argentina.

-

AIA of the “Zvartnots” International Airport of Yerevan and Shirak Airport, Republic of Armenia.

​

The concession agreements are accounted for in accordance with the principles included in IFRIC 12 “Service Concession Arrangements”. The Group recognized an intangible asset for:

a)

Fixed fees payables as the result of the acquisition of the right (license) to charge users for the service of airport concession (see Note 23),

b)

Right to obtain benefits for services provided using the assets built under the concession contracts.

In case that an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services; the grantor has little, if any, discretion to avoid payment, usually because the agreement is enforceable by law, the Company recognizes as Other financial assets at fair value through profit or loss in the Consolidated Statement of Financial Position.

Acquisitions correspond, according to the terms of the Concession contract, to the improvements of existing infrastructure assets to increase their useful life or capacity, or the construction of new infrastructure assets.

General and specific borrowing costs, attributable to the acquisition, construction or production of assets that necessarily take a substantial period to get ready for their intended use, rental or sale are added to the cost of such assets until the assets are substantially ready to be used, rented or sold.

As part of the obligations arising from the concession agreements, the Group provides construction or upgrade services. IFRIC 12 “Service Concession Arrangements” requires recognition of revenues and costs from the construction or upgrade services provided. The fair value of the construction or upgrade service is equal to the construction or upgrade costs plus a reasonable margin determined for each concession.

The intangible asset for infrastructure under each concession agreement is amortized over the contract term in accordance with an appropriate method reflecting the rate of consumption of the concession asset’s economic benefits as from the date the infrastructure is brought into service.

2       Basis of presentation and accounting policies (Cont.)

D       Intangible assets (Cont.)

(1)     Concession Assets (Cont.)

The concession fee paid to the grantor under the concession agreements is recognized depending on the terms defined in the concession agreement:

a)

Fixed concession fee is recognized at the beginning of the concession as it is reliably measurable, as a counterpart an intangible asset is recognized, this type of fee is independent from the revenue.

b)

Variable fees payable that are defined as a percentage over certain revenue streams are recognized on a monthly basis in the Consolidated Statement of Income.

Each operating company is responsible for obtaining the necessary guarantees for the commitments assumed in each concession. They are mostly covered by insurance that is paid in advance and it is recorded in Other receivables, and is accrued over the life of the coverage.

Main commitments under each concession agreement are included in Note 26 b.

(2)     Goodwill

Goodwill represents the excess of the acquisition cost over the fair value of the Group’s share of net identifiable assets, liabilities and contingent liabilities acquired as part of business combinations determined by management. Goodwill impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Impairment losses on goodwill are not reversed. Goodwill, net of impairment losses, if any, is included in the Consolidated Statement of Financial Position under Intangible assets, net. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each cash-generating units (CGUs) of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

(3)     Other intangible assets

An intangible asset purchased or produced internally is booked among Assets, as required by IAS 38, only if it can be identified and controlled, and if it is possible to predict the generation of future economic benefits and if its cost can be determined reliably.

Intangible assets with finite lives are valued at purchase or production cost less accumulated amortization and impairment losses. Amortization is determined by making reference to the period of its estimated useful life and starts when the asset is available for use.
Property, plant and equipment

E       Property, plant and equipment

Property, plant and equipment is recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses; historical cost includes expenses directly attributable to the acquisition of the items.

Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group and the investment enhances the condition of assets beyond its original condition.

2      Basis of presentation and accounting policies (Cont.)

E      Property, plant and equipment (Cont.)

Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over the estimated useful life, as follows:

​

​

​

​

​

Buildings and improvements

    

25‑30

years

Plant and production equipment

​

3‑10

years

Vehicles, furniture and fixtures, and other equipment

​

4‑10

years

​

The residual values and useful lives of significant property, plant and equipment are reviewed and adjusted, if appropriate, at each year-end date.

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in Other operating income / (expense) in the Consolidated Statement of Income.
Assets classified as held for sale

F       Assets classified as held for sale

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell.

An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition.

Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale.
Inventories

G       Inventories

Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories is based on the weighted averaged principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

If applicable, the Group establishes an allowance for obsolete or slow-moving inventory related to finished goods. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging.
Trade and other receivables and contract assets

H       Trade and other receivables and contract assets

Trade and other receivables are initially recognized at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less loss allowance. See Note 3.A(ii) for a description of the Group’s impairment policies.

A construction contract is a contract specifically negotiated for the construction of an asset. When the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are acknowledged by the percentage of completion method. A contract asset is initially recognized for unbilled work in progress. Upon completion of the work and acceptance by the customer, the amount recognized as contract assets is reclassified to trade receivables.
Cash and cash equivalents

I       Cash and cash equivalents

Cash and cash equivalents are comprised of cash in banks, mutual funds and short-term investments with an original maturity of three months or less at the date of purchase which are readily convertible to known amounts of cash.

In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes bank overdrafts if the overdraft is repayable on demand and is integral to the Group’s cash management.
Equity

J       Equity

(1)    Equity components

The Consolidated Statement of Changes in Equity includes:

-

The share capital, share premium, legal reserve, free distributable reserves and non-distributable reserves calculated in accordance with Luxembourg Law;

-

The treasury shares, currency translation adjustment, other reserves, retained earnings and non-controlling interest.

(2)    Share capital

Share capital is stated at nominal value. As of December 31, 2024, 2023 and 2022, share capital was USD 163 million (USD 1 per share).

All issued shares are fully paid.

The authorized capital of the Company is set at USD 225 million represented by a maximum of 225 million shares having a nominal value of USD 1 each.

Pursuant to Luxembourg regulations, contributions in kind made by shareholders must be at fair value and might be considered as Free Distributable Reserve.

(3)    Dividends distribution by the Company to shareholders

Dividends distribution are recorded in the Company’s financial statements as a provision when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note 26.c).

(4)    Other reserves

SCF’s airport business was historically conducted through a large number of entities as to which there was no single holding entity but which were separately owned by entities directly or indirectly controlled by SCF during all the periods presented. In order to facilitate the Company’s initial public offering, in 2016 SCF completed a reorganization (the “Reorganization”) whereby, each of the operating and holding entities under SCF’s common control, were ultimately contributed to the Company.

The reorganization was accounted for as a reorganization of entities under common control, using the predecessor cost method. The net effect was recorded in Equity under Other Reserves. Moreover, in 2016, and considering that the shares of America International Airports LLC were contributed to the Free Distributable Reserves of the Company at the fair value a significant negative amount was included in Other Reserves to reflect the reduction to the predecessor’s cost of the shares.

Other reserves also include the share-based payment reserve constituted in connection with the creation of a management share compensation program as explained in Note 30 as well as cash flow hedge reserve net of income tax (Note 3.A.i.b).

Equity (Cont.)
Borrowings

K       Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Subsequently borrowings are measured at amortized cost.

Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.

In the event of debt renegotiations, if the exchange of debt instruments between the financial creditor and the Group is concluded under substantially different conditions or entails a substantial modification of the conditions, considering both quantitative and qualitative factors, the existing financial liability is de-recognized as an extinguishment of the original liability and a new liability is recognized. Otherwise, the original liability should not be extinguished, but should be considered as a modification, adjusting its measurement in relation to the new terms and conditions.
Current and Deferred income tax

L       Current and Deferred income tax

The tax expense for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Income, except for tax items recognized in the Consolidated Statement of Comprehensive Income.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income taxes recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. The principal temporary differences arise from intangible assets adjusted for the effects of IAS 29 in the Argentinian subsidiaries, and the effect of valuation on fixed assets, inventories and provisions. Deferred tax assets are also recognized for tax losses carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.

Deferred tax assets are recognized to the extent it is probable that future taxable income will be available against which the temporary differences can be utilized.

2        Basis of presentation and accounting policies (Cont.)

L       Current and Deferred income tax (Cont.)

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

At the end of each reporting period, CAAP reassesses unrecognized deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

​

In order to determine the net taxable income of Argentine subsidiaries at the end of each year, the tax inflation adjustment determined in accordance with articles No. 95 to No. 98 of the income tax law has been incorporated into the tax results, due to the fact that as of December 31, 2024, 2023 and 2022 the accumulated price index variation for the last 36 months has already exceeded 100%.
Employee benefits

M       Employee benefits

Compensation to employees in the event of dismissal is charged to profit or loss of the year in which it becomes payable.

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits and annual leave that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current in Salary payable in Other liabilities.

Long-term employee benefits

Some entities of the Group have long term employee benefits that are unfunded defined benefit plan in accordance with IAS 19 - “Employee Benefits”.

The company calculates annually the provision for employee retirement cost based on actuarial calculations performed by independent professionals using the Projected Unit Credit Costs method. The present value of the defined benefit obligations at each year-end is calculated discounting estimated future cash outflows at an annual rate equivalent to the average rate of high-quality corporate bonds, which are denominated in the same currency in which the benefits will be paid, and whose terms approximate the terms of the pension obligations.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation.

Service cost and interest cost are recognized in the Consolidated Statement of Income, while actuarial gains and losses arising from changes in actuarial assumptions are recognized in the Consolidated Statement of Comprehensive Income.

Actuarial assumptions include variables such as, in addition to the discount rate, death rate, age, sex, years of service, current and future level of salaries, turnover rates, among others.

2       Basis of presentation and accounting policies (Cont.)

M      Employee benefits (Cont.)

Long-term employee benefits (Cont.)

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.

Share-based payments

Share-based compensation benefits are provided to employees via the Management Share Compensation Plan. Information related to this plan is set out in Note 30.

In the case the Company receives employees’ services as consideration for its own equity instruments the share-based payments transaction is considered equity-settled while if services are acquired by incurring a liability to transfer cash or other assets for those services based on the price of its own equity instruments the transaction is considered cash-settled.

The fair value of shares granted to employees under the share compensation plan is recognized as an expense over the relevant service period considering specified performance targets to be met while the employee is rendering the service required, being the year to which the service relates and the vesting period of the shares. The fair value is measured at the grant date of the shares, using the Company’s share market price, and is recognized in equity in the share-based payment reserve in line Other Reserves.

The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each reporting period, and adjustments are recognized in profit or loss and the share-based payment reserve.

Where shares are forfeited due to a failure by the employee to satisfy the service or performance conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture.

The shares under the plan are held as treasury shares until they are delivered to employees.
Provisions

N       Provisions

Provisions for legal claims and other charges are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation and; the amount has been reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as financial loss.

The concession agreements in the different jurisdictions include certain commitments to be complied by each company. These commitments can be grouped in two categories:

-Works that can be classified as standard maintenance of the infrastructure, which are expensed as incurred.
-Major scheduled maintenance and refurbishments of the infrastructure in the future.

Since IFRIC 12 does not recognize infrastructure as property, plant and equipment, rather as a right to charge customers for the use of the infrastructure, major refurbishments and renewals to be performed in future years to maintain or restore the infrastructure asset to its level of functionality, operation and safety should be recognized in accordance with IAS 37 - Provisions, Contingent Liabilities and Assets (unless the grantor agrees to reimburse the operator). Provision is recorded at the best estimate of the amount of the expenditure expected to be incurred to perform the major overhaul or restoration work, discounted using a rate that reflects time value of money and risks involved.
Trade payables

O       Trade payables

Trade payables are initially recognized at fair value, generally the nominal invoice amount and are subsequently measured at amortized cost using the effective interest method.
Concession fee payable

P       Concession fee payable

Each concession agreement determines different types of concession fees to be paid to the corresponding regulatory authority. Fees could be fixed or variable. Some concession agreements establish both a minimum fixed payment, and an additional variable amount if certain conditions are met (such as a minimum number of passengers, among others).

For those concession agreements that require payment of a fixed amount, the Company recognized the obligation at present value. The increase in the provision due to the passage of time is recognized in financial results. The variable concession fees paid to the grantor derived from the concession agreements are recognized as cost of the period. The fixed concession fee payable is capitalized at the inception of the agreement as concession assets- intangible asset.
Leases / Sub-concession of spaces

Q       Leases / Sub-concession of spaces

The Group as a lessee

The Group acts as a lessee renting various offices, equipment and cars.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

-fixed payments (including in-substance fixed payments), less any lease incentives receivable,
-variable lease payment that are based on an index or a rate,
-amounts expected to be payable by the lessee under residual value guarantees,
-the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
-payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

​

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the group entities use that rate as a starting point to determine the incremental borrowing rate.

​

2       Basis of presentation and accounting policies (Cont.)

Q      Leases / Sub-concession of spaces (Cont.)

The Group as a lessee (Cont.)

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

Right-of-use assets are measured at cost comprising the following:

-the amount of the initial measurement of lease liability,
-any lease payments made at or before the commencement date less any lease incentives received,
-any initial direct costs, and
-restoration costs.

​

Payments associated with short-term leases, leases of low-value assets and variable leases that do not depend on an index or rate are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

The Group as a lessor

The Group acts as a lessor regarding leases and sub-concession of spaces with third parties at its airport facilities.

As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not.

Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. The respective leased assets are included in the balance sheet based on their nature.
Revenue recognition

R       Revenue recognition

Revenue is recognized when control over a good or service is transferred to customer and thus when the latter has the ability to direct the use and obtain the benefits from the good or service. Revenue is recognized either over time or at a point in time, when (or as) the Group satisfies performance obligations by transferring the promised services or goods to its customers.

Group revenue arises mainly from airports operations and includes:

Aeronautical revenues

These revenues are those generally regulated under each airport’s concession agreement. They consist of passengers’ departure fees, landing, parking and other fees paid by the airlines.

Revenue from aeronautical services, derived from the use of airports facilities by aircrafts and passengers, is recognized over time as the services are provided. The Group considers that it has completed its performance obligations when the services (for instance passenger fee rate, landing rates, platform use fees, among others) are rendered to its customers. The Group does not defer collection terms in excess of the normal market terms, so there is no need to distinguish between a commercial component and a revenue interest component.

2       Basis of presentation and accounting policies (Cont.)

R       Revenue recognition (Cont.)

Non-aeronautical revenues

-Commercial revenues: those are typically not regulated under the applicable concession agreement. Commercial revenues are leases and/or rent fees from retail (including duty free), food and beverage, services and car rental companies, advertising, car parking, fueling charges and cargo fees, among others.
-Construction service revenues: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided. Construction service revenue equals the construction or upgrade costs plus a reasonable margin determined according to the analysis performed by each concession.

Under the terms of IFRIC 12 “Service Concession Arrangements”, a concession operator may have a twofold activity:

-a construction activity in respect of its obligations to design, build and finance a new asset that it delivers to the grantor;
-an operating and maintenance activity in respect of concession assets.

Revenue from non-aeronautical activities such as commercial revenue (excluding sale of goods, leases and sub-concession of spaces) and construction services are recognized over time. The Group considers that it has completed its performance obligations when the services (such as warehouse use fees, parking facilities and VIP lounges) are rendered to its customers or construction costs are incurred.

Revenue from sale of goods, mainly fueling, is recognized at a point in time when control of the goods is transferred to the customer and the customer obtains the benefits from the goods. The Group considers that it has completed its performance obligations when the goods are supplied to its customers.

The Group recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as Other liabilities in the Consolidated Statement of Financial Position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognizes either a contract asset or a receivable in its Consolidated Statement of Financial Position, depending on whether something other than the passage of time is required before the consideration is due.

Revenue is shown net of value-added tax and discounts. Intercompany balances with subsidiaries have been eliminated in consolidation.
Cost of services and other expenses

S       Cost of services and other expenses

Cost of services and other expenses are accrued and recognized in the Consolidated Statement of Income.

Construction service cost: IFRIC 12 requires to recognize revenues and costs from the construction or upgrade services provided.

Commissions, freight and other selling expenses, including services and fees, office expenses and maintenance, are recorded in Selling, general and administrative expenses in the Consolidated Statement of Income.
Government grants

T       Government grants

Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions during the fiscal year where the grant is recognized.

Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate.

​

2        Basis of presentation and accounting policies (Cont.)

T       Government grants (Cont.)

A government grant that becomes receivable as a compensation for expenses or losses already incurred, or for the purpose of giving immediate support to the Group, with no future related costs, shall be recognized in profit or loss of the period in which it becomes receivable.

Grants related to income are presented as part of profit or loss, either separately or under a general heading such as Other operating income; alternatively, they are deducted from the related expense.

Grants related to assets, including non-monetary grants at fair value, are presented in the Consolidated Statement of Financial Position, either by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset.
Financial instruments

U       Financial instruments

Non-derivative financial instruments comprise investments in debt instruments, corporate bonds, time deposits, trade and other receivables, cash and cash equivalents, borrowings, and trade and other payables.

The Group classifies its financial assets in the following measurement categories:

(i)

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in financial income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the Consolidated Statement Income.

(ii)

Fair value through other comprehensive income (“FVOCI”): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the Consolidated Statement of Income.

(iii)

Fair value through profit or loss (“FVPL”): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.

The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows.

The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Derivative financial instruments

V       Derivative financial instruments

Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges), to hedge some of the existing and future interest rate risks through interest rate swaps.

2        Basis of presentation and accounting policies (Cont.)

V       Derivative financial instruments (Cont.)

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized as Other comprehensive income / (loss) for the year in the Other reserve line within equity without affecting profit or loss. Deferred taxes on the fair values of cash flow hedges are also recorded in shareholders’ equity. The effectiveness of the cash flow hedges is assessed on a regular basis. Ineffective cash flow hedges are recorded in the income statement through profit or loss under interest income or interest expense. The gain or loss relating to the effective portion of the interest rate swaps hedging variable rate borrowings is recognized in profit or loss within finance result at the same time as the interest expense on the hedged borrowings.

Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in Financial income or Financial loss line.

Derivatives are classified as “held for trading” for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.

Derivative financial instruments as of December 31, 2024 are classified within Level 2 and Level 3 and as of December 31, 2023 are classified within Level 3 of the fair value hierarchy.
Segment information

W       Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”), which is the Group’s Board of Directors. The CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 4.

For management purposes, the Company analyzes its business based on strategic business units providing airport and non-airport services to clients in the different countries where business units are located. Assets, liabilities and results from holding companies are included as Unallocated.
Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

X       Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

In order to conclude whether an economy is categorized as hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100%. Considering that the inflation in Argentina has exceeded the 100% three-year cumulative inflation rate in July 2018, and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29 as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The inflation adjustment was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics (“INDEC”).

​

2         Basis of presentation and accounting policies (Cont.)

X       Application of IAS 29 in financial reporting of Argentine subsidiaries and associates (Cont.)

The Government Board of the Argentine Federation of Professional Councils of Economic Sciences (FACPCE) issued Resolution JG 539/18, which prescribes the indices to be used by entities with a functional currency of the Argentine peso for the application of the restatement procedures. These indices are largely based on the Wholesale Price Index for periods up to December 31, 2016 and the Retail Price Index thereafter.

The price index as of December 31, 2024, was 7,694.01 (3,533.19 and 1,134.59 as of December 31, 2023 and 2022 respectively) and the conversion factor derived from the indexes for the year ended December 31, 2024, was 2.18 (3.11 and 1.95 as of December 31, 2023 and 2022 respectively).

The main procedures for the above-mentioned adjustment are as follows:

●Monetary assets and liabilities which are carried at current amounts at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date.
●Non-monetary assets and liabilities which are not carried at current amounts at the balance sheet date, and components of shareholders’ equity are adjusted by applying the relevant conversion factors at the date of the transactions.
●All items in the statement of income are restated by applying the relevant conversion factors.
●The effect of inflation on the Company’s net monetary position is included in Inflation adjustment in the Consolidated Statement of Income. Exchange rate gains and losses derived from the net monetary position are presented in real (inflation-adjusted) terms.
●The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the hyperinflation adjustments required by IAS 29 will lead to a difference in addition to the difference arising on the adoption of hyperinflation accounting. This is because the rate at which the hyperinflationary currency depreciates against a stable currency is rarely equal to the rate of inflation. The inflation adjustment and the translation of the current period is included in Currency translation adjustment in Other comprehensive income / (loss) for the year line.
Critical accounting estimates and judgments

Y       Critical accounting estimates and judgments

Critical accounting estimates are those that require management to make significant judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations.

The Group’s critical accounting estimates are discussed below.

(a)

Impairment testing

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Assets that have an indefinite useful life or assets not ready to use are not subject to amortization and are tested annually for impairment.

​

2         Basis of presentation and accounting policies (Cont.)

Y       Critical accounting estimates and judgments (Cont.)

(a)

Impairment testing (Cont.)

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units or CGUs). As mentioned in Note 12, the Company performed impairment tests for those assets with impairment indicators based on the discounted cash flow model covering the remaining concessions periods (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical data. An impairment loss, if applicable, is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. A previously recognized impairment loss of non-financial assets (other than goodwill) is reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the Consolidated Statement of Income.

(b)

Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.

Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. In assessing the recoverability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

(c)

Concession - application of IFRIC 12

The Group has carried out a comprehensive implementation of the standards applicable to the accounting treatment of their concession and has determined that, among others, IFRIC 12 is applicable. The Group treats their investments related to improvements and upgrades to be performed in connection with the concession obligation under the intangible asset model established by IFRIC 12, as all investments required by the concession obligation, regardless of their nature, directly increase the maximum tariff per traffic unit. Accordingly, all amounts invested under the concession obligation have a direct correlation to the amount of fees the Group will be able to charge each passenger or cargo service provider, and thus, a direct correlation to the amount of revenues the Group will be able to generate. As a result, the Group defines all expenditures associated with investments required by the concession obligation as revenue generating activities given that they ultimately provide future benefits, whereby subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. Additionally, compliance with the committed investments per the Master Development Programs is mandatory, as well as the fulfillment of the maximum tariff and therefore, in case of a failure to meet any one of these obligations, the Group could be subject to sanctions and the concessions could be revoked.
v3.25.1
Basis of presentation and accounting policies (Tables)
 12 Months Ended
Dec. 31, 2024
Basis of presentation and accounting policies  
Schedule of subsidiaries of company

Holdings companies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of ownership at

 

​

​

Country of

​

​

​

​

​

December 31, 

 

Company

    

incorporation

    

Local currency

    

Main activity

    

2024

    

2023

    

2022

 

Abafor S.A.

​

Uruguay

​

Uruguayan pesos

​

Holding company

​

100.00

%  

100.00

%  

100.00

%

ACI Airport Sudamérica S.A.U. (“ACI”)

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%  

ACI Airports Italia S.A.U.

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

America International Airports LLC (1)

 

USA

 

U.S. dollars

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Anabe ITG S.L. (9)

​

Spain

​

Euros

​

Holding company

​

100.00

%  

100.00

%  

100.00

%

Barnsley ITG S.L. (11)

​

Spain

​

Euros

​

Holding company

​

100.00

%  

99.98

%

—

​

Cargo & Logistics S.A. (1) (7)

 

Argentina

 

Argentine pesos

 

Holding company

 

85.00

%  

82.89

%  

82.89

%

Cedicor S.A.

 

Uruguay

 

Uruguayan pesos

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Cerealsur S.A.

 

Uruguay

 

Uruguayan pesos

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Corporación Aeroportuaria S.A. (“CAER”)

 

Argentina

 

Argentine pesos

 

Holding company

 

99.98

%  

99.98

%  

99.98

%

Corporacion Africa Airports Nigeria Limited (“CAAN”) (9)

​

Nigeria

​

Naira

​

Holding company

​

51.00

%  

51.00

%

—

​

Corporación América Italia S.p.A. (“CAI”)

 

Italy

 

Euros

 

Holding company

 

75.00

%  

75.00

%  

75.00

%

Corporación América S.A. (“CASA”) (7)

 

Argentina

 

Argentine pesos

 

Holding company

 

100.00

%  

97.22

%  

97.22

%

Corporación América Sudamericana S.A.(7)

 

Panamá

 

U.S. dollars

 

Holding company

 

99.29

%  

96.53

%  

96.53

%

DICASA Spain S.A.U. (“DICASA”) (1)

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Inframérica Participaçoes S.A. (1) (8)

 

Brazil

 

Brazilian real

 

Holding company

 

99.98

%  

99.98

%  

99.98

%

Yokelet S.L.

 

Spain

 

Euros

 

Holding company

 

100.00

%  

100.00

%  

100.00

%

Operating companies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of ownership at

 

​

​

Country of

​

​

​

​

​

December 31, 

 

Company

    

incorporation

    

Local currency

    

Main activity

    

2024

    

2023

    

2022

 

Abuja Airport Concession Company (“AACC”) (10)

​

Nigeria

​

Naira

​

Airports Operation

​

51.00

%  

51.00

%  

—

​

ACI do Brasil S.A. (“ACIB”) (12)

​

Brazil

​

Brazilian real

​

Airports Operation(12)

​

99.99

%  

99.99

%  

99.99

%

Aerocombustibles Argentinos S.A. (“AEAR”) (13)

 

Argentina

 

Argentine pesos

 

Fueling company

 

—

​

94.79

%  

94.79

%

Aeropuerto de Bahía Blanca S.A. (“BBL”) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

85.00

%  

82.64

%  

82.64

%

Aeropuertos Argentina 2000 S.A.(“AA2000”) (2) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

84.79

%  

82.69

%  

82.69

%

Aeropuertos del Neuquén S.A. (“ANSA”) (7)

 

Argentina

 

Argentine pesos

 

Airports Operation

 

77.70

%  

75.54

%  

75.54

%

Armenia International Airports C.J.S.C. (“AIA”)

 

Armenia

 

Dram

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

CAAirports International Services S.A.

​

Uruguay

​

Uruguayan pesos

​

Service company

​

100.00

%  

100.00

%  

100.00

%

Consorcio Aeropuertos Internacionales S.A. (“CAISA”)

 

Uruguay

 

Uruguayan pesos

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

Enarsa Aeropuertos S.A. (7)

 

Argentina

 

Argentine pesos

 

Fuel plants

 

80.00

%  

77.77

%  

77.77

%

Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”) (8)

 

Brazil

 

Brazilian real

 

Airports Operation

 

50.99

%  

50.99

%  

50.99

%

Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) (12)

 

Brazil

 

Brazilian real

 

Airports Operation

 

—

​

—

​

99.98

%

Kano Airport Concession Company Limited (“KACC”) (10)

​

Nigeria

​

Naira

​

Airports Operation

​

51.00

%  

51.00

%  

—

​

Paoletti América S.A. (3) (7)

 

Argentina

 

Argentine pesos

 

Service company

 

42.39

%  

41.35

%  

41.35

%

Puerta del Sur S.A. (”PDS”)

 

Uruguay

 

Uruguayan pesos

 

Airports Operation

 

100.00

%  

100.00

%  

100.00

%

Servicios y Tecnología Aeroportuaria S.A. (7)

 

Argentina

 

Argentine pesos

 

Service company

 

84.90

%  

82.79

%  

82.79

%

Sinatus S.A. (14)

​

Uruguay

​

Uruguayan pesos

​

Service company

​

100.00

%  

100.00

%  

—

​

TCU S.A.

 

Uruguay

 

Uruguayan pesos

 

Service company

 

100.00

%  

100.00

%  

100.00

%

Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”) (4) (11)

 

Ecuador

 

U.S. dollars

 

Airports Operation

 

50.00

%  

49.99

%  

49.99

%

Texelrío S.A. (7)

​

Argentina

​

Argentine pesos

​

Service company

​

59.35

%  

57.88

%  

57.88

%  

Toscana Aeroporti S.p.A. (“TA”) (5) (6)

​

Italy

​

Euros

​

Airports Operation

​

46.71

%  

46.71

%  

46.71

%  

Villalonga Furlong S.A. (7)

 

Argentina

 

Argentine pesos

 

Service company

 

85.01

%  

82.90

%  

82.90

%

(1) These companies do not have relevant net assets other than the share of ownership in the operating companies included in the table below.

​

(2) Includes a 9.35% direct interest of Cedicor S.A. in AA2000.

(3) The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(4) The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(5) The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.

(6) The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation.

​

(7) In October, 2024, Cedicor S.A. acquired the non-controlling participation of CASA, increasing its participation to 100%, indirectly modifying the participation in CASA’s subsidiaries.

​

(8) During 2022 CAAP made contributions in Inframérica Participaçoes S.A.

​

(9) Holding company part of the structure related to the future Nigerian concessions (Note 26.b).

​

(10) Operating company part of the structure related to the future Nigerian concessions (Note 26.b).

​

(11) Holding company incorporated under CAER in December 2023, becoming shareholder of TAGSA. In April 2024 CAER sold Barnsley to CAAP.

​

(12) In December 2023, ACIB incorporated ICASGA (Note 26.b).

​

(13) In September 2024, CASA sold its participation in AEAR.

​

(14) Subsidiary incorporated under Abafor S.A.
Schedule of summary financial information of Group's subsidiaries represents amounts before intragroup elimination

​

​

​

​

​

​

​

​

​

​

TA

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

253,600

​

267,569

​

​

Current assets

 

54,069

 

68,197

​

​

Total assets

 

307,669

 

335,766

​

​

Non-current liabilities

 

124,224

 

78,834

​

​

Current liabilities

 

65,192

 

139,248

​

​

Total liabilities

 

189,416

 

218,082

​

​

Equity

 

118,253

 

117,684

​

​

Revenue

 

138,786

 

133,422

​

117,209

Gross income

 

45,491

 

41,783

​

22,633

Operating income

 

33,687

 

28,418

​

10,306

Financial results

 

(6,334)

 

(7,350)

​

(4,119)

Share of income / (loss) in associates

 

12

 

14

​

(258)

Income tax

 

(8,927)

 

(6,842)

​

(1,528)

Net income

 

18,438

 

14,240

​

4,401

Other comprehensive (loss) / income for the year

 

(9,961)

 

4,142

​

(5,827)

Total comprehensive income / (loss) for the year

 

8,477

 

18,382

​

(1,426)

Dividends paid

​

(7,586)

​

(7,838)

​

(7,340)

​

 

​

 

​

​

​

Increase / (decrease) in cash

​

​

​

​

​

​

Provided by operating activities

​

20,526

​

21,469

​

26,588

Provided by / (used in) investing activities

 

4,981

 

(1,388)

​

(3,161)

Used in financing activities

 

(29,379)

 

(52,221)

​

(21,843)

​

​

​

​

​

​

​

​

​

​

TAGSA

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

47,605

​

53,782

​

​

Current assets

 

64,736

 

59,737

​

​

Total assets

 

112,341

 

113,519

​

​

Non-current liabilities

 

4,282

 

7,329

​

​

Current liabilities

 

54,321

 

54,106

​

​

Total liabilities

 

58,603

 

61,435

​

​

Equity

 

53,738

 

52,084

​

​

Revenue

 

110,261

 

105,228

​

96,199

Gross profit

 

46,380

 

42,943

​

38,614

Operating income

 

26,650

 

25,319

​

22,561

Financial results

 

1,426

 

656

​

(316)

Income tax

 

(2,809)

 

(2,455)

​

(1,937)

Net income

 

25,267

 

23,520

​

20,308

Other comprehensive (loss) / income for the year

 

(94)

 

80

​

356

Total comprehensive income for the year

 

25,173

 

23,600

​

20,664

Dividends paid

 

(23,520)

 

(20,308)

​

(17,225)

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

35,168

 

35,891

​

36,709

Used in investing activities

 

(4,887)

 

(5,382)

​

(10,152)

Used in financing activities

 

(31,044)

 

(27,337)

​

(24,399)

​

​

​

​

​

​

​

​

​

​

ICAB

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

460,853

​

666,428

​

​

Current assets

 

63,567

 

86,371

​

​

Total assets

 

524,420

 

752,799

​

​

Non-current liabilities

 

703,624

 

906,312

​

​

Current liabilities

 

180,425

 

215,761

​

​

Total liabilities

 

884,049

 

1,122,073

​

​

Equity

 

(359,629)

 

(369,274)

​

​

Revenue

 

108,991

 

100,252

​

79,713

Gross profit

 

40,646

 

31,262

​

19,047

Operating income

 

50,539

 

37,816

​

21,328

Financial results

 

(99,915)

 

(102,953)

​

(114,550)

Income tax

 

(33,332)

 

3,250

​

(12,409)

Net loss

 

(82,708)

 

(61,887)

​

(105,631)

Other comprehensive income / (loss) for the year

 

92,353

 

(25,918)

​

(13,748)

Total comprehensive income/(loss) for the year

 

9,645

 

(87,805)

​

(119,379)

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

16,423

 

6,876

​

32,188

Used in investing activities

 

(40)

 

(16)

​

(53)

(Used in) / provided by financing activities

 

(29,942)

 

(12,784)

​

17,003

​

​

​

​

​

​

​

​

​

​

​

AA2000

​

​

December 31, 

​

December 31, 

 

December 31, 

​

    

2024

    

2023

    

2022

Non-current assets

​

1,993,898

​

1,165,410

​

​

Current assets

 

240,235

 

181,405

​

​

Total assets

 

2,234,133

 

1,346,815

​

​

Non-current liabilities

 

845,739

 

672,981

​

​

Current liabilities

 

250,925

 

124,665

​

​

Total liabilities

 

1,096,664

 

797,646

​

​

Equity

 

1,137,469

 

549,169

​

​

Revenue

 

1,038,928

 

635,563

​

758,111

Gross profit

 

308,766

 

218,246

​

234,803

Operating income

 

226,879

 

170,714

​

190,446

Financial results

 

286,863

 

(211,898)

​

35,866

Income tax

 

(230,512)

 

52,912

​

2,900

Net income

 

283,230

 

11,728

​

229,212

Other comprehensive income / (loss) for the year

 

387,669

 

(250,002)

​

314,021

Total comprehensive income / (loss) for the year

 

670,899

 

(238,274)

​

543,233

Dividends paid

​

(38,084)

​

—

​

—

​

 

​

 

​

​

​

Increase / (decrease) in cash

 

​

 

​

​

​

Provided by operating activities

 

153,386

 

192,164

​

146,789

(Used in) / provided by investing activities

 

(7,152)

 

(64,305)

​

8,338

Used in financing activities

 

(117,602)

 

(74,050)

​

(122,453)
Schedule of estimated useful life of property, plant and equipment

​

​

​

​

​

Buildings and improvements

    

25‑30

years

Plant and production equipment

​

3‑10

years

Vehicles, furniture and fixtures, and other equipment

​

4‑10

years
v3.25.1
Financial Risk Management (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Risk Management  
Schedule of breakdown of the Group's main monetary net assets and liabilities

​

​

​

​

​

​

​

    

As of December 31, 

    

As of December 31, 

Currency Exposure / Functional currency

​

2024

​

2023

U.S. Dollar / Argentine Peso

 

(428,845)

 

(484,709)

U.S. Dollar / Armenian Dram

 

36,835

 

47,842

U.S. Dollar / Euro

​

75,409

​

(68)

Euro / Armenian Dram

 

31,735

 

347

Euro / Argentine Peso

​

(2,324)

​

(2,831)
Schedule of breakdown of the Group's fixed-rate and floating-rate borrowings

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Fixed rate (*)

​

884,757

​

990,251

Variable rate

 

273,314

 

342,986

​

 

1,158,071

 

1,333,237

​

(*) As of December 31, 2024 includes USD 86.2 million of short-term borrowings (USD 125.5 million as of December 2023) and USD 798.6 million of long-term borrowings (USD 864.8 million as of December 31, 2023).
Schedule provision for loss allowance for trade receivables and contract assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

   

​

Past due

 

​

​

Trade

​

​

​

​

​

30‑60

​

60‑90

​

90‑180

​

> 180

 

​

    

Receivables

    

Not due

    

0‑30 days

    

days

    

days

    

days

    

days

 

At December 31, 2024

​

  

​

  

​

  

​

  

​

  

​

  

​

  

​

Trade receivables - gross carrying amount

 

178,580

 

102,563

 

28,727

 

11,050

 

5,818

 

6,854

 

23,568

​

Contract assets - gross carrying amount

​

45

​

45

​

—

​

—

​

—

​

—

​

—

​

Expected loss rate (*)

 

​

 

1%

​

1%

​

3%

​

9%

​

19%

​

76%

​

Provision for loss allowance

 

(21,061)

 

(687)

 

(361)

 

(375)

 

(532)

 

(1,273)

 

(17,833)

​

Net value

 

157,564

 

101,921

 

28,366

 

10,675

 

5,286

 

5,581

 

5,735

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

   

​

Past due

 

​

​

Trade

​

​

​

​

​

30‑60

​

60‑90

​

90‑180

​

> 180

 

​

    

Receivables

    

Not due

    

0‑30 days

    

days

    

days

    

days

    

days

 

At December 31, 2023

​

​

​

  

​

  

​

  

​

  

​

  

​

  

​

Trade receivables - gross carrying amount

 

148,329

 

86,066

 

23,685

 

9,783

 

2,274

 

4,617

 

21,904

​

Contract assets - gross carrying amount

​

1,488

​

1,488

​

—

​

—

​

—

​

—

​

—

​

Expected loss rate (*)

 

​

 

2%

​

1%

​

5%

​

13%

​

25%

​

86%

​

Provision for loss allowance

 

(22,368)

 

(1,466)

 

(230)

 

(449)

 

(298)

 

(1,150)

 

(18,775)

​

Net value

 

127,449

 

86,088

 

23,455

 

9,334

 

1,976

 

3,467

 

3,129

​

​

(*)  Average expected loss rate. As of December 2024 and 2023, includes effect of the impact of the provisions risen from the case by case analysis.
Schedule of provision for bad debts

​

​

​

​

​

​

​

​

    

2024

    

2023

    

Balance at January 1,

 

(22,368)

 

(29,718)

 

Bad debts of the year

 

(8,215)

 

(4,735)

 

Recoveries

 

4,321

 

3,331

 

Write off

 

2,856

 

2,717

 

Translation differences and inflation adjustment

 

2,345

 

6,037

 

Balance at December 31, 

 

(21,061)

 

(22,368)

 
Schedule of gains/(losses) were recognized in profit or loss in relation to impaired financial assets

​

​

​

​

​

​

​

​

​

    

2024

    

2023

     

2022

Impairment losses

 

  

 

  

​

​

- movement in provision for impairment

 

(8,883)

 

(4,985)

​

(13,443)

- recovery of previous impairment losses

 

4,440

 

3,439

​

18,203

Net impairment losses on financial assets

 

(4,443)

 

(1,546)

​

4,760

​
Schedule of capital management

​

​

​

​

​

​

​

​

​

At December 31, 

 

​

    

2024

    

2023

 

Borrowings

​

1,158,071

​

1,333,237

​

Less: Cash and cash equivalents

 

(439,847)

 

(369,848)

​

Net debt

 

718,224

 

963,389

​

Equity

 

1,517,960

 

803,909

​

​

 

​

 

​

​

Net debt to equity ratio

 

47%

​

120%

​
Schedule of financial instruments by category

​

​

​

​

​

​

​

​

​

​

Assets at fair value 

​

Assets at amortized

​

​

December 31, 2024

    

through profit and loss

    

cost

    

Total

Financial assets as per the statement of financial position

 

  

 

  

 

  

Trade receivables

 

—

 

157,564

 

157,564

Other receivables

 

—

 

73,542

 

73,542

Other financial assets (*)

 

7,366

 

167,541

 

174,907

Cash and cash equivalents

 

—

 

439,847

 

439,847

Total

 

7,366

 

838,494

 

845,860

​

3      Financial Risk Management (Cont.)

B      Financial instruments by category (Cont.)

​

​

​

​

​

​

​

​

​

​

Liabilities at fair value

​

Liabilities at

​

​

​

    

 through profit and loss

    

amortized cost

    

Total

Financial liabilities as per the statement of financial position

 

  

 

  

 

  

Borrowings

 

—

 

1,158,071

 

1,158,071

Leases liabilities

​

—

​

10,717

​

10,717

Derivative financial liabilities (**)

​

3,351

​

—

​

3,351

Trade payables and other liabilities

 

—

 

897,157

 

897,157

Total

 

3,351

 

2,065,945

 

2,069,296

​

​

​

​

​

​

​

​

​

​

Assets at fair value 

​

Assets at amortized

​

​

December 31, 2023

    

through profit and loss

    

cost

    

Total

Financial assets as per the statement of financial position

 

​

 

  

 

  

Trade receivables

 

—

 

127,449

 

127,449

Other receivables

 

—

 

154,583

 

154,583

Other financial assets (*)

​

10,863

​

144,232

​

155,095

Derivative financial assets

​

69

​

—

​

69

Cash and cash equivalents

 

—

 

369,848

 

369,848

Total

 

10,932

 

796,112

 

807,044

​

​

​

​

​

​

​

​

​

​

Liabilities at fair value 

​

Liabilities at

​

​

​

    

through profit and loss

    

amortized cost

    

Total

Financial liabilities as per the statement of financial position

 

  

 

  

 

  

Borrowings

​

—

​

1,333,237

​

1,333,237

Leases liabilities

 

—

 

13,981

 

13,981

Derivative financial liabilities (**)

​

—

​

—

​

—

Trade payables and other liabilities

 

—

 

1,062,621

 

1,062,621

Total

 

—

 

2,409,839

 

2,409,839

​

(*)   Other financial assets measured at fair value are Level 1 hierarchy. The book value of these assets represents its fair value.

(**) Derivative financial liabilities measured at fair value are valuated through calculations under Level 2 hierarchy.
v3.25.1
Segment information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment information  
Schedule of geographical information of operating segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable

 

 

Intrasegment

​

​

​

​

 

​

​

​

Argentina

​

​

Brazil

​

​

Uruguay

​

​

Armenia

​

​

Ecuador

​

​

Italy

​

​

segment

​

​

Adjustments

​

​

Unallocated

​

​

Total

Year ended December 31, 2024

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

​

Aeronautical revenue (*)

 

512,153

​

 

40,809

​

 

81,033

​

 

90,534

​

 

81,438

​

 

70,762

​

 

876,729

​

 

—

​

​

—

​

​

876,729

Non-aeronautical revenue (*)

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

​

Commercial revenue

 

376,187

​

 

68,817

​

 

75,137

​

 

150,453

​

 

28,748

​

 

47,208

​

 

746,550

​

 

(11,893)

​

​

4,031

​

​

738,688

Construction service revenue

 

155,641

​

 

1,498

​

 

37,903

​

 

11,840

​

 

75

​

 

16,404

​

 

223,361

​

 

—

​

​

—

​

​

223,361

Other revenue

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

4,413

​

​

4,429

​

​

(4,125)

​

​

4,185

​

​

4,489

Revenue

 

1,043,981

​

 

111,124

​

 

194,089

​

 

252,827

​

 

110,261

​

 

138,787

​

 

1,851,069

​

 

(16,018)

​

​

8,216

​

​

1,843,267

Salaries and social security contributions

 

(184,764)

​

 

(22,456)

​

 

(27,311)

​

 

(21,120)

​

 

(12,763)

​

 

(28,367)

​

 

(296,781)

​

 

—

​

​

(1,147)

​

​

(297,928)

Concession fees

 

(130,156)

​

 

(21,947)

​

 

(21,672)

​

 

—

​

 

(36,580)

​

 

(8,313)

​

 

(218,668)

​

 

8,067

​

​

—

​

​

(210,601)

Construction service cost

 

(155,375)

​

 

(1,498)

​

 

(37,903)

​

 

(11,495)

​

 

(75)

​

 

(10,488)

​

 

(216,834)

​

 

—

​

​

—

​

​

(216,834)

Maintenance expense

 

(132,313)

​

 

(5,594)

​

 

(16,034)

​

 

(6,010)

​

 

(4,749)

​

 

(8,486)

​

 

(173,186)

​

 

4

​

​

(19)

​

​

(173,201)

Amortization and depreciation

 

(110,829)

​

 

(11,190)

​

 

(9,553)

​

 

(21,347)

​

 

(7,092)

​

 

(10,563)

​

 

(170,574)

​

 

—

​

​

(11,897)

​

​

(182,471)

Cost of fuel

​

—

​

​

(267)

​

​

(3,519)

​

​

(94,922)

​

​

—

​

​

—

​

​

(98,708)

​

​

19

​

​

—

​

​

(98,689)

Other operational expenditures

​

(123,586)

​

​

(19,502)

​

​

(23,440)

​

​

(15,948)

​

​

(22,388)

​

​

(39,923)

​

​

(244,787)

​

​

7,928

​

​

(18,858)

​

​

(255,717)

Operational expenditure

​

(837,023)

​

​

(82,454)

​

​

(139,432)

​

​

(170,842)

​

​

(83,647)

​

​

(106,140)

​

​

(1,419,538)

​

​

16,018

​

​

(31,921)

​

​

(1,435,441)

Other operating income

​

22,705

​

​

22,110

​

​

23

​

​

336

​

​

64

​

​

1,041

​

​

46,279

​

​

—

​

​

111

​

​

46,390

Other operating expenses

​

(5,233)

​

​

(447)

​

​

(265)

​

​

(991)

​

​

(27)

​

​

—

​

​

(6,963)

​

​

—

​

​

—

​

​

(6,963)

Operating income / (loss)

 

224,430

​

 

50,333

​

 

54,415

​

 

81,330

​

 

26,651

​

 

33,688

​

 

470,847

​

 

—

​

​

(23,594)

​

​

447,253

Share of income / (loss) in associates

 

(1)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

12

​

 

11

​

 

—

​

​

(1,007)

​

​

(996)

Amortization and depreciation

 

110,829

​

 

11,190

​

 

9,553

​

 

21,347

​

 

7,092

​

 

10,563

​

 

170,574

​

 

—

​

​

11,897

​

​

182,471

Adjusted Ebitda

 

335,258

​

 

61,523

​

 

63,968

​

 

102,677

​

 

33,743

​

 

44,263

​

 

641,432

​

 

—

​

​

(12,704)

​

​

628,728

Construction services revenue

 

(155,641)

​

 

(1,498)

​

 

(37,903)

​

 

(11,840)

​

 

(75)

​

 

(16,404)

​

 

(223,361)

​

 

—

​

​

—

​

​

(223,361)

Construction services cost

 

155,375

​

 

1,498

​

 

37,903

​

 

11,495

​

 

75

​

 

10,488

​

 

216,834

​

 

—

​

​

—

​

​

216,834

Adjusted Ebitda excluding Construction Services

 

334,992

​

 

61,523

​

 

63,968

​

 

102,332

​

 

33,743

​

 

38,347

​

 

634,905

​

 

—

​

​

(12,704)

​

​

622,201

Construction services revenue

 

155,641

​

 

1,498

​

 

37,903

​

 

11,840

​

 

75

​

 

16,404

​

 

223,361

​

 

—

​

​

—

​

​

223,361

Construction services cost

​

(155,375)

​

​

(1,498)

​

​

(37,903)

​

​

(11,495)

​

​

(75)

​

​

(10,488)

​

​

(216,834)

​

​

—

​

​

—

​

​

(216,834)

Adjusted Ebitda

​

335,258

​

​

61,523

​

​

63,968

​

​

102,677

​

​

33,743

​

​

44,263

​

​

641,432

​

​

—

​

​

(12,704)

​

​

628,728

Financial income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

71,430

Financial loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

110,305

Inflation adjustment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(21,260)

Amortization and depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(182,471)

Income before income tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

606,732

Income tax

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

(298,820)

Net income for the year

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

307,912

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

​

​

​

​

​

Current assets

​

242,657

​

​

66,824

​

​

42,502

​

​

70,306

​

​

64,789

​

​

54,069

​

​

541,147

​

​

(92,626)

​

​

316,993

​

​

765,514

Non-current assets

 

1,999,467

​

 

461,164

​

 

227,452

​

 

185,355

​

 

47,605

​

 

253,599

​

 

3,174,642

​

 

(47,044)

​

​

288,338

​

​

3,415,936

Capital Expenditure

 

155,747

​

 

2,610

​

 

36,479

​

 

17,514

​

 

4,164

​

 

19,170

​

 

235,684

​

 

—

​

​

28

​

​

235,712

Current liabilities

 

253,577

​

 

181,138

​

 

30,102

​

 

17,211

​

 

54,374

​

 

65,191

​

 

601,593

​

 

(92,626)

​

​

94,763

​

​

603,730

Non-current liabilities

 

846,196

​

 

704,842

​

 

62,821

​

 

—

​

 

4,282

​

 

124,224

​

 

1,742,365

​

 

(47,044)

​

​

364,439

​

​

2,059,760

​

(*) Mainly includes revenues recognized over time, see Note 5.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable

 

 

Intrasegment

​

​

​

​

 

​

​

​

Argentina

​

​

Brazil

​

​

Uruguay

​

​

Armenia

​

​

Ecuador

​

​

Italy

​

​

segment

​

​

Adjustments

​

​

Unallocated

​

​

Total

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aeronautical revenue (*)

 

296,393

 

 

45,656

 

 

65,428

 

 

88,519

 

 

78,336

 

 

70,121

 

 

644,453

 

 

—

​

 

—

​

 

644,453

Non-aeronautical revenue (*)

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

—

 

 

​

​

 

​

​

 

​

Commercial revenue

 

251,274

 

 

64,838

 

 

68,077

 

 

160,355

 

 

26,871

 

 

39,908

 

 

611,323

 

 

(11,598)

​

 

3,926

​

 

603,651

Construction service revenue

 

93,014

 

 

151

 

 

31,705

 

 

3,630

 

 

21

 

 

16,201

 

 

144,722

 

 

—

​

 

—

​

 

144,722

Other revenue

​

—

​

​

—

​

​

20

​

​

—

​

​

—

​

​

7,192

​

​

7,212

​

​

(3,997)

​

​

3,997

​

​

7,212

Revenue

 

640,681

 

 

110,645

 

 

165,230

 

 

252,504

 

 

105,228

 

 

133,422

 

 

1,407,710

 

 

(15,595)

​

 

7,923

​

 

1,400,038

Salaries and social security contributions

 

(109,260)

 

 

(24,592)

 

 

(25,221)

 

 

(18,988)

 

 

(12,276)

 

 

(27,554)

 

 

(217,891)

 

 

—

​

 

(1,067)

​

 

(218,958)

Concession fees

 

(79,930)

 

 

(22,551)

 

 

(18,748)

 

 

—

 

 

(35,122)

 

 

(7,630)

 

 

(163,981)

 

 

7,736

​

 

—

​

 

(156,245)

Construction service cost

 

(92,899)

 

 

(151)

 

 

(31,705)

 

 

(3,524)

 

 

(21)

 

 

(9,971)

 

 

(138,271)

 

 

—

​

 

—

​

 

(138,271)

Maintenance expense

 

(66,423)

 

 

(7,359)

 

 

(14,878)

 

 

(5,757)

 

 

(5,675)

 

 

(7,657)

 

 

(107,749)

 

 

19

​

 

(19)

​

 

(107,749)

Amortization and depreciation

 

(60,534)

 

 

(12,035)

 

 

(8,154)

 

 

(19,638)

 

 

(6,688)

 

 

(10,695)

 

 

(117,744)

 

 

—

​

 

(12,238)

​

 

(129,982)

Cost of fuel

​

—

​

​

(356)

​

​

(3,740)

​

​

(109,242)

​

​

—

​

​

—

​

​

(113,338)

​

​

271

​

​

—

​

​

(113,067)

Other operational expenditures

​

(66,197)

​

​

(23,324)

​

​

(20,515)

​

​

(14,653)

​

​

(20,330)

​

​

(41,281)

​

​

(186,300)

​

​

7,569

​

​

(10,343)

​

​

(189,074)

Operational expenditure

​

(475,243)

​

​

(90,368)

​

​

(122,961)

​

​

(171,802)

​

​

(80,112)

​

​

(104,788)

​

​

(1,045,274)

​

​

15,595

​

​

(23,667)

​

​

(1,053,346)

Impairment loss of non-financial assets (**)

​

—

​

​

103,764

​

​

—

​

​

—

​

​

—

​

​

(926)

​

​

102,838

​

​

—

​

​

—

​

​

102,838

Other operating income (**)

​

13,426

​

​

82,793

​

​

60

​

​

361

​

​

240

​

​

710

​

​

97,590

​

​

—

​

​

2,970

​

​

100,560

Other operating expenses

​

(7,344)

​

​

(542)

​

​

(506)

​

​

(1,021)

​

​

(38)

​

​

—

​

​

(9,451)

​

​

—

​

​

(2)

​

​

(9,453)

Operating income / (loss)

 

171,520

 

 

206,292

 

 

41,823

 

 

80,042

 

 

25,318

 

 

28,418

 

 

553,413

 

 

—

​

 

(12,776)

​

 

540,637

Share of income / (loss) in associates

 

(5)

 

 

—

 

 

—

 

 

—

 

 

—

 

 

14

 

 

9

 

 

—

​

 

7,099

​

 

7,108

Amortization and depreciation

 

60,534

 

 

12,035

 

 

8,154

 

 

19,638

 

 

6,688

 

 

10,695

 

 

117,744

 

 

—

​

 

12,238

​

 

129,982

Adjusted Ebitda

 

232,049

 

 

218,327

 

 

49,977

 

 

99,680

 

 

32,006

 

 

39,127

 

 

671,166

 

 

—

​

 

6,561

​

 

677,727

Construction services revenue

 

(93,014)

 

 

(151)

 

 

(31,705)

 

 

(3,630)

 

 

(21)

 

 

(16,201)

 

 

(144,722)

 

 

—

​

 

—

​

 

(144,722)

Construction services cost

 

92,898

 

 

151

 

 

31,705

 

 

3,524

 

 

21

 

 

9,972

 

 

138,271

 

 

—

​

 

—

​

 

138,271

Adjusted Ebitda excluding Construction Services

 

231,933

 

 

218,327

 

 

49,977

 

 

99,574

 

 

32,006

 

 

32,898

 

 

664,715

 

 

—

​

 

6,561

​

 

671,276

Construction services revenue

 

93,014

 

 

151

 

 

31,705

 

 

3,630

 

 

21

 

 

16,201

 

 

144,722

 

 

—

​

 

—

​

 

144,722

Construction services cost

​

(92,898)

​

​

(151)

​

​

(31,705)

​

​

(3,524)

​

​

(21)

​

​

(9,972)

​

​

(138,271)

​

​

—

​

​

—

​

​

(138,271)

Adjusted Ebitda

​

232,049

​

​

218,327

​

​

49,977

​

​

99,680

​

​

32,006

​

​

39,127

​

​

671,166

​

​

—

​

​

6,561

​

​

677,727

Financial income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

101,598

Financial loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(406,570)

Inflation adjustment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(40,547)

Amortization and depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(129,982)

Income before income tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

202,226

Income tax

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

24,241

Net income for the year

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

226,467

​

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

​

Current assets

​

183,795

​

​

188,160

​

​

49,871

​

​

91,159

​

​

59,737

​

​

68,197

​

​

640,919

​

​

(85,454)

​

​

194,445

​

​

749,910

Non-current assets

 

1,170,392

 

 

667,193

 

 

197,529

 

 

154,754

 

 

53,782

 

 

267,568

 

 

2,511,218

 

 

(768)

​

 

281,616

​

 

2,792,066

Capital Expenditure

 

93,326

 

 

1,727

 

 

38,725

 

 

7,073

 

 

3,267

 

 

17,504

 

 

161,622

 

 

—

​

 

—

​

 

161,622

Current liabilities

 

127,079

 

 

221,843

 

 

29,968

 

 

34,076

 

 

54,106

 

 

139,248

 

 

606,320

 

 

(85,454)

​

 

165,062

​

 

685,928

Non-current liabilities

 

673,245

 

 

907,835

 

 

62,073

 

 

—

 

 

7,329

 

 

78,834

 

 

1,729,316

 

 

(768)

​

 

323,591

​

 

2,052,139

​

(*) Mainly includes revenues recognized over time, see Note 5.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable

 

 

Intrasegment

​

​

​

​

 

​

​

​

Argentina

​

​

Brazil

​

​

Uruguay

​

​

Armenia

​

​

Ecuador

​

​

Italy

​

​

segment

​

​

Adjustments

​

​

Unallocated

​

​

Total

Year ended December 31, 2022

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

​

​

 

​

​

 

​

Aeronautical revenue (*)

 

330,288

 

 

36,610

 

 

43,450

 

 

60,662

 

 

68,370

 

 

70,371

 

 

609,751

 

 

—

​

 

—

​

 

609,751

Non-aeronautical revenue (*)

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

​

Commercial revenue

 

308,346

 

 

52,700

 

 

56,171

 

 

145,059

 

 

25,060

 

 

32,449

 

 

619,785

 

 

(10,652)

​

 

3,412

​

 

612,545

Construction service revenue

 

124,210

 

 

—

 

 

13,169

 

 

1,819

 

 

2,769

 

 

7,829

 

 

149,796

 

 

—

​

 

—

​

 

149,796

Other revenue

 

—

​

​

—

​

​

13

 

 

—

 

 

—

​

​

6,558

​

​

6,571

​

​

(1,737)

​

​

1,737

​

​

6,571

Revenue

 

762,844

 

 

89,310

 

 

112,803

 

 

207,540

 

 

96,199

 

 

117,207

 

 

1,385,903

 

 

(12,389)

​

 

5,149

​

 

1,378,663

Salaries and social security contributions

 

(129,366)

 

 

(23,409)

 

 

(20,385)

 

 

(13,826)

 

 

(10,106)

 

 

(40,075)

 

 

(237,167)

 

 

—

​

 

(1,034)

​

 

(238,201)

Concession fees

 

(93,772)

 

 

(20,213)

 

 

(14,891)

 

 

—

 

 

(30,985)

 

 

(5,983)

 

 

(165,844)

 

 

7,336

​

 

—

​

 

(158,508)

Construction service cost

 

(124,016)

 

 

—

 

 

(13,169)

 

 

(1,767)

 

 

(2,769)

 

 

(6,134)

 

 

(147,855)

 

 

—

​

 

—

​

 

(147,855)

Maintenance expense

 

(76,022)

 

 

(5,653)

 

 

(10,932)

 

 

(4,992)

 

 

(3,992)

 

 

(7,757)

 

 

(109,348)

 

 

1

​

 

(19)

​

 

(109,366)

Amortization and depreciation

 

(87,363)

 

 

(11,228)

 

 

(7,381)

 

 

(17,650)

 

 

(6,434)

 

 

(11,122)

 

 

(141,178)

 

 

—

​

 

(11,953)

​

 

(153,131)

Cost of fuel

​

—

​

​

(358)

​

​

(1,372)

​

​

(105,440)

 

 

—

 

​

—

​

​

(107,170)

​

​

—

​

​

—

​

​

(107,170)

Other operational expenditures

​

(72,402)

​

​

(23,418)

​

​

(16,398)

​

​

(12,049)

​

​

(19,365)

​

​

(40,517)

​

​

(184,149)

​

​

5,052

​

​

(11,005)

​

​

(190,102)

Operational expenditure

​

(582,941)

​

​

(84,279)

​

​

(84,528)

​

​

(155,724)

​

​

(73,651)

​

​

(111,588)

​

​

(1,092,711)

​

​

12,389

​

​

(24,011)

​

​

(1,104,333)

Impairment loss of non-financial assets

​

—

​

​

—

 

 

—

 

 

—

 

 

—

​

​

(111)

​

​

(111)

​

​

—

​

​

—

​

​

(111)

Other operating income

​

15,859

​

​

16,254

​

​

159

​

​

175

​

​

91

​

​

4,796

​

​

37,334

​

​

—

​

​

6

​

​

37,340

Other operating expenses

​

(5,232)

​

​

(424)

​

​

(478)

​

​

(769)

​

​

(77)

 

​

—

​

​

(6,980)

​

​

—

​

​

(4)

​

​

(6,984)

Operating (loss) / income

 

190,530

 

 

20,861

 

 

27,956

 

 

51,222

 

 

22,562

 

 

10,304

 

 

323,435

 

 

—

​

 

(18,860)

​

 

304,575

Share of income / (loss) in associates

 

(24)

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(257)

 

 

(281)

 

 

—

​

 

(689)

​

 

(970)

Amortization and depreciation

 

87,363

 

 

11,228

 

 

7,381

 

 

17,650

 

 

6,434

 

 

11,122

 

 

141,178

 

 

—

​

 

11,953

​

 

153,131

Adjusted Ebitda

 

277,869

 

 

32,089

 

 

35,337

 

 

68,872

 

 

28,996

 

 

21,169

 

 

464,332

 

 

—

​

 

(7,596)

​

 

456,736

Construction services revenue

 

(124,210)

 

 

—

 

 

(13,169)

 

 

(1,819)

 

 

(2,769)

 

 

(7,829)

 

 

(149,796)

 

 

—

​

 

—

​

 

(149,796)

Construction services cost

 

124,018

 

 

—

 

 

13,169

 

 

1,766

 

 

2,769

 

 

6,133

 

 

147,855

 

 

—

​

 

—

​

 

147,855

Adjusted Ebitda excluding Construction Services

 

277,677

 

 

32,089

 

 

35,337

 

 

68,819

 

 

28,996

 

 

19,473

 

 

462,391

 

 

—

​

 

(7,596)

​

 

454,795

Construction services revenue

 

124,210

 

 

—

 

 

13,169

 

 

1,819

 

 

2,769

 

 

7,829

 

 

149,796

 

 

—

​

 

—

​

 

149,796

Construction services cost

 

(124,018)

​

​

—

​

​

(13,169)

​

​

(1,766)

​

​

(2,769)

​

​

(6,133)

​

​

(147,855)

​

​

—

​

​

—

​

​

(147,855)

Adjusted Ebitda

​

277,869

​

​

32,089

​

​

35,337

​

​

68,872

​

​

28,996

​

​

21,169

​

​

464,332

​

​

—

​

​

(7,596)

​

​

456,736

Financial income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

63,859

Financial loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(196,405)

Inflation adjustment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

19,459

Amortization and depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(153,131)

Income before income tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

190,518

Income tax

​

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

(24,883)

Net income for the year

​

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

 

 

​

​

 

​

​

 

165,635

​

(*) Mainly includes revenues recognized over time, see Note 5.
v3.25.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue  
Schedule of revenue

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Aeronautical revenue

 

876,729

 

644,453

 

609,751

Non aeronautical revenue

 

​

 

​

 

​

Commercial revenue

 

738,688

 

603,651

 

612,545

Construction service revenue

 

223,361

 

144,722

 

149,796

Other revenue

 

4,489

 

7,212

 

6,571

Revenue

 

1,843,267

 

1,400,038

 

1,378,663

​

 

​

 

​

 

​

Timing of revenue recognition

 

​

 

​

 

​

Over time

 

1,446,616

​

1,039,699

 

1,035,506

At a point in time

 

104,526

​

119,730

 

114,826

Revenues accounted for under IFRS 16

 

292,125

​

240,609

 

228,331

Revenue

 

1,843,267

​

1,400,038

 

1,378,663

​
v3.25.1
Cost of services (Tables)
 12 Months Ended
Dec. 31, 2024
Cost of services  
Schedule of cost of services

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Salaries and social security contributions (*)

 

(251,805)

 

(185,920)

 

(205,891)

Construction services cost

 

(216,834)

 

(138,271)

 

(147,855)

Concession fees (**)

 

(210,601)

 

(156,245)

 

(158,508)

Amortization and depreciation (***)

 

(175,118)

 

(123,679)

 

(145,794)

Maintenance expenses

 

(170,722)

 

(105,619)

 

(107,474)

Cost of fuel

 

(98,689)

 

(113,067)

 

(107,170)

Services and fees

 

(69,894)

 

(56,642)

 

(56,834)

Office expenses

 

(16,034)

 

(9,744)

 

(10,753)

Taxes

 

(5,409)

 

(2,355)

 

(3,502)

Provision for maintenance costs

 

(4,582)

 

(4,364)

 

(3,450)

Others

 

(17,645)

 

(18,771)

 

(15,747)

​

 

(1,237,333)

 

(914,677)

 

(962,978)

​

(*) At the year-end, the number of employees was 6.1 thousand in 2024, 2023 and 2022.

(**) Includes depreciation for fixed concession assets fees, as shown in Note 12, of USD 19,936 for the year ended December 31, 2024 (USD 20,715 and USD 18,764 for the year ended December 31, 2023 and 2022 respectively).

(***) Includes depreciation of leases of USD 2,572 for the year ended December 31, 2024 (USD 2,464 and USD 3,676 for the year ended December 31, 2023 and 2022 respectively).
v3.25.1
Selling, general and administrative expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Selling, general and administrative expenses  
Schedule of selling, general and administrative expenses

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Taxes (*)

​

(63,389)

​

(37,013)

​

(45,250)

Salaries and social security contributions

 

(46,123)

 

(33,038)

 

(32,310)

Services and fees

 

(45,313)

 

(39,691)

 

(44,836)

Office expenses

 

(8,827)

 

(4,870)

 

(3,685)

Amortization and depreciation (**)

 

(7,353)

 

(6,303)

 

(7,337)

Advertising

 

(6,499)

 

(1,547)

 

(1,652)

Insurance

 

(2,669)

 

(2,810)

 

(2,359)

Maintenance expenses

 

(2,479)

 

(2,130)

 

(1,892)

Bad debts

 

(8,883)

 

(4,985)

 

(13,443)

Bad debts recovery

 

4,440

 

3,439

 

18,203

Other

 

(11,013)

 

(9,721)

 

(6,794)

​

 

(198,108)

 

(138,669)

 

(141,355)

​

(*) Mainly included taxes over bank transactions and tax on revenue not included in the line item “Income tax”.

(**) Includes depreciation of leases of USD 776 for the year ended December 31, 2024 (USD 739 and USD 901 for the year ended December 31, 2023 and 2022 respectively).
v3.25.1
Other operating income (Tables)
 12 Months Ended
Dec. 31, 2024
Other operating income  
Schedule of other operating income

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Government grants (1)

 

21,686

 

13,313

 

15,621

Government subsidies per Covid-19 context (2)

​

16,394

​

21,511

​

14,133

Compensation for concession (3)

​

—

​

62,677

​

—

Other

 

8,310

 

3,059

 

7,586

​

 

46,390

 

100,560

 

37,340

​

(1)  Correspond to grants for the development of airport infrastructure. As consideration for having granted the concession of the Group A of the National Airport System of Argentina, AA2000 assigns to the Government 15% of the total revenues of the concession, 2.5% of such revenues are destined to fund the investment commitments of AA2000 corresponding to the investment plan under the concession agreement by means of a trust in which AA2000 is the settlor; Banco de la Nación Argentina, the trustee; and the beneficiaries are AA2000 and constructors of the airports’ works. The funds in the trust are used to settle the accounts payable to suppliers of the infrastructure being built in the Argentine Airport System. As per IAS 20, the benefit received by AA2000 qualifies as a grant related to income on a monthly basis that it is recognized at fair value since there is a reasonable assurance that such benefit will be received.

(2)   Mainly corresponds to the following government subsidies to support airports in the context of Covid-19 pandemic for the year ended December 31, 2024, 2023 and 2022:

​

◾Re-equilibrium of concession agreements due to force majeure or fortuitous case events in Brazilian airports for a total amount of USD 16,315 USD 17,785 and USD 13,639 net of tax in 2024, 2023 and 2022 respectively.

Due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic is a case of “force majeure” or “fortuitous event” concluding that the loss from the impact of the pandemic is not part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, the Agência Nacional de Aviação Civil (“the Brazilian ANAC”) determined that the compensation owing to the operators should be based on their projected operational result in the scenario without pandemic.

However, in 2024, there was a significant change in the methodology to determine the economic-financial re-equilibrium.

The previous methodology was based on the difference between the estimated operational cash flow (pre-Covid-19 scenario) and the actual cash flow (post-Covid-19 scenario), calculated based on EBITDA.

The new methodology focuses on the difference in the number of passengers processed at the airport between the pre- and post-Covid-19 scenarios. The re-equilibrium is calculated based on the EBITDA of the factual scenario, considering some adjustments required by ANAC. Then, this “EBITDA/Pax” indicator is then multiplied by the observed difference in passenger numbers, resulting in the rebalancing amount. This change has brought simplification and greater predictability to the re-equilibrium calculation, with an amendment ensuring its continuity for the coming years until the actual demand reaches the demand projected by ANAC for the pre-COVID scenario of the year 2023.

The compensatory amounts for the years 2024, 2023 and 2022 with respect of Brasilia airport were estimated at USD 16,315 USD 15,264 and USD 11,754 net of tax respectively, and the measure of this reconstitution is through the offset of the concession fee payable, see amount compensated in Note 23.

The compensatory amounts for the years 2023 and 2022 for Natal airport were estimated at USD 2,521 and USD 1,885 net of tax respectively, which was received through the offset of the monthly contribution and the readjustment of aeronautical tariffs until December 31, 2023, date on which the pending amount was included in the indemnification received from the Brazilian Government as part of the re-bidding process (Note 26.b).

8       Other operating income (Cont.)

During 2024, the final compensatory amount for the year 2023 for the Brasilia and Natal airports was determined, resulting, net of tax, in a decrease of USD 139 and an increase of USD 218, respectively compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2023.

During 2023, the final compensatory amount for the year 2022 for the Brasilia and Natal airports was determined, resulting, net of tax, in an increase of USD 3,550 and USD 176, respectively compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2022.

During 2022, the final compensatory amounts for the year 2021 were determined, resulting, net of tax, in an increase of USD 1,046 related to Brasilia airport and a reversal of USD 190 related to the Natal Airport compared to the amounts that had initially been estimated and recognized as Other operating income as of December 31, 2021.

◾ In June 2022, the final amount referring to the compensation granted to TA in 2021 was determined, resulting in a reversal of approximately EUR 339 thousand (equivalent to USD 362).

There are no unfulfilled conditions or other contingencies attached to these grants.

(3)   Corresponds to the indemnification regarding the concession of the Natal Airport as detailed in Note 26.b for a total amount of USD 62.7 that comprises a net gain for the compensation of the assets offset by liabilities of the concession.
v3.25.1
Financial results, net (Tables)
 12 Months Ended
Dec. 31, 2024
Financial results, net  
Schedule of financial results, net

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Interest income

 

56,368

 

52,680

 

43,919

Foreign exchange results

 

2,531

 

39,772

 

10,658

Other financial income (1)

 

12,531

 

9,146

 

9,282

Financial income

 

71,430

 

101,598

 

63,859

​

 

​

 

​

 

​

Interest expense

 

(107,464)

 

(95,185)

 

(164,288)

Foreign exchange results (2)

 

314,505

 

(203,798)

 

79,945

Changes in liability for concessions (3)

 

(87,556)

 

(98,480)

 

(101,488)

Other financial loss (4)

 

(9,180)

 

(9,107)

 

(10,574)

Financial loss

 

110,305

 

(406,570)

 

(196,405)

​

 

​

 

​

 

​

Inflation adjustment

 

(21,260)

 

(40,547)

 

19,459

Inflation adjustment

 

(21,260)

 

(40,547)

 

19,459

Financial results, net

 

160,475

 

(345,519)

 

(113,087)

​

(1) Mainly includes gains from other financial assets for a total amount of USD 9,464 for the year ended December 31, 2024 (USD 5,021 and USD 5,695 for the year ended December 31, 2023 and 2022, respectively).

(2) Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency loans in AA2000.

(3) Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

(4)  Includes leases financial cost, see Note 14(ii).
v3.25.1
Share of results in associates (Tables)
 12 Months Ended
Dec. 31, 2024
Share of results in associates  
Schedule of share of results in associates

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Share of (loss) / income in associates (Note 15)

 

(996)

 

7,108

 

(970)

​

 

(996)

 

7,108

 

(970)

​
v3.25.1
Income tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income tax  
Schedule of income tax

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Current income tax

 

(35,200)

 

(38,456)

 

(20,468)

Deferred income tax

 

(263,620)

 

62,697

 

(4,415)

​

 

(298,820)

 

24,241

 

(24,883)
Schedule of income tax expense differs from the theoretical amount

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Income / (loss) for the year before income tax

 

606,732

 

202,226

 

190,518

Tax calculated at the tax rate in each country

 

(212,374)

 

(59,160)

 

(57,275)

Adjustments

 

​

 

​

 

​

Non-taxable income(6)

 

34,130

 

57,519

 

17,624

Expenses related to non-taxable income

​

(12,689)

​

(8,871)

​

(19,005)

Non-deductible expenses

 

(11,221)

 

(3,581)

 

(14,402)

Effect of tax inflation adjustment (1)

​

(167,973)

​

(114,289)

​

(123,956)

Effect of inflation adjustment

​

(80,365)

​

(53,895)

​

10,253

Effect of asset revaluation for tax purposes (2)

 

118,242

 

119,483

 

141,030

Inflation adjustment for tax purposes of tax losses (3)

 

76,622

 

81,273

 

57,322

Unrecognized deferred taxes (4)

 

(49,631)

 

(11,427)

 

(43,861)

Investment project exonerations (5)

 

12,737

 

12,552

 

6,095

Other

 

(6,298)

 

4,637

 

1,292

Income tax

​

(298,820)

​

24,241

​

(24,883)

​

(1)In order to determine the net taxable income of CAAP’s Argentine subsidiaries at the end of each year, the tax inflation adjustment determined in accordance with articles No. 95 to No. 98 of the income tax law has been incorporated into the tax results for a total amount of USD 167,973 as of December 31, 2024 (USD 114,289 and USD 123,956 as of December 31, 2023 and 2022 respectively), due to the fact that as of December 31, 2024, 2023 and 2022 the accumulated price index variation for the last 36 months has already exceeded 100%. Likewise, the income tax law allowed the deferral of the charge generated until 2020 by the tax inflation adjustment in six consecutive years. For 2024 the tax inflation adjustment is applicable as the accumulated inflation of the last three years is greater than 100%, and the adjustment resulting from this procedure was recognized as a current tax of the year. As consequence, as of December 31, 2024, USD 167,973 (USD 114,289 and USD 123,956 as of December 31, 2023 and 2022 respectively) was recognized as a reduction of current tax losses in deferred tax.

​

(2)Corresponds to the asset revaluation for tax purpose included in Law No. 27.430 of Argentina. As of March 29, 2019, AA2000 start exercising the option of the asset revaluation for tax purpose.

​

(3)On May 23, 2022, AA2000 filed tax returns for year 2021, reporting tax losses from previous years in accordance with the mechanism provided by the tax laws in Argentina. As of December 31, 2024, the taxable base of the historical tax carryforward losses (excluding the result of the current fiscal year) amounts to ARS 75,345 million, equivalent to USD 73.0 million, (ARS 38,585 million, equivalent to USD 47.7 million, as of December 31, 2023) and adjusted by inflation to ARS 138,781 million, equivalent to USD 134.5 million, (ARS 255,660 million, equivalent to USD 316.2 million, as of December 31, 2023). AA2000 also made a filing before AFIP, under tax secrecy protection provided by law, in order to preserve its rights in a transparency framework. AA2000’s management, with the assistance of its legal and tax advisors, believe that the arguments raised before AFIP are closely related to those considered by the court in similar procedures, and therefore, it has solid arguments to support the applied criteria.

​

(4)Mainly temporary differences for which no deferred income tax has been recognized from Brazilian concessions. Additionally, as of December 31, 2022 and December 31, 2024, deferred tax assets on tax loss carry forwards from Brazilian concessions for a total amount of USD 14.8 million and USD 35.8 million, respectively, were unrecognized because there was not sufficient evidence that there would be enough future taxable profits to use such tax losses.

11       Income tax (Cont.)

​

(5)On November 9, 2022, PDS was granted by Government of Uruguay tax exemptions related to investments to be made in connection with the development and expansion of new airports (Note 26.b) and the rest of the capex program of PDS managed by CAAP until the expiry of the concession in 2053. The exemptions include VAT and customs duties otherwise applied to construction costs as well as exemptions of income tax for a 25 year period, starting in 2022.

​

(6)As of December 31, 2023 includes USD 35.3 million related to the reversal of the impairment of intangible assets of ICASGA (see Note 12).
v3.25.1
Intangible assets, net (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible assets, net  
Schedule of changes in intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Patent, intellectual

​

​

​

​

​

​

​

​

property rights and

​

​

​

    

Concession Assets

    

Goodwill

    

others

    

Total

Cost

​

​

​

​

​

​

​

​

Balances at January 1, 2024

    

4,153,428

    

9,293

    

24,661

    

4,187,382

Acquisitions

​

219,322

​

—

​

1,435

​

220,757

Impairment reversal

 

—

 

—

 

—

 

—

Disposals

 

(434)

 

—

 

(484)

 

(918)

Other

 

2,941

 

—

 

—

 

2,941

Transfer

 

(1,245)

 

—

 

—

 

(1,245)

Transfer from property plant and equipment

​

16

​

—

​

—

​

16

Translation differences and inflation adjustment

​

1,028,272

​

(505)

​

(1,769)

​

1,025,998

Balances at December 31, 2024

​

5,402,300

​

8,788

​

23,843

​

5,434,931

Balances at January 1, 2023

​

4,749,233

​

9,003

​

22,658

​

4,780,894

Acquisitions

​

150,616

​

—

​

1,221

​

151,837

Impairment reversal (*)

 

102,838

 

—

 

—

 

102,838

Disposals (**)

 

(139,218)

 

—

 

(88)

 

(139,306)

Other

 

236

 

—

 

—

 

236

Transfer

​

(2,000)

​

—

​

—

​

(2,000)

Transfer from property plant and equipment

​

1,156

​

—

​

—

​

1,156

Translation differences and inflation adjustment

 

(709,433)

 

290

 

870

 

(708,273)

Balances at December 31, 2023

 

4,153,428

 

9,293

 

24,661

 

4,187,382

Depreciation

 

​

 

​

 

​

 

​

Accumulated at January 1, 2024

 

1,645,013

 

—

 

21,404

 

1,666,417

Depreciation of the year

 

188,465

 

—

 

822

 

189,287

Disposals

​

(31)

​

—

​

(284)

​

(315)

Transfer from property plant and equipment

​

5

​

—

​

—

​

5

Translation differences and inflation adjustment

​

425,542

​

—

​

(1,453)

​

424,089

Accumulated at December 31, 2024

​

2,258,994

​

—

​

20,489

​

2,279,483

Accumulated at January 1, 2023

​

1,800,871

​

—

​

20,021

​

1,820,892

Depreciation of the year

 

138,620

​

—

 

650

​

139,270

Disposals (**)

 

(13,554)

 

—

 

(17)

 

(13,571)

Translation differences and inflation adjustment

 

(280,924)

 

—

 

750

 

(280,174)

Accumulated at December 31, 2023

 

1,645,013

​

—

 

21,404

 

1,666,417

Net balances at December 31, 2024

 

3,143,306

 

8,788

 

3,354

 

3,155,448

Net balances at December 31, 2023

​

2,508,415

​

9,293

​

3,257

​

2,520,965

​

(*) Mainly includes a reversal of impairment of intangible assets recognized in previous periods due to the compensation received by ICASGA as part of the re-bidding process detailed in Note 26.b, for an amount of USD 103.8 million.

(**) Mainly includes the disposal of the intangible assets regarding ICASGA’s concession, see Note 26.b.
v3.25.1
Property, plant and equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment, net  
Schedule of property, plant and equipment, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Land,

​

Plant and

​

Vehicles,

​

​

​

​

​

​

​

​

building and

​

production

​

furniture and

​

Works in

​

​

​

​

​

    

improvements

    

Equipment

    

fixtures

    

progress

    

Others

    

Total

Cost

 

  

 

  

 

  

 

  

 

  

 

  

Balances at January 1, 2024

 

59,361

 

54,229

 

70,385

 

482

 

23,531

 

207,988

Acquisitions

 

110

 

3,343

 

10,459

 

736

 

307

 

14,955

Disposals

 

—

 

(41)

 

(1,941)

 

—

 

(2)

 

(1,984)

Transfers

​

11

​

—

​

—

​

(11)

​

—

​

—

Transfers to intangible

 

—

 

(4)

 

(12)

 

—

 

—

 

(16)

Translation differences and inflation adjustment

 

(1,647)

 

(1,900)

 

2,463

 

(17)

 

(1,373)

 

(2,474)

Balances at December 31, 2024

 

57,835

 

55,627

 

81,354

 

1,190

 

22,463

 

218,469

Balances at January 1, 2023

 

56,644

 

51,920

 

68,597

 

1,055

 

22,521

 

200,737

Acquisitions

 

40

 

2,209

 

5,405

 

1,556

 

575

 

9,785

Disposals

​

—

​

(38)

​

(469)

​

—

​

(387)

​

(894)

Transfers

 

1,886

 

57

 

—

 

(1,981)

 

38

 

—

Transfers to intangible

​

—

​

(1,002)

​

—

​

(154)

​

—

​

(1,156)

Translation differences and inflation adjustment

 

791

 

1,083

 

(3,148)

 

6

 

784

 

(484)

Balances at December 31, 2023

 

59,361

 

54,229

 

70,385

 

482

 

23,531

 

207,988

Accumulated at January 1, 2024

 

16,342

 

41,867

 

53,574

 

—

 

21,286

 

133,069

Depreciation of the year

​

1,255

​

2,786

​

5,507

​

—

​

825

​

10,373

Disposals

 

—

 

(32)

 

(1,839)

 

—

 

(2)

 

(1,873)

Transfers

​

—

​

10

​

(10)

​

—

​

—

​

—

Transfers to intangible

​

—

​

—

​

(5)

​

—

​

—

​

(5)

Translation differences and inflation adjustment

​

82

​

(1,555)

​

1,838

​

—

​

(1,261)

​

(896)

Accumulated at December 31, 2024

 

17,679

 

43,076

 

59,065

 

—

 

20,848

 

140,668

Accumulated at January 1, 2023

 

15,324

 

38,163

 

52,491

 

—

 

20,017

 

125,995

Depreciation of the year

​

1,134

​

2,890

​

4,152

​

—

​

944

​

9,120

Disposals

​

—

​

(36)

​

(388)

​

—

​

(378)

​

(802)

Translation differences and inflation adjustment

 

(116)

 

850

 

(2,681)

 

—

 

703

 

(1,244)

Accumulated at December 31, 2023

 

16,342

 

41,867

 

53,574

 

—

 

21,286

 

133,069

Net balances at December 31, 2024

 

40,156

 

12,551

 

22,289

 

1,190

 

1,615

 

77,801

Net balances at December 31, 2023

​

43,019

​

12,362

​

16,811

​

482

​

2,245

​

74,919

​
v3.25.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases  
Schedule of amounts recognized in consolidated statement of financial position

​

​

​

​

​

​

​

    

For the year ended December 31,

Right-of-use assets

​

2024

    

2023

Land, building and improvements

 

7,465

 

7,655

Plant and production equipment

 

1,685

 

2,246

Vehicles, furniture and fixtures

 

771

 

592

​

 

9,921

 

10,493

​

​

​

​

​

Lease liabilities

 

​

 

​

Current

 

3,707

 

3,687

Non-current

 

7,010

 

10,294

​

 

10,717

 

13,981
Schedule of evolution of right-of-use assets and lease liabilities

​

​

​

​

​

​

Right-of-use assets

    

2024

     

2023

Balances at the beginning of the year

 

10,493

​

9,192

Additions

 

619

​

5,217

Contract modifications

​

(2)

​

(49)

Depreciation of the year

 

(3,348)

​

(3,203)

Translation differences and inflation adjustment

 

2,159

​

(664)

Balances at the end of the year

 

9,921

​

10,493

​

​

​

​

​

​

Lease liabilities

    

2024

     

2023

Balances at the beginning of the year

 

13,981

​

8,809

New contracts

 

619

​

5,336

Lease payments

 

(4,397)

​

(3,118)

Contract modifications

​

(2)

​

(49)

Leases financial cost

 

847

​

446

Translation differences and inflation adjustment

 

(331)

​

2,557

Balances at the end of the year

 

10,717

​

13,981
Schedule of maturity of lease liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

    

 1 year or less 

    

  1 to 2 years 

    

  2 to 5 years 

    

 Over 5 years 

    

 Total 

At December 31, 2024

 

3,966

 

3,421

 

1,920

 

3,057

 

12,364

At December 31, 2023

​

3,822

 

3,883

 

4,879

 

4,052

 

16,636
Schedule of amounts recognized in consolidated statement of income

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

    

2024

    

2023

    

2022

Depreciation charge of right-of-use assets

 

​

​

  

​

​

Land, building and improvements

 

(2,817)

​

(2,730)

​

(3,966)

Plant and production equipment

 

(219)

​

(198)

​

(179)

Vehicles, furniture and fixtures

 

(312)

​

(275)

​

(432)

​

 

(3,348)

​

(3,203)

​

(4,577)

​

​

​

​

​

​

​

Financial expenses (Leases financial cost)

 

(847)

​

(446)

​

(605)

Expense relating to short-term leases (included in cost of services and selling, general and administrative expenses)

 

(771)

​

(865)

​

(412)

Expense relating to leases of low-value assets that are not shown above as short-term leases (included in cost of services and selling, general and administrative expenses)

 

(351)

​

(326)

​

(300)

Expense relating to variable lease payments not included in lease liabilities (included in cost of services)

 

(762)

​

(1,855)

​

(1,330)
Schedule of minimum lease payments receivable on leases and sub-concession of spaces

​

​

​

​

​

​

​

​

​

    

At December 31,

​

    

2024

    

2023

     

2022

Within 1 year

 

105,455

​

109,314

​

99,142

Between 1 and 5 years

 

273,589

​

266,875

​

241,115

Later than 5 years

 

152,681

​

160,059

​

136,344

Total

 

531,725

​

536,248

​

476,601

​
v3.25.1
Investments in associates (Tables)
 12 Months Ended
Dec. 31, 2024
Investments in associates  
Schedule of investment in associates

​

​

​

​

​

​

​

​

​

For the year ended December 31,

 

​

    

2024

    

2023

 

Balances at the beginning of the year

 

11,992

 

1,911

​

Share of (loss)/income in associates (Note 10)

 

(996)

 

7,108

​

Contributions

 

666

 

84

​

Acquisitions (1)

 

—

 

3,384

​

Others

​

65

​

(425)

​

Translation differences

 

19

 

(70)

​

Balances at the end of the year

 

11,746

 

11,992

​

​

(1) Consist of the consideration for the acquisition of Navinten S.A. (Note 28)

Schedule of breakdown of the share of loss in associates

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Sociedad Aeroportuaria Kuntur Wasi S.A.

 

(666)

 

(84)

 

(260)

Navinten S.A. (**)

​

(263)

​

7,292

​

—

Others

 

(67)

 

(100)

 

(710)

​

 

(996)

 

7,108

 

(970)
Schedule of main associates

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Investment in associates

​

​

​

​

​

​

Percentage of

​

​

​

​

​

​

​

​

​

​

ownership at

​

For the year ended

​

​

​

​

Country of

​

December 31, 

​

December 31, 

Company

    

Main activity

    

incorporation

    

2024

    

2023

    

2024

    

2023

Aeropuertos Ecológicos de Galápagos S.A. (*)

 

Airport Operation

 

Ecuador

 

99.90

%  

99.90

%  

1,000

 

1,000

Navinten S.A. (**)

​

Duty free operation

​

Uruguay

​

49.00

%  

49.00

%  

10,001

​

10,264

Sociedad Aeroportuaria Kuntur Wasi S.A. (***)

 

Airport Operation

 

Perú

 

50.00

%  

47.90

%  

—

 

—

Others

 

  

 

—

 

—

 

—

 

745

 

728

​

 

  

 

  

 

  

 

  

 

11,746

 

11,992

​

(*) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the Dirección General de Aviación Civil (“DGAC”), however, the Group maintains the operational management of such company and therefore has significant influence.

15       Investments in associates (Cont.)

(**) See Note 28 regarding the acquisition of Navinten S.A.

(***) On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero; therefore, since then the investment has been maintained in zero.

v3.25.1
Deferred income tax (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred income tax  
Schedule of evolution deferred tax assets and liabilities

Deferred tax liabilities

​

​

​

​

​

​

​

​

​

​

​

    

Property, plant 

    

    

    

​

    

​

​

​

and equipment and

​

Tax inflation

​

​

​

​

​

​

Intangibles Assets

​

adjustment

​

Other liabilities

​

Total

Balances at January 1, 2024

 

287,498

​

10,927

​

16,182

 

314,607

Increase/ (decrease) of deferred tax liabilities for the year

 

48,936

​

(18,132)

​

(8,350)

 

22,454

Translation differences and inflation adjustment

 

109,697

​

7,696

​

5,568

 

122,961

Balances at December 31, 2024

 

446,131

​

491

​

13,400

 

460,022

Balances at January 1, 2023

 

304,726

​

13,449

​

7,106

 

325,281

Increase/(decrease) of deferred tax liabilities for the year

 

37,230

​

1,822

​

8,943

 

47,995

Translation differences and inflation adjustment

 

(54,458)

​

(4,344)

​

133

 

(58,669)

Balances at December 31, 2023

 

287,498

​

10,927

​

16,182

 

314,607

​

Deferred tax assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax loss

​

Property, plant and

​

​

​

​

​

​

Provisions and

​

carry

​

equipment and

​

​

​

​

​

    

allowances

    

 forwards

    

Intangibles Assets

    

Other

    

Total

Balances at January 1, 2024

 

23,807

 

205,376

 

813

 

10,008

 

240,004

(Decrease) / increase of deferred tax assets for the year

​

(8,152)

​

(230,917)

​

(139)

​

(1,958)

​

(241,166)

Other (*)

 

—

 

(6,887)

 

—

 

820

 

(6,067)

Translation differences and inflation adjustment

​

5,678

​

91,252

​

9

​

315

​

97,254

Balances at December 31, 2024

​

21,333

​

58,824

​

683

​

9,185

​

90,025

Balances at January 1, 2023

​

26,266

​

112,775

​

989

​

7,675

​

147,705

(Decrease) / increase of deferred tax assets for the year

 

1,786

 

105,839

 

(164)

 

3,231

 

110,692

Translation differences and inflation adjustment

 

(4,245)

 

(13,238)

 

(12)

 

(898)

 

(18,393)

Balances at December 31, 2023

 

23,807

 

205,376

 

813

 

10,008

 

240,004
Schedule of expiration dates of deferred tax asset related to tax losses carryforward

​

​

​

​

​

​

​

​

For the year ended December 31,

Expiration date

    

2024

    

2023

December 31, 2025

    

—

    

73,344

December 31, 2026

 

2,028

 

1,095

December 31, 2027

​

—

​

38,320

December 31, 2028

 

47,070

 

30,384

December 31, 2030

​

269

​

—
Schedule of unrecognized deferred income tax

​

​

​

​

​

​

​

    

2024

    

2023

Deferred tax assets

 

13,372

 

62,712

Deferred tax liabilities

 

(383,369)

 

(137,315)

​
v3.25.1
Other receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Other receivables  
Schedule of other receivables

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-Current

​

  

​

  

Tax credits

 

6,688

​

9,623

Trust funds (1)

 

42,162

 

22,627

Prepaid expenses

 

1,865

 

192

Other

 

7,746

 

10,198

​

 

58,461

 

42,640

Current

 

  

 

  

Tax credits

 

26,498

 

13,646

Guarantee deposit (2)

 

7,000

 

35,809

Receivables from related parties (Note 27)

 

9,239

 

9,315

Prepaid expenses

 

6,122

 

4,662

Compensation receivable (3)

​

—

​

66,612

Other (4)

 

14,297

 

15,505

​

 

63,156

 

145,549

​

(1) Funds are held by a trust, on which the Company does not have the power to direct the relevant activities of the trustee company and is not exposed, or have rights, to variable returns, as such does not consolidate the trustee company.

(2) As of December 31, 2023, includes the indemnification that ICAGSA received in cash from the Brazilian Government amounting the equivalent to USD 41.3 million (see Note 26.b). ICASGA was required to maintain the amount collected in a guarantee deposit account with BNDES. The cash cannot be withdrawn or used by ICASGA until the borrowings with BNDES are paid-off from that bank account, which occurred in January 2024 (see note 26.b). As a result, ICASGA borrowings with BNDES (USD 15.6 million as of December 31, 2023) have been presented net of the cash in guarantee deposits, as the requirements under IFRS were met.

(3) As of December 31, 2023, included the compensation receivable related to the Natal airport, which was collected on January 5 2025, as detailed in Note 26.b.

(4) Mainly includes receivable for the additional Municipal tax on passenger boarding fees of TA for a total amount of USD 5,534 as of December 31, 2024 (USD 7,595 as of December 31, 2023).
v3.25.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventories  
Schedule of Inventories

​

​

​

​

​

​

​

​

At December 31, 

Non- Current

    

2024

    

2023

Supplies

​

314

​

318

​

​

314

​

318

Current

​

​

​

​

Supplies

 

4,725

 

4,881

Oil and byproducts

 

6,681

 

11,263

Others

 

4

 

4

​

 

11,410

 

16,148

​
v3.25.1
Trade receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Trade receivables  
Schedule of trade receivables

​

​

​

​

​

​

​

​

At December 31, 

Non-Current

    

2024

    

2023

Accounts receivable

 

4,305

 

4,581

Trade receivables from related parties (Note 27)

​

—

​

741

Loss allowance (see Note 3A(ii))

 

(4,287)

 

(4,433)

​

 

18

 

889

Current

 

​

 

​

Accounts receivable

 

169,162

 

138,586

Trade receivables from related parties (Note 27)

 

5,113

 

4,421

Contract assets

​

45

​

1,488

Loss allowance (see Note 3A(ii))

 

(16,774)

 

(17,935)

​

 

157,546

 

126,560
v3.25.1
Other financial assets (Tables)
 12 Months Ended
Dec. 31, 2024
Other financial assets  
Schedule of other financial assets

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Other financial assets at fair value through profit or loss

 

  

 

  

Equity investments (*)

 

145

 

3,690

Other

​

4,092

​

2,289

​

 

4,237

 

5,979

Other financial assets at amortized cost

 

  

 

  

Related parties (Note 27)

 

26,404

 

6,545

Time deposits

​

9,856

​

—

Corporate bonds

 

46,445

 

53,735

Government securities

​

1,862

​

—

Other

​

51

​

810

​

 

84,618

 

61,090

​

 

88,855

 

67,069

Current

 

​

 

​

Other financial assets at fair value through profit or loss

 

​

 

​

Corporate bonds

 

665

 

729

Mutual funds

​

2,055

​

3,515

Government securities

 

259

 

434

Other

​

150

​

206

​

 

3,129

 

4,884

Other financial assets at amortized cost

 

​

 

​

Corporate bonds

​

13,943

​

4,959

Related parties (Note 27)

 

21,493

 

24,890

Time deposits

 

38,605

 

43,159

Treasury bills

 

1,232

 

9,658

Government securities

​

7,621

​

—

Other

 

29

 

476

​

 

82,923

 

83,142

​

 

86,052

 

88,026

​

(*)   Includes equity investments where the Group holds a minor equity interest and does not exert significant influence. As of December 31, 2023, mainly included TA’s holding of an 8.16% stake in Firenze Parcheggi S.p.A., a company that manages public parking lots in Florence. This stake was sold in February 2024.
v3.25.1
Cash and cash equivalents (Tables)
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents  
Schedule of Cash and cash equivalents

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Cash to be deposited

​

540

​

657

Cash at banks

 

189,684

 

192,381

Time deposits

 

21,615

 

16,729

Other cash equivalents (1)

 

228,008

 

160,081

​

 

439,847

 

369,848

​

(1) Mainly includes bank deposit certificates with immediate liquidity, treasury bills and highly liquid investments in mutual funds.
v3.25.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Borrowings  
Schedule of borrowings

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Bank and financial borrowings (**)

 

250,150

 

278,147

Notes (*)

 

778,218

 

855,402

Other (***)

​

14,336

​

—

​

 

1,042,704

 

1,133,549

Current

 

​

 

​

Bank and financial borrowings (**)

 

32,769

 

114,092

Notes (*)

 

81,845

 

85,535

Bank overdrafts

​

—

​

61

Other (***)

​

753

​

—

​

 

115,367

 

199,688

Total Borrowings

 

1,158,071

 

1,333,237
Schedule of changes in borrowings

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

1,333,237

 

1,465,437

Loans obtained

 

190,345

 

87,846

Loans repaid

 

(314,077)

 

(200,475)

Interest paid

 

(96,168)

 

(83,791)

Accrued interest for the year

 

103,020

 

90,928

Offsetting of financial assets (Note 17)

​

—

​

(15,224)

Debt renegotiation expenses capitalization

​

(2,467)

​

(110)

Translation differences and inflation adjustment

 

(55,819)

 

(11,374)

Balances at the end of the year

 

1,158,071

 

1,333,237
Schedule of maturity of borrowings

​

​

​

​

​

​

​

​

​

​

​

​

​

    

1 year or less

    

1 to 2 years

    

2 to 5 years

    

Over 5 years

    

Total

At December 31, 2024 (1)

 

199,693

 

213,504

 

568,212

 

594,054

 

1,575,463

At December 31, 2023 (1)

 

294,299

 

239,443

 

569,488

 

711,815

 

1,815,045

​

(1) The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.
Schedule of undiscounted cash flows of principal and estimated interest

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Fair value of borrowings (2)

 

1,167,139

 

1,328,357

​

 

1,167,139

 

1,328,357

​

(2)  Quoted prices (unadjusted) in active markets for identical liabilities included Fair Value Level 1 under IFRS 13 and valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2. There are no financial liabilities measured at fair value.
Schedule of notes

(*) Notes include the following as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company

    

Note

    

Issuance

    

Currency

    

Nominal value (in
millions of USD)

    

Maturity

    

Interest rate

    

Outstanding
(in millions of USD)

ACI

​

Senior secured guarantee notes

​

Nov-2021

​

USD

​

246.2

​

Nov-2034

​

Fixed 6.875%

​

237.2

​

​

Senior secured guarantee notes

​

May-2015, May-2020 (1)

 

USD

 

14.6

 

Nov-2032

 

Fixed 6.875%

​

10.4

​

 

Senior secured guarantee notes

 

Feb-2017, May-2020 (1)

 

USD

 

212.3

 

Feb-2027

 

Fixed 6.875%

​

44.5

​

​

​

 

Oct-2021

 

USD

 

208.9

 

Aug-2031

 

Fixed 8.500%

​

209.1

​

 

Class 1 Series 2021 Notes

 

Nov-2021

 

USD

 

64.0

 

Aug-2031

 

Fixed 8.500%

​

61.7

​

 

Class 4 Notes

 

Nov-2021

 

USD

 

62.0

 

Nov-2028

 

Fixed 9.500%

​

61.4

AA2000

​

Class 5 Notes

​

Feb-2022

​

USD (2)

​

138.0

​

Feb-2032

​

Fixed 5.500%

​

138.4

​

​

Class 6 Notes

​

Feb-2022

​

USD (2)

​

36.0

​

Feb-2025

​

Fixed 2.000%

​

27.2

​

​

Class 9 Notes

​

Aug-2022, July-2023

​

USD (2)

​

30.0

​

Aug-2026

​

Fixed 0.000%

​

23.1

​

​

Class 10 Notes

​

July-2023

​

USD (2)

​

25.0

​

July-2025

​

Fixed 0.000%

​

18.5

​

 

Class 11 Notes

 

Dec-2024

 

USD

 

28.8

 

Dec-2026

 

Fixed 5.500%

​

28.6

Total

 

  

 

  

 

  

 

  

 

  

 

  

 

860.1

​

(1)

A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2)

These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

(*) Notes include the following as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company

​

Note

    

Issuance

    

Currency

    

Nominal value (in
millions of USD)

    

Maturity

    

Interest rate

    

Outstanding
(in millions of USD)

ACI

​

Senior secured guarantee notes

​

Nov-2021

​

USD

​

246.2

​

Nov-2034

​

Fixed 6.875%

​

235.9

​

​

Senior secured guarantee notes

​

May-2015, May-2020 (1)

​

USD

​

14.6

​

Nov-2032

​

Fixed 6.875%

​

11.4

CAI

​

Secured notes

​

Jan-2020

​

EUR

​

71.8

​

Dec-2024

​

Fixed 4.556%

​

67.7

​

​

Senior secured guarantee notes

 

Feb-2017, May-2020 (1)

 

USD

 

212.3

 

Feb-2027

 

Fixed 6.875%

​

67.8

​

​

​

​

Oct-2021

​

USD

​

208.9

​

Aug-2031

​

Fixed 8.500%

​

208.6

​

​

Class 1 Series 2021 Notes

​

Nov-2021

​

USD

​

64.0

​

Aug-2031

​

Fixed 8.500%

​

61.2

AA2000

​

Class 4 Notes

​

Nov-2021

​

USD

​

62.0

​

Nov-2028

​

Fixed 9.500%

​

60.7

​

​

Class 5 Notes

​

Feb-2022

​

USD (2)

​

138.0

​

Feb-2032

​

Fixed 5.500%

​

138.3

​

​

Class 6 Notes

​

Feb-2022

​

USD (2)

​

36.0

​

Feb-2025

​

Fixed 2.000%

​

34.4

​

​

Class 9 Notes

​

Aug-2022, July-2023

​

USD (2)

​

30.0

​

Aug-2026

​

Fixed 0.000%

​

30.4

​

​

Class 10 Notes

​

July-2023

​

USD (2)

​

25.0

​

July-2025

​

Fixed 0.000%

​

24.5

Total

​

  

 

  

 

  

 

  

 

  

 

  

 

940.9

​

(1)A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below
(2)These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos
Schedule of significant bank and financial borrowings

(**) As of December 31, 2024, significant bank and financial borrowings include the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding

​

​

​

​

​

​

​

​

​

​

​

​

(In millions

​

​

Company

​

Lender

​

Currency

​

Maturity

​

Interest Rate

​

of USD)

​

Capitalization(1)

ICAB

 

BNDES

 

R$

 

Dec-2033

 

Variable

 

TJLP(2) plus spread

 

157.7

 

A

TAGSA

 

Banco Guayaquil SA

 

USD

 

Feb-2026

 

Variable

 

T.R.E.(3) plus spread

​

2.4

 

D

​

​

Banco Bolivariano CA

​

USD

​

Dec-2025

​

Variable

​

T.R.E.(3) plus spread

​

1.8

​

D

​

 

Scotiabank Uruguay

 

USD

 

Feb-2026

 

Fixed

 

4.30%

​

0.3

 

D

TCU

 

Santander Uruguay

 

USD

 

Nov-2027

 

Fixed

 

5.37%

​

0.7

 

D

​

​

Santander Uruguay

​

USD

​

Jan-2028

​

Fixed

​

5.37%

​

0.8

​

D

Toscana Aeroporti S.p.A.

​

Intesa Sanpaolo, UniCredit , BPM, BNP and Cassa Depositi e Prestiti

​

EUR

​

Jun-2030

​

Variable

​

Euribor plus spread

​

90.7

​

A

AA2000

​

ICBC Dubai

​

USD

​

Oct-2025

​

Variable

​

SOFR plus spread

​

10.2

​

B

CAISA

​

Santander Uruguay

​

USD

​

Apr-2027

​

Fixed

​

5.10%

​

3.9

​

B

​

​

Banco Itaú

​

USD

​

Apr-2027

​

Fixed

​

3.80%

​

3.9

​

​

​

​

Santander Uruguay

​

USD

​

Apr-2029

​

Variable

​

SOFR plus spread

​

4.0

​

D

PDS

​

Banco de la República Oriental del Uruguay

​

USD

​

Mar-2028

​

Variable

​

5.15%

​

6.5

​

C

Total

 

  

 

  

 

  

 

  

 

  

 

282.9

 

  

​

As of December 31, 2023, significant bank and financial borrowings include the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding

​

​

​

​

​

​

​

​

​

​

​

​

(In millions

​

​

Company

​

Lender

​

Currency

​

Maturity

​

Interest Rate

​

of USD)

​

Capitalization(1)

​

    

BNDES

    

R$

    

Sept-2032

    

Variable

    

TJLP(2) plus spread

    

6.6

    

  

ICASGA

 

BNDES

 

R$

 

June-2032

 

Variable

 

T.R. plus spread plus IPCA

 

1.8

 

A

​

 

BNDES

 

R$

 

Sept-2032

 

Variable

 

T.R. plus spread plus IPCA

  

4.9

 

  

​

 

BNDES

 

R$

 

July-2032

 

Variable

 

T.R. plus spread plus IPCA

 

2.3

 

  

ICAB

 

BNDES

 

R$

 

Dec-2033

 

Variable

 

TJLP(2) plus spread

 

213.9

 

A

​

 

Banco Guayaquil SA

 

USD

 

Feb-2026

 

Variable

 

T.R.E.(3) plus spread

​

4.2

 

D

​

​

Banco Guayaquil SA (4)

​

USD

​

Dec-2025

​

Variable

​

T.R.E.(3) plus spread

​

1.4

​

D

TAGSA

​

Banco Bolivariano CA

​

USD

​

Dec-2025

​

Variable

​

T.R.E.(3) plus spread

​

3.6

​

D

​

 

Banco Bolivariano CA

 

USD

 

Nov-2024

 

Variable

 

T.R.E.(3) plus spread

​

1.8

 

D

​

 

Scotiabank Uruguay

 

USD

 

Oct-2024

 

Fixed

 

4.30%

​

0.4

 

D

TCU

​

Scotiabank Uruguay

​

USD

​

Feb-2026

​

Fixed

​

4.30%

​

0.6

​

D

​

​

Santander Uruguay

​

USD

​

Nov-2027

​

Fixed

​

5.37%

​

1.0

​

D

​

​

Santander Uruguay

​

USD

​

Jan-2028

​

Fixed

​

5.37%

​

1.0

​

D

​

 

Banco de Innovación de Infraestructuras y Desarrollo

 

EUR

 

Sept-2027

 

Variable

 

Euribor 6 month plus spread

 

13.0

 

D

​

 

Unicredit

 

EUR

 

Mar-2024

 

Variable

 

Euribor 3 month plus spread

  

9.4

 

D

TA

​

ISP-SACE

​

EUR

​

Sept-2026

​

Variable

​

Euribor 3 month plus spread

​

60.5

​

D

​

 

BPM

 

EUR

 

June-2024

 

Variable

 

Euribor 3 month plus spread

  

0.1

 

D

​

​

BPM

​

EUR

​

Feb-2024

​

Variable

​

Euribor 3 month plus spread

​

4.0

​

D

​

​

MPS Servicio capital

​

EUR

​

Mar-2024

​

Variable

​

Euribor 6 month plus spread

​

12.3

​

D

​

​

Banca Intesa San Paolo

​

EUR

​

Jan-2024

​

Fixed

​

6.10%

​

12.2

​

D

AIA

 

Ameriabank C.J.S.C.

 

EUR

 

Dec-2024

 

Fixed

 

6.00%

 

13.2

 

B

​

​

Banco de la Provincia de Buenos Aires

​

USD

​

July-2024

​

Fixed

​

7.00%

​

0.3

​

D

​

​

Onshore renegotiation – ICBC

​

USD

​

Nov-2024

​

Fixed

​

8.50%

​

9.0

​

A

AA2000

​

ICBC Dubai

​

USD

​

Oct-2025

​

Variable

​

SOFR plus spread

​

10.2

​

B

​

​

ICBC

​

USD

​

Jan-2024

​

Fixed

​

15.50%

​

0.5

​

D

​

​

ICBC

​

USD

​

Dec-2024

​

Fixed

​

15.50%

​

0.1

​

D

CAISA

​

Santander Uruguay

​

USD

​

Apr-2027

​

Fixed

​

5.10%

​

5.5

​

​

​

​

Banco Itaú

​

USD

​

Apr-2027

​

Fixed

​

3.80%

​

5.5

​

B

PDS

​

Banco de la República Oriental del Uruguay

​

USD

​

Mar-2028

​

Variable

​

6.14%

​

8.5

​

C

Total(5)

 

  

 

  

 

  

 

  

 

  

 

407.8

 

  

​

(1) A - Secured/guaranteed

B – Secured/unguaranteed

C – Unsecured/guaranteed

D - Unsecured/unguaranteed

ARS - Argentine Pesos.

R$ - Brazilian Reales.

(2) TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate).

IPCA: corresponds to the Brazilian Consumer Price index.

(3) T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate).

(4) TAGSA prepaid the loan on December 13, 2024.

(5) The total outstanding amount includes the financial debt of ICASGA with BNDES which, as disclosed in Note 17, is shown in the Consolidated statement of financial position net of guarantee deposits. Therefore, the net amount of Bank and financial borrowings amounts to USD 392.2 million. As mentioned in Note 26.b, on December 31, 2023, ICASGA was absorbed by ACIB, therefore the financial debts of ICASGA were transferred to ACIB. Additionally, on January 15, 2024, the outstanding financial debt owing to BNDES for a total amount of R$ 75.9 million (equivalent to USD 15.7 million) was prepaid, after which the related guarantees were released.

​

​
v3.25.1
Other liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Schedule of other liabilities

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Concession fee payable (1)

 

550,095

 

690,319

Advances from customers

 

8,584

 

13,368

Provisions for legal claims (4)

 

7,928

 

8,979

Provision for maintenance costs (2)

 

21,941

 

21,364

Other taxes payable

 

789

 

199

Employee benefit obligation (3)

 

3,885

 

4,382

Salary payable

 

—

 

291

Other liabilities with related parties (Note 27)

 

12,904

 

15,275

Other payables

 

15,286

 

14,187

​

 

621,412

 

768,364

Current

 

​

 

​

Concession fee payable (1)

 

198,420

 

223,051

Other taxes payable

 

29,956

 

18,921

Salary payable

 

57,402

 

41,656

Other liabilities with related parties (Note 27)

 

2,146

 

2,689

Advances from customers

 

5,026

 

5,647

Provision for maintenance cost (2)

 

6,165

 

5,678

Expenses provisions

 

3,294

 

6,203

Provisions for legal claims (4)

 

5,889

 

5,286

Other payables (*)

 

40,288

 

36,733

​

 

348,586

 

345,864

​

(*) As of December 31, 2024, includes deferred income for a total amount of USD 18,556 (USD 21,060 as of December 31, 2023).
Schedule of maturity of the other liabilities

​

​

​

​

​

​

​

​

​

​

​

​

    

1 year or less

    

1 - 2 years

    

2 - 5 years

    

Over 5 years

    

Total

At December 31, 2024 (**)

 

348,586

 

84,662

 

265,716

 

1,335,332

 

2,034,296

At December 31, 2023 (**)

 

345,864

 

96,071

 

279,683

 

1,266,124

 

1,987,742

​

(**) The amounts disclosed in the table are undiscounted cash flows.
Schedule of changes in the year for fixed and variable concession fee payable

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

913,370

 

929,009

Financial result (*)

 

87,556

 

100,237

Concession fees

 

190,665

 

135,530

Payments (**)

 

(227,571)

 

(199,618)

Re-equilibrium compensation (***)

 

(19,144)

 

(22,946)

Other (****)

​

2,405

​

(75,475)

Translation differences and inflation adjustment

 

(198,766)

 

46,633

Balances at the end of the year

 

748,515

 

913,370

​

(*) Mainly includes changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment shown in Note 9.

(**) As of December 31, 2023, includes USD 19,156 that were deducted from the indemnification received by ICASGA due to de re-bidding process described in Note 26.b.

(***) Mainly includes compensation with the re-equilibrium granted to ICAB as detailed in Note 8.

(****) As of December 31, 2023, mainly includes the extinguishment of future concession fee obligations of ICASGA due to the re-bidding of Natal airport, as detailed in Note 26.b for the equivalent to USD 74,640.
Schedule of changes in the year of the Provision for maintenance costs

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

27,042

 

22,914

Accrual of the year

 

5,594

 

5,349

Use of the provision

 

(2,801)

 

(2,127)

Translation differences and inflation adjustment

 

(1,729)

 

906

Balances at the end of the year

 

28,106

 

27,042
Schedule of changes of the provision

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

4,382

 

4,376

Actuarial gain/loss (in other comprehensive income)

 

13

 

(32)

Service Cost

 

(273)

 

367

Amounts paid in the year

 

(359)

 

(418)

Other

​

275

​

—

Translation differences and inflation adjustment

 

(153)

 

89

At the end of the year

 

3,885

 

4,382
Schedule of changes in the year of the provision for legal claims

​

​

​

​

​

​

​

    

2024

    

2023

Balances at the beginning of the year

 

14,265

 

13,136

Accrual of the year

 

3,768

 

4,469

Other

​

136

​

—

Use of the provision

 

(1,896)

 

(1,911)

Translation differences and inflation adjustment

 

(2,456)

 

(1,429)

Balances at the end of the year

 

13,817

 

14,265

​
Toscana  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Schedule of sensibility in relation with the provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assumption

    

Annual discount rate

    

Annual rate of inflation

    

Annual turnover rate

Variation rates

 

0.5%

​

(0.5)%

​

0.25%

​

(0.25)%

​

2.5%

​

(2.5)%

Provision for salary payable

 

2,418

 

2,611

 

2,538

 

2,485

 

2,520

 

2,503
TAGSA  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Schedule of sensibility in relation with the provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annual employee future

​

​

​

​

Assumption

    

Annual discount rate

    

wage increase

    

Annual turnover rate

Variation rates

 

0.5%

​

(0.5)%

​

0.5%

​

(0.5)%

​

0.5%

​

(0.5)%

Provision for salary payable

 

1,312

 

1,435

 

1,436

 

1,311

 

1,366

 

1,378
v3.25.1
Trade payables (Tables)
 12 Months Ended
Dec. 31, 2024
Trade payables  
Schedule of trade payables

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Non-current

 

  

 

  

Trade payable with suppliers

 

1,914

 

2,617

​

 

1,914

 

2,617

Current

 

​

 

​

Trade payables with suppliers

 

115,763

 

107,502

Trade payables with related parties (Note 27)

 

5,000

 

5,266

​

 

120,763

 

112,768
v3.25.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity  
Schedule of remaining new shares held in treasury under management compensation plan

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

 

2022

Treasury shares

​

Shares

    

USD

    

Shares

    

USD

    

Shares

    

USD

At January 1

 

2,251,123

 

4,322

 

2,396,015

 

4,600

​

2,485,445

​

4,772

Transfer of treasury shares to executives and key employees

 

(118,798)

 

(228)

 

(144,892)

 

(278)

​

(89,430)

​

(172)

At December 31

 

2,132,325

 

4,094

 

2,251,123

 

4,322

​

2,396,015

​

4,600
Schedule of movements of other reserves

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

At the beginning of the year

 

(1,313,888)

 

(1,314,025)

 

(1,321,211)

Change in participations (*)

​

(4,641)

​

12

​

6,682

Share-based compensation reserve (Note 30)

 

1,143

 

1,055

 

667

Execution of share-based compensation reserve

 

(1,033)

 

(949)

 

(510)

Hedge reserve net of income tax

​

(1,249)

​

—

​

—

Remeasurement of defined benefit obligations net for income tax

 

(14)

 

19

 

347

​

 

(1,319,682)

 

(1,313,888)

 

(1,314,025)

​

(*) This consists mainly in change in participations in CASA, see Note 25 e).
Schedule of movements of the reserve of other comprehensive income / (loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

​

​

​

    

​

    

Transfer from

    

​

​

​

​

​

Remeasurement

​

​

​

Share of other

​

Income

​

shareholders

​

​

​

​

Currency

​

of defined

​

​

​

comprehensive

​

Tax

​

equity – currency

​

​

​

​

translation

​

benefit

​

Cash flow

​

loss from

​

effect 

​

translation

​

​

​

    

adjustments

    

obligations (*)

    

hedge (*)

    

associates

    

(*)

    

differences

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at January 1, 2024

​

(505,015)

​

532

​

—

​

(41,239)

​

(115)

​

63,402

​

(482,435)

Other comprehensive income/(loss) for the year

​

366,362

​

(3)

​

(1,643)

​

19

​

383

​

—

​

365,118

For the year ended December 31, 2024

​

(138,653)

​

529

​

(1,643)

​

(41,220)

​

268

​

63,402

​

(117,317)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at January 1, 2023

 

(273,378)

 

520

 

—

​

(41,169)

 

(122)

 

63,402

 

(250,747)

Other comprehensive income/(loss) for the year

 

(231,637)

 

12

 

—

​

(70)

 

7

 

—

 

(231,688)

For the year ended December 31, 2023

 

(505,015)

 

532

 

—

​

(41,239)

 

(115)

 

63,402

 

(482,435)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at January 1, 2022

 

(343,837)

 

120

 

—

​

(41,212)

 

(69)

 

63,402

 

(321,596)

Other comprehensive income/(loss) for the year

 

70,459

 

400

 

—

​

43

 

(53)

 

—

 

70,849

For the year ended December 31, 2022

 

(273,378)

 

520

 

—

​

(41,169)

 

(122)

 

63,402

 

(250,747)

​

(*) Income tax relating to OCI amounts to Remeasurement of defined benefit obligations and cash flow hedge. The movement was recognized as other comprehensive income / (loss) of other reserves.
Schedule of movements of the non- controlling interest

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

At the beginning of the year

 

78,929

 

146,274

 

303,877

Shareholder contributions (1)

 

—

 

9,424

 

24,170

Income / (loss) for the year

 

25,238

 

(13,039)

 

(2,531)

Redemption of preferred shares (f)

​

—

​

—

​

(182,336)

Other comprehensive income / (loss)

 

​

 

​

 

​

Currency translation

 

99,841

 

(50,047)

 

20,646

Remeasurement of defined benefit obligations

 

(10)

 

(20)

 

616

Cash flow hedge

​

(1,874)

​

—

​

—

Reserve for income tax

 

441

 

5

 

(104)

​

 

98,398

 

(50,062)

 

21,158

Changes in non-controlling interest

 

​

 

​

 

  

Changes in the participations –acquisitions (2)

 

(26,499)

 

(12)

 

(6,682)

Dividends paid (3)

 

(27,380)

 

(13,656)

 

(11,382)

​

 

(53,879)

 

(13,668)

 

(18,064)

Non-controlling interest at the end of the year

 

148,686

 

78,929

 

146,274

​

(1) Corresponds mainly to contributions made by the non-controlling interest in ICAB.

(2) As of December 31, 2024 mainly corresponds to an acquisition performed in October 2024 when Cedicor S.A. purchased for USD 30,949 the participation of the non-controlling interest, becoming the owner of 100% of Corporación America S.A.’s shares. In 2022, corresponds mainly to contributions of Cedicor S.A. in CASA capitalized on December 1, 2022, increasing its participation from 97.2% to 97.22%.

(3) As of December 31, 2024, dividend payments approved during the year to non-controlling interest for USD 12,435 remain pending.
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits (Tables)
 12 Months Ended
Dec. 31, 2024
Contingencies, commitments and restrictions on the distribution of profits  
Schedule of commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

​

    

Current

    

​

​

​

​

​

Number of

​

Concession Start

​

Concession

​

​

Country

​

Concession

​

Airports

​

 Date

​

End Date

​

Extension Details

Argentina

 

AA2000

 

35

​

1998

 

2038

 

​

​

 

ANSA

 

1

 

2001

 

2026

 

​

​

 

BBL

 

1

 

2008

 

2033

 

10 years

Italy

 

TA (SAT)

 

1

 

2006

 

2048

​

​

​

 

TA (ADF)

 

1

 

2003

 

2045

​

​

Brazil

 

ICAB

 

1

 

2012

 

2037

 

5 years

Uruguay

 

PDS

 

7

 

2003

 

2053(1)

​

​

​

 

CAISA

 

1

 

1993

 

2043(2)

​

​

Ecuador

 

TAGSA

 

1

 

2004

 

2031

​

​

​

 

ECOGAL

 

1

 

2011

 

2026

​

​

Armenia

 

AIA

 

2

 

2002

 

2032

 

Option to renew every 5 years

Total

 

  

 

52

​

​

​

​

​

​

​

(1) In 2021, the Group obtained a twenty-year extension and the concession of six new regional airports, of which PDS is taking control between 2022 and 2025.

(2)

In 2024, the Group obtained a ten-year extension until 2043.

​
Schedule of equity Luxembourg laws and regulations

​

​

​

​

​

​

​

​

​

​

At December 31, 

​

​

2024

​

2023

​

2022

Share capital

 

163,223

 

163,223

 

163,223

Share premium

 

183,430

 

183,430

 

183,430

Reserve for own shares

​

4,094

​

4,322

​

4,600

Legal reserve

 

7,419

 

3,676

 

1,081

Free distributable reserves

 

378,910

 

378,910

 

378,910

Non-distributable reserves

 

1,353,934

 

1,353,706

 

1,353,428

Retained earnings

 

86,099

 

37,890

 

(34,372)

Total equity in accordance with Luxembourg law

 

2,177,109

 

2,125,157

 

2,050,300
v3.25.1
Related party balances and transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related party balances and transactions  
Summary of balances with related parties

​

​

​

​

​

​

​

​

At December 31, 

​

    

2024

    

2023

Year-end balances

 

  

 

  

​

​

​

​

​

(a) Arising from sales / purchases of goods / other

 

  

 

  

Trade receivables with associates

 

2,379

 

4,200

Trade receivables with other related parties

 

2,734

 

962

Other receivables with associates

 

—

 

58

Other receivables with other related parties

 

9,239

 

9,257

Other financial assets with associates

 

3,260

 

3,108

Other financial assets with other related parties(*)

 

44,637

 

28,327

Trade payables to associates

​

(1,123)

​

(2,765)

Trade payables to other related parties

 

(3,877)

 

(2,501)

​

 

57,249

 

40,646

(b) Other liabilities

 

​

 

  

Other liabilities to associates(**)

​

(13,813)

​

(15,539)

Other liabilities to other related parties

 

(1,237)

 

(2,425)

​

 

(15,050)

 

(17,964)

(c) Other balances

 

​

 

​

Cash at banks in other related parties

 

34,102

 

23,249

​

 

34,102

 

23,249
Schedule of transactions with related parties

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

    

2024

    

2023

    

2022

Transactions

 

  

 

  

 

  

Aeronautical/Commercial revenue

 

27,120

 

14,267

 

9,957

Fees

 

(13,066)

 

(10,300)

 

(7,266)

Interest accruals

 

1,855

 

660

 

1,240

Acquisition of goods and services

 

(31,124)

 

(22,955)

 

(22,278)

Compensation to the Group’s key staff

​

(4,871)

​

(4,249)

​

(3,806)

Others

 

(2,593)

 

(4,198)

 

(4,367)
v3.25.1
Cash flow disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Cash flow disclosures  
Schedule of changes In working capital

​

​

​

​

​

​

​

​

​

    

At December 31, 

​

​

2024

    

2023

    

2022

Changes in working capital

 

  

 

  

 

  

Other receivables and credits

 

(68,846)

 

(32,429)

 

(55,064)

Inventories

 

5,013

 

(1,551)

 

(3,566)

Other liabilities

 

(69,658)

 

(19,323)

 

989

​

 

(133,491)

 

(53,303)

 

(57,641)
Schedule of significant non-cash transactions

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

    

2024

    

2023

    

2022

Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities

 

(6,749)

 

(1,180)

 

(111)

Property, plant and equipment with an increase in Other liabilities

​

(2,737)

​

(124)

​

—

Right-of-use asset initial recognition with an increase in Lease liabilities (Note 14)

 

(619)

 

(5,217)

 

(465)

Concession fees paid with credit of financial re-equilibrium (Note 23)

​

(2,200)

​

(22,946)

​

(15,434)

Income tax paid with tax certificates

 

(6,887)

 

(2,339)

 

(971)

Dividends pending of payment

​

(12,435)

​

—

​

—

Compensation of trade receivables

​

—

​

—

​

27,844

Application of credits compensated with concession fees

​

—

​

(19,156)

​

(24,126)

Application of credits compensated with other liabilities

​

—

​

—

​

(3,717)

Purchase of Navinten shares (Note 28)

​

—

​

(3,384)

​

—

Sale of Navinten shares (Note 28)

​

—

​

3,384

​

—

ICASGA’s compensation received through a guarantee deposit (Note 17)

​

—

​

(41,262)

​

—

Release of concession fee payable due to ICAGSA’s re-bidding process (Note 23)

​

—

​

(74,640)

​

—

Compensation of ICASGA’s re-equilibriums

​

—

​

5,309

​

—

Compensation of ICASGA’s monthly contribution

​

—

​

(3,767)

​

—

ICASGA’s compensation to be collected (Note 17)

 

—

 

(66,612)

 

—
Schedule of reconciliation of debt

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Bank and 
financial

    

​

    

​

    

​

    

​

​

​

borrowings

​

Notes

​

Banks overdrafts

​

Other

​

Total

Values at the beginning of the year

 

392,239

 

940,937

 

61

​

—

 

1,333,237

Proceeds from borrowings

​

145,741

​

29,105

​

—

​

15,499

​

190,345

Loans and interest paid

​

(231,001)

​

(179,025)

​

(219)

​

—

​

(410,245)

Debt renegotiation expenses

​

(2,256)

​

(200)

​

—

​

(11)

​

(2,467)

Effects of exchange rate changes and inflation adjustment

​

(50,613)

​

(4,775)

​

4

​

(435)

​

(55,819)

Other non-cash movements *

 

28,809

 

74,021

 

154

​

36

 

103,020

Balances as of December 31, 2024

 

282,919

 

860,063

 

—

​

15,089

 

1,158,071

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Bank and 
financial

    

​

    

​

    

​

    

​

​

​

borrowings

​

Notes

​

Banks overdrafts

​

Other

​

Total

Values at the beginning of the year

 

478,904

 

986,533

 

—

​

—

 

1,465,437

Proceeds from borrowings

​

81,900

​

1,682

​

4,264

​

—

​

87,846

Loans and interest paid

 

(202,341)

 

(78,455)

 

(3,470)

​

—

 

(284,266)

Debt renegotiation expenses

​

—

​

(110)

​

—

​

—

​

(110)

Effects of exchange rate changes and inflation adjustment

​

11,219

​

(20,452)

​

(2,141)

​

—

​

(11,374)

Other non-cash movements *

 

22,557

 

51,739

 

1,408

​

—

 

75,704

Balances as of December 31, 2023

 

392,239

 

940,937

 

61

​

—

 

1,333,237

29       Cash flow disclosures (Cont.)

Reconciliation of debt: (Cont.)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bank and 
financial

​

​

​

​

    

​

    

​

​

    

borrowings

    

Notes

    

Banks overdrafts

​

Other

    

Total

Values at the beginning of the year

​

612,269

​

827,334

​

—

​

—

​

1,439,603

Proceeds from borrowings

 

143,388

 

210,762

 

17,801

​

—

 

371,951

Loans and interest paid

 

(321,435)

 

(101,757)

 

(16,970)

​

—

 

(440,162)

Debt renegotiation expenses

 

(1,282)

 

(729)

 

—

​

—

 

(2,011)

Effects of exchange rate changes and inflation adjustment

​

(7,518)

​

(10,504)

​

(1,015)

​

—

​

(19,037)

Other non-cash movements *

 

53,482

 

61,427

 

184

​

—

 

115,093

Balances as of December 31, 2022

 

478,904

 

986,533

 

—

​

—

 

1,465,437

​

* This line mainly includes interest accrued.
v3.25.1
Share-based payments (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based payments  
Summary of shares granted under the management share compensation plan

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Average 

    

​

    

Average 

    

​

    

Average 

    

    

​

​

price per 
share

​

2024

​

price per 
share

​

2023

​

price per 
share

​

2022

As at January 1,

 

7.83

 

138,141

 

5.62

 

169,185

​

5.76

​

125,000

Granted during the year

 

14.65

 

87,324

 

9.48

 

113,848

​

5.57

​

146,115

Forfeited during the year

​

—

​

—

​

—

​

—

​

(5.80)

​

(12,500)

Exercised during the year

 

(8.70)

 

(118,798)

 

(6.55)

 

(144,892)

​

(5.70)

​

(89,430)

As at December 31,

 

12.44

 

106,667

 

7.83

 

138,141

​

5.62

​

169,185
Schedule of amounts in U.S. dollars of shares granted and accrued under each plan

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Assignment date

    

Granted

    

Accrued

    

Granted

    

Accrued

    

Granted

    

Accrued

December 2021 (*)

    

—

    

—

    

—

    

96

    

—

    

252

April 2022

 

—

 

33

 

—

 

150

 

500

 

317

December 2022

 

—

 

31

 

—

 

184

 

314

 

98

April 2023

 

—

 

216

 

739

 

474

 

—

 

—

November 2023

​

—

​

160

​

340

​

151

​

—

​

—

August 2024

​

1,279

​

703

​

—

​

—

​

—

​

—

As at December 31,

 

1,279

 

1,143

 

1,079

 

1,055

 

814

 

667

​

(*) Includes shares forfeited during 2022 for USD 72.
v3.25.1
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings per share  
Schedule of earnings per share

​

​

​

​

​

​

​

​

​

​

At December 31,

​

    

2024

    

2023

    

2022

Income / (loss) attributable to equity holders of the Group

 

282,674

 

239,506

 

168,166

Weighted average number of shares (thousands) (Note 32. c)

 

161,012

 

160,891

 

160,755

Basic earnings per share of the year attributable to the ordinary equity holders of the Group

 

1.76

 

1.49

 

1.05

​

​

​

​

​

​

​

​

​

    

At December 31,

​

​

2024

​

2023

​

2022

Income / (loss) attributable to equity holders of the Group

 

282,674

 

239,506

 

168,166

Weighted average number of shares and potential ordinary shares (thousands) (Note 32.c)

 

161,193

 

161,058

 

160,795

Diluted earnings per share of the year attributable to the ordinary equity holders of the Group

 

1.75

 

1.49

 

1.05

​

​

​

​

​

​

​

​

​

    

At December 31,

​

    

2024

    

2023

    

2022

Weighted average number of shares outstanding

 

163,223

 

163,223

 

163,223

Weighted average number of treasury shares

 

(2,211)

 

(2,332)

 

(2,468)

Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share

 

161,012

 

160,891

 

160,755

Adjustments for calculation of diluted earnings per share:

​

​

​

​

​

​

Equity settled share - based payment (1)

​

181

​

167

​

40

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share

​

161,193

​

161,058

​

160,795

(1) Rights to equity settled share-based payment granted to executives and key employees in accordance with the Management Compensation Plan by the Compensation Committee (Note 30) are included in the calculation of diluted earnings per share, assuming all outstanding rights will vest. The rights are not included in the determination of basic earnings per share
v3.25.1
Condensed Financial Information of the Company (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information of the Company  
Summary of condensed statement of income

​

​

​

​

​

​

​

​

​

    

For the year ended

    

For the year ended 

    

For the year ended 

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

Continuing operations

​

​

​

​

​

​

Selling, general and administrative expenses

 

(7,816)

 

(7,728)

 

(7,342)

Other operating income

​

5

​

2,972

​

6

Other operating expense

​

—

​

(1)

​

(5)

Operating loss

 

(7,811)

 

(4,757)

 

(7,341)

Share of income in subsidiaries and associates

 

283,083

 

247,585

 

182,050

Income before financial results and income tax

 

275,272

 

242,828

 

174,709

Financial income

 

6,573

 

1,905

 

1,874

Financial loss

 

(723)

 

(586)

 

(429)

Income before income tax from continuing operations

 

281,122

 

244,147

 

176,154

Income tax

 

(1,854)

 

(4,629)

 

(1,307)

Income for the year

 

279,268

 

239,518

 

174,847
Summary of condensed statement of comprehensive income

​

​

​

​

​

​

​

​

​

​

For the year ended

​

For the year ended

​

For the year ended

​

    

December

    

December

    

December

​

​

31, 2024

​

31, 2023

​

31, 2022

Income for the year

 

279,268

 

239,518

 

174,847

​

​

​

​

​

​

​

Items that may be reclassified to profit or loss:

 

​

 

​

 

​

Share of other comprehensive income / (loss) from subsidiaries and associates from continuing operations

​

363,884

​

(231,688)

​

70,849

Total comprehensive income for the year

 

643,152

 

7,830

 

245,696
Summary of condensed statement of financial position

​

​

​

​

​

​

​

    

At December 

    

At December 

​

​

31, 2024

​

31, 2023

​

​

​

​

​

ASSETS

 

  

 

  

Non-current assets

 

  

 

  

Property, plant and equipment, net

 

24

 

12

Right-of-use asset

 

227

 

270

Investments in subsidiaries

 

1,390,616

 

746,199

Investments in associates

 

10,001

 

10,264

Other financial assets at amortized cost

​

3,543

​

3,920

Current assets

 

​

 

​

Other financial assets at fair value through profit or loss

​

2,205

​

2,200

Other financial assets at amortized cost

​

—

​

31

Other receivables

 

210

 

202

Cash and cash equivalents

 

1,152

 

1,325

Total assets

 

1,407,978

 

764,423

​

​

​

​

​

EQUITY

 

​

 

​

Share capital

 

163,223

 

163,223

Share premium

 

183,430

 

183,430

Treasury shares

 

(4,094)

 

(4,322)

Free distributable reserve

 

378,910

 

378,910

Non-distributable reserve

 

1,358,028

 

1,358,028

Currency translation adjustment

 

(117,705)

 

(482,852)

Legal reserves

 

7,419

 

3,676

Other reserves

 

(1,344,247)

 

(1,343,094)

Retained earnings

 

744,310

 

467,981

Equity

 

1,369,274

 

724,980

​

​

​

​

​

LIABILITIES

 

​

 

​

Non-current liabilities

 

​

 

​

Deferred tax liabilities

 

2,500

 

3,648

Lease liabilities

 

190

 

229

Current liabilities

 

​

 

​

Borrowings

 

33,999

 

33,413

Other liabilities

 

1,751

 

1,773

Lease liabilities

 

30

 

49

Trade payables

 

234

 

331

Total liabilities

 

38,704

 

39,443

Total equity and liabilities

 

1,407,978

 

764,423
Summary of condensed statement of cash flows

​

​

​

​

​

​

​

​

​

    

For the year ended

    

For the year ended

    

For the year ended

Cash flows from operating activities

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

Income for the year

 

279,268

 

239,518

 

174,847

Adjustments for:

 

​

 

​

 

​

Amortization and depreciation

 

59

 

40

 

57

Deferred income tax

 

(1,148)

 

2,418

 

202

Income tax accrued

​

3,002

​

2,211

​

1,105

Share of income in subsidiaries and associates

 

(283,083)

 

(247,585)

 

(182,050)

Interest expense

 

587

 

559

 

426

Net foreign exchange

 

(44)

 

(471)

 

(1,874)

Other financial results, net

 

(582)

 

(145)

 

3

Share base compensation

​

507

​

420

​

317

Changes in working capital

 

149

 

(2,919)

 

760

Net cash used in operating activities

 

(1,285)

 

(5,954)

 

(6,207)

Net cash used in discontinued activities

​

—

​

—

​

—

Cash contribution in subsidiaries and associates

 

(208,562)

 

(58,987)

 

(36,417)

Acquisition of other financial assets

​

(29,491)

​

—

​

—

Disposals of other financial assets

 

30,482

 

760

 

—

Property, plant and equipment acquisitions

​

(28)

​

—

​

—

Dividends and refund of cash contributions from subsidiaries

​

208,796

​

64,344

​

57,000

Net cash provided by investing activities

 

1,197

 

6,117

 

20,583

Net cash used in discontinued investing activities

​

—

​

—

​

(14,700)

Principal elements of lease payments

​

(49)

​

(44)

​

(53)

Net cash used in by financing activities

 

(49)

 

(44)

 

(53)

Net cash used in discontinued operations from financing activities

 

—

 

—

 

—

​

​

​

​

​

​

​

(Decrease) / increase in cash and cash equivalents

 

(137)

 

119

 

14,323

Decrease in cash and cash equivalents from discontinued operations

​

—

​

—

​

(14,700)

​

​

​

​

​

​

​

Cash and cash equivalents

 

​

 

​

 

​

At the beginning of the year

 

1,325

 

1,220

 

1,614

Effect of exchange rate changes in cash and cash equivalents

 

(36)

 

(14)

 

(17)

(Decrease) / increase in cash and cash equivalents

 

(137)

 

119

 

(377)

At the end of the year

 

1,152

 

1,325

 

1,220

​
v3.25.1
Basis of presentation and accounting policies (Details)
 1 Months Ended 12 Months Ended
Dec. 30, 2022
Oct. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary 80.00%        
Abafor S.A          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
ACI Airport Sudamerica S.A.U.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
ACI Airports Italia S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
America International Airports LLC          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Anabe ITG S.L.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     1.00% 1.00% 1.00%
Barnsley ITG S.L          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 99.98%  
Cargo & Logistics S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     85.00% 82.89% 82.89%
Cedicor S.A          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary   100.00% 100.00% 100.00% 100.00%
Cerealsur S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Corporacion Aeroportuaria S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     99.98% 99.98% 99.98%
Corporacion Africa Airports Nigeria Limited ("CAAN")          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     51.00% 51.00%  
Corporacion America Italia S A          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     75.00% 75.00% 75.00%
Corporacion America S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 97.22% 97.22%
Corporacion America Sudamericana S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     99.29% 96.53% 96.53%
DICASA Spain S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Inframerica Participacoes S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     99.98% 99.98% 99.98%
Yokelet S.L.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Abuja Airport Concession Company (AACC)          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [1]     51.00% 51.00%  
ACI do Brasil S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [2]     99.99% 99.99% 99.99%
Aerocombustibles Argentinos S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]       94.79% 94.79%
Aeropuerto de Bahia Blanca S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]     85.00% 82.64% 82.64%
Aeropuertos Argentina 2000 S.A.("AA2000")          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3],[4]     84.79% 82.69% 82.69%
Aeropuertos del Neuquen S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]     77.70% 75.54% 75.54%
Armenia International Airports CJSC          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
CAAirports International Services S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Consorcio Aeropuertos Internacionales S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Enarsa Aeropuertos S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]     80.00% 77.77% 77.77%
Inframerica Concessionaria do Aeroporto de Brasilia S.A. ("ICAB")          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [5]     50.99% 50.99% 50.99%
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA")          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [2]         99.98%
Kano Airport Concession Company Limited (KACC)          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [1]     51.00% 51.00%  
Paoletti America S.A          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3],[6]     42.39% 41.35% 41.35%
Puerta del Sur S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Servicios y Tecnologia Aeroportuaria S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]     84.90% 82.79% 82.79%
Sinatus S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [7]     100.00% 100.00%  
TCU S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary     100.00% 100.00% 100.00%
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [8]     50.00% 49.99% 49.99%
Texelrio S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]     59.35% 57.88% 57.88%
Toscana Aeroporti S.p.a.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [9],[10]     46.71% 46.71% 46.71%
Villalonga Furlong S.A.          
Basis of presentation and accounting policies          
Proportion of ownership interest in subsidiary [3]     85.01% 82.90% 82.90%
[1] Operating company part of the structure related to the future Nigerian concessions (Note 26.b).
[2] In December 2023, ACIB incorporated ICASGA (Note 26.b).
[3] In October, 2024, Cedicor S.A. acquired the non-controlling participation of CASA, increasing its participation to 100%, indirectly modifying the participation in CASA’s subsidiaries.
[4] Includes a 9.35% direct interest of Cedicor S.A. in AA2000.
[5] During 2022 CAAP made contributions in Inframérica Participaçoes S.A.
[6] The Group has control over this company based on having majority representation in the board, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.
[7] Subsidiary incorporated under Abafor S.A.
[8] The Group has control over this company based on having power to direct the process of setting of financial and operating policies and execute the operational management of such Company
[9] The Group TA has control over the following companies: Jet Fuel Co. S.r.l., Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering S.r.l. and Toscana Aeroporti Construzioni S.r.l. Additionally, the Group TA had control over Toscana Aeroporti Handling S.r.l. until December 30, 2022, when sold an 80% of its participation.
[10] The Group has control over this company based on having a majority stake in Corporación América Italia S.p.A. that has 62.28% of ownership of TA, power to direct the process of setting of financial and operating policies and execute the operational management of such Company.
v3.25.1
Basis of presentation and accounting policies - Financial information before intergroup elimination (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Basis of presentation and accounting policies        
Non-current assets $ 3,415,936 $ 2,792,066    
Current assets 765,514 749,910    
Total assets 4,181,450 3,541,976    
Non-current liabilities 2,059,760 2,052,139    
Current liabilities 603,730 685,928    
Total liabilities 2,663,490 2,738,067    
Equity 1,517,960 803,909 $ 862,369 $ 773,608
Revenue 1,843,267 1,400,038 1,378,663  
Gross profit / (loss) 605,934 485,361 415,685  
Operating income / (loss) 447,253 540,637 304,575  
Financial results 160,475 (345,519) (113,087)  
Share of income / (loss) in associates (996) 7,108 (970)  
Income tax 298,820 (24,241) 24,883  
Income for the year 307,912 226,467 165,635  
Other comprehensive income/(loss) for the year 463,516 (281,750) 92,007  
Total comprehensive loss for the year 771,428 (55,283) 257,642  
Toscana Aeroporti S.p.a.        
Basis of presentation and accounting policies        
Non-current assets 253,600 267,569    
Current assets 54,069 68,197    
Total assets 307,669 335,766    
Non-current liabilities 124,224 78,834    
Current liabilities 65,192 139,248    
Total liabilities 189,416 218,082    
Equity 118,253 117,684    
Revenue 138,786 133,422 117,209  
Gross profit / (loss) 45,491 41,783 22,633  
Operating income / (loss) 33,687 28,418 10,306  
Financial results (6,334) (7,350) (4,119)  
Share of income / (loss) in associates 12 14 (258)  
Income tax (8,927) (6,842) (1,528)  
Income for the year 18,438 14,240 4,401  
Other comprehensive income/(loss) for the year (9,961) 4,142 (5,827)  
Total comprehensive loss for the year 8,477 18,382 (1,426)  
Dividends paid (7,586) (7,838) (7,340)  
Increase / (decrease) in cash        
Provided by / (used in) operating activities 20,526 21,469 26,588  
Used in investing activities 4,981 (1,388) (3,161)  
Used in financing activities $ (29,379) $ (52,221) $ (21,843)  
v3.25.1
Basis of presentation and accounting policies - Terminal Aeroportuaria Guayaquil S.A (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Basis of presentation and accounting policies        
Non-current assets $ 3,415,936 $ 2,792,066    
Current assets 765,514 749,910    
Total assets 4,181,450 3,541,976    
Non-current liabilities 2,059,760 2,052,139    
Current liabilities 603,730 685,928    
Total liabilities 2,663,490 2,738,067    
Equity 1,517,960 803,909 $ 862,369 $ 773,608
Revenue recognized 1,843,267 1,400,038 1,378,663  
Gross profit 605,934 485,361 415,685  
Operating income 447,253 540,637 304,575  
Financial results 160,475 (345,519) (113,087)  
Income tax 298,820 (24,241) 24,883  
Income for the year 307,912 226,467 165,635  
Other comprehensive income / (loss) for the year 463,516 (281,750) 92,007  
Total comprehensive income for the year 771,428 (55,283) 257,642  
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")        
Basis of presentation and accounting policies        
Non-current assets 47,605 53,782    
Current assets 64,736 59,737    
Total assets 112,341 113,519    
Non-current liabilities 4,282 7,329    
Current liabilities 54,321 54,106    
Total liabilities 58,603 61,435    
Equity 53,738 52,084    
Revenue recognized 110,261 105,228 96,199  
Gross profit 46,380 42,943 38,614  
Operating income 26,650 25,319 22,561  
Financial results 1,426 656 (316)  
Income tax (2,809) (2,455) (1,937)  
Income for the year 25,267 23,520 20,308  
Other comprehensive income / (loss) for the year (94) 80 356  
Total comprehensive income for the year 25,173 23,600 20,664  
Dividends paid (23,520) (20,308) (17,225)  
Increase / (decrease) in cash        
Provided by operating activities 35,168 35,891 36,709  
Used in investing activities (4,887) (5,382) (10,152)  
Used in financing activities $ (31,044) $ (27,337) $ (24,399)  
v3.25.1
Basis of presentation and accounting policies - Inframerica Concessionaria do Aeroporto de Brasilia S.A (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of subsidiaries [line items]        
Non-current assets $ 3,415,936 $ 2,792,066    
Current assets 765,514 749,910    
Total assets 4,181,450 3,541,976    
Non-current liabilities 2,059,760 2,052,139    
Current liabilities 603,730 685,928    
Total liabilities 2,663,490 2,738,067    
Equity 1,517,960 803,909 $ 862,369 $ 773,608
Revenue recognized 1,843,267 1,400,038 1,378,663  
Gross profit 605,934 485,361 415,685  
Operating income 447,253 540,637 304,575  
Financial results 160,475 (345,519) (113,087)  
Income tax 298,820 (24,241) 24,883  
Net loss 307,912 226,467 165,635  
Other comprehensive income / (loss) for the year 463,516 (281,750) 92,007  
Total comprehensive loss for the year 771,428 (55,283) 257,642  
Inframerica Concessionaria do Aeroporto de Brasilia S.A. ("ICAB")        
Disclosure of subsidiaries [line items]        
Non-current assets 460,853 666,428    
Current assets 63,567 86,371    
Total assets 524,420 752,799    
Non-current liabilities 703,624 906,312    
Current liabilities 180,425 215,761    
Total liabilities 884,049 1,122,073    
Equity (359,629) (369,274)    
Revenue recognized 108,991 100,252 79,713  
Gross profit 40,646 31,262 19,047  
Operating income 50,539 37,816 21,328  
Financial results (99,915) (102,953) (114,550)  
Income tax (33,332) 3,250 (12,409)  
Net loss (82,708) (61,887) (105,631)  
Other comprehensive income / (loss) for the year 92,353 (25,918) (13,748)  
Total comprehensive loss for the year 9,645 (87,805) (119,379)  
Increase / (decrease) in cash        
Provided by / (used in) operating activities 16,423 6,876 32,188  
Used in investing activities (40) (16) (53)  
(Used in)/ provided by financing activities $ (29,942) $ (12,784) $ 17,003  
v3.25.1
Basis of presentation and accounting policies - Aeropuertos Argentina 2000 S.A (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Basis of presentation and accounting policies        
Non-current assets $ 3,415,936 $ 2,792,066    
Current assets 765,514 749,910    
Total assets 4,181,450 3,541,976    
Non-current liabilities 2,059,760 2,052,139    
Current liabilities 603,730 685,928    
Total liabilities 2,663,490 2,738,067    
Equity 1,517,960 803,909 $ 862,369 $ 773,608
Revenue 1,843,267 1,400,038 1,378,663  
Gross profit 605,934 485,361 415,685  
Operating income / (loss) 447,253 540,637 304,575  
Financial results 160,475 (345,519) (113,087)  
Income tax 298,820 (24,241) 24,883  
Income for the year 307,912 226,467 165,635  
Other comprehensive (loss) / income for the year 463,516 (281,750) 92,007  
Total comprehensive income / (loss) for the year 771,428 (55,283) 257,642  
Aeropuertos Argentina 2000 S.A.("AA2000")        
Basis of presentation and accounting policies        
Non-current assets 1,993,898 1,165,410    
Current assets 240,235 181,405    
Total assets 2,234,133 1,346,815    
Non-current liabilities 845,739 672,981    
Current liabilities 250,925 124,665    
Total liabilities 1,096,664 797,646    
Equity 1,137,469 549,169    
Revenue 1,038,928 635,563 758,111  
Gross profit 308,766 218,246 234,803  
Operating income / (loss) 226,879 170,714 190,446  
Financial results 286,863 (211,898) 35,866  
Income tax (230,512) 52,912 2,900  
Income for the year 283,230 11,728 229,212  
Other comprehensive (loss) / income for the year 387,669 (250,002) 314,021  
Total comprehensive income / (loss) for the year 670,899 (238,274) 543,233  
Dividends paid (38,084) 0    
Increase / (decrease) in cash        
Provided by operating activities 153,386 192,164 146,789  
(Used in) / provided by investing activities (7,152) (64,305) 8,338  
(Used in)/ provided by financing activities $ (117,602) $ (74,050) $ (122,453)  
v3.25.1
Basis of presentation and accounting policies - Estimated useful life (Details)
 12 Months Ended
Dec. 31, 2024
Buildings and improvements | Minimum  
Basis of presentation and accounting policies  
Estimated useful life 25 years
Buildings and improvements | Maximum  
Basis of presentation and accounting policies  
Estimated useful life 30 years
Plant and production Equipment | Minimum  
Basis of presentation and accounting policies  
Estimated useful life 3 years
Plant and production Equipment | Maximum  
Basis of presentation and accounting policies  
Estimated useful life 10 years
Vehicles, furniture and fixtures, and other equipment | Minimum  
Basis of presentation and accounting policies  
Estimated useful life 4 years
Vehicles, furniture and fixtures, and other equipment | Maximum  
Basis of presentation and accounting policies  
Estimated useful life 10 years
v3.25.1
Basis of presentation and accounting policies - Additional Information (Details)
$ / shares in Units, shares in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2024
USD ($)
item
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Basis of presentation and accounting policies        
Recognized a translation income/(loss) $ 466,200,000 $ (281,700,000) $ 91,100,000  
Number of airports | item 52      
Share capital $ 163,223,000 $ 163,223,000 $ 163,223,000 $ 163,223,000
Authorized capital $ 225,000,000     $ 225,000,000
Shares authorized | shares 225     225
Par value per share | $ / shares $ 1 $ 1 $ 1 $ 1
Price index $ 7,694.01 $ 3,533.19 $ 1,134.59 $ 7,694.01
Conversion factor derived from indexes $ 2.18 $ 3.11 $ 1.95 $ 2.18
Period of Accumulated price index variation 36 months 36 months 36 months 36 months
Percentage price index variation has exceeded 100.00% 100.00% 100.00% 100.00%
Maximum        
Basis of presentation and accounting policies        
Percentage of voting rights 50.00%      
Minimum        
Basis of presentation and accounting policies        
Percentage of voting rights 20.00%      
Aeropuertos Argentina 2000 S.A.("AA2000")        
Basis of presentation and accounting policies        
Percentage of direct interest of Cedicor S.A. in AA2000, acquired by Cedicor S.A. in 2011 9.35%      
Number of airports | item 35      
Corporacion America Italia S A        
Basis of presentation and accounting policies        
Percentage of majority stake owned 62.28%      
v3.25.1
Financial Risk Management - Breakdown of the Group's main monetary net assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
U.S. Dollar / Argentine Peso    
Breakdown of the Group's main monetary net assets and liabilities    
Net assets and liabilities $ (428,845) $ (484,709)
U.S. Dollar / Armenian Dram    
Breakdown of the Group's main monetary net assets and liabilities    
Net assets and liabilities 36,835 47,842
U.S. Dollar / Euro    
Breakdown of the Group's main monetary net assets and liabilities    
Net assets and liabilities 75,409 (68)
Euro / Armenian Dram    
Breakdown of the Group's main monetary net assets and liabilities    
Net assets and liabilities 31,735 347
Euro / Argentine Peso    
Breakdown of the Group's main monetary net assets and liabilities    
Net assets and liabilities $ (2,324) $ (2,831)
v3.25.1
Financial Risk Management - Breakdown of the Group's fixed-rate and floating-rate borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Breakdown of the Group's fixed-rate and floating-rate borrowings      
Borrowings $ 1,158,071 $ 1,333,237 $ 1,465,437
Short-term borrowings      
Breakdown of the Group's fixed-rate and floating-rate borrowings      
Borrowings 86,200 125,500  
Long term borrowings      
Breakdown of the Group's fixed-rate and floating-rate borrowings      
Borrowings 798,600 864,800  
Fixed rate      
Breakdown of the Group's fixed-rate and floating-rate borrowings      
Borrowings 884,757 990,251  
Variable rate      
Breakdown of the Group's fixed-rate and floating-rate borrowings      
Borrowings $ 273,314 $ 342,986  
v3.25.1
Financial Risk Management - Provision for loss allowance determined for trade receivables and contract assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ 845,860 $ 807,044  
Trade receivables and contract assets      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 157,564 127,449  
Trade receivables and contract assets | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ (21,061) $ (22,368) $ (29,718)
Trade receivables and contract assets | Not due      
Provision for loss allowance for both trade receivable and contract assets      
Expected loss rate 1.00% 2.00%  
Financial assets $ 101,921 $ 86,088  
Trade receivables and contract assets | Not due | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ (687) $ (1,466)  
Trade receivables and contract assets | 030 days      
Provision for loss allowance for both trade receivable and contract assets      
Expected loss rate 1.00% 1.00%  
Financial assets $ 28,366 $ 23,455  
Trade receivables and contract assets | 030 days | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ (361) $ (230)  
Trade receivables and contract assets | 3060 days      
Provision for loss allowance for both trade receivable and contract assets      
Expected loss rate 3.00% 5.00%  
Financial assets $ 10,675 $ 9,334  
Trade receivables and contract assets | 3060 days | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ (375) $ (449)  
Trade receivables and contract assets | 6090 days      
Provision for loss allowance for both trade receivable and contract assets      
Expected loss rate 9.00% 13.00%  
Financial assets $ 5,286 $ 1,976  
Trade receivables and contract assets | 6090 days | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ (532) $ (298)  
Trade receivables and contract assets | 90180 days      
Provision for loss allowance for both trade receivable and contract assets      
Expected loss rate 19.00% 25.00%  
Financial assets $ 5,581 $ 3,467  
Trade receivables and contract assets | 90180 days | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ (1,273) $ (1,150)  
Trade receivables and contract assets | >180 days      
Provision for loss allowance for both trade receivable and contract assets      
Expected loss rate 76.00% 86.00%  
Financial assets $ 5,735 $ 3,129  
Trade receivables and contract assets | >180 days | Provision for loss allowance      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets (17,833) (18,775)  
Trade receivables      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 157,564 127,449  
Trade receivables | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 178,580 148,329  
Trade receivables | Not due | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 102,563 86,066  
Trade receivables | 030 days | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 28,727 23,685  
Trade receivables | 3060 days | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 11,050 9,783  
Trade receivables | 6090 days | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 5,818 2,274  
Trade receivables | 90180 days | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 6,854 4,617  
Trade receivables | >180 days | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 23,568 21,904  
Contract assets | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets 45 1,488  
Contract assets | Not due | Gross carrying amount      
Provision for loss allowance for both trade receivable and contract assets      
Financial assets $ 45 $ 1,488  
v3.25.1
Financial Risk Management - The closing loss allowances for trade receivables and contract assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Provision for loss allowance for both trade receivables and contract assets    
Balance at January 1, $ 807,044  
Balance at December 31, 845,860 $ 807,044
Trade receivables and contract assets    
Reconciliation of Provision for loss allowance for both trade receivables and contract assets    
Balance at January 1, 127,449  
Balance at December 31, 157,564 127,449
Trade receivables and contract assets | Provision for loss allowance    
Reconciliation of Provision for loss allowance for both trade receivables and contract assets    
Balance at January 1, (22,368) (29,718)
Bad debts of the year (8,215) (4,735)
Recoveries 4,321 3,331
Write off (2,856) (2,717)
Translation differences and inflation adjustment 2,345 6,037
Balance at December 31, $ (21,061) $ (22,368)
v3.25.1
Financial Risk Management - Profit or loss in relation to impaired financial assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial Risk Management      
- movement in provision for impairment $ (8,883) $ (4,985) $ (13,443)
- recovery of previous impairment losses 4,440 3,439 18,203
Net impairment losses on financial assets $ (4,443) $ (1,546) $ 4,760
v3.25.1
Financial Risk Management - Optimum capital structure to reduce cost of capital (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financial Risk Management        
Borrowing $ 1,158,071 $ 1,333,237 $ 1,465,437  
Less: Cash and cash equivalents (439,847) (369,848)    
Net debt 718,224 963,389    
Equity $ 1,517,960 $ 803,909 $ 862,369 $ 773,608
Net debt to equity ratio 47.00% 120.00%    
v3.25.1
Financial Risk Management - Financial instruments by category (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial instruments by category    
Total assets as per the statement of financial position $ 845,860 $ 807,044
Total liabilities as per the statement of financial position 2,069,296 2,409,839
Borrowings    
Financial instruments by category    
Total liabilities as per the statement of financial position 1,158,071 1,333,237
Leases liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position 10,717 13,981
Derivative financial liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position 3,351  
Trade payables and other liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position 897,157 1,062,621
Liabilities at fair value through profit and loss    
Financial instruments by category    
Total liabilities as per the statement of financial position 3,351 0
Liabilities at fair value through profit and loss | Borrowings    
Financial instruments by category    
Total liabilities as per the statement of financial position   0
Liabilities at fair value through profit and loss | Leases liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position   0
Liabilities at fair value through profit and loss | Derivative financial liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position 3,351 0
Liabilities at fair value through profit and loss | Trade payables and other liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position   0
Liabilities at amortized cost    
Financial instruments by category    
Total liabilities as per the statement of financial position 2,065,945 2,409,839
Liabilities at amortized cost | Borrowings    
Financial instruments by category    
Total liabilities as per the statement of financial position 1,158,071 1,333,237
Liabilities at amortized cost | Leases liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position 10,717 13,981
Liabilities at amortized cost | Trade payables and other liabilities    
Financial instruments by category    
Total liabilities as per the statement of financial position 897,157 1,062,621
Trade receivables    
Financial instruments by category    
Total assets as per the statement of financial position 157,564 127,449
Other receivables    
Financial instruments by category    
Total assets as per the statement of financial position 73,542 154,583
Other financial assets    
Financial instruments by category    
Total assets as per the statement of financial position 174,907 155,095
Derivative financial assets    
Financial instruments by category    
Total assets as per the statement of financial position   69
Cash and cash equivalents    
Financial instruments by category    
Total assets as per the statement of financial position 439,847 369,848
Assets at fair value through profit and loss    
Financial instruments by category    
Total assets as per the statement of financial position 7,366 10,932
Assets at fair value through profit and loss | Trade receivables    
Financial instruments by category    
Total assets as per the statement of financial position   0
Assets at fair value through profit and loss | Other receivables    
Financial instruments by category    
Total assets as per the statement of financial position   0
Assets at fair value through profit and loss | Other financial assets    
Financial instruments by category    
Total assets as per the statement of financial position 7,366 10,863
Assets at fair value through profit and loss | Derivative financial assets    
Financial instruments by category    
Total assets as per the statement of financial position   69
Assets at fair value through profit and loss | Cash and cash equivalents    
Financial instruments by category    
Total assets as per the statement of financial position   0
Assets at amortized cost    
Financial instruments by category    
Total assets as per the statement of financial position 838,494 796,112
Assets at amortized cost | Trade receivables    
Financial instruments by category    
Total assets as per the statement of financial position 157,564 127,449
Assets at amortized cost | Other receivables    
Financial instruments by category    
Total assets as per the statement of financial position 73,542 154,583
Assets at amortized cost | Other financial assets    
Financial instruments by category    
Total assets as per the statement of financial position 167,541 144,232
Assets at amortized cost | Derivative financial assets    
Financial instruments by category    
Total assets as per the statement of financial position   0
Assets at amortized cost | Cash and cash equivalents    
Financial instruments by category    
Total assets as per the statement of financial position $ 439,847 $ 369,848
v3.25.1
Financial Risk Management - Fair value hierarchy (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Financial Risk Management  
Transfer of assets from level 1 to Level 2 $ 0
Transfer of assets from level 2 to Level 1 0
Transfer of liabilities' from level 1 to Level 2 0
Transfer of liabilities' from level 2 to Level 1 0
Transfer of assets into level 3 0
Transfer of assets out of level 3 0
Transfer of liabilities into level 3 0
Transfer of liabilities out of level 3 $ 0
v3.25.1
Financial Risk Management - Additional information (Details)
€ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Jun. 27, 2024
EUR (€)
Financial Risk Management        
Increase in floating rate 10 10    
Sensitivity analysis impact of 10% & 1% change in exchange rate generated pre tax gain (loss) $ 2,200,000   $ 2,695,000  
Decrease in floating rate 10 10    
Percentage of cash and cash equivalents to total assets 10.52% 10.52% 10.44%  
Minimum        
Financial Risk Management        
Percentage of applicable vat rate 12.00% 12.00%    
Percentage of applicable foreign exchange exit tax rate 3.50% 3.50%    
Maximum        
Financial Risk Management        
Percentage of applicable vat rate 15.00% 15.00%    
Percentage of applicable foreign exchange exit tax rate 5.00% 5.00%    
Toscana        
Financial Risk Management        
Fixed interest rate   3.02%    
Principal amount | €   € 82.8   € 82.8
Toscana | Interest rate swap contract        
Financial Risk Management        
Fair value of the derivatives $ 3,400,000 3.2    
Other comprehensive income 2,700,000 € 2.5    
Semi-annual interest payments until June 30, 2027 | Toscana        
Financial Risk Management        
Percentage of principal amount hedged   100.00%    
Interest payments from December 31, 2027 to June 30, 2030 | Toscana        
Financial Risk Management        
Percentage of principal amount hedged   75.00%    
U.S. Dollar / Argentine Peso        
Financial Risk Management        
Percentage of the decrease in the designated risk component   3.00% 10.00%  
Pre-tax gain (loss) (12,865,000)   $ (48,470,000)  
Euro / Armenian dram        
Financial Risk Management        
Percentage of the decrease in the designated risk component   2.00% 1.00%  
Pre-tax gain (loss) 634,700   $ 3,500  
U.S. Dollar / Euro        
Financial Risk Management        
Percentage of the increase in the designated risk component   2.00% 2.00%  
Pre-tax gain (loss)     $ 1,400  
Pre-tax gain (loss) (1,508,200)      
Euro / Argentine Peso        
Financial Risk Management        
Percentage of the decrease in the designated risk component   3.00% 10.00%  
Pre-tax gain (loss) (69,700)   $ (283,100)  
U.S. dollar / Armenian dram        
Financial Risk Management        
Percentage of the decrease in the designated risk component   2.00% 1.00%  
Pre-tax gain (loss) $ 736,700   $ 478,400  
v3.25.1
Segment information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment information      
Aeronautical revenue $ 876,729 $ 644,453 $ 609,751
Non-aeronautical revenue      
Commercial revenue 738,688 603,651 612,545
Construction service revenue 223,361 144,722 149,796
Other revenue 4,489 7,212 6,571
Revenue 1,843,267 1,400,038 1,378,663
Salaries and social security contributions (297,928) (218,958) (238,201)
Concession fees (210,601) (156,245) (158,508)
Construction services cost (216,834) (138,271) (147,855)
Maintenance expenses (173,201) (107,749) (109,366)
Amortization and depreciation (182,471) (129,982) (153,131)
Cost of fuel (98,689) (113,067) (107,170)
Other operational expenditures (255,717) (189,074) (190,102)
Operational expenditure (1,435,441) (1,053,346) (1,104,333)
Cost of services (1,237,333) (914,677) (962,978)
Gross profit / (loss) 605,934 485,361 415,685
Selling, general and administrative expenses (198,108) (138,669) (141,355)
Impairment reversal / (loss) of non-financial assets   102,838 (111)
Other operating income 46,390 100,560 37,340
Other operating expense (6,963) (9,453) (6,984)
Operating income / (loss) 447,253 540,637 304,575
Share of (loss) / income in associates (996) 7,108 (970)
Amortization and depreciation 182,471 129,982 153,131
Adjusted Ebitda 628,728 677,727 456,736
Construction services revenue (223,361) (144,722) (149,796)
Construction services cost 216,834 138,271 147,855
Adjusted Ebitda excluding Construction Services 622,201 671,276 454,795
Construction services revenue 223,361 144,722 149,796
Construction services cost (216,834) (138,271) (147,855)
Adjusted Ebitda 628,728 677,727 456,736
Financial income 71,430 101,598 63,859
Financial loss 110,305 (406,570) (196,405)
Inflation adjustment (21,260) (40,547) 19,459
Amortization and depreciation (182,471) (129,982) (153,131)
Income before income tax 606,732 202,226 190,518
Income tax (298,820) 24,241 (24,883)
Net income from continuing operations 307,912 226,467 165,635
Income for the year 307,912 226,467 165,635
Current assets 765,514 749,910  
Non-current assets 3,415,936 2,792,066  
Capital Expenditure 235,712 161,622  
Current liabilities 603,730 685,928  
Non-current liabilities 2,059,760 2,052,139  
Operating segments      
Segment information      
Aeronautical revenue 876,729 644,453 609,751
Non-aeronautical revenue      
Commercial revenue 746,550 611,323 619,785
Construction service revenue 223,361 144,722 149,796
Other revenue 4,429 7,212 6,571
Revenue 1,851,069 1,407,710 1,385,903
Salaries and social security contributions (296,781) (217,891) (237,167)
Concession fees (218,668) (163,981) (165,844)
Construction services cost (216,834) (138,271) (147,855)
Maintenance expenses (173,186) (107,749) (109,348)
Amortization and depreciation (170,574) (117,744) (141,178)
Cost of fuel (98,708) (113,338) (107,170)
Other operational expenditures (244,787) (186,300) (184,149)
Operational expenditure (1,419,538) (1,045,274) (1,092,711)
Impairment reversal / (loss) of non-financial assets   102,838 (111)
Other operating income 46,279 97,590 37,334
Other operating expense (6,963) (9,451) (6,980)
Operating income / (loss) 470,847 553,413 323,435
Share of (loss) / income in associates 11 9 (281)
Amortization and depreciation 170,574 117,744 141,178
Adjusted Ebitda 641,432 671,166 464,332
Construction services revenue (223,361) (144,722) (149,796)
Construction services cost 216,834 138,271 147,855
Adjusted Ebitda excluding Construction Services 634,905 664,715 462,391
Construction services revenue 223,361 144,722 149,796
Construction services cost (216,834) (138,271) (147,855)
Adjusted Ebitda 641,432 671,166 464,332
Current assets 541,147 640,919  
Non-current assets 3,174,642 2,511,218  
Capital Expenditure 235,684 161,622  
Current liabilities 601,593 606,320  
Non-current liabilities 1,742,365 1,729,316  
Operating segments | Argentina      
Segment information      
Aeronautical revenue 512,153 296,393 330,288
Non-aeronautical revenue      
Commercial revenue 376,187 251,274 308,346
Construction service revenue 155,641 93,014 124,210
Revenue 1,043,981 640,681 762,844
Salaries and social security contributions (184,764) (109,260) (129,366)
Concession fees (130,156) (79,930) (93,772)
Construction services cost (155,375) (92,899) (124,016)
Maintenance expenses (132,313) (66,423) (76,022)
Amortization and depreciation (110,829) (60,534) (87,363)
Other operational expenditures (123,586) (66,197) (72,402)
Operational expenditure (837,023) (475,243) (582,941)
Other operating income 22,705 13,426 15,859
Other operating expense (5,233) (7,344) (5,232)
Operating income / (loss) 224,430 171,520 190,530
Share of (loss) / income in associates (1) (5) (24)
Amortization and depreciation 110,829 60,534 87,363
Adjusted Ebitda 335,258 232,049 277,869
Construction services revenue (155,641) (93,014) (124,210)
Construction services cost 155,375 92,898 124,018
Adjusted Ebitda excluding Construction Services 334,992 231,933 277,677
Construction services revenue 155,641 93,014 124,210
Construction services cost (155,375) (92,898) (124,018)
Adjusted Ebitda 335,258 232,049 277,869
Current assets 242,657 183,795  
Non-current assets 1,999,467 1,170,392  
Capital Expenditure 155,747 93,326  
Current liabilities 253,577 127,079  
Non-current liabilities 846,196 673,245  
Operating segments | Brazil      
Segment information      
Aeronautical revenue 40,809 45,656 36,610
Non-aeronautical revenue      
Commercial revenue 68,817 64,838 52,700
Construction service revenue 1,498 151  
Revenue 111,124 110,645 89,310
Salaries and social security contributions (22,456) (24,592) (23,409)
Concession fees (21,947) (22,551) (20,213)
Construction services cost (1,498) (151)  
Maintenance expenses (5,594) (7,359) (5,653)
Amortization and depreciation (11,190) (12,035) (11,228)
Cost of fuel (267) (356) (358)
Other operational expenditures (19,502) (23,324) (23,418)
Operational expenditure (82,454) (90,368) (84,279)
Impairment reversal / (loss) of non-financial assets   103,764  
Other operating income 22,110 82,793 16,254
Other operating expense (447) (542) (424)
Operating income / (loss) 50,333 206,292 20,861
Amortization and depreciation 11,190 12,035 11,228
Adjusted Ebitda 61,523 218,327 32,089
Construction services revenue (1,498) (151)  
Construction services cost 1,498 151  
Adjusted Ebitda excluding Construction Services 61,523 218,327 32,089
Construction services revenue 1,498 151  
Construction services cost (1,498) (151)  
Adjusted Ebitda 61,523 218,327 32,089
Current assets 66,824 188,160  
Non-current assets 461,164 667,193  
Capital Expenditure 2,610 1,727  
Current liabilities 181,138 221,843  
Non-current liabilities 704,842 907,835  
Operating segments | Uruguay      
Segment information      
Aeronautical revenue 81,033 65,428 43,450
Non-aeronautical revenue      
Commercial revenue 75,137 68,077 56,171
Construction service revenue 37,903 31,705 13,169
Other revenue 16 20 13
Revenue 194,089 165,230 112,803
Salaries and social security contributions (27,311) (25,221) (20,385)
Concession fees (21,672) (18,748) (14,891)
Construction services cost (37,903) (31,705) (13,169)
Maintenance expenses (16,034) (14,878) (10,932)
Amortization and depreciation (9,553) (8,154) (7,381)
Cost of fuel (3,519) (3,740) (1,372)
Other operational expenditures (23,440) (20,515) (16,398)
Operational expenditure (139,432) (122,961) (84,528)
Other operating income 23 60 159
Other operating expense (265) (506) (478)
Operating income / (loss) 54,415 41,823 27,956
Amortization and depreciation 9,553 8,154 7,381
Adjusted Ebitda 63,968 49,977 35,337
Construction services revenue (37,903) (31,705) (13,169)
Construction services cost 37,903 31,705 13,169
Adjusted Ebitda excluding Construction Services 63,968 49,977 35,337
Construction services revenue 37,903 31,705 13,169
Construction services cost (37,903) (31,705) (13,169)
Adjusted Ebitda 63,968 49,977 35,337
Current assets 42,502 49,871  
Non-current assets 227,452 197,529  
Capital Expenditure 36,479 38,725  
Current liabilities 30,102 29,968  
Non-current liabilities 62,821 62,073  
Operating segments | Armenia      
Segment information      
Aeronautical revenue 90,534 88,519 60,662
Non-aeronautical revenue      
Commercial revenue 150,453 160,355 145,059
Construction service revenue 11,840 3,630 1,819
Revenue 252,827 252,504 207,540
Salaries and social security contributions (21,120) (18,988) (13,826)
Construction services cost (11,495) (3,524) (1,767)
Maintenance expenses (6,010) (5,757) (4,992)
Amortization and depreciation (21,347) (19,638) (17,650)
Cost of fuel (94,922) (109,242) (105,440)
Other operational expenditures (15,948) (14,653) (12,049)
Operational expenditure (170,842) (171,802) (155,724)
Other operating income 336 361 175
Other operating expense (991) (1,021) (769)
Operating income / (loss) 81,330 80,042 51,222
Amortization and depreciation 21,347 19,638 17,650
Adjusted Ebitda 102,677 99,680 68,872
Construction services revenue (11,840) (3,630) (1,819)
Construction services cost 11,495 3,524 1,766
Adjusted Ebitda excluding Construction Services 102,332 99,574 68,819
Construction services revenue 11,840 3,630 1,819
Construction services cost (11,495) (3,524) (1,766)
Adjusted Ebitda 102,677 99,680 68,872
Current assets 70,306 91,159  
Non-current assets 185,355 154,754  
Capital Expenditure 17,514 7,073  
Current liabilities 17,211 34,076  
Operating segments | Ecuador      
Segment information      
Aeronautical revenue 81,438 78,336 68,370
Non-aeronautical revenue      
Commercial revenue 28,748 26,871 25,060
Construction service revenue 75 21 2,769
Revenue 110,261 105,228 96,199
Salaries and social security contributions (12,763) (12,276) (10,106)
Concession fees (36,580) (35,122) (30,985)
Construction services cost (75) (21) (2,769)
Maintenance expenses (4,749) (5,675) (3,992)
Amortization and depreciation (7,092) (6,688) (6,434)
Other operational expenditures (22,388) (20,330) (19,365)
Operational expenditure (83,647) (80,112) (73,651)
Other operating income 64 240 91
Other operating expense (27) (38) (77)
Operating income / (loss) 26,651 25,318 22,562
Amortization and depreciation 7,092 6,688 6,434
Adjusted Ebitda 33,743 32,006 28,996
Construction services revenue (75) (21) (2,769)
Construction services cost 75 21 2,769
Adjusted Ebitda excluding Construction Services 33,743 32,006 28,996
Construction services revenue 75 21 2,769
Construction services cost (75) (21) (2,769)
Adjusted Ebitda 33,743 32,006 28,996
Current assets 64,789 59,737  
Non-current assets 47,605 53,782  
Capital Expenditure 4,164 3,267  
Current liabilities 54,374 54,106  
Non-current liabilities 4,282 7,329  
Operating segments | Italy      
Segment information      
Aeronautical revenue 70,762 70,121 70,371
Non-aeronautical revenue      
Commercial revenue 47,208 39,908 32,449
Construction service revenue 16,404 16,201 7,829
Other revenue 4,413 7,192 6,558
Revenue 138,787 133,422 117,207
Salaries and social security contributions (28,367) (27,554) (40,075)
Concession fees (8,313) (7,630) (5,983)
Construction services cost (10,488) (9,971) (6,134)
Maintenance expenses (8,486) (7,657) (7,757)
Amortization and depreciation (10,563) (10,695) (11,122)
Other operational expenditures (39,923) (41,281) (40,517)
Operational expenditure (106,140) (104,788) (111,588)
Impairment reversal / (loss) of non-financial assets   (926) (111)
Other operating income 1,041 710 4,796
Operating income / (loss) 33,688 28,418 10,304
Share of (loss) / income in associates 12 14 (257)
Amortization and depreciation 10,563 10,695 11,122
Adjusted Ebitda 44,263 39,127 21,169
Construction services revenue (16,404) (16,201) (7,829)
Construction services cost 10,488 9,972 6,133
Adjusted Ebitda excluding Construction Services 38,347 32,898 19,473
Construction services revenue 16,404 16,201 7,829
Construction services cost (10,488) (9,972) (6,133)
Adjusted Ebitda 44,263 39,127 21,169
Current assets 54,069 68,197  
Non-current assets 253,599 267,568  
Capital Expenditure 19,170 17,504  
Current liabilities 65,191 139,248  
Non-current liabilities 124,224 78,834  
Intrasegment Adjustments      
Non-aeronautical revenue      
Commercial revenue (11,893) (11,598) (10,652)
Other revenue (4,125) (3,997) (1,737)
Revenue (16,018) (15,595) (12,389)
Concession fees 8,067 7,736 7,336
Maintenance expenses 4 19 1
Cost of fuel 19 271  
Other operational expenditures 7,928 7,569 5,052
Operational expenditure 16,018 15,595 12,389
Current assets (92,626) (85,454)  
Non-current assets (47,044) (768)  
Current liabilities (92,626) (85,454)  
Non-current liabilities (47,044) (768)  
Unallocated      
Non-aeronautical revenue      
Commercial revenue 4,031 3,926 3,412
Other revenue 4,185 3,997 1,737
Revenue 8,216 7,923 5,149
Salaries and social security contributions (1,147) (1,067) (1,034)
Maintenance expenses (19) (19) (19)
Amortization and depreciation (11,897) (12,238) (11,953)
Other operational expenditures (18,858) (10,343) (11,005)
Operational expenditure (31,921) (23,667) (24,011)
Other operating income 111 2,970 6
Other operating expense   (2) (4)
Operating income / (loss) (23,594) (12,776) (18,860)
Share of (loss) / income in associates (1,007) 7,099 (689)
Amortization and depreciation 11,897 12,238 11,953
Adjusted Ebitda (12,704) 6,561 (7,596)
Adjusted Ebitda excluding Construction Services (12,704) 6,561 (7,596)
Adjusted Ebitda (12,704) 6,561 $ (7,596)
Current assets 316,993 194,445  
Non-current assets 288,338 281,616  
Capital Expenditure 28    
Current liabilities 94,763 165,062  
Non-current liabilities $ 364,439 $ 323,591  
v3.25.1
Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Aeronautical revenue $ 876,729 $ 644,453 $ 609,751
Non-aeronautical revenue      
Commercial revenue 738,688 603,651 612,545
Construction service revenue 223,361 144,722 149,796
Other revenue 4,489 7,212 6,571
Timing of revenue recognition 1,843,267 1,400,038 1,378,663
Revenue 1,843,267 1,400,038 1,378,663
Over time      
Non-aeronautical revenue      
Timing of revenue recognition 1,446,616 1,039,699 1,035,506
At a point in time      
Non-aeronautical revenue      
Timing of revenue recognition 104,526 119,730 114,826
Revenues accounted for under IFRS 16      
Non-aeronautical revenue      
Timing of revenue recognition $ 292,125 $ 240,609 $ 228,331
v3.25.1
Cost of services (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cost of services      
Salaries and social security contributions $ (251,805) $ (185,920) $ (205,891)
Construction services cost (216,834) (138,271) (147,855)
Concession fees (210,601) (156,245) (158,508)
Amortization and depreciation (175,118) (123,679) (145,794)
Maintenance expense (170,722) (105,619) (107,474)
Cost of fuel (98,689) (113,067) (107,170)
Services and fees (69,894) (56,642) (56,834)
Office expenses (16,034) (9,744) (10,753)
Taxes (5,409) (2,355) (3,502)
Provision for maintenance costs (4,582) (4,364) (3,450)
Others (17,645) (18,771) (15,747)
Total $ (1,237,333) $ (914,677) $ (962,978)
v3.25.1
Cost of services - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cost of services      
Number of employees 6,100 6,100 6,100
Depreciation for brazil concession assets $ 19,936,000 $ 20,715,000 $ 18,764,000
Cost of services, depreciation of leases $ 2,572,000 $ 2,464,000 $ 3,676,000
v3.25.1
Selling, general and administrative expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Selling, general and administrative expenses      
Taxes $ (63,389) $ (37,013) $ (45,250)
Salaries and social security contributions (46,123) (33,038) (32,310)
Services and fees (45,313) (39,691) (44,836)
Office expenses (8,827) (4,870) (3,685)
Amortization and depreciation (7,353) (6,303) (7,337)
Advertising (6,499) (1,547) (1,652)
Insurance (2,669) (2,810) (2,359)
Maintenance expenses (2,479) (2,130) (1,892)
Bad debts (8,883) (4,985) (13,443)
Bad debts recovery 4,440 3,439 18,203
Other (11,013) (9,721) (6,794)
Selling, general and administrative expenses (198,108) (138,669) (141,355)
Depreciation of leases $ 776 $ 739 $ 901
v3.25.1
Other operating income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other operating income      
Government grants $ 21,686 $ 13,313 $ 15,621
Government subsidies per Covid-19 context 16,394 21,511 14,133
Compensation for concession   62,677  
Other 8,310 3,059 7,586
Total $ 46,390 $ 100,560 $ 37,340
v3.25.1
Other operating income - Additional Information (Details)
€ in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2022
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Other operating results          
Re-equilibrium of concession agreements, net of tax     $ 16,315 $ 17,785 $ 13,639
Compensation for concession       62,677  
Aeropuertos Argentina 2000 S.A.("AA2000")          
Other operating results          
Percentage of total revenues of the concession assigned to government     15.00%    
Percentage of revenues destined to fund the investments commitments     2.50%    
Toscana Aeroporti S.p.a.          
Other operating results          
Reversal of compensation granted $ 362 € 339      
Brasilia Concession Agreement          
Other operating results          
Reconstitution through compensation of the concession fee payable, net of tax     $ 16,315 15,264 11,754
Re-equilibrium, increase in compensation       3,550 1,046
Re-equilibrium, decrease in compensation     (139)    
Natal Concession Agreement          
Other operating results          
Reconstitution through compensation of the concession fee payable, net of tax       2,521 1,885
Re-equilibrium, increase in compensation     $ 218 176  
Re-equilibrium reversal         $ 190
Compensation for concession       $ 62,700  
v3.25.1
Financial results, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial results, net      
Interest income $ 56,368 $ 52,680 $ 43,919
Foreign exchange results 2,531 39,772 10,658
Other financial income 12,531 9,146 9,282
Financial income 71,430 101,598 63,859
Interest expense (107,464) (95,185) (164,288)
Foreign exchange results 314,505 (203,798) 79,945
Changes in liability for concessions (87,556) (98,480) (101,488)
Other financial loss (9,180) (9,107) (10,574)
Financial loss 110,305 (406,570) (196,405)
Inflation adjustment (21,260) (40,547) 19,459
Financial results, net (160,475) 345,519 113,087
Gains from other financial assets $ 9,464 $ 5,021 $ 5,695
v3.25.1
Share of results in associates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share of results in associates      
Share of (loss) / income in associates $ (996) $ 7,108 $ (970)
Total share of results in associates $ (996) $ 7,108 $ (970)
v3.25.1
Income tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income tax      
Current income tax $ (35,200) $ (38,456) $ (20,468)
Deferred income tax (263,620) 62,697 (4,415)
Income tax $ (298,820) $ 24,241 $ (24,883)
v3.25.1
Income tax - Tax rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income tax      
Income / (loss) for the year before income tax $ 606,732 $ 202,226 $ 190,518
Tax calculated at the tax rate in each country (212,374) (59,160) (57,275)
Adjustments      
Non-taxable income 34,130 57,519 17,624
Expenses related to non-taxable income (12,689) (8,871) (19,005)
Non-deductible expenses (11,221) (3,581) (14,402)
Effect of tax inflation adjustment (167,973) (114,289) (123,956)
Effect of inflation adjustment (80,365) (53,895) 10,253
Effect of asset revaluation for tax purposes 118,242 119,483 141,030
Inflation adjustment for tax purposes of tax losses 76,622 81,273 57,322
Unrecognized deferred taxes (49,631) (11,427) (43,861)
Investment project exonerations 12,737 12,552 6,095
Other (6,298) 4,637 1,292
Income tax $ (298,820) $ 24,241 $ (24,883)
v3.25.1
Income tax - Additional information (Details)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
ARS ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
ARS ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Disclosure of subsidiaries [line items]            
Inflation adjustment due to price index variation $ 167,973,000   $ 114,289,000   $ 123,956,000 $ 167,973,000
Period of Accumulated price index variation 36 months 36 months 36 months 36 months 36 months 36 months
Percentage price index variation has exceeded 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Current tax liabilities due to tax inflation adjustments $ 167,973,000   $ 114,289,000   $ 123,956,000 $ 167,973,000
Deferred income tax recognized from Brazilian concession 0          
Unrecognized deferred tax assets on tax loss carry forwards 35,800,000       $ 14,800 $ 35,800,000
Taxable base of the historical tax carryforward losses 73,000,000 $ 75,345 47,700,000 $ 38,585    
Taxable base of the historical tax carryforward losses, with inflation adjustment $ 134,500,000 $ 138,781 316,200,000 $ 255,660    
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA")            
Disclosure of subsidiaries [line items]            
Tax effect on reversal of the impairment of intangible assets     $ 35,300,000      
v3.25.1
Intangible assets, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Intangible assets, net    
Balance $ 2,520,965  
Balance 3,155,448 $ 2,520,965
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA")    
Intangible assets, net    
Reversal of previous impairment loss 103,800  
Concession Assets    
Intangible assets, net    
Balance 2,508,415  
Balance 3,143,306 2,508,415
Concession Assets | Brazil    
Intangible assets, net    
Intangible test of concession assets 509,200  
Goodwill    
Intangible assets, net    
Balance 9,293  
Balance 8,788 9,293
Patent, intellectual property rights and others    
Intangible assets, net    
Balance 3,257  
Balance 3,354 3,257
Cost    
Intangible assets, net    
Balance 4,187,382 4,780,894
Acquisitions 220,757 151,837
Impairment reversal   (102,838)
Disposals (918) (139,306)
Other 2,941 236
Transfers (1,245) (2,000)
Transfer to property plant and equipment   1,156
Transfer from property plant and equipment 16  
Translation differences and inflation adjustment 1,025,998 (708,273)
Balance 5,434,931 4,187,382
Cost | Concession Assets    
Intangible assets, net    
Balance 4,153,428 4,749,233
Acquisitions 219,322 150,616
Impairment reversal   (102,838)
Disposals (434) (139,218)
Other 2,941 236
Transfers (1,245) (2,000)
Transfer to property plant and equipment   1,156
Transfer from property plant and equipment 16  
Translation differences and inflation adjustment 1,028,272 (709,433)
Balance 5,402,300 4,153,428
Cost | Goodwill    
Intangible assets, net    
Balance 9,293 9,003
Translation differences and inflation adjustment (505) 290
Balance 8,788 9,293
Cost | Patent, intellectual property rights and others    
Intangible assets, net    
Balance 24,661 22,658
Acquisitions 1,435 1,221
Disposals (484) (88)
Translation differences and inflation adjustment (1,769) 870
Balance 23,843 24,661
Depreciation    
Intangible assets, net    
Balance (1,666,417) (1,820,892)
Depreciation of the year 189,287 139,270
Disposals 315 13,571
Transfer to property plant and equipment 5  
Translation differences and inflation adjustment 424,089 (280,174)
Balance (2,279,483) (1,666,417)
Depreciation | Concession Assets    
Intangible assets, net    
Balance (1,645,013) (1,800,871)
Depreciation of the year 188,465 138,620
Disposals 31 13,554
Transfer to property plant and equipment 5  
Translation differences and inflation adjustment 425,542 (280,924)
Balance (2,258,994) (1,645,013)
Depreciation | Patent, intellectual property rights and others    
Intangible assets, net    
Balance (21,404) (20,021)
Depreciation of the year 822 650
Disposals 284 17
Translation differences and inflation adjustment (1,453) 750
Balance $ (20,489) $ (21,404)
v3.25.1
Property, plant and equipment, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Property, plant and equipment, net    
Balances $ 74,919  
Balances 77,801 $ 74,919
Cost    
Property, plant and equipment, net    
Balances 207,988 200,737
Acquisitions 14,955 9,785
Disposals (1,984) (894)
Transfer to intangible (16) (1,156)
Translation differences and inflation adjustment (2,474) (484)
Balances 218,469 207,988
Accumulated    
Property, plant and equipment, net    
Balances (133,069) (125,995)
Depreciation of the year 10,373 9,120
Disposals 1,873 802
Transfer to intangible (5)  
Translation differences and inflation adjustment (896) (1,244)
Balances (140,668) (133,069)
Land, building and improvements    
Property, plant and equipment, net    
Balances 43,019  
Balances 40,156 43,019
Land, building and improvements | Cost    
Property, plant and equipment, net    
Balances 59,361 56,644
Acquisitions 110 40
Disposals 0 0
Transfers 11 1,886
Transfer to intangible 0 0
Translation differences and inflation adjustment (1,647) 791
Balances 57,835 59,361
Land, building and improvements | Accumulated    
Property, plant and equipment, net    
Balances (16,342) (15,324)
Depreciation of the year 1,255 1,134
Disposals 0 0
Transfers 0  
Transfer to intangible 0  
Translation differences and inflation adjustment 82 (116)
Balances (17,679) (16,342)
Plant and production Equipment    
Property, plant and equipment, net    
Balances 12,362  
Balances 12,551 12,362
Plant and production Equipment | Cost    
Property, plant and equipment, net    
Balances 54,229 51,920
Acquisitions 3,343 2,209
Disposals (41) (38)
Transfers 0 57
Transfer to intangible (4) (1,002)
Translation differences and inflation adjustment (1,900) 1,083
Balances 55,627 54,229
Plant and production Equipment | Accumulated    
Property, plant and equipment, net    
Balances (41,867) (38,163)
Depreciation of the year 2,786 2,890
Disposals 32 36
Transfers 10  
Transfer to intangible 0  
Translation differences and inflation adjustment (1,555) 850
Balances (43,076) (41,867)
Vehicles, furniture and fixtures    
Property, plant and equipment, net    
Balances 16,811  
Balances 22,289 16,811
Vehicles, furniture and fixtures | Cost    
Property, plant and equipment, net    
Balances 70,385 68,597
Acquisitions 10,459 5,405
Disposals (1,941) (469)
Transfer to intangible (12)  
Translation differences and inflation adjustment 2,463 (3,148)
Balances 81,354 70,385
Vehicles, furniture and fixtures | Accumulated    
Property, plant and equipment, net    
Balances (53,574) (52,491)
Depreciation of the year 5,507 4,152
Disposals 1,839 388
Transfers (10)  
Transfer to intangible (5)  
Translation differences and inflation adjustment 1,838 (2,681)
Balances (59,065) (53,574)
Works in progress    
Property, plant and equipment, net    
Balances 482  
Balances 1,190 482
Works in progress | Cost    
Property, plant and equipment, net    
Balances 482 1,055
Acquisitions 736 1,556
Disposals 0 0
Transfers (11) (1,981)
Transfer to intangible 0 (154)
Translation differences and inflation adjustment (17) 6
Balances 1,190 482
Works in progress | Accumulated    
Property, plant and equipment, net    
Balances 0 0
Depreciation of the year 0 0
Disposals 0 0
Transfers 0  
Transfer to intangible 0  
Translation differences and inflation adjustment 0 0
Balances 0 0
Others    
Property, plant and equipment, net    
Balances 2,245  
Balances 1,615 2,245
Others | Cost    
Property, plant and equipment, net    
Balances 23,531 22,521
Acquisitions 307 575
Disposals (2) (387)
Transfers 0 38
Transfer to intangible 0 0
Translation differences and inflation adjustment (1,373) 784
Balances 22,463 23,531
Others | Accumulated    
Property, plant and equipment, net    
Balances (21,286) (20,017)
Depreciation of the year 825 944
Disposals 2 378
Transfers 0  
Transfer to intangible 0  
Translation differences and inflation adjustment (1,261) 703
Balances $ (20,848) $ (21,286)
v3.25.1
Leases - Financial Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases      
Right-of-use assets $ 9,921 $ 10,493 $ 9,192
Lease liabilities      
Current 3,707 3,687  
Non-current 7,010 10,294  
Total lease liabilities 10,717 13,981 $ 8,809
Land, building and improvements      
Leases      
Right-of-use assets 7,465 7,655  
Plant and production equipment      
Leases      
Right-of-use assets 1,685 2,246  
Vehicles, furniture and fixtures      
Leases      
Right-of-use assets $ 771 $ 592  
v3.25.1
Leases - Evolution of right-of-use assets and lease liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Right-of-use assets      
Balances at the beginning of the year $ 10,493 $ 9,192  
Additions 619 5,217  
Contract modifications (2) (49)  
Depreciation of the year (3,348) (3,203) $ (4,577)
Translation differences and inflation adjustment 2,159 (664)  
Balances at the end of the year 9,921 10,493 9,192
Lease liabilities      
Balances at the beginning of the year 13,981 8,809  
New contracts 619 5,336  
Lease payments (4,397) (3,118)  
Contract modifications (2) (49)  
Leases financial cost 847 446 605
Translation differences and inflation adjustment (331) 2,557  
Balances at the end of the year $ 10,717 $ 13,981 $ 8,809
v3.25.1
Leases - Maturity of lease liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases    
Maturity of lease liabilities $ 12,364 $ 16,636
1 year or less    
Leases    
Maturity of lease liabilities 3,966 3,822
1 to 2 years    
Leases    
Maturity of lease liabilities 3,421 3,883
2 to 5 years    
Leases    
Maturity of lease liabilities 1,920 4,879
Over 5 years    
Leases    
Maturity of lease liabilities $ 3,057 $ 4,052
v3.25.1
Leases - Consolidated Statement of Income (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases      
Depreciation charge of right-of-use assets $ (3,348,000) $ (3,203,000) $ (4,577,000)
Financial expenses (Leases financial cost) (847,000) (446,000) (605,000)
Expense relating to short-term leases (included in cost of services and selling, general and administrative expenses) (771,000) (865,000) (412,000)
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in cost of services and selling, general and administrative expenses) (351,000) (326,000) (300,000)
Expense relating to variable lease payments not included in lease liabilities (included in cost of services) $ (762,000) (1,855,000) (1,330,000)
Percentage of increase in passenger traffic 10.00%    
Approximate increase in total lease payments due to increase in passenger traffic across airports $ 76,200 185,500 133,000
Land, building and improvements      
Leases      
Depreciation charge of right-of-use assets (2,817,000) (2,730,000) (3,966,000)
Plant and production equipment      
Leases      
Depreciation charge of right-of-use assets (219,000) (198,000) (179,000)
Vehicles, furniture and fixtures      
Leases      
Depreciation charge of right-of-use assets $ (312,000) $ (275,000) $ (432,000)
v3.25.1
Leases - Lease payments receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases      
Percentage of total revenue corresponding to commercial revenue 46.00% 42.00% 48.00%
Total $ 531,725 $ 536,248 $ 476,601
Within 1 year      
Leases      
Total 105,455 109,314 99,142
Between 1 and 5 years      
Leases      
Total 273,589 266,875 241,115
Later than 5 years      
Leases      
Total $ 152,681 $ 160,059 $ 136,344
v3.25.1
Investments in associates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in associates      
Balances at the beginning of the year $ 11,992 $ 1,911  
Share of (loss) / income in associates (996) 7,108 $ (970)
Contributions 666 84  
Acquisitions   3,384  
Others 65 (425)  
Translation differences 19 (70)  
Balances at the end of the year $ 11,746 $ 11,992 $ 1,911
v3.25.1
Investments in associates -Share of loss in associates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in associates      
Share of (loss) / income in associates $ (996) $ 7,108 $ (970)
Sociedad Aeroportuaria KunturWasi S.A.      
Investments in associates      
Share of (loss) / income in associates (666) (84) (260)
Navinten S.A.      
Investments in associates      
Share of (loss) / income in associates (263) 7,292  
Others      
Investments in associates      
Share of (loss) / income in associates $ (67) $ (100) $ (710)
v3.25.1
Investments in associates - Main Associates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in associates      
Investments in associates $ 11,746 $ 11,992 $ 1,911
Aeropuertos Ecologicos de Galapagos S.A.      
Investments in associates      
Main activity Airport Operation Airport Operation  
Country of incorporation Ecuador Ecuador  
Percentage of ownership 99.90% 99.90%  
Investments in associates $ 1,000 $ 1,000  
Navinten S.A.      
Investments in associates      
Main activity Duty free operation Duty free operation  
Country of incorporation Uruguay Uruguay  
Percentage of ownership 49.00% 49.00%  
Investments in associates $ 10,001 $ 10,264  
Sociedad Aeroportuaria KunturWasi S.A.      
Investments in associates      
Main activity Airport Operation Airport Operation  
Country of incorporation Perú Perú  
Percentage of ownership 50.00% 47.90%  
Others      
Investments in associates      
Investments in associates $ 745 $ 728  
v3.25.1
Deferred income tax - Deferred tax liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Property, plant and equipment and Intangibles Assets    
Deferred tax liabilities    
Balances at January 1 $ 287,498 $ 304,726
Increase/(Decrease) of deferred tax liabilities for the year 48,936 37,230
Translation differences and inflation adjustment 109,697 (54,458)
Balances at December 31 446,131 287,498
Tax inflation adjustment    
Deferred tax liabilities    
Balances at January 1 10,927 13,449
Increase/(Decrease) of deferred tax liabilities for the year (18,132) 1,822
Translation differences and inflation adjustment 7,696 (4,344)
Balances at December 31 491 10,927
Other liabilities    
Deferred tax liabilities    
Balances at January 1 16,182 7,106
Increase/(Decrease) of deferred tax liabilities for the year (8,350) 8,943
Translation differences and inflation adjustment 5,568 133
Balances at December 31 13,400 16,182
Deferred tax liabilities    
Deferred tax liabilities    
Balances at January 1 314,607 325,281
Increase/(Decrease) of deferred tax liabilities for the year 22,454 47,995
Translation differences and inflation adjustment 122,961 (58,669)
Balances at December 31 $ 460,022 $ 314,607
v3.25.1
Deferred income tax - Deferred tax assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Provisions and allowances    
Deferred tax assets    
Balances at January 1 $ 23,807 $ 26,266
(Decrease) / increase of deferred tax assets for the year (8,152) 1,786
Translation differences and inflation adjustment 5,678 (4,245)
Balances at December 31 21,333 23,807
Tax loss carry forwards    
Deferred tax assets    
Balances at January 1 205,376 112,775
(Decrease) / increase of deferred tax assets for the year (230,917) 105,839
Other (6,887)  
Translation differences and inflation adjustment 91,252 (13,238)
Balances at December 31 58,824 205,376
Property, plant and equipment and Intangibles Assets    
Deferred tax assets    
Balances at January 1 813 989
(Decrease) / increase of deferred tax assets for the year (139) (164)
Translation differences and inflation adjustment 9 (12)
Balances at December 31 683 813
Other    
Deferred tax assets    
Balances at January 1 10,008 7,675
(Decrease) / increase of deferred tax assets for the year (1,958) 3,231
Other 820  
Translation differences and inflation adjustment 315 (898)
Balances at December 31 9,185 10,008
Deferred tax assets    
Deferred tax assets    
Balances at January 1 240,004 147,705
(Decrease) / increase of deferred tax assets for the year (241,166) 110,692
Other (6,067)  
Translation differences and inflation adjustment 97,254 (18,393)
Balances at December 31 $ 90,025 $ 240,004
v3.25.1
Deferred income tax - Deferred tax asset related to tax losses carryforward (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Expiration date, December 31, 2025    
Deferred income tax    
Deferred tax asset that shall expire   $ 73,344
Expiration date, December 31, 2026    
Deferred income tax    
Deferred tax asset that shall expire $ 2,028 1,095
Expiration date, December 31, 2027    
Deferred income tax    
Deferred tax asset that shall expire   38,320
Expiration date, December31, 2028    
Deferred income tax    
Deferred tax asset that shall expire 47,070 30,384
Expiration date, December 31, 2030    
Deferred income tax    
Deferred tax asset that shall expire 269  
Tax loss carry forwards    
Deferred income tax    
Deferred tax asset that do not expire 9,500 62,300
Deferred tax asset that shall expire $ 49,300 $ 143,100
v3.25.1
Deferred income tax - Financial position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred income tax    
Deferred tax assets $ 13,372 $ 62,712
Deferred tax liabilities $ (383,369) $ (137,315)
v3.25.1
Deferred income tax - Additional information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Deferred income tax    
Not recognized as deferred tax assets $ 358.7 $ 362.7
Expiring between 2034 and 2041    
Deferred income tax    
Not recognized as deferred tax assets $ 88.4  
Expiring between 2034 and 2040    
Deferred income tax    
Not recognized as deferred tax assets   $ 87.1
Uruguay    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 25.00% 25.00%
Argentina    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 35.00% 35.00%
Italy    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 29.00% 29.00%
Armenia    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 18.00% 18.00%
Brazil    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 34.00% 34.00%
Ecuador    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 25.00% 25.00%
Spain    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 25.00% 25.00%
Luxembourg    
Deferred income tax    
Percentage of temporary differences in deferred income taxes 25.00% 25.00%
v3.25.1
Other receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non-Current    
Tax credits $ 6,688 $ 9,623
Trust funds 42,162 22,627
Prepaid expenses 1,865 192
Other 7,746 10,198
Other non current receivables 58,461 42,640
Current    
Tax credits 26,498 13,646
Guarantee deposit 7,000 35,809
Receivables from related parties 9,239 9,315
Prepaid expenses 6,122 4,662
Compensation receivable   66,612
Other 14,297 15,505
Other current receivables $ 63,156 $ 145,549
v3.25.1
Other receivables - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other receivables [Line items]      
Municipal tax on passenger boarding fees $ 5,534 $ 7,595  
Fair value of financial assets within non-current receivables 45,600 24,400  
Guarantee deposit received   41,300  
Borrowings $ 1,158,071 1,333,237 $ 1,465,437
Credit Facility Agreement With BNDES      
Other receivables [Line items]      
Borrowings   $ 15,600  
v3.25.1
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non- Current    
Supplies $ 314 $ 318
Total non-current inventories 314 318
Current    
Supplies 4,725 4,881
Oil and byproducts 6,681 11,263
Others 4 4
Total current inventories $ 11,410 $ 16,148
v3.25.1
Trade receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non-Current    
Accounts receivable $ 4,305 $ 4,581
Trade receivables from related parties   741
Loss allowance (4,287) (4,433)
Non current trade receivables 18 889
Current    
Accounts receivable 169,162 138,586
Trade receivables from related parties 5,113 4,421
Contract assets 45 1,488
Loss allowance (16,774) (17,935)
Current trade receivables $ 157,546 $ 126,560
v3.25.1
Other financial assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non-current    
Equity investments $ 4,237 $ 5,979
Non-current financial assets 88,855 67,069
Current    
Current financial assets 86,052 88,026
Assets at fair value through profit and loss    
Non-current    
Equity investments 145 3,690
Other 4,092 2,289
Current    
Corporate Bonds 665 729
Mutual funds 2,055 3,515
Government securities 259 434
Other 150 206
Current financial assets 3,129 4,884
Assets at amortized cost    
Non-current    
Related parties 26,404 6,545
Time deposits 9,856 0
Corporate bonds 46,445 53,735
Government securities 1,862 0
Other 51 810
Non-current financial assets 84,618 61,090
Current    
Corporate Bonds 13,943 4,959
Government securities 7,621 0
Other 29 476
Related parties 21,493 24,890
Time Deposits 38,605 43,159
Treasury bills 1,232 9,658
Current financial assets $ 82,923 $ 83,142
v3.25.1
Other financial assets - Additional information (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Firenze Parcheggi    
Other financial assets    
Percentage of ownership 8.16% 8.16%
v3.25.1
Cash and cash equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2019
Cash and cash equivalents        
Cash to be deposited $ 540 $ 657    
Cash at banks 189,684 192,381    
Time deposits 21,615 16,729    
Other cash equivalents 228,008 160,081    
Cash and cash equivalents 439,847 369,848 $ 385,265 $ 375,783
Restricted cash on deposit as collateral $ 4,621 $ 5,864    
v3.25.1
Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Borrowings      
Non-current $ 1,042,704 $ 1,133,549  
Current 115,367 199,688  
Total Borrowings 1,158,071 1,333,237 $ 1,465,437
Bank and financial borrowings      
Borrowings      
Non-current 250,150 278,147  
Current 32,769 114,092  
Total Borrowings 282,900 407,800  
Notes      
Borrowings      
Non-current 778,218 855,402  
Current 81,845 85,535  
Total Borrowings 860,100 940,900  
Other      
Borrowings      
Non-current 14,336    
Current $ 753    
Bank overdrafts      
Borrowings      
Current   $ 61  
v3.25.1
Borrowings - Changes in borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Borrowings      
Balances at the beginning of the year $ 1,333,237 $ 1,465,437  
Loans obtained 190,345 87,846  
Loans repaid (314,077) (200,475)  
Interest paid (96,168) (83,791) $ (111,387)
Accrued interest for the year 103,020 90,928  
Offsetting of financial assets (Note 17)   (15,224)  
Debt expenses capitalization (2,467) (110) (2,011)
Translation differences and inflation adjustment (55,819) (11,374)  
Balances at the end of the year $ 1,158,071 $ 1,333,237 $ 1,465,437
v3.25.1
Borrowings - Maturity of borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Borrowings    
Undiscounted cash flow of principal and estimated interest $ 1,575,463 $ 1,815,045
1 year or less    
Borrowings    
Undiscounted cash flow of principal and estimated interest 199,693 294,299
1 to 2 years    
Borrowings    
Undiscounted cash flow of principal and estimated interest 213,504 239,443
2 to 5 years    
Borrowings    
Undiscounted cash flow of principal and estimated interest 568,212 569,488
Over 5 years    
Borrowings    
Undiscounted cash flow of principal and estimated interest $ 594,054 $ 711,815
v3.25.1
Borrowings - Fair value of borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Borrowings    
Fair value of borrowings $ 1,167,139 $ 1,328,357
Total fair value of borrowings $ 1,167,139 $ 1,328,357
v3.25.1
Borrowings - Notes to borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2023
Dec. 31, 2022
Aug. 19, 2022
Jul. 29, 2022
Jul. 08, 2022
Jun. 30, 2022
Feb. 21, 2022
Nov. 12, 2021
Nov. 04, 2021
Oct. 28, 2021
Borrowings                        
Outstanding $ 1,158,071 $ 1,333,237   $ 1,465,437                
Notes                        
Borrowings                        
Outstanding 860,100 940,900                    
Aeropuertos Argentina 2000 S.A.("AA2000")                        
Borrowings                        
Outstanding           $ 10,000            
Aeropuertos Argentina 2000 S.A.("AA2000") | Senior secured guarantee notes, fixed 8.500%, matures in 2031                        
Borrowings                        
Interest rate                       8.50%
Outstanding                       $ 208,900
Aeropuertos Argentina 2000 S.A.("AA2000") | Class 4 Notes, fixed 9.500%, matures in 2028                        
Borrowings                        
Outstanding                     $ 62,000  
ACI                        
Borrowings                        
Outstanding                   $ 8,500    
ACI | Senior secured guarantee notes, fixed 6.875%, matures in 2034                        
Borrowings                        
Nominal value $ 246,200 $ 246,200                    
Interest rate 6.875% 6.875%                    
Outstanding $ 237,200 $ 235,900                    
ACI | Senior secured guarantee notes, fixed 6.875%, matures in 2032                        
Borrowings                        
Nominal value $ 14,600 $ 14,600                    
Interest rate 6.875% 6.875%                    
Outstanding $ 10,400 $ 11,400                    
ACI | Class 10 Notes, Fixed 0.000 Percent, Matures in 2025                        
Borrowings                        
Interest rate   0.00%                    
CAI | Secured notes, fixed 4.556%, matures in 2024                        
Borrowings                        
Nominal value   $ 71,800                    
Interest rate   4.556%                    
Outstanding   $ 67,700                    
AA2000 | Senior secured guarantee notes, fixed 6.875%, matures in 2027                        
Borrowings                        
Nominal value $ 212,300 $ 212,300                    
Interest rate 6.875% 6.875%                    
Outstanding $ 44,500 $ 67,800                    
AA2000 | Senior secured guarantee notes, fixed 8.500%, matures in 2031                        
Borrowings                        
Nominal value $ 208,900 $ 208,900                    
Interest rate 8.50% 8.50%                    
Outstanding $ 209,100 $ 208,600                    
AA2000 | Class 1 Series 2021 Notes, fixed 8.500%, matures in 2031                        
Borrowings                        
Nominal value $ 64,000 $ 64,000                    
Interest rate 8.50% 8.50%                    
Outstanding $ 61,700 $ 61,200                    
AA2000 | Class 4 Notes, fixed 9.500%, matures in 2028                        
Borrowings                        
Nominal value $ 62,000 $ 62,000                    
Interest rate 9.50% 9.50%                    
Outstanding $ 61,400 $ 60,700                    
AA2000 | Class 5 Notes, fixed 5.500%, matures in 2032                        
Borrowings                        
Nominal value $ 138,000 $ 138,000         $ 20,000   $ 138,000      
Interest rate 5.50% 5.50%                    
Outstanding $ 138,400 $ 138,300                    
AA2000 | Class 6 Notes, fixed 2.000%, matures in 2025                        
Borrowings                        
Nominal value $ 36,000 $ 36,000             $ 36,000      
Interest rate 2.00% 2.00%                    
Outstanding $ 27,200 $ 34,400                    
AA2000 | Class 11 Notes, Fixed 5.500 Percent, Matures in December 2026                        
Borrowings                        
Nominal value $ 28,800                      
Interest rate 5.50%                      
Outstanding $ 28,600                      
AA2000 | Class 9 Notes, Fixed 0.000 Percent, Matures in 2026                        
Borrowings                        
Nominal value $ 30,000 $ 30,000 $ 2,700   $ 30,000              
Interest rate 0.00% 0.00%                    
Outstanding $ 23,100 $ 30,400           $ 2,000        
AA2000 | Class 10 Notes, Fixed 0.000 Percent, Matures in 2025                        
Borrowings                        
Nominal value $ 25,000 25,000 $ 25,000                  
Interest rate 0.00%                      
Outstanding $ 18,500 $ 24,500                    
v3.25.1
Borrowings - Notes to borrowings - Narrative (Details)
$ in Thousands, € in Millions
 1 Months Ended 12 Months Ended
Aug. 19, 2022
USD ($)
installment
Feb. 21, 2022
USD ($)
item
Nov. 12, 2021
USD ($)
Oct. 28, 2021
USD ($)
Aug. 20, 2020
May 26, 2020
USD ($)
May 20, 2020
USD ($)
Jan. 08, 2018
Apr. 30, 2023
EUR (€)
Aug. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 30, 2024
USD ($)
Jul. 31, 2023
USD ($)
Jul. 29, 2022
USD ($)
Jul. 08, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 04, 2021
USD ($)
Sep. 08, 2021
USD ($)
Borrowings                                          
Borrowings                       $ 1,158,071 $ 1,333,237 $ 1,465,437              
Prepayments                 € 20     314,077 200,475 328,775              
Treasury shares                       4,094 4,322 $ 4,600         $ 4,772    
ACI                                          
Borrowings                                          
Borrowings     $ 8,500                                    
Interest payment account                             $ 14,600            
Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Borrowings                                 $ 10,000        
Notes [Member]                                          
Borrowings                                          
Borrowings                       860,100 940,900                
Senior secured guarantee notes, fixed 6.875%, matures in 2034 | ACI                                          
Borrowings                                          
Borrowings                       $ 237,200 $ 235,900                
Interest rate                       6.875% 6.875%                
Nominal value                       $ 246,200 $ 246,200                
Senior secured guarantee notes, fixed 6.875%, matures in 2034 | ACI Airport Sudamerica S.A.U.                                          
Borrowings                                          
Borrowings     $ 246,200                                    
Cash interest rate     6.875%                                    
Senior secured guarantee notes, fixed 8.500%, matures in 2031 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                       $ 209,100 $ 208,600                
Interest rate                       8.50% 8.50%                
Nominal value                       $ 208,900 $ 208,900                
Senior secured guarantee notes, fixed 8.500%, matures in 2031 | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Borrowings       $ 208,900                                  
Interest rate       8.50%                                  
6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 | ACI Airport Sudamerica S.A.U.                                          
Borrowings                                          
Borrowings           $ 180,900                              
Cash interest rate           6.875%                              
PIK interest rate           7.875%                              
Repurchase and exchange as a percentage of total original principal amount           93.60%                              
Series 2015 Notes | ACI Airport Sudamerica S.A.U.                                          
Borrowings                                          
Repurchase and exchange as a percentage of total original principal amount     40.62%                                    
Series 2017 Notes | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Repurchase and exchange as a percentage of total original principal amount         24.61%                                
Series 2020 Notes | ACI Airport Sudamerica S.A.U.                                          
Borrowings                                          
Money offering in private transaction     $ 52,900                                    
Repurchase and exchange as a percentage of total original principal amount     96.43%                                    
Series 2020 Notes | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Repurchase and exchange as a percentage of total original principal amount       66.83%                                  
Series 2021 Notes | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Nominal value                                       $ 64,000  
Class 4 Notes, fixed 9.500%, matures in 2028 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                       $ 61,400 $ 60,700                
Interest rate                       9.50% 9.50%                
Nominal value                       $ 62,000 $ 62,000                
Class 4 Notes, fixed 9.500%, matures in 2028 | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Borrowings                                       62,000  
Total of first priority lien and second priority lien                                       $ 235,000  
Class 5 Notes and Class 6 Notes | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Number of tranches | item   2                                      
Class 5 Notes and Class 6 Notes | Aeropuertos Argentina 2000 S.A.("AA2000") | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                                         $ 174,000
Class 5 Notes, fixed 5.500%, matures in 2032 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                       $ 138,400 $ 138,300                
Interest rate                       5.50% 5.50%                
Nominal value   $ 138,000                   $ 138,000 $ 138,000         $ 20,000      
Grace period   5 years                                      
Class 6 Notes, fixed 2.000%, matures in 2025                                          
Borrowings                                          
Treasury shares                       7,300                  
Class 6 Notes, fixed 2.000%, matures in 2025 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                       $ 27,200 $ 34,400                
Interest rate                       2.00% 2.00%                
Nominal value   $ 36,000                   $ 36,000 $ 36,000                
Class 9 Notes, Fixed 0.000 Percent, Matures in 2026 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                     $ 2,000 $ 23,100 $ 30,400                
Interest rate                       0.00% 0.00%                
Nominal value $ 30,000                     $ 30,000 $ 30,000     $ 2,700          
Debt instrument periodic payment $ 10,000                                        
Prepayments                   $ 12,600                      
Number of installments for repayment | installment 3                                        
Amount of borrowings repurchased                     $ 25,400                    
Nominal value of notes after integration $ 25,400                                        
Nominal value of notes integrated in ARS $ 4,600                                        
Class 10 Notes, Fixed 0.000 Percent, Matures in 2025                                          
Borrowings                                          
Treasury shares                       4,700                  
Class 10 Notes, Fixed 0.000 Percent, Matures in 2025 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                       $ 18,500 24,500                
Interest rate                       0.00%                  
Nominal value                       $ 25,000 $ 25,000     $ 25,000          
Class 10 Notes, Fixed 0.000 Percent, Matures in 2025 | ACI                                          
Borrowings                                          
Interest rate                         0.00%                
Class 11 Notes, Fixed 5.500 Percent, Matures in December 2026 | Aeropuertos Argentina 2000 SA                                          
Borrowings                                          
Borrowings                       $ 28,600                  
Interest rate                       5.50%                  
Nominal value                       $ 28,800                  
Class 9                                          
Borrowings                                          
Treasury shares                       $ 7,100                  
Secured notes due 2024 (the Italian Notes) | C.A.I.S.A.                                          
Borrowings                                          
Percentage of share capital of debt issuing entity secured by pledge               100.00%                          
Interest rate               100.00%                          
6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Borrowings             $ 306,000                            
Cash interest rate             6.875%                            
PIK interest rate             9.375%                            
Repurchase and exchange as a percentage of total original principal amount             86.73%                            
Series 3 notes | Aeropuertos Argentina 2000 S.A.("AA2000")                                          
Borrowings                                          
Repurchase and exchange as a percentage of total original principal amount                       90.70%                  
v3.25.1
Borrowings - Financial borrowings (Details)
$ in Thousands, € in Millions, R$ in Millions
 1 Months Ended 12 Months Ended
Jan. 15, 2024
USD ($)
Jan. 15, 2024
BRL (R$)
Apr. 30, 2023
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Borrowings            
Borrowing       $ 1,158,071 $ 1,333,237 $ 1,465,437
Prepayments     € 20 314,077 200,475 $ 328,775
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante            
Borrowings            
Prepayments $ 15,700          
Bank and financial borrowings            
Borrowings            
Borrowing       $ 282,900 $ 407,800  
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto de Brasilia | December 2033            
Borrowings            
Borrowings, interest rate basis       TJLP(2) plus spread TJLP(2) plus spread  
Borrowing       $ 157,700 $ 213,900  
Bank and financial borrowings | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | February 2026            
Borrowings            
Borrowings, interest rate basis       T.R.E.(3) plus spread T.R.E.(3) plus spread  
Borrowing       $ 2,400 $ 4,200  
Bank and financial borrowings | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | December 2025            
Borrowings            
Borrowings, interest rate basis       T.R.E.(3) plus spread T.R.E.(3) plus spread  
Borrowing       $ 1,800 $ 1,400  
Bank and financial borrowings | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | December 2025            
Borrowings            
Borrowings, interest rate basis         T.R.E.(3) plus spread  
Borrowing         $ 3,600  
Bank and financial borrowings | Terminal Aeroportuaria Guayaquil S.A. ("TAGSA") | November 2024            
Borrowings            
Borrowings, interest rate basis         T.R.E.(3) plus spread  
Borrowing         $ 1,800  
Bank and financial borrowings | URUGUAY | February 2026            
Borrowings            
Borrowings, interest rate       4.30% 4.30%  
Borrowing       $ 300 $ 600  
Bank and financial borrowings | URUGUAY | November 2027            
Borrowings            
Borrowings, interest rate       5.37% 5.37%  
Borrowing       $ 700 $ 1,000  
Bank and financial borrowings | URUGUAY | January 2028            
Borrowings            
Borrowings, interest rate       5.37%    
Borrowing       $ 800    
Bank and financial borrowings | URUGUAY | October 2024            
Borrowings            
Borrowings, interest rate         4.30%  
Borrowing         $ 400  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | June 2030            
Borrowings            
Borrowings, interest rate basis       Euribor plus spread    
Borrowing       $ 90,700    
Bank and financial borrowings | Toscana Aeroporti S.p.A. | September 2027            
Borrowings            
Borrowings, interest rate basis         Euribor 6 month plus spread  
Borrowing         $ 13,000  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | March 2024            
Borrowings            
Borrowings, interest rate basis         Euribor 3 month plus spread  
Borrowing         $ 9,400  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | March 2024            
Borrowings            
Borrowings, interest rate basis         Euribor 6 month plus spread  
Borrowing         $ 12,300  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | January 2024            
Borrowings            
Borrowings, interest rate         6.10%  
Borrowing         $ 12,200  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | September 2026            
Borrowings            
Borrowings, interest rate basis         Euribor 3 month plus spread  
Borrowing         $ 60,500  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | June 2024            
Borrowings            
Borrowings, interest rate basis         Euribor 3 month plus spread  
Borrowing         $ 100  
Bank and financial borrowings | Toscana Aeroporti S.p.A. | February 2024            
Borrowings            
Borrowings, interest rate basis         Euribor 3 month plus spread  
Borrowing         $ 4,000  
Bank and financial borrowings | AA2000 | October 2025            
Borrowings            
Borrowings, interest rate basis       SOFR plus spread SOFR plus spread  
Borrowing       $ 10,200 $ 10,200  
Bank and financial borrowings | AA2000 | November 2024            
Borrowings            
Borrowings, interest rate         8.50%  
Borrowing         $ 9,000  
Bank and financial borrowings | AA2000 | January 2024            
Borrowings            
Borrowings, interest rate         15.50%  
Borrowing         $ 500  
Bank and financial borrowings | AA2000 | December 2024            
Borrowings            
Borrowings, interest rate         15.50%  
Borrowing         $ 100  
Bank and financial borrowings | AA2000 | July 2024            
Borrowings            
Borrowings, interest rate         7.00%  
Borrowing         $ 300  
Bank and financial borrowings | Consorcio Aeropuertos Internacionales S.A. | April 2027            
Borrowings            
Borrowings, interest rate       5.10% 5.10%  
Borrowing       $ 3,900 $ 5,500  
Bank and financial borrowings | Consorcio Aeropuertos Internacionales S.A. | April 2027            
Borrowings            
Borrowings, interest rate       3.80% 3.80%  
Borrowing       $ 3,900 $ 5,500  
Bank and financial borrowings | Consorcio Aeropuertos Internacionales S.A. | April 2029            
Borrowings            
Borrowings, interest rate basis       SOFR plus spread    
Borrowing       $ 4,000    
Bank and financial borrowings | Puerta del Sur S.A. | March 2028            
Borrowings            
Borrowings, interest rate       5.15% 6.14%  
Borrowing       $ 6,500 $ 8,500  
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032            
Borrowings            
Borrowings, interest rate basis         TJLP(2) plus spread  
Borrowing         $ 6,600  
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | June 2032            
Borrowings            
Borrowings, interest rate basis         T.R. plus spread plus IPCA  
Borrowing         $ 1,800  
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | September 2032            
Borrowings            
Borrowings, interest rate basis         T.R. plus spread plus IPCA  
Borrowing         $ 4,900  
Bank and financial borrowings | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante | July 2032            
Borrowings            
Borrowings, interest rate basis         T.R. plus spread plus IPCA  
Borrowing         $ 2,300  
Bank and financial borrowings | Armenia International Airports C.J.S.C. | December 2024            
Borrowings            
Borrowings, interest rate         6.00%  
Borrowing         $ 13,200  
Financial borrowing amount            
Borrowings            
Borrowing         $ 392,200  
Financial borrowing amount | Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante            
Borrowings            
Prepayments | R$   R$ 75.9        
v3.25.1
Borrowings - Financial borrowings - Narrative (Details)
$ in Thousands, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Nov. 18, 2021
USD ($)
Nov. 18, 2021
ARS ($)
Dec. 31, 2023
EUR (€)
Apr. 30, 2023
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
EUR (€)
Jun. 27, 2024
EUR (€)
May 31, 2024
EUR (€)
tranche
Dec. 31, 2022
EUR (€)
Jul. 29, 2022
USD ($)
Apr. 16, 2021
USD ($)
Feb. 28, 2014
Borrowings                            
Current portion of non-current borrowings | €                     € 20.0      
Prepayments       € 20.0 $ 314,077 $ 200,475 $ 328,775              
Proceeds from borrowings, classified as financing activities         190,345 87,846 371,951              
Borrowings         1,158,071 1,333,237 $ 1,465,437              
Toscana                            
Borrowings                            
Nominal value | €               € 82.8 € 82.8          
Lenders disbursed         $ 92,900     € 89.4            
Percentage of loan related to investment plan         80.00%     80.00%            
Secured loans         $ 48,000                  
Armenia International Airports C.J.S.C. | PDS Chairman                            
Borrowings                            
Secured loans                         $ 600  
CAIT                            
Borrowings                            
Borrowings         $ 15,100     € 14.5            
Existing financial debt | Toscana                            
Borrowings                            
Nominal value | €                   € 96.2        
Number of tranches | tranche                   2        
Investment plan | Toscana                            
Borrowings                            
Nominal value | €                   € 60.2        
Number of tranches | tranche                   2        
Working capital | Toscana                            
Borrowings                            
Nominal value | €                   € 20.0        
Credit Facility Agreement With BNDES                            
Borrowings                            
Borrowings           $ 15,600                
Credit Facility Agreement With BNDES And CAIXA | Inframerica Concessionaria do Aeroporto de Brasilia                            
Borrowings                            
Maximum percentage of net profits for dividend payment requiring pre-authorization                           25.00%
Senior Secured Dual Currency Facility Agreement | Armenia International Airports C.J.S.C.                            
Borrowings                            
Prepayments | €     € 20.0                      
Borrowings | €                     € 40.0      
Aeropuertos Argentina 2000 S.A.("AA2000")                            
Borrowings                            
Borrowings                       $ 10,000    
Aeropuertos Argentina 2000 S.A.("AA2000") | Offshore renegotiation                            
Borrowings                            
Prepayments $ 34,300 $ 6,085.0                        
Proceeds from borrowings, classified as financing activities 20,800 $ 3,682.0                        
Aeropuertos Argentina 2000 S.A.("AA2000") | Onshore renegotiation - ICBC                            
Borrowings                            
Proceeds from borrowings, classified as financing activities $ 7,800                          
Puerta del Sur S.A ("PDS") | Armenia International Airports C.J.S.C.                            
Borrowings                            
Secured loans                         1,200  
Puerta del Sur S.A ("PDS") | Banco de la Repblica Oriental del Uruguay                            
Borrowings                            
Borrowings                         $ 10,000  
v3.25.1
Other liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non-current    
Concession fee payable $ 550,095 $ 690,319
Advances from customers 8,584 13,368
Provisions for legal claims 7,928 8,979
Provision for maintenance costs 21,941 21,364
Other taxes payable 789 199
Employee benefit obligation 3,885 4,382
Salary payable   291
Other liabilities with related parties 12,904 15,275
Other payables 15,286 14,187
Total other non-current liabilities 621,412 768,364
Current    
Concession fee payable 198,420 223,051
Other taxes payable 29,956 18,921
Salary payable 57,402 41,656
Other liabilities with related parties 2,146 2,689
Advances from customers 5,026 5,647
Provision for maintenance cost 6,165 5,678
Expenses provisions 3,294 6,203
Provisions for legal claims 5,889 5,286
Other payables 40,288 36,733
Total other current liabilities $ 348,586 $ 345,864
v3.25.1
Other liabilities - Maturity of other liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Maturity Amount $ 2,034,296 $ 1,987,742
1 year or less    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Maturity Amount 348,586 345,864
1 - 2 years    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Maturity Amount 84,662 96,071
2 - 5 years    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Maturity Amount 265,716 279,683
Over 5 years    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Maturity Amount $ 1,335,332 $ 1,266,124
v3.25.1
Other liabilities - Changes in the concession fee payable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Other liabilities    
Balances at the beginning of the year $ 913,370 $ 929,009
Financial result 87,556 100,237
Concession fees 190,665 135,530
Payments (227,571) (199,618)
Re-equilibrium compensation (19,144) (22,946)
Other 2,405 (75,475)
Translation differences and inflation adjustment (198,766) 46,633
Balances at the end of the year $ 748,515 $ 913,370
v3.25.1
Other liabilities - Changes in the provision for maintenance (Details) - Provision for maintenance costs - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of other provisions [line items]    
Balances at the beginning of the year $ 27,042 $ 22,914
Accrual of the year 5,594 5,349
Use of the provision (2,801) (2,127)
Translation differences and inflation adjustment (1,729) 906
Balances at the end of year $ 28,106 $ 27,042
v3.25.1
Other liabilities - Sensibility in relation with the provision of Toscana (Details) - Toscana Aeroporti S.p.A.
$ in Thousands
Dec. 31, 2024
USD ($)
Annual discount rate  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Percentage of reasonably possible increase in actuarial assumption 0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption $ 2,418
Percentage of reasonably possible decrease in actuarial assumption (0.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption $ 2,611
Annual rate of inflation  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Percentage of reasonably possible increase in actuarial assumption 0.25%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption $ 2,538
Percentage of reasonably possible decrease in actuarial assumption (0.25%)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption $ 2,485
Annual turnover rate  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Percentage of reasonably possible increase in actuarial assumption 2.50%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption $ 2,520
Percentage of reasonably possible decrease in actuarial assumption (2.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption $ 2,503
v3.25.1
Other liabilities - Sensibility in relation with the provision of TAGSA (Details) - Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")
$ in Thousands
Dec. 31, 2024
USD ($)
Annual discount rate  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Percentage of reasonably possible increase in actuarial assumption 0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption $ 1,312
Percentage of reasonably possible decrease in actuarial assumption (0.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption $ 1,435
Annual employee future wage increase  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Percentage of reasonably possible increase in actuarial assumption 0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption $ 1,436
Percentage of reasonably possible decrease in actuarial assumption (0.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption $ 1,311
Annual turnover rate  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Percentage of reasonably possible increase in actuarial assumption 0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption $ 1,366
Percentage of reasonably possible decrease in actuarial assumption (0.50%)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption $ 1,378
v3.25.1
Other liabilities - Changes in the provision for employee benefits (Details) - Provision for employee benefit obligation - Employee benefit obligation - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of other provisions [line items]    
Balances at the beginning of the year $ 4,382 $ 4,376
Actuarial gain/loss (in other comprehensive income) 13 (32)
Service Cost (273) 367
Amounts paid in the year (359) (418)
Other 275  
Translation differences and inflation adjustment (153) 89
Balances at the end of year $ 3,885 $ 4,382
v3.25.1
Other liabilities - Changes in the provision for legal claims (Details) - Legal proceedings provision - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of other provisions [line items]    
Balances at the beginning of the year $ 14,265 $ 13,136
Accrual of the year 3,768 4,469
Other 136  
Use of the provision (1,896) (1,911)
Translation differences and inflation adjustment (2,456) (1,429)
Balances at the end of year $ 13,817 $ 14,265
v3.25.1
Other liabilities - Fixed concession fee payable (Details)
R$ in Thousands
 12 Months Ended
Dec. 31, 2024
BRL (R$)
installment
Brasilia Airport Concession Agreement  
Disclosure of financial liabilities [line items]  
Fixed concession fee payable R$ 4,501,132
Number of annual installments | installment 25
Natal Airport Concession Agreement  
Disclosure of financial liabilities [line items]  
Fixed concession fee payable R$ 6,800
v3.25.1
Other liabilities - Additional information (Details)
$ in Thousands, R$ in Millions
 1 Months Ended 12 Months Ended 24 Months Ended
Jul. 20, 2021
Nov. 02, 2020
Oct. 23, 2020
Nov. 30, 2023
Dec. 31, 2024
USD ($)
Dec. 31, 2024
BRL (R$)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Disclosure of subsidiaries [line items]                  
Deferred income         $ 18,556   $ 21,060   $ 18,556
Outstanding balance to be paid               $ 14,700  
Application of credits compensated with concession fees             (19,156) (24,126)  
Concession fee payable due to re-bidding process             74,640    
Percentage of annual concession fee to be paid 50.25%                
Period for final years of the concession     6 years            
Remeasurement of defined benefit obligation         (33)   4 $ 859  
Remeasurement of defined benefit obligation before taxes         (13)   8    
Taxes relating to remeasurement of defined benefit obligation         $ (20)   $ 12    
Brasilia Airport Concession Agreement                  
Disclosure of subsidiaries [line items]                  
Annual fee payment percentage         2.00% 2.00%      
Concession Fee Percentage         4.50% 4.50%      
Toscana Aeroporti S.p.A.                  
Disclosure of subsidiaries [line items]                  
Annual discount rate         3.38%   3.17%   3.38%
Annual inflation rate         2.00%   2.00%   2.00%
Annual employee termination benefit increase rate         3.00% 3.00% 3.00%    
Provisions         $ 2,500       $ 2,500
Terminal Aeroportuaria Guayaquil S.A. ("TAGSA")                  
Disclosure of subsidiaries [line items]                  
Annual discount rate         5.15%   5.77%   5.15%
Annual inflation rate         16.07%   15.52%   16.07%
Annual employee termination benefit increase rate         1.33% 1.33% 1.33%    
Annual employee termination benefit         6 years 3 months 14 days 6 years 3 months 14 days 6 years 10 months 2 days    
Provisions         $ 1,400       $ 1,400
Inframerica Concessionaria do Aeroporto de Brasilia                  
Disclosure of subsidiaries [line items]                  
Re-scheduled fixed concession fees payment (as a percent)   50.00% 50.00% 50.00%          
Percentage of annual concession fee to be paid                 50.00%
Partial payment made through the application of re-equilibrium credits         $ 15,000 R$ 81.6      
v3.25.1
Trade payables (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Non-current    
Trade payable with suppliers $ 1,914 $ 2,617
Total non-current trade payables 1,914 2,617
Current    
Trade payables with suppliers 115,763 107,502
Trade payables with related parties (Note 27) 5,000 5,266
Total current trade payables $ 120,763 $ 112,768
v3.25.1
Equity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity      
As at January 1 $ 4,322 $ 4,600 $ 4,772
Transfer of treasury shares to executives and key employees (228) (278) (172)
As at December 31 $ 4,094 $ 4,322 $ 4,600
At January 1 2,251,123 2,396,015 2,485,445
Transfer of treasury shares to executives and key employees (118,798) (144,892) (89,430)
At December 31 2,132,325 2,251,123 2,396,015
v3.25.1
Equity - Share premium (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity        
Share premium $ 183,430 $ 183,430 $ 183,430 $ 183,430
v3.25.1
Equity - Other reserves (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
EQUITY      
At the beginning of the year $ (1,313,888)    
Share base compensation reserve 1,143 $ 1,055 $ 667
Remeasurement of defined benefit obligations net for income tax (33) 4 859
At the end of the year (1,319,682) (1,313,888)  
Other reserves      
EQUITY      
At the beginning of the year (1,313,888) (1,314,025) (1,321,211)
Change in participations (4,641) 12 6,682
Share base compensation reserve 1,143 1,055 667
Execution of share-based compensation reserve (1,033) (949) (510)
Hedge reserve net of income tax (1,249)    
Remeasurement of defined benefit obligations net for income tax (14) 19 347
At the end of the year $ (1,319,682) $ (1,313,888) $ (1,314,025)
v3.25.1
Equity - Other comprehensive income / (loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
EQUITY      
Balances at January 1 $ (482,435) $ (250,747) $ (321,596)
Other comprehensive income/(loss) for the year 365,118 (231,688) 70,849
For the year ended December 31, (117,317) (482,435) (250,747)
Currency translation adjustment      
EQUITY      
Balances at January 1 (505,015) (273,378) (343,837)
Other comprehensive income/(loss) for the year 366,362 (231,637) 70,459
For the year ended December 31, (138,653) (505,015) (273,378)
Remeasurement of defined benefit obligations      
EQUITY      
Balances at January 1 532 520 120
Other comprehensive income/(loss) for the year (3) 12 400
For the year ended December 31, 529 532 520
Cash flow hedge      
EQUITY      
Other comprehensive income/(loss) for the year (1,643) 0 0
For the year ended December 31, (1,643)    
Share of other comprehensive loss from associates      
EQUITY      
Balances at January 1 (41,239) (41,169) (41,212)
Other comprehensive income/(loss) for the year 19 (70) 43
For the year ended December 31, (41,220) (41,239) (41,169)
Income Tax effect      
EQUITY      
Balances at January 1 (115) (122) (69)
Other comprehensive income/(loss) for the year 383 7 (53)
For the year ended December 31, 268 (115) (122)
Transfer from shareholders equity - currency translation differences      
EQUITY      
Balances at January 1 63,402 63,402 63,402
Other comprehensive income/(loss) for the year 0 0 0
For the year ended December 31, $ 63,402 $ 63,402 $ 63,402
v3.25.1
Equity - Non controlling interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
EQUITY      
At the beginning of the year $ 78,929    
Redemption of preferred shares     $ (182,336)
Other comprehensive (loss) / income      
Currency translation 466,203 $ (281,684) 91,105
Remeasurement of defined benefit obligation net of tax (33) 4 859
Total other comprehensive (loss) / income 463,516 (281,750) 92,007
Changes in non-controlling interest      
Changes in non-controlling interest (58,520) (13,656) (11,382)
Non-controlling interest at the end of the year 148,686 78,929  
Non-controlling interests      
EQUITY      
At the beginning of the year 78,929 146,274 303,877
Shareholder contributions 0 9,424 24,170
Loss for the year 25,238 (13,039) (2,531)
Redemption of preferred shares     (182,336)
Other comprehensive (loss) / income      
Currency translation 99,841 (50,047) 20,646
Remeasurement of defined benefit obligation net of tax (10) (20) 616
Cash flow hedge (1,874)    
Reserve for income tax 441 5 (104)
Total other comprehensive (loss) / income 98,398 (50,062) 21,158
Changes in non-controlling interest      
Changes in the participations -acquisitions (26,499) (12) (6,682)
Dividends paid (27,380) (13,656) (11,382)
Changes in non-controlling interest (53,879) (13,668) (18,064)
Non-controlling interest at the end of the year $ 148,686 $ 78,929 $ 146,274
v3.25.1
Equity - Additional information (Details)
 1 Months Ended 12 Months Ended
Dec. 30, 2022
Oct. 31, 2024
Aug. 31, 2024
USD ($)
shares
Apr. 30, 2024
USD ($)
shares
Nov. 30, 2023
USD ($)
shares
Apr. 30, 2023
USD ($)
shares
Jan. 31, 2023
USD ($)
May 31, 2022
USD ($)
shares
Apr. 30, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2022
ARS ($)
shares
Dec. 31, 2021
USD ($)
shares
Mar. 10, 2022
USD ($)
Mar. 10, 2022
ARS ($)
EQUITY                                  
Share capital                     $ 163,223,000 $ 163,223,000 $ 163,223,000        
Number of shares forfeited | shares                         12,500 12,500      
Number of shares assigned to employees | shares                     87,324 113,848 146,115 146,115      
Number of shares delivered | shares                     118,798 144,892 89,430 89,430      
Percentage of ownership interest held by Inframerica 80.00%                                
Payment for acquisitions                     $ 30,949,000            
Pending of dividend payaments                     $ 12,435,000            
AA2000                                  
EQUITY                                  
Total redemption value                               $ 155,200,000 $ 17,225,719,240
Total redemption value, after adjustment for inflation                               $ 182,300,000 $ 32,302,581,376
Cash disbursements                         $ 172,000,000 $ 30,476,665,719      
Shares assigned in December 2021                                  
EQUITY                                  
Number of shares fully vested | shares                       50,000 62,500 62,500 125,000    
Value of shares fully vested                       $ 288,000 $ 360,000   $ 720,000    
Number of shares forfeited | shares                         12,500 12,500      
Value of shares assigned                   $ 1,440,000              
Number of shares assigned to employees | shares                   250,000              
Shares assigned in April 2022                                  
EQUITY                                  
Value of shares assigned                 $ 500,000                
Number of shares assigned to employees | shares                 89,767                
Number of shares delivered | shares           26,930   26,930                  
Value of shares delivered           $ 150,000   $ 150,000                  
Shares assigned in December 2022                                  
EQUITY                                  
Value of shares assigned                         $ 314,000        
Number of shares assigned to employees | shares                         56,348 56,348      
Number of shares delivered           16,904 16,904                    
Value of shares delivered           $ 94,000 $ 94,000                    
Shares assigned in April 2023                                  
EQUITY                                  
Value of shares assigned           $ 739,000                      
Number of shares assigned to employees | shares           77,938                      
Number of shares delivered | shares     23,381 23,381                          
Value of shares delivered     $ 221,700 $ 221,700                          
Shares assigned in November 2023                                  
EQUITY                                  
Value of shares assigned         $ 340,000                        
Number of shares assigned to employees | shares         35,910                        
Number of shares delivered | shares     10,773   10,773                        
Value of shares delivered     $ 102,100   $ 102,100                        
Shares assigned in August 2024                                  
EQUITY                                  
Value of shares assigned     $ 1,279,000                            
Number of shares assigned to employees | shares     87,324                            
Number of shares delivered | shares     26,197                            
Value of shares delivered     $ 383,800                            
Corporacion America S.A.                                  
EQUITY                                  
Percentage of ownership interest held by Inframerica                     100.00% 97.22% 97.22% 97.22%      
Corporacion America S.A. | Minimum                                  
EQUITY                                  
Percentage of ownership interest held by Inframerica                         97.20% 97.20%      
Corporacion America S.A. | Maximum                                  
EQUITY                                  
Percentage of ownership interest held by Inframerica                         97.22% 97.22%      
Cedicor S.A                                  
EQUITY                                  
Percentage of ownership interest held by Inframerica   100.00%                 100.00% 100.00% 100.00% 100.00%      
Payment for acquisitions                       $ 30,949,000          
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Contingencies (Details)
€ in Thousands, $ in Millions
 1 Months Ended 11 Months Ended 12 Months Ended
May 31, 2024
EUR (€)
May 09, 2024
USD ($)
Dec. 29, 2023
Dec. 13, 2023
USD ($)
Sep. 14, 2019
USD ($)
Sep. 14, 2019
BRL (R$)
Aug. 27, 2019
BRL (R$)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
BRL (R$)
Mar. 31, 2022
USD ($)
Nov. 30, 2023
USD ($)
Nov. 30, 2023
BRL (R$)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2018
EUR (€)
contract
Dec. 31, 2014
BRL (R$)
Sep. 11, 2024
USD ($)
Sep. 11, 2024
ARS ($)
Sep. 30, 2022
USD ($)
Jan. 31, 2022
USD ($)
Sep. 10, 2021
EUR (€)
Contingencies, commitments and restrictions on the distribution of profits                                              
Total amount of loan               $ 1,333,237,000         $ 1,158,071,000   $ 1,333,237,000 $ 1,465,437,000              
Revenue                         1,843,267,000   1,400,038,000 1,378,663,000              
Bad debt recovery recognized                         4,443,000   1,546,000 (4,760,000)              
Amount of identified three total payments                         138,600         R$ 858,000          
Legal action to claiming for late payment of taxes         $ 209,900 R$ 1,300,000                                  
TA Concession Agreement | Toscana Aeroporti S.p.A.                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Payments for confirmation deposit with no property passage                   $ 3,300,000                          
Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB")                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Revenue                         108,991,000   $ 100,252,000 $ 79,713,000              
Tax Proceedings                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Legal proceedings claim payments | R$             R$ 17,000,000                                
Value of tax demanded award the plaintiff seeks in the legal matter               $ 1,200,000 R$ 8,000,000   $ 12,900,000 R$ 80,000,000                      
Tax Proceedings | TA Concession Agreement | Toscana Aeroporti S.p.A.                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Amount of guarantees constituted                         500,000                    
Tax Proceedings | Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB")                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Legal proceedings claim amount                                         $ 3,300,000    
TAGSA legal proceedings | Inframerica Concessionria do Aeroporto de Braslia S.A. ("ICAB")                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Legal proceedings claim amount                                           $ 4,500,000  
Aeropuertos del Neuqu'n S.A. ("NQN") legal proceedings                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Amount of damages awarded to the plaintiff       $ 600,000                                      
Amount of interest on damages awarded to the plaintiff       $ 300,000                                      
Annual interest rate on damages awarded to plaintiff     8.00%                                        
Percentage of legal cost judgment amount       53.30%                                      
ANSA legal proceedings, relating to claim by a supplier for breach of contract, two                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Legal proceedings claim amount                         500,000                    
Amount of ANSAs bank accounts attached                         300,000                    
Insurance offered by ANSA                         $ 500,000                    
Granted the claim and ordered ANSA to pay                                     $ 3,000 $ 3.4      
First instance proceedings                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Percentage of legal cost judgment amount, on appeal       15.60%                                      
Second instance proceedings                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Percentage of legal costs on the legal costs of previous proceedings       30.00%                                      
Italian Proceedings | ARSA                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Reimbusement of deposit | € € 4,700                                            
Number of preliminary sales contracts | contract                                 2            
Italian Proceedings | ARSA | First contract                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Repayment of contract expected price | €                                 € 75,000           € 72,000
Contract expected price | €                                 3,000            
Italian Proceedings | ARSA | Second contract                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Repayment of contract expected price | €                                 90           € 81
Contract expected price | €                                 € 9            
peruvian proceedings                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Amount of damages awarded to the plaintiff   $ 91,200,000                                          
peruvian proceedings | ARSA                                              
Contingencies, commitments and restrictions on the distribution of profits                                              
Provision | €                           € 0                  
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Commitments (Details)
 1 Months Ended 12 Months Ended
Apr. 03, 2007
Feb. 28, 1998
item
Dec. 31, 2024
item
Dec. 31, 2022
Dec. 31, 2021
aircraft
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     52    
Argentina | AA2000          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports   33 35    
Concession agreement extension period 10 years        
Argentina | ANSA          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Concession agreement extension period         20 years
Argentina | BBL          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Concession agreement extension period     10 years    
Italy | TA (SAT)          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Italy | TA (ADF)          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Brazil | ICAB          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Concession agreement extension period     5 years    
Uruguay | PDS          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     7    
Concession agreement extension period       10 years  
Number of regional airports | aircraft         6
Uruguay | CAISA          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Ecuador | TAGSA          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Ecuador | ECOGAL          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     1    
Armenia | AIA          
Contingencies, commitments and restrictions on the distribution of profits          
Number of airports     2    
Concesssion agreement extension period description     Option to renew every 5 years    
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Argentine Concession Agreement (Details)
$ / shares in Units, $ in Thousands, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2018
USD ($)
Apr. 03, 2007
Feb. 28, 1998
item
Dec. 31, 2024
USD ($)
item
Dec. 31, 2024
ARS ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2018
ARS ($)
Dec. 31, 2006
$ / shares
shares
Contingencies, commitments and restrictions on the distribution of profits                
Number of airports | item       52 52      
Payments to acquire or redeem entity's shares           $ 172,029    
Argentina | AA2000                
Contingencies, commitments and restrictions on the distribution of profits                
Number of airports | item     33 35 35      
Initial term of concession agreement   30 years            
Concession agreement extension period   10 years            
Approximate CAPEX commitment plus VAT       $ 500,000        
Number of phases to perform the CAPEX commitment | item       2 2      
Approximate CAPEX commitment plus VAT, in Phase 1       $ 336,000        
Approximate annual investment committed plus VAT, in Phase 2       41,000        
Approximate CAPEX commitment plus VAT, in Phase 2       164,000        
Amount of works executed       $ 52,000        
Percentage of entity's revenue       15.00% 15.00%      
Percentage of previously deducted funds for deposit       30.00% 30.00%      
Amount of surety bond contracted       $ 25,000        
Amount of concession contract fulfilment to whom guarantee sets up       25,600 $ 26,419.0      
Minimum amount for civil liability insurance policy provision $ 300           $ 300.0  
Civil liability insurance premium paid $ 300,000              
Civil liability insurance       3,184        
Civil liability insurance regarding construction risk       $ 40,000        
Number of preferred shares convertible into common shares | shares               496,161,413
Nominal value of each convertible preferred share | $ / shares               $ 1
Percentage per year of total amount of initial preferred shares issued for maximum amount of conversion               12.50%
Argentina | AA2000 | Fund to trust for development of argentine national airport system                
Contingencies, commitments and restrictions on the distribution of profits                
Percentage of previously deducted funds for deposit       11.25% 11.25%      
Argentina | AA2000 | Fund to study control and regulate argentine concession                
Contingencies, commitments and restrictions on the distribution of profits                
Percentage of previously deducted funds for deposit       1.25% 1.25%      
Argentina | AA2000 | Fund to trust for investment commitments for group a airports                
Contingencies, commitments and restrictions on the distribution of profits                
Percentage of previously deducted funds for deposit       2.50% 2.50%      
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Uruguayan Concession Agreements (Details)
$ in Thousands, item in Millions
 1 Months Ended 5 Months Ended 12 Months Ended
May 15, 2024
USD ($)
Nov. 08, 2021
USD ($)
aircraft
Jun. 28, 2019
USD ($)
Jun. 30, 2023
USD ($)
May 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
kg
item
$ / item
Dec. 31, 2023
USD ($)
Contingencies, commitments and restrictions on the distribution of profits              
Capital expenditure           $ 235,712 $ 161,622
Carrasco International Airport and New Airports              
Contingencies, commitments and restrictions on the distribution of profits              
Concession agreement extension period 10 years            
Investment projects amount $ 7,600            
Investment Commitments 3,000            
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS")              
Contingencies, commitments and restrictions on the distribution of profits              
Capital expenditure   $ 67,000          
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | Later than one year and not later than two years              
Contingencies, commitments and restrictions on the distribution of profits              
Capital expenditure           13,000  
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | 2023              
Contingencies, commitments and restrictions on the distribution of profits              
Capital expenditure           32,000  
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | 2024              
Contingencies, commitments and restrictions on the distribution of profits              
Capital expenditure           18,000  
Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS") | 2028              
Contingencies, commitments and restrictions on the distribution of profits              
Capital expenditure           4,000  
Punta del Este              
Contingencies, commitments and restrictions on the distribution of profits              
Incremental capital expenditures     $ 35,000        
Minimum annual concession fee     500 $ 649 $ 611    
Construction completion guarantee     1,000        
Concession contract fulfilment guarantee     $ 400        
URUGUAY              
Contingencies, commitments and restrictions on the distribution of profits              
Incremental capital expenditures           $ 3,900  
Number of passengers to determine additional fees | item           1.5  
Period for performance guarantee returned after expiration of concession agreement           6 months  
URUGUAY | Carrasco International Airport and New Airports | Puerta del Sur S.A ("PDS")              
Contingencies, commitments and restrictions on the distribution of profits              
Invest cargo amount $ 5,500            
URUGUAY | Puerta del sur              
Contingencies, commitments and restrictions on the distribution of profits              
Number of regional airports | aircraft   6          
Incremental capital expenditures           $ 13,200  
Annual fee required to pay government higher of stated amount as per first condition           $ 5,829  
Annual fee required to pay government, number of work units required, as per second condition | kg           100  
Annual fee required to pay government, per unit value required, as per second condition | $ / item           0.00536  
Additional guarantee granted           $ 4,700  
Performance guarantee           7,600  
Minimum coverage amount           250,000  
Amount covered by insurance           $ 300,000  
Period to incur additional capital expenditures           5 years  
URUGUAY | Punta del Este              
Contingencies, commitments and restrictions on the distribution of profits              
Amount covered by insurance           $ 365,000  
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Ecuadorian Concession Agreement (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jul. 20, 2021
Jan. 31, 2020
Dec. 31, 2024
Jul. 06, 2018
Contingencies, commitments and restrictions on the distribution of profits        
Percentage of annual concession fee to be paid 50.25%      
Minimum        
Contingencies, commitments and restrictions on the distribution of profits        
Percentage of annual concession fee to be paid 55.25%      
Maximum        
Contingencies, commitments and restrictions on the distribution of profits        
Percentage of annual concession fee to be paid 53.66%      
Ecuador | Guayaquil Concession Agreement        
Contingencies, commitments and restrictions on the distribution of profits        
Additional work to be completed       $ 32,200,000
Amount remain pending     $ 4,900,000  
Fixed amount required to pay per year for administrative services   $ 524,600,000 1,500,000  
Performance bond     $ 6,700,000  
Ecuador | TAGSA        
Contingencies, commitments and restrictions on the distribution of profits        
Percentage of gross revenues from tariffs and charges as annual concession required to pay to trust     55.25%  
Performance guarantee     $ 3,000,000  
Percentage of amount required to be paid to maintain performance bond     20.00%  
Civil liability insurance premium paid     $ 581,300,000  
Ecuador | ECOGAL        
Contingencies, commitments and restrictions on the distribution of profits        
Performance bond     $ 700,000  
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Brazil Concession Agreement (Details)
$ in Thousands, R$ in Millions
 12 Months Ended
Jan. 05, 2024
USD ($)
Dec. 29, 2023
USD ($)
Dec. 29, 2023
BRL (R$)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
BRL (R$)
Dec. 31, 2012
Dec. 31, 2024
USD ($)
Dec. 31, 2024
BRL (R$)
Dec. 27, 2023
USD ($)
Dec. 27, 2023
BRL (R$)
Contingencies, commitments and restrictions on the distribution of profits                    
Compensation for concession       $ 62,677            
Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante S.A. ("ICASGA") | Natal Airport Concession Agreement                    
Contingencies, commitments and restrictions on the distribution of profits                    
Final gross indemnification                 $ 125,900 R$ 609.5
Net gain recognized       166,500            
Reversal of previous impairment loss       103,800            
Compensation for concession       62,700            
Unrecognized tax loss carry forwards were used to compensate the current tax expense       $ 7,400 R$ 36.8          
Percentage of deduction on tax loss carryforwards that can be applied       100.00% 100.00%          
Total net payment deducting all the obligations related to concession fees and including the receivables related to re-equilibriums   $ 41,300 R$ 199.7              
Outstanding compensation received on account of re-bidding process $ 90,600                  
Brasilia Concession Agreement                    
Contingencies, commitments and restrictions on the distribution of profits                    
Initial term of concession agreement           25 years        
Concession agreement extension period           5 years        
Additional mandatory investments             $ 5,500      
Current amount of Phase II performance bonds             $ 43,500 R$ 269.3    
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Armenian Concession Agreement (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Contingencies, commitments and restrictions on the distribution of profits    
Capital expenditure | $ $ 235,712 $ 161,622
Armenia | AIA    
Contingencies, commitments and restrictions on the distribution of profits    
Concession agreement, extension period 5 years  
Number of phases of construction of new terminal 3  
Number of completed phases 2  
Period during which master plan to be submitted to government 5 years  
Extended period covered in the updated master plan 30 years  
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Italy Concession Agreement (Details) - Italy - TA Concession Agreement
€ in Millions
 12 Months Ended
Dec. 31, 2024
EUR (€)
installment
item
kg
Dec. 31, 2023
EUR (€)
Contingencies, commitments and restrictions on the distribution of profits    
Concession agreement extension period 40 years  
Number of passenger considered for each unit | item 1  
Volume of goods considered for each unit | kg 100  
Number of installments | installment 2  
Surety provided to third parties € 10.4 € 10.8
Toscana Aeroporti S.p.A.    
Contingencies, commitments and restrictions on the distribution of profits    
Amount of insurance policy to cover property damages, business interruptions and airport liabilities € 882.0  
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Preferred bidder to operate Abuja and Kano airports in Nigeria (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 30, 2022
Oct. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Contingencies, commitments and restrictions on the distribution of profits        
Proportion of ownership interest in subsidiary 80.00%      
Abuja Airport Concession Company (AACC)        
Contingencies, commitments and restrictions on the distribution of profits        
Exposure to credit risk on loan commitments and financial guarantee contracts at end of period   $ 1.8    
Proportion of ownership interest in subsidiary [1]     51.00% 51.00%
Kano Airport Concession Company Limited (KACC)        
Contingencies, commitments and restrictions on the distribution of profits        
Exposure to credit risk on loan commitments and financial guarantee contracts at end of period   $ 0.4    
Proportion of ownership interest in subsidiary [1]     51.00% 51.00%
Corporacion Africa Airports Nigeria Limited ("CAAN")        
Contingencies, commitments and restrictions on the distribution of profits        
Proportion of ownership interest in subsidiary     51.00% 51.00%
CAAP, Mota        
Contingencies, commitments and restrictions on the distribution of profits        
Percentage of ownership   51.00%    
Percentage of counter guarantee provided   51.00%    
CAAP, Mota | Abuja Airport Concession Company (AACC)        
Contingencies, commitments and restrictions on the distribution of profits        
Proportion of ownership interest in subsidiary     100.00%  
CAAP, Mota | Kano Airport Concession Company Limited (KACC)        
Contingencies, commitments and restrictions on the distribution of profits        
Proportion of ownership interest in subsidiary     100.00%  
CAAP, Mota | Corporacion Africa Airports Nigeria Limited ("CAAN")        
Contingencies, commitments and restrictions on the distribution of profits        
Proportion of ownership interest in subsidiary     51.00%  
[1] Operating company part of the structure related to the future Nigerian concessions (Note 26.b).
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Other commitments (Details)
€ in Millions, R$ in Millions, $ in Millions
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
BRL (R$)
Contingencies, commitments and restrictions on the distribution of profits      
Minimum percentage of net income to be allocated to legal reserve 5.00% 5.00% 5.00%
Legal reserve to be created as percentage of share capital 10.00% 10.00% 10.00%
ICASGA      
Contingencies, commitments and restrictions on the distribution of profits      
Energy supply contract guaranteed by entity     R$ 1.2
ICAB      
Contingencies, commitments and restrictions on the distribution of profits      
Energy supply contract guaranteed by entity     R$ 0.2
Toscana Aeroporti S.p.A.      
Contingencies, commitments and restrictions on the distribution of profits      
Other commitments guarantees € 0.5 $ 0.5  
v3.25.1
Contingencies, commitments and restrictions on the distribution of profits - Restrictions to the distribution of profits and payment of dividends (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Contingencies, commitments and restrictions on the distribution of profits        
Share capital $ 163,223 $ 163,223 $ 163,223  
Share premium 183,430 183,430 183,430 $ 183,430
Reserve for own shares 4,094 4,322 4,600  
Legal reserves 7,419 3,676 1,081  
Free distributable reserves 378,910 378,910 378,910  
Non-distributable reserves 1,353,934 1,353,706 1,353,428  
Retained earnings 86,099 37,890 (34,372)  
Total equity in accordance with Luxembourg law $ 2,177,109 $ 2,125,157 $ 2,050,300  
v3.25.1
Related party balances and transactions - Balances with related parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Related party balances and transactions    
Total Arising from sales / purchases of goods / other $ 57,249 $ 40,646
Other liabilities    
Total other liabilities (15,050) (17,964)
Other balances    
Other balances 34,102 23,249
Associates    
Related party balances and transactions    
Trade receivables 2,379 4,200
Other receivables   58
Other financial assets 3,260 3,108
Trade payables (1,123) (2,765)
Other liabilities    
Other liabilities to other related parties (13,813) (15,539)
Other related parties    
Related party balances and transactions    
Trade receivables 2,734 962
Other receivables 9,239 9,257
Other financial assets 44,637 28,327
Trade payables (3,877) (2,501)
Other liabilities    
Other liabilities to other related parties (1,237) (2,425)
Other balances    
Cash and cash equivalents in other related parties $ 34,102 $ 23,249
v3.25.1
Related party balances and transactions - Transactions with related parties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related party balances and transactions      
Aeronautical/Commercial revenue $ 27,120 $ 14,267 $ 9,957
Fees (13,066) (10,300) (7,266)
Interest accruals 1,855 660 1,240
Acquisition of goods and services (31,124) (22,955) (22,278)
Compensation to the Group's key staff (4,871) (4,249) (3,806)
Others $ (2,593) $ (4,198) $ (4,367)
v3.25.1
Related party balances and transactions - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related party balances and transactions    
Lease liabilities $ 4,677 $ 6,973
Transactions related to variable equipment leases with other related parties that are excluded from the lease liability 5,969 5,433
Payment for acquisitions $ 30,949  
Time deposits    
Related party balances and transactions    
Interest rate 7.00%  
Time Deposits, 9.6%, Maturing On August 2025    
Related party balances and transactions    
Interest rate 9.60%  
Time Deposits, 5.0%, Maturing On January 2027    
Related party balances and transactions    
Interest rate 5.00%  
Time Deposits, 4.5%, Maturing On July 2027    
Related party balances and transactions    
Interest rate 4.50%  
Other related parties    
Related party balances and transactions    
Other financial assets $ 44,637 28,327
Other related parties | Corporacion America S.A.    
Related party balances and transactions    
Payment for acquisitions 30,949  
Other related parties | Loans    
Related party balances and transactions    
Other financial assets 15,100 14,800
Other related parties | Time deposits    
Related party balances and transactions    
Other financial assets 25,000 $ 10,100
Other related parties | Time Deposits, 9.6%, Maturing On August 2025    
Related party balances and transactions    
Other financial assets 5,000  
Other related parties | Time Deposits, 5.0%, Maturing On January 2027    
Related party balances and transactions    
Other financial assets 10,000  
Other related parties | Time Deposits, 4.5%, Maturing On July 2027    
Related party balances and transactions    
Other financial assets $ 10,000  
v3.25.1
Business combinations, other acquisitions and investments - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business combinations, other acquisitions and investments      
Share of profit (loss) of associates accounted for using equity method $ (996) $ 7,108 $ (970)
Purchased call options      
Business combinations, other acquisitions and investments      
Percentage of remaining ownership interests to be acquired   51.00%  
Purchase price calculated as a percentage of difference between current assets and liabilities   51.00%  
Navinten S.A.      
Business combinations, other acquisitions and investments      
Share of profit (loss) of associates accounted for using equity method $ (263) $ 7,292  
Navinten S.A.      
Business combinations, other acquisitions and investments      
Percentage of additional share capital purchased   49.00%  
Purchase consideration for the business combination   $ 3,400  
Fair value of net assets acquired   4,100  
Proceeds from sale of equity interest in subsidiary   7,300  
Single lumpsum amount receivable from buyer, on fulfillment certain performance metrics   5,500  
Navinten S.A. | Share of profit (loss) of associates and joint ventures      
Business combinations, other acquisitions and investments      
Gain relating to the business combination   $ 700  
v3.25.1
Cash flow disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flow disclosures      
Other receivables and credits $ (68,846) $ (32,429) $ (55,064)
Inventories 5,013 (1,551) (3,566)
Other liabilities (69,658) (19,323) 989
Changes in working capital $ (133,491) $ (53,303) $ (57,641)
v3.25.1
Cash flow disclosures - Significant non-cash transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flow disclosures      
Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities $ (6,749) $ (1,180) $ (111)
Property, plant and equipment acquisitions with an increase in Other liabilities (2,737) (124)  
Right-of-use asset initial recognition with an increase in Lease liabilities (619) (5,217) (465)
Concession fees paid with credit of financial re-equilibrium (2,200) (22,946) (15,434)
Income tax paid with tax certificates (6,887) (2,339) (971)
Dividends pending of payment $ (12,435)    
Compensation of trade receivables     27,844
Application of credits compensated with concession fees   (19,156) (24,126)
Application of credits compensated with other liabilities     $ (3,717)
Purchase of Navinten shares   (3,384)  
Sale of Navinten shares   3,384  
ICASGA's compensation received through a guarantee deposit   (41,262)  
Release of concession fee payable due to ICAGSA's re-bidding process   (74,640)  
Compensation of ICASGA's re-equilibriums   5,309  
Compensation of ICASGA's monthly contribution   (3,767)  
ICASGA's compensation to be collected   $ (66,612)  
v3.25.1
Cash flow disclosures - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flow disclosures      
Values at the beginning of the year $ 1,333,237 $ 1,465,437 $ 1,439,603
Proceeds from borrowings 190,345 87,846 371,951
Loans and interest paid (410,245) (284,266) (440,162)
Debt renegotiation expenses (2,467) (110) (2,011)
Effects of exchange rate changes and inflation adjustment (55,819) (11,374) (19,037)
Other non-cash movements 103,020 75,704 115,093
Balances 1,158,071 1,333,237 1,465,437
Bank and financial borrowings      
Cash flow disclosures      
Values at the beginning of the year 392,239 478,904 612,269
Proceeds from borrowings 145,741 81,900 143,388
Loans and interest paid (231,001) (202,341) (321,435)
Debt renegotiation expenses (2,256)   (1,282)
Effects of exchange rate changes and inflation adjustment (50,613) 11,219 (7,518)
Other non-cash movements 28,809 22,557 53,482
Balances 282,919 392,239 478,904
Notes      
Cash flow disclosures      
Values at the beginning of the year 940,937 986,533 827,334
Proceeds from borrowings 29,105 1,682 210,762
Loans and interest paid (179,025) (78,455) (101,757)
Debt renegotiation expenses (200) (110) (729)
Effects of exchange rate changes and inflation adjustment (4,775) (20,452) (10,504)
Other non-cash movements 74,021 51,739 61,427
Balances 860,063 940,937 986,533
Bank overdrafts      
Cash flow disclosures      
Values at the beginning of the year 61    
Proceeds from borrowings   4,264 17,801
Loans and interest paid (219) (3,470) (16,970)
Effects of exchange rate changes and inflation adjustment 4 (2,141) (1,015)
Other non-cash movements 154 1,408 $ 184
Balances   $ 61  
Others      
Cash flow disclosures      
Proceeds from borrowings 15,499    
Debt renegotiation expenses (11)    
Effects of exchange rate changes and inflation adjustment (435)    
Other non-cash movements 36    
Balances $ 15,089    
v3.25.1
Share-based payments - Shares granted under the plan (Details)
 12 Months Ended
Dec. 31, 2024
shares
$ / shares
Dec. 31, 2023
shares
$ / shares
Dec. 31, 2022
shares
$ / shares
Share-based payments      
As at January 1 | shares 138,141 169,185 125,000
Granted during the year | shares 87,324 113,848 146,115
Forfeited during the year | shares     (12,500)
Exercised during the year | shares (118,798) (144,892) (89,430)
As at December 31 | shares 106,667 138,141 169,185
Average price per share beginning | $ / shares $ 7.83 $ 5.62 $ 5.76
Granted during the year | $ / shares 14.65 9.48 5.57
Forfeited during the year | $ / shares     (5.8)
Exercised during the year | $ / shares (8.7) (6.55) (5.7)
Average price per share ending | $ / shares $ 12.44 $ 7.83 $ 5.62
v3.25.1
Share-based payments - Amounts of shares granted and accrued under each plan (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based payments      
Granted $ 1,279 $ 1,079 $ 814
Accrued 1,143 1,055 667
Shares assigned in December 2021      
Share-based payments      
Accrued   96 252
Shares forfeited   72  
Shares assigned in April 2022      
Share-based payments      
Granted     500
Accrued 33 150 317
Shares assigned in December 2022      
Share-based payments      
Granted     314
Accrued 31 184 $ 98
Shares assigned in April 2023      
Share-based payments      
Granted   739  
Accrued 216 474  
Shares assigned in November 2023      
Share-based payments      
Granted   340  
Accrued 160 $ 151  
Shares assigned in August 2024      
Share-based payments      
Granted 1,279    
Accrued $ 703    
v3.25.1
Discontinued operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2021
Discontinued operations      
Remaining amount of future capex commitments   $ 14,700  
Aeropuertos Andinos del Per S.A.      
Discontinued operations      
Sale of shares consideration received $ 5    
Future capex commitments $ 17,200    
Payments of future capex commitments     $ 2,500
v3.25.1
Earnings per share - Basic earnings per share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings per share      
Income / (loss) attributable to equity holders of the Group $ 282,674 $ 239,506 $ 168,166
Weighted average number of shares (thousands) 161,012 160,891 160,755
Basic earnings per share of the year attributable to the ordinary equity holders of the Group $ 1.76 $ 1.49 $ 1.05
v3.25.1
Earnings per share - Diluted earnings per share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings per share      
Income / (loss) attributable to equity holders of the Group $ 282,674 $ 239,506 $ 168,166
Weighted average number of shares and potential ordinary shares (thousands) 161,193 161,058 160,795
Diluted earnings per share of the year attributable to the ordinary equity holders of the Group $ 1.75 $ 1.49 $ 1.05
v3.25.1
Earnings per share - Weighted average number of shares used as the denominator (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings per share      
Weighted average number of shares outstanding 163,223 163,223 163,223
Weighted average number of treasury shares (2,211) (2,332) (2,468)
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 161,012 160,891 160,755
Equity settled share - based payment 181 167 40
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 161,193 161,058 160,795
v3.25.1
Condensed Financial Information of the Company - CONDENSED STATEMENT OF INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Continuing operations      
Selling, general and administrative expenses $ (198,108) $ (138,669) $ (141,355)
Other operating income 46,390 100,560 37,340
Other operating expense (6,963) (9,453) (6,984)
Operating income 447,253 540,637 304,575
Share of income in subsidiaries and associates (996) 7,108 (970)
Income before financial results and income tax 446,257 547,745 303,605
Financial income 71,430 101,598 63,859
Financial loss 110,305 (406,570) (196,405)
Income before income tax 606,732 202,226 190,518
Income tax (298,820) 24,241 (24,883)
Income / (loss) for the year 307,912 226,467 165,635
Parent | Reportable legal entities      
Continuing operations      
Selling, general and administrative expenses (7,816) (7,728) (7,342)
Other operating income 5 2,972 6
Other operating expense   (1) (5)
Operating income (7,811) (4,757) (7,341)
Share of income in subsidiaries and associates 283,083 247,585 182,050
Income before financial results and income tax 275,272 242,828 174,709
Financial income 6,573 1,905 1,874
Financial loss (723) (586) (429)
Income before income tax 281,122 244,147 176,154
Income tax (1,854) (4,629) (1,307)
Income / (loss) for the year $ 279,268 $ 239,518 $ 174,847
v3.25.1
Condensed Financial Information of the Company - CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
Income for the year $ 307,912 $ 226,467 $ 165,635
Items that may be reclassified to profit or loss:      
Share of other comprehensive income / (loss) from subsidiaries and associates from continuing operations 19 (70) 43
Total other comprehensive (loss) / income 463,516 (281,750) 92,007
Parent | Reportable legal entities      
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
Income for the year 279,268 239,518 174,847
Items that may be reclassified to profit or loss:      
Share of other comprehensive income / (loss) from subsidiaries and associates from continuing operations 363,884 (231,688) 70,849
Total other comprehensive (loss) / income $ 643,152 $ 7,830 $ 245,696
v3.25.1
Condensed Financial Information of the Company - CONDENSED STATEMENT OF FINANCIAL POSITION (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Non-current assets          
Property, plant and equipment, net $ 77,801 $ 74,919      
Right-of-use asset 9,921 10,493 $ 9,192    
Investments in associates 11,746 11,992      
Other financial assets at amortized cost 84,618 61,090      
Current assets          
Other financial assets at fair value through profit or loss 3,129 4,884      
Other financial assets at amortized cost 82,923 83,142      
Other receivables 63,156 145,549      
Cash and cash equivalents 439,847 369,848 385,265   $ 375,783
Total assets 4,181,450 3,541,976      
EQUITY          
Share capital 163,223 163,223 163,223    
Share premium 183,430 183,430 183,430 $ 183,430  
Treasury shares (4,094) (4,322) (4,600) (4,772)  
Free distributable reserve 378,910 378,910      
Non-distributable reserve 1,358,028 1,358,028      
Currency translation adjustment (116,471) (482,852)      
Legal reserves 7,419 3,676 1,081    
Other reserves (1,319,682) (1,313,888)      
Retained earnings 718,511 438,775      
Total equity 1,517,960 803,909 862,369 773,608  
Non-current liabilities          
Deferred tax liabilities 383,369 137,315      
Lease liabilities 7,010 10,294      
Current liabilities          
Borrowings 115,367 199,688      
Other liabilities 348,586 345,864      
Lease liabilities 3,707 3,687      
Trade payables 120,763 112,768      
Total liabilities 2,663,490 2,738,067      
Total equity and liabilities 4,181,450 3,541,976      
Parent | Reportable legal entities          
Non-current assets          
Property, plant and equipment, net 24 12      
Right-of-use asset 227 270      
Investments in subsidiaries 1,390,616 746,199      
Investments in associates 10,001 10,264      
Other financial assets at amortized cost 3,543 3,920      
Current assets          
Other financial assets at fair value through profit or loss 2,205 2,200      
Other financial assets at amortized cost   31      
Other receivables 210 202      
Cash and cash equivalents 1,152 1,325 $ 1,220 $ 1,614  
Total assets 1,407,978 764,423      
EQUITY          
Share capital 163,223 163,223      
Share premium 183,430 183,430      
Treasury shares (4,094) (4,322)      
Free distributable reserve 378,910 378,910      
Non-distributable reserve 1,358,028 1,358,028      
Currency translation adjustment (117,705) (482,852)      
Legal reserves 7,419 3,676      
Other reserves (1,344,247) (1,343,094)      
Retained earnings 744,310 467,981      
Total equity 1,369,274 724,980      
Non-current liabilities          
Deferred tax liabilities 2,500 3,648      
Lease liabilities 190 229      
Current liabilities          
Borrowings 33,999 33,413      
Other liabilities 1,751 1,773      
Lease liabilities 30 49      
Trade payables 234 331      
Total liabilities 38,704 39,443      
Total equity and liabilities $ 1,407,978 $ 764,423      
v3.25.1
Condensed Financial Information of the Company - CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Income for the year $ 307,912 $ 226,467 $ 165,635
Adjustments for:      
Amortization and depreciation 203,008 151,593 172,480
Deferred income tax 263,620 (62,697) 4,415
Income tax accrued 35,200 38,456 20,468
Share of loss in associates 996 (7,108) 970
Interest expense 107,464 95,185 164,288
Net foreign exchange (317,036) 164,026 (90,603)
Other financial results, net (20,414) (41,558) (41,055)
Share base compensation reserve 1,143 1,055 667
Financial result, net 160,475 (345,519) (113,087)
Changes in working capital (133,491) (53,303) (57,641)
Net cash provided by operating activities 405,302 356,415 302,629
Net cash used in discontinued operating activities 0 0 0
Cash flows from investing activities      
Cash contribution in associates (666) (84) (260)
Acquisition of other financial assets (156,418) (128,899) (150,856)
Disposals of other financial assets 136,781 72,571 170,235
Acquisition of Property, plant and equipment (12,218) (9,661) (9,091)
Net cash (used in) / provided by investing activities (32,493) (66,404) 9,386
Net cash used in discontinued investing activities     (14,700)
Cash flows from financing activities      
Principal elements of lease payments (4,397) (3,118)  
Net cash used in financing activities (271,189) (201,626) (234,288)
Net cash used in discontinued operations from financing activities 0 0 0
Increase / (decrease) in cash and cash equivalents 101,620 88,385 77,727
Decrease in cash and cash equivalents from discontinued operations     (14,700)
Cash and cash equivalents      
At the beginning of the year 369,848 385,265  
Effect of exchange rate changes in cash and cash equivalents (31,621) (103,802) (53,545)
(Decrease) / increase in cash and cash equivalents 101,620 88,385 77,727
At the end of the year 439,847 369,848 385,265
Parent | Reportable legal entities      
Cash flows from operating activities      
Income for the year 279,268 239,518 174,847
Adjustments for:      
Amortization and depreciation 59 40 57
Deferred income tax (1,148) 2,418 202
Income tax accrued 3,002 2,211 1,105
Share of loss in associates (283,083) (247,585) (182,050)
Interest expense 587 559 426
Net foreign exchange (44) (471) (1,874)
Other financial results, net (582) (145) 3
Share base compensation reserve 507 420 317
Changes in working capital 149 (2,919) 760
Net cash provided by operating activities (1,285) (5,954) (6,207)
Cash flows from investing activities      
Cash contribution in associates (208,562) (58,987) (36,417)
Acquisition of other financial assets (29,491)    
Disposals of other financial assets 30,482 760  
Acquisition of Property, plant and equipment (28)    
Dividends and refund of cash contributions from subsidiaries 208,796 64,344 57,000
Net cash (used in) / provided by investing activities 1,197 6,117 20,583
Net cash used in discontinued investing activities     (14,700)
Cash flows from financing activities      
Principal elements of lease payments (49) (44) (53)
Net cash used in financing activities (49) (44) (53)
Increase / (decrease) in cash and cash equivalents (137) 119 14,323
Decrease in cash and cash equivalents from discontinued operations     (14,700)
Cash and cash equivalents      
At the beginning of the year 1,325 1,220 1,614
Effect of exchange rate changes in cash and cash equivalents (36) (14) (17)
(Decrease) / increase in cash and cash equivalents (137) 119 14,323
At the end of the year 1,152 1,325 1,220
Parent | Reportable legal entities | Aggregate continuing and discontinued operations      
Cash flows from financing activities      
Increase / (decrease) in cash and cash equivalents (137) 119 (377)
Cash and cash equivalents      
(Decrease) / increase in cash and cash equivalents $ (137) $ 119 $ (377)