Aug 18, 2026 earnings call — Board-approved dividend and Q2 traffic update
Board approved cash dividends totaling $150 million, equivalent to approximately 0.91 per share.
Revenue $0.5B (est $0.5B) · EPS $0.32 (est $0.50)
Key quotes
"International traffic remained positive increasing nearly 6% with double-digit growth in Armenia and positive contributions across the board, including Argentina."
"Labor disruptions at customs in April 2025 resulted in longer cargo storage periods and consequently, exceptionally high storage revenues."
"Finally, as announced in today's earnings release, our Board approved cash dividends totaling $150 million payable this year, which is equivalent to approximately 0.91 per share."
Analyst Q&A 5
Argentina and Italy contract talks
Q (Guilherme Mendes · JPMorgan): They asked for an update and timing on contract renegotiations in Argentina and Italy. They also asked if the high revenue per passenger seen this quarter will be recurring.
A: On Argentina, management said they are working with the regulator on rebalancing the concession and will report when there is a binding agreement. For Italy (Toscana) they expect a regulator statement soon declaring the project strategic, then a confidential phase. They said commercial revenues were strong: headline about 14%, excluding cargo in Argentina commercial revenues increased 26%, and several projects (new VIP lounge, duty-free expansion) will support growth; on a like-for-like basis EBITDA would have grown 5% instead of dropping 4.5%.
"So generally speaking, commercial revenues had a very good performance." — Jorge Arruda (CFO)
Argentina domestic traffic outlook
Q (Yao Len Sisar · Jefferies): They asked how domestic traffic in Argentina will evolve through the end of 2026.
A: Management said domestic traffic was mainly hit by Flybondi reducing its fleet and seat capacity. They expect those seats to be replaced by other airlines over time; Flybondi plans to increase from 16 aircraft to 19 aircraft, and management is positive for the short to medium term.
"Domestic traffic was primarily affected by the reduction in the fleet of Flybondi, which we believe that sooner or later, are going to be replaced by other players in the market." — Jorge Arruda (CFO)
Dividend policy and runway maintenance
Q (Pablo Ricalde Martinez · Itau): They asked whether the announced dividend marks a new normalized level or is extraordinary, and the impact of runway maintenance closures on Q3 results.
A: Management said the dividend decision balanced shareholder return with keeping financial strength at group and OpCo level, avoiding covenant or rating impact, and preserving cash for OpCo CapEx (Armenia) and new business. On runways, maintenance is planned for about two days in Europac and just more than 15 days in Acesa; some traffic will migrate to Aeropark, some will remain, and on a consolidated basis they do not expect a major impact.
"So in connection with dividends, our decision-making process to propose and ultimately approve this dividend was a balance of a couple of points, primarily shareholders return, providing the proper return to shareholders, maintaining financial strength of our group up and its subsidiaries." — Martin Francisco Eurnekian (CEO)
Armenia traffic and Middle East effects
Q (Daniel Rojas · BofA): They asked for color on Armenia's strong July traffic and expectations for the second half given the Middle East conflict.
A: Management said Armenia grew 17% in July and is performing extremely well. This is primarily driven by healthy traffic with Europe, new routes and airline bases; Middle East traffic (about 20-plus percent of Armenia's traffic) was impacted but was more than offset by Europe, and they expect a healthy trend to continue across the portfolio.
"This is primarily driven by healthy traffic with Europe." — Martin Francisco Eurnekian (CEO)
New airport opportunities globally
Q (Guilherme Mendes · JPMorgan): They asked which opportunities in the Americas, Africa and the Middle East the company is pursuing and what stage each is at.
A: Management said they do not discuss opportunities until they are mature or public. They confirmed they are pursuing several opportunities in Africa, the Middle East and the Americas, and cited a public tender for Urgada Airport where they were publicly announced as a shortlisted bidder alongside a local partner for Ogata Airport in Egypt. They will update the market when processes or their participation become public.
"As we usually do, we not talk about opportunities when they are not mature enough." — Martin Francisco Eurnekian (CEO)