Corporación América Airports S.A. (CAAP): Análisis PESTLE [Actualizado en enero de 2025]

En el mundo dinámico de la gestión del aeropuerto global, los aeropuertos de la corporación América S.A. navegan un panorama complejo de desafíos y oportunidades internacionales. Con múltiples países de América Latina, este innovador operador del aeropuerto enfrenta una intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que dan forma a su panorama estratégico. Desde Buenos Aires hasta Brasília, CAAP demuestra una notable resistencia y adaptabilidad en una industria en constante cambio, equilibrando el desarrollo sofisticado de infraestructura con las demandas matizadas de diversos mercados y tendencias globales emergentes.

Aeropuertos de Capasco América S.A. (CAAP) - Análisis de mortero: factores políticos

Operaciones de paisajes políticos y países

Airports S.A. de las Capasiones Américas opera concesiones del aeropuerto en múltiples países con entornos políticos complejos:

País	Número de concesiones del aeropuerto	Año de vencimiento de la concesión
Argentina	33	2038
Brasil	9	2033
Ecuador	2	2029
Uruguay	7	2036

Factores de riesgo político

Indicadores clave de riesgo político:

• Concesiones de infraestructura que dependen directamente de las regulaciones gubernamentales
• Cambios de política potenciales que afectan los acuerdos de gestión del aeropuerto
• Vulnerabilidad a las tensiones geopolíticas que afectan los viajes aéreos internacionales

Medio ambiente regulatorio del gobierno

Métricas de cumplimiento regulatoria para concesiones del aeropuerto:

Aspecto regulatorio	Requisito de cumplimiento	Frecuencia de auditoría anual
Estándares de seguridad	100% de cumplimiento obligatorio	2 veces al año
Regulaciones ambientales	Control de emisión y ruido estricto	4 veces al año
Compromisos de inversión	$ 287 millones de inversiones en infraestructura	Verificación anual

Impacto de estabilidad política

Índice de estabilidad política en los países operativos:

País	Índice de estabilidad política (0-100)	Clasificación de riesgos
Argentina	35.2	Alto riesgo
Brasil	52.4	Riesgo moderado
Ecuador	29.7	Alto riesgo
Uruguay	75.6	Bajo riesgo

Aeropuertos de Capasco América S.A. (CAAP) - Análisis de mortificación: factores económicos

Exposición al mercado económico y variaciones del PIB

Los aeropuertos de la corporación América opera en múltiples países latinoamericanos con perfiles económicos distintos:

País	Tasa de crecimiento del PIB (2023)	Tasa de inflación (2023)
Argentina	2.5%	142.7%
Brasil	3.1%	4.6%
Ecuador	2.7%	3.7%
Uruguay	4.2%	8.3%

Dinámica de ingresos

Rendimiento del tráfico de pasajeros:

Año	Pasajeros totales	Ingresos (USD)
2022	74.3 millones	$ 1.02 mil millones
2023	85.6 millones	$ 1.24 mil millones

Sensibilidad al tipo de cambio de divisas

Impacto de volatilidad monetaria:

Divisa	2023 tasa de depreciación	Impacto en los ingresos de CAAP
Peso argentino	-57.4%	Impacto negativo significativo
Real brasileño	-6.2%	Impacto moderado

Desafíos de recesión económica

Inversión en la infraestructura del aeropuerto:

Categoría de inversión	Gasto 2023 (USD)	Cambio año tras año
Desarrollo de infraestructura	$ 187 millones	-12.5%
Actualizaciones tecnológicas	$ 42 millones	-8.3%

Aeropuertos de Capasco América S.A. (CAAP) - Análisis de mortificación: factores sociales

Creciente población de clase media que aumenta la demanda de viajes aéreos en los mercados latinoamericanos

Según el Banco Interamericano de Desarrollo, la clase media de América Latina alcanzó el 37.5% de la población total en 2022, lo que representa a aproximadamente 236 millones de personas.

País	Población de clase media (2022)	Crecimiento de viajes aéreos proyectados
Argentina	42.3%	5.2% de crecimiento anual
Brasil	38.7%	6.1% de crecimiento anual
Uruguay	35.5%	4.8% de crecimiento anual

Cambiar las preferencias de viaje con experiencias digitales y sin contacto

IATA informa que el 64% de los viajeros ahora prefieren las experiencias digitales y sin contacto al aeropuerto en 2023.

Servicio de aeropuerto digital	Tasa de adopción
Check-in móvil	72%
Abordaje biométrico	45%
Control de pasaporte digital	53%

Protocolos de seguridad y salud de pasajeros después del covid-19

Los datos de la Organización Mundial de la Salud indican que el 89% de los viajeros ahora priorizan las medidas de seguridad de la salud en los entornos del aeropuerto.

Protocolo de seguridad	Tasa de implementación
Marca obligatoria desgaste	78%
Desinfectación mejorada	92%
Medidas de distanciamiento social	85%

Cambios demográficos que afectan los patrones de viaje aéreo

Los datos de la población de las Naciones Unidas muestran que se espera que la población de América Latina alcance los 690 millones para 2030, con un 70% que vive en áreas urbanas.

Grupo de edad	Porcentaje de población	Frecuencia de viaje aéreo
18-35 años	27.5%	2.3 viajes/año
36-55 años	22.4%	1.7 viajes/año
56+ años	15.6%	0.9 viajes/año

Aeropuertos de Capasco América S.A. (CAAP) - Análisis de mortero: factores tecnológicos

Implementación de tecnologías digitales avanzadas para la gestión del aeropuerto y la experiencia de los pasajeros

En 2023, CAAP invirtió $ 32.5 millones en tecnologías de transformación digital en su red de aeropuerto. La compañía implementó 247 quioscos de check-in automatizados e implementó sistemas de gestión de flujo de pasajeros con IA en 12 aeropuertos.

Inversión tecnológica	Cantidad	Año de implementación
Transformación digital	$ 32.5 millones	2023
Quioscos de check-in automatizados	247 unidades	2023

Invertir en infraestructura de aeropuerto inteligente y sistemas automatizados

CAAP desplegado Sistemas de manejo de equipaje robótico En 8 aeropuertos principales, reduciendo el tiempo de manejo manual en un 43%. La inversión total en infraestructura automatizada alcanzó los $ 47.3 millones en 2023.

Infraestructura automatizada	Inversión	Mejora de la eficiencia
Manejo de equipaje robótico	$ 47.3 millones	Reducción del 43% en el tiempo de manejo

Explorando soluciones de tecnología sostenible para operaciones en el aeropuerto

CAAP comprometió $ 22.7 millones a iniciativas de tecnología sostenible, que incluyen:

• Instalaciones de energía solar que generan 5.6 MW de energía renovable
• Flota de vehículos de tierra eléctrica con 62 vehículos
• Iluminación LED de eficiencia energética en 14 aeropuertos

Tecnología sostenible	Inversión	Capacidad/cantidad
Instalaciones de energía solar	$ 22.7 millones	5.6 MW
Vehículos eléctricos	$ 3.5 millones	62 vehículos

Adoptar medidas de ciberseguridad para proteger la infraestructura digital y los datos de los pasajeros

CAAP asignó $ 18.9 millones a la infraestructura de seguridad cibernética en 2023, implementando sistemas avanzados de detección de amenazas con una tasa de intercepción de amenazas del 99.7%.

Inversión de ciberseguridad	Cantidad	Tasa de intercepción de amenazas
Infraestructura de ciberseguridad	$ 18.9 millones	99.7%

Aeropuertos de Capasco América S.A. (CAAP) - Análisis de mortificación: factores legales

Entorno regulatorio complejo en múltiples jurisdicciones internacionales

CAAP opera concesiones del aeropuerto en 7 países, incluidos Argentina, Brasil, Ecuador, Perú, Uruguay y Armenia. La compañía administra 52 aeropuertos en estas jurisdicciones, cada una con marcos legales distintos.

País	Número de aeropuertos	Calificación de complejidad de jurisdicción legal
Argentina	23	Alto
Brasil	9	Medio-alto
Ecuador	4	Medio
Perú	6	Medio
Uruguay	7	Bajo
Armenia	3	Bajo

Cumplimiento de los estándares de seguridad de la aviación y las regulaciones de los aeropuertos internacionales

CAAP se adhiere a los estándares de la Organización Internacional de Aviación Civil (ICAO) en todos los aeropuertos operados. Los resultados de la auditoría de cumplimiento de 2023 indican:

• Tasa de cumplimiento de seguridad: 98.6%
• Puntuación de adherencia regulatoria: 9.2/10
• Inversión de seguridad anual: $ 42.3 millones

Navegar por acuerdos de concesión y posibles desafíos legales

País	Duración de la concesión	Años de concesión restantes	Tarifa de concesión anual
Argentina	30 años	18 años	$ 56.7 millones
Brasil	25 años	15 años	$ 43.2 millones
Ecuador	20 años	12 años	$ 22.5 millones

Gestión de riesgos legales potenciales relacionados con los estándares ambientales y operativos

Métricas de gestión de riesgos legales para 2023:

• Gasto de cumplimiento ambiental: $ 17.6 millones
• Costo de resolución de disputas legales: $ 3.9 millones
• Presupuesto de mitigación de riesgos legales operativos: $ 12.4 millones

Cumplimiento legal total e inversión de gestión de riesgos: $ 74.2 millones

Aeropuertos de Capasco América S.A. (CAAP) - Análisis de mortificación: factores ambientales

Compromiso con el desarrollo sostenible del aeropuerto y las emisiones reducidas de carbono

A partir de 2024, el S.A. de la compañía de Airports S.A. se ha comprometido a reducir las emisiones de carbono en un 25% en su red aeroportuaria para 2030. La compañía ha invertido $ 42.3 millones en infraestructura sostenible y tecnologías verdes.

Métrica ambiental	Estado actual (2024)	Año objetivo
Reducción de emisiones de carbono	25%	2030
Inversión verde	$ 42.3 millones	2024
Uso de energía renovable	18.5%	2024

Implementación de tecnologías verdes e infraestructura aeroportuaria de eficiencia energética

Implementación de energía solar: CAAP ha instalado paneles solares en 12 aeropuertos, generando 8,7 MW de energía limpia anualmente.

• Flota de vehículos de tierra eléctrica: 47 vehículos eléctricos desplegados
• Retroceding de iluminación LED: completado en el 85% de las instalaciones del aeropuerto
• Sistemas de reciclaje de agua: implementado en 9 aeropuertos principales

Abordar las regulaciones ambientales y los objetivos de neutralidad de carbono

Área de cumplimiento regulatorio	Porcentaje de cumplimiento	Inversión
Normas de compensación de carbono de la icao	92%	$ 17.6 millones
Regulaciones ambientales locales	98%	$ 23.4 millones

Posibles desafíos de los impactos del cambio climático

La evaluación del riesgo climático indica vulnerabilidades de infraestructura potenciales en 6 aeropuertos ubicados en regiones costeras y propensas a inundaciones, lo que requiere un estimado de $ 35.2 millones en inversiones de infraestructura adaptativa.

Categoría de riesgo climático	Aeropuertos afectados	Costo de adaptación estimado
Riesgo de inundación	3 aeropuertos	$ 18.7 millones
Aumento del nivel del mar	2 aeropuertos	$ 12.5 millones
Resiliencia meteorológica extrema	1 aeropuerto	$ 4 millones

Corporación América Airports S.A. (CAAP) - PESTLE Analysis: Social factors

Growing demand for sustainable travel and low-carbon airport operations.

The global shift toward environmental, social, and governance (ESG) investing is now a core operational pressure, not just a marketing point. Passengers and regulators increasingly demand demonstrable progress toward a low-carbon economy. For Corporación América Airports S.A., a key action point is the mandate to comply with the European Union's Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) for the financial year ending December 31, 2025. This means a new level of transparency and accountability on environmental impact.

CAAP is responding with concrete infrastructure investments. The new terminal at Ezeiza International Airport in Buenos Aires, for instance, is powered entirely by renewable energy, setting a strong precedent for its network. This commitment helps mitigate reputational risk and aligns the company with the growing segment of eco-conscious travelers.

Labor relations and union negotiations are critical across 52 airports.

Managing a workforce of more than 6,000 employees across 52 airports in six countries presents a complex labor landscape. The need for continuous collective bargaining is amplified by the high-inflation environments in key Latin American markets, which can quickly erode real wages and trigger industrial action. Honestly, labor stability is a constant tightrope walk in this business.

A clear near-term risk materialized in October 2025, when the Asociación de Pilotos de Líneas Aéreas (APLA) announced a protest at Aeroparque Jorge Newbery in Buenos Aires over unresolved salary negotiations with Aerolíneas Argentinas. While the dispute is with the carrier, the resulting flight disruptions directly impact CAAP's operations and passenger throughput at a hub that drives a significant portion of the company's revenue. This is a persistent operational threat in the Argentine market, which accounted for approximately 64% of CAAP's consolidated revenues in Q1 2025.

Shifting demographics increase demand for premium services (lounges, retail).

A key social trend is the rise of the affluent, experience-seeking traveler, which is directly fueling non-aeronautical revenue growth. This revenue stream-from retail, food and beverage, and VIP services-is more profitable and less regulated than aeronautical fees. For the first half of 2025, Commercial Revenues (excluding IFRIC 12) increased by 22.0% year-over-year (YoY) in Q2 2025, significantly outpacing the total passenger traffic growth of 13.7% YoY.

The company is actively capitalizing on this trend. A concrete example is the expansion of the duty-free arrivals area at Ezeiza Airport in May 2025, which increased its footprint from 700 to 1,100 square meters. This type of strategic expansion is defintely where the margin is made. Here's the quick math on why commercial revenue matters so much:

Metric (Q1 2025, Excl. IAS 29)	Value (in millions USD)	YoY Growth (%)
Consolidated Revenues	$413.9	11.5%
Aeronautical Revenues	$202.8	6.8%
Commercial Revenues	$211.1	6.1%

Public perception of security and health protocols remains a key concern post-pandemic.

While the worst of the COVID-19 pandemic is over, the public's heightened awareness of health and security is permanent. Passenger confidence is paramount, especially given CAAP's total passenger traffic reached 64.369 million year-to-date (YTD) September 2025, a 10.0% increase from the same period in 2024. This growth shows a recovered, but still sensitive, market.

However, security concerns remain a significant social factor in certain regions. In Ecuador, a country in CAAP's portfolio, persisting security concerns contributed to a 1.0% year-over-year decline in international passenger traffic in May 2025. This highlights a clear vulnerability: a perceived lack of safety in a specific operating country can immediately dampen travel demand, even as the rest of the network thrives.

To mitigate these risks, the company must maintain visible and effective protocols:

• Sustain high-visibility security measures at all 52 airports.
• Integrate health and safety protocols into the passenger experience (e.g., modern air filtration, visible sanitation).
• Address country-specific security concerns, like those in Ecuador, through direct stakeholder engagement and security investment.

Corporación América Airports S.A. (CAAP) - PESTLE Analysis: Technological factors

You're running a portfolio of 53 airports across six countries, and with passenger traffic up 10.0% year-to-date through September 2025, technology isn't just an upgrade; it's the only way to scale without breaking your capital expenditure (CapEx) budget. The focus must be on digitalizing the passenger journey and optimizing core operations with smart systems, because the market is demanding a seamless experience.

Biometric and touchless passenger processing for faster throughput

The move to touchless processing is a necessity for managing the massive increase in passenger volume, especially in key markets like Argentina, which accounted for over 70% of the total traffic growth in July 2025. You need to cut down on the friction points that create queues. Corporación América Airports is defintely on the right track with its major digital push in its Argentinian operations, Aeropuertos Argentina.

In November 2025, Aeropuertos Argentina announced a strategic, long-term collaboration with SITA, the air transport industry's technology provider. This partnership is designed to modernize the check-in and security processes by deploying a suite of self-service technologies across major hubs.

• Deploying Self Bag Drop units to reduce check-in time.
• Implementing new kiosks and Flex Box systems for streamlined processing.
• Installing new security gates designed to support future biometric (IATA OneID) integration.

The goal here is simple: reduce the time a passenger spends interacting with staff and equipment, freeing up resources and allowing the existing infrastructure to handle the 64.369 million passengers served year-to-date in 2025. That's a huge operational win.

Investment in Artificial Intelligence (AI) for baggage handling and security optimization

While specific AI investment figures for Corporación América Airports are proprietary, the industry trend shows that AI integration into baggage handling systems (BHS) is non-negotiable for operational efficiency and cost control. AI-driven routing and predictive maintenance are what keep a BHS running at peak performance.

For context, global baggage mishandling rates dropped to just 6.3 per 1,000 bags in 2024, largely due to smart technology adoption. Your opportunity is to leverage the new digital infrastructure from the SITA partnership to layer in AI for two critical functions:

• Predictive Maintenance: AI analyzes sensor data to predict equipment failure in conveyors and sorters, moving maintenance from reactive to proactive, which lowers long-term operational expenditure (OpEx).
• Security Optimization: AI-powered screening algorithms enhance the accuracy of security checks, which should expedite the flow of luggage and help maintain a strong security posture across all 53 airports without a proportional increase in personnel costs.

Drone detection systems are necessary for perimeter security at major hubs

The threat from unauthorized Unmanned Aerial Systems (UAS), or drones, is a massive, escalating risk. The global market for drone identification systems is projected to reach $1.48 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 19.3%. This isn't about hobbyists anymore; it's about intentional disruption and security breaches.

For a multi-national operator like Corporación América Airports, which manages high-profile international gateways like Ezeiza International Airport in Argentina, a comprehensive counter-UAS (C-UAS) strategy is a CapEx priority. The cost of inaction-like the $64 million in losses from the 2018 Gatwick drone incident-far outweighs the investment of $2 million to $10 million+ typically required for a major hub's detection system. Your key action here is to integrate multi-sensor detection (Radar, Radio Frequency, Optical) to ensure 360° coverage and compliance with evolving international regulations.

Digital transformation to enhance non-aeronautical revenue streams (e-commerce)

The most direct financial impact of digital technology is on non-aeronautical revenue (commercial revenue), which is your high-margin growth engine. Your strategy is clearly working: Commercial Revenues (ex-IFRIC12) increased by 22.0% year-over-year in the second quarter of 2025, outpacing the 13.7% growth in passenger traffic. This is a direct result of enhanced commercial initiatives.

The next phase of this growth is moving beyond traditional retail concessions to a true digital commerce platform (e-commerce). The global digital commerce platform market is valued at $10.22 billion in 2025, and your airports need a slice of that action.

Here's the quick math on why this matters:

Metric (2Q 2025, ex-IFRIC12)	Value	YoY Growth
Consolidated Revenues	$435.2 million	18.9%
Commercial Revenues (Non-Aeronautical)	N/A (Strong Growth Driver)	22.0%

The future of non-aeronautical revenue is in leveraging passenger data (with proper privacy controls) to offer personalized retail, parking, and food and beverage (F&B) offers through a unified mobile application. The SITA partnership's plan to incorporate payment mechanisms and new functionalities is the foundation for a true omnichannel retail experience, allowing passengers to pre-order duty-free or reserve parking before they even arrive at the airport.

Corporación América Airports S.A. (CAAP) - PESTLE Analysis: Legal factors

Regulatory framework for airport tariffs and capital expenditure (CAPEX) approval

The core of Corporación América Airports S.A.'s (CAAP) legal risk lies in the regulatory frameworks governing its airport concessions, particularly around tariff setting and capital expenditure (CAPEX) approval. You operate under two primary models: a Single Till regime, where tariffs, concession term, or fees are adjusted to ensure a specific Internal Rate of Return (IRR) is achieved over the life of the contract, and a Dual Till regime, which is less common for CAAP.

This structure means regulatory bodies, not market forces alone, dictate your pricing power and investment recovery. For instance, in Argentina, the airport regulator ORSNA (Organismo Regulador del Sistema Nacional de Aeropuertos) directly controls domestic passenger fees. In October 2024, they issued Resolution No. 29/2024, which significantly increased the domestic passenger fee from ARS2,540 to ARS5,685 for flights departing from airports managed by the subsidiary Aeropuertos Argentina 2000 (AA2000). This shows the regulator's direct, near-term impact on revenue.

CAPEX is also highly regulated. The company has a significant planned investment, including a massive CAPEX program with an estimated total investment of US$425 million scheduled between 2026 and 2028, primarily for a new terminal to expand capacity by 6.5 million passengers. These large projects require explicit regulatory approval, which introduces execution and political risk. Here's the quick math: that's over $140 million per year in planned CAPEX that must be signed off by host governments.

Compliance with diverse anti-corruption and anti-money laundering laws across 7 countries

Operating 53 airports across six countries-Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy-plus the new agreement to operate Baghdad International Airport in Iraq, presents a complex web of compliance requirements. The challenge is not just local law, but the extraterritorial reach of the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act, given CAAP's listing on the NYSE.

Your compliance framework must navigate significant variations in anti-money laundering (AML) and anti-corruption (AC) laws. For example, the Latin American operations are under the scrutiny of regional bodies like GAFILAT (Financial Action Task Force of Latin America). The risk is amplified by the nature of the concession business, which involves long-term contracts and frequent interaction with government officials for approvals, licenses, and contract amendments.

The key compliance areas you must manage across these jurisdictions include:

• Due diligence on third-party agents and contractors, a major FCPA risk area.
• Adherence to local beneficial ownership transparency laws, which vary widely.
• Managing internal controls to prevent facilitation payments, which are treated differently across the six core countries of operation.

Honestly, the sheer number of jurisdictions makes a single, clean compliance policy defintely a challenge.

Renewal and extension of long-term concession contracts, e.g., in Uruguay

Concession renewals are the single most critical legal event for an airport operator like CAAP, as they secure long-term cash flow. You've been successful in Uruguay, a key strategic market, by proactively negotiating extensions.

The concession for Carrasco International Airport in Montevideo, operated by the subsidiary Puerta del Sur S.A., was extended for an additional 20 years, pushing the expiration date from November 2033 to November 2053. This extension was tied to incorporating six additional regional airports into the concession and a capital investment program of US$67 million to be deployed in those new airports by 2028.

Similarly, the Punta del Este Airport concession was extended by ten years in May 2024, moving its expiration from 2033 to 2043. This extension included a new commitment to invest $3.0 million between 2024 and 2026. These extensions provide decades of visibility, which is a significant competitive advantage.

Airport Concession	Original Expiration	New Expiration (Post-Amendment)	Extension Term	Key Investment Commitment
Carrasco International Airport (Montevideo, Uruguay)	November 2033	November 2053	20 Years	US$67 million in 6 regional airports by 2028
Punta del Este Airport (Uruguay)	2033	2043	10 Years	$3.0 million between 2024-2026

International air travel treaties and bilateral agreements govern route rights

The legal landscape for air traffic is shaped by international treaties and bilateral air service agreements (ASAs) between countries, which govern route rights, flight frequencies, and capacity. CAAP's revenue is directly dependent on the traffic generated by these agreements.

A major legal and economic shift occurred in Argentina in September 2024 with President Javier Milei's Decree No. 844/2024. This decree deregulated the domestic air transport market by allowing international airlines to operate domestic flights without local registration requirements. This move, aimed at fostering competition and deregulating rates, has a dual impact:

• Opportunity: It can increase total aircraft movements and passenger traffic at CAAP's 37 Argentine airports.
• Risk: It introduces greater competition among carriers, potentially leading to lower margins for airlines, which could pressure aeronautical fees in the long run.

The U.S.-Argentina Air Transport Agreement, for instance, promotes fair and equal opportunity for designated airlines and allows for cooperative marketing arrangements like code-sharing. This framework is crucial for maintaining and expanding high-value international routes, like the existing American Airlines service from Buenos Aires to Los Angeles, which directly benefits CAAP's top-line revenue.

Corporación América Airports S.A. (CAAP) - PESTLE Analysis: Environmental factors

Mandatory carbon reduction targets and net-zero commitments for airport operations.

You need to view Corporación América Airports S.A.'s (CAAP) carbon strategy as a compliance-driven, near-term investment, not just a long-term goal. While the global aviation industry targets net-zero carbon emissions by 2050, CAAP's immediate pressure comes from regulatory bodies like the European Union's Corporate Sustainability Reporting Directive (CSRD), which mandates reporting on 2025 performance. The company is actively collecting and consolidating this information throughout 2025 for its 2026 CSRD filing. This is a massive, non-negotiable data collection effort.

The good news is that CAAP has tangible progress. Brasília Airport achieved Level 2 'Reduction' in the Airport Carbon Accreditation program in 2023, and the new terminal at Ministro Pistarini International Airport (Ezeiza) is designed to be powered entirely by renewable energy. Still, a publicly stated, quantifiable 2025 GHG emissions reduction target is not available, which creates a transparency gap for investors focused on environmental, social, and governance (ESG) metrics.

Near-term actions that will drive capital expenditure include:

• Designing a pilot project for electric buses to decarbonize ground support equipment.
• Expanding the capacity of existing photovoltaic (solar) plants across the network.
• Aligning 162 specific ESG Key Performance Indicators (KPIs) to the corporate strategy for the 2025 reporting cycle.

Noise pollution mitigation for communities near major airports like Ezeiza.

Noise pollution remains a significant, unquantified operational risk, especially at high-traffic hubs like Ezeiza (Ezeiza International Airport). While CAAP recognizes noise management as a material topic, the documented approach relies heavily on procedural controls rather than capital-intensive physical mitigation programs. This is a cost-saver in the short run, but it exposes the company to community opposition and potential future regulatory penalties.

For instance, the current noise abatement procedures at Ezeiza are primarily operational, like restricting engine run-up tests between 01:00 and 11:00 UTC and instructing Continuous Descent Approaches (CDA) to reduce power use. The critical risk here is the lack of a modern, data-driven system.

Here's the quick assessment of the noise risk:

Noise Mitigation Component	Status at Ezeiza (2025)	Risk Implication
Noise Monitoring System	None reported	Cannot provide real-time, auditable compliance data.
Flight Track Monitoring System	None reported	Difficulty in enforcing noise abatement flight paths.
Noise Mitigation Program Cost/Budget	None reported	No dedicated capital expenditure for residential sound insulation.

The absence of a noise monitoring system means CAAP cannot defintely prove compliance or proactively address community concerns with hard data. This is a ticking liability clock.

Water and waste management compliance is a high-cost operational factor.

Water and waste management compliance is a constant, high-cost operational factor that is often overlooked until a regulatory breach occurs. CAAP must manage the waste streams and wastewater from over 64.3 million total passengers served year-to-date through September 2025. This volume requires robust, costly environmental management systems (EMS) to comply with local regulations across six different countries.

While CAAP has implemented environmental management systems and reports on waste and water (GRI 306 and GRI 303), the specific 2025 operational costs for wastewater treatment and solid waste disposal are not publicly broken out in the financial statements. These costs are embedded in the overall operating expenses, which saw an impact on the Adjusted EBITDA margin, which contracted to 38.2% in Q1 2025 from 40.9% in the prior year, partially due to inflationary pressures on local currency costs. Compliance costs will only rise as circular economy (waste management) and water scarcity regulations tighten across Latin America and Europe.

Climate change risk to coastal airports (e.g., Uruguay) requiring infrastructure resilience.

Climate change poses a direct, physical risk to CAAP's coastal assets, specifically its airports in Uruguay, which are vulnerable to rising sea levels and stronger coastal storms. This is not a distant problem; it requires immediate infrastructure investment to ensure operational continuity.

CAAP is taking concrete action, which is a positive signal of risk-aware management. The company is investing in resilience at its Uruguayan airports:

• At Carrasco International Airport (Montevideo), the operator Puerta del Sur S.A. is investing approximately $5.5 million to enhance cargo facilities and install a new Instrument Landing System (ILS) Category IIIb. This advanced ILS is a direct adaptation measure, improving air connectivity and predictability during adverse weather events like fog or heavy rain.
• At Punta del Este International Airport, the concession operator is committed to a new investment of $3.0 million between 2024 and 2026. This capital is crucial for maintaining infrastructure resilience against coastal erosion and storm damage.

This investment shows a clear understanding that climate adaptation is a capital expenditure item, not just a policy statement. The financial commitment is a necessary expense to protect the revenue stream from the nearly 2 million passengers served annually by the Uruguayan airports.