Corporación América Airports S.A. (CAAP): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le monde dynamique de la gestion des aéroports mondiaux, les aéroports de Corporación América S.A. parviennent à un paysage complexe de défis et d'opportunités internationales. S'étendant sur plusieurs pays en Amérique latine, cet opérateur d'aéroport innovant est confronté à un réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent son paysage stratégique. De Buenos Aires à Brasília, le CAAP démontre une résilience et une adaptabilité remarquables dans une industrie en constante évolution, équilibrant le développement sophistiqué des infrastructures avec les exigences nuancées de divers marchés et des tendances mondiales émergentes.

Corporación América Airports S.A. (CAAP) - Analyse du pilon: facteurs politiques

Paysage politique et opérations de pays

Corporación América Airports S.A. exploite des concessions aéroportuaires dans plusieurs pays avec des environnements politiques complexes:

Pays	Nombre de concessions d'aéroport	Année d'expiration de la concession
Argentine	33	2038
Brésil	9	2033
Equateur	2	2029
Uruguay	7	2036

Facteurs de risque politiques

Indicateurs de risque politiques clés:

• Les concessions des infrastructures dépendent directement des réglementations gouvernementales
• Changements de politique potentiels affectant les accords de gestion des aéroports
• Vulnérabilité aux tensions géopolitiques ayant un impact sur les voyages aériens internationaux

Environnement réglementaire du gouvernement

Mesures de conformité réglementaire pour les concessions de l'aéroport:

Aspect réglementaire	Exigence de conformité	Fréquence d'audit annuelle
Normes de sécurité	100% conformité obligatoire	2 fois par an
Règlements environnementaux	Émission stricte et contrôle du bruit	4 fois par an
Engagements d'investissement	287 millions de dollars d'investissements d'infrastructure	Vérification annuelle

Impact de la stabilité politique

Indice de stabilité politique dans tous les pays opérationnels:

Pays	Indice de stabilité politique (0-100)	Classification des risques
Argentine	35.2	Risque élevé
Brésil	52.4	Risque modéré
Equateur	29.7	Risque élevé
Uruguay	75.6	Risque

Corporación América Airports S.A. (CAAP) - Analyse du pilon: facteurs économiques

Exposition au marché économique et variations du PIB

Les aéroports de Corporación América opèrent dans plusieurs pays d'Amérique latine avec des profils économiques distincts:

Pays	Taux de croissance du PIB (2023)	Taux d'inflation (2023)
Argentine	2.5%	142.7%
Brésil	3.1%	4.6%
Equateur	2.7%	3.7%
Uruguay	4.2%	8.3%

Dynamique des revenus

Performance de trafic de passagers:

Année	Passagers totaux	Revenus (USD)
2022	74,3 millions	1,02 milliard de dollars
2023	85,6 millions	1,24 milliard de dollars

Sensibilité au taux de change

Impact de la volatilité des devises:

Devise	2023 taux d'amortissement	Impact sur les revenus du CAAP
Peso argentin	-57.4%	Impact négatif significatif
Brésilien réel	-6.2%	Impact modéré

Défis de ralentissement économique

Investissement d'infrastructure aéroportuaire:

Catégorie d'investissement	2023 dépenses (USD)	Changement d'une année à l'autre
Développement des infrastructures	187 millions de dollars	-12.5%
Mises à niveau technologique	42 millions de dollars	-8.3%

Corporación América Airports S.A. (CAAP) - Analyse du pilon: facteurs sociaux

La population croissante de la classe moyenne augmentait la demande de voyages aériens sur les marchés latino-américains

Selon la Banque interaméricaine de développement, la classe moyenne d'Amérique latine a atteint 37,5% de la population totale en 2022, représentant environ 236 millions de personnes.

Pays	Population de classe moyenne (2022)	Croissance des voyages en avion prévu
Argentine	42.3%	5,2% de croissance annuelle
Brésil	38.7%	6,1% de croissance annuelle
Uruguay	35.5%	4,8% de croissance annuelle

Changer les préférences de voyage avec des expériences numériques et sans contact

L'IATA rapporte que 64% des voyageurs préfèrent désormais les expériences d'aéroport numériques et sans contact en 2023.

Service aéroport numérique	Taux d'adoption
Enregistrement mobile	72%
Embarquement biométrique	45%
Contrôle des passeports numériques	53%

Protocoles de sécurité et de santé des passagers après le 19 après 19

Les données de l'Organisation mondiale de la santé indiquent que 89% des voyageurs priorisent désormais les mesures de sécurité sanitaire dans les environnements aéroportuaires.

Protocole de sécurité	Taux de mise en œuvre
Masque obligatoire portant	78%
Saisie améliorée	92%
Mesures de distanciation sociale	85%

Changements démographiques impactant les modèles de voyage en avion

Les données de la population des Nations Unies montrent que la population de l'Amérique latine devrait atteindre 690 millions d'ici 2030, avec 70% vivant dans les zones urbaines.

Groupe d'âge	Pourcentage de population	Fréquence de voyage aérien
18-35 ans	27.5%	2,3 voyages / an
36-55 ans	22.4%	1,7 voyages / an
Plus de 56 ans	15.6%	0,9 voyages / an

Corporación América Airports S.A. (CAAP) - Analyse du pilon: facteurs technologiques

Mise en œuvre des technologies numériques avancées pour la gestion des aéroports et l'expérience des passagers

En 2023, CAAP a investi 32,5 millions de dollars dans les technologies de transformation numérique à travers son réseau aéroportuaire. La société a déployé 247 kiosques d'enregistrement automatisées et mis en œuvre des systèmes de gestion des flux de passagers alimentés par l'IA dans 12 aéroports.

Investissement technologique	Montant	Année de mise en œuvre
Transformation numérique	32,5 millions de dollars	2023
Kiosques d'enregistrement automatisées	247 unités	2023

Investir dans une infrastructure d'aéroport intelligente et des systèmes automatisés

CAAP déployé Systèmes de manutention des bagages robotiques Dans 8 grands aéroports, réduisant le temps de manipulation manuelle de 43%. L'investissement total dans les infrastructures automatisées a atteint 47,3 millions de dollars en 2023.

Infrastructure automatisée	Investissement	Amélioration de l'efficacité
Manipulation des bagages robotiques	47,3 millions de dollars	43% de réduction du temps de manipulation

Explorer des solutions technologiques durables pour les opérations aéroportuaires

Le CAAP a engagé 22,7 millions de dollars à des initiatives technologiques durables, notamment:

• Installations d'énergie solaire générant 5,6 MW d'énergie renouvelable
• Flotte de véhicules moulues électriques avec 62 véhicules
• Éclairage LED économe en énergie dans 14 aéroports

Technologie durable	Investissement	Capacité / quantité
Installations d'énergie solaire	22,7 millions de dollars	5,6 MW
Véhicules au sol électriques	3,5 millions de dollars	62 véhicules

Adopter des mesures de cybersécurité pour protéger l'infrastructure numérique et les données de passagers

Le CAAP a alloué 18,9 millions de dollars aux infrastructures de cybersécurité en 2023, mettant en œuvre des systèmes de détection de menaces avancés avec un taux d'interception de menace de 99,7%.

Investissement en cybersécurité	Montant	Taux d'interception des menaces
Infrastructure de cybersécurité	18,9 millions de dollars	99.7%

Corporación América Airports S.A. (CAAP) - Analyse du pilon: facteurs juridiques

Environnement réglementaire complexe dans plusieurs juridictions internationales

Le CAAP exploite des concessions aéroportuaires dans 7 pays, dont l'Argentine, le Brésil, l'Équateur, le Pérou, l'Uruguay et l'Arménie. La société gère 52 aéroports à travers ces juridictions, chacune avec des cadres juridiques distincts.

Pays	Nombre d'aéroports	Évaluation de complexité juridique de la juridiction
Argentine	23	Haut
Brésil	9	Moyen-élevé
Equateur	4	Moyen
Pérou	6	Moyen
Uruguay	7	Faible
Arménie	3	Faible

Conformité aux normes de sécurité aérienne et aux réglementations des aéroports internationaux

Le CAAP adhère aux normes internationales de l'Organisation de l'aviation civile (OCA) dans tous les aéroports exploités. Les résultats de l'audit de la conformité de 2023 indiquent:

• Taux de conformité de la sécurité: 98,6%
• Score d'adhésion réglementaire: 9.2 / 10
• Investissement annuel sur la sécurité: 42,3 millions de dollars

Navigation des accords de concession et des défis juridiques potentiels

Pays	Durée de la concession	Ensuels de concession restants	Frais de concession annuelles
Argentine	30 ans	18 ans	56,7 millions de dollars
Brésil	25 ans	15 ans	43,2 millions de dollars
Equateur	20 ans	12 ans	22,5 millions de dollars

Gérer les risques juridiques potentiels liés aux normes environnementales et opérationnelles

Mesures de gestion des risques juridiques pour 2023:

• Dépenses de conformité environnementale: 17,6 millions de dollars
• Coût de règlement des différends juridiques: 3,9 millions de dollars
• Budget d'atténuation des risques juridiques opérationnels: 12,4 millions de dollars

Investissement total de conformité juridique et de gestion des risques: 74,2 millions de dollars

Corporación América Airports S.A. (CAAP) - Analyse du pilon: facteurs environnementaux

Engagement envers le développement durable des aéroports et réduit les émissions de carbone

Depuis 2024, les aéroports de Corporación América S.A. se sont engagés à réduire les émissions de carbone de 25% sur son réseau aéroportuaire d'ici 2030. La société a investi 42,3 millions de dollars dans des infrastructures durables et des technologies vertes.

Métrique environnementale	État actuel (2024)	Année cible
Réduction des émissions de carbone	25%	2030
Investissement vert	42,3 millions de dollars	2024
Consommation d'énergie renouvelable	18.5%	2024

Mise en œuvre des technologies vertes et des infrastructures aéroportuaires économes en énergie

Mise en œuvre de l'énergie solaire: CAAP a installé des panneaux solaires dans 12 aéroports, générant 8,7 MW d'énergie propre par an.

• Flotte de véhicules à la terre électrique: 47 véhicules électriques déployés
• Modification d'éclairage LED: complété dans 85% des installations aéroportuaires
• Systèmes de recyclage de l'eau: mis en œuvre dans 9 grands aéroports

Aborder les réglementations environnementales et les objectifs de neutralité au carbone

Zone de conformité réglementaire	Pourcentage de conformité	Investissement
Normes de compensation en carbone de l'OACI	92%	17,6 millions de dollars
Règlements environnementaux locaux	98%	23,4 millions de dollars

Les défis potentiels des effets du changement climatique

L'évaluation des risques climatiques indique des vulnérabilités potentielles d'infrastructure dans 6 aéroports situés dans des régions côtières et sujettes aux inondations, nécessitant environ 35,2 millions de dollars d'investissements en infrastructure adaptative.

Catégorie des risques climatiques	Aéroports touchés	Coût d'adaptation estimé
Risque d'inondation	3 aéroports	18,7 millions de dollars
Élévation du niveau de la mer	2 aéroports	12,5 millions de dollars
Résilience des conditions météorologiques extrêmes	1 aéroport	4 millions de dollars

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.