Aeroportos corporación América S.A. (CAAP): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da gestão global de aeroportos, os aeroportos da Corporação América S.A. navegam em um cenário complexo de desafios e oportunidades internacionais. Abrangendo vários países da América Latina, este inovador operador aeroportuário enfrenta uma intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que moldam seu cenário estratégico. De Buenos Aires a Brasília, a CAAP demonstra notável resiliência e adaptabilidade em uma indústria em constante mudança, equilibrando o sofisticado desenvolvimento de infraestrutura com as demandas diferenciadas de diversos mercados e tendências globais emergentes.

Aeroportos da Corporação América S.A. (CAAP) - Análise de Pestle: Fatores políticos

Cenário político e operações do país

A Corporación América Aeroportos S.A. opera concessões de aeroportos em vários países com ambientes políticos complexos:

País	Número de concessões do aeroporto	Ano de expiração da concessão
Argentina	33	2038
Brasil	9	2033
Equador	2	2029
Uruguai	7	2036

Fatores de risco políticos

Principais indicadores de risco político:

• Concessões de infraestrutura diretamente dependentes dos regulamentos governamentais
• Mudanças de política potenciais que afetam os acordos de gerenciamento de aeroportos
• Vulnerabilidade a tensões geopolíticas que afetam viagens aéreas internacionais

Ambiente Regulatório do Governo

Métricas de conformidade regulatória para concessões do aeroporto:

Aspecto regulatório	Requisito de conformidade	Frequência de auditoria anual
Padrões de segurança	100% de conformidade obrigatória	2 vezes por ano
Regulamentos ambientais	Emissão estrita e controle de ruído	4 vezes por ano
Compromissos de investimento	US $ 287 milhões de investimentos de infraestrutura	Verificação anual

Impacto de estabilidade política

Índice de Estabilidade Política em Países Operacionais:

País	Índice de Estabilidade Política (0-100)	Classificação de risco
Argentina	35.2	Alto risco
Brasil	52.4	Risco moderado
Equador	29.7	Alto risco
Uruguai	75.6	Baixo risco

Aeroportos da Corporação América S.A. (CAAP) - Análise de Pestle: Fatores econômicos

Exposição do mercado econômico e variações do PIB

Os aeroportos corporación américa opera em vários países da América Latina com perfis econômicos distintos:

País	Taxa de crescimento do PIB (2023)	Taxa de inflação (2023)
Argentina	2.5%	142.7%
Brasil	3.1%	4.6%
Equador	2.7%	3.7%
Uruguai	4.2%	8.3%

Dinâmica de receita

Desempenho do tráfego de passageiros:

Ano	Total de passageiros	Receita (USD)
2022	74,3 milhões	US $ 1,02 bilhão
2023	85,6 milhões	US $ 1,24 bilhão

Sensibilidade à taxa de câmbio

Impacto da volatilidade da moeda:

Moeda	2023 Taxa de depreciação	Impacto na receita do CAAP
Peso argentino	-57.4%	Impacto negativo significativo
Real brasileiro	-6.2%	Impacto moderado

Desafios econômicos de desaceleração

Investimento de infraestrutura aeroportuária:

Categoria de investimento	2023 gastos (USD)	Mudança de ano a ano
Desenvolvimento de infraestrutura	US $ 187 milhões	-12.5%
Atualizações de tecnologia	US $ 42 milhões	-8.3%

Aeroportos da Corporação América S.A. (CAAP) - Análise de Pestle: Fatores sociais

Crescente população de classe média, aumentando a demanda de viagens aéreas nos mercados latino-americanos

De acordo com o Banco de Desenvolvimento Interamericano, a classe média da América Latina atingiu 37,5% da população total em 2022, representando aproximadamente 236 milhões de pessoas.

País	População de classe média (2022)	Crescimento projetado para viagens aéreas
Argentina	42.3%	5,2% de crescimento anual
Brasil	38.7%	6,1% de crescimento anual
Uruguai	35.5%	4,8% de crescimento anual

Alterando as preferências de viagem com experiências digitais e sem contato

A IATA relata que 64% dos viajantes agora preferem experiências digitais e sem contato em 2023.

Serviço de aeroporto digital	Taxa de adoção
Check-in móvel	72%
Embarque biométrico	45%
Controle de passaporte digital	53%

Protocolos de Segurança e Saúde de Passageiros Pós-Covid-19

Os dados da Organização Mundial da Saúde indicam que 89% dos viajantes agora priorizam as medidas de segurança da saúde em ambientes de aeroportos.

Protocolo de segurança	Taxa de implementação
Vestimento de máscara obrigatória	78%
Sinitização aprimorada	92%
Medidas de distanciamento social	85%

Mudanças demográficas impactando padrões de viagem aérea

Os dados da população das Nações Unidas mostram que a população da América Latina deve atingir 690 milhões até 2030, com 70% vivendo em áreas urbanas.

Faixa etária	Porcentagem de população	Frequência de viagem aérea
18-35 anos	27.5%	2.3 viagens/ano
36-55 anos	22.4%	1.7 viagens/ano
56 anos ou mais	15.6%	0,9 viagens/ano

Aeroportos corporación américa S.A. (CAAP) - Análise de pilão: Fatores tecnológicos

Implementando tecnologias digitais avançadas para gerenciamento de aeroportos e experiência de passageiros

Em 2023, a CAAP investiu US $ 32,5 milhões em tecnologias de transformação digital em sua rede de aeroportos. A empresa implantou 247 quiosques de check-in automatizados e implementou sistemas de gerenciamento de fluxo de passageiros em 12 aeroportos em 12 aeroportos.

Investimento em tecnologia	Quantia	Ano de implementação
Transformação digital	US $ 32,5 milhões	2023
Quiosques de check-in automatizados	247 unidades	2023

Investir em infraestrutura aeroportuária inteligente e sistemas automatizados

CAAP implantado sistemas de manuseio de bagagem robóticos Em 8 grandes aeroportos, reduzindo o tempo de manuseio manual em 43%. O investimento total em infraestrutura automatizada atingiu US $ 47,3 milhões em 2023.

Infraestrutura automatizada	Investimento	Melhoria de eficiência
Manuseio de bagagem robótico	US $ 47,3 milhões	43% de redução no tempo de manuseio

Explorando soluções de tecnologia sustentável para operações de aeroportos

A CAAP comprometeu US $ 22,7 milhões a iniciativas de tecnologia sustentável, incluindo:

• Instalações de energia solar gerando 5,6 MW de energia renovável
• Frota de veículos terrestres elétricos com 62 veículos
• Iluminação LED com eficiência energética em 14 aeroportos

Tecnologia sustentável	Investimento	Capacidade/quantidade
Instalações de energia solar	US $ 22,7 milhões	5.6 MW
Veículos terrestres elétricos	US $ 3,5 milhões	62 veículos

Adotando medidas de segurança cibernética para proteger os dados de infraestrutura digital e passageiros

O CAAP alocou US $ 18,9 milhões à infraestrutura de segurança cibernética em 2023, implementando sistemas avançados de detecção de ameaças com taxa de interceptação de ameaça de 99,7%.

Investimento de segurança cibernética	Quantia	Taxa de interceptação de ameaças
Infraestrutura de segurança cibernética	US $ 18,9 milhões	99.7%

Aeroportos corporación américa S.A. (CAAP) - Análise de pilão: Fatores legais

Ambiente regulatório complexo em várias jurisdições internacionais

O CAAP opera concessões no aeroporto em 7 países, incluindo Argentina, Brasil, Equador, Peru, Uruguai e Armênia. A empresa gerencia 52 aeroportos nessas jurisdições, cada uma com estruturas legais distintas.

País	Número de aeroportos	Classificação de complexidade da jurisdição legal
Argentina	23	Alto
Brasil	9	Médio-alto
Equador	4	Médio
Peru	6	Médio
Uruguai	7	Baixo
Armênia	3	Baixo

Conformidade com os padrões de segurança da aviação e regulamentos internacionais de aeroportos

A CAAP adere aos padrões da International Civil Aviation Organization (ICAO) em todos os aeroportos operados. Os resultados da auditoria de conformidade de 2023 indicam:

• Taxa de conformidade de segurança: 98,6%
• Pontuação de aderência regulatória: 9.2/10
• Investimento anual de segurança: US $ 42,3 milhões

Navegando de acordos de concessão e possíveis desafios legais

País	Duração da concessão	Anos de concessão restantes	Taxa de concessão anual
Argentina	30 anos	18 anos	US $ 56,7 milhões
Brasil	25 anos	15 anos	US $ 43,2 milhões
Equador	20 anos	12 anos	US $ 22,5 milhões

Gerenciando riscos legais potenciais relacionados aos padrões ambientais e operacionais

Métricas de gerenciamento de riscos legais para 2023:

• Despesas de conformidade ambiental: US $ 17,6 milhões
• Custo legal de resolução de disputas: US $ 3,9 milhões
• Orçamento de mitigação de risco legal operacional: US $ 12,4 milhões

Conformidade legal total e investimento em gerenciamento de riscos: US $ 74,2 milhões

Aeroportos corporación américa S.A. (CAAP) - Análise de Pestle: Fatores Ambientais

Compromisso com o desenvolvimento aeroportuário sustentável e emissões de carbono reduzidas

A partir de 2024, os aeroportos da Corporação América S.A. se comprometeram a reduzir as emissões de carbono em 25% em sua rede de aeroportos até 2030. A empresa investiu US $ 42,3 milhões em infraestrutura sustentável e tecnologias verdes.

Métrica ambiental	Status atual (2024)	Ano -alvo
Redução de emissão de carbono	25%	2030
Investimento verde	US $ 42,3 milhões	2024
Uso de energia renovável	18.5%	2024

Implementando tecnologias verdes e infraestrutura aeroportuária com eficiência energética

Implementação de energia solar: O CAAP instalou painéis solares em 12 aeroportos, gerando 8,7 MW de energia limpa anualmente.

• Frota de veículo terrestre elétrico: 47 veículos elétricos implantados
• Reparação de iluminação LED: Concluído em 85% das instalações do aeroporto
• Sistemas de reciclagem de água: implementados em 9 principais aeroportos

Abordando regulamentos ambientais e objetivos de neutralidade de carbono

Área de conformidade regulatória	Porcentagem de conformidade	Investimento
Padrões de compensação de carbono da ICAO	92%	US $ 17,6 milhões
Regulamentos Ambientais Locais	98%	US $ 23,4 milhões

Desafios potenciais dos impactos das mudanças climáticas

A avaliação de risco climático indica vulnerabilidades potenciais de infraestrutura em 6 aeroportos localizados em regiões costeiras e propensas a inundações, exigindo cerca de US $ 35,2 milhões em investimentos de infraestrutura adaptativa.

Categoria de risco climático	Aeroportos afetados	Custo estimado de adaptação
Risco de inundação	3 aeroportos	US $ 18,7 milhões
Aumento do nível do mar	2 aeroportos	US $ 12,5 milhões
Resiliência climática extrema	1 aeroporto	US $ 4 milhões

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.