Corporacion America Airports S.A. (CAAP) shares climbed 5% in Friday's pre-market trading session, following the release of its third-quarter 2024 financial results and positive outlook for the remainder of the year.

Despite facing macroeconomic challenges in Argentina, which impacted domestic traffic and operational costs, the company's diverse geographic portfolio helped mitigate the impact. CAAP reported a 4% year-over-year decline in revenue ex-IFRIC12, largely in line with lower passenger volumes. However, revenue per passenger remained steady at $19, demonstrating resilience in navigating challenging market conditions.

The company highlighted several positive developments that bolstered investor confidence:

• A 124% increase in domestic passenger tariffs in Argentina, effective November 1, is expected to support local operations going forward.
• Strong international traffic performance in Argentina, supported by additional routes and flight frequencies, partially offset domestic weakness.
• Solid growth in passenger traffic and positive momentum in Uruguay, Italy, and Brazil, underscoring the resilience of CAAP's diverse portfolio.
• New real estate agreements secured in Brazil, enhancing non-aeronautical revenues and commercial offerings.

Additionally, CAAP maintained a robust balance sheet, with a net leverage ratio of 0.9 times and a total liquidity position of $605 million, up 32% compared to year-end 2023. This financial strength positions the company well to pursue growth opportunities and navigate ongoing challenges.

While macroeconomic headwinds in Argentina persist, CAAP's management remains optimistic about the positive dynamics in other regions and the potential for further improvements in the domestic Argentine market. The company is focused on driving commercial revenue growth, managing costs, and executing key projects across its airport concessions to drive sustainable value creation.