Corporación América Airports Reports Solid Passenger Growth in November 2025, Driven by International and Transit Demand
Corporación América Airports S.A. (NYSE: CAAP), one of the world’s leading private airport operators, reported a strong increase in passenger traffic for November 2025, underscoring continued recovery and expansion across its diversified global airport portfolio. The company recorded an 8.5% year-on-year rise in total passenger numbers for the month, supported by robust international travel demand, improving domestic trends in key markets, and sustained growth in transit traffic.
The November results reflect positive momentum across most of CAAP’s operating regions, despite ongoing macroeconomic pressures, security challenges in select markets, and uneven conditions in the global aviation sector. Growth was particularly pronounced in Argentina, Brazil, Armenia, Italy, and Uruguay, while Ecuador continued to face headwinds related to elevated airfares and security concerns.
November 2025 Traffic Performance at a Glance
During November 2025, CAAP airports handled approximately 7.1 million passengers, compared with 6.6 million passengers in the same month of 2024. Domestic passenger traffic rose 4.4% year-on-year to 3.8 million passengers, while international passenger volumes increased at a faster pace, climbing 12.3% to 2.6 million passengers. Transit passenger traffic recorded the strongest growth rate, increasing nearly 20% year-on-year to approximately 669,000 passengers.
On a year-to-date basis, total passenger traffic reached 79.1 million passengers through November 2025, representing a 9.9% increase compared with the same period in 2024. Domestic passengers rose 8.8% year-on-year, while international and transit passengers increased 10.9% and 11.4%, respectively, highlighting broad-based demand across travel segments.
It is worth noting that following the friendly termination of CAAP’s concession at Natal Airport in Brazil in February 2024, the company no longer includes Natal in its operating statistics. Excluding Natal for comparability, year-to-date total passenger traffic would have increased by 10.5%, further reinforcing the strength of the underlying growth trend.
Argentina: A Key Driver of Growth
Argentina once again emerged as the largest contributor to CAAP’s overall traffic growth, accounting for approximately half of the year-on-year increase in November. Total passenger traffic across CAAP’s Argentine airports increased by 7.4% compared with November 2024, reflecting solid performance in both domestic and international segments.
Domestic passenger traffic rose 3.6% year-on-year, supported by consistently high load factors that exceeded 90% on most major domestic routes. Airline capacity discipline, combined with resilient travel demand, helped sustain these high utilization levels. During the month, Aerolíneas Argentinas resumed service to Río Cuarto in Córdoba province, while low-cost carriers JetSMART and Flybondi increased frequencies on the Buenos Aires–Resistencia and Buenos Aires–San Juan routes, respectively.
International traffic in Argentina expanded at a faster pace, rising 12.8% year-on-year. Growth was supported by a combination of new routes, increased frequencies, and capacity additions by both legacy and low-cost carriers. Arajet increased its Buenos Aires–Punta Cana service from 10 to 13 weekly flights during the summer season, while Delta Air Lines announced the addition of a second daily frequency on its Atlanta–Buenos Aires route for the 2025/2026 summer period. Copa Airlines reached daily service on its Mendoza–Panama route, and LEVEL increased frequencies on its Buenos Aires–Barcelona route to 12 weekly flights.
Italy: Strong International Demand Offsets Domestic Weakness
In Italy, CAAP reported a 10.4% year-on-year increase in total passenger traffic for November. International passengers, which accounted for nearly 80% of total traffic at the company’s Italian airports, rose a robust 16.3% compared with the prior year, driven by double-digit growth at both Florence and Pisa airports.
Domestic passenger traffic in Italy declined by 6.1% year-on-year, primarily reflecting a reduction in aircraft movements. This decline was partly attributed to technical issues affecting certain Airbus A320 aircraft, which resulted in flight cancellations and capacity reductions at some airlines. Despite the domestic softness, strong international demand continued to underpin overall growth and highlighted the importance of Italy’s airports as gateways for inbound tourism and European travel.
Brazil: Improving Trends Despite Industry Challenges
Brazil delivered a 10.8% year-on-year increase in total passenger traffic in November, marking a notable improvement in traffic trends amid a challenging operating environment for the country’s aviation sector. Domestic traffic, representing nearly 60% of total passenger volumes, increased by 8.1% year-on-year, while transit passenger traffic rose 14.4%.
International traffic, although accounting for only about 5% of total passengers, posted a strong 18.3% year-on-year increase. The growth reflects gradual recovery in international connectivity and the resumption of select routes, even as airlines continue to navigate cost pressures, capacity constraints, and fleet availability issues.
Uruguay: Steady Growth and Positive Seasonal Outlook
Passenger traffic in Uruguay increased by 7.5% year-on-year in November, driven primarily by international travel demand. During the month, SKY Airline added two weekly frequencies on its Santiago de Chile route, contributing to incremental traffic growth.
Looking ahead, CAAP anticipates a strong peak travel season at Punta del Este Airport, with both GOL and Aerolíneas Argentinas planning to increase services during the Southern Hemisphere summer. The airport’s role as a key leisure destination positions it well to benefit from seasonal demand, particularly from Argentina and Brazil.
Ecuador: Modest Growth Amid Ongoing Challenges
In Ecuador, passenger traffic increased by a more modest 2.7% year-on-year in November, reflecting continued headwinds related to security concerns and elevated airfares. Domestic traffic rose 7.6% year-on-year, supported by resilient internal demand, while international passenger traffic declined 1.4% compared with November 2024.
High ticket prices continued to weigh on international travel demand, limiting growth despite underlying demand for connectivity. CAAP continues to monitor conditions in Ecuador closely while working with airline partners to support sustainable traffic recovery.
Armenia: Double-Digit Growth Driven by New Routes
Armenia recorded one of the strongest growth rates across CAAP’s portfolio, with total passenger traffic increasing 15.9% year-on-year in November. The growth was supported by the introduction of new airlines, expanded route offerings, and increased flight frequencies.
A key development occurred in October, when Wizz Air launched a new base at Yerevan’s Zvartnots International Airport. The airline deployed two aircraft and introduced eight new direct routes to destinations across Europe, significantly enhancing connectivity and stimulating demand. These additions continued to contribute positively to traffic performance in November.
Cargo and Aircraft Movements
Cargo volumes across CAAP’s airport network declined slightly by 0.6% year-on-year in November. All countries of operation recorded negative year-on-year cargo performance except Argentina, which posted a 9.4% increase. Brazil experienced the largest decline at 24.1%, followed by Italy (-10.1%), Armenia (-9.3%), Uruguay (-4.5%), and Ecuador (-3.2%). Argentina, Brazil, and Armenia together accounted for more than 80% of total cargo volumes during the month.
Aircraft movements increased by 5.0% year-on-year, reflecting higher flight activity across most of CAAP’s markets. Uruguay recorded the strongest growth in movements at 15.1%, followed by Brazil (9.5%), Armenia (7.9%), Italy (7.6%), and Argentina (3.8%). Ecuador was the only country to report a decline in aircraft movements, down 3.0% year-on-year. Argentina, Brazil, and Ecuador together represented more than 80% of total aircraft movements in November.
Overall, CAAP’s November 2025 results highlight continued resilience and growth across its airport portfolio, driven by international travel recovery, route expansion, and improving capacity deployment by airline partners. While challenges remain in certain markets, the company’s geographic diversification and focus on operational excellence position it well to capture long-term growth opportunities in global air travel.
Source link: