Corporación América Airports Reports Strong Passenger Growth in December 2025 and Full-Year 2025, Driven by International Travel and Network Expansion
Corporación América Airports S.A. (NYSE: CAAP), one of the world’s leading private airport operators, reported solid passenger traffic growth in December 2025, capping off a strong performance for the full year. The company recorded an 8.5% year-on-year increase in passenger traffic for December and a 9.8% increase for the full year 2025, underscoring continued recovery and expansion across its diversified global airport portfolio.
The results reflect resilient demand for both domestic and international air travel across most of CAAP’s operating countries, supported by airline capacity growth, the launch of new routes, increased frequencies, and strong load factors. While cargo volumes softened during the month, aircraft movements and overall passenger throughput continued to trend upward, highlighting the sustained momentum in commercial aviation activity across CAAP’s network.
Overall Traffic Performance
In December 2025, total passenger traffic across CAAP’s airports reached approximately 7.6 million passengers, compared with nearly 7.0 million in December 2024. For the full year, passenger volumes totaled approximately 86.7 million, up from around 79.0 million in 2024.
Domestic passengers increased 5.9% year on year in December, while international passengers grew at a faster pace of 12.1%, reflecting strong cross-border travel demand. Transit passenger volumes also rose 9.6% compared with the prior year. On a full-year basis, domestic passenger traffic increased 8.6%, international passengers grew 11.0%, and transit passengers rose 11.3%.
CAAP noted that following the friendly termination of its concession at Natal Airport in February 2024, the company no longer includes Natal in its operating statistics. Excluding Natal for comparability, total passenger traffic for 2025 increased by 10.3%, highlighting even stronger underlying growth across the remaining portfolio.
Argentina: Record-Breaking Year Anchored by International Growth
Argentina remained the largest contributor to CAAP’s overall passenger volumes and growth. In December, total passenger traffic in the country increased 7.4% year on year, while full-year traffic reached an all-time record in 2025.
Domestic passenger traffic grew 4.3% year on year in December, supported by high load factors that exceeded 90% on most key domestic routes. Airline capacity discipline and sustained demand for domestic travel contributed to these strong utilization levels.
International passenger traffic in Argentina delivered particularly robust performance, rising 15.9% year on year in December. Growth was driven by the introduction of new long-haul and regional routes, as well as increased frequencies on existing services. China Eastern launched a new Buenos Aires–Shanghai route with two weekly frequencies, marking a significant milestone in long-haul connectivity. Regional carriers also expanded operations, with Arajet inaugurating the Córdoba–Punta Cana route and GOL launching Aeroparque–Punta del Este services.
Low-cost carrier Flybondi expanded its international footprint with seasonal routes from Córdoba to Rio de Janeiro and from Buenos Aires to Salvador de Bahia and Maceió. Additionally, LATAM resumed its Buenos Aires–Miami service, while ITA Airways increased frequencies during the summer season. Collectively, Argentina accounted for more than half of CAAP’s total year-on-year traffic growth in December.
Italy: International Travel Drives Record Annual Volumes
In Italy, CAAP reported a 7.7% year-on-year increase in passenger traffic in December, contributing to an all-time annual traffic record for 2025. International travel accounted for nearly 80% of total passenger volumes and grew 12.0% year on year, supported by double-digit growth at both Florence and Pisa airports.
Domestic passenger traffic declined 4.3% year on year during the month, primarily due to a reduction in aircraft movements. This decline was partly attributed to technical issues affecting Airbus A320 aircraft at certain airlines, which resulted in flight cancellations and schedule adjustments. Despite this short-term softness in domestic traffic, overall performance in Italy remained strong, driven by sustained international demand.
Brazil: Strong Momentum Despite Industry Challenges
Brazil delivered one of the strongest performances across CAAP’s portfolio, with total passenger traffic rising 15.7% year on year in December. Domestic passengers, representing nearly 60% of total traffic, increased 15.3%, while transit passengers rose 16.2%. International traffic, though a smaller share of total volumes, grew 17.1% year on year.
Growth in Brazil occurred despite ongoing challenges in the domestic aviation environment, highlighting resilient demand and improved traffic trends. During December, GOL operated additional seasonal frequencies on its Brasília–Miami and Brasília–Orlando routes, among other network enhancements.
For the full year, Brazil continued to contribute meaningfully to CAAP’s overall growth, with increased aircraft movements and expanded airline schedules supporting higher throughput across the company’s Brazilian airports.
Uruguay: Modest Monthly Growth, Record Full-Year Performance
In Uruguay, total passenger traffic increased 1.2% year on year in December, marking an all-time annual record for 2025. Passenger volumes in the country are predominantly international, reflecting Uruguay’s role as a leisure and regional travel destination.
Several network developments supported traffic during the period. GOL introduced a new Montevideo–Fortaleza route and resumed seasonal services on São Paulo–Punta del Este and Buenos Aires–Punta del Este. Aerolíneas Argentinas increased frequencies on its Buenos Aires–Punta del Este route and launched a new Córdoba–Punta del Este service for the summer season. On the domestic front, Paranair began operating the Montevideo–Rivera route, further enhancing connectivity within the country.
Ecuador: Slight Decline Amid Ongoing Challenges
Passenger traffic in Ecuador declined marginally by 0.6% year on year in December, reflecting ongoing security concerns and persistently high airfares that continued to weigh on demand. International passenger traffic increased 1.2%, while domestic traffic declined by 1.2%.
Despite these challenges, full-year passenger traffic in Ecuador edged up 0.4%, indicating relative stability in a difficult operating environment. CAAP continues to monitor conditions closely while working with airlines and authorities to support connectivity and passenger confidence.
Armenia: Double-Digit Growth and Network Expansion
Armenia delivered a strong performance in December, with passenger traffic increasing 10.1% year on year and reaching an all-time annual record in 2025. Growth was supported by the introduction of new airlines, expanded route networks, and increased flight frequencies.
A key development occurred in October, when Wizz Air established a new base at Yerevan’s Zvartnots Airport. The airline deployed two aircraft and launched eight new direct routes to European destinations, significantly enhancing Armenia’s connectivity and supporting continued traffic growth into the fourth quarter.
Cargo Volumes: Mixed Performance Across Regions
Cargo volume across CAAP’s network declined 4.0% year on year in December, with most operating countries reporting lower volumes, except for Uruguay. Argentina, Brazil, and Armenia together accounted for approximately 80% of total cargo handled during the month.
By country, cargo performance varied, with Uruguay posting a 6.7% increase, while Italy recorded a 19.6% decline. Argentina’s cargo volumes fell 5.1%, Ecuador declined 2.1%, Armenia decreased 7.7%, and Brazil remained broadly flat. On a full-year basis, however, total cargo volume increased 1.4%, reflecting gradual normalization of air freight activity.
Aircraft Movements Continue to Rise
Aircraft movements increased 4.8% year on year in December, supported by positive contributions from all countries in CAAP’s portfolio. Brazil recorded the strongest growth at 9.5%, followed by Uruguay at 8.8%, Ecuador at 7.3%, Italy at 6.4%, and Argentina at 3.0%. Armenia recorded a modest increase of 0.2%.
For the full year, total aircraft movements rose 6.4%, reaching approximately 876,000 movements. Argentina, Brazil, and Ecuador together accounted for more than 80% of total aircraft movements in December, highlighting their central role within CAAP’s operational footprint.
A Strong Finish to a Growth Year
CAAP’s December 2025 traffic results capped a year of broad-based growth across its airport portfolio. International travel continued to be a key growth driver, supported by airline network expansion, seasonal capacity increases, and the launch of new long-haul and regional routes. Domestic travel also remained resilient in several markets, particularly Argentina and Brazil.
While cargo volumes softened in December and certain markets faced localized challenges, the overall trend in passenger traffic and aircraft movements points to sustained recovery and expansion in global air travel. With record annual passenger volumes in several key countries and continued airline engagement across its airports, Corporación América Airports enters 2026 with solid momentum and a diversified growth platform spanning Latin America and Europe.
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