v3.26.1
Segment information (Tables)
12 Months Ended
Dec. 31, 2025
Segment information  
Schedule of geographical information of operating segments

Total reportable

 

  ​ ​ ​

Argentina

  ​

  ​

Brazil

  ​

  ​

Uruguay

  ​

  ​

Armenia

  ​

  ​

Ecuador

  ​

  ​

Italy

  ​

  ​

segment

  ​

Year ended December 31, 2025

 

 

 

 

 

 

 

Aeronautical revenue (*)

 

545,455

 

44,935

 

84,422

 

101,166

 

81,299

 

77,427

 

934,704

Non-aeronautical revenue (*)

 

 

 

 

 

 

 

Commercial revenue

 

400,555

 

72,815

 

85,479

 

178,816

 

30,662

 

54,360

 

822,687

Construction service revenue

 

123,461

 

777

 

32,538

 

16,364

 

2,471

 

30,166

 

205,777

Other revenue

28

8,490

8,518

Revenue

 

1,069,471

 

118,527

 

202,467

 

296,346

 

114,432

 

170,443

 

1,971,686

Salaries and social security contributions

 

(175,606)

 

(21,776)

 

(31,017)

 

(23,550)

 

(12,763)

 

(32,535)

 

(297,247)

Concession fees

 

(138,108)

 

(22,300)

 

(23,782)

 

 

(36,398)

 

(9,714)

 

(230,302)

Construction service cost

 

(123,177)

 

(777)

 

(32,538)

 

(15,894)

 

(2,471)

 

(18,642)

 

(193,499)

Maintenance expense

 

(132,948)

 

(5,773)

 

(20,271)

 

(6,819)

 

(7,086)

 

(14,516)

 

(187,413)

Amortization and depreciation

 

(132,932)

 

(11,403)

 

(10,725)

 

(22,813)

 

(7,420)

 

(11,386)

 

(196,679)

Cost of fuel

(287)

(3,430)

(110,284)

(114,001)

Other operational expenditures

(126,470)

(19,936)

(24,450)

(19,706)

(22,392)

(46,013)

(258,967)

Operational expenditure

(829,241)

(82,252)

(146,213)

(199,066)

(88,530)

(132,806)

(1,478,108)

Impairment loss of non-financial assets

(335)

(335)

Other operating income

25,646

3,348

287

587

38

611

30,517

Other operating expenses

(10,008)

(26)

(1,088)

(1,586)

(36)

(12,744)

Operating income / (loss)

 

255,868

 

39,597

 

55,453

 

96,281

 

25,904

 

37,913

 

511,016

Share of income / (loss) in associates

 

 

 

 

 

 

10

 

10

Amortization and depreciation

 

132,932

 

11,403

 

10,725

 

22,813

 

7,420

 

11,386

 

196,679

Adjusted Ebitda

 

388,800

 

51,000

 

66,178

 

119,094

 

33,324

 

49,309

 

707,705

Construction services revenue

 

(123,461)

 

(777)

 

(32,538)

 

(16,364)

 

(2,471)

 

(30,166)

 

(205,777)

Construction services cost

 

123,177

 

777

 

32,538

 

15,894

 

2,471

 

18,642

 

193,499

Adjusted Ebitda excluding Construction Services

 

388,516

 

51,000

 

66,178

 

118,624

 

33,324

 

37,785

 

695,427

 

 

 

 

 

 

 

Current assets

251,740

112,487

47,710

73,022

61,014

73,155

619,128

Non-current assets

 

1,852,734

 

489,453

 

267,095

 

225,285

 

46,023

 

308,678

 

3,189,268

Capital Expenditure

 

123,742

 

2,832

 

38,819

 

22,039

 

5,225

 

34,128

 

226,785

Current liabilities

 

277,104

 

279,587

 

36,875

 

22,134

 

51,118

 

85,034

 

751,852

Non-current liabilities

 

764,975

 

782,678

 

68,911

 

127

 

5,232

 

151,258

 

1,773,181

(*) Mainly includes revenues recognized over time, see Note 5.

Total reportable

 

  ​ ​ ​

Argentina

  ​

  ​

Brazil

  ​

  ​

Uruguay

  ​

  ​

Armenia

  ​

  ​

Ecuador

  ​

  ​

Italy

  ​

  ​

segment

  ​

Year ended December 31, 2024

Aeronautical revenue (*)

 

512,153

 

40,809

 

81,033

 

90,534

 

81,438

 

70,762

 

876,729

Non-aeronautical revenue (*)

 

 

 

 

 

 

 

Commercial revenue

 

376,187

 

68,817

 

75,137

 

150,453

 

28,748

 

47,208

 

746,550

Construction service revenue

 

155,641

 

1,498

 

37,903

 

11,840

 

75

 

16,404

 

223,361

Other revenue

16

4,413

4,429

Revenue

 

1,043,981

 

111,124

 

194,089

 

252,827

 

110,261

 

138,787

 

1,851,069

Salaries and social security contributions

 

(184,764)

 

(22,456)

 

(27,311)

 

(21,120)

 

(12,763)

 

(28,367)

 

(296,781)

Concession fees

 

(130,156)

 

(21,947)

 

(21,672)

 

 

(36,580)

 

(8,313)

 

(218,668)

Construction service cost

 

(155,375)

 

(1,498)

 

(37,903)

 

(11,495)

 

(75)

 

(10,488)

 

(216,834)

Maintenance expense

 

(132,313)

 

(5,594)

 

(16,034)

 

(6,010)

 

(4,749)

 

(8,486)

 

(173,186)

Amortization and depreciation

 

(110,829)

 

(11,190)

 

(9,553)

 

(21,347)

 

(7,092)

 

(10,563)

 

(170,574)

Cost of fuel

(267)

(3,519)

(94,922)

(98,708)

Other operational expenditures

(123,586)

(19,502)

(23,440)

(15,948)

(22,388)

(39,923)

(244,787)

Operational expenditure

(837,023)

(82,454)

(139,432)

(170,842)

(83,647)

(106,140)

(1,419,538)

Other operating income

22,705

22,110

23

336

64

1,041

46,279

Other operating expenses

(5,233)

(447)

(265)

(991)

(27)

(6,963)

Operating income / (loss)

 

224,430

 

50,333

 

54,415

 

81,330

 

26,651

 

33,688

 

470,847

Share of income / (loss) in associates

 

(1)

 

 

 

 

 

12

 

11

Amortization and depreciation

 

110,829

 

11,190

 

9,553

 

21,347

 

7,092

 

10,563

 

170,574

Adjusted Ebitda

 

335,258

 

61,523

 

63,968

 

102,677

 

33,743

 

44,263

 

641,432

Construction services revenue

 

(155,641)

 

(1,498)

 

(37,903)

 

(11,840)

 

(75)

 

(16,404)

 

(223,361)

Construction services cost

 

155,375

 

1,498

 

37,903

 

11,495

 

75

 

10,488

 

216,834

Adjusted Ebitda excluding Construction Services

 

334,992

 

61,523

 

63,968

 

102,332

 

33,743

 

38,347

 

634,905

 

 

 

 

 

 

 

Current assets

242,657

66,824

42,502

70,306

64,789

54,069

541,147

Non-current assets

 

1,999,467

 

461,164

 

227,452

 

185,355

 

47,605

 

253,599

 

3,174,642

Capital Expenditure

 

155,747

 

2,610

 

36,479

 

17,514

 

4,164

 

19,170

 

235,684

Current liabilities

 

253,577

 

181,138

 

30,102

 

17,211

 

54,374

 

65,191

 

601,593

Non-current liabilities

 

846,196

 

704,842

 

62,821

 

 

4,282

 

124,224

 

1,742,365

(*) Mainly includes revenues recognized over time, see Note 5.

Total reportable

 

  ​ ​ ​

Argentina

  ​

  ​

Brazil

  ​

  ​

Uruguay

  ​

  ​

Armenia

  ​

  ​

Ecuador

  ​

  ​

Italy

  ​

  ​

segment

  ​

Year ended December 31, 2023

 

  ​

 

 

  ​

 

 

  ​

 

 

  ​

 

 

  ​

 

 

  ​

 

 

  ​

 

Aeronautical revenue (*)

 

296,393

 

 

45,656

 

 

65,428

 

 

88,519

 

 

78,336

 

 

70,121

 

 

644,453

 

Non-aeronautical revenue (*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial revenue

 

251,274

 

 

64,838

 

 

68,077

 

 

160,355

 

 

26,871

 

 

39,908

 

 

611,323

 

Construction service revenue

 

93,014

 

 

151

 

 

31,705

 

 

3,630

 

 

21

 

 

16,201

 

 

144,722

 

Other revenue

 

20

7,192

7,212

Revenue

 

640,681

 

 

110,645

 

 

165,230

 

 

252,504

 

 

105,228

 

 

133,422

 

 

1,407,710

 

Salaries and social security contributions

 

(109,260)

 

 

(24,592)

 

 

(25,221)

 

 

(18,988)

 

 

(12,276)

 

 

(27,554)

 

 

(217,891)

 

Concession fees

 

(79,930)

 

 

(22,551)

 

 

(18,748)

 

 

 

 

(35,122)

 

 

(7,630)

 

 

(163,981)

 

Construction service cost

 

(92,899)

 

 

(151)

 

 

(31,705)

 

 

(3,524)

 

 

(21)

 

 

(9,971)

 

 

(138,271)

 

Maintenance expense

 

(66,423)

 

 

(7,359)

 

 

(14,878)

 

 

(5,757)

 

 

(5,675)

 

 

(7,657)

 

 

(107,749)

 

Amortization and depreciation

 

(60,534)

 

 

(12,035)

 

 

(8,154)

 

 

(19,638)

 

 

(6,688)

 

 

(10,695)

 

 

(117,744)

 

Cost of fuel

(356)

(3,740)

(109,242)

(113,338)

Other operational expenditures

(66,197)

(23,324)

(20,515)

(14,653)

(20,330)

(41,281)

(186,300)

Operational expenditure

(475,243)

(90,368)

(122,961)

(171,802)

(80,112)

(104,788)

(1,045,274)

Impairment (loss) / reversal of non-financial assets (**)

103,764

(926)

102,838

Other operating income (**)

13,426

82,793

60

361

240

710

97,590

Other operating expenses

(7,344)

(542)

(506)

(1,021)

(38)

(9,451)

Operating income / (loss)

 

171,520

 

 

206,292

 

 

41,823

 

 

80,042

 

 

25,318

 

 

28,418

 

 

553,413

 

Share of income / (loss) in associates

 

(5)

 

 

 

 

 

 

 

 

 

 

14

 

 

9

 

Amortization and depreciation

 

60,534

 

 

12,035

 

 

8,154

 

 

19,638

 

 

6,688

 

 

10,695

 

 

117,744

 

Adjusted Ebitda

 

232,049

 

 

218,327

 

 

49,977

 

 

99,680

 

 

32,006

 

 

39,127

 

 

671,166

 

Construction services revenue

 

(93,014)

 

 

(151)

 

 

(31,705)

 

 

(3,630)

 

 

(21)

 

 

(16,201)

 

 

(144,722)

 

Construction services cost

 

92,898

 

 

151

 

 

31,705

 

 

3,524

 

 

21

 

 

9,972

 

 

138,271

 

Adjusted Ebitda excluding Construction Services

 

231,933

 

 

218,327

 

 

49,977

 

 

99,574

 

 

32,006

 

 

32,898

 

 

664,715

 

(*) Mainly includes revenues recognized over time, see Note 5.

(**) The Brazilian segment includes the impact of the compensation received regarding the Natal airport, see Note 26.b.

For the year ended December 31,

For the year ended December 31,

For the year ended December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Adjusted Ebitda - Total reportable segment

 

707,705

 

641,432

 

671,166

Amortization and depreciation

 

(196,679)

 

(170,574)

 

(117,744)

Intrasegment Adjustments

 

41

 

 

Unallocated

 

8,300

 

(24,601)

 

(5,677)

Financial income

 

68,344

 

71,430

 

101,598

Financial loss

(243,955)

110,305

(406,570)

Inflation adjustment

(11,074)

(21,260)

(40,547)

Income before income tax expense

332,682

606,732

202,226

For the year ended December 31, 2025

For the year ended December 31, 2024

For the year ended December 31, 2023

Total reportable

Intrasegment

Total reportable

Intrasegment

Total reportable

Intrasegment

  ​ ​ ​

segment

  ​ ​ ​

Adjustments

  ​ ​ ​

Unallocated

  ​ ​ ​

Total

  ​ ​ ​

segment

  ​ ​ ​

Adjustments

  ​ ​ ​

Unallocated

  ​ ​ ​

Total

  ​ ​ ​

segment

  ​ ​ ​

Adjustments

  ​ ​ ​

Unallocated

  ​ ​ ​

Total

Revenue

 

1,971,686

 

(17,598)

 

8,046

 

1,962,134

 

1,851,069

 

(16,018)

 

8,216

 

1,843,267

 

1,407,710

 

(15,595)

 

7,923

 

1,400,038

Operational expenditure

 

(1,478,108)

 

17,641

 

(32,094)

 

(1,492,561)

 

(1,419,538)

 

16,018

 

(31,921)

 

(1,435,441)

 

(1,045,274)

 

15,595

 

(23,667)

 

(1,053,346)

Impairment (loss)/reversal of non-financial assets

 

(335)

 

 

 

(335)

 

 

 

 

 

102,838

 

 

 

102,838

Other operating income

 

30,517

 

(2)

 

1,277

 

31,792

 

46,279

 

 

111

 

46,390

 

97,590

 

 

2,970

 

100,560

Other operating expenses

 

(12,744)

 

 

(2)

 

(12,746)

 

(6,963)

 

 

 

(6,963)

 

(9,451)

 

 

(2)

 

(9,453)

Operating income / (loss)

 

511,016

 

41

 

(22,773)

 

488,284

 

470,847

 

 

(23,594)

 

447,253

 

553,413

 

 

(12,776)

 

540,637

Share of loss in associates

 

10

 

 

31,073

 

31,083

 

11

 

 

(1,007)

 

(996)

 

9

 

 

7,099

 

7,108

Financial income

 

 

 

 

68,344

 

  ​

 

  ​

 

  ​

 

71,430

 

  ​

 

  ​

 

  ​

 

101,598

Financial loss

 

 

 

 

(243,955)

 

  ​

 

  ​

 

  ​

 

110,305

 

  ​

 

  ​

 

  ​

 

(406,570)

Inflation adjustment

 

 

 

 

(11,074)

 

  ​

 

  ​

 

  ​

 

(21,260)

 

  ​

 

  ​

 

  ​

 

(40,547)

Income before income tax expense

 

 

 

 

332,682

 

  ​

 

  ​

 

  ​

 

606,732

 

  ​

 

  ​

 

  ​

 

202,226

Income tax

 

 

 

 

(74,963)

 

  ​

 

  ​

 

  ​

 

(298,820)

 

  ​

 

  ​

 

  ​

 

24,241

Income for the period

 

 

 

 

257,719

 

  ​

 

  ​

 

  ​

 

307,912

 

  ​

 

  ​

 

  ​

 

226,467

At December 31, 2025

At December 31, 2024

Total reportable

Intrasegment

Total reportable

Intrasegment

  ​ ​ ​

segment

  ​ ​ ​

Adjustments

  ​ ​ ​

Unallocated

  ​ ​ ​

Total

  ​ ​ ​

segment

  ​ ​ ​

Adjustments

  ​ ​ ​

Unallocated

  ​ ​ ​

Total

Current assets

 

619,128

 

(193,373)

 

559,287

 

985,042

 

541,147

 

(92,626)

 

316,993

 

765,514

Non-current assets

 

3,189,268

 

(15,568)

 

289,935

 

3,463,635

 

3,174,642

 

(47,044)

 

288,338

 

3,415,936

Capital Expenditure

 

226,785

 

 

2

 

226,787

 

235,684

 

 

28

 

235,712

Current liabilities

 

751,852

 

(193,604)

 

170,266

 

728,514

 

601,593

 

(92,626)

 

94,763

 

603,730

Non-current liabilities

 

1,773,181

 

(15,496)

 

301,730

 

2,059,415

 

1,742,365

 

(47,044)

 

364,439

 

2,059,760