CAAP 2026年第2四半期決算説明会：売上高8%増、1億5000万ドルの配当

要点

• IFRIC第12号を除く売上高は前年同期比8%増加し、概ね安定して推移した旅客動態を上回りました。旅客当たり売上高は前年同期比で約9%増加し、22.9ドルとなりました。
• IFRIC第12号を除く調整後EBITDAは4.5%減少の1億6,000万ドルとなりました。減益はアルゼンチンとウルグアイに集中した一方、他の4事業市場は2桁成長を達成しました。
• 当四半期中にCAAPの空港を利用した旅客数は約2,100万人でした。国際線の旅客数は約6%増加した一方、国内線は主にアルゼンチンでの航空会社のキャパシティ制約により約8%減少しました。
• 商業売上高は、VIPラウンジ、スペース賃貸、飲食、免税店事業に支えられ13%増加しました。経営陣によると、アルゼンチンの貨物事業を除いた商業売上高は26%増加しました。
• 四半期末の流動性は8億6,100万ドルに達し、純負債は3億8,100万ドルに減少、ネットレバレッジは0.5倍となりました。
• 取締役会は、2026年に支払われる1億5,000万ドルの現金配当（1株当たり約0.91ドルに相当）を承認しました。

主要財務データ

特記のない限り、以下の売上高、費用、調整後EBITDAの数値はいずれもIFRIC第12号を除いています。

事業・業績の推移

旅客数は約2,100万人と全体でほぼ横ばいでした。ポートフォリオ全体でプラスの寄与があり国際線旅客数は約6%増加したものの、国内線旅客数は約8%減少しました。

アルゼンチンが引き続き最大の圧迫要因となりました。国際線旅客数の4%増に対し、国内線が約12%減少したことで、総旅客数は約6%減少しました。経営陣は、国内線の不振は需要減ではなく、主にフライボンディ（Flybondi）の機材削減と燃料価格高騰によるものと説明しています。アルゼンチンの調整後EBITDAは21%減少し、利益率は6.2ポイント縮小しました。

また、アルゼンチンの貨物売上高も、異例に水準が高かった前年同期と比較して厳しい結果となりました。2025年第2四半期における税関の労働争議により保管期間が延長され、例外的に高い保管収入が発生していました。2026年第2四半期には税関業務が正常化し通関が迅速化したことで、保管収入が減少しました。

その他の地域では、イタリアの旅客数が国際線主導で5%強増加しました。調整後EBITDAは19%増加（建設サービスを除くベースでは11%増）し、利益率は3.1ポイント拡大しました。

ブラジルの旅客数は、乗り継ぎ客の14%増を含め約4%増加しました。ブラジリア空港の調整後EBITDAは32%増加し、旅客数の増加とVIPラウンジ、賃貸、飲食売上の好調により利益率は2.3ポイント拡大しました。

アルメニアは、中東紛争に関連した欠航や地域の領空制限があったにもかかわらず、ポートフォリオ内で最も高い13%の旅客数増加を記録しました。調整後EBITDAは21%増加しましたが、構造的に利益率が低い燃料事業の拡大が引き続き利益率の重荷となりました。

エクアドルの旅客数は約2%増加し、国際線旅客数は8%以上増加しました。調整後EBITDAは17%増加し、利益率は2ポイント拡大しました。ウルグアイの旅客数は2%増加しましたが、ILS（計器着陸装置）の導入費用やその他の一次的費用により、調整後EBITDAは16%減少、利益率は8.4ポイント縮小しました。

経営陣の見通し

経営陣は、新路線、増便、およびインバウンド需要の増加が2026年後半のアルゼンチンにおける国際線旅客数を支えると予想しています。国内線の業績は、短期的には航空会社のキャパシティ制限により引き続き圧迫される可能性がありますが、同社はフライボンディが削減したキャパシティが他の航空会社によって徐々に代替されるとみています。

アルゼンチンでは、計画されている滑走路の改修工事や、ハードルの高い貨物売上高との比較にも直面します。経営陣は、滑走路工事が連結業績に重大な影響を与えることはないと述べています。

ウルグアイでは、新たなILSシステムが8月に収益貢献を開始しました。経営陣は、同システム、新しいVIPラウンジ、免税エリアの拡張、貨物施策、および好調な旅客トレンドが売上成長を後押しすると見込んでいます。

同社はまた、南北アメリカ、アフリカ、中東全域において、空港コンセッション（運営権）の潜在的機会を引き続き追求しています。経営陣は、十分な熟度や公表段階に達していない案件については時期を示しませんでした。

リスクと注視点

• アルゼンチンにおける国内航空会社のキャパシティ制限は、短期的には引き続き旅客数の重荷となる可能性があります。
• アルゼンチンの貨物事業は、保管収入が異例に高水準であった2025年との比較で厳しい前年比に直面しています。
• アルゼンチンで計画されている滑走路工事により一部の振替や旅客減少が生じる可能性がありますが、経営陣は連結での重大な影響は見込んでいません。
• 中東路線が旅客数の20%以上を占めるアルメニアでは、中東紛争関連の欠航や領空制限が引き続き懸念材料となっています。
• 治安上の懸念と高止まりする航空運賃が、エクアドルにおける国内需要の引き続きの抑制要因となっています。
• 為替変動によりアルゼンチンとウルグアイの報告ベース費用が増加した一方、アルゼンチン・ペソ安により米ドル換算の国内旅客手数料が減少しました。

アナリスト質疑応答の要点

経営陣は、アルゼンチンのコンセッションにおける経済条件の再調整に関する協議が進んでいるものの、報道内容は法的拘束力のある合意ではないと強調しました。具体的かつ拘束力のある進展があり次第、更新情報を開示するとしています。

イタリアのコンセッションプロセスも政府当局および規制機関との間で進展しています。経営陣は、本取り組みを戦略的プロジェクトと宣言する声明が近く出されると予想しており、現時点で懸念材料（レッドフラグ）は見られないと述べました。

商業売上高の持続可能性について、経営陣はVIPラウンジ、免税店、駐車場、賃貸スペース、飲食での継続的な勢いを指摘しました。ウルグアイやその他の市場での新規プロジェクトがさらなる支援になると見込まれています。

配当について、経営陣は1億5,000万ドルの還元を固定的な継続水準とは定義づけませんでした。今後の決定は、株主還元、財務制限条項（コベナンツ）および信用格付けへの配慮、子会社の資金要件、ならびに新規ビジネス機会に必要な流動性をバランスよく考慮して行われます。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for joining us, and welcome to Corporación América Airports' Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

I will now hand the conference over to Inaki Anola, Head of Investor Relations. Please go ahead.

Patricio Esnaola

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martin Eurnekian, our Chief Executive Officer; and Jorge Arruda, our Chief Financial Officer.

Before we proceed, I would like to make the following safe harbor statements. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and reading filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or sentences. Please note that throughout this call, all references to revenues, cost, adjusted EBITDA and margin will refer to figures excluding IFRIC 12. Also, all comparisons discussed are year-over-year unless otherwise noted.

I will now turn the call over to our CEO, Martin Eurnekian.

Martin Francisco Eurnekian

Thank you, Inaki, and good morning to everyone joining us today. Our second quarter adjusted EBITDA ex IFRIC 12 was down 4.5%, primarily driven by our cargo business in Argentina, lower seat capacity in the domestic market in Argentina and non-recurring costs and expenses in Uruguay. Our Cargo business in Argentina was primarily affected by an extraordinary bad year-over-year comparison base. Labor disruptions at customs in April 2025 resulted in longer cargo storage periods and consequently, exceptionally high storage revenues. Seat capacity in Argentina was largely affected by Flybondi, significantly reduced operating fleet and higher fuel prices.

Non-recurring costs and expenses in Uruguay, including costs associated with the implementation of the new ILS system as well as maintenance and other expenses also weighted on adjusted EBITDA during the quarter. Despite these headwinds, our business remains strong and the diversification and quality of our portfolio continue to support our overall performance with 4 of our 6 segments delivering double-digit EBITDA growth. We observed healthy international demand and passenger growth across most of our markets in the second quarter.

We also continued to deliver strong revenue performance. Growth in both our aeronautical and commercial businesses enabled revenues to increase faster than passenger volumes. We were particularly pleased with the continued improvement in the revenue per passenger throughout the portfolio, including Argentina.

Our financial position remains strong, supported by healthy liquidity, continued cash generation and low leverage. This gives us the capacity to invest in our existing operations, pursue our acquisition strategy and return capital to shareholders while preserving financial flexibility. In that context, our Board approved a cash dividend distribution for 2026. This represents an important milestone in our capital allocation strategy, and I would like to discuss the dividend and its underlying principles in greater detail in my closing remarks. I would also like to highlight that our first half revenue and EBITDA remained ahead of the prior year period.

With that, let me turn to the traffic trends across our markets. Moving on to traffic on Slide 4. Approximately 21 million passengers traveled through our airports during the quarter, leaving total traffic broadly stable year-over-year. International traffic remained positive increasing nearly 6% with double-digit growth in Armenia and positive contributions across the board, including Argentina. Domestic traffic declined approximately 8%, primarily due to lower seed capacity in Argentina. Excluding Argentina, total passenger traffic increased across all of our markets.

Looking at the main markets. In Argentina, International traffic was up 4%, supported by strong seat capacity growth during April and May, while overall passenger traffic declined approximately 6% as growth in international travel was more than offset by weaker domestic volumes. In fact, Argentina recorded the strongest increase in international seat capacity among South American markets during the first half of the year, driven by several airlines announcing new routes and additional frequencies.

Domestic traffic declined close to 12%, mainly reflecting lower airline capacity, while underlying demand remained resilient. Seat offer was largely affected by Flybondi significantly reduced operating fleet and higher fuel prices. July traffic showed a sequential improvement from June with domestic traffic declining 10% and international traffic growing 5% year-over-year. In Italy, traffic increased just over 5%, driven mainly by international passengers, which represented more than 80% of total traffic and grew 6.4%. Both [indiscernible] and France Airports contributed positively with domestic traffic also modestly higher. This positive trend continued into July with international passenger traffic increasing by more than 6% and while domestic traffic remained relatively stable.

In Brazil, traffic increased approximately 4%, reflecting continued year-over-year growth. Domestic traffic was slightly lower but this was more than offset by a 14% increase in transit passengers. Brazilia continued to benefit from its position as an important connected hub within Brazil's domestic network. Traffic in July remained solid, up 8% year-over-year. Passenger traffic in Uruguay increased 2% despite the calendar shift of the Easter holidays, supported by additional connectivity, including Sul's new service between Montevideo and Belerizonte. In July, traffic increased by 3% compared to the same month last year.

Armenia reported the strongest traffic growth of our -- in our portfolio, up 13%. This strong performance was achieved despite slight cancellations and regional aerospace restrictions related to the conflict in the Middle East. Strong demand from all other regions together with the [ Wiser ] based launch at [ Barnat ] late last year more than offset the disruptions caused by the complete in the Middle East. This positive momentum continued into July with traffic growing 17% year-over-year.

In Ecuador, traffic increased approximately 2% despite continued security concerns. International traffic grew more than 8%, supported by strong demand on routes to the United States, new services from [ Avianca, Jetblue and LatAm ] and additional frequencies from American Airlines. Domestic traffic remains softer as elevated airports continue to constrain demand. In July, traffic declined 1% year-over-year as strong international traffic growth was more than offset by a decline in domestic traffic.

In summary, international demand remained healthy, and broad-based during the quarter, helping to mitigate the concentrated pressure on domestic traffic in Argentina.

Moving on to Cargo on Slide 5. Cargo revenues declined primarily driven by Argentina. Such decline was caused by an extraordinary bad year-over-year comparison base. As I explained earlier, labor disruptions and customs in the second quarter of last year extended cargo [ 12 ] times and resulted in exceptionally high storage revenues. In addition, normalized customers operations and more efficient clearance processes this year reduce [ 12x ] and consequently, storage revenues. Various initiatives are already being implemented to enhance profitability in our cargo business in Argentina.

Let me now turn over to Jorge, who will review our financial results. Please, go ahead.

Jorge Arruda

Thank you, Martin, and good day, everyone. Starting with the top line on Slide 6. Total revenues, excluding IFRIC 12, grew 8% year-over-year once again outpacing traffic figures. Armenia and Brazil delivered another quarter of double-digit growth. Consolidated revenue per passenger rose nearly 9% to $22.9 from $21 in the same quarter last year, reflecting stronger commercial performance with increases across every country, including Argentina.

Aeronautical revenues increased 4%, supported by broad-based growth across the portfolio. Brazil, Italy, Armenia, Uruguay and Ecuador delivered strong results, more than offsetting a decline in Argentina. Tariff increases in Brazil, Uruguay and Ecuador provided further support. In Argentina, the increase in aeronautical revenues from higher international traffic was more than offset by lower domestic traffic and lower domestic passenger fees in U.S. dollar terms following the depreciation of the Argentine peso during the period.

Commercial revenues were up 13%, well ahead of traffic performance, driven by growth across all countries of operation, except Argentina. Performance was led by a few related revenues in Armenia, together with broad-based growth in passenger treatment revenue streams, including VIP launches, space rentals, food and beverage and duty free. In Argentina, lower cargo, parking and duty-free revenues more than offset growth across all other commercial revenue streams.

Turning to Slide 7. Total cost and expenses, excluding IFRIC 12, increased 16% year-over-year, primarily driven by higher fuel costs in Armenia, non-recurring costs and expenses in Uruguay and the re-appreciation of local currency in Argentina and Uruguay against the U.S. dollars.

In Armenia, fuel cost increase, reflecting both higher costs and volumes associated with the growth of fuel-related revenues. Excluding the fuel business, total cost and expenses increased 9%.

In Argentina, cost on expenses increased only 6% despite a material increase in amortization representing a contained increase given the prevailing macro environment.

Moving on to profitability on Slide 8. Adjusted EBITDA, excluding IFRIC 12 was $160 million, down 4.5% with the decline concentrated in Argentina, Uruguay, every other country of operation delivered double-digit growth. Starting with Argentina, adjusted EBITDA declined 21% with the margin contracting 6.2 percentage points primarily reflecting lower domestic passenger traffic and the extraordinary bed comparison base for cargo revenues I mentioned earlier.

Italy posted a 19% increase or 11% when excluding construction service at [ Toscana reporting. ] And margin expanding 3.1 percentage points on passenger growth and higher duty free and VIP loan revenues.

Brasilia Airport delivered another strong quarter. with adjusted EBITDA up 32% and the margin expanding 2.3 percentage points, driven by strong passenger growth together with higher VIP launch, space rental and food and beverage revenues. This was further supported by the appreciation of the Brazilian real.

In Uruguay, adjusted EBITDA declined 16% and the margin contracted 8.4 percentage points, primarily reflecting costs associated with the implementation of the new ILS system ahead of the related revenue, which began only in August and the impact of nonrecurring events I mentioned earlier. These were partially offset by passenger growth and stronger VIP loans and duty-free revenues.

Armenia also delivered a strong quarter with adjusted EBITDA up 21%. As in recent quarters, margin contraction reflected the continued expansion of the fuel business, which structurally carries lower margin than core airport operations.

Ecuador delivered another solid quarter with adjusted EBITDA increasing 17% and margin expanding 2 percentage points supported by passenger growth and higher duty revenues.

Turning to Slide 9. Strong cash flow generation allowed us to continue building our cash position, and we ended the quarter with total liquidity of $861 million, up 20% from $750 million at the close of 2025. Importantly, nearly all operating subsidiaries generated positive operating cash flow during the first half of the year. The exceptions were Italy and Ecuador, where capital expenditure and concession fee payments, respectively, weighted on free cash flow generation.

Finally, cash used in financing activities primarily reflected $55 million in loan repayments, mainly in Argentina.

Moving on to the debt and maturity profile on Slide 10. Total debt at the quarter end stood at $1.1 billion, while net debt declined to $381 million from $502 million year-end 2025. Our net leverage ratio stood at 0.5x, reflecting stable debt levels and continued cash generation.

I will now hand the call back to Martin, who will provide closing remarks and discuss our view for the remainder of the year.

Martin Francisco Eurnekian

Thank you, Jorge. On Slide 12, I would like to leave you with a few key messages. Despite the headwinds mentioned earlier by both Jorge and myself, some related to bad year-over-year comparisons and others to non-recurring items, our business remains strong, and the diversification of our portfolio continues to support our overall performance. We are particularly pleased with the broad-based growth in international traffic.

The increase in revenue per passenger across every country in which we operate, including Argentina and the double-digit EBITDA growth delivered by other four markets. Our robust liquidity and low leverage provide a strong foundation to continue focusing on our strategic objectives, pursue growth opportunity and return capital to shareholders while maintaining financial strength.

We also continue to make progress on our key strategic initiatives across the portfolio, including advancing the concession rebalancing process in Argentina, efforts to obtain final approval of the [indiscernible] Airport Master plan, commercial expansion in Montevideo through a new VIP lounge and a larger duty-free area and actions to improve the profitability of our cargo business in Argentina. In parallel, we continue to work on potential new concession opportunities across the Americas, Africa and the Middle East.

Turning to the second half, new routes, additional frequencies and growing inbound demand should support international traffic in Argentina. At the same time, limited domestic airline capacity, planned runway maintenance and additional challenging comparison base for cargo revenues may continue to affect the country's near-term results. However, we expect [indiscernible] reduced operating capacity in Argentina to be gradually replaced by other airlines over time as we have observed in previous airline disruptions.

In Uruguay, the new instrument lending system began generating revenues in August. And together with the opening of the new VIP lounge, additional cargo initiatives and the healthy traffic trends are expected to support revenue growth.

Finally, as announced in today's earnings release, our Board approved cash dividends totaling $150 million payable this year, which is equivalent to approximately 0.91 per share. This approval was based primarily on the following key principles: Enhancing shareholder returns, maintaining our financial strength, reserving adequate cash balances at each operating company to support their strategic objectives and maintaining sufficient liquidity at [ GAAP ] to pursue further growth opportunities.

With that, we are ready to take your questions. Operator, please open the line for Q&A.

Operator

[Operator Instructions] Your first question comes from the line of Gui Mendes with JPMorgan.

質疑応答

Guilherme Mendes

My first question is on the contract renegotiations in Argentina and Italy, if you could provide an update on the latest discussions or an expectation in terms of timing for the conclusion. And the second is a follow-up on the commercial passengers. It was a pretty strong performance, I don't think, on a per passenger basis. Just wondering if this level of revenues per passenger should be assumed to be recurring going forward?

Martin Francisco Eurnekian

Hello, Gui. Martin here. Thank you for your questions. I'll start on Argentina, and then pass it on to Jorge for the rest of your question. Regarding negotiation in Argentina, we -- the rebalancing in Argentina, as we have said before, we keep working with the regulator to move ahead on the rebalancing of the economic equilibrium of the concession. Many of you probably have seen a leak in the press regarding that negotiation. It should be taken as a leak. And I would only say that it indicates that we are working and moving ahead. But once we have something that is binding, we will come to you with the relevant information. As of today, none of that is actually valid or winding. So hopefully, soon enough, we'll come back with relevant and binding news regarding the Argentina contract. So thank you, and I'll pass it on to Jorge for the rest of the -- your question.

Jorge Arruda

Hi, Guilherme, thank you very much for your question and for all the report. So in connection with [ Toscana reported, ] the process is moving ahead as well. We continue to work with the relevant government authorities, in particular with the Ministry of Infrastructure and the regulator [ INAC, ] that expect -- that we expect that they will issue a statement in the very near future declaring this strategic project. It's part of the process. Thereafter, there's going to be a so-called confidential deserve. So in summary, as of today, we continue to make progress, and there are no red flags. And again, we will continue to keep the market fully updated on concrete developments. In connection with your second question, in our commercial revenues, the quarter posted very solid commercial revenues while the headline number is about 14%. If we exclude cargo in Argentina, which has an extremely bad comparison, commercial revenues actually increased 26%, so well ahead of passengers. This is driven by many reasons across the board. But what I would like to highlight is perhaps the VIP lounge business continued to perform very well, duty-free in most of the markets, parking rental space, for instance, in Brazil was phenomenal. So generally speaking, commercial revenues had a very good performance. And going ahead, we have projects in different countries that will continue to support the number. For instance, there's going to be a totally new VIP lounge in the [ multi-video ] airport, an expansion of the duty-free business in [indiscernible]. And moreover, when we do a double click in our numbers for the second quarter, for instance, again, if we exclude cargo, in Argentina and certain non-recurring expenses that we had in Uruguay, our EBITDA would have grown 5% instead of the drop of 4.5%. Revenues in Argentina, for instance, has grown 13% without cargo. Cost and expenses without amortization have in Argentina grew only 3.5%, 3.4% more precisely. So again, the headline number may not be the best one, but when we do a double click, we see very strong numbers in many business lines, and therefore, makes us very comfortable that the portfolio is performing very well.

Operator

Your next question comes from the line of Yao Len Sisar with Jefferies.

Unknown Analyst

This is Yao-Len on behalf of Alejandro Anibal Demichelis. I have one question, please. So how do you see the evolution of domestic traffic in Argentina through the end of 2026.

Jorge Arruda

This is Jorge again. Thank you for your question and for the reports as well. So domestic traffic was primarily affected by the reduction in the fleet of Flybondi, which we believe that sooner or later, are going to be replaced by other players in the market. As we've actually seen already, I mean, in July, for instance, both Aerolineas Argentinas and [indiscernible] its second best month in history in Argentina on domestic market. Flybondi is planned to increase in the next few months from 16 aircraft to 19 aircraft. And as I briefly mentioned, we've seen that over and over again in other markets like [ Puna ] in Uruguay, Avianca in Brazil, among a few other cases that in a matter of several months, this offer, if I can put it like that, is replaced because it's not a matter of demand. It's a matter of offer, it's a seat offer, seat capacity. So obviously, this will take some time in a couple of months. But over the short to medium term, we are positive.

Operator

Your next question comes from the line of Pablo Ricalde with Itau.

Pablo Ricalde Martinez

I have two questions. The first one on the dividend you just announced, how should we think of dividends going forward? And should we think about like maybe this is a more normalized level, or this is more on the extraordinary side given how strong your balance sheet look. And the other one is if you have quantified the effect of the closure or the runway like maintenance in [indiscernible] in the third quarter results.

Martin Francisco Eurnekian

Thank you for your questions. So in connection with dividends, our decision-making process to propose and ultimately approve this dividend was a balance of a couple of points, primarily shareholders return, providing the proper return to shareholders, maintaining financial strength of our group up and its subsidiaries. And by that, I mean no impact in covenants, no impact in existing credit ratings among other things. Preserving an adequate cash balance at each of the operating companies to pursue their strategic objectives. So for instance, in Armenia, we are about to start a major CapEx program, as we previously announced, together with the extension of the concession agreement there. And obviously, the company will require some additional or increased working capital facility. So as we want to preserve that financial strength at the OpCo level as well. And finally, keep an adequate liquidity in [indiscernible] to pursue its new business activities. We've been very, very active pursuing new business. So obviously, we want to keep firepower to to make that possible. So we will take those things into consideration -- we took those things into consideration to define the amount and the actual payment. And we will take those things into consideration in the future whenever deciding whether or not to pay a dividend. Regarding maintenance of the runways in Aeropark and Acesa, which are planned for about two days in [ Europac ] and just more than 15 days in Acesa. There will be an impact some of the traffic from Acesa will migrate to Aeropark, some will be kept in Acesa. Some will not happen. But this is planned. This is obviously absolutely required for the security. And we -- on a consolidated basis, we do not see a major impact in our numbers.

Operator

Your next question comes from the line of Daniel Rojas with Bank of America.

Daniel Vielman

I just wanted to drill down on Armenia. We saw July traffic figures that they were very good. Armenia was up 17%. I just wanted to get some color from you on what's happening with Iran the conflict in the Middle East, and what we should look for in terms of potential traffic growth in the next few months? Anything you can give us.

Martin Francisco Eurnekian

I'm sorry, your first question was traffic in Armenia. Your second question was?

Daniel Vielman

What do you expect in the second half of the year in terms of also of traffic and with everything that's happening.

Martin Francisco Eurnekian

Okay. Good. Thank you. So yes, Armenia has been performing extremely well. And you probably saw July figures of 17%. We are very pleased with these numbers. This is primarily driven by healthy traffic with Europe. New routes, generally speaking, in particular with airlines, and obviously, the establishment of the base of [indiscernible] lines in [indiscernible]. This more than offset the impact of traffic to Middle East, which was -- which accounts for about 20-plus percent of the traffic of the overall traffic and was impacted for obvious reasons. But again, more than offset by this -- the traffic with Europe on legacy carriers and with that are creating traffic. I mean they establish a base, they established several new routes, targeting primarily diaspora, but obviously, the whole market. So we -- for now, we continue to see a healthy trend in Armenia. And generally speaking, we will also see a healthy trend in the rest of our portfolio. In Uruguay, particularly that the quarter was not great, but we see better trends going forward. And in Argentina, we continue to see growth on the international and the domestic, as I mentioned earlier, for the next few months is going to continue to be impacted by domestic seat offer, seat capacity. Obviously, the runway maintenance of Acesa will have an impact in October to November, but again, not mature in the concept of [indiscernible] in the context of our portfolio.

Operator

[Operator Instructions] With no further questions, we have reached the end of the Q&A session. Forgive me, I see Gui Mendes is asking a follow-up question from JPMorgan.

Guilherme Mendes

Martin, you mentioned about opportunities in the Americas, Africa and the Middle East. If you don't mind exploring which are those -- which are these opportunities? And which stage each of them are currently?

Martin Francisco Eurnekian

Thank you for your question, Guilherme. As we usually do, we not talk about opportunities when they are not mature enough. You obviously heard years back on Nigeria once we were named the winner of the bid. Same thing with Angola. We were named -- were awarded winners of the bid, and we announced it. We are pursuing several new opportunities in the region in Africa, also Middle East. There is a public tender that was announced for Urgada Airport, where we were also publicly announced as one of the shortlisted bidders alongside a local partner for, again, [ Ogata ] Airport in Egypt. And in same thing for different opportunities we are working in the Middle East and the Americas. Ideally, we would come to the market when those processes become public or when our participation becomes public as we are pursuing many different initiatives that have very different stages of maturity.

Operator

We have now reached the end of the Q&A session. I will now turn the call back to Martin for closing remarks.

Martin Francisco Eurnekian

I want to thank everybody for taking your time to participate today. I wish you a very nice week and remind you that our team is always available for any further questions or information regarding our company. Have a great day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.