Argentina has approved changes to the airport concession held by Aeropuertos Argentina S.A., a subsidiary of Corporación América Airports, paving the way for an investment program of approximately $7.3 billion through the end of the concession in 2056. The administrative decision, announced Sept. 28 and disclosed in a Securities and Exchange Commission filing, also extends the concession by 18 years and sets out changes to airport tariffs and the concession’s financial framework.
Under the amended agreement, approximately $1.5 billion of the total investment program is expected to be deployed between 2027 and 2031 across the airports covered by the concession. The overall $7.3 billion figure includes value-added tax and will be primarily funded through trusts established to finance infrastructure projects within Argentina’s national airport system. Direct capital investments by Aeropuertos Argentina that are not funded through those trusts will total $600 million.
The agreement keeps the concession fee at 15% of gross revenue, with the fee allocated among trusts supporting infrastructure projects. The company said Aeropuertos Argentina will not be required to make investments beyond the agreed amounts unless mechanisms and contractual adjustments are established to preserve the concession’s economic and financial equilibrium.
The concession term will be extended by 11 years to restore that economic and financial equilibrium and by another seven years as compensation for the $600 million of direct investment commitments. The contract will therefore expire in February 2056. The parties also agreed on an economic and financial plan with a resulting internal rate of return of 14.30%, according to Corporación América Airports.
The revised agreement also changes the framework for passenger charges. All passenger tariffs will be denominated in U.S. dollars, while the international passenger use fee will remain unchanged. The domestic passenger use fee is scheduled to increase to $9 by Jan. 1, 2027, and the $25.16 regional passenger use fee, currently applicable to flights of up to 300 kilometers, will apply to flights of up to 1,000 kilometers from the same date.
The parties will review the concession’s projections every three years to determine whether further changes are necessary to maintain its economic and financial equilibrium. The arrangement therefore establishes a recurring review mechanism rather than locking the investment and financial assumptions in place for the full remaining term.
The decision follows a period of rising passenger traffic and investment requirements for Corporación América Airports’ Argentine operations. The company operates 52 airports across Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy, and reported serving 86.7 million passengers in 2025, up 9.8% from 79 million in 2024.
Corporación América Airports’ latest reported financial results also show the scale of its broader operations. For the second quarter of 2026, the company reported consolidated revenue excluding IFRIC 12 of $470.7 million, up 8.2% from a year earlier, while adjusted EBITDA excluding IFRIC 12 reached $160.3 million, down 4.5%. The company said results in Argentina were affected by a reduction in Flybondi’s operating fleet and a difficult comparison for cargo revenue.
The concession changes are particularly significant for the Argentine business because they establish a longer operating horizon alongside a large infrastructure commitment. The $1.5 billion planned for 2027 through 2031 represents the first defined portion of the broader $7.3 billion program, while the $600 million of direct investment commitments form part of the basis for the additional seven-year extension.
The administrative decision does not represent an immediate cash payment of $7.3 billion to Corporación América Airports. Instead, it establishes the investment and economic framework under which Aeropuertos Argentina will operate the concession, with much of the long-term infrastructure program financed through designated trusts.
Corporación América Airports said the agreement was approved by the Argentine government under the authority of Law 27,742 and Decree 713/2024. The company will continue operating the Argentine airport network under the revised concession terms, with the agreement’s investment, tariff and financial provisions now forming the framework for the concession through February 2056.
