Shares declined 1% following the quarter as investors digested solid passenger and revenue growth but showed caution amid persistent domestic traffic softness and operational disruptions, reflecting a mixed underlying performance without a clear upside catalyst.

• Passenger traffic increased 7% year over year, driven primarily by a 14% rise in international travel; domestic traffic was broadly stable but weighed down by temporary airline fleet constraints and a one-day nationwide strike in Argentina, as well as operational disruptions in Italy.
• Revenues rose 19%, nearly triple the passenger traffic growth, supported by strong commercial momentum and currency appreciation, with Brazil, Armenia, and Argentina posting double-digit revenue growth.
• Adjusted EBITDA expanded faster than passenger traffic, led by Argentina and Armenia, with margin improvement reflecting disciplined cost management.
• Cargo revenue increased 16%, although cargo volumes showed mixed trends, with growth in Armenia and Argentina offset by declines elsewhere.
• Despite geopolitical challenges affecting Armenia, the region showed resilience with a limited impact from Middle East conflict-related disruptions.