Good morning and welcome to the Corporación América Airports First Quarter 2024 Conference Call. A slide presentation accompanies today's webcast and is available in the investor section of the Corporación América Airports website. As a reminder, all participants are in a listen-only mode. There will be an opportunity to ask questions at the end of the presentation. At this time, I would like to turn the call over to Patricio Iñaki Esnaola, Head of Investor Relations. Patricio, please go ahead. Patricio Iñaki Esnaola: Thank you. Good morning everyone and thank you for joining us today. Speaking during today's call will be Martín Eurnekian, our Chief Executive Officer and Jorge Arruda, our Chief Financial Officer. Before we proceed, I would like to make the following Safe Harbor Statement. Today's call will contain forward-looking statements and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Please note that throughout this call all references to revenues, costs, adjusted EBITDA, our margin we will refer to figures excluding IFRIC12. I will now turn the call over to our CEO, Martín Eurnekian. Martín Antranik Eurnekian: Thank you Iñaki. Hello everyone and welcome to our first quarter 2024 earnings call. I will spend today’s presentation with some overall highlights on our first quarter’s performance. I will then hand it off to Jorge who will provide additional details in his financial review before we open the call for questions. I am pleased with the good start to the new year. We delivered a positive quarter with values up in the low double-digit against the same quarter last year and meeting passenger traffic growth. Our continued focus on commercial execution…

Thank you, Martín, and good day, everyone. Let's start with our top line on Slide 6. Total revenues ex-IFRIC increased 12.4% year-on-year. This was well above the 4.3% passenger traffic growth ex-Natal for the quarter benefiting from consistent positive momentum in both the aeronautical and commercial business. Aeronautical revenues were up 19.4% year-on-year, mainly driven by higher international passenger traffic in Argentina and tariffs increased in Uruguay. Importantly, aeronautical revenue growth remained robust across the board, also supported by strong performance in Italy, Ecuador, and Armenia, which delivered double-digit year-on-year growth in the first quarter of 2024. Commercial revenues increased 5.1% year-on-year benefits from growth in the majority of our geographies and the impact of IAS29 in Argentina. We saw a strong performance in Brazil while in Italy, mainly driven by higher peak cargo and advertisement revenues. This was partially offset by lower duty free revenues in Argentina, impacted by the December 2023 period evaluations and by lower fuel-related revenues in Armenia. Combined, these factors contributed to a 10% increasing revenue passenger to $20.6 this quarter, up from $18.8 in the first quarter of 2023. Turning to Slide 7. Total cost and expenses ex-IFRIC12 increased 8.5% year-on-year, generally following the growth of our business but nonetheless remain below the 12.4% revenue growth. This was mainly explained by higher salaries in Argentina and the local inflation rate was above average currency depreciation, coupled with higher concession fees in line with increased year-on-year activity. This was partially offset by a decrease in fuel costs in Armenia due to lower fuel sales in the quarter. Notably, a restatement to our streamlined cost structure, we experienced material reductions in OPEX per passenger in Argentina, Italy and Uruguay. Moving on to profitability on Slide 8. Our top line growth continued to drive operating leverage which…

[Operator Instructions]. And your first question will be from Alejandro Demichelis at Jefferies. Please go ahead.

Yes, good morning. Thank you very much for taking my questions. One question and one follow-up. The first question is going to be how you're seeing the evolution of international traffic into Argentina through the end of the year given the discussions you're having with the airlines, given the slow thought that you are kind of being reserved and so on? That's the first one. And then the second is, I think both Martín and Jorge, you mentioned this record low gearing level, how should we think or how are you thinking about balancing growth, investment, those M&A opportunities, and cash return to shareholders, can we think about some dividends coming at some point?

Hi, Alejandro, it is Jorge here. How are you?

Well, thank you.

Good. Thank you very much for the question. So we remain positive in connection with international traffic, generally speaking across our portfolio, most notably Argentina, Uruguay, and Italy. I think these are markets that are performing -- that have performed well, and we are positive. In Argentina, we are seeing traffic in several directions. Notably, I think going forward within America, even the open Sky agreements that are being put in place. So yes, remain positive. Regarding your second question, first of all, I think as we have been saying, our main focus for the next couple of years is to grow our portfolio. So our main objective will continue to be to grow our portfolio. We also remind you that as we previously reported, we are in discussions in Italy and Armenian in connection with CAPEX. And those CAPEX will require leverage, not equity from the shareholders in principle. But primarily back at the local level. So yes, so our objectives are as I mentioned.

That’s very clear. Thank you very much.

Thank you. Next question will be from Pedro Maulhardt at Latin Securities. Please go ahead.

Hi Martín, hi Jorge, Patricio, and your colleagues. Congratulations on the quarter results. And I want to know when do you expect any adjustments or tariff provisions for Aeropuertos Argentina [ph] needed concession throughout this year and which are the key events for the rest of the year concerning your two main projects nowadays, which are the master plan in Florence, in Armenia and also the potential acquisition of Abuja in Nigeria? Martín Antranik Eurnekian: Pedro, thank you for your question, Martín here. Regarding tariff provisions in Argentina, as you probably know, we are doing a revision. The control agency has just been filled in terms of the Board that makes the decision that they were just named only a few weeks ago. So we expect the new leadership to come in and start engaging with us in terms of having better visibility on the tariff provision that is due since last year actually. And also on the catch-up that we need to do in terms of the domestic tariff that is denominated in Pesos and needs to have a catch-up. So we are positive on this engagement, but we still are in a very early stage to have a clear idea in terms of timing and results. I will pass on to Jorge for your follow-up question.

Hi Pedro, Jorge here. So we continue in very active discussions with the respective governments in Italy and Armenia in connection with the respective CAPEX plans. In Italy to remind everyone is in connection with a new runway and a new terminal in Florence which is much needed. And the airport is a premium airport in a fantastic location in the heart of Tuscany, etcetera. So we are really looking forward to obtain that approval. And in connection with Armenia following the significant growth we have enjoyed in the past 18, 24 months there is a need of an expansion in many aspects of the airport. And again, we are in advanced discussions with the government with a view to close this as soon as possible. Obviously, it's difficult for us to precise the timing, but we are working around the clock to make that happen as soon as possible. Martín Antranik Eurnekian: And Martín here, jumping in on your comment on Nigeria. We are still waiting for the government to take the next step towards the signing of the contracts. It's been delayed, and we still don't have a clear indication on timing, but it has not gone the other way either. So we are waiting.

Well, thank you very much for your answers.

[Operator Instructions]. Next is Jay Singh at Citi. Please go ahead.

They just called it wrong. Hi, good morning. This is actually Steve Trent. Sorry, having trouble with my phone. Just kind of two questions on my side. The first is I saw you're in the process of negotiating something with, I believe, Armenia, beat some higher CAPEX to come. Assuming that goes through, do you have any color on what should be your annual maintenance CAPEX in the next couple of years? Thank you. Martín Antranik Eurnekian: Yes, hi. I think we have a problem with the line and it's muted, but give us one second.

No problem. Patricio Iñaki Esnaola: Steve, this is Iñaki, I think we are having some trouble with Jorge line. In terms of maintenance CAPEX, the number that you should kind of have in mind is around $30 million more or less for the company aggregate on a consolidated basis.

Okay, great. Thank you very much Iñaki. And just one other quick one for me. I know you have that guaranteed return for your Argentine operations. On a high level going forward to what degree is it possible to consider another extension of AA2000 rather than tariff increases? Martín Antranik Eurnekian: Hello Steve, Martín here. Thanks for your question. As you know, generically, the point of adjustments of these contracts are CAPEX studies and duration. It's still too early to say whether -- how are these betas are going to kick in and if this is going to turn into a full negotiation or not. Remember that the IRR has to be achieved at the end of the concession. So that also depends on the forecasts looking forward into the end of the concession. So I think it's too early to say whether which levy is going to really pull in order to reach the economic equilibrium of this concession. But as you probably imagine, we are engaging with the government towards and the contra agency towards understanding how can that be achieved and what is the easiest and most direct way that also impacts positively on the industry overall.

Okay, appreciate it Martín. Thanks very much.

Thank you. And at this time, it appears that we have no further questions. I would like to turn the call back over to Martín. Martín Antranik Eurnekian: Thank you. I wanted to thank everybody for taking the time to be with us today and remind you that our team is available to engage with any of you if you have any further doubts or inquiries on our company. Thank you very much. Enjoy the rest of your day.

Thank you sir. Ladies and gentlemen, this does indeed conclude today's conference call. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.