With its 52 airports in six countries, almost 80 million passengers carried in 2024 and a strong presence in Europe and Latin America, the company Corporación América Airports (CAAP) is positioning itself as a new key player in the development of the airport system of Montenegro. Roberto Naldi, Business Development Director for Europe at CAAP and General Manager of Toscana Aeroporti, reveals the group's vision, its expertise and reasons for interest in Montenegro.
Mr. Naldi, CAAP is still relatively unknown to the general public in Montenegro. Can you tell us more about your company?
Corporación América Airports is one of the world's leading private airport operators. We currently operate 52 airports in six countries – Argentina, Uruguay, Brazil, Ecuador, Italy and Armenia. The company is listed on New York Stock Exchange. In 2024, we served 78,9 million passengers worldwide, generating revenue of $1,84 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) of $628 million. Our group employs over 6.200 people and operates in both emerging and developed markets. In Europe, we operate in Italy, through the company Tuscany Airports, which operates the airports in Florence and Pisa. Ten years ago, we merged these two infrastructures into a single company, successfully integrating two very different airports serving one of the most famous and beloved tourist regions in Europe.
What did your experience in Italy teach you?
Tuscany is a textbook example of coordinated management between two very different airports: the airport in Florence is a city airport, mainly oriented towards business travelers, served by full-service airlines with strong connecting traffic consisting of passengers in transfer to major European hubs, while Pisa Airport is more tourist-oriented, with direct flights to many European destinations.
These airports are not in competition with each other, but rather complement each other and function as a single system. In 2024, we served 9 million passengers, which represents more than 10% growth compared to the previous year. The 2020 pandemic seriously affected the aviation industry worldwide. We had to completely close Florence airport, while the airport in Pizi operated with minimal traffic.
At the time, many predicted the end of travel as we are used to. Fortunately, those predictions have proven wrong: today we have surpassed pre-pandemic levels, despite major markets like Russia and China still being absent from the scene, and despite wars affecting our region.
We currently have major investments: at the airport in Pizi The terminal expansion is underway (an investment worth 80 million euros); in Florence, the final phase of the approval process for a new master plan is underway, which includes a new runway and terminal, with a total investment value of approximately 500 million euros.
What is your vision for the future, especially in Europe?
Europe represents a platform for both consolidation and growth for us. Our goal is to strengthen our presence in Italy, expand into new areas and contribute to the sustainable development of the sector.
Thanks to our international experience and strong financial base – through $500 million in liquid assets in 2024 and a net gearing ratio of 1,1x – we have all the necessary tools to be a reliable industrial partner for governments and institutions that want to modernize their airport infrastructure.
Why is CAAP interested in airports in Montenegro?
At CAAP, management is airport systems, that is, a large number of airports in one region with different profiles, is part of our identity. Florence and Pisa are a perfect example of this.
Montenegro is a natural next step: a developing country, with a strong tourism identity, with two airports – Podgorica and Tivat – that have great potential and complement each other, and a market that can benefit from our knowledge and experience. In addition, Montenegrins and Italians are very similar peoples in terms of culture and we have friendly relations. You are our neighbors. Bari is only 200 km from Budva! We understand each other well. For us, Montenegro is our obvious next step towards Europe. We see Montenegro as a future member Of the European Union and we want to help her along the way.
Our ambition is to create long-term value by bringing our investment and management expertise, not just financial capital.
Let's touch on the topic of sustainability. How do you incorporate the green agenda into airport management?
Sustainability is not an add-on for us – it is at the core of our industrial strategy. Airports in the Galapagos are the most visible example. We have obtained ecological certificates in several countries, we have reduced the use of single-use plastics in Argentina by 28%and in Uruguay we launched an energy efficiency program based on artificial intelligence, which was recognized by the country's Ministry of Energy.
In Europe, we are preparing for the use sustainable aviation fuel (SAF) and implementation EU Corporate Sustainability Reporting Directives (CSRD), new EU directives on sustainability reporting. Pisa and Florence airports are certified Level 2 Airport Carbon Management Accreditation (ACA), which is a global standard developed by the Airports Council International (ACI).
Our vision is clear: we only grow if we help the regions around us grow sustainably.
Montenegro is a country with a strong seasonal tourism. How do you manage that aspect?
We have experience in highly seasonal markets such as Galapagosa, Bariloche, Punta del Estea, even Florence and Pize.
Managing seasonal fluctuations requires a multi-layered strategy: joint marketing for a specific destination, cooperation with airlines, modular terminal design and passenger flow optimization.
Our goal is not just to provide service to passengers, but to Let's improve the entire tourism ecosystem, creating added value along the entire supply chain. We also believe that Montenegro has the potential to extend its tourist season and we want to help it do so. We have carefully studied Montenegro and have seen the potential that, with the appropriate tourist infrastructure, the season can last from Easter to October, something that was unthinkable 20 years ago.
What guarantees can you offer the Government of Montenegro?
We come from our 25 years of experience, with strong financial credibility – with over $500 million in liquid assets and a net leverage ratio of 1,1x, as well as with a proven ability to do business in close partnership with the public sector. In all the countries where we operate, we are constantly in contact with local authorities, fulfill our contractual obligations and contribute to local economic development. Our goal is to be industrial and strategic partners, but not just concessionaires.
If you had to summarize in one sentence what CAAP can mean for Montenegro, what would it be?
An international platform, with our EU experience and airports, for the future development of Montenegro's airport system as stable, sustainable and rooted in the local community.
(CAAP)
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