Corporación América Airports (CAAP) is a private airport concession operator that acquires, develops, and operates airports under long-term government-granted concessions. Rather than owning airports outright, CAAP holds exclusive rights to operate and commercialize them, paying concession fees to governments and committing to capital investment. CAAP operates 52 airports across Latin America, Europe, and Eurasia, with Argentina as its dominant market — 37 airports, including Ezeiza International and Aeroparque, handling over 93% of Argentina's commercial passenger traffic. Other key markets include Armenia (2 airports, including Yerevan's Zvartnots), Uruguay (8 airports), Italy (Florence and Pisa via listed subsidiary Toscana Aeroporti), Brazil (Brasilia), and Ecuador (Guayaquil and the Galapagos). CAAP earns revenue through two streams: aeronautical fees (landing, parking, and per-passenger use fees charged to airlines and passengers) and commercial revenues (duty-free, cargo, fuel, parking, food & beverage, and retail). Passenger traffic volume is the primary earnings driver, and revenue per passenger is a key management focus. Concession structures vary by market — Argentina uses a single-till model with IRR-based economic equilibrium protections, Italy uses a dual-till model with unregulated commercial revenues, and other markets use inflation-linked tariff adjustments. CAAP grows organically through capacity expansions (a $425M terminal expansion in Armenia, a ~€440M new terminal project in Florence) and inorganically by bidding on new concessions, with recent awards in Baghdad and Luanda still pending definitive agreements.