Good morning and welcome to the Corporación América Airports First Quarter 2022 Earnings Conference Call. A slide presentation accompanies today's webcast and is available in the Investors section of the Corporación América Airports Investor Relations website. As a reminder, all participants will be in a listen-only mode. At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Please go ahead.

Thank you. Good morning, everyone and thank you for joining us today. Speaking during today's call will be Martin 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. Now let me turn the call over to our CEO Martin Eurnekian.

Thank you, Inaki. Hello, everyone and welcome to our first quarter 2022 earnings call. We started the year on a strong footing delivering an improved performance across key operational and financial metrics. Jorge will go over our financial results in a few minutes, but let me point out some of the key highlights for the quarter. First, adjusted EBITDA increased to $89 million, up from $7 million in the first quarter of last year. Importantly, this good performance was supported by improvements across all of our countries of operations. Adjusted EBITDA margin ex IFRIC reached 36.3%, up from mid-single-digit margin in the same quarter of last year when we were in the midst of the pandemic. We also saw a strong recovery in revenues ex IFRIC, which reached 82% of pre-pandemic levels, despite the impact of Omicron on travel demand in the first two months of the quarter, tariff adjustments in some segments and the leaner cost structure. This came along with strong growth in commercial revenues which exceeded first quarter of 2019 levels by high single-digits. On the balance sheet front, during the quarter we secured local financing to meet CapEx obligations in Argentina and ended the quarter with a significantly stronger debt maturity profile. Lastly, in February, the Board of Directors of AA2000 resolved to redeem all outstanding preferred shares for a total redemption value of ARS17.2 billion equivalent to around $155.2 million, a total of ARS11.1 billion or approximately $100 million were paid in April with the balance to be paid before December 31, 2024, with the possibility of partial payments. Now taking a deeper dive into traffic trends on Slide 4. As you can see on the left-hand chart a total of the 13.5 million passengers traveled across our airport network in the quarter, reaching 65%…

Thank you, Martin, and good day everyone. Starting with our topline on Slide 6. Total revenues ex-IFRIC1212 continue to show a strong recovery reaching 82% of pre-pandemic levels in the first quarter of 2022. Aeronautical revenues increased almost 180% year-on-year mainly driven by higher passenger traffic and increased tariffs in some segments. Notably in Armenia aeronautical revenues in the first quarter of 2022 were above 2019 levels. We are very encouraged by the performance of our commercial revenues in this quarter which should cash pre-pandemic levels by almost 10% and were up 84% year-on-year. This was mainly driven by tariff adjustment in our cargo business and solid performance in fuel-related revenues as well as in food and beverage and duty-free revenues. Reflecting our efforts to continue increasing our top-line revenue per passenger expanded to $80.1 this quarter, up from $40.6 in the first quarter 2019. Now turning to our cost structure on Slide 7, our ongoing focus on cost control is allowing us to maintain a linear and more efficient operation. In the first quarter of 2022 total cost and operating expenses ex-IFRIC increased 41% year-on-year, reflecting higher business activity, but this increase was well below the 121% revenue growth. When compared to 2019 operating costs and expenses ex-IFRIC for the quarter declined by 14%. Now moving down the P&L, on Slide 8 we achieved adjusted EBITDA of $89 million, up from $7 million recorded in the same quarter last year and only 24% below pre-pandemic levels. Importantly, we saw adjusted EBITDA improvements across all countries of operations, recovery at a faster pace than passenger traffic. We achieved significant margin expansion driven by top-line growth and cost efficiencies, in first quarter 2022 adjusted EBITDA margin EX-IFRIC12 expanded to 36.3% from 5.7% in the first quarter of 2021 while we see…

Thank you, Jorge. To wrap up our remarks, please turn to Slide 12. Looking ahead, we expect pent-up demand to continue to drive the recovery in passenger traffic across our airport network throughout the year. In the near term, all variables are pointing to a very strong summer season in Europe while we remain vigilant regarding the global geopolitical environment and any potential impact this could have on traffic trends and our business. Today we face the future with a recovered and sustainable balance sheet following the liability management transactions and the economic re equilibriums and processes of the past two years together with the additional financing obtained last February in Argentina. We will continue to mandate financial discipline and value creation mindset. Finally, we remain fully committed to finalizing the economic recovery process in Brazil and Armenia to fully restore the equity value of our business, while advancing our plans to selectively develop additional value creation opportunities. With this, I would like to thank you for your attention. We are now ready to answer your questions. Operator, please open the line for questions.

Well, I like to thank everybody for joining us today. The team remains available to answer any questions that you may have, Please enjoy the rest of the day. Thank you very much.

Today's call is now concluded. I'd like to thank you for your participation. You may now disconnect your lines.