Andino Investment Holding S.A.A.

What it is

Andino is a conglomerate of 12 operating companies grouped into four lines of business: airport infrastructure and services, logistics real estate, general logistics, and financial services. Through its subsidiaries, the group provides integrated maritime and logistics services at Peru’s major ports and operates port and airport infrastructure under government concessions.

The flagship infrastructure asset is Aeropuertos Andinos del Perú (AAP), which holds a 25-year concession signed in January 2011 to operate and modernise five southern Peruvian airports: Arequipa, Ayacucho, Juliaca, Puerto Maldonado, and Tacna. Alongside AAP, the group offers ramp handling, cargo storage, passenger check-in, maritime and river services, foreign trade advisory, and financial solutions including warrants and certificates of deposit.

Who owns it

Andino Global (formally Andino Inversiones Global S.A., a Spanish-registered holding company) owns 67.29% of the shares, making it the controlling shareholder. Andino Global is itself the vehicle through which the founding Vargas Loret de Mola family controls the group; it was listed on Euronext Access+ in Paris to broaden its investor base.

The current structure dates from May 2023, when the family’s stake in AIH was transferred into Andino Global via a non-cash capital contribution representing 51.33%, with a further 0.68% purchased on the open market — giving Andino Global initial control of 52.01%, a stake since raised to 67.29%. The remaining ~32.7% floats freely on the BVL.

Who runs it

Carlos Rodolfo Juan Vargas Loret de Mola is CEO and has served as General Manager since March 2010. The board, renewed in March 2026 for a three-year term, is chaired by Luis Eduardo Vargas Loret de Mola and includes Wolf Dieter Krefft Berthold, Enrique Vargas Loret de Mola, and two independent directors, Dante Albertini Abusada and Ángel García-Cordero Celis.

In April 2026 the shareholders’ meeting added two further independent directors: Álvaro Correa Malachowski and Patricia Pomies, both with broad international corporate and financial experience. Carla Pérez Arce serves as CFO (Gerente de Finanzas).

The money, in plain words

The group collected S/457.7 million (≈US$134.6 m) in revenue in 2024, 26.3% more than the S/362.4 million (US$107 mn) it earned in 2023 — fast growth for an infrastructure business. Airport services alone — the biggest division at 43% of group sales — benefited from a 16% jump in passenger traffic, which totalled 4.1 million across AAP’s five airports.

Gross profit reached S/139 million (≈US$40.9 m), up 35.8% year-on-year, driven by better margins at SAASA Peru and AAP, higher rental income from port real-estate subsidiary Oporsa, and lower start-up costs in Mexico. Yet despite that top-line surge, the group still reported a net loss at the consolidated level in 2024, alongside a cash-flow deficit — the international expansion into Spain and Mexico, still in ramp-up, weighed on the bottom line.

The group’s adjusted operating cash earnings (adjusted EBITDA) came to S/60 million (≈US$17.6 m) for 2024, nearly double the 2023 figure (+90.2%), propelled by SAASA Peru and the new Mexico operations. Recovery accelerated sharply: in the first quarter of 2026, Andino reported a net profit of S/75.8 million (≈US$22.3 m), reversing a S/1.2 million (US$353 k) loss in the same quarter of 2025.

What it is doing now

SAASA Global — the airport-services arm — is building a new air-cargo terminal at Madrid-Barajas airport in Spain under a 30-year concession won in early 2024, with financing secured by March 2025. In January 2026 an investor named Mobiliare acquired 38% of Oporsa, the group’s port real-estate subsidiary that controls more than 50 hectares between Lima’s airport and the sea.

A long-running arbitration case is also reaching resolution: subsidiary Kuntur Wasi received a favourable award from the ICSID international arbitration tribunal in May 2024 against the Peruvian state for the wrongful termination of the Chinchero airport concession in Cusco; collection proceedings are under way. The cash from that award, once received, could substantially strengthen the group’s balance sheet.

What to watch

• Loss-to-profit turn: Revenue grew 26% in 2024 but the group still reported losses; the pace at which Spain and Mexico move from cost-heavy start-up to positive contributors is the key earnings swing factor.
• Chinchero arbitration cash: The 2024 ICSID award orders Peru to pay Kuntur Wasi for wrongful termination of the Chinchero concession; the size and timing of actual collection will determine whether AIH can clear its debt load quickly.
• Dual listing ambition: Andino Global’s listing on Euronext Access+ in Paris signals an appetite for European capital; a secondary listing of the Peruvian shares would broaden liquidity and raise the profile of a stock that today trades very thinly on the BVL.
• Oporsa land value: The January 2026 partial sale of Oporsa to Mobiliare suggests the port real-estate assets are attracting outside investors — watch for further monetisation of this embedded land bank near Lima’s logistics hub.

This is news, not investment advice.