Odinsa

What Odinsa does

Odinsa S.A. is a Colombian infrastructure concessions company and wholly-owned subsidiary of Grupo Argos S.A., listed on the Bolsa de Valores de Colombia under the ticker ODINSA. Founded in 1992 and headquartered in Medellín with a Bogotá office, the company develops, finances, and operates toll road and airport concessions under long-term agreements with government counterparties, primarily Colombia's Agencia Nacional de Infraestructura (ANI). Its business is organized into three platforms: Odinsa Vías (roads), Odinsa Aeropuertos (airports), and the recently launched Odinsa Aguas (water). The road platform consolidates concessions such as Autopistas del Café, Conexión Pacífico 2, Malla Vial del Meta, and the Túnel Aburrá Oriente (a second-stage expansion is now under construction); the airport platform, formed in 2022 as a 50/50 joint venture with Macquarie Asset Management, manages Bogotá's El Dorado International Airport via a 65% stake in Opain and Quito's Mariscal Sucre International Airport via a 46.5% stake in Quiport.

The company earns revenue primarily through regulated toll tariffs (set by ANI / Invías, not by Odinsa) and transaction-based airport fees (landing, passenger, and commercial concessions), supplemented by project-development and structuring income on private initiative proposals and, going forward, managed-services revenue from the new Odinsa Aguas platform (wastewater treatment, reuse, and desalination). Capital intensity is the defining operational feature: in 2025 alone Odinsa closed a COP 1.8 trillion financial close for the Túnel de Oriente second stage (with Bancolombia, Grupo Aval, FDN and Davivienda), a USD 470 million Oriente facility, and a USD 500 million refinancing of Mariscal Sucre (USD 200M syndicated loan + USD 300M international bonds, 7.5x oversubscribed). Fitch Ratings has rated Odinsa AAA(col) — the highest national rating — citing low leverage and Grupo Argos backing. Sustainability is a strategic differentiator: Odinsa was the first Colombian company with SBTi-validated targets (68% Scope 1+2 reduction and 15% Scope 3 reduction by 2030 vs. 2018), holds Carbon Neutral certifications for Túnel Aburrá Oriente and Pacífico 2, and has been recognized in the S&P Global Sustainability Yearbook and the DJSI. The current strategic agenda is offensive — diversifying into water (Ticsa acquisition in Mexico) and expanding the airport / private-initiative pipeline (El Dorado Max, Nuevo Aeropuerto de Cartagena) — while recent profit growth of 61% in 2024 and a projected 65% in 2025 points to strong, but not yet hyper-growth, momentum.

Name

Odinsa

Legal name

Odinsa S.A.

Website

https://odinsa.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

Odinsa S.A. is a Colombian infrastructure concessions company (subsidiary of Grupo Argos) that develops, finances, and operates toll road, airport, and now water infrastructure concessions across Latin America under long-term government agreements.

Ownership category

akta.pro rank

Product category

Infrastructure Concessions

SIC

Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL)

Keywords

• Toll road concessions
• Airport operations
• Infrastructure concessions
• Highway management
• Concession development

Headquarters

HQ city

Bogotá

HQ country

Colombia

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Toll Road Concessions: Revenue generated from managing toll road concessions including Autopistas del Café, Pacífico 2, Malla Vial del Meta, and Túnel Aburrá Oriente. Income derived from toll collection fees under long-term government concession agreements.
2. Airport Management: Revenue from operating El Dorado International Airport (65% of Opain) and Mariscal Sucre International Airport in Quito (46.5% of Quiport), including landing fees, passenger charges, and commercial concessions.
3. Project Development and Structuring: Income from private initiative projects for new infrastructure developments such as El Dorado Max, Nuevo Aeropuerto de Cartagena, and IP Conexión Centro.
4. Water Infrastructure Platform: New platform Odinsa Aguas focused on wastewater treatment, reuse systems, and desalination projects in Latin America.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Odinsa is a Colombian concession company that structures, promotes, manages, and develops highway and airport infrastructure under long-term government concession agreements. It operates three business platforms — Odinsa Vías (road concessions), Odinsa Aeropuertos (airport assets), and Odinsa Aguas (water infrastructure) — managing toll roads, tunnels, and international airports across Colombia and Latin America.

Product overview

Odinsa is a concession company of Grupo Argos that operates a multi-platform infrastructure portfolio. The company manages three business lines: Odinsa Roads (road concessions including Autopistas del Café, Conexión Pacífico 2, Malla Vial del Meta, and Túnel Aburrá Oriente), Odinsa Airports (airport concessions including El Dorado and Mariscal Sucre airports), and the newer Odinsa Aguas platform for water infrastructure. These platforms collectively manage approximately COP 1.4 trillion in assets and represent one of Latin America's largest infrastructure concession networks, operating under long-term government concession agreements.

Differentiator

Problem solved

Functional benefit

Brands

• Autopistas del Café: Road concession managing the Armenia-Manizales highway corridor in Colombia's coffee region
• Concesión Túnel Aburrá Oriente / Túnel de Oriente
• Conexión Pacífico 2 / Concesión La Pintada
• Malla Vial del Meta
• El Dorado Max
• Conectante de la Nueva Aeropuerto de Cartagena
• Campo de Vuelo El Dorado
• IP Conexión Centro

Products and services

• Odinsa Vías (Road Concessions Platform) Road asset management platform managing Odinsa's portfolio of toll road concessions in Colombia, including highway corridors and tunnel infrastructure under long-term government concessions.
• Odinsa Aeropuertos (Airport Concessions Platform) Airport asset management platform that consolidates Odinsa's Latin American airport investments, including El Dorado International Airport in Bogotá and Mariscal Sucre International Airport in Quito, Ecuador.
• Odinsa Aguas (Water Infrastructure Platform) Water infrastructure investment platform focused on wastewater treatment, reuse systems, and desalination projects in Latin America, addressing water stress in mining and industrial sectors.
• Autopistas del Café Highway concession operating the Armenia–Manizales highway corridor in Colombia's coffee region, focused on sustainability and regional connectivity.
• Conexión Pacífico 2 (Concesión La Pintada) 4G highway concession part of Colombia's 4G infrastructure program, connecting key regions in Antioquia and the coffee axis. First 4G concession in Colombia to receive Carbon Neutral certification.
• Malla Vial del Meta Road concession managing highway infrastructure in the Meta department of Colombia, contributing to regional connectivity and competitiveness.
• Túnel Aburrá Oriente (Conexión Vial Aburrá Oriente) Tunnel concession connecting Medellín with the Eastern Antioquia region and José María Córdova Airport. Certified as Carbon Neutral by Icontec and undergoing second stage expansion with new tunnel sections and viaducts.
• Aeropuerto Internacional El Dorado Colombia's main international airport in Bogotá, operated by Opain (65% stake). Ranked as Best Airport in South America by Skytrax. Part of the Odinsa Aeropuertos platform managed in partnership with Macquarie Asset Management.
• Aeropuerto Internacional Mariscal Sucre International airport in Quito, Ecuador operated by Corporación Quiport (46.5% stake). Recognized as Best Regional Airport in South America by Skytrax; fifth largest cargo airport in Latin America and Caribbean.

Quantifiable outcome

• Airport emissions reduction: El Dorado 62%, Túnel Aburrá 55% reduction in Scope 1 and 2 emissions vs previous year
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Veeduria Ciudadana-Conosion Autopistas del CaféminorOthers · 22 June 2026Citizen watchdog group that successfully blocked IP Conexión Centro private initiative proposal backed by Odinsa and Macquarie.
• EPM Capital México and EPM LATAMcoreStrategic or Co-development Partner · 23 September 2025Purchase agreement signed with EPM subsidiaries to acquire Mexican company Tecnología Intercontinental S.A.P.I. (Ticsa) for Odinsa Aguas water infrastructure platform, valued at MXN 1,598 million equity value.
• Corficolombiana and ISAminorStrategic or Co-development Partner · 28 November 2022Infrastructure companies participating in 'Infraestructura como motor de desarrollo sostenible' initiative alongside Odinsa, Bancolombia, Macquarie, John Laing, Ministry of Transport, FDN, and academic institutions.
• Ministerio de Transporte and Financiera de Desarrollo Nacional (FDN)minorStrategic or Co-development Partner · 28 November 2022Government entities co-leading sustainable infrastructure initiative with Odinsa and other private sector companies.
• Centro Regional de Finanzas Sostenibles (Universidad de los Andes)minorStrategic or Co-development Partner · 28 November 2022Academic institution coordinating the sustainable infrastructure initiative alongside Odinsa and other sector participants.
• Cámara Colombiana de Infraestructura (CCI)minorStrategic or Co-development Partner · 28 November 2022Industry chamber participating in sustainable infrastructure initiative led by Odinsa and partner companies.
• TBEA (China)minorStrategic or Co-development Partner · 7 June 2016Collaboration agreement with Chinese company TBEA for development of solar and wind energy generation projects in Latin America.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Sacyr: Spanish infrastructure concessions company with significant toll road and P3 activities across Latin America, including Colombia, making it one of the closest international comparables to Odinsa's road concession model.
• ISA (Interconexión Eléctrica): Colombian-listed multi-latam infrastructure operator (energy transmission, roads, telecom) that competes with Odinsa in Colombian concession tenders and shares similar government-counterparty exposure.
• CCR: Brazil's largest toll road operator, comparable to Odinsa in business model (long-duration highway concessions with regulated toll revenue) and in being publicly listed infrastructure concessionaire in Latin America.
• EcoRodovias: Brazilian toll road and infrastructure concessions operator with a similar portfolio of long-term government concessions, directly comparable to Odinsa Vías in business model and concession duration.
• Globalvia: Pan-Latin American and European infrastructure concessions platform with toll road and rail assets, mirroring Odinsa's approach of building a multi-country concessions portfolio under a single platform.
• Grupo Aeroportuario del Pacífico (GAP): Mexican airport operator managing multiple international airports under long-term concessions, directly comparable to Odinsa Aeropuertos' model of operating El Dorado and Mariscal Sucre.
• Grupo Aeroportuario del Sureste (ASUR): Mexican airport operator with a portfolio of Latin American airports under concession, comparable to Odinsa's airport business in scale, regulation, and revenue model.

Broad incumbents

• Abertis: Global toll road operator with significant Latin American presence (including Brazil and Chile), operating at much larger scale than Odinsa Vías but in the same toll road concessions category.
• Aena: World's largest airport operator by passenger volume, comparable to Odinsa Aeropuertos in airport operations and concession model but at vastly greater scale and geographic reach.
• Ferrovial: Global infrastructure company with major stakes in airports (Heathrow) and toll roads (Cintra, 407 ETR), relevant comparable for Odinsa's combination of road and airport concessions under one platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/somosodinsa
• LinkedInlinkedin.com/company/odinsa

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Odinsa