Exhibit 99.1

CORPORACION AMERICA AIRPORTS REPORTS FIRST QUARTER 2023 RESULTS

Consolidated Revenues, ex-IFRIC12, 16.2% above pre-pandemic levels

Record Adjusted EBITDA of $141 million; Adjusted EBITDA margin, ex-IFRIC12, 1.5 p.p above 1Q19

Luxembourg, May 23, 2023— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended March 31, 2023 (first quarter 2023). Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 23.

First Quarter 2023 Highlights

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We are pleased with the strong start to the year, continuing the recovery trend from 2022 and delivering record-high Adjusted EBITDA of $140.6 million, surpassing 1Q19 levels by 20%.This good performance was driven by positive Adjusted EBITDA across all countries of operations, supported by the success of our commercial initiatives, solid aeronautical revenues along with cost controls. Notably, this was achieved with total passenger traffic at 90% of pre-pandemic levels.

We are on track with our capex commitments in Argentina which is part of the extension agreement previously announced. Importantly, last month we achieved a key milestone with the opening of our new state-of-the-art departure terminal at Ezeiza Airport, in Argentina. We are particularly pleased to be operating the most modern airport in Latin America. We are making progress in other countries as well. In Armenia, we remain in discussions with the government with respect to a new capex plan to increase capacity to serve, with a high quality of service, the growing demand we are experiencing. In Italy, the approval process for the new master plan at Florence Airport remains on track, which will allow us to unlock unattended demand.

Expanding our airport network is also an important growth opportunity for us and a key pillar of our value-creation strategy. To that end, the negotiations with Nigerian authorities in connection with the concession agreements for Abuja and Kano airports are moving ahead, as expected. Furthermore, as we seek other markets in which to expand our network, we are currently analyzing two additional attractive airport concession investment opportunities in other countries.

Although the macro environment remains volatile, passenger traffic in April has further increased, reaching 95% of 2019 levels and we expect travel demand to continue expanding throughout the year. As we look to the future, with an investment plan in place and a solid financial position, we are well prepared to deliver long-term value creation to our shareholders”

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

1Q23 Operating Performance

Passenger Traffic

Total passenger traffic increased 37.3% YoY to 18.5 million, reaching 89.9% of pre-pandemic levels, up from 87.6% in the previous quarter. Performance was supported by a continued recovery in travel demand, as reflected by higher load factors and the gradual return of flight routes and frequencies across all countries of operations. Notably, in 1Q23, all countries of operations except Uruguay reported passenger traffic above 85% of pre-pandemic levels, with Armenia, Ecuador and Argentina at 180.7%, 103.3% and 92.5% of 1Q19 levels, respectively. International traffic increased 73.5% YoY, reaching 90.9% of pre-pandemic levels, up 50 basis points from 4Q22, while domestic traffic increased 24.2% YoY to 91.2% of 1Q19 levels, and up from 85.2% in the previous quarter. Traffic in January, February, and March were 89.9%, 88.1%, and 91.7% of traffic levels for the same months in 2019, respectively.

Passenger Traffic in Argentina increased 45.4% YoY and improved to 92.5% of pre-pandemic levels, in line with the 92.3% posted in the prior quarter. International passenger traffic, which continued improving since the full re-opening of borders on November 1, 2021, and the lifting of travel requirements, increased 83.5% YoY in 1Q23 to 78.1% of 1Q19 traffic levels, down from 82.1% in the previous quarter. Domestic passenger traffic, which accounted for almost 70% of total traffic in the quarter, increased 33.0% YoY and exceeded 1Q19 levels by 0.9%.

In Italy, passenger traffic increased 61.5% YoY to 91.3% of pre-pandemic levels, up from 85.5% in 4Q22. International traffic increased 84.9% YoY and stood at 94.1% of 1Q19 levels, while Domestic traffic grew 17.6% YoY reaching 83.8% of 1Q19 levels. Year-on-year comparison benefited from lower traffic in 1Q22, when travel demand was heavily impacted by the Omicron variant.

In Brazil, total passenger traffic rose 10.6% YoY, reaching 85.5% of 1Q19 pre-pandemic levels, slightly up from 85.0% in the prior quarter. Domestic passenger traffic was up 3.1% YoY and reached 90.1% of 1Q19 levels, while transit passengers increased 20.7% YoY to 80.0% of 1Q19 levels. Passenger traffic during the quarter was impacted by higher airfares that contributed to reduce travel demand.

In Uruguay, where traffic is mainly international, passenger traffic increased 53.7% YoY, reaching 77.3% of 1Q19 levels, down from 83.2% recorded in 4Q22. Passenger traffic during the quarter was impacted by weaker-than-expected seasonal tourism in Punta del Este.

In Armenia, passenger traffic improved 83.1% YoY and exceeded, for the fourth consecutive quarter, pre-pandemic levels by 80.7%. The introduction of new airlines and higher number of flight frequencies continue to support traffic performance.

In Ecuador, total passenger traffic grew 30.9% YoY, exceeding pre-pandemic levels by 3.3%. Both domestic and international passenger traffic continued to increase, reaching 103.5% and 103.2% of 1Q19 levels, respectively. Traffic in the quarter benefited from a higher number of flight frequencies at both international and domestic routes. Routes to Europe, the US, and Panama continue to operate at higher levels than 2019 supporting higher international passenger.

Cargo Volume

Cargo volume increased 5.2% YoY in 1Q23, to 81.0% of 1Q19 pre-pandemic levels, with strong contributions from Argentina, Brazil, Ecuador and Uruguay, which together accounted for almost 88% of total volume in the quarter. Notably, cargo volume in Armenia, Uruguay and Italy was above 1Q19 levels, while Argentina and Ecuador were at 78% and 70% of pre-pandemic levels, respectively.

Aircraft Movements

Total aircraft movements increased 27.8% YoY in 1Q23 and reached 93.9% of 1Q19 levels. Almost 85% of aircraft movements in the quarter came from Argentina (55%), Brazil (19%) and Ecuador (10%), which reached 95.2%, 95.0%, and 95.2% of pre-pandemic levels, respectively. Notably, aircraft movements in Armenia surpassed 1Q19 levels by 76.8%.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 32 of this report.

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

Review of Consolidated Results

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method. In December 2021, CAAP signed an agreement to transfer its 50% ownership interest in Aeropuertos Andinos del Perú S.A. to Andino Investment Holding S.A. and, consequently, ceased operating the five airports under concession.

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29, as detailed in Section “Hyperinflation Accounting in Argentina” on page 23.

Revenues

Consolidated Revenues increased 48.0% YoY to $382.1 million in 1Q23, or 44.2% YoY to $351.0 million, when excluding Construction Services and the impact of IAS 29, reflecting higher activity across all countries of operations. When compared to 1Q19 and also excluding IAS 29, Revenues excluding Construction Services increased 12.9%, despite traffic at 89.9% of pre-pandemic volumes. This growth was driven by tariff increases and Commercial Revenues which were 36.2% above 1Q19 levels.

The following table shows revenue performance by country. More detail on the performance of CAAP´s countries of operations can be found on page 12.

Revenues by Segment (in US$ million)

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues increase 43.3% YoY in Argentina, 28.4% in Italy, 18.8% in Brazil, 45.3% in Uruguay, 85.2% in Armenia and 14.6% in Ecuador.

Revenue Breakdown (in US$ million)

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Revenue Breakdown (in US$ million)

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Aeronautical Revenues accounted for 48.6% of total revenues and increased 55.5% YoY to $185.6 million. Excluding IAS 29, Aeronautical revenues increased 57.4% YoY to $187.4 million and reached 97.4% of 1Q19 levels, benefiting from tariff increases, even with passenger traffic at 89.9% of pre-pandemic volumes. During the quarter, aeronautical revenue declined 40.0%, or $6.8 million, in Italy, 28.4%, or $4.1 million in Brazil, and 10.6%, or $2.2 million in Uruguay, compared to the same quarter of 2019. In Argentina, however, aeronautical revenues excluding IAS 29 increased by 1.3%, while Armenia and Ecuador reported increases of 63.5% and 0.8%, respectively, from pre-pandemic levels of 1Q19.

Non-Aeronautical Revenues accounted for 51.4% of total revenues and increased 41.6% YoY to $196.5 million. When compared to 1Q19 and excluding the impact of IAS 29, non-aeronautical revenues improved 8.9%, or $16.3 million, to $199.2 million, reflecting an increase of 36.2%, or $42.8 million, in Commercial Revenues, principally driven by higher Cargo, Parking, and Duty-free revenues in Argentina, and higher Fueling services in Armenia, partially offset by a decline of 44.6%, or $28.7 million, in Construction Service Revenue, mainly as a result of lower CAPEX in Argentina.

Compared to 1Q19 and excluding both, Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues increased 37.9% to $163.6 million.

Operating Costs and Expenses

During 1Q23, Operating Costs and Expenses, excluding Construction Service Costs, increased 28.3% YoY to $252.2 million, mainly driven by higher Cost of Fuel in Armenia, overall higher Salaries and Social Security Contributions together with increased Concession fees, in line with higher activity. When compared to 1Q19, Operating Costs and Expenses, excluding Construction Service Costs and IAS 29, increased by 6.8% to $237.1 million, mainly driven by higher Cost of fuel in Armenia, tied to higher fuel sales, as well as higher Salaries and Social Security Contributions resulting from inflation increases exceeding currency depreciation in Argentina.

Cost of Services increased 38.3% YoY to $246.1 million, reflecting higher traffic and cargo activity. When compared to 1Q19 and excluding IAS29, Cost of Services decreased 5.1%, mainly as a result of the following decreases:

This was partially offset by an increase of 211.0%, or $16.3 million, in Cost of fuel, primarily in Armenia, and 13.5%, or $6.4 million, in Salaries and Social Security Contributions, mainly in Argentina.

Excluding Construction Service Costs, Cost of Services increased 29.4% YoY to $213.0 million. On a comparable basis against 1Q19 and excluding the impact of IAS29, Cost of Services increased 8.7%, or $15.9 million, to $197.7 million, mainly reflecting the aforementioned increase in Cost of fuel and Salaries.

Selling, General and Administrative Expenses (“SG&A”) increased 23.4% YoY, to $38.4 million in 1Q23 on an ‘As reported’ basis. When compared to 1Q19, SG&A decreased 0.3%, or 1.9% excluding IAS29.

Other Expenses totaled $0.8 million in 1Q23 and remained flat YoY and also against 1Q19 pre-pandemic levels.

Costs and Expenses (in US$ million)

Costs and Expenses (in US$ million)

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

During 1Q23, CAAP reported Adjusted EBITDA of $140.6 million, up from an Adjusted EBITDA of $89.2 million in the year-ago period, which included a recognition of $12.4 million in Argentina, related to outstanding amounts owed by a national carrier. All countries of operations reported positive Adjusted EBITDA in the quarter, with Argentina, Armenia and Uruguay accounting for over 87% of total Adjusted EBITDA. Adjusted EBITDA margin, ex-IFRIC12, expanded to 40.2% from 36.3% in 1Q22, with margin expansion in all countries of operations, except for Uruguay and Armenia.

Compared to pre-pandemic levels, Adjusted EBITDA was 20.2% higher than the $116.9 million reported in 1Q19, and Adjusted EBITDA margin ex-IFRIC12 expanded 1.5 percentage points versus 1Q19 level.

Adjusted EBITDA by Segment (in US$ million)

Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)

Financial Income and Loss

CAAP reported a Net financial loss of $40.6 million in 1Q23 compared to a loss of $32.2 million in 1Q22. Had IAS 29 not been applied, and compared to 1Q19, the Net financial loss would have increased 91.7%, or $72.8 million, to $152.3 million, mainly driven by higher Foreign Exchange expenses in Argentina, due to the impact of the devaluation of the Argentine peso on the net liability monetary position.

See “Use of Non-IFRS Financial Measures” on page 23.

Income Tax Expense

During 1Q23, the Company reported an income tax expense of $37.2 million versus an expense of $5.6 million in 1Q22. Excluding the impact of IAS 29, CAAP reported an income tax benefit of $31.6 million compared to income tax benefit of $36.7 million in the year-ago quarter and $14.3 million in 1Q19.

Net Income and Net Income Attributable to Owners of the Parent

During 1Q23, CAAP reported Net Income of $24.1 million compared to Net Income of $13.8 million in 1Q22, mainly explained by operating income of $102.0 million in 1Q23 versus $51.8 million in 1Q22, partially offset by higher income tax expenses and higher net financial losses.

During 1Q23, the Company reported a Net Income Attributed to Owners of the Parent of $31.7 million and earnings per common share of $0.20, compared with Net Income Attributable to Owners of the Parent of $25.9 million in 1Q22 (equivalent to earnings per common share of $0.16), and $30.4 million in 1Q19 (equivalent to earnings per common share of $0.19).

Consolidated Financial Position

As of March 31, 2023, cash and cash equivalents amounted to $401.1 million, increasing 4.1% from $385.3 million reported as of December 31, 2022. Total liquidity position on March 31, 2023, which included cash and cash equivalents as well as other financial assets, increased slightly to $455.3 million, from $452.0 million as of December 31, 2022.

Total Debt at the close of 1Q23 decreased 0.9%, or $12.8 million, to $1,452.6 million, from $1,465.4 million as of December 31, 2022. A total of $994.2 million, or 68.4% of total debt is denominated in U.S. dollars, while $227.8 million, or 15.7% is denominated in Brazilian Reals, $223.2 million, or 15.4%, is in Euros, and $7.5 million, or 0.5%, is in Argentine Pesos.

The Net Debt to LTM Adjusted EBITDA (excluding impairment of intangible assets) ratio improved to 2.1x as of March 2023, down from 5.1x and 2.4x as of March and December 2022, respectively, reflecting Adjusted EBITDA growth driven by strong traffic recovery. As of March 31, 2023, all of CAAP’s subsidiaries were in compliance with their covenants.

Consolidated Debt Indicators (in US$ million)

1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

4 LTM Adjusted EBITDA as of March 31, 2023 was $508.1 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of March 31, 2023 was $508.3 million.

Total Debt by Segment (in US$ million)    

1 Of which approximately $134.3 million remain at Toscana Aeroporti level.

2 Of which approximately $211.7 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

3 Of which approximately $251.9 million remain at ACI Airport Sudamérica SAU.

Maturity of borrowings:

1 The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

Maturity of borrowings - Breakdown by segment (in USD) as of March 31, 2023:

1 Of which approximately $40.6 million remain at Toscana Aeroporti level.

2 Of which approximately $69.1 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

CAPEX

During 1Q23, CAAP made capital expenditures of $39.8 million on an ‘As reported’ basis, a 151.0% YoY increase from $15.9 million in 1Q22 and 36.5% lower than pre-pandemic levels of 1Q19. Above 70% of total CAPEX was allocated to Argentina and 20% to Uruguay. The latter included investments related to the airports that were incorporated when the Puerta del Sur concession agreement was extended in November 2021.

Review of Segment Results

Argentina

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for AA2000, the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 1Q23.

Passenger Traffic increased 45.4% YoY and improved to 92.5% of pre-pandemic levels, in line with the 92.3% posted in the prior quarter. International passenger traffic, which continued improving since the full re-opening of borders on November 1, 2021, and the lifting of travel requirements, increased 83.5% YoY in 1Q23 to 78.1% of 1Q19 traffic levels, down from 82.1% in the previous quarter. Domestic passenger traffic, which accounted for almost 70% of total traffic in the quarter, increased 33.0% YoY and exceeded 1Q19 levels by 0.9%.

Revenues increased 51.8% YoY to $223.5 million in 1Q23 on an ‘As reported’ basis or 54.3% to $228.1 million when excluding the impact of rule IAS29, primarily due to a 78.0% increase in Aeronautical revenues as well as a 17.5% increase in Commercial revenues, reflecting higher year-over-year activity. In addition, Construction service revenue increased 140.0% YoY reflecting higher Capex in the quarter. When compared to 1Q19 and excluding both Construction Services and the impact of IAS 29, revenues grew by 12.5%, or $21.8 million to $197.3 million, driven by increases of 32.3% in Commercial revenues and 1.3% in Aeronautical revenues.

Total Costs and Expenses increased 45.2% YoY to $159.9 million in 1Q23 on an ‘As reported’ basis, mainly reflecting an increase of 44.2% in Cost of Services, in line with higher year-over-year activity. Excluding Construction Service and the impact of IAS 29, Total Cost and Expenses increased 40.7% YoY, due to the rise in operating costs following traffic recovery from the same period of last year. When compared to 1Q19, however, Total Cost and Expenses excluding the impact of rule IAS 29 and Construction Services increased 9.8%, or $10.4 million, primarily due to higher Cost of Services.

The above was partially offset by a 52.4% decrease, or $4.5 million, in Amortization and depreciation, and a 20.9% decrease, or $1.2 million, in Services and fees.

Adjusted Segment EBITDA increased 45.2% YoY to $89.8 million in 1Q23 on an ‘As reported basis’. When excluding the impact of IAS 29, Adjusted Segment EBITDA was $90.4 million with Adjusted EBITDA margin EX-IFRIC12 of 45.8% in the quarter, compared to 45.4% in 1Q22. Compared to pre-pandemic levels of 1Q19, Adjusted EBITDA excluding IAS 29 increased 8.2%, or $6.8 million from $83.5 million, while Adjusted EBITDA margin EX-IFRIC12 expanded 0.2 percentage points from 45.6%.

During 1Q23, CAAP made Capital Expenditures ex-IAS29 of $30.9 million, compared to $12.6 million in 1Q22 and $59.5 million in 1Q19. These expenditures were primarily associated with the construction of the new departures terminal at Ezeiza airport, the apron extension at Bariloche airport, and enhancements to the apron and runway at San Rafael airport.

Italy

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Italy increased 61.5% YoY to 91.3% of pre-pandemic levels, up from 85.5% in 4Q22. International traffic increased 84.9% YoY and stood at 94.1% of 1Q19 levels, while Domestic traffic grew 17.6% YoY reaching 83.8% of 1Q19 levels. Year-on-year comparison benefited from lower traffic in 1Q22, when travel demand was heavily impacted by the Omicron variant.

Revenues increased 23.3% YoY to $20.9 million in 1Q23, driven by higher Commercial and Aeronautical revenues, reflecting greater year-over-year activity and easier comparisons against 1Q22, which was impacted by the Omicron variant. Commercial revenues grew 38.0% YoY, mainly driven by passenger-related services such as Parking facilities, F&B services and VIP lounges, following the strong year-over-year traffic recovery. When compared to 1Q19, revenues excluding Construction service declined 20.6%, or $5.2 million, to $19.9 million, principally due to lower passenger traffic impacted by the Covid-19 pandemic.

Total Costs and Expenses decreased 5.2% YoY, or $1.2 million, in 1Q23 mainly driven by lower Cost of Services expenses. Excluding Construction Services, Total Cost and Expenses declined 3.3% YoY to $21.3 million. Compared to the same quarter of 2019, Total Cost and Expenses decreased 20.5%, or 19.4% when excluding Construction Services.

Adjusted Segment EBITDA improved to $1.7 million from ($3.2) million recorded in 1Q22. Compared to 1Q19, Adjusted EBITDA decreased 20.4%, with Adjusted EBITDA margin expanding 0.2 percentage points to 8.4%.

During 1Q23, CAAP made Capital Expenditures of $1.3 million, compared to $2.0 million in 1Q22 and $3.0 million in 1Q19.

Brazil

Note: This segment does not include the effects of IFRIC 12 with respect to the construction or improvements to assets under the concession.

Passenger Traffic rose 10.6% YoY, reaching 85.5% of 1Q19 pre-pandemic levels, slightly up from 85.0% in the prior quarter. Domestic passenger traffic was up 3.1% YoY and reached 90.1% of 1Q19 levels, while transit passengers increased 20.7% YoY to 80.0% of 1Q19 levels. Passenger traffic during the quarter was impacted by higher airfares that contributed to reduce travel demand.

Revenues increased 18.8% YoY to $24.7 million in 1Q23 due to higher Commercial and Aeronautical revenues reflecting higher year-over-year activity. When compared to 1Q19, revenues declined 16.9%, or $5.0 million, mainly reflecting lower aeronautical and commercial activities resulting from the drop in passenger traffic, and to a lesser extent, the 37.8% average depreciation of the Brazilian real against the US dollar since 1Q19.

Total Costs and Expenses decreased 2.7% YoY to $19.7 million and declined 34.2% against 1Q19 pre-pandemic levels.

Adjusted Segment EBITDA increased to $8.0 million compared to $3.4 million in the year ago period and $3.0 million in 1Q19. Adjusted EBITDA margin expanded 16.2 percentage points versus 1Q22 and 22.2 percentage points to 32.4%.

During 1Q23, CAAP made Capital Expenditures of $0.3 million, compared to $0.5 million in 1Q22 and $1.3 million in 1Q19.

Uruguay

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

In Uruguay, where traffic is mainly international, passenger traffic increased 53.7% YoY, reaching 77.3% of 1Q19 levels, down from 83.2% recorded in 4Q22. Passenger traffic during the quarter was impacted by weaker-than-expected seasonal tourism in Punta del Este.

Revenues increased 54.4% YoY to $38.0 million in 1Q23 on an ‘As reported’ basis, or 45.3% when excluding Construction service revenue. Compared to 1Q19, and excluding IFRIC12, revenues grew 2.4%, or $0.8 million, to $34.9 million, driven by higher Commercial revenues, partially offset by lower Aeronautical revenues.

Total Costs and Expenses increased 65.3% YoY to $23.6 million. Excluding Construction Service, Total Cost and Expenses rose 49.9% YoY to $20.5 million, due to an increase in operating costs following higher traffic activity when compared to 1Q22. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 9.5%, or $1.8 million, primarily due to higher Cost of services and SG&A expenses.

Adjusted Segment EBITDA increased 34.3% YoY to $16.1 million in 1Q23, and decreased 14.3%, or $2.7 million, when compared to 1Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 8.9 percentage points to 46.2%.

During 1Q23, CAAP made Capital Expenditures of $7.4 million in Uruguay, compared to $0.8 million in 1Q22 and $0.9 million in 1Q19, reflecting the works related to the airports that were incorporated when the Puerta del Sur concession agreement was extended in November 2021.

Armenia

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

In Armenia, passenger traffic improved 83.1% YoY and exceeded, for the fourth consecutive quarter, pre-pandemic levels by 80.7%. The introduction of new airlines and higher number of flight frequencies continue to support traffic performance.

Revenues increased 85.4% YoY to $50.3 million in 1Q23 on an ‘As reported’ basis, or 85.2% when excluding Construction service revenue. Compared to 1Q19, and excluding IFRIC12, revenues increased 117.5%, or $26.9 million, to $49.7 million, mainly driven by an increase in Commercial revenues following solid traffic recovery.

Total Costs and Expenses increased 76.9% YoY to $37.1 million, due to an increase in operating costs following higher traffic activity when compared to 1Q22. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 113.4%, or $19.4 million, primarily due to higher Cost of services.

Adjusted Segment EBITDA increased 69.8% YoY to $17.1 million in 1Q23, and increased 90.2%, or $8.1 million, when compared to 1Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 4.7 percentage points to 34.4%. Adjusted EBITDA margin contraction is mainly explained by the growing Fuel business, which has a lower margin.

During 1Q23, CAAP made Capital Expenditures of $1.7 million in Armenia, compared to $1.0 million in 1Q22 and $1.5 million in 1Q19.

Ecuador

Note: This segment does not include the effects of IFRIC 12 with respect to the construction or improvements to assets under the concession.

In Ecuador, total passenger traffic grew 30.9% YoY, exceeding pre-pandemic levels by 3.3%. Both domestic and international passenger traffic continued to increase, reaching 103.5% and 103.2% of 1Q19 levels, respectively. Traffic in the quarter benefited from a higher number of flight frequencies at both international and domestic routes. Routes to Europe, the US, and Panama continue to operate at higher levels than 2019 supporting higher international passenger.

Revenues increased 14.6% YoY to $24.5 million in 1Q23 on an ‘As reported’ basis. Compared to 1Q19, revenues increased 3.2%, or $0.8 million, mainly driven by an increase in Commercial revenues following solid traffic recovery.

Total Costs and Expenses increased 12.2% YoY to $17.7 million, due to an increase in operating costs following higher traffic activity when compared to 1Q22. Against the same quarter in 2019, however, Total Cost and Expenses decreased 1.4%, or $0.3 million, primarily due to lower SG&A.

Adjusted Segment EBITDA increased 16.8% YoY to $7.7 million in 1Q23, and increased 23.9%, or $1.5 million, when compared to 1Q19, with Adjusted EBITDA Margin expanding 5.2 percentage points to 31.3%.

During 1Q23, CAAP made Capital Expenditures of $0.3 million in Ecuador, compared to also $0.3 million in 1Q22 and $0.1 million in 1Q19.

Key Quarter Highlights and Subsequent Events

AA2000 | New Departures Terminal at Ezeiza Airport

On April 14, 2023, AA2000 inaugurated the new departures terminal at Ezeiza Airport, Argentina, with capacity to serve up to 30 million passengers per year, becoming the most modern airport terminal in Latin America.

AIA, Armenia | Indebtedness

In April 2023, Ameriabank C.J.S.C. disbursed to AIA the remaining € 20 million (equivalent to $21.8 million) set in the loan agreement signed in December 2022, bearing an annual interest rate of 6% and repayable by December 2025 in semi-annual equal installments, starting in December 2023.

CAAP | Annual General Shareholders Meeting

On May 23, 2023, Corporación América Airports held its annual general meeting of shareholders in Luxembourg. The Company’s shareholders approved and adopted all matters submitted to them at the Meeting.

ICASGA, Natal, Brazil | Concession Agreement

In November 2020, the Company’s subsidiary “Inframerica Concessionaria do Aeroporto de São Gonçalo do Amarante S.A.” (ICASGA), executed an irrevocable amendment for the termination of the existing Natal concession agreement. Pursuant to the terms of the amendment agreement, upon the execution of a new concession agreement with a new operator, an indemnification payment will be made to ICASGA. Following the issuance of the tender documents in January 2023, the auction for the Natal airport successfully took place on May 19th at the Brazilian stock exchange. This is the first so-called friendly termination of concession agreements in Brazil, in accordance with Law 13.448/2017. The indemnification payment will be made to the Company soon after the signing of the new concession agreement, which is expected to occur during the fourth quarter of this year.

For further information on subsequent events, please refer to Note 20 of the Company’s Financial Statements, filed with the SEC on Form 6-K.

Hyperinflation Accounting in Argentina

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 1Q23, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

1Q23 EARNINGS CONFERENCE CALL