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6-K 1 tm2323932d2_6k.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2023

Commission File Number: 001-38354

Corporación América Airports S.A.

(Name of Registrant)

128, Boulevard de la Pétrusse
L-2330, Luxembourg

Grand Duchy of Luxembourg
Tel: +35226258274
Fax: +35226259776

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Exhibit Index

Exhibit No.	Description

99.1	Press release dated August 17, 2023 - Corporación América Airports S.A. reports second quarter 2023 results – Passenger traffic at 98.6% of 2Q19; surpassed pre-pandemic levels in June. Consolidated Revenues, ex-IFRIC12, 16.9% above pre-pandemic levels. Record High Adjusted EBITDA of $151 million; Adjusted EBITDA margin, ex-IFRIC12, 3.2 p.p above 2Q19.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Corporación América Airports S.A.

	By:	/s/ Andres Zenarruza
	Name:	Andres Zenarruza
	Title:	Head of Legal and Compliance

	By:	/s/ Jorge Arruda Filho
	Name:	Jorge Arruda Filho
	Title:	Chief Financial Officer

Date: August 17, 2023

EX-99.1 2 tm2323932d2_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

CORPORACION AMERICA AIRPORTS REPORTS SECOND QUARTER 2023 RESULTS

Passenger traffic at 98.6% of 2Q19; surpassed pre-pandemic levels in June

Consolidated Revenues, ex-IFRIC12, 16.9% above pre-pandemic levels

Record High Adjusted EBITDA of $151 million; Adjusted EBITDA margin, ex-IFRIC12, 3.2 p.p above 2Q19

Luxembourg, August 17, 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 and six-month period ended June 30, 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 25.

Second Quarter 2023 Highlights

Consolidated Revenues of $422.7 million, a 27.1% year-over-year (YoY) increase, or 2.5% above 2Q19. Excluding the impact of IFRS rule IAS 29, revenues increased 28.0% YoY to $428.6 million, reflecting increases of $38.8 million in Aeronautical Revenues, $26.4 million in Commercial Revenues, and $29.1 million in Construction Service Revenue. Revenues ex-IAS 29 were 8.4% above pre-pandemic levels.

Delivered YoY increases across key operating metrics:

30.6% in passenger traffic to 19.7 million, reaching 98.6% of 2Q19 levels.

3.3% in cargo volume to 90.8 thousand tons, to 86.0% of 2Q19 levels.

18.6% in aircraft movements, to 103.9% of 2Q19 levels.

Operating Income of $110.4 million, up from $72.1 million in 2Q22, mainly reflecting the YoY recovery in passenger traffic.

Adjusted EBITDA increased to $150.9 million, from $110.6 million in the year-ago period, with Adjusted EBITDA margin ex-IFRIC12 expanding to 40.9% from 36.2%.

Compared to 2Q19, Adjusted EBITDA increased 27.3%, with Adjusted EBITDA margin ex-IFRIC12 expanding 3.2 percentage points.

Strong cash position with Cash & cash equivalents totaling $448.5 million.

Net debt to LTM Adjusted EBITDA improved to 1.8x, from 2.1x as of March 31, 2023.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We reported an excellent quarter, posting another record-high Adjusted EBITDA of $151 million, up 27% when compared to 2Q19, and a Net Income 42% above pre-pandemic levels, while passenger volume stood at near pre-pandemic levels. All territories contributed with positive adjusted EBITDA driven by growth in both aeronautical and commercial revenues.

Our consolidated Net Debt to Adjusted EBITDA ratio stood at an all-time low of 1.8 times, providing a strong foundation to continue executing our strategic priorities in a sustainable fashion. We are well on track with the execution of our fully-funded Capex programs in Argentina and Uruguay. In Armenia, we remain in negotiations with the government regarding the Capex plan to expand capacity and address the growing demand we are observing in this market. In Italy, the process for the new master plan for the Florence airport continues to advance. In Brazil, during the fourth quarter of this year, we expect to receive the indemnification payment in connection with the return of Natal Airport.

In connection with the expansion of our geographic footprint, we continue to advance negotiations with Nigerian authorities regarding the concession agreements for the Abuja and Kano airports, as well as seeking other opportunities.

Passenger traffic in July continued its growth driven by a good overall performance in our portfolio. While we remain vigilant with the macro and geopolitical backdrop, we remain positive with the travel trends ahead of us”.

Page 1 of 46

Operating & Financial Highlights

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

	2Q23 as reported			2Q22 as reported			% Var as reported			IAS 29 2Q23			2Q23 ex IAS 29			2Q22 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers)		19.7			15.1			30.6	%					19.7			15.1			30.6	%
Revenue		422.7			332.7			27.1	%		-5.9			428.6			334.8			28.0	%
Aeronautical Revenues		187.7			150.8			24.4	%		-2.4			190.1			151.3			25.6	%
Non-Aeronautical Revenues		235.0			181.8			29.3	%		-3.4			238.5			183.5			30.0	%
Revenue excluding construction service		365.5			304.8			19.9	%		-4.1			369.6			304.9			21.2	%
Operating Income / (Loss)		110.4			72.1			53.2	%		-20.1			130.5			89.4			46.0	%
Operating Margin		26.1	%		21.7	%		446			0.0	%		30.5	%		26.7	%		376
Net (Loss) / Income Attributable to Owners of the Parent		69.8			69.9			-0.1	%		23.1			46.6			31.0			50.2	%
EPS (US$)		0.43			0.43			-0.2	%		0.14			0.29			0.19			50.1	%
Adjusted EBITDA		150.9			110.6			36.5	%		-0.7			151.6			110.7			37.0	%
Adjusted EBITDA Margin		35.7	%		33.2	%		246			-			35.4	%		33.1	%		231
Adjusted EBITDA Margin excluding Construction Service		40.9	%		36.2	%		469			-			40.6	%		36.2	%		439
Net Debt to LTM Adjusted EBITDA		1.8	x		3.5	x		-			-			-			-			-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)		1.8	x		3.5	x		-			-			-			-			-

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

LTM Adjusted EBITDA excluding impairments of intangible assets.

Operating & Financial Highlights

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

	6M23 as reported			6M22 as reported			% Var as reported			IAS 29 6M23		6M23 ex IAS 29			6M22 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers)		38.2			28.6			33.8	%				38.2			28.6			33.8	%
Revenue		809.4			596.5			35.7	%		-5.8		815.2			593.5			37.4	%
Aeronautical Revenues		375.6			272.7			37.7	%		-2.0		377.5			270.4			39.6	%
Non-Aeronautical Revenues		433.8			323.8			34.0	%		-3.9		437.7			323.1			35.5	%
Revenue excluding construction service		718.0			554.5			29.5	%		-2.6		720.6			548.4			31.4	%
Operating Income / (Loss)		213.8			125.5			70.4	%		-36.3		250.1			156.6			59.8	%
Operating Margin		26.4	%		21.0	%		539			-		30.7	%		26.4	%		431
Net (Loss) / Income Attributable to Owners of the Parent		102.1			97.7			4.6	%		49.1		53.0			24.8			113.9	%
EPS (US$)		0.63			0.61			4.5	%		0.30		0.33			0.15			113.7	%
Adjusted EBITDA		293.4			202.2			45.1	%		0.5		292.8			199.4			46.9	%
Adjusted EBITDA Margin		36.2	%		33.9	%		235			-		35.9	%		33.6	%		232
Adjusted EBITDA Margin excluding Construction Service		40.6	%		36.3	%		424			-		40.4	%		36.3	%		402
Net Debt to LTM Adjusted EBITDA		1.8	x		3.5	x		-			-		-			-			-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)		1.8	x		3.5	x		-			-		-			-			-

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

Page 2 of 46

2Q23 Operating Performance

Passenger Traffic

Total passenger traffic increased by 30.6% YoY to 19.7 million, reaching 98.6% of pre-pandemic levels, up from 89.9% in the previous quarter. This performance was supported by a continued recovery in travel demand, reflected by higher load factors and the gradual return of flight routes and frequencies across all countries of operation. Notably, passenger traffic in Argentina exceeded pre-pandemic levels for the first time in 2Q23, while Armenia and Ecuador continued to surpass 2019 levels by 82.4% and 10.5%, respectively. Italy, Brazil, and Uruguay stood at 98.1%, 96.2%, and 86.8% of pre-pandemic levels, respectively. International traffic increased by 33.2% YoY, reaching 99.1% of pre-pandemic levels, up from 90.9% in 1Q23, while domestic traffic increased by 26.7%, reaching 2Q19 levels. Traffic in April and May was at 95.4% and 97.9% of traffic levels for the same months in 2019, respectively, while in June, it surpassed pre-pandemic levels for the first time, by 2.6%.

Passenger Traffic in Argentina increased 33.8% YoY and surpassed, for the first time, pre-pandemic levels of 2019 by 1.4%, improving from the 92.5% 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 34.7% YoY in 2Q23 to 81.7% of 2Q19 traffic levels, up from 78.1% in the previous quarter. Domestic passenger traffic, which accounted for more than 70% of total traffic in the quarter, increased 33.9% YoY and exceeded 2Q19 levels by 11.0%.

In Italy, passenger traffic increased 16.1% YoY to 98.1% of pre-pandemic levels, up from 91.3% in 1Q23. International traffic increased 18.8% YoY and stood at 97.8% of 2Q19 levels, up from 94.1% in the first quarter, while Domestic traffic grew 6.5% YoY reaching 99.1% of 2Q19 levels, up from 83.8% in 1Q23. While some pre-pandemic destinations still need to resume at Pisa airport, Florence airport has already surpassed 2019 levels and was 8.3% above 2Q19.

In Brazil, total passenger traffic rose 25.9% YoY, reaching 96.2% of 2Q19 pre-pandemic levels, up from 85.5% in the prior quarter. Domestic passenger traffic, which accounted for almost two-thirds of total passenger traffic, was up 13.8% YoY and surpassed, for the first time, pre-pandemic levels by 1.9%, while transit passengers increased 57.4% YoY to 86.2% of 2Q19 levels, up from 80.0% in the prior quarter. Traffic in the quarter was impacted by financial and aircraft constraints in some of local airlines.

In Uruguay, where activity is mainly international, passenger traffic increased 33.3% YoY, reaching 86.8% of 2Q19 levels, up from 77.3% recorded in 1Q23, when traffic was impacted by weaker-than-expected seasonal tourism in Punta del Este.

In Armenia, passenger traffic improved 72.5% YoY and exceeded pre-pandemic levels for the fifth consecutive quarter, increasing 82.4% against 2Q19. The introduction of new airlines together with a higher number of flight frequencies continue to support traffic performance.

In Ecuador, total passenger traffic grew 17.6% YoY, exceeding pre-pandemic levels by 10.5%. Both domestic and international passenger traffic continued to increase, reaching 116.0% and 104.8% of 2Q19 levels, respectively. International traffic remained supported by routes to Europe, the US, and Panama, while domestic traffic benefited from the entry of Equair, which invigorated the competitive environment between airlines.

Cargo Volume

Cargo volume increased 3.3% YoY in 2Q23, to 86.0% of 2Q19 pre-pandemic levels, with strong contributions from Argentina, Ecuador and Uruguay, which together accounted for more than 70% of total volume in the quarter. Notably, cargo volume in Armenia and Uruguay was above 2Q19 levels, while Argentina and Ecuador were at 85.9% and 81.5% of pre-pandemic levels, respectively.

Aircraft Movements

Total aircraft movements increased by 18.6% YoY in 2Q23 and surpassed pre-pandemic levels of 2Q19 by 3.9%. Over 80% of aircraft movements in the quarter came from Argentina (52%), Brazil (19%), and Italy (10%), with all geographies surpassing pre-pandemic levels of 2Q19 except for Ecuador, which stood at 98.6%.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 37 of this report.

Page 3 of 46

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

	2Q23		2Q22		2Q19		% Var. ('23 vs '22)			% Var. ('23 vs '19)
Domestic Passengers (in thousands)		11,155		8,801		11,159		26.7	%		0.0	%
International Passengers (in thousands)		6,928		5,200		6,993		33.2	%		-0.9	%
Transit Passengers (in thousands)		1,645		1,101		1,853		49.3	%		-11.3	%
Total Passengers (in thousands)		19,728		15,102		20,006		30.6	%		-1.4	%
Cargo Volume (in thousands of tons)		90.8		87.9		105.6		3.3	%		-14.0	%
Total Aircraft Movements (in thousands)		214.9		181.2		206.9		18.6	%		3.9	%

Passenger Traffic Breakdown								Cargo Volume							Aircraft Movements
Country	2Q23		2Q22		% Var.			2Q23		2Q22		% Var.			2Q23		2Q22		% Var.

	(thousands)							(tons)
Argentina(1)		10,262		7,670		33.8	%		47,065		47,187		-0.3	%		112,786		92,618		21.8	%
Italy		2,314		1,993		16.1	%		3,374		3,689		-8.5	%		22,522		20,335		10.8	%
Brazil (2)		4,122		3,273		25.9	%		15,487		14,224		8.9	%		40,944		33,486		22.3	%
Uruguay (3)		433		325		33.3	%		8,969		10,018		-10.5	%		7,376		6,255		17.9	%
Ecuador (4)		1,243		1,057		17.6	%		8,019		8,411		-4.7	%		20,025		20,354		-1.6	%
Armenia		1,353		785		72.5	%		7,863		4,389		79.1	%		11,231		8,169		37.5	%
TOTAL		19,728		15,102		30.6	%		90,776		87,918		3.3	%		214,884		181,217		18.6	%

Passenger Traffic Breakdown								Cargo Volume							Aircraft Movements
Country	2Q23		2Q19		% Var.			2Q23		2Q19		% Var.			2Q23		2Q19		% Var.

	(thousands)							(tons)
Argentina(1)		10,262		10,117		1.4	%		47,065		54,786		-14.1	%		112,786		106,037		6.4	%
Italy		2,314		2,359		-1.9	%		3,374		3,428		-1.6	%		22,522		22,444		0.3	%
Brazil (2)		4,122		4,285		-3.8	%		15,487		23,855		-35.1	%		40,944		37,624		8.8	%
Uruguay (3)		433		499		-13.2	%		8,969		7,784		15.2	%		7,376		6,514		13.2	%
Ecuador (4)		1,243		1,125		10.5	%		8,019		9,837		-18.5	%		20,025		20,304		-1.4	%
Armenia		1,353		742		82.4	%		7,863		4,736		66.0	%		11,231		6,049		85.7	%
Peru (5)		-		878		-			-		1,171		-			-		7,889		-
TOTAL		19,728		20,006		-1.4	%		90,776		105,597		-14.0	%		214,884		206,861		3.9	%

See Note 1 in Table “Operating & Financial Highlights”.

Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport between international and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included in this table.

CAAP owned 50.0% of AAP and accounts for its results by the equity method. However, 100% of AAP’s passenger traffic and aircraft movements are included in this table.

Page 4 of 46

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.

Revenues

Consolidated Revenues increased 27.1% YoY to $422.7 million in 2Q23, or 21.2% YoY to $369.6 million, when excluding Construction Services and the impact of IAS 29, reflecting higher activity across all countries of operations. When compared to 2Q19 and also excluding IAS 29, Revenues excluding Construction Services increased 22.8%, despite traffic at 98.6% of pre-pandemic volumes. Growth was primarily driven by Commercial Revenues, which were 46.1% above 2Q19 levels, coupled with tariff increases.

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)

Country	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Argentina		240.3		181.4		32.5	%		-5.9		246.2		183.5		34.2	%
Italy		33.9		33.6		1.0	%		-		33.9		33.6		1.0	%
Brazil		27.3		20.5		32.7	%		-		27.3		20.5		32.7	%
Uruguay		36.1		23.3		54.7	%		-		36.1		23.3		54.7	%
Armenia		59.1		50.7		16.6	%		-		59.1		50.7		16.6	%
Ecuador (1)		25.9		23.0		12.5	%		-		25.9		23.0		12.5	%
Unallocated		0.2		0.1		21.5	%		-		0.2		0.1		21.5	%
Total consolidated revenue (2)		422.7		332.7		27.1	%		-5.9		428.6		334.8		28.0	%

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues increased 24.8% YoY in Argentina, 32.7% in Brazil, 30.5% in Uruguay, 15.1% in Armenia and 12.5% in Ecuador; and decreased 6.8% in Italy.

Revenue Breakdown (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		187.7		150.8		24.4	%		-2.4		190.1		151.3		25.6	%
Non-aeronautical Revenue		235.0		181.8		29.3	%		-3.4		238.5		183.5		30.0	%
Commercial revenue		176.5		152.1		16.0	%		-1.7		178.1		151.8		17.4	%
Construction service revenue (1)		57.2		27.8		105.6	%		-1.7		59.0		29.9		97.6	%
Other revenue		1.3		1.8		-27.0	%		0.0		1.3		1.8		-27.0	%
Total Consolidated Revenue		422.7		332.7		27.1	%		-5.9		428.6		334.8		28.0	%
Total Revenue excluding Construction Service revenue (2)		365.5		304.8		19.9	%		-4.1		369.6		304.9		21.2	%

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

2 Excludes Construction Service revenue.

Page 5 of 46

Revenue Breakdown (in US$ million)

	2Q23 as reported		2Q19 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q19 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		187.7		185.4		1.2	%		-2.4		190.1		178.7		6.4	%
Non-aeronautical Revenue		235.0		227.2		3.5	%		-3.4		238.5		216.8		10.0	%
Commercial revenue		176.5		126.7		39.2	%		-1.7		178.1		121.9		46.1	%
Construction service revenue (1)		57.2		99.9		-42.7	%		-1.7		59.0		94.4		-37.5	%
Other revenue		1.3		0.5		183.7	%		-		1.3		0.5		183.7	%
Total Consolidated Revenue		422.7		412.6		2.5	%		-5.9		428.6		395.5		8.4	%
Total Revenue excluding Construction Service revenue (2)		365.5		312.6		16.9	%		-4.1		369.6		301.0		22.8	%

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

2 Excludes Construction Service revenue.

Aeronautical Revenues accounted for 44.4% of total revenues and increased 24.4% YoY to $187.7 million. Excluding IAS 29, Aeronautical revenues increased 25.6% YoY to $190.1 million and 6.4% against 2Q19 levels, benefiting from tariff increases, even with passenger traffic at 98.6% of pre-pandemic volumes. During the quarter, aeronautical revenues declined 33.7%, or $9.0 million, in Italy, and 12.8%, or $1.6 million in Brazil, compared to the same quarter of 2019. In Argentina, however, aeronautical revenues excluding IAS 29 increased by 10.8%, while Uruguay, Ecuador and Armenia reported increases of 2.5%, 8.7% and 80.4%, respectively, from pre-pandemic levels of 2Q19.

Non-Aeronautical Revenues accounted for 55.6% of total revenues and increased 29.3% YoY to $235.0 million. When compared to 2Q19 and excluding the impact of IAS 29, non-aeronautical revenues improved 10.0%, or $21.7 million, to $238.5 million, reflecting an increase of 46.1%, or $56.2 million, in Commercial Revenues, principally driven by higher Cargo and Duty-free revenues in Argentina, coupled with higher Fueling services in Armenia. This was partially offset by a decline of 37.5%, or $35.4 million, in Construction Service Revenue, mainly as a result of lower CAPEX in Argentina.

Compared to 2Q19 and excluding both, Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues increased 46.7%, or $57.1 million, to $179.5 million.

Operating Costs and Expenses

In 2Q23, Total Costs and Expenses, excluding Construction Service Costs, increased 12.1% YoY to $265.5 million, mainly driven by higher SG&A and Maintenance expenses, together with increased Concession fees, in line with higher activity. When compared to 2Q19, Total Costs and Expenses, excluding Construction Service Costs and IAS 29, increased by 14.5% to $249.7 million. This was primarily due to higher Cost of fuel in Armenia, tied to increased fuel sales, as well as higher Concession Fees, and Salaries and Social Security Contributions resulting from inflation increases that surpassed currency depreciation in Argentina.

Cost of Services increased 19.2% YoY to $280.0 million, reflecting higher traffic and cargo activity. When compared to 2Q19 and excluding IAS29, Cost of Services declined 3.8%, or $10.4 million, mainly as a result of the following decreases:

38.8%, or $36.4 million, in Construction Service Costs, reflecting lower Capex,

16.7%, or $4.0 million, in Amortization and depreciation, and

82.0%, or $3.4 million, in Taxes.

This was partially offset by increases of 137.7%, or $14.2 million, in Cost of fuel, primarily in Armenia, 22.4%, or $8.8 million, in Concession Fees, and 16.5%, or $8.1 million, in Salaries and Social Security Contributions, mainly in Argentina.

Excluding Construction Service Costs, Cost of Services increased 8.2% YoY to $224.3 million. On a comparable basis against 2Q19 and excluding the impact of IAS29, Cost of Services increased 14.3%, or $26.0 million, to $208.2 million, mainly reflecting the aforementioned increase in Cost of fuel, concession fees and Salaries.

Selling, General and Administrative Expenses (“SG&A”) increased 40.2% YoY, to $40.2 million in 2Q23, mainly reflecting a $10.1 million bad debt recovery recorded in 2Q22, related to outstanding amounts owed by a national carrier, in Argentina. When compared to 2Q19, SG&A increased 8.1%, or 13.2% excluding IAS29, mainly driven by higher Salaries and social security contributions.

Other Expenses totaled $1.0 million in 2Q23 compared to $0.7 million in 2Q22 and $0.1 million in 2Q19.

Page 6 of 46

Costs and Expenses (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Cost of Services		280.0		234.9		19.2	%		14.4		265.5		220.4		20.5	%
Salaries and social security contributions		56.1		54.1		3.7	%		-1.4		57.5		54.4		5.7	%
Concession fees		47.3		39.4		20.2	%		-0.8		48.1		39.5		21.7	%
Construction service cost		55.6		27.5		102.1	%		-1.7		57.4		29.5		94.3	%
Maintenance expenses		32.8		26.3		24.9	%		-0.5		33.3		26.3		26.5	%
Amortization and depreciation		39.0		36.9		5.8	%		19.3		19.8		19.9		-0.5	%
Other		49.0		50.7		-3.3	%		-0.4		49.5		50.8		-2.6	%
Cost of Services Excluding Construction Service cost		224.3		207.4		8.2	%		16.2		208.2		190.9		9.0	%
Selling, general and administrative expenses		40.2		28.6		40.2	%		-0.3		40.5		28.0		44.8	%
Other expenses		1.0		0.7		34.2	%		0.0		1.0		0.7		34.8	%
Total Costs and Expenses		321.1		264.3		21.5	%		14.1		307.0		249.2		23.2	%
Total Costs and Expenses Excluding Construction Service cost		265.5		236.7		12.1	%		15.8		249.7		219.6		13.7	%

Costs and Expenses (in US$ million)

	2Q23 as reported		2Q19 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q19 ex IAS 29		% Var ex IAS 29
Cost of Services		280.0		303.1		-7.6	%		14.4		265.5		275.9		-3.8	%
Salaries and social security contributions		56.1		51.0		10.0	%		-1.4		57.5		49.3		16.5	%
Concession fees		47.3		41.0		15.6	%		-0.8		48.1		39.3		22.4	%
Construction service cost		55.6		99.3		-44.0	%		-1.7		57.4		93.8		-38.8	%
Maintenance expenses		32.8		33.0		-0.6	%		-0.5		33.3		30.8		8.3	%
Amortization and depreciation		39.0		39.8		-2.0	%		19.3		19.8		23.7		-16.7	%
Other		49.0		38.9		25.9	%		-0.4		49.5		39.0		27.0	%
Cost of Services Excluding Construction Service cost		224.3		203.7		10.1	%		16.2		208.2		182.1		14.3	%
Selling, general and administrative expenses		40.2		37.2		8.1	%		-0.3		40.5		35.8		13.2	%
Other expenses		1.0		0.1		590.3	%		0.0		1.0		0.1		736.6	%
Total Costs and Expenses		321.1		340.4		-5.7	%		14.1		307.0		311.8		-1.5	%
Total Costs and Expenses Excluding Construction Service cost		265.5		241.0		10.1	%		15.8		249.7		218.0		14.5	%

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

During 2Q23, CAAP reported Adjusted EBITDA of $150.9 million, up from an Adjusted EBITDA of $110.6 million in the year-ago period, which included a recognition of $14.9 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 Brazil accounting for 83% of total Adjusted EBITDA. Adjusted EBITDA margin, ex-IFRIC12, expanded to 40.9% from 36.2% in 2Q22, reflecting margin expansions in Italy, Brazil and Armenia, partially offset by lower margins in Argentina, Uruguay and Ecuador.

Compared to pre-pandemic levels, Adjusted EBITDA was 27.3% higher than the $118.6 million reported in 2Q19, and Adjusted EBITDA margin ex-IFRIC12 expanded 3.2 percentage points versus the 37.7% recorded in 2Q19.

Page 7 of 46

Adjusted EBITDA by Segment (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Argentina		88.9		74.0		20.2	%		-0.7		89.6		74.1		20.9	%
Italy		10.4		5.6		86.9	%		-		10.4		5.6		86.9	%
Brazil		11.6		1.9		499.7	%		-		11.6		1.9		499.7	%
Uruguay		9.5		7.6		25.4	%		-		9.5		7.6		25.4	%
Armenia		24.5		16.3		49.6	%		-		24.5		16.3		49.6	%
Ecuador		8.1		7.3		10.0	%		-		8.1		7.3		10.0	%
Unallocated		-2.0		-2.2		-7.4	%		-		-2.0		-2.2		-7.4	%
Total segment EBITDA		150.9		110.6		36.5	%		-0.7		151.6		110.7		37.0	%

	2Q23 as reported		2Q19 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q19 ex IAS 29		% Var ex IAS 29
Argentina		88.9		72.3		22.9	%		-0.7		89.6		67.0		33.8	%
Italy		10.4		13.9		-24.9	%		-		10.4		13.9		-24.9	%
Brazil		11.6		3.0		279.0	%		-		11.6		3.0		279.0	%
Uruguay		9.5		12.1		-21.5	%		-		9.5		12.1		-21.5	%
Armenia		24.5		12.1		101.7	%		-		24.5		12.1		101.7	%
Ecuador		8.1		6.5		24.5	%		-		8.1		6.5		24.5	%
Unallocated		-2.0		-1.5		36.9	%		-		-2.0		-1.5		36.9	%
Total segment EBITDA		150.9		118.6		27.3	%		-0.7		151.6		113.2		34.0	%

Page 8 of 46

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

	2Q23 as reported			2Q22 as reported			% Var as reported			IAS 29		2Q23 ex IAS 29			2Q22 ex IAS 29			% Var ex IAS 29
Income from Continuing Operations		80.8			71.6			12.9	%		23.1		57.7			32.8			76.0	%
Financial Income		-18.1			-25.8			-29.9	%		20.3		-38.3			-47.9			-20.1	%
Financial Loss		38.4			44.8			-14.3	%		-158.8		197.3			176.5			11.7	%
Inflation adjustment		10.8			-5.1			-311.3	%		10.8		0.0			-1.4			-99.0	%
Income Tax Expense		-1.6			-13.8			-88.1	%		84.6		-86.2			-71.0			21.4	%
Amortization and Depreciation		40.6			38.8			4.6	%		19.4		21.2			21.6			-2.1	%
Adjusted EBITDA		150.9			110.6			36.5	%		-0.7		151.6			110.7			37.0	%
Adjusted EBITDA Margin		35.7	%		33.2	%		246			-		35.4	%		33.1	%		231
Adjusted EBITDA Margin excluding Construction Service		40.9	%		36.2	%		469			-		40.6	%		36.2	%		439

Financial Income and Loss

CAAP reported a Net financial loss of $31.2 million in 2Q23 compared to a loss of $14.0 million in 2Q22. Had IAS 29 not been applied, and compared to 2Q19, the Net financial loss would have increased 447.6%, or $129.9 million, to $158.9 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.

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Financial Income		18.1		25.8		-29.9	%		-20.3		38.3		47.9		-20.1	%
Interest income		14.8		14.3		3.5	%		-0.4		15.1		14.0		8.4	%
Foreign exchange income		0.3		7.1		-96.1	%		-19.9		20.2		29.3		-31.2	%
Other		3.0		4.3		-30.8	%		0.0		3.0		4.7		-35.5	%
Inflation adjustment		-10.8		5.1		-311.3	%		-10.8		0.0		1.4		-99.0	%
Inflation adjustment		-10.8		5.1		-311.3	%		-10.8		0.0		1.4		-99.0	%
Financial Loss		-38.4		-44.8		-14.3	%		158.8		-197.3		-176.5		11.7	%
Interest Expenses		-27.2		-49.1		-44.6	%		-0.2		-27.0		-49.0		-45.0	%
Foreign exchange transaction expenses		13.0		40.2		-67.7	%		154.8		-146.2		-91.6		59.5	%
Changes in liability for concessions		-22.2		-33.0		-32.9	%		-		-22.2		-33.0		-32.9	%
Other expenses		-2.1		-2.9		-28.8	%		-0		-2.0		-2.9		-31.6	%
Financial Loss, Net		-31.2		-14.0		123.4	%		127.7		-158.9		-127.3		24.9	%

See “Use of Non-IFRS Financial Measures” on page 25.

Income Tax Expense

During 2Q23, the Company reported an income tax benefit of $1.6 million versus a benefit of $13.8 million in 2Q22. Excluding the impact of IAS 29, CAAP reported income tax benefits of $86.2 million in 2Q23 and $71.0 million in the year-ago quarter, compared to an income tax expense of $12.1 million in 2Q19.

Net Income and Net Income Attributable to Owners of the Parent

During 2Q23, CAAP reported Net Income of $80.8 million compared to Net Income of $71.6 million in 2Q22, mainly explained by operating income of $110.4 million in 2Q23 versus $72.1 million in 2Q22 and lower net interest expenses, partially offset by lower net FX gains and also lower income tax benefit.

Page 9 of 46

In 2Q23, the Company reported Net Income Attributed to Owners of the Parent of $69.8 million and earnings per common share of $0.43. This is in line with what was reported in 2Q22 and represents a 42.0% increase from the $49.1 million recorded in 2Q19, which is equivalent to earnings per common share of $0.31.

Consolidated Financial Position

As of June 30, 2023, cash and cash equivalents amounted to $448.5 million, increasing 11.8% and 16.4% from $401.1 million and $385.3 million reported as of March 31, 2023, and December 31, 2022, respectively. Total liquidity position as of June 30, 2023, which included cash and cash equivalents as well as other financial assets, increased to $511.8 million, from $455.3 million and $452.0 million as of March 31, 2023, and December 31, 2022, respectively.

Total Debt at the close of 2Q23 decreased 0.6%, or $9.3 million, to $1,456.2 million, from $1,465.4 million as of December 31, 2022. A total of $980.8 million, or 67.4% of total debt is denominated in U.S. dollars, while $237.6 million, or 16.3% is denominated in Brazilian Reals, $237.1 million, or 16.3%, is in Euros, and $0.7 million is in Argentine Pesos.

The Net Debt to LTM Adjusted EBITDA (excluding impairment of intangible assets) ratio improved to 1.8x as of June 2023, down from 2.1x and 2.4x as of March 2023 and December 2022, respectively, reflecting Adjusted EBITDA growth driven by strong traffic recovery. As of June 30, 2023, all of CAAP’s subsidiaries were in compliance with their covenants.

Consolidated Debt Indicators (in US$ million)

	As of Jun 30, 2023			As of Dec 31, 2022
Leverage
Total Debt / LTM Adjusted EBITDA (Times)1,3		2.66	x		3.21	x
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4		1.84	x		2.36	x
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5		1.84	x		2.36	x
Total Debt		1,456.2			1,465.4
Short-Term Debt		390.6			178.0
Long-Term Debt		1,065.5			1,287.4
Cash & Cash Equivalents		448.5			385.3
Total Net Debt3		1,007.7			1,080.2

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 June 30, 2023 was $548.5 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of June 30, 2023 was $548.6 million.

Total Debt by Segment (in US$ million)

	As of Jun 30, 2023		As of Dec 31, 2022
Argentina		696.6		720.0
Italy (1)		193.9		208.9
Brazil (2)		237.6		224.5
Uruguay (3)		270.8		273.9
Armenia		43.2		21.1
Ecuador		14.1		17.0
Total		1,456.2		1,465.4

1 Of which approximately $129.0 million remain at Toscana Aeroporti level.

2 Of which approximately $220.7 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

3 Of which approximately $260.8 million remain at ACI Airport Sudamérica SAU.

Page 10 of 46

Maturity of borrowings:

		1 year or less				1 - 2 years				2 – 5 years				Over 5 years				Total
Debt service (1)			475.3				265.8				503.3				642.7				1,887.1

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 June 30, 2023:

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		66.3		72.3		237.1		327.3		703.1
	Interest	USD		45.3		42.3		101.7		44.5		233.8
	Principal	ARS		4.9		0.3		-		-		5.2
	Interest	ARS		2.7		0.1		-		-		2.8
Italy	Principal	EUR		68.4		89.9		34.8		-		193.2
	Interest	EUR		8.1		4.4		1.7		-		14.1
Brazil	Principal	R$		221.4		1.5		4.8		8.4		236.1
	Interest	R$		6.2		1.3		3.0		2.0		12.5
Uruguay	Principal	USD		6.5		10.8		58.8		205.8		282.0
	Interest	USD		18.8		18.5		49.5		54.7		141.4
Armenia	Principal	EUR		17.4		17.4		8.7		-		43.4
	Interest	EUR		2.4		1.3		0.3		-		3.9
Ecuador	Principal	USD		6.0		5.2		2.7		-		13.9
	Interest	USD		1.1		0.5		0.1		-		1.7
Total				475.3		265.8		503.3		642.7		1,887.1

Cash by Segment (in US$ million)

	As of Jun 30, 2023		As of Dec 31, 2022
Argentina		155.5		145.5
Italy (1)		41.4		64.7
Brazil (2)		86.7		66.1
Uruguay		33.2		25.7
Armenia		48.3		28.6
Ecuador		6.7		12.9
Intermediate holding Companies		76.7		41.7
Total		448.5		385.3

1 Of which approximately $39.6 million remain at Toscana Aeroporti level.

2 Of which approximately $81.2 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

CAPEX

During 2Q23, CAAP made capital expenditures of $62.7 million, an 84.2% YoY increase from $34.0 million in 2Q22 and 44.5% lower than pre-pandemic levels of 2Q19. Over 70% of total CAPEX was allocated to Argentina and 13% 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.

Page 11 of 46

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 2Q23.

	2Q23 as reported			2Q22 as reported			% Var as reported			IAS 29		2Q23 ex IAS 29			2Q22 ex IAS 29			% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)		7.3			5.5			33.9	%				7.3			5.5			33.9	%
International Passengers (in millions) (1)		2.6			1.9			34.7	%				2.6			1.9			34.7	%
Transit Passengers (in millions) (1)		0.3			0.3			25.9	%				0.3			0.3			25.9	%
Total Passengers (in millions) (1)		10.3			7.7			33.8	%				10.3			7.7			33.8	%
Cargo Volume (in thousands of tons)		47.1			47.2			-0.3	%				47.1			47.2			-0.3	%
Total Aircraft Movements (in thousands)		112.8			92.6			21.8	%				112.8			92.6			21.8	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		102.4			80.6			27.1	%		-2.4		104.8			81.0			29.4	%
Non-aeronautical revenue		137.9			100.8			36.8	%		-3.4		141.3			102.5			37.9	%
Commercial revenue		93.2			76.2			22.4	%		-1.7		94.9			75.8			25.2	%
Construction service revenue		44.7			24.6			81.3	%		-1.7		46.4			26.6			74.2	%
Total Revenue		240.3			181.4			32.5	%		-5.9		246.2			183.5			34.2	%
Total Revenue Excluding IFRIC12(2)		195.6			156.7			24.8	%		-4.1		199.8			156.9			27.4	%
Cost of Services		158.9			125.5			26.6	%		14.4		144.5			111.0			30.1	%
Selling, general and administrative expenses		20.2			8.0			152.5	%		-0.3		20.5			7.3			179.9	%
Other expenses		0.5			0.2			108.2	%		0.0		0.5			0.2			106.7	%
Total Costs and Expenses		179.6			133.7			34.3	%		14.1		165.5			118.6			39.5	%
Total Costs and Expenses Excluding IFRIC12(3)		135.0			109.2			23.6	%		15.8		119.2			92.0			29.5	%
Adjusted Segment EBITDA		88.9			74.0			20.2	%		-0.7		89.6			74.1			20.9	%
Adjusted Segment EBITDA Mg		37.0	%		40.8	%		-378			-		36.4	%		40.4	%		-398
Adjusted EBITDA Margin excluding IFRIC 12(4)		45.4	%		47.2	%		-173			-		44.8	%		47.2	%		-237
Capex		45.5			25.1			81.7	%		-1.7		47.3			25.5			85.3	%

	1)	See Note 1 in Table "Operating & Financial Highlights”.
	2)	Excludes Construction Service revenue.
	3)	Excludes Construction Service cost.
	4)	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.

Page 12 of 46

	6M23 as reported			6M22 as reported			% Var as reported			IAS 29		6M23 ex IAS 29			6M22 ex IAS 29			% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)		14.3			10.7			33.5	%				14.3			10.7			33.5	%
International Passengers (in millions) (1)		5.6			3.6			57.0	%				5.6			3.6			57.0	%
Transit Passengers (in millions) (1)		0.7			0.5			40.1	%				0.7			0.5			40.1	%
Total Passengers (in millions) (1)		20.5			14.7			39.3	%				20.5			14.7			39.3	%
Cargo Volume (in thousands of tons)		90.7			90.3			0.4	%				90.7			90.3			0.4	%
Total Aircraft Movements (in thousands)		223.1			174.7			27.7	%				223.1			174.7			27.7	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		216.8			147.3			47.1	%		-2.0		218.7			145.0			50.8	%
Non-aeronautical revenue		251.7			187.0			34.6	%		-3.9		255.6			186.3			37.2	%
Commercial revenue		177.7			150.7			18.0	%		-0.6		178.3			146.8			21.5	%
Construction service revenue		74.0			36.3			103.6	%		-3.2		77.2			39.5			95.6	%
Total Revenue		468.5			334.3			40.1	%		-5.8		474.3			331.3			43.2	%
Total Revenue Excluding IFRIC12(2)		394.5			298.0			32.4	%		-2.6		397.1			291.8			36.1	%
Cost of Services		302.1			226.6			33.3	%		30.6		271.5			193.7			40.1	%
Selling, general and administrative expenses		39.8			21.0			89.3	%		-0.2		40.0			19.7			103.3	%
Other expenses		1.0			0.6			67.0	%		0.0		1.0			0.6			72.5	%
Total Costs and Expenses		342.8			248.2			38.1	%		30.4		312.5			214.0			46.0	%
Total Costs and Expenses Excluding IFRIC12(3)		268.9			212.0			26.9	%		33.6		235.4			174.7			34.8	%
Adjusted Segment EBITDA		180.5			138.2			30.7	%		0.5		180.0			135.4			33.0	%
Adjusted Segment EBITDA Mg		38.5	%		41.3	%		-279			-		37.9	%		40.9	%		-291
Adjusted EBITDA Margin excluding IFRIC 12(4)		45.7	%		46.3	%		-61			-		45.3	%		46.3	%		-104
Capex		74.4			36.3			104.8	%		2.1		72.3			38.2			89.3	%

Page 13 of 46

Passenger Traffic increased 33.8% YoY and surpassed, for the first time, pre-pandemic levels of 2019 by 1.4%, improving from the 92.5% 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 34.7% YoY in 2Q23 to 81.7% of 2Q19 traffic levels, up from 78.1% in the previous quarter. Domestic passenger traffic, which accounted for more than 70% of total traffic in the quarter, increased 33.9% YoY and exceeded 2Q19 levels by 11.0%.

Revenues increased 32.5% YoY to $240.3 million in 2Q23 on an ‘As reported’ basis or 34.2% to $246.2 million when excluding the impact of rule IAS29, primarily due to a 29.4% increase in Aeronautical revenues as well as a 25.2% increase in Commercial revenues, reflecting higher year-over-year activity. In addition, Construction service revenue increased 74.2% YoY reflecting higher Capex in the quarter. When compared to 2Q19 and excluding both Construction Services and the impact of IAS 29, revenues grew by 27.6%, or $43.2 million to $199.8 million, driven by increases of 53.2% in Commercial revenues and 10.8% in Aeronautical revenues.

Aeronautical Revenues ex-IAS29 grew by 10.8% against 2Q19, or $10.3 million, reflecting the recovery in passenger traffic along with higher international passenger fee introduced in March 2021 and higher domestic passenger fees introduced in March 2022 and March 2023.

Commercial Revenues ex-IAS29 increased 53.2% against 2Q19, or $33.0 million, mainly driven by an increase of 43.3%, or $14.2 million in Cargo revenues, primarily reflecting 10% tariff increases on import activities applied in January and October 2020, along with a further 5% tariff increase in April 2022. Duty free revenues also supported the performance, growing 183.4%, or $10.6 million, against pre-pandemic levels.

Total Costs and Expenses increased 34.3% YoY to $179.6 million in 2Q23 on an ‘As reported’ basis, mainly reflecting an increase of 26.6% in Cost of Services, in line with higher year-over-year activity, together with a 152.5% increase in SG&A expenses. Excluding Construction Service and the impact of IAS 29, Total Cost and Expenses increased 29.5% YoY, due to the rise in operating costs following traffic recovery from the same period of last year. When compared to 2Q19, however, Total Cost and Expenses excluding the impact of rule IAS 29 and Construction Services increased 16.6%, or $17.0 million, primarily due to higher Cost of Services.

Cost of Services ex-IAS29 and excluding Construction Service Costs increased 12.8% compared to 2Q19, or $11.1 million, driven mainly by the following increases:

46.6%, or $10.4 million, in Salaries and social security contributions, mainly as a result of inflation rates significantly above currency depreciation, and

26.8%, or $6.2 million, in Concession Fees, due to higher revenues.

The above was partially offset by a 52.5% decrease, or $4.2 million, in Amortization and depreciation, and an 18.3% decrease, or $1.0 million, in Services and fees.

SG&A ex-IAS29 increased by 37.9% against 2Q19, or $5.6 million, to $20.5 million in 2Q23, mainly due to higher Salaries and social security contributions and an increase in Taxes.

Adjusted Segment EBITDA increased 20.2% YoY to $88.9 million in 2Q23 on an ‘As reported basis’. When excluding the impact of IAS 29, Adjusted Segment EBITDA was $89.6 million with Adjusted EBITDA margin EX-IFRIC12 of 44.8% in the quarter, compared to 47.2% in 2Q22, when Adjusted EBITDA included $14.9 million related to outstanding amounts owed by a national carrier. Compared to pre-pandemic levels of 2Q19, Adjusted EBITDA excluding IAS 29 increased 33.8%, or $22.6 million from $67.0 million, while Adjusted EBITDA margin EX-IFRIC12 expanded 2.1 percentage points from 42.7%.

During 2Q23, CAAP made Capital Expenditures ex-IAS29 of $47.3 million, compared to $25.5 million in 2Q22 and $86.8 million in 2Q19. These expenditures were primarily allocated to the completion of the new departure terminal building at Ezeiza airport, construction works at San Juan and Santa Rosa airports, runway repavement at Resistencia airport, and modernization works at Reconquista airport.

Page 14 of 46

Italy

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		0.5			0.4			6.5	%		0.8			0.7			10.8	%
International Passengers (in millions)		1.8			1.6			18.8	%		2.8			2.1			35.5	%
Transit Passengers (in millions)		n.m.			n.m.			n.m.			n.m.			n.m.			n.m.
Total Passengers (in millions)		2.3			2.0			16.1	%		3.6			2.8			29.1	%
Cargo Volume (in thousands of tons)		3.4			3.7			-8.5	%		6.7			7.6			-11.4	%
Total Aircraft Movements (in thousands)		22.5			20.3			10.8	%		35.0			30.4			15.2	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		17.6			21.5			-18.0	%		27.8			31.4			-11.4	%
Non-aeronautical revenue		16.3			12.1			35.0	%		27.0			19.2			41.1	%
Commercial revenue		10.6			8.4			26.4	%		17.6			13.5			30.8	%
Construction service revenue		4.4			1.8			136.0	%		5.4			3.3			62.2	%
Other revenue		1.3			1.8			-27.2	%		4.0			2.4			70.3	%
Total Revenue		33.9			33.6			1.0	%		54.8			50.5			8.5	%
Total Revenue Excluding IFRIC12(1)		29.6			31.7			-6.8	%		49.4			47.2			4.7	%
Cost of Services		23.4			26.2			-10.8	%		41.9			46.2			-9.3	%
Selling, general and administrative expenses		3.0			4.1			-26.9	%		6.5			7.3			-12.1	%
Other Expenses		0.0			0.0			-100.0	%		0.0			0.0			719.3	%
Total Costs and Expenses		26.4			30.3			-13.0	%		48.4			53.5			-9.6	%
Total Costs and Expenses Excluding IFRIC12(2)		23.6			28.7			-18.1	%		44.9			50.8			-11.7	%
Adjusted Segment EBITDA		10.4			5.6			86.9	%		12.2			2.4			415.5	%
Adjusted Segment EBITDA Mg		30.8	%		16.6	%		1414			22.2	%		4.7	%		1754
Adjusted EBITDA Margin excluding IFRIC 12(3)		30.2	%		16.8	%		1339			20.8	%		3.7	%		1708
Capex		4.6			2.0			135.0	%		6.0			4.0			49.4	%

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 16.1% YoY to 98.1% of pre-pandemic levels, up from 91.3% in 1Q23. International traffic increased 18.8% YoY and stood at 97.8% of 2Q19 levels, up from 94.1% in the first quarter, while Domestic traffic grew 6.5% YoY reaching 99.1% of 2Q19 levels, up from 83.8% in 1Q23. While some pre-pandemic destinations still need to resume at Pisa airport, Florence airport has already surpassed 2019 levels and was 8.3% above 2Q19.

Revenues increased 1.0% YoY to $33.9 million in 2Q23, as lower Aeronautical revenues were offset by Commercial revenue growth and higher Construction Service revenues. Commercial revenues grew 26.4% YoY, mainly driven by passenger-related services such as F&B services, VIP lounges, and Parking facilities, following the strong year-over-year traffic recovery. When compared to 2Q19, revenues excluding Construction service declined 19.8%, or $7.3 million, to $29.6 million, principally due to lower passenger traffic impacted by the Covid-19 pandemic.

Aeronautical Revenues dropped 33.7% versus 2Q19, or $9.0 million, as a result of lower passenger traffic, partially offset by increases in passenger fees at Florence airport in November 2019 and February 2020, and at both Florence and Pisa airports in February 2021. In addition, passenger with reduced mobility fees (PRM) at Florence airport increased in March 2020 and at Pisa airport in February 2020, and again at both airports in February 2021.

Commercial Revenues, however, increased 7.4% versus 2Q19, or $0.7 million, mainly driven by higher passenger-related revenues such as F&B services and VIP lounges.

Page 15 of 46

Total Costs and Expenses decreased 13.0% YoY, or $3.9 million, in 2Q23 mainly driven by lower Cost of Services expenses. Excluding Construction Services, Total Cost and Expenses declined 18.1% YoY to $23.6 million. Compared to the same quarter of 2019, Total Cost and Expenses decreased 6.7%, or 11.2% when excluding Construction Services.

Cost of Services excluding Construction service decreased 11.1%, or $2.6 million, against 2Q19, primarily driven by lower Salaries and Social Security Contribution expenses, partially offset by higher Concession fees, which in 2Q19 included a one-time benefit of $2.2 million as a results of a claim against the Ministry of Transport regarding the Fire Brigade Protection Fund.

SG&A declined 12.2%, or $0.4 million, to $3.0 million against 2Q19.

Adjusted Segment EBITDA increased 86.9% YoY to $10.4 million in 2Q23. Compared to 2Q19, Adjusted EBITDA decreased 24.9%, with Adjusted EBITDA margin contracting 4.8 percentage points to 30.8%. Excluding the aforementioned one-time benefit recorded in 2Q19, Adjusted EBITDA would have declined 10.4% and Adjusted EBITDA margin would have expanded 100 basis points.

During 2Q23, CAAP made Capital Expenditures of $4.6 million, compared to $2.0 million in 2Q22 and $4.7 million in 2Q19.

Page 16 of 46

Brazil

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		2.7			2.3			13.8	%		5.3			4.9			8.2	%
International Passengers (in millions) (1)		0.2			0.1			49.1	%		0.3			0.2			76.1	%
Transit Passengers (in millions) (1)		1.3			0.8			57.4	%		2.8			2.1			35.4	%
Total Passengers (in millions) (1)		4.1			3.3			25.9	%		8.4			7.1			17.7	%
Cargo Volume (in thousands of tons)		15.5			14.2			8.9	%		31.5			28.2			11.9	%
Total Aircraft Movements (in thousands)		40.9			33.5			22.3	%		79.7			67.2			18.6	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		11.2			8.2			36.9	%		21.6			16.3			32.7	%
Non-aeronautical revenue		16.1			12.4			30.0	%		30.3			25.0			21.2	%
Commercial revenue		16.1			12.4			30.0	%		30.3			25.0			21.2	%
Total Revenue		27.3			20.5			32.7	%		51.9			41.3			25.7	%
Cost of Services		19.3			18.6			3.8	%		37.1			34.6			7.4	%
Selling, general and administrative expenses		3.0			2.6			12.6	%		4.8			6.6			-26.6	%
Other expenses		0.0			0.1			-99.2	%		0.0			0.4			-95.4	%
Total Costs and Expenses		22.3			21.3			4.6	%		42.0			41.5			1.1	%
Adjusted Segment EBITDA		11.6			1.9			499.7	%		19.5			5.3			269.2	%
Adjusted Segment EBITDA Mg		42.4	%		9.4	%		3300			37.6	%		12.8	%		2480
Capex		0.5			0.5			-2.9	%		0.8			0.9			-19.0	%

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

Starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

Passenger Traffic rose 25.9% YoY, reaching 96.2% of 2Q19 pre-pandemic levels, up from 85.5% in the prior quarter. Domestic passenger traffic, which accounted for almost two thirds of total passenger traffic, was up 13.8% YoY and surpassed, for the first time, pre-pandemic levels by 1.9%, while transit passengers increased 57.4% YoY to 86.2% of 2Q19 levels, up from 80.0% in the prior quarter. Traffic in the quarter was impacted by financial and aircraft constraints in some of the local airlines.

Revenues increased 32.7% YoY to $27.3 million in 2Q23 due to higher Commercial and Aeronautical revenues reflecting higher year-over-year activity. When compared to 2Q19, revenues declined 4.1%, or $1.2 million, mainly reflecting lower aeronautical activity resulting from the drop in passenger traffic. This, however, was partially offset by higher Commercial revenues which were 3.0% higher than pre-pandemic levels. Results were also impacted by the 26.2% average depreciation of the Brazilian real against the US dollar since 2Q19.

Aeronautical Revenues declined 12.8% vs 2Q19, or $1.6 million, driven by lower passenger traffic, coupled with the depreciation of the Brazilian Real.

Commercial Revenues increased 3.0% against 2Q19, or $0.5 million, despite lower passenger traffic and currency depreciation. The increase in commercial revenue was primarily driven by a continued solid performance of VIP lounges and, to a lesser extent, Parking facilities, partially offset by declines in Retail stores, Duty free, Cargo and Fuel revenues, in line with the reduction in aircraft movements.

Total Costs and Expenses increased 4.6% YoY to $22.3 million and declined 21.3% against 2Q19 pre-pandemic levels.

Cost of Services declined 20.7% vs. 2Q19, or $5.0 million, benefiting from cost reduction initiatives taken to mitigate the impact of the Covid-19 pandemic, coupled with the 26.2% average depreciation of the Brazilian Real since 1Q19. The drop was mainly driven by declines in:

Sales taxes, reflecting the reduction in revenues in the quarter,

Salaries and social contributions due to reductions in the workforce, salary reductions, and a furlough scheme in place since 2Q20, together with local currency depreciation,

Page 17 of 46

Services and Fees mainly due to the renegotiation of contracts related to security and Aviation Security Protection together with lower utilities expenses, coupled with local currency depreciation, and

Maintenance expenses.

SG&A increased 12.6% YoY, to $3.0 million on an ‘As reported’ basis and declined 32.7% when compared to 2Q19, mainly due to lower Bad debts and Services and fees.

Adjusted Segment EBITDA increased to $11.6 million compared to $1.9 million in the year ago period and $3.0 million in 2Q19. Adjusted EBITDA margin expanded 33.0 and 31.7 percentage points against 2Q22 and 2Q19, respectively, to 42.4%. In 2Q23, Adjusted EBITDA benefitted from an economic compensation of $3.5 million obtained from the government as an additional adjustment in connection with the economic re-equilibrium aimed at offsetting the COVID-19 impact during 2022.

During 2Q23, CAAP made Capital Expenditures of $0.5 million, compared to $0.5 million in 2Q22 and $0.8 million in 2Q19.

Page 18 of 46

Uruguay

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		n.m.			n.m.			n.m.			n.m.			n.m.			n.m.
International Passengers (in millions)		0.4			0.3			32.6	%		0.9			0.6			43.2	%
Transit Passengers (in millions)		0.0			0.0			145.1	%		0.0			0.0			79.1	%
Total Passengers (in millions)		0.4			0.3			33.3	%		0.9			0.6			43.5	%
Cargo Volume (in thousands of tons)		9.0			10.0			-10.5	%		16.0			17.0			-6.4	%
Total Aircraft Movements (in thousands)		7.4			6.3			17.9	%		16.6			13.9			19.5	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		15.0			10.3			45.8	%		33.1			21.3			55.4	%
Non-aeronautical revenue		21.1			13.1			61.7	%		41.0			26.6			53.8	%
Commercial revenue		13.9			11.8			17.2	%		30.6			24.8			23.4	%
Construction service revenue		7.2			1.2			497.0	%		10.3			1.8			470.0	%
Total Revenue		36.1			23.3			54.7	%		74.1			47.9			54.5	%
Total Revenue Excluding IFRIC12(1)		28.9			22.1			30.5	%		63.7			46.1			38.2	%
Cost of Services		24.6			13.2			86.1	%		43.4			24.3			78.5	%
Selling, general and administrative expenses		3.3			3.8			-13.0	%		8.0			6.9			15.9	%
Other expenses		0.1			0.2			-31.4	%		0.2			0.3			-18.9	%
Total Costs and Expenses		28.0			17.2			62.8	%		51.6			31.5			63.9	%
Total Costs and Expenses Excluding IFRIC12(2)		20.8			16.0			29.9	%		41.3			29.7			39.1	%
Adjusted Segment EBITDA		9.5			7.6			25.4	%		25.6			19.6			30.8	%
Adjusted Segment EBITDA Mg		26.4	%		32.6	%		-619			34.6	%		40.9	%		-628
Adjusted EBITDA Margin excluding IFRIC 12 (3)		33.0	%		34.4	%		-135			40.2	%		42.5	%		-227
Capex		8.0			4.8			65.3	%		15.3			5.7			171.5	%

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 33.3% YoY, reaching 86.8% of 2Q19 levels, up from 77.3% recorded in 1Q23, when traffic was impacted by weaker-than-expected seasonal tourism in Punta del Este.

Revenues increased 54.7% YoY to $36.1 million in 2Q23 on an ‘As reported’ basis, or 30.5% when excluding Construction service revenue. Compared to 2Q19, and excluding IFRIC12, revenues grew 7.4%, or $2.0 million, to $28.9 million, driven by higher Commercial revenues and, to a lesser extent, higher Aeronautical revenues, as well.

Aeronautical Revenues increased 45.8% YoY, or $4.7 million, to $15.0 million, in line with the increase in passenger traffic against 2Q22, and was 2.5% higher than 2Q19 pre-pandemic levels.

Commercial Revenues increased 17.2% YoY and 13.3% vs. 2Q19, or $1.6 million, to $13.9 million, mainly driven by higher Cargo and Fuel revenues, partially offset by lower passenger-related revenues such as Duty Free, VIP Lounge and Retail stores, as a result of lower passenger traffic.

Page 19 of 46

Total Costs and Expenses increased 62.8% YoY to $28.0 million. Excluding Construction Service, Total Cost and Expenses rose 29.9% YoY to $20.8 million, due to an increase in operating costs following higher traffic activity when compared to 2Q22. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 20.9%, or $3.6 million, due to higher Cost of services, partially offset by lower SG&A expenses.

Cost of services increased 81.4% compared to 2Q19, or $11.0 million. Excluding Construction service cost, Cost of services increased 29.8%, or $4.0 million, mainly due to higher Salaries and social security contributions, Services and fees, and Maintenance expenses.

SG&A decreased 13.0% YoY, to $3.3 million, and 12.4% against 2Q19, mainly as a result of higher Services and fees.

Adjusted Segment EBITDA increased 25.4% YoY to $9.5 million in 2Q23, and decreased 21.5%, or $2.6 million, when compared to 2Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 12.2 percentage points to 33.0%.

During 2Q23, CAAP made Capital Expenditures of $8.0 million in Uruguay, compared to $4.8 million in 2Q22 and $5.3 million in 2Q19. The increase in capital expenditures reflects the works related to the airports that were incorporated when the Puerta del Sur concession agreement was extended in November 2021.

Page 20 of 46

Armenia

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		n.m.			n.m.			n.m.			n.m.			n.m.			n.m.
International Passengers (in millions)		1.4			0.8			72.5	%		2.4			1.4			77.0	%
Transit Passengers (in millions)		n.m.			n.m.			n.m.			n.m.			n.m.			n.m.
Total Passengers (in millions)		1.4			0.8			72.5	%		2.4			1.4			77.0	%
Cargo Volume (in thousands of tons)		7.9			4.4			79.1	%		15.1			8.1			86.9	%
Total Aircraft Movements (in thousands)		11.2			8.2			37.5	%		20.6			13.3			55.0	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		22.2			13.6			63.2	%		39.0			23.9			62.9	%
Non-aeronautical revenue		36.9			37.1			-0.5	%		70.4			53.9			30.7	%
Commercial revenue		35.9			36.9			-2.7	%		68.8			53.4			28.9	%
Construction service revenue		1.0			0.2			400.0	%		1.6			0.5			222.3	%
Total Revenue		59.1			50.7			16.6	%		109.4			77.8			40.6	%
Total Revenue Excluding IFRIC12(1)		58.1			50.5			15.1	%		107.8			77.3			39.4	%
Cost of Services		35.7			35.2			1.4	%		69.2			53.0			30.6	%
Selling, general and administrative expenses		3.6			3.2			12.5	%		6.9			6.2			12.2	%
Other expenses		0.3			0.2			50.0	%		0.5			0.3			45.0	%
Total Costs and Expenses		39.6			38.6			2.7	%		76.7			59.5			28.8	%
Total Costs and Expenses Excluding IFRIC12(2)		38.7			38.4			0.6	%		75.1			59.1			27.2	%
Adjusted Segment EBITDA		24.5			16.3			49.6	%		41.6			26.4			57.3	%
Adjusted Segment EBITDA Mg		41.4	%		32.3	%		913			38.0	%		34.0	%		404
Adjusted EBITDA Margin excluding IFRIC 12 (3)		42.1	%		32.4	%		968			38.5	%		34.2	%		436
Capex		1.5			1.5			-1.4	%		3.2			2.6			0.3

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

In Armenia, passenger traffic improved 72.5% YoY and exceeded, for the fifth consecutive quarter, pre-pandemic levels by 82.4%. The introduction of new airlines and higher number of flight frequencies continue to support traffic performance.

Revenues increased 16.6% YoY to $59.1 million in 2Q23 on an ‘As reported’ basis, or 15.1% when excluding Construction service revenue. Compared to 2Q19, and excluding IFRIC12, revenues increased 103.2%, or $29.5 million, to $58.1 million, mainly driven by an increase in Commercial revenues following solid traffic recovery.

Aeronautical Revenues increased 63.2% YoY, or $8.6 million, to $22.2 million, in line with the increase in passenger traffic against 2Q22.

Commercial Revenues decreased 2.7% YoY but increased 120.5% vs. 2Q19, or $19.6 million, to $35.9 million, mainly driven by higher Fuel revenues (linked to Cost of Fuel) and increases in all passenger-related revenues such as Duty Free, VIP Lounge and Parking facilities.

Page 21 of 46

Total Costs and Expenses increased 2.7% YoY to $39.6 million, due to an increase in operating costs following higher traffic activity when compared to 2Q22. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 94.5%, or $18.8 million, primarily due to higher Cost of services.

Cost of services increased 71.7% compared to 2Q19, or $14.9 million, mainly driven by higher Cost of fuel (linked to Fuel revenues) and, to a lesser extent, higher Salaries and social security contributions.

SG&A increased 12.5% YoY, to $3.6 million, and grew 21.4% against 2Q19.

Adjusted Segment EBITDA increased 49.6% YoY to $24.5 million in 2Q23, and increased 101.7%, or $12.3 million, when compared to 2Q19, with Adjusted EBITDA Margin Ex IFRIC12 expanding 10 basis points to 42.1%, despite the growth in the Fuel business, which typically carries a lower margin.

During 2Q23, CAAP made Capital Expenditures of $1.5 million in Armenia, compared to $1.5 million in 2Q22 and $6.8 million in 2Q19.

Page 22 of 46

Ecuador

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		0.7			0.5			27.2	%		1.3			1.0			35.7	%
International Passengers (in millions)		0.5			0.5			8.2	%		1.1			0.9			12.4	%
Transit Passengers (in millions)		0.0			0.0			-0.6	%		0.0			0.0			-2.3	%
Total Passengers (in millions)		1.2			1.1			17.6	%		2.4			1.9			23.6	%
Cargo Volume (in thousands of tons)		8.0			8.4			-4.7	%		15.9			17.7			-9.7	%
Total Aircraft Movements (in thousands)		20.0			20.4			-1.6	%		39.7			38.1			4.1	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		19.3			16.7			15.3	%		37.3			32.4			14.9	%
Non-aeronautical revenue		6.6			6.3			5.0	%		13.1			11.9			9.8	%
Commercial revenue		6.6			6.3			4.9	%		13.1			11.9			9.7	%
Construction service revenue		0.0			0.0			-			0.0			0.0			-
Total Revenue		25.9			23.0			12.5	%		50.4			44.4			13.5	%
Total Revenue Excluding IFRIC12		25.9			23.0			12.5	%		50.3			44.4			13.5	%
Cost of Services		15.1			13.2			14.1	%		29.3			26.0			12.8	%
Selling, general and administrative expenses		3.5			3.3			5.8	%		7.0			6.3			10.5	%
Other expenses		0.0			0.0			155.0	%		0.0			0.0			53.7	%
Total Costs and Expenses		18.7			16.6			12.4	%		36.3			32.3			12.3	%
Total Costs and Expenses Excluding IFRIC12		18.6			16.6			12.4	%		36.3			32.3			12.3	%
Adjusted Segment EBITDA		8.1			7.3			10.0	%		15.7			13.9			13.2	%
Adjusted Segment EBITDA Mg		31.2	%		31.9	%		-71			31.3	%		31.4	%		-8
Adjusted EBITDA Margin excluding IFRIC 12		31.2	%		31.9	%		-70			31.3	%		31.4	%		-8
Capex		2.6			0.2			14.4			2.8			0.4			5.7

In Ecuador, total passenger traffic grew 17.6% YoY, exceeding pre-pandemic levels by 10.5%. Both domestic and international passenger traffic continued to increase, reaching 116.0% and 104.8% of 2Q19 levels, respectively. While international traffic continued to be supported by routes to Europe, the US, and Panama, domestic traffic benefited from the entry of Equair, which invigorated the competitive environment between airlines.

Revenues increased 12.5% YoY to $25.9 million in 2Q23 on an ‘As reported’ basis. Compared to 2Q19, revenues increased 4.1%, or $1.0 million, mainly driven by an increase in both Aeronautical and Commercial revenues following solid traffic recovery.

•

Aeronautical Revenues increased 15.3% YoY, or $2.6 million, to $19.3 million, in line with the increase in passenger traffic against 2Q22.

•

Commercial Revenues increased 4.9% YoY and 14.2% vs. 2Q19, or $0.8 million, to $6.6 million, driven by higher Fuel revenues and increases in all passenger-related revenues such as Duty Free and VIP Lounges.

Total Costs and Expenses increased 12.4% YoY to $18.7 million, due to an increase in operating costs following higher traffic activity when compared to 2Q22. Against the same quarter in 2019, however, Total Cost and Expenses decreased 1.0%, or $0.2 million, primarily due to lower Cost of services.

•

Cost of services EX-IFRIC increased 7.7% compared to 2Q19, or $1.1 million, mainly driven by higher Amortization and depreciation, Services and fees, Salaries and social security contributions, and Maintenance expenses, partially offset by lower Concession fees.

•

SG&A increased 5.8% YoY, to $3.5 million, and increased 2.4% against 2Q19.

Page 23 of 46

Adjusted Segment EBITDA increased 10.0% YoY to $8.1 million in 2Q23, and increased 24.5%, or $1.6 million, when compared to 2Q19, with Adjusted EBITDA Margin expanding 5.1 percentage points to 31.2%.

During 2Q23, CAAP made Capital Expenditures of $2.6 million in Ecuador, compared to $0.2 million in 2Q22 and $3.1 million in 2Q19.

Page 24 of 46

Key Quarter Highlights and Subsequent Events

AA2000 | Indebtedness

In July, 2023, AA2000 issued $25.0 million aggregate principal amount of Class 10 Dollar-linked Notes due 2025 to repurchase and exchange 90.6% of the total original principal amount of the Series 3 Notes. Class 10 Notes accrue interest at a rate of 0.0% per annum. Additionally, AA2000 issued Class 9 Dollar-linked Notes, for a total amount of $2.7 million, due in 36 months and with a fixed annual interest rate of 0.0%. The main covenants and guarantees remain unchanged.

AA2000 | Concession Agreement

On July 28, 2023, ORSNA issued Resolution N° 56-23, in which it approved the conditions related to the Review of the Financial Projection of Income and Expenses (in Spanish, PFIE) for the concession period of 2019-2022. Among other decisions, it was determined that the revision of the financial and economic equation of the concession agreement, initially planned to conclude by June 30, 2023, will be finalized upon reaching the international passenger traffic level of 2019.

For further information on subsequent events, please refer to Note 21 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 2Q23, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

Non-Financial Disclosure

With the assistance of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the necessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner.

2Q23 EARNINGS CONFERENCE CALL

When:	10:00 a.m.Eastern Time, August 18, 2023

Who:	Mr.Martín Eurnekian, Chief Executive Officer

	Mr.Jorge Arruda, Chief Financial Officer

	Mr.Patricio Iñaki Esnaola, Head of Investor Relations

Dial-in:	1-888-886-7786 (U.S., Toll Free); 1-416-764-8658 (U.S., Local); 0800-652-2435 (UK); 800-797-692 (Italy) No passcode is required

Webcast:	CAAP 2Q23 Earnings Conference Call

Replay:	1-877-674-7070 (U.S., Toll Free); 1-416-764-8692 (U.S., Local); Playback Passcode: 943520 #

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Page 25 of 46

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 25 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. The Company is a leading private airport operator in the world, currently operating 53 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2022, Corporación América Airports served 65.6 million passengers, 83.7% above the 35.7 million passengers served in 2021 and 22.1% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

Page 26 of 46

Forward Looking Statements

Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Covid-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716

Page 27 of 46

-- Operational & Financial Tables Follow –

Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement

	2Q23		2Q22		% Var.			6M23		6M22		% Var.
Argentina
Domestic Passengers (in millions)		7.3		5.5		33.9	%		14.3		10.7		33.5	%
International Passengers (in millions)		2.6		1.9		34.7	%		5.6		3.6		57.0	%
Transit passengers (in millions)		0.3		0.3		25.9	%		0.7		0.5		40.1	%
Total passengers (in millions)		10.3		7.7		33.8	%		20.5		14.7		39.3	%
Cargo volume (in thousands of tons)		47.1		47.2		-0.3	%		90.7		90.3		0.4	%
Aircraft movements (in thousands)		112.8		92.6		21.8	%		223.1		174.7		27.7	%
Italy
Domestic Passengers (in millions)		0.5		0.4		6.5	%		0.8		0.7		10.8	%
International Passengers (in millions)		1.8		1.6		18.8	%		2.8		2.1		35.5	%
Transit passengers (in millions)		n.m.		n.m.		n.m.			n.m.		n.m.		n.m.
Total passengers (in millions)		2.3		2.0		16.1	%		3.6		2.8		29.1	%
Cargo volume (in thousands of tons)		3.4		3.7		-8.5	%		6.7		7.6		-11.4	%
Aircraft movements (in thousands)		22.5		20.3		10.8	%		35.0		30.4		15.2	%
Brazil
Domestic Passengers (in millions)		2.7		2.3		13.8	%		5.3		4.9		8.2	%
International Passengers (in millions)		0.2		0.1		49.1	%		0.3		0.2		76.1	%
Transit passengers (in millions)		1.3		0.8		57.4	%		2.8		2.1		35.4	%
Total passengers (in millions)		4.1		3.3		25.9	%		8.4		7.1		17.7	%
Cargo volume (in thousands of tons)		15.5		14.2		8.9	%		31.5		28.2		11.9	%
Aircraft movements (in thousands)		40.9		33.5		22.3	%		79.7		67.2		18.6	%
Uruguay(1)
Domestic Passengers (in millions)		n.m.		n.m.		n.m.			n.m.		n.m.		n.m.
International Passengers (in millions)		0.4		0.3		32.6	%		0.9		0.6		43.2	%
Transit passengers (in millions)		n.m.		n.m.		n.m.			n.m.		n.m.		n.m.
Total passengers (in millions)		0.4		0.3		33.3	%		0.9		0.6		43.5	%
Cargo volume (in thousands of tons)		9.0		10.0		-10.5	%		16.0		17.0		-6.4	%
Aircraft movements (in thousands)		7.4		6.3		17.9	%		16.6		13.9		19.5	%
Ecuador(2)
Domestic Passengers (in millions)		0.7		0.5		27.2	%		1.3		1.0		35.7	%
International Passengers (in millions)		0.5		0.5		8.2	%		1.1		0.9		12.4	%
Transit passengers (in millions)		0.0		0.0		-0.6	%		0.0		0.0		-2.3	%
Total passengers (in millions)		1.2		1.1		17.6	%		2.4		1.9		23.6	%
Cargo volume (in thousands of tons)		8.0		8.4		-4.7	%		15.9		17.7		-9.7	%
Aircraft movements (in thousands)		20.0		20.4		-1.6	%		39.7		38.1		4.1	%
Armenia
Domestic Passengers (in millions)		n.m.		n.m.		n.m.			n.m.		n.m.		n.m.
International Passengers (in millions)		1.4		0.8		72.5	%		2.4		1.4		77.0	%
Transit passengers (in millions)		n.m.		n.m.		n.m.			n.m.		n.m.		n.m.
Total passengers (in millions)		1.4		0.8		72.5	%		2.4		1.4		77.0	%
Cargo volume (in thousands of tons)		7.9		4.4		79.1	%		15.1		8.1		86.9	%
Aircraft movements (in thousands)		11.2		8.2		37.5	%		20.6		13.3		55.0	%

	1)	Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.
	2)	ECOGAL’s operational data included in this table, although its results of operations are not consolidated.

Page 28 of 46

Foreign Exchange Rate

Country	2Q23		2Q22		2Q23		2Q22		1Q23		1Q22		1Q23		1Q22
	Avg		Avg		EoP		EoP		Avg		Avg		EoP		EoP
Argentine Peso		232.3		115.6		256.7		125.2		192.2		106.5		209.0		111.0
Euro		1.1		1.1		1.1		1.0		1.1		1.1		1.1		1.1
Brazilian Real		4.9		4.9		4.8		5.2		5.2		5.2		5.1		4.7
Uruguayan Peso		38.5		40.5		38.2		39.9		39.2		43.3		38.6		41.1

Amounts provided by units of local currency per US dollar

Aeronautical Breakdown (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		187.7		150.8		24.4	%		-2.4		190.1		151.3		25.6	%
Passenger use fees		159.8		119.9		33.3	%		-2.2		162.0		120.2		34.8	%
Aircraft fees		29.3		24.8		18.2	%		-0.3		29.5		24.9		18.3	%
Other		-1.4		6.2		-122.9	%		-		-1.4		6.2		-122.9	%

Commercial Revenue Breakdown (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Commercial revenue		176.5		152.1		16.0	%		-1.7		178.1		151.8		17.4	%
Warehouse use fees		53.5		47.0		13.8	%		-1.4		55.0		47.2		16.5	%
Duty free shops		23.9		16.0		48.7	%		-0.5		24.4		16.1		51.2	%
Rental of space (including hangars)		9.4		9.0		4.4	%		-0.1		9.5		9.2		3.7	%
Parking facilities		10.5		8.6		22.4	%		-0.2		10.7		8.6		23.8	%
Fuel		29.0		34.1		-14.9	%		0.0		29.1		34.1		-14.8	%
Food and beverage services		7.5		5.7		30.7	%		0.0		7.5		5.6		33.3	%
Advertising		5.5		4.2		29.9	%		0.4		5.1		3.8		32.0	%
Services and retail stores		4.1		3.3		24.2	%		0.0		4.2		3.3		25.6	%
Catering		2.5		1.7		48.0	%		-0.1		2.6		1.7		50.8	%
VIP lounges		10.8		7.7		41.2	%		0.4		10.4		7.4		41.0	%
Walkway services		1.9		1.7		8.5	%		0.0		1.9		1.7		9.8	%
Other		17.8		13.0		37.1	%		-0.2		18.0		13.0		38.5	%

Revenues by Segment (in US$ million)

Country	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Argentina		468.5		334.3		40.1	%		-5.8		474.3		331.3		43.2	%
Italy		54.8		50.5		8.5	%		-		54.8		50.5		8.5	%
Brazil		51.9		41.3		25.7	%		-		51.9		41.3		25.7	%
Uruguay		74.1		47.9		54.5	%		-		74.1		47.9		54.5	%
Armenia		109.4		77.8		40.6	%		-		109.4		77.8		40.6	%
Ecuador (1)		50.4		44.4		13.5	%		-		50.4		44.4		13.5	%
Unallocated		0.3		0.3		30.2	%		-		0.3		0.3		30.2	%
Total consolidated revenue		809.4		596.5		35.7	%		-5.8		815.2		593.5		37.4	%

1 Only includes Guayaquil Airport.

Page 29 of 46

Revenue Breakdown (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		375.6		272.7		37.7	%		-2.0		377.5		270.4		39.6	%
Non-aeronautical Revenue		433.8		323.8		34.0	%		-3.9		437.7		323.1		35.5	%
Commercial revenue		338.5		279.5		21.1	%		-0.6		339.1		275.7		23.0	%
Construction service revenue (1)		91.4		42.0		117.6	%		-3.2		94.6		45.1		109.6	%
Other revenue		4.0		2.4		70.4	%		-		4.0		2.4		70.4	%
Total Consolidated Revenue		809.4		596.5		35.7	%		-5.8		815.2		593.5		37.4	%
Total Revenue excluding Construction Service revenue (2)		718.0		554.5		29.5	%		-2.6		720.6		548.4		31.4	%

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

2 Excludes Construction Service revenue.

Aeronautical Breakdown (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		375.6		272.7		37.7	%		-2.0		377.5		270.4		39.6	%
Passenger use fees		319.0		216.2		47.5	%		-1.7		320.8		214.1		49.8	%
Aircraft fees		56.9		45.7		24.6	%		-0.2		57.1		45.5		25.5	%
Other		-0.4		10.8		-103.7	%		-		-0.4		10.8		-103.7	%

Commercial Revenue Breakdown (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Commercial revenue		338.5		279.5		21.1	%		-0.6		339.1		275.7		23.0	%
Warehouse use fees		102.2		91.5		11.7	%		-1.4		103.6		89.9		15.2	%
Duty free shops		44.1		27.4		60.8	%		-0.5		44.6		27.2		63.8	%
Rental of space (including hangars)		18.4		25.6		-28.2	%		-0.1		18.4		25.7		-28.2	%
Parking facilities		19.9		14.4		37.6	%		-0.2		20.0		14.3		39.9	%
Fuel		58.5		49.3		18.5	%		0.0		58.5		49.3		18.7	%
Food and beverage services		13.8		9.9		39.8	%		0.1		13.8		9.7		42.7	%
Advertising		10.7		7.8		37.3	%		0.8		9.9		7.1		38.9	%
Services and retail stores		7.7		7.3		5.4	%		0.0		7.7		7.3		6.6	%
Catering		4.8		3.4		39.5	%		0.0		4.8		3.4		42.2	%
VIP lounges		19.7		13.6		44.7	%		0.8		18.9		13.0		45.2	%
Walkway services		3.7		3.3		12.7	%		0.0		3.7		3.2		14.9	%
Other		35.0		25.9		35.4	%		-0.1		35.1		25.6		37.4	%

Total Expenses Breakdown (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Cost of services		280.0		234.9		19.2	%		14.4		265.5		220.4		20.5	%
SG&A		40.2		28.6		40.2	%		-0.3		40.5		28.0		44.8	%
Financial loss		38.4		44.8		-14.3	%		-158.8		197.3		176.5		11.7	%
Inflation adjustment		10.8		-5.1		-311.3	%		10.8		0.0		-1.4		-99.0	%
Other expenses		1.0		0.7		34.2	%		0.0		1.0		0.7		34.8	%
Income tax expense		-1.6		-13.8		-88.1	%		84.6		-86.2		-71.0		21.4	%
Total expenses		368.8		290.2		27.1	%		-49.2		418.1		353.4		18.3	%

Page 30 of 46

Cost of Services (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Cost of Services		280.0		234.9		19.2	%		14.4		265.5		220.4		20.5	%
Salaries and social security contributions		56.1		54.1		3.7	%		-1.4		57.5		54.4		5.7	%
Concession fees		47.3		39.4		20.2	%		-0.8		48.1		39.5		21.7	%
Construction service cost		55.6		27.5		102.1	%		-1.7		57.4		29.5		94.3	%
Maintenance expenses		32.8		26.3		24.9	%		-0.5		33.3		26.3		26.5	%
Amortization and depreciation		39.0		36.9		5.8	%		19.3		19.8		19.9		-0.5	%
Services and fees		16.3		14.4		13.8	%		-0.3		16.6		14.4		15.6	%
Cost of fuel		24.5		27.1		-9.6	%		-		24.5		27.1		-9.6	%
Taxes		0.7		1.0		-30.5	%		-0.1		0.8		1.0		-24.9	%
Office expenses		2.9		2.4		17.9	%		-0.1		2.9		2.4		20.6	%
Provision for maintenance cost		0.7		1.0		-27.2	%		-		0.7		1.0		-27.2	%
Others		4.0		5.0		-19.3	%		0.0		4.0		5.0		-19.2	%

Selling, General and Administrative Expenses (in US$ million)

	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
SG&A		40.2		28.6		40.2	%		-0.3		40.5		28.0		44.8	%
Taxes		12.7		12.7		0.5	%		-0.2		13.0		12.7		2.1	%
Salaries and social security contributions		10.1		9.0		12.0	%		-0.2		10.2		9.0		13.4	%
Services and fees		9.3		9.9		-5.9	%		0.0		9.4		9.9		-5.8	%
Office expenses		1.5		0.7		108.4	%		-0.1		1.6		0.7		117.1	%
Amortization and depreciation		1.5		1.9		-18.9	%		0.1		1.4		1.8		-19.4	%
Maintenance expenses		0.6		0.5		19.1	%		0.0		0.6		0.5		21.1	%
Advertising		0.4		0.4		5.2	%		0.0		0.4		0.4		4.8	%
Insurances		0.7		0.6		22.9	%		0.0		0.7		0.6		22.8	%
Bad debts recovery		-0.6		-12.4		-94.8	%		0.0		-0.7		-12.8		-94.7	%
Bad debts		1.7		3.5		-52.0	%		0.0		1.7		3.3		-49.8	%
Others		2.2		1.8		19.2	%		0.0		2.2		1.8		19.2	%

Expenses by Segment (in US$ million)

Country	2Q23 as reported		2Q22 as reported		% Var as reported			IAS 29		2Q23 ex IAS 29		2Q22 ex IAS 29		% Var ex IAS 29
Argentina		179.6		133.7		34.3	%		14.1		165.5		118.6		39.5	%
Italy		26.4		30.3		-13.0	%		-		26.4		30.3		-13.0	%
Brazil		22.3		21.3		4.6	%		-		22.3		21.3		4.6	%
Uruguay		28.0		17.2		62.8	%		-		28.0		17.2		62.8	%
Armenia		39.6		38.6		2.7	%		-		39.6		38.6		2.7	%
Ecuador		18.7		16.6		12.4	%		-		18.7		16.6		12.4	%
Unallocated		6.6		6.5		0.8	%		-		6.6		6.5		0.8	%
Total consolidated expenses (1) (2)		321.1		264.3		21.5	%		14.1		307.0		249.2		23.2	%

	(1)	Excludes income tax and financial loss
	(2)	We account for the results of operations of ECOGAL using the equity method

Page 31 of 46

Costs and Expenses (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Cost of Services		529.0		416.6		27.0	%		30.6		498.4		383.8		29.9	%
Salaries and social security contributions		109.9		96.2		14.2	%		-1.3		111.2		95.5		16.4	%
Concession fees		93.8		74.8		25.4	%		-0.7		94.5		74.1		27.5	%
Construction service cost		89.3		41.2		116.5	%		-3.2		92.5		44.4		108.5	%
Maintenance expenses		62.7		50.7		23.7	%		-0.4		63.1		50.0		26.3	%
Amortization and depreciation		76.5		73.5		4.0	%		36.6		39.9		39.9		-0.1	%
Other		96.8		80.2		20.7	%		-0.4		97.2		79.9		21.6	%
Cost of Services Excluding Construction Service cost		439.7		375.4		17.1	%		33.8		405.8		339.4		19.6	%
Selling, general and administrative expenses		79.0		60.2		31.1	%		-0.2		79.2		58.9		34.4	%
Other expenses		1.8		1.6		12.5	%		0.0		1.8		1.6		14.6	%
Total Costs and Expenses		609.7		478.5		27.4	%		30.4		579.4		444.3		30.4	%
Total Costs and Expenses Excluding Construction Service cost		520.4		437.2		19.0	%		33.6		486.8		399.9		21.7	%

Total Expenses Breakdown (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Cost of services		529.0		416.6		27.0	%		30.6		498.4		383.8		29.9	%
SG&A		79.0		60.2		31.1	%		-0.2		79.2		58.9		34.4	%
Financial loss		88.2		101.4		-13.0	%		-291.6		379.8		310.5		22.3	%
Inflation adjustment		14.0		-19.6		-171.1	%		14.5		-0.5		-3.1		-83.2	%
Other expenses		1.8		1.6		12.5	%		0.0		1.8		1.6		14.6	%
Income tax expense		36.3		-8.0		-552.2	%		154.1		-117.8		-107.7		9.3	%
Total expenses		748.4		552.2		35.5	%		-92.5		840.9		643.9		30.6	%

Cost of Services (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Cost of Services		529.0		416.6		27.0	%		30.6		498.4		383.8		29.9	%
Salaries and social security contributions		109.9		96.2		14.2	%		-1.3		111.2		95.5		16.4	%
Concession fees		93.8		74.8		25.4	%		-0.7		94.5		74.1		27.5	%
Construction service cost		89.3		41.2		116.5	%		-3.2		92.5		44.4		108.5	%
Maintenance expenses		62.7		50.7		23.7	%		-0.4		63.1		50.0		26.3	%
Amortization and depreciation		76.5		73.5		4.0	%		36.6		39.9		39.9		-0.1	%
Services and fees		30.5		27.9		9.4	%		-0.3		30.8		27.8		11.1	%
Cost of fuel		48.6		37.6		29.0	%		-		48.6		37.6		29.0	%
Taxes		1.9		1.9		-0.6	%		-0.1		2.0		1.9		3.7	%
Office expenses		6.2		4.1		52.0	%		-0.1		6.2		4.0		56.2	%
Provision for maintenance cost		1.5		1.8		-15.6	%		-		1.5		1.8		-15.6	%
Others		8.0		6.8		17.8	%		0.0		8.0		6.8		18.1	%

Page 32 of 46

Selling, General and Administrative Expenses (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
SG&A		79.0		60.2		31.1	%		-0.2		79.2		58.9		34.4	%
Taxes		25.5		21.8		16.8	%		-0.2		25.7		21.5		19.4	%
Salaries and social security contributions		19.1		15.8		20.8	%		-0.2		19.2		15.7		22.5	%
Services and fees		18.6		18.2		2.7	%		0.0		18.7		18.1		2.9	%
Office expenses		3.0		1.2		154.8	%		-0.1		3.1		1.2		163.1	%
Amortization and depreciation		3.2		3.8		-15.8	%		0.2		2.9		3.5		-16.8	%
Maintenance expenses		1.1		0.9		30.0	%		0.0		1.1		0.9		31.3	%
Advertising		0.9		0.6		61.3	%		0.0		0.9		0.6		62.7	%
Insurances		1.4		1.2		18.8	%		0.0		1.4		1.2		18.9	%
Bad debts recovery		-1.4		-14.9		-90.4	%		0.1		-1.5		-15.4		-90.3	%
Bad debts		3.2		8.2		-60.8	%		0.0		3.2		7.9		-59.6	%
Others		4.4		3.7		20.2	%		0.0		4.4		3.7		20.2	%

Expenses by Segment (in US$ million)

Country	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Argentina		342.8		248.2		38.1	%		30.4		312.5		214.0		46.0	%
Italy		48.4		53.5		-9.6	%		-		48.4		53.5		-9.6	%
Brazil		42.0		41.5		1.1	%		-		42.0		41.5		1.1	%
Uruguay		51.6		31.5		63.9	%		-		51.6		31.5		63.9	%
Armenia		76.7		59.5		28.8	%		-		76.7		59.5		28.8	%
Ecuador		36.3		32.3		12.3	%		-		36.3		32.3		12.3	%
Unallocated		11.9		11.8		0.3	%		-		11.9		11.8		0.3	%
Total consolidated expenses (1) (2)		609.7		478.5		27.4	%		30.4		579.4		444.3		30.4	%

	(1)	Excludes income tax and financial loss
	(2)	We account for the results of operations of ECOGAL using the equity method

Adjusted EBITDA by Segment (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Argentina		180.5		138.2		30.7	%		0.5		180.0		135.4		33.0	%
Italy		12.2		2.4		415.5	%		-		12.2		2.4		415.5	%
Brazil		19.5		5.3		269.2	%		-		19.5		5.3		269.2	%
Uruguay		25.6		19.6		30.8	%		-		25.6		19.6		30.8	%
Armenia		41.6		26.4		57.3	%		-		41.6		26.4		57.3	%
Ecuador		15.7		13.9		13.2	%		-		15.7		13.9		13.2	%
Unallocated		-1.8		-3.6		-49.1	%		-		-1.8		-3.6		-49.1	%
Total segment EBITDA		293.4		202.2		45.1	%		0.5		292.9		199.4		46.9	%

Page 33 of 46

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

	6M23 as reported			6M22 as reported			% Var as reported			IAS 29		6M23 ex IAS 29			6M22 ex IAS 29			% Var ex IAS 29
Income from Continuing Operations		105.7			87.7			20.6	%		49.0		56.6			14.8			282.2	%
Financial Income		-30.5			-36.4			-16.4	%		37.6		-68.1			-58.5			16.4	%
Financial Loss		88.2			101.4			-13.0	%		-291.6		379.8			310.5			22.3	%
Inflation adjustment		14.0			-19.6			-171.1	%		14.5		-0.5			-3.1			-83.2	%
Income Tax Expense		36.3			-8.0			-552.2	%		154.1		-117.8			-107.7			9.3	%
Amortization and Depreciation		79.6			77.3			3.1	%		36.8		42.8			43.4			-1.4	%
Adjusted EBITDA		293.4			202.2			45.1	%		0.5		292.8			199.4			46.9	%
Adjusted EBITDA Margin		36.2	%		33.9	%		235			-		35.9	%		33.6	%		232
Adjusted EBITDA Margin excluding Construction Service		40.6	%		36.3	%		424			-		40.4	%		36.2	%		413

Financial Income / Loss (in US$ million)

	6M23 as reported		6M22 as reported		% Var as reported			IAS 29		6M23 ex IAS 29		6M22 ex IAS 29		% Var ex IAS 29
Financial Income		30.5		36.4		-16.4	%		-37.6		68.1		58.5		16.4	%
Interest income		25.6		24.0		6.8	%		-0.4		26.0		23.6		10.5	%
Foreign exchange income		0.5		7.3		-92.7	%		-37.3		37.8		29.4		28.4	%
Other		4.3		5.2		-17.0	%		0.0		4.3		5.5		-21.9	%
Inflation adjustment		-14.0		19.6		-171.1	%		-14.5		0.5		3.1		-83.2	%
Inflation adjustment		-14.0		19.6		-171.1	%		-14.5		0.5		3.1		-83.2	%
Financial Loss		-88.2		-101.4		-13.0	%		291.6		-379.8		-310.5		22.3	%
Interest Expenses		-56.2		-101.9		-44.8	%		-0.5		-55.7		-100.9		-44.8	%
Foreign exchange transaction expenses		26.3		77.7		-66.1	%		292.1		-265.8		-132.4		100.8	%
Changes in liability for concessions		-54.1		-71.2		-24.0	%		-		-54.1		-71.2		-24.0	%
Other expenses		-4.3		-6.1		-29.9	%		-0		-4.2		-6.1		-31.1	%
Financial Loss, Net		-71.8		-45.3		58.4	%		239.4		-311.2		-248.9		25.0	%

See “Use of Non-IFRS Financial Measures” on page 25.

Page 34 of 46

% Ownership by Concession

Aeropuertos Argentina 2000	Argentina	82.7	%
Neuquén	Argentina	75.5	%
Bahía Blanca	Argentina	82.6	%
Toscana Aeroporti (Florence and Pisa airports)	Italy	46.7	%
ICAB (Brasilia Airport)	Brazil	51.0	%
ICASGA (Natal Airport)	Brazil	99.9	%
Puerta del Sur (Carrasco Airport)	Uruguay	100.0	%
CAISA (Punta del Este Airport)	Uruguay	100.0	%
AIA (Armenian airports)	Armenia	100.0	%
TAGSA (Guayaquil Airport)	Ecuador	50.0	%
ECOGAL (Galápagos Airport)	Ecuador	99.9	%

Selected Income Statement Data (in US$ million)

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
Argentina
Total Revenue		240.3			181.4			32.5	%		468.5			334.3			40.1	%
Total Revenue Excluding IFRIC12(1)		195.6			156.7			24.8	%		394.5			298.0			32.4	%
Operating Income		65.6			51.5			27.2	%		135.4			93.5			44.8	%
Net Income		75.6			99.7			-24.2	%		113.9			159.9			-28.7	%
Adjusted Segment EBITDA		88.9			74.0			20.2	%		180.5			138.2			30.7	%
Adjusted Segment EBITDA Mg		37.0	%		40.8	%		-378			38.5	%		41.3	%		-279
Adjusted EBITDA Margin excluding IFRIC		45.4	%		47.2	%		-173			45.7	%		46.3	%		-61
Italy
Total Revenue		33.9			33.6			1.0	%		54.8			50.5			8.5	%
Total Revenue Excluding IFRIC12(1)		29.6			31.7			-6.8	%		49.4			47.2			4.7	%
Operating Income		7.8			3.1			152.2	%		6.9			-3.1			-325.1	%
Net Income		4.0			1.2			227.3	%		2.1			-4.2			-149.7	%
Adjusted Segment EBITDA		10.4			5.6			86.9	%		12.2			2.4			415.5	%
Adjusted Segment EBITDA Mg		30.8	%		16.6	%		1414			22.2	%		4.7	%		1754
Adjusted EBITDA Margin excluding IFRIC		30.2	%		16.8	%		1339			20.8	%		3.7	%		1708
Brazil
Total Revenue		27.3			20.5			32.7	%		51.9			41.3			25.7	%
Operating Income		8.6			-0.9			-1051.2	%		13.7			-0.3			-4155.3	%
Net Income		-15.9			-40.9			-61.2	%		-47.9			-86.5			-44.7	%
Adjusted segment EBITDA		11.6			1.9			499.7	%		19.5			5.3			269.2	%
Adjusted Segment EBITDA Mg		42.4	%		9.4	%		3300			37.6	%		12.8	%		2480
Uruguay
Total Revenue		36.1			23.3			54.7	%		74.1			47.9			54.5	%
Total Revenue Excluding IFRIC12(1)		28.9			22.1			30.5	%		63.7			46.1			38.2	%
Operating Income		7.5			5.8			29.8	%		21.3			15.8			35.1	%
Net Income		7.1			4.3			65.4	%		20.3			12.3			65.1	%
Adjusted Segment EBITDA		9.5			7.6			25.4	%		25.6			19.6			30.8	%
Adjusted Segment EBITDA Mg		26.4	%		32.6	%		-619			34.6	%		40.9	%		-628
Adjusted EBITDA Margin excluding IFRIC		33.0	%		34.4	%		-135			40.2	%		42.5	%		-227

Page 35 of 46

	2Q23			2Q22			% Var.			6M23			6M22			% Var.
Ecuador
Total Revenue		25.9			23.0			12.5	%		50.4			44.4			13.5	%
Total Revenue Excluding IFRIC12(1)		25.9			23.0			12.5	%		50.3			44.4			13.5	%
Operating Income		6.5			5.7			12.6	%		12.5			10.7			17.0	%
Net Income		5.9			5.1			15.4	%		11.3			9.4			20.7	%
Adjusted Segment EBITDA		8.1			7.3			10.0	%		15.7			13.9			13.2	%
Adjusted Segment EBITDA Mg		31.2	%		31.9	%		-71			31.3	%		31.4	%		-8
Adjusted EBITDA Margin excluding IFRIC		31.2	%		31.9	%		-70			31.3	%		31.4	%		-8
Armenia
Total Revenue		59.1			50.7			16.6	%		109.4			77.8			40.6	%
Total Revenue Excluding IFRIC12(1)		58.1			50.5			15.1	%		107.8			77.3			39.4	%
Operating Income		19.6			12.1			61.6	%		31.8			18.3			73.8	%
Net Income		14.8			9.0			64.6	%		23.9			12.2			96.2	%
Adjusted Segment EBITDA		24.5			16.3			49.6	%		41.6			26.4			57.3	%
Adjusted Segment EBITDA Mg		41.4	%		32.3	%		913			38.0	%		34.0	%		404
Adjusted EBITDA Margin excluding IFRIC		42.1	%		32.4	%		968			38.5	%		34.2	%		436
Unallocated
Total revenue		0.2			0.1			21.1	%		0.3			0.3			30.2	%
Operating Income		-5.0			-5.2			-4.4	%		-7.8			-9.4			-17.4	%
Net Income		-10.6			-6.8			55.7	%		-18.0			-15.4			16.9	%
Adjusted segment EBITDA		-2.0			-2.2			-7.4	%		-1.8			-3.6			-49.1	%
Adjusted Segment EBITDA Mg		N/A			N/A			N/A			N/A			#N/A			N/A

1 Excludes Construction Service revenue.

2 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession.

3 Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, as explained above. Please refer to Review of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries.

Page 36 of 46

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.
Argentina
Aeroparque		2,883		2,273		26.8	%		718		541		32.5	%		240		182		31.5	%		3,841		2,997		28.2	%		410		573		-28.5	%		31,856		24,664		29.2	%
Bariloche		459		357		28.8	%		3		0		-			1		1		-			463		358		29.5	%		-		-		-			3,454		2,786		24.0	%
Catamarca		21		15		41.2	%		-		0		-			2		0		-			22		15		51.3	%		12		16		-20.5	%		723		642		12.6	%
C. Rivadavia		146		110		32.8	%		-		-		-			2		1		-			148		111		33.3	%		133		139		-4.0	%		1,949		1,527		27.6	%
Córdoba		617		447		38.0	%		124		68		83.1	%		4		8		-45.3	%		745		522		42.7	%		431		363		18.6	%		6,972		5,555		25.5	%
El Palomar		-		1		-			-		0		-			-		-		-			-		1		-			-		-		-			1,044		935		11.7	%
Esquel		16		16		0.1	%		-		0		-			-		0		-			16		16		-0.8	%		-		-		-			279		241		15.8	%
Ezeiza		615		323		90.5	%		1,632		1,256		29.9	%		51		38		35.8	%		2,299		1,617		42.2	%		44,764		45,123		-0.8	%		16,228		11,452		41.7	%
Formosa		24		23		6.3	%		-		0		-			-		-		-			24		23		6.2	%		17		11		51.4	%		423		467		-9.4	%
General Pico		-		0		-			-		-		-			-		0		-			-		0		-			-		-		-			198		150		32.0	%
Iguazú		405		283		43.1	%		-		0		-			0		1		-			405		284		42.9	%		-		-		-			2,976		2,290		30.0	%
Jujuy		149		115		29.1	%		-		0		-			2		0		-			151		115		31.1	%		-		13		-			1,382		1,087		27.1	%
La Rioja		22		17		30.4	%		-		0		-			3		0		-			24		17		44.2	%		10		15		-35.7	%		611		550		11.1	%
Malargüe		0		0		-			-		-		-			0		0		-			0		0		-			-		-		-			124		176		-29.5	%
Mar del Plata		57		47		21.0	%		-		0		-			2		2		31.8	%		60		49		21.3	%		-		18		-			1,534		1,252		22.5	%
Mendoza		485		336		44.3	%		117		56		108.1	%		4		6		-37.8	%		606		398		52.1	%		108		105		2.7	%		5,484		3,965		38.3	%
Paraná		15		10		49.3	%		0		0		-			-		0		-			15		10		52.2	%		-		-		-			1,034		818		26.4	%
Posadas		110		72		54.0	%		-		0		-			0		0		-			110		72		53.3	%		22		24		-6.9	%		1,195		946		26.3	%
Pto Madryn		39		16		135.6	%		-		-		-			-		0		-			39		17		130.9	%		8		2		308.4	%		319		215		48.4	%
Reconquista		0		0		-			-		-		-			-		0		-			0		0		-			-		-		-			727		846		-14.1	%
Resistencia		26		57		-54.6	%		-		0		-			0		2		-			26		58		-55.1	%		15		48		-69.8	%		369		811		-54.5	%
Río Cuarto		8		6		25.5	%		-		-		-			-		2		-			8		9		-8.1	%		3		4		-29.7	%		200		262		-23.7	%
Río Gallegos		59		48		22.2	%		-		-		-			3		1		-			61		49		25.1	%		55		71		-22.5	%		1,321		944		39.9	%
Río Grande		36		32		14.8	%		-		-		-			0		0		-			37		32		14.5	%		796		71		1024.9	%		681		806		-15.5	%

Page 37 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.
Salta		385		296		30.2	%		2		0		-			1		1		-12.6	%		388		297		30.5	%		43		50		-14.9	%		4,063		3,015		34.8	%
San Fernando		-		7		-			-		5		-			-		-		-			-		12		-			-		-		-			15,093		15,867		-4.9	%
San Juan		57		51		12.6	%		-		0		-			0		0		-			58		51		12.9	%		-		-		-			718		637		12.7	%
San Luis		18		19		-4.8	%		-		-		-			-		-		-			18		19		-4.8	%		104		69		51.6	%		788		723		9.0	%
San Rafael		13		12		7.0	%		-		-		-			-		-		-			13		12		7.0	%		-		-		-			1,682		1,267		32.8	%
Santa Rosa		13		11		20.7	%		-		-		-			-		1		-			13		12		9.1	%		-		-		-			770		772		-0.3	%
Santiago del Estero		62		45		36.6	%		-		-		-			-		0		-			62		45		36.6	%		17		20		-16.8	%		1,234		808		52.7	%
Tucumán		215		169		27.2	%		-		0		-			0		0		-			215		169		27.0	%		-		350		-			1,982		1,492		32.8	%
Viedma		9		9		-3.3	%		-		-		-			2		2		-23.7	%		10		11		-7.0	%		-		-		-			287		281		2.1	%
Villa Mercedes		-		0		-			-		-		-			-		0		-			-		0		-			-		-		-			667		615		8.5	%
Termas de Río Hondo		5		7		-27.6	%		-		-		-			-		-		-			5		7		-27.6	%		-		1		-			168		192		-12.5	%
Bahía Blanca		70		50		40.2	%		-		-		-			3		1		-			74		51		44.4	%		42		41		0.7	%		994		807		23.2	%
Neuquén		300		204		47.2	%		0		0		-			4		7		-50.5	%		304		211		43.8	%		78		62		25.8	%		3,257		2,755		18.2	%
Total Argentina		7,341		5,484		33.9	%		2,597		1,928		34.7	%		325		258		25.9	%		10,262		7,670		33.8	%		47,065		47,187		-0.3	%		112,786		92,618		21.8	%

Italy
Pisa		353		405		-12.8	%		1,085		920		18.0	%		2		1		-			1,440		1,325		8.7	%		3,335		3,673		-9.2	%		11,151		10,935		2.0	%
Florence		117		36		223.4	%		757		631		19.9	%		0		0		-			873		667		30.9	%		39		16		136.6	%		11,371		9,400		21.0	%
Total Italy		470		441		6.5	%		1,842		1,551		18.8	%		2		1		-			2,314		1,993		16.1	%		3,374		3,689		-8.5	%		22,522		20,335		10.8	%

Brazil
Brasilia		2,197		1,907		15.2	%		142		94		50.8	%		1,294		813		59.2	%		3,633		2,814		29.1	%		13,639		12,813		6.5	%		36,925		29,463		25.3	%
Natal		467		434		7.7	%		20		15		37.6	%		2		11		-82.6	%		489		459		6.5	%		1,848		1,411		31.0	%		4,019		4,023		-0.1	%
Total Brazil		2,664		2,341		13.8	%		162		109		49.1	%		1,296		823		57.4	%		4,122		3,273		25.9	%		15,487		14,224		8.9	%		40,944		33,486		22.3	%

Uruguay
Carrasco (1)		0		0		-			409		303		35.0	%		5		2		145.1	%		414		305		35.7	%		8,969		10,018		-10.5	%		5,268		4,273		23.3	%

Page 38 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.			2Q'23		2Q'22		% Var.
Punta del Este		0		0		-			19		20		-4.7	%		-		-		-			19		20		-4.8	%		-		-		-			2,108		1,982		6.4	%
Total Uruguay		0		0		-			427		322		32.6	%		5		2		145.1	%		433		325		33.3	%		8,969		10,018		-10.5	%		7,376		6,255		17.9	%

Ecuador
Guayaquil		527		408		29.4	%		547		505		8.2	%		17		17		-0.6	%		1,091		930		17.3	%		6,474		7,298		-11.3	%		18,236		18,935		-3.7	%
Galápagos		152		127		20.0	%		-		-		-			-		-		-			152		127		20.0	%		1,545		1,112		38.9	%		1,789		1,419		26.1	%
Total Ecuador		680		534		27.2	%		547		505		8.2	%		17		17		-0.6	%		1,243		1,057		17.6	%		8,019		8,411		-4.7	%		20,025		20,354		-1.6	%

Armenia
Zvartnots		-		-		-			1,332		776		71.8	%		-		-		-			1,332		776		71.8	%		7,863		4,389		79.1	%		11,109		8,075		37.6	%
Shirak		-		-		-			21		9		137.5	%		-		-		-			21		9		137.5	%		-		-		-			122		94		29.8	%
Total Armenia		-		-		-			1,353		785		72.5	%		-		-		-			1,353		785		72.5	%		7,863		4,389		79.1	%		11,231		8,169		37.5	%
Total CAAP		11,155		8,801		27	%		6,928		5,200		33	%		1,645		1,101		49	%		19,728		15,102		31	%		90,776		87,918		3	%		214,884		181,217		19	%

Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

Page 39 of 46

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2023 vs. 2022)

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo Volume (in tons)(3)							Aircraft Movements
	YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.
Argentina
Aeroparque		5,530		4,398		25.7	%		1,488		981		51.7	%		466		335		39.1	%		7,484		5,714		31.0	%		732		855		-14.4	%		61,895		46,777		32.3	%
Bariloche		1,033		886		16.6	%		16		0		-			3		4		-24.1	%		1,052		890		18.2	%		-		-		-			8,064		6,838		17.9	%
Catamarca		35		28		28.7	%		-		0		-			3		1		-			38		28		36.3	%		27		29		-4.9	%		1,303		1,140		14.3	%
C. Rivadavia		266		190		40.4	%		0		0		-			4		1		274.8	%		270		191		41.7	%		210		284		-26.0	%		3,522		2,756		27.8	%
Córdoba		1,126		818		37.7	%		252		136		85.8	%		10		9		5.4	%		1,388		963		44.2	%		700		598		17.0	%		13,427		9,841		36.4	%
El Palomar		0		1		-			-		0		-			-		-		-			0		1		-			-		-		-			1,910		1,518		25.8	%
Esquel		40		38		4.3	%		0		0		-			0		0		-			40		39		3.8	%		-		-		-			602		637		-5.5	%
Ezeiza(1)		1,348		717		88.0	%		3,578		2,316		54.5	%		119		65		83.6	%		5,045		3,098		62.8	%		86,678		86,987		-0.4	%		34,218		22,189		54.2	%
Formosa		48		39		23.6	%		0		0		-			-		-		-			48		39		23.6	%		23		14		59.8	%		793		797		-0.5	%
General Pico		-		0		-			-		-		-			-		0		-			-		0		-			-		-		-			365		400		-8.8	%
Iguazú		757		510		48.3	%		0		0		-			1		2		-			758		513		47.8	%		-		-		-			5,666		4,092		38.5	%
Jujuy		293		213		37.8	%		0		0		-			4		0		-			297		213		39.4	%		29		35		-17.1	%		2,698		2,031		32.8	%
La Rioja		39		29		33.0	%		-		0		-			4		0		-			43		30		44.8	%		22		50		-56.1	%		1,099		965		13.9	%
Malargüe		0		1		-			-		-		-			0		0		-			1		1		-			-		-		-			329		416		-20.9	%
Mar del Plata		162		149		9.4	%		0		0		-			4		3		26.6	%		167		152		9.8	%		0		34		-			3,954		3,156		25.3	%
Mendoza		892		635		40.5	%		233		108		115.1	%		8		11		-26.0	%		1,133		754		50.2	%		235		219		7.7	%		10,517		7,299		44.1	%
Paraná		24		15		55.6	%		0		0		-			0		0		-			24		15		57.4	%		-		-		-			1,840		1,456		26.4	%
Posadas		208		141		48.0	%		0		0		-			0		0		-			209		141		47.7	%		43		33		32.4	%		2,320		1,848		25.5	%
Pto Madryn		88		32		175.0	%		-		-		-			0		0		-			88		32		172.4	%		17		4		373.7	%		730		458		59.4	%
Reconquista		0		0		-			-		-		-			-		0		-			0		0		-			-		-		-			1,392		1,501		-7.3	%
Resistencia		71		94		-24.6	%		0		0		-			2		3		-44.5	%		72		97		-25.3	%		54		69		-21.7	%		1,123		1,368		-17.9	%
Río Cuarto		14		11		23.6	%		-		-		-			0		5		-			14		17		-14.3	%		3		6		-45.2	%		399		510		-21.8	%
Río Gallegos		115		93		23.2	%		0		-		-			5		2		102.2	%		120		96		25.2	%		126		104		21.2	%		2,502		1,793		39.5	%
Río Grande		72		60		20.3	%		0		-		-			1		1		-			73		61		19.8	%		827		95		769.4	%		1,253		1,297		-3.4	%
Salta		715		563		27.0	%		5		0		-			2		2		46.4	%		722		565		27.8	%		122		132		-7.6	%		7,856		5,480		43.4	%

Page 40 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo Volume (in tons)(3)							Aircraft Movements
	YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.
San Fernando		4		12		-64.1	%		7		11		-37.6	%		-		-		-			11		23		-51.7	%		-		-		-			30,391		28,700		5.9	%
San Juan		100		88		13.0	%		0		0		-			0		0		-			100		89		12.8	%		-		-		-			1,337		1,251		6.9	%
San Luis		34		35		-3.7	%		0		-		-			-		-		-			34		35		-3.7	%		185		135		37.5	%		1,508		1,087		38.7	%
San Rafael		18		27		-32.8	%		-		-		-			-		0		-			18		28		-32.9	%		-		-		-			2,178		2,481		-12.2	%
Santa Rosa		26		19		37.4	%		-		-		-			0		3		-			26		22		18.9	%		-		-		-			1,647		1,495		10.2	%
Santiago del Estero		117		74		58.0	%		0		-		-			0		0		-			117		74		58.3	%		35		105		-66.7	%		2,222		1,364		62.9	%
Tucumán		419		319		31.2	%		0		0		-			1		1		-			420		320		31.1	%		340		350		-3.0	%		3,958		2,794		41.7	%
Viedma		19		17		9.2	%		-		-		-			3		4		-38.0	%		22		22		-0.2	%		-		-		-			590		570		3.5	%
Villa Mercedes		0		0		-			-		-		-			-		1		-			0		1		-			-		-		-			1,033		1,336		-22.7	%
Termas de Río Hondo		11		13		-17.2	%		0		-		-			0		-		-			11		13		-16.5	%		-		2		-			315		282		11.7	%
Bahía Blanca		128		82		54.7	%		-		-		-			8		2		336.0	%		135		84		60.7	%		105		71		47.3	%		1,966		1,561		25.9	%
Neuquén		544		364		49.4	%		0		0		-			8		11		-31.0	%		552		376		47.0	%		171		108		58.3	%		6,219		5,240		18.7	%
Total Argentina		14,297		10,713		33.5	%		5,580		3,554		57.0	%		655		468		40.1	%		20,531		14,734		39.3	%		90,687		90,320		0.4	%		223,141		174,724		27.7	%

Italy
Pisa		638		676		-5.6	%		1,618		1,220		32.6	%		2		1		-			2,259		1,897		19.1	%		6,653		7,517		-11.5	%		17,601		16,717		5.3	%
Florence		160		45		257.2	%		1,191		853		39.5	%		0		0		-			1,351		898		50.4	%		83		81		2.1	%		17,441		13,689		27.4	%
Total Italy		798		721		10.8	%		2,809		2,074		35.5	%		2		1		134.9	%		3,610		2,795		29.1	%		6,735		7,598		-11.4	%		35,042		30,406		15.2	%

Brazil
Natal		1,098		1,013		8.4	%		39		25		59.2	%		6		28		-79.8	%		1,143		1,066		7.3	%		3,811		2,664		43.1	%		8,982		8,606		4.4	%
Brasilia (2)		4,193		3,877		8.2	%		258		144		79.0	%		2,779		2,029		36.9	%		7,229		6,049		19.5	%		27,722		25,518		8.6	%		70,672		58,563		20.7	%
Total Brazil		5,291		4,890		8.2	%		297		169		76.1	%		2,784		2,057		35.4	%		8,372		7,115		17.7	%		31,534		28,182		11.9	%		79,654		67,169		18.6	%

Uruguay
Carrasco		1		1		-			847		577		46.8	%		6		3		79.1	%		855		581		47.0	%		15,950		17,041		-6.4	%		10,134		7,997		26.7	%
Punta del Este		0		0		-			75		67		12.1	%		-		-		-			75		67		12.2	%		-		-		-			6,423		5,858		9.6	%

Page 41 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo Volume (in tons)(3)							Aircraft Movements
	YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.			YTD-23		YTD -22		% Var.
Total Uruguay		2		1		-			922		644		43.2	%		6		3		79.1	%		930		648		43.5	%		15,950		17,041		-6.4	%		16,557		13,855		19.5	%

Ecuador
Guayaquil		1,001		719		39.2	%		1,059		942		12.4	%		34		35		-2.3	%		2,095		1,697		23.5	%		13,120		15,569		-15.7	%		36,208		35,321		2.5	%
Galápagos		290		233		24.8	%		-		-		-			-		-		-			290		233		24.8	%		2,813		2,085		34.9	%		3,469		2,797		24.0	%
Total Ecuador		1,292		952		35.7	%		1,059		942		12.4	%		34		35		-2.3	%		2,385		1,929		23.6	%		15,934		17,654		-9.7	%		39,677		38,118		4.1	%

Armenia
Zvartnots		-		-		-			2,359		1,323		78.3	%		-		-		-			2,359		1,323		78.3	%		15,101		8,078		86.9	%		20,411		13,046		56.5	%
Shirak		-		-		-			40		33		22.2	%		-		-		-			40		33		22.2	%		-		-		-			236		274		-13.9	%
Total Armenia		-		-		-			2,399		1,355		77.0	%		-		-		-			2,399		1,355		77.0	%		15,101		8,078		86.9	%		20,647		13,320		55.0	%
Total CAAP		21,679		17,276		25	%		13,065		8,737		50	%		3,482		2,564		36	%		38,226		28,577		34	%		175,941		168,874		4	%		414,718		337,592		23	%

(1)

Note that preliminary passenger traffic figures for January 2020 for Ezeiza Airport, in Argentina, were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

(2)

Preliminary data on 1,256 flights in January 2020 at Brasilia Airport, due to delays in the submission of information by third parties.

(3)

Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

Page 42 of 46

Income Statement (in US$ thousands)

	2Q23		2Q22		% Var.			6M23		6M22		% Var.
Continuing operations
Revenue		422,718		332,656		27.1	%		809,399		596,530		35.7	%
Cost of services		-279,973		-234,902		19.2	%		-528,965		-416,627		27.0	%
Gross profit		142,745		97,754		46.0	%		280,434		179,903		55.9	%
Selling, general and administrative expenses		-40,162		-28,638		40.2	%		-78,966		-60,244		31.1	%
Impairment loss of non-financial assets		-		-6		-			-47		-6		683.3	%
Other operating income		8,846		3,707		138.6	%		14,157		7,404		91.2	%
Other operating expenses		-987		-729		35.4	%		-1,742		-1,584		10.0	%
Operating income		110,442		72,088		53.2	%		213,836		125,473		70.4	%
Share of loss in associates		-88		-293		-70.0	%		-89		-546		-83.7	%
Income before financial results and income tax		110,354		71,795		53.7	%		213,747		124,927		71.1	%
Financial income		18,065		25,766		-29.9	%		30,475		36,447		-16.4	%
Financial loss		-38,429		-44,838		-14.3	%		-88,250		-101,389		-13.0	%
Inflation adjustment		-10,810		5,117		-311.3	%		-13,976		19,649		-171.1	%
Income before income tax		79,180		57,840		36.9	%		141,996		79,634		78.3	%
Income tax		1,641		13,764		-88.1	%		-36,319		8,033		-552.1	%
Income for the period		80,821		71,604		12.9	%		105,677		87,667		20.5	%
Attributable to:
Owners of the parent		69,775		69,855		-0.1	%		102,098		97,650		4.6	%
Non-controlling interest		11,046		1,749		531.6	%		3,579		-9,983		-135.9	%

Page 43 of 46

Balance Sheet (in US$ thousands)

	Jun 30, 2023			Dec 31, 2022
ASSETS
Non-current assets
Intangible assets, net		3,123,276			2,960,002
Property, plant and equipment, net		75,411			74,742
Right-of-use asset		7,617			9,192
Investments in associates		1,935			1,911
Other financial assets at fair value through profit or loss		3,219			3,160
Other financial assets at amortized cost		3,840			3,764
Derivative financial instruments		68			67
Deferred tax assets		61,479			54,882
Inventories		265			254
Other receivables		71,522			78,765
Trade receivables		1,234			1,581
Total non-current assets		3,349,866			3,188,320
Current assets
Inventories		12,288			15,765
Other financial assets at fair value through profit or loss		11,249			12,792
Other financial assets at amortized cost		52,047			53,905
Other receivables		56,116			57,800
Current tax assets		5,556			10,852
Trade receivables		120,845			111,089
Cash and cash equivalents		448,496			385,265
Total current assets		706,597			647,468
Total assets		4,056,463			3,835,788
EQUITY
Share capital		163,223			163,223
Share premium		183,430			183,430
Treasury shares		(4,438	)		(4,600	)
Free distributable reserve		378,910			378,910
Non-distributable reserve		1,358,028			1,358,028
Currency translation adjustment		(228,068	)		(251,145	)
Legal reserves		3,676			1,081
Other reserves		(1,314,003	)		(1,314,025	)
Retained earnings		301,094			201,193
Total attributable to owners of the parent		841,852			716,095
Non-controlling interests		139,734			146,274
Total equity		981,586			862,369
LIABILITIES
Non-current liabilities
Borrowings		1,065,538			1,287,421
Deferred tax liabilities		266,447			232,458
Other liabilities		875,669			768,383
Lease liabilities		5,738			5,531

Page 44 of 46

	Jun 30, 2023		Dec 31, 2022
Trade payables		3,201		3,307
Total non-current liabilities		2,216,593		2,297,100
Current liabilities
Borrowings		390,646		178,016
Other liabilities		342,002		357,078
Lease liabilities		2,056		3,278
Derivative financial instruments liabilities		-		51
Current tax liabilities		8,161		13,794
Trade payables		115,419		124,102
Total current liabilities		858,284		676,319
Total liabilities		3,074,877		2,973,419
Total equity and liabilities		4,056,463		3,835,788

Page 45 of 46

Statement of Cash Flow (in US$ thousands)

	Jun 30, 2023			Jun 30, 2022
Cash flows from operating activities
Income for the period from continuing operations		105,677			87,667
Adjustments for:
Amortization and depreciation		90,024			86,988
Deferred income tax		20,669			(18,520	)
Current income tax		15,650			10,487
Share of loss in associates		89			546
Impairment loss of non-financial assets		47			6
Loss on disposals of property, plant and equipment and intangible assets		13			125
Unpaid concession fees		35,891			28,373
Low value, short term and variable lease payments		(1,707	)		(726	)
Changes in liability for concessions		54,095			71,164
Share-based compensation expenses		580			341
Collection of government grants		383			10,020
Interest expense		56,207			101,851
Other financial results, net		(20,864	)		(23,212	)
Net foreign exchange		(26,842	)		(84,963	)
Other accruals		732			(7,744	)
Inflation adjustment		9,749			13,580
Government grants		(3,550	)		571
Acquisition of Intangible assets		(96,774	)		(45,697	)
Income tax paid		(16,070	)		(16,649	)
Changes in working capital		(52,345	)		(106,619	)
Net cash provided by operating activities		171,654			107,589
Cash flows from investing activities
Cash contribution in associates		(100	)		(257	)
Acquisition of other financial assets		(38,594	)		(126,086	)
Disposals of other financial assets		45,092			95,468
Acquisition of property, plant and equipment		(4,921	)		(3,713	)
Acquisition of intangible assets		(373	)		(412	)
Proceeds from property, plant and equipment		14			201
Other		248			272
Net cash provided by (used in) investing activities		1,366			(34,527	)
Net cash used in discontinued investing activities		-			(6,100	)
Cash flows from financing activities
Loans obtained		72,711			268,772
Guarantee deposit		(305	)		(401	)
Principal elements of lease payments		(2,161	)		(2,155	)
Loans repaid		(102,469	)		(173,733	)
Interest paid		(53,603	)		(60,097	)
Debt renegotiation expenses capitalization		-			(1,578	)
Dividends paid to non-controlling interests in subsidiaries		(7,828	)		(6,499	)
Redemption of preferred shares		-			(97,955	)
Other		-			6
Net cash used in financing activities		(93,655	)		(73,640	)

Increase (decrease) in cash and cash equivalents from continuing operations		79,365			(578	)
Decrease in cash and cash equivalents from discontinued operations		-			(6,100	)

Movements in cash and cash equivalents
At the beginning of the period		385,265			375,783
Effect of exchange rate changes and inflation adjustment on cash and cash equivalents		(16,134	)		(34,190	)
Increase (decrease) in cash and cash equivalents from continuing operations		79,365			(578	)
Decrease in cash and cash equivalents from discontinued operations		-			(6,100	)
At the end of the period		448,496			334,915

Page 46 of 46