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6-K 1 tm2523106d1_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, 2025

 

Commission File Number: 333-221916

 

 

Corporación América Airports S.A.

(Name of Registrant)

 

128, Boulevard de la Pétrusse
L-2330 Luxembourg
Tel: +35226258274

(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): ¨

 

 

 

 


 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Our subsidiary in Argentina, Aeropuertos Argentina 2000 S.A. (“AA2000”), files quarterly financial statements in Spanish (both on a consolidated and individual basis) before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) (“CNV”). AA2000 also files other periodic reports and notices with the CNV due to the fact that certain of its debt securities are subject to the public offering regime in Argentina. All such reports and notices are available at the website of the CNV (http://www.cnv.gob.ar). In addition, AA2000 files quarterly consolidated and individual financial statements in English before the Luxembourg Stock Exchange, in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, on which said debt securities are listed and to the trustee under the indenture governing these debt securities. We are furnishing the information under cover of this Form 6-K to make this information available to the holders of our common shares.

 

This Form 6-K contains a free translation into English of the stand-alone condensed consolidated financial statements for the quarter and six-month period ended June 30, 2025 of AA2000 (the “AA2000 Consolidated Financial Statements”) as well as the stand-alone condensed individual financial statements for the quarter and six-month period ended June 30, 2025 (the “AA2000 Individual Financial Statements” and jointly with the AA2000 Consolidated Financial Statements, the “AA2000 Financial Statements”) that have been made publicly available in Argentina in Spanish. The AA2000 Financial Statements, have been prepared in accordance with the accounting framework established by the CNV, which is based on the application of the IFRS. These AA2000 Financial Statements are presented in Argentine pesos and were audited in accordance with International Standards on Auditing as approved by the International Auditing and Assurance Standards Board (IAASB).

 

There are certain differences between the AA2000 Consolidated Financial Statements and the consolidating information for the Argentine segment included in the consolidated financial statements of Corporación América Airports S.A. (“CAAP”), such as AA2000’s own transition date to IFRS and its reporting currency, among others.

 

As a result, the AA2000 Financial Statements contained in this Form 6-K are for informational purposes only and not comparable to the financial information included in the Argentine segment in the consolidated financial statements of CAAP included in our annual report on Form 20-F and that consolidate the results of operations and financial condition of all our subsidiaries. Furthermore, neither the AA2000 Consolidated Financial Statements nor the AA2000 Individual Financial Statements should be construed as any indication of how our Argentina segment information will be presented in the consolidated financial statements of CAAP.

 

2 


 

Exhibits

 

Exhibit No.  Description
   
99.1 Free translation into English of AA2000 Condensed Consolidated Financial Statements for the quarter and six-month period ended June 30, 2025.
   
99.2 Free translation into English of AA2000 Condensed Individual Financial Statements for the quarter and six-month period ended June 30, 2025.

 

3 


 

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 America Airports S.A.
   
  By: /s/ Andres Zenarruza
  Name: Andres Zenarruza
  Title: Head of Legal
   
  By: /s/ Jorge Arruda
  Name: Jorge Arruda
  Title: Chief Financial Officer

 

Date: August 11, 2025

 

4 

 

EX-99.1 2 tm2523106d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format

 

 


 

 

 

 

Index

 

Glossary of terms
Condensed Consolidated Interim Financial Statements
Consolidated Statements of Comprehensive Income
Consolidated Statements of Financial Position
Consolidated Statements of Changes in Equity
Consolidated Statements of Cash Flows
Notes to the Condensed Consolidated Interim Financial Statements
Summary of Information requested by article 4° Chapter III of Title IV of the National Securities Commission
(N.T. 2013 and modifications)
Review Report of the Condensed Consolidated Interim Financial Statements
Report of the Supervisory Committee

 

Glossary

 

Term Definition
$ Argentine peso
U$S US dollar
EUR Euro
GBP Sterling pound
CAD Canadian dollar
The Company Aeropuertos Argentina 2000 S.A.
BCRA Acronym for Central Bank of Argentine Republic
BNA Bank of Argentine Nation
BO Official Gazette
CAAP Corporación América Airports S.A.
CINIIF Committee on Interpretations of International Financial Reporting Standards
CNV National Securities Commission
CPCECABA Professional Council of Economic Sciences of the Autonomous City of Buenos Aires
FACPCE Argentine Federation of Professional Councils of Economic Sciences
IASB Acronym for International Accounting Standards Board
IATA Acronym for International Air Transport Association
INDEC Acronym for National Institute of Statistics and Censuses
IPC Consumer Price Index (General Level)
MULC Acronym for Free  Exchange Market
NIC International Accounting Standards
NIIF International Financial Reporting Standards
OACI International Civil Aviation Organization
ON Negotiable Obligations
ORSNA Acronym for Regulatory Body of the National Airport System
PEN National Executive Power
PFIE Financial Projection of Income and Expenditures
PIK Acronym for Payment in Kind
PP&E Property , Plant & Equipment
RECPAM Result from Exposure to Changes in the Purchasing Power of the Currency
SNA National Airport System
TNA Nominal annual interest rate
TO Ordered Text

 

 


 

 

 

 

Registration number with the Superintendency of Corporations: 1645890

 

Honduras 5663 – Autonomous City of Buenos Aires

 

Principal activity of the Company: Exploitation, administration and operation of airports.

 

Company Name: Aeropuertos Argentina 2000 S.A.

 

Condensed Consolidated Interim Financial Statements

For the six-month period of the

Fiscal Year N° 28 commenced January 1, 2025

 

Date of registration with the Public Registry of Commerce:

 

Of the By-laws: February 18, 1998

Of the last modification of the By-laws: January 03, 2023

 

Expiration date of the company: February 17, 2053

 

Controlling Company:

Corporate Name: Corporación América S.A.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

Participation of the Parent Company in common stock and total votes: 45,90%

 

Capital breakdown (Note 14):

 

Issued Common Shares of N/V $1 and 1 vote each:

 

    Subscribed     Paid-in  
             
    $  
79,105,489 Class "A" Shares     79,105,489       79,105,489  
79,105,489 Class "B" Shares     79,105,489       79,105,489  
61,526,492 Class "C" Shares     61,526,492       61,526,492  
38,779,829 Class "D" Shares     38,779,829       38,779,829  
      258,517,299       258,517,299  

 

1


 

 

 

 

Separate Statement of Comprehensive Income

For the three and six month, periods ended at June 30, 2025 and 2024

 

          Three months at     Six months at  
          06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                               
    Note     Millions of $  
Continuous Operations                                        
Sales income     4       276,510       237,818       557,505       553,105  
Construction income             28,679       47,120       51,719       94,884  
Cost of service     5.1       (180,415 )     (160,358 )     (360,208 )     (331,872 )
Construction costs             (28,599 )     (47,049 )     (51,551 )     (94,726 )
Income for gross profit for the period             96,175       77,531       197,465       221,391  
Distribution and selling expenses     5.2       (18,534 )     (14,824 )     (35,144 )     (32,973 )
Administrative expenses     5.3       (15,103 )     (11,183 )     (30,114 )     (23,714 )
Other income and expenses, net     6.1       5,046       5,071       7,488       10,637  
Operating profit for the period             67,584       56,595       139,695       175,341  
Finance Income     6.2       12,796       (15,552 )     11,308       (124,112 )
Finance Costs     6.3       (46,185 )     63,768       (38,532 )     487,396  
RECPAM             (2,876 )     (3,550 )     (5,352 )     (26,955 )
Result of investments accounted for by the equity method             -       (1 )     -       (1 )
Income before income tax             31,319       101,260       107,119       511,669  
Income tax     6.4       (3,061 )     (50,500 )     (33,281 )     (209,182 )
Income for the period for continuous operations             28,258       50,760       73,838       302,487  
Net Income for the period             28,258       50,760       73,838       302,487  
Other comprehensive income             -       -       -       -  
Comprehensive Income for the period             28,258       50,760       73,838       302,487  
                                         
Income attributable to:                                        
Shareholders             28,030       50,664       73,664       302,268  
Non–Controlling Interest             228       96       174       219  
                                         
Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations             109.1042       195.9846       285.0888       1,167.9035  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

2 


 

 

 

 

Consolidated Statements of Financial Position

At June 30, 2025 and December 31, 2024

 

          06.30.2025     12.31.2024  
                   
    Note     Millions of $  
Assets                        
Non- Current Assets                        
Investments accounted for by the equity method             1       1  
Property, plant and equipment             1,131       1,207  
Intangible Assets     7       2,223,993       2,258,208  
Rights of use             3,705       5,094  
Assets for deferred tax             37       18  
Other receivables     9.1       57,572       50,682  
Investments     9.3       41,034       57,359  
Total Non-Current Assets             2,327,473       2,372,569  
Current Assets                        
Other receivables     9.1       18,036       27,495  
Trade receivables, net     9.2       103,279       109,803  
Other assets             286       187  
Investments     9.3       55,040       25,660  
Cash and cash equivalents     9.4       144,325       122,718  
Total Current Assets             320,966       285,863  
Total Assets             2,648,439       2,658,432  
Shareholders’ Equity and Liabilities                        
Equity attributable to Shareholders                        
Common shares             259       259  
Share Premium             137       137  
Capital adjustment             159,033       159,033  
Legal , facultative reserve and others             1,193,885       857,119  
Retained earnings             73,664       336,644  
Subtotal             1,426,978       1,353,192  
Non-Controlling Interest             475       301  
Total Shareholders’ Equity             1,427,453       1,353,493  
Liabilities                        
Non-Current Liabilities                        
Provisions and other charges     11       7,007       9,251  
Financial debts     8       608,974       644,437  
Deferred income tax liabilities             382,100       349,109  
Lease liabilities             1,005       2,447  
Accounts payable and others     9.5       1,007       1,116  
Total Non- Current Liabilities             1,000,093       1,006,360  
Current Liabilities                        
Provisions and other charges     11       18,232       51,628  
Financial debts     8       83,729       96,494  
Current income tax liability, net of advances             391       487  
Lease liabilities             3,193       3,164  
Accounts payable and others     9.5       102,879       133,017  
Fee payable to the Argentine National Government     10.1       12,469       13,789  
Total Current Liabilities             220,893       298,579  
Total Liabilities             1,220,986       1,304,939  
Total Shareholder’s Equity and Liabilities             2,648,439       2,658,432  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

3 


 

 

 

 

Consolidated Statements of Changes in Equity

At June 30, 2025 and 2024

 

    Attributable to majority shareholders     Non-     Total  
    Common     Share     Adjustment     Legal     Facultative     Other     Retained     Total     Controlling     Shareholders’  
    Shares     Premium     of capital     Reserve     Reserve     Reserves     Earnings           Interest     Equity  
      In millons of $  
Balance at 01.01.25     259       137       159,033       31,840       820,397       4,882       336,644       1,353,192       301       1,353,493  
Resolution of the Assembly of April 29, 2025 – Constitution of reserves (note 15)     -       -       -       -       336,644       -       (336,644 )     -       -       -  
Compensation plan     -       -       -       -       -       122       -       122       -       122  
Net Income for the period     -       -       -       -       -       -       73,664       73,664       174       73,838  
Balance at 06.30.2025     259       137       159,033       31,840       1,157,041       5,004       73,664       1,426,978       475       1,427,453  
                                                                                 
Balance at 01.01.24     259       137       159,983       31,860       900,933       4,545       23,759       1,121,476       (77 )     1,121,399  
Resolution of the Assembly of April 24, 2024 – Constitution of reserves (note 15)     -       -       -       147       23,612       -       (23,759 )     -       -       -  
Compensation plan     -       -       -       -       -       124       -       124       -       124  
Net Income for the period     -       -       -       -       -       -       302,268       302,268       219       302,487  
Balance at 06.30.2024     259       137       159,983       32,007       924,545       4,669       302,268       1,423,868       142       1,424,010  

 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

4 


 

 

 

 

Separate Statements of Cash Flow

For the six-month periods ended at June 30, 2025 and 2024

 

          06.30.2025     06.30.2024  
                   
    Note     Millions of $  
Cash Flows from operating activities                        
Net income for the period             73,838       302,487  
Adjustment for:                        
Income tax             33,281       209,182  
Amortization of intangible assets     7       81,883       59,362  
Depreciation of property , plant and equipment     5       240       283  
Depreciation right of use     5       1,389       1,397  
Bad debts provision     5.2       3,011       2,252  
Specific allocation of accrued and unpaid income             12,469       10,949  
Result of investments accounted for using the equity method             -       1  
Compensation plan             122       124  
Accrued and unpaid financial debts interest costs     8       25,718       34,990  
Accrued deferred revenues and additional consideration     11       (10,399 )     (10,546 )
Accrued and unpaid Exchange differences             13,127       (382,843 )
Litigations provision     11       1,119       561  
Inflation Adjustment             (10,066 )     (62,251 )
Changes in operating assets and liabilities:                        
Changes in trade receivables             (11,060 )     (22,793 )
Changes in other receivables             (7,873 )     (19,575 )
Changes in other assets             (99 )     411  
Changes in accounts payable and others             (12,442 )     26,959  
Changes in provisions and other charges             3,177       6,404  
Evolution of the specific allocation of income to be paid to the Argentine National State             (11,959 )     (9,644 )
Changes in intangible assets     7       (47,668 )     (94,884 )
Income tax payments             (189 )     -  
Net cash Flow generated by operating activities             137,619       52,826  
Cash Flow for investing activities                        
Acquisition of investments             (28,080 )     (14,401 )
Collection of investments             15,489       3,483  
Fixed assets acquisitions             (163 )     (64 )
Net Cash Flow applied to investing activities             (12,754 )     (10,982 )
Cash Flow from financing activities                        
New Financial debts     8       109       -  
Payment of leases             (1,629 )     (2,038 )
Financial debts paid- principal     8       (47,817 )     (48,215 )
Financial debts paid- interests     8       (34,105 )     (32,025 )
Payment of dividends             (29,567 )     -  
Net Cash Flow applied to financing activities             (113,009 )     (82,278 )
Net Increase (decrease) in cash and cash equivalents             11,856       (40,434 )
Changes in cash and cash equivalents                        
Cash and cash equivalents at the beginning of the period             122,718       183,862  
Net Increase ( decrease ) in cash and cash equivalents             11,856       (40,434 )
Inflation adjustment generated by cash and cash equivalents             11,923       50,395  
Foreign Exchange differences by cash and cash equivalents             (2,172 )     (50,161 )
Cash and cash equivalents at the end of the period             144,325       143,662  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

5 


 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format

 

NOTE 1 – COMPANY ACTIVITIES

 

Aeropuertos Argentina 2000 S.A. (“AA2000” or the “Company”) was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the “A” Group of the Argentine National Airport System. “A” Group includes 33 airports that operate in Argentina (the “Concession”).

 

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

 

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

 

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

 

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

 

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement until December 2022 of certain commitments duly assumed.

 

On July 28, 2023, the ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC and FINANCIAL REGULATION MANAGEMENT referring to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group “A” of the National Airport System corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of the international passenger traffic at values similar to 2019.

 

By virtue of this, the Company made a judicial presentation (Aeropuertos Argentina 2000 SA C/ ORSNA - RES 56/23 S/Proceso de Conocimiento) within the framework of the agreements entered into in File 56,695/2019.

 

6 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 1 – COMPANY ACTIVITIES (Contd.)

 

As resolved by the Resolution RESFC-2023-56-APN-ORSNA#MTR, and within the review process corresponding to the period 2018-2022, the ORSNA issued resolutions RESFC-2023-65-APN-ORSNA#MTR and RESFC-2023-66-APN-ORSNA#MTR. The Company filed an appeal for reconsideration against said resolutions and requested the suspension of their effects. Similarly, a lawsuit was filed in the case AEROPUERTOS ARGENTINA 2000 SA C/ ORSNA - RES 56/23 S/PROCESO DE CONOCIMIENTO, File CAF 032610/2023, based on the agreements entered into and approved in File 56,695/2019.

 

On November 27, 2023, ORSNA and the Company signed a Minute by which they agreed: (i) to suspend the ongoing procedural deadlines until June 30, 2024, (ii) that the Company must contract at its own expense. a passenger traffic consulting study; (iii) postpone until May 30, 2024 the ordinary annual review of the Financial Projection of Income and Expenses of the Concession, corresponding to all periods until December 31, 2023.

 

Due to the change in management of the National Government, and in order to comply with what was opportunely agreed, on August 9, 2024, ORSNA and the Company signed a new Meeting Minutes by which the ordinary annual review of the Financial Projection of Income and Expenditures of the Concession, corresponding to all periods until December 31, 2023, was postponed until October 30, 2024. It was also agreed to postpone until November 30, 2024 the deadline for the Regulatory Body to adopt the definitive measures that, being within its competence, allow the restoration of the financial economic equation of the Concession and to suspend until December 31, 2024 the procedural deadlines in the aforementioned judicial case.

 

On December 9, 2024, the ORNSA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR approving the Revisions of the Financial Projection of Income and Expenses corresponding to the periods 2021, 2022 and 2023. The Company requested the review of some aspects thereof. Pursuant to the request of the parties, the procedural deadlines for the aforementioned legal action are suspended until August 11, 2025.

 

To date, the Company has fulfilled the commitments assumed.

 

Furthermore, under the terms of the concession contract, the National State has the right to rescue the Concession as of February 13, 2018. In the event that the National State decides to rescue the Concession, it must pay the Company compensation.

 

7 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 - BASIS FOR CONSOLIDATION

 

The Condensed Consolidated Interim Financial Statements include the assets, liabilities and results of the following subsidiaries (hereafter the Group):

 

Subsidiaries (1)   Number of
common
shares
    Participation
in capital
and possible
votes
    Net
Shareholders
‘equity at
closing
    Income for
the period
    Book entry
value at
06.30.2025
 
                               
                Millions of $  
Servicios y Tecnología Aeroportuarios S.A. (2)     14,398,848       99.30 %     1,383       374       1,373  
Cargo & Logistics S.A. (3)     1,614,687       98.63 %     -       -       -  
Paoletti América S.A. (3)     6,000       50.00 %     1       -       1  
Texelrío S.A.     84,000       70.00 %     1,551       400       1,086  
Villalonga Furlong S.A (3) (4)     56,852       1.46 %     3       -       -  

 

(1) Companies based in Argentina.
(2) Includes adjustments under IFRS for the preparation and presentation of the corresponding Financial Statements.
(3) Not consolidated due to low significance.
(4) The Company directly and indirectly owns 98.53% of the capital stock and votes of this entity.

 

The accounting policies of the subsidiaries have been modified, where necessary, to ensure consistent application with The Company accounting policies.

 

The Company holds 99.3% of the shares of Servicios y Tecnología Aeroportuarios S.A. (Sertear), which purpose is to manage and develop activities related to duty-free zones, import and export operations, exploit and manage airport-related services, provide transportation services (both passenger and cargo), and warehouse usage services.

 

Cargo & Logistics S.A. owns 98.42% of the shares of Villalonga Furlong S.A. and the class "B" shares of Empresa de Cargas Aereas del Atlántico Sud S.A. (they represent 45% of its share capital), which is in liquidation. The remaining 55% of the shares (class "A") of Empresa de Cargas Aereas del Atlántico Sud S.A. is owned by the National State – Ministry of Defense. Air Cargo Company of Atlántico Sud S.A. that is in liquidation as of the date of presentation of these financial statements, being dissolved by application of the provisions of article 94, paragraph 2 of law 19,550.

 

The Company holds 50% of the capital stock and votes of Paoletti América S.A. Pursuant to shareholder agreements, the Company is in charge of the administration of Paoletti America S.A, and also appoints the Chairman of the Board of Directors, who, in accordance with the corporate by-laws, has a double vote in case of a tie voting.

 

In addition, the Company owns 70% of the capital and votes of Texelrio S.A. whose corporate purpose is, among others, to develop, operate and manage all kinds of services related to maintenance of parks and airports.

 

8 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES

 

These Interim Condensed Consolidated Financial Statements of the Company are presented in millions of Argentine pesos, except for share data or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash (“-”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the relevant information figure, after rounding, amounts to zero. The Company’s Board of Directors approved them for issuance on August 6, 2025.

 

The CNV, through article 1 of Chapter III of Title IV of the CNV Standards (N.T. 2013 and mod.), has established the application of Technical Resolution No. 26 of the FACPCE (and its modifications), which adopt the standards of IFRS accounting (or IFRS for its acronym in English), issued by the IASB, for entities included in the public offering regime, either for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

 

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 “First Time Adoption of the IFRS” was January 1, 2011.

 

These Consolidated Condensed Interim Financial Statements of The Company for the six-month period ended June 30, 2025 are presented based on the application of the guidelines established in IASB No. 34 “Intermediate Financial Information”. Therefore, they must be read together with the Company's annual consolidated financial statements as of December 31, 2024 prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

 

1) Comparative Information

 

The information included in these financial statements was extracted from the Condensed Consolidated Interim Financial Statements of the Company as of June 30, 2024 and from the Consolidated Financial Statements as of December 31, 2024 approved by the Company’s Board and Shareholders and restated at the closing currency at June 30, 2025, based on the application of IASB 29 (see Note 3.25 of the Condensed Consolidated Financial Statements at December 31, 2024).

 

2) Controlled

 

An investor controls an entity when the group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The subsidiaries are consolidated as from the date control is transferred to the Company. They are deconsolidated from the date that control ceases. (See Note 2).

 

Inter-company transactions, balances and unrealized gains or transactions between Group companies are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group’s accounting policies.

 

9 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

3) Segment Information

 

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

 

The Argentine National Government granted the Company the concession of the “A” Group airports of the NAS under the basis of “cross-subsidies”: i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

 

All airports must comply with measures of operative efficiency that are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

 

Revenues of the Company comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the PFIE of The Company in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

 

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport based on expected passenger flow and air traffic, in the framework of the standards previously mentioned.

 

4) Accounting policies

 

The collection policies adopted for these interim financial statements are consistent with those used in the Consolidated Financial Statements as of December 31, 2024.

 

5) Changes in accounting policies and disclosures

 

There were no changes in the Group's accounting policies based on the effective application standards issued by the IASB as of January 1, 2025.

 

6) Estimates

 

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

 

In the preparation of these Condensed Consolidated Interim Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2024.

 

10 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Functional and presentation currency

 

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of the financial statements.

 

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

 

These requirements also correspond to the comparative information of these Consolidated financial statements.

 

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the NIC 29, these Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

 

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments. and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (CNV) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

 

11 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Functional and presentation currency (contd.)

 

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized in the financial statements.

 

The adjustment for inflation in the initial balances was calculated considering the indexes established by the FACPCE based on the price indexes published by the INDEC or an estimate thereof when, at the time of preparing the information, these were not available. As of June 30, 2025, the price index stood at 8,871.3479, with inflation for the six-month period at 12.8% and year-on-year at 39.7%.

 

Inflation adjustment

 

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

 

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements.

 

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

 

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

 

- Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

 

12 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Inflation adjustment (Contd.)

 

- Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of June 30, 2025. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

 

- Equity: the net equity accounts are expressed in constant currency as of June 30, 2025, applying the corresponding adjustment coefficients at their dates of contribution or origin;

 

- Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items, which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of June 30, 2025, through the application of the relevant conversion factors.

 

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

 

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

 

- The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account.

 

- The other result reserves were not restated in the initial application.

 

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

 

Transactions and balances

 

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

 

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

 

13 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Transactions and balances (Contd.)

 

Foreign exchange gains and losses are shown in “Finance Income” and/or “Finance Expense” of the comprehensive statement of income.

 

Exchange rates used are the following: buying currency rate for monetary assets and selling currency rate for monetary liabilities, applicable at year-end according to ANB and at the foreign currency exchange banknote rate applicable at the transaction date.

 

8) Contingencies

 

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

 

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment

 

The income tax income in the six-month period ended at June 30, 2025 was a loss of $33,281 million.

 

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $79,219 million, because as of June 30, 2025, the variation of the CPI for the period of 36 months at the end of fiscal year 2025 will exceed 100%.

 

NOTE 4 - SALES INCOME

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Air station use rate     133,151       115,274       288,830       285,501  
Landing fee     11,911       11,655       23,894       27,734  
Parking fee     3,683       4,093       8,141       10,307  
Total aeronautical income     148,745       131,022       320,865       323,542  
Total non-aeronautical income     127,765       106,796       236,640       229,563  
Total     276,510       237,818       557,505       553,105  

 

As of June 30, 2025 and 2024, "over the time" income from contracts with customers for the six-month periods was $469,044 million and $464,931 million, respectively.

 

14 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 5 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES

 

5.1. Sales Cost

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Specific allocation of income     40,664       34,685       82,113       81,257  
Airport services and maintenance     40,204       38,649       79,375       68,359  
Amortization of intangible assets     40,900       30,178       79,613       58,850  
Depreciation of property, plant and equipment     116       155       232       254  
Salaries and social charges     41,964       42,027       87,467       93,155  
Fee     1,611       3,604       3,849       5,154  
Utilities and fees     5,165       4,882       11,212       10,535  
Taxes     1,689       1,313       3,217       3,090  
Office expenses     4,700       3,940       8,999       9,356  
Insurance     16       236       41       465  
Depreciation rights of use     702       689       1,389       1,397  
Others     2,684       -       2,701       -  
Total     180,415       160,358       360,208       331,872  

 

5.2. Distribution and marketing expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Airport services and maintenance     368       -       368       -  
Amortization of intangible assets     89       2       199       5  
Salaries and social charges     886       97       1,814       224  
Fees     169       27       347       27  
Utilities and fees     7       4       12       6  
Taxes     13,766       11,846       27,307       28,069  
Office expenses     85       18       215       34  
Advertising     1,426       1,682       1,871       2,356  
Provision for bad debts     1,738       1,148       3,011       2,252  
Total     18,534       14,824       35,144       32,973  

 

15 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 5 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)

 

5.3. Administrative expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Airport services and maintenance     509       412       783       678  
Amortization of intangible assets     1,020       256       2,071       507  
Depreciation of PP&E     6       29       8       29  
Salaries and social charges     7,434       5,254       15,602       12,158  
Fees     1,205       1,014       2,105       2,332  
Utilities and fees     51       6       55       6  
Taxes     1,763       1,725       3,740       3,674  
Office expenses     2,363       2,048       4,186       3,578  
Insurance     568       154       1,219       291  
Fees to the Board of Directors and the Supervisory Committee     184       285       345       461  
Total     15,103       11,183       30,114       23,714  

 

NOTE 6 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT

 

6.1 Other net incomes and expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Trust for Strengthening     6,777       5,781       13,685       13,542  
Other     (1,731 )     (710 )     (6,197 )     (2,905 )
Total     5,046       5,071       7,488       10,637  

 

6.2. Finance Income

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     30.06.2024  
                         
    Millions  of $  
Interest     5,983       10,967       12,316       27,371  
Foreign Exchange differences     6,813       (26,519 )     (1,008 )     (151,483 )
Total     12,796       (15,552 )     11,308       (124,112 )

 

16 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 6 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT (Contd.)

 

6.3 Financial Costs

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Interest     (13,071 )     (17,257 )     (27,177 )     (37,835 )
Foreign Exchange differences     (33,114 )     81,025       (11,355 )     525,231  
Total     (46,185 )     63,768       (38,532 )     487,396  

 

6.4 Income Tax

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions  of $  
Current     (302 )     (10 )     (298 )     (35 )
Deferred     (2,759 )     (50,490 )     (32,983 )     (209,147 )
Total     (3,061 )     (50,500 )     (33,281 )     (209,182 )

 

NOTE 7 – INTANGIBLE ASSETS

 

          06.30.2025     06.30.2024  
                   
    Note     Millions  of $  
Original values:                        
Initial Balance             3,781,874       3,618,498  
Acquisitions of the period             51,719       94,884  
Declines of the period             (6,841 )     -  
Balance at June 30             3,826,752       3,713,382  
                         
Accumulated Amortization:                        
Initial Balance             (1,523,666 )     (1,405,870 )
Acquisitions of the period     5       (81,883 )     (59,362 )
Declines of the period             2,790       -  
Balance at June 30             (1,602,759 )     (1,465,232 )
Net balance at June 30             2,223,993       2,248,150  

 

17


 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS

 

8.1 Changes in financial debt:

 

    06.30.2025     06.30.2024  
             
    Millions  of $  
Initial Balance     740,931       1,319,415  
New financial debts     109       -  
Financial debts paid     (81,922 )     (80,240 )
Accrued interest     25,718       34,990  
Foreign Exchange differences     7,701       (504,464 )
Inflation adjustment     166       7,890  
Total Net Balance at June 30     692,703       777,591  

 

8.2 Breakdown of financial debt

 

Non-current Financial Debts

 

    06.30.2025     12.31.2024  
             
    Millions  of $  
Negotiable Obligations     609,647       645,395  
Cost of issuance of NO     (673 )     (958 )
      608,974       644,437  
Current Financial Debts                
Bank borrowings     8,243       12,179  
Negotiable Obligations     75,791       84,694  
Cost of issuance of NO     (305 )     (379 )
      83,729       96,494  
      692,703       740,931  

 

As of June 30, 2025 and December 31, 2024, the fair value of the financial debt amounts to $624,631 million and $738,103 million, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

 

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited Consolidated Financial Statements as of December 31, 2024.

 

18


 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.3 Negotiable Obligations

 

Class   Start     Maturity     Interest     Currency     Initial
Capital
    Capital in
U$S at
06.30.2025
    Capital in
U$S at
12.31.2024
 
Guaranteed with Maturity in 2027 (1)(2)     02.2017       02.2027       6.875 %     U$S       400.0       8.8       11.3  
Class I Series  2020 (1)(2)(3)     04.2020       02.2027       6.875 % (5)     U$S       306.0       31.6       40.6  
Class I Series  2021 - Additional (1) (2) (3)     10.2021       08.2031       8.500 %     U$S       272.9       272.9       272.9  
Class IV (2) (3)     11.2021       11.2028       9.500 %     U$S       62.0       56.5       62.0  
Class V (3)     02.2022       02.2032       5.500 %     U$S (6)       138.0       138.0       138.0  
Class VI (3)     02.2022       02.2025       2.000 %     U$S (6)       36.0       -       27.1  
Class IX (3)     08.2022 (4)     08.2026       0.000 %     U$S (6)       32.7       22.9       22.9  
Class X (3)     07.2023       07.2025       0.000 %     U$S (6)       25.1       17.9       17.9  
Class XI (3)     12.2024       12.2026       5.500 %     U$S (7)       28.8       28.8       28.8  

 

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) Corresponds to NOs issued under US legislation, from the state of New York.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the NSC on 04.12.2020.

(4) On 07/2023, an additional amount was issued for US$2.7 million, with the same conditions as the original issue.

(5) During the PIK Period (until 05.01.2021) the interest rate was 9.375% per year, period in which the amount of interest was capitalized quarterly. After said period, the interest rate of the NOs is applied.

(6) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(7) The reference ONs are nominated and payable in US dollars.

 

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred. As of June 30, 2025, the Company complies with financial covenants.

 

As of June 30, 2025, the Company fully canceled Class VI Bonds.

 

As of June 30, 2025, the Company holds Class IX and Class X Bonds in its portfolio totaling US$17 million.

 

19


 

 

 

Notes to the Condensed Consolidated Interim Financial Statements
At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.4 Bank debt

 

Institution   Start     Maturity.     N.A.R.     Currency     Initial
Capital(1)
    Capital at
06.30.2025 (1)
    Capital at
12.31.2024 (1)
 
ICBC - Dubái Branch     07.2022       10.2025       SOFR+ 7.875%(2)       U$S       10.0       6.7       10.00  

 

(1) Balances in the original currency of the financial instrument.

(2) Plus applicable withholding tax.

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION

 

9.1 Other receivables

 

9.1.1 Other non-current receivables

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Trust for Strengthening     10.1       55,764       50,169  
Others             1,808       513  
Total             57,572       50,682  

 

9.1.2 Other current receivables

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Expenses to be recovered             3,080       2,774  
Related parties     10.1       2,390       2,982  
Tax credits             11,346       18,898  
Prepaid Insurance             1,211       2,820  
Others             9       21  
Total             18,036       27,495  

 

20


 

 

 

Notes to the Condensed Consolidated Interim Financial Statements
At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Contd.)

 

9.2 Trade receivables

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Trade receivables             108,560       115,095  
Related parties     10.1       2,791       2,623  
Checks-postdated checks             4,519       2,991  
Subtotal sales credits             115,870       120,709  
Provision for bad debts             (12,591 )     (10,906 )
Total             103,279       109,803  

 

9.2.1 Changes in Bad Debt Provisions

 

    06.30.2025     12.31.2024  
             
    Note     Millions  of $  
Initial balance             10,906       15,619  
Increases of the period     5.2       3,011       2,252  
Foreign exchange difference             1,040       (190 )
Applications of the period             (769 )     (105 )
Inflation adjustment             (1,597 )     (7,231 )
Bad Debts provisions at June 30             12,591       10,345  

 

9.3 Investments

 

9.3.1 Non-current investments

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Negotiable obligations             39,658       51,050  
Negotiable obligations of related companies     10.1       1,376       4,093  
Other financial assets             -       2,216  
Total             41,034       57,359  

 

9.3.2 Current investments

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Negotiable Obligations             35,661       16,591  
Negotiable obligations of related companies     10.1       2,751       -  
Other financial assets             16,628       9,069  
Total             55,040       25,660  

 

21


 

 

 

Notes to the Condensed Consolidated Interim Financial Statements
At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

 

9.4 Cash and cash equivalents

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Cash and funds in custody             121       193  
Banks     13       33,224       95,276  
Checks not yet deposited             889       555  
Term deposits and others             110,091       26,694  
Total             144,325       122,718  

 

9.5 Commercial accounts payable and other  

 

9.5.1 Commercial Accounts payable and other non-current

 

  06.30.2025     12.31.2024  
             
    Millions  of $  
Suppliers     1,007       1,116  
Total     1,007       1,116  

 

9.5.2 Commercial accounts payable and other current

 

    06.30.2025     12.31.2024  
             
    Note     Millions  of $  
Suppliers             49,368       62,091  
Foreign suppliers             5,755       10,194  
Debts with Related Parties     10.1       6,530       5,228  
Salaries and social security liabilities             33,381       47,042  
Other fiscal debts             7,845       8,462  
Total             102,879       133,017  

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

 

10.1 Balances with other related parties

 

Balances with other related companies at June 30, 2025 and December 31, 2024 are as follows:

 

    06.30.2025     12.31.2024  
             
Other receivables   Millions of $  
Other related companies     2,390       2,982  
Total     2,390       2,982  

 

22


 

 

 

Notes to the Condensed Consolidated Interim Financial Statements
At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

    06.30.2025     12.31.2024  
             
Trade receivables   Millions  of $  
Other related companies     2,791       2,623  
Total     2,791       2,623  

 

    06.30.2025     12.31.2024  
             
Investments   Millions  of $  
Other related companies - non current     1,376       4,093  
Other related companies - current     2,751       -  
Total     4,127       4,093  

 

    06.30.2025     12.31.2024  
             
Accounts payable and other   Millions  of $  
Other related companies     6,530       5,228  
Total     6,530       5,228  

 

    06.30.2025     12.31.2024  
             
Provisions and other charges   Millions  of $  
Corporación América S.A.U. – Dividends to be paid     -       15,649  
Other related companies     129       -  
Total     129       15,649  

 

The balances with the Argentine National State as of June 30, 2025, and December 31, 2024, are as follows:

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Debt - Specific Allocation of Income             12,469       13,789  
Debt - Dividends to be paid     11       -       14,279  
Credit - Strengthening Trust (1)             55,764       50,169  

 

(1) To fund the investment commitments of the Company.

 

10.2 Operations with related parties

 

Transactions with related parties during the six-month periods ended June 30, 2025 and 2024 are as follows:

 

With Proden S.A. for office rental and maintenance, the Company has allocated $2,305 million and $2,668 million, respectively.

 

23


 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

10.2 Operations with related parties (Contd.)

 

The Company has allocated to the cost $4,234 million and $3,158 million, respectively, with Grass Master S.A.U. for airport maintenance.

 

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $1,653 million and $1,384 million to the cost, respectively.

 

The Company has allocated to the cost $1,113 million and $888 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

 

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $3,304 million and $2,637 million, respectively.

 

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $589 million and $1,136 million to the cost, respectively.

 

The Company has recorded commercial income of $939 million and $1,182 million with Duty Paid S.A., respectively.

 

Furthermore, short-term compensation to key management was $1,318 million and $868 million for the six-month periods ended at June 30, 2025 and 2024, respectively.

 

Corporación America S.A. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

 

Corporación America S.A. is controlled by Cedicor S.A., owner of 100% of its capital stock. Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company. Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

 

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

 

24 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 11 – PROVISIONS AND OTHER CHARGES

 

        At 01.01.25     Increases /
(Recovery)
    Decreases     Inflation
Adjustment
    Accruals     Exchange
rate
differences
    At 06.30.25     Total Non
Current
   

Total

Current

 
    Note   Millions of $     En millones de $  
Litigations         3,958       1,119       (705 )     (528 )     26       335       4,205       897       3,308  
Deferred Income         15,791       2,711       -       (746 )     (8,800 )     1,031       9,987       2,278       7,709  
Guarantees Received         2,449       (46 )     473       (394 )     -       691       3,173       -       3,173  
Upfront fees from concessionaires         6,008       818       -       -       (1,599 )     -       5,227       2,600       2,627  
Dividends to be paid   10     29,928       -       (29,567 )     (1,482 )     -       1,121       -       -       -  
Related companies   10     -       131       -       (2 )     -       -       129       -       129  
Others         2,745       218       (112 )     (366 )     (336 )     369       2,518       1,232       1,286  
Total         60,879       4,951       (29,911 )     (3,518 )     (10,709 )     3,547       25,239       7,007       18,232  

 

        At 01.01.24     Increases /
(Recovery)
    Decreases     Inflation
Adjustment
    Accruals     Exchange
rate
differences
    At 06.30.24     Total Non
Current
   

Total

Current

 
        Millions of $     En millones de $  
Litigations         6,661       561       (513 )     (3,052 )     -       431       4,088       1,826       2,262  
Deferred Income         35,557       6,347       -       (11,671 )     (9,355 )     1,499       22,377       4,044       18,333  
Guarantees Received         4,570       6       -       (1,911 )     -       145       2,810       -       2,810  
Upfront fees from concessionaires         7,053       972       -       -       (1,191 )     -       6,834       4,411       2,423  
Related companies   10     -       63       -       -       -       -       63       -       63  
Others         6,943       3       (130 )     (3,147 )     (345 )     538       3,862       2,310       1,552  
Total         60,784       7,952       (643 )     (19,781 )     (10,891 )     2,613       40,034       12,591       27,443  

 

25 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

 

Item  

Foreign currency type

and amount at

06.30.2025

  Foreign
exchange
rates
    Amount in
local
currency at
06.30.2025
    Amount in
local
currency at
12.31.2024
 
Assets                            
Current Assets                                  
Cash and cash equivalents   U$S   76       1,196       90,810       94,092  
Net trade receivables   U$S   51       1,196       60,799       82,250  
Investments   U$S   46       1,196       55.039       25,659  
Total current assets                       206,648       202,001  
                                   
Non-Current Assets                                  
Investments   U$S   34       1,196       41,034       53,883  
Total Non-Current Assets                       41,034       53,883  
Total assets                       247,682       255,884  
                                   
Liabilities                                  
Current Liabilities                                  
Provisions and other charges   U$S   2       1,205       2,316       32,132  
Financial debts   U$S   70       1,205       84,034       96,873  
Lease liabilities   U$S   3       1,205       3,168       3,129  
Commercial accounts payable and others   U$S   19       1,205       22,683       28,823  
    EUR   2       1,420.213       2,602       2,765  
    GBP   0       1,655.188       1       -  
    CAD   0       884.6634       89       45  
Total current liabilities                       114,893       163,767  
                                   
Non-Current Liabilities                                  
Provisions and other charges   U$S   2       1,205       2,130       3,353  
Financial debts   U$S   506       1,205       609,647       645,395  
Lease liabilities   U$S   1       1,205       1,005       2,436  
Commercial accounts payable and others   U$S   1       1,205       1,007       1,106  
Total non-current liabilities                       613,789       652,290  
Total liabilities                       728,682       816,057  
Net liability position                       481,000       560,173  

 

26 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 13 – OTHER RESTRICTED ASSETS

 

In addition to what is set forth in notes 1 and 6, within current assets as of June 30, 2025 and December 31, 2024, under the heading of Cash and cash equivalents, balances are maintained in bank accounts specifically allocated for the settlement of negotiable obligations Series 2021 and Class IV for $6,246 million and $5,499 million, respectively.

 

NOTE 14 - CAPITAL STOCK

 

At June 30, 2025 capital stock is as follows:

 

    Par Value  
    $  
Paid-in and subscribed     258,517,299  
Registered with the Public Registry of Commerce     258,517,299  

 

The Company’s capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

 

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. OF APRIL 24, 2024 AND APRIL 29, 2025 (presented in $ in currency as of the date of the meetings)

 

At the special ordinary general meeting of classes A, B, C and D, held on April 24, 2024, which yields a positive result of $9,406,678,415, it is allocated as follows:

 

(i) $58,044,335 to the constitution of the legal reserve, up to 20% of the share capital plus the capital adjustment; and

 

(ii) The balance of $9,348,634,080 to the constitution of an optional reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

 

At the ordinary general meeting held on October 31, 2024, it was resolved: (i) to rectify the resolution reached at the meeting held on April 24, 2024, and to restate the result of the fiscal year, which as of December 31, 2023, amounted to $9,406,678,415 due to the General Level Consumer Inflation Index for the month of March, which amounted to 51.62%. Said result, re-expressed as of the date of the detailed meeting, for an amount of $14,262,583,889, was resolved to be allocated as follows: (i) $102,181,288 to the establishment of the legal reserve, up to 20% of the adjusted share capital; and (ii) the balance of $14,160,402,601.20 to establish a voluntary reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

 

Having rectified the results for the fiscal year as of April 24, and the shareholders' intention to distribute dividends, at the shareholders' meeting held on October 31, 2024, it was resolved to restate the amount of the voluntary reserve again, this time as of September 30, 2024. The inflation index as of September amounted to 101.58%. Consequently, the amount of the voluntary reserve restated as of September 30 amounted to $737,844,377,142. It was also resolved to partially release the optional reserve up to the equivalent of US$80,000,000 in pesos, equivalent to $79,200,000,000, calculated at the selling exchange rate published by the Banco de la Nación Argentina at the close of business on October 30, 2024, and to distribute dividends to shareholders in proportion to their respective shareholdings in the Company.

 

27 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. OF APRIL 24, 2024 AND APRIL 29, 2025 (presented in $ in currency as of the date of the meetings) (Contd.)

 

At the ordinary and special general meeting of classes A, B, C, and D held on April 29, 2025, it was resolved:

 

(i) to restate the positive result for the fiscal year, which as of December 31, 2024, amounted to the general CPI index accumulated through March, resulting in an adjusted result of $316,986,187,842;

 

(ii) that the restated result be used to establish an optional reserve for the execution of future works plans and for the payment of future dividends, if applicable.

 

NOTE 16 – EARNINGS PER SHARE

 

Relevant information for the calculation per share:

 

    30.06.2025     30.06.2024  
Income for the period (in millions of $)     73,838       302,487  
Amount of ordinary shares (millions)     259       259  
Earnings per shares ($ per share)     285.0888       1,167.9035  

 

NOTE 17 - FINANCIAL RISK MANAGEMENT

 

The Company's activity is exposed to various financial risks: market risk (including exchange rate risk, interest rate fair value risk and price risk), credit risk and liquidity risk.

 

These Condensed Consolidated Interim Financial Statements must be read in light of the economic context in which the Company operates, which was disclosed in the annual Consolidated Financial Statements in note 22. Inflation for the first semester of 2025 and the year-over-year inflation rate are indicated in Note 3, the quarterly devaluation was 7,4%.

 

As of the date of these financial statements, there were no significant changes in exposure to market risk, exchange rate risk, interest rate risk, credit risk, or liquidity risk compared to those reported in the annual financial statements closed as of December 31, 2024.

 

In April 2025, the BCRA implemented measures that made access to the MULC more flexible, allowing resident individuals to acquire foreign currency for hoarding without restrictions on amounts or additional requirements. Furthermore, prepayments on income tax and personal property taxes for these transactions were eliminated. For legal entities, measures were introduced.

 

28 


 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 17 - FINANCIAL RISK MANAGEMENT (Contd.)

 

Although some specific restrictions and requirements remain in effect.

 

The Company continues to monitor these regulatory changes and assess their impact on financial risk management to identify potential impacts on its equity and financial position and define the necessary courses of action.

 

NOTE 18 - EVENTS SUBSEQUENT TO THE END OF THE PERIOD

 

No events and/or transactions have occurred since the end of the period that could significantly affect the Company's financial and equity situation.

 

29 


 

 

 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

Presentation base

 

The information contained in this Summary Report has been prepared in accordance with article 4 of Chapter III of Title IV of the NSC Regulations (N.T. 2013 and mod.) and must be read together with the Interim Condensed Consolidated Financial Statements as of June 30, 2025 presented in a comparative manner, prepared in accordance with IFRS standards.

 

In compliance with the provisions of the CNV regulations, the values corresponding to the interim periods of this informative review are expressed in constant currency at June 30, 2025, in accordance with International Accounting Standard N ° 29 “Financial information in hyperinflationary economies”. For more information, see Note 3.7 to the Consolidated Condensed Interim Financial Statements at June 30, 2025.

 

1. General considerations

 

International Financial Reporting Standards (IFRS)

 

Through article No. 1 of chapter III of title IV of the NSC Standards (NT 2013 and mod.), the application of Technical Resolution No. 29 of the FACPCE (and modifications) has been established, which adopts the IFRS issued by the IASB, its modifications and the adoption circulars established by the FACPCE, for entities issuing shares and/or negotiable obligations. The application of such standards is mandatory for the Company as of the fiscal year beginning on January 1, 2012.

 

Seasonality

 

The Company's revenues are highly influenced by the seasonality of air traffic in Argentina. The traffic of planes and passengers and, consequently, the income of the Company are higher during the summer and winter months (December - February and July - August), because they are holiday periods.

 

During the year 2025, projects and works have been carried out at the different concessioned airports.

 

Ezeiza International Airport

 

The following works are currently underway:

 

-      Beaconing ring and main electrical substation; and

-      New Feeders 9 and 10 at 13.2 KV.

-      New Express Immigration Controls; and

-      New Osmosis Plant.

 

30


 

 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

1. General considerations (contd.)

 

Jorge Newbery Airport

 

The following works are currently underway:

 

-      External works - sidewalks - landscaping - coastal fill and underground parking;

-      Extension of the South Platform - Stage 2;

-      Extension of the North Platform; and

-      Remodeling of the Inspection and Requisition Point.

 

Rio Hondo Airport

 

Works are underway on:

 

-      Expansion and Remodeling of the Passenger Terminal.

 

San Rafael Airport

 

The following works are being carried out:

 

-      New Passenger Terminal.

 

Iguazú Airport

 

The following works are being carried out:

 

-      Dump points - Treatment of sanitary effluents from aircraft;

-      Sewage Treatment Plant; and

-      Maintenance Infrastructure and Support Services.

 

San Juan Airport

 

The work on the remodeling of the passenger terminal is currently underway.

 

Resistencia Airport

 

The following works are currently underway:

 

-      Comprehensive remodeling of the passenger terminal;

 

31


 

 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

1. General considerations (contd.)

 

Formosa Airport

 

The work on the new passenger terminal is currently underway.

 

Salta Airport

 

The renovation and expansion of the passenger terminal is underway.

 

Rio Cuarto Airport

 

The following works are currently underway:

 

-      Rehabilitation of Runway 05-23; and

-      Renovation of the Beacon System.

 

2. Equity structure

 

In order to appreciate the evolution of the Company's activities, the comparative consolidated equity structure of the financial statements at June 30, 2025, 2024, 2023, 2022 and 2021, is presented.

 

    06.30.25     06.30.24     06.30.23     06.30.22     06.30.21  
                               
    Millions of $  
Current Asset     320,966       282,269       314,711       393,084       197,107  
Non-current Assets     2,327,473       2,367,154       2,275,674       2,186,610       2,243,613  
Total Assets     2,648,439       2,649,423       2,590,385       2,579,694       2,440,720  
                                         
Current liabilities     220,893       215,013       242,705       378,404       523,462  
Non- Current Liabilities     1,000,093       1,010,400       1,089,015       1,185,486       900,562  
Total Liabilities     1,220,986       1,225,413       1,331,720       1,563,890       1,424,024  
                                         
Net equity attributable to majority shareholders     1,426,978       1,423,868       1,259,067       1,015,783       1,016,681  
Non-controlling interest     475       142       (402 )     21       15  
Net Equity     1,427,453       1,424,010       1,258,665       1,015,804       1,016,696  
Total     2,648,439       2,649,423       2,590,385       2,579,694       2,440,720  

 

32


 

 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

3. Results structure

  

The following is a summary of the evolution of the consolidated statements of comprehensive income for the six-month periods ended at June 30, 2025, 2024, 2023, 2022 and 2021.

 

    06.30.25     06.30.24     06.30.23     06.30.22     06.30.21  
                               
    Millions of $  
 Gross Profit     197,465       221,391       220,363       153,645       15,827  
Administrative and distribution and marketing expenses     (65,258 )     (56,687 )     (52,545 )     (29,561 )     (26,309 )
Other net income and expenses     7,488       10,637       11,693       9,693       (9,939 )
Operating profit     139,695       175,341       179,511       133,777       (20,421 )
Income and financial costs     (27,224 )     363,284       25,552       48,525       50,764  
Result by exposure to changes in the acquisition power of currency     (5,352 )     (26,955 )     (19,437 )     23,551       (6,968 )
Result from participation in related parties     -       (1 )     (6 )     (27 )     -  
Income before tax     107,119       511,669       185,620       205,826       23,375  
Income tax     (33,281 )     (209,182 )     (38,180 )     23,369       (50,289 )
Result of the period     73,838       302,487       147,440       229,195       (26,914 )
Other comprehensive incomes     -       -       -       -       -  
Comprehensive income for the period     73,838       302,487       147,440       229,195       (26,914 )
Result attributable to majority shareholders     73,664       302,268       147,588       229,195       (26,914 )
Non controlling interest     174       219       (148 )     -       -  

 

4. Cash flow structure

 

    06.30.25     06.30.24     06.30.23     06.30.22     06.30.21  
                               
    Millions of $  
Cash Flow generated by operating activities     137,619       52,826       61,597       37,819       24,263  
Cash Flow (used in) / generated by investing activities     (12,754 )     (10,982 )     (22,728 )     (61,147 )     4,186  
Cash Flow used in financing activities     (113,009 )     (82,278 )     (64,989 )     (6,989 )     (74,562 )
Net Cash Flow generated by / (used in) the period     11,856       (40,434 )     (26,120 )     (30,317 )     (46,113 )

 

33


 

 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

5. Analysis of operations for the six-month periods ended at June 30, 2025 and 2024

 

5.1 Results of operations

 

Income

 

The following table shows the composition of consolidated revenues for the six-month periods ended at June 30, 2025 and 2024:

 

    06.30.2025         06.30.2024      
Revenues   Millions of $     % Revenues     Millions of $     % Revenues  
Aeronautical revenues     320,865       57.55 %     323,542       58.50 %
Non-aeronautical revenues     236,640       42.45 %     229,563       41.50 %
Total     557,505       100.00 %     553,105       100.00 %

 

The following table shows the composition of the aeronautical revenues for the six-month periods ended at June 30, 2025 and 2024:

 

  06.30.2025         06.30.2024      
Aeronautical revenues   Millions of $     % Revenues     Millions of $     % Revenues  
Landing fee     23,894       7.45 %     27,734       8.57 %
Parking fee     8,141       2.54 %     10,307       3.19 %
Air station use rate     288,830       90.02 %     285,501       88.24 %
Total     320,865       100.00 %     323,542       100.00 %

 

Costs

 

The cost of sales had the following variation:

 

    Millions of $  
Costs of sales for the period ended at 06.30.2025     360,208  
Costs of sales for the period ended at 06.30.2024     331,872  
Variation     28,336  

 

Distribution and marketing expenses

 

The distribution and marketing expenses had the following variation:

 

    Millions of $  
Distribution and commercial expenses for the period ended 06.30.2025     35,144  
Distribution and commercial expenses for the period ended at 06.30.2024     32,973  
Variation     2,171  

 

34


 

 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

5. Analysis of operations for the six-month periods ended at June 30, 2025 and 2024 (Contd.)

 

5.1 Results of operations (Contd.)

 

Administrative Expenses

 

The administrative expenses had the following variation:

 

    Millions of $  
Administrative expenses for the period ended at 06.30.2025     30,114  
Administrative expenses for the period ended at 06.30.2024     23,714  
Variation     6,400  

 

Income and financial costs

 

Net financial income and costs totaled a loss of $27,224 million during the six-month period ended at June 30, 2025 with respect to $363,284 million revenue during the same period of the previous year.

 

The variation is mainly due to the result arising from exposure to foreign currency.

 

Other incomes and expenditures

 

The other net income and expenses item recorded a gain of approximately $7,488 million during the six-month period ended June 30, 2025 compared to a gain of $10,637 million in the same period of the previous year.

 

5.2 Liquidity and Capital Resources

 

Capitalization

 

The total capitalization of the Group as of June 30, 2025 amounted to $2,120,156 million, composed of $692,703 million of financial debt and equity of $1,427,453 million, while the total capitalization of the Group as of December 31, 2024 amounted to $2,201,601 million, composed of $777,591 million of financial debt and equity of $1,424,010 million.

 

Debt as a percentage of total capitalization amounted to approximately 32.67% and 35.32% as of June 30, 2025 and 2024, respectively.

 

Financing

 

See in detail Note 8 to these Condensed Consolidated Interim Financial Statements.

 

35


 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

6. Index

 

The information refers to the six-month periods ended at June 30, 2025, 2024, 2023, 2022 and 2021:

 

    06.30.25     06.30.24     06.30.23     06.30.22     06.30.21  
Liquidity (1)     1.524       1.453       1.395       1.153       0.478  
Solvency (1)     1.184       1.190       0.964       0.449       0.693  
Immobilization of capital     0.879       0.893       0.879       0.766       0.895  
Cost effectiveness     0.053       0.238       0.124       0.222       (0.026 )

 

(1) Current liabilities and non-current liabilities do not include deferred profits or additional consideration for concessionaries.

 

7. Statistical data

 

Passengers

 

The information detailed below is based on extra-budgetary statistics compiled by the Company. Number of passengers (in thousands) for the six-month periods ended at June 30, 2025, 2024, 2023, 2022 and 2021:

 

    06.30.25     06.30.24     06.30.23     06.30.22     06.30.21  
Airport   Thousands of passengers  
Aeroparque     8,725       7,010       7,478       5,714       820  
Ezeiza     5,781       5,479       5,045       3,098       1,840  
Córdoba     1,532       1,393       1,386       963       234  
Mendoza     1,267       1,086       1,131       754       220  
Bariloche     1,111       994       1,050       890       377  
Iguazú     881       675       757       513       101  
Salta     690       614       722       565       169  
Tucumán     397       347       419       320       104  
C. Rivadavia     280       250       270       191       63  
Jujuy     238       267       297       213       66  
Total     20,902       18,115       18,555       13,221       3,994  
Overall total     22,039       19,252       19,817       14,275       4,308  
Variation     14.5 %     -2.9 %     38.8 %     231.4 %     -51.1 %

 

36 


 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

7. Statistical data (Contd.)

 

Movement of aircraft

 

Amount of movement of aircraft for the six-month periods ended at June 30, 2025, 2024, 2023, 2022 and 2021 of the ten airports that represent more than 80% of the total movements of the airport system:

 

Airport   06.30.25     06.30.24     06.30.23     06.30.22     06.30.21  
Aeroparque     69,956       58,316       61,894       46,777       10,057  
Ezeiza     36,853       36,595       34,218       22,189       19,416  
San Fernando     27,019       25,874       30,393       29,456       21,653  
Córdoba     13,430       12,886       13,427       9,841       3,790  
Mendoza     11,042       10,050       10,517       7,299       3,000  
Bariloche     8,464       7,427       8,066       6,838       3,951  
Salta     8,463       8,175       7,854       5,480       2,298  
Iguazú     6,434       5,160       5,666       4,092       1,282  
San Rafael     4,357       4,414       2,178       2,481       2,005  
Tucuman     3,904       3,289       3,957       2,794       1,441  
Mar del Plata     3,578       4,245       3,954       3,156       1,949  
Total     193,500       176,431       182,124       140,403       70,842  
Overall Total     223,887       206,909       214,954       168,679       89,233  
Variation     8.2 %     -3.7 %     27.4 %     89.0 %     -12.2 %

 

37 


 

 

 

Summary Report required by article 4 of Chapter III of Title IV of the

Rules of the National Securities Commission (N.T. 2013 and mod.)

At June 30, 2025 presented in comparative form

 

Outlook for 2025

 

Traffic continued to show strong performance this quarter, reaching a new all-time high for a second quarter.

 

In the international segment, traffic experienced sustained growth, with an 18% increase compared to the same period of the previous year, similar to the 20% growth recorded in first quarter of 2025. This increase was driven by higher flight frequencies to key international destinations along with new routes that began operating during the second quarter, mainly to regional destinations. Compared to 2019, international traffic exceeded the same period by 7%. The domestic segment also showed solid performance, with year-over-year growth of 17%, well above the 8% registered in the first quarter of the year and 17% higher than the first quarter of 2019. This growth was supported by an expansion of the domestic fleet, with airlines incorporating new aircraft to increase flight offerings and frequencies.

 

Looking ahead to the rest of the year, we expect growth trends to continue across both segments. As such, 2025 is on track to become a record year for passenger traffic.

 

In line with the higher level of activity, commercial revenues delivered solid performance, with a notable improvement in parking services, driven by higher occupancy levels, increased parking availability, and tariff updates. Additionally, Duty-Free sales performed better compared to the previous year.

 

On the other hand, the Company’s operating costs, primarily those denominated in local currency, continued to be affected by the macroeconomic environment. We have advanced and are actively executing cost control measures and efficiency initiatives aimed at preserving operating margins.

 

Lastly, as part of the contractual investment plan, we continue to make progress in line with the established timeline. We are currently executing the second phase of the 2025 capex program, following the completion of phase I at the end of 2024. The plan includes runway works and terminal upgrades across several provinces, aimed at increasing capacity and/or improving service levels at each airport.

 

38 


 

 

 

REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

To the Shareholders, President and Directors of
Aeropuertos Argentina 2000 S.A.
Legal address: Honduras 5663
Autonomous City of Buenos Aires
Tax Code: 30-69617058-0

 

Report on the condensed consolidated interim financial statements

 

Introduction

 

We have reviewed the accompanying condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. and its subsidiaries (hereinafter "the Company") which comprise the consolidated statements of financial position as of June 30, 2025, the consolidated statements of comprehensive income for the periods of six and three months ended June 30, 2025, changes in equity and cash flows for six-months period ended June 30, 2025 and selected explanatory notes.

 

Responsibilities of the Board of Directors

 

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with the IFRS accounting standards and therefore responsible for the preparation and presentation of the condensed consolidated interim financial statements. mentioned in the first paragraph in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

 

Scope of review

 

Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on the review we have performed, which was performed in accordance with the International Standard for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which was adopted as a review standard in Argentina through Technique Resolution FACPCE No. 33 as approved by the International Auditing and Assurance Standards Board (IAASB). A review of condensed consolidated interim financial statements consists of making inquiries primarily of personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially narrower in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not allow us to be confident that we have identified all significant matters that might be noted in an audit. Accordingly, we do not express an audit opinion.

 

  Price Waterhouse & Co. S.R.L.
  Bouchard 557, 8th floor
  C1106ABG - Autonomous City of Buenos Aires, Argentina
  T: +(54.11) 4850.0000
   
www.pwc.com.ar  

 

 


 

Conclusion

 

Based on our review, nothing has come to our attention that causes us to believe that accompanying the condensed consolidated interim financial statements mentioned in the first paragraph of this report are not prepared, in all material respects, in accordance with International Accounting Standard 34.

 

Report on the compliance with current regulations

 

In compliance with current provisions, we report, with respect to Aeropuertos Argentina 2000 S.A., that:

 

a)            the condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. are pending to be recorded in the book Inventory and Balance Sheets;

 

b)            the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations;

 

c)            we have read the summary of information, on which, in what is a matter of our competence, we have no observations to formulate;

 

d)            as of June 30, 2025, the debt accrued in favor of the Integrated Argentine Social Security System of Aeropuertos Argentina 2000 S.A. that arises from the Company's accounting records amounted to $5,523,996,370, not being payable as of that date.

 

Autonomous City of Buenos Aires, August 6, 2025.

 

PRICE WATERHOUSE & CO. S.R.L.  
   
by (Partner)  
Juan Manuel Gallego Tinto  

 

2 


 

SURVEILLANCE COMMITTEE REPORT

 

To the shareholders of

AEROPUERTOS ARGENTINA 2000 S.A.

 

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. (the “Company”) and its subsidiaries, which comprise the consolidated statement of financial position as of June 30, 2025, the consolidated statements of comprehensive income for the periods of six and three months ended June 30, 2025, changes in equity and cash flows for six-month period ended June 30, 2025 and selected explanatory notes.

 

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

 

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

 

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated August 6, 2025, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

 

As stated in the section "Board Responsibility" of the external auditor's report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

 

 


 

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing, or production, since these issues are the sole responsibility of the Board of Directors.

 

Based on our review, with the scope described above, we hereby inform that the condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. as of June 30, 2025 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

 

In exercise of our legal supervision duties, during the period under review, we performed the procedures set forth in Article 294 of Act No. 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

 

Autonomous City of Buenos Aires, August 6, 2025.

 

     

Patricio A. Martin

By Surveillance Committee

 

 

 

EX-99.2 3 tm2523106d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2 

 

 

 

Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format

 

 


 

 

 

 

Index

 

Glossary
Separate Condensed Interim Financial Statements
Separate Statements of Comprehensive Income
Separate Statements of Financial Position
Separate Statements of Changes in Equity
Separate Statements of Cash Flows
Notes to the Separate Condensed Interim Financial Statements
Review Report of the Separate Condensed Interim Financial Statements
Report of the Supervisory Committee

 

Glossary

 

Term Definition
$ Argentine peso
U$S US dollar
EUR Euro
GBP Sterling pound
CAD Canadian dollar
The Company Aeropuertos Argentina 2000 S.A.
BCRA Acronym for Central Bank of Argentine Republic
BNA Bank of Argentine Nation
BO Official Gazette
CAAP Corporación América Airports S.A.
CINIIF Committee on Interpretations of International Financial Reporting Standards
CNV National Securities Commission
CPCECABA Professional Council of Economic Sciences of the Autonomous City of Buenos Aires
FACPCE Argentine Federation of Professional Councils of Economic Sciences
IASB Acronym for International Accounting Standards Board
IATA Acronym for International Air Transport Association
INDEC Acronym for National Institute of Statistics and Censuses
IPC Consumer Price Index (General Level)
MULC Acronym for Free  Exchange Market
NIC International Accounting Standards
NIIF International Financial Reporting Standards
OACI International Civil Aviation Organization
ON Negotiable Obligations
ORSNA Acronym for Regulatory Body of the National Airport System
PEN National Executive Power
PFIE Financial Projection of Income and Expenditures
PIK Acronym for payment in kind
PP&E Property , Plant & Equipment
RECPAM Result from Exposure to Changes in the Purchasing Power of the Currency
SNA National Airport System
TNA Nominal annual interest rate
TO Ordered Text

 

 


 

 

 

 

Registration number with the Superintendency of Corporations: 1645890

 

Honduras 5663 – Autonomous City of Buenos Aires

 

Principal activity of the Company: Exploitation, administration and operation of airports.

 

Company name: Aeropuertos Argentina 2000 S.A.

 

Separate Condensed Interim Financial Statements

For the six-month period of the

Fiscal Year N° 28 commenced January 1, 2025

 

Date of registration with the Public Registry of Commerce:

 

Of the By-laws: February 18, 1998

Of the last modification of the By-laws: January 03, 2023

 

Expiration date of the company: February 17, 2053

 

Controlling Company:

Corporate Name: Corporación América S.A.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

Participation of the Parent Company in common stock and total votes: 45,90%

 

Capital breakdown (Note 14):

 

Issued Common Shares of N/V $1 and 1 vote each:
    Subscribed     Paid-in  
             
    $  
79,105,489 Class "A" Shares     79,105,489       79,105,489  
79,105,489 Class "B" Shares     79,105,489       79,105,489  
61,526,492 Class "C" Shares     61,526,492       61,526,492  
38,779,829 Class "D" Shares     38,779,829       38,779,829  
      258,517,299       258,517,299  

 

1


 

 

 

 

Separate Statement of Comprehensive Income 

For the three and six month periods ended at June 30, 2025 and 2024

 

          Three months at     Six months at  
          06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                               
    Note     Millions of $  
Continuous Operations                                        
Sales income     3       275,395       235,102       555,696       549,315  
Construction income             28,679       47,120       51,719       94,884  
Cost of service     4.1       (181,522 )     (158,923 )     (361,353 )     (330,887 )
Construction costs             (28,599 )     (47,047 )     (51,551 )     (94,725 )
Income for gross profit for the period             93,953       76,252       194,511       218,587  
Distribution and selling expenses     4.2       (18,362 )     (14,654 )     (34,852 )     (32,631 )
Administrative expenses     4.3       (14,406 )     (10,713 )     (28,766 )     (22,306 )
Other income and expenses, net     5.1       4,991       5,090       7,436       10,671  
Operating profit for the period             66,176       55,975       138,329       174,321  
Finance Income     5.2       12,693       (16,478 )     11,142       (126,114 )
Finance Costs     5.3       (46,033 )     64,693       (38,322 )     489,570  
RECPAM             (2,820 )     (3,312 )     (5,245 )     (25,934 )
Result from exposure to changes in the purchasing power of the currency             763       (879 )     774       (2,068 )
Income before income tax             30,779       99,999       106,678       509,775  
Income tax     5.4       (2,749 )     (49,335 )     (33,014 )     (207,507 )
Income for the period for continuous operations             28,030       50,664       73,664       302,268  
Net Income for the period             28,030       50,664       73,664       302,268  
Other comprehensive income             -       -       -       -  
Comprehensive Income for the period             28,030       50,664       73,664       302,268  
                                         
Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations             108.2239       195.6139       284.4170       1,167.0579  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

2


 

 

 

 

Separate Statements of Financial Position

At June 30, 2025 and December 31, 2024

 

          06.30.2025     12.31.2024  
                   
    Note     Millions of $  
Assets                        
Non- Current Assets                        
Investments accounted for by the equity method     6       2,460       1,686  
Intangible Assets     7       2,223,993       2,258,208  
Rights of use             3,705       5,094  
Other receivables             57,572       50,682  
Investments             41,035       57,359  
Total Non-Current Assets             2,328,765       2,373,029  
Current Assets                        
Other receivables     9.1       17,087       26,237  
Trade receivables, net     9.2       101,744       108,247  
Investments     9.3       55,040       25,660  
Cash and cash equivalents     9.4       143,252       121,657  
Total Current Assets             317,123       281,801  
Total Assets             2,645,888       2,654,830  
Shareholders’ Equity and Liabilities                        
Equity attributable to majority shareholders                        
Common shares             259       259  
Share Premium             137       137  
Capital adjustment             159,033       159,033  
Legal and facultative reserve             1,193,885       857,119  
Retained earnings             73,664       336,644  
Subtotal             1,426,978       1,353,192  
Liabilities                        
Non-Current Liabilities                        
Provisions and other charges     11       6,185       8,333  
Financial debts     8       608,974       644,437  
Deferred income tax liabilities             382,024       349,010  
Lease liabilities             1,005       2,436  
Accounts payable and others     9.5       1,007       1,116  
Total Non- Current Liabilities             999,195       1,005,332  
Current Liabilities                        
Provisions and other charges     11       17,762       51,314  
Financial debts     8       83,729       96,494  
Lease liabilities             3,168       3,129  
Accounts payable and others     9.5       102,587       131,580  
Fee payable to the Argentine National Government     10       12,469       13,789  
Total Current Liabilities             219,715       296,306  
Total Liabilities             1,218,910       1,301,638  
Total Shareholder’s Equity and Liabilities             2,645,888       2,654,830  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

3


 

 

 

 

Separate Statements of Changes in Equity

At June 30, 2025 and 2024

 

    Attributable to majority shareholders  
    Common
Shares
    Share
Premium
    Adjustment
of capital
    Legal
Reserve
    Facultative
Reserve
    Other
Reserves
    Retained
Earnings
    Total
Equity
 
                                                 
    In millons of $  
Balance at 01.01.25     259       137       159,033       31,840       820,397       4,882       336,644       1,353,192  
Resolution of the Assembly of April 29, 2025 – Constitution of reserves (note 15)     -       -       -       -       336,644       -       (336,644 )     -  
Compensation plan     -       -       -       -       -       122       -       122  
Net Income for the period     -       -       -       -       -       -       73,664       73,664  
Balance at 06.30.2025     259       137       159,033       31,840       1,157,041       5,004       73,664       1,426,978  
                                                                 
Balance at 01.01.24     259       137       159,983       31,860       900,933       4,545       23,759       1,121,476  
Resolution of the Assembly of April 24, 2024 – Constitution of reserves (note 15)     -       -       -       147       23,612       -       (23,759 )     -  
Compensation plan     -       -       -       -       -       124       -       124  
Net Income for the period     -       -       -       -       -       -       302,268       302,268  
Balance at 06.30.2024     259       137       159,983       32,007       924,545       4,669       302,268       1,423,868  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

4


 

 

 

 

Separate Statements of Cash Flow

For the six-month periods ended at June 30, 2025 and 2024

 

          06.30.2025     06.30.2024  
                   
    Note     Millions of $  
Cash Flows from operating activities                        
Net income for the period             73,664       302,268  
Adjustment for:                        
Income tax             33,014       207,507  
Amortization of intangible assets     4/7     81,883       59,362  
Depreciation right of use     4       1,389       1,397  
Bad debts provision     4       3,002       2,218  
Specific allocation of accrued and unpaid income             12,469       10,949  
Income of investments accounted for by the equity method     6       (774 )     2,068  
Compensation plan             122       124  
Accrued and unpaid financial debts interest costs     8       25,718       34,990  
Accrued deferred revenues and additional consideration     11       (10,399 )     (10,546 )
Accrued and unpaid Exchange differences             12,664       (383,237 )
Litigations provision     11       1,083       524  
Inflation Adjustment             (11,133 )     (62,266 )
Changes in operating assets and liabilities:                        
Changes in trade receivables             (10,864 )     (22,829 )
Changes in other receivables             (7,477 )     (19,223 )
Changes in commercial accounts payable and others             (11,492 )     26,545  
Changes in provisions and other charges             3,158       6,469  
Changes in specific allocation of income to be paid to the Argentine National State             (11,959 )     (9,644 )
Increase of intangible assets             (47,668 )     (94,884 )
Net cash Flow generated by operating activities             136,400       51,792  
Cash Flow for investing activities                        
Acquisition of investments             (28,080 )     (14,401 )
Collection of investments             16,219       3,483  
Net Cash Flow applied to investing activities             (11,861 )     (10,918 )
Cash Flow from financing activities                        
New Financial debts     8       109       -  
Payment of leases             (1,607 )     (1,987 )
Financial debts paid- principal     8       (47,817 )     (48,215 )
Financial debts paid- interests     8       (34,105 )     (32,025 )
Payment of dividends             (29,567 )     -  
Net Cash Flow applied to financing activities             (112,987 )     (82,227 )
Net Increase / (Decrease) in cash and cash equivalents             11,552       (41,353 )
Changes in cash and cash equivalents                        
Cash and cash equivalents at the beginning of the period             121,657       182,325  
Net increase / (decrease) in cash and cash equivalents             11,552       (41,353 )
Inflation adjustment generated by cash and cash equivalents             11,932       50,426  
Foreign Exchange differences by cash and cash equivalents             (1,889 )     (50,052 )
Cash and cash equivalents at the end of the period             143,252       141,346  

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

5


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format

 

NOTE 1 – COMPANY ACTIVITIES

 

Aeropuertos Argentina 2000 S.A. (“AA2000” or the “Company”) was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the “A” Group of the Argentine National Airport System. “A” Group includes 33 airports that operate in Argentina (the “Concession”).

 

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

 

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

 

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

 

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

 

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement until December 2022 of certain commitments duly assumed.

 

On July 28, 2023, the ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC and FINANCIAL REGULATION MANAGEMENT referring to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group “A” of the National Airport System corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of the international passenger traffic at values similar to 2019.

 

By virtue of this, the Company made a judicial presentation (Aeropuertos Argentina 2000 SA C/ ORSNA - RES 56/23 S/Proceso de Conocimiento) within the framework of the agreements entered into in File 56,695/2019.

 

6


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 1 – COMPANY ACTIVITIES (Contd.)

 

As resolved by the Resolution RESFC-2023-56-APN-ORSNA#MTR, and within the review process corresponding to the period 2018-2022, the ORSNA issued resolutions RESFC-2023-65-APN-ORSNA#MTR and RESFC-2023-66-APN-ORSNA#MTR. The Company filed an appeal for reconsideration against said resolutions and requested the suspension of their effects. Similarly, a lawsuit was filed in the case AEROPUERTOS ARGENTINA 2000 SA C/ ORSNA - RES 56/23 S/PROCESO DE CONOCIMIENTO, File CAF 032610/2023, based on the agreements entered into and approved in File 56,695/2019.

 

On November 27, 2023, ORSNA and the Company signed a Minute by which they agreed: (i) to suspend the ongoing procedural deadlines until June 30, 2024, (ii) that the Company must contract at its own expense. a passenger traffic consulting study; (iii) postpone until May 30, 2024 the ordinary annual review of the Financial Projection of Income and Expenses of the Concession, corresponding to all periods until December 31, 2023.

 

Due to the change in management of the National Government, and in order to comply with what was opportunely agreed, on August 9, 2024, ORSNA and the Company signed a new Meeting Minutes by which the ordinary annual review of the Financial Projection of Income and Expenditures of the Concession, corresponding to all periods until December 31, 2023, was postponed until October 30, 2024. It was also agreed to postpone until November 30, 2024 the deadline for the Regulatory Body to adopt the definitive measures that, being within its competence, allow the restoration of the financial economic equation of the Concession and to suspend until December 31, 2024 the procedural deadlines in the aforementioned judicial case.

 

On December 9, 2024, the ORNSA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR approving the Revisions of the Financial Projection of Income and Expenses corresponding to the periods 2021, 2022 and 2023. The Company requested the review of some aspects thereof. Pursuant to the parties' request, the procedural deadlines for the aforementioned legal action are suspended until August 11, 2025.

 

To date, the Company has fulfilled the commitments assumed.

 

Furthermore, under the terms of the concession contract, the National State has the right to rescue the Concession as of February 13, 2018. In the event that the National State decides to rescue the Concession, it must pay the Company compensation.

 

NOTE 2 – ACCOUNTING POLICIES

 

These Separate Condensed Interim Financial Statements of the Company are presented in millions of Argentine pesos, except for share data or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash (“-”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the relevant information figure, after rounding, amounts to zero. The Company’s Board of Directors approved them for issuance on August 6, 2025.

 

7


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

The CNV (NSC in English), through article 1 of Chapter III of Title IV of the CNV Standards (N.T. 2013 and mod.), has established the application of Technical Resolution No. 26 (and its modifications) of the FACPCE, that adopt the IFRS, issued by the IASB, for entities included in the public offering regime, either for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

 

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 “First Time Adoption of the IFRS” was January 1, 2011.

 

These Condensed Individual Interim Financial Statements of the Company for the six-month period ended June 30, 2025 are presented based on the application of the guidelines established in IASB No. 34 “Intermediate Financial Information”. Therefore, they must be read together with the company's consolidated financial statements as of December 31, 2024 prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

 

1) Comparative Information

 

The information included in these financial statements was extracted from the Separate Condensed Interim Financial Statements of AA2000 as of June 30, 2024 and the Consolidated Financial Statements at December 31, 2024, timely approved by the Company’s Board and Shareholders and restated at the closing currency at June 30, 2025, based on the application of IASB 29 (see Note 3.7).

 

2) Controlled Companies

 

Controlled Companies are all the entities where the Company has the power to control operating and financial policies, generally with a controlling share over 50%. At the moment of determining if the Company controls an entity the existence and the impact of potential voting rights that could be exercised or converted are taken into account. The controlled companies are consolidated as from the date the control is transferred and excluded from the date such control ceases.

 

The accounting policies of subsidiaries have been modified, where necessary, to ensure the uniformity with the Company policies.

 

8


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

2) Controlled Companies (Contd.)

 

At June 30, 2025, the Company has participation in the following controlled companies (hereafter the Group):

 

 

 

   

Number of
common
shares

    Participation
in capital and
possible
votes
    Net
Shareholders
‘equity at
closing
    Income for
the period
    Book entry
value at
06.30.2025
 
                               
Controlled (1)               Millions of $
Servicios y Tecnología Aeroportuarios S.A. (2)     14,398,848       99.30 %     1,383       374       1,373  
Cargo & Logistics SA.     1,614,687       98.63 %     -       -       -  
Paoletti América S.A.     6,000       50.00 %     1       -       1  
Texelrío S.A.     84,000       70.00 %     1,551       400       1,086  
Villalonga Furlong S.A (3)     56,852       1.46 %     3       -       -  

 

(1) Companies based in Argentina.

(2) Includes adjustments under IFRS for the preparation and presentation of the corresponding Financial Statements.

(3) The Company directly and indirectly owns 98.42% of the capital stock and votes of this entity.

 

3) Segment Information

 

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

 

The Argentine National Government granted the Company the concession of the “A” Group airports of the National Airports System under the basis of “cross-subsidies”: i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

 

All airports must comply with measures of operative efficiency which are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

 

Revenues of the company comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the Financial Projection of Income and Expenses in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

 

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport on the basis of expected passenger flow and air traffic, in the framework of the standards previously mentioned.

 

9


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

4) Accounting policies

 

The collection policies adopted for these interim financial statements are consistent with those used in the Individual Separate Financial Statements as of December 31, 2024.

 

5) Changes in accounting policies and disclosures

 

There were no additional changes in the Group's accounting policies based on the effective application standard issued by the IASB as of January 1, 2025.

 

6) Estimates

 

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

 

In the preparation of these, Separate Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2024.

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Functional and presentation currency

 

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of these Separate Consolidated Interim Financial Statements.

 

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

 

These requirements also correspond to the comparative information of these Separate Consolidated Interim Financial Statements.

 

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company.

 

10


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Functional and presentation currency (Contd.)

 

Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the NIC 29, these Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

 

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (NSC) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

 

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized in the financial statements.

 

The adjustment for inflation in the initial balances was calculated considering the indexes established by the FACPCE based on the price indexes published by the INDEC or an estimate thereof when, at the time of preparing the information, these were not available. As of June 30, 2025, the price index amounted to 8,871.3479, with inflation for the six-month period of 12.8% and year-on-year of 39.7%.

 

Inflation adjustment

 

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

 

11


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Inflation adjustment (Contd.)

 

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements.

 

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

 

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

 

- Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

 

- Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of June 30, 2025. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

 

- Equity: the net equity accounts are expressed in constant currency as of June 30, 2025, applying the corresponding adjustment coefficients at their dates of contribution or origin;

 

- Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items, which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of June 30, 2025, through the application of the relevant conversion factors.

 

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

 

12


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Inflation adjustment (Contd.)

 

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

 

- The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account.

 

- The other result reserves were not restated in the initial application.

 

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

 

Transactions and balances

 

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

 

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

 

Foreign exchange gains and losses are shown in “Finance Income” and/or “Finance Expense” of the comprehensive statement of income.

 

Exchange rates used are the following: buying currency rate for monetary assets and selling currency rate for monetary liabilities, applicable at year-end according to ANB, and at the foreign currency exchange banknote rate applicable at the transaction date.

 

8) Contingencies

 

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

 

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment

 

The income tax income in the six-month period ended at June 30, 2025 was a loss of $33,014 million.

 

13


 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment (Contd.)

 

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $79,219 million, because as of June 30, 2025, the variation of the CPI for the period of 36 months at the end of fiscal year 2025 will exceed 100%.

 

NOTE 3 - SALES INCOME

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Air station use rate     133,151       115,274       288,830       285,501  
Landing fee     11,911       11,655       23,894       27,734  
Parking fee     3,683       4,093       8,141       10,307  
Total aeronautical income     148,745       131,022       320,865       323,542  
Total non-aeronautical income     126,650       104,080       234,831       225,773  
Total     275,395       235,102       555,696       549,315  

 

As of June 30, 2025 and 2024, "over the time" income from contracts with customers for the six-month periods was $467,235 million and $461,142 million, respectively.

 

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES

 

4.1. Sales Cost

 

    Three months at     Six months at  
    06.30.2024     06.30.2025     06.30.2024     06.30.2025  
                         
    Millions of $  
Specific allocation of income     40,664       34,685       82,113       81,257  
Airport services and maintenance     42,849       39,209       83,531       70,530  
Amortization of intangible assets     40,900       30,178       79,613       58,850  
Salaries and social charges     40,821       40,758       85,202       91,014  
Fee     1,613       3,224       3,840       4,687  
Utilities and fees     5,160       5,172       11,200       10,913  
Taxes     1,583       1,057       2,993       2,781  
Office expenses     4,536       3,748       8,745       9,027  
Insurance     10       203       26       431  
Others     2,684       -       2,701       -  
Depreciation rights of use     702       689       1,389       1,397  
Total     181,522       158,923       361,353       330,887  

 

14


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)

 

4.2. Distribution and marketing expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Airport services and maintenance     368       -       368       -  
Amortization of intangible assets     89       2       199       5  
Salaries and social charges     873       84       1,781       193  
Fee     169       27       347       27  
Utilities and fees     4       1       6       1  
Taxes     13,638       11,709       27,063       27,797  
Office expenses     85       19       215       35  
Advertising     1,425       1,681       1,871       2,355  
Provision for bad debts     1,711       1,131       3,002       2,218  
Total     18,362       14,654       34,852       32,631  

 

4.3. Administrative expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Airport services and maintenance     502       412       775       674  
Amortization of intangible assets     1,020       256       2,071       507  
Salaries and social charges     6,836       4,823       14,441       10,990  
Fee     1,199       1,007       2,093       2,322  
Public services and fees     49       -       49       -  
Taxes     1,698       1,624       3,633       3,539  
Office expenses     2,361       2,166       4,163       3,535  
Insurance     557       140       1,196       278  
Fees to the Board of Directors and the Supervisory Committee     184       285       345       461  
Total     14,406       10,713       28,766       22,306  

 

15


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 5 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT

 

5.1 Other net incomes and expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Trust for Strengthening     6,777       5,781       13,685       13,542  
Other     (1,786 )     (691 )     (6,249 )     (2,871 )
Total     4,991       5,090       7,436       10,671  

 

5.2. Finance Income

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Interest     5,944       10,890       12,230       27,186  
Foreign Exchange differences     6,749       (27,368 )     (1,088 )     (153,300 )
Total     12,693       (16,478 )     11,142       (126,114 )

 

5.3 Finance Expenses

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Interest     (13,059 )     (17,246 )     (27,155 )     (37,768 )
Foreign Exchange differences     (32,974 )     81,939       (11,167 )     527,338  
Total     (46,033 )     64,693       (38,322 )     489,570  

 

5.4 Income Tax

 

    Three months at     Six months at  
    06.30.2025     06.30.2024     06.30.2025     06.30.2024  
                         
    Millions of $  
Deferred     (2,749 )     (49,335 )     (33,014 )     (207,507 )
Total     (2,749 )     (49,335 )     (33,014 )     (207,507 )

 

NOTE 6 - INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD

 

    06.30.2025     06.30.2024  
             
    Millions of $  
Initial balance     1,686       4,057  
Income from investments accounted for by the equity method     774       (2,068 )
Balance at June 30     2,460       1,989  

 

16


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 7 - INTANGIBLE ASSETS

 

          06.30.2025     06.30.2024  
                   
    Note     Millions of $  
Original values:                        
Initial Balance             3,781,874       3,618,498  
Acquisitions of the period             51,719       94,884  
Declines of the period             (6,841 )     -  
Balance at June 30             3,826,752       3,713,382  
                         
Accumulated Amortization:                        
Initial Balance             (1,523,666 )     (1,405,870 )
Acquisitions of the period     4       (81,883 )     (59,362 )
Declines of the period             2,790       -  
Balance at June 30             (1,602,759 )     (1,465,232 )
Net balance at June 30             2,223,993       2,248,150  

 

NOTE 8 - FINANCIAL DEBTS

 

8.1 Changes in financial debt:

 

    06.30.2025     06.30.2024  
             
    Millions of $  
Initial Balance     740,931       1,319,415  
New financial debts     109       -  
Financial debts paid     (81,922 )     (80,240 )
Accrued interest     25,718       34,990  
Foreign Exchange differences     7,701       (504,464 )
Inflation adjustment     166       7,890  
Total Net Balance at June 30     692,703       777,591  

 

8.2 Breakdown of financial debt

 

    06.30.2025     12.31.2024  
             
Non-current Financial Debts   Millions of $  
Negotiable Obligations     609,647       645,395  
Cost of issuance of NO     (673 )     (958 )
      608,974       644,437  

 

17


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.2 Breakdown of financial debt (Contd.)

 

    06.30.2025     12.31.2024  
             
Current Financial Debts   Millions of $  
Bank borrowings     8,243       12,179  
Negotiable Obligations     75,791       84,694  
Cost of issuance of NO     (305 )     (379 )
      83,729       96,494  
      692,703       740,931  

 

As of June 30, 2025 and December 31, 2024, the fair value of the financial debt amounts to $624,631 million and $738,103 million, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

 

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited Consolidated Financial Statements as of December 31, 2024.

 

8.3 Negotiable Obligations

 

Class   Start     Maturity     Interest     Currency   Initial
Capital
    Capital in
U$S at
06.30.2025
    Capital in
U$S at
12.31.2024
 
Guaranteed with Maturity in 2027 (1)(2)      02.2017       02.2027       6.875 %   U$S     400.0       8.8       11.3  
Class I Series  2020 (1)(2)(3)      04.2020       02.2027       6.875 % (5)    U$S     306.0       31.6       40.6  
Class I Series  2021 - Additional (1) (2) (3)      10.2021       08.2031       8.500 %   U$S     272.9       272.9       272.9  
Class IV (2) (3)      11.2021       11.2028       9.500 %   U$S     62.0       56.5       62.0  
Class V (3)      02.2022       02.2032       5.500 %   U$S (6)      138.0       138.0       138.0  
Class VI (3)      02.2022       02.2025       2.000 %   U$S (6)      36.0       -       27.1  
Class IX (3)      08.2022 (4)     08.2026       0.000 %   U$S (6)      32.7       22.9       22.9  
Class X (3)      07.2023       07.2025       0.000 %   U$S (6)      25.1       17.9       17.9  
Class XI (3)      12.2024       12.2026       5.500 %   U$S (7)      28.8       28.8       28.8  

 

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) Corresponds to NOs issued under US legislation, from the state of New York.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the NSC on 04.12.2020.

(4) On 07/2023, an additional amount was issued for US$2.7 million, with the same conditions as the original issue.

(5) During the PIK Period (until 05.01.2021) the interest rate was 9.375% per year, period in which the amount of interest was capitalized quarterly. After said period, the interest rate of the NOs is applied.

(6) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(7) The reference ONs are nominated and payable in US dollars.

 

18


 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.3 Negotiable Obligations (Contd.)

 

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred. As of June 30, 2025, the Company complies with financial covenants.

 

As of June 30, 2025, the Company fully canceled Class VI Bonds.

 

As of June 30, 2025, the Company holds Class IX and Class X Bonds in its portfolio totaling US$17 million.

 

8.4 Bank debt

 

Institution   Start     Maturity.     N.A.R.     Currency   Initial
Capital(2)
    Capital at
06.30.2025 (2)
    Capital at
12.31.2024 (2)
 
ICBC - Dubái Branch     07.2022       10.2025       SOFR+ 7.875%(2)      U$S     10.0       6.7       10.00  

 

(1) Balances in the original currency of the financial instrument.

 

(2) Plus applicable withholding tax.

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION

 

9.1 Other receivables

 

9.1.1 Other non-current receivables

 

          06.30.2025     12.31.2024  
                   
    Note     Millions of $  
Trust for Strengthening     10.1       55,764       50,169  
Others             1,808       513  
Total             57,572       50,682  

 

19


 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

 

9.1 Other receivables (contd.)

 

9.1.2 Other current receivables

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Expenses to be recovered             3,080       2,774  
Related parties     10.1       2,089       2,645  
Tax credits             10,720       18,023  
Prepaid Insurance             1,192       2,774  
Others             6       21  
Total             17,087       26,237  

 

9.2 Trade receivables

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Trade receivables             107,744       114,475  
Related parties     10.1       1,955       1,567  
Checks-postdated checks             4,519       2,992  
Subtotal sales credits             114,218       119,034  
Provision for bad debts             (12,474 )     (10,787 )
Total             101,744       108,247  

 

9.2.1 Changes in Bad Debt Provisions

 

    06.30.2025     12.31.2024  
             
    Note     Millions  of $  
Initial balance             10,787       15,450  
Increases of the period     4.2       3,002       2,218  
Foreign exchange difference             1,040       (183 )
Applications of the period             (769 )     (46 )
Inflation adjustment             (1,586 )     (7,212 )
Bad Debts provisions at June 30             12,474       10,227  

 

9.3 Investments

 

9.3.1 Non-current investments

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Negotiable obligations             39,659       51,050  
Negotiable obligations of related companies     10.1       1,376       4,093  
Other financial assets             -       2,216  
Total             41,035       57,359  

 

20 


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

 

9.3 Investments (Contd.)

 

9.3.2 Current investments

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Negotiable Obligations             35,661       16,591  
Negotiable obligations of related companies     10.1       2,751       -  
Other financial assets             16,628       9,069  
Total             55,040       25,660  

 

9.4 Cash and cash equivalents

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Cash and funds in custody             94       165  
Banks     13       32,502       94,525  
Checks not yet deposited             755       555  
Term deposits and others             109,901       26,412  
Total             143,252       121,657  

 

9.5 Commercial accounts payable and other

 

9.5.1 Commercial Accounts payable and other non-current

 

    06.30.2025     12.31.2024  
             
    Millions  of $  
Suppliers     1,007       1,116  
Total     1,007       1,116  

 

9.5.2 Commercial accounts payable and other current

 

    06.30.2025     12.31.2024  
             
    Note     Millions  of $  
Suppliers             48,996       61,594  
Foreign suppliers             5,755       10,194  
Debts with Related Parties     10.1       8,129       6,202  
Salaries and social security liabilities             32,321       45,844  
Other fiscal debts             7,386       7,746  
Total             102,587       131,580  

 

21 


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

 

10.1 Balances with other related parties

 

Balances with other related companies at June 30, 2025 and December 31, 2024 are as follows:

 

    06.30.2025     12.31.2024  
             
Other receivables   Millions  of $  
Other related companies     2,089       2,645  
Total     2,089       2,645  

 

    06.30.2025     12.31.2024  
             
Trade receivables   Millions  of $  
Other related companies     1,955       1,567  
Total     1,955       1,567  

 

    06.30.2025     12.31.2024  
             
Investments   Millions  of $  
Other related companies - non current     1,376       4,093  
Other related companies - current     2,751       -  
Total     4,127       4,093  

 

    06.30.2025     12.31.2024  
             
Accounts payable and other   Millions  of $  
Servicios y Tecnología Aeroportuarios S.A.     3       -  
Texelrio S.A.     1,667       1,018  
Other related companies     6,459       5,184  
Total     8,129       6,202  

 

    06.30.2025     12.31.2024  
             
Provisions and other charges     Millions  of $  
Corporación América S.A.U. – Dividends to be paid                   -       15,649  
Total     -       15,649  

 

22 


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

10.1 Balances with other related parties (Contd.)

 

The balances with the Argentine National State as of June 30, 2025, and December 31, 2024, are as follows:

 

          06.30.2025     12.31.2024  
                   
    Note     Millions  of $  
Debt - Specific Allocation of Income             12,469       13,789  
Debt - Dividends to be paid     11       -       14,279  
Credit - Strengthening Trust (1)             55,764       50,169  

 

(1) To fund the investment commitments of the Company.

 

10.2 Operations with related parties

 

Transactions with related parties during the six-month periods ended June 30, 2025 and 2024 are as follows:

 

With Proden S.A. for office rental and maintenance, the Company has allocated $2,305 million and $2,668 million, respectively.

 

With Texelrío S.A. For maintenance at the airports, the Company has allocated $5,011 million and $1,240 million to the cost, respectively.

 

The Company has allocated to the cost $4,234 million and $3,158 million, respectively, with Grass Master S.A.U. for airport maintenance.

 

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $1,653 million and $1,384 million to the cost, respectively.

 

The Company has allocated to the cost $1,113 million and $888 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

 

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $3,304 million and $2,637 million, respectively.

 

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $589 million and $1,136 million to the cost, respectively.

 

The Company has recorded commercial income of $939 million and $1,182 million with Duty Paid S.A., respectively.

 

23 


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

10.3 Other information about related parties

 

Furthermore, short-term compensation to key management was $1,318 million and $868 million for the six-month periods ended at June 30, 2025 and 2024, respectively.

 

Corporación America S.A. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

 

Corporación America S.A. is controlled by Cedicor S.A., owner of 100% of its capital stock. Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company. Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

 

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

 

24 


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 11 – PROVISIONS AND OTHER CHARGES

 

    Note     At
01.01.25
    Increases /
(Recovery)
    Decreases     Inflation
Adjustment
    Accruals     Exchange
rate
differences
    At 06.30.25     Total Non
Current
   

Total

Current

 
                                                             
          Millions  of $     In millons of $  
Litigations           3,875       1,083       (704 )     (516 )     26       335       4,099       897       3,202  
Deferred Income           15,791       2,711       -       (746 )     (8,800 )     1,031       9,987       2,278       7,709  
Guarantees Received           2,435       (46 )     473       (392 )     -       687       3,157       -       3,157  
Upfront fees from concessionaires           6,008       818       -       -       (1,599 )     -       5,227       2,600       2,627  
Dividends to be paid     10       29,928       -       (29,567 )     (1,482 )     -       1,121       -       -       -  
Others           1,610       218       -       (215 )     (336 )     200       1,477       410       1,067  
Total 2025           59,647       4,784       (29,798 )     (3,351 )     (10,709 )     3,374       23,947       6,185       17,762  

 

    At
01.01.24
    Increases /
(Recovery)
    Decreases     Inflation
Adjustment
    Accruals     Exchange
rate
differences
    At 06.30.24     Total Non
Current
   

Total

Current

 
                                                       
    Millions  of $     In millons of $  
Litigations     6,580       524       (513 )     (3,010 )     -       430       4,011       1,825       2,186  
Deferred Income     35,557       6,347       -       (11,671 )     (9,355 )     1,499       22,377       4,044       18,333  
Guarantees Received     4,542       6       -       (1,898 )     -       142       2,792       -       2,792  
Upfront fees from concessionaires     7,053       972       -       -       (1,191 )     -       6,834       4,411       2,423  
Others     4,609       3       -       (2,101 )     (345 )     366       2,532       1,212       1,320  
Total 2024     58,341       7,852       (513 )     (18,680 )     (10,891 )     2,437       38,546       11,492       27,054  

 

25 


 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format

 

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

 

Item   Foreign currency type
and amount at
06.30.2025
    Foreign
exchange
rates
    Amount in
local currency
at 06.30.2025
    Amount in
local
currency at
12.31.2024
 
Assets                                    
Current Assets                                    
Cash and cash equivalents   U$S     76       1,196       90,739       94,025  
Net trade receivables   U$S     50       1,196       60,210       81,716  
Investments   U$S     46       1,196       55,039       25,659  
Total current assets                         205,988       201,400  
                                     
Non-Current Assets                                    
Investments   U$S     34       1,196       41,034       53,883  
Total Non-Current Assets                         41,034       53,883  
Total Assets                         247,022       255,283  
                                     
Liabilities                                    
Current Liabilities                                    
Provisions and other charges   U$S     2       1,205       2,097       31,917  
Financial debts   U$S     70       1,205       84,034       96,873  
Lease liabilities   U$S     3       1,205       3,168       3,129  
Commercial accounts payable and others   U$S     19       1,205       22,606       28,798  
    EUR     2       1,420.213       2,602       2,765  
    GBP     -       1,655.188       1       -  
    CAD     -       884,6634       89       45  
Total current liabilities                         114,597       163,527  
                                     
Non-Current Liabilities                                    
Provisions and other charges   U$S     1       1,205       1,308       2,433  
Financial debts   U$S     506       1,205       609,647       645,395  
Lease liabilities   U$S     1       1,205       1,005       2,436  
Commercial accounts payable and others   U$S     1       1,205       1,007       1,106  
Total non-current liabilities                         612,967       651,370  
Total liabilities                         727,564       814,897  
Net liability position                         480,542       559,614  

 

26


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 13 – OTHER RESTRICTED ASSETS

 

In addition to what is set forth in notes 1 and 6, within current assets as of June 30, 2025 and December 31, 2024, under the heading of Cash and cash equivalents, balances are maintained in bank accounts specifically allocated for the settlement of negotiable obligations Series 2021 and Class IV for $6,246 million and $5,499 million, respectively.

 

NOTE 14 - CAPITAL STOCK

 

At June 30, 2025 capital stock is as follows:

 

    Par Value  
    $  
Paid-in and subscribed     258,517,299  
Registered with the Public Registry of Commerce     258,517,299  

 

The Company’s capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

 

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. OF APRIL 24, 2024 AND APRIL 29, 2025 (presented in $ in currency as of the date of the meetings)

 

At the special ordinary general meeting of classes A, B, C and D, held on April 24, 2024, which yields a positive result of $9,406,678,415, it is allocated as follows:

 

(i) $58,044,335 to the constitution of the legal reserve, up to 20% of the share capital plus the capital adjustment; and
(ii) The balance of $9,348,634,080 to the constitution of an optional reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

 

At the ordinary general meeting held on October 31, 2024, it was resolved: (i) to rectify the resolution reached at the meeting held on April 24, 2024, and to restate the result of the fiscal year, which as of December 31, 2023, amounted to $9,406,678,415 due to the General Level Consumer Inflation Index for the month of March, which amounted to 51.62%. Said result, re-expressed as of the date of the detailed meeting, for an amount of $14,262,583,889, was resolved to be allocated as follows: (i) $102,181,288 to the establishment of the legal reserve, up to 20% of the adjusted share capital; and (ii) the balance of $14,160,402,601.20 to establish a voluntary reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

 

Having rectified the results for the fiscal year as of April 24, and the shareholders' intention to distribute dividends, at the shareholders' meeting held on October 31, 2024, it was resolved to restate the amount of the voluntary reserve again, this time as of September 30, 2024. The inflation index as of September amounted to 101.58%. Consequently, the amount of the voluntary reserve restated as of September 30 amounted to $737,844,377,142. It was also resolved to partially release the optional reserve up to the equivalent of US$80,000,000 in pesos, equivalent to $79,200,000,000, calculated at the selling exchange rate published by the Banco de la Nación Argentina at the close of business on October 30, 2024, and to distribute dividends to shareholders in proportion to their respective shareholdings in the Company.

 

27


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. OF APRIL 24, 2024 AND APRIL 29, 2025 (presented in $ in currency as of the date of the meetings) (Contd.)

 

At the ordinary and special general meeting of classes A, B, C, and D held on April 29, 2025, it was resolved:

 

(i) to restate the positive result for the fiscal year, which as of December 31, 2024, amounted to the general CPI index accumulated through March, resulting in an adjusted result of $316,986,187,842;

 

(ii) that the restated result be used to establish an optional reserve for the execution of future works plans and for the payment of future dividends, if applicable.

 

NOTE 16 – EARNINGS PER SHARE

 

Relevant information for the calculation per share:

 

    30.06.2025     30.06.2024  
Income for the period (in millions of $)     73,664       302,268  
Amount of ordinary shares (millions)     259       259  
Earnings per shares ($ per share)     284.4170       1,167.0579  

 

NOTE 17 - FINANCIAL RISK MANAGEMENT

 

The Company's activity is exposed to various financial risks: market risk (including exchange rate risk, interest rate fair value risk and price risk), credit risk and liquidity risk.

 

These Condensed Interim Separate Financial Statements must be read in light of the economic context in which the Company operates, which was disclosed in the annual Separate Financial Statements in note 20. Inflation for the first semester of 2025 and the year-over-year inflation rate are indicated in Note 3, the quarterly devaluation was 7,4%.

 

As of the date of these financial statements, there were no significant changes in exposure to market risk, exchange rate risk, interest rate risk, credit risk, or liquidity risk compared to those reported in the annual financial statements closed as of December 31, 2024.

 

In April 2025, the BCRA implemented measures that made access to the MULC more flexible, allowing resident individuals to acquire foreign currency for hoarding without restrictions on amounts or additional requirements. Furthermore, prepayments on income tax and personal property taxes for these transactions were eliminated. For legal entities, measures were introduced.

 

28


 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 17 - FINANCIAL RISK MANAGEMENT (Contd.)

 

Although some specific restrictions and requirements remain in effect.

 

The Company continues to monitor these regulatory changes and assess their impact on financial risk management to identify potential impacts on its equity and financial position and define the necessary courses of action.

 

NOTA 18 - EVENTS SUBSEQUENT TO THE END OF THE PERIOD

 

No events and/or transactions have occurred since the end of the period that could significantly affect the Company's financial and equity situation.

 

29


 

 

REPORT ON REVIEW OF SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS

 

To the Shareholders, President and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

Tax Code: 30-69617058-0

 

Report on the separate condensed interim financial statements

 

Introduction

 

We have reviewed the accompanying separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. and its subsidiaries (hereinafter "the Company") which comprise the separate statements of financial position as of June 30, 2025, the separate statements of comprehensive income for the periods of six and three months ended June 30, 2025, changes in equity and cash flows for six-months period ended June 30, 2025 and selected explanatory notes.

 

Responsibilities of the Board of Directors

 

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with the IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the separate condensed interim financial statements mentioned in the first paragraph in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

 

Scope of review

 

Our responsibility is to express a conclusion on these separate condensed interim financial statements based on the review we have performed, which was performed in accordance with the International Standard for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which was adopted as a review standard in Argentina through Technique Resolution FACPCE No. 33 as approved by the International Auditing and Assurance Standards Board (IAASB). A review of separate condensed interim financial statements consists of making inquiries primarily of personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially narrower in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not allow us to be confident that we have identified all significant matters that might be noted in an audit. Accordingly, we do not express an audit opinion.

 

  Price Waterhouse & Co. S.R.L.
  Bouchard 557, 8th floor
  C1106ABG - Autonomous City of Buenos Aires, Argentina
  T: +(54.11) 4850.0000
www.pwc.com.ar  

 


 

Conclusion

 

Based on our review, nothing has come to our attention that would cause us to believe that the separate condensed interim financial statements mentioned in the first paragraph of this report are not prepared, in all material respects, in accordance with the International Standard of Accounting 34.

 

Report on the compliance with current regulations

 

In compliance with current provisions, we report, with respect to Aeropuertos Argentina 2000 S.A., that:

 

a)            the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. are pending to be transcribed in the book Inventory and Balance Sheets;

 

b)            the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations;

 

c)            as of June 30, 2025, the debt accrued in favor of the Integrated Argentine Social Security System of Aeropuertos Argentina 2000 S.A. that arises from the Company's accounting records amounted to $5,523,996,370, not being payable as of that date.

 

Autonomous City of Buenos Aires, August 6, 2025.

 

PRICE WATERHOUSE & CO. S.R.L.  
   
by (Partner)  
Juan Manuel Gallego Tinto  

 

2


 

SURVEILLANCE COMMITTEE REPORT

 

To the shareholders of

AEROPUERTOS ARGENTINA 2000 S.A.

 

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (the “Company”), which comprise the separate statement of financial position as of June 30, 2025, the separate statements of comprehensive income for the periods of six and three months ended June 30, 2025, of changes in equity and cash flows for the six-months period ended June 30, 2025 and selected explanatory notes.

 

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

 

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

 

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated August 6, 2025, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

 

As stated in the section "Board Responsibility" of the external auditor's report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

 


 

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing, or production, since these issues are the sole responsibility of the Board of Directors.

 

Based on our review, with the scope described above, we hereby inform that the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. as of June 30, 2025 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

 

In exercise of our legal supervision duties, during the period under review, we performed the procedures set forth in Article 294 of Act No. 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

 

Autonomous City of Buenos Aires, August 6, 2025.

 

__________________
Patricio A. Martin
By Surveillance Committee