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6-K 1 tm2531582d1_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 November, 2025

Commission File Number: 333-221916

Corporación América Airports S.A.

(Name of Registrant)

128, Boulevard de la Pétrusse
L-2330, Luxembourg
Grand Duchy of Luxembourg
Tel: +35226258274
Fax: +35226259776
(Address of Principal Executive Office)

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

Form 20-F x

Form 40-F ¨

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

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

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND
NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

This report of foreign private issuer on Form 6-K (this “Form 6-K”) is being filed by Corporación América Airports S.A. (“CAAP” or the “Company”) with the Securities and Exchange Commission. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company’s unaudited condensed consolidated interim financial statements for the three and nine-month period ended September 30, 2025 and 2024 (the “Consolidated Financial Statements”) as Exhibit 99.1. The Consolidated Financial Statements are presented in U.S. Dollars and prepared in accordance with IAS 34, “Interim Financial Reporting”. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended` December 31, 2024, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

Exhibits

Exhibit No.	Description
99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three and nine-month period ended September 30, 2025 and 2024

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 and Compliance

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

Date: November 24, 2025

EX-99.1 2 tm2531582d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and nine-month period ended September 30, 2025 and 2024 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Corporación América Airports S.A.

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

For the three and nine-month period ended September 30, 2025 and 2024

R.C.S. Luxembourg B 174.140

128, Boulevard de la Pétrusse

L – 2330 Luxembourg

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

			For the three-month period ended September 30,						For the nine-month period ended September 30,
	Notes		2025			2024			2025			2024
Revenue		4		527,272			461,809			1,399,522			1,369,855
Cost of services		5		(330,093	)		(319,845	)		(897,163	)		(910,519	)
Gross profit				197,179			141,964			502,359			459,336
Selling, general and administrative expenses		6		(56,465	)		(47,111	)		(158,406	)		(140,174	)
Impairment loss of non-financial assets				(166	)		-			(166	)		-
Other operating income		7		9,535			7,702			22,202			22,517
Other operating expenses				(3,136	)		(1,616	)		(9,802	)		(5,645	)
Operating income				146,947			100,939			356,187			336,034
Share of loss in associates				(987	)		(562	)		(2,143	)		(829	)
Income before financial results and income tax				145,960			100,377			354,044			335,205
Financial income		8		20,231			15,921			47,698			55,070
Financial loss		8		(86,194	)		(31,849	)		(197,081	)		153,118
Inflation adjustment		8		(1,040	)		(3,152	)		(5,694	)		(20,878	)
Income before income tax				78,957			81,297			198,967			522,515
Income tax		9		(20,231	)		(80,636	)		(58,722	)		(261,587	)
Income for the period				58,726			661			140,245			260,928
Attributable to:
Owners of the parent				55,052			14,675			139,985			244,893
Non-controlling interests				3,674			(14,014	)		260			16,035
				58,726			661			140,245			260,928

Earnings per share for profit attributable to the ordinary equity holders of the Group:
Basic earnings per share				0.34			0.09			0.86			1.52
Diluted earnings per share				0.34			0.09			0.86			1.52

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2025			2024			2025			2024
Income for the period		58,726			661			140,245			260,928
Items that will not be reclassified to loss or profit:
Remeasurements of defined benefit obligations		32			(28	)		153			63
Items that may be reclassified to profit or loss:
Changes in the fair value of the instruments used to/from hedge cash flows		366			(2,630	)		595			(2,630	)
Income tax impact of the instruments used to/from hedge cash flows		(88	)		631			(143	)		631
Share of other comprehensive income from associates		319			39			80			69
Currency translation adjustment		(100,200	)		55,147			(118,875	)		429,253
Other comprehensive (loss)/income for the period, net of income tax		(99,571	)		53,159			(118,190	)		427,386
Total comprehensive (loss)/income for the period		(40,845	)		53,820			22,055			688,314
Attributable to:
Owners of the parent		(25,860	)		58,030			51,539			589,086
Non-controlling interests		(14,985	)		(4,210	)		(29,484	)		99,228
		(40,845	)		53,820			22,055			688,314

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

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Notes		At September 30, 2025			At December 31, 2024
ASSETS
Non-current assets
Intangible assets, net		10		3,090,019			3,155,448
Property, plant and equipment, net				83,745			77,801
Right-of-use asset				9,814			9,921
Investments in associates				9,782			11,746
Other financial assets at fair value through profit or loss				5,044			4,237
Other financial assets at amortized cost				100,868			84,618
Deferred tax assets				12,629			13,372
Inventories				316			314
Other receivables				59,770			58,461
Trade receivables				11			18
				3,371,998			3,415,936
Current assets
Inventories				14,886			11,410
Other financial assets at fair value through profit or loss				2,589			3,129
Other financial assets at amortized cost				117,978			82,923
Other receivables				62,772			63,156
Current tax assets				7,094			7,366
Trade receivables				176,832			157,546
Cash and cash equivalents		11		540,388			439,847
				922,539			765,377
Assets classified as held for sale				137			137
				922,676			765,514
Total assets				4,294,674			4,181,450

EQUITY		14
Share capital				165,219			163,223
Share premium				221,434			183,430
Treasury shares				(4,035	)		(4,094	)
Free distributable reserve				378,910			378,910
Non-distributable reserve				1,358,028			1,358,028
Currency translation adjustment				(205,195	)		(116,471	)
Legal reserves				10,017			7,419
Other reserves				(1,334,984	)		(1,319,682	)
Retained earnings				856,254			718,511
Total attributable to owners of the parent				1,445,648			1,369,274
Non-controlling interests				56,851			148,686
Total equity				1,502,499			1,517,960

LIABILITIES
Non-current liabilities
Borrowings		12		1,018,285			1,042,704
Derivative financial instruments liabilities				2,137			3,351
Deferred tax liabilities				386,332			383,369
Other liabilities		13		776,081			621,412
Lease liabilities				5,904			7,010
Trade payables				1,760			1,914
				2,190,499			2,059,760
Current liabilities
Borrowings		12		101,177			115,367
Other liabilities		13		355,739			348,586
Lease liabilities				4,872			3,707
Derivative financial instruments liabilities				994			-
Current tax liabilities				23,509			15,307
Trade payables				115,385			120,763
				601,676			603,730
Total liabilities				2,792,175			2,663,490
Total equity and liabilities				4,294,674			4,181,450

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Attributable to owners of the parent
	Share capital	Share premium	Treasury shares		Free distributable reserves	Non- distributable reserves	Legal reserves	Currency translation adjustment		Other reserves		Retained earnings (1)		Total		Non- controlling interests		Total
Balance at January 1, 2025	163,223	183,430	(4,094	)	378,910	1,358,028	7,419	(116,471	)	(1,319,682	)	718,511		1,369,274		148,686		1,517,960
Income for the period	-	-	-		-	-	-	-		-		139,985		139,985		260		140,245
Other comprehensive income / (loss) for the period	-	-	-		-	-	-	(88,724	)	278		-		(88,446	)	(29,744	)	(118,190	)
Share-based payments reserve (Note 14.a and 14.c)	-	-	59		-	-	-	-		274		356		689		-		689
Transfer to legal reserve (Note 15.c)	-	-	-		-	-	2,598	-		-		(2,598	)	-		-		-
Dividends to non-controlling interests	-	-	-		-	-	-	-		-		-		-		(38,205	)	(38,205	)
Acquisition of non-controlling interests through issuance of shares (Note 14.a, 14.c and 14.d)	1,996	38,004	-		-	-	-	-		(15,854	)	-		24,146		(24,146	)	-
Balance at September 30, 2025	165,219	221,434	(4,035	)	378,910	1,358,028	10,017	(205,195	)	(1,334,984	)	856,254		1,445,648		56,851		1,502,499

Balance at January 1, 2024	163,223	183,430	(4,322	)	378,910	1,358,028	3,676	(482,852	)	(1,313,888	)	438,775		724,980		78,929		803,909
Income for the period	-	-	-		-	-	-	-		-		244,893		244,893		16,035		260,928
Other comprehensive income / (loss) for the period	-	-	-		-	-	-	345,074		(881	)	-		344,193		83,193		427,386
Share-based payments reserve (Note 14.a and 14.c)	-	-	228		-	-	-	-		(160	)	805		873		-		873
Transfer to legal reserve	-	-	-		-	-	3,743	-		-		(3,743	)	-		-		-
Dividends to non-controlling interests	-	-	-		-	-	-	-		-		-		-		(14,942	)	(14,942	)
Other changes in non-controlling interests	-	-	-		-	-	-	-		-		-		-		(8	)	(8	)
Balance at September 30, 2024	163,223	183,430	(4,094	)	378,910	1,358,028	7,419	(137,778	)	(1,314,929	)	680,730		1,314,939		163,207		1,478,146

(1) Retained earnings calculated according to Luxembourg Law are disclosed in Note 15.

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

			For the nine-month period ended September 30,
	Notes		2025			2024
Cash flows from operating activities
Income for the period				140,245			260,928
Adjustments for:
Amortization and depreciation				167,690			149,806
Deferred income tax		9		21,554			238,140
Current income tax		9		37,168			23,447
Impairment loss of non-financial assets				166			-
Share of loss in associates				2,143			829
Loss on disposals of property, plant and equipment				597			229
Gain on disposal of subsidiaries				-			(521	)
Low value, short term and variable lease payments				(1,337	)		(931	)
Share based compensation expenses				689			873
Interest expenses		8		66,973			81,087
Other financial results, net				(8,554	)		(16,196	)
Net foreign exchange		8		43,098			(308,300	)
Government subsidies per Covid-19 context		7		(720	)		(79	)
Other accruals				(397	)		(3,260	)
Inflation adjustment				(3,846	)		(1,690	)
Acquisition of intangible assets				(131,468	)		(152,528	)
Income tax paid				(27,158	)		(32,002	)
Collection due to concession compensation (*)				-			90,609
Unpaid concession fees				46,153			46,045
Changes in liability for concessions		8		65,022			66,369
Changes in working capital		17		(83,530	)		(73,045	)
Net cash provided by operating activities				334,488			369,810

Cash flows from investing activities
Cash contribution in associates				(380	)		(293	)
Acquisition of other financial assets				(148,513	)		(123,299	)
Disposals of other financial assets				100,468			106,800
Acquisition of property, plant and equipment				(10,705	)		(7,148	)
Acquisition of intangible assets				(1,283	)		(1,082	)
Proceeds from property, plant and equipment				169			16
Net cash inflow on disposal of subsidiaries				292			(413	)
Other				2,993			(466	)
Net cash used in investing activities				(56,959	)		(25,885	)

Cash flows from financing activities
Loans obtained		12		11,414			141,733
Guarantee deposits				(376	)		282
Principal elements of lease payments				(3,336	)		(3,352	)
Loans repaid		12		(94,388	)		(234,153	)
Interest paid		12		(53,472	)		(67,026	)
Debt renegotiation expenses		12		(193	)		(2,236	)
Dividends paid to non-controlling interests in subsidiaries				(43,234	)		(14,942	)
Net cash used in financing activities				(183,585	)		(179,694	)
Increase in cash and cash equivalents from continuing operations				93,944			164,231

Movements in cash and cash equivalents
At the beginning of the period				439,847			369,848
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents				6,597			(23,194	)
Increase in cash and cash equivalents from continuing operations				93,944			164,231
At the end of the period		11		540,388			510,885

(*) Corresponds to the net indemnification collected regarding the re-bidding of the International Airport of São Gonçalo do Amarante (Natal Airport) detailed in Note 26.b of the Consolidated Financial Statements for the year ended December 31, 2024.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1	General information
2	Basis of presentation and accounting policies
3	Segment information
4	Revenue
5	Cost of services
6	Selling, general and administrative expenses
7	Other operating results
8	Financial results, net
9	Income tax
10	Intangible assets, net
11	Cash and cash equivalents
12	Borrowings
13	Other liabilities
14	Equity
15	Contingencies, commitments and restrictions on the distribution of profits
16	Related party balances and transactions
17	Cash flow disclosures
18	Fair value measurement of financial instruments
19	Financial risk factors
20	Subsequent events

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General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz.

The Company´s registered office address is 128, Boulevard de la Pétrusse, Luxembourg.

The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy and Ecuador.

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements as of December 31, 2024. Additionally, on May 28, 2025, CAAP entered into a transaction agreement whereby: (i) Dicasa S.A., a wholly-owned subsidiary of CAAP, acquired shares representing 25% of the capital interest in Corporación América Italia S.p.A. (“CAI”) and (ii) as consideration of the acquisition, CAAP delivered 1,996,439 newly issued shares to the seller (the “CAAP Shares”). Therefore, as of September 30, 2025, CAAP indirectly owns 100% of CAI and 62.28% of Toscana Aeroporti S.p.A. (“TA”).

The fiscal year begins on January 1 and ends on December 31.

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on November 21, 2025.

Basis of presentation and accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2024. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

Elimination of all material intercompany transactions and balances between the Company and the other companies and their respective subsidiaries have been made.

The preparation of Condensed Consolidated Interim Financial Statements in accordance with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.

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

Assets and liabilities are classified as current if settlement is expected within twelve months.

- 6 -

Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2024.

Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

Under the terms of IAS 29, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy for accounting purposes as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency. The estimated price index as of September 30, 2025, was 9,386.30 (7,694.01 as of December 31, 2024) and the conversion factor derived from the indexes for the nine-month period ended September 30, 2025, was 1.22 (2.02 for the nine-month period ended September 30, 2024).

Comparative amounts are the figures presented as current year amounts in the relevant prior year consolidated financial statements, according to IAS 21, considering that they were translated into the currency of a non- hyperinflationary economy.

The ongoing application of the re-translation of comparative amounts to closing exchange rates under IAS 21 and the inflation adjustments required by IAS 29 will lead to a difference because the rate at which the hyper-inflationary currency depreciates against a stable currency is rarely equal to the rate of inflation. The inflation adjustment and the translation of comparative amounts in the current period is included in Other comprehensive (loss)/income for the period line.

All items in the Condensed Consolidated Interim Statement of Income and of Comprehensive Income for the nine-month period are restated by applying the relevant conversion factors at the end of the reporting period, as stated in Note 2.X of the Consolidated Financial Statements as of December 31, 2024. According to IAS 29, the three-month period results shown in these Condensed Consolidated Interim Financial Statements have been prepared considering the three-month period results of the subsidiaries in hyperinflationary economies in their functional currency translated into U.S dollars at the closing exchange rate, while prior reported quarterly Condensed Consolidated Interim Statement of Income and of Comprehensive Income in U.S. dollars remain unchanged.

New and amended standards

The following accounting standards and interpretations became applicable for the annual period commencing on or after January 1, 2025:

- Lack of exchangeability – Amendments to IAS 21.

The amendment listed above did not have any material impact on these Condensed Consolidated Interim Financial Statements.

New and amended standards not yet adopted by the Group

The following accounting standards and interpretations have been published but the application are not mandatory for reporting periods ending December 31, 2025 and have not been early adopted by the Group:

- Presentation and Disclosures in Financial Statements – IFRS 18.

- Classification and measurement of financial instruments – Amendments to IFRS 9 and IFRS 7.

The Group is currently assessing the impact these standards, amendments or interpretations will have on the current or future reporting periods and on foreseeable future transactions.

- 7 -

Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within “Unallocated” in the reconciliation, which also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in “Intrasegment Adjustments” within the reconciliation.

The information regarding the Group’s reportable operating segments is consistent with the information presented in Notes 2.W and 4 included in our audited Consolidated Financial Statements for the year ended December 31, 2024, and should be read in conjunction with them.

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax, depreciation and amortization for such segments. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

- 8 -

Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the three-month period ended September 30, 2025
Aeronautical revenue (*)		135,051			12,142			19,096			33,853			21,424			24,481			246,047
Non-aeronautical revenue (*)
Commercial revenue		105,140			19,167			19,327			57,667			7,694			17,842			226,837
Construction service revenue		35,554			537			10,172			3,383			-			5,519			55,165
Other revenue		-			-			4			-			-			1,459			1,463
Revenue		275,745			31,846			48,599			94,903			29,118			49,301			529,512
Salaries and social security contributions		(44,359	)		(5,609	)		(7,467	)		(5,712	)		(3,225	)		(8,068	)		(74,440	)
Concession fees		(35,071	)		(5,804	)		(5,718	)		-			(9,593	)		(3,111	)		(59,297	)
Construction service cost		(35,482	)		(537	)		(10,172	)		(3,285	)		-			(3,261	)		(52,737	)
Maintenance expense		(32,144	)		(1,299	)		(4,989	)		(1,733	)		(1,527	)		(3,516	)		(45,208	)
Amortization and depreciation		(31,567	)		(2,961	)		(2,604	)		(5,723	)		(1,867	)		(2,980	)		(47,702	)
Cost of fuel		-			(72	)		(434	)		(36,395	)		-			-			(36,901	)
Other operational expenditures		(31,989	)		(5,668	)		(6,245	)		(5,195	)		(5,672	)		(11,598	)		(66,367	)
Operational expenditure		(210,612	)		(21,950	)		(37,629	)		(58,043	)		(21,884	)		(32,534	)		(382,652	)
Impairment loss of non-financial assets		-			-			-			-			-			(166	)		(166	)
Other operating income		7,096			2,290			45			41			29			35			9,536
Other operating expenses		(2,662	)		(22	)		(218	)		(213	)		(21	)		-			(3,136	)
Operating income		69,567			12,164			10,797			36,688			7,242			16,636			153,094
Share of income / (loss) in associates		-			-			-			-			-			-			-
Amortization and depreciation		31,567			2,961			2,604			5,723			1,867			2,980			47,702
Adjusted Ebitda		101,134			15,125			13,401			42,411			9,109			19,616			200,796
Construction services revenue		(35,554	)		(537	)		(10,172	)		(3,383	)		-			(5,519	)		(55,165	)
Construction services cost		35,482			537			10,172			3,285			-			3,261			52,737
Adjusted Ebitda excluding Construction Services		101,062			15,125			13,401			42,313			9,109			17,358			198,368

(*) Mainly includes revenues recognized over time, see Note 4.

- 9 -

Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the three-month period ended September 30, 2024
Aeronautical revenue (*)		110,634			10,406			19,650			28,999			21,564			22,294			213,547
Non-aeronautical revenue (*)
Commercial revenue		88,279			16,714			17,687			47,189			7,394			14,950			192,213
Construction service revenue		39,745			175			11,790			1,321			-			4,045			57,076
Other revenue		-			-			4			-			-			896			900
Revenue		238,658			27,295			49,131			77,509			28,958			42,185			463,736
Salaries and social security contributions		(45,954	)		(4,989	)		(6,169	)		(5,665	)		(3,326	)		(6,692	)		(72,795	)
Concession fees		(29,356	)		(5,402	)		(5,465	)		-			(9,663	)		(2,730	)		(52,616	)
Construction service cost		(39,668	)		(175	)		(11,790	)		(1,283	)		-			(3,284	)		(56,200	)
Maintenance expense		(35,246	)		(1,342	)		(4,052	)		(1,444	)		(1,384	)		(2,045	)		(45,513	)
Amortization and depreciation		(27,952	)		(2,743	)		(2,243	)		(5,477	)		(1,787	)		(2,738	)		(42,940	)
Cost of fuel		-			(62	)		(94	)		(30,716	)		-			-			(30,872	)
Other operational expenditures		(32,248	)		(4,906	)		(6,470	)		(4,133	)		(5,818	)		(10,832	)		(64,407	)
Operational expenditure		(210,424	)		(19,619	)		(36,283	)		(48,718	)		(21,978	)		(28,321	)		(365,343	)
Other operating income		5,273			2,263			9			25			25			18			7,613
Other operating expenses		(1,244	)		(3	)		(76	)		(285	)		(8	)		-			(1,616	)
Operating income		32,263			9,936			12,781			28,531			6,997			13,882			104,390
Share of loss in associates		-			-			-			-			-			-			-
Amortization and depreciation		27,952			2,743			2,243			5,477			1,787			2,738			42,940
Adjusted Ebitda		60,215			12,679			15,024			34,008			8,784			16,620			147,330
Construction services revenue		(39,745	)		(175	)		(11,790	)		(1,321	)		-			(4,045	)		(57,076	)
Construction services cost		39,668			175			11,790			1,283			-			3,284			56,200
Adjusted Ebitda excluding Construction Services		60,138			12,679			15,024			33,970			8,784			15,859			146,454

(*) Mainly includes revenues recognized over time, see Note 4.

- 10 -

Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the nine-month period ended September 30, 2025
Aeronautical revenue (*)		384,406			31,811			65,018			76,281			61,188			58,738			677,442
Non-aeronautical revenue (*)
Commercial revenue		288,316			52,149			63,611			131,389			22,440			41,517			599,422
Construction service revenue		75,416			721			23,329			8,135			-			15,801			123,402
Other revenue		-			-			18			-			-			6,070			6,088
Revenue		748,138			84,681			151,976			215,805			83,628			122,126			1,406,354
Salaries and social security contributions		(125,764	)		(16,112	)		(23,958	)		(16,981	)		(9,501	)		(23,247	)		(215,563	)
Concession fees		(98,175	)		(16,343	)		(17,424	)		-			(27,386	)		(7,518	)		(166,846	)
Construction service cost		(75,215	)		(721	)		(23,329	)		(7,904	)		-			(8,254	)		(115,423	)
Maintenance expense		(95,062	)		(3,652	)		(15,026	)		(4,662	)		(5,071	)		(10,181	)		(133,654	)
Amortization and depreciation		(96,399	)		(8,370	)		(8,103	)		(16,808	)		(5,531	)		(8,379	)		(143,590	)
Cost of fuel		-			(203	)		(2,332	)		(80,694	)		-			-			(83,229	)
Other operational expenditures		(89,811	)		(14,957	)		(18,131	)		(14,501	)		(16,527	)		(33,359	)		(187,286	)
Operational expenditure		(580,426	)		(60,358	)		(108,303	)		(141,550	)		(64,016	)		(90,938	)		(1,045,591	)
Impairment loss of non-financial assets		-			-			-			-			-			(166	)		(166	)
Other operating income		18,193			3,204			287			192			32			295			22,203
Other operating expenses		(8,020	)		(26	)		(384	)		(1,339	)		(33	)		-			(9,802	)
Operating income		177,885			27,501			43,576			73,108			19,611			31,317			372,998
Share of income / (loss) in associates		-			-			-			-			-			10			10
Amortization and depreciation		96,399			8,370			8,103			16,808			5,531			8,379			143,590
Adjusted Ebitda		274,284			35,871			51,679			89,916			25,142			39,706			516,598
Construction services revenue		(75,416	)		(721	)		(23,329	)		(8,135	)		-			(15,801	)		(123,402	)
Construction services cost		75,215			721			23,329			7,904			-			8,254			115,423
Adjusted Ebitda excluding Construction Services		274,083			35,871			51,679			89,685			25,142			32,159			508,619

September 30, 2025
Current assets		243,658			106,344			60,647			82,155			56,006			77,092			625,902
Non-current assets		1,790,185			513,611			258,263			222,599			45,853			295,962			3,126,473
Capital Expenditure		75,629			1,612			27,745			12,549			1,145			18,811			137,491
Current liabilities		269,885			215,059			56,092			48,701			50,944			79,990			720,671
Non-current liabilities		790,151			873,470			62,645			131			5,272			150,989			1,882,658

(*) Mainly includes revenues recognized over time, see Note 4.

- 11 -

3	Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the nine-month period ended September 30, 2024
Aeronautical revenue (*)		380,045			30,697			62,992			69,176			61,682			54,540			659,132
Non-aeronautical revenue (*)
Commercial revenue		278,825			51,569			56,968			111,889			20,978			35,920			556,149
Construction service revenue		118,414			692			26,724			4,223			75			6,535			156,663
Other revenue		-			-			9			-			-			3,111			3,120
Revenue		777,284			82,958			146,693			185,288			82,735			100,106			1,375,064
Salaries and social security contributions		(134,241	)		(17,288	)		(21,700	)		(15,653	)		(10,012	)		(20,892	)		(219,786	)
Concession fees		(96,614	)		(16,737	)		(16,045	)		-			(27,704	)		(6,660	)		(163,760	)
Construction service cost		(118,207	)		(692	)		(26,724	)		(4,100	)		(75	)		(5,001	)		(154,799	)
Maintenance expense		(93,452	)		(4,027	)		(12,395	)		(4,457	)		(3,287	)		(6,266	)		(123,884	)
Amortization and depreciation		(79,783	)		(8,549	)		(7,447	)		(15,813	)		(5,309	)		(8,107	)		(125,008	)
Cost of fuel		-			(195	)		(2,657	)		(71,480	)		-			-			(74,332	)
Other operational expenditures		(91,952	)		(14,592	)		(17,708	)		(11,716	)		(17,225	)		(28,123	)		(181,316	)
Operational expenditure		(614,249	)		(62,080	)		(104,676	)		(123,219	)		(63,612	)		(75,049	)		(1,042,885	)
Other operating income		16,906			4,933			13			223			55			247			22,377
Other operating expenses		(4,111	)		(447	)		(323	)		(746	)		(18	)		-			(5,645	)
Operating income		175,830			25,364			41,707			61,546			19,160			25,304			348,911
Share of income / (loss) in associates		(1	)		-			-			-			-			184			183
Amortization and depreciation		79,783			8,549			7,447			15,813			5,309			8,107			125,008
Adjusted Ebitda		255,612			33,913			49,154			77,359			24,469			33,595			474,102
Construction services revenue		(118,414	)		(692	)		(26,724	)		(4,223	)		(75	)		(6,535	)		(156,663	)
Construction services cost		118,207			692			26,724			4,100			75			5,001			154,799
Adjusted Ebitda excluding Construction Services		255,405			33,913			49,154			77,236			24,469			32,061			472,238

December 31, 2024
Current assets		242,657			66,824			42,502			70,306			64,789			54,069			541,147
Non-current assets		1,999,467			461,164			227,452			185,355			47,605			253,599			3,174,642
Capital Expenditure		155,747			2,610			36,479			17,514			4,164			19,170			235,684
Current liabilities		253,577			181,138			30,102			17,211			54,374			65,191			601,593
Non-current liabilities		846,196			704,842			62,821			-			4,282			124,224			1,742,365

(*) Mainly includes revenues recognized over time, see Note 4.

- 12 -

3	Segment information (Cont.)

Reconciliations

Adjusted EBITDA related to the reportable segments reconciles to operating income / (loss) as follows:

	For the three-month period ended September 30, 2025		For the three-month period ended September 30, 2024		For the nine-month period ended September 30, 2025		For the nine-month period ended September 30, 2024
Adjusted Ebitda - Total reportable segment	200,796		147,330		516,598		474,102
Share of loss in associates	-		-		(10	)	(183	)
Amortization and depreciation	(47,702	)	(42,940	)	(143,590	)	(125,008	)
Intrasegment Adjustments	61		1		23		(4	)
Unallocated	(6,208	)	(3,452	)	(16,834	)	(12,873	)
Operating income	146,947		100,939		356,187		336,034

Revenue, operational expenditures, as well as total operating income / (loss) related to the reportable segments are reconciled below to the corresponding totals shown in these Consolidated financial statements. Additionally, other operating income / (loss) is reconciled to income for the period.

	For the three-month period ended September 30, 2025								For the three-month period ended September 30, 2024
	Total reportable segment		Intrasegment Adjustments		Unallocated		Total		Total reportable segment		Intrasegment Adjustments		Unallocated		Total
Revenue	529,512		(4,050	)	1,810		527,272		463,736		(3,734	)	1,807		461,809
Operational expenditure	(382,652	)	4,111		(8,017	)	(386,558	)	(365,343	)	3,735		(5,348	)	(366,956	)
Impairment loss of non-financial assets	(166	)	-		-		(166	)	-		-		-		-
Other operating income	9,536		-		(1	)	9,535		7,613		-		89		7,702
Other operating expenses	(3,136	)	-		-		(3,136	)	(1,616	)	-		-		(1,616	)
Operating income / (loss)	153,094		61		(6,208	)	146,947		104,390		1		(3,452	)	100,939
Share of loss in associates	-		-		(987	)	(987	)	-		-		(562	)	(562	)
Financial income							20,231								15,921
Financial loss							(86,194	)							(31,849	)
Inflation adjustment							(1,040	)							(3,152	)
Income before income tax expense							78,957								81,297
Income tax							(20,231	)							(80,636	)
Income for the period							58,726								661

- 13 -

3	Segment information (Cont.)

Reconciliations (Cont.)

	For the nine-month period ended September 30, 2025								For the nine-month period ended September 30, 2024
	Total reportable segment		Intrasegment Adjustments		Unallocated		Total		Total reportable segment		Intrasegment Adjustments		Unallocated		Total
Revenue	1,406,354		(13,037	)	6,205		1,399,522		1,375,064		(11,301	)	6,092		1,369,855
Operational expenditure	(1,045,591	)	13,062		(23,040	)	(1,055,569	)	(1,042,885	)	11,297		(19,105	)	(1,050,693	)
Impairment loss of non-financial assets	(166	)	-		-		(166	)	-		-		-		-
Other operating income	22,203		(2	)	1		22,202		22,377		-		140		22,517
Other operating expenses	(9,802	)	-		-		(9,802	)	(5,645	)	-		-		(5,645	)
Operating income / (loss)	372,998		23		(16,834	)	356,187		348,911		(4	)	(12,873	)	336,034
Share of loss in associates	10		-		(2,153	)	(2,143	)	183		-		(1,012	)	(829	)
Financial income							47,698								55,070
Financial loss							(197,081	)							153,118
Inflation adjustment							(5,694	)							(20,878	)
Income before income tax expense							198,967								522,515
Income tax							(58,722	)							(261,587	)
Income for the period							140,245								260,928

Assets and liabilities related to the reportable segments reconcile to the corresponding totals shown in these Consolidated financial statements as follows:

	At September 30, 2025					At December 31, 2024
	Total reportable segment	Intrasegment Adjustments		Unallocated	Total	Total reportable segment	Intrasegment Adjustments		Unallocated	Total
Current assets	625,902	(261,382	)	558,156	922,676	541,147	(92,626	)	316,993	765,514
Non-current assets	3,126,473	(66,197	)	311,722	3,371,998	3,174,642	(47,044	)	288,338	3,415,936
Capital Expenditure	137,491	-		2	137,493	235,684	-		28	235,712
Current liabilities	720,671	(261,382	)	142,387	601,676	601,593	(92,626	)	94,763	603,730
Non-current liabilities	1,882,658	(66,197	)	374,038	2,190,499	1,742,365	(47,044	)	364,439	2,059,760

- 14 -

Revenue

	For the three-month period ended September 30,				For the nine-month period ended September 30,
	2025		2024		2025		2024
Aeronautical revenue		246,047		213,547		677,442		659,132
Non-aeronautical revenue
Commercial revenue		224,596		190,286		592,590		550,364
Construction service revenue		55,165		57,076		123,402		156,663
Other revenue		1,464		900		6,088		3,696
		527,272		461,809		1,399,522		1,369,855

Timing of revenue recognition

Over time	405,001	354,912	1,083,594	1,073,332
At a point in time	40,895	32,736	91,594	78,191
Revenues from sub-concession of spaces	81,376	74,161	224,334	218,332
Revenue	527,272	461,809	1,399,522	1,369,855

Cost of services

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2025			2024			2025			2024
Salaries and social security contributions		(61,118	)		(61,104	)		(177,571	)		(187,251	)
Concession fees (1)		(56,968	)		(50,656	)		(159,765	)		(157,827	)
Amortization and depreciation (2)		(47,747	)		(44,077	)		(144,396	)		(128,681	)
Maintenance expenses		(43,566	)		(45,687	)		(129,303	)		(124,396	)
Construction services cost		(52,737	)		(56,200	)		(115,423	)		(154,799	)
Cost of fuel		(36,901	)		(30,871	)		(83,229	)		(74,323	)
Services and fees		(17,275	)		(19,992	)		(50,221	)		(54,160	)
Office expenses		(3,850	)		(4,209	)		(10,926	)		(12,068	)
Taxes		(1,202	)		(1,823	)		(3,683	)		(4,336	)
Others		(8,729	)		(5,226	)		(22,646	)		(12,678	)
		(330,093	)		(319,845	)		(897,163	)		(910,519	)

	(1)	Includes depreciation for fixed concession assets fee of USD 5,195 for the three-month period ended September 30, 2025 (USD 4,875 for the three-month period ended September 30, 2024), and USD 14,793 for the nine-month period ended September 30, 2025 (USD 15,301 for the nine-month period ended September 30, 2024).
	(2)	Includes depreciation of leases of USD 950 for the three-month period ended September 30, 2025 (USD 626 for the three-month period ended September 30, 2024), and USD 2,133 for the nine-month period ended September 30, 2025 (USD 1,904 for the nine-month period ended September 30, 2024).

- 15 -

Selling, general and administrative expenses

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2025			2024			2025			2024
Taxes (1)		(16,713	)		(12,276	)		(45,406	)		(42,553	)
Salaries and social security contributions		(13,614	)		(11,957	)		(38,907	)		(33,405	)
Services and fees		(12,675	)		(11,797	)		(36,526	)		(33,149	)
Amortization and depreciation (2)		(3,044	)		(1,830	)		(8,051	)		(5,365	)
Office expenses		(1,958	)		(2,303	)		(6,728	)		(6,150	)
Maintenance expenses		(1,670	)		(739	)		(4,497	)		(2,059	)
Advertising		(1,159	)		(1,821	)		(3,085	)		(4,257	)
Insurance		(701	)		(459	)		(2,426	)		(1,919	)
Bad debts		(3,054	)		(1,750	)		(7,754	)		(6,382	)
Bad debts recovery		659			715			2,537			3,075
Other		(2,536	)		(2,894	)		(7,563	)		(8,010	)
		(56,465	)		(47,111	)		(158,406	)		(140,174	)

	(1)	Mainly includes taxes over bank transactions and tax on revenue not included in the line item “Income tax”.
	(2)	Includes depreciation of leases of USD 240 for the three-month period ended September 30, 2025 (USD 193 for the three-month period ended September 30, 2024), and USD 646 for the nine-month period ended September 30, 2025 (USD 588 for the nine-month period ended on September 30, 2024).

7	Other operating income

	For the three-month period ended September 30,				For the nine-month period ended September 30,
	2025		2024		2025		2024
Government grants (1)		5,842		4,891		16,353		16,098
Government subsidies per Covid-19 context		-		79		720		79
Other		3,693		2,732		5,129		6,340
		9,535		7,702		22,202		22,517

(1)

Corresponds to government grants for the development of airport infrastructure in Group A, operated by Aeropuertos Argentina 2000 (“AA2000”), of the National Airport System in Argentina. There are no unfulfilled conditions or other contingencies related to these grants.

- 16 -

Financial results, net

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2025			2024			2025			2024
Interest income		8,024			12,291			24,275			44,808
Foreign exchange results		8,853			597			15,303			923
Other financial income		3,354			3,033			8,120			9,339
Financial income		20,231			15,921			47,698			55,070

Interest expense		(23,167	)		(25,011	)		(66,973	)		(81,087	)
Foreign exchange results (1)		(42,048	)		13,288			(58,401	)		307,377
Changes in liability for concessions (2)		(18,490	)		(18,785	)		(65,022	)		(66,369	)
Other financial loss		(2,489	)		(1,341	)		(6,685	)		(6,803	)
Financial loss		(86,194	)		(31,849	)		(197,081	)		153,118

Inflation adjustment		(1,040	)		(3,152	)		(5,694	)		(20,878	)
Inflation adjustment		(1,040	)		(3,152	)		(5,694	)		(20,878	)
Net financial results		(67,003	)		(19,080	)		(155,077	)		187,310

(1)

Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency borrowings in AA2000.

(2)

Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

Income tax

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2025			2024			2025			2024
Current income tax		(16,871	)		(10,211	)		(37,168	)		(23,447	)
Deferred income tax		(3,360	)		(70,425	)		(21,554	)		(238,140	)
		(20,231	)		(80,636	)		(58,722	)		(261,587	)

For the three and nine-month period ended September 30, 2025, there is a lower effective tax rate compared with the same periods ended September 30, 2024, due to lower tax inflation adjustment in Argentina. Moreover, for the three-month period ended September 30, 2024, deferred tax assets on tax loss carry forwards from Brazilian concessions for a total amount of USD 35.8 million were unrecognized because there was not sufficient evidence that there would be enough future taxable profits to use such tax losses.

- 17 -

Intangible assets, net

	Concession Assets			Goodwill		Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2025		5,402,300			8,788		23,843			5,434,931
Acquisitions		126,655			-		1,464			128,119
Disposals		-			-		(144	)		(144	)
Write-off		(8,339	)		-		-			(8,339	)
Other		24			-		-			24
Transfers		(11	)		-		11			-
Translation differences and inflation adjustment		(89,507	)		1,119		2,961			(85,427	)
		5,431,122			9,907		28,135			5,469,164
Depreciation
Accumulated at January 1, 2025		2,258,994			-		20,489			2,279,483
Depreciation of the period		155,826			-		633			156,459
Disposals		-			-		(95	)		(95	)
Write-off		(5,025	)		-		-			(5,025	)
Translation differences and inflation adjustment		(54,306	)		-		2,629			(51,677	)
		2,355,489			-		23,656			2,379,145
At September 30, 2025		3,075,633			9,907		4,479			3,090,019

Cost
Balances at January 1, 2024		4,153,428			9,293		24,661			4,187,382
Acquisitions		152,789			-		1,082			153,871
Disposals		(434	)		-		(484	)		(918	)
Other		2,941			-		-			2,941
Transfer from property plant and equipment		16			-		-			16
Translation differences and inflation adjustment		1,129,796			167		46			1,130,009
		5,438,536			9,460		25,305			5,473,301
Depreciation
Accumulated at January 1, 2024		1,645,013			-		21,404			1,666,417
Depreciation of the period		138,784			-		628			139,412
Disposals		(31	)		-		(284	)		(315	)
Transfer from property plant and equipment		2			-		-			2
Translation differences and inflation adjustment		455,984			-		139			456,123
		2,239,752			-		21,887			2,261,639
At September 30, 2024		3,198,784			9,460		3,418			3,211,662

Due to the good performance witnessed during 2024 and 2025 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the historical losses from its operations. Therefore, the Group performed the impairment test of the Brazilian cash-generating unit (“CGU”) (covering concession assets with a carrying value of USD 566.0 million as of September 30, 2025) based on the discounted cash flow model covering the remaining concession period (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical data.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

As of September 30, 2025, and December 31, 2024, the recoverable amount of aforementioned CGU exceeded its carrying amount.

- 18 -

Cash and cash equivalents

	At September 30, 2025		At December 31, 2024
Cash to be deposited		293		540
Cash at banks		148,720		189,684
Time deposits		18,493		21,615
Other cash equivalents (1)		372,882		228,008
		540,388		439,847

(1)

Mainly includes bank deposit certificates with immediate liquidity, treasury bills and highly liquid investments in mutual funds.

The Group considers that its cash and cash equivalents have low credit risk based, mainly on the external credit ratings of the counterparties and low risk of changes in value.

As of September 30, 2025, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 5,850 (USD 4,621 as of December 31, 2024).

Borrowings

	At September 30, 2025		At December 31, 2024
Non-current
Bank and financial borrowings (**)		283,425		250,150
Notes (*)		718,010		778,218
Other		16,850		14,336
		1,018,285		1,042,704
Current
Bank and financial borrowings (**)		27,179		32,769
Notes (*)		73,147		81,845
Other		851		753
		101,177		115,367
Total Borrowings		1,119,462		1,158,071

Changes in borrowings during the period is as follows:

	For the nine-month period ended September 30,
	2025			2024
Balances at the beginning of the period		1,158,071			1,333,237
Loans obtained		11,414			141,733
Loans repaid		(94,388	)		(234,153	)
Interest paid		(53,472	)		(67,026	)
Accrued interest for the period		65,743			78,621
Debt renegotiation expenses		(193	)		(2,236	)
Translation differences and inflation adjustment		32,287			(22,209	)
Balances at the end of the period		1,119,462			1,227,967

- 19 -

Borrowings (Cont.)

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At September 30, 2025 (1)		177,735		224,128		683,818		405,956		1,491,637
At December 31, 2024 (1)		199,693		213,504		568,212		594,054		1,575,463

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

These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which contains further information regarding borrowings.

(*) Notes include the following as of September 30, 2025:

Company

Note

Issuance

Currency

Nominal value
(in millions of
USD)

Maturity

Interest rate

Outstanding

(in millions of
USD)

ACI Airport Sudamérica S.A.U. (“ACI”)

Senior secured guarantee notes

Nov-2021

USD

246.2

Nov-2034

Fixed 6.875%

238.8

Senior secured guarantee notes

May-2015, May-2020 (1)

USD

14.6

Nov-2032

Fixed 6.875%

10.0

AA2000

Senior secured guarantee notes

Feb-2017, May-2020 (1)

USD

212.3

Feb-2027

Fixed 6.875%

26.9

Oct-2021

USD

208.9

Aug-2031

Fixed 8.500%

209.5

Class 1 Series 2021 Notes

Nov-2021

USD

64.0

Aug-2031

Fixed 8.500%

62.1

Class 4 Notes

Nov-2021

USD

62.0

Nov-2028

Fixed 9.500%

53.3

Class 5 Notes

Feb-2022

    USD (2)

138.0

Feb-2032

Fixed 5.500%

138.5

Class 9 Notes

Aug-2022, Jul-2023

      USD (2)

30.0

Aug-2026

Fixed 0.000%

23.0

Class 11 Notes

Dec-2024

USD

28.8

Dec-2026

Fixed 5.500%

29.1

Total

791.2

(1)

A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2)

These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

(*) Notes include the following as of December 31. 2024:

Company

Note

Issuance

Currency

Nominal value
(in millions of
USD)

Maturity

Interest rate

Outstanding

(in millions of
USD)

ACI

Senior secured guarantee notes

Nov-2021

USD

246.2

Nov-2034

Fixed 6.875%

237.2

Senior secured guarantee notes

May-2015, May-2020 (1)

USD

14.6

Nov-2032

Fixed 6.875%

10.4

AA2000

Senior secured guarantee notes

Feb-2017, May-2020 (1)

USD

212.3

Feb-2027

Fixed 6.875%

44.5

Oct-2021

USD

208.9

Aug-2031

Fixed 8.500%

209.1

Class 1 Series 2021 Notes

Nov-2021

USD

64.0

Aug-2031

Fixed 8.500%

61.7

Class 4 Notes

Nov-2021

USD

62.0

Nov-2028

Fixed 9.500%

61.4

Class 5 Notes

Feb-2022

     USD (2)

138.0

Feb-2032

Fixed 5.500%

138.4

Class 6 Notes

Feb-2022

     USD (2)

36.0

Feb-2025

Fixed 2.000%

27.2

Class 9 Notes

Aug-2022, Jul-2023

     USD (2)

30.0

Aug-2026

Fixed 0.000%

23.1

Class 10 Notes

Jul-2023

   USD (2)

25.0

Jul-2025

Fixed 0.000%

18.5

Class 11 Notes

Dec-2024

USD

28.8

Dec-2026

Fixed 5.500%

28.6

Total

860.1

(1)

A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2)

These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

- 20 -

Borrowings (Cont.)

(**) As of September 30, 2025, significant bank and financial borrowings include the following:

Company

Lender

Currency

Maturity

Interest Rate

Outstanding

(In millions of
USD)

Capitalization (1)

Inframérica Concessionária do
Aeroporto de Brasilia S.A. (“ICAB”)

BNDES

Dec-2033

Variable

TJLP(2) plus spread

176.3

TCU S.A. (“TCU”)

Scotiabank Uruguay

USD

Feb-2026

Fixed

4.30%

0.1

Santander Uruguay

USD

Nov-2027

Fixed

5.37%

0.5

Santander Uruguay

USD

Jan-2028

Fixed

5.37%

0.6

Intesa Sanpaolo, UniCredit, BPM, BNP and Cassa Depositi e Prestiti

EUR

Jun-2030

Variable

Euribor plus spread

116.2

AA2000

ICBC Dubai

USD

Oct-2025

Variable

SOFR plus spread

3.5

Consorcio Aeropuertos Internacionales S.A. (“CAISA”)

Santander Uruguay

USD

Apr-2027

Fixed

5.10%

3.6

Banco Itaú

USD

Apr-2027

Fixed

3.80%

2.4

Santander Uruguay

USD

Apr-2029

Variable

SOFR plus spread

2.4

Puerta del Sur S.A. (”PDS”)

Banco de la República Oriental del Uruguay

USD

Mar-2028

Variable

5.25%

5.0

Total

310.6

(**) As of December 31, 2024, significant bank and financial borrowings include the following:

Company

Lender

Currency

Maturity

Interest Rate

Outstanding

(In millions of USD)

Capitalization (1)

ICAB

BNDES

Dec-2033

Variable

TJLP(2) plus spread

157.7

Terminal Aeroportuaria de Guayaquil S.A (“TAGSA”)

Banco Guayaquil SA

USD

Feb-2026 (4)

Variable

T.R.E.(3) plus spread

2.4

Banco Bolivariano CA

USD

Dec-2025(5)

Variable

T.R.E.(3) plus spread

1.8

TCU

Scotiabank Uruguay

USD

Feb-2026

Fixed

4.30%

0.3

Santander Uruguay

USD

Nov-2027

Fixed

5.37%

0.7

Santander Uruguay

USD

Jan-2028

Fixed

5.37%

0.8

Intesa Sanpaolo, UniCredit, BPM, BNP and Cassa Depositi e Prestiti

EUR

Jun-2030

Variable

Euribor plus spread

90.7

AA2000

ICBC Dubai

USD

Oct-2025

Variable

SOFR plus spread

10.2

CAISA

Santander Uruguay

USD

Apr-2027

Fixed

5.10%

3.9

Banco Itaú

USD

Apr-2027

Fixed

3.80%

3.9

Santander Uruguay

USD

Apr-2029

Variable

SOFR plus spread

4.0

PDS

Banco de la República Oriental del Uruguay

USD

Mar-2028

Variable

5.15%

6.5

Total

282.9

(1)	A - Secured/guaranteed.

B - Secured/unguaranteed.

C - Unsecured/guaranteed.

D - Unsecured/unguaranteed.

EUR - Euros.

R$ - Brazilian Reales.

(2)	TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate).

IPCA: corresponds to the Brazilian Consumer Price index.

(3)	T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate).

(4)	TAGSA prepaid the loan on February 20, 2025.

(5)	TAGSA prepaid the loan on March 20, 2025.

TA – Intesa Sanpaolo, UniCredit , BPM, BNP and Cassa Depositi e Prestiti (the “Lenders”)

In June 2025, the Lenders disbursed an additional EUR 10.0 million (equivalent to USD 11.3 million) to be allocated for the investment plan of the Pisa airport.

PDS – Banco de la República Oriental del Uruguay (“BROU”)

In April 2025, the standby letter issued by Morgan Stanley Private Bank National Association securing this loan with BROU was reduced from USD 1.2 million to USD 0.9 million.

The Consolidated Financial Statements for the year ended December 31, 2024 includes a detail of the covenants related to Notes, bank and financial borrowings which mainly require the maintenance of certain financial ratios. As of September 30, 2025, the Company and its subsidiaries met the financial covenants under all outstanding financing.

- 21 -

13	Other liabilities

	At September 30, 2025		At December 31, 2024
Non-current
Concession fee payable (1)		705,599		550,095
Advances from customers		8,755		8,584
Provisions for legal claims (4)		5,515		7,928
Provision for maintenance costs (2)		25,799		21,941
Other taxes payable		298		789
Employee benefit obligation (3)		4,155		3,885
Other liabilities with related parties (Note 16)		11,961		12,904
Other payables		13,999		15,286
		776,081		621,412

Current
Concession fee payable (1)		216,201		198,420
Other taxes payable		29,550		29,956
Salary payable		51,175		57,402
Other liabilities with related parties (Note 16)		5,003		2,146
Advances from customers		4,976		5,026
Provision for maintenance costs (2)		6,661		6,165
Expenses provisions		2,158		3,294
Provision for legal claims (4)		7,619		5,889
Other payables		32,396		40,288
		355,739		348,586

Maturity of the other liabilities is as follows:

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At September 30, 2025 (*)		355,739		89,310		277,040		1,604,995		2,327,084
At December 31, 2024 (*)		348,586		84,662		265,716		1,335,332		2,034,296

(*) The amounts disclosed in the table are undiscounted cash flows.

(1) The most significant amounts included in the concession fee payable as of September 30, 2025 and December 31, 2024 relates to the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and ICAB.

Changes in the period for fixed and variable concession fee payable are as follows:

	For the nine-month period ended September 30,
	2025			2024
Balances at the beginning of the period		748,515			913,370
Financial result (*)		65,022			66,369
Other		(571	)		2,705
Concession fees accrued		144,972			142,526
Re-equilibrium compensation		(1,521	)		125
Payments		(149,135	)		(144,395	)
Translation differences and inflation adjustment		114,518			(100,943	)
Balances at the end of the period		921,800			879,757

(*) Mainly includes changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment shown in Note 8.

- 22 -

13	Other liabilities (Cont.)

As of September 30, 2025 and December 31, 2024, 50% of the fixed concession fee to be paid with respect of 2021 by ICAB was pending as a re-scheduling of such fee had been requested. Even though the Brazilian Ministry of Infrastructure had granted its approval, the Brazilian ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations. Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to the Brazilian ANAC. The Brazilian ANAC appealed, but in April 2022, the court of justice provisionally maintained the first instance judgment favorable to ICAB. In November 2023, the first instance ruling was confirmed, granting ICAB the right to reschedule the 50% of 2021 fixed concession fee. The Brazilian ANAC appealed and the case remains pending as of September 30, 2025.

Regarding the 2022 concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits. To pay the remaining amount ICAB presented an offer of court payment orders to the Ministry of Infrastructure in November 2022. In December 2022, the Ministry issued an official letter confirming that ICAB remained in compliance with its payment obligations, while the analysis of the payment of the balance due via court payment orders is pending.

(2)

Changes in the period of the provision for maintenance costs is as follows:

	For the nine-month period ended September 30,
	2025			2024
Balances at the beginning of the period		28,106			27,042
Accrual of the period		3,343			3,391
Use of the provision		(2,741	)		(1,542	)
Translation differences and inflation adjustment		3,752			408
Balances at the end of the period		32,460			29,299

(3)

Changes in the period of the provision for employee benefits is as follows:

	For the nine-month period ended September 30,
	2025			2024
Balances at the beginning of the period		3,885			4,382
Actuarial loss (in other comprehensive income)		(201	)		(82	)
Service cost		393			370
Amounts paid in the period		(231	)		(319	)
Translation differences and inflation adjustment		309			29
Balances at the end of the period		4,155			4,380

(4)

Changes in the period of the provision for legal claims is as follows:

	For the nine-month period ended September 30,
	2025			2024
Balances at the beginning of the period		13,817			14,265
Accrual of the period		999			2,178
Use of the provision		(2,706	)		(1,763	)
Translation differences and inflation adjustment		1,024			(983	)
Balances at the end of the period		13,134			13,697

- 23 -

Equity

a) Share capital, share premium and treasury shares

Share capital	At September 30,
	2025		2024
Balances at the beginning of the period		163,223		163,223
Capital increase (1)		1,996		-
Balances at the end of the period		165,219		163,223

Share premium	At September 30,
	2025		2024
Balances at the beginning of the period		183,430		183,430
Capital increase (1)		38,004		-
Balances at the end of the period		221,434		183,430

(1)            On May 28, 2025, CAAP increased its share capital by the amount of USD 1,996 through the issuance of 1,996,439 new shares having a nominal value of USD 1 each. These new shares were delivered in consideration for the 25% interest in CAI as disclosed in Note 1. As a result of the issuance, the share capital of the Company increased from 163,223 to 165,219 shares. The share premium movement is determined by the difference in the nominal value and the amount determined legally for the subscription. This resulted in an increase of the share premium of the Company from USD 183,430 to USD 221,434.

Treasury shares

As of September 30, 2025, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan.

	For the nine-month period ended September 30,
	2025						2024
	Shares			USD			Shares			USD
Balances at the beginning of the period		2,132,325			4,094			2,251,123			4,322
Transfer of treasury shares to executives and key employees		(30,940	)		(59	)		(118,798	)		(228	)
Balances at the end of the period		2,101,385			4,035			2,132,325			4,094

Set out below are summaries of shares granted under the plan for the nine-month period-ended September 30, 2025 and 2024:

	Average price per share			2025			Average price per share			2024
As at January 1,		12.44			106,667			7.83			138,141
Granted during the period		18.44			32,018			14.65			87,324
Exercised during the period		(13.43	)		(30,940	)		(8.70	)		(118,798	)
As at September 30,		13.94			107,745			12.44			106,667

Additionally, below are summaries the amounts in U.S. dollars of shares granted, exercised and accrued under each plan for the nine-month period-ended September 30, 2025 and 2024:

	2025						2024
Assignment date	Granted		Exercised		Accrued		Granted		Exercised		Accrued
April 2022		-		-		-		-		200		33
December 2022		-		-		-		-		126		31
April 2023		-		-		48		-		222		180
November 2023		-		136		30		-		101		137
August 2024		-		102		401		1,279		384		492
September 2025		590		177		210		-		-		-
As at September 30,		590		415		689		1,279		1,033		873

- 24 -

14	Equity (Cont.)

b) Other comprehensive income

The movements of the reserve of other comprehensive income for the period of the owners of the parent is as follows:

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)		Cash flow hedge (*)			Share of other comprehensive income from associates			Income tax effect (*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2025		(138,653	)		529		(1,643	)		(41,220	)		268			63,402		(117,317	)
Other comprehensive income / (loss) for the period		(88,804	)		95		271			80			(88	)		-		(88,446	)
For the period ended September 30, 2025		(227,457	)		624		(1,372	)		(41,140	)		180			63,402		(205,763	)

Balances at January 1, 2024		(505,015	)		532		-			(41,239	)		(115	)		63,402		(482,435	)
Other comprehensive income / (loss) for the period		345,005			69		(1,229	)		69			279			-		344,193
For the period ended September 30, 2024		(160,010	)		601		(1,229	)		(41,170	)		164			63,402		(138,242	)

(*) Income tax relating to OCI amounts to measurement of defined benefit obligations and cash flow hedge. The movement was recognized as other comprehensive income of other reserves.

c) Other reserves

The movements of Other reserves of the owners of the Company is as follows:

	For the nine-month period ended September 30,
	2025			2024
Balances at the beginning of the period		(1,319,682	)		(1,313,888	)
Change in participation (1)		(17,639	)		-
Fair value adjustment on equity issuance (2)		1,785			-
Share-based compensation reserve		689			873
Execution of share-based compensation reserve		(415	)		(1,033	)
Hedge reserve net of income tax		206			(934	)
Remeasurement of defined benefit obligations net for income tax		72			53
Balances at the end of the period		(1,334,984	)		(1,314,929	)

(1)

Relates to the difference between the fair value of the consideration paid for the acquisition of non-controlling interest in CAI for USD 41,785 and the book value of the non-controlling interest, see Note 1 and Notes 14.a) and d).

(2)

Relates to the difference between the fair value and the subscription price of the newly issued shares, see Note 1 and Notes 14.a).

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14	Equity (Cont.)

d) Non-controlling interest

The movements of the non- controlling interest is as follows:

	For the nine-month period ended September 30,
	2025			2024
At the beginning of the period		148,686			78,929
Income for the period		260			16,035
Other comprehensive (loss) / income
Currency translation		(30,071	)		83,183
Remeasurement of defined benefit obligations		107			13
Cash flow hedge		324			(336	)
Reserve for income tax		(104	)		333
		(29,744	)		83,193
Other changes in non-controlling interest
Changes in the participations –acquisitions (1)		(24,146	)		-
Dividends approved (2)		(38,205	)		(14,942	)
Other		-			(8	)
		(62,351	)		(14,950	)
Non-controlling interest at the end of the period		56,851			163,207

(1)

Relates to the carrying amount of the non-controlling interest in CAI (see Note 1 and Note 14.a).

(2)

As of September 30, 2025, in addition to the dividends approved during the period, the equivalent to USD 10,529 were paid to non-controlling interest corresponding to distributions approved in 2024 and pending of payment as of December 31, 2024, while USD 5,500 approved in 2025 are pending of payment as of September 30, 2025.

15	Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration the Group’s litigation and settlement strategies.

The Group believes that the aggregate provisions recorded for losses in these Condensed Consolidated Interim Financial Statements are adequate based upon currently available information.

TA – Legal proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, on November 22, 2024, Nuove Iniziative Toscane (“NIT”) appealed the first instance ruling regarding the rejection of a claim made by NIT to TA. On April 9, 2025, the Appeal Court rejected NIT´s appeal, confirmed the ruling of the first instance and condemned NIT to pay TA the proceedings’ costs which amount to approximately EUR 0.1 million (equivalent to USD 0.1 million).

On May 23 2025, the parties reached a settlement under which TA renounced its right to claim the EUR 0.1 million (legal costs and related charges) from NIT, and NIT, in turn, waived its right to further challenge the Appeal Court’s decision before the Cassation Court. As a result, the claim is now considered fully and finally resolved.

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15	Contingencies, commitments and restrictions on the distribution of profits (Cont.)

a. Contingencies (Cont.)

TAGSA - Tax proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, the Admission Chamber of the Constitutional Court of Ecuador rejected a claim from the Servicio de Rentas Internas del Ecuador against TAGSA, leading to the case being archived and returned to the original court. On April 22, 2025, the release of the guarantee of USD 0.5 million, associated with the claim was ordered.

Aeropuertos del Neuquén S.A. (“ANSA”) - Civil proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, ANSA has received a claim of USD 0.5 million from a supplier regarding an alleged breach of contract. On September 11, 2024, the trial court partially granted the claim. On April 28, 2025, the previously issued judgment was partially overturned, and ANSA was ordered to pay ARS 2.2 million, plus interest, with court costs to be shared equally. ANSA complied with the judgment and paid the total amount of ARS 12.2 million (equivalent to USD 0.01 million).

There are no other lawsuits or legal proceedings additional to the ones included in the Consolidated Financial Statements for the year ended December 31, 2024.

b. Commitments

CAAP - Guarantees

On May 6, 2025, a bank guarantee totaling EUR 1.2 million (equivalent to USD 1.4 million) was issued in favour of CAAP to support an offer made in connection with an airport concession tender. This guarantee will remain in full force until May 9, 2026, and is secured by a deposit equal to the amount of the guarantee, which is reported in the Other financial assets at amortized cost line of these Condensed Consolidated Interim Statements of Financial Position.

On September 30, 2025, a bank counter-guarantee totaling the equivalent to USD 2.1 million was issued to support an offer made in connection with another airport concession tender. This guarantee will remain in full force until November 1, 2026.

CAAP - Preferred bidder to operate Abuja and Kano airports in Nigeria

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024 a consortium formed by CAAP, Mota-Engil, Engenharia e Construção África S.A., and Mota-Engil Nigeria Limited (the “Consortium”), of which the Company holds a 51% stake, was declared by the Federal Government of Nigeria as preferred bidder for the Abuja and Kano airports and cargo terminals concessions.

On April 7, 2025, the Federal Government of Nigeria discontinued the previous concession allocation processes for four international airports (Lagos, Abuja, Kano, and Port Harcourt). The Government informed the Company that the concessions bidding process will be restructured and re-advertised. Considering the latest communication exchanges, the Company is assessing the impact of the decision communicated by the Government and the next steps to be taken in connection with the procedure. As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, the Nigerian companies created by the Consortium in anticipation of the operation of the Abuja and Kano concessions remained inactive. As of September 30, 2025, this state of affairs remains unchanged.

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15	Contingencies, commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Guarantees related to concession agreements

In April 2025, AA2000 increased the performance guarantee related to its concessions from ARS 26,419.0 million (approximately USD 21.9 million) as of December 31, 2024 to ARS 32,978.6 million (approximately USD 23.9 million) as of September 30, 2025.

The amount of the insurance regarding the Brasilia concession agreement of ICAB was updated, increasing from R$ 269.3 million (approximately USD 50.6 million) as of December 31, 2024 to R$ 283.7 million (approximately USD 53.3 million) as of September 30, 2025. The insurance is granted by a guarantee letter of CAAP underwritten by an insurance company.

Final settlement of accounts between ANAC and ACI do Brasil S.A. (“ACIB”)

As stated in Note 26.b) of the Consolidated Financial Statements as of December 31, 2024, the concession of the International Airport of São Gonçalo do Amarante was handed to a new concessionaire. Related to this process, a final settlement of accounts between ANAC and ACIB was pending. In July 2025, ANAC determined that a credit totalling to R$ 7.6 million, equivalent to USD 1.4 million was to be paid to ACIB in connection with the return of the assets, amount which sum is reported in Other operating income in the condensed consolidated interim statement of income. As of September 30, 2025, payment of this credit is pending and therefore the credit has been restated by the Brazilian IPCA as of September 30, 2025, now amounting to R$ 9.1 million, equivalent to USD 1.7 million.

AA2000 - Concession agreement

As stated in Note 26.b) of the Consolidated Financial Statements as of December 31, 2024, on December 9, 2024, the Regulatory Authority of the National Airport System (“ORSNA”) issued Resolution RESFC-2024-36-APN-ORSNA#MTR, approving the Review of the Financial Projection of Income and Expenses used for the calculation of the concession fees owing for the periods 2021, 2022, and 2023. AA2000 had requested the review of the financial projections in connection with capital and maintenance expenses and the projections of passenger traffic, commercial revenues and maintenance expenses. The request also addresses delays in economic equilibrium revisions and discounts on some rates. On August 7, 2025, ORSNA and AA2000 jointly agreed to suspend the deadlines foreseen for the review process. The procedural deadlines were initially suspended until June 30, 2025, and further suspended until February 11, 2026.

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15	Contingencies, commitments and restrictions on the distribution of profits (Cont.)

c. Restrictions to the distribution of profits and payment of dividends

As of September 30, 2025 and December 31, 2024, equity as defined under Luxembourg laws and regulations consisted of:

	At September 30, 2025		At December 31, 2024
Share capital		165,219		163,223
Share premium		221,434		183,430
Reserve for own shares		4,035		4,094
Legal reserve		10,017		7,419
Free distributable reserves		378,910		378,910
Non-distributable reserves		1,353,993		1,353,934
Retained earnings		190,750		86,099
Total equity in accordance with Luxembourg law		2,324,358		2,177,109

At least 5% of the Company’s net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to a legal reserve equivalent to 10% of the Company’s share capital. Dividends may not be paid out of the legal reserve.

On May 22, 2025, CAAP held its Annual General Meeting of Shareholders in Luxembourg, where the shareholders approved the Company’s financial statements as of December 31, 2024, and resolved to allocate USD 2,597,600.79, representing 5% of the profit generated during the 2024 financial year, to legal reserve.

The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg laws and regulations.

16	Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación America International S.à r.l., both of which are Luxembourg based companies. Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”.

The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

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16	Related party balances and transactions (Cont.)

Summary of balances with related parties are:

	At September 30, 2025			At December 31, 2024
Period-end balances

(a) Arising from sales / purchases of goods / other
Trade receivables with associates		1,746			2,379
Trade receivables with other related parties		3,013			2,734
Other receivables with associates		467			-
Other receivables with other related parties		9,514			9,239
Other financial assets with associates		2,370			3,260
Other financial assets with other related parties (*)		70,448			44,637
Trade payables to associates		(2,549	)		(1,123	)
Trade payables to other related parties		(3,085	)		(3,877	)
		81,924			57,249
(b) Other liabilities
Other liabilities to associates (**)		(12,870	)		(13,813	)
Other liabilities to other related parties		(4,094	)		(1,237	)
		(16,964	)		(15,050	)
(c) Other balances
Cash and cash equivalents in other related parties		34,968			34,102
		34,968			34,102

(*) As of September 30, 2025, mainly includes a loan and time deposits to other related parties amounting to USD 15.1 million and USD 50.0 million respectively (USD 15.1 million and USD 25.0 million respectively as of December 31, 2024).

As of September 30, 2025 and December 31, 2024, the loan accrues interest at a fixed annual rate of 7.0% and matures in December 2025.

Time deposits with related parties include the following as of September 30, 2025:

Contract date	Maturity date	Interest rate	Contract currency	Contract amount (In million of USD)
Jan-24	Jan-27	5.00%	USD		10.0
Feb-25	Feb-28	5.00%	USD		20.0
Jul-25	Jul-28	4.75%	USD		10.0
Aug -25	Aug-28	5.00%	USD		5.0
Aug -25	Aug -28	10.50%	DRAM		5.0
Total					50.0

Time deposits with related parties include the following as of December 31, 2024:

Contract date	Maturity date	Interest rate	Contract currency	Contract amount (In million of USD)
Jan-24	Jan-27	5.00%	USD		10.0
Aug -24	Aug -25	9.60%	DRAM		5.0
Total					15.0

The Group´s investments reported in Other financial assets with related parties are considered to be low-risk investments. The credit ratings of the issuers are monitored for credit deterioration. The Group has not experienced significant losses from those assets.

(**) As of September 30, 2025, and December 31, 2024, includes deferred income from associates.

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16	Related party balances and transactions (Cont.)

Summary of transactions with related parties are:

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2025			2024			2025			2024
Transactions
Aeronautical/Commercial revenue		7,792			6,604			21,849			20,251
Fees		(3,363	)		(3,800	)		(10,695	)		(9,859	)
Interest accruals		942			545			2,614			1,474
Acquisition of goods and services		(8,101	)		(6,884	)		(26,255	)		(20,287	)
Compensation to the Group’s key staff		(1,323	)		(1,147	)		(4,173	)		(3,804	)
Others		(875	)		(929	)		(2,517	)		(1,729	)

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 4,912 as of September 30, 2025 (USD 4,677 as of December 31, 2024). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 4,351 as of September 30, 2025 (USD 3,949 as of September 30, 2024).

As mentioned in Note 22 of the audited Consolidated Financial Statements for the year ended December 31, 2024, certain guarantees related to financial liabilities have been received from PDS’s Chairman for an amount of USD 0.6 million.

17	Cash flow disclosures

	For the nine-month period ended September 30,
Changes in working capital	2025			2024
Other receivables and credits		(62,498	)		(59,118	)
Inventories		(2,664	)		6,304
Other liabilities		(18,368	)		(20,231	)
		(83,530	)		(73,045	)

The most significant non-cash transactions are detailed below:

	For the nine-month period ended September 30,
	2025			2024
Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities or decrease in Other receivables		4,632			(261	)
Intangible assets increase in Other liabilities		(46	)		(2,941	)
Property, plant and equipment acquisition with an increase in Other liabilities or decrease in Other receivables		1,331			(4,598	)
Right-of-use asset initial recognition with an increase in Lease liabilities		(2,409	)		(532	)
Tax credit with an increase in Other liabilities		-			(6,887	)
Income tax paid with tax certificates		(137	)		(1,278	)
Dividends not paid to non-controlling interests in subsidiaries		(5,500	)		-
Acquisition of non-controlling interests through issuance of shares (Note 1 and Note 14.d)		(40,000	)		-

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18	Fair value measurement of financial instruments

According to the classification included in Note 3.B of the Consolidated Financial Statements as of December 31, 2024, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments recorded at amortized cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments at September 30, 2025:

	Fair value		Carrying amount
Trust funds (1)		42,280		38,774
Long-term borrowings (2)		974,689		1,018,285

(1) Included in the Other receivables line of the Condensed Consolidated Interim Statement of Financial Position. The fair value of these financial assets was calculated using a discounted cash flow (Level 3).

(2) Valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2 under IFRS 13 hierarchy. There are no financial liabilities measured at fair value through other comprehensive income nor through profit or loss except for the interest rate derivative disclosed in note 19, which is also fair valued through calculations under Level 2 and Level 3 hierarchy.

Other financial assets measured at fair value through profit or loss are included in Level 1 as defined in IFRS 13 and comprise primarily government securities, mutual funds and corporate bonds.

19	Financial risk factors

Argentina economical context

As stated in Note 3A of the Consolidated Financial Statements as of December 31, 2024, CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties. The estimated inflation rate for the nine-month period ended September 30, 2025 was 22.0%, the devaluation of Argentinean pesos against the US Dollars in the same period was 33.7%. In April 2025, the Central Bank of Argentina implemented regulatory measures that eased access to the Mercado Único y Libre de Cambios (“MULC”). For legal entities, regulatory adjustments were introduced to streamline access to the MULC for the settlement of imports and other foreign exchange operations, although certain restrictions and specific compliance requirements remain in force.

Interest rate risk

The Group’s interest rate risk principally arises from long-term borrowings (Note 12). Borrowings issued at variable rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities.

These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

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19	Financial risk factors (Cont.)

Interest rate risk (Cont.)

The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings:

	At September 30, 2025		At December 31, 2024
Fixed rate (*)		814,884		884,757
Variable rate		304,578		273,314
		1,119,462		1,158,071

(*) As of September 30, 2025, it includes USD 78.1 million of short-term borrowings (USD 86.2 million as of December 2024) and USD 736.8 million of long-term borrowings (USD 798.6 million as of December 31, 2024).

Regarding the loan facility signed by TA (refer to Note 22 of the Consolidated Financial Statements for the year ended December 31, 2024 and Note 12 of these Condensed Consolidated Interim Financial Statements), the Company aims to mitigate the exposure to the interest rate fluctuations (Euribor) affecting cash flows. To achieve this, in July 2024, TA entered into interest rate swaps agreements with each Lender, establishing a fixed interest rate of 3.02%, effective until June 30, 2030. The notional amount being hedged corresponds to EUR 89.3 million (equivalent to USD 104.7 million) for the semi-annual interest payments until June 30, 2027, while for the interest payments from December 31, 2027 to June 30, 2030 it covers 75% of that principal.

As of September 30, 2025, the fair value of the derivatives stands at EUR 2.7 million, equivalent to USD 3.1 million (EUR 2.4 million, equivalent to USD 2.7 million as of September 30, 2024), which, net of deferred tax, impacts Other comprehensive (loss)/income by EUR 0.4 million, equivalent to USD 0.5 million (EUR (1.8) million, equivalent to USD (2.0) million, as of September 30, 2024).

20	Subsequent events

TCU – Indebtedness

On October 28, 2025, TCU entered into a loan agreement with BBVA for USD 13.4 million to be allocated for the expansion of the cargo terminal. As of the date of issuance of these Condensed Consolidated Interim Financial Statements, USD 6.7 million has been disbursed, with the remaining USD 6.7 million scheduled for disbursement between March and May 2026. The loan bears an annual interest rate of 4.3% and is repayable by October 2033. To secure the credit facilities, certain revenues have been assigned, and TCU is required to comply with specific financial covenants at year-end as well as certain restrictions.

CAAP – Award agreement to operate Baghdad International Airport in Iraq

On November 5, 2025, CAAP and Amwaj International for Real-Estate Investments Co. Ltd. signed an award agreement with the Government of Iraq, following an international tender process to operate Baghdad International Airport. Pursuant to the terms of the award agreement, the Parties have a term of ninety days (which may be extended by mutual agreement) to negotiate in good faith and enter into the respective PPP Agreement.

TA – Master Plan

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, TA is in the process of seeking the approval for Florence Airport´s master plan. On November 12, 2025, the Environmental Impact Assessment decree was published, with a positive outcome. The decree, which incorporates the Environmental Impact Assessment Commission's assessment of the effectiveness of the environmental impact mitigation measures proposed by Toscana Aeroporti, constitutes the preparatory act for the Services Conference. The Service Conference represents the next step in the authorization process for the construction of the new runway and terminal at the Florence airport.

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