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6-K 1 tm2622635d1_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, 2026

 

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, 2026 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, 2026 (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, 2026.
   
99.2 Free translation into English of AA2000 Condensed Individual Financial Statements for the quarter and six-month period ended June 30, 2026.

 

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 7, 2026

 

4

 

EX-99.1 2 tm2622635d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

Condensed Consolidated Interim Financial Statements

At June 30, 2026 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 Resolution N° 368/01 of the National Securities Commission
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° 29 commenced January 1, 2026

 

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.U.

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  

 

 

 

 

Consolidated Statement of Comprehensive Income

For the six month period ended at June 30, 2026 and 2025

 

          Three months at     Six months at  
          06.30.2026     06.30.2025     06.30.2026     06.30.2025  
                               
    Note     Millions of $  
Continuous Operations                                      
Sales income   4       320,396       369,025       741,324       744,036  
Construction income           56,954       38,274       90,465       69,023  
Cost of service   5.1       (231,997 )     (240,779 )     (485,952 )     (480,727 )
Construction costs           (56,841 )     (38,168 )     (90,224 )     (68,799 )
Income for gross profit for the period           88,512       128,352       255,613       263,533  
Distribution and selling expenses   5.2       (22,278 )     (24,735 )     (48,486 )     (46,903 )
Administrative expenses   5.3       (24,988 )     (20,156 )     (48,319 )     (40,190 )
Other income and expenses, net   6.1       5,259       6,734       14,772       9,994  
Operating profit for the period           46,505       90,195       173,580       186,434  
Finance Income   6.2       6,151       17,078       (31,890 )     15,092  
Finance Costs   6.3       (13,609 )     (61,637 )     100,264       (51,424 )
RECPAM           (5,235 )     (3,838 )     (11,972 )     (7,141 )
Result of investments accounted for by the equity method           -       -       -       -  
Income before income tax           33,812       41,798       229,982       142,961  
Income tax   6.4       4,908       (4,085 )     (61,095 )     (44,417 )
Income for the period for continuous operations           38,720       37,713       168,887       98,544  
Net Income for the period           38,720       37,713       168,887       98,544  
Other comprehensive income           -       -       -       -  
Comprehensive Income for the period           38,720       37,713       168,887       98,544  
                                       
Income attributable to:                                      
Shareholders           38,647       37,405       168,859       98,312  
Non–Controlling Interest           73       308       28       232  
                                       
Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations           149.4981       145.6100       652.0734       380.4788  

 

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, 2025.

 

  2  

 

 

 

 

Consolidated Statements of Financial Position

At June 30, 2026 and December 31, 2025

 

        06.30.2026     12.31.2025  
                 
    Note   Millions of $  
Assets                
Non- Current Assets                    
Investments accounted for by the equity method         1       1  
Property, plant and equipment         1,770       1,448  
Intangible Assets   7     2,972,363       2,999,655  
Rights of use         15,841       5,025  
Assets for deferred tax         24       28  
Other receivables   9.1     83,020       74,866  
Investments   9.3     74,264       65,775  
Total Non-Current Assets         3,147,283       3,146,798  
Current Assets                    
Other receivables   9.1     17,922       32,301  
Trade receivables, net   9.2     135,254       171,482  
Other assets         469       357  
Investments   9.3     102,164       103,715  
Cash and cash equivalents   9.4     72,886       110,173  
Total Current Assets         328,695       418,028  
Total Assets         3,475,978       3,564,826  
Shareholders’ Equity and Liabilities                    
Equity attributable to Shareholders                    
Common shares         259       259  
Share Premium         137       137  
Capital adjustment         212,375       212,375  
Legal , facultative reserve and others         1,585,552       1,337,561  
Retained earnings         168,859       245,272  
Subtotal         1,967,182       1,795,604  
Non-Controlling Interest         718       695  
Total Shareholders’ Equity         1,967,900       1,796,299  
Liabilities                    
Non-Current Liabilities                    
Provisions and other charges   11     3,940       6,257  
Financial debts   8     609,235       765,406  
Deferred income tax liabilities         559,958       528,002  
Lease liabilities         11,000       440  
Accounts payable and others   9.5     926       1,246  
Total Non- Current Liabilities         1,185,059       1,301,351  
Current Liabilities                    
Provisions and other charges   11     25,904       118,258  
Financial debts   8     127,749       142,701  
Current income tax liability, net of advances         10,468       977  
Lease liabilities         5,262       5,190  
Accounts payable and others   9.5     139,233       178,171  
Fee payable to the Argentine National Government   10.1     14,403       21,879  
Total Current Liabilities         323,019       467,176  
Total Liabilities         1,508,078       1,768,527  
Total Shareholder’s Equity and Liabilities         3,475,978       3,564,826  

 

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, 2025.

 

  3  

 

 

 

 

Consolidated Statements of Changes in Equity

At June 30, 2026 and 2025

 

    Attributable to majority shareholders     Non-     Total  
    Common
Shares
    Share
Premium
    Adjustment
of capital
    Legal
Reserve
    Facultative
Reserve
    Other
Reserves
    Retained
Earnings
    Total     Controlling
Interest
    Shareholders’
Equity
 
                                                             
    In millions  $  
Balance at 01.01.26     259       137       212,375       42,494       1,288,324       6,743       245,272       1,795,604       695       1,796,299  
Assembly Resolution of 15 April 2026 – Constitution of reserves (note 15)     -       -       -       -       245,272       -       (245,272 )     -       -       -  
Distribution of dividends to Non-Controlling Interest     -       -       -       -       -       -       -       -       (5 )     (5 )
Compensation plan     -       -       -       -       -       2,719       -       2,719       -       2,719  
Net Income for the period     -       -       -       -       -       -       168,859       168,859       28       168,887  
Balance at 06.30.2026     259       137       212,375       42,494       1,533,596       9,462       168,859       1,967,182       718       1,967,900  
                                                                                 
Balance at 01.01.25     259       137       212,375       42,494       1,094,887       6,515       449,279       1,805,946       401       1,806,347  
Assembly Resolution of 29 April 2025 – Constitution of reserves (note 15)     -       -       -       -       449,279       -       (449,279 )     -       -       -  
Compensation plan     -       -       -       -       -       163       -       163       -       163  
Net Income for the period     -       -       -       -       -       -       98,312       98,312       232       98,544  
Balance at 06.30.2025     259       137       212,375       42,494       1,544,166       6,678       98,312       1,904,421       633       1,905,054  

 

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, 2025.

 

  4  

 

 

 

 

Consolidated Statements of Cash Flow

For the six month periods ended at June 30, 2026 and 2025

 

        06.30.2026     06.30.2025  
                 
    Note   Millions of $  
Cash Flows from operating activities                    
Net income for the period         168,887       98,544  
Adjustment for:                    
Income tax         61,095       44,417  
Amortization of intangible assets   7     117,757       109,281  
Depreciation of property , plant and equipment   5     349       319  
Depreciation right of use   5     3,167       1,854  
Bad debts provision   5.2     1,912       4,018  
Specific allocation of accrued and unpaid income         14,403       16,641  
Compensation plan         2,719       163  
Accrued and unpaid financial debts interest costs   8     29,592       34,323  
Accrued deferred revenues and additional consideration   11     (14,326 )     (13,878 )
Accrued and unpaid Exchange differences         (87,756 )     17,519  
Litigations provision   11     568       1,493  
Inflation Adjustment         (10,139 )     (13,434 )
Changes in operating assets and liabilities:                    
Changes in trade receivables         9,430       (14,760 )
Changes in other receivables         (25,512 )     (10,507 )
Changes in other assets         (112 )     (132 )
Changes in accounts payable and others         (13,221 )     (16,605 )
Changes in provisions and other charges         15,957       4,240  
Evolution of the specific allocation of income to be paid to the Argentine National State         (18,704 )     (15,960 )
Changes in intangible assets   7     (90,465 )     (63,616 )
Income tax payments         (150 )     (252 )
Net cash Flow generated by operating activities         165,451       183,668  
Cash Flow for investing activities                    
Acquisition of investments         (184,206 )     (37,475 )
Collection of investments         156,480       20,671  
Fixed assets acquisitions         (670 )     (218 )
Net Cash Flow (applied to)  investing activities         (28,396 )     (17,022 )
Cash Flow from financing activities                    
New Financial debts   8     346       145  
Payment of leases         (3,430 )     (2,174 )
Financial debts paid- principal   8     (55,758 )     (63,816 )
Financial debts paid- interests   8     (29,340 )     (45,516 )
Payment of dividends         (84,447 )     (39,460 )
Net Cash Flow (applied to) financing activities         (172,629 )     (150,821 )
(Decrease) net increase in cash and cash equivalents         (35,574 )     15,825  
Changes in cash and cash equivalents                    
Cash and cash equivalents at the beginning of the period         110,173       163,777  
(Decrease)Net Increase in cash and cash equivalents         (35,574 )     15,825  
Inflation adjustment generated by cash and cash equivalents         7,593       15,912  
Foreign Exchange differences (applied to) cash and cash equivalents         (9,306 )     (2,899 )
Cash and cash equivalents at the end of the period         72,886       192,615  

 

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, 2025.

 

  5  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 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, 2026 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. Joint submissions were made with ORSNA (National Regulatory Body for Environmental Services) for the successive suspension of procedural deadlines, which were subsequently granted by the Court. On April 14, 2026, a new request for a 20-business-day suspension was submitted, which was granted by the court, expiring on May 12, 2026. Subsequently, other judicial suspensions occurred, and on July 8, 2026, a new suspension of deadlines was requested jointly with ORSNA, pending the court's decision.

 

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.

 

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, 2026 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 year
    Book entry
value at
06.30.2026
 
                Millions of $  
Servicios y Tecnología Aeroportuarios S.A. (2)     14,398,848       99.30 %     2,173       513       2,158  
Cargo & Logistics S.A. (2)     1,614,687       98.63 %     -       -       -  
Paoletti América S.A. (2)     6,000       50.00 %     1       -       1  
Texelrío S.A.     84,000       70.00 %     2,343       56       1,640  
Villalonga Furlong S.A (2) (3)     56,852       1.46 %     3       -       -  

 

(1) Companies based in Argentina..

(2) Not consolidated due to low significance.

(3) 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 Texelrío 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, 2026 presented in comparative format (Contd.)

 

NOTE 3 – ACCOUNTING POLICIES

 

These Condensed Consolidated 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 5, 2026.

 

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 Condensed Consolidated Interim Financial Statements of the Company for the six-month period ended June 30, 2026 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, 2025 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, 2025 and from the Consolidated Financial Statements as of December 31, 2025 approved by the Company’s Board and Shareholders and restated at the closing currency at June 30, 2026, based on the application of IASB 29 (see Note 3.25 of the Condensed Consolidated Financial Statements at December 31, 2025).

 

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, 2026 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 (the Agreement Record, 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, 2025.

 

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, 2026.

 

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, 2025.

 

  10  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 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, 2026 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, 2026, the price index rose to 11,839.5416, with inflation for the six-month period of 16.98% and year-on-year inflation of 33.46%.

 

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 Consolidated Condensed 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, 2026 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, 2026. 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, 2026, 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, 2026, 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, 2026 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 BNA 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, 2026 was a loss of $61,095 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 $106,299 million, because as of June 30, 2026, the variation of the CPI for the period of 36 months at the end of fiscal year 2026 will exceed 100%.

 

NOTE 4 - SALES INCOME

 

    Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Air station use rate     159,979       177,701       396,650       385,468  
Landing fee     15,012       15,896       34,553       31,888  
Parking fee     4,875       4,915       11,313       10,865  
Total aeronautical income     179,866       198,512       442,516       428,221  
Total non-aeronautical income     140,530       170,513       298,808       315,815  
Total     320,396       369,025       741,324       744,036  

 

As of June 30, 2026 and 2025, "over the time" income from contracts with customers for the six-month periods was $617,939 million and $625,978 million, respectively.

 

  14  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 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  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Specific allocation of income   47,034       54,269       108,899       109,586  
Airport services and maintenance   48,441       53,656       100,628       105,932  
Amortization of intangible assets   57,826       54,585       114,662       106,250  
Depreciation of property, plant and equipment   173       154       337       309  
Salaries and social charges   57,517       56,004       120,606       116,731  
Fee   1,974       2,150       3,033       5,137  
Utilities and fees   7,554       6,893       15,440       14,963  
Taxes   2,214       2,255       4,456       4,294  
Office expenses   5,648       6,274       10,726       12,010  
Insurance   40       21       82       55  
Depreciation rights of use   1,827       937       3,167       1,854  
Others   1,749       3,581       3,916       3,606  
Total   231,997       240,779       485,952       480,727  

 

5.2. Distribution and marketing expenses

 

    Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Airport services and maintenance   211       490       368       490  
Amortization of intangible assets   242       119       497       266  
Salaries and social charges   1,573       1,182       3,775       2,420  
Fees   356       226       818       464  
Utilities and fees   22       8       32       16  
Taxes   15,587       18,372       36,022       36,443  
Office expenses   154       114       305       287  
Insurance   -       -       3       -  
Advertising   3,082       1,905       4,754       2,499  
Provision for bad debts   1,051       2,319       1,912       4,018  
Total   22,278       24,735       48,486       46,903  

 

  15  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 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  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Airport services and maintenance   516       679       820       1,045  
Amortization of intangible assets   1,278       1,361       2,598       2,765  
Depreciation of PP&E   7       7       12       10  
Salaries and social charges   16,358       9,924       30,353       20,822  
Fees   1,301       1,608       2,605       2,809  
Utilities and fees   48       67       136       73  
Taxes   2,145       2,352       4,649       4,991  
Office expenses   2,021       3,153       4,555       5,585  
Insurance   866       758       1,701       1,627  
Fees to the Board of Directors and the Supervisory Committee   298       245       564       460  
Others   150       2       326       3  
Total   24,988       20,156       48,319       40,190  

 

NOTE 6 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT

 

6.1 Other net incomes and expenses

 

    Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Trust for Strengthening   7,839       9,044       18,150       18,264  
Other   (2,580 )     (2,310 )     (3,378 )     (8,270 )
Total   5,259       6,734       14,772       9,994  

 

6.2. Financial Income

 

    Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Interest   10,477       7,985       15,124       16,437  
Foreign Exchange differences   (4,326 )     9,093       (47,014 )     (1,345 )
Total   6,151       17,078       (31,890 )     15,092  

 

  16  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 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  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Interest   (17,088 )     (17,444 )     (33,056 )     (36,270 )
Foreign Exchange differences   3,479       (44,193 )     133,320       (15,154 )
Total   (13,609 )     (61,637 )     100,264       (51,424 )

 

6.4 Income Tax

 

    Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions of $  
Current   7,434       (403 )     (29,139 )     (398 )
Deferred   (2,526 )     (3,682 )     (31,956 )     (44,019 )
Total   4,908       (4,085 )     (61,095 )     (44,417 )

 

NOTE 7 – INTANGIBLE ASSETS

 

          06.30.2026     06.30.2025  
    Note     Millions of $  
Original values:                      
Initial Balance           5,247,828       5,047,221  
Acquisitions of the period           90,465       69,023  
Declines of the period           -       (9,130 )
Balance at June 30           5,338,293       5,107,114  
                       
Accumulated Amortization:                      
Initial Balance           (2,248,173 )     (2,033,457 )
Amortizations of the period   5       (117,757 )     (109,281 )
Declines of the period           -       3,723  
Balance at June 30           (2,365,930 )     (2,139,015 )
Net balance at June 30           2,972,363       2,968,099  

 

  17  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS

 

8.1 Changes in financial debt

 

    06.30.2026     06.30.2025  
    Millions of $  
Initial Balance   908,107       988,833  
New financial debts   346       145  
Financial debts paid   (85,098 )     (109,332 )
Accrued interest   29,592       34,323  
Foreign Exchange differences   (116,092 )     10,278  
Inflation adjustment   129       222  
Total Net Balance at June 30   736,984       924,469  

 

8.2 Breakdown of financial debt

 

    06.30.2026     12.31.2025  
    Millions of $  
Non-current Financial Debts      
Negotiable Obligations   609,689       766,026  
Cost of issuance of NO   (454 )     (620 )
    609,235       765,406  
Current Financial Debts              
Negotiable Obligations   127,970       143,051  
Cost of issuance of NO   (221 )     (350 )
    127,749       142,701  
    736,984       908,107  

 

As of June 30, 2026 and December 31, 2025, the fair value of the financial debt amounts to $777,902 million and $887,078 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 Consolidated 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, 2025.

 

  18  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.3 Negotiable Obligations

 

Class   Start     Maturity     Interest     Currency     Initial
Capital
    Capital in U$S
at 06.30.2026
    Capital in U$S
at 12.31.2025
 
Guaranteed with Maturity in 2027 (1)(2)     02.2017       02.2027       6.875 %     U$S       400.0       3.8       6.3  
Class I Series  2020 (1)(2)(3)     04.2020       02.2027       6.875 % (5)     U$S       306.0       13.5       22.6  
Class I Series  2021 - Additional (1) (2) (3)     10.2021       08.2031       8.500 %     U$S       272.9       268.8       272.9  
Class IV (2) (3)     11.2021       11.2028       9.500 %     U$S       62.0       45.5       51.0  
Class V (3)     02.2022       02.2032       5.500 %     U$S (6)      138.0       138.0       138.0  
Class IX (3)     08.2022 (4)      08.2026       0.000 %     U$S (6)      32.7       7.6       22.9  
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, 2026, the Company complies with financial covenants.

 

As of June 30, 2026, the Company holds Class IX Bonds in its portfolio totaling U$S9.8 million.

 

As of the date of these financial statements, the Company has applied all of the funds corresponding to the Class XI Bond and is in the process of providing proof of their use.

 

  19  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements 

At June 30, 2026 presented in comparative format (Contd.)

 

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

 

9.1 Other receivables

 

9.1.1 Other non-current receivables  

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Trust for Strengthening   10.1       82,596       73,531  
Others           424       1,335  
Total           83,020       74,866  

 

9.1.2 Other current receivables

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Expenses to be recovered           3,915       6,279  
Related parties   10.1       1,289       1,565  
Tax credits           10,800       19,679  
Prepaid Insurance           1,890       4,766  
Others           28       12  
Total           17,922       32,301  

 

9.2 Trade receivables

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Trade receivables           149,501       187,493  
Related parties   10.1       1,646       1,965  
Checks-postdated checks           2,623       4,287  
Subtotal sales credits           153,770       193,745  
Provision for bad debts           (18,516 )     (22,263 )
Total           135,254       171,482  

 

9.2.1 Changes in Bad Debt Provisions

 

          06.30.2026     06.30.2025  
    Note     Millions  of $  
Initial balance           22,263       14,555  
Increases of the period   5.2       1,912       4,018  
Foreign exchange difference           (2,397 )     1,388  
Applications of the period           (121 )     (1,026 )
Inflation adjustment           (3,141 )     (2,131 )
Bad Debts provisions at June 30           18,516       16,804  

 

  20  

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 presented in comparative format (Contd.)

 

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

 

9.3 Investments      

 

9.3.1 Non-current investments

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Negotiable obligations           61,846       62,858  
Negotiable obligations of related companies   10.1       -       2,917  
Other financial assets           12,418       -  
Total           74,264       65,775  

 

9.3.2 Current investments

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Negotiable bonds           87,205       83,413  
Negotiable bonds of related companies   10.1       2,541       -  
Other financial assets           12,418       20,302  
Total           102,164       103,715  

 

9.4 Cash and cash equivalents

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Cash and funds in custody           175       208  
Banks   13       9,596       20,440  
Checks not yet deposited           823       715  
Term deposits and others           62,292       88,810  
Total           72,886       110,173  

 

9.5 Commercial accounts payable and other

 

9.5.1 Commercial Accounts payable and other non-current

 

    06.30.2026     12.31.2025  
    Millions  of $  
Suppliers     926       1,246  
Total     926       1,246  

 

9.5.2 Commercial accounts payable and other current

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Suppliers           63,196       86,018  
Foreign suppliers           6,988       10,272  
Debts with Related Parties   10.1       10,899       9,512  
Salaries and social security liabilities           43,502       63,004  
Other fiscal debts           14,648       9,365  
Total           139,233       178,171  

 

  21  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 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, 2026 and December 31, 2025 are as follows:

 

    06.30.2026     12.31.2025  
Other receivables   Millions  of $  
Other related companies     1,289       1,565  
Total     1,289       1,565  

 

    06.30.2026     12.31.2025  
Trade receivables   Millions  of $  
Other related companies     1,646       1,965  
Total     1,646       1,965  

 

    06.30.2026     12.31.2025  
Investments   Millions  of $  
Other related companies - non current     -       2,917  
Other related companies - current     2,541       -  
Total     2,541       2,917  

 

    06.30.2026     12.31.2025  
Accounts payable and other   Millions  of $  
Other related companies     10,899       9,512  
Total     10,899       9,512  

 

    06.30.2026     12.31.2025  
Provisions and other charges   Millions  of $  
Corporación América S.A.U. – Dividends to be paid     5       18,568  
Corporación América Sudamericana S.A. – Dividends to be paid     -       75,951  
Other related companies     -       151  
Total     5       94,670  

 

  22  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 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, 2026, and December 31, 2025, are as follows:

 

          06.30.2026     12.31.2025  
    Note     Millions  of $  
Debt - Specific Allocation of Income             14,403       21,879  
Credit - Strengthening Trust (1)             82,596       73,531  

 

(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, 2026 and 2025 are as follows:

 

With Proden S.A. for office rental and maintenance, the Company has allocated $3,483 million and $3,076 million, respectively.

 

The Company has allocated to the cost $5,517 million and $5,651 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 $2,025 million and $2,206 million to the cost, respectively.

 

The Company has allocated to the cost $1,375 million and $1,485 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 $9,172 million and $4,409 million, respectively.

 

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $1,320 million and $786 million to the cost, respectively.

 

The Company has recorded commercial income of $1,367 million and $1,253 million with Duty Paid S.A., respectively.

 

Furthermore, short-term compensation to key management was $6,105 million and $1,825 million for the six-month periods ended at June 30, 2026 and 2025, respectively.

 

  23  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 presented in comparative format (Contd.)

 

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

 

10.2 Operations with related parties (Contd.)

 

Corporación America S.A.U 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.U 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, 2026 presented in comparative format (Contd.)

 

NOTE 11 – PROVISIONS AND OTHER CHARGES

 

          At 01.01.26     Increases /
(Recovery)
    Decreases     Inflation
Adjustment
    Accruals     Exchange rate
differences
    At
06.30.2026
    Total Non
Current
   

Total

Current

 
    Note     Millions of $     Millions of $  
Litigations           5,417       568       (1,155 )     (693 )     2       (438 )     3,701       -       3,701  
Deferred Income           10,861       15,489       -       (331 )     (11,684 )     33       14,368       1,087       13,281  
Guarantees Received           5,129       744       (806 )     (699 )     -       145       4,513       -       4,513  
Upfront fees from concessionaires           6,175       1,720       -       -       (2,642 )     -       5,253       2,112       3,141  
Dividends to be paid   10       94,519       5       (84,447 )     (8,445 )     -       (1,627 )     5       -       5  
Related companies   10       151       -       (133 )     (18 )     -       -       -       -       -  
Others           2,263       202       (130 )     (375 )     21       23       2,004       741       1,263  
Total           124,515       18,728       (86,671 )     (10,561 )     (14,303 )     (1,864 )     29,844       3,940       25,904  

 

    At 01.01.25     Increases /
(Recovery)
    Decreases     Inflation
Adjustment
    Accruals     Exchange rate
differences
    At
06.30.2025
    Total Non
Current
   

Total

Current

 
    Millions  of $     Millions  of $  
Litigations     5,282       1,493       (941 )     (705 )     35       448       5,612       1,197       4,415  
Deferred Income     21,074       3,618       -       (996 )     (11,744 )     1,376       13,328       3,040       10,288  
Guarantees Received     3,268       (61 )     631       (526 )     -       923       4,235       -       4,235  
Upfront fees from concessionaires     8,018       1,092       -       -       (2,134 )     -       6,976       3,470       3,506  
Dividends to be paid     39,941       -       (39,460 )     (1,978 )     -       1,497       -       -       -  
Related companies     -       175       -       (3 )     -       -       172       -       172  
Others     3,665       291       (149 )     (488 )     (448 )     490       3,361       1,644       1,717  
Total     81,248       6,608       (39,919 )     (4,696 )     (14,291 )     4,734       33,684       9,351       24,333  

 

  25  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 presented in comparative format (Contd.)

 

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

 

Item  

Foreign
currency type

and amount at

06.30.2026

    Foreign
exchange
rates
    Amount in
local currency
at 06.30.2026
    Amount in
local currency
at 12.31.2025
 
Assets                                
Current Assets                                
Cash and cash equivalents   U$S 19       1,473       28,103       62,825  
Net trade receivables   U$S 70       1,473       102,645       121,705  
Investments   U$S 61       1,473       89,746       103,715  
Other receivables   U$S 1       1,473       1,821       -  
Total current assets                     222,315       288,245  
                                 
Non-Current Assets                                
Other receivables   U$S 0       1,473       261       -  
Investments   U$S 42       1,473       61,846       65,774  
Total Non-Current Assets                     62,107       65,774  
Total assets                     284,422       354,019  
                                 
Liabilities                                
Current Liabilities                                
Provisions and other charges   U$S 6       1,482       8,265       104,412  
Financial debts   U$S 86       1,482       127,970       143,051  
Lease liabilities   U$S 4       1,482       5,262       5,181  
Commercial accounts payable and others   U$S 24       1,482       35,304       48,958  
    EUR 1       1,695.26       2,044       4,498  
    GBP 0       1,968.39       -       11  
    CAD 0       1,044.63       151       55  
Total current liabilities                     178,996       306,166  
                                 
Non-Current Liabilities                                
Provisions and other charges   U$S 0       1,482       742       1,652  
Financial debts   U$S 411       1,482       609,689       766,024  
Lease liabilities   U$S 7       1,482       11,000       440  
Commercial accounts payable and others   U$S 1       1,482       926       1,245  
Total non-current liabilities                     622,357       769,361  
Total liabilities                     801,353       1,075,527  
Net liability position                     516,931       721,508  

 

  26  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 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, 2026 and December 31, 2025, 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 $7,685 million and $8,381 million, respectively.

 

NOTE 14 - CAPITAL STOCK

 

At June 30, 2026 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. (presented in $ in currency as of the date of the meetings)

 

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 was $ 291,967,185,851, to the general CPI index accumulated through March, resulting in an adjusted result of $361,986,187,842;

 

(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.

 

At the Ordinary and Special General Meeting of Classes A, B, C, and D held on April 15, 2026, the following resolutions were adopted:

 

(i) to restate the positive result for the fiscal year ending December 31, 2025 of $ 209,678,089,103, which amounted to $229,476,503,399, based on the accumulated General Consumer Price Index through March;

 

(ii) that the restated result be allocated to the creation of an optional reserve for the execution of future construction projects and, if applicable, for the payment of future dividends.

 

  27  

 

 

 

 

 

Notes to the Condensed Consolidated Interim Financial Statements

At June 30, 2026 presented in comparative format (Contd.)

 

NOTE 16 – EARNINGS PER SHARE

 

Relevant information for the calculation per share:

 

    06.30.2026     06.30.2025  
Income for the period (in millions of $)     168,887       98,544  
Amount of ordinary shares (millions)     259       259  
Earnings per shares ($ per share)     652.0734       380.4788  

 

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 Separate Condensed Interim 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 22. Inflation for the first six months of 2026 and the year-over-year inflation rate are shown in Note 3. The quarterly devaluation was 7.2%.

 

As of the date of these financial statements, there were no significant changes in exposure to market risk, foreign exchange risk, interest rate risk, credit risk, or liquidity risk compared to what was reported in the annual financial statements closed as of December 31, 2025.

 

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.

 

  28  

 

 

 

 

 

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, 2026 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 Condensed Consolidated Interim Financial Statements as of June 30, 2026 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, 2026, in accordance with International Accounting Standard N ° 29 “Financial information in hyperinflationary economies”. For more information, see Note 3.7 to the Condensed Consolidated Interim Financial Statements at June 30, 2026.

 

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:

-Beacon ring and main electrical substation; and

-New osmosis plant.

 

Jorge Newbery Airport

 

The following works are currently underway:

- Remodeling of the Inspection and Search Point; and

-Domestic Pre-Boarding Extension

 

  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, 2026 presented in comparative form

 

1. . General considerations (Contd.)

 

San Rafael Airport

 

The following works are underway:

 

-New Passenger Terminal.

 

Iguazú Airport

 

The works have been completed:

 

-Tip-off points; Aircraft sanitary effluent treatment; and

-Sewage Treatment Plant.

 

Resistencia Airport

 

The following works are underway:

 

-Comprehensive remodeling of the passenger terminal.

 

Formosa Airport

 

Construction work on the new passenger terminal is underway.

 

Salta Airport

 

The renovation and expansion of the passenger terminal is underway.

 

Rio Grande Airport

 

The works have been completed:

 

- Rehabilitation of the runway, taxiway, and apron; and

- Installation of a new lighting system

 

  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, 2026 presented in comparative form

 

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, 2026, 2025 and 2024 is presented.

 

    06.30.26     06.30.25     06.30.24  
    Millions of $  
Current Asset     328,695       428,355       376,711  
Non-current Assets     3,147,283       3,106,204       3,159,161  
Total Assets     3,475,978       3,534,559       3,535,872  
                         
Current liabilities     323,019       294,800       286,952  
Non- Current Liabilities     1,185,059       1,334,706       1,348,461  
Total Liabilities     1,508,078       1,629,506       1,635,413  
                         
Net equity attributable to majority shareholders     1,967,182       1,904,419       1,900,269  
Non-controlling interest     718       634       190  
Net Equity     1,967,900       1,905,053       1,900,459  
Total Assets and Equity     3,475,978       3,534,559       3,535,872  

 

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, 2026, 2025 and 2024.

 

    06.30.26     06.30.25     06.30.24  
    Millions of $  
Operating period result     173,580       186,434       234,007  
Financial income and expenses     68,374       (36,332 )     484,832  
RECPAM     (11,972 )     (7,141 )     (35,975 )
Result from investment in related parties     -       -       (1 )
Result before tax     229,982       142,961       682,863  
Income tax     (61,095 )     (44,417 )     (279,171 )
Result for the period     168,887       98,544       403,692  
Other comprehensive income     -       -       -  
Comprehensive income for the period     168,887       98,544       403,692  

 

  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, 2026 presented in comparative form

 

4. Cash flow structure

 

    06.30.26     06.30.25     06.30.24  
    Millions of $  
Cash Flow generated by  operating activities     165,451       183,668       70,499  
Cash Flow  (used in) / generated by investing activities     (28,396 )     (17,022 )     (14,656 )
Cash Flow used in financing activities     (172,629 )     (150,821 )     (109,805 )
Net Cash Flow generated/ used in the period     (35,574 )     15,825       (53,962 )

 

5. Analysis of operations for the six-month periods ended at June 30, 2026 and 2025

 

5.1 Results of operations

 

Income

 

The following table shows the composition of consolidated revenues for the six-month periods ended at June 30, 2026 and 2025:

 

    06.30.2026     %     06.30.2025     %  
Revenues   Millions of $     Revenues     Millions of $     Revenues  
Aeronautical revenue     442,516       59.69 %     428,221       57.55 %
Commercial revenue     298,808       40.31 %     315,815       42.45 %
Total     741,324       100.00 %     744,036       100.00 %

 

The following table shows the composition of the aeronautical revenues for the six-month periods ended at June 30,2026 and 2025:

  

    06.30.2026     %     06.30.2025     %  
Aeronautical revenues   Millions of $     Revenues     Millions of $     Revenues  
Landing fee     34,553       7.81 %     31,888       7.45 %
Parking fee     11,313       2.56 %     10,865       2.54 %
Air station use rate     396,650       89.64 %     385,468       90.02 %
Total     442,516       100.00 %     428,221       100.00 %

 

  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, 2026 presented in comparative form

 

5. Analysis of operations for the six-month periods ended at June 30, 2026 and 2025 (Contd.)

 

5.1 Results of operations (Contd.)

 

Costs

 

The cost of sales had the following variation:

 

    Millions of $  
Costs of sales for the period ended at 06.30.2026     485,952  
Costs of sales for the period ended at 06.30.2025     480,727  
Variation     5,225  

 

Distribution and marketing expenses

 

The distribution and marketing expenses had the following variation:

 

    Millions of $  
Distribution and commercial expenses for the period ended at 06.30.2026     48,486  
Distribution and commercial expenses for the period ended at 06.30.2025     46,903  
Variation     1,583  

 

Administrative Expenses

 

The administrative expenses had the following variation:

 

    Millions of $  
Administrative expenses for the period ended at 06.30.2026     48,319  
Administrative expenses for the period ended at  06.30.2025     40,190  
Variation     8,129  

 

Income and financial costs

 

Net financial income and costs totaled a loss of $68,374 million during the six-month period ended at June 30, 2026 with respect to $36,336 million loss 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 $14,772 million during the six-month period ended June 30, 2026 compared to a gain of $9,994 million in the same period of the previous year.

 

  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, 2026 presented in comparative form

 

5. Analysis of operations for the six-month periods ended at June 30, 2026 and 2025 (Contd.)

 

5.2 Liquidity and Capital Resources

 

Capitalization

 

The total capitalization of the Group as of June 30, 2026 amounted to $2,704,884 million, composed of $736,984 million of financial debt and equity of $1,967,900 million, while the total capitalization of the Group as of June 30, 2026 amounted to $2,829,523 million, composed of $924,469 million of financial debt and equity of $1,905,054 million.

 

Debt as a percentage of total capitalization amounted to approximately 27.25% and 32.67% as of June 30, 2026 and 2025, respectively.

 

Financing

 

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

 

6. Index

 

The information refers to the six-month periods ended at June 30, 2026, 2025 and 2024:

 

    06.30.26     06.30.25     06.30.24  
Liquidity (1)     1.072       1.524       1.453  
Solvency (1)     1.322       1.184       1.190  
Immobilization of capital     0.905       0.879       0.893  
Cost effectiveness     0.090       0.053       0.238  

 

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

 

  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, 2026 presented in comparative form

 

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, 2026, 2025 and 2024:

 

    06.30.26     06.30.25     06.30.24  
Airport   Thousands of passengers  
Aeroparque     8,407       8,725       7,010  
Ezeiza     6,269       5,781       5,479  
Córdoba     1,719       1,532       1,393  
Mendoza     1,192       1,267       1,086  
Bariloche     980       1,111       994  
Iguazú     787       881       675  
Salta     709       690       614  
Tucumán     462       397       347  
C. Rivadavia     253       280       250  
Jujuy     214       238       267  
Total     20,992       20,902       18,115  
Overall total     22,026       22,039       19,252  
Variation     -0.1 %     14.5 %     -2.9 %

 

  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, 2026 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, 2026, 2025 and 2024 of the ten airports that represent more than 80% of the total movements of the airport system:

 

Airport   06.30.26     06.30.25     06.30.24  
Aeroparque     65,708       69,956       58,316  
Ezeiza     40,755       36,853       36,595  
San Fernando     28,147       27,019       25,874  
Córdoba     14,530       13,430       12,886  
Mendoza     10,021       11,042       10,050  
Salta     8,793       8,463       8,175  
Bariloche     7,239       8,464       7,427  
Iguazú     5,675       6,434       5,160  
Tucumán     4,000       3,904       3,289  
Mar del Plata     3,313       3,578       4,245  
Total     188,181       189,143       172,017  
Overall Total     220,050       223,887       206,909  
Variation     -1.7 %     8.2 %     -3.7 %

 

  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, 2026 presented in comparative form

 

Outlook for 2026

 

Following a record first quarter for operations, the second quarter showed mixed performance. The international segment performed well, growing 4% compared to the same quarter of 2025, a period that had itself recorded a 17% increase compared to 2024. In contrast, the domestic segment saw an intensification of the trend observed during the first quarter, registering an 11% decline, mainly explained by capacity reductions from a local low-cost airline, lower activity from another domestic airline due to scheduled fleet maintenance, and reduced capacity from the main operator as a result of higher fuel costs. Overall, passenger traffic for the quarter declined 6% compared to 2025.

 

For the third quarter and the remainder of 2026, more moderate year-over-year growth is expected in the international segment, against a backdrop of tougher comparison bases, given that every quarter of 2025 set new records in this segment. Additionally, activity will be partially affected by planned works at the Ezeiza runway crossing, which will extend over 18 days between October and November. These works will limit the operational length of the runway and, consequently, there will be restrictions on certain operations with larger aircraft due to maximum takeoff weight limitations. In the domestic segment, the third quarter is expected to maintain a dynamic similar to that observed in the second quarter, with a slight improvement toward the final months of the year.

 

Regarding commercial revenue lines, Cargo revenue was affected by a demanding comparison base, since in the second quarter of last year the lower number business days in certain months extended warehouse dwell times, generating a positive effect on revenue. This quarter, that effect did not repeat, and additionally, improvements in third-party processes reduced dwell times, resulting in a corresponding decrease in revenue. There was also a slight decrease in cargo volume handled in import activity. In other commercial revenue lines, performance was mixed: aircraft and airline services showed solid growth, while Advertising showed a notable improvement, driven by new contracts and renegotiations of existing agreements. Parking revenue, meanwhile, was affected by lower passenger traffic and greater adoption of digital apps, while Duty Free registered a slight decline associated with lower capture rates and a lower average ticket per passenger.

 

On the other hand, the Company's operating costs continued to be impacted by the macroeconomic environment, mainly in the cost structure denominated in local currency. In response to this scenario, control and efficiency measures were implemented that partially contained the cost increase and moderated its impact on margins. The Company continues to monitor the evolution of these variables with the aim of preserving operating profitability.

 

Finally, within the framework of the investment plan, the Company continues to make steady progress in line with the execution schedule of the contractual commitment. In particular, progress continues on the portion of the Capex program planned for 2026, corresponding to Phase II of the commitment. Additionally, progress was made on works carried out through the National Airport System Strengthening Trust Fund.

 

  37  

 

 

“Free translation from the original in Spanish for publication in Argentina”

 

 

 

Review Report on Condensed Consolidated Interim Financial Statements

 

To the Shareholders, Chairman and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

CUIT N° 30-69617058-0

 

Report on condensed consolidated interim financial statements

Introduction

 

We have reviewed the accompanying condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. ("the Company") and its subsidiaries (collectively "the Group") comprising the consolidated statement of financial position as of June 30, 2026, the consolidated statements of comprehensive income for the six and three months ended June 30, 2026, changes in equity and cash flows for the six-month period ended June 30, 2026 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 IFRS Accounting Standards and is 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 (IAS 34).

 

Scope of review

 

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity', adopted as a review standard in Argentina by FACPCE Technical Resolution No. 33 as approved by the Standards Council International Audit and Assurance Organizations (IAASB). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

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

 

 

 

 

Conclusion

 

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements is not prepared, in all material respects, in accordance with IAS 34.

 

Report on compliance with current provisions

 

In compliance with current provisions, we inform, 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 transcribed in the 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 informative briefing, on which, as far as it is within our competence, we have no observations to make;

 

d) as of June 30, 2026, the debt accrued in favor of the Argentine Integrated Pension System of Aeropuertos Argentina 2000 S.A. arising from the Company's accounting records amounted to $7,393,281,021, which was not payable on that date.

 

Autonomous City of Buenos Aires, August 5, 2026.

 

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 condensed 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, 2026, the consolidated statements of comprehensive income for the periods of six and three months ended June 30, 2026, changes in equity and cash flows for six-month period ended June 30, 2026 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 5, 2026, who states that it has been issued in accordance with the International Standards on Review Engagements NIER 2410 "Review of interim financial information performed by the independent auditor of the entity", 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, 2026 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 "Inventory 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 5, 2026.

 

   
  Patricio A. Martin
  By Surveillance Committee

 

 

 

EX-99.2 3 tm2622635d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

 

Separate Condensed Interim Financial Statements

At June 30, 2026 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° 29 commenced January 1, 2026

 

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.U.

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, 2026 and 2025

 

          Three months at     Six months at  
          06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Note     Millions of $  
Continuous Operations                                      
Sales income   3       318,854       367,537       738,363       741,622  
Construction income           56,954       38,274       90,465       69,023  
Cost of service   4.1       (232,658 )     (242,256 )     (486,685 )     (482,255 )
Construction costs           (56,841 )     (38,168 )     (90,224 )     (68,799 )
Income for gross profit for the period           86,309       125,387       251,919       259,591  
Distribution and selling expenses   4.2       (21,986 )     (24,506 )     (47,857 )     (46,513 )
Administrative expenses   4.3       (23,956 )     (19,226 )     (46,253 )     (38,391 )
Other income and expenses, net   5.1       5,256       6,660       14,775       9,924  
Operating profit for the period           45,623       88,315       172,584       184,611  
Finance Income   5.2       5,953       16,940       (32,143 )     14,870  
Finance Costs   5.3       (13,522 )     (61,435 )     100,360       (51,143 )
RECPAM           (5,043 )     (3,764 )     (11,523 )     (6,999 )
Result from exposure to changes in the purchasing power of the currency           595       1,018       569       1,033  
Income before income tax           33,606       41,074       229,847       142,372  
Income tax   5.4       5,041       (3,669 )     (60,988 )     (44,060 )
Income for the period for continuous operations           38,647       37,405       168,859       98,312  
Net Income for the period           38,647       37,405       168,859       98,312  
Other comprehensive income           -       -       -       -  
Comprehensive Income for the period           38,647       37,405       168,859       98,312  
                                       
Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations           149.2162       144.4208       651.9653       379.5830  

 

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2025.

 

  2  

 

 

 

Separate Statements of Financial Position

At June 30, 2026 and December 31, 2025

 

        06.30.2026     12.31.2025  
    Note   Millions of $  
Assets                    
Non- Current Assets                    
Investments accounted for by the equity method   6     3,799       3,943  
Intangible Assets   7     2,972,363       2,999,655  
Rights of use         15,841       5,025  
Other receivables         83,020       74,866  
Investments         74,264       65,775  
Total Non-Current Assets         3,149,287       3,149,264  
Current Assets                    
Other receivables   9.1     17,794       30,243  
Trade receivables, net   9.2     132,978       169,712  
Investments   9.3     102,164       103,715  
Cash and cash equivalents   9.4     70,279       107,349  
Total Current Assets         323,215       411,019  
Total Assets         3,472,502       3,560,283  
Shareholders’ Equity and Liabilities                    
Equity attributable to majority shareholders                    
Common shares         259       259  
Share Premium         137       137  
Capital adjustment         212,375       212,375  
Legal and facultative reserve         1,585,552       1,337,561  
Retained earnings         168,859       245,272  
Subtotal         1,967,182       1,795,604  
Liabilities                    
Non-Current Liabilities                    
Provisions and other charges   11     3,199       5,251  
Financial debts   8     609,235       765,406  
Deferred income tax liabilities         559,947       527,938  
Lease liabilities         11,000       440  
Accounts payable and others   9.5     926       1,245  
Total Non- Current Liabilities         1,184,307       1,300,280  
Current Liabilities                    
Provisions and other charges   11     25,529       117,696  
Financial debts   8     127,749       142,701  
Current income tax liability, net of advance payments         10,363       -  
Lease liabilities         5,262       5,181  
Accounts payable and others   9.5     137,707       176,942  
Fee payable to the Argentine National Government   10     14,403       21,879  
Total Current Liabilities         321,013       464,399  
Total Liabilities         1,505,320       1,764,679  
Total Shareholder’s Equity and Liabilities         3,472,502       3,560,283  

 

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2025.

 

  3  

 

 

 

Separate Statements of Changes in Equity

At June 30, 2026 and 2025

 

    Attributable to majority shareholders  
    Common
Shares
    Share
Premium
    Adjustment
of capital
    Legal
Reserve
    Facultative
Reserve
    Other
Reserves
    Retained
Earnings
    Total
Equity
 
    In millions of $  
Balance at 01.01.26     259       137       212,375       42,494       1,288,324       6,743       245,272       1,795,604  
Assembly Resolution of 15 April 2026 – Constitution of reserves (note 15)     -       -       -       -       245,272       -       (245,272 )     -  
Compensation plan     -       -       -       -       -       2,719       -       2,719  
Net Income for the period     -       -       -       -       -       -       168,859       168,859  
Balance at 06.30.2026     259       137       212,375       42,494       1,533,596       9,462       168,859       1,967,182  
                                                                 
Balance at 01.01.25     259       137       212,375       42,494       1,094,887       6,515       449,279       1,805,946  
Assembly Resolution of 29 April 2025 – Constitution of reserves (note 15)     -       -       -       -       449,279       -       (449,279 )     -  
Compensation plan     -       -       -       -       -       163       -       163  
Net Income for the period     -       -       -       -       -       -       98,312       98,312  
Balance at 06.30.2025     259       137       212,375       42,494       1,544,166       6,678       98,312       1,904,421  

 

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2025.

 

  4  

 

 

 

Separate Statements of Cash Flow

For the six-month periods ended at June 30, 2026 and 2025

 

        06.30.2026     06.30.2025  
    Note   Millions of $  
Cash Flows from operating activities                    
Net income for the period         168,859       98,312  
Adjustment for:                    
Income tax         60,988       44,060  
Amortization of intangible assets   4/7     117,757       109,281  
Depreciation right of use   4     3,167       1,854  
Bad debts provision   4     1,752       4,007  
Specific allocation of accrued and unpaid income         14,403       16,641  
Income of investments accounted for by the equity method         (569 )     (1,033 )
Compensation plan         2,719       163  
Accrued and unpaid financial debts interest costs   8     29,592       34,323  
Accrued deferred revenues and additional consideration   11     (14,326 )     (13,878 )
Accrued and unpaid Exchange differences         (87,769 )     16,901  
Litigations provision   11     554       1,445  
Inflation Adjustment         (6,924 )     (14,859 )
Changes in operating assets and liabilities:                    
Changes in trade receivables         10,353       (14,499 )
Changes in other receivables         (28,920 )     (9,979 )
Changes in commercial accounts payable and others         (13,695 )     (15,337 )
Changes in provisions and other charges         16,224       4,215  
Changes in specific allocation of income to be paid to the Argentine National State         (18,704 )     (15,960 )
Changes in intangible assets         (90,465 )     (63,616 )
Net cash Flow generated by operating activities         164,996       182,041  
Cash Flow for investing activities                    
Acquisition of investments         (184,206 )     (37,475 )
Collection of investments         156,480       21,646  
Net Cash Flow (applied to) investing activities         (27,726 )     (15,829 )
Cash Flow from financing activities                    
New Financial debts   8     346       145  
Payment of leases         (3,420 )     (2,145 )
Financial debts paid- principal   8     (55,758 )     (63,816 )
Financial debts paid- interests   8     (29,340 )     (45,516 )
Payment of dividends         (84,447 )     (39,460 )
Net Cash Flow (applied to) financing activities         (172,619 )     (150,792 )
(Decrease) Net increase in cash and cash equivalents         (35,349 )     15,420  
Changes in cash and cash equivalents                    
Cash and cash equivalents at the beginning of the period         107,349       162,361  
(Decrease) Net increase in cash and cash equivalents         (35,349 )     15,420  
Inflation adjustment generated by cash and cash equivalents         7,594       15,924  
Foreign Exchange differences (applied to) cash and cash equivalents         (9,315 )     (2,521 )
Cash and cash equivalents at the end of the period         70,279       191,184  

 

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2025.

 

  5  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 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, 2026 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. Joint submissions were made with ORSNA (National Regulatory Body for Environmental Services) for the successive suspension of procedural deadlines, which were subsequently granted by the Court. On April 14, 2026, a new request for a 20-business-day suspension was submitted, which was granted by the court, expiring on May 12, 2026. Subsequently, other judicial suspensions occurred, and on July 8, 2026, a new suspension of deadlines was requested jointly with ORSNA, pending the court's decision.

 

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.

 

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 Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

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 5, 2026.

 

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 Separate Condensed Interim Financial Statements of the Company for the six-month period ended June 30, 2026 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, 2025 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, 2025 and the Separate Financial Statements at December 31, 2025, timely approved by the Company’s Board and Shareholders and restated at the closing currency at June 30, 2026, 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, 2026 presented in comparative format (contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

2) Controlled Companies (Contd.)

 

At June 30, 2026, the Company has participation in the following controlled companies (hereafter the Group):

 

Controlled (1)   Number of
common
shares
    Participation in
capital and
possible votes
    Net
Shareholders
‘equity at
closing
    Income for
the period
    Book entry
value at
06.30.2026
 
                Millions of $  
Servicios y Tecnología Aeroportuarios S.A. (2)     14,398,848       99.30 %     2,173       513       2,158  
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 %     2,343       56       1,640  
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 98.53% 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 (the Agreement Record, 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, 2026 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, 2025.

 

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, 2026.

 

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, 2025.

 

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, 2026 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 Separate 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, 2026, the price index rose to 11,839.5416, with inflation for the six-month period of 16.98% and year-on-year inflation of 33.46%.

 

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, 2026 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, 2026. 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, 2026, 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, 2026, 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, 2026 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 BNA 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, 2026 was a loss of $60,988 million.

 

  13  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 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 106,299 million, because as of June 30, 2026, the variation of the CPI for the period of 36 months at the end of fiscal year 2026 will exceed 100%.

 

NOTE 3 - SALES INCOME

 

    Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Air station use rate     159,979       177,701       396,650       385,468  
Landing fee     15,012       15,896       34,553       31,888  
Parking fee     4,875       4,915       11,313       10,865  
Total aeronautical income     179,866       198,512       442,516       428,221  
Total non-aeronautical income     138,988       169,025       295,847       313,401  
Total     318,854       367,537       738,363       741,622  

 

As of June 30, 2026 and 2025, "over the time" income from contracts with customers for the six-month periods was $614,978 million and $623,563 million, respectively.

 

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

 

4.1. Sales Cost

 

  Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Specific allocation of income     47,034       54,269       108,899       109,586  
Airport services and maintenance     51,481       57,186       105,796       111,479  
Amortization of intangible assets     57,826       54,585       114,662       106,250  
Salaries and social charges     55,786       54,480       117,298       113,709  
Fee     1,974       2,153       3,021       5,125  
Utilities and fees     7,544       6,886       15,428       14,947  
Taxes     2,030       2,111       4,173       3,994  
Office expenses     5,403       6,053       10,310       11,671  
Insurance     4       14       14       35  
Others     1,749       3,582       3,917       3,605  
Depreciation rights of use     1,827       937       3,167       1,854  
Total     232,658       242,256       486,685       482,255  

 

  14  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 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  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Airport services and maintenance     211       490       368       490  
Amortization of intangible assets     242       119       497       266  
Salaries and social charges     1,541       1,165       3,716       2,377  
Fees     356       226       818       464  
Utilities and fees     18       5       23       8  
Taxes     15,375       18,199       35,621       36,118  
Office expenses     154       114       305       287  
Insurance     -       -       3       -  
Advertising     3,083       1,905       4,754       2,496  
Provision for bad debts     1,006       2,283       1,752       4,007  
Total     21,986       24,506       47,857       46,513  

 

4.3. Administrative expenses

 

  Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Airport services and maintenance     507       670       811       1,034  
Amortization of intangible assets     1,278       1,361       2,598       2,765  
Salaries and social charges     15,427       9,126       28,532       19,273  
Fee     1,288       1,600       2,583       2,794  
Public services and fees     40       66       120       66  
Taxes     2,090       2,266       4,501       4,849  
Office expenses     2,013       3,146       4,519       5,553  
Insurance     865       744       1,699       1,597  
Fees to the Board of Directors and the Supervisory Committee     298       245       564       460  
Other     150       2       326       -  
Total     23,956       19,226       46,253       38,391  

 

  15  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 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  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Trust for Strengthening     7,839       9,044       18,150       18,264  
Other     (2,583 )     (2,384 )     (3,375 )     (8,340 )
Total     5,256       6,660       14,775       9,924  

 

5.2. Finance Income

 

  Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Interest     10,395       7,933       14,897       16,322  
Foreign Exchange differences     (4,442 )     9,007       (47,040 )     (1,452 )
Total     5,953       16,940       (32,143 )     14,870  

 

5.3 Finance Expenses

 

  Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Interest     (17,079 )     (17,428 )     (32,977 )     (36,240 )
Foreign Exchange differences     3,557       (44,007 )     133,337       (14,903 )
Total     (13,522 )     (61,435 )     100,360       (51,143 )

 

5.4 Income Tax

 

  Three months at     Six months at  
    06.30.2026     06.30.2025     06.30.2026     06.30.2025  
    Millions  of $  
Current     7,568       -       (28,978 )     -  
Deferred     (2,527 )     (3,669 )     (32,010 )     (44,060 )
Total     5,041       (3,669 )     (60,988 )     (44,060 )

 

NOTE 6 - INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD

 

    06.30.2026     06.30.2025  
    Millions  of $  
Initial balance     3,943       2,244  
Distribution of dividends     (713 )     -  
Income from investments accounted for by the equity method     569       1,033  
Balance at June 30     3,799       3,277  

 

  16  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

NOTE 7 – INTANGIBLE ASSETS

 

          06.30.2026     06.30.2025  
    Note     Millions  of $  
Original values:                      
Initial Balance           5,247,828       5,047,221  
Acquisitions of the period           90,465       69,023  
Declines of the period           -       (9,130 )
Balance at June 30           5,338,293       5,107,114  
                       
Accumulated Amortization:                      
Initial Balance           (2,248,173 )     (2,033,457 )
Amortizations of the period   4       (117,757 )     (109,281 )
Declines of the period           -       3,723  
Balance at June 30           (2,365,930 )     (2,139,015 )
Net balance at June 30           2,972,363       2,968,099  

 

NOTE 8 - FINANCIAL DEBTS

 

8.1 Changes in financial debt:

 

  06.30.2026     06.30.2025  
    Millions  of $  
Initial Balance     908,107       988,833  
New financial debts     346       145  
Financial debts paid     (85,098 )     (109,332 )
Accrued interest     29,592       34,323  
Foreign Exchange differences     (116,092 )     10,278  
Inflation adjustment     129       222  
Total Net Balance at June 30     736,984       924,469  

 

8.2 Breakdown of financial debt

 

  06.30.2026     12.31.2025  
  Millions  of $  
Non-current Financial Debts                
Negotiable Obligations     609,689       766,026  
Cost of issuance of NO     (454 )     (620 )
      609,235       765,406  
Current Financial Debts                
Negotiable Obligations     127,970       143,051  
Cost of issuance of NO     (221 )     (350 )
      127,749       142,701  
      736,984       908,107  

 

  17  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.2 Breakdown of financial debt (Contd.)

 

As of June 30, 2026 and December 31, 2025, the fair value of the financial debt amounts to $777,902 million and $887,078 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 Separate Condensed 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 Separate Financial Statements as of December 31, 2025.

 

8.3 Negotiable Obligations

 

Class   Start     Maturity     Interest     Currency     Initial
Capital
    Capital in U$S
at 06.30.2026
    Capital in U$S
at 12.31.2025
 
Guaranteed with Maturity in 2027 (1)(2)     02.2017       02.2027       6.875 %     U$S       400.0       3.8       6.3  
Class I Series  2020 (1)(2)(3)     04.2020       02.2027       6.875 %(5)     U$S       306.0       13.5       22.6  
Class I Series  2021 - Additional (1) (2) (3)     10.2021       08.2031       8.500 %     U$S       272.9       268.8       272.9  
Class IV (2) (3)     11.2021       11.2028       9.500 %     U$S       62.0       45.5       51.0  
Class V (3)     02.2022       02.2032       5.500 %     U$S(6)     138.0       138.0       138.0  
Class IX (3)     08.2022 (4)      08.2026       0.000 %     U$S(6)     32.7       7.6       22.9  
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, 2026, the Company complies with financial covenants.

 

As of June 30, 2026, the Company holds Class IX Bonds in its portfolio totaling U$S9.8 million.

 

As of the date of these financial statements, the Company has applied all of the funds corresponding to the Class XI Bond and is in the process of providing proof of their use.

 

  18  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

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

 

9.1 Other receivables

 

9.1.2 Other non-current receivables

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Trust for Strengthening   10.1       82,596       73,531  
Others           424       1,335  
Total           83,020       74,866  

 

9.1.2 Other current receivables

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Expenses to be recovered           3,915       6,279  
Related parties   10.1       1,736       933  
Tax credits           10,291       18,313  
Prepaid Insurance           1,842       4,710  
Others           10       8  
Total           17,794       30,243  

 

9.2 Trade receivables

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Trade receivables           148,052       186,265  
Related parties   10.1       516       1,238  
Checks-postdated checks           2,623       4,287  
Subtotal sales credits           151,191       191,790  
Provision for bad debts           (18,213 )     (22,078 )
Total           132,978       169,712  

 

9.2.1 Changes in Bad Debt Provisions

 

          06.30.2026     06.30.2025  
    Note     Millions of $  
Initial balance           22,078       14,396  
Increases of the period   4.2       1,752       4,007  
Foreign exchange difference           (2,392 )     1,388  
Applications of the period           (61 )     (1,026 )
Inflation adjustment           (3,164 )     (2,118 )
Bad Debts provisions at June 30           18,213       16,647  

 

  19  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

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

  

9.3 Investments

 

9.3.1 Non-current investments

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Negotiable obligations           61,846       62,858  
Negotiable obligations of related companies   10.1       -       2,917  
Other financial assets           12,418       -  
Total           74,264       65,775  

 

9.3.2. Current investments

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Negotiable bonds           87,205       83,413  
Negotiable bonds of related companies   10.1       2,541       -  
Other financial assets           12,418       20,302  
Total           102,164       103,715  

 

9.4 Cash and cash equivalents

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Cash and funds in custody           97       149  
Banks   13       9,253       18,449  
Checks not yet deposited           823       700  
Term deposits and others           60,106       88,051  
Total           70,279       107,349  

 

9.5 Commercial accounts payable and other

 

9.5.1 Commercial Accounts payable and other non-current

 

    06.30.2026     12.31.2025  
    Millions of $  
Suppliers   926     1,245  
Total   926     1,245  

 

  20  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

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

 

9.5 Commercial accounts payable and other (Contd.)

 

9.5.2 Commercial accounts payable and other current

 

          06.30.2026     12.31.2025  
    Note     Millions of $  
Suppliers           62,383       85,441  
Foreign suppliers           6,988       10,272  
Debts with Related Parties   10.1       12,432       10,965  
Salaries and social security liabilities           41,904       61,223  
Other fiscal debts           14,000       9,041  
Total           137,707       176,942  

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

 

10.1 Balances with other related parties

 

Balances with other related companies at June 30, 2026 and December 31, 2025 are as follows:

 

    06.30.2026     12.31.2025  
    Millions of $  
Other receivables      
Servicios y Tecnología Aeroportuarios S.A.     684       -  
Other related companies     1,052       933  
Total     1,736       933  

 

    06.30.2026     12.31.2025  
    Millions of $  
Trade receivables      
Other related companies     516       1,238  
Total     516       1,238  

 

    06.30.2026     12.31.2025  
    Millions of $  
Investments      
Other related companies - non current     -       2,917  
Other related companies - current     2,541       -  
Total     2,541       2,917  

 

  21  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

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

 

10.1 Balances with other related parties (Contd.)

 

    06.30.2026     12.31.2025  
    Millions of $  
Accounts payable and other      
Servicios y Tecnología Aeroportuarios S.A.     19       7  
Texelrio S.A.     1,662       1,537  
Other related companies     10,751       9,421  
Total     12,432       10,965  

 

    06.30.2026     12.31.2025  
    Millions of $  
Provisions and other charges      
Corporación América S.A.U. – Dividends to be paid          -       18,568  
Corporación América Sudamericana S.A.U. – Dividends to be paid     -       75,951  
Total     -       94,519  

 

The balances with the Argentine National State as of June 30, 2026, and December 31, 2025, are as follows:

 

        06.30.2026     12.31.2025  
    Note   Millions of $  
Debt - Specific Allocation of Income         14,403       21,879  
Credit - Strengthening Trust (1)       82,596       73,531  

 

(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, 2026 and 2025 are as follows:

 

With Proden S.A. for office rental and maintenance, the Company has allocated $3,483 million and $3,076 million, respectively.

 

With Texelrío S.A. For maintenance at the airports, the Company has allocated $6,980 million and $6,688 million to the cost, respectively.

 

The Company has allocated to the cost $5,517 million and $5,651 million, respectively, with Grass Master S.A.U. for airport maintenance.

 

  22  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

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

 

10.2 Operations with related parties (Contd.)

 

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $2,025 million and $2,206 million to the cost, respectively.

 

The Company has allocated to the cost $1,375 million and $1,485 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 $9,172 million and $4,409 million, respectively.

 

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $1,320 million and $786 million to the cost, respectively.

 

The Company has recorded commercial income of $1,367 million and $1,253 million with Duty Paid S.A., respectively.

 

10.3 Other information about related parties

 

Furthermore, short-term compensation to key management was $6,105 million and $1,825 million for the six-month periods ended at June 30, 2026 and 2025, respectively.

 

Corporación America S.A.U 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.U 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.

 

  23  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

NOTE 11 – PROVISIONS AND OTHER CHARGES

 

    Note   At 01.01.26   Increases /
(Recovery)
  Decreases   Inflation
Adjustment
  Accruals   Exchange
rate
differences
  At
06.30.2026
  Total Non
Current
 

Total
Current

 
        Millions of $   Millions of $  
Litigations       5,338   554   (1,155 ) (680 ) 2   (438 ) 3,621   -   3,621  
Deferred Income       10,861   15,489   -   (331 ) (11,684 ) 33   14,368   1,087   13,281  
Guarantees Received       5,106   744   (806 ) (695 ) -   145   4,494   -   4,494  
Upfront fees from concessionaires       6,175   1,720   -   -   (2,642 ) -   5,253   2,112   3,141  
Dividends to be paid   10   94,519   -   (84,447 ) (8,445 ) -   (1,627 ) -   -   -  
Others       948   202   8   (188 ) 22   -   992   -   992  
Total       122,947   18,709   (86,400 ) (10,339 ) (14,302 ) (1,887 ) 28,728   3,199   25,529  

 

        At 01.01.25   Increases /
(Recovery)
  Decreases   Inflation
Adjustment
  Accruals   Exchange
rate
differences
  At
06.30.2025
  Total Non
Current
 

Total
Current

 
        Millions of $   Millions of $  
Litigations       5,172   1,445   (940 ) (689 ) 35   447   5,470   1,197   4,273  
Deferred Income       21,074   3,618   -   (996 ) (11,744 ) 1,376   13,328   3,040   10,288  
Guarantees Received       3,250   (61 ) 631   (523 ) -   916   4,213   -   4,213  
Upfront fees from concessionaires       8,018   1,092   -   -   (2,134 ) -   6,976   3,470   3,506  
Dividends to be paid       39,941   -   (39,460 ) (1,978 ) -   1,497   -   -   -  
Others       2,149   291   -   (287 ) (448 ) 266   1,971   547   1,424  
Total       79,604   6,385   (39,769 ) (4,473 ) (14,291 ) 4,502   31,958   8,254   23,704  

 

  24  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

 

Item  

Foreign currency type

and amount at

06.30.2026

  Foreign
exchange
rates
  Amount in local
currency at
06.30.2026
  Amount in
local currency
at  12.31.2025
 
Assets                    
Current Assets                    
Cash and cash equivalents   U$S 19   1,473   27,548   62,192  
Net trade receivables   U$S 69   1,473   101,273   120,573  
Investments   U$S 61   1,473   89,746   103,715  
Other receivables   U$S 1   1,473   1,821   -  
Total current assets             220,388   286,480  
                     
Non-Current Assets                    
Other receivables   U$S 0   1,473   261   -  
Investments   U$S 42   1,473   61,846   65,774  
Total Non-Current Assets             62,107   65,774  
Total assets             282,495   352,254  
                     
Liabilities                    
Current Liabilities                    
Provisions and other charges   U$S 5   1,482   7,995   104,104  
Financial debts   U$S 86   1,482   127,970   143,051  
Lease liabilities   U$S 4   1,482   5,262   5,181  
Commercial accounts payable and others   U$S 24   1,482   35,281   48,863  
    EUR 1   1,695.26   2,044   4,498  
    GBP 0   1,968.39   -   11  
    CAD 0   1,044.63   151   55  
Total current liabilities             178,703   305,763  
                     
Non-Current Liabilities                    
Provisions and other charges   U$S -   1,482   -   646  
Financial debts   U$S 411   1,482   609,689   766,024  
Lease liabilities   U$S 7   1,482   11,000   440  
Commercial accounts payable and others   U$S 1   1,482   926   1,245  
Total non-current liabilities             621,615   768,355  
Total liabilities             800,318   1,074,118  
Net liability position             517,823   721,864  

 

  25  

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 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, 2026 and December 31, 2025, 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 $7,685 million and $8,381 million, respectively.

 

NOTE 14 - CAPITAL STOCK

 

At June 30, 2026 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. (presented in $ in currency as of the date of the meetings)

 

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 was $ 291,967,185,851, to the general CPI index accumulated through March, resulting in an adjusted result of $361,986,187,842;

 

(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.

 

At the Ordinary and Special General Meeting of Classes A, B, C, and D held on April 15, 2026, the following resolutions were adopted:

 

(i) to restate the positive result for the fiscal year ending December 31, 2025 of $ 209,678,089,103, which amounted to $229,476,503,399, based on the accumulated General Consumer Price Index through March;

 

(ii) that the restated result be allocated to the creation of an optional reserve for the execution of future construction projects and, if applicable, for the payment of future dividends.

 

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Notes to the Separate Condensed Interim Financial Statements

At June 30, 2026 presented in comparative format (contd.)

 

NOTE 16 – EARNINGS PER SHARE

 

Relevant information for the calculation per share:

 

    06.30.2026     06.30.2025  
Income for the period (in millions of $)     168,859       98,312  
Amount of ordinary shares (millions)     259       259  
Earnings per shares ($ per share)     651.9653       379.5830  

 

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 Separate Condensed Interim 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 six months of 2026 and the year-over-year inflation rate are shown in Note 3. The quarterly devaluation was 7.2%.

 

As of the date of these financial statements, there were no significant changes in exposure to market risk, foreign exchange risk, interest rate risk, credit risk, or liquidity risk compared to what was reported in the annual financial statements closed as of December 31, 2025.

 

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.

 

  27  

 

 

“Free translation from the original in Spanish for publication in Argentina”

 

 

 

Review Report on 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 

CUIT N° 30-69617058-0

 

Report on separate condensed interim financial statements

 

 

Introduction

 

We have reviewed the accompanying separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (hereinafter "the Company") comprising the separate statement of financial position as of June 30, 2026, the separate statements of comprehensive income for the six and three months ended June 30, 2026, changes in equity and cash flows for the six-month period ended June 30, 2026 and selected explanatory notes.

 

 

Responsibilities of the Board of Directors

 

The board of Directors is responsible for the preparation and presentation of these separate condensed interim financial statements in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 (IAS 34).

 

 

Scope of review

 

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity', adopted as a review standard in Argentina by FACPCE Technical Resolution No. 33 as approved by the Standards Council International Audit and Assurance Organizations (IAASB). A review of separate condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

 

Conclusion

 

Based on our review, nothing has come to our attention that causes us to believe that the accompanying separate condensed interim financial statements is not prepared, in all material respects, in accordance with IAS 34.

 

www.pwc.com.ar

Price Waterhouse & Co. S.R.L. Bouchard 557, 8th floor, C1106ABG

Ciudad Autónoma de Buenos Aires, Argentina, T: +(54.11) 4850.0000

 

 

 

 

Report on compliance with current provisions

 

In compliance with current provisions, we inform, 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 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, 2026, the debt accrued in favor of the Argentine Integrated Pension System of Aeropuertos Argentina 2000 S.A. arising from the Company's accounting records amounted to $7,393,281,021, which was not payable on that date.

 

Autonomous City of Buenos Aires, August 5, 2026.

 

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”), comprising the separate statement of financial position as of June 30, 2026, the separate statements of comprehensive income for the periods of six and three months ended June 30, 2026, changes in equity and cash flows for the six-months period ended June 30, 2026 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 5, 2026, who states that it has been issued in accordance with the International Standards onr Review Engagements NIER 2410 "Review of interim financial information performed by the independent auditor of the entity", 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, 2026 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 "Inventory 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 5, 2026.

 

   
  Patricio A. Martin
  By Surveillance Committee