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6-K 1 tm2623166d2_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): ¨

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

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): ¨

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 

 

 

 

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.

 

Date: August 18, 2026

 

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

 

 

 

 

Exhibit Index

 

Exhibit No.    Description
     
99.1   Press release dated August 18, 2026 - Corporación América Airports S.A. Reports Second Quarter 2026 Results.

 

 

 

EX-99.1 2 tm2623166d2_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1 

 

 

CORPORACION AMERICA AIRPORTS REPORTS SECOND QUARTER 2026 RESULTS

 

Revenue ex-IFRIC 12 Increased 8.2% YoY on Strong Aeronautical and Commercial Revenue Growth

Adjusted EBITDA ex-IFRIC 12 of $160.3 Million, Down 4.5% YoY, as Double-Digit Growth Across Four Markets Partially
Offset Lower Results in Argentina and Uruguay

Strong Financial Position with $692 Million in Cash & Cash Equivalents and Net Debt to LTM Adj. EBITDA of 0.5x

 

Luxembourg, August 18, 2026— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and six-month period ended June 30, 2026. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

 

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 25.

 

Second Quarter 2026 Highlights

 

§ Consolidated Revenues excluding IFRIC12 (ex-IFRIC12) reached $470.7 million, up 8.2% year-over-year (YoY), driven by increases of 13.2% and 3.7% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29), consolidated revenues ex-IFRIC12 increased 8.4% YoY to $475.4 million.

 

§ Key operating metrics:

 

§ 0.6% decrease in passenger traffic to 20.6 million.
§ 1.5% decrease in cargo volume to 95.7 thousand tons.
§ 2.6% decrease in aircraft movements to 208.8 thousand.

 

§ Operating Income of $105.5 million, compared with $117.3 million in 2Q25.

 

§ Adjusted EBITDA ex-IFRIC12 decreased 4.5% to $160.3 million, from $167.9 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 decreased 4.3% to $161.3 million.

 

§ Adjusted EBITDA margin ex-IFRIC12 contracted 4.5 percentage points to 34.1% from 38.6% in 2Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 decreased to 33.9% from 38.4% in the prior-year quarter.

 

§ Maintained strong liquidity position with $692.5 million in Cash & Cash equivalents as of June 30, 2026.

 

§ Net debt to LTM Adjusted EBITDA of 0.5x as of June 30, 2026.

 

CEO Message

 

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered a solid operating performance in the second quarter, with total passenger traffic remaining largely stable at 20.6 million passengers, as broad-based growth across our portfolio helped mitigate the domestic decrease in Argentina. Revenue excluding Construction services continued to outpace traffic growth, rising 8% year-over-year, supported by solid performance in both our aeronautical and commercial businesses. Revenue per passenger increased nearly 9%, with every country in which we operate contributing to this improvement, including Argentina.

 

Consolidated Adjusted EBITDA excluding IFRIC 12 reached $160 million, down 4.5% year-over-year. Profitability was affected by headwinds in Argentina and, to a lesser extent, non-recurring costs and expenses in Uruguay. In Argentina, results were primarily impacted by the reduction in Flybondi´s operating fleet, and a challenging comparison base for cargo revenues in 2Q25.By contrast, Italy, Brazil, Armenia and Ecuador each delivered double-digit year-on-year EBITDA growth, highlighting the strength of the diversification of our portfolio.

 

Our financial position strengthened further, with cash and cash equivalents increasing to $692 million at quarter-end and net leverage at 0.5x. These metrics reflect continued cash generation, debt repayments and disciplined financial management, providing us with flexibility to execute our strategic priorities and pursue our acquisition strategy.

 

We remain focused on advancing our strategic priorities centered on expanding passenger traffic volume, commercial activities, as well as revenue per passenger across the portfolio. Key initiatives include the ongoing concession rebalancing process in Argentina, efforts to obtain final approval for the Florence Airport Master Plan, the opening of a new VIP Lounge and expansion of the Duty-Free area in Montevideo, as well as various initiatives in connection with our cargo business in Argentina. At the same time, we continue to work hard on potential new concessions across the Americas, Africa and the Middle East.

 

Looking ahead, new routes, additional frequencies and growing inbound demand are expected to support international traffic in Argentina during the second half of the year, although domestic airline capacity constraints, planned runway maintenance, and challenging comparison base for cargo revenues may continue to weigh on the country’s near-term reported results.

 

In Uruguay, revenues associated with the new ILS system beginning in August, together with the opening of a new VIP lounge, new cargo business initiatives and healthy traffic trends, are expected to support revenue growth.

 

Page 1 of 41

 

Finally, I am pleased to announce that our Board approved the payment of cash dividends for a total of $150 million to be paid during 2026. This decision takes into account several key considerations, including shareholder returns, maintaining financial strength, preserving adequate cash balances at each operating company to support their strategic objectives, and maintaining sufficient liquidity at CAAP to pursue future growth opportunities. We remain committed to financial discipline and focused on creating long-term value for our shareholders.”

 

Page 2 of 41

 

Operating & Financial Highlights

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

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29
2Q26
    2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Passenger Traffic (Million Passengers)     20.6       20.7       -0.6 %             20.6       20.7       -0.6 %
Revenue     534.0       476.8       12.0 %     -7.9       541.9       481.6       12.5 %
Aeronautical Revenues     231.2       222.9       3.7 %     -2.8       234.0       225.0       4.0 %
Non-Aeronautical Revenues     302.9       253.9       19.3 %     -5.1       308.0       256.5       20.0 %
Revenue excluding Construction service     470.7       435.2       8.2 %     -4.7       475.4       438.5       8.4 %
Operating Income / (Loss)     105.5       117.3       -10.1 %     -37.1       142.6       149.6       -4.7 %
Operating Margin     19.8 %     24.6 %     -486       0.0 %     26.3 %     31.1 %     -475  
Net Income Attributable to Owners of the Parent     52.8       49.3       6.9 %     -25.8       78.5       52.2       50.4 %
Basic EPS (US$)     0.32       0.30       6.0 %     -0.16       0.48       0.32       49.1 %
Adjusted EBITDA     163.2       171.2       -4.7 %     -1.0       164.1       171.9       -4.5 %
Adjusted EBITDA Margin     30.6 %     35.9 %     -535       -       30.3 %     35.7 %     -540  
Adjusted EBITDA Margin excluding Construction Service     34.1 %     38.6 %     -451       -       33.9 %     38.4 %     -450  
Net Debt to LTM Adjusted EBITDA     0.5 x     1.0 x     -       -       -       -       -  
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)     0.5 x     1.0 x     -       -       -       -       -  

 

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

 

Operating & Financial Highlights

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

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29
6M26
    6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Passenger Traffic (Million Passengers)     42.4       41.1       3.2 %             42.4       41.1       3.2 %
Revenue     1,070.6       910.3       17.6 %     8.1       1,062.5       927.6       14.5 %
Aeronautical Revenues     508.4       451.5       12.6 %     6.7       501.7       460.2       9.0 %
Non-Aeronautical Revenues     562.2       458.8       22.5 %     1.4       560.8       467.4       20.0 %
Revenue excluding Construction service     965.0       838.8       15.0 %     11.7       953.3       852.3       11.8 %
Operating Income / (Loss)     244.7       218.0       12.2 %     -64.6       309.2       288.1       7.3 %
Operating Margin     22.9 %     23.9 %     -109       -       29.1 %     31.1 %     -195  
Net (Loss) / Income Attributable to Owners of the Parent     129.6       88.6       46.3 %     -38.4       168.0       127.3       32.0 %
EPS (US$)     0.79       0.55       44.7 %     -0.23       1.03       0.79       30.5 %
Adjusted EBITDA     360.8       323.7       11.4 %     7.4       353.3       331.9       6.4 %
Adjusted EBITDA Margin     33.7 %     35.6 %     -187       -       33.3 %     35.8 %     -253  
Adjusted EBITDA Margin excluding Construction Service     36.9 %     37.9 %     -103       -       36.6 %     38.3 %     -172  
Net Debt to LTM Adjusted EBITDA     0.5 x     1.0 x     -       -       -       -       -  
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)     0.5 x     1.0 x     -       -       -       -       -  

 

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

 

Page 3 of 41

 

2Q26 Operating Performance

 

Passenger Traffic

 

Total passenger traffic decreased slightly by 0.6% YoY to 20.6 million passengers, as growth in the international segment was more than offset by a decline in domestic travel. Domestic traffic declined by 8.1% YoY, primarily due to lower traffic in Argentina. International traffic increased by 5.9% YoY, with all countries of operation posting positive YoY growth except Brazil, where international passenger accounts for less than 5% of total passenger traffic. International traffic remained strong across most countries, including double-digit YoY growth in Armenia.

 

In Argentina, passenger traffic decreased by 6.2% YoY, as growth in international traffic was more than offset by a decline in domestic travel. Domestic traffic declined by 11.6% YoY, primarily due to reduced capacity at Flybondi, which operated with approximately 30% of its originally scheduled fleet for much of the quarter, and at JetSMART, which also experienced lower activity due to scheduled maintenance. Likewise, Aerolíneas Argentinas operated with lower capacity during June following fuel price increases. Bariloche, Córdoba, Iguazú, and Mendoza ranked among the top domestic destinations during the second quarter. International passenger traffic increased by 4.0% YoY, supported by strong growth in seat capacity, particularly during April and May. Argentina recorded the highest growth in seat capacity among South American countries during the first half of 2026. Among other developments, Arajet announced a new Mendoza–Punta Cana route with three weekly frequencies, while Plus Ultra launched a new Madrid–Ezeiza route with two weekly frequencies, which commenced operations on July 2. June traffic was also affected by the FIFA World Cup, which temporarily dampened leisure and business travel as some passengers postponed or adjusted their travel plans. The top international destinations during the quarter were Santiago de Chile, São Paulo, Madrid, and Rio de Janeiro.

 

In Italy, passenger traffic increased by 5.3% YoY, primarily driven by strong performance in the international segment, which accounted for more than 80% of total traffic and grew by 6.4% YoY. International traffic was supported by growth of 8.0% at Pisa Airport and 4.2% at Florence Airport. Domestic traffic increased slightly by 0.7% YoY, with both airports contributing positively to the overall result.

 

In Brazil, total passenger traffic increased by 4.2% YoY, reflecting improving traffic trends following a prolonged period of challenges in the aviation sector. Domestic traffic, which accounted for more than 50% of total traffic, declined slightly by 1.2% YoY, while transit passenger traffic increased by 14.3% YoY. Brasília International Airport continued to benefit from its role as a key secondary hub within Brazil's domestic network.

 

In Uruguay, where traffic is predominantly international, total passenger traffic increased by 2.0% YoY, although growth was negatively affected by the calendar shift of the Easter holidays. Among other developments, Azul Linhas Aéreas Brasileiras launched a new Montevideo–Belo Horizonte route with two weekly frequencies.

 

In Ecuador, passenger traffic increased by 2.3% YoY despite ongoing public security concerns. International traffic increased by 8.3% YoY, primarily supported by strong demand on routes to the U.S., new services launched by Avianca, JetBlue, and LATAM Airlines, as well as additional frequencies operated by American Airlines. Domestic traffic, however, declined by 3.1% YoY, as elevated airfares continued to weigh on demand.

 

In Armenia, passenger traffic increased by 12.7% YoY despite disruptions related to the conflict in Iran, which resulted in flight cancellations and airspace restrictions across the region. The impact was more limited than initially expected, as strong demand from Western and Eastern Europe, Asia, and Russia continued to support overall traffic growth. The addition of new airlines and routes, increased flight frequencies, and the launch of the new Wizz Air base at Zvartnots International Airport in late 2025 continued to support the airport's strong performance.

 

Cargo Volume

 

Cargo volume decreased by 1.5% YoY, reflecting declines across all countries of operation except Argentina. Performance by country was as follows: Argentina (+3.6%), Armenia (-3.4%), Brazil (-10.0%), Ecuador (-10.9%), Uruguay (-0.4%), and Italy (-11.5%). Argentina, Brazil, and Uruguay together accounted for nearly 80% of total cargo volume during the quarter.

 

Aircraft Movements

 

Total aircraft movements decreased by 2.6% YoY, as increases in Armenia, Italy, and Brazil were more than offset by declines in Argentina, Uruguay, and Ecuador. Performance by country was as follows: Armenia (+8.2%), Italy (+3.1%), Brazil (+1.7%), Uruguay (-8.7%), Argentina (-6.2%), and Ecuador (-1.4%). Argentina, Brazil, and Italy together accounted for over 80% of total aircraft movements during the quarter.

 

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 38 of this report.

 

Page 4 of 41

 

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

 

    2Q26   2Q25   % Var.  
Domestic Passengers (in thousands)     9,581       10,427       -8.1 %
International Passengers (in thousands)     8,856       8,365       5.9 %
Transit Passengers (in thousands)     2,128       1,895       12.3 %
Total Passengers (in thousands)     20,565       20,686       -0.6 %
Cargo Volume (in thousands of tons) (2)     95.7       97.2       -1.5 %
Total Aircraft Movements (in thousands)     208.8       214.4       -2.6 %

 

Passenger Traffic Breakdown     Cargo Volume     Aircraft Movements  
Country   2Q26   2Q25   % Var.     2Q26   2Q25   % Var.     2Q26   2Q25   % Var.  
    (thousands)   (tons)                          
Argentina     9,974       10,636       -6.2 %     53,020       51,188       3.6 %     105,976       112,959       -6.2 %
Italy     3,048       2,895       5.3 %     2,779       3,141       -11.5 %     27,119       26,305       3.1 %
Brazil     4,212       4,042       4.2 %     13,865       15,399       -10.0 %     37,994       37,362       1.7 %
Uruguay     533       522       2.0 %     8,656       8,695       -0.4 %     7,078       7,752       -8.7 %
Ecuador (1)     1,196       1,169       2.3 %     8,433       9,464       -10.9 %     18,990       19,265       -1.4 %
Armenia     1,602       1,421       12.7 %     8,965       9,282       -3.4 %     11,628       10,751       8.2 %
TOTAL     20,565       20,686       -0.6 %     95,718       97,168       -1.5 %     208,785       214,394       -2.6 %

 

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

 

Page 5 of 41

 

Review of Consolidated Results

 

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.

 

Revenues

 

Consolidated revenues increased by 12.0% YoY to $534.0 million. Excluding Construction Services and the impact of IAS 29, revenues increased by 8.4% YoY to $475.4 million, despite a 0.6% decline in passenger traffic. Revenue ex-IFRIC12 growth reflected positive contributions from every country of operations except Argentina, with Armenia and Brazil delivering double-digit increases. Both aeronautical and commercial revenues contributed to the increase, which also benefited from the appreciation of local currencies.

 

The following table provides a breakdown of revenue performance by country. Further details on the performance of CAAP´s countries of operation can be found on page 13.

 

Revenues by Segment (in US$ million)

 

Country   2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Argentina     257.2       256.0       0.5 %     -7.9       265.1       260.7       1.7 %
Italy     56.3       45.7       23.1 %     -       56.3       45.7       23.1 %
Brazil     34.6       27.7       25.2 %     -       34.6       27.7       25.2 %
Uruguay     49.3       47.2       4.4 %     -       49.3       47.2       4.4 %
Armenia     106.4       72.8       46.2 %     -       106.4       72.8       46.2 %
Ecuador (1)     29.9       27.3       9.5 %     -       29.9       27.3       9.5 %
Unallocated     0.3       0.2       107.0 %     -       0.3       0.2       107.0 %
Total consolidated revenue (2)     534.0       476.8       12.0 %     -7.9       541.9       481.6       12.5 %

 

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues decreased 5.8% in Argentina (or 5.1% ex-IAS29), and increased 48.5% in Armenia, 8.7% in Italy, 6.0% in Uruguay, 24.8% in Brazil and 9.5% in Ecuador.

 

Revenue Breakdown (in US$ million)

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Aeronautical Revenue     231.2       222.9       3.7 %     -2.8       234.0       225.0       4.0 %
Non-Aeronautical Revenue     302.9       253.9       19.3 %     -5.1       308.0       256.5       20.0 %
Commercial revenue     236.8       209.2       13.2 %     -1.9       238.7       210.4       13.5 %
Construction service revenue (1)     63.4       41.6       52.2 %     -3.2       66.6       43.0       54.7 %
Other revenue     2.7       3.1       -13.8 %     0.0       2.7       3.1       -13.8 %
Total Consolidated Revenue     534.0       476.8       12.0 %     -7.9       541.9       481.6       12.5 %
Total Revenue excluding Construction Service revenue (2)     470.7       435.2       8.2 %     -4.7       475.4       438.5       8.4 %

 

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

2 Excludes Construction Service revenue.

 

Aeronautical Revenues accounted for 43.3% of total revenues, increasing by 3.7% YoY to $231.2 million, or by 4.0% YoY to $234.0 million excluding the impact of IAS 29. This performance was supported by positive contributions from all countries of operation except Argentina, where aeronautical revenues declined by 1.6%, outperforming the 6.2% decline in passenger traffic, supported by continued growth in international traffic. Brazil, Italy, Armenia, and Ecuador delivered strong results, with aeronautical revenues increasing by 26.0%, 12.3%, 8.3%, and 8.1%, respectively, all exceeding passenger traffic growth. Uruguay also reported a 5.3% increase, outperforming passenger traffic growth. Tariff increases in Brazil, Uruguay, and Ecuador further supported aeronautical revenue growth.

 

Non-Aeronautical Revenues accounted for 56.7% of total revenues, increasing by 19.3% YoY to $302.9 million, or by 20.0% YoY to $308.0 million excluding the impact of IAS 29. Commercial revenues increased by 13.2% YoY, or by 13.5% excluding IAS 29, primarily driven by strong contributions from fuel-related revenues in Armenia, together with improved performance across VIP lounge, space rentals, food and beverage, and duty-free operations. Growth in advertising and retail stores also contributed to this performance. All countries of operation posted commercial revenue growth except Argentina, where lower cargo, parking, VIP lounge, and duty-free revenues more than offset growth in other commercial revenue streams. Meanwhile, Construction service revenues increased by 52.2% YoY, or by 54.7% excluding IAS 29, mainly reflecting higher capital expenditure levels across most countries during the period.

 

Page 6 of 41

 

Operating Costs and Expenses

 

In 2Q26, Total costs and expenses, excluding Construction service costs, increased by 15.6% YoY, or by 16.0% to $347.2 million excluding the impact of IAS 29. The increase was primarily driven by higher Fuel costs in Armenia, along with higher Salaries and social security contributions, mainly in Argentina. Higher SG&A expenses also contributed to the overall increase in costs.

 

Operating costs and expenses were also affected by the appreciation of local currencies in real terms, as inflation in Argentina and Uruguay outpaced the depreciation of their respective currencies against the U.S. dollar, resulting in higher local-currency-denominated operating costs when translated into U.S. dollar terms.

 

Cost of Services rose by 19.5% YoY, or 20.7% to $342.6 million when ex-IAS29, mainly as a result of the following increases (ex-IAS29):

 

§ 89.6%, or $25.1 million, in Fuel costs, mainly in Armenia,

 

§ 60.6%, or $24.0 million, in Construction Service Costs, reflecting higher capital expenditures, and

 

§ 14.9%, or $9.2 million, in Salaries and social security contributions.

 

These increases were partially offset by lower Office expenses and Depreciation and amortization. Excluding Construction service costs, Cost of services increased by 14.0% YoY, or by 14.2% to $278.9 million excluding the impact of IAS 29, primarily reflecting the aforementioned increases in Fuel costs and Salaries and social security contributions.

 

Selling, General, and Administrative Expenses (“SG&A”) increased by 21.1% YoY to $64.5 million in 2Q26. Excluding the impact of IAS 29, SG&A expenses rose by 21.8% YoY to $64.5 million, mainly reflecting higher Salaries and social security contributions, as well as increased Taxes, and Services and fees.

 

Other expenses increased to $4.0 million in 2Q26, from $2.3 million in 2Q25.

 

Costs and Expenses (in US$ million)

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Cost of Services     371.4       310.9       19.5 %     28.8       342.6       283.8       20.7 %
Salaries and social security contributions     69.3       60.7       14.3 %     -1.2       70.5       61.4       14.9 %
Concession fees     54.3       54.1       0.5 %     -0.8       55.1       54.7       0.8 %
Construction service cost     60.5       38.3       58.1 %     -3.2       63.7       39.7       60.6 %
Maintenance expenses     46.5       45.8       1.5 %     -0.9       47.4       46.4       2.1 %
Amortization and depreciation     55.7       51.9       7.3 %     35.2       20.5       21.2       -3.2 %
Other     85.1       60.2       41.3 %     -0.3       85.3       60.5       41.1 %
Cost of Services Excluding Construction Service cost     310.9       272.6       14.0 %     32.0       278.9       244.2       14.2 %
Selling, general and administrative expenses     64.5       53.3       21.1 %     0.1       64.5       52.9       21.8 %
Other expenses     4.0       2.3       74.4 %     0.2       3.8       2.3       67.2 %
Total Costs and Expenses     439.9       366.4       20.1 %     29.1       410.9       339.0       21.2 %
Total Costs and Expenses Excluding Construction Service cost     379.4       328.1       15.6 %     32.3       347.2       299.4       16.0 %

 

Page 7 of 41

 

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

 

In 2Q26, CAAP reported Adjusted EBITDA of $163.2 million and Adjusted EBITDA ex-IFRIC 12 of $160.3 million, down 4.5% YoY from $167.9 million in 2Q25. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 declined by 4.3% YoY to $161.3 million.

 

This performance was primarily driven by a 20.5% YoY decline in Adjusted EBITDA ex-IFRIC 12 in Argentina (20.0% excluding IAS 29) and, to a lesser extent, a 16.3% decline in Uruguay, partially offset by double-digit growth in Armenia, Brazil, Italy, and Ecuador.

 

The decline in Argentina primarily reflected lower passenger traffic, reduced cargo revenues against a difficult YoY comparison base, and lower commercial revenues associated with the decline in traffic. The YoY comparison for Cargo revenues was affected by labor disruptions at Customs in April 2025, which resulted in longer cargo storage periods and exceptionally high storage revenues. In addition, lower average cargo dwell times, reflecting more efficient customs clearance processes, further reduced storage revenues. On the cost side, operating costs and expenses increased, reflecting the appreciation of the Argentine peso in real terms, as inflation outpaced the depreciation of the peso against the U.S. dollar, increasing local-currency-denominated operating costs in U.S. dollar terms.

 

Adjusted EBITDA margin ex-IFRIC 12 contracted by 4.5 percentage points to 34.1%, compared to 38.6% in 2Q25. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA margin ex-IFRIC 12 also contracted by 4.5 percentage points, from 38.4% in 2Q25 to 33.9% in 2Q26, primarily reflecting margin contraction in Argentina, Uruguay, and Armenia, partially offset by margin expansion in Italy, Brazil, and Ecuador.

 

Margin contraction in Argentina reflected the lower passenger traffic, reduced cargo and commercial revenues, and higher operating costs discussed above. In Uruguay, margins were also affected by the appreciation of the Uruguayan peso in real terms, as inflation outpaced the depreciation of the peso against the U.S. dollar, increasing local-currency-denominated operating costs in U.S. dollar terms. In Armenia, margin contraction primarily reflected the growing contribution from the fuel business, which carries structurally lower margins than core airport operations and therefore diluted the country’s overall margin.

 

Adjusted EBITDA by Segment (in US$ million)

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Argentina     73.8       92.7       -20.4 %     -1.0       74.7       93.4       -20.0 %
Italy     18.6       16.6       12.3 %     -       18.6       16.6       12.3 %
Brazil     14.7       11.2       31.9 %     -       14.7       11.2       31.9 %
Uruguay     13.0       15.5       -16.3 %     -       13.0       15.5       -16.3 %
Armenia     35.4       29.4       20.5 %     -       35.4       29.4       20.5 %
Ecuador     9.3       7.9       16.9 %     -       9.3       7.9       16.9 %
Unallocated     -1.4       -2.1       -32.9 %     -       -1.4       -2.1       -32.9 %
Total segment EBITDA     163.2       171.2       -4.7 %     -1.0       164.1       171.9       -4.5 %

 

Page 8 of 41

 

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

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Income from Continuing Operations     53.5       51.5       3.9 %     -25.8       79.3       70.3       12.8 %
Financial Income     -19.1       -18.1       5.6 %     10.7       -29.8       -31.6       -5.8 %
Financial Loss     58.2       71.5       -18.6 %     -35.6       93.8       113.6       -17.4 %
Inflation adjustment     3.5       1.7       110.4 %     3.5       0.0       -0.7       -99.2 %
Income Tax Expense     8.0       10.1       -20.1 %     10.1       -2.1       -2.7       -22.7 %
Amortization and Depreciation     59.0       54.5       8.2 %     36.1       22.8       23.0       -0.5 %
Adjusted EBITDA     163.2       171.2       -4.7 %     -1.0       164.1       171.9       -4.5 %
Adjusted EBITDA Margin     30.6 %     35.9 %     -535       -       30.3 %     35.7 %     -540  
Adjusted EBITDA excluding Construction Service     160.3       167.9       -4.5 %     -0.9       161.3       168.5       -4.3 %
Adjusted EBITDA Margin excluding Construction Service     34.1 %     38.6 %     -451       -       33.9 %     38.4 %     -450  

 

Page 9 of 41

 

Financial Income and Loss

 

CAAP reported a Net financial loss of $42.6 million in 2Q26, compared with a net financial loss of $55.1 million in 2Q25. The year-over-year improvement primarily reflected higher foreign exchange gains in Argentina, driven by the real appreciation of the Argentine peso and its impact on the Company's net monetary liability position, as well as lower net interest expense. Excluding the impact of IAS 29, CAAP reported a net financial loss of $63.9 million in 2Q26, compared with a net financial loss of $81.3 million in the same period of 2025.

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Financial Income     19.1       18.1       5.6 %     -10.7       29.8       31.6       -5.3 %
Interest income     11.4       8.8       29.8 %     -0.1       11.5       8.9       31.4 %
Foreign exchange income     2.2       6.8       -67.2 %     -10.5       12.7       20.2       -37.0 %
Other     5.5       2.6       114.5 %     -0.1       5.6       2.6       117.2 %
Inflation adjustment     -3.5       -1.7       110.4 %     -3.5       0.0       0.7       -99.2 %
Inflation adjustment     -3.5       -1.7       110.4 %     -3.5       0.0       0.7       -99.2 %
Financial Loss     -58.2       -71.5       -18.6 %     35.6       -93.8       -113.6       -17.4 %
Interest Expenses     -22.2       -22.4       -0.8 %     0.5       -22.7       -22.7       0.1 %
Foreign exchange transaction expenses     -5.2       -27.7       -81.3 %     35.2       -40.3       -69.6       -42.0 %
Changes in liability for concessions     -27.2       -19.3       40.9 %     -       -27.2       -19.3       40.9 %
Other expenses     -3.6       -2.1       73.9 %     0       -3.6       -2.1       74.5 %
Financial Loss, Net     -42.6       -55.1       -22.6 %     21.4       -63.9       -81.3       -21.4 %

 

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

 

Income Tax Expense

 

During 2Q26, the Company reported an Income Tax Expense of $8.0 million, compared to an expense of $10.1 million in 2Q25. Excluding the impact of IAS 29, income tax expense totaled $11.5 million in 2Q26, compared with an income tax benefit of $2.7 million in the year-ago quarter.

 

Net Income and Net Income Attributable to Owners of the Parent

 

During 2Q26, CAAP reported net income of $53.5 million, compared with $51.5 million in 2Q25. The year-over-year improvement reflected favorable financial and tax results, including higher foreign exchange gains in Argentina and lower net interest and income tax expenses, which more than offset the decline in operating income.

 

In 2Q26, the Company reported Net Income Attributed to Owners of the Parent of $52.8 million and earnings per common share of $0.32, compared with Net Income Attributable to Owners of the Parent of $49.3 million in 2Q25, equivalent to earnings per common share of $0.30.

 

Consolidated Financial Position

 

As of June 30, 2026, Cash and cash equivalents totaled $692.5 million, increasing 3.9% from the $666.2 million reported as of March 31, 2026, and 16.8% from the $592.8 million reported as of December 31, 2025. Total liquidity, which includes Cash and cash equivalents as well as other current financial assets, increased to $860.8 million, up from $772.4 million as of March 31, 2026, and $714.8 million as of December 31, 2025.

 

Total debt declined 2.0%, or $21.7 million, to $1,073.5 million as of June 30, 2026, compared with $1,095.2 million as of December 31, 2025, primarily reflecting debt repayments in Argentina. A total of $757.4 million, or 70.6% of total debt is denominated in U.S. dollars, while $173.3 million, or 16.1% is denominated in Brazilian Reals, and $142.8 million, or 13.3%, is in Euros.

 

The Net Debt to LTM Adjusted EBITDA ratio improved to 0.5x as of June 30, 2026, from 0.7x as of December 31, 2025. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No impairments to intangible assets were recorded over the past twelve months. As a result, the net debt to LTM Adjusted EBITDA ratio excluding intangible assets also stood at 0.5x. All CAAP subsidiaries remained in full compliance with their financial covenants as of June 30, 2026.

 

Page 10 of 41

 

Consolidated Debt Indicators (in US$ million)

 

    As of Jun 30, 2026     As of Dec 31, 2025  
Leverage                
Total Debt / LTM Adjusted EBITDA (Times)1,3     1.3x       1.5x  
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4     0.5x       0.7x  
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5     0.5x       0.7x  
Total Debt     1,073.5       1,095.2  
Short-Term Debt     147.4       139.4  
Long-Term Debt     926.1       955.9  
Cash & Cash Equivalents     692.5       592.8  
Total Net Debt3     381.0       502.5  

 

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

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

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

4 LTM Adjusted EBITDA as of June 30, 2026, was $805.5 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of June 30, 2026, was $805.8 million.

 

Total Debt by Segment (in US$ million)

 

    As of Jun 30, 2026     As of Dec 31, 2025  
Argentina     497.3       533.5  
Italy (1)     142.8       131.6  
Brazil     173.3       168.0  
Uruguay (2)     260.1       262.1  
Armenia     -       -  
Ecuador     -       -  
Total     1,073.5       1,095.2  

 

1 Of which approximately $125.8 million remain at Toscana Aeroporti level.

2 Of which approximately $237.2 million remain at ACI Airport Sudamérica SAU.

 

Maturity of borrowings:

 

    1 year or less     1 – 2 years     2 – 5 years     Over 5 years     Total  
Debt service (1)     227.8       196.4       695.5       270.8       1,390.5  

 

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

 

Maturity of borrowings – Breakdown by segment (in USD) as of June 30, 2026:

 

Segment       Currency   1 year or less     1 – 2 years     2 – 5 years     Over 5 years     Total  
Argentina   Principal   USD     94.5       84.1       294.2       33.2       505.9  
    Interest   USD     34.4       28.9       43.7       0.8       107.8  
    Principal   ARS     0.1       -       -       -       0.1  
    Interest   ARS     -       -       -       -       -  
Italy   Principal   EUR     16.5       5.3       122.7       -       144.6  
    Interest   EUR     8.1       6.6       12.3       -       27.0  
Brazil   Principal   R$     14.2       17.2       65.9       75.4       172.6  
    Interest   R$     17.6       15.1       33.3       10.2       76.2  
Uruguay   Principal   USD     25.1       23.4       86.1       132.5       267.1  
    Interest   USD     17.3       15.8       37.3       18.8       89.2  
Total             227.8       196.4       695.5       270.8       1,390.5  

 

Page 11 of 41

 

Cash & Cash Equivalent by Segment (in US$ million)

 

    As of Jun 30, 2026     As of Dec 31, 2025  
Argentina     54.9       68.8  
Italy     39.0       34.8  
Brazil (1)     115.6       83.4  
Uruguay     28.0       22.5  
Armenia     35.9       36.8  
Ecuador     5.7       8.6  
Intermediate holding Companies     413.5       337.9  
Total     692.5       592.8  

 

1 At Inframérica Concessionaria do Aeroporto de Brasilia level.

 

CAPEX

 

During 2Q26, CAAP made capital expenditures of $67.0 million, a 39.7% YoY increase from $47.9 million in 2Q25. Capital expenditures ex-IAS 29, amounted to $70.3 million in the quarter, with Argentina, Italy and Uruguay accounting for 59%, 19% and 13%, respectively.

 

Page 12 of 41

 

Review of Segment Results

 

Argentina

 

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for Aeropuertos Argentina (AA), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 2Q26.

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
OPERATING STATISTICS                                                        
Domestic Passengers (in millions) (1)     6.1       6.9       -11.6 %             6.1       6.9       -11.6 %
International Passengers (in millions) (1)     3.5       3.4       4.0 %             3.5       3.4       4.0 %
Transit Passengers (in millions) (1)     0.4       0.4       1.9 %             0.4       0.4       1.9 %
Total Passengers (in millions) (1)     10.0       10.6       -6.2 %             10.0       10.6       -6.2 %
Cargo Volume (in thousands of tons)     53.0       51.2       3.6 %             53.0       51.2       3.6 %
Total Aircraft Movements (in thousands)     106.0       113.0       -6.2 %             106.0       113.0       -6.2 %
FINANCIAL HIGHLIGHTS                                                        
Aeronautical Revenue     123.0       125.0       -1.6 %     -2.8       125.8       127.1       -1.0 %
Non-Aeronautical revenue     134.1       130.9       2.4 %     -5.1       139.2       133.6       4.2 %
Commercial revenue     95.6       107.0       -10.7 %     -1.9       97.5       108.3       -10.0 %
Construction service revenue     38.6       23.9       61.1 %     -3.2       41.8       25.3       64.9 %
Total Revenue     257.2       256.0       0.5 %     -7.9       265.1       260.7       1.7 %
Total Revenue Excluding IFRIC12(2)     218.6       232.0       -5.8 %     -4.7       223.3       235.4       -5.1 %
Cost of Services     196.7       174.6       12.7 %     28.8       167.9       147.5       13.8 %
Selling, general and administrative expenses     32.2       28.3       13.9 %     0.1       32.2       28.0       15.0 %
Other expenses     1.8       1.6       11.5 %     0.2       1.6       1.6       0.8 %
Total Costs and Expenses     230.7       204.5       12.8 %     29.1       201.7       177.1       13.9 %
Total Costs and Expenses Excluding IFRIC12(3)     192.3       180.6       6.4 %     32.3       160.0       151.9       5.4 %
Adjusted Segment EBITDA     73.8       92.7       -20.4 %     -1.0       74.7       93.4       -20.0 %
Adjusted Segment EBITDA Mg     28.7 %     36.2 %     -754       -       28.2 %     35.8 %     -763  
Adjusted EBITDA Margin excluding IFRIC 12(4)     33.7 %     39.9 %     -622       -       33.4 %     39.6 %     -622  
Capex     38.3       25.9       48.1 %     -3.3       41.6       27.4       52.0 %

 

1) See Note 1 in Table "Operating & Financial Highlights”.
2) Excludes Construction Service revenue.
3) Excludes Construction Service cost.
4) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

 

Page 13 of 41

 

    6M26 as
reported
    6M26 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
OPERATING STATISTICS                                                        
Domestic Passengers (in millions) (1)     13.6       14.5       -6.4 %             13.6       14.5       -6.4 %
International Passengers (in millions) (1)     8.4       7.5       12.0 %             8.4       7.5       12.0 %
Transit Passengers (in millions) (1)     0.8       0.7       3.7 %             0.8       0.7       3.7 %
Total Passengers (in millions) (1)     22.8       22.8       0.0 %             22.8       22.8       0.0 %
Cargo Volume (in thousands of tons)     105.2       101.2       4.0 %             105.2       101.2       4.0 %
Total Aircraft Movements (in thousands)     229.3       232.4       -1.3 %             229.3       232.4       -1.3 %
FINANCIAL HIGHLIGHTS                                                        
Aeronautical Revenue     302.1       269.4       12.1 %     6.7       295.4       278.2       6.2 %
Non-Aeronautical revenue     264.3       241.0       9.7 %     1.4       262.8       249.6       5.3 %
Commercial revenue     203.0       197.9       2.6 %     5.0       198.1       202.6       -2.3 %
Construction service revenue     61.2       43.1       42.1 %     -3.6       64.8       47.0       38.0 %
Total Revenue     566.3       510.4       11.0 %     8.1       558.2       527.8       5.8 %
Total Revenue Excluding IFRIC12(2)     505.1       467.3       8.1 %     11.7       493.4       480.8       2.6 %
Cost of Services     392.8       343.8       14.2 %     70.0       322.8       294.8       9.5 %
Selling, general and administrative expenses     66.0       54.9       20.3 %     2.7       63.3       54.9       15.4 %
Other expenses     2.5       5.8       -56.2 %     0.2       2.3       3.0       -23.6 %
Total Costs and Expenses     461.4       404.5       14.1 %     72.9       388.4       352.7       10.1 %
Total Costs and Expenses Excluding IFRIC12(3)     400.3       361.6       10.7 %     76.5       323.8       305.9       5.9 %
Adjusted Segment EBITDA     200.4       187.1       7.1 %     7.4       193.0       195.3       -1.2 %
Adjusted Segment EBITDA Mg     35.4 %     36.7 %     -127       -       34.6 %     37.0 %     -243  
Adjusted EBITDA Margin excluding IFRIC 12(4)     39.6 %     40.0 %     -36       -       39.1 %     40.6 %     -151  
Capex     61.7       43.2       42.7 %     -2.9       64.6       49.0       31.8 %

 

5) See Note 1 in Table "Operating & Financial Highlights”.
6) Excludes Construction Service revenue.
7) Excludes Construction Service cost.
8) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

 

Passenger Traffic decreased by 6.2% YoY, as growth in international traffic was more than offset by a decline in domestic traffic. Domestic traffic declined by 11.6% YoY, primarily due to reduced capacity at Flybondi, which operated with approximately 30% of its originally scheduled fleet for much of the quarter, and at JetSMART, which also experienced lower activity due to scheduled maintenance. Aerolíneas Argentinas likewise operated with lower capacity during June following fuel price increases. Bariloche, Córdoba, Iguazú, and Mendoza ranked among the top domestic destinations during the second quarter. International passenger traffic increased by 4.0% YoY, supported by strong growth in seat capacity, particularly during April and May. In fact, Argentina recorded the highest growth in seat capacity among South American countries during the first half of 2026. Among other developments, Arajet announced a new Mendoza–Punta Cana route with three weekly frequencies, while Plus Ultra launched a new Madrid–Ezeiza route with two weekly frequencies, which commenced operations on July 2. June traffic was also affected by the FIFA World Cup, which temporarily dampened leisure and business travel as some passengers postponed or adjusted their travel plans. The top international destinations during the quarter were Santiago de Chile, São Paulo, Madrid, and Rio de Janeiro.

 

Revenues increased by 0.5% YoY to $257.2 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, revenues declined by 5.1% YoY, driven by decreases of 10.0% and 1.0% in Commercial and Aeronautical revenues, respectively. Construction Services revenue increased by 61.1% YoY, or 64.9% ex-IAS 29, reflecting higher capital expenditures compared to the prior year.

 

· Aeronautical Revenues ex-IAS29 decreased by 1.0% YoY, primarily reflecting lower passenger use fee revenues resulting from the decline in domestic passenger traffic, together with lower domestic passenger fees measured in U.S. dollars. Although domestic passenger fees in Argentina had increased by 124%, from ARS 2,540 to ARS 5,685, effective November 1, 2024, the depreciation of the Argentine peso resulted in lower fees when translated into U.S. dollars. These factors were partially offset by higher aeronautical revenues generated by the 4.0% YoY increase in international passenger traffic.

 

Page 14 of 41

 

· Commercial Revenues ex-IAS29 decreased by 10.0% YoY, primarily driven by lower cargo, parking, and duty-free revenues. Cargo revenues were affected by an unusually high comparison base in April and May 2025, when labor disruptions at Customs resulted in longer cargo storage periods and exceptionally high storage revenues. Lower average cargo dwell times, reflecting more efficient customs clearance processes in 2Q26, further reduced storage revenues. Parking revenues declined by 16.2% YoY. While traditional parking revenues were lower during the quarter, revenues generated from ride-hailing platforms and car rental operators continued to grow, partially offsetting the decline. The Company remains focused on enhancing the overall mobility ecosystem across its airports by optimizing the customer experience while expanding and diversifying this revenue stream. Duty-free revenues declined despite the increase in international passenger traffic, primarily reflecting changes in passenger mix toward more price-sensitive travelers, as well as lower price competitiveness of duty-free stores in Argentina relative to those in nearby regional markets.

  

Total Costs and Expenses increased by 12.8% YoY to $230.7 million on an as-reported basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses increased by 5.4% YoY, primarily reflecting higher Cost of Services and SG&A expenses. Operating costs and expenses were also affected by the real appreciation of the Argentine peso, as inflation in Argentina outpaced the depreciation of the peso against the U.S. dollar. As a result, local-currency-denominated operating costs increased in U.S. dollar terms.

 

· Cost of Services, ex-IAS 29 and Construction Service Costs, increased by 3.2% year-over-year, primarily reflecting higher Salaries and social security contributions, as well as increased Services and fees.

 

· SG&A expenses ex-IAS29 increased by 15.0% YoY, or $4.2 million, to $32.2 million, primarily reflecting higher Salaries and social security contributions.

 

Adjusted Segment EBITDA decreased by 20.4% YoY to $73.8 million on an ‘as reported’ basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA declined by 20.0% YoY to $74.7 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 33.4%, compared with 39.6% in 2Q25. The 6.2 percentage-point margin contraction primarily reflected the decline in revenues discussed above, together with higher operating costs, as inflation in Argentina continued to outpace the depreciation of the Argentine peso against the U.S. dollar, increasing local-currency-denominated operating costs when translated into U.S. dollars.

 

During 2Q26, CAAP made Capital Expenditures ex-IAS29 of $41.6 million, compared to $27.4 million in 2Q25. Key investments included the new courier cargo terminal and the expansion of the perishables facility, the expansion of the domestic departures area at Aeroparque Airport, the covered walkway for the international arrivals area, the new remote apron at San Fernando Airport, the completion of the international area at Iguazú Airport, the runway perimeter lighting system at Ezeiza Airport, and the new airfield lighting system at Río Grande Airport, among other projects.

 

Page 15 of 41

 

Italy

 

      2Q26     2Q25     % Var.     6M26     6M25     % Var.  
OPERATING STATISTICS                                      
Domestic Passengers (in millions)     0.6     0.6     0.7 %   0.9     1.0     -0.7 %
International Passengers (in millions)     2.5     2.3     6.4 %   3.8     3.6     7.7 %
Transit Passengers (in millions)     n.m.     n.m.     n.m.     n.m.     n.m.     n.m.  
Total Passengers (in millions)     3.0     2.9     5.3 %   4.8     4.5     5.9 %
Cargo Volume (in thousands of tons)     2.8     3.1     -11.5 %   5.4     6.4     -15.8 %
Total Aircraft Movements (in thousands)     27.1     26.3     3.1 %   42.9     41.1     4.5 %
FINANCIAL HIGHLIGHTS                                      
Aeronautical Revenue     25.3     22.5     12.3 %   39.7     34.3     15.8 %
Non-Aeronautical revenue     31.0     23.2     33.6 %   49.3     38.6     27.8 %
Commercial revenue     16.4     14.9     10.2 %   26.7     23.7     12.7 %
Construction service revenue     12.2     5.2     135.0 %   19.3     10.3     87.8 %
Other revenue     2.4     3.1     -24.4 %   3.3     4.6     -28.6 %
Total Revenue     56.3     45.7     23.1 %   88.9     72.8     22.1 %
Total Revenue Excluding IFRIC12(1)     44.1     40.5     8.7 %   69.6     62.5     11.3 %
Cost of Services     37.4     29.1     28.4 %   66.0     52.1     26.6 %
Selling, general and administrative expenses     3.5     3.2     9.8 %   6.7     6.3     7.5 %
Total Costs and Expenses     41.0     32.2     27.1 %   73.6     58.4     26.1 %
Total Costs and Expenses Excluding IFRIC12(2)     31.4     30.2     3.9 %   58.5     53.4     9.5 %
Adjusted Segment EBITDA     18.6     16.6     12.3 %   21.6     20.1     7.3 %
Adjusted Segment EBITDA Mg     33.0 %   36.2 %   -318     24.2 %   27.6 %   -335  
Adjusted EBITDA Margin excluding IFRIC 12(3)     36.2 %   33.0 %   314     25.0 %   23.7 %   133  
Capex     13.1     6.2     109.7 %   20.9     12.4     68.4 %

 

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

 

Passenger Traffic in Italy increased by 5.3% YoY, primarily driven by strong performance in the international segment, which accounted for more than 80% of total traffic and grew by 6.4% YoY. International traffic was supported by growth of 8.0% at Pisa Airport and 4.2% at Florence Airport. Domestic traffic increased slightly by 0.7% YoY, with both airports contributing positively to the overall result.

 

Revenues increased by 23.1% YoY to $56.3 million in 2Q26, driven by growth in aeronautical and commercial revenues on higher passenger volumes, as well as increased Construction Service revenue tied to higher Capex. Commercial revenues grew by 10.2% YoY, reflecting higher demand for passenger-related services such as Duty-free, VIP lounges, F&B services, and Retail stores, in line with year-over-year traffic growth. The 2.6% YoY average appreciation of the euro against the U.S. dollar also supported revenue growth.

 

· Aeronautical Revenues increased 12.3% YoY, above traffic growth of 5.3%.

 

· Commercial Revenues rose 10.2% YoY, mainly driven by the strong performance in passenger-related revenues such as Duty-free, F&B services, VIP lounges, and Retail stores, which expanded significantly above the 5.3% traffic growth, as well as higher advertising revenues.

 

Total Costs and Expenses increased 27.1% YoY, or $8.7 million, to $41.0 million. Excluding Construction service, total costs and expenses rose 3.9% year-over-year to $31.4 million, mainly driven by higher Cost of services.

 

· Cost of Services excluding Construction service increased 2.6% YoY, or $0.7 million, primarily driven by higher Salaries and social security contributions, Maintenance expenses, and Concession fees, reflecting higher operational activity.

 

Page 16 of 41

 

· SG&A expenses increased 9.8% YoY, or $0.3 million, to $3.5 million.

 

Adjusted Segment EBITDA increased by 12.3% YoY to $18.6 million from $16.6 million in 2Q25, with the Adjusted EBITDA margin ex-IFRIC 12 expanding by 3.2 percentage points to 36.2%, reflecting operating leverage from passenger traffic growth and strong commercial revenue performance, particularly in Duty-free, F&B, and VIP Lounge revenues. Excluding IFRIC 12 and other construction service-related costs, Adjusted Segment EBITDA increased by 11.0% YoY.

  

During 2Q26, CAAP made Capital Expenditures of $13.1 million, compared to $6.2 million in 2Q25.

 

Page 17 of 41

 

Brazil

 

      2Q26     2Q25     % Var.     6M26     6M25     % Var.  
OPERATING STATISTICS                                      
Domestic Passengers (in millions)     2.3     2.4     -1.2 %   4.5     4.4     2.0 %
International Passengers (in millions)     0.2     0.2     -5.6 %   0.4     0.4     1.2 %
Transit Passengers (in millions)     1.7     1.5     14.3 %   3.4     2.9     18.0 %
Total Passengers (in millions) (1)     4.2     4.0     4.2 %   8.4     7.8     8.0 %
Cargo Volume (in thousands of tons)     13.9     15.4     -10.0 %   29.0     30.7     -5.5 %
Total Aircraft Movements (in thousands)     38.0     37.4     1.7 %   74.7     71.9     3.9 %
FINANCIAL HIGHLIGHTS                                      
Aeronautical Revenue     13.1     10.4     26.0 %   25.5     19.7     29.6 %
Non-Aeronautical revenue     21.5     17.2     24.7 %   42.3     33.2     27.5 %
Commercial revenue     21.4     17.2     24.1 %   41.7     33.0     26.5 %
Construction service revenue     0.1     0.0     -     0.6     0.2     203.9 %
Total Revenue     34.6     27.7     25.2 %   67.8     52.8     28.3 %
Total Revenue Excluding IFRIC122     34.5     27.7     24.8 %   67.2     52.7     27.7 %
Cost of Services     19.9     16.9     17.8 %   39.3     32.7     20.1 %
Selling, general and administrative expenses     3.3     3.1     5.1 %   6.5     5.7     13.5 %
Other expenses     0.0     0.0     -100.0 %   0.0     0.0     617.8 %
Total Costs and Expenses     23.2     20.0     15.9 %   45.8     38.4     19.2 %
Total Costs and Expenses Excluding IFRIC123     23.1     20.0     15.3 %   45.2     38.2     18.3 %
Adjusted Segment EBITDA     14.7     11.2     31.9 %   28.5     20.7     37.3 %
Adjusted Segment EBITDA Mg     42.5 %   40.4 %   216     42.0 %   39.3 %   277  
Adjusted EBITDA Margin excluding IFRIC124     42.7 %   40.4 %   231     42.4 %   39.4 %   298  
Capex     0.5     0.4     47.0 %   1.2     0.9     27.9 %

 

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

 

Passenger Traffic increased by 4.2% YoY, reflecting improving traffic trends following a prolonged period of challenges in the aviation sector. Domestic traffic, which accounted for more than 50% of total traffic, declined slightly by 1.2% YoY, while transit passenger traffic increased by 14.3% YoY. Brasília International Airport continued to benefit from its role as a key secondary hub within Brazil's domestic network.

 

Revenues increased by 25.2% YoY, or $7.0 million, to $34.6 million, primarily driven by 26.0% growth in aeronautical revenues and a 24.1% increase in commercial revenues, both supported by higher passenger traffic growth. Reported revenues in U.S. dollar terms also benefited from the 10.9% average YoY appreciation of the Brazilian real.

 

· Aeronautical Revenues increased by 26.0% YoY, or $2.7 million, primarily driven by traffic growth and tariff increases, as well as the aforementioned appreciation of the Brazilian real.

 

· Commercial Revenues rose by 24.1% YoY, or $4.1 million, mainly reflecting stronger performance in VIP lounges, Rental of space, F&B, and other passenger-related revenues.

 

Total Costs and Expenses increased by 15.9% YoY, or $3.2 million, to $23.2 million, mainly due to higher Cost of services associated with increased operating activity.

 

Page 18 of 41

 

· Cost of Services rose by 17.8% YoY, or $3.0 million, primarily resulting from higher Concession fees, Salaries and social security contributions, and Services and fees.

 

· SG&A expenses increased by 5.1% YoY, or $0.2 million, reaching $3.3 million in 2Q26, driven largely by higher Salaries and social security contributions.

 

Adjusted Segment EBITDA increased 31.9% YoY, or $3.6 million, to $14.7 million. The Adjusted EBITDA margin ex-IFRIC 12 expanded by 2.3 percentage points to 42.7%, from 40.4% in the prior-year quarter.

 

During 2Q26, CAAP made Capital Expenditures of $0.5 million, compared to $0.4 million in 2Q25.

 

Page 19 of 41

 

Uruguay

 

      2Q26     2Q25     % Var.     6M26     6M25     % Var.  
OPERATING STATISTICS                                      
Domestic Passengers (in millions)     n.m.     n.m.     n.m.     n.m.     n.m.     n.m.  
International Passengers (in millions)     0.5     0.5     2.5 %   1.2     1.2     3.5 %
Transit Passengers (in millions)     n.m.     n.m.     n.m.     n.m.     n.m.     n.m.  
Total Passengers (in millions)     0.5     0.5     2.0 %   1.2     1.2     2.8 %
Cargo Volume (in thousands of tons)     8.7     8.7     -0.4 %   16.6     17.6     -5.3 %
Total Aircraft Movements (in thousands)     7.1     7.8     -8.7 %   17.5     17.7     -1.2 %
FINANCIAL HIGHLIGHTS                                      
Aeronautical Revenue     21.2     20.1     5.3 %   50.3     45.9     9.5 %
Non-Aeronautical revenue     28.1     27.1     3.7 %   63.1     52.5     20.2 %
Commercial revenue     19.7     18.5     6.7 %   44.4     39.3     12.9 %
Construction service revenue     8.4     8.6     -2.6 %   18.7     13.2     42.1 %
Total Revenue     49.3     47.2     4.4 %   113.4     98.4     15.2 %
Total Revenue Excluding IFRIC12(1)     40.9     38.6     6.0 %   94.7     85.3     11.0 %
Cost of Services     31.1     27.5     12.8 %   64.4     51.8     24.4 %
Selling, general and administrative expenses     7.2     6.1     19.1 %   14.1     12.4     13.9 %
Other expenses     0.3     0.1     198.1 %   0.4     0.2     149.1 %
Total Costs and Expenses     38.6     33.7     14.5 %   78.9     64.3     22.7 %
Total Costs and Expenses Excluding IFRIC12(2)     30.2     25.1     20.3 %   60.2     51.2     17.7 %
Adjusted Segment EBITDA     13.0     15.5     -16.3 %   39.3     38.3     2.8 %
Adjusted Segment EBITDA Mg     26.3 %   32.8 %   -652     34.7 %   38.9 %   -419  
Adjusted EBITDA Margin excluding IFRIC 12 (3)     31.7 %   40.1 %   -845     41.5 %   44.9 %   -334  
Capex     9.2     10.7     -13.9 %   20.6     17.7     16.2 %

 

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

 

In Uruguay, where air traffic is primarily international, total passenger traffic increased by 2.0% YoY, although growth was negatively affected by the calendar shift of the Easter holidays. Among other developments, Azul Linhas Aéreas Brasileiras launched a new Montevideo–Belo Horizonte route, operating two weekly frequencies.

 

Revenues increased by 4.4% YoY to $49.3 million on a reported basis, above passenger traffic growth. Excluding Construction Service revenues, revenues increased 6.0% to $40.9 million, primarily driven by higher commercial activity and increased aeronautical revenues tied to YoY passenger growth.

 

· Aeronautical Revenues increased 5.3% YoY, or $1.1 million, to $21.2 million, aligned with the increase in passenger traffic and tariff increases.

 

· Commercial Revenues increased by 6.7% YoY, or $1.2 million, to $19.7 million, primarily driven by passenger-related revenues, particularly VIP Lounges and Duty-free, together with higher Cargo revenues, which benefited from tariff increases. Higher Advertising revenues also contributed to commercial revenue growth, outperforming overall passenger traffic growth.

 

Total Costs and Expenses increased by 14.5% YoY to $38.6 million. Excluding Construction service costs, Total Costs and Expenses increased by 20.3% YoY to $30.2 million, primarily reflecting higher Cost of Services and SG&A expenses. Operating costs and expenses were also affected by the average 4.0% YoY appreciation of the Uruguayan peso against the U.S. dollar, increasing local-currency-denominated operating costs when measured in U.S. dollar terms.

 

Page 20 of 41

 

· Cost of Services increased by 12.8% YoY to $31.1 million. Excluding Construction service costs, Cost of Services increased by 19.8% YoY to $22.7 million, primarily reflecting higher Salaries and social security contributions and, to a lesser extent, higher Maintenance expenses and Concession fees.

 

· SG&A expenses increased 19.1% YoY, to $7.2 million, principally due to higher Maintenance expenses, and Services and fees.

 

Adjusted Segment EBITDA decreased by 16.3% YoY to $13.0 million, while the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 8.4 percentage points to 31.7%. Despite the increase in passenger traffic and revenues, margin contraction reflected operating costs growing faster than revenues, primarily due to higher Salaries and social security contributions. Results were also affected by the average 4.0% YoY appreciation of the Uruguayan peso, which increased local-currency-denominated operating costs when translated into U.S. dollar terms.

 

During 2Q26, CAAP made Capital Expenditures of $9.2 million in Uruguay, down from $10.7 million in 2Q25.

 

Page 21 of 41

 

Armenia

 

      2Q26       2Q25       %Var.       6M26       6M25       % Var.  
OPERATING STATISTICS                                                
Domestic Passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
International Passengers (in millions)     1.5       1.4       11.7 %     2.7       2.4       9.7 %
Transit Passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
Total Passengers (in millions)     1.6       1.4       12.7 %     2.7       2.5       10.9 %
Cargo Volume (in thousands of tons)     9.0       9.3       -3.4 %     21.0       18.8       11.6 %
Total Aircraft Movements (in thousands)     11.6       10.8       8.2 %     20.4       19.1       6.7 %
FINANCIAL HIGHLIGHTS                                                
Aeronautical Revenue     27.1       25.0       8.3 %     47.7       42.4       12.3 %
Non-Aeronautical revenue     79.4       47.8       66.1 %     126.1       78.5       60.7 %
Commercial revenue     75.3       43.9       71.4 %     120.2       73.7       63.1 %
Construction service revenue     4.0       3.9       4.8 %     5.9       4.8       24.1 %
Total Revenue     106.4       72.8       46.2 %     173.8       120.9       43.8 %
Total Revenue Excluding IFRIC12(1)     102.4       68.9       48.5 %     167.9       116.2       44.6 %
Cost of Services     66.0       43.6       51.5 %     107.1       73.9       44.8 %
Selling, general and administrative expenses     7.5       5.0       51.2 %     13.1       9.6       36.9 %
Other expenses     0.4       0.6       -29.8 %     0.8       1.1       -32.3 %
Total Costs and Expenses     73.9       49.1       50.6 %     120.9       84.6       42.9 %
Total Costs and Expenses Excluding IFRIC12(2)     70.0       45.3       54.4 %     115.4       80.0       44.2 %
Adjusted Segment EBITDA     35.4       29.4       20.5 %     59.9       47.5       26.1 %
Adjusted Segment EBITDA Mg     33.2 %     40.3 %     -709     34.5 %     39.3 %     -484
Adjusted EBITDA Margin excluding IFRIC 12 (3)     34.4 %     42.4 %     -799       35.5 %     40.8 %     -533
Capex     5.5       4.2       31.6 %     9.4       6.9       0.4  

 

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

 

Passenger traffic in Armenia increased by 12.7% YoY despite disruptions related to the conflict in Iran, which resulted in flight cancellations and airspace restrictions across the region. However, the impact proved more limited than initially expected, as strong demand from Western and Eastern Europe, Asia, and Russia continued to support overall traffic growth. The addition of new airlines and routes, increased flight frequencies, and the launch of the new Wizz Air base at Zvartnots International Airport in late 2025 continued to support the airport's strong performance.

 

Revenues increased by 46.2% YoY to $106.4 million on an ‘as reported’ basis, or by 48.5% when excluding Construction Service revenues, driven by growth in both Commercial and Aeronautical revenues, underpinned by higher traffic volumes. Results also benefited from the 2.6% YoY average appreciation of the euro.

 

· Aeronautical Revenues increased by 8.3% YoY, or $2.1 million, to $27.1 million, in line with traffic growth.

 

· Commercial Revenues increased by 71.4% YoY, or $31.4 million, to $75.3 million, largely driven by higher Fuel revenues, which are directly linked to fuel costs, as well as growth in VIP Lounges, Duty-free sales and other passenger-related revenues. Cargo revenues also contributed to commercial revenue growth.

 

Total Costs and Expenses increased by 50.6% YoY to $73.9 million. Excluding IFRIC 12, Total Costs and Expenses increased by 54.4% YoY, largely driven by higher Cost of Services.

 

· Cost of Services increased by 51.5% YoY to $66.0 million. Excluding IFRIC 12, Cost of Services increased by 55.9% YoY, primarily reflecting higher Fuel costs associated with the growth in Fuel-related revenues. Higher Salaries and Maintenance expenses also contributed to the increase.

 

Page 22 of 41

 

· SG&A increased 51.2% YoY, or $2.5 million, to $7.5 million in 2Q26, primarily reflecting higher Salaries and social security contributions, Services and fees, and Maintenance expenses.

 

Adjusted Segment EBITDA increased by 20.5% YoY to $35.4 million in 2Q26, supported by continued passenger traffic growth and the ongoing expansion of the fuel business. However, the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 8.0 percentage points to 34.4%, primarily reflecting the greater contribution of the fuel business. Although profitability in the fuel business continued to improve, its margins remain structurally below those of the Company's core airport operations, diluting Armenia’s overall EBITDA margin.

 

During 2Q26, CAAP made Capital Expenditures of $5.5 million in Armenia, compared to $4.2 million in 2Q25.

 

Page 23 of 41

 

Ecuador

 

      2Q26       2Q25       % Var.       6M26       6M25       % Var.  
OPERATING STATISTICS                                                
Domestic Passengers (in millions)     0.6       0.6       -3.1 %     1.2       1.2       0.8 %
International Passengers (in millions)     0.6       0.6       8.3 %     1.2       1.1       9.4 %
Transit Passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
Total Passengers (in millions)     1.2       1.2       2.3 %     2.4       2.3       4.7 %
Cargo Volume (in thousands of tons)     8.4       9.5       -10.9 %     16.8       18.4       -8.9 %
Total Aircraft Movements (in thousands)     19.0       19.3       -1.4 %     37.7       38.5       -2.2 %
FINANCIAL HIGHLIGHTS                                                
Aeronautical Revenue     21.5       19.8       8.1 %     43.3       39.8       8.8 %
Non-Aeronautical revenue     8.4       7.4       13.1 %     16.5       14.7       12.0 %
Commercial revenue     8.4       7.4       13.1 %     16.5       14.7       12.0 %
Construction service revenue     0.0       0.0       nm       0.0       0.0       nm  
Total Revenue     29.9       27.3       9.5 %     59.8       54.5       9.7 %
Total Revenue Excluding IFRIC12(1)     29.9       27.3       9.5 %     59.8       54.5       9.7 %
Cost of Services     17.2       16.4       4.9 %     34.2       32.7       4.7 %
Selling, general and administrative expenses     4.6       4.0       15.7 %     9.1       7.8       16.7 %
Other expenses     0.0       0.0       -29.4 %     0.0       0.0       -44.2 %
Total Costs and Expenses     21.8       20.4       7.0 %     43.3       40.5       7.0 %
Total Costs and Expenses Excluding IFRIC12(2)     21.8       20.4       7.0 %     43.3       40.5       7.0 %
Adjusted Segment EBITDA     9.3       7.9       16.9 %     18.7       16.0       16.7 %
Adjusted Segment EBITDA Mg     31.1 %     29.1 %     198     31.3 %     29.4 %     188
Adjusted EBITDA Margin excluding IFRIC 12(3)     31.1 %     29.1 %     198     31.3 %     29.4 %     188
Capex     0.3       0.6       -47 %     1.7       0.7       129 %

 

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

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

 

In Ecuador, passenger traffic increased by 2.3% YoY despite ongoing public security concerns. International traffic increased by 8.3% YoY, primarily supported by strong demand on U.S. routes, the launch of new services by Avianca, JetBlue, and LATAM Airlines, as well as additional frequencies operated by American Airlines. Domestic traffic, however, declined by 3.1% YoY, as elevated airfares continued to weigh on demand.

 

Revenues increased by 9.5% YoY to $29.9 million in 2Q26 on an ‘As reported’ basis, driven by both higher Commercial and Aeronautical revenues.

 

· Aeronautical Revenues increased by 8.1% YoY, or $1.6 million, to $21.5 million, in line with YoY traffic growth.

 

· Commercial Revenues increased by 13.1% YoY, or $1.0 million, to $8.4 million, reflecting higher Duty-Free sales, combined with an increase in Retail stores.

 

Total Costs and Expenses increased by 7.0% YoY to $21.8 million, driven by higher Cost of service and SG&A expenses.

 

· Cost of Services rose by 4.9% YoY to $17.2 million, primarily reflecting higher Concession fees and other cost of sales, partially offset by lower Services and fees, and Maintenance expenses.

 

· SG&A increased 15.7% YoY, to $4.6 million.

 

Adjusted Segment EBITDA increased 16.9% YoY to $9.3 million, with the Adjusted EBITDA Margin ex- IFRIC 12 expanding 2.0 percentage points to 31.1%, mainly reflecting operating leverage from passenger traffic growth.

 

During 2Q26, CAAP made Capital Expenditures of $0.3 million in Ecuador, compared to $0.6 million in 2Q25.

 

Page 24 of 41

 

Key Quarter Highlights and Subsequent Events

 

CAAP | Dividend distribution

 

On August 18, 2026, the Board of Directors approved a total dividend cash interim payment for the 2026 fiscal year of $150 million, representing approximately $0.91 per share. The dividend payment will be distributed on September 10, 2026, to shareholders of record as of the close of business on August 31, 2026.

 

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

 

Hyperinflation Accounting in Argentina

 

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 2Q26, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

 

Non-Financial Disclosure

 

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

 

2Q26 EARNINGS CONFERENCE CALL

 

When: 12:00 p.m. Eastern Time, August 18, 2026

 

Who: Mr. Martín Eurnekian, Chief Executive Officer

 

  Mr. Jorge Arruda, Chief Financial Officer

 

  Mr. Patricio Iñaki Esnaola, Head of Investor Relations

 

Dial-in: 1-833-461-5787 (US, Toll Free); +44-808-196-8935 (UK, Toll Free); Conference ID: 163487257

 

Webcast & Replay: CAAP 2Q26 Earnings Conference Call

 

Use of Non-IFRS Financial Measures

 

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

 

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

 

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

 

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

 

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

 

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

 

Page 25 of 41

 

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

 

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

 

Definitions and Concepts

 

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

 

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

 

About Corporación América Airports

 

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2025, Corporación América Airports served 86.7 million passengers, 9.8% above the 79.0 million passengers served in 2024. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

 

Forward Looking Statements

 

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

 

Investor Relations Contact

 

Patricio Iñaki Esnaola

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

 

Page 26 of 41

 

-- Operational & Financial Tables Follow –

  

Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement

 

      2Q26       2Q25       % Var.       6M26       6M25       % Var.  
Argentina                                                
Domestic Passengers (in millions)     6.1       6.9       -11.6 %     13.6       14.52       -6.4 %
International Passengers (in millions)     3.5       3.4       4.0 %     8.4       7.5       12.0 %
Transit passengers (in millions)     0.4       0.4       1.9 %     0.8       0.7       3.7 %
Total passengers (in millions)     10.0       10.6       -6.2 %     22.8       22.8       0.0 %
Cargo volume (in thousands of tons)     53.0       51.2       3.6 %     105.2       101.2       4.0 %
Aircraft movements (in thousands)     106.0       113.0       -6.2 %     229.3       232.4       -1.3 %
Italy                                                
Domestic Passengers (in millions)     0.6       0.6       0.7 %     0.9       1.0       -0.7 %
International Passengers (in millions)     2.5       2.3       6.4 %     3.8       3.6       7.7 %
Transit passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
Total passengers (in millions)     3.0       2.9       5.3 %     4.8       4.5       5.9 %
Cargo volume (in thousands of tons)     2.8       3.1       -11.5 %     5.4       6.4       -15.8 %
Aircraft movements (in thousands)     27.1       26.3       3.1 %     42.9       41.1       4.5 %
Brazil                                                
Domestic Passengers (in millions)     2.3       2.4       -1.2 %     4.5       4.4       2.0 %
International Passengers (in millions)     0.2       0.2       -5.6 %     0.4       0.4       1.2 %
Transit passengers (in millions)     1.7       1.5       14.3 %     3.4       2.9       18.0 %
Total passengers (in millions)     4.2       4.0       4.2 %     8.4       7.8       8.0 %
Cargo volume (in thousands of tons)     13.9       15.4       -10.0 %     29.0       30.7       -5.5 %
Aircraft movements (in thousands)     38.0       37.4       1.7 %     74.7       71.9       3.9 %
Uruguay                                                
Domestic Passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
International Passengers (in millions)     0.5       0.5       2.5 %     1.2       1.2       3.5 %
Transit passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
Total passengers (in millions)     0.5       0.5       2.0 %     1.2       1.2       2.8 %
Cargo volume (in thousands of tons)     8.7       8.7       -0.4 %     16.6       17.6       -5.3 %
Aircraft movements (in thousands)     7.1       7.8       -8.7 %     17.5       17.7       -1.2 %
Ecuador(1)                                                
Domestic Passengers (in millions)     0.6       0.6       -3.1 %     1.2       1.2       0.8 %
International Passengers (in millions)     0.6       0.6       8.3 %     1.2       1.1       9.4 %
Transit passengers (in millions)     0.0       0.0       -6.4 %     0.0       0.0       -13.3 %
Total passengers (in millions)     1.2       1.2       2.3 %     2.4       2.3       4.7 %
Cargo volume (in thousands of tons)     8.4       9.5       -10.9 %     16.8       18.4       -8.9 %
Aircraft movements (in thousands)     19.0       19.3       -1.4 %     37.7       38.5       -2.2 %
Armenia                                                
Domestic Passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
International Passengers (in millions)     1.5       1.4       11.7 %     2.7       2.4       9.7 %
Transit passengers (in millions)     n.m.       n.m.       n.m.       n.m.       n.m.       n.m.  
Total passengers (in millions)     1.6       1.4       12.7 %     2.7       2.5       10.9 %
Cargo volume (in thousands of tons)     9.0       9.3       -3.4 %     21.0       18.8       11.6 %
Aircraft movements (in thousands)     11.6       10.8       8.2 %     20.4       19.1       6.7 %

 

1) ECOGAL’s operational data included in this table, although its results of operations are not consolidated.

 

Page 27 of 41

 

Foreign Exchange Rate

 

Country     2Q26       2Q25       2Q26       2Q25       1Q26       1Q25       1Q26       1Q25
      Avg       Avg       EoP       EoP       Avg       Avg       EoP       EoP
Argentine Peso     1,410.3       1,149.7       1,482.0       1,455.0       1,419.2       1,056.3       1,382.0       1,074.0
Euro     1.2       1.1       1.1       1.2       1.2       1.1       1.1       1.1
Brazilian Real     5.0       5.7       5.2       5.5       5.3       5.9       5.2       5.7
Uruguayan Peso     40.1       41.8       40.3       39.1       39.1       43.0       40.3       42.1

 

Amounts provided by units of local currency per US dollar

 

Aeronautical Breakdown (in US$ million)

 

    2Q26 as reported     2Q25 as reported     % Var as reported     IAS 29     2Q26 ex
IAS 29
   

2Q25 ex

IAS 29

   

% Var ex

IAS 29

 
Aeronautical Revenue     231.2       222.9       3.7 %     -2.8       234.0       225.0       4.0 %
Passenger use fees     196.9       191.4       2.9 %     -2.5       199.4       193.3       3.2 %
Aircraft fees     37.4       33.2       12.9 %     -0.3       37.8       33.4       13.1 %
Other     -3.2       -1.7       92.4 %     -       -3.2       -1.7       92.4 %

 

Commercial Revenue Breakdown (in US$ million)

 

    2Q26 as reported     2Q25 as reported     % Var as reported     IAS 29     2Q26 ex IAS 29     2Q25 ex IAS 29     % Var ex IAS 29  
Commercial revenue     236.8       209.2       13.2 %     -1.9       238.7       210.4       13.5 %
Warehouse use fees     48.9       60.7       -19.4 %     -1.0       49.9       61.8       -19.2 %
Duty free shops     22.6       21.6       4.5 %     -0.3       22.9       21.9       4.6 %
 Rental of space (including hangars)     12.6       10.8       16.9 %     -0.1       12.7       10.8       17.1 %
Parking facilities     14.3       15.8       -9.7 %     -0.2       14.5       16.0       -9.5 %
Fuel     64.9       34.0       91.0 %     -0.1       65.0       34.0       91.1 %
Food and beverage services     10.1       8.8       14.5 %     0.0       10.1       8.8       14.8 %
Advertising     8.2       7.5       10.4 %     0.1       8.2       7.2       13.9 %
Services and retail stores     6.1       4.8       27.5 %     0.0       6.1       4.8       27.9 %
Catering     3.7       3.4       7.9 %     -0.1       3.8       3.5       8.5 %
VIP lounges     22.1       19.4       13.8 %     0.0       22.2       19.3       14.7 %
Walkway services     2.1       2.2       -8.1 %     0.0       2.1       2.3       -7.4 %
Other     21.3       20.2       5.7 %     -0.2       21.5       20.2       6.4 %

 

Revenues by Segment (in US$ million)

 

Country   6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Argentina     566.3       510.4       11.0 %     8.1       558.2       527.8       5.8 %
Italy     88.9       72.8       22.1 %     -       88.9       72.8       22.1 %
Brazil     67.8       52.8       28.3 %     -       67.8       52.8       28.3 %
Uruguay     113.4       98.4       15.2 %     -       113.4       98.4       15.2 %
Armenia     173.8       120.9       43.8 %     -       173.8       120.9       43.8 %
Ecuador (1)     59.8       54.5       9.7 %     -       59.8       54.5       9.7 %
Unallocated     0.6       0.3       82.9 %     -       0.6       0.3       82.9 %
Total consolidated revenue     1,070.6       910.3       17.6 %     8.1       1,062.5       927.6       14.5 %

  

1 Only includes Guayaquil Airport.

 

Page 28 of 41

 

Revenue Breakdown (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Aeronautical Revenue     508.4       451.5       12.6 %     6.7       501.7       460.2       9.0 %
Non-aeronautical Revenue     562.2       458.8       22.5 %     1.4       560.8       467.4       20.0 %
Commercial revenue     452.6       382.7       18.3 %     5.0       447.6       387.5       15.5 %
Construction service revenue (1)     105.7       71.4       47.9 %     -3.6       109.2       75.3       45.0 %
Other revenue     3.9       4.6       -14.8 %     -       3.9       4.6       -14.8 %
Total Consolidated Revenue     1,070.6       910.3       17.6 %     8.1       1,062.5       927.6       14.5 %
Total Revenue excluding Construction Service revenue (2)     965.0       838.8       15.0 %     11.7       953.3       852.3       11.8 %

  

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

2 Excludes Construction Service revenue.

 

Aeronautical Breakdown (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Aeronautical Revenue     508.4       451.5       12.6 %     6.7       501.7       460.2       9.0 %
Passenger use fees     436.7       389.5       12.1 %     6.1       430.6       397.3       8.4 %
Aircraft fees     75.8       63.3       19.7 %     0.6       75.3       64.2       17.2 %
Other     -4.2       -1.3       214.0 %     -       -4.2       -1.3       214.0 %

 

Commercial Revenue Breakdown (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Commercial revenue     452.6       382.7       18.3 %     5.0       447.6       387.5       15.5 %
Warehouse use fees     103.6       106.0       -2.3 %     1.2       102.3       108.8       -5.9 %
Duty free shops     44.6       41.3       7.9 %     0.4       44.2       42.1       5.1 %
Rental of space (including hangars)     25.2       21.2       19.1 %     0.3       25.0       21.4       16.7 %
Parking facilities     29.2       29.5       -1.1 %     0.3       28.9       30.1       -4.1 %
Fuel     102.5       58.0       76.7 %     0.1       102.5       58.1       76.2 %
Food and beverage services     19.6       16.4       19.6 %     0.3       19.3       16.4       17.4 %
Advertising     18.2       14.8       22.8 %     0.9       17.3       14.4       20.5 %
Services and retail stores     10.1       9.1       11.3 %     0.1       10.1       9.2       10.0 %
Catering     8.0       7.2       12.1 %     0.1       7.9       7.4       7.4 %
VIP lounges     41.7       35.7       16.8 %     0.7       41.0       35.6       15.2 %
Walkway services     4.4       4.4       -0.7 %     0.0       4.4       4.5       -3.5 %
Other     45.5       39.1       16.2 %     0.7       44.8       39.5       13.5 %

 

Total Expenses Breakdown (in US$ million)

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Cost of services     371.4       310.9       19.5 %     28.8       342.6       283.8       20.7 %
SG&A     64.5       53.3       21.2 %     0.1       64.5       52.9       21.8 %
Financial loss     58.2       71.5       -18.6 %     -35.6       93.8       113.6       -17.4 %
Inflation adjustment     3.5       1.7       110.4 %     3.5       0.0       -0.7       -99.2 %
Other expenses     4.0       2.3       74.4 %     0.2       3.8       2.3       67.3 %
Income tax expense     8.0       10.1       -20.1 %     10.1       -2.1       -2.7       -22.7 %
Total expenses     509.7       449.7       13.3 %     7.1       502.7       449.3       11.9 %

 

Page 29 of 41

 

Cost of Services (in US$ million)

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Cost of Services     371.4       310.9       19.5 %     28.8       342.6       283.8       20.7 %
Salaries and social security contributions     69.3       60.7       14.3 %     -1.2       70.5       61.4       14.9 %
Concession fees     54.3       54.1       0.5 %     -0.8       55.1       54.7       0.8 %
Construction service cost     60.5       38.3       58.1 %     -3.2       63.7       39.7       60.6 %
Maintenance expenses     46.4       45.8       1.5 %     -0.9       47.4       46.4       2.1 %
Amortization and depreciation     55.7       51.9       7.3 %     35.2       20.5       21.2       -3.2 %
Services and fees     17.9       17.3       3.5 %     -0.2       18.1       17.4       3.7 %
Cost of fuel     53.1       28.0       89.6 %     -       53.1       28.0       89.6 %
Taxes     1.5       1.4       5.6 %     0.0       1.5       1.4       5.8 %
Office expenses     3.9       4.0       -1.6 %     -0.1       4.0       4.1       -1.4 %
Others     8.6       9.5       -8.6 %     0.0       8.6       9.5       -9.2 %

 

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

 

    2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
SG&A     64.5       53.3       21.2 %     0.1       64.5       52.9       21.8 %
Taxes     15.9       14.5       9.9 %     -0.3       16.2       14.7       10.1 %
Salaries and social security contributions     20.6       13.3       54.5 %     -0.3       20.9       13.5       55.0 %
Services and fees     13.6       12.3       11.2 %     -0.1       13.7       12.3       11.4 %
Office expenses     2.7       2.6       1.2 %     -0.1       2.7       2.7       1.7 %
Amortization and depreciation     3.3       2.6       25.6 %     0.9       2.4       1.8       32.4 %
Maintenance expenses     2.1       1.8       17.2 %     0.0       2.1       1.8       17.8 %
Advertising     2.5       1.4       81.8 %     -0.1       2.6       1.4       81.6 %
Insurances     0.8       0.9       -8.4 %     0.0       0.8       0.9       -7.2 %
Bad debts recovery     -1.2       -1.0       22.3 %     0.1       -1.3       -1.1       20.6 %
Bad debts     2.2       2.5       -11.7 %     -0.1       2.3       2.6       -10.2 %
Others     2.0       2.4       -13.5 %     0.0       2.1       2.4       -12.5 %

 

Expenses by Segment (in US$ million)

 

Country   2Q26 as
reported
    2Q25 as
reported
    % Var as
reported
    IAS 29     2Q26 ex
IAS 29
    2Q25 ex
IAS 29
    % Var ex
IAS 29
 
Argentina     230.7       204.5       12.8 %     29.0       201.7       177.1       13.9 %
Italy     41.0       32.2       27.1 %     -       41.0       32.2       27.1 %
Brazil     23.2       20.0       15.9 %     -       23.2       20.0       15.9 %
Uruguay     38.6       33.7       14.4 %     -       38.6       33.7       14.4 %
Armenia     73.9       49.1       50.6 %     -       73.9       49.1       50.6 %
Ecuador     21.8       20.4       7.0 %     -       21.8       20.4       7.0 %
Unallocated     10.6       6.5       62.1 %     -       10.6       6.5       62.1 %
Total consolidated expenses (1) (2)     439.9       366.4       20.1 %     29.0       410.9       339.0       21.2 %

 

(1) Excludes income tax and financial loss

(2) We account for the results of operations of ECOGAL using the equity method

 

Page 30 of 41

 

Costs and Expenses (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Cost of Services     709.8       592.7       19.8 %     70.0       639.8       543.6       17.7 %
Salaries and social security contributions     140.2       121.9       15.0 %     0.9       139.4       124.4       12.0 %
Concession fees     117.8       107.9       9.2 %     1.4       116.4       110.1       5.7 %
Construction service cost     101.0       65.9       53.3 %     -3.6       104.6       69.8       49.9 %
Maintenance expenses     96.0       90.7       5.8 %     0.9       95.2       92.4       3.0 %
Amortization and depreciation     111.7       101.7       9.8 %     70.1       41.6       41.6       0.1 %
Other     143.0       104.6       36.8 %     0.3       142.7       105.4       35.4 %
Cost of Services Excluding Construction Service cost     608.8       526.8       15.6 %     73.6       535.2       473.9       13.0 %
Selling, general and administrative expenses     129.2       106.1       21.8 %     2.7       126.5       106.1       19.3 %
Other expenses     6.0       7.1       -15.2 %     0.2       5.8       4.3       33.7 %
Total Costs and Expenses     845.1       705.8       19.7 %     72.9       772.2       654.0       18.1 %
Total Costs and Expenses Excluding Construction Service cost     744.1       640.0       16.3 %     76.5       667.6       584.3       14.3 %

 

Total Expenses Breakdown (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Cost of services     709.8       592.7       19.8 %     70.0       639.8       543.6       17.7 %
SG&A     129.2       106.1       21.8 %     2.7       126.5       106.1       19.3 %
Financial loss     81.3       113.7       -28.5 %     -71.7       152.9       191.5       -20.1 %
Inflation adjustment     7.6       5.0       50.8 %     8.1       -0.5       0.6       -183.8 %
Other expenses     6.0       7.1       -15.2 %     0.2       5.8       4.3       33.7 %
Income tax expense     55.8       40.8       36.6 %     27.1       28.6       16.2       77.1 %
Total expenses     989.7       865.4       14.4 %     36.5       953.2       862.3       10.5 %

 

Cost of Services (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Cost of Services     709.8       592.7       19.8 %     70.0       639.8       543.6       17.7 %
Salaries and social security contributions     140.2       121.9       15.0 %     0.9       139.4       124.4       12.0 %
Concession fees     117.8       107.9       9.2 %     1.4       116.4       110.1       5.7 %
Construction service cost     101.0       65.9       53.3 %     -3.6       104.6       69.8       49.9 %
Maintenance expenses     96.0       90.7       5.8 %     0.9       95.2       92.4       3.0 %
Amortization and depreciation     111.7       101.7       9.8 %     70.1       41.6       41.6       0.1 %
Services and fees     34.9       33.8       3.2 %     0.1       34.8       34.3       1.4 %
Cost of fuel     82.4       46.3       77.9 %     -       82.4       46.3       77.9 %
Taxes     3.0       2.7       14.1 %     0.1       3.0       2.7       9.1 %
Office expenses     7.5       7.6       -1.8 %     0.1       7.4       7.9       -6.1 %
Others     15.2       14.1       7.9 %     0.0       15.2       14.2       7.0 %

 

Page 31 of 41

 

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

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
SG&A     129.2       106.1       21.8 %     2.7       126.5       106.1       19.3 %
Taxes     35.0       30.6       14.1 %     0.5       34.5       31.5       9.5 %
Salaries and social security contributions     38.9       26.4       47.5 %     0.2       38.7       26.9       43.8 %
Services and fees     28.4       24.0       18.1 %     0.0       28.4       24.1       17.7 %
Office expenses     5.6       5.0       11.6 %     0.0       5.6       5.2       8.3 %
Amortization and depreciation     6.4       5.1       24.2 %     1.9       4.5       3.5       31.1 %
Maintenance expenses     3.9       2.9       34.2 %     0.0       3.9       2.9       33.7 %
Advertising     3.9       2.0       90.6 %     0.0       3.9       2.1       86.4 %
Insurances     1.6       1.8       -8.6 %     0.0       1.6       1.8       -10.7 %
Bad debts recovery     -3.3       -2.0       64.4 %     -0.0       -3.3       -2.1       53.1 %
Bad debts     4.7       5.0       -6.2 %     0.0       4.7       5.2       -10.2 %
Others     4.1       5.0       -19.2 %     0.0       4.1       5.0       -19.3 %

 

Expenses by Segment (in US$ million)

 

Country   6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Argentina     461.4       404.5       14.1 %     72.9       388.4       352.7       10.1 %
Italy     73.6       58.4       26.1 %     -       73.6       58.4       26.1 %
Brazil     45.8       38.4       19.2 %     -       45.8       38.4       19.2 %
Uruguay     78.9       64.4       22.6 %     -       78.9       64.4       22.6 %
Armenia     120.9       84.6       42.9 %     -       120.9       84.6       42.9 %
Ecuador     43.3       40.5       7.0 %     -       43.3       40.5       7.0 %
Unallocated     21.1       15.1       40.1 %     -       21.1       15.1       40.1 %
Total consolidated expenses (1) (2)     845.1       705.9       19.7 %     72.9       772.2       654.1       18.1 %

 

(1) Excludes income tax and financial loss

(2) We account for the results of operations of ECOGAL using the equity method

 

Adjusted EBITDA by Segment (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Argentina     200.4       187.1       7.1 %     7.4       193.0       195.3       -1.2 %
Italy     21.6       20.1       7.3 %     -       21.6       20.1       7.3 %
Brazil     28.5       20.7       37.3 %     -       28.5       20.7       37.3 %
Uruguay     39.3       38.3       2.8 %     -       39.3       38.3       2.8 %
Armenia     59.9       47.5       26.1 %     -       59.9       47.5       26.1 %
Ecuador     18.7       16.0       16.7 %     -       18.7       16.0       16.7 %
Unallocated     -7.3       -6.1       20.7 %     -       -7.3       -6.1       20.7 %
Total segment EBITDA     360.8       323.7       11.4 %     7.4       353.3       331.9       6.4 %

 

Page 32 of 41

 

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

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Income from Continuing Operations     133.7       85.9       55.7 %     -38.4       172.1       124.6       38.1 %
Financial Income     -35.7       -28.6       24.5 %     10.3       -46.0       -45.9       0.1 %
Financial Loss     81.3       113.7       -28.5 %     -71.7       152.9       191.5       -20.1 %
Inflation adjustment     7.6       5.0       50.8 %     8.1       -0.5       0.6       -183.8 %
Income Tax Expense     55.8       40.8       36.6 %     27.1       28.6       16.2       77.1 %
Amortization and Depreciation     118.1       106.9       10.5 %     72.0       46.1       45.0       2.5 %
Adjusted EBITDA     360.8       323.7       11.4 %     7.4       353.3       331.9       6.4 %
Adjusted EBITDA Margin     33.7 %     35.6 %     -187       -       33.3 %     35.8 %     -253  
Adjusted EBITDA excluding Construction Service     356.1       318.1       11.9 %     7.4       348.7       326.4       6.8 %
Adjusted EBITDA Margin excluding Construction Service     36.9 %     37.9 %     -103       -       36.6 %     38.3 %     -172  

 

Financial Income / Loss (in US$ million)

 

    6M26 as
reported
    6M25 as
reported
    % Var as
reported
    IAS 29     6M26 ex
IAS 29
    6M25 ex
IAS 29
    % Var ex
IAS 29
 
Financial Income     35.7       28.6       24.5 %     -10.3       46.0       45.9       0.1 %
Interest income     23.7       17.1       39.0 %     0.2       23.5       17.4       34.9 %
Foreign exchange income     2.2       6.8       -67.0 %     -10.5       12.8       23.7       -46.3 %
Other     9.7       4.8       103.3 %     0.0       9.7       4.8       103.8 %
Inflation adjustment     -7.6       -5.0       50.8 %     -8.1       0.5       -0.6       -183.8 %
Inflation adjustment     -7.6       -5.0       50.8 %     -8.1       0.5       -0.6       -183.8 %
Financial Loss     -81.3       -113.7       -28.5 %     71.7       -152.9       -191.5       -20.1 %
Interest Expenses     -44.6       -45.5       -1.9 %     -0.2       -44.4       -46.3       -4.1 %
Foreign exchange transaction expenses     32.7       -17.5       -286.8 %     72.3       -39.6       -94.5       -58.0 %
Changes in liability for concessions     -58.4       -46.5       25.5 %     -       -58.4       -46.5       25.5 %
Other financial loss     -10.9       -4.2       158.3 %     -0       -10.6       -4.2       149.7 %
Financial Loss, Net     -53.2       -90.1       -41.0 %     53.3       -106.5       -146.1       -27.1 %

 

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

 

Page 33 of 41

 

% Ownership by Concession          
Aeropuertos Argentina 2000   Argentina     84.8 %
Neuquén   Argentina     77.7 %
Bahía Blanca   Argentina     85.0 %
Toscana Aeroporti (Florence and Pisa airports)   Italy     62.3 %
ICAB (Brasilia Airport)   Brazil     51.0 %
Puerta del Sur (Carrasco Airport)   Uruguay     100.0 %
CAISA (Punta del Este Airport)   Uruguay     100.0 %
AIA (Armenian airports)   Armenia     100.0 %
TAGSA (Guayaquil Airport)   Ecuador     50.0 %
ECOGAL (Galápagos Airport)   Ecuador     99.9 %

 

Selected Income Statement Data (in US$ million)

    2Q26     2Q25     % Var.     6M26     6M25     % Var.  
Argentina                                                
Total Revenue     257.2       256.0       0.5 %     566.3       510.4       11.0 %
Total Revenue Excluding IFRIC12(1)     218.6       232.0       -5.8 %     505.1       467.3       8.1 %
Operating Income     31.7       56.8       -44.1 %     117.4       117.0       0.3 %
Net Income     26.0       23.9       8.9 %     113.7       62.1       83.1 %
Adjusted Segment EBITDA     73.8       92.7       -20.4 %     200.4       187.1       7.1 %
Adjusted Segment EBITDA Mg     28.7 %     36.2 %     -7.5 pp     35.4 %     36.7 %     -1.3 pp
Adjusted EBITDA Margin excluding IFRIC     33.7 %     39.9 %     -6.2 pp     39.6 %     40.0 %     -0.4 pp
                                                 
Italy                                                
Total Revenue     56.3       45.7       23.1 %     88.9       72.8       22.1 %
Total Revenue Excluding IFRIC12(1)     44.1       40.5       8.7 %     69.6       62.5       11.3 %
Operating Income     15.5       13.7       13.1 %     15.5       14.7       5.6 %
Net Income     9.0       7.8       14.7 %     7.4       6.7       11.2 %
Adjusted Segment EBITDA     18.6       16.6       12.3 %     21.6       20.1       7.3 %
Adjusted Segment EBITDA Mg     33.0 %     36.2 %     -3.2 pp     24.2 %     27.6 %     -3.4 pp
Adjusted EBITDA Margin excluding IFRIC     36.2 %     33.0 %     3.2 pp     25.0 %     23.7 %     1.3 pp
                                                 
Brazil                                                
Total Revenue     34.6       27.7       25.2 %     67.8       52.8       28.3 %
Total Revenue Excluding IFRIC12(1)     34.5       27.7       24.8 %     67.2       52.7       27.7 %
Operating Income     11.5       8.5       35.9 %     22.1       15.3       43.9 %
Net Income     -18.2       -14.5       25.0 %     -41.6       -38.5       8.0 %
Adjusted Segment EBITDA     14.7       11.2       31.9 %     28.5       20.7       37.3 %
Adjusted Segment EBITDA Mg     42.5 %     40.4 %     2.1 pp     42.0 %     39.3 %     2.7 pp
Adjusted EBITDA Margin excluding IFRIC     42.7 %     40.4 %     2.3 pp     42.4 %     39.4 %     3.0 pp
                                                 
Uruguay                                                
Total Revenue     49.3       47.2       4.4 %     113.4       98.4       15.2 %
Total Revenue Excluding IFRIC12(1)     40.9       38.6       6.0 %     94.7       85.3       11.0 %
Operating Income     9.9       12.8       -22.5 %     32.8       32.8       0.1 %
Net Income     9.5       13.8       -30.9 %     30.7       33.8       -9.2 %
Adjusted Segment EBITDA     13.0       15.5       -16.3 %     39.3       38.3       2.8 %
Adjusted Segment EBITDA Mg     26.3 %     32.8 %     -6.5 pp     34.7 %     38.9 %     -4.2 pp
Adjusted EBITDA Margin excluding IFRIC     31.7 %     40.1 %     -8.4 pp     41.5 %     44.9 %     -3.4 pp
                                                 
Ecuador                                                
Total Revenue     29.9       27.3       9.5 %     59.8       54.5       9.7 %
Total Revenue Excluding IFRIC12(1)     29.9       27.3       9.5 %     59.8       54.5       9.7 %
Operating Income     7.2       6.1       17.8 %     14.6       12.4       18.4 %
Net Income     5.6       5.5       1.5 %     11.4       11.3       0.2 %
Adjusted Segment EBITDA     9.3       7.9       16.9 %     18.7       16.0       16.7 %
Adjusted Segment EBITDA Mg     31.1 %     29.1 %     2 pp     31.3 %     29.4 %     1.9 pp
Adjusted EBITDA Margin excluding IFRIC     31.1 %     29.1 %     2 pp     31.3 %     29.4 %     1.9 pp
                                                 
Armenia                                                
Total Revenue     106.4       72.8       46.2 %     173.8       120.9       43.8 %
Total Revenue Excluding IFRIC12(1)     102.4       68.9       48.5 %     167.9       116.2       44.6 %
Operating Income     33.0       23.8       38.9 %     53.8       36.4       47.7 %
Net Income     24.5       19.6       24.9 %     40.3       29.6       35.8 %
Adjusted Segment EBITDA     35.4       29.4       20.5 %     59.9       47.5       26.1 %
Adjusted Segment EBITDA Mg     33.2 %     40.3 %     -7.1 pp     34.5 %     39.3 %     -4.8 pp
Adjusted EBITDA Margin excluding IFRIC     34.4 %     42.4 %     -8 pp     35.5 %     40.8 %     -5.3 pp
                                                 
Unallocated                                                
Total revenue     0.3       0.2       107.0 %     0.6       0.3       82.9 %
Operating Income     -3.2       -4.4       -26.6 %     -11.6       -10.7       8.4 %
Net Income     -3.0       -4.7       -35.8 %     -28.1       -19.2       46.8 %
Adjusted segment EBITDA     -1.4       -2.1       -33.0 %     -7.3       -6.1       20.7 %
Adjusted Segment EBITDA Mg     N/A       N/A       N/A       N/A       #N/A       N/A  

 

1 Excludes Construction Service revenue.

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

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

 

Page 34 of 41

 

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements

 

    Domestic Passenger Traffic      International Passenger Traffic     Transit Passengers     Total Passenger Traffic     Cargo Volume                    
    (in thousands)     (in thousands)     (in thousands)     (in thousands)     (in tons)     Aircraft Movements  
    2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.  
Argentina                                                                                                            
Aeroparque   2,415     2,868     -15.8 %   1,220     1,163     5.0 %   281     278     0.9 %   3,916     4,309     -9.1 %   400     304     31.7 %   31,138     34,706     -10.3 %
Bariloche   362     442     -18.0 %   13     10     31.3 %   0     0     -     375     452     -16.9 %   -     -     -     2,631     3,262     -19.3 %
Catamarca   19     20     -6.0 %   -     -     -     1     2     -37.9 %   20     22     -9.1 %   -     -     -     881     720     22.4 %
C. Rivadavia   130     139     -6.6 %   -     -     -     0     -     -     130     139     -6.5 %   83     98     -15.3 %   1,651     1,726     -4.3 %
Córdoba   470     534     -12.0 %   241     196     22.4 %   1     1     -     712     732     -2.7 %   312     286     9.2 %   6,373     6,500     -2.0 %
El Palomar   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     382     725     -47.3 %
Esquel   16     14     13.3 %   -     -     -     -     -     -     16     14     13.3 %   -     -     -     264     270     -2.2 %
Ezeiza   538     492     9.2 %   1,814     1,803     0.6 %   64     59     7.9 %   2,416     2,355     2.6 %   50,535     49,295     2.5 %   16,896     15,941     6.0 %
Formosa   19     24     -21.2 %   -     -     -     -     -     -     19     24     -21.2 %   9     23     -61.4 %   381     357     6.7 %
General Pico   0     -     -     -     -     -     -     -     -     0     -     -     -     -     -     673     771     -12.7 %
Iguazú   342     412     -17.0 %   1     0     -     -     -     -     343     412     -16.7 %   -     -     -     2,464     2,950     -16.5 %
Jujuy   97     110     -11.8 %   1     1     -     -     -     -     98     111     -11.4 %   26     27     -2.3 %   1,046     1,098     -4.7 %
La Rioja   17     19     -11.5 %   -     -     -     2     3     -41.9 %   19     22     -15.3 %   7     6     22.1 %   487     539     -9.6 %
Malargüe   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     121     209     -42.1 %
Mar del Plata   59     61     -3.4 %   -     -     -     1     1     -     59     61     -3.4 %   25     28     -12.9 %   1,262     1,440     -12.4 %
Mendoza   384     454     -15.4 %   168     165     1.6 %   8     6     25.4 %   559     625     -10.5 %   235     153     53.3 %   4,869     5,340     -8.8 %
Paraná   12     11     8.5 %   -     -     -     0     -     -     12     11     8.5 %   -     -     -     960     812     18.2 %
Posadas   64     85     -24.1 %   -     -     -     -     0     -     64     85     -24.1 %   29     39     -27.8 %   962     1,074     -10.4 %
Pto Madryn   19     31     -39.9 %   -     -     -     -     0     -     19     31     -39.9 %   3     5     -48.3 %   257     289     -11.1 %
Reconquista   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     788     1,064     -25.9 %
Resistencia   70     58     20.2 %   -     -     -     -     0     -     70     58     20.1 %   56     80     -29.6 %   862     911     -5.4 %
Río Cuarto   5     4     49.4 %   -     -     -     -     -     -     5     4     49.4 %   0     1     -     213     136     56.6 %
Río Gallegos   35     44     -20.3 %   0     -     -     1     1     -     35     44     -20.0 %   19     58     -67.9 %   843     805     4.7 %
Río Grande   22     32     -29.0 %   -     -     -     -     0     -     22     32     -29.4 %   47     413     -88.6 %   541     756     -28.4 %
Salta   310     312     -0.7 %   19     19     -2.3 %   -     1     -     328     332     -1.2 %   88     73     20.9 %   4,219     4,239     -0.5 %
San Fernando   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     13,535     14,313     -5.4 %
San Juan   49     47     3.0 %   -     -     -     -     -     -     49     47     3.0 %   -     -     -     655     618     6.0 %
San Luis   14     15     -3.7 %   -     -     -     -     -     -     14     15     -3.7 %   8     11     -24.4 %   368     448     -17.9 %
San Rafael   9     8     10.0 %   -     -     -     -     -     -     9     8     10.0 %   -     -     -     1,407     2,232     -37.0 %
Santa Rosa   10     11     -7.1 %   -     -     -     0     -     -     10     11     -6.2 %   11     15     -27.9 %   690     759     -9.1 %
Santiago del Estero   42     57     -26.7 %   -     0     -     -     -     -     42     57     -27.3 %   48     13     278.4 %   988     1,092     -9.5 %
Tucumán   189     199     -4.9 %   11     3     230.2 %   1     1     -     201     203     -1.0 %   101     108     -7.0 %   1,814     1,980     -8.4 %
Viedma   8     8     0.1 %   -     -     -     -     -     -     8     8     0.1 %   -     -     -     282     238     18.5 %
Villa Mercedes   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     370     119     210.9 %
Termas de Río Hondo   4     4     16.7 %   -     -     -     -     -     -     4     4     16.7 %   -     -     -     170     129     31.8 %
Bahía Blanca   65     66     -0.7 %   -     -     -     1     1     -     66     67     -0.4 %   47     60     -22.6 %   893     920     -2.9 %
Neuquén   319     337     -5.3 %   7     0     -     5     5     9.5 %   331     342     -3.0 %   931     92     911.0 %   3,640     3,471     4.9 %
Total Argentina   6,115     6,917     -11.6 %   3,494     3,360     4.0 %   366     359     1.9 %   9,974     10,636     -6.2 %   53,020     51,188     3.6 %   105,976     112,959     -6.2 %

 

Page 35 of 41

 

    Domestic Passenger Traffic      International Passenger Traffic     Transit Passengers     Total Passenger Traffic     Cargo Volume                    
    (in thousands)     (in thousands)     (in thousands)     (in thousands)     (in tons)     Aircraft Movements  
    2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.     2Q26     2Q25     % Var.  
Italy                                                                                                            
Pisa   423     422     0.4 %   1,450     1,343     8.0 %   2     2     -10.0 %   1,874     1,766     6.1 %   2,753     3,095     -11.1 %   14,039     13,288     5.7 %
Florence   133     131     1.9 %   1,041     999     4.2 %   0     0     -     1,174     1,129     3.9 %   26     46     -43.7 %   13,080     13,017     0.5 %
Total Italy   556     552     0.7 %   2,490     2,341     6.4 %   2     2     -8.1 %   3,048     2,895     5.3 %   2,779     3,141     -11.5 %   27,119     26,305     3.1 %
                                                                                                             
Brazil                                                                                                            
Brasilia   2,333     2,362     -1.2 %   198     210     -5.6 %   1,681     1,470     14.3 %   4,212     4,042     4.2 %   13,865     15,399     -10.0 %   37,994     37,362     1.7 %
Total Brazil   2,333     2,362     -1.2 %   198     210     -5.6 %   1,681     1,470     14.3 %   4,212     4,042     4.2 %   13,865     15,399     -10.0 %   37,994     37,362     1.7 %
                                                                                                             
Uruguay                                                                                                            
Carrasco   1     1     -     507     495     2.6 %   5     7     -36.9 %   513     503     2.0 %   8,656     8,695     -0.4 %   5,358     5,583     -4.0 %
Punta del Este   0     0     -     20     20     0.0 %   -     -     -     20     20     -0.1 %   -     -     -     1,720     2,169     -20.7 %
Total Uruguay   1     1     -     527     514     2.5 %   5     7     -36.9 %   533     522     2.0 %   8,656     8,695     -0.4 %   7,078     7,752     -8.7 %
                                                                                                             
Ecuador                                                                                                            
Guayaquil   434     461     -5.8 %   605     559     8.3 %   15     16     -6.4 %   1,054     1,036     1.8 %   7,035     8,173     -13.9 %   17,294     17,634     -1.9 %
Galápagos   142     133     6.4 %   -     -     -     -     -     -     142     133     6.4 %   1,398     1,291     8.3 %   1,696     1,631     4.0 %
Total Ecuador   576     595     -3.1 %   605     559     8.3 %   15     16     -6.4 %   1,196     1,169     2.3 %   8,433     9,464     -10.9 %   18,990     19,265     -1.4 %
                                                                                                             
Armenia                                                                                                            
Zvartnots   -     -     -     1,501     1,340     12.0 %   60     41     48.3 %   1,562     1,381     13.1 %   8,965     9,282     -3.4 %   11,370     10,507     8.2 %
Shirak   -     -     -     41     40     1.1 %   -     -     -     41     40     1.1 %   -     -     -     258     244     5.7 %
Total Armenia   -     -     -     1,542     1,380     11.7 %   60     41     48.3 %   1,602     1,421     12.7 %   8,965     9,282     -3.4 %   11,628     10,751     8.2 %
Total CAAP   9,581     10,427     -8.1 %   8,856     8,365     5.9 %   2,128     1,895     12.3 %   20,565     20,686     -0.6 %   95,718     97,168     -1.5 %   208,785     214,394     -2.6 %

 

Page 36 of 41

 

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2026 vs. 2025)

 

    Domestic Passenger Traffic      International Passenger Traffic     Transit Passengers     Total Passenger Traffic     Cargo Volume                    
    (in thousands)     (in thousands)     (in thousands)     (in thousands)     (in tons)     Aircraft Movements  
    6M26     6M25     % Var.     6M26     6M25     % Var.     6M26     6M25     % Var.     6M26     6M25     % Var.     6M26     6M25     % Var.     6M26     6M25     % Var.  
Argentina                                                                                                            
Aeroparque   5,127     5,731     -10.6 %   2,686     2,412     11.4 %   594     582     2.0 %   8,407     8,725     -3.7 %   733     709     3.4 %   65,708     69,956     -6.1 %
Bariloche   949     1,077     -11.9 %   30     32     -6.8 %   1     2     -32.9 %   980     1,111     -11.8 %   -     -     -     7,239     8,464     -14.5 %
Catamarca   35     35     1.8 %   -     -     -     2     2     -17.6 %   37     37     0.7 %   -     -     -     1,588     1,340     18.5 %
C. Rivadavia   253     280     -9.6 %   -     -     -     0     0     -     253     280     -9.6 %   151     190     -20.5 %   3,233     3,370     -4.1 %
Córdoba   1,059     1,100     -3.8 %   658     431     52.7 %   2     1     28.1 %   1,719     1,532     12.2 %   628     486     29.3 %   14,530     13,430     8.2 %
El Palomar   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     763     1,579     -51.7 %
Esquel   37     38     -0.4 %   -     -     -     -     -     -     37     38     -0.4 %   -     -     -     1,666     1,226     35.9 %
Ezeiza   1,537     1,391     10.6 %   4,594     4,266     7.7 %   138     124     10.8 %   6,269     5,781     8.4 %   100,536     97,194     3.4 %   40,755     36,853     10.6 %
Formosa   37     41     -10.7 %   -     -     -     -     -     -     37     41     -10.7 %   18     40     -53.5 %   714     677     5.5 %
General Pico   0     -     -     -     -     -     -     -     -     0     -     -     -     -     -     1,270     1,307     -2.8 %
Iguazú   783     881     -11.2 %   5     0     -     -     0     -     787     881     -10.7 %   -     -     -     5,675     6,434     -11.8 %
Jujuy   212     236     -10.3 %   2     2     22.3 %   0     -     -     214     238     -10.1 %   51     46     10.9 %   2,140     2,351     -9.0 %
La Rioja   33     34     -2.7 %   -     -     -     2     3     -19.3 %   35     36     -3.9 %   15     6     168.7 %   904     866     4.4 %
Malargüe   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     160     374     -57.2 %
Mar del Plata   153     166     -8.0 %   -     -     -     1     1     -     154     167     -7.7 %   36     67     -46.9 %   3,313     3,578     -7.4 %
Mendoza   809     905     -10.6 %   362     344     5.1 %   22     18     20.8 %   1,192     1,267     -5.9 %   408     634     -35.7 %   10,021     11,042     -9.2 %
Paraná   20     21     -4.0 %   -     -     -     0     -     -     20     21     -3.9 %   -     -     -     1,576     1,471     7.1 %
Posadas   137     158     -13.4 %   -     -     -     -     0     -     137     158     -13.4 %   58     83     -29.5 %   1,929     2,049     -5.9 %
Pto Madryn   61     72     -15.2 %   -     -     -     -     0     -     61     72     -15.2 %   10     14     -27.1 %   673     645     4.3 %
Reconquista   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     1,473     1,585     -7.1 %
Resistencia   129     93     38.6 %   -     -     -     0     0     -     129     94     38.4 %   107     149     -27.8 %   1,599     1,567     2.0 %
Río Cuarto   11     7     65.4 %   -     -     -     -     -     -     11     7     65.4 %   2     2     19.6 %   407     299     36.1 %
Río Gallegos   68     91     -25.3 %   0     0     -     2     2     -12.2 %   70     93     -25.0 %   47     100     -52.6 %   1,663     1,667     -0.2 %
Río Grande   24     70     -65.9 %   -     -     -     -     0     -     24     70     -66.1 %   47     775     -93.9 %   567     1,535     -63.1 %
Salta   653     647     0.9 %   56     42     34.0 %   -     2     -     709     690     2.7 %   145     167     -13.2 %   8,793     8,463     3.9 %
San Fernando   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     28,147     27,019     4.2 %
San Juan   100     94     5.7 %   -     -     -     -     -     -     100     94     5.7 %   -     -     -     1,200     1,187     1.1 %
San Luis   28     28     1.5 %   -     -     -     -     -     -     28     28     1.5 %   17     21     -18.4 %   647     854     -24.2 %
San Rafael   23     22     3.1 %   -     -     -     -     0     -     23     22     3.1 %   -     -     -     3,030     4,357     -30.5 %
Santa Rosa   19     21     -9.4 %   -     -     -     0     0     -     19     21     -9.2 %   12     29     -57.7 %   1,392     1,383     0.7 %
Santiago del Estero   86     108     -20.3 %   -     0     -     -     0     -     86     109     -20.8 %   115     30     284.8 %   1,928     1,990     -3.1 %
Tucumán   420     390     7.8 %   40     6     561.3 %   1     1     -     462     397     16.3 %   195     213     -8.4 %   4,000     3,904     2.5 %
Viedma   17     17     2.4 %   -     -     -     -     0     -     17     17     2.4 %   -     -     -     586     451     29.9 %
Villa Mercedes   -     -     -     -     -     -     -     -     -     -     -     -     -     -     -     514     323     59.1 %
Termas de Río Hondo   8     11     -22.7 %   -     -     -     -     0     -     8     11     -23.2 %   -     -     -     247     291     -15.1 %
Bahía Blanca   119     115     4.1 %   -     -     -     2     1     76.7 %   122     116     4.8 %   83     116     -28.9 %   1,741     1,707     2.0 %
Neuquén   649     640     1.4 %   7     0     -     10     9     3.8 %   666     650     2.5 %   1,826     167     996.5 %   7,460     6,792     9.8 %
Total Argentina   13,598     14,520     -6.4 %   8,439     7,535     12.0 %   777     750     3.7 %   22,814     22,805     0.0 %   105,242     101,235     4.0 %   229,251     232,386     -1.3 %

 

Page 37 of 41

 

    Domestic Passenger Traffic      International Passenger Traffic     Transit Passengers     Total Passenger Traffic     Cargo Volume                    
    (in thousands)     (in thousands)     (in thousands)     (in thousands)     (in tons)     Aircraft Movements  
    6M26     6M25     % Var.     6M26     6M25     % Var.     6M26     6M25     % Var.     6M26     6M26     % Var.     6M26     6M25     % Var.     6M26     6M25     % Var.  
Italy                                                                                                            
Pisa   720     717     0.4 %   2,175     2,003     8.6 %   2     2     3.9 %   2,898     2,723     6.4 %   5,299     6,305     -15.9 %   21,536     20,365     5.8 %
Florence   227     236     -3.9 %   1,669     1,566     6.6 %   0     0     -     1,896     1,802     5.2 %   57     60     -4.5 %   21,371     20,707     3.2 %
Total Italy   947     954     -0.7 %   3,844     3,569     7.7 %   2     2     6.6 %   4,794     4,525     5.9 %   5,357     6,365     -15.8 %   42,907     41,072     4.5 %
                                                                                                             
Brazil                                                                                                            
Brasilia   4,511     4,422     2.0 %   433     428     1.2 %   3,445     2,918     18.0 %   8,389     7,768     8.0 %   29,000     30,676     -5.5 %   74,737     71,945     3.9 %
Total Brazil   4,511     4,422     2.0 %   433     428     1.2 %   3,445     2,918     18.0 %   8,389     7,768     8.0 %   29,000     30,676     -5.5 %   74,737     71,945     3.9 %
                                                                                                             
Uruguay                                                                                                            
Carrasco   3     1     132.3 %   1,101     1,057     4.2 %   14     22     -38.4 %   1,118     1,080     3.5 %   16,647     17,584     -5.3 %   11,070     11,264     -1.7 %
Punta del Este   0     0     -     91     96     -5.2 %   -     -     -     92     97     -5.1 %   -     -     -     6,382     6,399     -0.3 %
Total Uruguay   4     2     114.6 %   1,193     1,153     3.5 %   14     22     -38.4 %   1,210     1,177     2.8 %   16,647     17,584     -5.3 %   17,452     17,663     -1.2 %
                                                                                                             
Ecuador                                                                                                            
Guayaquil   893     902     -0.9 %   1,201     1,098     9.4 %   32     37     -13.3 %   2,127     2,037     4.4 %   14,070     15,836     -11.2 %   34,383     35,286     -2.6 %
Galápagos   284     266     6.7 %   -     -     -     -     -     -     284     266     6.7 %   2,707     2,585     4.7 %   3,294     3,222     2.2 %
Total Ecuador   1,177     1,168     0.8 %   1,201     1,098     9.4 %   32     37     -13.3 %   2,411     2,303     4.7 %   16,777     18,421     -8.9 %   37,677     38,508     -2.2 %
                                                                                                             
Armenia                                                                                                            
Zvartnots   -     -     -     2,584     2,348     10.0 %   95     59     60.2 %   2,679     2,408     11.3 %   21,025     18,835     11.6 %   19,926     18,670     6.7 %
Shirak   -     -     -     68     69     -0.6 %   -     -     -     68     69     -0.6 %   -     -     -     440     416     5.8 %
Total Armenia   -     -     -     2,653     2,417     9.7 %   95     59     60.2 %   2,748     2,477     10.9 %   21,025     18,835     11.6 %   20,366     19,086     6.7 %
Total CAAP   20,237     21,066     -3.9 %   17,763     16,200     9.6 %   4,365     3,788     15.2 %   42,364     41,054     3.2 %   194,048     193,116     0.5 %   422,390     420,660     0.4 %

 

Page 38 of 41

 

Income Statement (in US$ thousands)

 

    2Q26     2Q25     % Var.     6M26     6M25     % Var.  
Continuing operations                                                
Revenue     534,038       476,813       12.0 %     1,070,643       910,266       17.6 %
Cost of services     -371,417       -310,902       19.5 %     -709,841       -592,679       19.8 %
Gross profit     162,621       165,911       -2.0 %     360,802       317,587       13.6 %
Selling, general and administrative expenses     -64,554       -53,253       21.2 %     -129,222       -106,067       21.8 %
Other operating income     11,390       6,959       63.7 %     19,108       13,560       40.9 %
Other operating expenses     -3,974       -2,278       74.5 %     -6,020       -7,097       -15.2 %
Operating income     105,483       117,339       -10.1 %     244,668       217,983       12.2 %
Share of loss in associates     -1,292       -671       92.5 %     -2,000       -1,161       72.3 %
Income before financial results and income tax     104,191       116,668       -10.7 %     242,668       216,822       11.9 %
Financial income     19,105       18,089       5.6 %     35,660       28,646       24.5 %
Financial loss     -58,212       -71,525       -18.6 %     -81,257       -113,715       -28.5 %
Inflation adjustment     -3,526       -1,676       110.4 %     -7,586       -5,030       50.8 %
Income before income tax     61,558       61,556       0.0 %     189,485       126,723       49.5 %
Income tax     -8,047       -10,072       -20.1 %     -55,773       -40,843       36.6 %
Income for the period     53,511       51,484       3.9 %     133,712       85,880       55.7 %
Attributable to:                                                
Owners of the parent     52,752       49,341       6.9 %     129,610       88,586       46.3 %
Non-controlling interest     759       2,143       -64.6 %     4,102       -2,706       -251.6 %

 

Page 39 of 41

 

Balance Sheet (in US$ thousands)

  

    Jun 30, 2026     Dec 31, 2025  
ASSETS                
Non-current assets                
Intangible assets, net     3,417,101       3,137,980  
Property, plant and equipment, net     83,390       86,116  
Right-of-use asset     16,195       8,933  
Investments in associates     10,510       43,344  
Other financial assets at fair value through profit or loss     13,830       5,413  
Other financial assets at amortized cost     103,942       108,896  
Deferred tax assets     15,222       12,638  
Inventories     298       294  
Other receivables     72,371       60,010  
Trade receivables     2       11  
Total non-current assets     3,732,861       3,463,635  
Current assets                
Inventories     19,152       14,735  
Other financial assets at fair value through profit or loss     8,616       2,451  
Other financial assets at amortized cost     159,695       119,633  
Other receivables     68,445       66,594  
Current tax assets     3,026       10,989  
Trade receivables     186,408       177,744  
Cash and cash equivalents     692,483       592,759  
Total     1,137,825       984,905  
Assets classified as held for sale     137       137  
Total current assets     1,137,962       985,042  
Total assets     4,870,823       4,448,677  
EQUITY                
Share capital     165,219       165,219  
Share premium     221,434       221,434  
Treasury shares     (3,632 )     (3,918 )
Free distributable reserve     378,910       378,910  
Non-distributable reserve     1,358,028       1,358,028  
Currency translation adjustment     (31,583 )     (175,542 )
Legal reserves     15,215       10,017  
Other reserves     (1,330,323 )     (1,332,210 )
Retained earnings     1,091,741       964,641  
Total attributable to owners of the parent     1,865,009       1,586,579  
Non-controlling interests     71,205       74,169  
Total equity     1,936,214       1,660,748  
LIABILITIES                
Non-current liabilities                
Borrowings     926,085       955,856  
Derivative financial instruments liabilities     724       1,223  
Deferred tax liabilities     461,398       400,582  
Other liabilities     779,226       693,493  
Non-current tax liabilities             1,636  
Lease liabilities     12,198       5,406  
Trade payables     1,113       1,219  
Total non-current liabilities     2,180,744       2,059,415  
Current liabilities                
Borrowings     147,408       139,362  
Other liabilities     446,412       428,947  
Lease liabilities     4,695       4,326  
Derivative financial instruments liabilities     369       934  
Current tax liabilities     25,469       23,789  
Trade payables     129,512       131,156  
Total current liabilities     753,865       728,514  
Total liabilities     2,934,609       2,787,929  
Total equity and liabilities     4,870,823       4,448,677  

 

Page 40 of 41

 

Statement of Cash Flow (in US$ thousands)

  

    Jun 30, 2026     Jun 30, 2025  
Cash flows from operating activities                
Income for the period from continuing operations     133,712       85,880  
Adjustments for:                
Amortization and depreciation     129,615       116,762  
Deferred income tax     11,604       20,229  
Current income tax     44,169       20,614  
Share of loss in associates     2,000       1,161  
Loss on disposals of property, plant and equipment     21       620  
Loss on disposal of subsidiaries     1,331       -  
Low-value, short-term and variable lease payments     (906 )     (1,095 )
Share based compensation expenses     4,359       405  
Interest expenses     44,606       45,474  
Other financial results, net     (6,107 )     (9,006 )
Net foreign exchange     (34,899 )     10,670  
Government subsidies per Covid-19 context     -       (720 )
Other accruals     (6,362 )     (31 )
Inflation adjustment     2,598       (7,269 )
Acquisition of intangible assets     (107,459 )     (78,594 )
Income tax paid     (28,470 )     (21,469 )
Unpaid concession fees     36,003       34,090  
Changes in liability for concessions     58,382       46,532  
Changes in working capital     (79,371 )     (68,760 )
Net cash provided by operating activities     204,826       195,493  
Cash flows from investing activities                
Cash contribution in associates     -       (75 )
Acquisition of other financial assets     (200,785 )     (83,122 )
Disposals of other financial assets     150,863       62,366  
Acquisition of property, plant and equipment     (6,966 )     (6,197 )
Acquisition of intangible assets     (1,071 )     (550 )
Proceeds from property, plant and equipment     35       92  
Dividends and cash refunds received from associates     30,189       -  
Net cash inflow on disposal of subsidiaries     31       -  
Other     4,309       2,565  
Net cash used in investing activities     (23,395 )     (24,921 )
Cash flows from financing activities                
Borrowings obtained     22,096       11,421  
Guarantee deposits     (907 )     121  
Principal elements of lease payments     (3,082 )     (2,002 )
Borrowings repaid     (54,810 )     (59,080 )
Interest paid     (40,567 )     (48,730 )
Debt renegotiation expenses     (257 )     (193 )
Dividends paid to non-controlling interests in subsidiaries     (6,195 )     (20,982 )
Net cash used in financing activities     (83,722 )     (119,445 )
                 
Increase in cash and cash equivalents from continuing operations     97,709       51,127  
                 
Movements in cash and cash equivalents                
At the beginning of the period     592,759       439,847  
Effect of exchange rate changes and inflation adjustment on cash and cash equivalents     2,015       5,834  
Increase in cash and cash equivalents from continuing operations     97,709       51,127  
At the end of the period     692,483       496,808  

 

Page 41 of 41