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6-K 1 tm2623166d1_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
Grand Duchy of Luxembourg
Tel: +35226258274

Fax: +35226259776

(Address of Principal Executive Office)

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

Form 20-F x Form 40-F ¨

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

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

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE

AND SIX-MONTH PERIOD ENDED JUNE 30, 2026 AND 2025

This report of foreign private issuer on Form 6-K (this “Form 6-K”) is being filed by Corporación América Airports S.A. (“CAAP” or the “Company”) with the Securities and Exchange Commission. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company’s unaudited condensed consolidated interim financial statements for the three and six-month period ended June 30, 2026 and 2025 (the “Consolidated Financial Statements”) as Exhibit 99.1. The Consolidated Financial Statements are presented in U.S. Dollars and prepared in accordance with IAS 34, “Interim Financial Reporting”. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended’ December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

Exhibits

Exhibit No.	Description
99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2026 and 2025

SIGNATURES

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

	Corporación America Airports S.A.

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

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

Date: Aug 18, 2026

EX-99.1 2 tm2623166d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2026 and 2025 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Corporación América Airports S.A.

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

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

R.C.S. Luxembourg B 174.140

128, Boulevard de la Pétrusse

L – 2330 Luxembourg

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

		For the three-month period ended June 30,						For the six-month period ended June 30,
	Notes	2026			2025			2026			2025
Revenue	4		534,038			476,813			1,070,643			910,266
Cost of services	5		(371,417	)		(310,902	)		(709,841	)		(592,679	)
Gross profit			162,621			165,911			360,802			317,587
Selling, general and administrative expenses	6		(64,554	)		(53,253	)		(129,222	)		(106,067	)
Other operating income	7		11,390			6,959			19,108			13,560
Other operating expenses			(3,974	)		(2,278	)		(6,020	)		(7,097	)
Operating income			105,483			117,339			244,668			217,983
Share of loss in associates			(1,292	)		(671	)		(2,000	)		(1,161	)
Income before financial results and income tax			104,191			116,668			242,668			216,822
Financial income	8		19,105			18,089			35,660			28,646
Financial loss	8		(58,212	)		(71,525	)		(81,257	)		(113,715	)
Inflation adjustment	8		(3,526	)		(1,676	)		(7,586	)		(5,030	)
Income before income tax			61,558			61,556			189,485			126,723
Income tax	9		(8,047	)		(10,072	)		(55,773	)		(40,843	)
Income for the period			53,511			51,484			133,712			85,880
Attributable to:
Owners of the parent			52,752			49,341			129,610			88,586
Non-controlling interests			759			2,143			4,102			(2,706	)
			53,511			51,484			133,712			85,880
Earnings per share for profit attributable to the ordinary equity holders of the Group:
Basic earnings per share			0.32			0.30			0.79			0.55
Diluted earnings per share			0.32			0.30			0.79			0.55

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2026			2025			2026			2025
Income for the period		53,511			51,484			133,712			85,880

Items that will not be reclassified to loss or profit:
Remeasurements of defined benefit obligations		(3	)		92			55			121
Items that may be reclassified to profit or loss:
Changes in the fair value of the instruments used to/from hedge cash flows		(99	)		(942	)		1,026			230
Income tax impact of the instruments used to/from hedge cash flows		24			631			(246	)		(55	)
Share of other comprehensive income from associates		(641	)		45			(645	)		76
Currency translation adjustment		2,665			(49,476	)		152,097			(23,352	)
Other comprehensive income / (loss) for the period, net of income tax		1,946			(49,650	)		152,287			(22,980	)
Total comprehensive income for the period		55,457			1,834			285,999			62,900
Attributable to:
Owners of the parent		57,192			9,187			274,071			77,400
Non-controlling interests		(1,735	)		(7,353	)		11,928			(14,500	)
		55,457			1,834			285,999			62,900

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2025.

- 1 -

CONDENSED cONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Notes	At June 30, 2026			At December 31, 2025
ASSETS
Non-current assets
Intangible assets, net	10		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
			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	11		692,483			592,759
			1,137,825			984,905
Assets classified as held for sale			137			137
			1,137,962			985,042
Total assets			4,870,823			4,448,677

EQUITY	14
Share capital			165,219			165,219
Share premium			221,434			221,434
Treasury shares			(3,632	)		(3,918	)
Free distributable reserves			378,910			378,910
Non-distributable reserves			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	12		926,085			955,856
Derivative financial instruments liabilities			724			1,223
Deferred tax liabilities			461,398			400,582
Other liabilities	13		779,226			693,493
Lease liabilities			12,198			5,406
Non-current tax liabilities			-			1,636
Trade payables			1,113			1,219
			2,180,744			2,059,415
Current liabilities
Borrowings	12		147,408			139,362
Other liabilities	13		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
			753,865			728,514
Total liabilities			2,934,609			2,787,929
Total equity and liabilities			4,870,823			4,448,677

- 2 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Attributable to owners of the parent
	Share capital		Share premium		Treasury shares			Free distributable reserves		Non- distributable reserves		Legal reserves		Currency translation adjustment			Other reserves			Retained earnings ⁽¹⁾			Total			Non- controlling interests			Total
Balance at January 1, 2026		165,219		221,434		(3,918	)		378,910		1,358,028		10,017		(175,542	)		(1,332,210	)		964,641			1,586,579			74,169			1,660,748
Income for the period		-		-		-			-		-		-		-			-			129,610			129,610			4,102			133,712
Other comprehensive income for the period		-		-		-			-		-		-		143,959			502			-			144,461			7,826			152,287
Share-based payments reserve (Note 14.a and 14.b)		-		-		286			-		-		-		-			1,385			2,688			4,359			-			4,359
Transfer to legal reserve (Note 15.c)		-		-		-			-		-		5,198		-			-			(5,198	)		-			-			-
Dividends to non-controlling interests		-		-		-			-		-		-		-			-			-			-			(14,892	)		(14,892	)
Balance at June 30, 2026		165,219		221,434		(3,632	)		378,910		1,358,028		15,215		(31,583	)		(1,330,323	)		1,091,741			1,865,009			71,205			1,936,214

Balance at January 1, 2025		163,223		183,430		(4,094	)		378,910		1,358,028		7,419		(116,471	)		(1,319,682	)		718,511			1,369,274			148,686			1,517,960
Income for the period		-		-		-			-		-		-		-			-			88,586			88,586			(2,706	)		85,880
Other comprehensive income / (loss) for the period		-		-		-			-		-		-		(11,279	)		93			-			(11,186	)		(11,794	)		(22,980	)
Share-based payments reserve (Note 14.a and 14.b)		-		-		-			-		-		-		-			405			-			405			-			405
Transfer to legal reserve (Note 15.c)		-		-		-			-		-		2,598		-			-			(2,598	)		-			-			-
Dividends to non-controlling interests		-		-		-			-		-		-		-			-			-			-			(9,525	)		(9,525	)
Acquisition of non-controlling interests through issuance of shares (Note 14.a, 14.b and 14.c)		1,996		38,004		-			-		-		-		-			(15,854	)		-			24,146			(24,146	)		-
Other changes in non-controlling interests		-		-		-			-		-		-		-			-			-			-			(1	)		(1	)
Balance at June 30, 2025		165,219		221,434		(4,094	)		378,910		1,358,028		10,017		(127,750	)		(1,335,038	)		804,499			1,471,225			100,514			1,571,739

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

- 3 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

		For the six-month period ended June 30,
	Notes	2026			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	9		11,604			20,229
Current income tax	9		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	8		44,606			45,474
Other financial results, net			(6,107	)		(9,006	)
Net foreign exchange	8		(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	8		58,382			46,532
Changes in working capital	17		(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	12		22,096			11,421
Guarantee deposits			(907	)		121
Principal elements of lease payments			(3,082	)		(2,002	)
Borrowings repaid	12		(54,810	)		(59,080	)
Interest paid	12		(40,567	)		(48,730	)
Debt renegotiation expenses	12		(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
Effects 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	11		692,483			496,808

- 4 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

- 5 -

1            General information

Corporación América Airports S.A. is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions.

The Company’s shares trade on the NYSE under the symbol “CAAP”.

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

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

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

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements for the year ended December 31, 2025. Additionally, on May 4, 2026, CAAP sold its equity interest in CAER, resulting in the loss of control over the subsidiary, for a total consideration of USD 720, which has been fully collected.

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

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on August 18, 2026.

2            Basis of presentation and accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2025. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

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

The preparation of these Condensed Consolidated Interim Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities. The significant judgments and key sources of estimation uncertainty are consistent with those described in the audited Consolidated Financial Statements for the year ended December 31, 2025.

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

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2025.

- 6 -

2            Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

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

Argentina continues to be considered a hyperinflationary economy in accordance with IAS 29 “Financial Reporting in Hyperinflationary Economies”. Accordingly, the financial information of subsidiaries and associates whose functional currency is the Argentine peso has been restated for the effects of inflation and translated into U.S. dollars according to the procedures stated in Note 2.X of the Consolidated Financial Statements for the year ended December 31, 2025.

The inflation adjustment and the translation of comparative amounts in the current period is included in Currency translation adjustment line. The estimated price index as of June 30, 2026, was 11,839.54 (10,121.37 as of December 31, 2025) and the conversion factor derived from the indexes for the six-month period ended June 30, 2026, was 1.17 (1.15 for the six-month period ended June 30, 2025).

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

The ongoing application of the re-translation of comparative amounts to closing exchange rates under IAS 21 and the inflation adjustments required by IAS 29 will lead to a difference because the rate at which the hyper-inflationary currency depreciates against a stable currency is rarely equal to the rate of inflation.

New and amended standards

The following accounting standards and interpretations became applicable for the annual period commencing on or after January 1, 2026:

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

- Annual improvements to IFRS – Volume 11.

The Consolidated Financial Statements for the year ended December 31, 2025 include a discussion of the implications of these amendments and improvements.

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

New and amended standards not yet adopted by the Group

The following accounting standards and interpretations have been published but their respective application is not mandatory for reporting periods ending December 31, 2026 and have not been early adopted by the Group:

- Presentation and Disclosures in Financial Statements – IFRS 18 (effective for annual periods beginning on or after 1 January 2027).

IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users.

Although the adoption of IFRS 18 will not have an impact on the Group´s net profit, the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact on how operating profit is calculated and reported. From the high-level impact assessment performed by the Group, it is expected that certain foreign exchange results may need to be disaggregated and presented within other foreign exchange result lines classified in the operating income/(loss) or the investing income/(loss) categories. The Group continues to assess the impact of IFRS 18 on the consolidated financial statements.

- 7 -

2            Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

New and amended standards not yet adopted by the Group (Cont.)

- Accounting of regulatory assets and liabilities – IFRS 20 (effective for annual periods beginning on or after January 1, 2029).

IFRS 20 applies to entities subject to a specific type of rate regulation. It aims to help investors to better understand how that rate regulation affects an entity’s financial performance, financial position and its prospects for future cash flows.

The Group is currently assessing the impacts IFRS 20 could have on the consolidated financial statements.

3            Segment information

These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2025, which contains definitions and further information regarding the Group´s reportable operating segments.

The segment information and the definitions of segment performance measures presented in these Condensed Consolidated Interim Financial Statements are consistent with those disclosed in Notes 2.W and 4 to the audited Consolidated Financial Statements for the year ended December 31, 2025.

The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

- 8 -

3            Segment information (Cont.)

For the three-month period ended June 30, 2026	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
Revenue
Aeronautical revenue (*)		123,043			13,133			21,177			27,072			21,454			25,290			231,169
Non-aeronautical revenue (*)
Commercial revenue		95,568			21,384			22,555			75,326			8,405			16,430			239,668
Construction service revenue		38,554			118			8,401			4,042			-			12,242			63,357
Other revenue		-			-			6			-			-			2,353			2,359
Revenue		257,165			34,635			52,139			106,440			29,859			56,315			536,553
Salaries and social security contributions		(51,388	)		(6,485	)		(10,983	)		(8,097	)		(3,466	)		(9,131	)		(89,550	)
Concession fees		(31,756	)		(6,284	)		(6,098	)		-			(9,633	)		(3,164	)		(56,935	)
Construction service cost		(38,478	)		(118	)		(8,401	)		(3,924	)		-			(9,604	)		(60,525	)
Maintenance expense		(33,760	)		(1,362	)		(5,584	)		(2,144	)		(1,552	)		(4,148	)		(48,550	)
Amortization and depreciation		(42,027	)		(3,241	)		(3,149	)		(2,396	)		(2,107	)		(3,017	)		(55,937	)
Cost of fuel		-			(95	)		(1,089	)		(51,898	)		-			-			(53,082	)
Other operational expenditures		(31,566	)		(5,593	)		(6,723	)		(5,053	)		(5,932	)		(11,756	)		(66,623	)
Operational expenditure		(228,975	)		(23,178	)		(42,027	)		(73,512	)		(22,690	)		(40,820	)		(431,202	)
Other operating income		5,335			32			12			446			6			207			6,038
Other operating expenses		(1,796	)		-			(313	)		(390	)		(4	)		(162	)		(2,665	)
Operating income		31,729			11,489			9,811			32,984			7,171			15,540			108,724
Share of income in associates		-			-			-			-			-			33			33
Amortization and depreciation		42,027			3,241			3,149			2,396			2,107			3,017			55,937
Adjusted EBITDA		73,756			14,730			12,960			35,380			9,278			18,590			164,694
Construction service revenue		(38,554	)		(118	)		(8,401	)		(4,042	)		-			(12,242	)		(63,357	)
Construction service cost		38,478			118			8,401			3,924			-			9,604			60,525
Adjusted EBITDA excluding Construction Services		73,680			14,730			12,960			35,262			9,278			15,952			161,862

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

- 9 -

3            Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the three-month period ended June 30, 2025
Aeronautical revenue ^(*)		125,012			10,424			20,110			25,007			19,838			22,519			222,910
Non-aeronautical revenue ^(*)
Commercial revenue		107,016			17,237			21,061			43,936			7,433			14,905			211,588
Construction service revenue		23,931			-			8,622			3,855			-			5,211			41,619
Other revenue		-			-			3			-			-			3,112			3,115
Revenue		255,959			27,661			49,796			72,798			27,271			45,747			479,232
Salaries and social security contributions		(42,151	)		(5,789	)		(8,896	)		(5,564	)		(3,090	)		(8,166	)		(73,656	)
Concession fees		(33,765	)		(5,310	)		(5,729	)		-			(8,875	)		(2,880	)		(56,559	)
Construction service cost		(23,865	)		-			(8,622	)		(3,749	)		-			(2,050	)		(38,286	)
Maintenance expense		(34,726	)		(1,315	)		(4,664	)		(1,480	)		(1,890	)		(3,371	)		(47,446	)
Amortization and depreciation		(35,922	)		(2,711	)		(2,667	)		(5,604	)		(1,845	)		(2,804	)		(51,553	)
Cost of fuel		-			(66	)		(672	)		(27,265	)		-			-			(28,003	)
Other operational expenditures		(32,918	)		(4,814	)		(5,703	)		(4,865	)		(5,479	)		(12,977	)		(66,756	)
Operational expenditure		(203,347	)		(20,005	)		(36,953	)		(48,527	)		(21,179	)		(32,248	)		(362,259	)
Other operating income		5,789			799			85			36			3			247			6,959
Other operating expenses		(1,611	)		-			(105	)		(556	)		(6	)		-			(2,278	)
Operating income		56,790			8,455			12,823			23,751			6,089			13,746			121,654
Share of income in associates		-			-			-			-			-			10			10
Amortization and depreciation		35,922			2,711			2,667			5,604			1,845			2,804			51,553
Adjusted EBITDA		92,712			11,166			15,490			29,355			7,934			16,560			173,217
Construction service revenue		(23,931	)		-			(8,622	)		(3,855	)		-			(5,211	)		(41,619	)
Construction service cost		23,865			-			8,622			3,749			-			2,050			38,286
Adjusted EBITDA excluding Construction Services		92,646			11,166			15,490			29,249			7,934			13,399			169,884

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

- 10 -

3            Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the six-month period ended June 30, 2026
Aeronautical revenue ^(*)		302,055			25,484			50,263			47,664			43,263			39,670			508,399
Non-aeronautical revenue ^(*)
Commercial revenue		203,046			41,739			50,162			120,240			16,514			26,676			458,377
Construction service revenue		61,214			558			18,701			5,898			-			19,309			105,680
Other revenue		-			-			16			-			-			3,293			3,309
Revenue		566,315			67,781			119,142			173,802			59,777			88,948			1,075,765
Salaries and social security contributions		(105,410	)		(12,572	)		(20,465	)		(15,381	)		(6,997	)		(17,632	)		(178,457	)
Concession fees		(73,520	)		(12,453	)		(12,724	)		-			(19,411	)		(4,991	)		(123,099	)
Construction service cost		(61,052	)		(558	)		(18,701	)		(5,538	)		-			(15,161	)		(101,010	)
Maintenance expense		(70,337	)		(2,634	)		(11,759	)		(3,812	)		(2,832	)		(8,482	)		(99,856	)
Amortization and depreciation		(82,987	)		(6,419	)		(6,519	)		(6,083	)		(4,069	)		(6,013	)		(112,090	)
Cost of fuel		-			(169	)		(2,341	)		(79,885	)		-			-			(82,395	)
Other operational expenditures		(65,544	)		(10,946	)		(13,469	)		(9,450	)		(11,829	)		(20,451	)		(131,689	)
Operational expenditure		(458,850	)		(45,751	)		(85,978	)		(120,149	)		(45,138	)		(72,730	)		(828,596	)
Other operating income		12,486			73			73			910			7			207			13,756
Other operating expenses		(2,534	)		(32	)		(413	)		(762	)		(6	)		(916	)		(4,663	)
Operating income		117,417			22,071			32,824			53,801			14,640			15,509			256,262
Share of income in associates		-			-			-			-			-			33			33
Amortization and depreciation		82,987			6,419			6,519			6,083			4,069			6,013			112,090
Adjusted EBITDA		200,404			28,490			39,343			59,884			18,709			21,555			368,385
Construction service revenue		(61,214	)		(558	)		(18,701	)		(5,898	)		-			(19,309	)		(105,680	)
Construction service cost		61,052			558			18,701			5,538			-			15,161			101,010
Adjusted EBITDA excluding Construction Services		200,242			28,490			39,343			59,524			18,709			17,407			363,715

June 30, 2026
Current assets		229,435			148,352			51,596			96,144			44,131			85,427			655,085
Non-current assets		2,126,753			503,804			280,953			226,211			42,474			313,352			3,493,547
Capital Expenditure		61,666			1,182			20,563			9,397			1,667			20,947			115,422
Current liabilities		220,437			306,376			50,249			70,974			41,522			99,620			789,178
Non-current liabilities		800,095			876,562			69,608			258			5,428			158,516			1,910,467

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

- 11 -

3            Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the six-month period ended June 30, 2025
Aeronautical revenue ^(*)		269,422			19,670			45,922			42,428			39,764			34,255			451,461
Non-aeronautical revenue ^(*)
Commercial revenue		197,916			32,982			44,284			73,722			14,747			23,676			387,327
Construction service revenue		43,070			184			13,157			4,752			-			10,282			71,445
Other revenue		-			-			14			-			-			4,611			4,625
Revenue		510,408			52,836			103,377			120,902			54,511			72,824			914,858
Salaries and social security contributions		(87,956	)		(10,503	)		(16,492	)		(11,269	)		(6,277	)		(15,179	)		(147,676	)
Concession fees		(68,183	)		(10,539	)		(11,705	)		-			(17,793	)		(4,408	)		(112,628	)
Construction service cost		(42,930	)		(184	)		(13,157	)		(4,619	)		-			(4,993	)		(65,883	)
Maintenance expense		(67,981	)		(2,353	)		(10,036	)		(2,929	)		(3,544	)		(6,665	)		(93,508	)
Amortization and depreciation		(70,049	)		(5,409	)		(5,500	)		(11,085	)		(3,664	)		(5,400	)		(101,107	)
Cost of fuel		-			(130	)		(1,898	)		(44,300	)		-			-			(46,328	)
Other operational expenditures		(62,476	)		(9,288	)		(11,886	)		(9,306	)		(10,855	)		(21,761	)		(125,572	)
Operational expenditure		(399,575	)		(38,406	)		(70,674	)		(83,508	)		(42,133	)		(58,406	)		(692,702	)
Other operating income		11,990			914			242			151			3			260			13,560
Other operating expenses		(5,789	)		(5	)		(166	)		(1,126	)		(11	)		-			(7,097	)
Operating income		117,034			15,339			32,779			36,419			12,370			14,678			228,619
Share of income in associates		-			-			-			-			-			10			10
Amortization and depreciation		70,049			5,409			5,500			11,085			3,664			5,400			101,107
Adjusted EBITDA		187,083			20,748			38,279			47,504			16,034			20,088			329,736
Construction service revenue		(43,070	)		(184	)		(13,157	)		(4,752	)		-			(10,282	)		(71,445	)
Construction service cost		42,930			184			13,157			4,619			-			4,993			65,883
Adjusted EBITDA excluding Construction Services		186,943			20,748			38,279			47,371			16,034			14,799			324,174

Capital Expenditure		43,207			924			17,692			6,944			727			12,441			81,935

December 31, 2025
Current assets		251,740			112,487			47,710			73,022			61,014			73,155			619,128
Non-current assets		1,852,734			489,453			267,095			225,285			46,023			308,678			3,189,268
Capital Expenditure		123,742			2,832			38,819			22,039			5,225			34,128			226,785
Current liabilities		277,104			279,587			36,875			22,134			51,118			85,034			751,852
Non-current liabilities		764,975			782,678			68,911			127			5,232			151,258			1,773,181

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

- 12 -

3            Segment information (Cont.)

Reconciliations

Adjusted EBITDA related to the reportable segments reconciles to income before income tax expense as follows:

	For the three-month period ended June 30, 2026			For the three-month period ended June 30, 2025			For the six-month period ended June 30, 2026			For the six-month period ended June 30, 2025
Adjusted EBITDA - Total reportable segment		164,694			173,217			368,385			329,736
Amortization and depreciation		(55,937	)		(51,553	)		(112,090	)		(101,107	)
Intrasegment Adjustments		(28	)		28			(36	)		28
Unallocated		(4,538	)		(5,024	)		(13,591	)		(11,835	)
Financial income		19,105			18,089			35,660			28,646
Financial loss		(58,212	)		(71,525	)		(81,257	)		(113,715	)
Inflation adjustment		(3,526	)		(1,676	)		(7,586	)		(5,030	)
Income before income tax expense		61,558			61,556			189,485			126,723

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

	For the three-month period ended June 30, 2026												For the three-month period ended June 30, 2025
	Total reportable segment			Intrasegment Adjustments			Unallocated			Total			Total reportable segment			Intrasegment Adjustments			Unallocated			Total
Revenue		536,553			(4,568	)		2,053			534,038			479,232			(4,589	)		2,170			476,813
Operational expenditure		(431,202	)		4,540			(9,309	)		(435,971	)		(362,259	)		4,617			(6,513	)		(364,155	)
Other operating income		6,038			-			5,352			11,390			6,959			-			-			6,959
Other operating expenses		(2,665	)		-			(1,309	)		(3,974	)		(2,278	)		-			-			(2,278	)
Operating income / (loss)		108,724			(28	)		(3,213	)		105,483			121,654			28			(4,343	)		117,339
Share of income / (loss) in associates		33			-			(1,325	)		(1,292	)		10			-			(681	)		(671	)
Financial income											19,105												18,089
Financial loss											(58,212	)											(71,525	)
Inflation adjustment											(3,526	)											(1,676	)
Income before income tax expense											61,558												61,556
Income tax											(8,047	)											(10,072	)
Income for the period											53,511												51,484

- 13 -

Segment information (Cont.)

Reconciliations

	For the six-month period ended June 30, 2026												For the six-month period ended June 30, 2025
	Total reportable segment			Intrasegment Adjustments			Unallocated			Total			Total reportable segment			Intrasegment Adjustments			Unallocated			Total
Revenue		1,075,765			(9,310	)		4,188			1,070,643			914,858			(8,987	)		4,395			910,266
Operational expenditure		(828,596	)		9,274			(19,741	)		(839,063	)		(692,702	)		9,015			(15,059	)		(698,746	)
Other operating income		13,756			-			5,352			19,108			13,560			-			-			13,560
Other operating expenses		(4,663	)		-			(1,357	)		(6,020	)		(7,097	)		-			-			(7,097	)
Operating income / (loss)		256,262			(36	)		(11,558	)		244,668			228,619			28			(10,664	)		217,983
Share of income / (loss) in associates		33			-			(2,033	)		(2,000	)		10			-			(1,171	)		(1,161	)
Financial income											35,660												28,646
Financial loss											(81,257	)											(113,715	)
Inflation adjustment											(7,586	)											(5,030	)
Income before income tax expense											189,485												126,723
Income tax											(55,773	)											(40,843	)
Income for the period											133,712												85,880

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

	At June 30, 2026									At December 31, 2025
	Total reportable segment		Intrasegment Adjustments			Unallocated		Total		Total reportable segment		Intrasegment Adjustments			Unallocated		Total
Current assets		655,085		(241,799	)		724,676		1,137,962		619,128		(193,373	)		559,287		985,042
Non-current assets		3,493,547		(15,288	)		254,602		3,732,861		3,189,268		(15,568	)		289,935		3,463,635
Capital Expenditure		115,422		-			-		115,422		226,785		-			2		226,787
Current liabilities		789,178		(241,775	)		206,462		753,865		751,852		(193,604	)		170,266		728,514
Non-current liabilities		1,910,467		(15,690	)		285,967		2,180,744		1,773,181		(15,496	)		301,730		2,059,415

- 14 -

Revenue

	For the three-month period ended June 30,				For the six-month period ended June 30,
	2026		2025		2026		2025
Aeronautical revenue		231,169		222,910		508,399		451,461
Non-aeronautical revenue
Commercial revenue		236,827		209,169		452,625		382,735
Construction service revenue		63,357		41,619		105,680		71,445
Other revenue		2,685		3,115		3,939		4,625
		534,038		476,813		1,070,643		910,266

Timing of revenue recognition

Over time	387,948	369,999	805,776	711,096
At a point in time	59,984	30,511	93,307	50,698
Revenues from sub-concession of spaces	86,106	76,303	171,560	148,472
Revenue	534,038	476,813	1,070,643	910,266

Cost of services

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2026			2025			2026			2025
Salaries and social security contributions		(69,331	)		(60,680	)		(140,248	)		(121,911	)
Concession fees ⁽¹⁾		(54,346	)		(54,067	)		(117,849	)		(107,875	)
Amortization and depreciation ⁽²⁾		(55,697	)		(51,915	)		(111,688	)		(101,726	)
Construction services cost		(60,525	)		(38,286	)		(101,010	)		(65,883	)
Maintenance expenses		(46,450	)		(45,768	)		(96,004	)		(90,730	)
Cost of fuel		(53,082	)		(28,003	)		(82,395	)		(46,328	)
Services and fees		(17,917	)		(17,317	)		(34,900	)		(33,829	)
Office expenses		(3,940	)		(4,002	)		(7,497	)		(7,636	)
Taxes		(1,491	)		(1,412	)		(3,044	)		(2,667	)
Others		(8,638	)		(9,452	)		(15,206	)		(14,094	)
		(371,417	)		(310,902	)		(709,841	)		(592,679	)

⁽¹⁾

Includes depreciation for fixed concession assets fee, included within the depreciation in Note 10, of USD 5,613 for the three-month period ended June 30, 2026 (USD 4,782 for the three-month period ended June 30, 2025), and USD 11,196 for the six-month period ended June 30, 2026 (USD 9,598 for the six-month period ended June 30, 2025).

⁽²⁾

Includes depreciation of leases of USD 1,293 for the three-month period ended June 30, 2026 (USD 640 for the three-month period ended June 30, 2025), and USD 2,259 for the six-month period ended June 30, 2026 (USD 1,269 for the six-month period ended June 30, 2025).

- 15 -

Selling, general and administrative expenses

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2026			2025			2026			2025
Salaries and social security contributions		(20,604	)		(13,338	)		(38,909	)		(26,385	)
Taxes ⁽¹⁾		(15,881	)		(14,451	)		(34,978	)		(30,647	)
Services and fees		(13,638	)		(12,265	)		(28,396	)		(24,045	)
Amortization and depreciation ⁽²⁾		(3,276	)		(2,609	)		(6,394	)		(5,146	)
Office expenses		(2,683	)		(2,648	)		(5,628	)		(5,045	)
Advertising		(2,493	)		(1,371	)		(3,891	)		(2,041	)
Maintenance expenses		(2,129	)		(1,816	)		(3,889	)		(2,899	)
Insurance		(802	)		(876	)		(1,647	)		(1,801	)
Bad debts		(2,214	)		(2,506	)		(4,706	)		(5,014	)
Bad debts recovery		1,205			985			3,287			2,000
Other		(2,039	)		(2,358	)		(4,071	)		(5,044	)
		(64,554	)		(53,253	)		(129,222	)		(106,067	)

⁽¹⁾ Mainly includes taxes over bank transactions and tax on revenue not included in the line item “Income tax”.

⁽²⁾ Includes depreciation of leases of USD 236 for the three-month period ended June 30, 2026 (USD 217 for the three-month period ended on June 30, 2025), and USD 463 for the six-month period ended June 30, 2026 (USD 405 for the six-month period ended on June 30, 2025).

Other operating income

	For the three-month period ended June 30,				For the six-month period ended June 30,
	2026		2025		2026		2025
Government grants ⁽¹⁾		5,290		5,624		12,247		11,357
Other		6,100		1,335		6,861		2,203
		11,390		6,959		19,108		13,560

⁽¹⁾Corresponds to government grants for the development of airport infrastructure in Group A, operated by AA2000, of the National Airport System in Argentina. There are no unfulfilled conditions or other contingencies related to these grants.

- 16 -

Financial results, net

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2026			2025			2026			2025
Interest income		11,383			8,769			23,706			17,058
Foreign exchange results		2,216			6,754			2,245			6,811
Other financial income		5,506			2,566			9,709			4,777
Financial income		19,105			18,089			35,660			28,646

Interest expense		(22,238	)		(22,429	)		(44,606	)		(45,474	)
Foreign exchange results ⁽¹⁾		(5,191	)		(27,730	)		32,654			(17,481	)
Changes in liability for concessions ⁽²⁾		(27,177	)		(19,293	)		(58,382	)		(46,532	)
Other financial loss		(3,606	)		(2,073	)		(10,923	)		(4,228	)
Financial loss		(58,212	)		(71,525	)		(81,257	)		(113,715	)

Inflation adjustment		(3,526	)		(1,676	)		(7,586	)		(5,030	)
Inflation adjustment		(3,526	)		(1,676	)		(7,586	)		(5,030	)
Net financial results		(42,633	)		(55,112	)		(53,183	)		(90,099	)

⁽¹⁾ Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency borrowings in AA2000.

⁽²⁾ Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

Income tax

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2026			2025			2026			2025
Current income tax		(8,071	)		(11,850	)		(44,169	)		(20,614	)
Deferred income tax		24			1,778			(11,604	)		(20,229	)
		(8,047	)		(10,072	)		(55,773	)		(40,843	)

- 17 -

Intangible assets, net

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2026		5,552,671			9,917			28,805			5,591,393
Acquisitions		106,709			-			1,071			107,780
Disposals		(27	)		-			(620	)		(647	)
Other		153			-			-			153
Transfer from property plant and equipment		7,191			-			-			7,191
Translation differences and inflation adjustment		508,486			(281	)		(480	)		507,725
		6,175,183			9,636			28,776			6,213,595
Depreciation
Accumulated at January 1, 2026		2,429,479			-			23,934			2,453,413
Depreciation of the period		119,917			-			684			120,601
Disposals		(11	)		-			(620	)		(631	)
Transfer from property plant and equipment		3,774			-			-			3,774
Translation differences and inflation adjustment		219,875			-			(538	)		219,337
		2,773,034			-			23,460			2,796,494
At June 30, 2026		3,402,149			9,636			5,316			3,417,101

Cost
Balances at January 1, 2025		5,402,300			8,788			23,843			5,434,931
Acquisitions		75,582			-			550			76,132
Disposals		-			-			(144	)		(144	)
Write-off		(8,772	)		-			-			(8,772	)
Transfers		1			-			(1	)		-
Translation differences and inflation adjustment		125,687			1,110			2,848			129,645
		5,594,798			9,898			27,096			5,631,792
Depreciation
Accumulated at January 1, 2025		2,258,994			-			20,489			2,279,483
Depreciation of the period		109,072			-			416			109,488
Disposals		-			-			(95	)		(95	)
Write-off		(5,201	)		-			-			(5,201	)
Translation differences and inflation adjustment		33,663			-			2,550			36,213
		2,396,528			-			23,360			2,419,888
At June 30, 2025		3,198,270			9,898			3,736			3,211,904

During 2026 and 2025 the Group has not identified impairment indicators except in the Brazilian segment due to the losses from its operations.

Therefore, the Group performed the impairment test of the Brazilian CGU (covering concession assets with a carrying value of USD 553.7 million as of June 30, 2026) based on the discounted cash flow model covering the remaining concession period (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical data.

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

As of June 30, 2026 and December 31, 2025, the recoverable amount of aforementioned CGU’s exceeded their respective carrying amount.

- 18 -

Cash and cash equivalents

	At June 30, 2026		At December 31, 2025
Cash to be deposited		1,255		281
Cash at banks		107,863		171,762
Time deposits		53,105		33,873
Treasury bills		357,397		263,367
Mutual funds		137,235		103,661
Other cash equivalents ⁽¹⁾		35,628		19,815
		692,483		592,759

⁽¹⁾

Mainly includes interest-bearing bank deposits.

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

As of June 30, 2026, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 5,186 (USD 4,924 as of December 31, 2025).

Borrowings

	At June 30, 2026		At December 31, 2025
Non-current
Bank and financial borrowings (**)		298,494		281,644
Notes (*)		627,591		674,212
		926,085		955,856
Current
Bank and financial borrowings (**)		23,468		21,689
Notes (*)		106,907		100,595
Other		17,033		17,078
		147,408		139,362
Total Borrowings		1,073,493		1,095,218

Changes in borrowings during the period is as follows:

	For the six-month period ended June 30,
	2026			2025
Balances at the beginning of the period		1,095,218			1,158,071
Borrowings obtained		22,096			11,421
Borrowings repaid		(54,810	)		(59,080	)
Interest paid		(40,567	)		(48,730	)
Accrued interest for the period		44,564			44,372
Debt renegotiation expenses		(257	)		(193	)
Translation differences and inflation adjustment		7,249			33,817
Balances at the end of the period		1,073,493			1,139,678

- 19 -

Borrowings (Cont.)

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At June 30, 2026 ⁽¹⁾		227,841		196,416		695,465		270,813		1,390,535
At December 31, 2025 ⁽¹⁾		221,588		191,683		681,905		350,081		1,445,257

⁽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.

(*) Notes include the following as of June 30, 2026:

Company

Note

Issuance

Currency

Nominal value (in
millions of USD)

Maturity

Interest rate

Outstanding
(in millions of
USD)

ACI

Senior secured guarantee notes

Nov-2021

USD

246.2

Nov-2034

Fixed 6.875%

228.5

Senior secured guarantee notes

May-2015, May-2020 ⁽¹⁾

USD

14.6

Nov-2032

Fixed 6.875%

8.7

Senior secured guarantee notes

Feb-2017, May-2020 ⁽¹⁾

USD

212.3

Feb-2027

Fixed 6.875%

9.1

Oct-2021

USD

208.9

Aug-2031

Fixed 8.500%

206.5

Class 1 Series 2021 Notes

Nov-2021

USD

64.0

Aug-2031

Fixed 8.500%

61.6

AA2000

Class 4 Notes

Nov-2021

USD

62.0

Nov-2028

Fixed 9.500%

45.3

Class 5 Notes

Feb-2022

USD ⁽²⁾

138.0

Feb-2032

Fixed 5.500%

138.5

Class 9 Notes

Aug-2022, July-2023

USD ⁽²⁾

30.0

Aug-2026

Fixed 0.000%

7.6

Class 11 Notes

Dec-2024

USD

28.8

Dec-2026

Fixed 5.500%

28.7

Total

734.5

	⁽¹⁾	A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below.
	⁽²⁾	These notes are dollar-linked, denominated in USD but issued and payable in ARS.

(*) Notes include the following as of December 31. 2025:

Company

Note

Issuance

Currency

Nominal value (in
millions of USD)

Maturity

Interest rate

Outstanding
(in millions of
USD)

ACI

Senior secured guarantee notes

Nov-2021

USD

246.2

Nov-2034

Fixed 6.875%

232.0

Senior secured guarantee notes

May-2015, May-2020 ⁽¹⁾

USD

14.6

Nov-2032

Fixed 6.875%

9.3

Senior secured guarantee notes

Feb-2017, May-2020 ⁽¹⁾

USD

212.3

Feb-2027

Fixed 6.875%

20.9

Oct-2021

USD

208.9

Aug-2031

Fixed 8.500%

209.5

Class 1 Series 2021 Notes

Nov-2021

USD

64.0

Aug-2031

Fixed 8.500%

62.3

AA2000

Class 4 Notes

Nov-2021

USD

62.0

Nov-2028

Fixed 9.500%

50.7

Class 5 Notes

Feb-2022

USD ⁽²⁾

138.0

Feb-2032

Fixed 5.500%

138.5

Class 9 Notes

Aug-2022, July-2023

USD ⁽²⁾

30.0

Aug-2026

Fixed 0.000%

22.9

Class 11 Notes

Dec-2024

USD

28.8

Dec-2026

Fixed 5.500%

28.7

Total

774.8

	⁽¹⁾	A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below.
	⁽²⁾	These notes are dollar-linked, denominated in USD but issued and payable in ARS.

- 20 -

Borrowings (Cont.)

(**) As of June 30, 2026, significant bank and financial borrowings include the following:

Company

Lender

Currency

Maturity

Interest Rate

Outstanding
(In millions of
USD)

Capitalization⁽¹⁾

ICAB

BNDES

Dec-2033

Variable

TJLP plus spread

173.3

Santander Uruguay

USD

Nov-2027

Fixed

5.37%

0.4

TCU

Santander Uruguay

USD

Jan-2028

Fixed

5.37%

0.4

BBVA Uruguay

USD

Oct-2033

Fixed

4.30%

13.5

Lenders

EUR

Jun-2030

Variable

Euribor plus spread

125.8

Santander Uruguay

USD

Apr-2027

Fixed

5.10%

1.2

CAISA

Itaú Uruguay

USD

Apr-2027

Fixed

3.80%

1.2

Santander Uruguay

USD

Apr-2029

Variable

SOFR plus spread

2.7

PDS

BROU

USD

Mar-2028

Variable

4.81%

3.5

Total

322.0

(**) As of December 31, 2025, significant bank and financial borrowings include the following:

Company

Lender

Currency

Maturity

Interest Rate

Outstanding
(In millions of
USD)

Capitalization⁽¹⁾

ICAB

BNDES

Dec-2033

Variable

TJLP plus spread

168.0

Scotiabank Uruguay

USD

Feb-2026

Fixed

4.30%

0.1

Santander Uruguay

USD

Nov-2027

Fixed

5.37%

0.5

TCU

Santander Uruguay

USD

Jan-2028

Fixed

5.37%

0.5

BBVA Uruguay

USD

Oct-2033

Fixed

4.30%

6.7

Lenders

EUR

Jun-2030

Variable

Euribor plus spread

114.5

Santander Uruguay

USD

Apr-2027

Fixed

5.10%

2.4

CAISA

Itaú Uruguay

USD

Apr-2027

Fixed

3.80%

2.4

Santander Uruguay

USD

Apr-2029

Variable

SOFR plus spread

3.7

PDS

BROU

USD

Mar-2028

Variable

4.95%

4.5

Total

303.3

⁽¹⁾   A - Secured/guaranteed.

B - Secured/unguaranteed.

C - Unsecured/guaranteed.

D - Unsecured/unguaranteed.

TCU – Additional disbursement

In May 2026, BBVA completed the second disbursement to TCU of USD 6.7 million pursuant to the loan agreement entered into for the expansion of the cargo terminal.

TA – Additional disbursement

In June 2026, Lenders made an additional disbursement of EUR 13.0 million (equivalent to USD 15.1 million) under the financing agreement for the Pisa Airport investment plan.

The Consolidated Financial Statements for the year ended December 31, 2025 includes a detail of the covenants related to Notes, bank and financial borrowings which mainly require the maintenance of certain financial ratios. As of June 30, 2026, the Company and its subsidiaries met the financial covenants under all outstanding financing.

- 21 -

Other liabilities

	At June 30, 2026		At December 31, 2025
Non-current
Concession fee payable ⁽¹⁾		713,639		622,938
Advances from customers		7,090		8,303
Provisions for legal claims ⁽⁴⁾		5,203		6,139
Provision for maintenance costs ⁽²⁾		24,095		26,588
Other taxes payable		255		287
Employee benefit obligation ⁽³⁾		4,204		4,180
Other liabilities with related parties (Note 16)		11,089		11,742
Other payables		13,651		13,316
		779,226		693,493

Current
Concession fee payable ⁽¹⁾		299,117		295,860
Other taxes payable		26,853		26,979
Salary payable		49,673		57,224
Other liabilities with related parties (Note 16)		3,727		2,078
Advances from customers		4,083		5,145
Provision for maintenance costs ⁽²⁾		6,763		5,335
Expenses provisions		2,345		3,501
Provision for legal claims ⁽⁴⁾		7,545		7,481
Other payables		46,306		25,344
		446,412		428,947

Maturity of the other liabilities is as follows:

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
*At June 30, 2026 ^()**		446,412		95,773		298,059		1,534,949		2,375,193
*At December 31, 2025 ^()**		428,947		93,512		281,274		1,449,136		2,252,869

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

- 22 -

Other liabilities (Cont.)

⁽¹⁾ The most significant amounts included in the concession fee payable as of June 30, 2026 and December 31, 2025 relate to the concession agreement between ANAC and ICAB.

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

	For the six-month period ended June 30,
	2026			2025
Balances at the beginning of the period		918,798			748,515
Financial results ^(*)		58,382			46,532
Other		(50	)		(255	)
Concession fees accrued		106,653			98,277
Re-equilibrium compensation		-			(793	)
Payments		(124,386	)		(115,918	)
Translation differences and inflation adjustment		53,359			93,904
Balances at the end of the period		1,012,756			870,262

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

As of June 30, 2026, there have been no material changes to the matters related to fixed concession fees payable by ICAB disclosed in Note 23 to the Consolidated Financial Statements for the year ended December 31, 2025.

⁽²⁾

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

	For the six-month period ended June 30,
	2026			2025
Balances at the beginning of the period		31,923			28,106
Accrual of the period		3,091			2,336
Use of the provision		(3,185	)		(1,499	)
Translation differences and inflation adjustment		(971	)		3,695
Balances at the end of the period		30,858			32,638

⁽³⁾

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

	For the six-month period ended June 30,
	2026			2025
Balances at the beginning of the period		4,180			3,885
Actuarial loss (in other comprehensive income)		(73	)		(159	)
Service cost		308			259
Amounts paid in the period		(134	)		(230	)
Translation differences and inflation adjustment		(77	)		305
Balances at the end of the period		4,204			4,060

⁽⁴⁾

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

	For the six-month period ended June 30,
	2026			2025
Balances at the beginning of the period		13,620			13,817
Accrual of the period		850			474
Use of the provision		(1,891	)		(1,430	)
Translation differences and inflation adjustment		169			1,023
Balances at the end of the period		12,748			13,884

- 23 -

Equity

a) Share capital, share premium and treasury shares

	At June 30,
*Share capital*	2026		2025
Balances at the beginning of the period		165,219		163,223
Capital increase ⁽¹⁾		-		1,996
Balances at the end of the period		165,219		165,219

	At June 30,
Share premium	2026		2025
Balances at the beginning of the period		221,434		183,430
Capital increase ⁽¹⁾		-		38,004
Balances at the end of the period		221,434		221,434

⁽¹⁾On May 28, 2025, CAAP increased its share capital by the amount of USD 1,996 through the issuance of 1,996,439 new shares having a nominal value of USD 1 each. These new shares were delivered in consideration for the 25% interest in CAIT disclosed in Note 2.B of the Consolidated Financial Statements for the year ended December 31, 2025. As a result of the issuance, the share capital of the Company increased from 163,223 to 165,219 shares. The share premium movement is determined by the difference in the nominal value and the amount determined legally for the subscription. This resulted in an increase of the share premium of the Company from USD 183,430 to USD 221,434.

The remaining shares issued pursuant to the Management compensation plan (defined in Note 30 of the Consolidated Financial Statements for the year ended December 31, 2025) are held in treasury until their allocation to executives and key employees.

	For the six-month period ended June 30,
	2026						2025
Treasury shares	Shares			USD			Shares		USD
Balances at the beginning of the period		2,040,816			3,918			2,132,325		4,094
Transfer of treasury shares to executives and key employees		(148,723	)		(286	)		-		-
Balances at the end of the period		1,892,093			3,632			2,132,325		4,094

Set out below are summaries of shares granted under the Management compensation plan for the six-month period ended June 30, 2026 and 2025:

	Average price per share			2026			Average price per share		2025
As at January 1,		16.81			81,070			12.44		106,667
Granted during the year		25.06			368,335			-		-
Exercised during the year		(19.99	)		(148,723	)		-		-
As at June 30,		25.34			300,682			12.44		106,667

- 24 -

Equity (Cont.)

a) Share capital, share premium and treasury shares (Cont.)

Additionally, below are the monetary value of the shares granted, exercised and accrued (defined in Notes 2.M and 30 of the Consolidated Financial Statements for the year ended December 31, 2025) for the six-month period ended June 30, 2026 and 2025:

	2026						2025
Assignment date	Granted		Exercised		Accrued		Granted		Exercised		Accrued
Apr-2023		-		-		-		-		-		48
Nov-2023		-		-		-		-		-		30
Aug-2024		-		512		99		-		-		327
Sept-2025		-		177		159		-		-		-
Dec-2025		-		188		257		-		-		-
Mar-2026		5,850		1,995		2,679		-		-		-
Apr-2026		340		102		137		-		-		-
Jun-2026		3,040		-		1,028		-		-		-
As at June 30,		9,230		2,974		4,359		-		-		405

b) Other reserves

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

	For the six-month period ended June 30,
	2026			2025
Balances at the beginning of the period		(1,332,210	)		(1,319,682	)
Change in participation ⁽¹⁾		-			(17,639	)
Fair value adjustment on equity issuance ⁽²⁾		-			1,785
Share-based compensation reserve (Note 14.a)		4,359			405
Exercise of share-based compensation reserve (Note 14.a)		(2,974	)		-
Hedge reserve net of income tax		486			34
Remeasurement of defined benefit obligations net for income tax		16			59
Balances at the end of the period		(1,330,323	)		(1,335,038	)

⁽¹⁾

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

⁽²⁾

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

- 25 -

Equity (Cont.)

c) Non-controlling interest

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

	For the six-month period ended June 30,
	2026			2025
At the beginning of the period		74,169			148,686
(Loss) / income for the period		4,102			(2,706	)
Other comprehensive (loss) / income
Currency translation		7,493			(11,997	)
Remeasurement of defined benefit obligations		52			81
Cash flow hedge		387			186
Reserve for income tax		(106	)		(64	)
		7,826			(11,794	)
Other changes in non-controlling interest
Changes in the participations –acquisitions ⁽¹⁾		-			(24,146	)
Dividends approved ⁽²⁾		(14,892	)		(9,525	)
Other		-			(1	)
		(14,892	)		(33,672	)
Non-controlling interest at the end of the period		71,205			100,514

⁽¹⁾

Relates to the carrying amount of the non-controlling interest in CAI (Note 14.a) for the six-month period ended June 30, 2025.

⁽²⁾

As of June 30, 2026, USD 8,697 of the dividends approved to non-controlling interest during the period remained unpaid. As of June 30, 2025, in addition to the dividends approved during the period, USD 11,457 were paid to non-controlling interest corresponding to distributions approved in 2024 but unpaid as of December 31, 2024.

Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

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

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

CAER - Tax proceedings

A tax-related claim has been initiated against CAER concerning interest assessed on the advance payment of Corporate Income Tax for fiscal year 2024. Following a review of the information and filings submitted by CAER, in March 2026, the Argentinean tax authority claimed payment of the interests. CAER is currently assessing the appropriate course of action in connection with this matter. The amount currently claimed is approximately ARS 596.4 million (equivalent to USD 0.4 million). As part of the sale agreement of CAER (see Note 1), CAAP has agreed to assume exposure, in the event of an adverse outcome, related to this claim.

- 26 -

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

a. Contingencies (Cont.)

ICAB - Legal proceedings

In June 2026, ICAB was served with a lawsuit filed by a contractor seeking approximately USD 1.2 million in damages and alleging that ICAB had unlawfully terminated the relevant contracts. In mid-July 2026, ICAB filed its statement of defense, arguing, among other things, that the contracts had been lawfully terminated.

AIA - Tax proceedings

AIA is currently challenging before the Administrative Court of the Republic of Armenia additional VAT-related tax liabilities assessed in connection with the 2023 tax inspection, amounting to approximately USD 3.05 million and USD 3.48 million for the 2026 inspection. The proceedings before the Court of First Instance have been completed and the decision is currently pending. Based on the merits of the case and the arguments presented, management, supported by its legal counsel, considers that AIA has strong grounds for a favorable outcome. Any decision of the lower courts may be appealed, and the matter will only be considered finally resolved upon issuance of a final judicial decision.

There are no other lawsuits or legal proceedings additional to the ones included in the Consolidated Financial Statements for the year ended December 31, 2025.

b. Commitments

ECOGAL - Concession Agreement

On January 15, 2026, ECOGAL and the National civil aviation authority executed an addendum to the concession agreement for Seymour Airport, located on Baltra Island, Galápagos, Ecuador. The addendum provides for the rebalancing of the economic and financial equilibrium of the concession agreement, which had been adversely affected by the COVID-19 pandemic, extending the concession by six years through December 31, 2032. Further key changes to the concession agreement are detailed in Note 33 to the Consolidated Financial Statements for the year ended December 31, 2025.

Armenian - Concession Agreement

On January 23, 2026, an amendment agreement with the GOA to amend certain terms of the existing concession agreement of December 17, 2001, was signed, extending the concession by thirty-five years through December 31, 2067 and foreseeing a CAPEX plan of USD 425 million. Further key changes to the concession agreement are detailed in Note 33 to the Consolidated Financial Statements for the year ended December 31, 2025.

CAAP - Award agreement to operate Baghdad International Airport in Iraq

On March 12, 2026, a standby letter of credit issued by Citi Bank, totaling USD 2.1 million, was provided in order to replace the existing counter-guarantee related to this airport concession tender (refer to Note 26.b of the Consolidated Financial Statements for the year ended December 31, 2025). This guarantee will remain in full force until December 1, 2026.

Brazilian Concession Agreement

On June 24, 2026, ICAB entered into an amendment agreement so-called TAA with the Brazilian ANAC in connection with the renegotiation process of the Brasília Airport concession agreement. CAAP indirectly holds a 51% equity interest in ICAB, while Infraero, a Brazilian state-owned company, holds the remaining 49%.

The TAA, which was approved by the Brazilian Federal Court in April 2026, was executed following negotiations involving the Brazilian ANAC, the Ministry of Ports and Airports, and the Federal Court of Accounts.

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

b. Commitments (Cont.)

Brazilian Concession Agreement (Cont.)

Among other changes, the overall agreement with the Brazilian government provides for:

the replacement of the fixed concession fee with a variable concession fee,

the exit of Infraero from ICAB’s shareholding structure,

the inclusion of 10 regional airports in the concession; and

additional investments at Brasília Airport.

Given the material changes to the economic equilibrium of the Brasília Airport concession agreement, the Brazilian Federal Court required that a fast-track competitive public tender process shall be carried out in connection with 100% of the shares of ICAB, which is expected to occur by December 2026. CAAP intends to participate in the tender process. If there are no bids, the amended concession would automatically be granted to ICAB. Subsequent to June 30, 2026, ANAC submitted for public consultation the draft documents related to the renegotiation process, representing a further step in the related administrative proceedings. As of the date of approval of these Condensed Consolidated Interim Financial Statements, the process remained ongoing and subject to the completion of the applicable regulatory, competition and contractual procedures. Consequently, no adjustments were made to the assets and liabilities recognized as of June 30, 2026 with respect of the Brazilian concession.

Guarantees related to concession agreements in Argentina and Italy

In April 2026, AA2000 increased the performance guarantee related to its concessions from ARS 32,978.6 million (approximately USD 22.7 million) as of December 31, 2025, to ARS 42,373.0 million (approximately USD 28.6 million) as of June 30, 2026.

Suretyships provided to third parties on behalf of TA in order to guarantee full and exact fulfillment of the obligations of the concessionaire under the concession agreements increased from EUR 8.5 million as of December 31, 2025 (equivalent to USD 10.0 million) to EUR 12.8 million as of June 30, 2026 (equivalent to USD 14.6 million).

Other commitments

As stated in Note 26.b of the Consolidated Financial Statements for the year ended December 31, 2025, UniCredit Bank issued a EUR 1.2 million guarantee (USD 1.4 million equivalent) in favor of CAAP in connection with an airport concession tender. On April 27, 2026, the guarantee has been extended through August 9, 2027.

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

As of June 30, 2026 and December 31, 2025, equity as defined under Lux GAAP consisted of:

	At June 30, 2026		At December 31, 2025
Share capital		165,219		165,219
Share premium		221,434		221,434
Reserve for own shares		3,632		3,918
Legal reserves		15,215		10,017
Free distributable reserves		378,910		378,910
Non-distributable reserves		1,354,395		1,354,109
Retained earnings		319,606		187,460
Total equity in accordance with Luxembourg law		2,458,411		2,321,067

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

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

c. Restrictions to the distribution of profits and payment of dividends (Cont.)

On May 13, 2026, CAAP held its Annual General Meeting of Shareholders in Luxembourg, where the shareholders approved the Company’s financial statements as of December 31, 2025 and resolved to allocate USD 5,198, representing 5% of the profit generated during the 2025 financial year, to the legal reserve. Luxembourg law requires this allocation until legal reserve equals 10% of the Company´s share capital.

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

16            Related party balances and transactions

CAAP is controlled by ACI Airports S.à r.l., which is controlled by CAI, previously denominated America Corporation International S.à r.l., both of which are Luxembourg based companies.

CAI is controlled by SCF (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions.

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

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

Summary of balances with related parties are:

	At June 30, 2026			At December 31, 2025
Period-end balances

(a) Arising from sales / purchases of goods / other
Trade receivables owed by Associates		1,683			1,480
Trade receivables owed by other related parties		2,156			1,913
Other receivables owed by Associates		1,274			2,238
Other receivables owed by other related parties		9,357			9,478
Other financial assets with Associates		2,485			2,408
Other financial assets with other related parties ⁽¹⁾		71,410			69,729
Trade payables to Associates		(4,908	)		(4,078	)
Trade payables to other related parties		(5,784	)		(4,184	)
		77,673			78,984

(b) Other liabilities
Other liabilities owed to Associates ⁽²⁾		(11,999	)		(12,651	)
Other liabilities to other related parties		(2,817	)		(1,169	)
		(14,816	)		(13,820	)
(c) Other balances
Cash and cash equivalents placed with other related parties		18,801			28,142
		18,801			28,142

⁽¹⁾ As of June 30, 2026 and December 31, 2025, mainly includes a loan and time deposits to other related parties with principal amount of USD 16.7 million and USD 50.0 million respectively.

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16            Related party balances and transactions (Cont.)

As of June 30, 2026, the loan denominated in USD accrues interest at a fixed annual rate of 8.0% and matures in December 2026.

Time deposits with related parties include the following deposits with Converse Bank as of June 30, 2026 and December 31, 2025:

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

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

⁽²⁾ Includes deferred income from Associates.

Summary of transactions with related parties are:

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2026			2025			2026			2025
Transactions
Aeronautical/Commercial revenue		7,418			7,436			14,833			14,219
Fees		(3,586	)		(3,654	)		(7,616	)		(7,347	)
Interest accruals		1,330			929			2,132			1,708
Acquisition of goods and services		(12,683	)		(10,606	)		(22,975	)		(19,075	)
Compensation to the Group’s key staff		(1,699	)		(1,558	)		(3,775	)		(2,850	)
Others		3,298			(850	)		2,346			(1,643	)

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 1,572 as of June 30, 2026 (USD 3,470 as of December 31, 2025). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 2,385 as of June 30, 2026 (USD 3,556 as of June 30, 2025).

As mentioned in Note 22 of the audited Consolidated Financial Statements for the year ended December 31, 2025, certain guarantees related to financial liabilities have been received from PDS’s Chairman for an amount of USD 0.6 million.

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17            Cash flow disclosures

	For the six-month period ended June 30,
Changes in working capital	2026			2025
Other receivables and credits		(42,963	)		(22,328	)
Inventories		(3,889	)		981
Other liabilities		(32,519	)		(47,413	)
		(79,371	)		(68,760	)

The most significant non-cash transactions are detailed below:

	For the six-month period ended June 30,
	2026			2025
Intangible assets increase with an increase in Other liabilities / Borrowings / Lease liabilities		(1,062	)		(3,480	)
Property, plant and equipment acquisition with an increase in Other liabilities		(819	)		(2,361	)
Right-of-use asset initial recognition with an increase in Lease liabilities		(9,621	)		(454	)
Unpaid approved dividends		(8,697	)		-
Income tax paid with tax certificates		(1,614	)		(137	)
Additional acquisition in subsidiary through a share swap agreement of non-controlling interest (Note 14.a and 14.c)		-			(40,000	)

18            Fair value measurement of financial instruments

According to the classification included in Note 3.B of the Consolidated Financial Statements for the year ended December 31, 2025, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments recorded at amortized cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments at June 30, 2026:

	Fair value		Carrying amount
Trust funds ⁽¹⁾		57,280		55,733
Long-term borrowings ⁽²⁾		905,332		926,085

⁽¹⁾

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

⁽²⁾

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

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

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19            Financial risk factors

Impact of conflict between Iran, Israel and United States

The escalation of conflicts between Iran, Israel and United States is disrupting international travel in the Middle East and affecting jet fuel prices globally. It is likely that this war will continue to disrupt supply chains, cause instability in the global economy and disrupt international travel affecting countries generally served by the Company, mainly Armenia.

During the first six months of the year and till the issuance of these Condensed Consolidated Interim Financial Statements, there was no material impact on the operations of the airports operated by the Group. However, given the uncertainty of the extension of the war and the additional measures and sanctions that could be imposed, the full extent of the impact on the Company’s business, results of operations, financial position and liquidity is unknown. The Company continues to closely monitor the situation.

Argentina economical context

As stated in Note 3A of the Consolidated Financial Statements for the year ended December 31, 2025, CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties. The estimated inflation rate for the six-month period ended June 30, 2026 was 17.0%, while there was a depreciation of Argentinean pesos against the US Dollars in the same period of 1.9%.

Interest rate risk

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

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

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

	At June 30, 2026		At December 31, 2025
Fixed rate (*)		768,060		804,256
Variable rate		305,433		290,962
		1,073,493		1,095,218

(*) As of June 30, 2026, includes USD 126.9 million of short-term borrowings (USD 120.5 million as of December 2025) and USD 641.2 million of long-term borrowings (USD 683.8 million as of December 31, 2025).

As stated in Note 3.A of the Consolidated Financial Statements for the year ended December 31, 2025, in July 2024, TA entered into interest rate swaps agreements with each Lender aiming to mitigate the exposure to the interest rate fluctuations (Euribor) affecting cash flows, establishing a fixed interest rate of 3.02% over the principal amount already drawn, effective until June 30, 2030. The notional amount being hedged corresponds to 100% of the principal drawn (EUR 82.8 million) for the semi-annual interest payments until June 30, 2027, while for the interest payments from December 31, 2027 to June 30, 2030 it covers a 75% of that principal.

As of June 30, 2026, the fair value of the derivatives stands at EUR 1.0 million (equivalent to USD 1.1 million) (EUR 1.8 million, equivalent to USD 2.2 million as of December 31, 2025), which, net of deferred tax, impacts Other Comprehensive Income by EUR 0.7 million (equivalent to USD 0.8 million) (EUR 0.2 million, equivalent to USD 0.2 million as of June 30, 2025).

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20            Subsequent events

TA – Acquisition of non-controlling participation

On July 1, 2026, TA acquired the non-controlling participation of Jet Fuel Co. S.r.l., for a total amount of EUR 0.8 million (equivalent to USD 0.9 million) increasing its participation from 51% to 100%.

CAAP – Dividend distribution

On August 18, 2026, the Board of Directors approved an interim dividend distribution of USD 150.0 million.

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Glossary

Term	Definition
USD	U.S. Dollars
R$	Brazilian Reales
ARS	Argentine Peso
DRAM	Armenian Dram
EUR	Euro
AA2000	Aeropuertos Argentina 2000 S.A.
ACI	ACI Airport Sudamérica S.A.U.
Adjusted EBITDA	Net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization
Adjusted EBITDA excluding construction services	Net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization.
BROU	Banco de la República Oriental del Uruguay
CAAP	Corporación América Airports S.A.
CAER	Corporación Aeroportuaria S.A.
CAI	Corporación América International S.à r.l
CAIT	Corporación América Italia S.p.A.
CAISA	Consorcio Aeropuertos Internacionales S.A.
CGU	Cash-generating unit
Company	Corporación América Airports S.A.
EBITDA	Earnings before interest, taxes, depreciation and amortization
GOA	Government of Armenia
Group	The Company and its operating subsidiaries
IAS	International Accounting Standards
IASB	International Accounting Standards Board
ICAB	Inframérica Concessionária do Aeroporto de Brasilia S.A.
IFRIC	IFRS Accounting Standards interpretations
IFRS	IFRS Accounting Standards
IPCA	Brazilian Consumer Price index
Lux GAAP	Luxembourg laws and regulations
Lenders	Intesa Sanpaolo S.p.A., UniCredit S.p.A., Banca Monte dei Paschi di Siena S.p.A, and Cassa Depositi e Prestiti S.p.A., Banca Nazionale del Lavoro S.p.A.
MULC	Mercado Único y Libre de Cambios
NYSE	New York Stock Exchange
OCI	Other comprehensive income
PDS	Puerta del Sur S.A.
SCF	Southern Cone Foundation
TA	Toscana Aeroporti S.p.A.
TAA	Transition Amendment Agreement
The Brazilian ANAC	Regulatory Authority of Civil Aviation in Brazil (“Agência Nacional de Aviação Civil”)
TJLP	Taxa de Juros de Longo Prazo (Brazilian Long term interest rate)

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