6-K
Corporacion America Airports S.A. (CAAP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGEACT OF 1934
For the month of May, 2026
Commission File Number: 333-221916
CorporaciónAmérica Airports S.A.
(Name of Registrant)
128, Boulevard de la PétrusseL-2330 LuxembourgTel: +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: May 13, 2026
| Corporación America Airports<br> S.A. | |
|---|---|
| By: | /s/<br> 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<br> release dated May 13, 2026 - Corporación América Airports S.A. Reports First Quarter 2026 Results. |
Exhibit 99.1
CORPORACION AMERICA AIRPORTSREPORTS FIRST QUARTER 2026 RESULTS
Strong top-line growth with double-digit increases in Aeronautical and Commercial revenues
Achieved double-digit YoY growth in Adjusted EBITDA ex-IFRIC with margin expanding 2.3pp
Maintained robust liquidity with $666 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.5x
Luxembourg,May 13, 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-month period ended March 31, 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 22.
First Quarter 2026Highlights
| § | Consolidated Revenues ex-IFRIC12 reached $495.2 million, up 18.8% year-over-year<br>(YoY), driven by increases of 21.0% and 17.4% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29),<br>consolidated revenues ex-IFRIC12 increased 15.5% YoY to $477.9 million. |
|---|---|
| § | Key operating metrics: |
| --- | --- |
| § | 7.0% increase in passenger traffic to 21.8 million. |
| --- | --- |
| § | 1.7% increase in cargo volume to 95.2 thousand tons. |
| --- | --- |
| § | 3.5% increase in aircraft movements to 213.5 thousand. |
| --- | --- |
| § | Operating Income of $139.5 million, compared with $104.0 million in 1Q25. |
| --- | --- |
| § | Adjusted EBITDA ex-IFRIC12 increased 26.1% to $196.2 million, from $155.6<br>million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 18.7% to $187.4 million. |
| --- | --- |
| § | Adjusted EBITDA margin ex-IFRIC12 expanded 2.3 percentage points to 39.6%<br>from 37.3% in 1Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 39.2% from 38.2% in the prior-year<br>quarter. |
| --- | --- |
| § | Maintained strong liquidity position with $666.2 million in Cash &<br>Cash equivalents as of March 31, 2026. |
| --- | --- |
| § | Net debt to LTM Adjusted EBITDA of 0.5x as of March 31, 2026. |
| --- | --- |
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered a strongstart to 2026, with broad-based growth across our airport network and continued progress on our key financial metrics. Total traffic increased7% year-over-year to 21.8 million passengers, led by a 14% increase in international traffic, with positive international performanceacross every country in which we operate. Revenues excluding construction services rose 19% year-over-year, supported by solid growthin both aeronautical and commercial revenues and, once again, outpacing passenger traffic growth.
Profitability also advancedmeaningfully during the quarter. Adjusted EBITDA excluding IFRIC 12 increased 26% year-over-year to $196 million, while the correspondingmargin expanded 2.3 percentage points to 39.6%. These results reflect the continued benefits of our diversified platform, active commercialexecution and disciplined cost control.
Argentina was an importantdriver of performance, with strong growth in international travel helping to offset softer domestic demand, which was impacted by temporaryoperational disruptions during the quarter. Across the rest of the portfolio, we also continued to see positive trends. Brazil posteda strong recovery, while Italy and Uruguay benefited from healthy international demand, Ecuador continued to grow despite security-relatedchallenges, and Armenia remained resilient, supported by greater connectivity and a more limited-than-expected impact from the conflictin the Middle East.
Our financial position continuedto strengthen. Cash and cash equivalents reached $666 million at quarter-end, and net leverage stood at 0.5x, reflecting higher AdjustedEBITDA, strong cash generation and disciplined capital allocation. This strong balance sheet provides flexibility to fund committed investmentprograms, as well as to continue evaluating growth opportunities.
On the strategic front, wecontinue to advance our growth agenda with discipline. Following the concession awards received in Iraq and Angola, we are in ongoingdiscussions with the respective governments to finalize the terms of the concession agreements. We also remain focused on progressingour investment priorities across the existing portfolio, including key infrastructure and commercial initiatives designed to enhance capacity,improve the passenger experience and strengthen our platform over the long term.
Lookingahead, we are encouraged by the strength of traffic trends across our network, with solid demand continuing into the second quarter, particularlyin international markets. At the same time, we will continue to closely monitor geopolitical developments in the Middle East and any potentialimplications for traffic, airlines capacity and fuel supply. We remain focused on maintaining a healthy financial position, investingwith discipline and executing our strategy to drive sustainable value creation.**”
Page **1** of **34**
Operating & FinancialHighlights
(In millions of U.S. dollars, unless otherwise noted)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 1Q26 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Passenger Traffic (Million Passengers) | 21.8 | 20.4 | 7.0% | 21.8 | 20.4 | 7.0% | |
| Revenue | 537.6 | 447.8 | 20.1% | 17.0 | 520.6 | 446.2 | 16.7% |
| Aeronautical Revenues | 277.8 | 236.7 | 17.4% | 10.1 | 267.7 | 235.3 | 13.8% |
| Non-Aeronautical Revenues | 259.8 | 211.1 | 23.1% | 6.9 | 252.9 | 210.9 | 19.9% |
| Revenue excluding construction service | 495.2 | 416.9 | 18.8% | 17.3 | 477.9 | 413.9 | 15.5% |
| Operating Income / (Loss) | 139.5 | 104.0 | 34.0% | -27.2 | 166.7 | 138.6 | 20.3% |
| Operating Margin | 25.9% | 23.2% | 271 | 0.0% | 32.0% | 31.1% | 96 |
| Net Income Attributable to Owners of the Parent | 77.1 | 40.8 | 89.0% | -61.2 | 138.3 | 59.3 | 133.1% |
| Basic EPS (US$) | 0.47 | 0.25 | 86.6% | -0.38 | 0.85 | 0.37 | 130.1% |
| Adjusted EBITDA | 198.0 | 157.8 | 25.5% | 8.8 | 189.2 | 160.1 | 18.2% |
| Adjusted EBITDA Margin | 36.8% | 35.2% | 1.6pp | - | 36.3% | 35.9% | 0.4pp |
| Adjusted EBITDA Margin excluding Construction Service | 39.6% | 37.3% | 2.3pp | - | 39.2% | 38.2% | 1.0pp |
| Net Debt to LTM Adjusted EBITDA | 0.5x | 1.1x | - | - | - | - | - |
| Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets ^(1)^ | 0.5x | 1.1x | - | - | - | - | - |
Note: Figures in historical dollars (ex-IAS29) are included for comparison purposes.
| 1) | LTM Adjusted EBITDA excluding impairments of intangible assets. |
|---|
Page **2** of **34**
1Q26 Operating Performance
Passenger Traffic
Total passenger traffic increased by 7.0% YoY to 21.8 million passengers, mainly supported by growth in the international segment. Domestic traffic remained largely flat, increasing by 0.1% YoY, with positive contributions from Brazil and Ecuador, offset by declines in Argentina and Italy. International traffic expanded by 13.7% YoY, with all countries of operation posting positive YoY growth, including double-digit increases in Argentina, Italy, and Ecuador. Notably, Argentina accounted for over 70% of the YoY increase in international traffic during the quarter.
In Argentina, passenger traffic increased by 5.5% YoY, driven by double-digit growth in international traffic, partially offset by a slight decline in the domestic segment, and negatively impacted by a nationwide 24-hour strike organized by major labor unions on February 19. Domestic traffic declined by 1.6% YoY, reflecting reduced capacity from Flybondi and Aerolíneas Argentinas, which faced temporary fleet constraints due to engine issues affecting several aircraft. Bariloche, Córdoba, Iguazú and Mendoza ranked among the top summer destinations. International passenger traffic increased by 18.5% YoY, supported by temporary summer routes such as Ezeiza–Florianópolis operated by LATAM and Mendoza–Rio de Janeiro operated by GOL. Aerolíneas Argentinas also launched additional seasonal routes, including Tucumán–Florianópolis, Salta–Florianópolis, Buenos Aires (AEP)–Cabo Frio, and Córdoba–Aruba, among others. During the Carnival period, traffic increased by 27% compared to 2025, with Brazil, Chile, and the United States ranking as the top three destinations in February.
In Italy, passenger traffic increased by 7.1% YoY, primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased by 10.3% YoY. International growth was supported by increases of 10.8% at Florence Airport and 9.8% at Pisa Airport. Domestic traffic declined by 2.6% YoY, mainly attributable to lower activity at Florence Airport. Adverse weather conditions in January led to flight cancellations and diversions.
In Brazil, total passenger traffic increased by 12.1% YoY, reflecting improved operating conditions following prior constraints in the country’s aviation sector. Domestic traffic, which accounted for over 50% of total traffic, grew by 5.7% YoY, while transit passengers increased by 21.8% YoY. International traffic, representing approximately 6% of the mix, rose by 7.7% YoY, contributing positively to overall performance. Growth was also supported by a post-Carnival rebound in corporate demand, with Brasília benefiting from its role as a key secondary hub within the domestic network.
In Uruguay, where traffic is predominantly international, total passenger traffic increased by 3.5% YoY, supported by additional flight frequencies to accommodate strong summer-season demand. Among other developments, GOL launched a new Montevideo–Fortaleza route and resumed its São Paulo–Punta del Este and Buenos Aires–Punta del Este services for the summer season. Aerolíneas Argentinas also increased frequencies on its Buenos Aires–Punta del Este route and introduced a new Córdoba–Punta del Este service, while Azul launched a new Montevideo–Belo Horizonte route, operating two weekly frequencies.
In Armenia, passenger traffic increased by 8.5% YoY, driven by the addition of new airlines and routes, as well as increased frequencies. Notably, in October 2025, Wizz Air established a new base at Yerevan’s Zvartnots Airport, deploying two aircraft and launching ten new direct routes to Europe. March performance was partially impacted by disruptions related to the conflict in Iran, which led to flight cancellations and airspace restrictions across the region; however, the impact was limited.
In Ecuador, passenger traffic increased by 7.2% YoY despite ongoing public security concerns. International traffic increased by 10.6% YoY, mainly supported by higher frequencies to the United States, primarily New York, from key airlines such as American Airlines, Avianca and LATAM. Routes to Europe also contributed to international traffic growth. Domestic traffic rose by 4.8% YoY, although high airfares continued to weigh on demand.
Cargo Volume
Cargo volume increased by 1.7% YoY, mainly driven by YoY increases in Argentina and Armenia, partially offset with reductions in Italy, Uruguay, Ecuador and Brazil. Performance by country was as follows: Armenia (+26.2%), Argentina (+2.9%), Brazil (-0.9%), Ecuador (-6.8%), Uruguay (-10.1%), and Italy (-20.0%). Argentina, Brazil, and Armenia accounted for 80% of total cargo volume in the quarter.
Aircraft Movements
Total aircraft movements increased by 3.5% YoY, with positive YoY contributions from all countries of operations, except Ecuador: Italy (+6.9%), Brazil (+6.2%), Armenia (+4.8%), Uruguay (+4.7%), Argentina (+3.2%), and Ecuador (-2.9%). Argentina, Brazil, and Ecuador accounted for over 80% of total aircraft movements in the quarter.
Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 32 of this report.
Page **3** of **34**
Operational Statistics: PassengerTraffic, Cargo Volume and Aircraft Movements
| 1Q26 | 1Q25 | % Var. | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Domestic Passengers (in thousands) | 10,652 | 10,639 | 0.1% | ||||||
| International Passengers (in thousands) | 8,907 | 7,835 | 13.7% | ||||||
| Transit Passengers (in thousands) | 2,237 | 1,894 | 18.1% | ||||||
| Total Passengers (in thousands) | 21,795 | 20,368 | 7.0% | ||||||
| Cargo Volume (in thousands of tons) ^(2)^ | 95.2 | 93.7 | 1.7% | ||||||
| Total Aircraft Movements (in thousands) | 213.5 | 206.3 | 3.5% | ||||||
| Passenger Traffic Breakdown | Cargo Volume | Aircraft Movements | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Country | 1Q26 | 1Q25 | % Var. | 1Q26 | 1Q25 | % Var. | 1Q26 | 1Q25 | % Var. |
| (thousands) | (tons) | ||||||||
| Argentina^(2)^ | 12,835 | 12,168 | 5.5% | 49,133 | 47,753 | 2.9% | 123,217 | 119,427 | 3.2% |
| Italy | 1,746 | 1,630 | 7.1% | 2,578 | 3,224 | -20.0% | 15,788 | 14,767 | 6.9% |
| Brazil | 4,177 | 3,726 | 12.1% | 15,135 | 15,277 | -0.9% | 36,743 | 34,583 | 6.2% |
| Uruguay | 677 | 654 | 3.5% | 7,991 | 8,889 | -10.1% | 10,374 | 9,911 | 4.7% |
| Ecuador<br> ^(1)^ | 1,215 | 1,134 | 7.2% | 8,344 | 8,957 | -6.8% | 18,687 | 19,243 | -2.9% |
| Armenia | 1,145 | 1,055 | 8.5% | 12,060 | 9,554 | 26.2% | 8,738 | 8,335 | 4.8% |
| TOTAL | 21,795 | 20,368 | 7.0% | 95,242 | 93,653 | 1.7% | 213,547 | 206,266 | 3.5% |
| 1) | CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of<br>the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic<br>and aircraft movements are included in this table. | ||||||||
| --- | --- | ||||||||
| 2) | In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year<br>comparisons, cargo volume data for March 2025 has been revised accordingly. | ||||||||
| --- | --- |
Page **4** of **34**
Review of ConsolidatedResults
Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.
Revenues
Consolidated revenues increased by 20.1% YoY to $537.6 million. Excluding Construction Services and the impact of IAS 29, revenues rose 15.5% YoY to $477.9 million, outpacing the 7.0% growth in passenger traffic. This solid performance was supported by positive contributions across all countries of operations, with Argentina, Armenia, Brazil, Uruguay and Italy delivering double-digit revenue growth. Both commercial and aeronautical revenues contributed to the increase. Revenue growth was further supported by the appreciation of local currencies.
The following table provides a breakdown of revenue performance by country. Further details on the performance of CAAP´s countries of operations can be found on page 11.
Revenuesby Segment (in US$ million)
| Country | 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 |
|---|---|---|---|---|---|---|---|
| Argentina | 310.2 | 268.8 | 15.4% | 17.0 | 293.1 | 267.2 | 9.7% |
| Italy | 32.6 | 27.1 | 20.5% | - | 32.6 | 27.1 | 20.5% |
| Brazil | 33.1 | 25.2 | 31.7% | - | 33.1 | 25.2 | 31.7% |
| Uruguay | 64.1 | 51.2 | 25.1% | - | 64.1 | 51.2 | 25.1% |
| Armenia | 67.4 | 48.1 | 40.0% | - | 67.4 | 48.1 | 40.0% |
| Ecuador ^(1)^ | 29.9 | 27.2 | 9.8% | - | 29.9 | 27.2 | 9.8% |
| Unallocated | 0.3 | 0.2 | 74.8% | - | 0.3 | 0.2 | 74.8% |
| Total consolidated revenue ^(2)^ | 537.6 | 447.8 | 20.1% | 17.0 | 520.6 | 446.2 | 16.7% |
1 Only includes Guayaquil Airport.
2 Excluding Construction Service revenue, ‘As reported’ revenues increased 15.6% in Argentina (or 10.0% ex-IAS29), 38.8% in Armenia, 16.2% in Italy, 15.2% in Uruguay, 30.9% in Brazil and 9.8% in Ecuador.
RevenueBreakdown (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Aeronautical Revenue | 277.8 | 236.7 | 17.4% | 10.1 | 267.7 | 235.3 | 13.8% |
| Non-aeronautical Revenue | 259.8 | 211.1 | 23.1% | 6.9 | 252.9 | 210.9 | 19.9% |
| Commercial revenue | 216.2 | 178.7 | 21.0% | 7.2 | 208.9 | 177.1 | 18.0% |
| Construction service revenue ^(1)^ | 42.4 | 30.9 | 37.2% | -0.3 | 42.7 | 32.3 | 32.1% |
| Other revenue | 1.3 | 1.5 | -17.1% | 0.0 | 1.3 | 1.5 | -17.1% |
| Total Consolidated Revenue | 537.6 | 447.8 | 20.1% | 17.0 | 520.6 | 446.2 | 16.7% |
| Total Revenue excluding Construction Service revenue ^(2)^ | 495.2 | 416.9 | 18.8% | 17.3 | 477.9 | 413.9 | 15.5% |
1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.
2 Excludes Construction Service revenue.
AeronauticalRevenues accounted for 51.7% of total revenues, increasing by 17.4% YoY to $277.8 million, or by 13.8% YoY to $267.7 million excluding the impact of IAS 29. This performance was supported by a 7.0% increase in passenger traffic, with positive contributions from all countries of operations, including double-digit growth in Brazil, Argentina, Armenia, Uruguay and Italy. Argentina was the main contributor, with aeronautical revenues increasing by 17.7% YoY, or by 12.2% YoY ex-IAS 29, primarily reflecting 18.5% growth in international traffic. Brazil, Italy, Armenia and Uruguay delivered strong revenue performance, with aeronautical revenues increasing by 33.6%, 22.5%, 18.2% and 12.7%, respectively, in line with passenger traffic growth. Meanwhile, Ecuador reported an increase of 9.5%, also in line with passenger traffic growth. Tariff increases in Brazil, Uruguay and Ecuador also supported aeronautical revenue growth.
Non-AeronauticalRevenues accounted for 48.3% of total revenues, increasing by 23.1% YoY to $259.8 million, or by 19.9% YoY to $252.9 million excluding the impact of IAS 29. Commercial revenues rose by 21.0% YoY, or 18.0% ex-IAS 29, primarily driven by strong contributions from fuel-related revenues (mainly in Armenia), cargo revenues, as well as improved performance in VIP lounges, food and beverage, duty-free, parking facilities, and other passenger-related revenue streams. Growth in advertising and space rentals also supported this performance. Meanwhile, construction service revenue increased by 37.2% YoY, or 32.1% ex-IAS 29, mainly reflecting higher capital expenditure levels in most countries during the period.
Page **5** of **34**
Operating Costs and Expenses
In 1Q26, Total costs and expenses, excluding construction service costs, increased by 13.4% YoY, or 11.3% to $320.4 million when excluding the impact of IAS 29. This increase, which remained below the pace of revenue growth, was primarily driven by increased Fuel costs in Armenia, along with higher Concession fees and Salaries and social security contributions, mainly in Argentina. Higher SG&A expenses also contributed to the overall cost increase.
Costof Services rose by 16.4% YoY, or 14.4% to $297.2 million when ex-IAS29, mainly as a result of the following increases:
| § | 41.5%, or $11.9 million, in Construction Service Costs, reflecting higher<br>capital expenditures, |
|---|---|
| § | 60.0%, or $11.0 million, in Fuel costs, mainly in Armenia, |
| --- | --- |
| § | 14.2%, or $7.9 million, in Concession fees, primarily in Argentina,<br>and |
| --- | --- |
| § | 12.1%, or $7.7 million, in Salaries and social security contributions. |
| --- | --- |
These increases were partially offset by a decline of 7.0% in Office expenses. Excluding Construction Service Costs, Cost of Services increased by 13.6% YoY, or by 11.6% to $256.4 million when excluding the impact of IAS 29, primarily due to the aforementioned increases in Fuel Costs, Concession Fees, and Salaries.
Selling,General, and Administrative Expenses (“SG&A”) increased by 19.2% YoY to $64.8 million in 1Q26. Excluding the impact of IAS 29, SG&A expenses rose by 16.8% YoY to $62.0 million, mainly reflecting higher Salaries and social security contributions, as well as increased Services and fees and Taxes.
Otherexpenses decreased to $2.0 million in 1Q26, from $5.1 million in 1Q25.
Costs and Expenses (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Cost of Services | 339.1 | 291.3 | 16.4% | 41.9 | 297.2 | 259.9 | 14.4% |
| Salaries and social security contributions | 71.1 | 63.4 | 12.1% | 2.2 | 68.8 | 63.1 | 9.1% |
| Concession fees | 63.6 | 55.8 | 14.2% | 2.3 | 61.3 | 55.4 | 10.6% |
| Construction service cost | 40.6 | 28.7 | 41.5% | -0.3 | 40.8 | 30.1 | 35.8% |
| Maintenance expenses | 49.7 | 46.8 | 6.1% | 1.9 | 47.8 | 46.0 | 3.9% |
| Amortization and depreciation | 56.1 | 51.7 | 8.6% | 35.0 | 21.1 | 20.4 | 3.4% |
| Other | 58.0 | 45.0 | 28.9% | 0.6 | 57.4 | 44.9 | 27.7% |
| Cost of Services Excluding Construction Service cost | 298.5 | 262.7 | 13.6% | 42.2 | 256.4 | 229.8 | 11.6% |
| Selling, general and administrative expenses | 64.8 | 54.3 | 19.2% | 2.7 | 62.0 | 53.1 | 16.8% |
| Other expenses | 2.0 | 5.1 | -59.5% | 0.0 | 2.0 | 5.0 | -59.8% |
| Total Costs and Expenses | 405.9 | 350.7 | 15.7% | 44.6 | 361.3 | 318.0 | 13.6% |
| Total Costs and Expenses Excluding Construction Service cost | 365.3 | 322.0 | 13.4% | 44.9 | 320.4 | 287.9 | 11.3% |
Page **6** of **34**
Adjusted EBITDA and Adjusted EBITDA excluding ConstructionService
In 1Q26, CAAP reported Adjusted EBITDA of $198.0 million and Adjusted EBITDA ex-IFRIC 12 of $196.2 million, up 26.1% from $155.6 million in 1Q25. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased by 18.7% year-over-year to $187.4 million.
This strong performance was primarily driven by a 27.5% year-over-year increase in Argentina (or 16.0% ex-IAS 29), supported by robust revenue growth on the back of solid international travel performance, combined with effective cost controls. Results were also supported by double-digit Adjusted EBITDA ex-IFRIC 12 growth in Brazil, Armenia, Ecuador and Uruguay, along with a modest increase in Italy.
Adjusted EBITDA margin ex-IFRIC 12 expanded by 2.3 percentage points to 39.6%, compared to 37.3% in 1Q25. Excluding the impact of IAS 29 in Argentina, the Adjusted EBITDA margin ex-IFRIC 12 expanded by 1.0 percentage point, from 38.2% in 1Q25 to 39.2% in 1Q26, with margin expansion across all countries of operations except Armenia and Italy. Armenia's margin contraction primarily reflected a greater contribution from the fuel business, which carries structurally lower margins than core airport operations, resulting in a dilution effect on the overall margin.
Adjusted EBITDA by Segment (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Argentina | 127.1 | 99.7 | 27.5% | 8.8 | 118.3 | 102.0 | 16.0% |
| Italy | 3.0 | 3.5 | -16.1% | - | 3.0 | 3.5 | -16.1% |
| Brazil | 13.8 | 9.6 | 43.6% | - | 13.8 | 9.6 | 43.6% |
| Uruguay | 26.4 | 22.8 | 15.8% | - | 26.4 | 22.8 | 15.8% |
| Armenia | 24.5 | 18.1 | 35.0% | - | 24.5 | 18.1 | 35.0% |
| Ecuador | 9.4 | 8.1 | 16.4% | - | 9.4 | 8.1 | 16.4% |
| Unallocated | -6.0 | -4.0 | 48.1% | - | -6.0 | -4.0 | 48.1% |
| Total segment EBITDA | 198.0 | 157.8 | 25.5% | 8.8 | 189.2 | 160.1 | 18.2% |
Adjusted EBITDA Reconciliationto Income from Continuing Operations (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Income from Continuing Operations | 80.4 | 36.2 | 121.9% | -12.3 | 92.8 | 54.0 | 71.7% |
| Financial Income | -16.6 | -10.9 | 52.5% | -0.4 | -16.2 | -14.3 | 13.0% |
| Financial Loss | 23.0 | 42.3 | -45.6% | -36.2 | 59.2 | 77.9 | -24.1% |
| Inflation adjustment | 4.1 | 3.5 | 14.9% | 4.6 | -0.5 | 1.4 | -135.5% |
| Income Tax Expense | 47.9 | 32.4 | 47.8% | 17.2 | 30.7 | 19.0 | 61.2% |
| Amortization and Depreciation | 59.2 | 54.3 | 9.2% | 36.0 | 23.3 | 22.1 | 5.4% |
| Adjusted EBITDA | 198.0 | 157.8 | 25.5% | 8.8 | 189.2 | 160.1 | 18.2% |
| Adjusted EBITDA Margin | 36.8% | 35.2% | 159 | - | 36.3% | 35.9% | 46 |
| Adjusted EBITDA excluding Construction Service | 196.2 | 155.6 | 26.1% | 8.8 | 187.4 | 157.9 | 18.7% |
| Adjusted EBITDA Margin excluding Construction Service | 39.6% | 37.3% | 229 | - | 39.2% | 38.2% | 106 |
Page **7** of **34**
Financial Income and Loss
CAAP reported a Net financialloss of $10.5 million in 1Q26, compared with a net financial loss of $34.9 million in 1Q25. The positive YoY result was primarily driven by higher foreign exchange gains in Argentina, reflecting the impact of a real appreciation of the Argentine peso on the net monetary liability position, together with lower net interest expenses. Excluding the application of IAS 29, CAAP reported a net financial loss of $42.5 million in 1Q26, compared with a loss of $65.0 million in the same period last year.
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Financial Income | 16.6 | 10.9 | 52.5% | 0.4 | 16.2 | 14.3 | 13.0% |
| Interest income | 12.3 | 8.6 | 43.5% | 0.3 | 12.0 | 8.6 | 40.1% |
| Foreign exchange income | 0.0 | 0.1 | -47.4% | 0.0 | 0.0 | 3.6 | -99.2% |
| Other | 4.2 | 2.2 | 90.1% | 0.0 | 4.2 | 2.2 | 88.0% |
| Inflation adjustment | -4.1 | -3.5 | 14.9% | -4.6 | 0.5 | -1.4 | -135.5% |
| Inflation adjustment | -4.1 | -3.5 | 14.9% | -4.6 | 0.5 | -1.4 | -135.5% |
| Financial Loss | -23.0 | -42.3 | -45.6% | 36.2 | -59.2 | -77.9 | -24.1% |
| Interest Expenses | -22.4 | -23.7 | -5.5% | -0.7 | -21.7 | -23.6 | -8.2% |
| Foreign exchange transaction expenses | 38.0 | 10.9 | 249.6% | 37.3 | 0.7 | -24.9 | -102.6% |
| Changes in liability for concessions | -31.2 | -27.2 | 14.6% | - | -31.2 | -27.2 | 14.6% |
| Other expenses | -7.3 | -2.2 | 237.4% | -0 | -6.9 | -2.2 | 219.8% |
| Financial Loss, Net | -10.5 | -34.9 | -70.1% | 32.0 | -42.5 | -65.0 | -34.6% |
See “Use of Non-IFRS Financial Measures” on page 22.
Income Tax Expense
During 1Q26, the Company reported an Income Tax Expense of $47.9 million, compared to an expense of $32.4 million in 1Q25. Excluding the impact of IAS 29, income tax expense totaled $30.7 million in 1Q26, compared to $19.0 million in the year-ago quarter.
Net Income and Net Income Attributable to Ownersof the Parent
During 1Q26, CAAP reported netincome of $80.4 million, compared to $36.2 million in 1Q25. The increase was primarily driven by a 34.0% year-over-year rise in operating income, along with higher foreign exchange gains on the net monetary liability position in Argentina, as well as lower net interest expenses, partially offset by higher Income tax expense.
In 1Q26, the Company reported Net Income Attributed to Owners of the Parent of $77.1 million and earnings per common share of $0.47, compared with Net Income Attributable to Owners of the Parent of $40.8 million in 1Q25, equivalent to earnings per common share of $0.25.
Consolidated Financial Position
As of March 31, 2026, Cash and cash equivalents totaled $666.2 million, increasing 12.4% 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 $772.4 million, up from $714.8 million as of December 31, 2025.
Total debt declined 0.9%, or $9.9 million, to $1,085.3 million as of March 31, 2026, compared with $1,095.2 million as of December 31, 2025, primarily reflecting debt repayments in Argentina. A total of $779.8 million, or 71.9% of total debt is denominated in U.S. dollars, while $174.6 million, or 16.1% is denominated in Brazilian Reals, and $130.9 million, or 12.1%, is in Euros.
The Net Debt to LTM Adjusted EBITDA ratio improved to 0.5x as of March 31, 2026, from 0.7x as of December 31, 2025. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No impairments to intangible assets were recorded over the past twelve months. As a result, the net debt to LTM Adjusted EBITDA ratio excluding intangible assets also stood at 0.5x. All CAAP subsidiaries remained in full compliance with their financial covenants as of March 31, 2026.
Page **8** of **34**
ConsolidatedDebt Indicators (in US$ million)
| As of Mar 31, 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 | 1,085.3 | 1,095.2 |
| Short-Term Debt | 148.5 | 139.4 |
| Long-Term Debt | 936.9 | 955.9 |
| Cash & Cash Equivalents | 666.2 | 592.8 |
| Total Net Debt^3^ | 419.1 | 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 March 31, 2026, was $823.5 million.
5 LTM Adjusted EBITDA excluding impairment of intangible assets as of March 31, 2026, was $823.8 million.
| Total Debt by Segment (in US million) | |
|---|---|
| As of Dec 31, 2025 | |
| Argentina | 533.5 |
| Italy (1) | 131.6 |
| Brazil | 168.0 |
| Uruguay (2) | 262.1 |
| Armenia | - |
| Ecuador | - |
| Total | 1,095.2 |
All values are in US Dollars.
^1^ Of which approximately $114.0 million remain at Toscana Aeroporti level.
^2^ Of which approximately $260.8 million remain at ACI Airport Sudamérica SAU.
Maturity of borrowings:
| 1 year or less | 1 – 2 years | 2 – 5 years | Over 5 years | Total | |
|---|---|---|---|---|---|
| Debt service ^(1)^ | 223.2 | 195.7 | 682.0 | 316.6 | 1,417.5 |
^1^ The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.
Maturityof borrowings – Breakdown by segment (in USD) asof March 31, 2026:
| Segment | Currency | 1 year or less | 1 – 2 years | 2 – 5 years | Over 5 years | Total | |
|---|---|---|---|---|---|---|---|
| Argentina | Principal | USD | 93.6 | 82.0 | 290.1 | 56.4 | 522.1 |
| Interest | USD | 35.4 | 30.5 | 49.3 | 1.8 | 117.1 | |
| Italy | Principal | EUR | 16.7 | 4.2 | 110.1 | - | 131.0 |
| Interest | EUR | 7.5 | 6.4 | 13.9 | - | 27.8 | |
| Brazil | Principal | R$ | 13.2 | 16.5 | 63.3 | 81.0 | 173.9 |
| Interest | R$ | 18.2 | 15.3 | 34.6 | 12.0 | 80.1 | |
| Uruguay | Principal | USD | 21.1 | 24.4 | 81.6 | 142.0 | 269.0 |
| Interest | USD | 17.6 | 16.4 | 39.1 | 23.4 | 96.5 | |
| Total | 223.2 | 195.7 | 682.0 | 316.6 | 1,417.5 |
Page **9** of **34**
| Cash & Cash Equivalent by Segment (in US million) | |
|---|---|
| As of Dec 31, 2025 | |
| Argentina | 68.8 |
| Italy | 34.8 |
| Brazil (1) | 83.4 |
| Uruguay | 22.5 |
| Armenia | 36.8 |
| Ecuador | 8.6 |
| Intermediate holding Companies | 337.9 |
| Total | 592.8 |
All values are in US Dollars.
^1^ At Inframérica Concessionaria do Aeroporto de Brasilia level.
CAPEX
During 1Q26, CAAP made capital expenditures of $48.2 million, a 30.1% YoY increase from $37.0 million in 1Q25. Capital expenditures ex-IAS 29, amounted to $48.4 million in the quarter, with Argentina, Uruguay and Italy accounting for 48%, 23% and 16%, respectively.
Page **10** of **34**
Review of SegmentResults
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 1Q26.
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| OPERATING STATISTICS | |||||||
| Domestic Passengers (in millions) ^(1)^ | 7.5 | 7.6 | -1.6% | 7.5 | 7.6 | -1.6% | |
| International Passengers (in millions) ^(1)^ | 4.9 | 4.2 | 18.5% | 4.9 | 4.2 | 18.5% | |
| Transit Passengers (in millions) ^(1)^ | 0.4 | 0.4 | 5.3% | 0.4 | 0.4 | 5.3% | |
| Total Passengers (in millions) ^(1)^ | 12.8 | 12.2 | 5.5% | 12.8 | 12.2 | 5.5% | |
| Cargo Volume (in thousands of tons) ^(5)^ | 49.1 | 47.8 | 2.9% | 49.1 | 47.8 | 2.9% | |
| Total Aircraft Movements (in thousands) | 123.2 | 119.4 | 3.2% | 123.2 | 119.4 | 3.2% | |
| FINANCIAL HIGHLIGHTS | |||||||
| Aeronautical Revenue | 179.6 | 152.6 | 17.7% | 10.1 | 169.5 | 151.1 | 12.2% |
| Non-aeronautical revenue | 130.6 | 116.3 | 12.3% | 6.9 | 123.6 | 116.0 | 6.5% |
| Commercial revenue | 107.8 | 96.0 | 12.3% | 7.2 | 100.6 | 94.4 | 6.6% |
| Construction service revenue | 22.7 | 20.2 | 12.4% | -0.3 | 23.0 | 21.6 | 6.4% |
| Total Revenue | 310.2 | 268.8 | 15.4% | 17.0 | 293.1 | 267.2 | 9.7% |
| Total Revenue Excluding IFRIC12^(2)^ | 287.4 | 248.6 | 15.6% | 17.3 | 270.1 | 245.6 | 10.0% |
| Cost of Services | 196.7 | 178.8 | 10.0% | 41.9 | 154.9 | 147.4 | 5.1% |
| Selling, general and administrative expenses | 33.9 | 28.1 | 20.8% | 2.7 | 31.2 | 26.8 | 16.1% |
| Other expenses | 0.7 | 4.4 | -83.2% | 0.0 | 0.7 | 4.4 | -83.8% |
| Total Costs and Expenses | 231.4 | 211.3 | 9.5% | 44.6 | 186.7 | 178.6 | 4.5% |
| Total Costs and Expenses Excluding IFRIC12^(3)^ | 208.7 | 191.2 | 9.2% | 44.9 | 163.8 | 157.1 | 4.3% |
| Adjusted Segment EBITDA | 127.1 | 99.7 | 27.5% | 8.8 | 118.3 | 102.0 | 16.0% |
| Adjusted Segment EBITDA Mg | 41.0% | 37.1% | 388 | - | 40.4% | 38.2% | 218 |
| Adjusted EBITDA Margin excluding IFRIC 12^(4)^ | 44.2% | 40.1% | 410 | - | 43.8% | 41.5% | 226 |
| Capex | 23.1 | 20.3 | 13.4% | -0.3 | 23.3 | 21.7 | 7.3% |
| 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<br>and is calculated by dividing EBITDA by total revenues less Construction Service revenue. | ||||||
| --- | --- | ||||||
| 5) | In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year<br>comparisons, cargo volume data for March 2025 has been revised accordingly. | ||||||
| --- | --- |
PassengerTraffic passenger traffic increased by 5.5% YoY, driven by double-digit growth in international traffic, partially offset by a slight decline in the domestic segment, and negatively impacted by a nationwide 24-hour strike organized by major labor unions on February 19. Domestic traffic declined by 1.6% YoY, reflecting reduced capacity from Flybondi and Aerolíneas Argentinas, which faced temporary fleet constraints due to engine issues affecting several aircraft. Bariloche, Córdoba, Iguazú and Mendoza ranked among the top summer destinations. International passenger traffic increased by 18.5% YoY, supported by temporary summer routes such as Ezeiza–Florianópolis operated by LATAM and Mendoza–Rio de Janeiro operated by GOL. Aerolíneas Argentinas also launched additional seasonal routes, including Tucumán–Florianópolis, Salta–Florianópolis, Buenos Aires (AEP)–Cabo Frio, and Córdoba–Aruba, among others. During the Carnival period, traffic increased by 27% compared to Carnival 2025, with Brazil, Chile, and the United States ranking as the top three destinations in February.
Page **11** of **34**
Revenues increased by 15.4% YoY to $310.2 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, revenues rose by 10.0% YoY, driven by increases of 12.2% and 6.6% in Aeronautical and Commercial revenues, respectively. Construction Services revenue increased by 12.4% YoY, or 6.4% ex-IAS 29, reflecting higher capital expenditures compared to the prior year.
| · | Aeronautical Revenues ex-IAS29 increased by 12.2% YoY, mainly driven by higher passenger use fees,<br>supported by an 18.5% YoY increase in international passenger traffic, partially offset by lower domestic passenger fees measured in U.S.<br>dollars. Effective November 1, 2024, domestic passenger fees in Argentina were increased by 124%, from ARS 2,540 to ARS 5,685. |
|---|---|
| · | Commercial Revenues ex-IAS29 increased by 6.6% YoY, mainly driven by higher Cargo and Other Commercial<br>revenues. Higher Rental of space, F&B services and Advertising also contributed to commercial revenue growth. |
| --- | --- |
TotalCosts and Expenses increased by 9.5% YoY to $231.4 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses rose by 4.3% YoY, primarily driven by higher Cost of services and SG&A expenses.
| · | Cost of Services, ex-IAS 29 and Construction Service Costs, increased by 4.8% year-over-year, primarily<br>reflecting higher Concession fees in line with revenue growth, as well as increased Services and fees, Maintenance expenses, and Depreciation<br>and amortization. |
|---|---|
| · | SG&A expenses ex-IAS29 increased by 16.1% YoY, or $4.3 million, to $31.2 million, primarily<br>reflecting higher Salaries and social security contributions, together with higher Taxes and Advertising expenses. |
| --- | --- |
AdjustedSegment EBITDA increased by 27.5% YoY to $127.1 million on an ‘as reported’ basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA rose by 16.0% YoY to $118.3 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 43.8%, compared with 41.5% in 1Q25. The 2.3 percentage-point margin expansion reflects sustained revenue growth on strong international traffic trends, together with disciplined cost control aimed at mitigating ARS-denominated operating cost pressures.
During 1Q26, CAAP made Capital Expenditures ex-IAS29 of $23.3 million, compared to $21.7 million in 1Q25. Key investments included the golf runway platform at Ezeiza Airport (EZE), a new lighting system at Rio Grande Airport, runway perimeter lighting at EZE, Phase II of PIR at Aeroparque Jorge Newbery, completion of the international area at Iguazú Airport, and the centralized courier terminal at EZE.
Page **12** of **34**
Italy
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| OPERATING STATISTICS | |||
| Domestic Passengers (in millions) | 0.4 | 0.4 | -2.6% |
| International Passengers (in millions) | 1.4 | 1.2 | 10.3% |
| Transit Passengers (in millions) | n.m. | n.m. | n.m. |
| Total Passengers (in millions) | 1.7 | 1.6 | 7.1% |
| Cargo Volume (in thousands of tons) | 2.6 | 3.2 | -20.0% |
| Total Aircraft Movements (in thousands) | 15.8 | 14.8 | 6.9% |
| FINANCIAL HIGHLIGHTS | |||
| Aeronautical Revenue | 14.4 | 11.7 | 22.5% |
| Non-aeronautical revenue | 18.3 | 15.3 | 19.0% |
| Commercial revenue | 10.2 | 8.8 | 16.8% |
| Construction service revenue | 7.1 | 5.1 | 39.3% |
| Other revenue | 0.9 | 1.5 | -37.3% |
| Total Revenue | 32.6 | 27.1 | 20.5% |
| Total Revenue Excluding IFRIC12^(1)^ | 25.6 | 22.0 | 16.2% |
| Cost of Services | 28.6 | 23.0 | 24.3% |
| Selling, general and administrative expenses | 3.3 | 3.1 | 5.1% |
| Other Expenses | 0.8 | 0.0 | - |
| Total Costs and Expenses | 32.7 | 26.2 | 24.9% |
| Total Costs and Expenses Excluding IFRIC12^(2)^ | 27.1 | 23.2 | 16.8% |
| Adjusted Segment EBITDA | 3.0 | 3.5 | -16.1% |
| Adjusted Segment EBITDA Mg | 9.1% | 13.0% | -396 |
| Adjusted EBITDA Margin excluding IFRIC 12^(3)^ | 5.7% | 6.4% | -68 |
| Capex | 7.9 | 6.2 | 26.7% |
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.
PassengerTraffic in Italy increased by 7.1% YoY, primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased by 10.3% YoY. International growth was supported by increases of 10.8% at Florence Airport and 9.8% at Pisa Airport. Domestic traffic declined by 2.6% YoY, mainly attributable to lower activity at Florence Airport. Adverse weather conditions in January led to flight cancellations and diversions.
Revenues increased by 20.5% YoY to $32.6 million in 1Q26, fueled by aeronautical and commercial revenue growth on higher passenger volumes, as well as increased Construction Service revenue tied to higher Capex. Commercial revenues grew 16.8% YoY, reflecting higher demand for passenger-related services such as F&B services, VIP lounges, and Parking facilities, in line with year-over-year traffic growth. The 11.2% YoY average appreciation of the euro also supported revenues in U.S. dollars.
| · | Aeronautical Revenues increased 22.5% YoY, above traffic growth of 7.1%. |
|---|---|
| · | Commercial Revenues rose 16.8% YoY, or $1.5 million, mainly driven by the strong performance<br>in passenger-related revenues such as F&B services, VIP lounges, and Parking facilities, which expanded significantly above the 7.1%<br>traffic growth, as well as higher advertising revenues. |
| --- | --- |
TotalCosts and Expenses increased 24.9% YoY, or $6.5 million, to $32.7 million. Excluding Construction service, total costs and expenses rose 16.8% year-over-year to $27.1 million, mainly driven by higher Cost of services.
Page **13** of **34**
| · | Cost of Services excluding Construction service increased 14.8% YoY, or $3.0 million, primarily<br>driven by higher Salaries and social security contributions, and Services and fees, reflecting higher operational activity. |
|---|---|
| · | SG&A expenses increased 5.1% YoY, or $0.2 million, to $3.3 million. |
| --- | --- |
AdjustedSegment EBITDA decreased 16.1% YoY to $3.0 million from $3.5 million in 1Q25, with Adjusted EBITDA margin ex-IFRIC 12 contracting 0.7 percentage points to 5.7%, mainly due to higher Salaries, Maintenance expenses and Services and Fees. Excluding IFRIC12 and other construction service-related costs, Adjusted EBITDA increased by 10% YoY.
During 1Q26, CAAP made CapitalExpenditures of $7.9 million, compared to $6.2 million in 1Q25.
Page **14** of **34**
Brazil
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| OPERATING STATISTICS | |||
| Domestic Passengers (in millions) | 2.2 | 2.1 | 5.7% |
| International Passengers (in millions) | 0.2 | 0.2 | 7.7% |
| Transit Passengers (in millions) | 1.8 | 1.4 | 21.8% |
| Total Passengers (in millions) | 4.2 | 3.7 | 12.1% |
| Cargo Volume (in thousands of tons) | 15.1 | 15.3 | -0.9% |
| Total Aircraft Movements (in thousands) | 36.7 | 34.6 | 6.2% |
| FINANCIAL HIGHLIGHTS | |||
| Aeronautical Revenue | 12.4 | 9.2 | 33.6% |
| Non-aeronautical revenue | 20.8 | 15.9 | 30.5% |
| Commercial revenue | 20.4 | 15.7 | 29.3% |
| Construction service revenue | 0.4 | 0.2 | 139.5% |
| Total Revenue | 33.1 | 25.2 | 31.7% |
| Total Revenue Excluding IFRIC12^1^ | 32.7 | 25.0 | 30.9% |
| Cost of Services | 19.4 | 15.8 | 22.5% |
| Selling, general and administrative expenses | 3.2 | 2.6 | 23.6% |
| Other expenses | 0.0 | 0.0 | 627.3% |
| Total Costs and Expenses | 22.6 | 18.4 | 22.8% |
| Total Costs and Expenses Excluding IFRIC12^2^ | 22.2 | 18.2 | 21.6% |
| Adjusted Segment EBITDA | 13.8 | 9.6 | 43.6% |
| Adjusted Segment EBITDA Mg | 41.5% | 38.1% | 346 |
| Adjusted EBITDA Margin excluding IFRIC12^3^ | 42.1% | 38.3% | 374 |
| Capex | 0.7 | 0.6 | 16.0% |
| 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,<br>and is calculated by dividing EBITDA by total revenues less Construction Service revenue. | ||
| --- | --- |
PassengerTraffic increased by 12.1% YoY, reflecting improved operating conditions following prior constraints in the country’s aviation sector. Domestic traffic, which accounted for over 50% of total traffic, grew by 5.7% YoY, while transit passengers increased by 21.8% YoY. International traffic, representing approximately 6% of the mix, rose by 7.7% YoY, contributing positively to overall performance. Growth was also supported by a post-Carnival rebound in corporate demand, with Brasília benefiting from its role as a key secondary hub within the domestic network.
Revenues increased by 31.7% YoY, or $8.0 million, to $33.1 million, driven by growth of 33.6% in aeronautical revenues and 29.3% in commercial revenues, supported by a 12.1% YoY increase in passenger traffic. Revenues in U.S. dollars also benefited from a 10.1% average YoY appreciation of the Brazilian real.
| · | Aeronautical Revenues increased by 33.6% YoY, or $3.1 million, primarily driven by traffic growth<br>and tariff increases, as well as the aforementioned appreciation of the Brazilian real. |
|---|---|
| · | Commercial Revenues rose 29.3% YoY, or $4.6 million, mainly reflecting stronger performance in<br>VIP lounges, Advertising, Rental of space, F&B, and other passenger-related revenues. |
| --- | --- |
TotalCosts and Expenses increased by 22.8% YoY, or $4.2 million, to $22.6 million, mainly due to higher Cost of services and, to a lesser extent, higher SG&A expenses.
Page **15** of **34**
| · | Cost of Services rose by 22.5% YoY, or $3.6 million, primarily resulting from higher Concession<br>fees, Salaries and social security contributions, Services and fees, and Maintenance expenses. |
|---|---|
| · | SG&A expenses increased by 23.6% YoY, or $0.6 million, reaching $3.2 million in 1Q26, driven<br>largely by higher Salaries and social security contributions. |
| --- | --- |
AdjustedSegment EBITDA increased 43.6% YoY, or $4.2 million, to $13.8 million. The Adjusted EBITDA margin ex-IFRIC 12 expanded 3.8 percentage points to 42.1%, from 38.3% in the prior-year quarter.
During 1Q26, CAAP made CapitalExpenditures of $0.7 million, compared to $0.6 million in 1Q25.
Page **16** of **34**
Uruguay
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| OPERATING STATISTICS | |||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 0.7 | 0.6 | 4.2% |
| Transit Passengers (in millions) | n.m. | n.m. | n.m. |
| Total Passengers (in millions) | 0.7 | 0.7 | 3.5% |
| Cargo Volume (in thousands of tons) | 8.0 | 8.9 | -10.1% |
| Total Aircraft Movements (in thousands) | 10.4 | 9.9 | 4.7% |
| FINANCIAL HIGHLIGHTS | |||
| Aeronautical Revenue | 29.1 | 25.8 | 12.7% |
| Non-aeronautical revenue | 35.0 | 25.4 | 37.7% |
| Commercial revenue | 24.7 | 20.9 | 18.3% |
| Construction service revenue | 10.3 | 4.5 | 127.1% |
| Total Revenue | 64.1 | 51.2 | 25.1% |
| Total Revenue Excluding IFRIC12^(1)^ | 53.8 | 46.7 | 15.2% |
| Cost of Services | 33.2 | 24.2 | 37.1% |
| Selling, general and administrative expenses | 6.9 | 6.3 | 9.0% |
| Other expenses | 0.1 | 0.1 | 64.3% |
| Total Costs and Expenses | 40.2 | 30.6 | 31.3% |
| Total Costs and Expenses Excluding IFRIC12^(2)^ | 29.9 | 26.1 | 14.7% |
| Adjusted Segment EBITDA | 26.4 | 22.8 | 15.8% |
| Adjusted Segment EBITDA Mg | 41.2% | 44.5% | -332 |
| Adjusted EBITDA Margin excluding IFRIC 12 ^(3)^ | 49.0% | 48.8% | 25 |
| Capex | 11.3 | 7.0 | 62.3% |
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 3.5% YoY, supported by additional flight frequencies to accommodate strong summer-season demand. Among other developments, GOL launched a new Montevideo–Fortaleza route and resumed its São Paulo–Punta del Este and Buenos Aires–Punta del Este services for the summer season. Aerolíneas Argentinas also increased frequencies on its Buenos Aires–Punta del Este route and introduced a new Córdoba–Punta del Este service, while Azul launched a new Montevideo–Belo Horizonte route, operating two weekly frequencies.
Revenues increased by 25.1% YoY to $64.1 million on a reported basis, well above passenger traffic growth. Excluding Construction Service revenues, revenues increased 15.2% to $53.8 million, primarily driven by higher commercial activity and increased aeronautical revenues tied to YoY passenger growth.
| · | Aeronautical Revenues increased 12.7% YoY, or $3.3 million, to $29.1 million, aligned with<br>the increase in passenger traffic and tariff increases. |
|---|---|
| · | Commercial Revenues increased by 18.3% YoY, or $3.8 million, to $24.7 million, primarily driven<br>by higher cargo revenues, which benefited from tariff increases and higher import volumes, particularly in courier services. Passenger-related<br>revenues, especially from VIP lounges, duty-free, and parking facilities, also contributed to commercial revenue growth, outpacing overall<br>traffic growth. |
| --- | --- |
TotalCosts and Expenses increased by 31.3% YoY to $40.2 million. Excluding Construction service, total Costs and expenses rose by 14.7% YoY to $29.9 million, reflecting higher Cost of services and SG&A expenses. Costs in U.S. dollars were also impacted by the 9.0% average YoY appreciation of the Uruguayan peso.
Page **17** of **34**
| · | Cost of Services increased by 37.1% YoY to $33.2 million. Excluding Construction Service costs,<br> Cost of Services grew by 16.3% to $22.9 million, mainly driven by higher Salaries and social<br> security contributions, Maintenance expenses and Concession fees. |
|---|---|
| · | SG&A expenses increased 9.0% YoY, to $6.9 million, principally due to higher Services and fees<br>and Maintenance expenses. |
| --- | --- |
AdjustedSegment EBITDA increased by 15.8% YoY to $26.4 million, while the Adjusted EBITDA margin, excluding IFRIC 12, expanded by 0.2 percentage points to 49.0%. The slight margin expansion primarily reflected solid top-line growth driven by YoY traffic increases, partially offset by higher Salaries and maintenance expenses, which were impacted by the 9.0% YoY average appreciation of the Uruguayan peso on the local currency-denominated cost base.
During 1Q26, CAAP made Capital Expenditures of $11.3 million in Uruguay, up from $7.0 million in 1Q25.
Page **18** of **34**
Armenia
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| OPERATING STATISTICS | |||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 1.1 | 1.0 | 7.1% |
| Transit Passengers (in millions) | n.m. | n.m. | n.m. |
| Total Passengers (in millions) | 1.1 | 1.1 | 8.5% |
| Cargo Volume (in thousands of tons) | 12.1 | 9.6 | 26.2% |
| Total Aircraft Movements (in thousands) | 8.7 | 8.3 | 4.8% |
| FINANCIAL HIGHLIGHTS | |||
| Aeronautical Revenue | 20.6 | 17.4 | 18.2% |
| Non-aeronautical revenue | 46.8 | 30.7 | 52.4% |
| Commercial revenue | 44.9 | 29.8 | 50.8% |
| Construction service revenue | 1.9 | 0.9 | 107.1% |
| Total Revenue | 67.4 | 48.1 | 40.0% |
| Total Revenue Excluding IFRIC12^(1)^ | 65.5 | 47.2 | 38.8% |
| Cost of Services | 41.0 | 30.4 | 35.1% |
| Selling, general and administrative expenses | 5.6 | 4.6 | 21.4% |
| Other expenses | 0.4 | 0.6 | -34.7% |
| Total Costs and Expenses | 47.0 | 35.6 | 32.2% |
| Total Costs and Expenses Excluding IFRIC12^(2)^ | 45.4 | 34.7 | 30.9% |
| Adjusted Segment EBITDA | 24.5 | 18.1 | 35.0% |
| Adjusted Segment EBITDA Mg | 36.4% | 37.7% | -135 |
| Adjusted EBITDA Margin excluding IFRIC 12 ^(3)^ | 37.0% | 38.4% | -135 |
| Capex | 3.9 | 2.7 | 41.0% |
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 8.5% YoY, driven by the addition of new airlines and routes, as well as increased frequencies. Notably, in October 2025, Wizz Air established a new base at Yerevan’s Zvartnots Airport, deploying two aircraft and launching ten new direct routes to Europe. March performance was partially impacted by disruptions related to the conflict in Iran, which led to flight cancellations and airspace restrictions across the region; however, the impact was limited.
Revenues increased by 40.0% YoY to $67.4 million on an ‘as reported’ basis, or by 38.8% when excluding Construction Service revenues, driven by growth in both Commercial and Aeronautical revenues, underpinned by higher traffic volumes. Results also benefited from the 11.2% YoY average appreciation of the euro.
| · | Aeronautical Revenues increased by 18.2% YoY, or $3.2 million, to $20.6 million, above traffic<br>growth. |
|---|---|
| · | Commercial Revenues increased by 50.8% YoY, or $15.1 million, to $44.9 million, largely driven<br>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<br>revenues. Cargo revenues also contributed to commercial revenue growth. |
| --- | --- |
TotalCosts and Expenses increased by 32.2% YoY to $47.0 million. Excluding IFRIC 12, Total Costs and Expenses increased by 30.9% YoY, largely driven by higher Cost of Services.
| · | Cost of Services increased by 35.1% YoY to $41.0 million. Excluding IFRIC 12, Cost of Services<br>increased by 33.6%, mainly driven by higher fuel costs, in line with the increase in fuel-related revenues. |
|---|
Page **19** of **34**
| · | SG&A increased 21.4% YoY, or $1.0 million, to $5.6 million in 1Q26, primarily reflecting higher<br>Salaries and social security contributions, Taxes and Maintenance expenses. |
|---|
AdjustedSegment EBITDA increased by 35.0% YoY to $24.5 million in 1Q26, supported by volume-driven operating leverage and higher passenger traffic. The Adjusted EBITDA margin, excluding IFRIC 12, contracted 1.4 percentage points to 37.0%, primarily reflecting a greater contribution from the fuel business. While the fuel segment continued to grow in line with increased activity levels, it carries structurally lower margins than the core airport operations, resulting in a dilution effect on the overall margin.
During 1Q26, CAAP made Capital Expenditures of $3.9 million in Armenia, compared to $2.7 million in 1Q25.
Page **20** of **34**
Ecuador
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| OPERATING STATISTICS | |||
| Domestic Passengers (in millions) | 0.6 | 0.6 | 4.8% |
| International Passengers (in millions) | 0.6 | 0.5 | 10.6% |
| Transit Passengers (in millions) | n.m. | n.m. | n.m. |
| Total Passengers (in millions) | 1.2 | 1.1 | 7.2% |
| Cargo Volume (in thousands of tons) | 8.3 | 9.0 | -6.8% |
| Total Aircraft Movements (in thousands) | 18.7 | 19.2 | -2.9% |
| FINANCIAL HIGHLIGHTS | |||
| Aeronautical Revenue | 21.8 | 19.9 | 9.4% |
| Non-aeronautical revenue | 8.1 | 7.3 | 10.9% |
| Commercial revenue | 8.1 | 7.3 | 10.9% |
| Construction service revenue | 0.0 | 0.0 | - |
| Total Revenue | 29.9 | 27.2 | 9.8% |
| Total Revenue Excluding IFRIC12^(1)^ | 29.9 | 27.2 | 9.8% |
| Cost of Services | 17.0 | 16.3 | 4.5% |
| Selling, general and administrative expenses | 4.5 | 3.8 | 17.7% |
| Other expenses | 0.0 | 0.0 | -60.5% |
| Total Costs and Expenses | 21.5 | 20.1 | 7.0% |
| Total Costs and Expenses Excluding IFRIC12^(2)^ | 21.5 | 20.1 | 7.0% |
| Adjusted Segment EBITDA | 9.4 | 8.1 | 16.4% |
| Adjusted Segment EBITDA Mg | 31.5% | 29.7% | 179 |
| Adjusted EBITDA Margin excluding IFRIC 12**^(3)^** | 31.5% | 29.7% | 179 |
| Capex | 1.4 | 0.2 | 676% |
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 7.2% YoY despite ongoing public security concerns. International traffic increased by 10.6% YoY, mainly supported by higher frequencies to the United States, primarily New York, from key airlines such as American Airlines, Avianca and LATAM. Routes to Europe also contributed to international traffic growth. Domestic traffic rose by 4.8% YoY, although high airfares continued to weigh on demand.
Revenues increased by 9.8% YoY to $29.9 million in 1Q26 on an ‘As reported’ basis, driven by both higher Commercial and Aeronautical revenues.
| · | Aeronautical Revenues increased 9.4% YoY, or $1.9 million, to $21.8 million, in line with<br>YoY traffic growth. |
|---|---|
| · | Commercial Revenues increased 10.9% YoY, or $0.8 million, to $8.1 million, reflecting higher Duty-Free<br>sales, combined with an increase in Other commercial revenues. |
| --- | --- |
TotalCosts and Expenses increased by 7.0% YoY to $21.5 million, primarily driven by higher SG&A expenses.
| · | Cost of Services rose by 4.5% YoY to $17.0 million, primarily reflecting higher Concession fees<br>and other cost of sales, partially offset by lower Maintenance expenses. |
|---|---|
| · | SG&A increased 17.7% YoY, to $4.5 million. |
| --- | --- |
AdjustedSegment EBITDA increased 16.4% YoY to $9.4 million, with the Adjusted EBITDA Margin ex- IFRIC 12 expanding 1.8 percentage points to 31.5%, mainly reflecting operating leverage on passenger traffic growth.
During 1Q26, CAAP made Capital Expenditures of $1.4 million in Ecuador, compared to $0.2 million in 1Q25.
Page **21** of **34**
Key Quarter Highlightsand Subsequent Events
CAAP | Annual General Shareholders Meeting
On May 13, 2026, Corporación América Airports held its annual general meeting of shareholders in Luxembourg. The Company’s shareholders
approved and adopted all matters submitted to them at the Meeting.
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 Accountingin 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 1Q26, 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.
1Q26 EARNINGS CONFERENCECALL
| When: | 10:00 a.m. Eastern<br> Time, May 13, 2026 |
|---|---|
| Who: | Mr. Martín<br> Eurnekian, Chief Executive Officer |
| Mr. Jorge<br> Arruda, Chief Financial Officer | |
| Mr. Patricio<br> Iñaki Esnaola, Head of Investor Relations | |
| Dial-in: | 1-646-307-1963<br> (North America, International Toll Free); 1-800-715-9871 (North America, Toll Free); Conference ID: 1462327 |
| Webcast: | CAAP<br> 1Q26 Earnings Conference Call |
| Replay: | 1-800-770-2030<br> (North America, Toll Free); 1-609-800-9909 (US Toll); Playback Passcode: 1462327 # |
Use of Non-IFRS FinancialMeasures
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:
AdjustedEBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.
AdjustedEBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.
**AdjustedEBITDA 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.
**AdjustedEBITDA 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 **22** of **34**
Netdebt is calculated by deducting “Cash and cash equivalents” from total financial debt.
Figuresex-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 22 of this report.
Definitions and Concepts
CommercialRevenues: 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.
ConstructionService 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 CorporaciónAmérica 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 RelationsContact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716
Page **23** of **34**
-- Operational & FinancialTables Follow –
Operating Statistics by Segment: Traffic, Cargoand Aircraft Movement
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| Argentina | |||
| Domestic Passengers (in millions) | 7.5 | 7.6 | -1.6% |
| International Passengers (in millions) | 4.9 | 4.2 | 18.5% |
| Transit passengers (in millions) | 0.4 | 0.4 | 5.3% |
| Total passengers (in millions) | 12.8 | 12.2 | 5.5% |
| Cargo volume (in thousands of tons) ^(2)^ | 49.1 | 47.8 | 2.9% |
| Aircraft movements (in thousands) | 123.2 | 119.4 | 3.2% |
| Italy | |||
| Domestic Passengers (in millions) | 0.4 | 0.4 | -2.6% |
| International Passengers (in millions) | 1.4 | 1.2 | 10.3% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. |
| Total passengers (in millions) | 1.7 | 1.6 | 7.1% |
| Cargo volume (in thousands of tons) | 2.6 | 3.2 | -20.0% |
| Aircraft movements (in thousands) | 15.8 | 14.8 | 6.9% |
| Brazil | |||
| Domestic Passengers (in millions) | 2.2 | 2.1 | 5.7% |
| International Passengers (in millions) | 0.2 | 0.2 | 7.7% |
| Transit passengers (in millions) | 1.8 | 1.4 | 21.8% |
| Total passengers (in millions) | 4.2 | 3.7 | 12.1% |
| Cargo volume (in thousands of tons) | 15.1 | 15.3 | -0.9% |
| Aircraft movements (in thousands) | 36.7 | 34.6 | 6.2% |
| Uruguay | |||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 0.7 | 0.6 | 4.2% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. |
| Total passengers (in millions) | 0.7 | 0.7 | 3.5% |
| Cargo volume (in thousands of tons) | 8.0 | 8.9 | -10.1% |
| Aircraft movements (in thousands) | 10.4 | 9.9 | 4.7% |
| Ecuador^(1)^ | |||
| Domestic Passengers (in millions) | 0.6 | 0.6 | 4.8% |
| International Passengers (in millions) | 0.6 | 0.5 | 10.6% |
| Transit passengers (in millions) | 0.0 | 0.0 | -18.5% |
| Total passengers (in millions) | 1.2 | 1.1 | 7.2% |
| Cargo volume (in thousands of tons) | 8.3 | 9.0 | -6.8% |
| Aircraft movements (in thousands) | 18.7 | 19.2 | -2.9% |
| Armenia | |||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 1.1 | 1.0 | 7.1% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. |
| Total passengers (in millions) | 1.1 | 1.1 | 8.5% |
| Cargo volume (in thousands of tons) | 12.1 | 9.6 | 26.2% |
| Aircraft movements (in thousands) | 8.7 | 8.3 | 4.8% |
| 1) | ECOGAL’s operational data included in this table, although its results of operations are not consolidated. | ||
| --- | --- | ||
| 2) | In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year<br>comparisons, cargo volume data for March 2025 has been revised accordingly. | ||
| --- | --- |
Page **24** of **34**
Foreign Exchange Rate
| Country | 1Q26 | 1Q25 | 1Q26 | 1Q25 | 4Q25 | 4Q24 | 4Q25 | 4Q24 |
|---|---|---|---|---|---|---|---|---|
| Avg | Avg | EoP | EoP | Avg | Avg | EoP | EoP | |
| Argentine Peso | 1,419.2 | 1,056.3 | 1,382.0 | 1,074.0 | 1,436.5 | 1,000.3 | 1,455.0 | 1,032.0 |
| Euro | 1.2 | 1.1 | 1.1 | 1.1 | 1.2 | 1.1 | 1.2 | 1.0 |
| Brazilian Real | 5.3 | 5.9 | 5.2 | 5.7 | 5.4 | 5.8 | 5.5 | 6.2 |
| Uruguayan Peso | 39.1 | 43.0 | 40.3 | 42.1 | 39.7 | 42.3 | 39.1 | 44.0 |
Amounts provided by units of local currency per US dollar
AeronauticalBreakdown (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Aeronautical Revenue | 277.8 | 236.7 | 17.4% | 10.1 | 267.7 | 235.3 | 13.8% |
| Passenger use fees | 240.4 | 205.4 | 17.0% | 9.1 | 231.2 | 204.1 | 13.3% |
| Aircraft fees | 38.4 | 30.9 | 24.3% | 1.0 | 37.5 | 30.8 | 21.7% |
| Other | -1.0 | 0.3 | -392.6% | - | -1.0 | 0.3 | -392.6% |
CommercialRevenue Breakdown (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Commercial revenue | 216.2 | 178.7 | 21.0% | 7.2 | 208.9 | 177.1 | 18.0% |
| Warehouse use fees | 54.8 | 47.3 | 15.8% | 2.4 | 52.4 | 47.0 | 11.5% |
| Duty free shops | 22.0 | 20.3 | 8.4% | 0.7 | 21.3 | 20.2 | 5.6% |
| Rental of space (including hangars) | 12.6 | 10.6 | 18.8% | 0.3 | 12.3 | 10.6 | 16.4% |
| Parking facilities | 14.9 | 14.2 | 5.1% | 0.5 | 14.4 | 14.1 | 1.9% |
| Fuel | 37.6 | 24.2 | 55.8% | 0.1 | 37.5 | 24.1 | 55.3% |
| Food and beverage services | 9.5 | 7.8 | 22.5% | 0.3 | 9.2 | 7.7 | 20.2% |
| Advertising | 10.0 | 7.6 | 32.0% | 0.8 | 9.2 | 7.2 | 26.9% |
| Services and retail stores | 4.1 | 4.4 | -7.8% | 0.1 | 4.0 | 4.4 | -9.4% |
| Catering | 4.4 | 4.0 | 10.7% | 0.2 | 4.2 | 3.9 | 6.4% |
| VIP lounges | 19.6 | 16.6 | 18.2% | 0.7 | 18.9 | 16.3 | 15.8% |
| Walkway services | 2.4 | 2.3 | 3.7% | 0.1 | 2.3 | 2.3 | 0.4% |
| Other | 24.2 | 19.5 | 24.1% | 0.9 | 23.3 | 19.2 | 20.9% |
Page **25** of **34**
TotalExpenses Breakdown (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Cost<br> of services | 339.1 | 291.3 | 16.4% | 41.9 | 297.2 | 259.9 | 14.4% |
| SG&A | 64.8 | 54.3 | 19.2% | 2.7 | 62.0 | 53.1 | 16.8% |
| Financial<br> loss | 23.0 | 42.3 | -45.6% | -36.2 | 59.2 | 77.9 | -24.1% |
| Inflation<br> adjustment | 4.1 | 3.5 | 14.9% | 4.6 | -0.5 | 1.4 | -135.5% |
| Other<br> expenses | 2.0 | 5.1 | -59.5% | 0.0 | 2.0 | 5.0 | -59.8% |
| Income<br> tax expense | 47.9 | 32.4 | 47.8% | 17.2 | 30.7 | 19.0 | 61.2% |
| Total expenses | 480.8 | 428.9 | 12.1% | 30.2 | 450.6 | 416.4 | 8.2% |
Costof Services (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| Cost of Services | 339.1 | 291.3 | 16.4% | 41.9 | 297.2 | 259.9 | 14.4% |
| Salaries<br> and social security contributions | 71.1 | 63.4 | 12.1% | 2.2 | 68.8 | 63.1 | 9.1% |
| Concession<br> fees | 63.6 | 55.8 | 14.2% | 2.3 | 61.3 | 55.4 | 10.6% |
| Construction<br> service cost | 40.6 | 28.7 | 41.5% | -0.3 | 40.8 | 30.1 | 35.8% |
| Maintenance<br> expenses | 49.7 | 46.8 | 6.1% | 1.9 | 47.8 | 46.0 | 3.9% |
| Amortization<br> and depreciation | 56.1 | 51.7 | 8.6% | 35.0 | 21.1 | 20.4 | 3.4% |
| Services<br> and fees | 17.0 | 16.9 | 0.7% | 0.3 | 16.7 | 16.8 | -0.9% |
| Cost<br> of fuel | 29.3 | 18.3 | 60.0% | - | 29.3 | 18.3 | 60.0% |
| Taxes | 1.6 | 1.3 | 17.8% | 0.1 | 1.5 | 1.3 | 12.7% |
| Office<br> expenses | 3.6 | 3.8 | -7.0% | 0.2 | 3.4 | 3.8 | -11.1% |
| Others | 6.6 | 4.6 | 41.4% | 0.1 | 6.5 | 4.6 | 40.0% |
Selling,General and Administrative Expenses (in US$ million)
| 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 | |
|---|---|---|---|---|---|---|---|
| SG&A | 64.8 | 54.3 | 19.2% | 2.7 | 62.0 | 53.1 | 16.8% |
| Taxes | 19.1 | 16.9 | 13.1% | 0.9 | 18.3 | 16.8 | 8.8% |
| Salaries<br> and social security contributions | 18.3 | 13.5 | 36.1% | 0.6 | 17.8 | 13.4 | 32.8% |
| Services<br> and fees | 14.8 | 11.8 | 24.6% | 0.1 | 14.7 | 11.8 | 24.1% |
| Office<br> expenses | 3.0 | 2.5 | 18.6% | 0.1 | 2.9 | 2.5 | 15.3% |
| Amortization<br> and depreciation | 3.1 | 2.6 | 20.4% | 1.0 | 2.2 | 1.7 | 29.7% |
| Maintenance<br> expenses | 1.8 | 1.1 | 60.8% | 0.0 | 1.7 | 1.1 | 62.4% |
| Advertising | 1.4 | 0.7 | 103.0% | 0.0 | 1.4 | 0.7 | 96.4% |
| Insurances | 0.8 | 1.0 | -11.6% | 0.0 | 0.8 | 0.9 | -14.0% |
| Bad<br> debts recovery | -2.1 | -1.1 | 97.2% | -0.1 | -2.0 | -1.1 | 85.7% |
| Bad<br> debts | 2.5 | 2.6 | -4.3% | 0.1 | 2.4 | 2.6 | -10.2% |
| Others | 2.0 | 2.7 | -24.5% | 0.0 | 2.0 | 2.7 | -25.6% |
Expensesby Segment (in US$ million)
| Country | 1Q26 as reported | 1Q25 as reported | % Var as reported | IAS 29 | 1Q26 ex IAS 29 | 1Q25 ex IAS 29 | % Var ex IAS 29 |
|---|---|---|---|---|---|---|---|
| Argentina | 231.4 | 211.3 | 9.5% | 44.6 | 186.7 | 178.6 | 4.5% |
| Italy | 32.7 | 26.2 | 24.9% | - | 32.7 | 26.2 | 24.9% |
| Brazil | 22.6 | 18.4 | 22.8% | - | 22.6 | 18.4 | 22.8% |
| Uruguay | 40.2 | 30.6 | 31.3% | - | 40.2 | 30.6 | 31.3% |
| Armenia | 47.0 | 35.6 | 32.2% | - | 47.0 | 35.6 | 32.2% |
| Ecuador | 21.5 | 20.1 | 7.0% | - | 21.5 | 20.1 | 7.0% |
| Unallocated | 10.5 | 8.5 | 22.9% | - | 10.5 | 8.5 | 22.9% |
| Total consolidated expenses ^(1) (2)^ | 405.9 | 350.7 | 15.7% | 44.6 | 361.3 | 318.0 | 13.6% |
| (1) | Excludes<br> income tax and financial loss | ||||||
| --- | --- | ||||||
| (2) | We<br> account for the results of operations of ECOGAL using the equity method | ||||||
| --- | --- |
Page **26** of **34**
| % Ownership by Concession | ||
|---|---|---|
| Aeropuertos<br> Argentina 2000 | Argentina | 84.8% |
| Neuquén | Argentina | 77.7% |
| Bahía<br> Blanca | Argentina | 85.0% |
| Toscana<br> Aeroporti (Florence and Pisa airports) | Italy | 62.3% |
| ICAB<br> (Brasilia Airport) | Brazil | 51.0% |
| Puerta<br> del Sur (Carrasco Airport) | Uruguay | 100.0% |
| CAISA<br> (Punta del Este Airport) | Uruguay | 100.0% |
| AIA<br> (Armenian airports) | Armenia | 100.0% |
| TAGSA<br> (Guayaquil Airport) | Ecuador | 50.0% |
| ECOGAL<br> (Galápagos Airport) | Ecuador | 99.9% |
Selected Income Statement Data (in US$ million)
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| Argentina | |||
| Total Revenue | 310.2 | 268.8 | 15.4% |
| Total Revenue Excluding IFRIC12(1) | 287.4 | 248.6 | 15.6% |
| Operating Income | 86.0 | 63.6 | 35.1% |
| Net Income | 88.0 | 40.4 | 117.9% |
| Adjusted Segment EBITDA | 127.1 | 99.7 | 27.5% |
| Adjusted Segment EBITDA Mg | 41.0% | 37.1% | 388 |
| Adjusted EBITDA Margin excluding IFRIC | 44.2% | 40.1% | 410 |
| Italy | |||
| Total Revenue | 32.6 | 27.1 | 20.5% |
| Total Revenue Excluding IFRIC12(1) | 25.6 | 22.0 | 16.2% |
| Operating Income | 0.0 | 0.9 | -103.6% |
| Net Income | -1.6 | -1.2 | 34.0% |
| Adjusted Segment EBITDA | 3.0 | 3.5 | -16.1% |
| Adjusted Segment EBITDA Mg | 9.1% | 13.0% | -396 |
| Adjusted EBITDA Margin excluding IFRIC | 5.7% | 6.4% | -68 |
| Brazil | |||
| Total Revenue | 33.1 | 25.2 | 31.7% |
| Total Revenue Excluding IFRIC12(1) | 32.7 | 25.0 | 30.9% |
| Operating Income | 10.6 | 6.9 | 0.5 |
| Net Income | -23.4 | -24.0 | 0.0 |
| Adjusted Segment EBITDA | 13.8 | 9.6 | 0.4 |
| Adjusted Segment EBITDA Mg | 41.5% | 38.1% | 373 |
| Adjusted EBITDA Margin excluding IFRIC | 42.1% | 38.3% | 373 |
| Uruguay | |||
| Total Revenue | 64.1 | 51.2 | 25.1% |
| Total Revenue Excluding IFRIC12(1) | 53.8 | 46.7 | 15.2% |
| Operating Income | 23.0 | 20.0 | 15.3% |
| Net Income | 21.0 | 20.0 | 5.2% |
| Adjusted Segment EBITDA | 26.4 | 22.8 | 15.8% |
| Adjusted Segment EBITDA Mg | 41.2% | 44.5% | -332 |
| Adjusted EBITDA Margin excluding IFRIC | 49.0% | 48.8% | 25 |
Page **27** of **34**
| 1Q26 | 1Q25 | %<br> Var | |
|---|---|---|---|
| Ecuador | |||
| Total Revenue | 29.9 | 27.2 | 9.8% |
| Total Revenue Excluding IFRIC12(1) | 29.9 | 27.2 | 9.8% |
| Operating Income | 7.5 | 6.3 | 18.9% |
| Net Income | 5.8 | 5.8 | -1.1% |
| Adjusted Segment EBITDA | 9.4 | 8.1 | 16.4% |
| Adjusted Segment EBITDA Mg | 31.5% | 29.7% | 179 |
| Adjusted EBITDA Margin excluding IFRIC | 31.5% | 29.7% | 179 |
| Armenia | |||
| Total Revenue | 67.4 | 48.1 | 40.0% |
| Total Revenue Excluding IFRIC12(1) | 65.5 | 47.2 | 38.8% |
| Operating Income | 20.8 | 12.7 | 64.3% |
| Net Income | 15.8 | 10.0 | 57.1% |
| Adjusted Segment EBITDA | 24.5 | 18.1 | 35.0% |
| Adjusted Segment EBITDA Mg | 36.4% | 37.7% | -135 |
| Adjusted EBITDA Margin excluding IFRIC | 37.0% | 38.4% | -135 |
| Unallocated | |||
| Total revenue | 0.3 | 0.2 | 74.8% |
| Operating Income | -8.3 | -6.3 | 32.1% |
| Net Income | -25.2 | -14.8 | 70.4% |
| Adjusted segment EBITDA | -6.0 | -4.0 | 48.1% |
| Adjusted Segment EBITDA Mg | 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 **28** of **34**
OperatingStatistics by Airport: Traffic, Cargo and Aircraft Movements (2026 vs. 2025)
| Domestic<br> Passenger Traffic <br><br> (in thousands) | International<br> Passenger Traffic <br><br> (in thousands) | Transit<br> Passengers <br><br> (in thousands) | Total Passenger Traffic (in thousands) | Cargo Volume (in tons) | Aircraft Movements | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | |
| Argentina | ||||||||||||||||||
| Aeroparque | 2,712 | 2,863 | -5.3% | 1,466 | 1,249 | 17.3% | 313 | 304 | 3.1% | 4,491 | 4,416 | 1.7% | u.r. | 406 | u.r. | 34,570 | 35,250 | -1.9% |
| Bariloche | 586 | 635 | -7.7% | 17 | 22 | -23.3% | 1 | 2 | - | 604 | 659 | -8.3% | - | - | - | 4,608 | 5,202 | -11.4% |
| Catamarca | 16 | 15 | 12.6% | - | - | - | 0 | 0 | - | 17 | 15 | 15.7% | - | - | - | 707 | 620 | 14.0% |
| C.<br> Rivadavia | 123 | 141 | -12.6% | - | - | - | 0 | 0 | - | 123 | 141 | -12.6% | u.r. | 92 | u.r. | 1,582 | 1,644 | -3.8% |
| Córdoba | 589 | 566 | 4.0% | 417 | 234 | 78.2% | 0 | 0 | - | 1,007 | 801 | 25.7% | u.r. | 200 | u.r. | 8,157 | 6,930 | 17.7% |
| El<br> Palomar | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 381 | 854 | -55.4% |
| Esquel | 21 | 23 | -9.0% | - | - | - | - | - | - | 21 | 23 | -9.0% | - | - | - | 1,402 | 956 | 46.7% |
| Ezeiza | 1,000 | 898 | 11.3% | 2,780 | 2,463 | 12.8% | 74 | 65 | 13.3% | 3,853 | 3,426 | 12.4% | u.r. | 47,899 | u.r. | 23,859 | 20,912 | 14.1% |
| Formosa | 18 | 17 | 3.9% | - | - | - | - | - | - | 18 | 17 | 3.9% | u.r. | 17 | u.r. | 333 | 320 | 4.1% |
| General<br> Pico | 0 | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | 597 | 536 | 11.4% |
| Iguazú | 441 | 469 | -6.1% | 4 | 0 | - | - | 0 | - | 445 | 470 | -5.3% | - | - | - | 3,211 | 2,438 | 31.7% |
| Jujuy | 115 | 126 | -9.1% | 1 | 1 | - | 0 | - | - | 116 | 127 | -8.9% | u.r. | 19 | u.r. | 1,094 | 1,991 | -45.1% |
| La<br> Rioja | 16 | 14 | 9.3% | - | - | - | 1 | 0 | - | 16 | 14 | 13.6% | u.r. | - | u.r. | 417 | 635 | -34.3% |
| Malargüe | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 39 | 165 | -76.4% |
| Mar<br> del Plata | 94 | 105 | -10.6% | - | - | - | 1 | 0 | - | 95 | 106 | -10.2% | u.r. | 39 | u.r. | 2,051 | 2,138 | -4.1% |
| Mendoza | 425 | 451 | -5.8% | 194 | 179 | 8.3% | 14 | 12 | 18.5% | 633 | 642 | -1.4% | u.r. | 481 | u.r. | 5,152 | 5,702 | -9.6% |
| Paraná | 8 | 10 | -17.5% | - | - | - | 0 | - | - | 8 | 10 | -17.4% | - | - | - | 616 | 659 | -6.5% |
| Posadas | 73 | 74 | -1.1% | - | - | - | - | - | - | 73 | 74 | -1.1% | u.r. | 43 | u.r. | 967 | 975 | -0.8% |
| Pto<br> Madryn | 43 | 41 | 3.6% | - | - | - | - | - | - | 43 | 41 | 3.6% | u.r. | 8 | u.r. | 416 | 356 | 16.9% |
| Reconquista | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 685 | 521 | 31.5% |
| Resistencia | 60 | 35 | 69.1% | - | - | - | 0 | 0 | - | 60 | 35 | 68.4% | u.r. | 69 | u.r. | 737 | 656 | 12.3% |
| Río<br> Cuarto | 6 | 3 | 82.3% | - | - | - | - | - | - | 6 | 3 | 82.3% | u.r. | 1 | u.r. | 194 | 163 | 19.0% |
| Río<br> Gallegos | 33 | 48 | -29.9% | 0 | 0 | - | 1 | 1 | -18.1% | 35 | 49 | -29.6% | u.r. | 42 | u.r. | 820 | 862 | -4.9% |
| Río<br> Grande | 1 | 38 | -96.3% | - | - | - | - | 0 | - | 1 | 39 | -96.3% | u.r. | 362 | u.r. | 26 | 779 | -96.7% |
| Salta | 344 | 336 | 2.4% | 37 | 22 | 65.5% | - | 0 | - | 381 | 358 | 6.3% | u.r. | 94 | u.r. | 4,574 | 4,224 | 8.3% |
| San<br> Fernando | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14,612 | 12,706 | 15.0% |
| San<br> Juan | 51 | 47 | 8.5% | - | - | - | - | - | - | 51 | 47 | 8.5% | - | - | - | 545 | 569 | -4.2% |
| San<br> Luis | 14 | 13 | 7.3% | - | - | - | - | - | - | 14 | 13 | 7.3% | u.r. | 10 | u.r. | 279 | 406 | -31.3% |
| San<br> Rafael | 13 | 14 | -1.2% | - | - | - | - | 0 | - | 13 | 14 | -1.2% | - | - | - | 1,623 | 2,125 | -23.6% |
| Santa<br> Rosa | 9 | 10 | -11.9% | - | - | - | - | 0 | - | 9 | 10 | -12.7% | u.r. | 14 | u.r. | 702 | 624 | 12.5% |
| Santiago<br> del Estero | 44 | 51 | -13.3% | - | - | - | - | 0 | - | 44 | 51 | -13.6% | u.r. | 17 | u.r. | 940 | 898 | 4.7% |
| Tucumán | 231 | 191 | 21.0% | 29 | 3 | 947.2% | 0 | 0 | - | 260 | 194 | 34.5% | u.r. | 104 | u.r. | 2,186 | 1,924 | 13.6% |
| Viedma | 9 | 9 | 4.6% | - | - | - | - | 0 | - | 9 | 9 | 4.5% | - | - | - | 304 | 213 | 42.7% |
| Villa<br> Mercedes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 144 | 204 | -29.4% |
| Termas<br> de Río Hondo | 4 | 7 | -44.1% | - | - | - | - | 0 | - | 4 | 7 | -44.7% | - | - | - | 77 | 162 | -52.5% |
| Bahía<br> Blanca | 54 | 49 | 10.5% | - | - | - | 1 | 1 | - | 55 | 49 | 11.9% | u.r. | 56 | u.r. | 848 | 787 | 7.8% |
| Neuquén | 326 | 303 | 7.4% | 0 | 0 | - | 5 | 5 | -3.7% | 331 | 308 | 7.3% | u.r. | 75 | u.r. | 3,762 | 3,321 | 13.3% |
| Total Argentina ^1^ | 7,479 | 7,603 | -1.6% | 4,945 | 4,174 | 18.5% | 411 | 391 | 5.3% | 12,835 | 12,168 | 5.5% | 49,133 | 47,753 | 2.9% | 123,217 | 119,427 | 3.2% |
Page **29** of **34**
| Domestic<br> Passenger Traffic <br><br> (in thousands) | International<br> Passenger Traffic <br><br> (in thousands) | Transit<br> Passengers <br><br> (in thousands) | Total Passenger Traffic (in thousands) | Cargo Volume (in tons) | Aircraft Movements | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | 1Q26 | 1Q25 | %<br> Var. | |
| Italy | ||||||||||||||||||
| Pisa | 297 | 296 | 0.5% | 726 | 661 | 9.8% | 1 | 0 | - | 1,023 | 957 | 7.0% | 2,546 | 3,209 | -20.7% | 7,497 | 7,077 | 5.9% |
| Florence | 94 | 106 | -11.1% | 628 | 567 | 10.8% | 0 | - | - | 722 | 673 | 7.3% | 32 | 15 | 119.0% | 8,291 | 7,690 | 7.8% |
| Total Italy | 391 | 401 | -2.6% | 1,354 | 1,228 | 10.3% | 1 | 0 | - | 1,746 | 1,630 | 7.1% | 2,578 | 3,224 | -20.0% | 15,788 | 14,767 | 6.9% |
| Brazil | ||||||||||||||||||
| Brasilia | 2,178 | 2,060 | 5.7% | 235 | 218 | 7.7% | 1,764 | 1,448 | 21.8% | 4,177 | 3,726 | 12.1% | 15,135 | 15,277 | -0.9% | 36,743 | 34,583 | 6.2% |
| Total Brazil | 2,178 | 2,060 | 5.7% | 235 | 218 | 7.7% | 1,764 | 1,448 | 21.8% | 4,177 | 3,726 | 12.1% | 15,135 | 15,277 | -0.9% | 36,743 | 34,583 | 6.2% |
| Uruguay | ||||||||||||||||||
| Carrasco | 2 | 1 | - | 594 | 562 | 5.7% | 9 | 15 | -39.1% | 605 | 577 | 4.8% | 7,991 | 8,889 | -10.1% | 5,712 | 5,681 | 0.5% |
| Punta<br> del Este | 0 | 0 | - | 72 | 77 | -6.5% | - | - | - | 72 | 77 | -6.4% | - | - | - | 4,662 | 4,230 | 10.2% |
| Total Uruguay | 3 | 1 | - | 666 | 639 | 4.2% | 9 | 15 | -39.1% | 677 | 654 | 3.5% | 7,991 | 8,889 | -10.1% | 10,374 | 9,911 | 4.7% |
| Ecuador | ||||||||||||||||||
| Guayaquil | 459 | 441 | 4.2% | 596 | 539 | 10.6% | 17 | 21 | -18.5% | 1,073 | 1,001 | 7.2% | 7,035 | 7,663 | -8.2% | 17,089 | 17,652 | -3.2% |
| Galápagos | 142 | 133 | 7.1% | - | - | - | - | - | - | 142 | 133 | 7.1% | 1,309 | 1,294 | 1.2% | 1,598 | 1,591 | 0.4% |
| Total Ecuador | 601 | 574 | 4.8% | 596 | 539 | 10.6% | 17 | 21 | -18.5% | 1,215 | 1,134 | 7.2% | 8,344 | 8,957 | -6.8% | 18,687 | 19,243 | -2.9% |
| Armenia | ||||||||||||||||||
| Zvartnots | - | - | - | 1,083 | 1,008 | 7.4% | 35 | 18 | 86.5% | 1,118 | 1,027 | 8.8% | 12,060 | 9,554 | 26.2% | 8,556 | 8,163 | 4.8% |
| Shirak | - | - | - | 28 | 29 | -3.0% | - | - | - | 28 | 29 | -3.0% | - | - | - | 182 | 172 | 5.8% |
| Total Armenia | - | - | - | 1,111 | 1,037 | 7.1% | 35 | 18 | 86.5% | 1,145 | 1,055 | 8.5% | 12,060 | 9,554 | 26.2% | 8,738 | 8,335 | 4.8% |
| Total CAAP | 10,652 | 10,639 | 0% | 8,907 | 7,835 | 14% | 2,237 | 1,894 | 18% | 21,795 | 20,368 | 7% | u.r. | 95,947 | u.r. | 213,547 | 206,266 | 4% |
^1^ In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year comparisons, cargo volume data for March 2025 has been revised accordingly.
Page **30** of **34**
IncomeStatement (in US$ thousands)
| 1Q26 | 1Q25 | % Var. | |
|---|---|---|---|
| Continuing operations | |||
| Revenue | 537,624 | 447,818 | 20.1% |
| Cost<br> of services | -339,070 | -291,334 | 16.4% |
| Gross profit | 198,554 | 156,484 | 26.9% |
| Selling,<br> general and administrative expenses | -64,782 | -54,333 | 19.2% |
| Other<br> operating income | 7,742 | 6,951 | 11.4% |
| Other<br> operating expenses | -2,048 | -5,054 | -59.5% |
| Operating income | 139,466 | 104,048 | 34.0% |
| Share<br> of loss in associates | -708 | -495 | 43.0% |
| Income before financial results and income tax | 138,758 | 103,553 | 34.0% |
| Financial<br> income | 16,584 | 10,873 | 52.5% |
| Financial<br> loss | -22,965 | -42,254 | -45.7% |
| Inflation<br> adjustment | -4,074 | -3,544 | 15.0% |
| Income before income tax | 128,303 | 68,628 | 87.0% |
| Income<br> tax | -47,863 | -32,382 | 47.8% |
| Income for the period | 80,440 | 36,246 | 121.9% |
| Attributable<br> to: | |||
| Owners<br> of the parent | 77,054 | 40,772 | 89.0% |
| Non-controlling<br> interest | 3,386 | -4,526 | -174.8% |
Page **31** of **34**
BalanceSheet (in US$ thousands)
| Mar 31, 2026 | Dec 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible<br> assets, net | 3,408,858 | 3,137,980 |
| Property,<br> plant and equipment, net | 82,074 | 86,116 |
| Right-of-use<br> asset | 8,146 | 8,933 |
| Investments<br> in associates | 42,217 | 43,344 |
| Other<br> financial assets at fair value through profit or loss | 12,155 | 5,413 |
| Other<br> financial assets at amortized cost | 105,022 | 108,896 |
| Deferred<br> tax assets | 15,484 | 12,638 |
| Inventories | 306 | 294 |
| Other<br> receivables | 65,533 | 60,010 |
| Trade<br> receivables | 2 | 11 |
| Total non-current assets | 3,739,797 | 3,463,635 |
| Current assets | ||
| Inventories | 17,425 | 14,735 |
| Other<br> financial assets at fair value through profit or loss | 5,568 | 2,451 |
| Other<br> financial assets at amortized cost | 100,587 | 119,633 |
| Other<br> receivables | 69,528 | 66,594 |
| Current<br> tax assets | 3,149 | 10,989 |
| Trade<br> receivables | 186,459 | 177,744 |
| Cash<br> and cash equivalents | 666,227 | 592,759 |
| Total | 1,048,943 | 984,905 |
| Assets<br> classified as held for sale | 137 | 137 |
| Total current assets | 1,049,080 | 985,042 |
| Total assets | 4,788,877 | 4,448,677 |
| EQUITY | ||
| Share<br> capital | 165,219 | 165,219 |
| Share<br> premium | 221,434 | 221,434 |
| Treasury<br> shares | (3,918) | (3,918) |
| Free<br> distributable reserve | 378,910 | 378,910 |
| Non-distributable<br> reserve | 1,358,028 | 1,358,028 |
| Currency<br> translation adjustment | (36,275) | (175,542) |
| Legal<br> reserves | 10,017 | 10,017 |
| Other<br> reserves | (1,330,244) | (1,332,210) |
| Retained<br> earnings | 1,041,695 | 964,641 |
| Total attributable to owners of the parent | 1,804,866 | 1,586,579 |
| Non-controlling<br> interests | 76,635 | 74,169 |
| Total equity | 1,881,501 | 1,660,748 |
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| Mar 31, 2026 | Dec 31, 2025 | |
|---|---|---|
| LIABILITIES | ||
| Non-current liabilities | ||
| Borrowings | 936,896 | 955,856 |
| Derivative<br> financial instruments liabilities | 350 | 1,223 |
| Deferred<br> tax liabilities | 461,598 | 400,582 |
| Other<br> liabilities | 752,389 | 693,493 |
| Non-current<br> tax liabilities | 1,636 | 1,636 |
| Lease<br> liabilities | 5,106 | 5,406 |
| Trade<br> payables | 1,166 | 1,219 |
| Total non-current liabilities | 2,159,141 | 2,059,415 |
| Current liabilities | ||
| Borrowings | 148,452 | 139,362 |
| Other<br> liabilities | 447,784 | 428,947 |
| Lease<br> liabilities | 3,415 | 4,326 |
| Derivative<br> financial instruments liabilities | 656 | 934 |
| Current<br> tax liabilities | 31,359 | 23,789 |
| Trade<br> payables | 116,569 | 131,156 |
| Total current liabilities | 748,235 | 728,514 |
| Total liabilities | 2,907,376 | 2,787,929 |
| Total equity and liabilities | 4,788,877 | 4,448,677 |
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Statement of Cash Flow (in US$ thousands)
| Mar 31, 2026 | Mar 31, 2025 | |
|---|---|---|
| Cash flows from operating activities | ||
| Income for the period from continuing operations | 80,440 | 36,246 |
| Adjustments<br> for: | ||
| Amortization<br> and depreciation | 64,999 | 59,236 |
| Deferred<br> income tax | 11,683 | 23,371 |
| Current<br> income tax | 36,180 | 9,011 |
| Share<br> of loss in associates | 708 | 495 |
| Loss<br> on disposals of property, plant and equipment | 19 | 299 |
| Low<br> value, short term and variable lease payments | (471) | (775) |
| Share<br> based compensation expenses | 1,409 | 264 |
| Interest<br> expenses | 22,402 | 23,703 |
| Other<br> financial results, net | (1,460) | (4,088) |
| Net<br> foreign exchange | (38,005) | (10,919) |
| Other<br> accruals | (1,452) | 1,986 |
| Inflation<br> adjustment | (6,267) | (3,369) |
| Acquisition<br> of intangible assets | (49,165) | (33,972) |
| Income<br> tax paid | (16,434) | (9,025) |
| Unpaid<br> concession fees | 28,473 | 25,864 |
| Changes<br> in liability for concessions | 31,205 | 27,239 |
| Changes<br> in working capital | (61,929) | (65,288) |
| Net cash provided by operating activities | 102,335 | 80,278 |
| Cash flows from investing activities | ||
| Cash<br> contribution in associates | - | (74) |
| Acquisition<br> of other financial assets | (83,303) | (45,821) |
| Disposals<br> of other financial assets | 94,716 | 44,525 |
| Acquisition<br> of Property, plant and equipment | (2,907) | (2,247) |
| Acquisition<br> of Intangible assets | (424) | (282) |
| Proceeds<br> from sale of Property, plant and Equipment | 18 | 26 |
| Others | 2,357 | 309 |
| Net cash provided by/(used in) investing activities | 10,457 | (3,564) |
| Cash flows from financing activities | ||
| Loans<br> obtained | 233 | 95 |
| Guarantee<br> deposits | (763) | (219) |
| Principal<br> elements of lease payments | (1,400) | (1,014) |
| Loans<br> repaid | (26,495) | (43,964) |
| Interest<br> paid | (14,030) | (14,706) |
| Dividends<br> paid to non-controlling interests in subsidiaries | - | (11,953) |
| Net cash used in financing activities | (42,455) | (71,761) |
| Increase in cash and cash equivalents from continuing operations | 70,337 | 4,953 |
| Movements in cash and cash equivalents | ||
| At the beginning of the period | 592,759 | 439,847 |
| Effect<br> of exchange rate changes and inflation adjustment on cash and cash equivalents | 3,131 | 3,818 |
| Increase<br> in cash and cash equivalents from continuing operations | 70,337 | 4,953 |
| At the end of the period | 666,227 | 448,618 |
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