UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2021

Commission File Number: 001-38354

Corporación América Airports S.A.

(Name of Registrant)

4, rue de la Grêve
L-1643, Luxembourg
Tel: +35226258274
Fax: +35226259776

(Address of Principal Executive Office)

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

Form 20-F x         Form 40-F ¨

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

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

Exhibit Index

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: November 17, 2021

Exhibit 99.1

CORPORACION AMERICA AIRPORTS ANNOUNCES 3Q21 RESULTS

Significant rebound in traffic across countries of operations and tight cost controls, supported strong QoQ and YoY Adjusted EBITDA growth

Luxembourg, November 17, 2021— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport operator based on the number of airports under management reported today its unaudited, consolidated results for the three and nine-month periods ended September 30, 2021. 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 to IFRS rule IAS 29 (“IAS 29”), as detailed on Section “Hyperinflation Accounting in Argentina” on page 26.

Third Quarter 2021 Highlights

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted, “The initiatives we have been executing since the beginning of the pandemic allowed us to continue delivering a significantly better business and financial performance despite challenging market conditions, while driving value creation.

Traffic continued to recover reaching 10.5 million passengers in 3Q21, a 90% sequential improvement against 2Q21 and 46% of the nearly 23 million passengers that traveled through our airports, in 3Q19. Armenia, Brazil, Ecuador and Italy were the key drivers on the recovery, while Argentina and Uruguay remained heavily impacted by tight government restrictions on international traffic. On a positive note, borders in these two countries fully opened starting November 1^st, 2021, on the back of the advanced rollout of the vaccination campaigns, better sanitary conditions and warmer weather as we approach the summer season in LatAm. Cargo activity, in turn, remained strong reaching 82% of pre-pandemic levels.

These positive trends flowed through our financial results, with revenues ex-IFRIC more than doubling year-on-year to nearly $170 million, reaching 55% of 3Q19 levels. The successful cost reduction measures implemented since day one of the pandemic, some of which will have a more permanent character, together with a strict focus on cash preservation, contributed to higher profitability. Comparable Adjusted EBITDA increased to $38 million, a $57 million improvement from the loss reported in 3Q20. Importantly, we achieved positive Adjusted EBITDA across all countries of operations, except Peru.

Over the past two months we have made significant strides in strengthening the Company’s liquidity position and debt profile. Between September and November, in Argentina and Uruguay, we refinanced and exchanged a combined $425 million dollars in existing debt. We have also raised a total of $179 million in new long-term financings between these two countries and maintained financial discipline. The 20-year extension obtained for our Carrasco International airport concession in Uruguay, which also added six regional airports to our network, was an important milestone for us. This extension not only reinforces our leadership position in Uruguay, but it also creates value and supports our long-term growth.

Looking ahead, we expect travel dynamics to continue improving as we head into the summer season in LatAm, supported by lower traffic restrictions and pent-up demand. Airlines have also announced an increase in flights and destinations to serve higher expected tourism activity. We remain vigilant of new virus strains as the situation remains fluid and the recovery is still non-linear. Longer-term, we expect to see sustained traffic growth as the desire to travel remains unchanged.

Finally, we will also endeavor and contribute, through our own initiatives and together with our airline customers, to make air traffic more sustainable.”

Operating & Financial Highlights

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

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

Operating & Financial Highlights

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

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

1) Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for January 2020 were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

2) Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

3) LTM Adjusted EBITDA excluding impairments of intangible assets

Update on Action Plan to Mitigate Impact of Covid-19

Governmental Flight Restrictions

The Covid-19 pandemic has generated a disruption in the global economy, and in particular, the aviation industry resulting in drastic reductions in passenger traffic. Since March 2020, governments around the world have implemented measures to contain the spread, including the closing of borders and prohibition of travel, domestic lockdowns, mobility restrictions and quarantine measures. The overall situation remains volatile, as governments worldwide adjust travel bans or implement requirements to enter or leave their countries, including quarantines or negative Covid-19 PCR tests, based on the evolution of the sanitary situation.

Impact of Covid-19 on CAAP’s Passenger Traffic and Cargo Activity

The Company’s operations have been severely impacted by the prolonged travel restrictions in most countries of operations, as well as flight bans in many other countries worldwide. Compared to the 2019 pre-pandemic corresponding months, total passenger traffic showed a monthly sequential improvement within the quarter, declining 60.4% in July 2021, 52.8% in August, and 47.7% in September. During 3Q21, commercial flights were operated across all CAAP’s countries of operations, although still restricted by government bans to locals and foreigners in some countries, and certain requirements applied. Cargo activity declined 18.7% versus 3Q19.

Implementation of Mitigation Initiatives Focused on Preserving Financial Position

Since the onset of the pandemic, CAAP has consistently made progress on the implementation of its action plan to mitigate the impact of the crisis, including:

Cost controls and cash preservation measures: The Company achieved a 43% reduction in cash operating costs and expenses in the quarter against 3Q19, compared with YoY reductions of 34%, 43%, 46% and 48% in 2Q21, 1Q21, 4Q20 and 3Q20, respectively. Note this excludes concession fees and construction costs. While CAAP expects to benefit from these reductions in the coming quarters, it also expects to see some increases in payroll and maintenance and other operating costs as traffic recovers.

Financial position and liquidity: As cash preservation is a critical focus, since the beginning of the pandemic the Company has renegotiated a significant portion of its debt maturing in 2020 and 2021 in key markets, renegotiated debt covenants, and secured additional debt financing.

In April 2021, Puerta del Sur, CAAP’s Uruguayan subsidiary, obtained a $10.0 million facility from a local commercial bank, and in May 2021, the Company’s Argentine subsidiary, AA2000, renegotiated a total of $40.0 million in principal payments under a syndicated bank loan, maturing in May, August and November 2021 for an amount of $13.3 million each, deferring those payments to May, August and November 2022. In addition, in July 2021, AA2000 renegotiated $10.0 million in principal payments under a bilateral bank loan originally due in July 2021, now maturing under a new schedule in July, October and December 2022.

More recently, two of CAAP’s subsidiaries completed the following transactions:

Re-equilibrium of the concession agreements:

3Q21 Operating Performance

Passenger Traffic

Total passenger traffic increased 3.1x YoY to 10.5 million passengers, reflecting easier comparisons as travel restrictions were much tougher in the corresponding year ago period. When compared to 3Q19, total passenger traffic decreased 53.9%, with Brazil and Armenia reaching 74% and 85% of pre-pandemic traffic levels. Traffic in Argentina and Uruguay stood at 28% and 25% of 3Q19 levels, respectively, reflecting prolonged government-imposed travel restrictions together with lower overall demand. International traffic grew by 2.7x YoY, and decreased 65.2% from pre-pandemic levels of 3Q19, while domestic traffic expanded 3.9x YoY, and declined 50.0% versus 3Q19. Sequentially, passenger traffic almost doubled when compared to 2Q21, with improvements across all countries of operations and particularly strong contributions from Argentina, Brazil and Italy, the latter being benefited from the summer seasons. On a monthly basis, traffic in July, August and September of 2021, accounted for 40%, 47% and 52%, of traffic for the same months in 2019, respectively.

Passenger Traffic in Argentina increased 38.1x YoY, and was 72.1% below 3Q19 levels. International passenger traffic increased 4.2x YoY in 3Q21 and decreased 91.5% versus 3Q19, impacted by prolonged government restrictions, including the continued closure of borders to non-resident foreigners, limiting the number of international arriving passengers to 1,700 per day, for most part of the reported period. Domestic passenger traffic, which accounted for almost 90% of total traffic in the quarter, increased 120.8x YoY, as domestic travel continued to recover, but was 63.5% below 3Q19 levels.

In Italy, passenger traffic increased 85.6% YoY, and improved 3.1x sequentially versus 2Q21, mainly benefiting from the summer season in the region. As compared to 3Q19, traffic declined 49.8%, reflecting prolonged air travel restrictions in the country. Domestic and international traffic increased by 64.6% and 96.8% YoY, respectively. However, domestic and international traffic were 14.4% and 57.7% below 3Q19 levels.

In Brazil, total passenger traffic grew 1.4x YoY, and was 26.1% below pre-pandemic levels of 3Q19. Domestic passenger traffic, which accounted for 64% of total traffic in the quarter, was up 1.4x YoY, and down 24.0% when compared to 3Q19, while transit passengers accounted for 36% of total traffic and was also up 1.4x YoY and dropped 24.0% against 3Q19.

In Uruguay, passenger traffic increased 4.5x YoY, or was 74.7% below 3Q19. Traffic in the quarter continued to be impacted by the prolonged closure of borders to non-resident foreigners and weak travel demand. Borders were only partially opened to property-owners, effective September 1, 2021.

In Armenia, traffic has been increasing sequentially since the elimination of restrictions on air travel in September 2020 and the opening of Russian borders to foreigners, although some requirements apply upon entry. Total traffic improved 8.8x YoY, or declined 15.5% when compared to the same period of 2019.

In Ecuador, total passenger traffic grew 4.1x YoY, and was 32.8% below 3Q19 levels. Both, domestic and international passenger traffic continued to improve sequentially since the third quarter of 2020.

Cargo Volume

Cargo volume increased 52.9% YoY in 3Q21, and was 18.7% below pre-pandemic levels of 3Q19, with strong contributions from Argentina, Brazil, Uruguay and Ecuador. Notably, cargo volume in Uruguay and Italy was above the third quarter of 2019 levels.

Aircraft Movements

Total aircraft movements increased 1.3x YoY in 3Q21, and declined 37.6% when compared to 3Q19, impacted by travel restrictions and lower travel demand across all segments particularly in Argentina, which accounted for almost 70% of the aircraft movements reduction, when compared to 2019.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 29 of this report.

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

Review of Consolidated Results

Results for AAP Airports, the five airports CAAP operates in Peru, and ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29, as detailed on Section “Hyperinflation Accounting in Argentina” on page 24.

Revenues

Consolidated Revenues increased 91.5% YoY to $186.9 million in 3Q21. When excluding Construction Services and the impact of IAS 29, revenues increased 121.4% YoY to $167.4 million, or declined 47.8% when compared to 3Q19, reflecting the impacts of the pandemic and currency depreciation over the share of local currency revenues in Argentina, Brazil and Uruguay. Compared to 2Q21, revenues ex IFRIC 12 improved sequentially in all countries of operations, reflecting higher passenger traffic in response to lower travel restrictions, coupled with a positive seasonal impact in some markets, such as in Italy.

The following table shows revenue performance by country. More detail on the performance of CAAP´s key countries of operations can be found on page 17.

Revenues by Segment (in US$ million)

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues increase 88.5% YoY in Argentina, 44.7% in Italy, 83.7% in Brazil, 93.5% in Uruguay, 579.4% in Armenia and 222.2% in Ecuador.

Revenue Breakdown (in US$ million)

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

2 Excludes Construction Service revenue.

Revenue Breakdown (in US$ million)

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

2 Excludes Construction Service revenue.

Aeronautical Revenues accounted for 40.3% of total revenues and increased 2.2x YoY. When compared to 3Q19 aeronautical revenues declined 60.9% to $75.2 million had IAS 29 not been applied, reflecting the continued impact of the pandemic in traffic volumes, despite the gradual relaxation of travel restrictions, in some markets. During the quarter and excluding IAS 29, aeronautical revenue declined 82.6%, or $82.2 million, in Argentina, 44.2%, or $12.8 million, in Italy, and 71.7%, or $10.3 million, in Uruguay, compared to the same quarter of 2019. Moreover, Brazil declined 48.9%, or $6.7 million, while Ecuador declined 24.1%, or $4.4 million. By contrast, also excluding IAS 29 and compared to 2Q21 aeronautical revenues increased 65.7%, reflecting sequential improvements in all countries, particularly in Italy, where passenger traffic improved 3.1x versus 2Q21.

Non-Aeronautical Revenues accounted for 59.7% of total revenues and increased 51.1% YoY, to $111.5 million. When compared to 3Q19 and excluding the impact of IAS 29, non-aeronautical revenues declined 55.5% to $109.3 million, mainly driven by the following decreases:

Excluding Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues declined 28.2% against 3Q19, to $92.2 million.

Operating Costs and Expenses

During 3Q21, Operating Costs and Expenses, excluding Construction Service Cost, decreased 16.6% YoY to $167.4 million. When compared to 3Q19, Operating Costs and Expenses, excluding Construction Service Cost and IAS 29, declined 38.0% to $154.2 million. The decline is mainly explained by reductions in SG&A expenses, Concession Fees, Salaries and Social Contributions, reflecting a workforce reduction, employee benefits and furlough schemes across most operations, together with lower Maintenance expenses resulting from the reduction in services and renegotiation with suppliers. Currency depreciation in Argentina, Brazil and Uruguay also benefited costs.

Cost of Services increased 10.7% YoY, to $157.7 million. When compared to 3Q19 and excluding IAS29, Cost of Services declined 53.0%, to $143.7 million, mainly reflecting the following declines:

Excluding Construction Service cost, Cost of Services increased 15.0% YoY, to $139.7 million. On a comparable basis against 3Q19 and excluding the impact of IAS29, Cost of Services declined 32.7%, or $61.7 million, to $126.7 million.

Selling, General and Administrative Expenses (“SG&A”) increased 40.3% YoY, to $23.0 million in 3Q21 on an ‘As reported’ basis. When compared to 3Q19 and excluding the impact of IAS 29, SG&A declined 61.6%, to $22.8 million, mainly as a result of a $23.1 million bad debt charge recorded in 3Q19, in connection with over-an-year accumulated past due commercial revenues and aircraft fees from a local airline, in Argentina.

Other Operating Expenses were $4.7 million in 3Q21, the majority of which is related to fees paid in connection with the extension of AA2000’s concession.

Costs and Expenses (in US$ million)

Costs and Expenses (in US$ million)

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

During 3Q21, CAAP reported Adjusted EBITDA of $38.9 million, up from an Adjusted EBITDA loss of $77.3 million in the year-ago period which included a $58.8 million impairment loss in connection with Brazilian assets. All countries of operations, except Peru, reported positive Adjusted EBITDA in the quarter, with strong contributions from Armenia, Argentina and, to a lesser extent, Ecuador and Uruguay. Adjusted EBITDA margin ex-IFRIC12, expanded to 23.0% from negative 102.9% in 3Q20.

Excluding the impact from IAS 29, Adjusted EBITDA was $38.2 million, up from an Adjusted EBITDA loss of $77.8 million in the year ago period, which included the aforementioned $58.8 million impairment charges, while Adjusted EBITDA margin excluding construction service expanded to 22.7%, from negative 103.8% in 3Q20, but contracted 9.0 percentage points from the 31.7% margin reported in 3Q19.

Adjusted EBITDA by Segment (in US$ million)

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

Financial Income and Loss

CAAP reported a Net financial loss of $31.2 million in 3Q21 compared to a loss of $51.7 million in 3Q20. Had IAS 29 not been applied, and compared to 3Q19, Net financial loss decreased $77.4 million, to a $76.4 million loss, mainly reflecting a lower net foreign exchange loss in Argentina in connection with its financial debt, partially offset by higher losses from Changes in Liability for Concessions in Brazil, as a result of an increase of the inflation index.

See “Use of Non-IFRS Financial Measures” on page 27.

Income Tax Expense

During 3Q21, the Company reported an income tax expense of $4.3 million, compared to income tax expense of $36.5 million in the year ago period. Income tax expense in the quarter was mainly driven by deferred tax charges in the Brasilia concession and current tax charges in Armenia.

Net Income and Net Income Attributable to Owners of the Parent

During 3Q21, CAAP reported a Net Loss of $33.9 million compared to a Net Loss of $211.0 million in 3Q20, mainly explained by (i) operating income of $2.8 million in 3Q21 against a loss of $123.0 million in 3Q20, which included a $58.8 million non-cash impairment loss in Brazil, (ii) lower income tax expenses, and (iii) lower net financial losses. Net loss was 4.4% higher compared to 3Q19, largely explained by the impact of the pandemic on operating results, combined with higher income tax expenses, partially offset by lower net financial losses.

During 3Q21, the Company reported a Net Loss Attributed to Owners of the Parent of $15.0 million and a loss per common share of $0.09, compared with a Net Loss Attributable to Owners of the Parent of $143.3 million in 3Q20 equivalent to a loss per common share of $0.90 for the same period last year. In 3Q19, the Company reported Net Loss Attributed to Owners of the Parent of $24.6 million and a loss per common share of $0.15.

Consolidated Financial Position

As of September 30, 2021, cash and cash equivalents amounted to $218.1 million, increasing 3.7%, or $7.8 million, from the $210.3 million reported as of June 30, 2021, and declining 2.4%, or $62.9 million, from the $281.0 million reported as of December 31, 2020. Total liquidity position at September 30, 2021, which included cash and cash equivalents as well as other financial assets, was $296.9 million, up $10.0 million from $286.9 million at June 30, 2021.

Total Debt at the close of the quarter declined 2.6%, or $35.0 million, to $1,309.8 million, from $1,344.8 million as of December 31, 2020. An amount of $772.8 million, or 59.0% of total debt is denominated in U.S. dollars, while $271.4 million, or 20.7%, is denominated in Euros, $226.6 million, or 17.3%, is in Brazilian Reals, $38.6 million, or 2.9%, is in Argentine Pesos, and $0.4 million is denominated in Armenian Drams.

The Net Debt to LTM Adjusted EBITDA ratio stood at 10.24x as of September 2021, down from 14.0x as of December 2020, reflecting the recovery in LTM Adjusted EBITDA, as Total Net Debt remained largely stable. As of September 30, 2021, all of CAAP’s subsidiaries were in compliance with their covenants.

Consolidated Debt Indicators (in US$ million)

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 September 30, 2021 was $99.6 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of September 30, 2021 was $106.7 million.

1 Of which approximately $169.0 million remain at Toscana Aeroporti level.

2 Of which approximately $214.2 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

Maturity of borrowings:

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

Maturity of borrowings - Breakdown by segment (in USD) as of September 30, 2021: