Corporacion America Airports S.A 6-K, filed Aug 18, 2026
Corporacion America Airports S.A. (CAAP)
About this 6-K
Corporacion America Airports S.A filed this 6-K on August 18, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2026
Commission File Number: 333-221916
Corporación América Airports S.A.
(Name of Registrant)
128, Boulevard de la Pétrusse
L-2330 Luxembourg
Tel: +35226258274
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 18, 2026
| Corporación America Airports S.A. | ||
| By: | /s/ Andres Zenarruza | |
| Name: | Andres Zenarruza | |
| Title: | Head of Legal & Compliance | |
| By: | /s/ Jorge Arruda | |
| Name: | Jorge Arruda | |
| Title: | Chief Financial Officer | |
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press release dated August 18, 2026 - Corporación América Airports S.A. Reports Second Quarter 2026 Results. |
Exhibit 99.1
CORPORACION AMERICA AIRPORTS REPORTS SECOND QUARTER 2026 RESULTS
Revenue ex-IFRIC 12 Increased 8.2% YoY on Strong Aeronautical and Commercial Revenue Growth
Adjusted EBITDA
ex-IFRIC 12 of $160.3 Million, Down 4.5% YoY, as Double-Digit Growth Across Four Markets Partially
Offset Lower Results in Argentina and Uruguay
Strong Financial Position with $692 Million in Cash & Cash Equivalents and Net Debt to LTM Adj. EBITDA of 0.5x
Luxembourg, August 18, 2026— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and six-month period ended June 30, 2026. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).
Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 25.
Second Quarter 2026 Highlights
| § | Consolidated Revenues excluding IFRIC12 (ex-IFRIC12) reached $470.7 million, up 8.2% year-over-year (YoY), driven by increases of 13.2% and 3.7% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29), consolidated revenues ex-IFRIC12 increased 8.4% YoY to $475.4 million. |
| § | Key operating metrics: |
| § | 0.6% decrease in passenger traffic to 20.6 million. | |
| § | 1.5% decrease in cargo volume to 95.7 thousand tons. | |
| § | 2.6% decrease in aircraft movements to 208.8 thousand. |
| § | Operating Income of $105.5 million, compared with $117.3 million in 2Q25. |
| § | Adjusted EBITDA ex-IFRIC12 decreased 4.5% to $160.3 million, from $167.9 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 decreased 4.3% to $161.3 million. |
| § | Adjusted EBITDA margin ex-IFRIC12 contracted 4.5 percentage points to 34.1% from 38.6% in 2Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 decreased to 33.9% from 38.4% in the prior-year quarter. |
| § | Maintained strong liquidity position with $692.5 million in Cash & Cash equivalents as of June 30, 2026. |
| § | Net debt to LTM Adjusted EBITDA of 0.5x as of June 30, 2026. |
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered a solid operating performance in the second quarter, with total passenger traffic remaining largely stable at 20.6 million passengers, as broad-based growth across our portfolio helped mitigate the domestic decrease in Argentina. Revenue excluding Construction services continued to outpace traffic growth, rising 8% year-over-year, supported by solid performance in both our aeronautical and commercial businesses. Revenue per passenger increased nearly 9%, with every country in which we operate contributing to this improvement, including Argentina.
Consolidated Adjusted EBITDA excluding IFRIC 12 reached $160 million, down 4.5% year-over-year. Profitability was affected by headwinds in Argentina and, to a lesser extent, non-recurring costs and expenses in Uruguay. In Argentina, results were primarily impacted by the reduction in Flybondi´s operating fleet, and a challenging comparison base for cargo revenues in 2Q25.By contrast, Italy, Brazil, Armenia and Ecuador each delivered double-digit year-on-year EBITDA growth, highlighting the strength of the diversification of our portfolio.
Our financial position strengthened further, with cash and cash equivalents increasing to $692 million at quarter-end and net leverage at 0.5x. These metrics reflect continued cash generation, debt repayments and disciplined financial management, providing us with flexibility to execute our strategic priorities and pursue our acquisition strategy.
We remain focused on advancing our strategic priorities centered on expanding passenger traffic volume, commercial activities, as well as revenue per passenger across the portfolio. Key initiatives include the ongoing concession rebalancing process in Argentina, efforts to obtain final approval for the Florence Airport Master Plan, the opening of a new VIP Lounge and expansion of the Duty-Free area in Montevideo, as well as various initiatives in connection with our cargo business in Argentina. At the same time, we continue to work hard on potential new concessions across the Americas, Africa and the Middle East.
Looking ahead, new routes, additional frequencies and growing inbound demand are expected to support international traffic in Argentina during the second half of the year, although domestic airline capacity constraints, planned runway maintenance, and challenging comparison base for cargo revenues may continue to weigh on the country’s near-term reported results.
In Uruguay, revenues associated with the new ILS system beginning in August, together with the opening of a new VIP lounge, new cargo business initiatives and healthy traffic trends, are expected to support revenue growth.
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Finally, I am pleased to announce that our Board approved the payment of cash dividends for a total of $150 million to be paid during 2026. This decision takes into account several key considerations, including shareholder returns, maintaining financial strength, preserving adequate cash balances at each operating company to support their strategic objectives, and maintaining sufficient liquidity at CAAP to pursue future growth opportunities. We remain committed to financial discipline and focused on creating long-term value for our shareholders.”
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Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 2Q26 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Passenger Traffic (Million Passengers) | 20.6 | 20.7 | -0.6 | % | 20.6 | 20.7 | -0.6 | % | ||||||||||||||||||||
| Revenue | 534.0 | 476.8 | 12.0 | % | -7.9 | 541.9 | 481.6 | 12.5 | % | |||||||||||||||||||
| Aeronautical Revenues | 231.2 | 222.9 | 3.7 | % | -2.8 | 234.0 | 225.0 | 4.0 | % | |||||||||||||||||||
| Non-Aeronautical Revenues | 302.9 | 253.9 | 19.3 | % | -5.1 | 308.0 | 256.5 | 20.0 | % | |||||||||||||||||||
| Revenue excluding Construction service | 470.7 | 435.2 | 8.2 | % | -4.7 | 475.4 | 438.5 | 8.4 | % | |||||||||||||||||||
| Operating Income / (Loss) | 105.5 | 117.3 | -10.1 | % | -37.1 | 142.6 | 149.6 | -4.7 | % | |||||||||||||||||||
| Operating Margin | 19.8 | % | 24.6 | % | -486 | 0.0 | % | 26.3 | % | 31.1 | % | -475 | ||||||||||||||||
| Net Income Attributable to Owners of the Parent | 52.8 | 49.3 | 6.9 | % | -25.8 | 78.5 | 52.2 | 50.4 | % | |||||||||||||||||||
| Basic EPS (US$) | 0.32 | 0.30 | 6.0 | % | -0.16 | 0.48 | 0.32 | 49.1 | % | |||||||||||||||||||
| Adjusted EBITDA | 163.2 | 171.2 | -4.7 | % | -1.0 | 164.1 | 171.9 | -4.5 | % | |||||||||||||||||||
| Adjusted EBITDA Margin | 30.6 | % | 35.9 | % | -535 | - | 30.3 | % | 35.7 | % | -540 | |||||||||||||||||
| Adjusted EBITDA Margin excluding Construction Service | 34.1 | % | 38.6 | % | -451 | - | 33.9 | % | 38.4 | % | -450 | |||||||||||||||||
| Net Debt to LTM Adjusted EBITDA | 0.5 | x | 1.0 | x | - | - | - | - | - | |||||||||||||||||||
| Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) | 0.5 | x | 1.0 | x | - | - | - | - | - | |||||||||||||||||||
Note: Figures in historical dollars (ex-IAS29) are included for comparison purposes.
| 1) | LTM Adjusted EBITDA excluding impairments of intangible assets. |
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 6M26 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Passenger Traffic (Million Passengers) | 42.4 | 41.1 | 3.2 | % | 42.4 | 41.1 | 3.2 | % | ||||||||||||||||||||
| Revenue | 1,070.6 | 910.3 | 17.6 | % | 8.1 | 1,062.5 | 927.6 | 14.5 | % | |||||||||||||||||||
| Aeronautical Revenues | 508.4 | 451.5 | 12.6 | % | 6.7 | 501.7 | 460.2 | 9.0 | % | |||||||||||||||||||
| Non-Aeronautical Revenues | 562.2 | 458.8 | 22.5 | % | 1.4 | 560.8 | 467.4 | 20.0 | % | |||||||||||||||||||
| Revenue excluding Construction service | 965.0 | 838.8 | 15.0 | % | 11.7 | 953.3 | 852.3 | 11.8 | % | |||||||||||||||||||
| Operating Income / (Loss) | 244.7 | 218.0 | 12.2 | % | -64.6 | 309.2 | 288.1 | 7.3 | % | |||||||||||||||||||
| Operating Margin | 22.9 | % | 23.9 | % | -109 | - | 29.1 | % | 31.1 | % | -195 | |||||||||||||||||
| Net (Loss) / Income Attributable to Owners of the Parent | 129.6 | 88.6 | 46.3 | % | -38.4 | 168.0 | 127.3 | 32.0 | % | |||||||||||||||||||
| EPS (US$) | 0.79 | 0.55 | 44.7 | % | -0.23 | 1.03 | 0.79 | 30.5 | % | |||||||||||||||||||
| Adjusted EBITDA | 360.8 | 323.7 | 11.4 | % | 7.4 | 353.3 | 331.9 | 6.4 | % | |||||||||||||||||||
| Adjusted EBITDA Margin | 33.7 | % | 35.6 | % | -187 | - | 33.3 | % | 35.8 | % | -253 | |||||||||||||||||
| Adjusted EBITDA Margin excluding Construction Service | 36.9 | % | 37.9 | % | -103 | - | 36.6 | % | 38.3 | % | -172 | |||||||||||||||||
| Net Debt to LTM Adjusted EBITDA | 0.5 | x | 1.0 | x | - | - | - | - | - | |||||||||||||||||||
| Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) | 0.5 | x | 1.0 | x | - | - | - | - | - | |||||||||||||||||||
Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.
| 1) | LTM Adjusted EBITDA excluding impairments of intangible assets. |
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2Q26 Operating Performance
Passenger Traffic
Total passenger traffic decreased slightly by 0.6% YoY to 20.6 million passengers, as growth in the international segment was more than offset by a decline in domestic travel. Domestic traffic declined by 8.1% YoY, primarily due to lower traffic in Argentina. International traffic increased by 5.9% YoY, with all countries of operation posting positive YoY growth except Brazil, where international passenger accounts for less than 5% of total passenger traffic. International traffic remained strong across most countries, including double-digit YoY growth in Armenia.
In Argentina, passenger traffic decreased by 6.2% YoY, as growth in international traffic was more than offset by a decline in domestic travel. Domestic traffic declined by 11.6% YoY, primarily due to reduced capacity at Flybondi, which operated with approximately 30% of its originally scheduled fleet for much of the quarter, and at JetSMART, which also experienced lower activity due to scheduled maintenance. Likewise, Aerolíneas Argentinas operated with lower capacity during June following fuel price increases. Bariloche, Córdoba, Iguazú, and Mendoza ranked among the top domestic destinations during the second quarter. International passenger traffic increased by 4.0% YoY, supported by strong growth in seat capacity, particularly during April and May. Argentina recorded the highest growth in seat capacity among South American countries during the first half of 2026. Among other developments, Arajet announced a new Mendoza–Punta Cana route with three weekly frequencies, while Plus Ultra launched a new Madrid–Ezeiza route with two weekly frequencies, which commenced operations on July 2. June traffic was also affected by the FIFA World Cup, which temporarily dampened leisure and business travel as some passengers postponed or adjusted their travel plans. The top international destinations during the quarter were Santiago de Chile, São Paulo, Madrid, and Rio de Janeiro.
In Italy, passenger traffic increased by 5.3% YoY, primarily driven by strong performance in the international segment, which accounted for more than 80% of total traffic and grew by 6.4% YoY. International traffic was supported by growth of 8.0% at Pisa Airport and 4.2% at Florence Airport. Domestic traffic increased slightly by 0.7% YoY, with both airports contributing positively to the overall result.
In Brazil, total passenger traffic increased by 4.2% YoY, reflecting improving traffic trends following a prolonged period of challenges in the aviation sector. Domestic traffic, which accounted for more than 50% of total traffic, declined slightly by 1.2% YoY, while transit passenger traffic increased by 14.3% YoY. Brasília International Airport continued to benefit from its role as a key secondary hub within Brazil's domestic network.
In Uruguay, where traffic is predominantly international, total passenger traffic increased by 2.0% YoY, although growth was negatively affected by the calendar shift of the Easter holidays. Among other developments, Azul Linhas Aéreas Brasileiras launched a new Montevideo–Belo Horizonte route with two weekly frequencies.
In Ecuador, passenger traffic increased by 2.3% YoY despite ongoing public security concerns. International traffic increased by 8.3% YoY, primarily supported by strong demand on routes to the U.S., new services launched by Avianca, JetBlue, and LATAM Airlines, as well as additional frequencies operated by American Airlines. Domestic traffic, however, declined by 3.1% YoY, as elevated airfares continued to weigh on demand.
In Armenia, passenger traffic increased by 12.7% YoY despite disruptions related to the conflict in Iran, which resulted in flight cancellations and airspace restrictions across the region. The impact was more limited than initially expected, as strong demand from Western and Eastern Europe, Asia, and Russia continued to support overall traffic growth. The addition of new airlines and routes, increased flight frequencies, and the launch of the new Wizz Air base at Zvartnots International Airport in late 2025 continued to support the airport's strong performance.
Cargo Volume
Cargo volume decreased by 1.5% YoY, reflecting declines across all countries of operation except Argentina. Performance by country was as follows: Argentina (+3.6%), Armenia (-3.4%), Brazil (-10.0%), Ecuador (-10.9%), Uruguay (-0.4%), and Italy (-11.5%). Argentina, Brazil, and Uruguay together accounted for nearly 80% of total cargo volume during the quarter.
Aircraft Movements
Total aircraft movements decreased by 2.6% YoY, as increases in Armenia, Italy, and Brazil were more than offset by declines in Argentina, Uruguay, and Ecuador. Performance by country was as follows: Armenia (+8.2%), Italy (+3.1%), Brazil (+1.7%), Uruguay (-8.7%), Argentina (-6.2%), and Ecuador (-1.4%). Argentina, Brazil, and Italy together accounted for over 80% of total aircraft movements during the quarter.
Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 38 of this report.
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Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements
| 2Q26 | 2Q25 | % Var. | ||||||||||
| Domestic Passengers (in thousands) | 9,581 | 10,427 | -8.1 | % | ||||||||
| International Passengers (in thousands) | 8,856 | 8,365 | 5.9 | % | ||||||||
| Transit Passengers (in thousands) | 2,128 | 1,895 | 12.3 | % | ||||||||
| Total Passengers (in thousands) | 20,565 | 20,686 | -0.6 | % | ||||||||
| Cargo Volume (in thousands of tons) (2) | 95.7 | 97.2 | -1.5 | % | ||||||||
| Total Aircraft Movements (in thousands) | 208.8 | 214.4 | -2.6 | % | ||||||||
| Passenger Traffic Breakdown | Cargo Volume | Aircraft Movements | ||||||||||||||||||||||||||||||||||
| Country | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | |||||||||||||||||||||||||||
| (thousands) | (tons) | |||||||||||||||||||||||||||||||||||
| Argentina | 9,974 | 10,636 | -6.2 | % | 53,020 | 51,188 | 3.6 | % | 105,976 | 112,959 | -6.2 | % | ||||||||||||||||||||||||
| Italy | 3,048 | 2,895 | 5.3 | % | 2,779 | 3,141 | -11.5 | % | 27,119 | 26,305 | 3.1 | % | ||||||||||||||||||||||||
| Brazil | 4,212 | 4,042 | 4.2 | % | 13,865 | 15,399 | -10.0 | % | 37,994 | 37,362 | 1.7 | % | ||||||||||||||||||||||||
| Uruguay | 533 | 522 | 2.0 | % | 8,656 | 8,695 | -0.4 | % | 7,078 | 7,752 | -8.7 | % | ||||||||||||||||||||||||
| Ecuador (1) | 1,196 | 1,169 | 2.3 | % | 8,433 | 9,464 | -10.9 | % | 18,990 | 19,265 | -1.4 | % | ||||||||||||||||||||||||
| Armenia | 1,602 | 1,421 | 12.7 | % | 8,965 | 9,282 | -3.4 | % | 11,628 | 10,751 | 8.2 | % | ||||||||||||||||||||||||
| TOTAL | 20,565 | 20,686 | -0.6 | % | 95,718 | 97,168 | -1.5 | % | 208,785 | 214,394 | -2.6 | % | ||||||||||||||||||||||||
| 1) | CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included in this table. |
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Review of Consolidated Results
Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.
Revenues
Consolidated revenues increased by 12.0% YoY to $534.0 million. Excluding Construction Services and the impact of IAS 29, revenues increased by 8.4% YoY to $475.4 million, despite a 0.6% decline in passenger traffic. Revenue ex-IFRIC12 growth reflected positive contributions from every country of operations except Argentina, with Armenia and Brazil delivering double-digit increases. Both aeronautical and commercial revenues contributed to the increase, which also benefited from the appreciation of local currencies.
The following table provides a breakdown of revenue performance by country. Further details on the performance of CAAP´s countries of operation can be found on page 13.
Revenues by Segment (in US$ million)
| Country | 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | |||||||||||||||||||||
| Argentina | 257.2 | 256.0 | 0.5 | % | -7.9 | 265.1 | 260.7 | 1.7 | % | |||||||||||||||||||
| Italy | 56.3 | 45.7 | 23.1 | % | - | 56.3 | 45.7 | 23.1 | % | |||||||||||||||||||
| Brazil | 34.6 | 27.7 | 25.2 | % | - | 34.6 | 27.7 | 25.2 | % | |||||||||||||||||||
| Uruguay | 49.3 | 47.2 | 4.4 | % | - | 49.3 | 47.2 | 4.4 | % | |||||||||||||||||||
| Armenia | 106.4 | 72.8 | 46.2 | % | - | 106.4 | 72.8 | 46.2 | % | |||||||||||||||||||
| Ecuador (1) | 29.9 | 27.3 | 9.5 | % | - | 29.9 | 27.3 | 9.5 | % | |||||||||||||||||||
| Unallocated | 0.3 | 0.2 | 107.0 | % | - | 0.3 | 0.2 | 107.0 | % | |||||||||||||||||||
| Total consolidated revenue (2) | 534.0 | 476.8 | 12.0 | % | -7.9 | 541.9 | 481.6 | 12.5 | % | |||||||||||||||||||
1 Only includes Guayaquil Airport.
2 Excluding Construction Service revenue, ‘As reported’ revenues decreased 5.8% in Argentina (or 5.1% ex-IAS29), and increased 48.5% in Armenia, 8.7% in Italy, 6.0% in Uruguay, 24.8% in Brazil and 9.5% in Ecuador.
Revenue Breakdown (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Aeronautical Revenue | 231.2 | 222.9 | 3.7 | % | -2.8 | 234.0 | 225.0 | 4.0 | % | |||||||||||||||||||
| Non-Aeronautical Revenue | 302.9 | 253.9 | 19.3 | % | -5.1 | 308.0 | 256.5 | 20.0 | % | |||||||||||||||||||
| Commercial revenue | 236.8 | 209.2 | 13.2 | % | -1.9 | 238.7 | 210.4 | 13.5 | % | |||||||||||||||||||
| Construction service revenue (1) | 63.4 | 41.6 | 52.2 | % | -3.2 | 66.6 | 43.0 | 54.7 | % | |||||||||||||||||||
| Other revenue | 2.7 | 3.1 | -13.8 | % | 0.0 | 2.7 | 3.1 | -13.8 | % | |||||||||||||||||||
| Total Consolidated Revenue | 534.0 | 476.8 | 12.0 | % | -7.9 | 541.9 | 481.6 | 12.5 | % | |||||||||||||||||||
| Total Revenue excluding Construction Service revenue (2) | 470.7 | 435.2 | 8.2 | % | -4.7 | 475.4 | 438.5 | 8.4 | % | |||||||||||||||||||
1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.
2 Excludes Construction Service revenue.
Aeronautical Revenues accounted for 43.3% of total revenues, increasing by 3.7% YoY to $231.2 million, or by 4.0% YoY to $234.0 million excluding the impact of IAS 29. This performance was supported by positive contributions from all countries of operation except Argentina, where aeronautical revenues declined by 1.6%, outperforming the 6.2% decline in passenger traffic, supported by continued growth in international traffic. Brazil, Italy, Armenia, and Ecuador delivered strong results, with aeronautical revenues increasing by 26.0%, 12.3%, 8.3%, and 8.1%, respectively, all exceeding passenger traffic growth. Uruguay also reported a 5.3% increase, outperforming passenger traffic growth. Tariff increases in Brazil, Uruguay, and Ecuador further supported aeronautical revenue growth.
Non-Aeronautical Revenues accounted for 56.7% of total revenues, increasing by 19.3% YoY to $302.9 million, or by 20.0% YoY to $308.0 million excluding the impact of IAS 29. Commercial revenues increased by 13.2% YoY, or by 13.5% excluding IAS 29, primarily driven by strong contributions from fuel-related revenues in Armenia, together with improved performance across VIP lounge, space rentals, food and beverage, and duty-free operations. Growth in advertising and retail stores also contributed to this performance. All countries of operation posted commercial revenue growth except Argentina, where lower cargo, parking, VIP lounge, and duty-free revenues more than offset growth in other commercial revenue streams. Meanwhile, Construction service revenues increased by 52.2% YoY, or by 54.7% excluding IAS 29, mainly reflecting higher capital expenditure levels across most countries during the period.
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Operating Costs and Expenses
In 2Q26, Total costs and expenses, excluding Construction service costs, increased by 15.6% YoY, or by 16.0% to $347.2 million excluding the impact of IAS 29. The increase was primarily driven by higher Fuel costs in Armenia, along with higher Salaries and social security contributions, mainly in Argentina. Higher SG&A expenses also contributed to the overall increase in costs.
Operating costs and expenses were also affected by the appreciation of local currencies in real terms, as inflation in Argentina and Uruguay outpaced the depreciation of their respective currencies against the U.S. dollar, resulting in higher local-currency-denominated operating costs when translated into U.S. dollar terms.
Cost of Services rose by 19.5% YoY, or 20.7% to $342.6 million when ex-IAS29, mainly as a result of the following increases (ex-IAS29):
| § | 89.6%, or $25.1 million, in Fuel costs, mainly in Armenia, |
| § | 60.6%, or $24.0 million, in Construction Service Costs, reflecting higher capital expenditures, and |
| § | 14.9%, or $9.2 million, in Salaries and social security contributions. |
These increases were partially offset by lower Office expenses and Depreciation and amortization. Excluding Construction service costs, Cost of services increased by 14.0% YoY, or by 14.2% to $278.9 million excluding the impact of IAS 29, primarily reflecting the aforementioned increases in Fuel costs and Salaries and social security contributions.
Selling, General, and Administrative Expenses (“SG&A”) increased by 21.1% YoY to $64.5 million in 2Q26. Excluding the impact of IAS 29, SG&A expenses rose by 21.8% YoY to $64.5 million, mainly reflecting higher Salaries and social security contributions, as well as increased Taxes, and Services and fees.
Other expenses increased to $4.0 million in 2Q26, from $2.3 million in 2Q25.
Costs and Expenses (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Cost of Services | 371.4 | 310.9 | 19.5 | % | 28.8 | 342.6 | 283.8 | 20.7 | % | |||||||||||||||||||
| Salaries and social security contributions | 69.3 | 60.7 | 14.3 | % | -1.2 | 70.5 | 61.4 | 14.9 | % | |||||||||||||||||||
| Concession fees | 54.3 | 54.1 | 0.5 | % | -0.8 | 55.1 | 54.7 | 0.8 | % | |||||||||||||||||||
| Construction service cost | 60.5 | 38.3 | 58.1 | % | -3.2 | 63.7 | 39.7 | 60.6 | % | |||||||||||||||||||
| Maintenance expenses | 46.5 | 45.8 | 1.5 | % | -0.9 | 47.4 | 46.4 | 2.1 | % | |||||||||||||||||||
| Amortization and depreciation | 55.7 | 51.9 | 7.3 | % | 35.2 | 20.5 | 21.2 | -3.2 | % | |||||||||||||||||||
| Other | 85.1 | 60.2 | 41.3 | % | -0.3 | 85.3 | 60.5 | 41.1 | % | |||||||||||||||||||
| Cost of Services Excluding Construction Service cost | 310.9 | 272.6 | 14.0 | % | 32.0 | 278.9 | 244.2 | 14.2 | % | |||||||||||||||||||
| Selling, general and administrative expenses | 64.5 | 53.3 | 21.1 | % | 0.1 | 64.5 | 52.9 | 21.8 | % | |||||||||||||||||||
| Other expenses | 4.0 | 2.3 | 74.4 | % | 0.2 | 3.8 | 2.3 | 67.2 | % | |||||||||||||||||||
| Total Costs and Expenses | 439.9 | 366.4 | 20.1 | % | 29.1 | 410.9 | 339.0 | 21.2 | % | |||||||||||||||||||
| Total Costs and Expenses Excluding Construction Service cost | 379.4 | 328.1 | 15.6 | % | 32.3 | 347.2 | 299.4 | 16.0 | % | |||||||||||||||||||
Page 7 of 41
Adjusted EBITDA and Adjusted EBITDA excluding Construction Service
In 2Q26, CAAP reported Adjusted EBITDA of $163.2 million and Adjusted EBITDA ex-IFRIC 12 of $160.3 million, down 4.5% YoY from $167.9 million in 2Q25. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 declined by 4.3% YoY to $161.3 million.
This performance was primarily driven by a 20.5% YoY decline in Adjusted EBITDA ex-IFRIC 12 in Argentina (20.0% excluding IAS 29) and, to a lesser extent, a 16.3% decline in Uruguay, partially offset by double-digit growth in Armenia, Brazil, Italy, and Ecuador.
The decline in Argentina primarily reflected lower passenger traffic, reduced cargo revenues against a difficult YoY comparison base, and lower commercial revenues associated with the decline in traffic. The YoY comparison for Cargo revenues was affected by labor disruptions at Customs in April 2025, which resulted in longer cargo storage periods and exceptionally high storage revenues. In addition, lower average cargo dwell times, reflecting more efficient customs clearance processes, further reduced storage revenues. On the cost side, operating costs and expenses increased, reflecting the appreciation of the Argentine peso in real terms, as inflation outpaced the depreciation of the peso against the U.S. dollar, increasing local-currency-denominated operating costs in U.S. dollar terms.
Adjusted EBITDA margin ex-IFRIC 12 contracted by 4.5 percentage points to 34.1%, compared to 38.6% in 2Q25. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA margin ex-IFRIC 12 also contracted by 4.5 percentage points, from 38.4% in 2Q25 to 33.9% in 2Q26, primarily reflecting margin contraction in Argentina, Uruguay, and Armenia, partially offset by margin expansion in Italy, Brazil, and Ecuador.
Margin contraction in Argentina reflected the lower passenger traffic, reduced cargo and commercial revenues, and higher operating costs discussed above. In Uruguay, margins were also affected by the appreciation of the Uruguayan peso in real terms, as inflation outpaced the depreciation of the peso against the U.S. dollar, increasing local-currency-denominated operating costs in U.S. dollar terms. In Armenia, margin contraction primarily reflected the growing contribution from the fuel business, which carries structurally lower margins than core airport operations and therefore diluted the country’s overall margin.
Adjusted EBITDA by Segment (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Argentina | 73.8 | 92.7 | -20.4 | % | -1.0 | 74.7 | 93.4 | -20.0 | % | |||||||||||||||||||
| Italy | 18.6 | 16.6 | 12.3 | % | - | 18.6 | 16.6 | 12.3 | % | |||||||||||||||||||
| Brazil | 14.7 | 11.2 | 31.9 | % | - | 14.7 | 11.2 | 31.9 | % | |||||||||||||||||||
| Uruguay | 13.0 | 15.5 | -16.3 | % | - | 13.0 | 15.5 | -16.3 | % | |||||||||||||||||||
| Armenia | 35.4 | 29.4 | 20.5 | % | - | 35.4 | 29.4 | 20.5 | % | |||||||||||||||||||
| Ecuador | 9.3 | 7.9 | 16.9 | % | - | 9.3 | 7.9 | 16.9 | % | |||||||||||||||||||
| Unallocated | -1.4 | -2.1 | -32.9 | % | - | -1.4 | -2.1 | -32.9 | % | |||||||||||||||||||
| Total segment EBITDA | 163.2 | 171.2 | -4.7 | % | -1.0 | 164.1 | 171.9 | -4.5 | % | |||||||||||||||||||
Page 8 of 41
Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Income from Continuing Operations | 53.5 | 51.5 | 3.9 | % | -25.8 | 79.3 | 70.3 | 12.8 | % | |||||||||||||||||||
| Financial Income | -19.1 | -18.1 | 5.6 | % | 10.7 | -29.8 | -31.6 | -5.8 | % | |||||||||||||||||||
| Financial Loss | 58.2 | 71.5 | -18.6 | % | -35.6 | 93.8 | 113.6 | -17.4 | % | |||||||||||||||||||
| Inflation adjustment | 3.5 | 1.7 | 110.4 | % | 3.5 | 0.0 | -0.7 | -99.2 | % | |||||||||||||||||||
| Income Tax Expense | 8.0 | 10.1 | -20.1 | % | 10.1 | -2.1 | -2.7 | -22.7 | % | |||||||||||||||||||
| Amortization and Depreciation | 59.0 | 54.5 | 8.2 | % | 36.1 | 22.8 | 23.0 | -0.5 | % | |||||||||||||||||||
| Adjusted EBITDA | 163.2 | 171.2 | -4.7 | % | -1.0 | 164.1 | 171.9 | -4.5 | % | |||||||||||||||||||
| Adjusted EBITDA Margin | 30.6 | % | 35.9 | % | -535 | - | 30.3 | % | 35.7 | % | -540 | |||||||||||||||||
| Adjusted EBITDA excluding Construction Service | 160.3 | 167.9 | -4.5 | % | -0.9 | 161.3 | 168.5 | -4.3 | % | |||||||||||||||||||
| Adjusted EBITDA Margin excluding Construction Service | 34.1 | % | 38.6 | % | -451 | - | 33.9 | % | 38.4 | % | -450 | |||||||||||||||||
Page 9 of 41
Financial Income and Loss
CAAP reported a Net financial loss of $42.6 million in 2Q26, compared with a net financial loss of $55.1 million in 2Q25. The year-over-year improvement primarily reflected higher foreign exchange gains in Argentina, driven by the real appreciation of the Argentine peso and its impact on the Company's net monetary liability position, as well as lower net interest expense. Excluding the impact of IAS 29, CAAP reported a net financial loss of $63.9 million in 2Q26, compared with a net financial loss of $81.3 million in the same period of 2025.
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Financial Income | 19.1 | 18.1 | 5.6 | % | -10.7 | 29.8 | 31.6 | -5.3 | % | |||||||||||||||||||
| Interest income | 11.4 | 8.8 | 29.8 | % | -0.1 | 11.5 | 8.9 | 31.4 | % | |||||||||||||||||||
| Foreign exchange income | 2.2 | 6.8 | -67.2 | % | -10.5 | 12.7 | 20.2 | -37.0 | % | |||||||||||||||||||
| Other | 5.5 | 2.6 | 114.5 | % | -0.1 | 5.6 | 2.6 | 117.2 | % | |||||||||||||||||||
| Inflation adjustment | -3.5 | -1.7 | 110.4 | % | -3.5 | 0.0 | 0.7 | -99.2 | % | |||||||||||||||||||
| Inflation adjustment | -3.5 | -1.7 | 110.4 | % | -3.5 | 0.0 | 0.7 | -99.2 | % | |||||||||||||||||||
| Financial Loss | -58.2 | -71.5 | -18.6 | % | 35.6 | -93.8 | -113.6 | -17.4 | % | |||||||||||||||||||
| Interest Expenses | -22.2 | -22.4 | -0.8 | % | 0.5 | -22.7 | -22.7 | 0.1 | % | |||||||||||||||||||
| Foreign exchange transaction expenses | -5.2 | -27.7 | -81.3 | % | 35.2 | -40.3 | -69.6 | -42.0 | % | |||||||||||||||||||
| Changes in liability for concessions | -27.2 | -19.3 | 40.9 | % | - | -27.2 | -19.3 | 40.9 | % | |||||||||||||||||||
| Other expenses | -3.6 | -2.1 | 73.9 | % | 0 | -3.6 | -2.1 | 74.5 | % | |||||||||||||||||||
| Financial Loss, Net | -42.6 | -55.1 | -22.6 | % | 21.4 | -63.9 | -81.3 | -21.4 | % | |||||||||||||||||||
See “Use of Non-IFRS Financial Measures” on page 25.
Income Tax Expense
During 2Q26, the Company reported an Income Tax Expense of $8.0 million, compared to an expense of $10.1 million in 2Q25. Excluding the impact of IAS 29, income tax expense totaled $11.5 million in 2Q26, compared with an income tax benefit of $2.7 million in the year-ago quarter.
Net Income and Net Income Attributable to Owners of the Parent
During 2Q26, CAAP reported net income of $53.5 million, compared with $51.5 million in 2Q25. The year-over-year improvement reflected favorable financial and tax results, including higher foreign exchange gains in Argentina and lower net interest and income tax expenses, which more than offset the decline in operating income.
In 2Q26, the Company reported Net Income Attributed to Owners of the Parent of $52.8 million and earnings per common share of $0.32, compared with Net Income Attributable to Owners of the Parent of $49.3 million in 2Q25, equivalent to earnings per common share of $0.30.
Consolidated Financial Position
As of June 30, 2026, Cash and cash equivalents totaled $692.5 million, increasing 3.9% from the $666.2 million reported as of March 31, 2026, and 16.8% from the $592.8 million reported as of December 31, 2025. Total liquidity, which includes Cash and cash equivalents as well as other current financial assets, increased to $860.8 million, up from $772.4 million as of March 31, 2026, and $714.8 million as of December 31, 2025.
Total debt declined 2.0%, or $21.7 million, to $1,073.5 million as of June 30, 2026, compared with $1,095.2 million as of December 31, 2025, primarily reflecting debt repayments in Argentina. A total of $757.4 million, or 70.6% of total debt is denominated in U.S. dollars, while $173.3 million, or 16.1% is denominated in Brazilian Reals, and $142.8 million, or 13.3%, is in Euros.
The Net Debt to LTM Adjusted EBITDA ratio improved to 0.5x as of June 30, 2026, from 0.7x as of December 31, 2025. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No impairments to intangible assets were recorded over the past twelve months. As a result, the net debt to LTM Adjusted EBITDA ratio excluding intangible assets also stood at 0.5x. All CAAP subsidiaries remained in full compliance with their financial covenants as of June 30, 2026.
Page 10 of 41
Consolidated Debt Indicators (in US$ million)
| As of Jun 30, 2026 | As of Dec 31, 2025 | |||||||
| Leverage | ||||||||
| Total Debt / LTM Adjusted EBITDA (Times)1,3 | 1.3x | 1.5x | ||||||
| Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4 | 0.5x | 0.7x | ||||||
| Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5 | 0.5x | 0.7x | ||||||
| Total Debt | 1,073.5 | 1,095.2 | ||||||
| Short-Term Debt | 147.4 | 139.4 | ||||||
| Long-Term Debt | 926.1 | 955.9 | ||||||
| Cash & Cash Equivalents | 692.5 | 592.8 | ||||||
| Total Net Debt3 | 381.0 | 502.5 | ||||||
1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.
2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.
3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.
4 LTM Adjusted EBITDA as of June 30, 2026, was $805.5 million.
5 LTM Adjusted EBITDA excluding impairment of intangible assets as of June 30, 2026, was $805.8 million.
Total Debt by Segment (in US$ million)
| As of Jun 30, 2026 | As of Dec 31, 2025 | |||||||
| Argentina | 497.3 | 533.5 | ||||||
| Italy (1) | 142.8 | 131.6 | ||||||
| Brazil | 173.3 | 168.0 | ||||||
| Uruguay (2) | 260.1 | 262.1 | ||||||
| Armenia | - | - | ||||||
| Ecuador | - | - | ||||||
| Total | 1,073.5 | 1,095.2 | ||||||
1 Of which approximately $125.8 million remain at Toscana Aeroporti level.
2 Of which approximately $237.2 million remain at ACI Airport Sudamérica SAU.
Maturity of borrowings:
| 1 year or less | 1 – 2 years | 2 – 5 years | Over 5 years | Total | ||||||||||||||||
| Debt service (1) | 227.8 | 196.4 | 695.5 | 270.8 | 1,390.5 | |||||||||||||||
1 The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.
Maturity of borrowings – Breakdown by segment (in USD) as of June 30, 2026:
| Segment | Currency | 1 year or less | 1 – 2 years | 2 – 5 years | Over 5 years | Total | ||||||||||||||||||
| Argentina | Principal | USD | 94.5 | 84.1 | 294.2 | 33.2 | 505.9 | |||||||||||||||||
| Interest | USD | 34.4 | 28.9 | 43.7 | 0.8 | 107.8 | ||||||||||||||||||
| Principal | ARS | 0.1 | - | - | - | 0.1 | ||||||||||||||||||
| Interest | ARS | - | - | - | - | - | ||||||||||||||||||
| Italy | Principal | EUR | 16.5 | 5.3 | 122.7 | - | 144.6 | |||||||||||||||||
| Interest | EUR | 8.1 | 6.6 | 12.3 | - | 27.0 | ||||||||||||||||||
| Brazil | Principal | R$ | 14.2 | 17.2 | 65.9 | 75.4 | 172.6 | |||||||||||||||||
| Interest | R$ | 17.6 | 15.1 | 33.3 | 10.2 | 76.2 | ||||||||||||||||||
| Uruguay | Principal | USD | 25.1 | 23.4 | 86.1 | 132.5 | 267.1 | |||||||||||||||||
| Interest | USD | 17.3 | 15.8 | 37.3 | 18.8 | 89.2 | ||||||||||||||||||
| Total | 227.8 | 196.4 | 695.5 | 270.8 | 1,390.5 | |||||||||||||||||||
Page 11 of 41
Cash & Cash Equivalent by Segment (in US$ million)
| As of Jun 30, 2026 | As of Dec 31, 2025 | |||||||
| Argentina | 54.9 | 68.8 | ||||||
| Italy | 39.0 | 34.8 | ||||||
| Brazil (1) | 115.6 | 83.4 | ||||||
| Uruguay | 28.0 | 22.5 | ||||||
| Armenia | 35.9 | 36.8 | ||||||
| Ecuador | 5.7 | 8.6 | ||||||
| Intermediate holding Companies | 413.5 | 337.9 | ||||||
| Total | 692.5 | 592.8 | ||||||
1 At Inframérica Concessionaria do Aeroporto de Brasilia level.
CAPEX
During 2Q26, CAAP made capital expenditures of $67.0 million, a 39.7% YoY increase from $47.9 million in 2Q25. Capital expenditures ex-IAS 29, amounted to $70.3 million in the quarter, with Argentina, Italy and Uruguay accounting for 59%, 19% and 13%, respectively.
Page 12 of 41
Review of Segment Results
Argentina
Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for Aeropuertos Argentina (AA), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 2Q26.
| 2Q26
as reported | 2Q25
as reported | %
Var as reported | IAS 29 | 2Q26
ex IAS 29 | 2Q25
ex IAS 29 | %
Var ex IAS 29 | ||||||||||||||||||||||
| OPERATING STATISTICS | ||||||||||||||||||||||||||||
| Domestic Passengers (in millions) (1) | 6.1 | 6.9 | -11.6 | % | 6.1 | 6.9 | -11.6 | % | ||||||||||||||||||||
| International Passengers (in millions) (1) | 3.5 | 3.4 | 4.0 | % | 3.5 | 3.4 | 4.0 | % | ||||||||||||||||||||
| Transit Passengers (in millions) (1) | 0.4 | 0.4 | 1.9 | % | 0.4 | 0.4 | 1.9 | % | ||||||||||||||||||||
| Total Passengers (in millions) (1) | 10.0 | 10.6 | -6.2 | % | 10.0 | 10.6 | -6.2 | % | ||||||||||||||||||||
| Cargo Volume (in thousands of tons) | 53.0 | 51.2 | 3.6 | % | 53.0 | 51.2 | 3.6 | % | ||||||||||||||||||||
| Total Aircraft Movements (in thousands) | 106.0 | 113.0 | -6.2 | % | 106.0 | 113.0 | -6.2 | % | ||||||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
| Aeronautical Revenue | 123.0 | 125.0 | -1.6 | % | -2.8 | 125.8 | 127.1 | -1.0 | % | |||||||||||||||||||
| Non-Aeronautical revenue | 134.1 | 130.9 | 2.4 | % | -5.1 | 139.2 | 133.6 | 4.2 | % | |||||||||||||||||||
| Commercial revenue | 95.6 | 107.0 | -10.7 | % | -1.9 | 97.5 | 108.3 | -10.0 | % | |||||||||||||||||||
| Construction service revenue | 38.6 | 23.9 | 61.1 | % | -3.2 | 41.8 | 25.3 | 64.9 | % | |||||||||||||||||||
| Total Revenue | 257.2 | 256.0 | 0.5 | % | -7.9 | 265.1 | 260.7 | 1.7 | % | |||||||||||||||||||
| Total Revenue Excluding IFRIC12(2) | 218.6 | 232.0 | -5.8 | % | -4.7 | 223.3 | 235.4 | -5.1 | % | |||||||||||||||||||
| Cost of Services | 196.7 | 174.6 | 12.7 | % | 28.8 | 167.9 | 147.5 | 13.8 | % | |||||||||||||||||||
| Selling, general and administrative expenses | 32.2 | 28.3 | 13.9 | % | 0.1 | 32.2 | 28.0 | 15.0 | % | |||||||||||||||||||
| Other expenses | 1.8 | 1.6 | 11.5 | % | 0.2 | 1.6 | 1.6 | 0.8 | % | |||||||||||||||||||
| Total Costs and Expenses | 230.7 | 204.5 | 12.8 | % | 29.1 | 201.7 | 177.1 | 13.9 | % | |||||||||||||||||||
| Total Costs and Expenses Excluding IFRIC12(3) | 192.3 | 180.6 | 6.4 | % | 32.3 | 160.0 | 151.9 | 5.4 | % | |||||||||||||||||||
| Adjusted Segment EBITDA | 73.8 | 92.7 | -20.4 | % | -1.0 | 74.7 | 93.4 | -20.0 | % | |||||||||||||||||||
| Adjusted Segment EBITDA Mg | 28.7 | % | 36.2 | % | -754 | - | 28.2 | % | 35.8 | % | -763 | |||||||||||||||||
| Adjusted EBITDA Margin excluding IFRIC 12(4) | 33.7 | % | 39.9 | % | -622 | - | 33.4 | % | 39.6 | % | -622 | |||||||||||||||||
| Capex | 38.3 | 25.9 | 48.1 | % | -3.3 | 41.6 | 27.4 | 52.0 | % | |||||||||||||||||||
| 1) | See Note 1 in Table "Operating & Financial Highlights”. |
| 2) | Excludes Construction Service revenue. |
| 3) | Excludes Construction Service cost. |
| 4) | Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue. |
Page 13 of 41
| 6M26
as reported | 6M26
as reported | %
Var as reported | IAS 29 | 6M26
ex IAS 29 | 6M25
ex IAS 29 | %
Var ex IAS 29 | ||||||||||||||||||||||
| OPERATING STATISTICS | ||||||||||||||||||||||||||||
| Domestic Passengers (in millions) (1) | 13.6 | 14.5 | -6.4 | % | 13.6 | 14.5 | -6.4 | % | ||||||||||||||||||||
| International Passengers (in millions) (1) | 8.4 | 7.5 | 12.0 | % | 8.4 | 7.5 | 12.0 | % | ||||||||||||||||||||
| Transit Passengers (in millions) (1) | 0.8 | 0.7 | 3.7 | % | 0.8 | 0.7 | 3.7 | % | ||||||||||||||||||||
| Total Passengers (in millions) (1) | 22.8 | 22.8 | 0.0 | % | 22.8 | 22.8 | 0.0 | % | ||||||||||||||||||||
| Cargo Volume (in thousands of tons) | 105.2 | 101.2 | 4.0 | % | 105.2 | 101.2 | 4.0 | % | ||||||||||||||||||||
| Total Aircraft Movements (in thousands) | 229.3 | 232.4 | -1.3 | % | 229.3 | 232.4 | -1.3 | % | ||||||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
| Aeronautical Revenue | 302.1 | 269.4 | 12.1 | % | 6.7 | 295.4 | 278.2 | 6.2 | % | |||||||||||||||||||
| Non-Aeronautical revenue | 264.3 | 241.0 | 9.7 | % | 1.4 | 262.8 | 249.6 | 5.3 | % | |||||||||||||||||||
| Commercial revenue | 203.0 | 197.9 | 2.6 | % | 5.0 | 198.1 | 202.6 | -2.3 | % | |||||||||||||||||||
| Construction service revenue | 61.2 | 43.1 | 42.1 | % | -3.6 | 64.8 | 47.0 | 38.0 | % | |||||||||||||||||||
| Total Revenue | 566.3 | 510.4 | 11.0 | % | 8.1 | 558.2 | 527.8 | 5.8 | % | |||||||||||||||||||
| Total Revenue Excluding IFRIC12(2) | 505.1 | 467.3 | 8.1 | % | 11.7 | 493.4 | 480.8 | 2.6 | % | |||||||||||||||||||
| Cost of Services | 392.8 | 343.8 | 14.2 | % | 70.0 | 322.8 | 294.8 | 9.5 | % | |||||||||||||||||||
| Selling, general and administrative expenses | 66.0 | 54.9 | 20.3 | % | 2.7 | 63.3 | 54.9 | 15.4 | % | |||||||||||||||||||
| Other expenses | 2.5 | 5.8 | -56.2 | % | 0.2 | 2.3 | 3.0 | -23.6 | % | |||||||||||||||||||
| Total Costs and Expenses | 461.4 | 404.5 | 14.1 | % | 72.9 | 388.4 | 352.7 | 10.1 | % | |||||||||||||||||||
| Total Costs and Expenses Excluding IFRIC12(3) | 400.3 | 361.6 | 10.7 | % | 76.5 | 323.8 | 305.9 | 5.9 | % | |||||||||||||||||||
| Adjusted Segment EBITDA | 200.4 | 187.1 | 7.1 | % | 7.4 | 193.0 | 195.3 | -1.2 | % | |||||||||||||||||||
| Adjusted Segment EBITDA Mg | 35.4 | % | 36.7 | % | -127 | - | 34.6 | % | 37.0 | % | -243 | |||||||||||||||||
| Adjusted EBITDA Margin excluding IFRIC 12(4) | 39.6 | % | 40.0 | % | -36 | - | 39.1 | % | 40.6 | % | -151 | |||||||||||||||||
| Capex | 61.7 | 43.2 | 42.7 | % | -2.9 | 64.6 | 49.0 | 31.8 | % | |||||||||||||||||||
| 5) | See Note 1 in Table "Operating & Financial Highlights”. |
| 6) | Excludes Construction Service revenue. |
| 7) | Excludes Construction Service cost. |
| 8) | Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue. |
Passenger Traffic decreased by 6.2% YoY, as growth in international traffic was more than offset by a decline in domestic traffic. Domestic traffic declined by 11.6% YoY, primarily due to reduced capacity at Flybondi, which operated with approximately 30% of its originally scheduled fleet for much of the quarter, and at JetSMART, which also experienced lower activity due to scheduled maintenance. Aerolíneas Argentinas likewise operated with lower capacity during June following fuel price increases. Bariloche, Córdoba, Iguazú, and Mendoza ranked among the top domestic destinations during the second quarter. International passenger traffic increased by 4.0% YoY, supported by strong growth in seat capacity, particularly during April and May. In fact, Argentina recorded the highest growth in seat capacity among South American countries during the first half of 2026. Among other developments, Arajet announced a new Mendoza–Punta Cana route with three weekly frequencies, while Plus Ultra launched a new Madrid–Ezeiza route with two weekly frequencies, which commenced operations on July 2. June traffic was also affected by the FIFA World Cup, which temporarily dampened leisure and business travel as some passengers postponed or adjusted their travel plans. The top international destinations during the quarter were Santiago de Chile, São Paulo, Madrid, and Rio de Janeiro.
Revenues increased by 0.5% YoY to $257.2 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, revenues declined by 5.1% YoY, driven by decreases of 10.0% and 1.0% in Commercial and Aeronautical revenues, respectively. Construction Services revenue increased by 61.1% YoY, or 64.9% ex-IAS 29, reflecting higher capital expenditures compared to the prior year.
| · | Aeronautical Revenues ex-IAS29 decreased by 1.0% YoY, primarily reflecting lower passenger use fee revenues resulting from the decline in domestic passenger traffic, together with lower domestic passenger fees measured in U.S. dollars. Although domestic passenger fees in Argentina had increased by 124%, from ARS 2,540 to ARS 5,685, effective November 1, 2024, the depreciation of the Argentine peso resulted in lower fees when translated into U.S. dollars. These factors were partially offset by higher aeronautical revenues generated by the 4.0% YoY increase in international passenger traffic. |
Page 14 of 41
| · | Commercial Revenues ex-IAS29 decreased by 10.0% YoY, primarily driven by lower cargo, parking, and duty-free revenues. Cargo revenues were affected by an unusually high comparison base in April and May 2025, when labor disruptions at Customs resulted in longer cargo storage periods and exceptionally high storage revenues. Lower average cargo dwell times, reflecting more efficient customs clearance processes in 2Q26, further reduced storage revenues. Parking revenues declined by 16.2% YoY. While traditional parking revenues were lower during the quarter, revenues generated from ride-hailing platforms and car rental operators continued to grow, partially offsetting the decline. The Company remains focused on enhancing the overall mobility ecosystem across its airports by optimizing the customer experience while expanding and diversifying this revenue stream. Duty-free revenues declined despite the increase in international passenger traffic, primarily reflecting changes in passenger mix toward more price-sensitive travelers, as well as lower price competitiveness of duty-free stores in Argentina relative to those in nearby regional markets. |
Total Costs and Expenses increased by 12.8% YoY to $230.7 million on an as-reported basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses increased by 5.4% YoY, primarily reflecting higher Cost of Services and SG&A expenses. Operating costs and expenses were also affected by the real appreciation of the Argentine peso, as inflation in Argentina outpaced the depreciation of the peso against the U.S. dollar. As a result, local-currency-denominated operating costs increased in U.S. dollar terms.
| · | Cost of Services, ex-IAS 29 and Construction Service Costs, increased by 3.2% year-over-year, primarily reflecting higher Salaries and social security contributions, as well as increased Services and fees. |
| · | SG&A expenses ex-IAS29 increased by 15.0% YoY, or $4.2 million, to $32.2 million, primarily reflecting higher Salaries and social security contributions. |
Adjusted Segment EBITDA decreased by 20.4% YoY to $73.8 million on an ‘as reported’ basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA declined by 20.0% YoY to $74.7 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 33.4%, compared with 39.6% in 2Q25. The 6.2 percentage-point margin contraction primarily reflected the decline in revenues discussed above, together with higher operating costs, as inflation in Argentina continued to outpace the depreciation of the Argentine peso against the U.S. dollar, increasing local-currency-denominated operating costs when translated into U.S. dollars.
During 2Q26, CAAP made Capital Expenditures ex-IAS29 of $41.6 million, compared to $27.4 million in 2Q25. Key investments included the new courier cargo terminal and the expansion of the perishables facility, the expansion of the domestic departures area at Aeroparque Airport, the covered walkway for the international arrivals area, the new remote apron at San Fernando Airport, the completion of the international area at Iguazú Airport, the runway perimeter lighting system at Ezeiza Airport, and the new airfield lighting system at Río Grande Airport, among other projects.
Page 15 of 41
Italy
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | ||||||||||||||
| OPERATING STATISTICS | |||||||||||||||||||
| Domestic Passengers (in millions) | 0.6 | 0.6 | 0.7 | % | 0.9 | 1.0 | -0.7 | % | |||||||||||
| International Passengers (in millions) | 2.5 | 2.3 | 6.4 | % | 3.8 | 3.6 | 7.7 | % | |||||||||||
| Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | |||||||||||||
| Total Passengers (in millions) | 3.0 | 2.9 | 5.3 | % | 4.8 | 4.5 | 5.9 | % | |||||||||||
| Cargo Volume (in thousands of tons) | 2.8 | 3.1 | -11.5 | % | 5.4 | 6.4 | -15.8 | % | |||||||||||
| Total Aircraft Movements (in thousands) | 27.1 | 26.3 | 3.1 | % | 42.9 | 41.1 | 4.5 | % | |||||||||||
| FINANCIAL HIGHLIGHTS | |||||||||||||||||||
| Aeronautical Revenue | 25.3 | 22.5 | 12.3 | % | 39.7 | 34.3 | 15.8 | % | |||||||||||
| Non-Aeronautical revenue | 31.0 | 23.2 | 33.6 | % | 49.3 | 38.6 | 27.8 | % | |||||||||||
| Commercial revenue | 16.4 | 14.9 | 10.2 | % | 26.7 | 23.7 | 12.7 | % | |||||||||||
| Construction service revenue | 12.2 | 5.2 | 135.0 | % | 19.3 | 10.3 | 87.8 | % | |||||||||||
| Other revenue | 2.4 | 3.1 | -24.4 | % | 3.3 | 4.6 | -28.6 | % | |||||||||||
| Total Revenue | 56.3 | 45.7 | 23.1 | % | 88.9 | 72.8 | 22.1 | % | |||||||||||
| Total Revenue Excluding IFRIC12(1) | 44.1 | 40.5 | 8.7 | % | 69.6 | 62.5 | 11.3 | % | |||||||||||
| Cost of Services | 37.4 | 29.1 | 28.4 | % | 66.0 | 52.1 | 26.6 | % | |||||||||||
| Selling, general and administrative expenses | 3.5 | 3.2 | 9.8 | % | 6.7 | 6.3 | 7.5 | % | |||||||||||
| Total Costs and Expenses | 41.0 | 32.2 | 27.1 | % | 73.6 | 58.4 | 26.1 | % | |||||||||||
| Total Costs and Expenses Excluding IFRIC12(2) | 31.4 | 30.2 | 3.9 | % | 58.5 | 53.4 | 9.5 | % | |||||||||||
| Adjusted Segment EBITDA | 18.6 | 16.6 | 12.3 | % | 21.6 | 20.1 | 7.3 | % | |||||||||||
| Adjusted Segment EBITDA Mg | 33.0 | % | 36.2 | % | -318 | 24.2 | % | 27.6 | % | -335 | |||||||||
| Adjusted EBITDA Margin excluding IFRIC 12(3) | 36.2 | % | 33.0 | % | 314 | 25.0 | % | 23.7 | % | 133 | |||||||||
| Capex | 13.1 | 6.2 | 109.7 | % | 20.9 | 12.4 | 68.4 | % |
1) Excludes Construction Service revenue.
2) Excludes Construction Service cost.
3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.
Passenger Traffic in Italy increased by 5.3% YoY, primarily driven by strong performance in the international segment, which accounted for more than 80% of total traffic and grew by 6.4% YoY. International traffic was supported by growth of 8.0% at Pisa Airport and 4.2% at Florence Airport. Domestic traffic increased slightly by 0.7% YoY, with both airports contributing positively to the overall result.
Revenues increased by 23.1% YoY to $56.3 million in 2Q26, driven by growth in aeronautical and commercial revenues on higher passenger volumes, as well as increased Construction Service revenue tied to higher Capex. Commercial revenues grew by 10.2% YoY, reflecting higher demand for passenger-related services such as Duty-free, VIP lounges, F&B services, and Retail stores, in line with year-over-year traffic growth. The 2.6% YoY average appreciation of the euro against the U.S. dollar also supported revenue growth.
| · | Aeronautical Revenues increased 12.3% YoY, above traffic growth of 5.3%. |
| · | Commercial Revenues rose 10.2% YoY, mainly driven by the strong performance in passenger-related revenues such as Duty-free, F&B services, VIP lounges, and Retail stores, which expanded significantly above the 5.3% traffic growth, as well as higher advertising revenues. |
Total Costs and Expenses increased 27.1% YoY, or $8.7 million, to $41.0 million. Excluding Construction service, total costs and expenses rose 3.9% year-over-year to $31.4 million, mainly driven by higher Cost of services.
| · | Cost of Services excluding Construction service increased 2.6% YoY, or $0.7 million, primarily driven by higher Salaries and social security contributions, Maintenance expenses, and Concession fees, reflecting higher operational activity. |
Page 16 of 41
| · | SG&A expenses increased 9.8% YoY, or $0.3 million, to $3.5 million. |
Adjusted Segment EBITDA increased by 12.3% YoY to $18.6 million from $16.6 million in 2Q25, with the Adjusted EBITDA margin ex-IFRIC 12 expanding by 3.2 percentage points to 36.2%, reflecting operating leverage from passenger traffic growth and strong commercial revenue performance, particularly in Duty-free, F&B, and VIP Lounge revenues. Excluding IFRIC 12 and other construction service-related costs, Adjusted Segment EBITDA increased by 11.0% YoY.
During 2Q26, CAAP made Capital Expenditures of $13.1 million, compared to $6.2 million in 2Q25.
Page 17 of 41
Brazil
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | ||||||||||||||
| OPERATING STATISTICS | |||||||||||||||||||
| Domestic Passengers (in millions) | 2.3 | 2.4 | -1.2 | % | 4.5 | 4.4 | 2.0 | % | |||||||||||
| International Passengers (in millions) | 0.2 | 0.2 | -5.6 | % | 0.4 | 0.4 | 1.2 | % | |||||||||||
| Transit Passengers (in millions) | 1.7 | 1.5 | 14.3 | % | 3.4 | 2.9 | 18.0 | % | |||||||||||
| Total Passengers (in millions) (1) | 4.2 | 4.0 | 4.2 | % | 8.4 | 7.8 | 8.0 | % | |||||||||||
| Cargo Volume (in thousands of tons) | 13.9 | 15.4 | -10.0 | % | 29.0 | 30.7 | -5.5 | % | |||||||||||
| Total Aircraft Movements (in thousands) | 38.0 | 37.4 | 1.7 | % | 74.7 | 71.9 | 3.9 | % | |||||||||||
| FINANCIAL HIGHLIGHTS | |||||||||||||||||||
| Aeronautical Revenue | 13.1 | 10.4 | 26.0 | % | 25.5 | 19.7 | 29.6 | % | |||||||||||
| Non-Aeronautical revenue | 21.5 | 17.2 | 24.7 | % | 42.3 | 33.2 | 27.5 | % | |||||||||||
| Commercial revenue | 21.4 | 17.2 | 24.1 | % | 41.7 | 33.0 | 26.5 | % | |||||||||||
| Construction service revenue | 0.1 | 0.0 | - | 0.6 | 0.2 | 203.9 | % | ||||||||||||
| Total Revenue | 34.6 | 27.7 | 25.2 | % | 67.8 | 52.8 | 28.3 | % | |||||||||||
| Total Revenue Excluding IFRIC122 | 34.5 | 27.7 | 24.8 | % | 67.2 | 52.7 | 27.7 | % | |||||||||||
| Cost of Services | 19.9 | 16.9 | 17.8 | % | 39.3 | 32.7 | 20.1 | % | |||||||||||
| Selling, general and administrative expenses | 3.3 | 3.1 | 5.1 | % | 6.5 | 5.7 | 13.5 | % | |||||||||||
| Other expenses | 0.0 | 0.0 | -100.0 | % | 0.0 | 0.0 | 617.8 | % | |||||||||||
| Total Costs and Expenses | 23.2 | 20.0 | 15.9 | % | 45.8 | 38.4 | 19.2 | % | |||||||||||
| Total Costs and Expenses Excluding IFRIC123 | 23.1 | 20.0 | 15.3 | % | 45.2 | 38.2 | 18.3 | % | |||||||||||
| Adjusted Segment EBITDA | 14.7 | 11.2 | 31.9 | % | 28.5 | 20.7 | 37.3 | % | |||||||||||
| Adjusted Segment EBITDA Mg | 42.5 | % | 40.4 | % | 216 | 42.0 | % | 39.3 | % | 277 | |||||||||
| Adjusted EBITDA Margin excluding IFRIC124 | 42.7 | % | 40.4 | % | 231 | 42.4 | % | 39.4 | % | 298 | |||||||||
| Capex | 0.5 | 0.4 | 47.0 | % | 1.2 | 0.9 | 27.9 | % |
| 1) | Excludes Construction Service revenue. |
| 2) | Excludes Construction Service cost. |
| 3) | Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue. |
Passenger Traffic increased by 4.2% YoY, reflecting improving traffic trends following a prolonged period of challenges in the aviation sector. Domestic traffic, which accounted for more than 50% of total traffic, declined slightly by 1.2% YoY, while transit passenger traffic increased by 14.3% YoY. Brasília International Airport continued to benefit from its role as a key secondary hub within Brazil's domestic network.
Revenues increased by 25.2% YoY, or $7.0 million, to $34.6 million, primarily driven by 26.0% growth in aeronautical revenues and a 24.1% increase in commercial revenues, both supported by higher passenger traffic growth. Reported revenues in U.S. dollar terms also benefited from the 10.9% average YoY appreciation of the Brazilian real.
| · | Aeronautical Revenues increased by 26.0% YoY, or $2.7 million, primarily driven by traffic growth and tariff increases, as well as the aforementioned appreciation of the Brazilian real. |
| · | Commercial Revenues rose by 24.1% YoY, or $4.1 million, mainly reflecting stronger performance in VIP lounges, Rental of space, F&B, and other passenger-related revenues. |
Total Costs and Expenses increased by 15.9% YoY, or $3.2 million, to $23.2 million, mainly due to higher Cost of services associated with increased operating activity.
Page 18 of 41
| · | Cost of Services rose by 17.8% YoY, or $3.0 million, primarily resulting from higher Concession fees, Salaries and social security contributions, and Services and fees. |
| · | SG&A expenses increased by 5.1% YoY, or $0.2 million, reaching $3.3 million in 2Q26, driven largely by higher Salaries and social security contributions. |
Adjusted Segment EBITDA increased 31.9% YoY, or $3.6 million, to $14.7 million. The Adjusted EBITDA margin ex-IFRIC 12 expanded by 2.3 percentage points to 42.7%, from 40.4% in the prior-year quarter.
During 2Q26, CAAP made Capital Expenditures of $0.5 million, compared to $0.4 million in 2Q25.
Page 19 of 41
Uruguay
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | ||||||||||||||
| OPERATING STATISTICS | |||||||||||||||||||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | |||||||||||||
| International Passengers (in millions) | 0.5 | 0.5 | 2.5 | % | 1.2 | 1.2 | 3.5 | % | |||||||||||
| Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | |||||||||||||
| Total Passengers (in millions) | 0.5 | 0.5 | 2.0 | % | 1.2 | 1.2 | 2.8 | % | |||||||||||
| Cargo Volume (in thousands of tons) | 8.7 | 8.7 | -0.4 | % | 16.6 | 17.6 | -5.3 | % | |||||||||||
| Total Aircraft Movements (in thousands) | 7.1 | 7.8 | -8.7 | % | 17.5 | 17.7 | -1.2 | % | |||||||||||
| FINANCIAL HIGHLIGHTS | |||||||||||||||||||
| Aeronautical Revenue | 21.2 | 20.1 | 5.3 | % | 50.3 | 45.9 | 9.5 | % | |||||||||||
| Non-Aeronautical revenue | 28.1 | 27.1 | 3.7 | % | 63.1 | 52.5 | 20.2 | % | |||||||||||
| Commercial revenue | 19.7 | 18.5 | 6.7 | % | 44.4 | 39.3 | 12.9 | % | |||||||||||
| Construction service revenue | 8.4 | 8.6 | -2.6 | % | 18.7 | 13.2 | 42.1 | % | |||||||||||
| Total Revenue | 49.3 | 47.2 | 4.4 | % | 113.4 | 98.4 | 15.2 | % | |||||||||||
| Total Revenue Excluding IFRIC12(1) | 40.9 | 38.6 | 6.0 | % | 94.7 | 85.3 | 11.0 | % | |||||||||||
| Cost of Services | 31.1 | 27.5 | 12.8 | % | 64.4 | 51.8 | 24.4 | % | |||||||||||
| Selling, general and administrative expenses | 7.2 | 6.1 | 19.1 | % | 14.1 | 12.4 | 13.9 | % | |||||||||||
| Other expenses | 0.3 | 0.1 | 198.1 | % | 0.4 | 0.2 | 149.1 | % | |||||||||||
| Total Costs and Expenses | 38.6 | 33.7 | 14.5 | % | 78.9 | 64.3 | 22.7 | % | |||||||||||
| Total Costs and Expenses Excluding IFRIC12(2) | 30.2 | 25.1 | 20.3 | % | 60.2 | 51.2 | 17.7 | % | |||||||||||
| Adjusted Segment EBITDA | 13.0 | 15.5 | -16.3 | % | 39.3 | 38.3 | 2.8 | % | |||||||||||
| Adjusted Segment EBITDA Mg | 26.3 | % | 32.8 | % | -652 | 34.7 | % | 38.9 | % | -419 | |||||||||
| Adjusted EBITDA Margin excluding IFRIC 12 (3) | 31.7 | % | 40.1 | % | -845 | 41.5 | % | 44.9 | % | -334 | |||||||||
| Capex | 9.2 | 10.7 | -13.9 | % | 20.6 | 17.7 | 16.2 | % |
1) Excludes Construction Service revenue.
2) Excludes Construction Service cost.
3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.
In Uruguay, where air traffic is primarily international, total passenger traffic increased by 2.0% YoY, although growth was negatively affected by the calendar shift of the Easter holidays. Among other developments, Azul Linhas Aéreas Brasileiras launched a new Montevideo–Belo Horizonte route, operating two weekly frequencies.
Revenues increased by 4.4% YoY to $49.3 million on a reported basis, above passenger traffic growth. Excluding Construction Service revenues, revenues increased 6.0% to $40.9 million, primarily driven by higher commercial activity and increased aeronautical revenues tied to YoY passenger growth.
| · | Aeronautical Revenues increased 5.3% YoY, or $1.1 million, to $21.2 million, aligned with the increase in passenger traffic and tariff increases. |
| · | Commercial Revenues increased by 6.7% YoY, or $1.2 million, to $19.7 million, primarily driven by passenger-related revenues, particularly VIP Lounges and Duty-free, together with higher Cargo revenues, which benefited from tariff increases. Higher Advertising revenues also contributed to commercial revenue growth, outperforming overall passenger traffic growth. |
Total Costs and Expenses increased by 14.5% YoY to $38.6 million. Excluding Construction service costs, Total Costs and Expenses increased by 20.3% YoY to $30.2 million, primarily reflecting higher Cost of Services and SG&A expenses. Operating costs and expenses were also affected by the average 4.0% YoY appreciation of the Uruguayan peso against the U.S. dollar, increasing local-currency-denominated operating costs when measured in U.S. dollar terms.
Page 20 of 41
| · | Cost of Services increased by 12.8% YoY to $31.1 million. Excluding Construction service costs, Cost of Services increased by 19.8% YoY to $22.7 million, primarily reflecting higher Salaries and social security contributions and, to a lesser extent, higher Maintenance expenses and Concession fees. |
| · | SG&A expenses increased 19.1% YoY, to $7.2 million, principally due to higher Maintenance expenses, and Services and fees. |
Adjusted Segment EBITDA decreased by 16.3% YoY to $13.0 million, while the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 8.4 percentage points to 31.7%. Despite the increase in passenger traffic and revenues, margin contraction reflected operating costs growing faster than revenues, primarily due to higher Salaries and social security contributions. Results were also affected by the average 4.0% YoY appreciation of the Uruguayan peso, which increased local-currency-denominated operating costs when translated into U.S. dollar terms.
During 2Q26, CAAP made Capital Expenditures of $9.2 million in Uruguay, down from $10.7 million in 2Q25.
Page 21 of 41
Armenia
| 2Q26 | 2Q25 | %Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||
| OPERATING STATISTICS | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| International Passengers (in millions) | 1.5 | 1.4 | 11.7 | % | 2.7 | 2.4 | 9.7 | % | ||||||||||||||||
| Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| Total Passengers (in millions) | 1.6 | 1.4 | 12.7 | % | 2.7 | 2.5 | 10.9 | % | ||||||||||||||||
| Cargo Volume (in thousands of tons) | 9.0 | 9.3 | -3.4 | % | 21.0 | 18.8 | 11.6 | % | ||||||||||||||||
| Total Aircraft Movements (in thousands) | 11.6 | 10.8 | 8.2 | % | 20.4 | 19.1 | 6.7 | % | ||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| Aeronautical Revenue | 27.1 | 25.0 | 8.3 | % | 47.7 | 42.4 | 12.3 | % | ||||||||||||||||
| Non-Aeronautical revenue | 79.4 | 47.8 | 66.1 | % | 126.1 | 78.5 | 60.7 | % | ||||||||||||||||
| Commercial revenue | 75.3 | 43.9 | 71.4 | % | 120.2 | 73.7 | 63.1 | % | ||||||||||||||||
| Construction service revenue | 4.0 | 3.9 | 4.8 | % | 5.9 | 4.8 | 24.1 | % | ||||||||||||||||
| Total Revenue | 106.4 | 72.8 | 46.2 | % | 173.8 | 120.9 | 43.8 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 102.4 | 68.9 | 48.5 | % | 167.9 | 116.2 | 44.6 | % | ||||||||||||||||
| Cost of Services | 66.0 | 43.6 | 51.5 | % | 107.1 | 73.9 | 44.8 | % | ||||||||||||||||
| Selling, general and administrative expenses | 7.5 | 5.0 | 51.2 | % | 13.1 | 9.6 | 36.9 | % | ||||||||||||||||
| Other expenses | 0.4 | 0.6 | -29.8 | % | 0.8 | 1.1 | -32.3 | % | ||||||||||||||||
| Total Costs and Expenses | 73.9 | 49.1 | 50.6 | % | 120.9 | 84.6 | 42.9 | % | ||||||||||||||||
| Total Costs and Expenses Excluding IFRIC12(2) | 70.0 | 45.3 | 54.4 | % | 115.4 | 80.0 | 44.2 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 35.4 | 29.4 | 20.5 | % | 59.9 | 47.5 | 26.1 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 33.2 | % | 40.3 | % | -709 | 34.5 | % | 39.3 | % | -484 | ||||||||||||||
| Adjusted EBITDA Margin excluding IFRIC 12 (3) | 34.4 | % | 42.4 | % | -799 | 35.5 | % | 40.8 | % | -533 | ||||||||||||||
| Capex | 5.5 | 4.2 | 31.6 | % | 9.4 | 6.9 | 0.4 |
1) Excludes Construction Service revenue.
2) Excludes Construction Service cost.
3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.
Passenger traffic in Armenia increased by 12.7% YoY despite disruptions related to the conflict in Iran, which resulted in flight cancellations and airspace restrictions across the region. However, the impact proved more limited than initially expected, as strong demand from Western and Eastern Europe, Asia, and Russia continued to support overall traffic growth. The addition of new airlines and routes, increased flight frequencies, and the launch of the new Wizz Air base at Zvartnots International Airport in late 2025 continued to support the airport's strong performance.
Revenues increased by 46.2% YoY to $106.4 million on an ‘as reported’ basis, or by 48.5% when excluding Construction Service revenues, driven by growth in both Commercial and Aeronautical revenues, underpinned by higher traffic volumes. Results also benefited from the 2.6% YoY average appreciation of the euro.
| · | Aeronautical Revenues increased by 8.3% YoY, or $2.1 million, to $27.1 million, in line with traffic growth. |
| · | Commercial Revenues increased by 71.4% YoY, or $31.4 million, to $75.3 million, largely driven by higher Fuel revenues, which are directly linked to fuel costs, as well as growth in VIP Lounges, Duty-free sales and other passenger-related revenues. Cargo revenues also contributed to commercial revenue growth. |
Total Costs and Expenses increased by 50.6% YoY to $73.9 million. Excluding IFRIC 12, Total Costs and Expenses increased by 54.4% YoY, largely driven by higher Cost of Services.
| · | Cost of Services increased by 51.5% YoY to $66.0 million. Excluding IFRIC 12, Cost of Services increased by 55.9% YoY, primarily reflecting higher Fuel costs associated with the growth in Fuel-related revenues. Higher Salaries and Maintenance expenses also contributed to the increase. |
Page 22 of 41
| · | SG&A increased 51.2% YoY, or $2.5 million, to $7.5 million in 2Q26, primarily reflecting higher Salaries and social security contributions, Services and fees, and Maintenance expenses. |
Adjusted Segment EBITDA increased by 20.5% YoY to $35.4 million in 2Q26, supported by continued passenger traffic growth and the ongoing expansion of the fuel business. However, the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 8.0 percentage points to 34.4%, primarily reflecting the greater contribution of the fuel business. Although profitability in the fuel business continued to improve, its margins remain structurally below those of the Company's core airport operations, diluting Armenia’s overall EBITDA margin.
During 2Q26, CAAP made Capital Expenditures of $5.5 million in Armenia, compared to $4.2 million in 2Q25.
Page 23 of 41
Ecuador
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||
| OPERATING STATISTICS | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | 0.6 | 0.6 | -3.1 | % | 1.2 | 1.2 | 0.8 | % | ||||||||||||||||
| International Passengers (in millions) | 0.6 | 0.6 | 8.3 | % | 1.2 | 1.1 | 9.4 | % | ||||||||||||||||
| Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| Total Passengers (in millions) | 1.2 | 1.2 | 2.3 | % | 2.4 | 2.3 | 4.7 | % | ||||||||||||||||
| Cargo Volume (in thousands of tons) | 8.4 | 9.5 | -10.9 | % | 16.8 | 18.4 | -8.9 | % | ||||||||||||||||
| Total Aircraft Movements (in thousands) | 19.0 | 19.3 | -1.4 | % | 37.7 | 38.5 | -2.2 | % | ||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| Aeronautical Revenue | 21.5 | 19.8 | 8.1 | % | 43.3 | 39.8 | 8.8 | % | ||||||||||||||||
| Non-Aeronautical revenue | 8.4 | 7.4 | 13.1 | % | 16.5 | 14.7 | 12.0 | % | ||||||||||||||||
| Commercial revenue | 8.4 | 7.4 | 13.1 | % | 16.5 | 14.7 | 12.0 | % | ||||||||||||||||
| Construction service revenue | 0.0 | 0.0 | nm | 0.0 | 0.0 | nm | ||||||||||||||||||
| Total Revenue | 29.9 | 27.3 | 9.5 | % | 59.8 | 54.5 | 9.7 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 29.9 | 27.3 | 9.5 | % | 59.8 | 54.5 | 9.7 | % | ||||||||||||||||
| Cost of Services | 17.2 | 16.4 | 4.9 | % | 34.2 | 32.7 | 4.7 | % | ||||||||||||||||
| Selling, general and administrative expenses | 4.6 | 4.0 | 15.7 | % | 9.1 | 7.8 | 16.7 | % | ||||||||||||||||
| Other expenses | 0.0 | 0.0 | -29.4 | % | 0.0 | 0.0 | -44.2 | % | ||||||||||||||||
| Total Costs and Expenses | 21.8 | 20.4 | 7.0 | % | 43.3 | 40.5 | 7.0 | % | ||||||||||||||||
| Total Costs and Expenses Excluding IFRIC12(2) | 21.8 | 20.4 | 7.0 | % | 43.3 | 40.5 | 7.0 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 9.3 | 7.9 | 16.9 | % | 18.7 | 16.0 | 16.7 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 31.1 | % | 29.1 | % | 198 | 31.3 | % | 29.4 | % | 188 | ||||||||||||||
| Adjusted EBITDA Margin excluding IFRIC 12(3) | 31.1 | % | 29.1 | % | 198 | 31.3 | % | 29.4 | % | 188 | ||||||||||||||
| Capex | 0.3 | 0.6 | -47 | % | 1.7 | 0.7 | 129 | % |
1 Excludes Construction Service revenue.
2 Excludes Construction Service cost.
3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.
In Ecuador, passenger traffic increased by 2.3% YoY despite ongoing public security concerns. International traffic increased by 8.3% YoY, primarily supported by strong demand on U.S. routes, the launch of new services by Avianca, JetBlue, and LATAM Airlines, as well as additional frequencies operated by American Airlines. Domestic traffic, however, declined by 3.1% YoY, as elevated airfares continued to weigh on demand.
Revenues increased by 9.5% YoY to $29.9 million in 2Q26 on an ‘As reported’ basis, driven by both higher Commercial and Aeronautical revenues.
| · | Aeronautical Revenues increased by 8.1% YoY, or $1.6 million, to $21.5 million, in line with YoY traffic growth. |
| · | Commercial Revenues increased by 13.1% YoY, or $1.0 million, to $8.4 million, reflecting higher Duty-Free sales, combined with an increase in Retail stores. |
Total Costs and Expenses increased by 7.0% YoY to $21.8 million, driven by higher Cost of service and SG&A expenses.
| · | Cost of Services rose by 4.9% YoY to $17.2 million, primarily reflecting higher Concession fees and other cost of sales, partially offset by lower Services and fees, and Maintenance expenses. |
| · | SG&A increased 15.7% YoY, to $4.6 million. |
Adjusted Segment EBITDA increased 16.9% YoY to $9.3 million, with the Adjusted EBITDA Margin ex- IFRIC 12 expanding 2.0 percentage points to 31.1%, mainly reflecting operating leverage from passenger traffic growth.
During 2Q26, CAAP made Capital Expenditures of $0.3 million in Ecuador, compared to $0.6 million in 2Q25.
Page 24 of 41
Key Quarter Highlights and Subsequent Events
CAAP | Dividend distribution
On August 18, 2026, the Board of Directors approved a total dividend cash interim payment for the 2026 fiscal year of $150 million, representing approximately $0.91 per share. The dividend payment will be distributed on September 10, 2026, to shareholders of record as of the close of business on August 31, 2026.
For further information on subsequent events, please refer to Note 20 of the Company’s Financial Statements, filed with the SEC on Form 6-K.
Hyperinflation Accounting in Argentina
Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 2Q26, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.
Non-Financial Disclosure
With the assistance of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the necessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner.
2Q26 EARNINGS CONFERENCE CALL
| When: | 12:00 p.m. Eastern Time, August 18, 2026 |
| Who: | Mr. Martín Eurnekian, Chief Executive Officer |
| Mr. Jorge Arruda, Chief Financial Officer |
| Mr. Patricio Iñaki Esnaola, Head of Investor Relations |
| Dial-in: | 1-833-461-5787 (US, Toll Free); +44-808-196-8935 (UK, Toll Free); Conference ID: 163487257 |
| Webcast & Replay: | CAAP 2Q26 Earnings Conference Call |
Use of Non-IFRS Financial Measures
This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:
Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.
Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.
Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).
Page 25 of 41
Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.
Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 25 of this report.
Definitions and Concepts
Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.
Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2025, Corporación América Airports served 86.7 million passengers, 9.8% above the 79.0 million passengers served in 2024. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com
Forward Looking Statements
Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.
Investor Relations Contact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716
Page 26 of 41
-- Operational & Financial Tables Follow –
Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||
| Argentina | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | 6.1 | 6.9 | -11.6 | % | 13.6 | 14.52 | -6.4 | % | ||||||||||||||||
| International Passengers (in millions) | 3.5 | 3.4 | 4.0 | % | 8.4 | 7.5 | 12.0 | % | ||||||||||||||||
| Transit passengers (in millions) | 0.4 | 0.4 | 1.9 | % | 0.8 | 0.7 | 3.7 | % | ||||||||||||||||
| Total passengers (in millions) | 10.0 | 10.6 | -6.2 | % | 22.8 | 22.8 | 0.0 | % | ||||||||||||||||
| Cargo volume (in thousands of tons) | 53.0 | 51.2 | 3.6 | % | 105.2 | 101.2 | 4.0 | % | ||||||||||||||||
| Aircraft movements (in thousands) | 106.0 | 113.0 | -6.2 | % | 229.3 | 232.4 | -1.3 | % | ||||||||||||||||
| Italy | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | 0.6 | 0.6 | 0.7 | % | 0.9 | 1.0 | -0.7 | % | ||||||||||||||||
| International Passengers (in millions) | 2.5 | 2.3 | 6.4 | % | 3.8 | 3.6 | 7.7 | % | ||||||||||||||||
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| Total passengers (in millions) | 3.0 | 2.9 | 5.3 | % | 4.8 | 4.5 | 5.9 | % | ||||||||||||||||
| Cargo volume (in thousands of tons) | 2.8 | 3.1 | -11.5 | % | 5.4 | 6.4 | -15.8 | % | ||||||||||||||||
| Aircraft movements (in thousands) | 27.1 | 26.3 | 3.1 | % | 42.9 | 41.1 | 4.5 | % | ||||||||||||||||
| Brazil | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | 2.3 | 2.4 | -1.2 | % | 4.5 | 4.4 | 2.0 | % | ||||||||||||||||
| International Passengers (in millions) | 0.2 | 0.2 | -5.6 | % | 0.4 | 0.4 | 1.2 | % | ||||||||||||||||
| Transit passengers (in millions) | 1.7 | 1.5 | 14.3 | % | 3.4 | 2.9 | 18.0 | % | ||||||||||||||||
| Total passengers (in millions) | 4.2 | 4.0 | 4.2 | % | 8.4 | 7.8 | 8.0 | % | ||||||||||||||||
| Cargo volume (in thousands of tons) | 13.9 | 15.4 | -10.0 | % | 29.0 | 30.7 | -5.5 | % | ||||||||||||||||
| Aircraft movements (in thousands) | 38.0 | 37.4 | 1.7 | % | 74.7 | 71.9 | 3.9 | % | ||||||||||||||||
| Uruguay | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| International Passengers (in millions) | 0.5 | 0.5 | 2.5 | % | 1.2 | 1.2 | 3.5 | % | ||||||||||||||||
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| Total passengers (in millions) | 0.5 | 0.5 | 2.0 | % | 1.2 | 1.2 | 2.8 | % | ||||||||||||||||
| Cargo volume (in thousands of tons) | 8.7 | 8.7 | -0.4 | % | 16.6 | 17.6 | -5.3 | % | ||||||||||||||||
| Aircraft movements (in thousands) | 7.1 | 7.8 | -8.7 | % | 17.5 | 17.7 | -1.2 | % | ||||||||||||||||
| Ecuador(1) | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | 0.6 | 0.6 | -3.1 | % | 1.2 | 1.2 | 0.8 | % | ||||||||||||||||
| International Passengers (in millions) | 0.6 | 0.6 | 8.3 | % | 1.2 | 1.1 | 9.4 | % | ||||||||||||||||
| Transit passengers (in millions) | 0.0 | 0.0 | -6.4 | % | 0.0 | 0.0 | -13.3 | % | ||||||||||||||||
| Total passengers (in millions) | 1.2 | 1.2 | 2.3 | % | 2.4 | 2.3 | 4.7 | % | ||||||||||||||||
| Cargo volume (in thousands of tons) | 8.4 | 9.5 | -10.9 | % | 16.8 | 18.4 | -8.9 | % | ||||||||||||||||
| Aircraft movements (in thousands) | 19.0 | 19.3 | -1.4 | % | 37.7 | 38.5 | -2.2 | % | ||||||||||||||||
| Armenia | ||||||||||||||||||||||||
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| International Passengers (in millions) | 1.5 | 1.4 | 11.7 | % | 2.7 | 2.4 | 9.7 | % | ||||||||||||||||
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | ||||||||||||||||||
| Total passengers (in millions) | 1.6 | 1.4 | 12.7 | % | 2.7 | 2.5 | 10.9 | % | ||||||||||||||||
| Cargo volume (in thousands of tons) | 9.0 | 9.3 | -3.4 | % | 21.0 | 18.8 | 11.6 | % | ||||||||||||||||
| Aircraft movements (in thousands) | 11.6 | 10.8 | 8.2 | % | 20.4 | 19.1 | 6.7 | % |
| 1) | ECOGAL’s operational data included in this table, although its results of operations are not consolidated. |
Page 27 of 41
Foreign Exchange Rate
| Country | 2Q26 | 2Q25 | 2Q26 | 2Q25 | 1Q26 | 1Q25 | 1Q26 | 1Q25 | |||||||||||||||||||||||
| Avg | Avg | EoP | EoP | Avg | Avg | EoP | EoP | ||||||||||||||||||||||||
| Argentine Peso | 1,410.3 | 1,149.7 | 1,482.0 | 1,455.0 | 1,419.2 | 1,056.3 | 1,382.0 | 1,074.0 | |||||||||||||||||||||||
| Euro | 1.2 | 1.1 | 1.1 | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 | |||||||||||||||||||||||
| Brazilian Real | 5.0 | 5.7 | 5.2 | 5.5 | 5.3 | 5.9 | 5.2 | 5.7 | |||||||||||||||||||||||
| Uruguayan Peso | 40.1 | 41.8 | 40.3 | 39.1 | 39.1 | 43.0 | 40.3 | 42.1 |
Amounts provided by units of local currency per US dollar
Aeronautical Breakdown (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Aeronautical Revenue | 231.2 | 222.9 | 3.7 | % | -2.8 | 234.0 | 225.0 | 4.0 | % | |||||||||||||||||||
| Passenger use fees | 196.9 | 191.4 | 2.9 | % | -2.5 | 199.4 | 193.3 | 3.2 | % | |||||||||||||||||||
| Aircraft fees | 37.4 | 33.2 | 12.9 | % | -0.3 | 37.8 | 33.4 | 13.1 | % | |||||||||||||||||||
| Other | -3.2 | -1.7 | 92.4 | % | - | -3.2 | -1.7 | 92.4 | % | |||||||||||||||||||
Commercial Revenue Breakdown (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Commercial revenue | 236.8 | 209.2 | 13.2 | % | -1.9 | 238.7 | 210.4 | 13.5 | % | |||||||||||||||||||
| Warehouse use fees | 48.9 | 60.7 | -19.4 | % | -1.0 | 49.9 | 61.8 | -19.2 | % | |||||||||||||||||||
| Duty free shops | 22.6 | 21.6 | 4.5 | % | -0.3 | 22.9 | 21.9 | 4.6 | % | |||||||||||||||||||
| Rental of space (including hangars) | 12.6 | 10.8 | 16.9 | % | -0.1 | 12.7 | 10.8 | 17.1 | % | |||||||||||||||||||
| Parking facilities | 14.3 | 15.8 | -9.7 | % | -0.2 | 14.5 | 16.0 | -9.5 | % | |||||||||||||||||||
| Fuel | 64.9 | 34.0 | 91.0 | % | -0.1 | 65.0 | 34.0 | 91.1 | % | |||||||||||||||||||
| Food and beverage services | 10.1 | 8.8 | 14.5 | % | 0.0 | 10.1 | 8.8 | 14.8 | % | |||||||||||||||||||
| Advertising | 8.2 | 7.5 | 10.4 | % | 0.1 | 8.2 | 7.2 | 13.9 | % | |||||||||||||||||||
| Services and retail stores | 6.1 | 4.8 | 27.5 | % | 0.0 | 6.1 | 4.8 | 27.9 | % | |||||||||||||||||||
| Catering | 3.7 | 3.4 | 7.9 | % | -0.1 | 3.8 | 3.5 | 8.5 | % | |||||||||||||||||||
| VIP lounges | 22.1 | 19.4 | 13.8 | % | 0.0 | 22.2 | 19.3 | 14.7 | % | |||||||||||||||||||
| Walkway services | 2.1 | 2.2 | -8.1 | % | 0.0 | 2.1 | 2.3 | -7.4 | % | |||||||||||||||||||
| Other | 21.3 | 20.2 | 5.7 | % | -0.2 | 21.5 | 20.2 | 6.4 | % | |||||||||||||||||||
Revenues by Segment (in US$ million)
| Country | 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | |||||||||||||||||||||
| Argentina | 566.3 | 510.4 | 11.0 | % | 8.1 | 558.2 | 527.8 | 5.8 | % | |||||||||||||||||||
| Italy | 88.9 | 72.8 | 22.1 | % | - | 88.9 | 72.8 | 22.1 | % | |||||||||||||||||||
| Brazil | 67.8 | 52.8 | 28.3 | % | - | 67.8 | 52.8 | 28.3 | % | |||||||||||||||||||
| Uruguay | 113.4 | 98.4 | 15.2 | % | - | 113.4 | 98.4 | 15.2 | % | |||||||||||||||||||
| Armenia | 173.8 | 120.9 | 43.8 | % | - | 173.8 | 120.9 | 43.8 | % | |||||||||||||||||||
| Ecuador (1) | 59.8 | 54.5 | 9.7 | % | - | 59.8 | 54.5 | 9.7 | % | |||||||||||||||||||
| Unallocated | 0.6 | 0.3 | 82.9 | % | - | 0.6 | 0.3 | 82.9 | % | |||||||||||||||||||
| Total consolidated revenue | 1,070.6 | 910.3 | 17.6 | % | 8.1 | 1,062.5 | 927.6 | 14.5 | % | |||||||||||||||||||
1 Only includes Guayaquil Airport.
Page 28 of 41
Revenue Breakdown (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Aeronautical Revenue | 508.4 | 451.5 | 12.6 | % | 6.7 | 501.7 | 460.2 | 9.0 | % | |||||||||||||||||||
| Non-aeronautical Revenue | 562.2 | 458.8 | 22.5 | % | 1.4 | 560.8 | 467.4 | 20.0 | % | |||||||||||||||||||
| Commercial revenue | 452.6 | 382.7 | 18.3 | % | 5.0 | 447.6 | 387.5 | 15.5 | % | |||||||||||||||||||
| Construction service revenue (1) | 105.7 | 71.4 | 47.9 | % | -3.6 | 109.2 | 75.3 | 45.0 | % | |||||||||||||||||||
| Other revenue | 3.9 | 4.6 | -14.8 | % | - | 3.9 | 4.6 | -14.8 | % | |||||||||||||||||||
| Total Consolidated Revenue | 1,070.6 | 910.3 | 17.6 | % | 8.1 | 1,062.5 | 927.6 | 14.5 | % | |||||||||||||||||||
| Total Revenue excluding Construction Service revenue (2) | 965.0 | 838.8 | 15.0 | % | 11.7 | 953.3 | 852.3 | 11.8 | % | |||||||||||||||||||
1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.
2 Excludes Construction Service revenue.
Aeronautical Breakdown (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Aeronautical Revenue | 508.4 | 451.5 | 12.6 | % | 6.7 | 501.7 | 460.2 | 9.0 | % | |||||||||||||||||||
| Passenger use fees | 436.7 | 389.5 | 12.1 | % | 6.1 | 430.6 | 397.3 | 8.4 | % | |||||||||||||||||||
| Aircraft fees | 75.8 | 63.3 | 19.7 | % | 0.6 | 75.3 | 64.2 | 17.2 | % | |||||||||||||||||||
| Other | -4.2 | -1.3 | 214.0 | % | - | -4.2 | -1.3 | 214.0 | % | |||||||||||||||||||
Commercial Revenue Breakdown (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Commercial revenue | 452.6 | 382.7 | 18.3 | % | 5.0 | 447.6 | 387.5 | 15.5 | % | |||||||||||||||||||
| Warehouse use fees | 103.6 | 106.0 | -2.3 | % | 1.2 | 102.3 | 108.8 | -5.9 | % | |||||||||||||||||||
| Duty free shops | 44.6 | 41.3 | 7.9 | % | 0.4 | 44.2 | 42.1 | 5.1 | % | |||||||||||||||||||
| Rental of space (including hangars) | 25.2 | 21.2 | 19.1 | % | 0.3 | 25.0 | 21.4 | 16.7 | % | |||||||||||||||||||
| Parking facilities | 29.2 | 29.5 | -1.1 | % | 0.3 | 28.9 | 30.1 | -4.1 | % | |||||||||||||||||||
| Fuel | 102.5 | 58.0 | 76.7 | % | 0.1 | 102.5 | 58.1 | 76.2 | % | |||||||||||||||||||
| Food and beverage services | 19.6 | 16.4 | 19.6 | % | 0.3 | 19.3 | 16.4 | 17.4 | % | |||||||||||||||||||
| Advertising | 18.2 | 14.8 | 22.8 | % | 0.9 | 17.3 | 14.4 | 20.5 | % | |||||||||||||||||||
| Services and retail stores | 10.1 | 9.1 | 11.3 | % | 0.1 | 10.1 | 9.2 | 10.0 | % | |||||||||||||||||||
| Catering | 8.0 | 7.2 | 12.1 | % | 0.1 | 7.9 | 7.4 | 7.4 | % | |||||||||||||||||||
| VIP lounges | 41.7 | 35.7 | 16.8 | % | 0.7 | 41.0 | 35.6 | 15.2 | % | |||||||||||||||||||
| Walkway services | 4.4 | 4.4 | -0.7 | % | 0.0 | 4.4 | 4.5 | -3.5 | % | |||||||||||||||||||
| Other | 45.5 | 39.1 | 16.2 | % | 0.7 | 44.8 | 39.5 | 13.5 | % | |||||||||||||||||||
Total Expenses Breakdown (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Cost of services | 371.4 | 310.9 | 19.5 | % | 28.8 | 342.6 | 283.8 | 20.7 | % | |||||||||||||||||||
| SG&A | 64.5 | 53.3 | 21.2 | % | 0.1 | 64.5 | 52.9 | 21.8 | % | |||||||||||||||||||
| Financial loss | 58.2 | 71.5 | -18.6 | % | -35.6 | 93.8 | 113.6 | -17.4 | % | |||||||||||||||||||
| Inflation adjustment | 3.5 | 1.7 | 110.4 | % | 3.5 | 0.0 | -0.7 | -99.2 | % | |||||||||||||||||||
| Other expenses | 4.0 | 2.3 | 74.4 | % | 0.2 | 3.8 | 2.3 | 67.3 | % | |||||||||||||||||||
| Income tax expense | 8.0 | 10.1 | -20.1 | % | 10.1 | -2.1 | -2.7 | -22.7 | % | |||||||||||||||||||
| Total expenses | 509.7 | 449.7 | 13.3 | % | 7.1 | 502.7 | 449.3 | 11.9 | % | |||||||||||||||||||
Page 29 of 41
Cost of Services (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Cost of Services | 371.4 | 310.9 | 19.5 | % | 28.8 | 342.6 | 283.8 | 20.7 | % | |||||||||||||||||||
| Salaries and social security contributions | 69.3 | 60.7 | 14.3 | % | -1.2 | 70.5 | 61.4 | 14.9 | % | |||||||||||||||||||
| Concession fees | 54.3 | 54.1 | 0.5 | % | -0.8 | 55.1 | 54.7 | 0.8 | % | |||||||||||||||||||
| Construction service cost | 60.5 | 38.3 | 58.1 | % | -3.2 | 63.7 | 39.7 | 60.6 | % | |||||||||||||||||||
| Maintenance expenses | 46.4 | 45.8 | 1.5 | % | -0.9 | 47.4 | 46.4 | 2.1 | % | |||||||||||||||||||
| Amortization and depreciation | 55.7 | 51.9 | 7.3 | % | 35.2 | 20.5 | 21.2 | -3.2 | % | |||||||||||||||||||
| Services and fees | 17.9 | 17.3 | 3.5 | % | -0.2 | 18.1 | 17.4 | 3.7 | % | |||||||||||||||||||
| Cost of fuel | 53.1 | 28.0 | 89.6 | % | - | 53.1 | 28.0 | 89.6 | % | |||||||||||||||||||
| Taxes | 1.5 | 1.4 | 5.6 | % | 0.0 | 1.5 | 1.4 | 5.8 | % | |||||||||||||||||||
| Office expenses | 3.9 | 4.0 | -1.6 | % | -0.1 | 4.0 | 4.1 | -1.4 | % | |||||||||||||||||||
| Others | 8.6 | 9.5 | -8.6 | % | 0.0 | 8.6 | 9.5 | -9.2 | % | |||||||||||||||||||
Selling, General and Administrative Expenses (in US$ million)
| 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| SG&A | 64.5 | 53.3 | 21.2 | % | 0.1 | 64.5 | 52.9 | 21.8 | % | |||||||||||||||||||
| Taxes | 15.9 | 14.5 | 9.9 | % | -0.3 | 16.2 | 14.7 | 10.1 | % | |||||||||||||||||||
| Salaries and social security contributions | 20.6 | 13.3 | 54.5 | % | -0.3 | 20.9 | 13.5 | 55.0 | % | |||||||||||||||||||
| Services and fees | 13.6 | 12.3 | 11.2 | % | -0.1 | 13.7 | 12.3 | 11.4 | % | |||||||||||||||||||
| Office expenses | 2.7 | 2.6 | 1.2 | % | -0.1 | 2.7 | 2.7 | 1.7 | % | |||||||||||||||||||
| Amortization and depreciation | 3.3 | 2.6 | 25.6 | % | 0.9 | 2.4 | 1.8 | 32.4 | % | |||||||||||||||||||
| Maintenance expenses | 2.1 | 1.8 | 17.2 | % | 0.0 | 2.1 | 1.8 | 17.8 | % | |||||||||||||||||||
| Advertising | 2.5 | 1.4 | 81.8 | % | -0.1 | 2.6 | 1.4 | 81.6 | % | |||||||||||||||||||
| Insurances | 0.8 | 0.9 | -8.4 | % | 0.0 | 0.8 | 0.9 | -7.2 | % | |||||||||||||||||||
| Bad debts recovery | -1.2 | -1.0 | 22.3 | % | 0.1 | -1.3 | -1.1 | 20.6 | % | |||||||||||||||||||
| Bad debts | 2.2 | 2.5 | -11.7 | % | -0.1 | 2.3 | 2.6 | -10.2 | % | |||||||||||||||||||
| Others | 2.0 | 2.4 | -13.5 | % | 0.0 | 2.1 | 2.4 | -12.5 | % | |||||||||||||||||||
Expenses by Segment (in US$ million)
| Country | 2Q26 as reported | 2Q25 as reported | % Var as reported | IAS 29 | 2Q26 ex IAS 29 | 2Q25 ex IAS 29 | % Var ex IAS 29 | |||||||||||||||||||||
| Argentina | 230.7 | 204.5 | 12.8 | % | 29.0 | 201.7 | 177.1 | 13.9 | % | |||||||||||||||||||
| Italy | 41.0 | 32.2 | 27.1 | % | - | 41.0 | 32.2 | 27.1 | % | |||||||||||||||||||
| Brazil | 23.2 | 20.0 | 15.9 | % | - | 23.2 | 20.0 | 15.9 | % | |||||||||||||||||||
| Uruguay | 38.6 | 33.7 | 14.4 | % | - | 38.6 | 33.7 | 14.4 | % | |||||||||||||||||||
| Armenia | 73.9 | 49.1 | 50.6 | % | - | 73.9 | 49.1 | 50.6 | % | |||||||||||||||||||
| Ecuador | 21.8 | 20.4 | 7.0 | % | - | 21.8 | 20.4 | 7.0 | % | |||||||||||||||||||
| Unallocated | 10.6 | 6.5 | 62.1 | % | - | 10.6 | 6.5 | 62.1 | % | |||||||||||||||||||
| Total consolidated expenses (1) (2) | 439.9 | 366.4 | 20.1 | % | 29.0 | 410.9 | 339.0 | 21.2 | % | |||||||||||||||||||
| (1) | Excludes income tax and financial loss |
| (2) | We account for the results of operations of ECOGAL using the equity method |
Page 30 of 41
Costs and Expenses (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Cost of Services | 709.8 | 592.7 | 19.8 | % | 70.0 | 639.8 | 543.6 | 17.7 | % | |||||||||||||||||||
| Salaries and social security contributions | 140.2 | 121.9 | 15.0 | % | 0.9 | 139.4 | 124.4 | 12.0 | % | |||||||||||||||||||
| Concession fees | 117.8 | 107.9 | 9.2 | % | 1.4 | 116.4 | 110.1 | 5.7 | % | |||||||||||||||||||
| Construction service cost | 101.0 | 65.9 | 53.3 | % | -3.6 | 104.6 | 69.8 | 49.9 | % | |||||||||||||||||||
| Maintenance expenses | 96.0 | 90.7 | 5.8 | % | 0.9 | 95.2 | 92.4 | 3.0 | % | |||||||||||||||||||
| Amortization and depreciation | 111.7 | 101.7 | 9.8 | % | 70.1 | 41.6 | 41.6 | 0.1 | % | |||||||||||||||||||
| Other | 143.0 | 104.6 | 36.8 | % | 0.3 | 142.7 | 105.4 | 35.4 | % | |||||||||||||||||||
| Cost of Services Excluding Construction Service cost | 608.8 | 526.8 | 15.6 | % | 73.6 | 535.2 | 473.9 | 13.0 | % | |||||||||||||||||||
| Selling, general and administrative expenses | 129.2 | 106.1 | 21.8 | % | 2.7 | 126.5 | 106.1 | 19.3 | % | |||||||||||||||||||
| Other expenses | 6.0 | 7.1 | -15.2 | % | 0.2 | 5.8 | 4.3 | 33.7 | % | |||||||||||||||||||
| Total Costs and Expenses | 845.1 | 705.8 | 19.7 | % | 72.9 | 772.2 | 654.0 | 18.1 | % | |||||||||||||||||||
| Total Costs and Expenses Excluding Construction Service cost | 744.1 | 640.0 | 16.3 | % | 76.5 | 667.6 | 584.3 | 14.3 | % | |||||||||||||||||||
Total Expenses Breakdown (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Cost of services | 709.8 | 592.7 | 19.8 | % | 70.0 | 639.8 | 543.6 | 17.7 | % | |||||||||||||||||||
| SG&A | 129.2 | 106.1 | 21.8 | % | 2.7 | 126.5 | 106.1 | 19.3 | % | |||||||||||||||||||
| Financial loss | 81.3 | 113.7 | -28.5 | % | -71.7 | 152.9 | 191.5 | -20.1 | % | |||||||||||||||||||
| Inflation adjustment | 7.6 | 5.0 | 50.8 | % | 8.1 | -0.5 | 0.6 | -183.8 | % | |||||||||||||||||||
| Other expenses | 6.0 | 7.1 | -15.2 | % | 0.2 | 5.8 | 4.3 | 33.7 | % | |||||||||||||||||||
| Income tax expense | 55.8 | 40.8 | 36.6 | % | 27.1 | 28.6 | 16.2 | 77.1 | % | |||||||||||||||||||
| Total expenses | 989.7 | 865.4 | 14.4 | % | 36.5 | 953.2 | 862.3 | 10.5 | % | |||||||||||||||||||
Cost of Services (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Cost of Services | 709.8 | 592.7 | 19.8 | % | 70.0 | 639.8 | 543.6 | 17.7 | % | |||||||||||||||||||
| Salaries and social security contributions | 140.2 | 121.9 | 15.0 | % | 0.9 | 139.4 | 124.4 | 12.0 | % | |||||||||||||||||||
| Concession fees | 117.8 | 107.9 | 9.2 | % | 1.4 | 116.4 | 110.1 | 5.7 | % | |||||||||||||||||||
| Construction service cost | 101.0 | 65.9 | 53.3 | % | -3.6 | 104.6 | 69.8 | 49.9 | % | |||||||||||||||||||
| Maintenance expenses | 96.0 | 90.7 | 5.8 | % | 0.9 | 95.2 | 92.4 | 3.0 | % | |||||||||||||||||||
| Amortization and depreciation | 111.7 | 101.7 | 9.8 | % | 70.1 | 41.6 | 41.6 | 0.1 | % | |||||||||||||||||||
| Services and fees | 34.9 | 33.8 | 3.2 | % | 0.1 | 34.8 | 34.3 | 1.4 | % | |||||||||||||||||||
| Cost of fuel | 82.4 | 46.3 | 77.9 | % | - | 82.4 | 46.3 | 77.9 | % | |||||||||||||||||||
| Taxes | 3.0 | 2.7 | 14.1 | % | 0.1 | 3.0 | 2.7 | 9.1 | % | |||||||||||||||||||
| Office expenses | 7.5 | 7.6 | -1.8 | % | 0.1 | 7.4 | 7.9 | -6.1 | % | |||||||||||||||||||
| Others | 15.2 | 14.1 | 7.9 | % | 0.0 | 15.2 | 14.2 | 7.0 | % | |||||||||||||||||||
Page 31 of 41
Selling, General and Administrative Expenses (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| SG&A | 129.2 | 106.1 | 21.8 | % | 2.7 | 126.5 | 106.1 | 19.3 | % | |||||||||||||||||||
| Taxes | 35.0 | 30.6 | 14.1 | % | 0.5 | 34.5 | 31.5 | 9.5 | % | |||||||||||||||||||
| Salaries and social security contributions | 38.9 | 26.4 | 47.5 | % | 0.2 | 38.7 | 26.9 | 43.8 | % | |||||||||||||||||||
| Services and fees | 28.4 | 24.0 | 18.1 | % | 0.0 | 28.4 | 24.1 | 17.7 | % | |||||||||||||||||||
| Office expenses | 5.6 | 5.0 | 11.6 | % | 0.0 | 5.6 | 5.2 | 8.3 | % | |||||||||||||||||||
| Amortization and depreciation | 6.4 | 5.1 | 24.2 | % | 1.9 | 4.5 | 3.5 | 31.1 | % | |||||||||||||||||||
| Maintenance expenses | 3.9 | 2.9 | 34.2 | % | 0.0 | 3.9 | 2.9 | 33.7 | % | |||||||||||||||||||
| Advertising | 3.9 | 2.0 | 90.6 | % | 0.0 | 3.9 | 2.1 | 86.4 | % | |||||||||||||||||||
| Insurances | 1.6 | 1.8 | -8.6 | % | 0.0 | 1.6 | 1.8 | -10.7 | % | |||||||||||||||||||
| Bad debts recovery | -3.3 | -2.0 | 64.4 | % | -0.0 | -3.3 | -2.1 | 53.1 | % | |||||||||||||||||||
| Bad debts | 4.7 | 5.0 | -6.2 | % | 0.0 | 4.7 | 5.2 | -10.2 | % | |||||||||||||||||||
| Others | 4.1 | 5.0 | -19.2 | % | 0.0 | 4.1 | 5.0 | -19.3 | % | |||||||||||||||||||
Expenses by Segment (in US$ million)
| Country | 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | |||||||||||||||||||||
| Argentina | 461.4 | 404.5 | 14.1 | % | 72.9 | 388.4 | 352.7 | 10.1 | % | |||||||||||||||||||
| Italy | 73.6 | 58.4 | 26.1 | % | - | 73.6 | 58.4 | 26.1 | % | |||||||||||||||||||
| Brazil | 45.8 | 38.4 | 19.2 | % | - | 45.8 | 38.4 | 19.2 | % | |||||||||||||||||||
| Uruguay | 78.9 | 64.4 | 22.6 | % | - | 78.9 | 64.4 | 22.6 | % | |||||||||||||||||||
| Armenia | 120.9 | 84.6 | 42.9 | % | - | 120.9 | 84.6 | 42.9 | % | |||||||||||||||||||
| Ecuador | 43.3 | 40.5 | 7.0 | % | - | 43.3 | 40.5 | 7.0 | % | |||||||||||||||||||
| Unallocated | 21.1 | 15.1 | 40.1 | % | - | 21.1 | 15.1 | 40.1 | % | |||||||||||||||||||
| Total consolidated expenses (1) (2) | 845.1 | 705.9 | 19.7 | % | 72.9 | 772.2 | 654.1 | 18.1 | % | |||||||||||||||||||
| (1) | Excludes income tax and financial loss |
| (2) | We account for the results of operations of ECOGAL using the equity method |
Adjusted EBITDA by Segment (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Argentina | 200.4 | 187.1 | 7.1 | % | 7.4 | 193.0 | 195.3 | -1.2 | % | |||||||||||||||||||
| Italy | 21.6 | 20.1 | 7.3 | % | - | 21.6 | 20.1 | 7.3 | % | |||||||||||||||||||
| Brazil | 28.5 | 20.7 | 37.3 | % | - | 28.5 | 20.7 | 37.3 | % | |||||||||||||||||||
| Uruguay | 39.3 | 38.3 | 2.8 | % | - | 39.3 | 38.3 | 2.8 | % | |||||||||||||||||||
| Armenia | 59.9 | 47.5 | 26.1 | % | - | 59.9 | 47.5 | 26.1 | % | |||||||||||||||||||
| Ecuador | 18.7 | 16.0 | 16.7 | % | - | 18.7 | 16.0 | 16.7 | % | |||||||||||||||||||
| Unallocated | -7.3 | -6.1 | 20.7 | % | - | -7.3 | -6.1 | 20.7 | % | |||||||||||||||||||
| Total segment EBITDA | 360.8 | 323.7 | 11.4 | % | 7.4 | 353.3 | 331.9 | 6.4 | % | |||||||||||||||||||
Page 32 of 41
Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Income from Continuing Operations | 133.7 | 85.9 | 55.7 | % | -38.4 | 172.1 | 124.6 | 38.1 | % | |||||||||||||||||||
| Financial Income | -35.7 | -28.6 | 24.5 | % | 10.3 | -46.0 | -45.9 | 0.1 | % | |||||||||||||||||||
| Financial Loss | 81.3 | 113.7 | -28.5 | % | -71.7 | 152.9 | 191.5 | -20.1 | % | |||||||||||||||||||
| Inflation adjustment | 7.6 | 5.0 | 50.8 | % | 8.1 | -0.5 | 0.6 | -183.8 | % | |||||||||||||||||||
| Income Tax Expense | 55.8 | 40.8 | 36.6 | % | 27.1 | 28.6 | 16.2 | 77.1 | % | |||||||||||||||||||
| Amortization and Depreciation | 118.1 | 106.9 | 10.5 | % | 72.0 | 46.1 | 45.0 | 2.5 | % | |||||||||||||||||||
| Adjusted EBITDA | 360.8 | 323.7 | 11.4 | % | 7.4 | 353.3 | 331.9 | 6.4 | % | |||||||||||||||||||
| Adjusted EBITDA Margin | 33.7 | % | 35.6 | % | -187 | - | 33.3 | % | 35.8 | % | -253 | |||||||||||||||||
| Adjusted EBITDA excluding Construction Service | 356.1 | 318.1 | 11.9 | % | 7.4 | 348.7 | 326.4 | 6.8 | % | |||||||||||||||||||
| Adjusted EBITDA Margin excluding Construction Service | 36.9 | % | 37.9 | % | -103 | - | 36.6 | % | 38.3 | % | -172 | |||||||||||||||||
Financial Income / Loss (in US$ million)
| 6M26 as reported | 6M25 as reported | % Var as reported | IAS 29 | 6M26 ex IAS 29 | 6M25 ex IAS 29 | % Var ex IAS 29 | ||||||||||||||||||||||
| Financial Income | 35.7 | 28.6 | 24.5 | % | -10.3 | 46.0 | 45.9 | 0.1 | % | |||||||||||||||||||
| Interest income | 23.7 | 17.1 | 39.0 | % | 0.2 | 23.5 | 17.4 | 34.9 | % | |||||||||||||||||||
| Foreign exchange income | 2.2 | 6.8 | -67.0 | % | -10.5 | 12.8 | 23.7 | -46.3 | % | |||||||||||||||||||
| Other | 9.7 | 4.8 | 103.3 | % | 0.0 | 9.7 | 4.8 | 103.8 | % | |||||||||||||||||||
| Inflation adjustment | -7.6 | -5.0 | 50.8 | % | -8.1 | 0.5 | -0.6 | -183.8 | % | |||||||||||||||||||
| Inflation adjustment | -7.6 | -5.0 | 50.8 | % | -8.1 | 0.5 | -0.6 | -183.8 | % | |||||||||||||||||||
| Financial Loss | -81.3 | -113.7 | -28.5 | % | 71.7 | -152.9 | -191.5 | -20.1 | % | |||||||||||||||||||
| Interest Expenses | -44.6 | -45.5 | -1.9 | % | -0.2 | -44.4 | -46.3 | -4.1 | % | |||||||||||||||||||
| Foreign exchange transaction expenses | 32.7 | -17.5 | -286.8 | % | 72.3 | -39.6 | -94.5 | -58.0 | % | |||||||||||||||||||
| Changes in liability for concessions | -58.4 | -46.5 | 25.5 | % | - | -58.4 | -46.5 | 25.5 | % | |||||||||||||||||||
| Other financial loss | -10.9 | -4.2 | 158.3 | % | -0 | -10.6 | -4.2 | 149.7 | % | |||||||||||||||||||
| Financial Loss, Net | -53.2 | -90.1 | -41.0 | % | 53.3 | -106.5 | -146.1 | -27.1 | % | |||||||||||||||||||
See “Use of Non-IFRS Financial Measures” on page 25.
Page 33 of 41
| % Ownership by Concession | ||||||
| Aeropuertos Argentina 2000 | Argentina | 84.8 | % | |||
| Neuquén | Argentina | 77.7 | % | |||
| Bahía Blanca | Argentina | 85.0 | % | |||
| Toscana Aeroporti (Florence and Pisa airports) | Italy | 62.3 | % | |||
| ICAB (Brasilia Airport) | Brazil | 51.0 | % | |||
| Puerta del Sur (Carrasco Airport) | Uruguay | 100.0 | % | |||
| CAISA (Punta del Este Airport) | Uruguay | 100.0 | % | |||
| AIA (Armenian airports) | Armenia | 100.0 | % | |||
| TAGSA (Guayaquil Airport) | Ecuador | 50.0 | % | |||
| ECOGAL (Galápagos Airport) | Ecuador | 99.9 | % | |||
Selected Income Statement Data (in US$ million)
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||
| Argentina | ||||||||||||||||||||||||
| Total Revenue | 257.2 | 256.0 | 0.5 | % | 566.3 | 510.4 | 11.0 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 218.6 | 232.0 | -5.8 | % | 505.1 | 467.3 | 8.1 | % | ||||||||||||||||
| Operating Income | 31.7 | 56.8 | -44.1 | % | 117.4 | 117.0 | 0.3 | % | ||||||||||||||||
| Net Income | 26.0 | 23.9 | 8.9 | % | 113.7 | 62.1 | 83.1 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 73.8 | 92.7 | -20.4 | % | 200.4 | 187.1 | 7.1 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 28.7 | % | 36.2 | % | -7.5 | pp | 35.4 | % | 36.7 | % | -1.3 | pp | ||||||||||||
| Adjusted EBITDA Margin excluding IFRIC | 33.7 | % | 39.9 | % | -6.2 | pp | 39.6 | % | 40.0 | % | -0.4 | pp | ||||||||||||
| Italy | ||||||||||||||||||||||||
| Total Revenue | 56.3 | 45.7 | 23.1 | % | 88.9 | 72.8 | 22.1 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 44.1 | 40.5 | 8.7 | % | 69.6 | 62.5 | 11.3 | % | ||||||||||||||||
| Operating Income | 15.5 | 13.7 | 13.1 | % | 15.5 | 14.7 | 5.6 | % | ||||||||||||||||
| Net Income | 9.0 | 7.8 | 14.7 | % | 7.4 | 6.7 | 11.2 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 18.6 | 16.6 | 12.3 | % | 21.6 | 20.1 | 7.3 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 33.0 | % | 36.2 | % | -3.2 | pp | 24.2 | % | 27.6 | % | -3.4 | pp | ||||||||||||
| Adjusted EBITDA Margin excluding IFRIC | 36.2 | % | 33.0 | % | 3.2 | pp | 25.0 | % | 23.7 | % | 1.3 | pp | ||||||||||||
| Brazil | ||||||||||||||||||||||||
| Total Revenue | 34.6 | 27.7 | 25.2 | % | 67.8 | 52.8 | 28.3 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 34.5 | 27.7 | 24.8 | % | 67.2 | 52.7 | 27.7 | % | ||||||||||||||||
| Operating Income | 11.5 | 8.5 | 35.9 | % | 22.1 | 15.3 | 43.9 | % | ||||||||||||||||
| Net Income | -18.2 | -14.5 | 25.0 | % | -41.6 | -38.5 | 8.0 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 14.7 | 11.2 | 31.9 | % | 28.5 | 20.7 | 37.3 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 42.5 | % | 40.4 | % | 2.1 | pp | 42.0 | % | 39.3 | % | 2.7 | pp | ||||||||||||
| Adjusted EBITDA Margin excluding IFRIC | 42.7 | % | 40.4 | % | 2.3 | pp | 42.4 | % | 39.4 | % | 3.0 | pp | ||||||||||||
| Uruguay | ||||||||||||||||||||||||
| Total Revenue | 49.3 | 47.2 | 4.4 | % | 113.4 | 98.4 | 15.2 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 40.9 | 38.6 | 6.0 | % | 94.7 | 85.3 | 11.0 | % | ||||||||||||||||
| Operating Income | 9.9 | 12.8 | -22.5 | % | 32.8 | 32.8 | 0.1 | % | ||||||||||||||||
| Net Income | 9.5 | 13.8 | -30.9 | % | 30.7 | 33.8 | -9.2 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 13.0 | 15.5 | -16.3 | % | 39.3 | 38.3 | 2.8 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 26.3 | % | 32.8 | % | -6.5 | pp | 34.7 | % | 38.9 | % | -4.2 | pp | ||||||||||||
| Adjusted EBITDA Margin excluding IFRIC | 31.7 | % | 40.1 | % | -8.4 | pp | 41.5 | % | 44.9 | % | -3.4 | pp | ||||||||||||
| Ecuador | ||||||||||||||||||||||||
| Total Revenue | 29.9 | 27.3 | 9.5 | % | 59.8 | 54.5 | 9.7 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 29.9 | 27.3 | 9.5 | % | 59.8 | 54.5 | 9.7 | % | ||||||||||||||||
| Operating Income | 7.2 | 6.1 | 17.8 | % | 14.6 | 12.4 | 18.4 | % | ||||||||||||||||
| Net Income | 5.6 | 5.5 | 1.5 | % | 11.4 | 11.3 | 0.2 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 9.3 | 7.9 | 16.9 | % | 18.7 | 16.0 | 16.7 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 31.1 | % | 29.1 | % | 2 | pp | 31.3 | % | 29.4 | % | 1.9 | pp | ||||||||||||
| Adjusted EBITDA Margin excluding IFRIC | 31.1 | % | 29.1 | % | 2 | pp | 31.3 | % | 29.4 | % | 1.9 | pp | ||||||||||||
| Armenia | ||||||||||||||||||||||||
| Total Revenue | 106.4 | 72.8 | 46.2 | % | 173.8 | 120.9 | 43.8 | % | ||||||||||||||||
| Total Revenue Excluding IFRIC12(1) | 102.4 | 68.9 | 48.5 | % | 167.9 | 116.2 | 44.6 | % | ||||||||||||||||
| Operating Income | 33.0 | 23.8 | 38.9 | % | 53.8 | 36.4 | 47.7 | % | ||||||||||||||||
| Net Income | 24.5 | 19.6 | 24.9 | % | 40.3 | 29.6 | 35.8 | % | ||||||||||||||||
| Adjusted Segment EBITDA | 35.4 | 29.4 | 20.5 | % | 59.9 | 47.5 | 26.1 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | 33.2 | % | 40.3 | % | -7.1 | pp | 34.5 | % | 39.3 | % | -4.8 | pp | ||||||||||||
| Adjusted EBITDA Margin excluding IFRIC | 34.4 | % | 42.4 | % | -8 | pp | 35.5 | % | 40.8 | % | -5.3 | pp | ||||||||||||
| Unallocated | ||||||||||||||||||||||||
| Total revenue | 0.3 | 0.2 | 107.0 | % | 0.6 | 0.3 | 82.9 | % | ||||||||||||||||
| Operating Income | -3.2 | -4.4 | -26.6 | % | -11.6 | -10.7 | 8.4 | % | ||||||||||||||||
| Net Income | -3.0 | -4.7 | -35.8 | % | -28.1 | -19.2 | 46.8 | % | ||||||||||||||||
| Adjusted segment EBITDA | -1.4 | -2.1 | -33.0 | % | -7.3 | -6.1 | 20.7 | % | ||||||||||||||||
| Adjusted Segment EBITDA Mg | N/A | N/A | N/A | N/A | #N/A | N/A | ||||||||||||||||||
1 Excludes Construction Service revenue.
2 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession.
3 Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, as explained above. Please refer to Review of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries.
Page 34 of 41
Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements
| Domestic Passenger Traffic | International Passenger Traffic | Transit Passengers | Total Passenger Traffic | Cargo Volume | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in tons) | Aircraft Movements | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | |||||||||||||||||||||||||||||||||||||
| Argentina | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aeroparque | 2,415 | 2,868 | -15.8 | % | 1,220 | 1,163 | 5.0 | % | 281 | 278 | 0.9 | % | 3,916 | 4,309 | -9.1 | % | 400 | 304 | 31.7 | % | 31,138 | 34,706 | -10.3 | % | ||||||||||||||||||||||||||||||
| Bariloche | 362 | 442 | -18.0 | % | 13 | 10 | 31.3 | % | 0 | 0 | - | 375 | 452 | -16.9 | % | - | - | - | 2,631 | 3,262 | -19.3 | % | ||||||||||||||||||||||||||||||||
| Catamarca | 19 | 20 | -6.0 | % | - | - | - | 1 | 2 | -37.9 | % | 20 | 22 | -9.1 | % | - | - | - | 881 | 720 | 22.4 | % | ||||||||||||||||||||||||||||||||
| C. Rivadavia | 130 | 139 | -6.6 | % | - | - | - | 0 | - | - | 130 | 139 | -6.5 | % | 83 | 98 | -15.3 | % | 1,651 | 1,726 | -4.3 | % | ||||||||||||||||||||||||||||||||
| Córdoba | 470 | 534 | -12.0 | % | 241 | 196 | 22.4 | % | 1 | 1 | - | 712 | 732 | -2.7 | % | 312 | 286 | 9.2 | % | 6,373 | 6,500 | -2.0 | % | |||||||||||||||||||||||||||||||
| El Palomar | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 382 | 725 | -47.3 | % | |||||||||||||||||||||||||||||||||||
| Esquel | 16 | 14 | 13.3 | % | - | - | - | - | - | - | 16 | 14 | 13.3 | % | - | - | - | 264 | 270 | -2.2 | % | |||||||||||||||||||||||||||||||||
| Ezeiza | 538 | 492 | 9.2 | % | 1,814 | 1,803 | 0.6 | % | 64 | 59 | 7.9 | % | 2,416 | 2,355 | 2.6 | % | 50,535 | 49,295 | 2.5 | % | 16,896 | 15,941 | 6.0 | % | ||||||||||||||||||||||||||||||
| Formosa | 19 | 24 | -21.2 | % | - | - | - | - | - | - | 19 | 24 | -21.2 | % | 9 | 23 | -61.4 | % | 381 | 357 | 6.7 | % | ||||||||||||||||||||||||||||||||
| General Pico | 0 | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | 673 | 771 | -12.7 | % | |||||||||||||||||||||||||||||||||||
| Iguazú | 342 | 412 | -17.0 | % | 1 | 0 | - | - | - | - | 343 | 412 | -16.7 | % | - | - | - | 2,464 | 2,950 | -16.5 | % | |||||||||||||||||||||||||||||||||
| Jujuy | 97 | 110 | -11.8 | % | 1 | 1 | - | - | - | - | 98 | 111 | -11.4 | % | 26 | 27 | -2.3 | % | 1,046 | 1,098 | -4.7 | % | ||||||||||||||||||||||||||||||||
| La Rioja | 17 | 19 | -11.5 | % | - | - | - | 2 | 3 | -41.9 | % | 19 | 22 | -15.3 | % | 7 | 6 | 22.1 | % | 487 | 539 | -9.6 | % | |||||||||||||||||||||||||||||||
| Malargüe | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 121 | 209 | -42.1 | % | |||||||||||||||||||||||||||||||||||
| Mar del Plata | 59 | 61 | -3.4 | % | - | - | - | 1 | 1 | - | 59 | 61 | -3.4 | % | 25 | 28 | -12.9 | % | 1,262 | 1,440 | -12.4 | % | ||||||||||||||||||||||||||||||||
| Mendoza | 384 | 454 | -15.4 | % | 168 | 165 | 1.6 | % | 8 | 6 | 25.4 | % | 559 | 625 | -10.5 | % | 235 | 153 | 53.3 | % | 4,869 | 5,340 | -8.8 | % | ||||||||||||||||||||||||||||||
| Paraná | 12 | 11 | 8.5 | % | - | - | - | 0 | - | - | 12 | 11 | 8.5 | % | - | - | - | 960 | 812 | 18.2 | % | |||||||||||||||||||||||||||||||||
| Posadas | 64 | 85 | -24.1 | % | - | - | - | - | 0 | - | 64 | 85 | -24.1 | % | 29 | 39 | -27.8 | % | 962 | 1,074 | -10.4 | % | ||||||||||||||||||||||||||||||||
| Pto Madryn | 19 | 31 | -39.9 | % | - | - | - | - | 0 | - | 19 | 31 | -39.9 | % | 3 | 5 | -48.3 | % | 257 | 289 | -11.1 | % | ||||||||||||||||||||||||||||||||
| Reconquista | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 788 | 1,064 | -25.9 | % | |||||||||||||||||||||||||||||||||||
| Resistencia | 70 | 58 | 20.2 | % | - | - | - | - | 0 | - | 70 | 58 | 20.1 | % | 56 | 80 | -29.6 | % | 862 | 911 | -5.4 | % | ||||||||||||||||||||||||||||||||
| Río Cuarto | 5 | 4 | 49.4 | % | - | - | - | - | - | - | 5 | 4 | 49.4 | % | 0 | 1 | - | 213 | 136 | 56.6 | % | |||||||||||||||||||||||||||||||||
| Río Gallegos | 35 | 44 | -20.3 | % | 0 | - | - | 1 | 1 | - | 35 | 44 | -20.0 | % | 19 | 58 | -67.9 | % | 843 | 805 | 4.7 | % | ||||||||||||||||||||||||||||||||
| Río Grande | 22 | 32 | -29.0 | % | - | - | - | - | 0 | - | 22 | 32 | -29.4 | % | 47 | 413 | -88.6 | % | 541 | 756 | -28.4 | % | ||||||||||||||||||||||||||||||||
| Salta | 310 | 312 | -0.7 | % | 19 | 19 | -2.3 | % | - | 1 | - | 328 | 332 | -1.2 | % | 88 | 73 | 20.9 | % | 4,219 | 4,239 | -0.5 | % | |||||||||||||||||||||||||||||||
| San Fernando | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13,535 | 14,313 | -5.4 | % | |||||||||||||||||||||||||||||||||||
| San Juan | 49 | 47 | 3.0 | % | - | - | - | - | - | - | 49 | 47 | 3.0 | % | - | - | - | 655 | 618 | 6.0 | % | |||||||||||||||||||||||||||||||||
| San Luis | 14 | 15 | -3.7 | % | - | - | - | - | - | - | 14 | 15 | -3.7 | % | 8 | 11 | -24.4 | % | 368 | 448 | -17.9 | % | ||||||||||||||||||||||||||||||||
| San Rafael | 9 | 8 | 10.0 | % | - | - | - | - | - | - | 9 | 8 | 10.0 | % | - | - | - | 1,407 | 2,232 | -37.0 | % | |||||||||||||||||||||||||||||||||
| Santa Rosa | 10 | 11 | -7.1 | % | - | - | - | 0 | - | - | 10 | 11 | -6.2 | % | 11 | 15 | -27.9 | % | 690 | 759 | -9.1 | % | ||||||||||||||||||||||||||||||||
| Santiago del Estero | 42 | 57 | -26.7 | % | - | 0 | - | - | - | - | 42 | 57 | -27.3 | % | 48 | 13 | 278.4 | % | 988 | 1,092 | -9.5 | % | ||||||||||||||||||||||||||||||||
| Tucumán | 189 | 199 | -4.9 | % | 11 | 3 | 230.2 | % | 1 | 1 | - | 201 | 203 | -1.0 | % | 101 | 108 | -7.0 | % | 1,814 | 1,980 | -8.4 | % | |||||||||||||||||||||||||||||||
| Viedma | 8 | 8 | 0.1 | % | - | - | - | - | - | - | 8 | 8 | 0.1 | % | - | - | - | 282 | 238 | 18.5 | % | |||||||||||||||||||||||||||||||||
| Villa Mercedes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 370 | 119 | 210.9 | % | |||||||||||||||||||||||||||||||||||
| Termas de Río Hondo | 4 | 4 | 16.7 | % | - | - | - | - | - | - | 4 | 4 | 16.7 | % | - | - | - | 170 | 129 | 31.8 | % | |||||||||||||||||||||||||||||||||
| Bahía Blanca | 65 | 66 | -0.7 | % | - | - | - | 1 | 1 | - | 66 | 67 | -0.4 | % | 47 | 60 | -22.6 | % | 893 | 920 | -2.9 | % | ||||||||||||||||||||||||||||||||
| Neuquén | 319 | 337 | -5.3 | % | 7 | 0 | - | 5 | 5 | 9.5 | % | 331 | 342 | -3.0 | % | 931 | 92 | 911.0 | % | 3,640 | 3,471 | 4.9 | % | |||||||||||||||||||||||||||||||
| Total Argentina | 6,115 | 6,917 | -11.6 | % | 3,494 | 3,360 | 4.0 | % | 366 | 359 | 1.9 | % | 9,974 | 10,636 | -6.2 | % | 53,020 | 51,188 | 3.6 | % | 105,976 | 112,959 | -6.2 | % | ||||||||||||||||||||||||||||||
Page 35 of 41
| Domestic Passenger Traffic | International Passenger Traffic | Transit Passengers | Total Passenger Traffic | Cargo Volume | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in tons) | Aircraft Movements | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | 2Q26 | 2Q25 | % Var. | |||||||||||||||||||||||||||||||||||||
| Italy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pisa | 423 | 422 | 0.4 | % | 1,450 | 1,343 | 8.0 | % | 2 | 2 | -10.0 | % | 1,874 | 1,766 | 6.1 | % | 2,753 | 3,095 | -11.1 | % | 14,039 | 13,288 | 5.7 | % | ||||||||||||||||||||||||||||||
| Florence | 133 | 131 | 1.9 | % | 1,041 | 999 | 4.2 | % | 0 | 0 | - | 1,174 | 1,129 | 3.9 | % | 26 | 46 | -43.7 | % | 13,080 | 13,017 | 0.5 | % | |||||||||||||||||||||||||||||||
| Total Italy | 556 | 552 | 0.7 | % | 2,490 | 2,341 | 6.4 | % | 2 | 2 | -8.1 | % | 3,048 | 2,895 | 5.3 | % | 2,779 | 3,141 | -11.5 | % | 27,119 | 26,305 | 3.1 | % | ||||||||||||||||||||||||||||||
| Brazil | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brasilia | 2,333 | 2,362 | -1.2 | % | 198 | 210 | -5.6 | % | 1,681 | 1,470 | 14.3 | % | 4,212 | 4,042 | 4.2 | % | 13,865 | 15,399 | -10.0 | % | 37,994 | 37,362 | 1.7 | % | ||||||||||||||||||||||||||||||
| Total Brazil | 2,333 | 2,362 | -1.2 | % | 198 | 210 | -5.6 | % | 1,681 | 1,470 | 14.3 | % | 4,212 | 4,042 | 4.2 | % | 13,865 | 15,399 | -10.0 | % | 37,994 | 37,362 | 1.7 | % | ||||||||||||||||||||||||||||||
| Uruguay | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrasco | 1 | 1 | - | 507 | 495 | 2.6 | % | 5 | 7 | -36.9 | % | 513 | 503 | 2.0 | % | 8,656 | 8,695 | -0.4 | % | 5,358 | 5,583 | -4.0 | % | |||||||||||||||||||||||||||||||
| Punta del Este | 0 | 0 | - | 20 | 20 | 0.0 | % | - | - | - | 20 | 20 | -0.1 | % | - | - | - | 1,720 | 2,169 | -20.7 | % | |||||||||||||||||||||||||||||||||
| Total Uruguay | 1 | 1 | - | 527 | 514 | 2.5 | % | 5 | 7 | -36.9 | % | 533 | 522 | 2.0 | % | 8,656 | 8,695 | -0.4 | % | 7,078 | 7,752 | -8.7 | % | |||||||||||||||||||||||||||||||
| Ecuador | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guayaquil | 434 | 461 | -5.8 | % | 605 | 559 | 8.3 | % | 15 | 16 | -6.4 | % | 1,054 | 1,036 | 1.8 | % | 7,035 | 8,173 | -13.9 | % | 17,294 | 17,634 | -1.9 | % | ||||||||||||||||||||||||||||||
| Galápagos | 142 | 133 | 6.4 | % | - | - | - | - | - | - | 142 | 133 | 6.4 | % | 1,398 | 1,291 | 8.3 | % | 1,696 | 1,631 | 4.0 | % | ||||||||||||||||||||||||||||||||
| Total Ecuador | 576 | 595 | -3.1 | % | 605 | 559 | 8.3 | % | 15 | 16 | -6.4 | % | 1,196 | 1,169 | 2.3 | % | 8,433 | 9,464 | -10.9 | % | 18,990 | 19,265 | -1.4 | % | ||||||||||||||||||||||||||||||
| Armenia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zvartnots | - | - | - | 1,501 | 1,340 | 12.0 | % | 60 | 41 | 48.3 | % | 1,562 | 1,381 | 13.1 | % | 8,965 | 9,282 | -3.4 | % | 11,370 | 10,507 | 8.2 | % | |||||||||||||||||||||||||||||||
| Shirak | - | - | - | 41 | 40 | 1.1 | % | - | - | - | 41 | 40 | 1.1 | % | - | - | - | 258 | 244 | 5.7 | % | |||||||||||||||||||||||||||||||||
| Total Armenia | - | - | - | 1,542 | 1,380 | 11.7 | % | 60 | 41 | 48.3 | % | 1,602 | 1,421 | 12.7 | % | 8,965 | 9,282 | -3.4 | % | 11,628 | 10,751 | 8.2 | % | |||||||||||||||||||||||||||||||
| Total CAAP | 9,581 | 10,427 | -8.1 | % | 8,856 | 8,365 | 5.9 | % | 2,128 | 1,895 | 12.3 | % | 20,565 | 20,686 | -0.6 | % | 95,718 | 97,168 | -1.5 | % | 208,785 | 214,394 | -2.6 | % | ||||||||||||||||||||||||||||||
Page 36 of 41
Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2026 vs. 2025)
| Domestic Passenger Traffic | International Passenger Traffic | Transit Passengers | Total Passenger Traffic | Cargo Volume | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in tons) | Aircraft Movements | |||||||||||||||||||||||||||||||||||||||||||||||||
| 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||||||||||||||||||||
| Argentina | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aeroparque | 5,127 | 5,731 | -10.6 | % | 2,686 | 2,412 | 11.4 | % | 594 | 582 | 2.0 | % | 8,407 | 8,725 | -3.7 | % | 733 | 709 | 3.4 | % | 65,708 | 69,956 | -6.1 | % | ||||||||||||||||||||||||||||||
| Bariloche | 949 | 1,077 | -11.9 | % | 30 | 32 | -6.8 | % | 1 | 2 | -32.9 | % | 980 | 1,111 | -11.8 | % | - | - | - | 7,239 | 8,464 | -14.5 | % | |||||||||||||||||||||||||||||||
| Catamarca | 35 | 35 | 1.8 | % | - | - | - | 2 | 2 | -17.6 | % | 37 | 37 | 0.7 | % | - | - | - | 1,588 | 1,340 | 18.5 | % | ||||||||||||||||||||||||||||||||
| C. Rivadavia | 253 | 280 | -9.6 | % | - | - | - | 0 | 0 | - | 253 | 280 | -9.6 | % | 151 | 190 | -20.5 | % | 3,233 | 3,370 | -4.1 | % | ||||||||||||||||||||||||||||||||
| Córdoba | 1,059 | 1,100 | -3.8 | % | 658 | 431 | 52.7 | % | 2 | 1 | 28.1 | % | 1,719 | 1,532 | 12.2 | % | 628 | 486 | 29.3 | % | 14,530 | 13,430 | 8.2 | % | ||||||||||||||||||||||||||||||
| El Palomar | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 763 | 1,579 | -51.7 | % | |||||||||||||||||||||||||||||||||||
| Esquel | 37 | 38 | -0.4 | % | - | - | - | - | - | - | 37 | 38 | -0.4 | % | - | - | - | 1,666 | 1,226 | 35.9 | % | |||||||||||||||||||||||||||||||||
| Ezeiza | 1,537 | 1,391 | 10.6 | % | 4,594 | 4,266 | 7.7 | % | 138 | 124 | 10.8 | % | 6,269 | 5,781 | 8.4 | % | 100,536 | 97,194 | 3.4 | % | 40,755 | 36,853 | 10.6 | % | ||||||||||||||||||||||||||||||
| Formosa | 37 | 41 | -10.7 | % | - | - | - | - | - | - | 37 | 41 | -10.7 | % | 18 | 40 | -53.5 | % | 714 | 677 | 5.5 | % | ||||||||||||||||||||||||||||||||
| General Pico | 0 | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | 1,270 | 1,307 | -2.8 | % | |||||||||||||||||||||||||||||||||||
| Iguazú | 783 | 881 | -11.2 | % | 5 | 0 | - | - | 0 | - | 787 | 881 | -10.7 | % | - | - | - | 5,675 | 6,434 | -11.8 | % | |||||||||||||||||||||||||||||||||
| Jujuy | 212 | 236 | -10.3 | % | 2 | 2 | 22.3 | % | 0 | - | - | 214 | 238 | -10.1 | % | 51 | 46 | 10.9 | % | 2,140 | 2,351 | -9.0 | % | |||||||||||||||||||||||||||||||
| La Rioja | 33 | 34 | -2.7 | % | - | - | - | 2 | 3 | -19.3 | % | 35 | 36 | -3.9 | % | 15 | 6 | 168.7 | % | 904 | 866 | 4.4 | % | |||||||||||||||||||||||||||||||
| Malargüe | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 160 | 374 | -57.2 | % | |||||||||||||||||||||||||||||||||||
| Mar del Plata | 153 | 166 | -8.0 | % | - | - | - | 1 | 1 | - | 154 | 167 | -7.7 | % | 36 | 67 | -46.9 | % | 3,313 | 3,578 | -7.4 | % | ||||||||||||||||||||||||||||||||
| Mendoza | 809 | 905 | -10.6 | % | 362 | 344 | 5.1 | % | 22 | 18 | 20.8 | % | 1,192 | 1,267 | -5.9 | % | 408 | 634 | -35.7 | % | 10,021 | 11,042 | -9.2 | % | ||||||||||||||||||||||||||||||
| Paraná | 20 | 21 | -4.0 | % | - | - | - | 0 | - | - | 20 | 21 | -3.9 | % | - | - | - | 1,576 | 1,471 | 7.1 | % | |||||||||||||||||||||||||||||||||
| Posadas | 137 | 158 | -13.4 | % | - | - | - | - | 0 | - | 137 | 158 | -13.4 | % | 58 | 83 | -29.5 | % | 1,929 | 2,049 | -5.9 | % | ||||||||||||||||||||||||||||||||
| Pto Madryn | 61 | 72 | -15.2 | % | - | - | - | - | 0 | - | 61 | 72 | -15.2 | % | 10 | 14 | -27.1 | % | 673 | 645 | 4.3 | % | ||||||||||||||||||||||||||||||||
| Reconquista | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,473 | 1,585 | -7.1 | % | |||||||||||||||||||||||||||||||||||
| Resistencia | 129 | 93 | 38.6 | % | - | - | - | 0 | 0 | - | 129 | 94 | 38.4 | % | 107 | 149 | -27.8 | % | 1,599 | 1,567 | 2.0 | % | ||||||||||||||||||||||||||||||||
| Río Cuarto | 11 | 7 | 65.4 | % | - | - | - | - | - | - | 11 | 7 | 65.4 | % | 2 | 2 | 19.6 | % | 407 | 299 | 36.1 | % | ||||||||||||||||||||||||||||||||
| Río Gallegos | 68 | 91 | -25.3 | % | 0 | 0 | - | 2 | 2 | -12.2 | % | 70 | 93 | -25.0 | % | 47 | 100 | -52.6 | % | 1,663 | 1,667 | -0.2 | % | |||||||||||||||||||||||||||||||
| Río Grande | 24 | 70 | -65.9 | % | - | - | - | - | 0 | - | 24 | 70 | -66.1 | % | 47 | 775 | -93.9 | % | 567 | 1,535 | -63.1 | % | ||||||||||||||||||||||||||||||||
| Salta | 653 | 647 | 0.9 | % | 56 | 42 | 34.0 | % | - | 2 | - | 709 | 690 | 2.7 | % | 145 | 167 | -13.2 | % | 8,793 | 8,463 | 3.9 | % | |||||||||||||||||||||||||||||||
| San Fernando | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 28,147 | 27,019 | 4.2 | % | |||||||||||||||||||||||||||||||||||
| San Juan | 100 | 94 | 5.7 | % | - | - | - | - | - | - | 100 | 94 | 5.7 | % | - | - | - | 1,200 | 1,187 | 1.1 | % | |||||||||||||||||||||||||||||||||
| San Luis | 28 | 28 | 1.5 | % | - | - | - | - | - | - | 28 | 28 | 1.5 | % | 17 | 21 | -18.4 | % | 647 | 854 | -24.2 | % | ||||||||||||||||||||||||||||||||
| San Rafael | 23 | 22 | 3.1 | % | - | - | - | - | 0 | - | 23 | 22 | 3.1 | % | - | - | - | 3,030 | 4,357 | -30.5 | % | |||||||||||||||||||||||||||||||||
| Santa Rosa | 19 | 21 | -9.4 | % | - | - | - | 0 | 0 | - | 19 | 21 | -9.2 | % | 12 | 29 | -57.7 | % | 1,392 | 1,383 | 0.7 | % | ||||||||||||||||||||||||||||||||
| Santiago del Estero | 86 | 108 | -20.3 | % | - | 0 | - | - | 0 | - | 86 | 109 | -20.8 | % | 115 | 30 | 284.8 | % | 1,928 | 1,990 | -3.1 | % | ||||||||||||||||||||||||||||||||
| Tucumán | 420 | 390 | 7.8 | % | 40 | 6 | 561.3 | % | 1 | 1 | - | 462 | 397 | 16.3 | % | 195 | 213 | -8.4 | % | 4,000 | 3,904 | 2.5 | % | |||||||||||||||||||||||||||||||
| Viedma | 17 | 17 | 2.4 | % | - | - | - | - | 0 | - | 17 | 17 | 2.4 | % | - | - | - | 586 | 451 | 29.9 | % | |||||||||||||||||||||||||||||||||
| Villa Mercedes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 514 | 323 | 59.1 | % | |||||||||||||||||||||||||||||||||||
| Termas de Río Hondo | 8 | 11 | -22.7 | % | - | - | - | - | 0 | - | 8 | 11 | -23.2 | % | - | - | - | 247 | 291 | -15.1 | % | |||||||||||||||||||||||||||||||||
| Bahía Blanca | 119 | 115 | 4.1 | % | - | - | - | 2 | 1 | 76.7 | % | 122 | 116 | 4.8 | % | 83 | 116 | -28.9 | % | 1,741 | 1,707 | 2.0 | % | |||||||||||||||||||||||||||||||
| Neuquén | 649 | 640 | 1.4 | % | 7 | 0 | - | 10 | 9 | 3.8 | % | 666 | 650 | 2.5 | % | 1,826 | 167 | 996.5 | % | 7,460 | 6,792 | 9.8 | % | |||||||||||||||||||||||||||||||
| Total Argentina | 13,598 | 14,520 | -6.4 | % | 8,439 | 7,535 | 12.0 | % | 777 | 750 | 3.7 | % | 22,814 | 22,805 | 0.0 | % | 105,242 | 101,235 | 4.0 | % | 229,251 | 232,386 | -1.3 | % | ||||||||||||||||||||||||||||||
Page 37 of 41
| Domestic Passenger Traffic | International Passenger Traffic | Transit Passengers | Total Passenger Traffic | Cargo Volume | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in tons) | Aircraft Movements | |||||||||||||||||||||||||||||||||||||||||||||||||
| 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M26 | % Var. | 6M26 | 6M25 | % Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||||||||||||||||||||
| Italy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pisa | 720 | 717 | 0.4 | % | 2,175 | 2,003 | 8.6 | % | 2 | 2 | 3.9 | % | 2,898 | 2,723 | 6.4 | % | 5,299 | 6,305 | -15.9 | % | 21,536 | 20,365 | 5.8 | % | ||||||||||||||||||||||||||||||
| Florence | 227 | 236 | -3.9 | % | 1,669 | 1,566 | 6.6 | % | 0 | 0 | - | 1,896 | 1,802 | 5.2 | % | 57 | 60 | -4.5 | % | 21,371 | 20,707 | 3.2 | % | |||||||||||||||||||||||||||||||
| Total Italy | 947 | 954 | -0.7 | % | 3,844 | 3,569 | 7.7 | % | 2 | 2 | 6.6 | % | 4,794 | 4,525 | 5.9 | % | 5,357 | 6,365 | -15.8 | % | 42,907 | 41,072 | 4.5 | % | ||||||||||||||||||||||||||||||
| Brazil | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brasilia | 4,511 | 4,422 | 2.0 | % | 433 | 428 | 1.2 | % | 3,445 | 2,918 | 18.0 | % | 8,389 | 7,768 | 8.0 | % | 29,000 | 30,676 | -5.5 | % | 74,737 | 71,945 | 3.9 | % | ||||||||||||||||||||||||||||||
| Total Brazil | 4,511 | 4,422 | 2.0 | % | 433 | 428 | 1.2 | % | 3,445 | 2,918 | 18.0 | % | 8,389 | 7,768 | 8.0 | % | 29,000 | 30,676 | -5.5 | % | 74,737 | 71,945 | 3.9 | % | ||||||||||||||||||||||||||||||
| Uruguay | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrasco | 3 | 1 | 132.3 | % | 1,101 | 1,057 | 4.2 | % | 14 | 22 | -38.4 | % | 1,118 | 1,080 | 3.5 | % | 16,647 | 17,584 | -5.3 | % | 11,070 | 11,264 | -1.7 | % | ||||||||||||||||||||||||||||||
| Punta del Este | 0 | 0 | - | 91 | 96 | -5.2 | % | - | - | - | 92 | 97 | -5.1 | % | - | - | - | 6,382 | 6,399 | -0.3 | % | |||||||||||||||||||||||||||||||||
| Total Uruguay | 4 | 2 | 114.6 | % | 1,193 | 1,153 | 3.5 | % | 14 | 22 | -38.4 | % | 1,210 | 1,177 | 2.8 | % | 16,647 | 17,584 | -5.3 | % | 17,452 | 17,663 | -1.2 | % | ||||||||||||||||||||||||||||||
| Ecuador | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guayaquil | 893 | 902 | -0.9 | % | 1,201 | 1,098 | 9.4 | % | 32 | 37 | -13.3 | % | 2,127 | 2,037 | 4.4 | % | 14,070 | 15,836 | -11.2 | % | 34,383 | 35,286 | -2.6 | % | ||||||||||||||||||||||||||||||
| Galápagos | 284 | 266 | 6.7 | % | - | - | - | - | - | - | 284 | 266 | 6.7 | % | 2,707 | 2,585 | 4.7 | % | 3,294 | 3,222 | 2.2 | % | ||||||||||||||||||||||||||||||||
| Total Ecuador | 1,177 | 1,168 | 0.8 | % | 1,201 | 1,098 | 9.4 | % | 32 | 37 | -13.3 | % | 2,411 | 2,303 | 4.7 | % | 16,777 | 18,421 | -8.9 | % | 37,677 | 38,508 | -2.2 | % | ||||||||||||||||||||||||||||||
| Armenia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zvartnots | - | - | - | 2,584 | 2,348 | 10.0 | % | 95 | 59 | 60.2 | % | 2,679 | 2,408 | 11.3 | % | 21,025 | 18,835 | 11.6 | % | 19,926 | 18,670 | 6.7 | % | |||||||||||||||||||||||||||||||
| Shirak | - | - | - | 68 | 69 | -0.6 | % | - | - | - | 68 | 69 | -0.6 | % | - | - | - | 440 | 416 | 5.8 | % | |||||||||||||||||||||||||||||||||
| Total Armenia | - | - | - | 2,653 | 2,417 | 9.7 | % | 95 | 59 | 60.2 | % | 2,748 | 2,477 | 10.9 | % | 21,025 | 18,835 | 11.6 | % | 20,366 | 19,086 | 6.7 | % | |||||||||||||||||||||||||||||||
| Total CAAP | 20,237 | 21,066 | -3.9 | % | 17,763 | 16,200 | 9.6 | % | 4,365 | 3,788 | 15.2 | % | 42,364 | 41,054 | 3.2 | % | 194,048 | 193,116 | 0.5 | % | 422,390 | 420,660 | 0.4 | % | ||||||||||||||||||||||||||||||
Page 38 of 41
Income Statement (in US$ thousands)
| 2Q26 | 2Q25 | % Var. | 6M26 | 6M25 | % Var. | |||||||||||||||||||
| Continuing operations | ||||||||||||||||||||||||
| Revenue | 534,038 | 476,813 | 12.0 | % | 1,070,643 | 910,266 | 17.6 | % | ||||||||||||||||
| Cost of services | -371,417 | -310,902 | 19.5 | % | -709,841 | -592,679 | 19.8 | % | ||||||||||||||||
| Gross profit | 162,621 | 165,911 | -2.0 | % | 360,802 | 317,587 | 13.6 | % | ||||||||||||||||
| Selling, general and administrative expenses | -64,554 | -53,253 | 21.2 | % | -129,222 | -106,067 | 21.8 | % | ||||||||||||||||
| Other operating income | 11,390 | 6,959 | 63.7 | % | 19,108 | 13,560 | 40.9 | % | ||||||||||||||||
| Other operating expenses | -3,974 | -2,278 | 74.5 | % | -6,020 | -7,097 | -15.2 | % | ||||||||||||||||
| Operating income | 105,483 | 117,339 | -10.1 | % | 244,668 | 217,983 | 12.2 | % | ||||||||||||||||
| Share of loss in associates | -1,292 | -671 | 92.5 | % | -2,000 | -1,161 | 72.3 | % | ||||||||||||||||
| Income before financial results and income tax | 104,191 | 116,668 | -10.7 | % | 242,668 | 216,822 | 11.9 | % | ||||||||||||||||
| Financial income | 19,105 | 18,089 | 5.6 | % | 35,660 | 28,646 | 24.5 | % | ||||||||||||||||
| Financial loss | -58,212 | -71,525 | -18.6 | % | -81,257 | -113,715 | -28.5 | % | ||||||||||||||||
| Inflation adjustment | -3,526 | -1,676 | 110.4 | % | -7,586 | -5,030 | 50.8 | % | ||||||||||||||||
| Income before income tax | 61,558 | 61,556 | 0.0 | % | 189,485 | 126,723 | 49.5 | % | ||||||||||||||||
| Income tax | -8,047 | -10,072 | -20.1 | % | -55,773 | -40,843 | 36.6 | % | ||||||||||||||||
| Income for the period | 53,511 | 51,484 | 3.9 | % | 133,712 | 85,880 | 55.7 | % | ||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||
| Owners of the parent | 52,752 | 49,341 | 6.9 | % | 129,610 | 88,586 | 46.3 | % | ||||||||||||||||
| Non-controlling interest | 759 | 2,143 | -64.6 | % | 4,102 | -2,706 | -251.6 | % | ||||||||||||||||
Page 39 of 41
Balance Sheet (in US$ thousands)
| Jun 30, 2026 | Dec 31, 2025 | |||||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 3,417,101 | 3,137,980 | ||||||
| Property, plant and equipment, net | 83,390 | 86,116 | ||||||
| Right-of-use asset | 16,195 | 8,933 | ||||||
| Investments in associates | 10,510 | 43,344 | ||||||
| Other financial assets at fair value through profit or loss | 13,830 | 5,413 | ||||||
| Other financial assets at amortized cost | 103,942 | 108,896 | ||||||
| Deferred tax assets | 15,222 | 12,638 | ||||||
| Inventories | 298 | 294 | ||||||
| Other receivables | 72,371 | 60,010 | ||||||
| Trade receivables | 2 | 11 | ||||||
| Total non-current assets | 3,732,861 | 3,463,635 | ||||||
| Current assets | ||||||||
| Inventories | 19,152 | 14,735 | ||||||
| Other financial assets at fair value through profit or loss | 8,616 | 2,451 | ||||||
| Other financial assets at amortized cost | 159,695 | 119,633 | ||||||
| Other receivables | 68,445 | 66,594 | ||||||
| Current tax assets | 3,026 | 10,989 | ||||||
| Trade receivables | 186,408 | 177,744 | ||||||
| Cash and cash equivalents | 692,483 | 592,759 | ||||||
| Total | 1,137,825 | 984,905 | ||||||
| Assets classified as held for sale | 137 | 137 | ||||||
| Total current assets | 1,137,962 | 985,042 | ||||||
| Total assets | 4,870,823 | 4,448,677 | ||||||
| EQUITY | ||||||||
| Share capital | 165,219 | 165,219 | ||||||
| Share premium | 221,434 | 221,434 | ||||||
| Treasury shares | (3,632 | ) | (3,918 | ) | ||||
| Free distributable reserve | 378,910 | 378,910 | ||||||
| Non-distributable reserve | 1,358,028 | 1,358,028 | ||||||
| Currency translation adjustment | (31,583 | ) | (175,542 | ) | ||||
| Legal reserves | 15,215 | 10,017 | ||||||
| Other reserves | (1,330,323 | ) | (1,332,210 | ) | ||||
| Retained earnings | 1,091,741 | 964,641 | ||||||
| Total attributable to owners of the parent | 1,865,009 | 1,586,579 | ||||||
| Non-controlling interests | 71,205 | 74,169 | ||||||
| Total equity | 1,936,214 | 1,660,748 | ||||||
| LIABILITIES | ||||||||
| Non-current liabilities | ||||||||
| Borrowings | 926,085 | 955,856 | ||||||
| Derivative financial instruments liabilities | 724 | 1,223 | ||||||
| Deferred tax liabilities | 461,398 | 400,582 | ||||||
| Other liabilities | 779,226 | 693,493 | ||||||
| Non-current tax liabilities | 1,636 | |||||||
| Lease liabilities | 12,198 | 5,406 | ||||||
| Trade payables | 1,113 | 1,219 | ||||||
| Total non-current liabilities | 2,180,744 | 2,059,415 | ||||||
| Current liabilities | ||||||||
| Borrowings | 147,408 | 139,362 | ||||||
| Other liabilities | 446,412 | 428,947 | ||||||
| Lease liabilities | 4,695 | 4,326 | ||||||
| Derivative financial instruments liabilities | 369 | 934 | ||||||
| Current tax liabilities | 25,469 | 23,789 | ||||||
| Trade payables | 129,512 | 131,156 | ||||||
| Total current liabilities | 753,865 | 728,514 | ||||||
| Total liabilities | 2,934,609 | 2,787,929 | ||||||
| Total equity and liabilities | 4,870,823 | 4,448,677 | ||||||
Page 40 of 41
Statement of Cash Flow (in US$ thousands)
| Jun 30, 2026 | Jun 30, 2025 | |||||||
| Cash flows from operating activities | ||||||||
| Income for the period from continuing operations | 133,712 | 85,880 | ||||||
| Adjustments for: | ||||||||
| Amortization and depreciation | 129,615 | 116,762 | ||||||
| Deferred income tax | 11,604 | 20,229 | ||||||
| Current income tax | 44,169 | 20,614 | ||||||
| Share of loss in associates | 2,000 | 1,161 | ||||||
| Loss on disposals of property, plant and equipment | 21 | 620 | ||||||
| Loss on disposal of subsidiaries | 1,331 | - | ||||||
| Low-value, short-term and variable lease payments | (906 | ) | (1,095 | ) | ||||
| Share based compensation expenses | 4,359 | 405 | ||||||
| Interest expenses | 44,606 | 45,474 | ||||||
| Other financial results, net | (6,107 | ) | (9,006 | ) | ||||
| Net foreign exchange | (34,899 | ) | 10,670 | |||||
| Government subsidies per Covid-19 context | - | (720 | ) | |||||
| Other accruals | (6,362 | ) | (31 | ) | ||||
| Inflation adjustment | 2,598 | (7,269 | ) | |||||
| Acquisition of intangible assets | (107,459 | ) | (78,594 | ) | ||||
| Income tax paid | (28,470 | ) | (21,469 | ) | ||||
| Unpaid concession fees | 36,003 | 34,090 | ||||||
| Changes in liability for concessions | 58,382 | 46,532 | ||||||
| Changes in working capital | (79,371 | ) | (68,760 | ) | ||||
| Net cash provided by operating activities | 204,826 | 195,493 | ||||||
| Cash flows from investing activities | ||||||||
| Cash contribution in associates | - | (75 | ) | |||||
| Acquisition of other financial assets | (200,785 | ) | (83,122 | ) | ||||
| Disposals of other financial assets | 150,863 | 62,366 | ||||||
| Acquisition of property, plant and equipment | (6,966 | ) | (6,197 | ) | ||||
| Acquisition of intangible assets | (1,071 | ) | (550 | ) | ||||
| Proceeds from property, plant and equipment | 35 | 92 | ||||||
| Dividends and cash refunds received from associates | 30,189 | - | ||||||
| Net cash inflow on disposal of subsidiaries | 31 | - | ||||||
| Other | 4,309 | 2,565 | ||||||
| Net cash used in investing activities | (23,395 | ) | (24,921 | ) | ||||
| Cash flows from financing activities | ||||||||
| Borrowings obtained | 22,096 | 11,421 | ||||||
| Guarantee deposits | (907 | ) | 121 | |||||
| Principal elements of lease payments | (3,082 | ) | (2,002 | ) | ||||
| Borrowings repaid | (54,810 | ) | (59,080 | ) | ||||
| Interest paid | (40,567 | ) | (48,730 | ) | ||||
| Debt renegotiation expenses | (257 | ) | (193 | ) | ||||
| Dividends paid to non-controlling interests in subsidiaries | (6,195 | ) | (20,982 | ) | ||||
| Net cash used in financing activities | (83,722 | ) | (119,445 | ) | ||||
| Increase in cash and cash equivalents from continuing operations | 97,709 | 51,127 | ||||||
| Movements in cash and cash equivalents | ||||||||
| At the beginning of the period | 592,759 | 439,847 | ||||||
| Effect of exchange rate changes and inflation adjustment on cash and cash equivalents | 2,015 | 5,834 | ||||||
| Increase in cash and cash equivalents from continuing operations | 97,709 | 51,127 | ||||||
| At the end of the period | 692,483 | 496,808 | ||||||
Page 41 of 41