Equibles

6-K

CORPORACION AMERICA AIRPORTS S.A. (CAAP)

6-K 2023-08-17 For: 2023-08-17
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

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

UNDERTHE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2023

Commission File Number: 333-221916

Corporación América Airports S.A.

(Name of Registrant)

128, Boulevard de la PétrusseL-2330, Luxembourg

Grand Duchy ofLuxembourg****Tel: +35226258274Fax: +35226259776

(Address of Principal Executive Office)

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

Form 20-F x  Form 40-F ¨

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

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

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND SIX-MONTH PERIOD ENDED June 30, 2023 AND 2022

This report of foreign private issuer on Form 6-K (this “Form 6-K”) is being filed by Corporación América Airports S.A. (“CAAP” or the “Company”) with the Securities and Exchange Commission. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company’s unaudited condensed consolidated interim financial statements for the three and six-month period ended June 30, 2023 and 2022 (the “Consolidated Interim Financial Statements”) as Exhibit 99.1. The Consolidated Interim Financial Statements are presented in U.S. Dollars and prepared in accordance with IAS 34, “Interim Financial Reporting”. These Consolidated Interim Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards of the International Accounting Standards Board and the interpretations of the International Financial Reporting Interpretations Committee.

Exhibits

Exhibit No. Description
99.1 CAAP Unaudited Condensed Consolidated Interim<br> Financial Statements for the three and six-month period ended June 30, 2023 and 2022

SIGNATURES

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

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

Date: August 17, 2023

Exhibit99.1

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CorporaciónAmérica Airports S.A.

CONDENSEDCONSOLIDATED

INTERIMFINANCIAL STATEMENTS

Forthe three and six month period ended June 30, 2023 and 2022

R.C.S. Luxembourg B 174.140

128, Boulevard de la Pétrusse

L – 2330 Luxembourg

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSEDCONSOLIDATED INTERIM STATEMENT OF INCOME

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
Notes 2023 2022 2023 2022
Revenue 4 422,718 332,656 809,399 596,530
Cost of services 5 (279,973 ) (234,902 ) (528,965 ) (416,627 )
Gross profit 142,745 97,754 280,434 179,903
Selling, general and administrative expenses 6 (40,162 ) (28,638 ) (78,966 ) (60,244 )
Impairment loss of non-financial assets - (6 ) (47 ) (6 )
Other operating income 7 8,846 3,707 14,157 7,404
Other operating expenses (987 ) (729 ) (1,742 ) (1,584 )
Operating income 110,442 72,088 213,836 125,473
Share of loss in associates (88 ) (293 ) (89 ) (546 )
Income before financial results and income tax 110,354 71,795 213,747 124,927
Financial income 8 18,065 25,766 30,475 36,447
Financial loss 8 (38,429 ) (44,838 ) (88,250 ) (101,389 )
Inflation adjustment 8 (10,810 ) 5,117 (13,976 ) 19,649
Income before income tax 79,180 57,840 141,996 79,634
Income tax 9 1,641 13,764 (36,319 ) 8,033
Income for the period 80,821 71,604 105,677 87,667
Attributable to:
Owners of the parent 69,775 69,855 102,098 97,650
Non-controlling interests 11,046 1,749 3,579 (9,983 )
80,821 71,604 105,677 87,667
Earnings per share for profit attributable to the ordinary equity holders of the Group:
Basic earnings per share 0.43 0.43 0.63 0.61
Diluted earnings per share 0.43 0.43 0.63 0.61

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Income for the period 80,821 71,604 105,677 87,667
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations 68 397 15 587
Items that may be reclassified to profit or loss:
Share of other comprehensive income from associates 130 347 27 20
Currency translation adjustment 4,123 77,755 20,746 74,246
Other comprehensive income for the period, net of income tax 4,321 78,499 20,788 74,853
Total comprehensive income for the period 85,142 150,103 126,465 162,520
Attributable to:
Owners of the parent 78,075 136,816 125,177 157,350
Non-controlling interests 7,067 13,287 1,288 5,170
85,142 150,103 126,465 162,520

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2022.

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CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSEDcONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Notes At June 30, 2023 At December 31, 2022
ASSETS
Non-current assets
Intangible assets, net 10 3,123,276 2,960,002
Property, plant and equipment, net 75,411 74,742
Right-of-use asset 7,617 9,192
Investments in associates 1,935 1,911
Other financial assets at fair value through profit or loss 3,219 3,160
Other financial assets at amortized cost 3,840 3,764
Derivative financial instruments 68 67
Deferred tax assets 61,479 54,882
Inventories 265 254
Other receivables 71,522 78,765
Trade receivables 1,234 1,581
3,349,866 3,188,320
Current assets
Inventories 12,288 15,765
Other financial assets at fair value through profit or loss 11,249 12,792
Other financial assets at amortized cost 52,047 53,905
Other receivables 56,116 57,800
Current tax assets 5,556 10,852
Trade receivables 120,845 111,089
Cash and cash equivalents 11 448,496 385,265
706,597 647,468
Total assets 4,056,463 3,835,788
EQUITY 14
Share capital 163,223 163,223
Share premium 183,430 183,430
Treasury shares (4,438 ) (4,600 )
Free distributable reserve 378,910 378,910
Non-distributable reserve 1,358,028 1,358,028
Currency translation adjustment (228,068 ) (251,145 )
Legal reserves 3,676 1,081
Other reserves (1,314,003 ) (1,314,025 )
Retained earnings 301,094 201,193
Total attributable to owners of the parent 841,852 716,095
Non-controlling interests 139,734 146,274
Total equity 981,586 862,369
LIABILITIES
Non-current liabilities
Borrowings 12 1,065,538 1,287,421
Deferred tax liabilities 266,447 232,458
Other liabilities 13 875,669 768,383
Lease liabilities 5,738 5,531
Trade payables 3,201 3,307
2,216,593 2,297,100
Current liabilities
Borrowings 12 390,646 178,016
Other liabilities 13 342,002 357,078
Lease liabilities 2,056 3,278
Derivative financial instruments liabilities - 51
Current tax liabilities 8,161 13,794
Trade payables 115,419 124,102
858,284 676,319
Total liabilities 3,074,877 2,973,419
Total equity and liabilities 4,056,463 3,835,788

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2022.

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Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSEDCONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

Attributable to owners of the parent
Share<br><br> capital Share<br><br> premium Treasury<br><br> shares Free<br><br> distributable<br><br> reserves Non-<br><br>distributable<br><br> reserves Legal<br><br> reserves Currency<br><br> translation<br><br> adjustment Other<br><br> reserves Retained earnings ^(1)^ Total Non-<br><br>controlling<br><br> interests Total
Balance at January 1, 2023 163,223 183,430 (4,600 ) 378,910 1,358,028 1,081 (251,145 ) (1,314,025 ) 201,193 716,095 146,274 862,369
Income for the period - - - - - - - - 102,098 102,098 3,579 105,677
Other comprehensive income / (loss) for the period - - - - - - 23,077 2 - 23,079 (2,291 ) 20,788
Share-based payments reserve (Note 14.a and 14.c) - - 162 - - - - 20 398 580 - 580
Transfer to legal reserve - - - - - 2,595 - - (2,595 ) - - -
Dividends paid to non-controlling interests in subsidiaries - - - - - - - - - - (7,828 ) (7,828 )
Balance at June 30, 2023 163,223 183,430 (4,438 ) 378,910 1,358,028 3,676 (228,068 ) (1,314,003 ) 301,094 841,852 139,734 981,586
Balance at January 1, 2022 163,223 183,430 (4,772 ) 378,910 1,358,028 1,081 (321,647 ) (1,321,211 ) 32,689 469,731 303,877 773,608
Income / (loss) for the period - - - - - - - - 97,650 97,650 (9,983 ) 87,667
Other comprehensive income / (loss) for the period - - - - - - 59,504 196 - 59,700 15,153 74,853
Share-based payments reserve (Note 14.a and 14.c) - - 52 - - - - 191 98 341 - 341
Redemption of preferred shares (Note 14.d) - - - - - - - - - - (180,130 ) (180,130 )
Dividends paid to non-controlling interests in subsidiaries - - - - - - - - - - (6,499 ) (6,499 )
Balance at June 30, 2022 163,223 183,430 (4,720 ) 378,910 1,358,028 1,081 (262,143 ) (1,320,824 ) 130,437 627,422 122,418 749,840

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

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2022.

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Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSEDCONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

For the six-month period<br><br> ended June 30,
Notes 2023 2022
Cash flows from operating activities
Income for the period from continuing operations 105,677 87,667
Adjustments for:
Amortization and depreciation 90,024 86,988
Deferred income tax 9 20,669 (18,520 )
Current income tax 9 15,650 10,487
Share of loss in associates 89 546
Impairment loss of non-financial assets 47 6
Loss on disposals of property, plant and equipment 13 125
Unpaid concession fees 35,891 28,373
Low value, short term and variable lease payments (1,707 ) (726 )
Changes in liability for concessions 8 54,095 71,164
Share base compensation expenses 580 341
Collection of government grants 383 10,020
Interest expenses 8 56,207 101,851
Other financial results, net (20,864 ) (23,212 )
Net foreign exchange 8 (26,842 ) (84,963 )
Other accruals 732 (7,744 )
Inflation adjustment 9,749 13,580
Government grants 7 (3,550 ) 571
Acquisition of intangible assets (96,774 ) (45,697 )
Income tax paid (16,070 ) (16,649 )
Changes in working capital 17 (52,345 ) (106,619 )
Net cash provided by operating activities 171,654 107,589
Net cash used in discontinued operating activities - -
Cash flows from investing activities
Cash contribution in associates (100 ) (257 )
Acquisition of other financial assets (38,594 ) (126,086 )
Disposals of other financial assets 45,092 95,468
Acquisition of property, plant and equipment (4,921 ) (3,713 )
Acquisition of intangible assets (373 ) (412 )
Proceeds from property, plant and equipment 14 201
Other 248 272
Net cash provided by/(used in) investing activities 1,366 (34,527 )
Net cash used in discontinued investing activities 19 - (6,100 )
Cash flows from financing activities
Loans obtained 12 72,711 268,772
Guarantee deposits (305 ) (401 )
Principal elements of lease payments (2,161 ) (2,155 )
Loans repaid 12 (102,469 ) (173,733 )
Interest paid 12 (53,603 ) (60,097 )
Debt renegotiation expenses capitalization 12 - (1,578 )
Dividends paid to non-controlling interests in subsidiaries (7,828 ) (6,499 )
Redemption of preferred shares 14.d - (97,955 )
Other - 6
Net cash used in financing activities (93,655 ) (73,640 )
Net cash used in discontinued financing activities - -
Increase/(decrease) in cash and cash equivalents from continuing operations 79,365 (578 )
Decrease in cash and cash equivalents from discontinued operations - (6,100 )
Movements in cash and cash equivalents
At the beginning of the period 385,265 375,783
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents (16,134 ) (34,190 )
Increase/(decrease) in cash and cash equivalents from continuing operations 79,365 (578 )
Decrease in cash and cash equivalents from discontinued operations - (6,100 )
At the end of the period 11 448,496 334,915

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2022.

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CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1 General<br> information and significant event of the period
2 Basis<br> of presentation and accounting policies
3 Segment<br> information
4 Revenue
5 Cost<br> of services
6 Selling,<br> general and administrative expenses
7 Other<br> operating results
8 Financial<br> results, net
9 Income<br> tax
10 Intangible<br> assets, net
11 Cash<br> and cash equivalents
12 Borrowings
13 Other<br> liabilities
14 Equity
15 Contingencies,<br> commitments and restrictions on the distribution of profits
16 Related<br> party balances and transactions
17 Cash flow disclosures
18 Fair value measurement<br> of financial instruments
19 Discontinued operations
20 Financial risk factors
21 Subsequent events 
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Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

1 General information and significant event of the period

1.1General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

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

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

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

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements as of December 31, 2022.

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

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on August 17, 2023.

1.2Significant events of the period

1.2.1       Conflictbetween Russia and Ukraine

Russia´s war against neighboring Ukraine continues to disrupt international travel from and to Russia and Ukraine and other destinations as the flights to Russia have been banned by Western countries and by the European Union, Russia has closed its skies for carriers registered in Western countries and carriers avoid overflying the war zone. It is likely that this war will continue to disrupt supply chains, cause instability in the global economy and disrupt international travel to/from airports operated by the Company, in particular those located in Europe.

In addition, following Russia’s invasion of Ukraine, sanctions have been implemented against Russia, including, among others, travel bans and asset freezes impacting businesses, financial organizations and individuals of Russian origin some of which have been tightened as the war intensified. Wider sanctions and other actions could be imposed if the conflict further escalates.

During 2022 and the first six months of 2023, there has been an increase in traffic in Armenia above internal projections and the traffic in Italy has not been affected by the conflict. Moreover, there has been an increase in the costs of raw materials and expenses for utilities, being caused mainly by the conflict. Considering the uncertainty of the extension of the war and the additional measures and sanctions that could be imposed, the full extent by which the war will impact the Company’s business, results of operations, financial position and liquidity is unknown. The Company is closely monitoring the situation.

1.2.2       AA2000 – New Departure Terminal at Ezeiza Airport

On April 14, 2023, AA2000 inaugurated the new departure terminal at Ezeiza Airport, Argentina, with capacity to serve up to 30 million passengers per year, becoming the most modern airport terminal in Latin America.

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*CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated). *****

2         Basis of presentation and accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2022. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) of the International Accounting Standards Board (“IASB”) and the Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

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

The preparation of Condensed Consolidated Interim Financial Statements in accordance with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.

In the preparation of these Condensed Consolidated Interim Financial Statements, the significant areas of judgment by management in the application of the Group’s accounting policies and the main areas of assumptions and estimates are consistent with those applied in the Consolidated Financial Statements for the year ended December 31, 2022.

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

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2022.

Applicationof IAS 29 in financial reporting of Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

Under the terms of IAS 29, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy for accounting purposes as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The estimated price index as of June 30, 2023 was 1,731.38 (1,134.59 as of December 31, 2022) and the conversion factor derived from the indexes for the six-month period ended June 30, 2023, was 1.53 (1.36 For the six-month period ended June 30, 2022).

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

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

The inflation adjustment and the translation of comparative amounts in the current period is included in Other comprehensive income/(loss)for the period line.

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CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

2         Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

All items in the Condensed Consolidated Interim Statement of Income and of Comprehensive Income for the six-month period are restated by applying the relevant conversion factors at the end of the reporting period, as stated in Note 2.W of the Consolidated Financial Statements as of December 31, 2022. According to IAS 29, the three-month period results shown in these Condensed Consolidated Interim Financial Statements have been prepared considering the three-month period results of the subsidiaries in hyperinflationary economies in their functional currency translated into U.S dollars at the closing exchange rate, while prior reported quarterly Condensed Consolidated Interim Statement of Income and of Comprehensive Income in U.S. dollars remain unchanged.

Newand amended standards adopted by the Group

The Group has adopted the following accounting standards and interpretations that became applicable for annual period commencing on or after January 1, 2023:

- Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8.

- Deferred tax related to assets and liabilities arising from a single transaction - Amendment to IAS 12.

The Group did not have to make retrospective adjustments as a result of adopting these standards.

Newand amended standards not yet adopted by the Group

The following accounting standards and interpretations have been published but the application are not mandatory for reporting periods ending December 31, 2023 and have not been early adopted by the Group:

- Non-current liabilities with covenants – Amendments to IAS 1.

- Lease liability in sale and leaseback – amendments to IFRS 16.

- Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28.

- International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12

- Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7

The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions.

3        Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit providing airport and non-airport services (“others”) to clients in different countries. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Within each reportable segment, the Group develops and operates airport concessions (“Airports”) and provides other services not directly related to airport concessions.

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within the “Unallocated” column. This column also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in the “Intrasegment Adjustments” column.

The information regarding the Group’s reportable operating segments is consistent with the information presented in Notes 2.V and 4 included in our audited Consolidated Financial Statements for the year ended December 31, 2022 and should be read in conjunction with them.

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CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3        Segment information (Cont.)

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

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Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

3       Segment information (Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For<br> the three-month period ended June 30, 2023 Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment<br><br><br> Adjustments Unallocated Total
Aeronautical<br> revenue ^(*)^ 102,398 - 11,167 - 14,979 - 22,176 19,311 17,645 - - 187,676
Non-aeronautical<br> revenue ^(*)^
Commercial<br> revenue 93,247 49 16,089 - 10,529 5,353 35,901 6,582 10,588 (2,858 ) 971 176,451
Construction<br> service revenue 44,657 - - - 7,235 - 992 6 4,354 - - 57,244
Other<br> revenue - - - - 6 - - - 1,341 (583 ) 583 1,347
Cost<br> of services (158,966 ) (18 ) (19,309 ) - (21,687 ) (4,291 ) (35,668 ) (15,109 ) (23,386 ) 1,464 (3,003 ) (279,973 )
Gross<br> profit / (loss) 81,336 31 7,947 - 11,062 1,062 23,401 10,790 10,542 (1,977 ) (1,449 ) 142,745
Selling,<br> general and administrative expenses (20,121 ) (34 ) (2,954 ) (14 ) (3,885 ) (617 ) (3,618 ) (4,322 ) (3,007 ) 1,974 (3,564 ) (40,162 )
Impairment<br> loss of non-financial assets - - - - - - - - - - - -
Other<br> operating income 4,834 1 3,642 - 30 - 104 3 232 - - 8,846
Other<br> operating expenses (496 ) - (1 ) - (145 ) (3 ) (336 ) (9 ) - 3 - (987 )
Operating<br> income / (loss) 65,553 (2 ) 8,634 (14 ) 7,062 442 19,551 6,462 7,767 - (5,013 ) 110,442
Share<br> of loss in associates (2 ) - - - - - - - 14 - (100 ) (88 )
Amortization<br> and depreciation 23,366 - 2,929 - 1,710 315 4,905 1,624 2,656 - 3,080 40,585
Adjusted<br> Ebitda 88,917 (2 ) 11,563 (14 ) 8,772 757 24,456 8,086 10,437 - (2,033 ) 150,939
Construction<br> services revenue (44,657 ) - - - (7,235 ) - (992 ) (6 ) (4,354 ) - - (57,244 )
Construction<br> services cost 44,609 - - - 7,235 - 963 6 2,837 - - 55,650
Adjusted<br> Ebitda excluding Construction Services 88,869 (2 ) 11,563 (14 ) 8,772 757 24,427 8,086 8,920 - (2,033 ) 149,345
Construction<br> services revenue 44,657 - - - 7,235 - 992 6 4,354 - - 57,244
Construction<br> services cost (44,609 ) - - - (7,235 ) - (963 ) (6 ) (2,837 ) - - (55,650 )
Adjusted<br> Ebitda 88,917 (2 ) 11,563 (14 ) 8,772 757 24,456 8,086 10,437 - (2,033 ) 150,939
Financial<br> income 18,065
Financial<br> loss (38,429 )
Inflation<br> adjustment (10,810 )
Amortization<br> and depreciation (40,585 )
Income<br> before income tax expense 79,180
Income<br> tax 1,641
Income<br> for the period 80,821

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

- 10 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

3       Segment information (Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For<br> the three-month period ended June 30, 2022 Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment<br><br>adjustments Unallocated Total
Aeronautical<br> revenue ^(*)^ 80,552 - 8,158 - 10,273 - 13,578 16,746 21,529 - - 150,836
Non-aeronautical<br> revenue ^(*)^
Commercial<br> revenue 76,188 79 12,378 - 8,654 5,127 36,924 6,276 8,376 (2,727 ) 850 152,125
Construction<br> service revenue 24,631 - - - 1,212 - 160 - 1,846 - - 27,849
Other<br> revenue - - - - 3 - - - 1,843 (427 ) 427 1,846
Cost<br> of services (125,584 ) (22 ) (18,596 ) - (11,711 ) (3,850 ) (35,151 ) (13,244 ) (26,216 ) 2,449 (2,977 ) (234,902 )
Gross<br> profit / (loss) 55,787 57 1,940 - 8,431 1,277 15,511 9,778 7,378 (705 ) (1,700 ) 97,754
Selling,<br> general and administrative expenses (7,944 ) (34 ) (2,493 ) (133 ) (3,325 ) (490 ) (3,231 ) (4,038 ) (4,112 ) 705 (3,543 ) (28,638 )
Impairment<br> loss of non-financial assets - - - - - - - - (6 ) - - (6 )
Other<br> operating income 3,906 - (158 ) - 109 - 30 - (180 ) - - 3,707
Other<br> operating expenses (238 ) - (64 ) - (216 ) - (207 ) (4 ) - - - (729 )
Operating<br> income / (loss) 51,511 23 (775 ) (133 ) 4,999 787 12,103 5,736 3,080 - (5,243 ) 72,088
Share<br> of loss in associates (19 ) - - - - - - - (271 ) - (3 ) (293 )
Amortization<br> and depreciation 22,445 - 2,833 - 1,501 318 4,247 1,613 2,776 - 3,054 38,787
Adjusted<br> Ebitda 73,937 23 2,058 (133 ) 6,500 1,105 16,350 7,349 5,585 - (2,192 ) 110,582
Construction<br> services revenue (24,631 ) - - - (1,212 ) - (160 ) - (1,846 ) - - (27,849 )
Construction<br> services cost 24,580 - - - 1,212 - 156 - 1,585 - - 27,533
Adjusted<br> Ebitda excluding Construction Services 73,886 23 2,058 (133 ) 6,500 1,105 16,346 7,349 5,324 - (2,192 ) 110,266
Construction<br> services revenue 24,631 - - - 1,212 - 160 - 1,846 - - 27,849
Construction<br> services cost (24,580 ) - - - (1,212 ) - (156 ) - (1,585 ) - - (27,533 )
Adjusted<br> Ebitda 73,937 23 2,058 (133 ) 6,500 1,105 16,350 7,349 5,585 - (2,192 ) 110,582
Financial<br> income 25,766
Financial<br> loss (44,838 )
Inflation<br> adjustment 5,117
Amortization<br> and depreciation (38,787 )
Income<br> before income tax expense 57,840
Income<br> tax 13,764
Income<br> from continuing operations 71,604
Loss<br> from discontinued operations -
Income<br> for the period 71,604

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

- 11 -

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3       Segment information (Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For the six-month period ended June 30, 2023 Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment<br> Adjustments Unallocated Total
Aeronautical revenue ^(*)^ 216,775 - 21,603 - 33,122 - 38,990 37,268 27,809 - - 375,567
Non-aeronautical revenue ^(*)^
Commercial revenue 177,693 109 30,317 - 24,217 10,283 68,811 13,080 17,611 (5,555 ) 1,888 338,454
Construction service revenue 74,000 - - - 10,347 - 1,601 6 5,403 - - 91,357
Other revenue - - - - 9 - - - 4,012 (2,209 ) 2,209 4,021
Cost of services (302,131 ) (34 ) (37,110 ) - (39,307 ) (8,003 ) (69,248 ) (29,338 ) (41,883 ) 3,990 (5,901 ) (528,965 )
Gross profit / (loss) 166,337 75 14,810 - 28,388 2,280 40,154 21,016 12,952 (3,774 ) (1,804 ) 280,434
Selling, general and administrative expenses (39,706 ) (70 ) (4,813 ) (21 ) (8,142 ) (1,083 ) (7,982 ) (8,511 ) (6,452 ) 3,771 (5,957 ) (78,966 )
Impairment loss of non-financial assets - - - - - - - - (47 ) - - (47 )
Other operating income 9,729 1 3,757 - 43 - 176 15 439 - (3 ) 14,157
Other operating expenses (1,001 ) - (17 ) - (202 ) (3 ) (507 ) (15 ) - 3 - (1,742 )
Operating income / (loss) 135,359 6 13,737 (21 ) 20,087 1,194 31,841 12,505 6,892 - (7,764 ) 213,836
Share of loss in associates (3 ) - - - - - - - 14 - (100 ) (89 )
Amortization and depreciation 45,163 - 5,816 - 3,702 644 9,752 3,241 5,279 - 6,049 79,646
Adjusted Ebitda 180,519 6 19,553 (21 ) 23,789 1,838 41,593 15,746 12,185 - (1,815 ) 293,393
Construction services revenue (74,000 ) - - - (10,347 ) - (1,601 ) (6 ) (5,403 ) - - (91,357 )
Construction services cost 73,924 - - - 10,347 - 1,555 6 3,475 - - 89,307
Adjusted Ebitda excluding Construction Services 180,443 6 19,553 (21 ) 23,789 1,838 41,547 15,746 10,257 - (1,815 ) 291,343
Construction services revenue 74,000 - - - 10,347 - 1,601 6 5,403 - - 91,357
Construction services cost (73,924 ) - - - (10,347 ) - (1,555 ) (6 ) (3,475 ) - - (89,307 )
Adjusted Ebitda 180,519 6 19,553 (21 ) 23,789 1,838 41,593 15,746 12,185 - (1,815 ) 293,393
Financial income 30,475
Financial loss (88,250 )
Inflation adjustment (13,976 )
Amortization and depreciation (79,646 )
Income before income tax expense 141,996
Income tax (36,319 )
Income for the period 105,677
June 30, 2023
Current assets 238,579 56 121,304 26 39,522 5,307 84,505 32,790 74,528 (90,648 ) 200,628 706,597
Non-current assets 1,706,038 32 715,748 - 167,934 9,147 165,479 55,132 260,219 (768 ) 270,905 3,349,866
Capital Expenditure 74,402 - 759 - 13,799 1,550 3,229 2,818 5,958 - - 102,515
Current liabilities 184,325 19 440,173 - 28,080 3,512 41,626 32,265 133,373 (90,648 ) 85,559 858,284
Non-current liabilities 813,326 - 841,018 - 50,926 2,367 25,936 10,549 90,168 (768 ) 383,071 2,216,593

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

- 12 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

3       Segment information (Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For the six-month period ended June 30, 2022 Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment<br> Adjustments Unallocated Total
Aeronautical revenue ^(*)^ 147,336 - 16,282 - 21,309 - 23,936 32,437 31,394 - - 272,694
Non-aeronautical revenue ^(*)^
Commercial revenue 150,651 125 25,009 - 18,621 9,916 53,383 11,921 13,466 (5,214 ) 1,618 279,496
Construction service revenue 36,337 - - - 1,815 - 497 - 3,331 - - 41,980
Other revenue - - - - 5 - - - 2,355 (800 ) 800 2,360
Cost of services (226,679 ) (38 ) (34,561 ) - (21,684 ) (7,174 ) (53,004 ) (26,016 ) (46,187 ) 4,650 (5,934 ) (416,627 )
Gross profit / (loss) 107,645 87 6,730 - 20,066 2,742 24,812 18,342 4,359 (1,364 ) (3,516 ) 179,903
Selling, general and administrative expenses (20,944 ) (66 ) (6,428 ) (154 ) (6,039 ) (904 ) (6,191 ) (7,656 ) (7,336 ) 1,364 (5,890 ) (60,244 )
Impairment loss of non-financial assets - - - - - - - - (6 ) - - (6 )
Other operating income 7,390 - (113 ) - 140 - 51 8 (80 ) - 8 7,404
Other operating expenses (600 ) - (373 ) - (251 ) (2 ) (349 ) (9 ) - - - (1,584 )
Operating income / (loss) 93,491 21 (184 ) (154 ) 13,916 1,836 18,323 10,685 (3,063 ) - (9,398 ) 125,473
Share of loss in associates (19 ) - - - - - - - (271 ) - (256 ) (546 )
Amortization and depreciation 44,674 - 5,629 - 3,217 624 8,120 3,222 5,697 - 6,096 77,279
Adjusted Ebitda 138,146 21 5,445 (154 ) 17,133 2,460 26,443 13,907 2,363 - (3,558 ) 202,206
Construction services revenue (36,337 ) - - - (1,815 ) - (497 ) - (3,331 ) - - (41,980 )
Construction services cost 36,247 - - - 1,815 - 482 - 2,700 - - 41,244
Adjusted Ebitda excluding Construction services 138,056 21 5,445 (154 ) 17,133 2,460 26,428 13,907 1,732 - (3,558 ) 201,470
Construction services revenue 36,337 - - - 1,815 - 497 - 3,331 - - 41,980
Construction services cost (36,247 ) - - - (1,815 ) - (482 ) - (2,700 ) - - (41,244 )
Adjusted Ebitda 138,146 21 5,445 (154 ) 17,133 2,460 26,443 13,907 2,363 - (3,558 ) 202,206
Financial income 36,447
Financial loss (101,389 )
Inflation adjustment 19,649
Amortization and depreciation (77,279 )
Income before income tax expense 79,634
Income tax 8,033
Income for the period 87,667
December 31, 2022
Current assets 213,964 74 100,810 43 33,998 4,887 64,762 53,752 89,098 (60,562 ) 146,642 647,468
Non-current assets 1,600,511 30 675,108 - 158,248 8,240 169,030 56,025 255,354 (768 ) 266,541 3,188,320
Capital Expenditure 124,214 - 1,953 - 19,958 1,375 5,788 1,842 9,742 - 2 164,874
Current liabilities 226,136 35 211,308 - 19,258 3,131 22,110 47,447 137,057 (60,562 ) 70,399 676,319
Non-current liabilities 797,628 - 927,932 - 56,797 1,986 16,949 13,536 99,928 (768 ) 383,112 2,297,100

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

- 13 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

4       Revenue

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Aeronautical revenue 187,676 150,836 375,567 272,694
Non-aeronautical revenue
Commercial revenue 176,451 152,125 338,454 279,496
Construction service revenue 57,244 27,849 91,357 41,980
Other revenue 1,347 1,846 4,021 2,360
422,718 332,656 809,399 596,530
Timing of revenue recognition
Over time 327,284 247,623 625,296 444,282
At a point in time 25,090 30,378 50,197 42,479
Revenues accounted for under IFRS 16 70,344 54,655 133,906 109,769
Revenue 422,718 332,656 809,399 596,530

5        Cost of services

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Salaries and social security contributions (56,089 ) (54,094 ) (109,886 ) (96,189 )
Concession fees ^(1)^ (47,335 ) (39,369 ) (93,808 ) (74,780 )
Construction services cost (55,650 ) (27,533 ) (89,307 ) (41,244 )
Amortization and depreciation ^(2)^ (39,042 ) (36,890 ) (76,485 ) (73,525 )
Maintenance expenses (32,810 ) (26,268 ) (62,704 ) (50,695 )
Cost of fuel (24,482 ) (27,074 ) (48,557 ) (37,632 )
Services and fees (16,336 ) (14,358 ) (30,548 ) (27,924 )
Office expenses (2,852 ) (2,420 ) (6,185 ) (4,070 )
Taxes (686 ) (988 ) (1,925 ) (1,936 )
Provision for maintenance costs (692 ) (950 ) (1,541 ) (1,825 )
Others (3,999 ) (4,958 ) (8,019 ) (6,807 )
(279,973 ) (234,902 ) (528,965 ) (416,627 )

^(1)^Includes depreciation for fixed concession assets fee of USD 10,068 as of June 30, 2023 (USD 10,677 as of June 30, 2022).

^(2)^Includes depreciation of leases of USD 1,935 as of June 30, 2023 (USD 1,756 as of June 30, 2022).

- 14 -

*Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated). *****

6        Selling, general and administrative expenses

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Taxes ^(1)^ (12,725 ) (12,661 ) (25,473 ) (21,801 )
Salaries and social security contributions (10,074 ) (8,995 ) (19,083 ) (15,797 )
Services and fees (9,351 ) (9,931 ) (18,651 ) (18,164 )
Amortization and depreciation ^(2)^ (1,543 ) (1,897 ) (3,161 ) (3,754 )
Office expenses (1,516 ) (730 ) (2,999 ) (1,177 )
Insurance (722 ) (587 ) (1,385 ) (1,166 )
Maintenance expenses (611 ) (513 ) (1,139 ) (876 )
Advertising (400 ) (381 ) (897 ) (556 )
Bad debts (1,658 ) (3,452 ) (3,205 ) (8,182 )
Bad debts recovery 639 12,353 1,429 14,892
Other (2,201 ) (1,844 ) (4,402 ) (3,663 )
(40,162 ) (28,638 ) (78,966 ) (60,244 )

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

^(2)^Includes depreciation of leases of USD 361 as of June 30, 2023 (USD 488 as of June 30, 2022).

7       Otheroperating income

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Government grants ^(1)^ 4,753 3,839 9,605 7,317
Government subsidies per Covid-19 context ^(2)^ 3,550 (571 ) 3,550 (571 )
Other 543 439 1,002 658
8,846 3,707 14,157 7,404

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

^(2)^As stated in Note 8 of the Consolidated Financial Statements as of December 31, 2022, due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic is a case of "force majeure" or "fortuitous event" concluding that the loss from the impact of the pandemic is not part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, Agência Nacional de Aviação Civil (“ANAC”) defined as a condition for this re-equilibrium the compensation according to the companies’ projected operational result in the scenario without pandemic.

In December 2022 and 2021, the ANAC approved the extraordinary revision of the Concession Agreements of the Brasília and Natal Airport due to the damages caused by the Covid-19 pandemic in order to reconstitute its economic-financial balance considering a preliminary estimation as of year-end.

In June 2023, the final compensatory amount for the year 2022 for the Brasilia airport was determined, resulting, net of tax, in an increase of USD 3,550 compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2022.

In June 2022, the final compensatory amount for the year 2021 for the Natal airport was determined, resulting, net of tax, in a reversal of USD 209 compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2021.

In June 2022, the final amount referring to the compensation granted to Toscana Aeroporti S.p.A. was determined, resulting in a reversal of approximately Eur 339 thousand (equivalent to USD 362).

- 15 -

*Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated). *****

8       Financial results, net

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Interest income 14,787 14,288 25,649 24,005
Foreign exchange income 277 7,144 529 7,262
Other financial income 3,001 4,334 4,297 5,180
Financial income 18,065 25,766 30,475 36,447
Interest expense (27,190 ) (49,107 ) (56,207 ) (101,851 )
Foreign exchange loss 12,963 40,156 26,313 77,701
Changes in liability for concessions ^(1)^ (22,151 ) (33,007 ) (54,095 ) (71,164 )
Other financial loss (2,051 ) (2,880 ) (4,261 ) (6,075 )
Financial loss (38,429 ) (44,838 ) (88,250 ) (101,389 )
Inflation adjustment (10,810 ) 5,117 (13,976 ) 19,649
Inflation adjustment (10,810 ) 5,117 (13,976 ) 19,649
Net financial results (31,174 ) (13,955 ) (71,751 ) (45,293 )

^(1)^Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

9        Income tax

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2023 2022 2023 2022
Current income tax (9,769 ) (6,740 ) (15,650 ) (10,487 )
Deferred income tax 11,410 20,504 (20,669 ) 18,520
1,641 13,764 (36,319 ) 8,033 
- 16 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

10        Intangible assets, net

Concession<br><br> Assets Goodwill Patent,<br><br> intellectual<br><br> property rights<br><br> and others Total
Cost
Balances at January 1, 2023 4,749,233 9,003 22,658 4,780,894
Acquisitions 96,928 - 373 97,301
Impairment (47 ) - - (47 )
Disposals (23 ) - (31 ) (54 )
Transfer from property, plant and equipment 1,002 - - 1,002
Translation differences and inflation adjustment 223,361 172 611 224,144
5,070,454 9,175 23,611 5,103,240
Depreciation
Accumulated at January 1, 2023 1,800,871 - 20,021 1,820,892
Depreciation of the period 82,896 - 283 83,179
Disposals (5 ) - - (5 )
Translation differences and inflation adjustment 75,425 - 473 75,898
1,959,187 - 20,777 1,979,964
At June 30, 2023 3,111,267 9,175 2,834 3,123,276
Cost
Balances at January 1, 2022 4,243,258 9,543 22,812 4,275,613
Acquisitions 45,775 - 412 46,187
Impairment (6 ) - - (6 )
Disposals (240 ) - - (240 )
Transfers (55 ) - 55 -
Transfer of concession assets to the grantor ^(*)^ (7,956 ) - - (7,956 )
Transfer to property, plant and equipment (2 ) - - (2 )
Translation differences and inflation adjustment 303,625 (774 ) (1,383 ) 301,468
4,584,399 8,769 21,896 4,615,064
Depreciation
Accumulated at January 1, 2022 1,512,731 - 19,911 1,532,642
Depreciation of the period 79,642 - 540 80,182
Disposals (38 ) - - (38 )
Transfers (4 ) - 4 -
Transfer of concession assets to the grantor ^(*)^ (1,504 ) - - (1,504 )
Translation differences and inflation adjustment 111,815 - (1,470 ) 110,345
1,702,642 - 18,985 1,721,627
At June 30, 2022 2,881,757 8,769 2,911 2,893,437

^(*)^As stated in Note 12 of the Consolidated Financial Statements for the year ended December 31, 2022, on March 1, 2022, the operations of the Aeronautical and Air Traffic Telecommunications Service Provider Station and the Airport Control Tower of Inframérica Concessionaria do Aeroporto São Gonçalo do Amarante S.A were transferred to the Airspace Control Department, representing a net value of R$ 33.7 million (equivalent to approximately USD 7.1 million). As of June 30, 2023, the compensation estimated to be received regarding the concession assets transferred is equivalent to approximately USD 7.0 million (equivalent to approximately USD 6.5 million as of December 31, 2022) and is included in Other Receivables within Non-Current assets of the Condensed Consolidated Interim Statement of Financial Position.

Due to the increase of traffic witnessed during 2022 and 2023 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the losses from its operations.

- 17 -

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

10        Intangible assets, net (Cont.)

Therefore, the Group performed the impairment test of the Brazilian segment (including concession assets with a carrying value of USD 734.1 million as of June 30, 2023) based on cash flow projections covering the remaining concessions periods (value in use), considering certain assumptions that required management judgment combined with historical information such as passenger growth rates, fees, future operating expenses and discount rate.

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

As of June 30, 2023 and 2022, the recoverable amount of aforementioned CGU´s exceed their respective carrying amount.

11       Cashand cash equivalents

At June 30, 2023 At December 31, 2022
Cash to be deposited 638 568
Cash at banks 223,005 255,743
Time deposits 29,036 12,474
Other cash equivalents ^(1)^ 195,817 116,480
448,496 385,265
^(1)^ As<br> of June 30, 2023, mainly includes bank deposit certificates with immediate liquidity for<br> approximately USD 85.3 million (USD 64.6 million as of December 31, 2022) and treasury bills<br> for USD 60.8 million (USD 25.7 million as of December 31, 2022).
--- ---

The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties.

As of June 30, 2023, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 5,984 (USD 4,843 as of December 31, 2022).

12        Borrowings

At June 30, 2023 At December 31, 2022
Non-current
Bank and financial borrowings (**) 141,089 353,740
Notes (*) 924,449 933,681
1,065,538 1,287,421
Current
Bank and financial borrowings (**) 334,801 125,164
Notes (*) 51,069 52,852
Bank overdrafts 4,776 -
390,646 178,016
Total Borrowings 1,456,184 1,465,437 
- 18 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

Changes in borrowings during the period is as follows:

For the six-month period<br><br> ended June 30,
2023 2022
Balances at the beginning of the period 1,465,437 1,439,603
Loans obtained 72,711 268,772
Loans repaid (102,469 ) (173,733 )
Interest paid (53,603 ) (60,097 )
Accrued interest for the period 51,413 59,910
Debt renegotiation expenses capitalization - (1,578 )
Translation differences and inflation adjustment 22,695 (13,305 )
Balances at the end of the period 1,456,184 1,519,572

The maturity of borrowings is as follows:

1 year or less 1 - 2 years 2 – 5 years Over 5 years Total
At June 30, 2023 ^(1)^ 475,281 265,787 503,326 642,736 1,887,130
At December 31, 2022 ^(1)^ 278,427 252,961 622,876 895,887 2,050,151

^(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.

- 19 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

(*) Notes include the following as of June 30, 2023:

Company Note Issuance Currency Maturity Interest rate Outstanding<br>(in millions<br>of )
ACI Airport Sudamérica S.A.U. (“ACI”) Senior secured guarantee notes Nov-2021 Nov-2034 Fixed 6.875%
Senior secured guarantee notes May-2015, May-2020 ^(1)^ Nov-2032 Fixed 6.875%
Corporación América Italia S.p.A. (“CAI”) Secured notes Jan-2020 Euros Dec-2024 Fixed 4.556%
Senior secured guarantee notes Feb-2017, May-2020 ^(1)^ Feb-2027 Fixed 6.875%
Oct-2021 Aug-2031 Fixed 8.500%
Class 3 Notes Sept-2021 (2) Sept-2023 Fixed 4.000%
Class 1 Series 2021 Notes Nov-2021 Aug-2031 Fixed 8.500%
Aeropuertos Argentina 2000 S.A. (“AA2000”) Class 4 Notes Nov-2021 Nov-2028 Fixed 9.500%
Class 5 Notes Feb-2022 (2) Feb-2032 Fixed 5.500%
Class 6 Notes Feb-2022 (2) Feb-2025 Fixed 2.000%
Class 7 Notes July-2022 (2) July-2025 Fixed 0.000%
Class 9 Notes Aug-2022 (2) Aug-2026 Fixed 0.000%
Total

All values are in US Dollars.

(1)       A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2)       These notes are dollar-linked, denominated in U.S. dollars but issued and paid in Argentine pesos

(*) Notes include the following as of December 31. 2022:

Company Note Issuance Currency Maturity Interest rate Outstanding<br>(in millions<br>of )
ACI Senior secured guarantee notes Nov-2021 Nov-2034 Fixed 6.875%
Senior secured guarantee notes May-2015, May-2020 ^(1)^ Nov-2032 Fixed 6.875%
CAI Secured notes Jan-2020 Euros Dec-2024 Fixed 4.556%
Senior secured guarantee notes Feb-2017, May-2020 ^(1)^ Feb-2027 Fixed 6.875%
Oct-2021 Aug-2031 Fixed 8.500%
Class 3 Notes Sept-2021 (2) Sept-2023 Fixed 4.000%
Class 1 Series 2021 Notes Nov-2021 Aug-2031 Fixed 8.500%
AA2000 Class 4 Notes Nov-2021 Nov-2028 Fixed 9.500%
Class 5 Notes Feb-2022 (2) Feb-2032 Fixed 5.500%
Class 6 Notes Feb-2022 (2) Feb-2025 Fixed 2.000%
Class 7 Notes July-2022 (2) July-2025 Fixed 0.000%
Class 9 Notes Aug-2022 (2) Aug-2026 Fixed 0.000%
Total

All values are in US Dollars.

(1)       A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2)       These notes are dollar-linked, denominated in U.S. dollars but issued and paid in Argentine pesos

- ACI<br> Senior Secured Guarantee Notes (“ACI Existing Notes”) are guaranteed and have<br> a security package that includes the pledge of the shares in Puerta del Sur S.A. (“PDS”)<br> and Cerealsur S.A., and certain accounts of Cerealsur S.A. and ACI. As of June 30, 2023 and<br> December 31, 2022, they were secured by a debt service reserve account of ACI and the funds<br> contained therein. These notes are fully and unconditionally guaranteed by Cerealsur S.A.<br> and PDS.

On May 26, 2020, ACI issued USD 180.9 million aggregate principal amount of 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 to repurchase and exchange 93.6% of the total original principal amount of the ACI Existing Notes. The main covenants and guarantees remain unchanged except for the incorporation of ACI’s shares pledge.

On November 12, 2021, ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated; an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes, amounting as of June 30, 2023, USD 4.4 million (USD 12.9 million as of December 31, 2022) and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million which remains in force as of June 30, 2023.

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CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

- The<br> Italian Notes are secured by an economic first ranking pledge in respect of all the shares<br> representing 100% of the share capital of CAI, 100% of the share capital of Dicasa Spain<br> S.A.U. and the shares representing CAI’s holding in TA.

The main covenants are limitations to take on additional indebtedness, make payments of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial ratios. In December 2022, it has been granted a waiver of any default as a result of the testing of the financial ratios in respect of the calculation dates falling on December 31, 2022 and June 30, 2023.

- The<br> Senior guarantee notes of AA2000 (“AA2000 Existing Notes”) are secured by a collateral<br> assignment of fiduciary rights of certain revenue of AA2000.

The main covenants require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends if any default, whether declared or not, has occurred.

On May 20, 2020, AA2000 issued USD 306 million aggregate principal amount of Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes. The collateral assignment of revenue under AA2000 Existing Notes was extended to the Series 2020 Additional Notes in equal terms. Accrued interest are capitalized quarterly. The main covenants and guarantees remain unchanged.

On October 28, 2021, AA2000 issued USD 208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 (the “Series 2021 Notes”) to repurchase and exchange 24.61% of the total original principal amount of the Series 2017 Notes and 66.83% of the original principal amount of Series 2020 Additional Notes. The main covenants and guarantees remain unchanged. Additionally, it has been established in the offering memorandum that the compliance of the financial ratios do not begin to apply until June 2023.

The Series 2021 Notes and the Existing Notes not exchanged are secured by the collateral currently securing the Existing Notes on a pro rata and pari passu basis. In addition, to secure its obligations under the Series 2021 Notes, AA2000, together with the relevant parties thereto, amended the cargo trust agreement dated August 9, 2019, entered into by AA2000 and the trustee (as amended, the “Cargo Trust”) in order to include holders of Series 2021 Notes as beneficiaries therein, granting them a security interest which is subordinated to (i) the rights of creditors under certain existing loans of AA2000, and (ii) any debt permitted to be incurred to finance or refinance any capital expenditures made or to be made pursuant to the concession agreement entered into by AA2000 with the Argentine National Government (as amended form time to time, the “Concession Agreement”) for the operation of the airports in Argentina.

Once the Existing Notes not exchanged in the Exchange Offer mature or are cancelled in full, AA2000 is required to amend and restate the Cargo Trust and the current trust related to the tariffs dated January 19, 2017, entered into by AA2000 and the trustee thereto (the “Tariffs Trust”), so that the Series 2021 Notes become secured under the Cargo Trust on a pro rata and pari passu basis with the existing beneficiaries of the Cargo Trust, and these beneficiaries in turn become secured under the Tariffs Trust on a pro rata and pari passu basis with the Series 2021 Notes. In accordance with the Concession Agreement, the collateral assignment of revenue must be authorized by ORSNA. ORSNA approved, on October 15 2021, the amendment of the Tariffs Trust and of the Cargo Trust to include the Series 2021 Notes as beneficiaries thereto (including their future amendment and restatement, once the Existing Notes are cancelled in full). Furthermore, AA2000 received the approval from the Central Bank of Argentina to establish a non-interest bearing U.S. dollar trust account in the United States to secure the Series 2021.

On November 4, 2021 AA2000 additionally issued USD 62 million aggregate principal amount of Class 4 Senior Secured Notes. The Senior Secured Notes are secured by a first priority lien on the Cargo Trust on a pari passu basis with certain commercial bank lenders to AA2000 and a second priority lien with new debt incurred by AA2000 to fund infrastructure works for a total amount of up to USD 235 million.

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Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

(**) As of June 30, 2023, significant bank and financial borrowings include the following:

Company Lender Currency Maturity Interest Rate Outstanding
(In millions of USD) Capitalization(2)
Inframérica<br> Concessionária do<br><br> <br>Aeroporto<br> de São Gonçalo do Amarante S.A. (“ICASGA”) BNDES R$ Sept-2032 Variable TJLP^(1)^plus spread 6.9 A
BNDES R$ June-2032 Variable T.R.<br> plus spread plus IPCA 1.7
BNDES R$ Sept-2032 Variable T.R.<br> plus spread plus IPCA 5.6
BNDES R$ July-2032 Variable T.R.<br> plus spread plus IPCA 2.7
Inframérica<br> Concessionária do<br><br> <br>Aeroporto<br> de Brasilia S.A. (“ICAB”) BNDES R$ Dec-2033 Variable TJLP^(1)^plus spread 220.7 A
Terminal<br> Aeroportuaria Guayaquil S.A. (“TAGSA”) Banco<br> Guayaquil SA USD Feb-2026 Variable T.R.E.^(3)^plus spread 5.1 D
Banco<br> Guayaquil SA USD Dec-2025 Variable T.R.E.^(3)^plus spread 1.8 D
Banco<br> Bolivariano CA USD Dec-2025 Variable T.R.E.^(3)^plus spread 4.5 D
Banco<br> Bolivariano CA USD Nov-2024 Variable T.R.E.^(3)^plus spread 2.7 D
Terminal<br> de Cargas Uruguay S.A. (“TCU”) Scotiabank<br> Uruguay USD Oct-2024 Fixed 4.30% 0.7 D
Scotiabank<br> Uruguay USD Feb-2026 Fixed 4.30% 0.7 D
Santander<br> Uruguay USD Nov-2027 Fixed 5.37% 1.0 D
Santander<br> Uruguay USD Jan-2028 Fixed 5.37% 1.0 D
Toscana<br> Aeroporti S.p.A. (“TA”) Banco<br> de Innovación de Infraestructuras y Desarrollo Euro Sept-2027 Variable Euribor<br> 6 month plus spread 14.2 D
BPM Euro Dec-2023 Fixed 1.65% 0.1 D
Unicredit Euro Sept-2023 Variable Euribor<br> 3 month plus spread 10.3 D
BNL Euro Nov-2023 Fixed 5.35% 5.5 D
ISP-SACE Euro Sept-2026 Variable Euribor<br> 3 month plus spread 70.8 D
BPM Euro June-2024 Variable Euribor<br> 3 month plus spread 0.1 D
BPM Euro Aug-2023 Variable Euribor<br> 3 month plus spread 3.9 D
MPS<br> Servicio capital Euro Sept-2023 Fixed 3.60% 12.1 D
Banca<br> Intesa San Paolo Euro Sept-2023 Fixed 6.10% 12.0 D
Armenia<br> International Airports C.J.S.C. (“AIA”) Ameriabank<br> C.J.S.C. Euro Dec-2025 Fixed 6.00% 43.2 B
Aeropuertos<br> del Neuquén S.A. (“ANSA”) Banco<br> Macro ARS Nov-2024 Variable BADLAR<br> plus spread 0.7 A
Aeropuertos<br> Argentina 2000 S.A.(“AA2000”) Banco<br> de la Provincia de Buenos Aires USD July-2024 Fixed 7.00% 0.7 D
Onshore<br> renegotiation - ICBC USD Nov-2024 Fixed 8.50% 13.5 A
ICBC<br> Dubai USD Oct-2025 Variable SOFR<br> plus spread 10.2 B
ICBC USD Sept-2023 Fixed 12.90% 1.2 D
Banco<br> Ciudad USD Nov-2023 Fixed 6.00% 2.0 B
Consorcio<br> Aeropuertos Internacionales S.A. (“CAISA”) Santander<br> Uruguay USD Apr-2027 Fixed 5.10% 5.4 B
Banco<br> Itaú USD Apr-2027 Fixed 3.80% 5.4
Puerta<br> del Sur S.A. (”PDS”) Banco<br> de la República Oriental del Uruguay USD Mar-2028 Variable 5.45% 9.5 C
Total 475.9 
- 22 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

(**) As of December 31, 2022, significant bank and financial borrowings include the following:

Company Lender Currency Maturity Interest Rate Outstanding
(In millions of USD) Capitalization(2)
ICASGA BNDES R$ Sept-2032 Variable TJLP^(1)^plus spread 6.4 A
BNDES R$ June-2032 Variable T.R.<br> plus spread plus IPCA 1.8
BNDES R$ Sept-2032 Variable T.R.<br> plus spread plus IPCA 5.5
BNDES R$ July-2032 Variable T.R.<br> plus spread plus IPCA 1.7
ICAB BNDES R$ Dec-2033 Variable TJLP^(1)^plus spread 208.3 A
Votorantim R$ Mar-2023 Variable CDI<br> plus spread 0.8 C
TAGSA Banco<br> Guayaquil SA USD Feb-2026 Variable T.R.E.^(3)^plus spread 5.9 D
Banco<br> Guayaquil SA USD Dec-2025 Variable T.R.E.^(3)^plus spread 2.1 D
Banco<br> Bolivariano CA USD Dec-2025 Variable T.R.E.^(3)^plus spread 5.4 D
Banco<br> Bolivariano CA USD Nov-2024 Variable T.R.E.^(3)^plus spread 3.6 D
TCU Santander<br> Uruguay USD Apr-2023 Fixed 4.40% 0.2 D
Scotiabank<br> Uruguay USD Oct-2024 Fixed 4.30% 1.0 D
Scotiabank<br> Uruguay USD Feb-2026 Fixed 4.30% 0.8 D
Santander<br> Uruguay USD Nov-2027 Fixed 5.37% 1.0 D
TA Banco<br> de Innovación de Infraestructuras y Desarrollo Euro Sept-2027 Variable Euribor<br> 6 month plus spread 15.5 D
BPM Euro Dec-2023 Fixed 1.65% 0.1 D
Unicredit Euro Mar-2023 Variable Euribor<br> 3 month plus spread 10.1 D
BNL Euro May-2023 Fixed 3.76% 5.4 D
ISP-SACE Euro Sept-2026 Variable Euribor<br> 3 month plus spread 85.1 D
BPM Euro June-2023 Variable Euribor<br> 3 month plus spread 0.1 D
BPM Euro June-2024 Variable Euribor<br> 3 month plus spread 0.2 D
BPM Euro Jan-2023 Variable Euribor<br> 3 month plus spread 3.8 D
MPS<br> Servicio capital Euro Mar-2023 Fixed 1.86% 11.8 D
Banca<br> Intesa San Paolo Euro Mar-2023 Fixed 1.60% 11.9 D
AIA Ameriabank<br> C.J.S.C. Euro Dec-2025 Fixed 6.00% 21.1 B
ANSA Banco<br> Macro ARS Nov-2024 Variable BADLAR<br> plus spread 1.2 A
AA2000 Banco<br> de la Provincia de Buenos Aires USD July-2024 Fixed 7.00% 0.8 D
Onshore<br> renegotiation ARS Nov-2024 Variable BADCOR<br> plus spread 8.0 A
Onshore<br> renegotiation - ICBC USD Nov-2024 Fixed 8.50% 17.8 A
Citibank<br> N.A. (4) USD Feb-2023 Variable SOFR<br> plus spread 2.4 A
Offshore<br> renegotiation ARS Nov-2024 Variable BADCOR<br> plus spread 1.6 A
ICBC<br> Dubai USD Oct-2025 Variable SOFR<br> plus spread 10.2 B
Banco<br> Ciudad USD Nov-2023 Fixed 6.00% 3.5 B
CAISA Santander<br> Uruguay USD Apr-2027 Fixed 5.10% 6.9 B
Banco<br> Itaú USD Apr-2027 Fixed 3.80% 6.9
PDS Banco<br> de la República Oriental del Uruguay USD Mar-2028 Variable 7.03% 10.0 C
Total 478.9
^(1)^ TJLP<br>- Taxa de Juros de Longo Prazo (Brazilian Long term interest rate)
--- ---

IPCA: corresponds to the Brazilian Consumer Price index

^(2)^ A<br>- Secured/guaranteed

B

  • Secured/unguaranteed

C

  • Unsecured/guaranteed

D

  • Unsecured/unguaranteed

ARS

  • Argentine Pesos

R$

  • Brazilian Reales
^(3)^ T.R.E<br>- Tasa Referencial Ecuador (Ecuadorian reference interest rate)
^(4)^ Comprises<br>loans with Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia and Buenos Aires S.A.U., Banco Santander Río<br>S.A. (“the onshore credit facility”) and Citibank N.A. (“the offshore credit facility”).
--- --- 
- 23 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

- The<br>Credit Facility Agreement between ICASGA and the Banco Nacional do Desenvolvimento Econômico e Social (“BNDES”) is<br>secured by the pledge of the shares of ICASGA, together with any dividends and distributions in connection therewith, as well as the<br>fiduciary assignment of rights arising under the Natal Airport concession agreement and certain letters of guarantees issued by indirect<br>shareholders and affiliates of ICASGA. It also establishes a required pre-authorization by BNDES on payments of ICASGA dividends if exceeding<br>25% of net profits.

The Credit Facility Agreement between ICAB and BNDES is secured by the pledge of ICAB and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising under the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of ICAB. It also establishes under certain circumstances a required pre-authorization by BNDES on payments of ICAB dividends if exceeding 25% of net profits and compliance of certain financial ratios.

Also ACI Airports S.à r.l. and CAAP agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3, being compliance as of June 30, 2023.

Additionally, as of December 31, 2021, ICAB did not pay in full the 2021’s fixed concession fee and, therefore, was not in compliance with certain covenant under the BNDES loan agreement.

The foregoing has occurred because, pursuant to Portaria 139, ICAB requested to reprofile 50% of fixed concession fee which was due and payable in December 31, 2021 and, even though, the Brazilian Ministry of Infrastructure had granted its approval, ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations.

Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to ANAC. ANAC appealed, but in April 2022, the court of justice provisionally maintained the first instance judgment favorable to ICAB. Although there can be no assurance as to the outcome of the proceedings, ICAB believes that based on the opinion of the ICAB’s external legal advisors, it is not likely that the writ of mandamus is rescinded by the justice.

Furthermore, as of June 30, 2023, ICAB did not meet one of the obligations set forth in the financing agreement with BNDES, regarding the payment of the variable concession fee and consequently, this resulted in the reclassification of non-current installments for a total amount of USD 206 million to current, due to the requirements of said agreement.

On May 15, 2023, ICAB submitted a request to pay the variable concession fee utilizing court payment orders (“precatorios”), within the period provided in the Concession Agreement. However, in June 2023 ANAC informed the non-recognition of the payment and initiated an administrative procedure to determine the default asking ICAB to make a new payment, on the basis that the Advocacy General of the Union revoked the regulation on the acceptance of precatorios and initiated a study to propose a new regulation.

On June 15, 2023 ICAB submitted a legal claim requesting ANAC to cease the requirement of the payment until complete analyses of the precatorios and a preliminary injunction to suspend of payment requirement.

In order to be in full compliance with the obligations under BNDES financing agreement and to avoid any legal uncertainty related to use of precatorios for payment of obligations under the concession agreement, ICAB filed on August 15, 2023 a formal letter with ANAC, informing that payment of the variable concession fee is being made through the application of Covid-19 re-equilibrium credits, which ICAB has registered as a right according to Note 7. With the compensation of the debt with the existing credits, ICAB complies with its obligations under BNDES agreement and, therefore, the balance is expected to be reclassified as long-term liability in a future balance sheet.

- 24 -

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

- In<br> December 2022, AIA entered into a new loan agreement with Ameriabank C.J.S.C. for up to Eur<br> 40 million of which Eur 20 million were disbursed in December 2022, while the remaining Eur<br> 20 million were disbursed in April, 2023. This agreement provides restrictions regarding<br> payments, taking on additional indebtedness, disposal of assets and transactions with affiliates,<br> and the maintenance of certain financial ratios. According to this agreement, these ratios<br> must be met as of June 30 and December 31 of each year the loan is outstanding, being met<br> as of June 30, 2023.

As of June 30, 2023, AIA pledged to the security agent cash held in bank accounts for USD 58,417 (USD 38,511 as of December 31, 2022). Additionally, the loan is secured by the pledge of shares of AIA and of certain collection rights.

- TA,<br> pursuant to the loan agreement with Banco de Innovación de Infraestructuras y Desarrollo/MPS<br> Servicio Capital is required to comply with certain financial ratios. In December 2022, TA<br> has been granted a waiver of any default related to the breach of financial ratios covenants<br> as of December 31, 2022. The next testing date is December 31, 2023.

On November 6, 2020, Eur 85 million of proceeds were disbursed to TA under a loan signed with a pool of leading financial institutions comprising Intesa Sanpaolo and BNL-BNP Paribas. The loan is 90% backed by SACE guarantees pursuant to the provisions of Decree-Law No. 23/2020 within the framework of the programme “Garanzia Italia”, an Italian guarantee scheme intended to support Italian companies affected by the Covid-19 crisis. The loan has a term of six years, with a two-year grace period and TA is required to comply with certain financial covenants and restrictions.

- ANSA<br> loan with Banco Macro is secured with a guarantee letter of Corporación América<br> S.A. In addition, ANSA entered into an assignment of collection rights agreement in favor<br> of Banco Macro.

On January 25, 2022, ANSA agreed to reschedule the loan extending its term to November 2024, subject to a partial principal repayment in January 2022. The remaining debt will be repaid in quarterly installments starting in May 2022. Additionally, the outstanding debt was switched from USD to ARS and the interest rate from Libor plus a spread to BADLAR plus a spread.

- On<br>August 9, 2019, AA2000 entered into two credit facility agreements: (a) the onshore credit facility agreement, by and among AA2000, as<br>borrower, Banco Galicia and Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. (“ICBC”) and Banco<br>Santander Río S.A., as lenders (collectively, the “Lenders”), Citibank N.A. (“Citibank”), as administrative<br>agent and Citibank Argentina, as local collateral agent, local disbursement agent and local paying agent, for an aggregate principal<br>amount of USD 85 million and (b) the offshore credit facility agreement, by and among AA2000, as borrower, Citibank acting through its<br>international banking facility, as lender, Citibank N.A., as administrative agent and Citibank Argentina as local collateral agent and<br>local custodian agent for an aggregate principal amount of USD 35 million (collectively, the “2019 Credit Facilities”).

To secure its obligations under the two credit facility agreements, pursuant to the Argentine Collateral Trust Agreement dated August 9, 2019 (under Argentine law), AA2000 transferred and assigned to the collateral trustee, acting on behalf of the Trust, for the benefit of the Lenders, acting as the beneficiaries, all: (a) rights, title and interest in, to and under each payment of the cargo airport charges payable by the user of such services in connection with all proceeds derived from export and import services carried out by Terminal de Cargas Argentina (a business unit of AA2000); and (b) any residual amount that AA2000 could be entitled to receive pursuant to article 11.4 of the collateral trust agreement dated January 17, 2017, entered into AA2000 and Citibank, in respect of the rights to receive payment in the event of a termination, expropriation or redemption of the concession agreement entered by and between the National Government and AA2000 on February 9, 1998 and approved by Decree No. 163/1998; including the right to receive and withhold all the payments pursuant to them and any other produced by them, assigned in trust to secure the Existing Notes issued by AA2000.

During 2020 and 2021, AA2000 entered into framework amendments (“Framework Agreement”) and extension agreements with the financial institutions with respect to the above loans, including the extension of the final maturity. Additionally, under the Framework Agreement, AA2000 signed bilateral contracts with each of the financial institutions and signed an amendment to the aforementioned agreement where the obligation to comply with certain ratios foreseen in the 2019 Credit Facilities has been waived.

- 25 -

Corporación AméricaAirports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12       Borrowings(Cont.)

Additional loans in ARS have been obtained to pay the installment during 2020 and 2021 of the renegotiated 2019 Credit Facilities agreement. All these loans were in ARS accruing quarterly interests at a variable rate.

On November 18, 2021, AA2000 agreed with the Lenders the granting of a bimonetary loan in order to prepay the loans from the Framework Agreement. The loans are secured by the Argentine Collateral Trust Agreement. Disbursements were made in November and December 2021, both in USD (Onshore renegotiation – ICBC) and in ARS (Offshore renegotiation) for USD 10 million and ARS 3,944 million (equivalent to USD 22.3 million) respectively. During 2022 disbursements under the bimonetary loan were granted and used to offset the installments of the Framework Agreement for ARS 3,682.0 million (equivalent to USD 20.8 million) and for USD 7.8 million. Additionally, prepayments of the bimonetary loans in ARS were made during 2022 for ARS 6,085.0 million (equivalent to USD 34.3 million).

In March 2023, AA2000 obtained a bank overdraft from Citibank N.A. and prepaid the bimonetary loan in ARS, for ARS 1,350.5 million (equivalent to USD 6.5 million). The bank overdraft is to be repaid in three installments of ARS 192.9 million (equivalent to USD 0.9 million) each in May, August and November 2023 and a final installment of ARS 771.7 million (equivalent to USD 3.7 million) to be made in March 2024.

On November 1, 2021, AA2000 signed a new loan agreement with Banco de la Ciudad de Buenos Aires for USD 5 million. The loan has a payment term of twenty-four months, a nominal annual interest rate of 6% and its principal amortizes 30% after twelve and eighteen months, and the remaining 40% after twenty-four months. It is secured by assigned revenues from certain commercial contracts.

On July 29, 2022, AA2000 obtained a loan from Industrial and Commercial Bank of China, Dubai branch. The loan will be repaid in three installments to be made in April, July and October 2025. The loan is secured by a first priority lien on the income generated in the cargo terminal on a pari passu basis with certain commercial bank lenders to AA2000 and the Class 4 Notes, and a second priority lien on the international and regional air station usage fees and concession compensation rights.

In May 2023, AA2000 obtained a loan from ICBC of USD 1.2 million, repayable in a single installment in September 2023.

- CAISA<br>pursuant to the credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply with certain financial<br>ratios as well as certain restrictions. Assignment of certain revenues has been given to secure the aforementioned credit facilities.
- On<br>April 16, 2021, PDS obtained a loan of USD 10 million with Banco de la República Oriental del Uruguay (BROU) accruing interest<br>at a variable rate set by BROU. This loan is repayable in 60 monthly installments starting on April 2023 and is secured by a guarantee<br>issued by CAAP and by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.5 million guaranteed by<br>Corporación America Sudamericana S.A.
--- ---

As of June 30, 2023, except for the noncompliance of covenants mentioned above the Company and its subsidiaries either met the financial covenants under outstanding financings or had obtained temporary waivers thereunder, as aforementioned.

- 26 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

13             Other liabilities
At June 30, 2023 At December 31, 2022
Non-current
Concession fee payable ^(1)^ 807,982 700,395
Advances from customers 14,173 13,910
Provisions for legal claims ^(4)^ 8,715 9,712
Provision for maintenance costs ^(2)^ 20,182 19,079
Other taxes payable 382 508
Employee benefit obligation ^(3)^ 4,535 4,376
Salary payable 315 286
Other liabilities with related parties (Note 16) 1,475 1,382
Other payables 17,910 18,735
875,669 768,383
Current
Concession fee payable ^(1)^ 222,981 228,614
Other taxes payable 16,818 17,288
Salary payable 40,712 46,061
Other liabilities with related parties (Note 16) 3,162 1,121
Advances from customers 5,705 5,098
Provision for maintenance costs ^(2)^ 4,726 3,835
Expenses provisions 2,149 2,413
Provision for legal claims ^(4)^ 4,313 3,424
Other payables 41,436 49,224
342,002 357,078

Maturity of the other liabilities is as follows:

1 year or less 1 - 2 years 2 - 5 years Over 5 years Total
At June 30, 2023 342,002 95,563 284,574 1,420,731 2,142,870
At December 31, 2022 357,078 88,255 263,318 1,549,369 2,258,020

^(1)^The most significant amounts included in the concession fee payable relate to the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and Inframérica Concessionária do Aeroporto de Brasilia S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A.

Changes in the period of the concession fee payable are as follows:

For the six-month period ended June 30,
2023 2022
Balances at the beginning of the period 929,009 825,034
Financial result ^(*)^ 56,440 79,777
Re-equilibrium adjustment compensation (4,269 ) 209
Other (85 ) (393 )
Concession fees 83,740 64,103
Payments (100,327 ) (99,949 )
Translation differences and inflation adjustment 66,455 31,918
Balances at the end of the period 1,030,963 900,699

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

- 27 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

13        Other liabilities (Cont.)

As of June 30, 2023 and December 31, 2022, a 50% of the fixed concession fee to be paid in 2021 by ICAB was pending as a re-scheduling of such fee was requested (Note 12).

Regarding the 2022 fixed concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits in 2022. To pay the remaining amount ICAB presented on November 21, 2022 to the Ministry of Infrastructure, an offer of precatorios, which is still in process of analysis. In December 2022, the Ministry issued an official letter confirming that, during the time it takes to issue a final opinion, ICAB is in compliance with its obligations.

^(2)^ Changes<br> in the period of the provision for maintenance costs is as follows:
For the six-month period<br> ended June 30,
--- --- --- --- --- --- ---
2023 2022
Balances at the beginning of the period 22,914 21,671
Accrual of the period 1,943 2,041
Use of the provision (389 ) (1,042 )
Translation differences and inflation adjustment 440 (1,833 )
Balances at the end of the period 24,908 20,837
^(3)^ Changes<br> in the period of the provision for employee benefits is as follows:
--- ---
For the six-month period<br> ended June 30,
--- --- --- --- --- --- ---
2023 2022
Balances at the beginning of the period 4,376 7,990
Actuarial gain (in other comprehensive income) (20 ) (772 )
Service cost 262 266
Amounts paid in the period (130 ) (282 )
Translation differences and inflation adjustment 47 (458 )
Balances at the end of the period 4,535 6,744
^(4)^ Changes<br> in the period of the provision for legal claims is as follows:
--- ---
For the six-month period<br> ended June 30,
--- --- --- --- --- --- ---
2023 2022
Balances at the beginning of the period 13,136 11,846
Accrual of the period 1,182 2,566
Use of the provision (1,215 ) (721 )
Translation differences and inflation adjustment (75 ) (453 )
Balances at the end of the period 13,028 13,238 
- 28 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

14         Equity

a)Management share compensation plan and treasury shares

In April 2022, USD 500 (equivalent to 89,767 shares) were assigned to employees to be delivered in shares. In May 2022 and April 2023 26,930 shares were delivered (equivalent to USD 150 each installment) while the remaining shares will vest in an additional installment in May 2024.

In December 2022, USD 314 (equivalent to 56,348 shares) were assigned to employees to be delivered in shares. In January and April 2023, 16,904 shares were delivered (equivalent to USD 94 each installment) while the remaining shares will vest in an additional installment in May 2024.

In April 2023, additional USD 739 (equivalent to 77,938 shares) were assigned to employees of which 23,382 shares (equivalent to USD 221.7) were delivered to the eligible executives and key employee, while the remaining shares will vest in installments in May 2024 and May 2025.

As of June 30, 2023, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan.

Treasury shares For the six-month period <br><br>ended June 30,
2023 2022
Shares Shares
Balances at the beginning of the period 2,396,015 2,485,445
Transfer of treasury shares to executives and key employees (84,120 ) ) (26,930 ) )
Balances at the end of the period 2,311,895 2,458,515

All values are in US Dollars.

b)Other comprehensive income

The movements of the reserve of other comprehensive income for the period of the owners of the parent is as follows:

Currency<br><br> translation<br><br> adjustments Remeasurement of defined benefit obligations ^(*)^ Share of other<br><br> comprehensive<br><br> income from<br><br> associates Income tax effect ^(*)^ Transfer from<br><br> shareholders<br><br> equity –<br><br> currency<br><br> translation<br><br> differences Total
Balances at January 1, 2023 (273,378 ) 520 (41,169 ) (122 ) 63,402 (250,747 )
Other comprehensive income / (loss) for the period 23,050 3 27 (1 ) - 23,079
For the period ended June 30, 2023 (250,328 ) 523 (41,142 ) (123 ) 63,402 (227,668 )
Balances at January 1, 2022 (343,837 ) 120 (41,212 ) (69 ) 63,402 (321,596 )
Other comprehensive income / (loss) for the period 59,484 258 20 (62 ) - 59,700
For the period ended June 30, 2022 (284,353 ) 378 (41,192 ) (131 ) 63,402 (261,896 )

^^

^(*)^Income tax relating to OCI amounts to measurement of defined benefit obligations. The movement was recognized as other comprehensive income of other reserves.

- 29 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

14       Equity(Cont.)

c)Other reserves

The movements of Other Reserves of the owners of the Company is as follows:

For the six-month period<br><br> ended June 30,
2023 2022
Balances at the beginning of the period (1,314,025 ) (1,321,211 )
Share-based compensation reserve 580 341
Execution of share-based compensation reserve (560 ) (150 )
Remeasurement of defined benefit obligations net for income tax 2 196
Balances at the end of the period (1,314,003 ) (1,320,824 )

d)Redemption of preferred shares

On March 10, 2022, an extraordinary general meeting of AA2000 approved the redemption of the preferred shares, the reduction of the capital stock and the amendment of Article 2.01 of AA2000’s bylaws. The total redemption value amounted ARS 17,225,719,240 (equivalent to approximately USD 155.2 million), which adjusted by inflation as of June 30, 2022 amounted to ARS 22,557,695,248 (equivalent to approximately USD 180.1 million). This amount was fully settled in cash in 2022, of which USD 98 million were paid as of June 30, 2022.

15        Contingencies, commitments and restrictions on the distribution of profits

a.Contingencies

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

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

There are no other lawsuits or legal proceedings different from the ones included in the Consolidated Financial Statements for the year ended December 31, 2022, except for the subsequent events disclosed in Note 21.

b.Commitments

CAAP- Preferred bidder to operate Abuja and Kano airports in Nigeria

In October 2022, a consortium formed by CAAP, Mota-Engil, Engenharia e Construção África S.A., and Mota-Engil Nigeria Limited (the “Consortium”), of which the Company holds a 51% stake, has been declared by the Federal Government of Nigeria as preferred bidder for the Abuja and Kano airports and cargo terminals concessions. The Consortium, the Federal Ministry of Aviation and the Federal Airports Authority of Nigeria are currently revising and negotiating the final terms and conditions of the concession agreements.

In May 2023, the structure under the Consortium was created in Nigeria, with Corporacion Africa Airports Nigeria Limited as a holding company and Kano Airport Concession Company Limited and Abuja Airport Concession Company Limited as operating companies related to the Kano and Abuja airports and cargo terminal concessions respectively. As of June 30, 2023, CAAP holds indirectly a 51% of ownership of Corporacion Africa Airports Nigeria Limited, which is in turn 100% owner of Kano Airport Concession Company Limited and Abuja Airport Concession Company Limited. The companies remain without operation until the concession agreements are executed.

- 30 -

Corporación América AirportsS.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amountsin thousands of U.S. dollars except share data or as otherwise indicated).

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

b.Commitments (Cont.)

PDS – Concession agreement

On February 8, 2023, the International Airport of Paysandú “Brig. Gral. Tydeo Larre Borges”, was taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021.

TAGSA – Concession guarantees

In January 2023, the amount of the performance bond required from TAGSA regarding the payments to the Trust for the development of the new Guayaquil Airport was increased from USD 4.0 million to USD 5.6 million.

TA – Concession guarantees

Suretyships provided to third parties on behalf of TA increased from Eur 10.6 million as of December 31, 2022 to Eur 12.1 million as of June 30, 2023 (equivalent to USD 11.5 million and USD 13.0 million respectively).

TA – Other commitments

As of June 30, 2023, Toscana Aeroporti Construzioni S.r.l. guarantees related to construction works were modified, amounting Eur 0.8 million (approximately USD 0.9 million).

ICASGA- Re-bidding of Natal Airport Concession

As stated in Note 26.b of the Consolidated Financial Statements for the year ended December 31, 2022, on November 20, 2020, ICASGA and ANAC signed a concession agreement amendment setting forth the rules and proceedings for the re-bidding. The auction successfully took place on May 19, 2023. As of the date of issuance of these Condensed Consolidated Interim Financial Statements, ICASGA maintains all airport operations, with the same safety and service quality, as well as commercial and employment contracts.

AA2000- Guarantees

AA2000 increased the guarantee for concession contract fulfilment from ARS 3,498.4 million (approximately USD 13.6 million) to ARS 6,499.2 million (approximately USD 25.3 million).

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

As of June 30, 2023 and December 31, 2022, equity as defined under Luxembourg laws and regulations consisted of:

At June 30, 2023 At December 31, 2022
Share capital 163,223 163,223
Share premium 183,430 183,430
Reserve for own shares 4,438 4,600
Legal reserve 3,676 1,081
Free distributable reserves 378,910 378,910
Non-distributable reserves 1,353,590 1,353,428
Retained earnings (209 ) (34,372 )
Total equity in accordance with Luxembourg law 2,087,058 2,050,300

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

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

- 31 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

16        Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación America International S.à r.l., both of which are Luxembourg based companies.

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

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

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

Summary of balances with related parties are:

At June 30, 2023 At December 31, 2022
Period-end balances
(a) Arising from sales / purchases of goods / other
Trade receivables with associates 3,961 4,174
Trade receivables with other related parties 1,474 2,310
Other receivables with associates 305 445
Other receivables with other related parties 9,467 9,695
Other financial assets with associates 3,030 2,954
Other financial assets with other related parties 14,477 -
Trade payables to associates (2,792 ) (2,714 )
Trade payables to other related parties (2,406 ) (3,039 )
27,516 13,825
(b) Other liabilities
Other liabilities to other related parties (4,637 ) (2,503 )
(4,637 ) (2,503 )
(c) Other balances
Cash and cash equivalents in other related parties 26,337 4,652
26,337 4,652
For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2023 2022 2023 2022
Transactions
Aeronautical/Commercial revenue 4,269 2,268 7,229 4,223
Fees (2,952 ) (1,767 ) (5,249 ) (3,567 )
Interest accruals 141 192 208 327
Acquisition of goods and services (6,913 ) (7,052 ) (14,106 ) (11,839 )
Others (1,062 ) (1,152 ) (2,062 ) (2,235 )

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilitiesline for an amount of USD 897 as of June 30, 2023 (USD 2,201 as of December 31, 2022). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 3,219 as of June 30, 2023 (USD 3,601 as of June 30, 2022).

Remunerations received by the Group’s key staff amounted to approximately 1.91% of total remunerations accrued At June 30, 2023 (2.20% as of June 30, 2022).

- 32 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

17       Cashflow disclosures

The Condensed Consolidated Interim Statement of Cash Flow for the three and six month period ended June 30, 2022, included on Form 6-k furnished in the SEC on August 19, 2022, included cash payments by AA2000 in order to redeem preferred shares, that were incorrectly classified as operating activities instead of financing activities. Therefore, the comparative Condensed Consolidated Interim Statement of Cash Flow for the six month period ended June 30, 2022 was modified to reflect a revision, increasing other liabilities within working capital and decreasing the redemption of preferred shares line within financing activities in USD 97,955, with a corresponding increase in net cash provided by operating activities and a corresponding decrease in net cash used in financing activities.

Changesin working capital

For the six-month period<br> ended June 30,
2023 2022
Other receivables and credits (17,327 ) (35,677 )
Inventories 3,534 (2,980 )
Other liabilities (38,552 ) (67,962 )
(52,345 ) (106,619 )

The most significant non-cash transactions are detailed below:

For the six-month period<br> ended June 30,
2023 2022
Intangible acquisition (154 ) (78 )
Right-of-use asset initial recognition with an increase in Lease liabilities (430 ) -
Income tax paid with tax certificates (1,477 ) -
Compensation of trade receivables - 32,755
Application of credits compensated with concession fee payable - (28,382 )
Application of credits compensated with other liabilities - (4,373 )
Redemption of preferred shares - 77,037

18       Fairvalue measurement of financial instruments

According to the classification included in Note 3.B of the Consolidated Financial Statements as of December 31, 2022, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments recorded at amortized cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments At June 30, 2023:

Fair value Carrying amount
Trust funds ^(1)^ 47,745 46,996
Long-term borrowings ^(2)^ 986,882 1,065,538

^(1)^The fair value of these financial assets was calculated using a discounted cash flow (Level 3).

^(2)^Valuation at quotation prices (not adjusted) in active markets for identical assets or liabilities Fair Value level 2 under IFRS 13 hierarchy.

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

- 33 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and six-month period ended June 30, 2023 and 2022 (amounts in thousands of U.S.dollars except share data or as otherwise indicated).

19       Discontinuedoperations

In December 2021, the Group sold the participation in Aeropuertos Andinos del Perú S.A. (“AAP”). The information regarding the operation and the impact on the Consolidated Financial Statements is detailed in Note 30 of the audited Consolidated Financial Statements for the year ended December 31, 2022.

For the sale of the shares in the associate, CAAP committed to make a one-time payment to the buyer for assumed liabilities and future CAPEX commitments of AAP amounting to USD 17.2 million, which were fully paid as of December 31, 2022 (USD 8.6 million were paid as of June 30, 2022, of which USD 6.1 million were paid during 2022).

20       Financialrisk factors

As stated in Note 3A of the Consolidated Financial Statements as of December 31, 2022, CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties, both in national and international environments.

On April 20, 2023, a new requirement of approval to be granted by the Central Bank of Argentina prior to the access to transactions in the Mercado Único y Libre de Cambios (“MULC”) within 60 days from the approval of the declaration in Sistema de Importaciones de la República Argentina y Pagos de Servicios del Exterior was incorporated. This requirement does not apply for: (i) payment through an exchange against a local account in foreign currency; (ii) simultaneous access with the settlement of a new financial indebtedness abroad for which the principal matures after the indicated term; and (iii) access with funds originated in a financing of imports of services granted by a local financial institution from a commercial credit line abroad and when the principal of the financing matures after the indicated term.

Regarding transactions in the stock market, the period for not entering into transactions with securities issued under foreign law is extended to 180 calendar days and the period for not entering into transactions with securities issued under Argentine law, to be submitted in the affidavits for access to the MULC, is maintained at 90 days.

On July 24, 2023, the Executive Branch of Argentina issued Decree 377/2023 establishing a tax named “Impuesto pais” over transactions that involves the purchase of foreign currencies for the payment of certain services and goods, specifically: i) services acquired abroad or in Argentina rendered by a non-resident, applying a tax rate of 25%; ii) freight and other transportation services for import or export of goods, applying a tax rate of 7.5%; and iii) import of goods, which applies a tax rate of 7.5%, except for the following situations: a) certain goods with specific tariff positions; b) consumables and intermediate goods directly related to the basic food basket as established by the Ministry of Economy; and c) goods related to power generation under the terms established by the Secretariat of Energy. The Administración Federal de Ingresos Públicos empowered to set a down payment of a 95% under the terms and conditions established by said administration. Financial institutions should act as perception agents and perform the tax return. The Decree became effective for foreign currency purchases carried out as from July 24, 2023. As of the date of issuance of these Condensed Consolidated Interim Financial Statements, CAAP’s Argentine subsidiaries are analyzing the impact this regulation could have.

On August 13, 2023, there were primary elections in Argentina, after which the Argentine peso has experienced a strong value decrease.

Considering this situation and the uncertainties resulting from these events, CAAP` Argentine subsidiaries continue to assess the evolution of the above-mentioned variables in order to identify the unforeseen potential impacts that could affect the Company´s business and performance.

- 34 -

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

21       Subsequentevents

AA2000 – indebtedness

In July, 2023, AA2000 issued USD 25.0 million aggregate principal amount of Class 10 Dollar-linked Notes due 2025 to repurchase and exchange 90.6% of the total original principal amount of the Series 3 Notes. Class 10 Notes accrue interest at a rate of 0.0% per annum. Furthermore, AA2000 issued additional Class 9 Dollar-linked Notes, for a total amount of USD 2.7 million, due in 36 months and with a fixed annual interest rate of 0.0%. The main covenants and guarantees remain unchanged.

AA2000 – Concession

On July 28, 2023, ORSNA issued Resolution N° 56-23, in which it approved the conditions related to the Review of the Financial Projection of Income and Expenses (in Spanish, PFIE) for the concession period of 2019-2022. Among other decisions, it was determined that the revision of the financial and economic equation of the concession agreement, initially planned to conclude by June 30, 2023, will be finalized upon reaching the international passenger traffic level of 2019. AA2000 was notified of the resolution and is currently assessing the course of action to follow.

Dividenddistribution

In July, 2023, TA approved the distribution of dividends for Eur 7.0 million (equivalent to USD 7.7 million) of which Eur 2.6 million (equivalent to USD 2.9 million) were paid to non-controlling interests.

In August, 2023, TAGSA approved the distribution of dividends for USD 5.3 million of which USD 2.6 million were paid to non-controlling interests.

Brazillegal proceedings - Tax Proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2022, on November 1, 2017, ICASGA initiated a lawsuit before the Municipality of São Gonçalo do Amarante to dispute the legality of the Property and Urban Territorial Tax (“IPTU”) collected by the City of São Gonçalo do Amarante.

On November 17, 2020, the State Court made its final decision dismissing the collection of IPTU which was appealed by the Municipality before the Brazilian Supreme Court. On August 1, 2023, a first decision was granted, in favor of the City. The Minister decided to revoke the State Court´s last decision and determined the State Court to analyze the lawsuit again. ICASGA will appeal before the Supreme Court, asking this monocratic decision to be reviewed by the other Ministers. If that decision is final, the State Court would judge the matter again, and ICASGA would still have the opportunity to defend itself.

PeruvianProceedings - Kuntur Wasi

On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero.

On June 21, 2018, an arbitration procedure request was submitted by Kuntur Wasi to the competent authority ICSID (known as CIADI in Spanish). On the same date, Corporación América S.A. also submitted to CIADI a request for the arbitration procedure under the BIT framework. Both procedures before CIADI shall be carried out in a single docket.

On August 10, 2023, Kuntur Wasi received notification from the CIADI Arbitral Court regarding a favorable resolution concerning the arbitration procedure due to unreasonably and arbitrary unilateral termination of the Concession Agreement by the Peruvian Ministry of Transports and Communications. While the Arbitral Court has already determined the final award for damages and losses, there are still pending steps subject to submission of further information by Kuntur Wasi, required to calculate the business profit based on the invested amounts as well as the recognition of interests on the related amounts.

ICAB – Variable concession fee

In connection with the payment of the variable concession fee of ICAB on August 15, 2023, see Note 12.

There are no other subsequent events that could significantly affect the Group's financial position as of June 30, 2023.

- 35 -

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