CAAP 0001104659-22-037231 6-K as filed: Mar 24, 2022

Exhibit 99.1

CORPORACION AMERICA AIRPORTS REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

December 2021 passenger traffic recovered to 66.8% of December 2019 levels

4Q21 Adjusted EBITDA margin expanded 7.3pp YoY, supported by passenger traffic recovery and strategic execution

Luxembourg, March 23, 2022— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport operator based on the number of airports under management reported today its unaudited, consolidated results for the three months ended December 31, 2021, and audited results for the full year 2021. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29 (“IAS 29”), as detailed on Section “Hyperinflation Accounting in Argentina” on page 26.

Fourth Quarter 2021 Highlights¹

Consolidated Revenues of $218.7 million, an increase of 69.1% YoY, or 42.5% below pre-pandemic levels of 4Q19. Excluding the impact of IFRS rule IAS 29, revenues increased 64.0% YoY, to $218.6 million, mainly reflecting increases of $55.7 million in Aeronautical revenues and $42.7 million in Commercial revenues, partially offset by a $13.0 million decline in construction service revenue. When compared to 4Q19, revenues ex-IAS 29 declined 41.7%.

Key operating metrics improved YoY:

Passenger traffic increased 1.6x to 13.2 million YoY, reaching 63.4% of 4Q19 levels.

Cargo volume increased 27.0% YoY to 91.6 thousand tons, reaching 80% of 4Q19 levels.

Aircraft movements totaled 162.1 thousand, an 89.0% YoY increase, reaching 76.2% of 4Q19 levels.

Operating Income of $60.4 million versus $5.3 million reported in 4Q20, mainly reflecting YoY passenger traffic recovery. Operating income in 4Q21 included a $25.5 million economic compensation granted by the Brazilian government, together with a Eur. 9.5 million, or $10.9 million, government grant obtained in Italy. To note, operating income in 4Q20 also included a $36.6 million economic compensation in Brazil and a $12.0 million government grant in Italy.

Adjusted EBITDA on an “As Reported” basis was $92.8 million, versus $45.5 million in the year ago period, and increased 70.8% when compared to 4Q19. Adjusted EBITDA margin expanded to 42.4% from 35.1% in 4Q20 and 14.3% in 4Q19.

Ex-IAS 29, Adjusted EBITDA totaled $91.8 million, compared with $45.0 million in 4Q20 and Adjusted EBITDA of $52.2 million in 4Q19. Adjusted EBITDA margin ExIFRIC12 increased to 45.3% from 44.5% in 4Q20 and 17.8% in 4Q19.

When also adjusting for impairment charges, Adjusted EBITDA improved to $91.9 million in 4Q21 from $44.0 million in 4Q20, and was 3.3% below the $95.0 million posted in 4Q19. To note, As Reported Adjusted EBITDA figures included (i) economic compensations of $25.5 million in 4Q21 in Brazil and $10.9 in Italy, in 4Q21, (ii) economic compensations of $46.7 million in Brazil and Italy, in 4Q20.

Full Year 2021 Highlights¹

Consolidated Revenues of $706.9 million, an increase of 16.4% YoY, or 54.6% below pre-pandemic levels of 2019. Excluding the impact of IFRS rule IAS 29, revenues increased 8.8% YoY, to $677.7 million, mainly reflecting increases of $79.0 million in Commercial revenues and $31.0 million in Aeronautical revenues, partially offset by a $55.4 million decline in construction service revenue. When compared to full year 2019, revenues ex-IAS 29 declined 57.2%.

Key operating metrics improved YoY:

Passenger traffic increased 41.5% YoY to 35.7 million, reaching 42.4% of 2019 levels.

Cargo volume increased 26.6% YoY to 323.5 thousand tons, reaching 76.2% of 2019 levels.

Aircraft movements totaled 497.2 thousand, a 40.9% YoY increase, reaching 58.0% of 2019 levels.

Operating Income of $6.5 million versus a loss of $163.7 million in 2020, mainly reflecting YoY passenger traffic recovery, and down from operating income of $223.6 million in 2019.

Adjusted EBITDA on an “As Reported” basis was $149.3 million, versus $18.1 million in 2020, and decreased 61.2% when compared to the $384.7 reported in 2019. Adjusted EBITDA margin expanded to 21.1% from 3.0% in 2020 but contracted 3.6pp from 24.7% in 2019.

Ex-IAS 29, Adjusted EBITDA totaled $142.8 million, compared with $20.0 million in 2020 and Adjusted EBITDA of $389.7 million in 2019. Adjusted EBITDA margin ExIFRIC12 increased to 23.4% from 3.8% in 2020 and was down 8.3pp from 31.7% in 2019.

When also adjusting for impairment charges, Adjusted EBITDA improved to $143.2 million in 2021 from $82.3 million in 2020, and was 68.4% below the $453.3 million posted in 2019.

¹ 4Q and FY 2020 figures have been adjusted to reflect the discontinuation of the Peru business in 2021, for comparison purposes.

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CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted, “Our performance this quarter demonstrates the successful execution of the multiple initiatives we have been undertaking since the onset of the pandemic. Today, we have a leaner cost structure, a strengthened financial position and have made significant progress towards further enhancing the equity value of our business.”

“Passenger traffic continued to recover throughout our operations driven by pent-up demand and the overall reduction in traffic restrictions, including the opening of borders in Argentina and Uruguay starting November 1, 2021. Passenger traffic, therefore, increased to 63% of the 21 million passengers served in 4Q19, with a significant sequential improvement compared to the 46% of pre-pandemic levels reached in 3Q21. Cargo operations also continued to perform well at 80% of 4Q19 levels.”

“Increased traffic brought a strong recovery in revenues, ex-IFRIC12, which nearly doubled year-on-year to $200 million, to close to 70% of 4Q19 revenues, up from the 55% of pre-pandemic levels achieved in the prior quarter. We also delivered substantially higher profitability in the quarter, with $92 million Comparable Adjusted EBITDA, doubling 4Q20 levels. Results benefited from improved top line performance and a leaner cost structure following cost reduction initiatives implemented over the past two years, as well as a $26 million compensation recorded this quarter related to the re-equilibrium of the Brasilia Airport concession for the 2021 calendar year, reinforcing the intrinsic value of our concessions. We also accounted a 9.5 million euro government grant in Italy in the fourth quarter.”

“During the quarter we extended debt maturities for a combined amount of $425 million in Argentina and Uruguay; further strengthening the Company´s liquidity position and improving our debt profile. We also obtained new long term financing for more than $350 million in these two countries, including $174 million raised last February.”

“On the ESG front, and building on our commitment to sustainability, this year we joined the World Economic Forum´s “Clean Skies for Tomorrow 2030” coalition that aims to accelerate the supply and use of sustainable aviation fuel technologies to reach 10% of global jet aviation fuel supply by 2030.”

“Looking ahead, we expect to see a sustained recovery in passenger traffic trends led by pent-up demand and lower travel restrictions. While we observed a slowdown in traffic in January due to concerns around the Omicron variant, February already showed an improvement. In the near term, we are closely monitoring the impact of Omicron, as well as the rapidly developing conflict in the Ukraine, which at this time is not impacting our operations. In this context, we remain fully-committed to advancing on our Action Plan which has proven to deliver solid results, despite passenger traffic levels not having reached full recovery, while actively developing additional value creation opportunities and expanding our capabilities.”

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Operating & Financial Highlights

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

	4Q21 as reported			4Q20 as reported			% Var as reported			IAS 29			4Q21 ex IAS 29			4Q20 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers) ⁽¹⁾⁽²⁾		13.2			5.1			159.2	%					13.2			5.1			159.2	%
Revenue		218.7			129.4			69.1	%		0.1			218.6			133.3			64.0	%
Aeronautical Revenues		92.6			35.9			158.0	%		0.6			92.0			36.3			153.1	%
Non-Aeronautical Revenues		126.1			93.5			34.9	%		-0.4			126.6			96.9			30.6	%
Revenue excluding construction service		202.7			101.0			100.8	%		2.6			200.1			101.8			96.5	%
Operating Income / (Loss)		60.4			5.3			1035.2	%		-12.5			72.9			20.4			256.9	%
Operating Margin		27.6	%		4.1	%		2350			0.0	%		33.3	%		15.3	%		1802
Net (Loss) / Income Attributable to Owners of the Parent		-22.3			-38.8			-42.6	%		11.4			-33.7			-53.3			-36.8	%
EPS (US$)		-0.14			-0.24			-42.8	%		0.07			-0.21			-0.33			-37.1	%
Adjusted EBITDA		92.8			45.5			104.1	%		1.0			91.8			45.0			103.9	%
Adjusted EBITDA Margin		42.4	%		35.1	%		729			-			42.0	%		33.8	%		822
Adjusted EBITDA Margin excluding Construction Service		45.2	%		45.3	%		-3			-			45.3	%		44.5	%		86
Net Debt to LTM Adjusted EBITDA		7.12x			78.27x			-			-			-			-			-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets ⁽³⁾		7.11x			14.02x			-			-			-			-			-

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

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

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

LTM Adjusted EBITDA excluding impairments of intangible assets

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Operating & Financial Highlights FY 2021

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

	2021 as reported			2020 as reported			% Var as reported			IAS 29		2021 ex IAS 29			2020 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers) ⁽¹⁾⁽²⁾		35.7			25.2			41.5	%				35.7			25.2			41.5	%
Revenue		706.9			607.4			16.4	%		29.2		677.7			622.8			8.8	%
Aeronautical Revenues		262.8			220.0			19.5	%		7.4		255.4			224.5			13.8	%
Non-Aeronautical Revenues		444.1			387.4			14.6	%		21.9		422.2			398.3			6.0	%
Revenue excluding construction service		627.2			481.6			30.2	%		27.9		599.2			488.9			22.6	%
Operating Income / (Loss)		6.5			-163.7			-103.9	%		-46.3		52.8			-86.9			-160.7	%
Operating Margin		0.9	%		-27.0	%		2787			-		7.8	%		-14.0	%		2175
Net (Loss) / Income Attributable to Owners of the Parent		-117.8			-253.1			-53.5	%		-13.2		-104.5			-262.9			-60.2	%
EPS (US$)		-0.73			-1.58			-53.6	%		-0.08		-0.65			-1.64			-60.4	%
Adjusted EBITDA		149.3			18.1			725.8	%		6.5		142.8			20.0			613.9	%
Adjusted EBITDA Margin		21.1	%		3.0	%		1815			-		21.1	%		3.2	%		1786
Adjusted EBITDA Margin excluding Construction Service		23.4	%		3.5	%		1997			-		23.4	%		3.8	%		1963

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

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

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

3) LTM Adjusted EBITDA excluding impairments of intangible assets

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Update on Action Plan to Compensate for Impact of Covid-19 in CAAP´s Business

Governmental Flight Restrictions

Most of CAAP’s markets have been gradually lifting travel restrictions:

•

In Argentina, effective November 1, 2021, borders are open to all foreigners, regardless of their origin country, and since January 29, 2022, a PCR test for inbound fully vaccinated nationals and residents, and for foreigners arriving from neighboring countries, is no longer required. The remaining travelers are required to present a complete vaccination schedule and a negative PCR test within 72 hours (or a negative antigen test within 48 hours) prior to boarding. All bans on domestic travel were lifted by the end of October 2020.

•

In Italy, the government has eased the restrictions and travelers are now required to present a full vaccination certificate together with a negative antigen test within 48 hours prior to boarding, or a negative PCR test within 72 hours prior to boarding.

•

In Brazil, there are currently no restrictions on entry, however, all arriving passengers require an antigen test within 24 hours prior to boarding, or a negative PCR test within 72 hours prior to boarding.

•

In Uruguay, borders are fully open effective November 1, 2021, for all travelers who present a complete vaccination schedule and a negative PCR/Antigen test within at least 72/24 hours prior to boarding, regardless of their origin country.

•

In Armenia, there are no restrictions on air travel although some requirements apply upon entry including a negative PCR test upon arrival or a Covid-19 full vaccination certificate.

•

In Ecuador, there are no restrictions to domestic or international travel. International passengers, however, are required to present a negative PCR test within 72 hours prior to boarding, or a Covid-19 full vaccination certificate.

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

Compared to the 2019 pre-pandemic corresponding months, total passenger traffic showed a monthly sequential improvement within the quarter, declining 41.6% in October 2021, 35.0% in November, and 33.2% in December. During 4Q21, commercial flights were operated across all CAAP’s countries of operations and overall traffic experienced a strong sequential recovery when compared to 3Q21, as travel restrictions commenced to gradually relax, although certain requirements still applied. Cargo activity continued to perform well and stood at 80% of 4Q19 pre-pandemic levels.

Action Plan

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

Cost controls and cash preservation measures: The Company achieved a 24% reduction in cash operating costs and expenses in the quarter against 4Q19, compared with YoY reductions of 43%, 34%, 43% and 46% in 3Q21, 2Q21, 1Q21 and 4Q20, respectively. Note this excludes concession fees and construction costs.

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

Debt Transactions:

•

In April 2021, Puerta del Sur (Uruguay) obtained a $10.0 million facility from a local commercial bank.

•

In May 2021, AA2000 (Argentina) extended a total of $40.0 million in principal payments under a syndicated bank loan, maturing in May, August and November 2021 for an amount of $13.3 million each, deferring those payments to May, August and November 2022. In addition, in July 2021, AA2000 extended $10.0 million in principal payments under a bilateral bank loan originally due in July 2021, now maturing under a new schedule in July, October and December 2022.

•

In November 2021, AA2000 completed an exchange offer and issued $208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 in exchange of the Series 2017 and Series 2020 Notes, and also raised $126.0 million of new money in two tranches: i) $64.0 million in additional Series 2021 Notes, which are fungible with the bonds issued pursuant to the exchange offer, and ii) $62.0 million in new 9.5% Senior Secured Notes due 2028.

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•

In February 2022, AA2000 successfully completed a local offering of $174 million in dollar-linked notes.

•

In November 2021, ACI Sudamerica (holding company of PDS, Uruguay), completed an exchange offer and issued $246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 in exchange of the Series 2015 and Series 2020 Notes, which included new financing of $52.9 million under the same terms as the exchange notes, which will be primarily used to fund the capex program agreed with the government pursuant to the concession extension.

Re-equilibrium of the Concession Agreements:

•

In Brazil, Inframerica obtained $25.5 million in connection with the economic re-equilibrium from the impact of Covid-19 during 2021 at the Brasilia concession, in addition to the compensation of $36.6 million received in December 2020. The Company is monitoring the market to define its strategy in connection with 2022 and beyond.

•

In Ecuador, in July 2021, Terminal Aeroportuaria de Guayaquil S.A. (TAGSA) and the local authorities agreed on a mechanism to compensate for the impact of Covid-19 for the year 2020 which, among other things, included a 2-year extension of the Guayaquil concession and a reduction in the concession fee. The agreement also introduced the mechanism that will be used to compensate the impact of the pandemic in 2021 and beyond, which will be measured annually.

•

In Uruguay, in November 2021, CAAP signed an agreement with the Government to amend the existing concession agreement which, among other things, included a 20-year extension of the concession term.

•

In Italy, the European Commission approved in March 2021 a total of Eur. 10 million to Toscana Aeroporti to compensate for the Covid-19 impact in 2020. Funds were received in August 2021. In addition, the Italian Budget Law, that became effective on January 1, 2021, contains provisions to allocate a Eur. 800 million fund in support of the overall airport sector in the country. In December 2021, Toscana Aeroporti, accounted Eur. 9.5 million, or $10.9 million, from the aforementioned fund. Eur. 3.64 million was collected on March 8, 2022, and the remaining amount is expected to be received within the first half of the year.

4Q21 Operating Performance

Passenger Traffic

Total passenger traffic increased 1.6x YoY to 13.2 million passengers, reflecting a recovery in travel demand and easing travel restrictions. When compared to 4Q19, total passenger traffic decreased 36.6%, with Armenia and Brazil leading the recovery, reaching 90% and 82% of pre-pandemic traffic levels, respectively. Traffic in Argentina and Uruguay, the two countries with prolonged government-imposed travel restrictions, stood at 53% and 50% of 4Q19 levels, respectively, recovering strongly from the past quarter, following the opening of borders, effective November 1, 2021. International and domestic traffic grew by 2.7x and 1.8x YoY, reaching 47.7% and 70.3% of 4Q19 levels, respectively. Sequentially, passenger traffic grew by 26.6% when compared to 3Q21, with strong improvements in Argentina, Brazil and Uruguay. On a monthly basis, traffic in October, November and December of 2021, increased to 58.4%, 65.0% and 66.8%, of traffic for the same months in 2019, respectively.

Passenger Traffic in Argentina increased 5.2x YoY and improved to 52.5% of 4Q19 levels. International passenger traffic increased 2.1x YoY in 4Q21 and reached 29.8% of 4Q19 traffic, showing a sequential quarterly improvement following the re-opening of borders to non-resident foreigners, effective November 1, 2021. Domestic passenger traffic, which accounted for 80% of total traffic in the quarter, increased 7.2x YoY and improved to 63.4% of 4Q19 levels, showing a continued sequential recovery.

In Italy, passenger traffic increased 3.7x YoY, and was 18% down versus 3Q21. As compared to 4Q19, traffic declined 39.8%, reflecting prolonged air travel restrictions in the country. Domestic and international traffic increased by 2.1x and 5.4x YoY, respectively, and stood at 80.0% and 53.6% of 4Q19 pre-pandemic levels. Traffic in the quarter was impacted by weaker demand caused by the emergence of the Omicron variant, in the last months of the year.

In Brazil, total passenger traffic grew 37.2 YoY, and was 18.3% below pre-pandemic levels of 4Q19. Domestic passenger traffic, which accounted for 66% of total traffic in the quarter, was up 48.2 YoY and reached nearly 90% of 4Q19 pre-pandemic levels, while transit passengers accounted for the remaining 33% of total traffic and increased 16.7% YoY to 77.9% of 4Q19 traffic.

In Uruguay, passenger traffic increased 4.1x YoY, reaching 50.2% of 4Q19 levels, showing a strong sequential recovery versus 3Q21, reflecting the re-opening of borders to non-resident foreigners, effective November 1, 2021. Borders had only partially opened to property-owners, on September 1, 2021.

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In Armenia, where traffic is 100% international, traffic has been increasing sequentially since the elimination of restrictions on air travel in September 2020 and the opening of Russian borders to foreigners, although some requirements apply upon entry. Total traffic improved 3.7x YoY, or stood at 90% of 4Q19 pre-pandemic levels.

In Ecuador, total passenger traffic grew 1.2x YoY, and increased to 76.2% of 4Q19 levels. Both, domestic and international passenger traffic continued to improve sequentially since the third quarter of 2020.

Cargo Volume

Cargo volume increased 27.0% YoY in 4Q21, and stood at 79.9% of pre-pandemic levels of 4Q19, with strong contributions from Argentina, Brazil and Uruguay, which together accounted for more than 80% of total volume, in the quarter. Notably, cargo volume in Italy and Uruguay was above 4Q19 levels.

Aircraft Movements

Total aircraft movements increased 89.0% YoY in 4Q21, and reached 76.2% of 4Q19 levels, impacted by travel restrictions and lower travel demand across all segments particularly in Argentina, which accounted for almost two thirds of the aircraft movement reduction, when compared to 2019.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 39 of this report.

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

	4Q21	4Q20	4Q19	% Var. ('21 vs '20)		% Var. ('21 vs '19)
Domestic Passengers (in thousands)	8,527	3,011	12,127	183.1	%	-29.7	%
International Passengers (in thousands)	3,163	866	6,626	265.3	%	-52.3	%
Transit Passengers (in thousands)	1,557	1,233	2,155	26.3	%	-27.8	%
Total Passengers (in thousands)	13,246	5,110	20,907	159.2	%	-36.6	%
Cargo Volume (in thousands of tons)	91.6	72.1	114.7	27.0	%	-20.1	%
Total Aircraft Movements (in thousands)	162.1	85.8	212.6	89.0	%	-23.8	%

Passenger Traffic Breakdown					Cargo Volume				Aircraft Movements
Country	4Q21	4Q20	% Var.		4Q21	4Q20	% Var.		4Q21	4Q20	% Var.
	(thousands)				(tons)
Argentina⁽¹⁾	5,591	898	522.6	%	50,723	41,249	23.0	%	76,941	31,772	142.2	%
Italy	1,087	231	371.1	%	4,380	3,754	16.7	%	13,199	5,360	146.3	%
Brazil ⁽²⁾	4,177	3,046	37.2	%	14,874	10,249	45.1	%	36,964	27,665	33.6	%
Uruguay ⁽³⁾	260	51	408.5	%	8,379	6,837	22.6	%	7,363	2,568	186.7	%
Ecuador ⁽⁴⁾	850	382	122.6	%	6,745	4,970	35.7	%	16,762	12,494	34.2	%
Armenia	695	149	365.8	%	5,664	4,349	30.2	%	5,918	2,218	166.8	%
Peru ⁽⁵⁾	586	353	65.7	%	832	718	15.9	%	4,905	3,681	33.3	%
TOTAL	13,246	5,110	159.2	%	91,597	72,126	27.0	%	162,052	85,758	89.0	%

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Passenger Traffic Breakdown								Cargo Volume							Aircraft Movements
Country	4Q21		4Q19		% Var.			4Q21		4Q19		% Var.			4Q21		4Q19		% Var.
	(thousands)							(tons)
Argentina⁽¹⁾		5,591		10,646		-47.5	%		50,723		63,592		-20.2	%		76,941		109,183		-29.5	%
Italy		1,087		1,807		-39.8	%		4,380		3,626		20.8	%		13,199		17,438		-24.3	%
Brazil ⁽²⁾		4,177		5,112		-18.3	%		14,874		22,879		-35.0	%		36,964		42,486		-13.0	%
Uruguay ⁽³⁾		260		518		-49.8	%		8,379		8,149		2.8	%		7,363		7,537		-2.3	%
Ecuador ⁽⁴⁾		850		1,115		-23.8	%		6,745		8,646		-22.0	%		16,762		21,416		-21.7	%
Armenia		695		772		-9.9	%		5,664		6,369		-11.1	%		5,918		7,006		-15.5	%
Peru ⁽⁵⁾		586		937		-37.5	%		832		1,393		-40.2	%		4,905		7,536		-34.9	%
TOTAL		13,246		20,907		-36.6	%		91,597		114,653		-20.1	%		162,052		212,602		-23.8	%

See Note 1 in Table " Operating & Financial Highlights”

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

Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included in this table.

CAAP owns 50.0% of AAP and accounts for its results by the equity method. However, 100% of AAP’s passenger traffic and aircraft movements are included in this table.

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Review of Consolidated Results

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method. In December 2021, CAAP signed an agreement to transfer its 50% ownership interest in Aeropuertos Andinos del Perú S.A. to Andino Investment Holding S.A. and, consequently, stop operating the five airports that were under concession. As such, fourth quarter and full year 2020 figures have been adjusted to reflect the discontinuation of the Peru business in 2021, for comparison purposes.

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29, as detailed on Section “Hyperinflation Accounting in Argentina” on page 26.

Revenues

Consolidated Revenues increased 69.1% YoY to $218.7 million in 4Q21. When excluding Construction Services and the impact of IAS 29, revenues increased 96.5% YoY to $200.1 million, reaching 69.1% of 4Q19 levels, reflecting the impacts of the pandemic and currency depreciation over the share of local currency revenues in Argentina, Brazil and Uruguay. Compared to 3Q21, revenues ex IFRIC 12 improved 20.2% sequentially, with strong performance in Argentina (+50.7%) and Uruguay (+34.7%), reflecting higher passenger traffic following the re-opening of borders on November 1, 2021, coupled with a positive seasonal impact.

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

Revenues by Segment (in US$ million)

Country	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Argentina		108.9		72.2		50.9	%		0.1		108.8		76.1		43.0	%
Italy		23.9		16.5		44.7	%		-		23.9		16.5		44.7	%
Brazil		18.1		12.5		44.0	%		-		18.1		12.5		44.0	%
Uruguay		18.2		7.7		134.3	%		-		18.2		7.7		134.3	%
Armenia		30.1		8.5		255.8	%		-		30.1		8.5		255.8	%
Ecuador ⁽¹⁾		19.4		11.9		63.9	%		-		19.4		11.9		63.9	%
Unallocated		0.1		0.0		222.7	%		-		0.1		0.0		222.7	%
Total consolidated revenue ⁽²⁾		218.7		129.4		69.1	%		0.1		218.6		133.3		64.0	%

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues increase 96.3% YoY in Argentina, 81.2% in Italy, 44.0% in Brazil, 125.8% in Uruguay, 240.4% in Armenia and 82.1% in Ecuador.

Revenue Breakdown (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		92.6		35.9		158.0	%		0.6		92.0		36.3		153.1	%
Non-aeronautical Revenue		126.1		93.5		34.9	%		-0.4		126.6		96.9		30.6	%
Commercial revenue		109.3		64.1		70.5	%		2.1		107.2		64.5		66.3	%
Construction service revenue ⁽¹⁾		16.0		28.4		-43.7	%		-2.5		18.5		31.5		-41.2	%
Other revenue		0.9		1.0		-13.5	%		0.0		0.9		1.0		-13.5	%
Total Consolidated Revenue		218.7		129.4		69.1	%		0.1		218.6		133.3		64.0	%
Total Revenue excluding Construction Service revenue ⁽²⁾		202.7		101.0		100.8	%		2.6		200.1		101.8		96.5	%

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

2 Excludes Construction Service revenue.

Page 9 of 46

Revenue Breakdown (in US$ million)

	4Q21 as reported		4Q19 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		92.6		173.7		-46.7	%		0.6		92.0		170.8		-46.1	%
Non-aeronautical Revenue		126.1		206.4		-38.9	%		-0.4		126.6		204.1		-38.0	%
Commercial revenue		109.3		120.8		-9.5	%		2.1		107.2		117.9		-9.1	%
Construction service revenue ⁽¹⁾		16.0		84.7		-81.1	%		-2.5		18.5		85.3		-78.3	%
Other revenue		0.9		0.8		7.6	%		-		0.9		0.8		7.6	%
Total Consolidated Revenue		218.7		380.1		-42.5	%		0.1		218.6		374.9		-41.7	%
Total Revenue excluding Construction Service revenue ⁽²⁾		202.7		295.4		-31.4	%		2.6		200.1		289.6		-30.9	%

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

2 Excludes Construction Service revenue.

Aeronautical Revenues accounted for 42.3% of total revenues and increased 1.6x YoY. When compared to 4Q19, aeronautical revenues declined 46.1% to $92.0 million had IAS 29 not been applied, reflecting the continued impact of the pandemic in traffic volumes, despite the gradual relaxation of travel restrictions in materially all markets. During the quarter and excluding IAS 29, aeronautical revenue declined 59.7%, or $54.3 million, in Argentina, 38.8%, or $8.6 million, in Italy, and 48.7%, or $6.3 million, in Uruguay, compared to the same quarter of 2019. Moreover, Brazil declined 44.9%, or $6.7 million, and Ecuador declined 18.6%, or $3.2 million, while aeronautical revenues in Armenia increased 2.7%, compared to pre-pandemic levels of 4Q19.

Non-Aeronautical Revenues accounted for 57.7% of total revenues and increased 34.9% YoY, to $126.1 million. When compared to 4Q19 and excluding the impact of IAS 29, non-aeronautical revenues declined 38.0% to $126.6 million, mainly driven by the following decreases:

•

9.1%, or $10.7 million, in Commercial Revenues, to $107.2 million, with declines of $5.3 million in Brazil, $4.0 million in Italy and $3.0 million in Armenia, partially offset by an increase of $4.0 million in Argentina. The revenue decline was heavily impacted by the significant reduction in overall passenger traffic and was mostly related to reductions in Fueling services, VIP lounges, Duty free and Advertising, partially offset by a strong increase in Cargo revenues and, to a lesser extent, Rental of space; and

•

78.3%, or $66.8 million, in Construction Service Revenue, to $18.5 million, mainly reflecting lower capex in Argentina.

Excluding Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues declined 9.0% against 4Q19, to $108.1 million.

Operating Costs and Expenses

During 4Q21, Operating Costs and Expenses, excluding Construction Service Cost, increased 27.2% YoY to $182.8 million, mainly driven by higher Salaries and social security contributions, Concession fees and Maintenance expenses, in line with higher YoY activity. When compared to 4Q19, Operating Costs and Expenses, excluding Construction Service Cost and IAS 29, declined 37.7% to $167.6 million. The decline is mainly explained by reductions in Maintenance expenses resulting from lower services and renegotiation with suppliers, together with lower Concession Fees, Salaries and Social Contributions and SG&A expenses. Currency depreciation in Argentina, Brazil and Uruguay also benefited costs.

Cost of Services increased 14.1% YoY, to $162.4 million. When compared to 4Q19 and excluding IAS29, Cost of Services declined 43.6%, to $154.8 million, mainly reflecting the following declines:

79.5%, or $67.3 million, in Construction Service Cost, reflecting lower capex,

35.1%, or $13.2 million, in Maintenance Expenses, mainly driven by the renegotiation of agreements with suppliers to adapt services to lower activity, coupled with FX depreciation against the US dollar,

23.5%, or $11.4 million, in Salaries and Social Security Contributions, driven by a reduction in salaries, a furlough scheme and/or a reduction in workforce across the board, coupled with local currency depreciation in main markets,

28.6%, or $11.3 million, in Concession Fees, in line with lower revenues, and

22.3%, or $3.6 million decline in Services and Fees, mainly reflecting the suspension of certain services and renegotiation of scope and fees with suppliers, coupled with local currency depreciation in Argentina and Brazil.

Excluding Construction Service cost, Cost of Services increased 29.7% YoY, to $147.5 million. On a comparable basis against 4Q19 and excluding the impact of IAS29, Cost of Services declined 27.5%, or $52.3 million, to $137.4 million.

Page 10 of 46

Selling, General and Administrative Expenses (“SG&A”) increased 18.7% YoY, to $33.7 million in 4Q21 on an ‘As reported’ basis. When compared to 4Q19 and excluding the impact of IAS 29, SG&A declined 17.9%, to $28.7 million.

Other Operating Expenses were $1.4 million in 4Q21, down 43.3% from the $2.5 million recorded in 4Q20 and relatively in line with the $1.1 million posted in 4Q19.

Costs and Expenses (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Cost of Services		162.4		142.4		14.1	%		7.6		154.8		131.5		17.8	%
Salaries and social security contributions		37.6		24.6		53.1	%		0.4		37.2		25.2		47.3	%
Concession fees		28.6		16.7		71.1	%		0.3		28.3		16.9		67.4	%
Construction service cost		14.9		28.6		-48.1	%		-2.5		17.4		31.7		-45.2	%
Maintenance expenses		24.8		16.5		50.5	%		0.4		24.4		16.9		44.7	%
Amortization and depreciation		28.5		39.2		-27.2	%		8.9		19.6		23.8		-17.7	%
Other		28.1		16.8		66.8	%		0.1		28.0		16.9		65.1	%
Cost of Services Excluding Construction Service cost		147.5		113.7		29.7	%		10.1		137.4		99.8		37.8	%
Selling, general and administrative expenses		33.7		28.4		18.7	%		5.0		28.7		28.2		1.9	%
Other expenses		1.5		1.5		-1.4	%		0.1		1.4		1.5		-8.2	%
Total Costs and Expenses		197.6		172.3		14.7	%		12.7		185.0		161.2		14.7	%
Total Costs and Expenses Excluding Construction Service cost		182.8		143.7		27.2	%		15.2		167.6		129.5		29.4	%

Costs and Expenses (in US$ million)

	4Q21 as reported		4Q19 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Cost of Services		162.4		292.6		-44.5	%		7.6		154.8		274.4		-43.6	%
Salaries and social security contributions		37.6		49.5		-24.0	%		0.4		37.2		48.6		-23.5	%
Concession fees		28.6		40.4		-29.3	%		0.3		28.3		39.6		-28.6	%
Construction service cost		14.9		84.1		-82.3	%		-2.5		17.4		84.7		-79.5	%
Maintenance expenses		24.8		38.4		-35.4	%		0.4		24.4		37.6		-35.1	%
Amortization and depreciation		28.5		40.3		-29.3	%		8.9		19.6		24.4		-19.7	%
Other		28.1		40.1		-30.0	%		0.1		28.0		39.4		-29.0	%
Cost of Services Excluding Construction Service cost		147.5		208.6		-29.3	%		10.1		137.4		189.8		-27.6	%
Selling, general and administrative expenses		33.7		36.2		-6.9	%		5.0		28.7		35.0		-17.9	%
Other expenses		1.5		43.9		-96.6	%		0.1		1.4		43.9		-96.8	%
Total Costs and Expenses		197.6		372.7		-47.0	%		12.7		185.0		353.4		-47.7	%
Total Costs and Expenses Excluding Construction Service cost		182.8		288.6		-36.7	%		15.2		167.6		268.8		-37.7	%

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

During 4Q21, CAAP reported Adjusted EBITDA of $92.8 million, up from an Adjusted EBITDA of $45.5 million in the year-ago period, and 70.8% higher than the $54.3 million reported in 4Q19. All countries of operations reported positive Adjusted EBITDA in the quarter, with strong contributions from Argentina, Brazil, Armenia and Italy, which together accounted for more than 88% of the consolidated Adjusted EBITDA. Adjusted EBITDA margin ex-IFRIC12, expanded to 45.2% from 45.3% in 4Q20 and 18.2% in 4Q19.

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Excluding the impact from IAS 29, Adjusted EBITDA was $91.8 million, up from an Adjusted EBITDA of $45.0 million in the year ago period and $52.2 million in 4Q19, while Adjusted EBITDA margin excluding construction service expanded to 45.3%, from 44.5% in 4Q20 and 17.8% in 4Q19. When also adjusting for impairment charges, Adjusted EBITDA improved to $91.9 million in 4Q21 from $44.0 million in 4Q20, and was 3.3% below the $95.0 million posted in 4Q19.

As Reported Adjusted EBITDA figures included: (i) economic compensations of $25.5 million in Brazil and $10.9 million in Italy, in 4Q21, (ii) economic compensations of $46.7 million in Brazil and Italy, in 4Q20, and (iii) an impairment loss of $42.8 million in Brazil, in 4Q19.

Adjusted EBITDA by Segment (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Argentina		31.0		9.7		219.3	%		1.0		30.0		9.3		223.5	%
Italy		11.8		4.8		146.7	%		-		11.8		4.8		146.7	%
Brazil		26.2		31.8		-17.6	%		-		26.2		31.8		-17.6	%
Uruguay		8.2		1.0		722.2	%		-		8.2		1.0		722.2	%
Armenia		13.3		1.0		1298.2	%		-		13.3		1.0		1298.2	%
Ecuador		4.8		0.1		6436.7	%		-		4.8		0.1		6436.7	%
Unallocated		-2.6		-2.9		-11.4	%		-		-2.6		-2.9		-11.4	%
Total segment EBITDA		92.8		45.5		104.1	%		1.0		91.8		45.0		103.9	%

	4Q21 as reported		4Q19 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Argentina		31.0		52.1		-40.5	%		1.0		30.0		50.1		-40.0	%
Italy		11.8		7.3		62.0	%		-		11.8		7.3		62.0	%
Brazil		26.2		-32.8		-180.0	%		-		26.2		-32.8		-180.0	%
Uruguay		8.2		12.0		-31.7	%		-		8.2		12.0		-31.7	%
Armenia		13.3		12.5		6.3	%		-		13.3		12.5		6.3	%
Ecuador		4.8		5.9		-18.2	%		-		4.8		5.9		-18.2	%
Unallocated		-2.6		-2.7		-5.6	%		-		-2.6		-2.7		-5.6	%
Total segment EBITDA		92.8		54.3		70.8	%		1.0		91.8		52.2		75.8	%

Page 12 of 46

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

	4Q21 as reported			4Q20 as reported			% Var as reported			IAS 29		4Q21 ex IAS 29			4Q20 ex IAS 29			% Var ex IAS 29
Income from Continuing Operations		-0.2			-47.6			-99.6	%		11.4		-11.6			-62.1			-81.4	%
Financial Income		-4.8			-9.1			-47.2	%		4.7		-9.5			-8.9			7.2	%
Financial Loss		32.8			63.7			-48.5	%		-56.2		89.0			120.4			-26.1	%
Inflation adjustment		-4.1			9.9			-141.2	%		-3.9		-0.2			0.2			-202.9	%
Income Tax Expense		38.5			-12.9			-398.8	%		31.5		7.0			-30.5			-123.0	%
Amortization and Depreciation		30.5			41.5			-26.4	%		13.5		17.0			25.9			-34.3	%
Adjusted EBITDA		92.8			45.5			104.1	%		1.0		91.8			45.0			103.9	%
Adjusted EBITDA Margin		42.4	%		35.1	%		729			-		42.0	%		33.8	%		822
Adjusted EBITDA Margin excluding Construction Service		45.2	%		45.3	%		-3			-		45.3	%		44.5	%		86

Financial Income and Loss

CAAP reported a Net financial loss of $24.0 million in 4Q21 compared to a loss of $64.5 million in 4Q20. Had IAS 29 not been applied, and compared to 4Q19, Net financial loss increased 26.4%, or $16.6 million, to $79.4 million, mainly driven by higher net interest expenses resulting from higher outstanding debt.

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Financial Income		4.8		9.1		-47.2	%		-4.7		9.5		8.9		7.2	%
Interest income		0.8		2.1		-63.5	%		0.2		0.5		2.0		-72.2	%
Foreign exchange income		0.3		2.1		-87.1	%		-4.9		5.2		1.9		166.9	%
Other		3.8		4.9		-23.3	%		0.0		3.8		4.9		-24.0	%
Inflation adjustment		4.1		-9.9		-141.2	%		3.9		0.2		-0.2		-202.9	%
Inflation adjustment		4.1		-9.9		-141.2	%		3.9		0.2		-0.2		-202.9	%
Financial Loss		-32.8		-63.7		-48.5	%		56.2		-89.0		-120.4		-26.1	%
Interest Expenses		-28.9		-32.1		-9.9	%		-0.7		-28.3		-32.2		-12.3	%
Foreign exchange transaction expenses		28.7		-1.2		-2445.1	%		56.9		-28.2		-57.2		-50.7	%
Changes in liability for concessions		-30.1		-28.6		5.5	%		-		-30.1		-28.6		5.5	%
Other expenses		-2.4		-1.8		34.5	%		-		-2.4		-2.4		1.5	%
Financial Loss, Net		-24.0		-64.5		-62.8	%		55.4		-79.4		-111.7		-29.0	%

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

Income Tax Expense

During 4Q21, the Company reported an income tax expense of $38.5 million. Excluding the impact of IAS 29, CAAP reported an income tax expense of $7.0 million compared to income tax benefit of $30.5 million in the year ago quarter and an expense of $13.3 million in 4Q19. Income tax expense in the quarter reflected better year-over-year results.

Net Income and Net Income Attributable to Owners of the Parent

During 4Q21, CAAP reported a Net Loss of $0.2 million compared to a Net Loss of $47.6 million in 4Q20, mainly explained by: (i) operating income of $60.4 million in 4Q21 versus $5.3 million in 4Q20, and (ii) lower net financial losses, partially offset by (iii) higher income tax expenses.

During 4Q21, the Company reported a Net Loss Attributed to Owners of the Parent of $22.3 million and a loss per common share of $0.14, compared with a Net Loss Attributable to Owners of the Parent of $38.8 million in 4Q20 equivalent to a loss per common share of $0.24. In 4Q19, the Company reported a Net Loss Attributed to Owners of the Parent of $37.3 million and a loss per common share of $0.23.

Page 13 of 46

Consolidated Financial Position

As of December 31, 2021, cash and cash equivalents amounted to $375.8 million, increasing 72.3%, or $157.7 million, from the $218.1 million reported as of September 30, 2021, and improving 33.7%, or $94.8 million, from the $281.0 million reported as of December 31, 2020. Total liquidity position at December 31, 2021, which included cash and cash equivalents as well as other financial assets, was $451.1 million, up $154.2 million, or 51.9%, from $296.9 million at September 30, 2021.

Total Debt at the close of the fourth quarter increased 7.0%, or $94.8 million, to $1,439.6 million, from $1,344.8 million as of December 31, 2020. An amount of $912.2 million, or 63.4% of total debt is denominated in U.S. dollars, while $264.6 million, or 18.4%, is denominated in Euros, $221.8 million, or 15.4%, is in Brazilian Reals, $40.7 million, or 2.8%, is in Argentine Pesos, and $0.3 million is denominated in Armenian Drams.

The Net Debt to LTM Adjusted EBITDA (excluding impairment of intangible assets) ratio stood at 7.11x as of December 2021, down from 14.02x as of December 2020, reflecting the year-over-year Adjusted EBITDA growth, supported by traffic recovery and tight cost control measures. As of December 31, 2021, all of CAAP’s subsidiaries were in compliance with their covenants.

Consolidated Debt Indicators (in US$ million)

	As of Dec 31, 2021			As of Dec 31, 2020
Leverage
Total Debt / LTM Adjusted EBITDA (Times)^1,3		9.64	x		98.95	x
Total Net Debt / LTM Adjusted EBITDA (Times) ^{2,3, 4}		7.12	x		78.28	x
Total Net Debt / LTM Adjusted EBITDA (Times) ^2,3,5		7.11	x		14.02	x
Total Debt		1,439.6			1,344.8
Short-Term Debt		421.3			216.4
Long-Term Debt		1,018.3			1,128.4
Cash & Cash Equivalents		375.8			281.0
Total Net Debt³		1,063.8			1,063.8

1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

4 LTM Adjusted EBITDA as of December 31, 2021 was $149.3 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of December 31, 2021 was $149.7 million.

Total Debt by Segment (in US$ million)

	As of Dec 31, 2021		As of Dec 31, 2020
Argentina		625.3		530.8
Italy ⁽¹⁾		232.4		256.7
Brazil ⁽²⁾		221.8		241.8
Uruguay		274.1		222.4
Armenia		63.1		64.8
Ecuador		22.9		28.2
Total		1,439.6		1,344.8

¹Of which approximately $164 million remain at Toscana Aeroporti level.

² Of which approximately $206 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

Maturity of borrowings:

		1 year or less				1 - 2 years				2 – 5 years				Over 5 years				Total
Debt service ⁽¹⁾			524.3				233.0				500.2				711.7				1,969.2

¹The 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.

Page 14 of 46

Maturity of borrowings - Breakdown by segment (in USD) as of December 31, 2021:

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		119.9		65.1		103.1		312.1		600.2
	Interest	USD		42.2		37.1		94.4		68.4		242.1
	Principal	ARS		0.0		19.2		19.2		-		38.5
	Interest	ARS		19.2		15.4		5.9		-		40.5
Italy	Principal	EUR		57.2		27.6		143.9		3.2		232.0
	Interest	EUR		5.0		4.8		6.6		0.0		16.4
Brazil	Principal	R$		206.9		1.2		3.7		8.7		220.5
	Interest	R$		18.6		1.2		2.9		2.6		25.3
Uruguay	Principal	USD		2.7		6.2		39.5		238.6		287.1
	Interest	USD		18.7		18.8		53.6		78.0		169.1
Armenia	Principal	USD		11.2		13.3		7.4		-		31.9
	Interest	USD		1.8		1.1		0.2		-		3.1
	Principal	DRAM		0.3		-		-		-		0.3
	Interest	DRAM		0.0		-		-		-		0.0
	Principal	EUR		11.7		13.9		7.7		-		33.2
	Interest	EUR		1.8		1.1		0.2		-		3.1
Ecuador	Principal	USD		5.8		5.9		10.9		-		22.6
	Interest	USD		1.4		1.0		0.9		-		3.3
Total				524.3		233.0		500.2		711.7		1,969.2

Pro-Forma Maturity of borrowings - Breakdown by segment (in USD) as of December 31, 2021:

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		106.5		67.1		105.1		312.1		590.8
	Interest	USD		42.5		37.4		94.5		68.4		242.8
	Principal	ARS		0.0		24.0		23.9		-		47.9
	Interest	ARS		22.8		19.3		7.4		-		49.6
Italy	Principal	EUR		57.2		27.6		143.9		3.2		232.0
	Interest	EUR		5.0		4.8		6.6		0.0		16.4
Brazil	Principal	R$		14.5		12.1		42.8		151.4		220.8
	Interest	R$		18.6		17.6		45.9		51.3		133.5
Uruguay	Principal	USD		2.7		6.2		39.5		238.6		287.1
	Interest	USD		18.7		18.8		53.6		78.0		169.1
Armenia	Principal	USD		11.2		13.3		7.4		-		31.9
	Interest	USD		1.8		1.1		0.2		-		3.1
	Principal	DRAM		0.3		-		-		-		0.3
	Interest	DRAM		0.0		-		-		-		0.0
	Principal	EUR		11.7		13.9		7.7		-		33.2
	Interest	EUR		1.8		1.1		0.2		-		3.1
Ecuador	Principal	USD		5.8		5.9		10.9		-		22.6
	Interest	USD		1.4		1.0		0.9		-		3.3
Total				322.6		271.2		590.6		903.1		2,087.4

Cash by Segment (in US$ million)

	As of Dec 31, 2021		As of Dec 31, 2020
Argentina		158.9		61.6
Italy ⁽¹⁾		66.3		99.8
Brazil ⁽²⁾		13.4		13.3
Uruguay		22.0		13.4
Armenia		44.7		18.9
Ecuador		10.8		19.2
Intermediate holding Companies		59.7		54.8
Total		375.8		281.0

1 Of which approximately $61.3 million remain at Toscana Aeroporti level.

2 Of which approximately $11.9 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

Page 15 of 46

CAPEX

During 4Q21, CAAP made capital expenditures of $24.0 million, a 40.3% YoY decline from $40.2 million in 4Q20, mainly reflecting lower investments in Argentina during the quarter, in line with the Company´s strategy of preserving liquidity in the current environment. Excluding IAS29, total Capex amounted to $23.1 million versus $33.8 million in the year ago period.

Page 16 of 46

Review of Segment Results

Argentina

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for AA2000, the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 4Q21.

	4Q21 as reported			4Q20 as reported			% Var as reported			IAS 29		4Q21 ex IAS 29			4Q20 ex IAS 29			% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) ⁽¹⁾		4.5			0.5			719.9	%				4.5			0.5			719.9	%
International Passengers (in millions) ⁽¹⁾		1.0			0.3			211.7	%				1.0			0.3			211.7	%
Transit Passengers (in millions) ⁽¹⁾		0.2			0.0			266.3	%				0.2			0.0			266.3	%
Total Passengers (in millions) ⁽¹⁾		5.6			0.9			522.6	%				5.6			0.9			522.6	%
Cargo Volume (in thousands of tons)		50.7			41.2			23.0	%				50.7			41.2			23.0	%
Total Aircraft Movements (in thousands)		76.9			31.8			142.2	%				76.9			31.8			142.2	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		37.2			12.9			189.1	%		0.6		36.7			13.4			174.7	%
Non-aeronautical revenue		71.7			59.3			20.9	%		-0.4		72.1			62.8			15.0	%
Commercial revenue		62.2			37.8			64.7	%		2.1		60.1			38.2			57.6	%
Construction service revenue		9.5			21.5			-55.9	%		-2.5		12.0			24.6			-51.2	%
Total Revenue		108.9			72.2			50.9	%		0.1		108.8			76.1			43.0	%
Total Revenue Excluding IFRIC12⁽²⁾		99.5			50.7			96.3	%		2.6		96.8			51.5			88.0	%
Cost of Services		80.8			76.2			6.1	%		7.6		73.2			65.3			12.2	%
Selling, general and administrative expenses		13.5			11.3			19.9	%		5.0		8.5			11.1			-22.8	%
Other expenses		0.5			0.2			215.1	%		0.1		0.4			0.1			159.4	%
Total Costs and Expenses		94.8			87.6			8.3	%		12.7		82.2			76.5			7.4	%
Total Costs and Expenses Excluding IFRIC12⁽³⁾		85.4			66.1			29.3	%		15.2		70.2			51.9			35.3	%
Adjusted Segment EBITDA		31.0			9.7			219.3	%		1.0		30.0			9.3			223.5	%
Adjusted Segment EBITDA Mg		28.5	%		13.4	%		1,501			-		27.6	%		12.2	%		1,540
Adjusted EBITDA Margin excluding IFRIC 12⁽⁴⁾		31.1	%		19.2	%		1,198			-		31.0	%		18.0	%		1,297
Capex		12.9			31.0			-58.4	%		0.9		12.0			24.6			-51.2	%

See Note 1 in Table "Operating & Financial Highlights”

Excludes Construction Service revenue.

Excludes Construction Service cost.

Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Page 17 of 46

	2021 as reported			2020 as reported			% Var as reported			IAS 29		2021 ex IAS 29			2020 ex IAS 29			% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) ⁽¹⁾		10.8			6.3			72.3	%				10.8			6.3			72.3	%
International Passengers (in millions) ⁽¹⁾		2.0			3.3			-40.0	%				2.0			3.3			-40.0	%
Transit Passengers (in millions) ⁽¹⁾		0.5			0.4			24.7	%				0.5			0.4			24.7	%
Total Passengers (in millions) ⁽¹⁾		13.3			10.0			33.3	%				13.3			10.0			33.3	%
Cargo Volume (in thousands of tons)		174.4			143.9			21.2	%				174.4			143.9			21.2	%
Total Aircraft Movements (in thousands)		227.3			155.6			46.1	%				227.3			155.6			46.1	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		94.9			106.7			-11.1	%		7.4		87.5			111.2			-21.3	%
Non-aeronautical revenue		268.0			243.3			10.2	%		21.9		246.1			254.3			-3.2	%
Commercial revenue		214.5			147.5			45.4	%		20.5		194.0			150.4			29.0	%
Construction service revenue		53.5			95.8			-44.1	%		1.3		52.2			103.9			-49.8	%
Total Revenue		362.9			350.0			3.7	%		29.2		333.6			365.4			-8.7	%
Total Revenue Excluding IFRIC12⁽²⁾		309.4			254.2			21.7	%		27.9		281.5			261.5			7.6	%
Cost of Services		326.8			380.0			-14.0	%		66.5		260.3			319.9			-18.6	%
Selling, general and administrative expenses		38.5			38.2			0.8	%		8.1		30.4			38.0			-19.9	%
Other expenses		14.9			2.7			459.2	%		1.7		13.2			2.0			571.9	%
Total Costs and Expenses		380.2			420.9			-9.7	%		76.3		303.9			359.8			-15.5	%
Total Costs and Expenses Excluding IFRIC12⁽³⁾		326.8			325.2			0.5	%		74.9		251.8			256.0			-1.6	%
Adjusted Segment EBITDA		65.6			50.7			29.2	%		6.5		59.0			52.7			12.1	%
Adjusted Segment EBITDA Mg		18.1	%		14.5	%		357			-		17.7	%		14.4	%		329
Adjusted EBITDA Margin excluding IFRIC 12⁽⁴⁾		21.1	%		19.9	%		123			-		20.9	%		20.1	%		85
Capex		53.5			95.8			-44.1	%		1.3		52.2			103.9			-49.8	%

See Note 1 in Table "Operating & Financial Highlights”

Excludes Construction Service revenue.

Excludes Construction Service cost.

Passenger Traffic increased 5.2x YoY in 4Q21, reflecting the recovery in passenger traffic as travel restrictions were much tougher in the corresponding year ago period, and was 47.5% below 4Q19 pre-pandemic levels. This result reflected a strong quarterly sequential improvement from the 72.1% decline in traffic recorded in 3Q21 (vs. 3Q19), helped by better sanitary conditions in the country and the re-opening of borders to all foreigners on November 1, 2021. Domestic passenger traffic, which accounted for 80% of total traffic in the quarter, increased 7.2x YoY, as domestic travel continued to recover, but was 36.6% below 4Q19 levels showing, however, a strong sequential improvement.

Revenues increased 50.9% YoY to $108.9 million in 4Q21 on an ‘As reported’ basis or 43.0% to $108.8 million when excluding the impact of rule IAS29, primarily due to a significant increase in Aeronautical revenues, reflecting higher year-over-year activity and easier passenger traffic comparisons, as 4Q20 was severely impacted by the Covid-19 pandemic. This was partially offset by lower construction revenues as a result of lower Capex in the quarter. When compared to 4Q19 and excluding both Construction Service and the impact of IAS 29, revenues declined 34.1%, or $50.2 million to $96.8 million, mainly impacted by the pandemic and the FX translation effect on local currency revenues resulting from the 69.4% average depreciation of the Argentine peso since 4Q19.

•

Aeronautical Revenues ex-IAS29 declined 59.7% against 4Q19, or $54.3 million, primarily reflecting the decline in passenger traffic as a result of the Covid-19 pandemic, partially offset by a higher international passenger fee introduced on March 15, 2021.

•

Commercial Revenues ex-IAS29 increased 7.2% compared to 4Q19, or $4.0 million, mainly driven by an increase of 27%, or $8.3 million in Cargo revenues, primarily reflecting a 10% tariff increase on import activities applied in October 2020. This was partially offset by a decline of 33%, or $5.7 million, in passenger-related services, including VIP Lounges, Duty Free, Parking, Catering and F&B revenues, due to lower passenger traffic, combined with minor declines in Fuel, Walkway services, Advertising and Retail stores.

Page 18 of 46

Total Costs and Expenses increased 8.3% YoY to $94.8 million in 4Q21 on an ‘As reported’ basis, mainly reflecting increases of 6.1% in Cost of Services and 19.9% in SG&A, in line with higher year-over-year activity. Excluding Construction Service and the impact of IAS 29, Total Cost and Expenses increased 35.3% YoY, due to the rise in operating costs following traffic recovery from the minimum levels posted in the same period of last year. When compared to 4Q19, however, Total Cost and Expenses excluding the impact of rule IAS 29 and Construction Services declined 35.9%, or $39.3 million, primarily due to lower operating expenses and Concession Fees.

•

Cost of Services ex-IAS29 and excluding Construction Service Costs would have declined 35.3% compared to 4Q19, or $39.0 million, driven mainly by the following declines:

•

40%, or $11.5 million, in Maintenance expenses due to the renegotiation of agreements with suppliers to adapt services to lower activity, coupled with lower maintenance of infrastructure and the depreciation of the local currency against the US dollar,

•

35%, or $7.8 million, in Concession Fees, in line with lower revenues,

•

23%, or $5.7 million, in Salaries and Social Security Contribution expenses, primarily due to the reduction in salaries and a furlough scheme under which no social contributions are required to be paid, coupled with local currency depreciation,

•

35%, or $1.8 million, in Services and Fees, mainly driven by suspension of all non-essential services due to the Covid-19 pandemic and decline in airport activity, and

•

52%, or $1.6 million, in Office Expenses, due to a decrease in mobility and office expenses along with lower overall expenses due to a reduction in passenger traffic.

•

SG&A ex-IAS29 decreased by 50.9% against 4Q19, or $8.9 million, to $8.5 million in 4Q21, mainly due to the following declines:

•

29%, or $2.7 million, in Taxes reflecting lower turnover taxes, related to the decline in revenues, and

•

83%, or $1.1 million, in Advertising.

Adjusted Segment EBITDA increased $21.3 million YoY to $31.0 million in 4Q21 on an ‘As reported basis’. When excluding the impact of IAS 29, Adjusted Segment EBITDA was $30.0 million with Adjusted EBITDA margin EX-IFRIC12 of 31.0% in the quarter, compared to 18.0% in 4Q20. Compared to pre-pandemic levels of 4Q19, Adjusted EBITDA excluding IAS 29 declined 40.0%, or $20.1 million from $50.1 million, while Adjusted EBITDA margin EX-IFRIC12 contracted 3.0 percentage points from 34.0%.

During 4Q21, CAAP made Capital Expenditures ex-IAS29 of $12.0 million, compared to $24.6 million in 4Q20 and $69.4 million in 4Q19, mainly related to expansion works at Aeroparque Airport.

Page 19 of 46

Italy

	4Q21		4Q20		% Var.		2021		2020		% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)	0.4		0.1		206.8	%	1.0		0.7		46.7	%
International Passengers (in millions)	0.7		0.1		538.4	%	1.8		1.3		40.7	%
Transit Passengers (in millions)	0.0		0.0		923.6	%	0.0		0.0		166.4	%
Total Passengers (in millions)	1.1		0.2		371.1	%	2.8		2.0		42.7	%
Cargo Volume (in thousands of tons)	4.4		3.8		16.7	%	15.3		13.3		15.6	%
Total Aircraft Movements (in thousands)	13.2		5.4		146.3	%	39.6		30.2		31.2	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue	13.6		5.4		150.0	%	37.5		29.4		27.6	%
Non-aeronautical revenue	10.3		11.1		-6.9	%	33.0		28.9		14.0	%
Commercial revenue	6.1		4.9		22.8	%	17.1		16.8		1.7	%
Construction service revenue	3.4		5.2		-34.5	%	13.7		10.4		31.9	%
Other revenue	0.9		0.9		-9.2	%	2.2		1.8		26.3	%
Total Revenue	23.9		16.5		44.7	%	70.5		58.3		20.8	%
Total Revenue Excluding IFRIC12⁽¹⁾	20.5		11.3		81.2	%	56.8		48.0		18.4	%
Cost of Services	24.4		21.6		12.9	%	83.2		72.2		15.2	%
Selling, general and administrative expenses	3.7		5.4		-32.1	%	13.1		14.4		-9.6	%
Other Expenses	0.1		-0.5		-113.5	%	0.4		0.0		-2104.3	%
Total Costs and Expenses	28.1		26.5		6.2	%	96.6		86.6		11.5	%
Total Costs and Expenses Excluding IFRIC12⁽²⁾	25.7		21.0		22.5	%	84.9		77.4		9.7	%
Adjusted Segment EBITDA	11.8		4.8		146.7	%	0.2		-4.3		-104.7	%
Adjusted Segment EBITDA Mg	49.5	%	29.0	%	2046		0.3	%	-7.3	%	762
Adjusted EBITDA Margin excluding IFRIC 12⁽³⁾	52.6	%	44.6	%	802		-3.2	%	-11.4	%	823
Capex	5.9		7.1		-17.0	%	19.9		13.8		44.0	%

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Italy increased 3.7x YoY reflecting a recovery in passenger traffic, from the 87.2% decline in 4Q20 due to air travel restrictions introduced to contain the spread of the Covid-19 pandemic. However, passenger traffic was 39.8% below pre-pandemic levels of 4Q19, reflecting a quarterly sequential improvement from the 49.8% decrease recorded in 3Q21 (vs. 3Q19) benefiting from higher demand during the European summer season and better sanitary conditions in the region. Domestic traffic was down 20.0% compared to 4Q19, while international traffic was 46.4% below 4Q19, improving sequentially from the 57.7% drop in 3Q21. Throughout the quarter and compared to the same month in 2019, traffic declined 41.1% in October, 34.9% in November and 43.0% in December, when traffic was impacted by weaker demand caused by the emergence of the Omicron variant.

Revenues increased 44.7% YoY to $23.9 million in 4Q21, mainly driven by increases in Aeronautical revenues, reflecting higher year-over-year activity and easier comparisons against 4Q20, which was significantly impacted by the Covid-19 pandemic. Commercial revenues grew 22.8% YoY, mainly driven by passenger-related services such as Parking facilities, VIP lounges and Duty free shops, following the strong year-over-year traffic recovery. When compared to 4Q19, revenues excluding Construction service declined 38.1%, or $12.6 million, to $20.5 million, principally due to lower passenger traffic due to the Covid-19 pandemic.

•

Aeronautical Revenues dropped 38.8% versus 4Q19, or $8.6 million, as a result of lower passenger traffic, partially offset by increases in passenger fees at Florence airport in November 2019 and February 2020, and at both Florence and Pisa airports in February 2021. In addition, passenger with reduced mobility fees (PRM) at Florence airport increased in March 2020 and at Pisa airport in February 2020, and again at both airports in February 2021. This was further supported by the 3.2% average appreciation of the Euro against the US dollar since 4Q19.

•

Commercial Revenues declined 40.0% versus 4Q19, or $4.0 million, mainly due to reductions in Parking Facilities, Advertising, VIP Lounges, and F&B services.

Page 20 of 46

Total Costs and Expenses increased 6.2% YoY, or $1.6 million, in 4Q21 driven by higher Cost of Services, partially offset by lower SG&A. Excluding Construction Service, Total Cost and Expenses rose 22.5% YoY to $25.7 million, due to an increase in operating costs following higher airport activity when compared to 4Q20. By contrast, against the same quarter of 2019, Total Cost and Expenses declined 15.1%, or 13.4% when excluding Construction Services, primarily due to lower operating expenses and Concession Fees, partially offset by the appreciation of the euro against the US dollar.

•

Cost of Services excluding Construction service declined 13.5%, or $3.4 million, against 4Q19 on a comparable basis, due to the following declines:

•

22.6%, or $2.7 million, in Salaries and social security contributions, as a result of a reduction in workforce, and a furlough scheme for some employees together with a reduction in working hours,

•

17.8%, or $1.0 million, in Services and Fees expenses mainly due to the suspension or reduction in scope of certain maintenance contracts, mainly in porterage and security services, as part of the set of measures implemented to mitigate the impact of the pandemic, and

•

16.9%, or $0.3 million, in Concession Fees due to lower passenger traffic.

•

SG&A declined 32.1% to $3.7 million against 4Q19 mainly reflecting lower Services and Fees, Maintenance expenses and Salaries and Social Contribution expenses.

Adjusted Segment EBITDA increased $7.0 million YoY to $11.8 million in 4Q21, supported by traffic growth, cost reductions and a Eur. 9.5 million government grant, as part of the overall Eur. 800 million sovereign fund to support the airport sector in the country. Against pre-pandemic levels, Adjusted EBITDA increased by $4.5 million from $7.3 million in 4Q19, with Adjusted Segment EBITDA margin ex-IFRIC12 expanding to 52.6%, from 20.3% in 4Q19.

During 4Q21, CAAP made Capital Expenditures of $5.9 million, compared to $7.1 million in 4Q20 and $7.4 million in 4Q19.

Page 21 of 46

Brazil

	4Q21		4Q20		% Var.		2021		2020		% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)	2.7		1.9		48.2	%	7.8		5.6		39.1	%
International Passengers (in millions) ⁽¹⁾	0.1		0.0		380.5	%	0.1		0.2		-50.4	%
Transit Passengers (in millions) ⁽¹⁾	1.4		1.2		16.7	%	4.4		3.3		34.4	%
Total Passengers (in millions) ⁽¹⁾	4.2		3.0		37.2	%	12.3		9.1		35.5	%
Cargo Volume (in thousands of tons)	14.9		10.2		45.1	%	60.0		34.9		72.2	%
Total Aircraft Movements (in thousands)	37.0		27.7		33.6	%	117.9		89.4		31.8	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue	8.2		5.6		45.3	%	24.1		20.9		15.5	%
Non-aeronautical revenue	9.8		6.9		42.9	%	34.3		30.5		12.5	%
Commercial revenue	9.8		6.9		42.9	%	34.3		30.5		12.5	%
Total Revenue	18.1		12.5		44.0	%	58.4		51.4		13.7	%
Cost of Services	15.3		14.2		7.7	%	59.2		60.8		-2.6	%
Selling, general and administrative expenses	2.0		2.2		-10.4	%	8.4		11.3		-26.2	%
Other expenses	0.7		1.1		-33.3	%	2.2		29.7		-92.6	%
Total Costs and Expenses	18.0		17.5		2.9	%	69.8		101.8		-31.5	%
Adjusted Segment EBITDA	26.2		31.8		-17.6	%	19.0		-6.5		-390.5	%
Adjusted Segment EBITDA Mg	145.3	%	253.9	%	-10866		32.5	%	-12.7	%	4517
Capex	0.7		0.2		269.7	%	1.8		3.2		-43.0	%

Note: This segment does not include the effects of IFRIC 12 with respect to the construction or improvements to assets under the concession.

Preliminary data on 1,256 in January and 195 in February 2020 at Brasilia Airport, due to delays in the submission of information by third parties. Moreover, starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

Passenger Traffic increased 37.2% YoY reflecting a recovery in traffic from the 40.4% decline in 4Q20 due to the Covid-19 pandemic. Compared to the same quarter of 2019, however, passenger traffic dropped 18.3% in 4Q21, improving from the declines of 26.1% in 3Q21 and 52.9% in 2Q21, reflecting higher activity due to lower travel restrictions and better sanitary conditions in the country. Domestic passenger traffic, which accounted for 66% of total traffic in the quarter, was up 48.2 YoY and stood at almost 90% of 4Q19 pre-pandemic levels, while transit passengers accounted for the remaining 33% of total traffic and increased 16.7% YoY and dropped 22.1% against 4Q19. Throughout the quarter, passenger traffic declined 20.9% in October, 20.7% in November, and 13.5% in December, compared to the same month of 2019, still impacted by the pandemic but improving strongly month over month.

Revenues increased 44.0% YoY to $18.1 million in 4Q21 due to higher aeronautical and commercial revenues reflecting higher year-over-year activity as 4Q20 was significantly impacted by the Covid-19 pandemic. When compared to 4Q19, revenues declined 39.8%, or $12.0 million, mainly reflecting lower aeronautical and commercial activities resulting from the drop in passenger traffic, and to a lesser extent, the 35.7% average depreciation of the Brazilian real against the US dollar since 4Q19.

•

Aeronautical Revenues declined 44.9% vs 4Q19, or $6.7 million, driven by lower passenger traffic, coupled with the depreciation of the Brazilian Real.

•

Commercial Revenues declined 34.8% against 4Q19, or $5.3 million, also impacted by lower passenger traffic and currency depreciation. Lower Advertising and Cargo revenues combined with lower passenger-related services such as Duty free, F&B and VIP lounges, drove the results. Revenue decline was also driven by lower Rental of space revenues as a result of the discounts granted and closure of operations of certain clients, and a lower Fuel revenues, in line with the reduction in aircraft movements.

Page 22 of 46

Total Costs and Expenses increased 2.9% YoY to $18.0 million but declined 73.0% against pre-pandemic levels of 4Q19, when the Company recorded a $42.8 million one-time impairment charge of the Natal airport intangible assets, in accordance with accounting rules.

•

Cost of Services declined 35.9% vs. 4Q19, or $8.6 million, benefiting from cost reduction initiatives taken to mitigate the impact of the Covid-19 pandemic, coupled with the 35.7% average depreciation of the Brazilian Real since 4Q19. The drop was mainly driven by declines in:

•

Sales taxes, reflecting the reduction in revenues in the quarter,

•

Salaries and social contributions due to reductions in the workforce, salary reductions, and a furlough scheme in place since 2Q20, together with local currency depreciation, and

•

Services and Fees mainly due to the renegotiation of contracts related to security and Aviation Security Protection together with lower utilities expenses, coupled with local currency depreciation.

•

SG&A fell 10.4% YoY, or $0.2 million, to $2.0 million on an ‘As reported’ basis, mainly reflecting a positive variance in bad debt recovery and lower services and fees.

Adjusted Segment EBITDA decreased $5.6 million YoY to $26.2 million in 4Q21 and benefited from an economic compensation of $25.5 million obtained from the government in connection with the economic re-equilibrium of the Brasilia concession to offset the COVID-19 impact during 2021. To note, the economic compensation received in 2020 amounted to $36.6 million. Compared to 4Q19, Adjusted EBITDA improved significantly from negative $32.8 million, which included the aforementioned $42.8 million impairment loss at the Natal airport.

During 4Q21, CAAP made Capital Expenditures for $0.7 million, compared with $0.2 million in 4Q20 and $2.3 million in 4Q19.

Page 23 of 46

Uruguay

	4Q21		4Q20		% Var.		2021		2020		% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)	0.0		0.0		369.1	%	0.0		0.0		207.4	%
International Passengers (in millions)	0.3		0.1		411.6	%	0.5		0.6		-20.2	%
Transit Passengers (in millions)	0.0		0.0		64.3	%	0.0		0.0		14.3	%
Total Passengers (in millions)	0.3		0.1		408.5	%	0.5		0.6		-19.9	%
Cargo Volume (in thousands of tons) ⁽¹⁾	8.4		6.8		22.6	%	30.4		28.9		5.3	%
Total Aircraft Movements (in thousands)	7.4		2.6		186.7	%	17.8		13.0		36.2	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue	6.6		1.5		341.0	%	14.6		19.6		-25.8	%
Non-aeronautical revenue	11.5		6.2		84.8	%	36.7		38.7		-5.1	%
Commercial revenue	10.0		5.8		70.9	%	31.4		29.4		7.1	%
Construction service revenue	1.6		0.4		288.9	%	5.3		9.3		-43.1	%
Total Revenue	18.2		7.7		134.3	%	51.3		58.3		-12.0	%
Total Revenue Excluding IFRIC12⁽²⁾	16.6		7.3		125.8	%	46.0		49.0		-6.1	%
Cost of Services	8.9		7.7		15.8	%	39.9		44.4		-10.0	%
Selling, general and administrative expenses	2.8		2.0		39.8	%	9.0		9.5		-4.7	%
Other expenses	0.1		0.1		-42.3	%	0.2		0.3		-29.8	%
Total Costs and Expenses	11.8		9.9		19.5	%	49.1		54.1		-9.2	%
Total Costs and Expenses Excluding IFRIC12⁽³⁾	10.2		9.5		8.0	%	43.9		44.8		-2.2	%
Adjusted Segment EBITDA	8.2		1.0		722.2	%	13.7		16.3		-16.1	%
Adjusted Segment EBITDA Mg	45.1	%	12.9	%	3227		26.7	%	28.0	%	-131
Adjusted EBITDA Margin excluding IFRIC 12 ⁽⁴⁾	49.4	%	13.6	%	3585		29.8	%	33.3	%	-355
Capex	2.3		0.3		566.6	%	8.1		12.0		-32.7	%

1) Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

2) Excludes Construction Service revenue.

3) Excludes Construction Service cost.

4) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic increased 4.1x YoY reflecting higher activity and the recovery in traffic from the 90.1% decline in 4Q20 due to air travel restrictions introduced to contain the spread of the Covid-19 pandemic. Compared to 2019 pre-pandemic levels, however, passenger traffic declined 49.8% in 4Q21, improving from drops of 74.7%, 89.7% and 91.5% in 3Q21, 2Q21 and 1Q21, respectively, showing a strong sequential recovery as a result of the re-opening of borders to non-resident foreigners, on November 1, 2021. Throughout the quarter, passenger traffic declined 64.5% in October, 39.2% in November, and 45.9% in December, when compared to the same month of 2019. November traffic benefited from the hosting of relevant continental final football games.

Revenues increased 134.3% YoY to $18.2 million in 4Q21 on an ‘As reported’ basis, or 125.8% when excluding Construction service revenue. Compared to 4Q19, and excluding IFRIC12, revenues declined 32.3%, or $7.9 million, to $16.6 million, primarily reflecting lower passenger traffic in the quarter.

•

Aeronautical Revenues increased 3.4x YoY, or $5.1 million, to $6.6 million, reflecting higher passenger fees revenues, in line with the increase in passenger traffic against 4Q20, which was significantly impacted by the Covid-19 pandemic.

•

Commercial Revenues declined 14.1% vs. 4Q19, or $1.6 million, to $10.0 million, mainly due to decreases of 39.7%, or $0.9 million, in Duty Free revenues, and 48.9%, or $0.5 million, in VIP Lounge revenues, as a result of lower passenger traffic. This was partially offset by an 18.9% increase in cargo revenues.

Page 24 of 46

Total Costs and Expenses increased 19.5% YoY to $11.8 million. Excluding Construction Service, Total Cost and Expenses rose 8.0% YoY to $10.2 million, due to an increase in operating costs following higher traffic activity when compared to 4Q20. By contrast, against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 declined 32.7%, or $5.0 million, primarily due to lower operating expenses, further supported by local currency depreciation against the US dollar.

•

Cost of services were down 41.9% compared to 4Q19, or $6.4 million. Excluding Construction service cost, cost of services declined 37.3%, or $4.3 million, reflecting the following cost reductions:

•

A 48.6%, or $1.7 million, in Salaries and social contributions, driven by a restructuring in the workforce implemented in July 2020 and a furlough program, further supported by a 17.3% average depreciation of the local currency against the US dollar since 4Q19,

•

A 45.6%, or $1.2 million, in Concession Fees due to lower passenger traffic, and

•

A 25.3%, or $0.6 million, in Maintenance expenses due to renegotiation of operating expenses contracts, together with a decline in SISCA fees due to lower passenger traffic

•

SG&A declined 14.2%, or $0.5 million, to $2.8 million, mainly driven by decreases in Services and fees and, to a lesser extent, Salaries and social security contributions.

Adjusted Segment EBITDA increased 7.2x YoY to $8.2 million in 4Q21, but declined 31.7%, or $3.8 million, when compared to 4Q19, with Adjusted EBITDA Margin Ex IFRIC12 remaining unchanged at 49.4%.

During 4Q21, CAAP made Capital Expenditures of $2.3 million in Uruguay, compared to $0.3 million in 4Q20 and $1.2 million in 4Q19.

Page 25 of 46

Key Quarter Highlights and Subsequent Events

CAAP | Exit business in Peru

On December 17, 2021, CAAP signed an agreement to transfer its 50% ownership interest in Aeropuertos Andinos del Perú S.A. (“AAP”) to Andino Investment Holding S.A. (“Andino”). AAP was a joint venture between CAAP and Andino that in 2011 was awarded with the concession rights to operate the Peruvian airports located in the cities of Arequipa, Ayacucho, Juliaca, Puerto Maldonado and Tacna. Following this transaction, Andino now owns 100% of AAP.

CAAP’s decision to no longer operate in Peru is part of a long-term strategic plan that seeks to concentrate efforts and resources towards core and relevant assets in jurisdictions with long-term meaningful growth opportunities.

AA2000 | Increase in Domestic Passenger Fees in Argentina

On December 29, 2021, CAAP announced that the Argentine airport regulator, Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) published Resolution No. 83/2021, approving an increase in the domestic passenger fee to ARS614 from ARS195, effective March 1, 2022.

AA2000 | Indebtedness and Issuance of New Notes

On February 2, 2022, AA2000 agreed with Citibank N.A. to modify the amortization schedule of the principal installments of the Offshore Loan originally due in February, May and August 2022. Under the new schedule, the $11.7 million loan will be paid in 6 equal installments maturing in February, March, May, June, August and September 2022.

Additionally, on February 21, 2022, AA2000 issued $174 million of dollar-linked notes, in the local market, in two tranches: (i) $138 million, with an annual interest rate of 5.5%, a 5-year grace period and quarterly amortization, starting May 2027, and (ii) $36 million, with an interest rate of 2%, maturing in February 2025.

AA2000 | Preferred Shares

On February 25, 2022, the Board of Directors of AA2000 resolved to redeem all of the 910,978,514 outstanding preferred shares for a total redemption value of AR$17,225,719,240. The sum of AR$11,100,000,000 will be paid once the capital reduction procedure has been completed and the period for oppositions provided for in the General Corporations Law has elapsed. The balance will be paid before December 31, 2024, with the possibility of partial payments.

For further information on subsequent events, please refer to Note 33 of the annual financial statements filed with the S.E.C, on Form 6-K.

Hyperinflation Accounting in Argentina

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 3Q21, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

4Q21 EARNINGS CONFERENCE CALL

When:	10:00 a.m. Eastern Time, March 24, 2022

Who:	Mr. Martín Eurnekian, Chief Executive Officer

	Mr. Jorge Arruda, Chief Financial Officer

	Mr. Patricio Iñaki Esnaola, Head of Investor Relations

Dial-in:	1-646-904-5544 (U.S. Local); 1-226-828-7575 (Canada, Local); +1-929-526-1599 (Intern.). Participant access code: 436870

Webcast:	https://events.q4inc.com/attendee/579597509

Replay:	1-929-458-6194 (U.S. Local); 1-226-828-7578 (Canada, Local); +44-204-525-0658 (Intern.). Replay access code: 302480

Page 26 of 46

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 24 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. The Company is the largest private airport operator in the world based on the number of airports and the tenth largest based on passenger traffic. Currently, the Company operates 53 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2021, Corporación América Airports served 35.7 million passengers, 57.6% lower than the 84.2 million served prior to the pandemic, in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

Page 27 of 46

Forward Looking Statements

Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Covid-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716

Page 28 of 46

-- Operational & Financial Tables Follow –

Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement

	4Q21	4Q20	% Var.		2021	2020	% Var.
Argentina⁽¹⁾
Domestic Passengers (in millions)	4.5	0.5	719.9	%	10.8	6.3	72.3	%
International Passengers (in millions)	1.0	0.3	211.7	%	2.0	3.3	-40.0	%
Transit passengers (in millions)	0.2	0.0	266.3	%	0.5	0.4	24.7	%
Total passengers (in millions)	5.6	0.9	522.6	%	13.3	10.0	33.3	%
Cargo volume (in thousands of tons)	50.7	41.2	23.0	%	174.4	143.9	21.2	%
Aircraft movements (in thousands)	76.9	31.8	142.2	%	227.3	155.6	46.1	%

Italy
Domestic Passengers (in millions)	0.4	0.1	206.8	%	1.0	0.7	46.7	%
International Passengers (in millions)	0.7	0.1	538.4	%	1.8	1.3	40.7	%
Transit passengers (in millions)	0.0	0.0	923.6	%	0.0	0.0	166.4	%
Total passengers (in millions)	1.1	0.2	371.1	%	2.8	2.0	42.7	%
Cargo volume (in thousands of tons)	4.4	3.8	16.7	%	15.3	13.3	15.6	%
Aircraft movements (in thousands)	13.2	5.4	146.3	%	39.6	30.2	31.2	%

Brazil⁽²⁾
Domestic Passengers (in millions)	2.7	1.9	48.2	%	7.8	5.6	39.1	%
International Passengers (in millions)	0.1	0.0	380.5	%	0.1	0.2	-50.4	%
Transit passengers (in millions)	1.4	1.2	16.7	%	4.4	3.3	34.4	%
Total passengers (in millions)	4.2	3.0	37.2	%	12.3	9.1	35.5	%
Cargo volume (in thousands of tons)	14.9	10.2	45.1	%	60.0	34.9	72.2	%
Aircraft movements (in thousands)	37.0	27.7	33.6	%	117.9	89.4	31.8	%

Uruguay⁽³⁾
Domestic Passengers (in millions)	0.0	0.0	369.1	%	0.0	0.0	207.4	%
International Passengers (in millions)	0.3	0.1	411.6	%	0.5	0.6	-20.2	%
Transit passengers (in millions)	0.0	0.0	64.3	%	0.0	0.0	14.3	%
Total passengers (in millions)	0.3	0.1	408.5	%	0.5	0.6	-19.9	%
Cargo volume (in thousands of tons)	8.4	6.8	22.6	%	30.4	28.9	5.3	%
Aircraft movements (in thousands)	7.4	2.6	186.7	%	17.8	13.0	36.2	%

Ecuador⁽⁴⁾
Domestic Passengers (in millions)	0.4	0.1	156.1	%	1.1	0.7	51.3	%
International Passengers (in millions)	0.5	0.2	99.6	%	1.4	0.8	74.8	%
Transit passengers (in millions)	0.0	0.0	197.9	%	0.0	0.0	-5.6	%
Total passengers (in millions)	0.8	0.4	122.6	%	2.5	1.5	62.2	%
Cargo volume (in thousands of tons)	6.7	5.0	35.7	%	23.0	16.8	36.5	%
Aircraft movements (in thousands)	16.8	12.5	34.2	%	55.9	41.6	34.4	%

Armenia
Domestic Passengers (in millions)	0.0	0.0			0.0	0.0
International Passengers (in millions)	0.7	0.1	365.8	%	2.4	0.8	190.5	%
Transit passengers (in millions)	0.0	0.0			0.0	0.0
Total passengers (in millions)	0.7	0.1	365.8	%	2.4	0.8	190.5	%
Cargo volume (in thousands of tons)	5.7	4.3	30.2	%	17.3	15.7	10.1	%
Aircraft movements (in thousands)	5.9	2.2	166.8	%	21.3	10.2	109.3	%

Peru⁽⁵⁾
Domestic Passengers (in millions)	0.6	0.4	65.6	%	1.9	1.2	56.5	%
International Passengers (in millions)	0.0	0.0	96.5	%	0.0	0.0	-10.6	%
Transit passengers (in millions)	0.0	0.0			-	-
Total passengers (in millions)	0.6	0.4	65.7	%	1.9	1.2	56.0	%
Cargo volume (in thousands of tons)	0.8	0.7	15.9	%	3.0	2.1	44.8	%
Aircraft movements (in thousands)	4.9	3.7	33.3	%	17.5	12.9	35.4	%

Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for 2019 as well as January 2020 were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

ECOGAL’s operational data included in this table, although its results of operations are not consolidated.

AAP’s operational data included in this table, although its results of operations are not consolidated.

Page 29 of 46

Foreign Exchange Rate

Country	4Q21	4Q20	4Q21	4Q20	3Q21	3Q20	3Q21	3Q20
	Avg	Avg	EoP	EoP	Avg	Avg	EoP	EoP
Argentine Peso	100.51	79.93	102.72	84.15	97.23	73.31	98.74	76.18
Euro	0.87	0.84	0.88	0.81	0.85	0.86	0.86	0.85
Brazilian Real	5.59	5.39	5.58	5.20	5.23	5.38	5.44	5.64
Uruguayan Peso	43.97	42.60	44.70	42.34	43.26	42.73	42.94	42.58

Amounts provided by units of local currency per US dollar

Aeronautical Breakdown (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		92.6		35.9		158.0	%		0.6		92.0		36.3		153.1	%
Passenger use fees		69.4		22.3		211.0	%		0.4		69.0		22.7		204.0	%
Aircraft fees		18.4		10.6		73.8	%		0.1		18.3		10.7		71.1	%
Other		4.7		3.0		59.5	%		-		4.7		3.0		59.5	%

Commercial Revenue Breakdown (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Commercial revenue		109.3		64.1		70.5	%		2.1		107.2		64.5		66.3	%
Warehouse use fees		45.7		36.5		25.2	%		1.2		44.5		37.1		19.9	%
Duty free shops		9.9		3.6		170.2	%		0.1		9.8		3.7		164.1	%
Rental of space (including hangars)		8.0		3.8		113.2	%		0.0		8.0		3.8		112.6	%
Parking facilities		5.5		1.1		409.7	%		0.1		5.5		1.1		397.1	%
Fuel		12.3		4.7		162.6	%		0.0		12.3		4.7		161.6	%
Food and beverage services		3.5		1.4		148.3	%		0.1		3.4		1.3		152.0	%
Advertising		2.7		2.4		15.4	%		0.2		2.5		2.3		11.6	%
Services and retail stores		2.4		1.3		86.0	%		0.0		2.4		1.3		85.5	%
Catering		1.1		0.3		264.3	%		0.0		1.1		0.3		252.2	%
VIP lounges		6.2		2.1		192.3	%		0.3		5.9		1.9		204.5	%
Walkway services		1.4		0.8		75.4	%		0.0		1.4		0.8		69.3	%
Other		10.6		6.1		73.1	%		0.1		10.4		6.1		71.2	%

Revenues by Segment (in US$ million)

Country	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Argentina		362.9		350.0		3.7	%		29.2		333.6		365.4		-8.7	%
Italy		70.5		58.3		20.8	%		-		70.5		58.3		20.8	%
Brazil		58.4		51.4		13.7	%		-		58.4		51.4		13.7	%
Uruguay		51.3		58.3		-12.0	%		-		51.3		58.3		-12.0	%
Armenia		98.4		39.4		149.5	%		-		98.4		39.4		149.5	%
Ecuador ⁽¹⁾		65.2		49.7		31.0	%		-		65.2		49.7		31.0	%
Unallocated		0.3		0.2		54.3	%		-		0.3		0.2		54.3	%
Total consolidated revenue		706.9		607.4		16.4	%		29.2		677.7		622.8		8.8	%

1 Only includes Guayaquil Airport.

Page 30 of 46

Revenue Breakdown (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		262.8		220.0		19.5	%		7.4		255.4		224.5		13.8	%
Non-aeronautical Revenue		444.1		387.4		14.6	%		21.9		422.2		398.3		6.0	%
Commercial revenue		362.1		259.7		39.4	%		20.5		341.5		262.6		30.1	%
Construction service revenue ⁽¹⁾		79.8		125.8		-36.6	%		1.3		78.4		133.9		-41.4	%
Other revenue		2.3		1.9		20.7	%		-		2.3		1.9		20.7	%
Total Consolidated Revenue		706.9		607.4		16.4	%		29.2		677.7		622.8		8.8	%
Total Revenue excluding Construction Service revenue ⁽²⁾		627.2		481.6		30.2	%		27.9		599.2		488.9		22.6	%

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

2 Excludes Construction Service revenue.

Aeronautical Breakdown (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		262.8		220.0		19.5	%		7.4		255.4		224.5		13.8	%
Passenger use fees		186.0		160.4		16.0	%		5.6		180.4		164.3		9.8	%
Aircraft fees		62.4		47.2		32.1	%		1.7		60.6		47.8		27.0	%
Other		14.4		12.4		16.5	%		-		14.4		12.4		16.5	%

Commercial Revenue Breakdown (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Commercial revenue		362.1		259.7		39.4	%		20.5		341.5		262.6		30.1	%
Warehouse use fees		177.9		127.9		39.1	%		14.3		163.6		130.2		25.6	%
Duty free shops		24.6		15.4		60.0	%		0.8		23.8		15.7		51.2	%
Rental of space (including hangars)		23.8		17.8		33.2	%		0.5		23.3		17.9		29.9	%
Parking facilities		14.0		8.3		68.9	%		0.5		13.5		8.4		59.9	%
Fuel		36.1		20.6		74.9	%		0.2		35.9		20.7		73.1	%
Food and beverage services		9.9		7.5		31.7	%		0.5		9.4		7.3		28.7	%
Advertising		10.7		11.6		-7.8	%		0.8		9.9		11.4		-13.3	%
Services and retail stores		7.5		6.3		19.2	%		0.1		7.4		6.3		17.4	%
Catering		3.0		2.8		6.6	%		0.2		2.8		2.8		-2.2	%
VIP lounges		16.5		11.4		44.2	%		1.1		15.3		11.4		34.1	%
Walkway services		5.2		4.0		29.3	%		0.3		4.9		4.1		19.2	%
Other		33.1		26.1		26.8	%		1.2		31.8		26.2		21.6	%

Total Expenses Breakdown (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Cost of services		162.4		142.4		14.1	%		7.6		154.8		131.5		17.8	%
SG&A		33.7		28.4		18.7	%		5.0		28.7		28.2		1.9	%
Financial loss		32.8		63.7		-48.5	%		-56.2		89.0		120.4		-26.1	%
Inflation adjustment		-4.1		9.9		-141.2	%		-3.9		-0.2		0.2		-202.9	%
Other expenses		1.5		1.5		-1.4	%		0.1		1.4		1.5		-8.2	%
Income tax expense		38.5		-12.9		-398.8	%		31.5		7.0		-30.5		-123.0	%
Total expenses		264.9		233.0		13.7	%		-16.0		280.8		251.3		11.8	%

Page 31 of 46

Cost of Services (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Cost of Services		162.4		142.4		14.1	%		7.6		154.8		131.5		17.8	%
Salaries and social security contributions		37.6		24.6		53.1	%		0.4		37.2		25.2		47.3	%
Concession fees		28.6		16.7		71.1	%		0.3		28.3		16.9		67.4	%
Construction service cost		14.9		28.6		-48.1	%		-2.5		17.4		31.7		-45.2	%
Maintenance expenses		24.8		16.5		50.5	%		0.4		24.4		16.9		44.7	%
Amortization and depreciation		28.5		39.2		-27.2	%		8.9		19.6		23.8		-17.7	%
Services and fees		12.6		10.0		26.3	%		0.1		12.5		10.1		24.3	%
Cost of fuel		8.9		3.1		185.6	%		-		8.9		3.1		185.6	%
Taxes		0.6		0.7		-12.4	%		0.0		0.6		0.7		-9.5	%
Office expenses		1.5		0.4		315.1	%		0.0		1.5		0.4		286.6	%
Provision for maintenance cost		2.1		0.7		188.4	%		-		2.1		0.7		188.4	%
Others		2.3		1.9		19.9	%		0.0		2.3		1.9		19.0	%

Selling, General and Administrative Expenses (in US$ million)

	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
SG&A		33.7		28.4		18.7	%		5.0		28.7		28.2		1.9	%
Taxes		8.1		4.0		105.1	%		0.2		7.9		4.1		95.8	%
Salaries and social security contributions		6.3		6.2		0.3	%		0.1		6.1		6.0		1.8	%
Services and fees		9.0		8.1		11.9	%		0.0		9.0		8.0		11.9	%
Office expenses		0.7		0.2		277.6	%		0.0		0.7		0.2		249.7	%
Amortization and depreciation		2.0		2.3		-12.5	%		4.6		-2.6		2.1		-221.1	%
Maintenance expenses		0.4		-0.2		-302.0	%		0.0		0.4		-0.2		-366.2	%
Advertising		0.4		1.2		-62.8	%		0.0		0.4		1.2		-64.5	%
Insurances		0.5		0.5		-1.4	%		0.0		0.5		0.5		-1.4	%
Charter services		0.0		0.0		-			-		0.0		0.0		-
Bad debts recovery		-1.7		-0.6		167.0	%		-0.8		-0.9		-0.6		45.9	%
Bad debts		6.2		5.4		14.9	%		0.8		5.4		5.4		0.3	%
Others		1.8		1.5		21.2	%		0.0		1.8		1.5		21.2	%

Expenses by Segment (in US$ million)

Country	4Q21 as reported		4Q20 as reported		% Var as reported			IAS 29		4Q21 ex IAS 29		4Q20 ex IAS 29		% Var ex IAS 29
Argentina		94.8		87.6		8.3	%		12.7		82.2		76.5		7.4	%
Italy		28.1		26.5		6.2	%		-		28.1		26.5		6.2	%
Brazil		18.0		17.5		2.9	%		-		18.0		17.5		2.9	%
Uruguay		11.8		9.9		19.5	%		-		11.8		9.9		19.5	%
Armenia		20.8		11.1		86.5	%		-		20.8		11.1		86.5	%
Ecuador		15.7		13.1		19.8	%		-		15.7		13.1		19.8	%
Unallocated		8.4		6.8		24.6	%		-		8.4		6.8		24.6	%
Total consolidated expenses ^(1) (2)		197.6		172.4		14.6	%		12.7		185.0		161.3		14.7	%

(1)

Excludes income tax and financial loss

(2)

We account for the results of operations of ECOGAL and AAP using the equity method

Page 32 of 46

Costs and Expenses (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Cost of Services		622.4		653.6		-4.8	%		66.5		555.9		593.4		-6.3	%
Salaries and social security contributions		141.0		124.4		13.3	%		6.4		134.6		126.5		6.4	%
Concession fees		94.5		76.2		24.1	%		3.9		90.7		77.4		17.1	%
Construction service cost		77.5		124.4		-37.8	%		1.3		76.1		132.5		-42.6	%
Maintenance expenses		83.9		82.1		2.2	%		5.2		78.7		83.7		-5.9	%
Amortization and depreciation		135.1		174.0		-22.3	%		48.0		87.2		100.2		-13.0	%
Other		90.4		72.5		24.7	%		1.8		88.5		73.1		21.2	%
Cost of Services Excluding Construction Service cost		544.9		529.1		3.0	%		65.2		479.7		460.9		4.1	%
Selling, general and administrative expenses		102.1		101.8		0.3	%		8.1		94.0		101.6		-7.5	%
Other expenses		18.8		69.8		-73.1	%		1.7		17.1		69.1		-75.2	%
Total Costs and Expenses		743.2		825.2		-9.9	%		76.3		667.0		764.1		-12.7	%
Total Costs and Expenses Excluding Construction Service cost		665.8		700.7		-5.0	%		74.9		590.8		631.6		-6.4	%

Total Expenses Breakdown (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Cost of services		622.4		653.6		-4.8	%		66.5		555.9		593.4		-6.3	%
SG&A		102.1		101.8		0.3	%		8.1		94.0		101.6		-7.5	%
Financial loss		131.3		215.5		-39.1	%		-215.2		346.4		369.5		-6.2	%
Inflation adjustment		-6.7		26.5		-125.2	%		-6.0		-0.7		0.3		-320.1	%
Other expenses		18.8		69.8		-73.1	%		1.7		17.1		69.1		-75.2	%
Income tax expense		69.1		-14.3		-583.4	%		185.7		-116.6		-54.9		112.4	%
Total expenses		936.9		1052.9		-11.0	%		40.8		896.1		1079.0		-17.0	%

Cost of Services (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Cost of Services		622.4		653.6		-4.8	%		66.5		555.9		593.4		-6.3	%
Salaries and social security contributions		141.0		124.4		13.3	%		6.4		134.6		126.5		6.4	%
Concession fees		94.5		76.2		24.1	%		3.9		90.7		77.4		17.1	%
Construction service cost		77.5		124.4		-37.8	%		1.3		76.1		132.5		-42.6	%
Maintenance expenses		83.9		82.1		2.2	%		5.2		78.7		83.7		-5.9	%
Amortization and depreciation		135.1		174.0		-22.3	%		48.0		87.2		100.2		-13.0	%
Services and fees		44.8		40.5		10.8	%		1.1		43.7		40.8		7.1	%
Cost of fuel		24.9		13.1		90.3	%		-		24.9		13.1		90.3	%
Taxes		2.9		5.9		-50.1	%		0.2		2.7		5.9		-54.0	%
Office expenses		5.2		3.7		40.1	%		0.4		4.8		3.9		23.6	%
Provision for maintenance cost		4.7		1.8		159.6	%		-		4.7		1.8		159.6	%
Others		7.8		7.5		3.5	%		0.1		7.7		7.5		1.8	%

Page 33 of 46

Selling, General and Administrative Expenses (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
SG&A		102.1		101.8		0.3	%		8.1		94.0		101.6		-7.5	%
Taxes		24.8		18.9		31.1	%		1.8		23.0		19.4		18.1	%
Salaries and social security contributions		21.2		20.4		3.9	%		0.8		20.4		20.3		0.3	%
Services and fees		30.9		28.2		9.7	%		0.3		30.6		28.2		8.7	%
Office expenses		1.5		1.2		20.7	%		0.1		1.4		1.3		11.1	%
Amortization and depreciation		8.4		9.5		-11.6	%		4.9		3.5		8.4		-58.8	%
Maintenance expenses		0.9		1.1		-21.1	%		0.0		0.9		1.3		-29.1	%
Advertising		0.9		1.6		-41.7	%		0.0		0.9		1.6		-44.8	%
Insurances		2.1		2.0		5.9	%		0.0		2.1		2.0		5.2	%
Charter services		0.0		0.1		-100.0	%		-		0.0		0.1		-100.0	%
Bad debts recovery		-8.3		-2.9		184.7	%		-1.3		-7.0		-2.9		140.7	%
Bad debts		14.7		16.4		-10.2	%		1.5		13.3		16.5		-19.8	%
Others		5.0		5.3		-5.4	%		0.0		5.0		5.3		-5.4	%

Expenses by Segment (in US$ million)

Country	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Argentina		380.2		420.9		-9.7	%		76.3		303.9		359.8		-15.5	%
Italy		96.6		86.6		11.5	%		-		96.6		86.6		11.5	%
Brazil		69.8		101.8		-31.5	%		-		69.8		101.8		-31.5	%
Uruguay		49.1		54.1		-9.2	%		-		49.1		54.1		-9.2	%
Armenia		68.7		49.0		40.1	%		-		68.7		49.0		40.1	%
Ecuador		54.1		52.5		3.2	%		-		54.1		52.5		3.2	%
Unallocated		24.8		60.3		-58.9	%		-		24.8		60.3		-58.9	%
Total consolidated expenses ^(1) (2)		743.2		825.2		-9.9	%		76.3		667.0		764.1		-12.7	%


	(1)	Excludes income tax and financial loss

(2)

We account for the results of operations of ECOGAL and AAP using the equity method

Adjusted EBITDA by Segment (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Argentina		65.6		50.7		29.2	%		6.5		59.0		52.7		12.1	%
Italy		0.2		-4.3		-104.7	%		-		0.2		-4.3		-104.7	%
Brazil		19.0		-6.5		-390.5	%		-		19.0		-6.5		-390.5	%
Uruguay		13.7		16.3		-16.1	%		-		13.7		16.3		-16.1	%
Armenia		44.3		5.5		710.9	%		-		44.3		5.5		710.9	%
Ecuador		16.1		1.3		1097.7	%		-		16.1		1.3		1097.7	%
Unallocated		-9.5		-45.0		-78.8	%		-		-9.5		-45.0		-78.8	%
Total segment EBITDA		149.3		18.1		725.8	%		6.5		142.8		20.0		613.9	%

Page 34 of 46

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

	2021 as reported			2020 as reported			% Var as reported			IAS 29		2021 ex IAS 29			2020 ex IAS 29			% Var ex IAS 29
Income from Continuing Operations		-159.8			-357.4			-55.3	%		-13.2		-146.5			-367.2			-60.1	%
Financial Income		-28.1			-35.7			-21.3	%		2.3		-30.4			-36.3			-16.2	%
Financial Loss		131.3			215.5			-39.1	%		-215.2		346.4			369.5			-6.2	%
Inflation adjustment		-6.7			26.5			-125.2	%		-6.0		-0.7			0.3			-320.1	%
Income Tax Expense		69.1			-14.3			-583.4	%		185.7		-116.6			-54.9			112.4	%
Amortization and Depreciation		143.5			183.4			-21.8	%		52.9		90.6			108.6			-16.5	%
Adjusted EBITDA		149.3			18.1			725.8	%		6.5		142.8			20.0			613.9	%
Adjusted EBITDA Margin		21.1	%		3.0	%		1815			-		21.1	%		3.2	%		1786
Adjusted EBITDA Margin excluding Construction Service		23.4	%		3.5	%		1997			-		23.4	%		3.8	%		1963

Financial Income / Loss (in US$ million)

	2021 as reported		2020 as reported		% Var as reported			IAS 29		2021 ex IAS 29		2020 ex IAS 29		% Var ex IAS 29
Financial Income		28.1		35.7		-21.3	%		-2.3		30.4		36.3		-16.2	%
Interest income		17.6		17.6		0.3	%		2.2		15.5		17.6		-12.1	%
Foreign exchange income		1.1		8.0		-85.7	%		-4.7		5.8		8.5		-31.3	%
Other		9.3		10.1		-7.9	%		0.2		9.1		10.2		-10.4	%
Inflation adjustment		6.7		-26.5		-125.2	%		6.0		0.7		-0.3		-320.1	%
Inflation adjustment		6.7		-26.5		-125.2	%		6.0		0.7		-0.3		-320.1	%
Financial Loss		-131.3		-215.5		-39.1	%		215.2		-346.4		-369.5		-6.2	%
Interest Expenses		-125.5		-99.0		26.8	%		-7.5		-118.0		-99.7		18.3	%
Foreign exchange transaction expenses		112.5		-33.0		-440.4	%		222.7		-110.2		-185.7		-40.6	%
Changes in liability for concessions		-109.1		-69.7		56.4	%		-		-109.1		-69.7		56.4	%
Other expenses		-9.1		-13.7		-33.6	%		-0		-9.1		-14.3		-36.8	%
Financial Loss, Net		-96.5		-206.3		-53.2	%		218.8		-315.3		-333.5		-5.5	%

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

Page 35 of 46

% Ownership by Concession
Aeropuertos Argentina 2000	Argentina	81.6	%
Neuquén	Argentina	74.4	%
Bahía Blanca	Argentina	81.4	%
Toscana Aeroporti (Florence and Pisa airports)	Italy	46.7	%
ICAB (Brasilia Airport)	Brazil	51.0	%
ICASGA (Natal Airport)	Brazil	99.9	%
Puerta del Sur (Carrasco Airport)	Uruguay	100.0	%
CAISA (Punta del Este Airport)	Uruguay	100.0	%
AIA (Armenian airports)	Armenia	100.0	%
TAGSA (Guayaquil Airport)	Ecuador	50.0	%
ECOGAL (Galápagos Airport)	Ecuador	99.9	%

Selected Income Statement Data (in US$ million)

	4Q21			4Q20			% Var.			2021			2020			% Var.
Argentina
Total Revenue		108.9			72.2			50.9	%		362.9			350.0			3.7	%
Total Revenue Excluding IFRIC12(1)		99.5			50.7			96.3	%		309.4			254.2			21.7	%
Operating Loss		16.7			-14.1			-218.0	%		-9.2			-64.4			-85.7	%
Net Loss		11.7			-25.9			-145.3	%		-1.3			-95.2			-98.7	%
Adjusted Segment EBITDA		31.0			9.7			219.3	%		65.6			50.7			29.2	%
Adjusted Segment EBITDA Mg		28.5	%		13.4	%		1501			18.1	%		14.5	%		357
Adjusted EBITDA Margin excluding IFRIC		31.1	%		19.2	%		1198			21.1	%		19.9	%		123
Italy
Total Revenue		23.9			16.5			44.7	%		70.5			58.3			20.8	%
Total Revenue Excluding IFRIC12(1)		20.5			11.3			81.2	%		56.8			48.0			18.4	%
Operating Loss		8.8			2.0			332.6	%		-12.2			-16.3			-25.2	%
Net Loss		12.2			0.3			4113.8	%		-6.4			-14.1			-54.3	%
Adjusted Segment EBITDA		11.8			4.8			146.7	%		0.2			-4.3			-104.7	%
Adjusted Segment EBITDA Mg		49.5	%		29.0	%		2046			0.3	%		-7.3	%		762
Adjusted EBITDA Margin excluding IFRIC		52.6	%		44.6	%		802			-3.2	%		-11.4	%		823
Brazil
Total Revenue		18.1			12.5			44.0	%		58.4			51.4			13.7	%
Operating Loss		23.6			29.7			-20.8	%		9.0			-15.6			-157.5	%
Net Loss		-16.4			-4.6			254.3	%		-129.4			-153.5			-15.7	%
Adjusted segment EBITDA		26.2			31.8			-17.6	%		19.0			-6.5			-390.5	%
Adjusted Segment EBITDA Mg		145.3	%		253.9	%		-10866			32.5	%		-12.7	%		4517
Uruguay
Total Revenue		18.2			7.7			134.3	%		51.3			58.3			-12.0	%
Total Revenue Excluding IFRIC12(1)		16.6			7.3			125.8	%		46.0			49.0			-6.1	%
Operating (Loss) Income		6.1			-2.1			-383.9	%		1.5			3.7			-58.9	%
Net (Loss) Income		4.8			-1.3			-475.9	%		-0.9			1.0			-191.6	%
Adjusted Segment EBITDA		8.2			1.0			722.2	%		13.7			16.3			-16.1	%
Adjusted Segment EBITDA Mg		45.1	%		12.9	%		3227			26.7	%		28.0	%		-131

Page 36 of 46

4Q21

2021

4Q20

% Var.

2020

% Var.

Adjusted EBITDA Margin excluding IFRIC

49.4

13.6

3585

29.8

33.3

-355

Ecuador

Total Revenue

19.4

11.9

63.9

65.2

49.7

31.0

Total Revenue Excluding IFRIC12(1)

19.4

10.7

82.1

64.4

41.1

56.6

Operating Income (Loss)

3.2

-1.4

-337.1

9.2

-3.7

-345.6

Net Income (Loss)

2.6

-1.8

-247.2

6.8

-5.3

-228.1

Adjusted Segment EBITDA

4.8

0.1

6436.7

16.1

1.3

1097.7

Adjusted Segment EBITDA Mg

24.8

0.6

2419

24.8

2.7

2208

Adjusted EBITDA Margin excluding IFRIC

24.8

0.7

2412

25.1

3.3

2180

Armenia

Total Revenue

30.1

8.5

255.8

98.4

39.4

149.5

Total Revenue Excluding IFRIC12(1)

28.6

8.4

240.4

91.8

37.7

143.5

Operating Income (Loss)

9.4

-2.7

-455.2

29.9

-9.4

-416.5

Net Income (Loss)

6.0

-5.2

-215.1

20.7

-16.6

-224.7

Adjusted Segment EBITDA

13.3

1.0

1298.2

44.3

5.5

710.9

Adjusted Segment EBITDA Mg

44.1

11.2

3291

45.0

13.8

3117

Adjusted EBITDA Margin excluding IFRIC

46.3

11.3

3502

48.0

14.4

3368

Unallocated

Total revenue

0.1

0.0

225.0

0.3

0.2

54.3

Operating Loss

-7.4

-6.2

19.9

-21.7

-58.0

-62.6

Net Loss

-20.9

-9.1

130.0

-49.2

-73.8

-33.4

Adjusted segment EBITDA

-2.6

-2.9

-11.4

-9.5

-45.0

-78.8

Adjusted Segment EBITDA Mg

n.a.

1 Excludes Construction Service revenue.

2 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession.

3 Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, as explained above. Please refer to Review of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries.

Page 37 of 46

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements

	Domestic Passenger Traffic (in thousands)					International Passenger Traffic (in thousands)					Transit Passengers (in thousands)					Total Passenger Traffic (in thousands)					Cargo volume (in tons)					Aircraft movements
		4Q'21	4Q'20	% Var.			4Q'21	4Q'20	% Var.			4Q'21	4Q'20	% Var.			4Q'21	4Q'20	% Var.			4Q'21	4Q'20	% Var.			4Q'21	4Q'20	% Var.
Argentina
Aeroparque		1,987	-	100	%		178	-	100	%		113	-	100	%		2,278	-	100	%		293	58	402	%		19,293	-	100	%
Bariloche		431	40	980	%		0	0	1040	%		1	0	101	%		432	40	971	%		-	-				3,288	703	368	%
Catamarca		8	2	316	%		-	-				3	1	194	%		11	3	275	%		5	-	100	%		575	371	55	%
C. Rivadavia		79	12	558	%		-	-				1	1	-55	%		80	13	494	%		202	0				1,373	870	58	%
Córdoba		290	39	651	%		19	0				2	3	-7	%		311	41	653	%		196	143	38	%		3,552	912	289	%
El Palomar		0	0	-26	%		0	0	289	%		-	-				0	0	-18	%		-	-				587	489	20	%
Esquel		16	1	1200	%		0	-	100	%		0	0	112	%		16	1	1179	%		-	-				295	77	283	%
Ezeiza (1)		232	264	-12	%		732	307	138	%		17	29	-41	%		981	600	64	%		49,311	40,903	21	%		7,882	7,316	8	%
Formosa		9	0	3328	%		-	-				-	-				9	0	3328	%		9	5	76	%		323	139	132	%
General Pico		0	0	-8	%		-	-				0	0	500	%		0	0	18	%		-	-				334	168	99	%
Iguazú		212	5	4405	%		0	-	100	%		1	0	19	%		212	5	3985	%		-	-				1,771	156	1035	%
Jujuy		85	10	739	%		0	-	100	%		0	0	-3	%		86	10	731	%		23	3	667	%		905	392	131	%
La Rioja		8	2	282	%		0	-	100	%		3	1	403	%		10	3	311	%		8	7	9	%		438	271	62	%
Malargüe		0	0	50	%		-	-				-	-				0	0	50	%		-	-				136	68	100	%
Mar del Plata		32	5	520	%		0	-	100	%		0	1	-94	%		32	6	451	%		12	2	398	%		1,222	591	107	%
Mendoza		267	39	592	%		28	0				3	0	809	%		298	39	665	%		112	32	248	%		3,194	851	275	%
Paraná		5	1	762	%		0	-	100	%		0	0	-88	%		5	1	655	%		-	-				539	365	48	%
Posadas		61	8	663	%		0	0	4600	%		-	0	-100	%		61	8	658	%		8	5	38	%		801	320	150	%
Pto Madryn		17	0	7174	%		-	-				0	0	519	%		17	0	5824	%		-	-				305	106	188	%
Reconquista		0	0	636	%		-	-				0	0	975	%		0	0	688	%		-	-				649	637	2	%
Resistencia		25	9	187	%		0	0	-8	%		0	0	-90	%		25	9	174	%		22	12	84	%		519	349	49	%
Río Cuarto		4	0	3622	%		-	-				2	0				6	0	4972	%		4	-	100	%		228	104	119	%
Río Gallegos		32	5	488	%		0	-	100	%		1	0	262	%		34	6	477	%		57	4	1178	%		697	395	76	%
Río Grande		23	5	370	%		-	-				1	0	620	%		24	5	373	%		34	6	425	%		503	224	125	%
Salta		229	29	702	%		0	0	105	%		0	0	-84	%		229	29	693	%		55	20	181	%		2,370	576	311	%

Page 38 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.
San Fernando		5		4		15	%		7		2		232	%		-		-					12		6		85	%		-		-					16,900		10,653		59	%
San Juan		35		5		535	%		0		0		265	%		1		0		157	%		36		6		516	%		-		-					497		350		42	%
San Luis		10		2		444	%		-		-					0		-		100	%		10		2		445	%		35		-		100	%		284		76		274	%
San Rafael		9		1		587	%		-		-					0		1		-77	%		9		2		394	%		-		-					1,057		666		59	%
Santa Rosa		6		1		537	%		-		-					2		0		860	%		8		1		588	%		-		-					687		390		76	%
Santiago del Estero		32		5		487	%		-		-					0		0		-69	%		32		6		461	%		41		36		12	%		636		381		67	%
Tucumán		133		20		554	%		0		0		31	%		0		1		-46	%		134		21		530	%		245		-		100	%		1,268		414		206	%
Viedma		4		1		199	%		-		-					1		0		350	%		6		2		225	%		-		-					253		209		21	%
Villa Mercedes		0		0		-42	%		-		-					0		-		100	%		0		0		15	%		-		0		-100	%		629		568		11	%
Termas de Río Hondo		5		0		8732	%		0		-		100	%		-		0		-100	%		5		0		7845	%		2		-		100	%		102		164		-38	%
Bahía Blanca		23		5		366	%		-		-					3		1		194	%		25		6		340	%		30		11		167	%		730		442		65	%
Neuquén		151		22		579	%		-		0		-100	%		5		3		75	%		156		25		521	%		19		-		100	%		2,119		1,009		110	%
Total Argentina		4,466		545		720	%		965		310		212	%		160		44		266	%		5,591		898		523	%		50,723		41,249		23	%		76,941		31,772		142	%

Italy
Pisa		339		104		228	%		432		57		656	%		0		0		769	%		772		161		380	%		4,367		3,719		17	%		7,574		2,996		153	%
Florence		18		13		40	%		297		57		421	%		0		0		9300	%		315		70		350	%		13		34		-63	%		5,625		2,364		138	%
Total Italy		357		117		207	%		729		114		538	%		1		0		924	%		1,087		231		371	%		4,380		3,754		17	%		13,199		5,360		146	%

Brazil
Brasilia (2)		2,180		1,459		49	%		46		11		317	%		1,373		1,184		16	%		3,599		2,654		36	%		13,695		9,423		45	%		32,505		24,475		33	%
Natal		562		392		43	%		7		0					9		0					579		392		48	%		1,179		826		43	%		4,459		3,190		40	%
Total Brazil		2,742		1,851		48	%		53		11		380	%		1,382		1,184		17	%		4,177		3,046		37	%		14,874		10,249		45	%		36,964		27,665		34	%

Uruguay
Carrasco (3)		0		0		218	%		239		49		385	%		1		0		64	%		240		50		382	%		8,379		6,837		23	%		4,102		1,669		146	%
Punta del Este		0		-		100	%		20		1		1385	%		-		-					20		1		1396	%		-		-					3,261		899		263	%
Total Uruguay		0		0		369	%		259		51		412	%		1		0		64	%		260		51		409	%		8,379		6,837		23	%		7,363		2,568		187	%

Page 39 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.			4Q'21		4Q'20		% Var.
Ecuador
Guayaquil		284		121		135	%		458		229		100	%		13		4		198	%		755		355		113	%		5,758		4,534		27	%		15,592		12,063		29	%
Galápagos		94		27		252	%		-		-					-		-					94		27		252	%		987		436		126	%		1,170		431		171	%
Total Ecuador		379		148		156	%		458		229		100	%		13		4		198	%		850		382		123	%		6,745		4,970		36	%		16,762		12,494		34	%

Armenia
Zvartnots		-		-					648		144		350	%		-		-					648		144		350	%		5,664		4,349		30	%		5,576		2,171		157	%
Shirak		-		-					47		5		781	%		-		-					47		5		781	%		-		-					342		47		628	%
Total Armenia		-		-					695		149		366	%		-		-					695		149		366	%		5,664		4,349		30	%		5,918		2,218		167	%

Perú
Arequipa		289		182		59	%		3		2		98	%		-		-					292		183		59	%		362		361		0	%		2,118		1,700		25	%
Juliaca		108		65		67	%		-		-					-		-					108		65		67	%		140		118		19	%		734		548		34	%
Puerto Maldonado		56		33		71	%		-		0		-100	%		-		-					56		33		70	%		146		98		49	%		479		328		46	%
Tacna		75		48		57	%		0		-		100	%		-		-					75		48		57	%		160		130		23	%		735		524		40	%
Ayacucho		54		24		122	%		-		-					-		-					54		24		122	%		23		10		127	%		839		581		44	%
Total Perú		582		352		66	%		3		2		97	%		-		-					586		353		66	%		832		718		16	%		4,905		3,681		33	%
Total CAAP		8,527		3,011		183	%		3,163		866		265	%		1,557		1,233		26	%		13,246		5,110		159	%		91,597		72,126		27	%		162,052		85,758		89	%

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

Preliminary data on 1,256 flights in January 2020 at Brasilia Airport, due to delays in the submission of information by third parties.

Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

Page 40 of 46

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.
Argentina
Aeroparque		4,079		2,053		99	%		215		68		217	%		230		172		34	%		4,524		2,293		97	%		878		452		94	%		42,456		22,443		89	%
Bariloche		1,128		468		141	%		0		3		-98	%		1		3		-55	%		1,129		474		138	%		-		-					10,032		4,326		132	%
Catamarca		20		13		57	%		-		-					7		1		406	%		28		15		92	%		9		18		-48	%		1,840		1,285		43	%
C. Rivadavia		186		134		38	%		-		-					3		3		-20	%		188		137		37	%		409		181		126	%		4,780		4,180		14	%
Córdoba		683		543		26	%		19		159		-88	%		16		37		-57	%		717		739		-3	%		904		1,122		-19	%		9,742		7,978		22	%
El Palomar		2		399		-99	%		0		81		-100	%		-		-					3		480		-99	%		-		-					2,306		4,180		-45	%
Esquel		38		14		177	%		0		0		-60	%		1		0		575	%		39		14		180	%		-		-					1,138		582		96	%
Ezeiza (1)		1,362		506		169	%		1,703		2,868		-41	%		131		101		30	%		3,197		3,474		-8	%		170,474		140,571		21	%		31,854		32,051		-1	%
Formosa		12		19		-34	%		0		0		0	%		0		0		-64	%		12		19		-34	%		11		54		-80	%		830		702		18	%
General Pico		0		0		-57	%		-		-					0		0		167	%		0		0		-54	%		-		-					1,032		1,388		-26	%
Iguazú		420		352		20	%		0		2		-96	%		2		4		-42	%		423		358		18	%		-		-					4,076		3,557		15	%
Jujuy		203		92		121	%		0		0		4700	%		1		1		-33	%		204		93		120	%		66		32		110	%		2,982		1,617		84	%
La Rioja		17		12		40	%		0		-		100	%		7		1		995	%		24		13		87	%		36		26		34	%		1,249		713		75	%
Malargüe		0		0		125	%		-		-					-		-					0		0		125	%		-		-					957		127		654	%
Mar del Plata		87		113		-23	%		0		0		-89	%		1		4		-73	%		89		118		-25	%		34		42		-19	%		4,022		2,901		39	%
Mendoza		635		377		68	%		28		91		-69	%		5		3		48	%		668		472		42	%		435		321		35	%		7,963		5,909		35	%
Paraná		11		9		27	%		0		0		-45	%		0		0		252	%		11		9		30	%		-		0		-100	%		1,860		1,459		27	%
Posadas		142		66		117	%		0		0		-13	%		0		0		219	%		143		66		117	%		48		71		-32	%		2,432		1,445		68	%
Pto Madryn		22		12		87	%		-		-					1		1		8	%		24		13		81	%		-		-					899		342		163	%
Reconquista		0		0		186	%		-		-					0		0		-10	%		0		0		121	%		-		-					2,952		2,645		12	%
Resistencia		72		50		44	%		0		0		-4	%		0		10		-98	%		72		60		22	%		98		78		25	%		1,782		1,405		27	%
Río Cuarto		9		5		106	%		-		-					4		0					14		5		197	%		8		11		-26	%		618		352		76	%
Río Gallegos		89		67		33	%		0		0		-37	%		4		2		116	%		94		69		35	%		155		104		48	%		2,258		1,593		42	%
Río Grande		66		35		90	%		-		0		-100	%		1		0		321	%		68		35		92	%		84		123		-31	%		1,601		881		82	%
Salta		544		335		63	%		0		15		-99	%		1		6		-85	%		545		356		53	%		241		231		4	%		6,168		4,236		46	%

Page 41 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.
San Fernando		17		12		35	%		18		7		152	%		-		-					34		19		78	%		-		-					52,264		29,583		77	%
San Juan		77		36		111	%		0		0		-33	%		2		1		150	%		79		37		111	%		-		-					1,758		1,012		74	%
San Luis		24		14		69	%		-		-					0		-		100	%		25		14		73	%		60		45		34	%		816		391		109	%
San Rafael		23		12		87	%		-		-					1		1		3	%		24		13		82	%		-		1		-100	%		4,312		2,187		97	%
Santa Rosa		14		8		77	%		-		-					5		0		1316	%		19		9		128	%		-		-					2,388		1,390		72	%
Santiago del Estero		75		30		151	%		-		0		-100	%		1		0		111	%		75		30		151	%		70		61		15	%		2,092		1,231		70	%
Tucumán		315		187		69	%		0		12		-99	%		3		1		150	%		318		200		59	%		245		165		48	%		3,566		2,242		59	%
Viedma		13		10		35	%		-		-					5		1		522	%		18		11		73	%		-		-					865		513		69	%
Villa Mercedes		0		0		-11	%		-		-					0		0		7467	%		1		0		80	%		-		0		-100	%		2,404		2,168		11	%
Termas de Río Hondo		14		0		2631	%		0		-		100	%		0		0		3443	%		14		1		2644	%		6		-		100	%		368		248		48	%
Bahía Blanca		56		58		-3	%		-		-					5		6		-13	%		62		64		-4	%		98		70		40	%		2,146		1,607		34	%
Neuquén		374		245		52	%		0		0		-95	%		16		6		155	%		389		252		55	%		55		169		-68	%		6,457		4,718		37	%
Total Argentina		10,833		6,287		72	%		1,985		3,307		-40	%		457		367		25	%		13,275		9,960		33	%		174,422		143,948		21	%		227,265		155,587		46	%

Italy
Pisa		889		549		62	%		1,098		760		44	%		1		0		132	%		1,988		1,309		52	%		15,228		12,995		17	%		23,398		16,755		40	%
Florence		84		115		-27	%		744		550		35	%		0		0					829		665		25	%		93		261		-64	%		16,179		13,408		21	%
Total Italy		973		664		47	%		1,842		1,309		41	%		1		0		166	%		2,817		1,974		43	%		15,321		13,256		16	%		39,577		30,163		31	%

Brazil
Brasilia (2)		5,997		4,444		35	%		90		170		-47	%		4,411		3,293		34	%		10,499		7,907		33	%		55,628		29,220		90	%		102,897		79,338		30	%
Natal		1,795		1,157		55	%		8		28		-72	%		14		0		8990	%		1,817		1,185		53	%		4,382		5,636		-22	%		14,997		10,107		48	%
Total Brazil		7,793		5,601		39	%		98		198		-50	%		4,425		3,293		34	%		12,316		9,092		35	%		60,010		34,857		72	%		117,894		89,445		32	%

Uruguay
Carrasco (3)		1		0		322	%		459		529		-13	%		3		2		14	%		463		532		-13	%		30,438		28,916		5	%		11,707		8,604		36	%
Punta del Este		0		0		52	%		25		78		-68	%		-		-					25		78		-67	%		-		-					6,063		4,441		37	%
Total Uruguay		1		0		207	%		484		607		-20	%		3		2		14	%		488		610		-20	%		30,438		28,916		5	%		17,770		13,045		36	%

Page 42 of 46

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.			2021		2020		% Var.
Ecuador
Guayaquil		803		548		47	%		1,422		813		75	%		37		39		-6	%		2,261		1,400		62	%		20,075		14,893		35	%		52,733		39,658		33	%
Galápagos		252		149		69	%		-		-					-		-					252		149		69	%		2,907		1,948		49	%		3,149		1,907		65	%
Total Ecuador		1,054		697		51	%		1,422		813		75	%		37		39		-6	%		2,513		1,549		62	%		22,982		16,842		36	%		55,882		41,565		34	%

Armenia
Zvartnots		-		-					2,278		791		188	%		-		-					2,278		791		188	%		17,324		15,730		10	%		20,218		9,925		104	%
Shirak		-		-					122		35		244	%		-		-					122		35		244	%		-		1		-100	%		1,094		258		324	%
Total Armenia		-		-					2,400		826		190	%		-		-					2,400		826		190	%		17,324		15,731		10	%		21,312		10,183		109	%

Perú
Arequipa		894		626		43	%		7		8		-9	%		-		-					901		633		42	%		1,299		968		34	%		7,738		5,782		34	%
Juliaca		366		189		94	%		-		0		-100	%		-		-					366		189		94	%		523		315		66	%		2,598		1,982		31	%
Puerto Maldonado		186		107		74	%		0		0		-18	%		-		-					186		107		74	%		521		257		103	%		1,818		1,192		53	%
Tacna		257		162		58	%		0		0		340	%		-		-					257		162		58	%		601		459		31	%		2,428		1,788		36	%
Ayacucho		175		116		50	%		0		-		100	%		-		-					175		116		50	%		67		81		-17	%		2,907		2,173		34	%
Total Perú		1,877		1,200		56	%		7		8		-11	%		-		-					1,884		1,208		56	%		3,011		2,080		45	%		17,489		12,917		35	%
Total CAAP		22,532		14,448		56	%		8,238		7,069		17	%		4,923		3,702		33	%		35,693		25,218		42	%		323,508		255,628		27	%		497,189		352,905		41	%

	1)	Note that preliminary passenger traffic figures for January 2020 for Ezeiza Airport, in Argentina, were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.
	2)	Preliminary data on 1,256 flights in January 2020 at Brasilia Airport, due to delays in the submission of information by third parties.
	3)	Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.

Page 43 of 46

Income Statement (in US$ thousands)

	4Q21	4Q20	% Var.		2021	2020	% Var.
Continuing operations
Revenue	246,578	129,361	90.6	%	706,913	607,356	16.4	%
Cost of services	-189,366	-142,380	33.0	%	-622,381	-653,583	-4.8	%
Gross (loss)/income	57,212	-13,020	-539.4	%	84,532	-46,227	-282.9	%
Selling, general and administrative expenses	-36,295	-28,400	27.8	%	-102,062	-101,775	0.3	%
Impairment loss of non-financial assets	-71	1,005	-107.1	%	-371	-62,268	-99.4	%
Other operating income	39,900	48,272	-17.3	%	42,777	54,105	-20.9	%
Other operating expense	-3,257	-2,538	28.3	%	-18,416	-7,533	144.5	%
Operating loss	57,489	5,319	980.9	%	6,460	-163,698	-103.9	%
Share of loss in associates	1,855	-2,142			-629	-6,159
Loss before financial results and income tax	59,344	3,177	1768.0	%	5,831	-169,857	-103.4	%
Financial income	6,861	9,082	-24.5	%	28,080	35,697	-21.3	%
Financial loss	-31,021	-63,701	-51.3	%	-131,271	-215,496	-39.1	%
Inflation adjustment	3,735	-9,856	-137.9	%	6,691	-26,532	-125.2	%
Loss before income tax	38,919	-61,298	-163.5	%	-90,669	-376,188	-75.9	%
Income tax	-41,858	12,882	-424.9	%	-69,111	14,295	-583.5	%
Loss for the period	-24,135	-48,416	-50.2	%	-180,976	-361,893	-50.0	%
Attributable to:
Owners of the parent	-24,680	-38,826	-36.4	%	-117,755	-253,053	-53.5	%
Non-controlling interest	545	-9,590	-105.7	%	-63,221	-108,840	-41.9	%

Page 44 of 46

Balance Sheet (in US$ thousands)

	Dec 31, 2021			Dec 31, 2020
ASSETS
Non-current assets
Intangible assets, net		2,742,971			2,616,484
Property, plant and equipment, net		75,480			80,833
Right-of-use asset		12,902			13,448
Investments in associates		2,355			5,336
Other financial assets at fair value through profit or loss		3,344			3,614
Other financial assets at amortized cost		15,838			2,609
Deferred tax assets		68,867			73,038
Other receivables		72,373			89,962
Trade receivables		184			334
Total non-current assets		2,994,314			2,885,658
Current assets
Inventories		11,520			8,015
Other financial assets at fair value through profit or loss		28,499			53,347
Other financial assets at amortized cost		46,800			20,554
Other receivables		66,421			79,550
Current tax assets		14,450			18,415
Derivative financial instruments		137
Trade receivables		82,707			59,081
Cash and cash equivalents		375,783			281,031
Total current assets		626,317			519,993
Total assets		3,620,631			3,405,651
EQUITY
Share capital		163,223			163,223
Share premium		183,430			183,430
Treasury shares		(4,772	)		(6,145	)
Free distributable reserve		378,910			378,910
Non-distributable reserve		1,358,028			1,358,028
Currency translation adjustment		(321,647	)		(417,272	)
Legal reserves		1,081			176
Other reserves		(1,321,211	)		(1,321,142	)
Retained earnings		32,689			150,202
Total attributable to owners of the parent		469,731			489,410
Non-controlling interests		303,877			315,876
Total equity		773,608			805,286
LIABILITIES
Non-current liabilities
Borrowings		1,018,337			1,128,407
Deferred tax liabilities		227,421			171,289
Other liabilities		743,799			728,746
Lease liabilities		8,484			10,207
Trade payables		6,695			9,162
Total non-current liabilities		2,004,736			2,047,811
Current liabilities
Borrowings		421,266			216,410
Other liabilities		284,826			180,813
Lease liabilities		3,765			3,477
Current tax liabilities		16,188			1,002
Derivative financial instruments liabilities		-			-
Trade payables		116,242			150,852
Total current liabilities		842,287			552,554
Total liabilities		2,847,023			2,600,365
Total equity and liabilities		3,620,631			3,405,651

Page 45 of 46

Statement of Cash Flow (in US$ thousands)

	Dec 31, 2021			Dec 31, 2020
Cash flows from operating activities
Loss for the period		(159,780	)		(357,401	)
Adjustments for:
Amortization and depreciation		160,633			200,788
Deferred income tax		50,027			(13,805	)
Current income tax		19,084			(490	)
Share of loss in associates		629			1,667
Impairment loss		371			62,268
Loss/(gains) on disposals of property, plant and equipment		139			932
Unpaid concession fees		65,360			47,467
Low value, short term and variable lease payments		(1,204	)		(1,031	)
Changes in liability for concessions		109,103			69,737
Share-based compensation expenses		1,020			1,800
Interest expenses		125,533			99,018
Other financial results, net		(19,157	)		(14,611	)
Net foreign exchange		(113,609	)		25,022
Government subsidies per Covid-19 context		(33,366	)		(46,701	)
Government grants collected		11,790			-
Other accruals		7,450			5,037
Inflation adjustment		(17,727	)		26,598
Acquisition of intangible assets		(83,212	)		(128,429	)
Income tax paid		(2,871	)		(11,126	)
Changes in working capital		(12,255	)		34,098
Net cash provided by / (used in) operating activities		107,958			838
Cash flows from investing activities
Cash contribution in associates		(741	)		(2,070	)
Net acquisition of subsidiaries		(1,134	)		-
Acquisition of other financial assets		(37,120	)		(54,491	)
Disposals of other financial assets		55,207			67,736
Acquisition of Property, plant and equipment		(7,665	)		(8,951	)
Acquisition of intangible assets		(851	)		(576	)
Proceeds from fixed assets disposals		535			11
Other		1,395			63
Net cash (used in) provided by investing activities		9,626			1,722
Net cash used in discontinued investing activities		(2,495	)		(100	)
Cash flows from financing activities
Proceeds from cash contributions		11,475			-
Proceeds from borrowings		366,544			224,310
Principal elements of lease payments		(4,729	)		(3,979	)
Loans paid		(266,839	)		(71,466	)
Interest paid		(86,108	)		(41,149	)
Debt renegotiation expenses		(20,439	)		(10,975	)
Debt renegotiation premium		(193	)		(4,690	)
Guarantee deposit		(1,015	)		(1,509	)
Dividends paid to non-controlling interests in subsidiaries		(2,361	)		(1	)
Others		(4	)		-
Net cash used in financing activities		(3,669	)		90,541

Decrease in cash and cash equivalents		113,915			93,101
Decrease in cash and cash equivalents from discontinued operations		(2,495	)		(100	)

Movements in cash and cash equivalents
At the beginning of the period		281,031			195,696
Effect of exchange rate changes and inflation adjustment on cash and cash equivalents		(16,668	)		(7,666	)
Decrease in cash and cash equivalents		113,915			93,101
Decrease in cash and cash equivalents from discontinued operations		(2,495	)		(100	)
At the end of the period		375,783			281,031

Page 46 of 46

Exhibit No.	Description

99.1	Press release dated March 23, 2022 - Corporación América Airports S.A. reports fourth quarter and full year 2021 results - December 2021 passenger traffic recovered to 66.8% of December 2019 levels 4Q21 Adjusted EBITDA margin expanded 7.3pp YoY, supported by passenger traffic recovery and strategic execution.

	Corporación América Airports S.A.

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

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