Corporación America Airports S A : First Quarter 2026 Earnings Release

Published: 2026-05-13 08:38:10 ET CAAP

Published on 05/13/2026 at 08:38 am EDT

Strong top-line growth with double-digit increases in Aeronautical and Commercial revenues Achieved double-digit YoY growth in Adjusted EBITDA ex-IFRIC with margin expanding 2.3pp

Maintained robust liquidity with $666 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.5x

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29"), as detailed in Section "Hyperinflation Accounting in Argentina" on page 22.

Consolidated Revenues ex-IFRIC12 reached $495.2 million, up 18.8% year-over-year (YoY), driven by increases of 21.0% and 17.4% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29), consolidated revenues ex-IFRIC12 increased 15.5% YoY to $477.9 million.

Key operating metrics:

7.0% increase in passenger traffic to 21.8 million.

1.7% increase in cargo volume to 95.2 thousand tons.

3.5% increase in aircraft movements to 213.5 thousand.

Operating Income of $139.5 million, compared with $104.0 million in 1Q25.

Adjusted EBITDA ex-IFRIC12 increased 26.1% to $196.2 million, from $155.6 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 18.7% to $187.4 million.

Adjusted EBITDA margin ex-IFRIC12 expanded 2.3 percentage points to 39.6% from 37.3% in 1Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 39.2% from 38.2% in the prior-year quarter.

Maintained strong liquidity position with $666.2 million in Cash & Cash equivalents as of March 31, 2026.

Net debt to LTM Adjusted EBITDA of 0.5x as of March 31, 2026.

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: "We delivered a strong start to 2026, with broad-based growth across our airport network and continued progress on our key financial metrics. Total traffic increased 7% year-over-year to 21.8 million passengers, led by a 14% increase in international traffic, with positive international performance across every country in which we operate. Revenues excluding construction services rose 19% year-over-year, supported by solid growth in both aeronautical and commercial revenues and, once again, outpacing passenger traffic growth.

Profitability also advanced meaningfully during the quarter. Adjusted EBITDA excluding IFRIC 12 increased 26% year-over-year to $196 million, while the corresponding margin expanded 2.3 percentage points to 39.6%. These results reflect the continued benefits of our diversified platform, active commercial execution and disciplined cost control.

Argentina was an important driver of performance, with strong growth in international travel helping to offset softer domestic demand, which was impacted by temporary operational disruptions during the quarter. Across the rest of the portfolio, we also continued to see positive trends. Brazil posted a strong recovery, while Italy and Uruguay benefited from healthy international demand, Ecuador continued to grow despite security-related challenges, and Armenia remained resilient, supported by greater connectivity and a more limited-than-expected impact from the conflict in the Middle East.

Our financial position continued to strengthen. Cash and cash equivalents reached $666 million at quarter-end, and net leverage stood at 0.5x, reflecting higher Adjusted EBITDA, strong cash generation and disciplined capital allocation. This strong balance sheet provides flexibility to fund committed investment programs, as well as to continue evaluating growth opportunities.

On the strategic front, we continue to advance our growth agenda with discipline. Following the concession awards received in Iraq and Angola, we are in ongoing discussions with the respective governments to finalize the terms of the concession agreements. We also remain focused on progressing our investment priorities across the existing portfolio, including key infrastructure and commercial initiatives designed to enhance capacity, improve the passenger experience and strengthen our platform over the long term.

Looking ahead, we are encouraged by the strength of traffic trends across our network, with solid demand continuing into the second quarter, particularly in international markets. At the same time, we will continue to closely monitor geopolitical developments in the Middle East and any potential implications for traffic, airlines capacity and fuel supply. We remain focused on maintaining a healthy financial position, investing with discipline and executing our strategy to drive sustainable value creation."

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

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29 1Q26

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Passenger Traffic (Million Passengers)

21.8

20.4

7.0%

21.8

20.4

7.0%

Revenue

537.6

447.8

20.1%

17.0

520.6

446.2

16.7%

Aeronautical Revenues

277.8

236.7

17.4%

10.1

267.7

235.3

13.8%

Non-Aeronautical Revenues

259.8

211.1

23.1%

6.9

252.9

210.9

19.9%

Revenue excluding construction service

495.2

416.9

18.8%

17.3

477.9

413.9

15.5%

Operating Income / (Loss)

139.5

104.0

34.0%

-27.2

166.7

138.6

20.3%

Operating Margin

25.9%

23.2%

271

0.0%

32.0%

31.1%

Net Income Attributable to Owners of the

Parent

77.1

40.8

89.0%

-61.2

138.3

59.3

133.1%

Basic EPS (US$)

0.47

0.25

86.6%

-0.38

0.85

0.37

130.1%

Adjusted EBITDA

198.0

157.8

25.5%

8.8

189.2

160.1

18.2%

Adjusted EBITDA Margin

36.8%

35.2%

1.6pp

36.3%

35.9%

0.4pp

Adjusted EBITDA Margin excluding

Construction Service

39.6%

37.3%

2.3pp

39.2%

38.2%

1.0pp

Net Debt to LTM Adjusted EBITDA

0.5x

1.1x

Net Debt to LTM Adjusted EBITDA excl.

impairment on intangible assets (1)

0.5x

1.1x

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

Total passenger traffic increased by 7.0% YoY to 21.8 million passengers, mainly supported by growth in the international segment. Domestic traffic remained largely flat, increasing by 0.1% YoY, with positive contributions from Brazil and Ecuador, offset by declines in Argentina and Italy. International traffic expanded by 13.7% YoY, with all countries of operation posting positive YoY growth, including double-digit increases in Argentina, Italy, and Ecuador. Notably, Argentina accounted for over 70% of the YoY increase in international traffic during the quarter.

In Argentina, passenger traffic increased by 5.5% YoY, driven by double-digit growth in international traffic, partially offset by a slight decline in the domestic segment, and negatively impacted by a nationwide 24-hour strike organized by major labor unions on February 19. Domestic traffic declined by 1.6% YoY, reflecting reduced capacity from Flybondi and Aerolíneas Argentinas, which faced temporary fleet constr aints due to engine issues affecting several aircraft. Bariloche, Córdoba, Iguazú and Mendoza ranked among the top summer destinations. International passenger traffic increased by 18.5% YoY, supported by temporary summer routes such as Ezeiza-Florianópolis operated by LATAM and Mendoza-Rio de Janeiro operated by GOL. Aerolíneas Argentinas also launched additional seasonal routes, including Tucumán-Florianópolis, Salta-Florianópolis, Buenos Aires (AEP)-Cabo Frio, and Córdoba-Aruba, among others. During the Carnival period, traffic increased by 27% compared to 2025, with Brazil, Chile, and the United States ranking as the top three destinations in February.

In Italy, passenger traffic increased by 7.1% YoY, primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased by 10.3% YoY. International growth was supported by increases of 10.8% at Florence Airport and 9.8% at Pisa Airport. Domestic traffic declined by 2.6% YoY, mainly attributable to lower activity at Florence Airport. Adverse weather conditions in January led to flight cancellations and diversions.

In Brazil, total passenger traffic increased by 12.1% YoY, reflecting improved operating conditions following prior constraints in the country's aviation sector. Domestic traffic, which accounted for over 50% of total traffic, grew by 5.7% YoY, while transit passengers increased by 21.8% YoY. International traffic, representing approximately 6% of the mix, rose by 7.7% YoY, contributing positively to overall performance. Growth was also supported by a post-Carnival rebound in corporate demand, with Brasília benefiting from its role as a key secondary hub within the domestic network.

In Uruguay, where traffic is predominantly international, total passenger traffic increased by 3.5% YoY, supported by additional flight frequencies to accommodate strong summer-season demand. Among other developments, GOL launched a new Montevideo-Fortaleza route and resumed its São Paulo-Punta del Este and Buenos Aires-Punta del Este services for the summer season. Aerolíneas Argentinas also increased frequencies on its Buenos Aires-Punta del Este route and introduced a new Córdoba-Punta del Este service, while Azul launched a new Montevideo-Belo Horizonte route, operating two weekly frequencies.

In Armenia, passenger traffic increased by 8.5% YoY, driven by the addition of new airlines and routes, as well as increased frequencies. Notably, in October 2025, Wizz Air established a new base at Yerevan's Zvartnots Airport, deploying two aircraft and launching ten new direct routes to Europe. March performance was partially impacted by disruptions related to the conflict in Iran, which led to flight cancellations and airspace restrictions across the region; however, the impact was limited.

In Ecuador, passenger traffic increased by 7.2% YoY despite ongoing public security concerns. International traffic increased by 10.6% YoY, mainly supported by higher frequencies to the United States, primarily New York, from key airlines such as American Airlines, Avianca and LATAM. Routes to Europe also contributed to international traffic growth. Domestic traffic rose by 4.8% YoY, although high airfares continued to weigh on demand.

Cargo volume increased by 1.7% YoY, mainly driven by YoY increases in Argentina and Armenia, partially offset with reductions in Italy, Uruguay, Ecuador and Brazil. Performance by country was as follows: Armenia (+26.2%), Argentina (+2.9%), Brazil (-0.9%), Ecuador (-6.8%), Uruguay (-10.1%), and Italy (-20.0%). Argentina, Brazil, and Armenia accounted for 80% of total cargo volume in the quarter.

Total aircraft movements increased by 3.5% YoY, with positive YoY contributions from all countries of operations, except Ecuador: Italy (+6.9%), Brazil (+6.2%), Armenia (+4.8%), Uruguay (+4.7%), Argentina (+3.2%), and Ecuador (-2.9%). Argentina, Brazil, and Ecuador accounted for over 80% of total aircraft movements in the quarter.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 32 of this report.

1Q26

1Q25

% Var.

Domestic Passengers (in thousands)

10,652

10,639

0.1%

International Passengers (in thousands)

8,907

7,835

13.7%

Transit Passengers (in thousands)

2,237

1,894

18.1%

Total Passengers (in thousands)

21,795

20,368

7.0%

Cargo Volume (in thousands of tons) (2)

95.2

93.7

1.7%

Total Aircraft Movements (in thousands)

213.5

206.3

3.5%

Passenger Traffic Breakdown Cargo Volume

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

Aircraft Movements

Country

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

(thousands)

(tons)

Argentina(2)

12,835

12,168

5.5%

49,133

47,753

2.9%

123,217

119,427

3.2%

Italy

1,746

1,630

7.1%

2,578

3,224

-20.0%

15,788

14,767

6.9%

Brazil

4,177

3,726

12.1%

15,135

15,277

-0.9%

36,743

34,583

6.2%

Uruguay

677

654

3.5%

7,991

8,889

-10.1%

10,374

9,911

4.7%

Ecuador (1)

1,215

1,134

7.2%

8,344

8,957

-6.8%

18,687

19,243

-2.9%

Armenia

1,145

1,055

8.5%

12,060

9,554

26.2%

8,738

8,335

4.8%

TOTAL

21,795

20,368

7.0%

95,242

93,653

1.7%

213,547

206,266

3.5%

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.

In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year comparisons, cargo volume data for March 2025 has been revised accordingly.

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.

Consolidated revenues increased by 20.1% YoY to $537.6 million. Excluding Construction Services and the impact of IAS 29, revenues rose 15.5% YoY to $477.9 million, outpacing the 7.0% growth in passenger traffic. This solid performance was supported by positive contributions across all countries of operations, with Argentina, Armenia, Brazil, Uruguay and Italy delivering double-digit revenue growth. Both commercial and aeronautical revenues contributed to the increase. Revenue growth was further supported by the appreciation of local currencies.

The following table provides a breakdown of revenue performance by country. Further details on the performance of CAAP´s countries of operations can be found on page 11.

Revenues by Segment (in US$ million)

Country 1Q26 as

1Q25 as

% Var as IAS 29 1Q26 ex 1Q25 ex % Var ex

reported

IAS 29

Argentina

310.2

268.8

15.4%

17.0

293.1

267.2

9.7%

Italy

32.6

27.1

20.5%

32.6

27.1

20.5%

Brazil

33.1

25.2

31.7%

33.1

25.2

31.7%

Uruguay

64.1

51.2

25.1%

64.1

51.2

25.1%

Armenia

67.4

48.1

40.0%

67.4

48.1

40.0%

Ecuador (1)

29.9

27.2

9.8%

29.9

27.2

9.8%

Unallocated

0.3

0.2

74.8%

0.3

0.2

74.8%

Total consolidated revenue (2)

537.6

447.8

20.1%

17.0

520.6

446.2

16.7%

Only includes Guayaquil Airport.

Excluding Construction Service revenue, 'As reported' revenues increased 15.6% in Argentina (or 10.0% ex-IAS29), 38.8% in Armenia, 16.2% in Italy, 15.2% in Uruguay, 30.9% in Brazil and 9.8% in Ecuador.

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Aeronautical Revenue

277.8

236.7

17.4%

10.1

267.7

235.3

13.8%

Non-aeronautical Revenue

259.8

211.1

23.1%

6.9

252.9

210.9

19.9%

Commercial revenue

216.2

178.7

21.0%

7.2

208.9

177.1

18.0%

Construction service revenue (1)

42.4

30.9

37.2%

-0.3

42.7

32.3

32.1%

Other revenue

1.3

1.5

-17.1%

0.0

1.3

1.5

-17.1%

Total Consolidated Revenue

537.6

447.8

20.1%

17.0

520.6

446.2

16.7%

Total Revenue excluding Construction 495.2

416.9

18.8%

17.3

477.9

413.9

15.5%

Revenue Breakdown (in US$ million)

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

Excludes Construction Service revenue.

In 1Q26, Total costs and expenses, excluding construction service costs, increased by 13.4% YoY, or 11.3% to $320.4 million when excluding the impact of IAS 29. This increase, which remained below the pace of revenue growth, was primarily driven by increased Fuel costs in Armenia, along with higher Concession fees and Salaries and social security contributions, mainly in Argentina. Higher SG&A expenses also contributed to the overall cost increase.

41.5%, or $11.9 million, in Construction Service Costs, reflecting higher capital expenditures,

60.0%, or $11.0 million, in Fuel costs, mainly in Armenia,

14.2%, or $7.9 million, in Concession fees, primarily in Argentina, and

12.1%, or $7.7 million, in Salaries and social security contributions.

These increases were partially offset by a decline of 7.0% in Office expenses. Excluding Construction Service Costs, Cost of Services increased by 13.6% YoY, or by 11.6% to $256.4 million when excluding the impact of IAS 29, primarily due to the aforementioned increases in Fuel Costs, Concession Fees, and Salaries.

1Q26 as

reported

1Q25 as

reported

% Var as

reported

IAS 29

1Q26 ex

IAS 29

1Q25 ex

IAS 29

% Var ex

IAS 29

Cost of Services

339.1

291.3

16.4%

41.9

297.2

259.9

14.4%

Salaries and social security contributions

71.1

63.4

12.1%

2.2

68.8

63.1

9.1%

Concession fees

63.6

55.8

14.2%

2.3

61.3

55.4

10.6%

Construction service cost

40.6

28.7

41.5%

-0.3

40.8

30.1

35.8%

Maintenance expenses

49.7

46.8

6.1%

1.9

47.8

46.0

3.9%

Amortization and depreciation

56.1

51.7

8.6%

35.0

21.1

20.4

3.4%

Other

58.0

45.0

28.9%

0.6

57.4

44.9

27.7%

Cost of Services Excluding Construction

Service cost

298.5

262.7

13.6%

42.2

256.4

229.8

11.6%

Selling, general and administrative expenses

64.8

54.3

19.2%

2.7

62.0

53.1

16.8%

Other expenses

2.0

5.1

-59.5%

0.0

2.0

5.0

-59.8%

Total Costs and Expenses

405.9

350.7

15.7%

44.6

361.3

318.0

13.6%

Total Costs and Expenses Excluding 365.3

322.0

13.4%

44.9

320.4

287.9

11.3%

Costs and Expenses (in US$ million)

In 1Q26, CAAP reported Adjusted EBITDA of $198.0 million and Adjusted EBITDA ex-IFRIC 12 of $196.2 million, up 26.1% from $155.6 million in 1Q25. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased by 18.7% year-over-year to $187.4 million.

This strong performance was primarily driven by a 27.5% year-over-year increase in Argentina (or 16.0% ex-IAS 29), supported by robust revenue growth on the back of solid international travel performance, combined with effective cost controls. Results were also supported by double-digit Adjusted EBITDA ex-IFRIC 12 growth in Brazil, Armenia, Ecuador and Uruguay, along with a modest increase in Italy.

Adjusted EBITDA margin ex-IFRIC 12 expanded by 2.3 percentage points to 39.6%, compared to 37.3% in 1Q25. Excluding the impact of IAS 29 in Argentina, the Adjusted EBITDA margin ex-IFRIC 12 expanded by 1.0 percentage point, from 38.2% in 1Q25 to 39.2% in 1Q26, with margin expansion across all countries of operations except Armenia and Italy. Armenia's margin contraction primarily reflected a greater contribution from the fuel business, which carries structurally lower margins than core airport operations, resulting in a dilution effect on the overall margin.

Adjusted EBITDA by Segment (in US$ million)

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Argentina

127.1

99.7

27.5%

8.8

118.3

102.0

16.0%

Italy

3.0

3.5

-16.1%

3.0

3.5

-16.1%

Brazil

13.8

9.6

43.6%

13.8

9.6

43.6%

Uruguay

26.4

22.8

15.8%

26.4

22.8

15.8%

Armenia

24.5

18.1

35.0%

24.5

18.1

35.0%

Ecuador

9.4

8.1

16.4%

9.4

8.1

16.4%

Unallocated

-6.0

-4.0

48.1%

-6.0

-4.0

48.1%

Total segment EBITDA

198.0

157.8

25.5%

8.8

189.2

160.1

18.2%

1Q26 as 1Q25 as % Var as IAS 29 1Q26 ex

1Q25 ex

% Var ex

reported

IAS 29

Income from Continuing Operations

80.4

36.2

121.9%

-12.3

92.8

54.0

71.7%

Financial Income

-16.6

-10.9

52.5%

-0.4

-16.2

-14.3

13.0%

Financial Loss

23.0

42.3

-45.6%

-36.2

59.2

77.9

-24.1%

Inflation adjustment

4.1

3.5

14.9%

4.6

-0.5

1.4

-135.5%

Income Tax Expense

47.9

32.4

47.8%

17.2

30.7

19.0

61.2%

Amortization and Depreciation

59.2

54.3

9.2%

36.0

23.3

22.1

5.4%

Adjusted EBITDA

198.0

157.8

25.5%

8.8

189.2

160.1

18.2%

Adjusted EBITDA Margin

36.8%

35.2%

159

36.3%

35.9%

Adjusted EBITDA excluding Construction Service

196.2

155.6

26.1%

8.8

187.4

157.9

18.7%

Adjusted EBITDA Margin excluding Construction 39.6%

37.3%

229

39.2%

38.2%

106

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

CAAP reported a Net financial loss of $10.5 million in 1Q26, compared with a net financial loss of $34.9 million in 1Q25. The positive YoY result was primarily driven by higher foreign exchange gains in Argentina, reflecting the impact of a real appreciation of the Argentine peso on the net monetary liability position, together with lower net interest expenses. Excluding the application of IAS 29, CAAP reported a net financial loss of

$42.5 million in 1Q26, compared with a loss of $65.0 million in the same period last year.

1Q26 as 1Q25 as % Var as IAS 29 1Q26 ex

1Q25 ex

% Var ex

reported

IAS 29

Financial Income

16.6

10.9

52.5%

0.4

16.2

14.3

13.0%

Interest income

12.3

8.6

43.5%

0.3

12.0

8.6

40.1%

Foreign exchange income

0.0

0.1

-47.4%

0.0

3.6

-99.2%

Other

4.2

2.2

90.1%

0.0

4.2

2.2

88.0%

Inflation adjustment

-4.1

-3.5

14.9%

-4.6

0.5

-1.4

-135.5%

Inflation adjustment

-4.1

-3.5

14.9%

-4.6

0.5

-1.4

-135.5%

Financial Loss

-23.0

-42.3

-45.6%

36.2

-59.2

-77.9

-24.1%

Interest Expenses

-22.4

-23.7

-5.5%

-0.7

-21.7

-23.6

-8.2%

Foreign exchange transaction expenses

38.0

10.9

249.6%

37.3

0.7

-24.9

-102.6%

Changes in liability for concessions

-31.2

-27.2

14.6%

-31.2

-27.2

14.6%

Other expenses

-7.3

-2.2

237.4%

-0

-6.9

-2.2

219.8%

Financial Loss, Net

-10.5

-34.9

-70.1%

32.0

-42.5

-65.0

-34.6%

See "Use of Non-IFRS Financial Measures" on page 22.

During 1Q26, the Company reported an Income Tax Expense of $47.9 million, compared to an expense of $32.4 million in 1Q25. Excluding the impact of IAS 29, income tax expense totaled $30.7 million in 1Q26, compared to $19.0 million in the year-ago quarter.

During 1Q26, CAAP reported net income of $80.4 million, compared to $36.2 million in 1Q25. The increase was primarily driven by a 34.0% year-over-year rise in operating income, along with higher foreign exchange gains on the net monetary liability position in Argentina, as well as lower net interest expenses, partially offset by higher Income tax expense.

In 1Q26, the Company reported Net Income Attributed to Owners of the Parent of $77.1 million and earnings per common share of $0.47, compared with Net Income Attributable to Owners of the Parent of $40.8 million in 1Q25, equivalent to earnings per common share of $0.25.

As of March 31, 2026, Cash and cash equivalents totaled $666.2 million, increasing 12.4% from the $592.8 million reported as of December 31, 2025. Total liquidity, which includes cash and cash equivalents as well as other current financial assets, increased to $772.4 million, up from

$714.8 million as of December 31, 2025.

Total debt declined 0.9%, or $9.9 million, to $1,085.3 million as of March 31, 2026, compared with $1,095.2 million as of December 31, 2025, primarily reflecting debt repayments in Argentina. A total of $779.8 million, or 71.9% of total debt is denominated in U.S. dollars, while $174.6 million, or 16.1% is denominated in Brazilian Reals, and $130.9 million, or 12.1%, is in Euros.

The Net Debt to LTM Adjusted EBITDA ratio improved to 0.5x as of March 31, 2026, from 0.7x as of December 31, 2025. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No impairments to intangible assets were recorded over the past twelve months. As a result, the net debt to LTM Adjusted EBITDA ratio excluding intangible assets also stood at 0.5x. All CAAP subsidiaries remained in full compliance with their financial covenants as of March 31, 2026.

Consolidated Debt Indicators (in US$ million)

As of Mar 31, 2026

As of Dec 31, 2025

Leverage

Total Debt / LTM Adjusted EBITDA (Times)1,3

1.3x

1.5x

Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4

0.5x

0.7x

Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5

0.5x

0.7x

Total Debt

1,085.3

1,095.2

Short-Term Debt

148.5

139.4

Long-Term Debt

936.9

955.9

Cash & Cash Equivalents

666.2

592.8

Total Net Debt3

419.1

502.5

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

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

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

LTM Adjusted EBITDA as of March 31, 2026, was $823.5 million.

LTM Adjusted EBITDA excluding impairment of intangible assets as of March 31, 2026, was $823.8 million.

Total Debt by Segment (in US$ million)

As of Mar 31, 2026

As of Dec 31, 2025

Argentina

513.7

533.5

Italy (1)

130.9

131.6

Brazil

174.6

168.0

Uruguay (2)

266.1

262.1

Armenia

Ecuador

Total

1,085.3

1,095.2

1 Of which approximately $114.0 million remain at Toscana Aeroporti level.

2 Of which approximately $260.8 million remain at ACI Airport Sudamérica SAU.

Maturity of borrowings:

1 year or less

1 - 2 years

2 - 5 years

Over 5 years

Total

Debt service (1)

223.2

195.7

682.0

316.6

1,417.5

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

Maturity of borrowings - Breakdown by segment (in USD) as of March 31, 2026:

Segment

Currency

1 year or less

1 - 2 years

2 - 5 years

Over 5 years

Total

Argentina

Principal

USD

93.6

82.0

290.1

56.4

522.1

Interest

USD

35.4

30.5

49.3

1.8

117.1

Italy

Principal

EUR

16.7

4.2

110.1

131.0

Interest

EUR

7.5

6.4

13.9

27.8

Brazil

Principal

13.2

16.5

63.3

81.0

173.9

Interest

18.2

15.3

34.6

12.0

80.1

Uruguay

Principal

USD

21.1

24.4

81.6

142.0

269.0

Interest

USD

17.6

16.4

39.1

23.4

96.5

Total

223.2

195.7

682.0

316.6

1,417.5

Cash & Cash Equivalent by Segment (in US$ million)

As of Mar 31, 2026

As of Dec 31, 2025

Argentina

90.3

68.8

Italy

20.0

34.8

Brazil (1)

99.1

83.4

Uruguay

39.2

22.5

Armenia

39.7

36.8

Ecuador

12.0

8.6

Intermediate holding Companies

366.0

337.9

Total

666.2

592.8

1 At Inframérica Concessionaria do Aeroporto de Brasilia level.

During 1Q26, CAAP made capital expenditures of $48.2 million, a 30.1% YoY increase from $37.0 million in 1Q25. Capital expenditures ex-IAS 29, amounted to $48.4 million in the quarter, with Argentina, Uruguay and Italy accounting for 48%, 23% and 16%, respectively.

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company's Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column 'IAS 29', while the columns indicated with "ex IAS 29" present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for Aeropuertos Argentina (AA), the Company's largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 1Q26.

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

OPERATING STATISTICS

Domestic Passengers (in millions) (1)

7.5

7.6

-1.6%

7.5

7.6

-1.6%

International Passengers (in millions) (1)

4.9

4.2

18.5%

4.9

4.2

18.5%

Transit Passengers (in millions) (1)

0.4

5.3%

0.4

5.3%

Total Passengers (in millions) (1)

12.8

12.2

5.5%

12.8

12.2

5.5%

Cargo Volume (in thousands of tons) (5)

49.1

47.8

2.9%

49.1

47.8

2.9%

Total Aircraft Movements (in thousands)

123.2

119.4

3.2%

123.2

119.4

3.2%

FINANCIAL HIGHLIGHTS

Aeronautical Revenue

179.6

152.6

17.7%

10.1

169.5

151.1

12.2%

Non-aeronautical revenue

130.6

116.3

12.3%

6.9

123.6

116.0

6.5%

Commercial revenue

107.8

96.0

12.3%

7.2

100.6

94.4

6.6%

Construction service revenue

22.7

20.2

12.4%

-0.3

23.0

21.6

6.4%

Total Revenue

310.2

268.8

15.4%

17.0

293.1

267.2

9.7%

Total Revenue Excluding IFRIC12(2)

287.4

248.6

15.6%

17.3

270.1

245.6

10.0%

Cost of Services

196.7

178.8

10.0%

41.9

154.9

147.4

5.1%

Selling, general and administrative expenses

33.9

28.1

20.8%

2.7

31.2

26.8

16.1%

Other expenses

0.7

4.4

-83.2%

0.0

0.7

4.4

-83.8%

Total Costs and Expenses

231.4

211.3

9.5%

44.6

186.7

178.6

4.5%

Total Costs and Expenses Excluding IFRIC12(3)

208.7

191.2

9.2%

44.9

163.8

157.1

4.3%

Adjusted Segment EBITDA

127.1

99.7

27.5%

8.8

118.3

102.0

16.0%

Adjusted Segment EBITDA Mg

41.0%

37.1%

388

40.4%

38.2%

218

Adjusted EBITDA Margin excluding IFRIC 12(4)

44.2%

40.1%

410

43.8%

41.5%

226

Capex

23.1

20.3

13.4%

-0.3

23.3

21.7

7.3%

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.

In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year comparisons, cargo volume data for March 2025 has been revised accordingly.

Salta-Florianópolis, Buenos Aires (AEP)-Cabo Frio, and Córdoba-Aruba, among others. During the Carnival period, traffic increased by 27% compared to Carnival 2025, with Brazil, Chile, and the United States ranking as the top three destinations in February.

During 1Q26, CAAP made Capital Expenditures ex-IAS29 of $23.3 million, compared to $21.7 million in 1Q25. Key investments included the golf runway platform at Ezeiza Airport (EZE), a new lighting system at Rio Grande Airport, runway perimeter lighting at EZE, Phase II of PIR at Aeroparque Jorge Newbery, completion of the international area at Iguazú Airport, and the centralized courier terminal at EZE.

1Q26

1Q25

% Var.

OPERATING STATISTICS

Domestic Passengers (in millions)

0.4

-2.6%

International Passengers (in millions)

1.4

1.2

10.3%

Transit Passengers (in millions)

n.m.

Total Passengers (in millions)

1.7

1.6

7.1%

Cargo Volume (in thousands of tons)

2.6

3.2

-20.0%

Total Aircraft Movements (in thousands)

15.8

14.8

6.9%

FINANCIAL HIGHLIGHTS

Aeronautical Revenue

14.4

11.7

22.5%

Non-aeronautical revenue

18.3

15.3

19.0%

Commercial revenue

10.2

8.8

16.8%

Construction service revenue

7.1

5.1

39.3%

Other revenue

0.9

1.5

-37.3%

Total Revenue

32.6

27.1

20.5%

Total Revenue Excluding IFRIC12(1)

25.6

22.0

16.2%

Cost of Services

28.6

23.0

24.3%

Selling, general and administrative expenses

3.3

3.1

5.1%

Other Expenses

0.8

0.0

Total Costs and Expenses

32.7

26.2

24.9%

Total Costs and Expenses Excluding IFRIC12(2)

27.1

23.2

16.8%

Adjusted Segment EBITDA

3.0

3.5

-16.1%

Adjusted Segment EBITDA Mg

9.1%

13.0%

-396

Adjusted EBITDA Margin excluding IFRIC 12(3)

5.7%

6.4%

-68

Capex

7.9

6.2

26.7%

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.

0.7 percentage points to 5.7%, mainly due to higher Salaries, Maintenance expenses and Services and Fees. Excluding IFRIC12 and other construction service-related costs, Adjusted EBITDA increased by 10% YoY.

During 1Q26, CAAP made Capital Expenditures of $7.9 million, compared to $6.2 million in 1Q25.

1Q26

1Q25

% Var.

OPERATING STATISTICS

Domestic Passengers (in millions)

2.2

2.1

5.7%

International Passengers (in millions)

0.2

7.7%

Transit Passengers (in millions)

1.8

1.4

21.8%

Total Passengers (in millions)

4.2

3.7

12.1%

Cargo Volume (in thousands of tons)

15.1

15.3

-0.9%

Total Aircraft Movements (in thousands)

36.7

34.6

6.2%

FINANCIAL HIGHLIGHTS

Aeronautical Revenue

12.4

9.2

33.6%

Non-aeronautical revenue

20.8

15.9

30.5%

Commercial revenue

20.4

15.7

29.3%

Construction service revenue

0.4

0.2

139.5%

Total Revenue

33.1

25.2

31.7%

Total Revenue Excluding IFRIC121

32.7

25.0

30.9%

Cost of Services

19.4

15.8

22.5%

Selling, general and administrative expenses

3.2

2.6

23.6%

Other expenses

0.0

627.3%

Total Costs and Expenses

22.6

18.4

22.8%

Total Costs and Expenses Excluding IFRIC122

22.2

18.2

21.6%

Adjusted Segment EBITDA

13.8

9.6

43.6%

Adjusted Segment EBITDA Mg

41.5%

38.1%

346

Adjusted EBITDA Margin excluding IFRIC123

42.1%

38.3%

374

Capex

0.7

0.6

16.0%

Excludes Construction Service revenue.

Excludes Construction Service cost.

During 1Q26, CAAP made Capital Expenditures of $0.7 million, compared to $0.6 million in 1Q25.

1Q26

1Q25

% Var.

OPERATING STATISTICS

Domestic Passengers (in millions)

n.m.

International Passengers (in millions)

0.7

0.6

4.2%

Transit Passengers (in millions)

n.m.

Total Passengers (in millions)

0.7

3.5%

Cargo Volume (in thousands of tons)

8.0

8.9

-10.1%

Total Aircraft Movements (in thousands)

10.4

9.9

4.7%

FINANCIAL HIGHLIGHTS

Aeronautical Revenue

29.1

25.8

12.7%

Non-aeronautical revenue

35.0

25.4

37.7%

Commercial revenue

24.7

20.9

18.3%

Construction service revenue

10.3

4.5

127.1%

Total Revenue

64.1

51.2

25.1%

Total Revenue Excluding IFRIC12(1)

53.8

46.7

15.2%

Cost of Services

33.2

24.2

37.1%

Selling, general and administrative expenses

6.9

6.3

9.0%

Other expenses

0.1

64.3%

Total Costs and Expenses

40.2

30.6

31.3%

Total Costs and Expenses Excluding IFRIC12(2)

29.9

26.1

14.7%

Adjusted Segment EBITDA

26.4

22.8

15.8%

Adjusted Segment EBITDA Mg

41.2%

44.5%

-332

Adjusted EBITDA Margin excluding IFRIC 12 (3)

49.0%

48.8%

Capex

11.3

7.0

62.3%

Excludes Construction Service revenue.

Excludes Construction Service cost.

In Uruguay, where air traffic is primarily international, total passenger traffic increased by 3.5% YoY, supported by additional flight frequencies to accommodate strong summer-season demand. Among other developments, GOL launched a new Montevideo-Fortaleza route and resumed its São Paulo-Punta del Este and Buenos Aires-Punta del Este services for the summer season. Aerolíneas Argentinas also increased frequencies on its Buenos Aires-Punta del Este route and introduced a new Córdoba-Punta del Este service, while Azul launched a new Montevideo-Belo Horizonte route, operating two weekly frequencies.

During 1Q26, CAAP made Capital Expenditures of $11.3 million in Uruguay, up from $7.0 million in 1Q25.

1Q26

1Q25

% Var.

OPERATING STATISTICS

Domestic Passengers (in millions)

n.m.

International Passengers (in millions)

1.1

1.0

7.1%

Transit Passengers (in millions)

n.m.

Total Passengers (in millions)

1.1

8.5%

Cargo Volume (in thousands of tons)

12.1

9.6

26.2%

Total Aircraft Movements (in thousands)

8.7

8.3

4.8%

FINANCIAL HIGHLIGHTS

Aeronautical Revenue

20.6

17.4

18.2%

Non-aeronautical revenue

46.8

30.7

52.4%

Commercial revenue

44.9

29.8

50.8%

Construction service revenue

1.9

0.9

107.1%

Total Revenue

67.4

48.1

40.0%

Total Revenue Excluding IFRIC12(1)

65.5

47.2

38.8%

Cost of Services

41.0

30.4

35.1%

Selling, general and administrative expenses

5.6

4.6

21.4%

Other expenses

0.4

0.6

-34.7%

Total Costs and Expenses

47.0

35.6

32.2%

Total Costs and Expenses Excluding IFRIC12(2)

45.4

34.7

30.9%

Adjusted Segment EBITDA

24.5

18.1

35.0%

Adjusted Segment EBITDA Mg

36.4%

37.7%

-135

Adjusted EBITDA Margin excluding IFRIC 12 (3)

37.0%

38.4%

-135

Capex

3.9

2.7

41.0%

Excludes Construction Service revenue.

Excludes Construction Service cost.

Passenger traffic in Armenia increased by 8.5% YoY, driven by the addition of new airlines and routes, as well as increased frequencies. Notably, in October 2025, Wizz Air established a new base at Yerevan's Zvartnots Airport, deploying two aircraft and launching ten new direct routes to Europe. March performance was partially impacted by disruptions related to the conflict in Iran, which led to flight cancellations and airspace restrictions across the region; however, the impact was limited.

During 1Q26, CAAP made Capital Expenditures of $3.9 million in Armenia, compared to $2.7 million in 1Q25.

1Q26

1Q25

% Var.

OPERATING STATISTICS

Domestic Passengers (in millions)

0.6

4.8%

International Passengers (in millions)

0.6

0.5

10.6%

Transit Passengers (in millions)

n.m.

Total Passengers (in millions)

1.2

1.1

7.2%

Cargo Volume (in thousands of tons)

8.3

9.0

-6.8%

Total Aircraft Movements (in thousands)

18.7

19.2

-2.9%

FINANCIAL HIGHLIGHTS

Aeronautical Revenue

21.8

19.9

9.4%

Non-aeronautical revenue

8.1

7.3

10.9%

Commercial revenue

8.1

7.3

10.9%

Construction service revenue

0.0

Total Revenue

29.9

27.2

9.8%

Total Revenue Excluding IFRIC12(1)

29.9

27.2

9.8%

Cost of Services

17.0

16.3

4.5%

Selling, general and administrative expenses

4.5

3.8

17.7%

Other expenses

0.0

-60.5%

Total Costs and Expenses

21.5

20.1

7.0%

Total Costs and Expenses Excluding IFRIC12(2)

21.5

20.1

7.0%

Adjusted Segment EBITDA

9.4

8.1

16.4%

Adjusted Segment EBITDA Mg

31.5%

29.7%

179

Adjusted EBITDA Margin excluding IFRIC 12(3)

31.5%

29.7%

179

Capex

1.4

0.2

676%

Excludes Construction Service revenue.

Excludes Construction Service cost.

During 1Q26, CAAP made Capital Expenditures of $1.4 million in Ecuador, compared to $0.2 million in 1Q25.

On May 13, 2026, Corporación América Airports held its annual general meeting of shareholders in Luxembourg. The Company's shareholders

approved and adopted all matters submitted to them at the Meeting.

For further information on subsequent events, please refer to Note 20 of the Company's Financial Statements, filed with the SEC on Form 6-K.

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 ("AA2000"), the Company's largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 1Q26, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29".

With the assistance of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the necessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner.

When: 10:00 a.m. Eastern Time, May 13, 2026

Who: Mr. Martín Eurnekian, Chief Executive Officer Mr. Jorge Arruda, Chief Financial Officer

Mr. Patricio Iñaki Esnaola, Head of Investor Relations

Dial-in: 1-646-307-1963 (North America, International Toll Free); 1-800-715-9871 (North America, Toll Free); Conference ID: 1462327

Webcast: CAAP 1Q26 Earnings Conference Call

Replay: 1-800-770-2030 (North America, Toll Free); 1-609-800-9909 (US Toll); Playback Passcode: 1462327 #

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

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).

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2025, Corporación América Airports served 86.7 million passengers, 9.8% above the 79.0 million passengers served in 2024. The Company is listed on the New York Stock Exchange where it trades under the ticker "CAAP". For more information, visit http://investors.corporacionamericaairports.com

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

Email: [email protected] Phone: +5411 4899-6716

-- Operational & Financial Tables Follow -

Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement

1Q26

1Q25

% Var.

Argentina

Domestic Passengers (in millions)

7.5

7.6

-1.6%

International Passengers (in millions)

4.9

4.2

18.5%

Transit passengers (in millions)

0.4

5.3%

Total passengers (in millions)

12.8

12.2

5.5%

Cargo volume (in thousands of tons) (2)

49.1

47.8

2.9%

Aircraft movements (in thousands)

123.2

119.4

3.2%

Italy

Domestic Passengers (in millions)

0.4

-2.6%

International Passengers (in millions)

1.4

1.2

10.3%

Transit passengers (in millions)

n.m.

Total passengers (in millions)

1.7

1.6

7.1%

Cargo volume (in thousands of tons)

2.6

3.2

-20.0%

Aircraft movements (in thousands)

15.8

14.8

6.9%

Brazil

Domestic Passengers (in millions)

2.2

2.1

5.7%

International Passengers (in millions)

0.2

7.7%

Transit passengers (in millions)

1.8

1.4

21.8%

Total passengers (in millions)

4.2

3.7

12.1%

Cargo volume (in thousands of tons)

15.1

15.3

-0.9%

Aircraft movements (in thousands)

36.7

34.6

6.2%

Uruguay

Domestic Passengers (in millions)

n.m.

International Passengers (in millions)

0.7

0.6

4.2%

Transit passengers (in millions)

n.m.

Total passengers (in millions)

0.7

3.5%

Cargo volume (in thousands of tons)

8.0

8.9

-10.1%

Aircraft movements (in thousands)

10.4

9.9

4.7%

Ecuador(1)

Domestic Passengers (in millions)

0.6

4.8%

International Passengers (in millions)

0.6

0.5

10.6%

Transit passengers (in millions)

0.0

-18.5%

Total passengers (in millions)

1.2

1.1

7.2%

Cargo volume (in thousands of tons)

8.3

9.0

-6.8%

Aircraft movements (in thousands)

18.7

19.2

-2.9%

Armenia

Domestic Passengers (in millions)

n.m.

International Passengers (in millions)

1.1

1.0

7.1%

Transit passengers (in millions)

n.m.

Total passengers (in millions)

1.1

8.5%

Cargo volume (in thousands of tons)

12.1

9.6

26.2%

1Q26

1Q25

% Var.

Aircraft movements (in thousands)

8.7

8.3

4.8%

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

In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year comparisons, cargo volume data for March 2025 has been revised accordingly.

Foreign Exchange Rate

Country

1Q26

1Q25

1Q26

1Q25

4Q25

4Q24

4Q25

4Q24

Avg

EoP

Avg

EoP

Argentine Peso

1,419.2

1,056.3

1,382.0

1,074.0

1,436.5

1,000.3

1,455.0

1,032.0

Euro

1.2

1.1

1.2

1.1

1.2

1.0

Brazilian Real

5.3

5.9

5.2

5.7

5.4

5.8

5.5

6.2

Uruguayan Peso

39.1

43.0

40.3

42.1

39.7

42.3

39.1

44.0

Amounts provided by units of local currency per US dollar

Aeronautical Breakdown (in US$ million)

1Q26 as reported

1Q25 as reported

% Var as IAS 29 1Q26 ex 1Q25 ex % Var ex reported IAS 29 IAS 29 IAS 29

Aeronautical Revenue

277.8

236.7

17.4% 10.1 267.7 235.3 13.8%

Passenger use fees

240.4

205.4

17.0%

9.1

231.2

204.1

13.3%

Aircraft fees

38.4

30.9

24.3%

1.0

37.5

30.8

21.7%

Other

-1.0

0.3

-392.6%

-1.0

0.3

-392.6%

Commercial Revenue Breakdown (in US$ million)

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Commercial revenue

216.2

178.7

21.0%

7.2

208.9

177.1

18.0%

Warehouse use fees

54.8

47.3

15.8%

2.4

52.4

47.0

11.5%

Duty free shops

22.0

20.3

8.4%

0.7

21.3

20.2

5.6%

Rental of space (including hangars)

12.6

10.6

18.8%

0.3

12.3

10.6

16.4%

Parking facilities

14.9

14.2

5.1%

0.5

14.4

14.1

1.9%

Fuel

37.6

24.2

55.8%

0.1

37.5

24.1

55.3%

Food and beverage services

9.5

7.8

22.5%

0.3

9.2

7.7

20.2%

Advertising

10.0

7.6

32.0%

0.8

9.2

7.2

26.9%

Services and retail stores

4.1

4.4

-7.8%

0.1

4.0

4.4

-9.4%

Catering

4.4

4.0

10.7%

0.2

4.2

3.9

6.4%

VIP lounges

19.6

16.6

18.2%

0.7

18.9

16.3

15.8%

Walkway services

2.4

2.3

3.7%

0.1

2.3

0.4%

Other

24.2

19.5

24.1%

0.9

23.3

19.2

20.9%

Total Expenses Breakdown (in US$ million)

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Cost of services

339.1

291.3

16.4%

41.9

297.2

259.9

14.4%

SG&A

64.8

54.3

19.2%

2.7

62.0

53.1

16.8%

Financial loss

23.0

42.3

-45.6%

-36.2

59.2

77.9

-24.1%

Inflation adjustment

4.1

3.5

14.9%

4.6

-0.5

1.4

-135.5%

Other expenses

2.0

5.1

-59.5%

0.0

2.0

5.0

-59.8%

Income tax expense

47.9

32.4

47.8%

17.2

30.7

19.0

61.2%

Total expenses

480.8

428.9

12.1%

30.2

450.6

416.4

8.2%

Cost of Services (in US$ million)

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Cost of Services

339.1

291.3

16.4%

41.9

297.2

259.9

14.4%

Salaries and social security contributions

71.1

63.4

12.1%

2.2

68.8

63.1

9.1%

Concession fees

63.6

55.8

14.2%

2.3

61.3

55.4

10.6%

Construction service cost

40.6

28.7

41.5%

-0.3

40.8

30.1

35.8%

Maintenance expenses

49.7

46.8

6.1%

1.9

47.8

46.0

3.9%

Amortization and depreciation

56.1

51.7

8.6%

35.0

21.1

20.4

3.4%

Services and fees

17.0

16.9

0.7%

0.3

16.7

16.8

-0.9%

Cost of fuel

29.3

18.3

60.0%

29.3

18.3

60.0%

Taxes

1.6

1.3

17.8%

0.1

1.5

1.3

12.7%

Office expenses

3.6

3.8

-7.0%

0.2

3.4

3.8

-11.1%

Others

6.6

4.6

41.4%

0.1

6.5

4.6

40.0%

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

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

SG&A

64.8

54.3

19.2%

2.7

62.0

53.1

16.8%

Taxes

19.1

16.9

13.1%

0.9

18.3

16.8

8.8%

Salaries and social security contributions

18.3

13.5

36.1%

0.6

17.8

13.4

32.8%

Services and fees

14.8

11.8

24.6%

0.1

14.7

11.8

24.1%

Office expenses

3.0

2.5

18.6%

0.1

2.9

2.5

15.3%

Amortization and depreciation

3.1

2.6

20.4%

1.0

2.2

1.7

29.7%

Maintenance expenses

1.8

1.1

60.8%

0.0

1.7

1.1

62.4%

Advertising

1.4

0.7

103.0%

0.0

1.4

0.7

96.4%

Insurances

0.8

1.0

-11.6%

0.0

0.8

0.9

-14.0%

Bad debts recovery

-2.1

-1.1

97.2%

-0.1

-2.0

-1.1

85.7%

Bad debts

2.5

2.6

-4.3%

0.1

2.4

2.6

-10.2%

Others

2.0

2.7

-24.5%

0.0

2.0

2.7

-25.6%

Expenses by Segment (in US$ million)

Country

1Q26 as reported

1Q25 as reported

% Var as reported

IAS 29

1Q26 ex IAS 29

1Q25 ex IAS 29

% Var ex IAS 29

Argentina

231.4

211.3

9.5%

44.6

186.7

178.6

4.5%

Italy

32.7

26.2

24.9%

32.7

26.2

24.9%

Brazil

22.6

18.4

22.8%

22.6

18.4

22.8%

Uruguay

40.2

30.6

31.3%

40.2

30.6

31.3%

Armenia

47.0

35.6

32.2%

47.0

35.6

32.2%

Ecuador

21.5

20.1

7.0%

21.5

20.1

7.0%

Unallocated

10.5

8.5

22.9%

10.5

8.5

22.9%

Total consolidated expenses (1) (2)

405.9

350.7

15.7%

44.6

361.3

318.0

13.6%

Excludes income tax and financial loss

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

% Ownership by Concession

Aeropuertos Argentina 2000

Argentina

84.8%

Neuquén

Argentina

77.7%

Bahía Blanca

Argentina

85.0%

Toscana Aeroporti (Florence and Pisa airports)

Italy

62.3%

ICAB (Brasilia Airport)

Brazil

51.0%

Puerta del Sur (Carrasco Airport)

Uruguay

100.0%

CAISA (Punta del Este Airport)

Uruguay

100.0%

AIA (Armenian airports)

Armenia

100.0%

TAGSA (Guayaquil Airport)

Ecuador

50.0%

ECOGAL (Galápagos Airport)

Ecuador

99.9%

Selected Income Statement Data (in US$ million)

1Q26

1Q25

% Var.

Argentina

Total Revenue

310.2

268.8

15.4%

Total Revenue Excluding IFRIC12(1)

287.4

248.6

15.6%

Operating Income

86.0

63.6

35.1%

Net Income

88.0

40.4

117.9%

Adjusted Segment EBITDA

127.1

99.7

27.5%

Adjusted Segment EBITDA Mg

41.0%

37.1%

388

Adjusted EBITDA Margin excluding IFRIC

44.2%

40.1%

410

Italy

Total Revenue

32.6

27.1

20.5%

Total Revenue Excluding IFRIC12(1)

25.6

22.0

16.2%

Operating Income

0.0

0.9

-103.6%

Net Income

-1.6

-1.2

34.0%

Adjusted Segment EBITDA

3.0

3.5

-16.1%

Adjusted Segment EBITDA Mg

9.1%

13.0%

-396

Adjusted EBITDA Margin excluding IFRIC

5.7%

6.4%

-68

Brazil

Total Revenue

33.1

25.2

31.7%

Total Revenue Excluding IFRIC12(1)

32.7

25.0

30.9%

Operating Income

10.6

6.9

0.5

Net Income

-23.4

-24.0

0.0

Adjusted Segment EBITDA

13.8

9.6

0.4

Adjusted Segment EBITDA Mg

41.5%

38.1%

373

Adjusted EBITDA Margin excluding IFRIC

42.1%

38.3%

373

Uruguay

Total Revenue

64.1

51.2

25.1%

Total Revenue Excluding IFRIC12(1)

53.8

46.7

15.2%

Operating Income

23.0

20.0

15.3%

Net Income

21.0

20.0

5.2%

Adjusted Segment EBITDA

26.4

22.8

15.8%

1Q26

1Q25

% Var.

Adjusted Segment EBITDA Mg

41.2%

44.5%

-332

Adjusted EBITDA Margin excluding IFRIC

49.0%

48.8%

Ecuador

Total Revenue

29.9

27.2

9.8%

Total Revenue Excluding IFRIC12(1)

29.9

27.2

9.8%

Operating Income

7.5

6.3

18.9%

Net Income

5.8

-1.1%

Adjusted Segment EBITDA

9.4

8.1

16.4%

Adjusted Segment EBITDA Mg

31.5%

29.7%

179

Adjusted EBITDA Margin excluding IFRIC

31.5%

29.7%

179

Armenia

Total Revenue

67.4

48.1

40.0%

Total Revenue Excluding IFRIC12(1)

65.5

47.2

38.8%

Operating Income

20.8

12.7

64.3%

Net Income

15.8

10.0

57.1%

Adjusted Segment EBITDA

24.5

18.1

35.0%

Adjusted Segment EBITDA Mg

36.4%

37.7%

-135

Adjusted EBITDA Margin excluding IFRIC

37.0%

38.4%

-135

Unallocated

Total revenue

0.3

0.2

74.8%

Operating Income

-8.3

-6.3

32.1%

Net Income

-25.2

-14.8

70.4%

Adjusted segment EBITDA

-6.0

-4.0

48.1%

Adjusted Segment EBITDA Mg

N/A

Excludes Construction Service revenue.

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

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.

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2026 vs. 2025)

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

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25 % Var.

1Q26

1Q25

% Var.

Argentina

Aeroparque

2,712

2,863

-5.3%

1,466

1,249

17.3%

313

304

3.1%

4,491

4,416

1.7%

u.r.

406 u.r.

34,570

35,250

-1.9%

Bariloche

586

635

-7.7%

-23.3%

604

659

-8.3%

- -

4,608

5,202

-11.4%

Catamarca

12.6%

15.7%

- -

707

620

14.0%

C. Rivadavia

123

141

-12.6%

123

141

-12.6%

u.r.

92 u.r.

1,582

1,644

-3.8%

Córdoba

589

566

4.0%

417

234

78.2%

1,007

801

25.7%

u.r.

200 u.r.

8,157

6,930

17.7%

El Palomar

- -

381

854

-55.4%

Esquel

-9.0%

- -

1,402

956

46.7%

Ezeiza

1,000

898

11.3%

2,780

2,463

12.8%

13.3%

3,853

3,426

12.4%

u.r.

47,899 u.r.

23,859

20,912

14.1%

Formosa

3.9%

u.r.

17 u.r.

333

320

4.1%

General Pico

- -

597

536

11.4%

Iguazú

441

469

-6.1%

445

470

-5.3%

- -

3,211

2,438

31.7%

Jujuy

115

126

-9.1%

116

127

-8.9%

u.r.

19 u.r.

1,094

1,991

-45.1%

La Rioja

9.3%

13.6%

u.r.

- u.r.

417

635

-34.3%

Malargüe

- -

165

-76.4%

Mar del Plata

105

-10.6%

106

-10.2%

u.r.

39 u.r.

2,051

2,138

-4.1%

Mendoza

425

451

-5.8%

194

179

8.3%

18.5%

633

642

-1.4%

u.r.

481 u.r.

5,152

5,702

-9.6%

Paraná

-17.5%

-17.4%

- -

616

659

-6.5%

Posadas

-1.1%

u.r.

43 u.r.

967

975

-0.8%

Pto Madryn

3.6%

u.r.

8 u.r.

416

356

16.9%

Reconquista

- -

685

521

31.5%

Resistencia

69.1%

68.4%

u.r.

69 u.r.

737

656

12.3%

Río Cuarto

82.3%

u.r.

1 u.r.

194

163

19.0%

Río Gallegos

-29.9%

-18.1%

-29.6%

u.r.

42 u.r.

820

862

-4.9%

Río Grande

-96.3%

u.r.

362 u.r.

779

-96.7%

Salta

344

336

2.4%

65.5%

381

358

6.3%

u.r.

94 u.r.

4,574

4,224

8.3%

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

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25 % Var.

1Q26

1Q25

% Var.

San Fernando

- -

14,612

12,706

15.0%

San Juan

8.5%

- -

545

569

-4.2%

San Luis

7.3%

u.r.

10 u.r.

279

406

-31.3%

San Rafael

-1.2%

- -

1,623

2,125

-23.6%

Santa Rosa

-11.9%

-12.7%

u.r.

14 u.r.

702

624

12.5%

Santiago del Estero

-13.3%

-13.6%

u.r.

17 u.r.

940

898

4.7%

Tucumán

231

191

21.0%

947.2%

260

194

34.5%

u.r.

104 u.r.

2,186

1,924

13.6%

Viedma

4.6%

4.5%

- -

304

213

42.7%

Villa Mercedes

- -

144

204

-29.4%

Termas de Río Hondo

-44.1%

-44.7%

- -

162

-52.5%

Bahía Blanca

10.5%

11.9%

u.r.

56 u.r.

848

787

7.8%

Neuquén

326

303

7.4%

-3.7%

331

308

7.3%

u.r.

75 u.r.

3,762

3,321

13.3%

Total Argentina 1

7,479

7,603

-1.6%

4,945

4,174

18.5%

411

391

5.3%

12,835

12,168

5.5%

49,133

47,753 2.9%

123,217

119,427

3.2%

Italy

Pisa

297

296

0.5%

726

661

9.8%

1,023

957

7.0%

2,546

3,209 -20.7%

7,497

7,077

5.9%

Florence

106

-11.1%

628

567

10.8%

722

673

7.3%

15 119.0%

8,291

7,690

7.8%

Total Italy

391

401

-2.6%

1,354

1,228

10.3%

1,746

1,630

7.1%

2,578

3,224 -20.0%

15,788

14,767

6.9%

Brazil

Brasilia

2,178

2,060

5.7%

235

218

7.7%

1,764

1,448

21.8%

4,177

3,726

12.1%

15,135

15,277 -0.9%

36,743

34,583

6.2%

Total Brazil

2,178

2,060

5.7%

235

218

7.7%

1,764

1,448

21.8%

4,177

3,726

12.1%

15,135

15,277 -0.9%

36,743

34,583

6.2%

Uruguay

Carrasco

594

562

5.7%

-39.1%

605

577

4.8%

7,991

8,889 -10.1%

5,712

5,681

0.5%

Punta del Este

-6.5%

-6.4%

- -

4,662

4,230

10.2%

Total Uruguay

666

639

4.2%

-39.1%

677

654

3.5%

7,991

8,889 -10.1%

10,374

9,911

4.7%

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

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

1Q26

1Q25

% Var.

Ecuador

Guayaquil

459

441

4.2%

596

539

10.6%

-18.5%

1,073

1,001

7.2%

7,035

7,663

-8.2%

17,089

17,652

-3.2%

Galápagos

142

133

7.1%

142

133

7.1%

1,309

1,294

1.2%

1,598

1,591

0.4%

Total Ecuador

601

574

4.8%

596

539

10.6%

-18.5%

1,215

1,134

7.2%

8,344

8,957

-6.8%

18,687

19,243

-2.9%

Armenia

Zvartnots

1,083

1,008

7.4%

86.5%

1,118

1,027

8.8%

12,060

9,554

26.2%

8,556

8,163

4.8%

Shirak

-3.0%

182

172

5.8%

Total Armenia

1,111

1,037

7.1%

86.5%

1,145

1,055

8.5%

12,060

9,554

26.2%

8,738

8,335

4.8%

Total CAAP

10,652

10,639

8,907

7,835

14%

2,237

1,894

18%

21,795

20,368

u.r.

95,947

u.r.

213,547

206,266

1 In Argentina, Cargo volume data for March 2026 remains under review. To ensure consistency in year-over-year comparisons, cargo volume data for March 2025 has been revised accordingly.

Income Statement (in US$ thousands)

1Q26

1Q25

% Var.

Continuing operations

Revenue

537,624

447,818

20.1%

Cost of services

-339,070

-291,334

16.4%

Gross profit

198,554

156,484

26.9%

Selling, general and administrative expenses

-64,782

-54,333

19.2%

Other operating income

7,742

6,951

11.4%

Other operating expenses

-2,048

-5,054

-59.5%

Operating income

139,466

104,048

34.0%

Share of loss in associates

-708

-495

43.0%

Income before financial results and income tax

138,758

103,553

34.0%

Financial income

16,584

10,873

52.5%

Financial loss

-22,965

-42,254

-45.7%

Inflation adjustment

-4,074

-3,544

15.0%

Income before income tax

128,303

68,628

87.0%

Income tax

-47,863

-32,382

47.8%

Income for the period

80,440

36,246

121.9%

Attributable to:

Owners of the parent

77,054

40,772

89.0%

Non-controlling interest

3,386

-4,526

-174.8%

Balance Sheet (in US$ thousands)

Mar 31, 2026

Dec 31, 2025

ASSETS

Non-current assets

Intangible assets, net

3,408,858

3,137,980

Property, plant and equipment, net

82,074

86,116

Right-of-use asset

8,146

8,933

Investments in associates

42,217

43,344

Other financial assets at fair value through profit or loss

12,155

5,413

Other financial assets at amortized cost

105,022

108,896

Deferred tax assets

15,484

12,638

Inventories

306

294

Other receivables

65,533

60,010

Trade receivables

Total non-current assets

3,739,797

3,463,635

Current assets

Inventories

17,425

14,735

Other financial assets at fair value through profit or loss

5,568

2,451

Other financial assets at amortized cost

100,587

119,633

Other receivables

69,528

66,594

Current tax assets

3,149

10,989

Trade receivables

186,459

177,744

Cash and cash equivalents

666,227

592,759

Total

1,048,943

984,905

Assets classified as held for sale

137

Total current assets

1,049,080

985,042

Total assets

4,788,877

4,448,677

EQUITY

Share capital

165,219

Share premium

221,434

Treasury shares

(3,918)

Free distributable reserve

378,910

Non-distributable reserve

1,358,028

Currency translation adjustment

(36,275)

(175,542)

Legal reserves

10,017

Other reserves

(1,330,244)

(1,332,210)

Retained earnings

1,041,695

964,641

Total attributable to owners of the parent

1,804,866

1,586,579

Non-controlling interests

76,635

74,169

Total equity

1,881,501

1,660,748

LIABILITIES

Non-current liabilities

Borrowings

936,896

955,856

Derivative financial instruments liabilities

350

1,223

Deferred tax liabilities

461,598

400,582

Mar 31, 2026

Dec 31, 2025

Other liabilities

752,389

693,493

Non-current tax liabilities

1,636

Lease liabilities

5,106

5,406

Trade payables

1,166

1,219

Total non-current liabilities

2,159,141

2,059,415

Current liabilities

Borrowings

148,452

139,362

Other liabilities

447,784

428,947

Lease liabilities

3,415

4,326

Derivative financial instruments liabilities

656

934

Current tax liabilities

31,359

23,789

Trade payables

116,569

131,156

Total current liabilities

748,235

728,514

Total liabilities

2,907,376

2,787,929

Total equity and liabilities

4,788,877

4,448,677

Statement of Cash Flow (in US$ thousands)

Mar 31, 2026

Mar 31, 2025

Cash flows from operating activities

Income for the period from continuing operations

80,440

36,246

Adjustments for:

Amortization and depreciation

64,999

59,236

Deferred income tax

11,683

23,371

Current income tax

36,180

9,011

Share of loss in associates

708

495

Loss on disposals of property, plant and equipment

299

Low value, short term and variable lease payments

(471)

(775)

Share based compensation expenses

1,409

264

Interest expenses

22,402

23,703

Other financial results, net

(1,460)

(4,088)

Net foreign exchange

(38,005)

(10,919)

Other accruals

(1,452)

1,986

Inflation adjustment

(6,267)

(3,369)

Acquisition of intangible assets

(49,165)

(33,972)

Income tax paid

(16,434)

(9,025)

Unpaid concession fees

28,473

25,864

Changes in liability for concessions

31,205

27,239

Changes in working capital

(61,929)

(65,288)

Net cash provided by operating activities

102,335

80,278

Cash flows from investing activities

Cash contribution in associates

(74)

Acquisition of other financial assets

(83,303)

(45,821)

Disposals of other financial assets

94,716

44,525

Acquisition of Property, plant and equipment

(2,907)

(2,247)

Acquisition of Intangible assets

(424)

(282)

Proceeds from sale of Property, plant and Equipment

Others

2,357

309

Net cash provided by/(used in) investing activities

10,457

(3,564)

Cash flows from financing activities

Loans obtained

233

Guarantee deposits

(763)

(219)

Principal elements of lease payments

(1,400)

(1,014)

Loans repaid

(26,495)

(43,964)

Interest paid

(14,030)

(14,706)

Dividends paid to non-controlling interests in subsidiaries

(11,953)

Net cash used in financing activities

(42,455)

(71,761)

Increase in cash and cash equivalents from continuing operations

70,337

4,953

Movements in cash and cash equivalents

At the beginning of the period

592,759

439,847

Effect of exchange rate changes and inflation adjustment on cash and cash equivalents

3,131

3,818

Increase in cash and cash equivalents from continuing operations

70,337

4,953

At the end of the period

666,227

448,618

of 38

Disclaimer

Corporacion America Airports SA published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 12:37 UTC.