# EDGAR Filing Document

**Accession Number:** 0001717393
**File Stem:** 0001104659-26-028980
**Filing Date:** 2026-3
**Character Count:** 190616
**Document Hash:** 3421f069665c0397b3f8ea7787875432
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-028980.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001104659-26-028980

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260317

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CORPORACION AMERICA AIRPORTS S.A.
- **CENTRAL INDEX KEY:** 0001717393
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38354
- **FILM NUMBER:** 26759093

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 128 BOULEVARD DE LA PETRUSSE
- **CITY:** LUXEMBOURG
- **PROVINCE COUNTRY:** N4
- **ZIP:** 2330
- **BUSINESS PHONE:** 352-26258274

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 128 BOULEVARD DE LA PETRUSSE
- **CITY:** LUXEMBOURG
- **PROVINCE COUNTRY:** N4
- **ZIP:** 2330

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20546**

**FORM 6-K**

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of March, 2026

Commission File Number: 333-221916

**Corporación América Airports S.A.**

(Name of Registrant)

**128, Boulevard de la Pétrusse<br> L-2330 Luxembourg<br> Tel: +35226258274**<br> (Address of Principal Executive Office)

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

Form 20-F ⌧ Form 40-F ◻

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

**Note**: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

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

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

**SIGNATURES**

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

Date: March 17, 2026

---

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

---

**Exhibit Index**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](tm268957d1_ex99-1.htm) | [Press release dated March 17, 2026 - Corporación América Airports S.A. Reports Fourth Quarter 2025 Results.](tm268957d1_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm268957d1_ex99-1img001.jpg)

**CORPORACION AMERICA AIRPORTS REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS** 

Solid traffic performance supported by record highs in Argentina, Armenia, Italy and Uruguay

Achieved double-digit YoY growth in Adjusted EBITDA ex-IFRIC with margin expanding 4.6pp, ex-one-off impacts

Maintained robust liquidity with $593 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.7x

**Luxembourg, March 17, 2026— Corporación América Airports S.A. (NYSE: CAAP)**, ("CAAP" or the "Company") one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended December 31, 2025, and audited results for the full year 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ("IASB").

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

**Fourth Quarter 2025 Highlights**

▪ Consolidated Revenues ex-IFRIC12 reached $464.8 million, up 17.3% year-over-year (YoY), driven by increases
of 17.4% and 16.3% in Aeronautical and Commercial revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased
16.7% YoY to $461.0 million.

▪ Key operating metrics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 9.1% increase in passenger traffic to 22.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 1.0% decrease in cargo volume to 117.1 thousand tons.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 5.6% increase in aircraft movements to 225.5 thousand.

▪ Operating Income of $128.0 million, compared with $108.4 million in 4Q24.

▪ Adjusted EBITDA ex-IFRIC12 increased 39.8% to $210.7 million, from $150.8 million in the year-ago
period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 38.6% to $208.5 million. Excluding one-offs in 4Q24 and 4Q25,
Adjusted EBITDA ex-IFRIC12 rose 33.3%.

▪ Adjusted EBITDA margin ex-IFRIC12 expanded 7.3 percentage points to 45.3% from 38.0% in 4Q24. Adjusting
for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 45.2% from 38.1% in the prior-year quarter. Excluding one-offs, Adjusted
EBITDA margin ex-IFRIC12 expanded by 4.6 percentage points.

▪ Maintained strong liquidity position with $592.8 million in Cash & Cash
equivalents as of December 31, 2025.

▪ Net debt to LTM Adjusted EBITDA of 0.7x as of December 31, 2025, reflecting continued financial discipline
and solid Adjusted EBITDA growth.

**Full Year 2025 Highlights**

▪ Consolidated Revenues ex-IFRIC12 increased 8.4% YoY to $1,756.4 million, reflecting increases of 10.1%
and 6.6% in Commercial and Aeronautical Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 16.5%
YoY to $1,788.5 million.

▪ Key operating metrics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 9.8% increase in passenger traffic to 86.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 1.4% increase in cargo volume to 403.7 thousand tons.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 6.4% increase in aircraft movements to 876.4 thousand.

▪ Operating Income of $488.3 million, compared with $447.3 million in 2024.

▪ Adjusted EBITDA ex-IFRIC12 increased 15.0% to $715.5 million, from $622.2 million in 2024. Excluding
the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 25.6% to $730.0 million. Excluding one-offs in 4Q24 and 4Q25, Adjusted EBITDA
ex-IFRIC12 rose 12.9%.

▪ Adjusted EBITDA margin ex-IFRIC12 expanded 2.3 percentage points to 40.7% from 38.4% in 2024. Adjusting
for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 40.8% from 37.9% in the prior year. Excluding one-offs, Adjusted EBITDA
margin ex-IFRIC12 expanded by 1.5 percentage points.

▪ Maintained strong liquidity position with $592.8 million in Cash & Cash
equivalents as of December 31, 2025.

▪ Net debt to LTM Adjusted EBITDA of 0.7x as of December 31, 2025, reflecting continued financial discipline
and solid Adjusted EBITDA growth.

Page **1** of **45**

**CEO Message**

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: *"We closed the year with a very strong fourth quarter, achieving record traffic for both the quarter and the full year, supported by broad-based growth across our network. Passenger traffic increased 9% year-over-year in the quarter, reaching full-year record levels in Argentina, Armenia, Italy and Uruguay, reflecting resilient demand and continued connectivity expansion. Revenue increased 17% year-over-year excluding construction services, once again outpacing traffic growth and driven by solid performance across both aeronautical and commercial revenues. This translated into meaningful operating leverage. Adjusted EBITDA excluding IFRIC 12 increased nearly 40% year-over-year, with reported margins expanding by more than 7 percentage points. Even excluding one-off impacts in both periods, Adjusted EBITDA margin improved 4.6 percentage points year-over-year, underscoring the structural improvement in our profitability profile.*

 

*Argentina delivered an outstanding performance, supported by double-digit international traffic growth and disciplined cost management, while Armenia continued to benefit from expanded connectivity and commercial initiatives. Across the portfolio, revenue per passenger and commercial execution remain central to strengthening the quality and resilience of our business.*

 

*We ended the year with one of the strongest balance sheets in our history. Net leverage declined to 0.7x, supported by Adjusted EBITDA growth, disciplined capital allocation and cash generation. Our liquidity position provides flexibility to fund committed investments and take advantage of future growth opportunities, while preserving financial discipline.*

 

*Strategically, recent developments further enhance the long-term visibility of our platform. In November, we signed an award agreement with the Government of Iraq to operate Baghdad International Airport, and in December, we were awarded the concession to operate Luanda's new international airport in Angola, both of which offer attractive long-term growth fundamentals. On January 23, 2026, we secured an important milestone in Armenia, where our subsidiary entered into an amendment agreement with the Government of the Republic of Armenia. This amendment includes extending the concession by 35 years through 2067, committing to a $425 million investment program and establishing a clear investment and tariff framework, which created significant value. Shortly thereafter, on January 27, 2026, we executed an addendum to the Galápagos concession in Ecuador, rebalancing the agreement, restoring economic equilibrium and extending its term by six years. In addition, in January, Sociedad Aeroportuaria Kuntur Wasi S.A. received the payment related to the ICSID final arbitration award for the Chinchero concession in Peru, which had a positive impact of $32.5 million on our EBITDA in 4Q25. This outcome resolves a long-standing process and reinforces our commitment to defending our contractual rights while further strengthening our financial position.*

 

*As we enter 2026, our focus remains on disciplined execution and value creation, balancing traffic growth, commercial optimization, prudent capital investment and financial strength across our global network. We are also closely monitoring the evolving geopolitical situation in the Middle East and remain attentive to any potential implications for our operations and international travel."*

 

Page **2** of **45**

 

**Operating & Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29<br> 4Q25** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Passenger Traffic (Million Passengers)** | **22.3** | **20.5** | **9.1%** |  | **22.3** | **20.5** | **9.1%** |
| **Revenue** | **545.4** | **461.1** | **18.3%** | **1.3** | **544.1** | **461.6** | **17.9%** |
| Aeronautical Revenues | 248.4 | 211.6 | 17.4% | 1.7 | 246.7 | 212.7 | 16.0% |
| Non-Aeronautical Revenues | 297.0 | 249.5 | 19.0% | -0.5 | 297.5 | 248.9 | 19.5% |
| **Revenue excluding construction service** | **464.8** | **396.2** | **17.3%** | **3.8** | **461.0** | **395.2** | **16.7%** |
| **Operating Income / (Loss)** | **128.0** | **108.4** | **18.1%** | **-27.9** | **156.0** | **134.7** | **15.7%** |
| Operating Margin | 23.5% | 23.5% | *-4* | 0.0% | 28.6% | 29.2% | *-53* |
| **Net Income Attributable to Owners of the Parent** | **106.3** | **34.4** | **208.7%** | **-76.3** | **182.6** | **21.3** | **757.0%** |
| Basic EPS (US$) | 0.65 | 0.21 | 204.8% | -0.47 | 1.12 | 0.13 | 746.3% |
| **Adjusted EBITDA** | **215.0** | **155.4** | **38.3%** | **2.2** | **212.8** | **155.1** | **37.2%** |
| Adjusted EBITDA Margin | 39.4% | 33.7% | *5.7pp* | - | 39.1% | 33.6% | *5.5pp* |
| Adjusted EBITDA Margin excluding Construction Service | 45.3% | 38.0% | *7.3pp* | - | 45.2% | 38.1% | *7.1pp* |
| **Net Debt to LTM Adjusted EBITDA** | **0.7x** | **1.1x** | - | - | - | - | - |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(1)</sup>** | **0.7x** | **1.1x** | - | - | - | - | - |

---

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

**Operating & Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as<br> reported** | **2024 as<br> reported** | **% Var as<br> reported** | **IAS 29<br> 2025** | **2025 ex<br> IAS 29** | **2024 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Passenger Traffic (Million Passengers)** | **86.7** | **79.0** | **9.8%** |  | **86.7** | **79.0** | **9.8%** |
| **Revenue** | **1962.1** | **1843.3** | **6.4%** | **-41.5** | **2003.6** | **1749.2** | **14.5%** |
| Aeronautical Revenues | **934.7** | 876.7 | 6.6% | -20.6 | 955.3 | 828.9 | 15.3% |
| Non-Aeronautical Revenues | 1027.4 | 966.5 | 6.3% | -20.9 | 1048.3 | 920.3 | 13.9% |
| **Revenue excluding construction service** | **1756.4** | **1619.9** | **8.4%** | **-32.2** | **1788.5** | **1534.6** | **16.5%** |
| **Operating Income / (Loss)** | **488.3** | **447.3** | **9.2%** | **-131.6** | **619.9** | **506.5** | **22.4%** |
| Operating Margin | 24.9% | 24.3% | *62* | *-* | *30.9%* | *29.0%* | *198* |
| **Net (Loss) / Income Attributable to Owners of the Parent** | **247.7** | **282.7** | **-12.4%** | **-65.1** | **312.9** | **214.0** | **46.2%** |
| EPS (US$) | 1.53 | 1.76 | -13.1% | -0.40 | 1.93 | 1.33 | **45.0%** |
| **Adjusted EBITDA** | **727.8** | **628.7** | **15.8%** | **-14.5** | **742.3** | **588.0** | **26.3%** |
| Adjusted EBITDA Margin | 37.1% | 34.1% | *3.0pp* | - | 37.0% | 33.6% | *3.4pp* |
| Adjusted EBITDA Margin excluding Construction Service | 40.7% | 38.4% | *2.3pp* | - | 40.8% | 37.9% | *2.9pp* |
| **Net Debt to LTM Adjusted EBITDA** | **0.7x** | **1.1x** | - | - | - | - | - |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(1)</sup>** | **0.7x** | **1.1x** | - | - | - | - | - |

---

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

Page **3** of **45**

**4Q25 Operating Performance**

**Passenger Traffic**

Total passenger traffic increased by 9.1% YoY to 22.3 million passengers, marking **all-time fourth-quarter and full-year records**, supported by growth across both domestic and international segments. Domestic traffic rose by 6.5% YoY, primarily driven by strong performance in Argentina and Brazil, with additional contributions from Ecuador. International traffic expanded by 12.0% YoY, with all operating countries posting positive year-over-year growth, including double-digit increases in Argentina, Italy, Brazil, and Armenia. Notably, Argentina accounted for over 50% of the total YoY traffic increase during the quarter.

In **Argentina**, passenger traffic increased 8.7% YoY, reaching **record levels for both the fourth quarter and full year**. Growth was driven by double-digit expansion in international traffic and high single-digit growth in the domestic segment. Domestic traffic rose 5.9% YoY, with load factors exceeding 90% across most key routes. Performance was supported by new routes and additional frequencies, including seasonal services such as Córdoba–El Calafate, Córdoba–Ushuaia, and Córdoba–Iguazú. During the quarter, Aerolíneas Argentinas resumed service to Río Cuarto, while JetSMART increased frequencies on its Buenos Aires–Resistencia and Buenos Aires–San Juan routes. Flybondi also expanded frequencies on routes including Buenos Aires–San Juan, Buenos Aires–Mendoza, Buenos Aires–Salta, and Buenos Aires–Jujuy. International passenger traffic increased 14.6% YoY, reflecting continued capacity additions and route reactivations. Notable developments included LATAM's resumption of service between Córdoba and São Paulo, as well as increased frequencies by Air Canada and Emirates to five and seven weekly flights, respectively. In addition, Delta resumed its New York route, China Eastern launched service between Buenos Aires and Shanghai, LATAM reinstated its Buenos Aires–Miami route, and ITA Airways increased frequencies during the summer season.

In **Italy**, passenger traffic increased 8.1% YoY, reaching **record levels for both the fourth quarter and full year**. Growth was primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased 11.3% YoY. International growth was supported by increases of 13.5% at Florence Airport and 9.5% at Pisa Airport. Domestic traffic declined 2.6% YoY, reflecting lower aircraft movements during the quarter, partly attributable to Airbus A320 technical issues that resulted in flight cancellations across certain airlines.

In **Brazil**, total passenger traffic increased 12.1% YoY, reflecting improved operating conditions following prior constraints in the country's aviation sector. Domestic traffic, which represented nearly 60% of total traffic, grew 11.2% YoY, while transit passengers increased 12.9% YoY. International traffic, accounting for approximately 5% of the mix, rose a solid 16.2% YoY, contributing positively to overall performance. During the quarter, GOL operated additional seasonal frequencies on its Brasília–Miami and Brasília–Orlando routes, among other developments.

In **Uruguay**, where traffic is predominantly international, total passenger traffic increased 5.1% YoY, reaching **record levels for both the fourth quarter and the full year**. Results also reflect a recovery from the third quarter decline, when operations were temporarily impacted by a six-day planned runway closure to complete the installation of a new Precision Instrument Landing System (ILS CAT IIIb). During the quarter, several airlines expanded seasonal operations. GOL launched a new Montevideo–Fortaleza route and resumed its São Paulo–Punta del Este and Buenos Aires–Punta del Este services. Aerolíneas Argentinas increased frequencies on its Buenos Aires–Punta del Este route and introduced a new Córdoba–Punta del Este service. On the domestic front, Paranair began operating the Montevideo–Rivera route.

In **Armenia**, passenger traffic increased 13.8% YoY, reaching **record levels for both the fourth quarter and the full year**, driven by sustained strength in international demand and expanded connectivity. During the quarter, Wizz Air established a new base at Zvartnots Airport, deploying two aircraft and launching eight new direct routes to European destinations beginning in October, further enhancing the airport's network and growth profile.

In **Ecuador**, passenger traffic increased 1.1% YoY despite ongoing public security concerns and rebounded from the prior quarter's decline, which was driven by runway repaving works that required a two-day suspension of operations. International traffic rose modestly by 0.7% YoY, while domestic traffic increased 2.4% YoY. However, demand remained somewhat constrained by elevated airfares.

**Cargo Volume**

Cargo volume decreased by 1.0% YoY, with reductions in all countries of operation, except Argentina and Uruguay. Performance by country was as follows: Uruguay (+6.8%), Argentina (+3.0%), Armenia (-3.4%), Ecuador (-3.6%), Italy (-12.4%), and Brazil (-13.2%). Argentina, Brazil, and Armenia accounted for over 80% of total cargo volume in the quarter.

**Aircraft Movements**

Total aircraft movements increased by 5.6% YoY, with positive YoY contributions from all countries of operation: Brazil (+9.0%), Italy (+8.2%), Uruguay (+8.2%), Armenia (+7.1%), Ecuador (+4.4%), and Argentina (+4.0%). Argentina, Brazil, and Italy 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 37 of this report.

Page **4** of **45**

**Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements**

---

| | | | |
|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in thousands) | 11744 | 11031 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in thousands) | 8504 | 7594 | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in thousands) | 2079 | 1843 | 12.8% |
| **Total Passengers (in thousands)** | **22327** | **20468** | **9.1%** |
| **Cargo Volume (in thousands of tons)** | **117.1** | **118.2** | **-1.0%** |
| **Total Aircraft Movements (in thousands)** | **225.5** | **213.5** | **5.6%** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Passenger Traffic Breakdown** | **Passenger Traffic Breakdown** | **Passenger Traffic Breakdown** | **Passenger Traffic Breakdown** | **Cargo Volume** | **Cargo Volume** | **Cargo Volume** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
| **Country** | **4Q25** | **4Q24** | **% Var.** | **4Q25** | **4Q24** | **% Var.** | **4Q25** | **4Q24** | **% Var.** |
|  | (thousands) | (thousands) | (thousands) | (tons) | (tons) | (tons) |  |  |  |
| Argentina | 12497 | 11495 | 8.7% | 65267 | 63386 | 3.0% | 126407 | 121494 | 4.0% |
| Italy | 2152 | 1992 | 8.1% | 3156 | 3605 | -12.4% | 19716 | 18214 | 8.2% |
| Brazil | 4504 | 4019 | 12.1% | 15856 | 18269 | -13.2% | 39056 | 35840 | 9.0% |
| Uruguay | 588 | 560 | 5.1% | 9889 | 9258 | 6.8% | 9715 | 8977 | 8.2% |
| Ecuador <sup>(1)</sup> | 1168 | 1156 | 1.1% | 9219 | 9563 | -3.6% | 20070 | 19225 | 4.4% |
| Armenia | 1418 | 1247 | 13.8% | 13677 | 14165 | -3.4% | 10492 | 9792 | 7.1% |
| **TOTAL** | **22327** | **20468** | **9.1%** | **117064** | **118246** | **-1.0%** | **225456** | **213542** | **5.6%** |

---

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

Page **5** of **45**

**Review of Consolidated Results**

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

**Revenues**

Consolidated revenues increased by 18.3% YoY to $545.4 million. Excluding Construction Services and the impact of IAS 29, revenues rose 16.7% YoY to $461.0 million, outpacing the 9.1% 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.

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 12.

**Revenues by Segment** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 304.1 | 254.3 | 19.6% | 1.3 | 302.9 | 254.9 | 18.8% |
| Italy | 48.3 | 38.7 | 24.9% | - | 48.3 | 38.7 | 24.9% |
| Brazil | 33.8 | 28.2 | 20.2% | - | 33.8 | 28.2 | 20.2% |
| Uruguay | 47.6 | 45.2 | 5.3% | - | 47.6 | 45.2 | 5.3% |
| Armenia | 80.5 | 67.5 | 19.3% | - | 80.5 | 67.5 | 19.3% |
| Ecuador <sup>(1)</sup> | 30.8 | 27.5 | 11.9% | - | 30.8 | 27.5 | 11.9% |
| Unallocated | 0.2 | -0.5 | -134.6% | - | 0.2 | -0.5 | -134.6% |
| **Total consolidated revenue <sup>(2)</sup>** | **545.4** | **461.1** | **18.3%** | **1.3** | **544.1** | **461.6** | **17.9%** |

---

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, 'As reported' revenues increased 17.7% in Argentina (or 16.6% excluding IAS29), 20.7% in Armenia, 17.8% in Italy, 12.8% in Uruguay, 23.5% in Brazil and 2.9% in Ecuador.

**Revenue Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **248.4** | **211.6** | **17.4%** | **1.7** | **246.7** | **212.7** | **16.0%** |
| **Non-aeronautical Revenue** | **297.0** | **249.5** | **19.0%** | **-0.5** | **297.5** | **248.9** | **19.5%** |
| Commercial revenue | 213.9 | 183.9 | 16.3% | 2.0 | 211.9 | 181.7 | 16.6% |
| Construction service revenue <sup>(1)</sup> | 80.6 | 64.8 | 24.4% | -2.5 | 83.1 | 66.4 | 25.1% |
| Other revenue | 2.4 | 0.8 | 208.0% | 0.0 | 2.4 | 0.8 | 208.0% |
| **Total Consolidated Revenue** | **545.4** | **461.1** | **18.3%** | **1.3** | **544.1** | **461.6** | **17.9%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **464.8** | **396.2** | **17.3%** | **3.8** | **461.0** | **395.2** | **16.7%** |

---

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

2 Excludes Construction Service revenue.

**Aeronautical Revenues** accounted for 45.5% of total revenues, increasing 17.4% YoY to $248.4 million, or 16.0% to $246.7 million when excluding the impact of IAS 29. This performance was supported by a 9.1% increase in passenger traffic, with positive contributions from all countries of operations, including double-digit growth in Brazil, Argentina, Armenia and Italy. Argentina was the main contributor with aeronautical revenues increasing 20.7%, or 18.3% excluding IAS 29, primarily reflecting 14.6% growth in international traffic. Brazil, Armenia, and Italy, delivered strong revenues, with aeronautical revenues increasing 29.8%, 16.5%, and 15.2%, respectively, in line with passenger traffic growth. Meanwhile, Uruguay and Ecuador reported increases of 7.6% and 1.8%, respectively, in line with passenger traffic growth.

**Non-Aeronautical Revenues** accounted for 54.5% of total revenues, growing by 19.0% YoY to $297.0 million, or by 19.5% YoY to $297.5 million when excluding the impact of IAS 29. **Commercial revenues** increased by 16.3% YoY, or by 16.6% excluding IAS 29, mainly driven by strong contributions from cargo revenues, as well as improved performance in VIP lounges, parking facilities, duty free, and other passenger-related revenue streams. Growth in fuel-related revenues, primarily in Armenia, also contributed to this performance. Meanwhile, **Construction service revenue** increased by 24.4% YoY, or 25.1% excluding IAS 29, mainly reflecting higher levels of capital expenditures in Argentina, during the period.

Page **6** of **45**

**Operating Costs and Expenses**

In 4Q25, **Total costs and expenses, excluding construction service costs**, increased by 10.8% YoY, or 10.3% to $318.5 million when excluding the impact of IAS 29. This increase, which remained below the pace of revenue growth, was primarily driven by higher Concession fees, mainly in Argentina, along with increased Fuel costs in Armenia. Higher SG&A expenses also contributed to the overall cost increase.

**Cost of Services** rose by 14.3% YoY, or 14.5% to $335.9 million when excluding IAS29, mainly as a result of the following increases:

▪ 26.9%, or $16.2 million, in Construction Service Costs, reflecting
higher capital expenditures,

▪ 14.4%, or $7.4 million, in Concession fees, primarily in
Argentina,

▪ 26.3%, or $6.4 million, in Fuel costs, mainly in Armenia, and

▪ 12.7%, or $5.7 million, in Amortization and depreciation.

These increases were partially offset by a decline of 10.2% in Office expenses. Excluding Construction Service Costs, Cost of Services increased by 11.4% YoY, or by 11.1% to $257.0 million when excluding the impact of IAS 29, primarily due to the aforementioned increases in Concession Fees and Fuel Costs.

**Selling, General, and Administrative Expenses ("SG&A")** increased by 5.6% YoY to $59.9 million in 4Q25. Excluding the impact of IAS 29, SG&A expenses rose by 4.1% to $58.6 million, mainly reflecting higher Maintenance expenses, along with increased Salaries and social security contributions.

**Other expenses** increased to $2.9 million in 4Q25, from $1.3 million in 4Q24.

**Costs and Expenses (in US$ million)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **363.7** | **318.2** | **14.3%** | **27.9** | **335.9** | **293.2** | **14.5%** |
| Salaries and social security contributions | 65.4 | 62.7 | 4.3% | 0.5 | 64.9 | 63.1 | 2.9% |
| Concession fees | 58.6 | 51.2 | 14.4% | 0.5 | 58.1 | 51.5 | 12.9% |
| Construction service cost | 76.3 | 60.2 | 26.9% | -2.5 | 78.8 | 61.8 | 27.6% |
| Maintenance expenses | 49.5 | 49.4 | 0.2% | 0.1 | 49.4 | 47.9 | 3.2% |
| Amortization and depreciation | 50.9 | 45.2 | 12.6% | 29.2 | 21.7 | 19.0 | 14.1% |
| Other | 63.0 | 49.5 | 27.3% | 0.1 | 62.9 | 50.0 | 25.9% |
| **Cost of Services Excluding Construction Service cost** | **287.4** | **258.0** | **11.4%** | **30.4** | **257.0** | **231.4** | **11.1%** |
| **Selling, general and administrative expenses** | **59.9** | **56.8** | **5.6%** | **1.3** | **58.6** | **56.3** | **4.1%** |
| **Other expenses** | **2.9** | **1.3** | **133.8%** | **0.0** | **2.9** | **1.1** | **165.4%** |
| **Total Costs and Expenses** | **426.6** | **376.2** | **13.4%** | **29.2** | **397.3** | **350.6** | **13.3%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **350.2** | **316.1** | **10.8%** | **31.7** | **318.5** | **288.8** | **10.3%** |

---

Page **7** of **45**

**Adjusted EBITDA and Adjusted EBITDA excluding Construction Service**

In 4Q25, CAAP reported Adjusted EBITDA of $215.0 million and Adjusted EBITDA ex-IFRIC 12 of $210.7 million, up 39.8% from $150.8 million in 4Q24. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased 38.6% year-over-year to $208.5 million.

This strong performance was primarily driven by year-over-year increases of 40.8% in Argentina (ex IAS 29), supported by robust revenue growth and effective cost controls, and 15.3% in Armenia, reflecting double-digit passenger traffic growth. These gains were partially offset by year-over-year declines in Adjusted EBITDA in Brazil, Ecuador, Italy and Uruguay. Notably, Brazil's Adjusted EBITDA in 4Q24 included a R$110 million economic compensation from the government under the concession's economic re-equilibrium mechanism to offset the impact of COVID-19.

Additionally, 4Q25 Adjusted EBITDA included the recognition of $32.5 million related to the Arbitration Award payment received from the Government of Peru, recorded in the "Unallocated" segment.

Excluding the R$110 million economic compensation recognized in Brazil in 4Q24 and the $32.5 million Arbitration Award payment recognized in 4Q25, Adjusted EBITDA ex-IFRIC 12 would have increased 33.3% year-over-year to $178.2 million, from $133.7 million in 4Q24.

Adjusted EBITDA margin ex-IFRIC 12 expanded by 7.3 percentage points to 45.3%, compared with 38.0% in 4Q24. Excluding the aforementioned one-off impacts in both periods, the Adjusted EBITDA margin ex-IFRIC 12 would have expanded 4.6 percentage points to 38.3%, from 33.7% in 4Q24.

**Adjusted EBITDA by Segment (in US$ million)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 108.2 | 75.6 | 43.2% | 2.2 | 106.0 | 75.3 | 40.8% |
| Italy | 9.6 | 10.7 | -10.0% | - | 9.6 | 10.7 | -10.0% |
| Brazil | 15.1 | 27.6 | -45.2% | - | 15.1 | 27.6 | -45.2% |
| Uruguay | 14.5 | 14.8 | -2.2% | - | 14.5 | 14.8 | -2.2% |
| Armenia | 29.2 | 25.3 | 15.2% | - | 29.2 | 25.3 | 15.2% |
| Ecuador | 8.2 | 9.3 | -11.8% | - | 8.2 | 9.3 | -11.8% |
| Unallocated | 30.4 | -7.8 | -487.7% | - | 30.4 | -7.9 | -486.0% |
| Intrasegment adjustment | -0.2 | 0.0 | - | - | -0.2 | 0.0 | - |
| **Total segment EBITDA** | **215.0** | **155.4** | **38.3%** | **2.2** | **212.8** | **155.1** | **37.2%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Income from Continuing Operations** | **115.7** | **42.9** | **169.6%** | **-10.8** | **126.4** | **53.2** | **137.6%** |
| Financial Income | -20.0 | -15.8 | 26.7% | -0.2 | -19.9 | -20.0 | -0.7% |
| Financial Loss | 44.9 | 47.0 | -4.6% | -32.8 | 77.8 | 87.1 | -10.6% |
| Inflation adjustment | 5.2 | 0.1 | 10194.1% | 4.5 | 0.7 | 0.3 | 173.4% |
| Income Tax Expense | 15.4 | 34.1 | -54.7% | 11.4 | 4.0 | 14.0 | -71.3% |
| Amortization and Depreciation | 53.8 | 47.2 | 14.0% | 30.1 | 23.7 | 20.6 | 15.0% |
| **Adjusted EBITDA** | **215.0** | **155.4** | **38.3%** | **2.2** | **212.8** | **155.1** | **37.2%** |
| **Adjusted EBITDA Margin** | **39.4%** | **33.7%** | **571** | **-** | **39.1%** | **33.6%** | **550** |
| **Adjusted EBITDA excluding Construction Service** | **210.7** | **150.8** | **39.8%** | **2.2** | **208.5** | **150.5** | **38.6%** |
| **Adjusted EBITDA Margin excluding Construction Service** | **45.3%** | **38.0%** | **729** | **-** | **45.2%** | **38.1%** | **715** |

---

Page **8** of **45**

**Financial Income and Loss**

CAAP reported a **Net financial loss** of $30.1 million in 4Q25, compared with a net financial loss of $31.3 million in 4Q24. The result was primarily driven by a negative variance in the inflation adjustment, together with foreign exchange losses in Argentina, reflecting a higher rate of currency depreciation relative to inflation on the net monetary liability position. This compares with 4Q24, when CAAP recorded foreign exchange gains as inflation outpaced currency depreciation. Excluding the application of IAS 29, CAAP reported a net financial loss of $58.7 million in 4Q25, compared with a loss of $67.4 million in the same period last year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as<br> reported** | **4Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q25 ex<br> IAS 29** | **4Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Financial Income** | **20.0** | **15.8** | **26.7%** | **0.2** | **19.9** | **20.0** | **-0.7%** |
| Interest income | 15.8 | 11.0 | 42.8% | 0.2 | 15.6 | 11.1 | 41.1% |
| Foreign exchange income | 0.3 | 1.6 | -80.6% | 0.0 | 0.3 | 5.8 | -94.6% |
| Other | 4.0 | 3.2 | 25.3% | 0.0 | 3.9 | 3.2 | 24.8% |
| **Inflation adjustment** | **-5.2** | **-0.1** | **10194.1%** | **-4.5** | **-0.7** | **-0.3** | **173.4%** |
| Inflation adjustment | -5.2 | -0.1 | 10194.1% | -4.5 | -0.7 | -0.3 | 173.4% |
| **Financial Loss** | **-44.9** | **-47.0** | **-4.6%** | **32.8** | **-77.8** | **-87.1** | **-10.6%** |
| Interest Expenses | -23.1 | -25.7 | -10.0% | -0.2 | -23.0 | -25.7 | -10.7% |
| Foreign exchange transaction expenses | -0.8 | 2.2 | -135.9% | 33.0 | -33.8 | -37.8 | -10.6% |
| Changes in liability for concessions | -16.7 | -21.2 | -21.1% | - | -16.7 | -21.2 | -21.1% |
| Other expenses | -4.2 | -2.4 | 78.0% | -0 | -4.4 | -2.4 | 83.3% |
| **Financial Loss, Net** | **-30.1** | **-31.3** | **-3.9%** | **28.5** | **-58.7** | **-67.4** | **-12.8%** |

---

See "Use of Non-IFRS Financial Measures" on page 25.

**Income Tax Expense**

During 4Q25, the Company reported an **Income Tax Expense** of $15.4 million, compared to an expense of $34.1 million in 4Q24. Excluding the impact of IAS 29, income tax expense totaled $4.0 million in 4Q25, compared to $14.0 million in the year-ago quarter.

**Net Income and Net Income Attributable to Owners of the Parent**

During 4Q25, CAAP reported **net income** of $115.7 million, compared with $42.9 million in 4Q24. The increase was primarily driven by an 18.1% year-over-year rise in operating income, together with lower income tax expense and net interest expense, which more than offset foreign exchange losses on the net monetary liability position in Argentina. Net income in 4Q25 included the recognition of $32.5 million related to the Arbitration Award payment received from the Government of Peru, the bulk of which was recorded under 'Share of Income in Associates'.

In 4Q25, the Company reported **Net Income Attributed to Owners of the Parent** of $106.3 million and earnings per common share of $0.65, compared with Net Income Attributable to Owners of the Parent of $34.4 million in 4Q24, equivalent to earnings per common share of $0.21.

**Consolidated Financial Position**

As of December 31, 2025, Cash and cash equivalents totaled $592.8 million, increasing 9.7% from the $540.4 million reported as of September 30, 2025, and 34.8% from the $439.8 million reported as of December 31, 2024. Total liquidity, which includes cash and cash equivalents as well as other current financial assets, totaled $714.8 million, up from $661.0 million as of September 30, 2025, and $525.9 million as of December 31, 2024.

Total debt declined 5.4%, or $62.9 million, to $1,095.2 million as of December 31, 2025, compared with $1,158.1 million as of December 31, 2024, primarily reflecting debt repayments in Argentina, partially offset by increased borrowings in Italy and Brazil. A total of $795.6 million, or 72.6% of total debt is denominated in U.S. dollars, while $168.0 million, or 15.3% is denominated in Brazilian Reals, and $131.6 million, or 12.0%, is in Euros.

Page **9** of **45**

The Net Debt to LTM Adjusted EBITDA ratio improved to 0.7x as of December 31, 2025, from 1.1x as of December 31, 2024. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No material 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 0.7x. All CAAP subsidiaries remained in full compliance with their financial covenants as of December 31, 2025.

**Consolidated Debt Indicators** (in US$ million)

---

| | | |
|:---|:---|:---|
|  | **As of Dec 31, 2025** | **As of Dec 31, 2024** |
| **Leverage** | | |
| Total Debt / LTM Adjusted EBITDA (Times)<sup>1,3</sup> | 1.5x | 1.8x |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3, 4</sup> | **0.7x** | **1.1x** |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3,5</sup> | **0.7x** | **1.1x** |
| **Total Debt** | **1095.2** | **1158.1** |
| Short-Term Debt | 139.4 | 115.4 |
| Long-Term Debt | 955.9 | 1042.7 |
| **Cash & Cash Equivalents** | **592.8** | **439.8** |
| **Total Net Debt**<sup>3</sup> | **502.5** | **718.2** |

---

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, 2025, was $727.8 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of December 31, 2025, was $728.1 million.

---

| | | |
|:---|:---|:---|
| **Total Debt by Segment (in US$ million)** | | |
|  | **As of Dec 31, 2025** | **As of Dec 31, 2024** |
| Argentina | 533.5 | 622.7 |
| Italy <sup>(1)</sup> | 131.6 | 105.8 |
| Brazil | 168.0 | 157.7 |
| Uruguay <sup>(2)</sup> | 262.1 | 267.7 |
| Armenia | - | - |
| Ecuador | - | 4.2 |
| **Total** | **1095.2** | **1158.1** |

---

<sup>1</sup> Of which approximately $114.5 million remain at Toscana Aeroporti level.

<sup>2</sup> Of which approximately $241.3 million remain at ACI Airport Sudamérica SAU.

Page **10** of **45**

**Maturity of borrowings:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year or less** | **1 – 2 years** | **2 – 5 years** | **Over 5 years** | **Total** |
| **Debt service <sup>(1)</sup>** | **221.6** | **191.7** | **681.9** | **350.1** | **1445.3** |

---

<sup>1</sup> 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 December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Segment** |  | &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**1 year or less** | &nbsp;&nbsp;**1 – 2 years** | &nbsp;&nbsp;**2 – 5 years** | &nbsp;&nbsp;**Over 5 years** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;Principal | &nbsp;&nbsp;USD | &nbsp;&nbsp;92.3 | &nbsp;&nbsp;78.5 | &nbsp;&nbsp;286.1 | &nbsp;&nbsp;85.4 | &nbsp;&nbsp;**542.4** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;USD | &nbsp;&nbsp;36.3 | &nbsp;&nbsp;32.0 | &nbsp;&nbsp;54.8 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;**126.4** |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;Principal | &nbsp;&nbsp;EUR | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;112.5 | &nbsp;&nbsp;- | &nbsp;&nbsp;**133.8** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;EUR | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;- | &nbsp;&nbsp;**28.4** |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;Principal | &nbsp;&nbsp;R$ | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;58.2 | &nbsp;&nbsp;82.5 | &nbsp;&nbsp;**167.4** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;R$ | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;34.2 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;**80.4** |
| &nbsp;&nbsp;Uruguay | &nbsp;&nbsp;Principal | &nbsp;&nbsp;USD | &nbsp;&nbsp;21.1 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;82.6 | &nbsp;&nbsp;142.0 | &nbsp;&nbsp;**269.7** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;USD | &nbsp;&nbsp;17.6 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;39.2 | &nbsp;&nbsp;23.4 | &nbsp;&nbsp;**96.7** |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**221.6** | &nbsp;&nbsp;**191.7** | &nbsp;&nbsp;**681.9** | &nbsp;&nbsp;**350.1** | &nbsp;&nbsp;**1445.3** |

---

---

| | | |
|:---|:---|:---|
| **Cash & Cash Equivalent by Segment (in US$ million)** | | |
|  | **As of Dec 31, 2025** | **As of Dec 31, 2024** |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.3 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 |
| Brazil <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.5 |
| Armenia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 |
| Ecuador | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 |
| Intermediate holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189.2 |
| **Total** | **592.8** | **439.8** |

---

<sup>1</sup> At Inframérica Concessionaria do Aeroporto de Brasilia level.

**CAPEX**

During 4Q25, CAAP made capital expenditures of $90.0 million, a 30.7% YoY increase from $68.9 million in 4Q24. Excluding IAS 29, capital expenditures amounted to $92.2 million in the quarter, with Argentina, Italy and Uruguay accounting for 55%, 17% and 12%, respectively.

Page **11** of **45**

**Review of Segment Results**

**Argentina**

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company's Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column 'IAS 29', while the columns indicated with "ex IAS 29" present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for Aeropuertos Argentina (AA), the Company's largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 4Q25.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **OPERATING STATISTICS** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 8.1 | 7.7 | 5.9% |  | 8.1 | 7.7 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 4.1 | 3.5 | 14.6% |  | 4.1 | 3.5 | 14.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 0.3 | 0.3 | 12.0% |  | 0.3 | 0.3 | 12.0% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **12.5** | **11.5** | **8.7%** |  | **12.5** | **11.5** | **8.7%** |
| **Cargo Volume (in thousands of tons)** | **65.3** | **63.4** | **3.0%** |  | **65.3** | **63.4** | **3.0%** |
| **Total Aircraft Movements (in thousands)** | **126.4** | **121.5** | **4.0%** |  | **126.4** | **121.5** | **4.0%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| Aeronautical Revenue | 152.2 | 126.1 | 20.7% | 1.7 | 150.5 | 127.2 | 18.3% |
| Non-aeronautical revenue | 151.9 | 128.3 | 18.4% | -0.5 | 152.4 | 127.7 | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 105.6 | 92.9 | 13.7% | 2.0 | 103.6 | 90.8 | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 46.3 | 35.3 | 31.0% | -2.5 | 48.8 | 37.0 | 32.0% |
| **Total Revenue** | **304.1** | **254.3** | **19.6%** | **1.3** | **302.9** | **254.9** | **18.8%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup> | **257.8** | **219.0** | **17.7%** | **3.8** | **254.1** | **217.9** | **16.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 203.0 | 185.0 | 9.7% | 27.9 | 175.1 | 160.0 | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 32.5 | 27.1 | 19.8% | 1.3 | 31.1 | 26.6 | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1.8 | 1.1 | 70.7% | 0.0 | 1.8 | 0.9 | 97.7% |
| **Total Costs and Expenses** | **237.3** | **213.2** | **11.3%** | **29.2** | **208.0** | **187.5** | **11.0%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup> | **191.1** | **177.9** | **7.4%** | **31.7** | **159.3** | **150.6** | **5.8%** |
| **Adjusted Segment EBITDA** | **108.2** | **75.6** | **43.2%** | **2.2** | **106.0** | **75.3** | **40.8%** |
| Adjusted Segment EBITDA Mg | 35.6% | 29.7% | 586 | - | 35.0% | 29.5% | 546 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 41.9% | 34.5% | 745 | - | 41.7% | 34.5% | 717 |
| **Capex** | **48.8** | **36.1** | **35.4%** | **-2.2** | **51.0** | **36.8** | **38.6%** |

---

1) See Note 1 in Table "Operating & Financial Highlights".

2) Excludes Construction Service revenue.

3) Excludes Construction Service cost.

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

Page **12** of **45**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **OPERATING STATISTICS** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 30.6 | 27.8 | 10.2% |  | 30.6 | 27.8 | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 15.4 | 13.1 | 17.4% |  | 15.4 | 13.1 | 17.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 1.5 | 1.3 | 14.7% |  | 1.5 | 1.3 | 14.7% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **47.4** | **42.1** | **12.6%** |  | **47.4** | **42.1** | **12.6%** |
| **Cargo Volume (in thousands of tons)** | **214.8** | **207.5** | **3.5%** |  | **214.8** | **207.5** | **3.5%** |
| **Total Aircraft Movements (in thousands)** | **481.7** | **449.7** | **7.1%** |  | **481.7** | **449.7** | **7.1%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| Aeronautical Revenue | 545.5 | 512.2 | 6.5% | -20.6 | 566.1 | 464.3 | 21.9% |
| Non-aeronautical revenue | 524.0 | 531.8 | -1.5% | -20.9 | 544.9 | 485.5 | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 400.6 | 376.2 | 6.5% | -11.5 | 412.1 | 338.6 | 21.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 123.5 | 155.6 | -20.7% | -9.3 | 132.8 | 146.9 | -9.6% |
| **Total Revenue** | **1069.5** | **1044.0** | **2.5%** | **-41.5** | **1111.0** | **949.8** | **17.0%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup> | **946.0** | **888.3** | **6.5%** | **-32.2** | **978.2** | **802.9** | **21.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 713.8 | 735.2 | -2.9% | 86.3 | 627.5 | 589.8 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 114.5 | 100.5 | 13.9% | -0.2 | 114.7 | 91.4 | 25.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 10.0 | 5.2 | 92.5% | 0.1 | 9.9 | 4.4 | 126.9% |
| **Total Costs and Expenses** | **838.3** | **841.0** | **-0.3%** | **86.2** | **752.1** | **685.6** | **9.7%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup> | **715.2** | **685.6** | **4.3%** | **95.5** | **619.6** | **538.9** | **15.0%** |
| **Adjusted Segment EBITDA** | **388.8** | **335.3** | **16.0%** | **-14.5** | **403.3** | **294.5** | **36.9%** |
| Adjusted Segment EBITDA Mg | 36.4% | 32.1% | 424 | - | 36.3% | 31.0% | 530 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 41.1% | 37.7% | 336 | - | 41.2% | 36.7% | 455 |
| **Capex** | **123.7** | **155.7** | **-20.5%** | **-15.2** | **139.0** | **147.5** | **-5.8%** |

---

5) See Note 1 in Table "Operating & Financial Highlights".

6) Excludes Construction Service revenue.

7) Excludes Construction Service cost.

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

**Passenger Traffic** increased 8.7% YoY, reaching record levels for both the fourth quarter and full year. Growth was driven by double-digit expansion in international traffic and high single-digit growth in the domestic segment. Domestic traffic rose 5.9% YoY, with load factors exceeding 90% across most key routes. Performance was supported by new routes and additional frequencies, including seasonal services such as Córdoba–El Calafate, Córdoba–Ushuaia, and Córdoba–Iguazú. During the quarter, Aerolíneas Argentinas resumed service to Río Cuarto, while JetSMART increased frequencies on its Buenos Aires–Resistencia and Buenos Aires–San Juan routes. Flybondi also expanded frequencies on routes including Buenos Aires–San Juan, Buenos Aires–Mendoza, Buenos Aires–Salta, and Buenos Aires–Jujuy. International passenger traffic increased 14.6% YoY, reflecting continued capacity additions and route reactivations. Notable developments included LATAM's resumption of service between Córdoba and São Paulo, as well as increased frequencies by Air Canada and Emirates to five and seven weekly flights, respectively. In addition, Delta resumed its New York route, China Eastern launched service between Buenos Aires and Shanghai, LATAM reinstated its Buenos Aires–Miami route, and ITA Airways increased frequencies during the summer season.

**Revenues** increased by 19.6% YoY to $304.1 million on an 'as reported' basis. Excluding Construction Services and the impact of IAS 29, revenues rose by 16.6% YoY, driven by increases of 18.3% and 14.1% in Aeronautical and Commercial revenues, respectively. Construction Services revenue increased by 31.0% YoY, or 32.0% excluding IAS 29, reflecting higher capital expenditures compared to the prior year.

· **Aeronautical Revenues** ex-IAS29 increased by 18.3% YoY, mainly driven by higher passenger use fees,
supported by a 14.6% YoY growth in international passenger traffic and higher domestic passenger fees measured in U.S. dollars. Effective
November 1, 2024, domestic passenger fees in Argentina were raised by 124%, from ARS 2,540 to ARS 5,685.

Page **13** of **45**

· **Commercial Revenues** ex-IAS29 increased by 14.1% YoY, driven by higher cargo revenues, advertising,
and parking facilities. Higher rental of space also contributed to commercial revenue growth.

**Total Costs and Expenses** increased by 11.3% YoY to $237.3 million on an 'as reported' basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses rose by 5.8% YoY, primarily driven by higher SG&A expenses and concession fees.

· **Cost of Services,** ex-IAS 29 and Construction Service Costs, increased 2.7% year-over-year, primarily
reflecting higher concession fees in line with revenue growth, increased depreciation and amortization, and other cost of sales items,
partially offset by lower salaries and social security contributions, maintenance expenses, and services and fees.

· **SG&A** expenses ex-IAS29 increased by 17.0% YoY, or $4.5 million, to $31.1 million, primarily
reflecting higher taxes and increased bad debt expense, together with higher salaries and social security contributions and advertising
expenses.

**Adjusted Segment EBITDA** increased by 43.2% YoY to $108.2 million on an 'as reported' basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA rose by 40.8% YoY to $106.0 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 41.7%, compared with 34.5% in 4Q24. The 7.2 percentage-point margin expansion reflects sustained revenue growth on strong traffic trends, together with disciplined cost control aimed at mitigating ARS-denominated operating costs pressures.

During 4Q25, CAAP made **Capital Expenditures** ex-IAS29 of $51.0 million, compared to $36.8 million in 4Q24. Key investments included the construction of the new international terminal in San Juan, the semi-covered roadway area at Aeroparque Jorge Newbery, the reverse osmosis plant at Ezeiza Airport, the expansion of the security screening and check-in area at Aeroparque Jorge Newbery, the comprehensive renovation of the passenger terminal at Tucumán Airport, the remodeling and expansion of the terminal building at Formosa Airport, and the completion of the international area at Iguazú Airport, among others.

Page **14** of **45**

**Italy**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.5 | 0.5 | -2.6% | 2.0 | 1.9 | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 1.7 | 1.5 | 11.3% | 7.8 | 7.2 | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **2.2** | **2.0** | **8.1%** | **9.8** | **9.0** | **8.4%** |
| **Cargo Volume (in thousands of tons)** | **3.2** | **3.6** | **-12.4%** | **12.6** | **13.0** | **-3.7%** |
| **Total Aircraft Movements (in thousands)** | **19.7** | **18.2** | **8.2%** | **88.7** | **82.2** | **7.9%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 18.7 | 16.2 | 15.2% | 77.4 | 70.8 | 9.4% |
| Non-aeronautical revenue | 29.6 | 22.5 | 31.9% | 93.0 | 68.0 | 36.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 12.8 | 11.3 | 13.8% | 54.4 | 47.2 | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 14.4 | 9.9 | 45.6% | 30.2 | 16.4 | 83.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 2.4 | 1.3 | 85.9% | 8.5 | 4.4 | 92.4% |
| **Total Revenue** | **48.3** | **38.7** | **24.9%** | **170.4** | **138.8** | **22.8%** |
| **Total Revenue Excluding IFRIC12**<sup>(1)</sup> | **34.0** | **28.8** | **17.8%** | **140.3** | **122.4** | **14.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 37.8 | 27.6 | 36.8% | 119.0 | 93.3 | 27.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4.1 | 3.5 | 17.8% | 13.8 | 12.8 | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 0.2 | 0.0 | - | 0.3 | 0.0 | - |
| **Total Costs and Expenses** | **42.0** | **31.1** | **35.2%** | **133.1** | **106.1** | **25.4%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(2)</sup> | **31.6** | **25.6** | **23.6%** | **114.5** | **95.7** | **19.7%** |
| **Adjusted Segment EBITDA** | **9.6** | **10.7** | **-10.0%** | **49.3** | **44.3** | **11.4%** |
| Adjusted Segment EBITDA Mg | 19.9% | 27.6% | -770 | 28.9% | 31.9% | -296 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(3)</sup> | 16.6% | 21.8% | -524 | 26.9% | 31.3% | -440 |
| **Capex** | **15.3** | **11.2** | **36.8%** | **34.1** | **19.2** | **78.0%** |

---

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 8.1% YoY, reaching **record levels for both the fourth quarter and full year**. Growth was primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased 11.3% YoY. International growth was supported by increases of 13.5% at Florence Airport and 9.5% at Pisa Airport. Domestic traffic declined 2.6% YoY, reflecting lower aircraft movements during the quarter, partly attributable to Airbus A320 technical issues that resulted in flight cancellations across certain airlines.

**Revenues** increased by 24.9% YoY to $48.3 million in 4Q25, fueled by aeronautical and commercial revenue growth on higher passenger volumes, as well as increased Construction Service revenues tied to higher Capex. Commercial revenues grew 13.8% YoY, reflecting higher demand for passenger-related services such as VIP lounges, Parking facilities, and F&B services, in line with strong year-over-year traffic growth.

· **Aeronautical Revenues** increased 15.2% YoY, above traffic growth of 8.1%.

· **Commercial Revenues** rose 13.8% YoY, or $1.6 million, mainly driven by the strong performance
in passenger-related revenues, which expanded significantly above the 8.1% traffic growth, as well as higher advertising revenues.

Page **15** of **45**

**Total Costs and Expenses** increased 35.2% YoY, or $10.9 million, to $42.0 million. Excluding construction services, total costs and expenses rose 23.6% year-over-year to $31.1 million, mainly driven by higher cost of services.

· **Cost of Services** excluding Construction service increased 23.8% YoY, or $5.3 million, primarily
driven by higher Salaries and social security contributions, Maintenance expenses, Services and fees, and Concession fees reflecting higher
operational activity.

· **SG&A** expenses increased 17.8% YoY, or $0.6 million, to $4.1 million.

**Adjusted Segment EBITDA** decreased 10.0% YoY to $9.6 million from $10.7 million in 4Q24, with Adjusted EBITDA margin ex-IFRIC 12 contracting 5.2 percentage points to 16.6%, mainly due to higher Salaries, Maintenance expenses and Services and Fees. Excluding IFRIC12 and other construction service-related costs, Adjusted EBITDA increased by 4% YoY.

During 4Q25, CAAP made **Capital Expenditures** of $15.3 million, compared to $11.2 million in 4Q24.

Page **16** of **45**

**Brazil**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 2.6 | 2.3 | 11.2% | 9.6 | 9.0 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.2 | 0.2 | 16.2% | 0.9 | 0.7 | 20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | 1.7 | 1.5 | 12.9% | 6.3 | 5.8 | 8.9% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **4.5** | **4.0** | **12.1%** | **16.7** | **15.5** | **7.6%** |
| **Cargo Volume (in thousands of tons)** | **15.9** | **18.3** | **-13.2%** | **62.3** | **65.6** | **-5.0%** |
| **Total Aircraft Movements (in thousands)** | **39.1** | **35.8** | **9.0%** | **150.8** | **143.2** | **5.3%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 13.1 | 10.1 | 29.8% | 44.9 | 40.8 | 10.1% |
| Non-aeronautical revenue | 20.7 | 18.1 | 14.8% | 73.6 | 70.3 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 20.7 | 17.2 | 19.8% | 72.8 | 68.8 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 0.1 | 0.8 | -93.1% | 0.8 | 1.5 | -48.2% |
| **Total Revenue** | **33.8** | **28.2** | **20.2%** | **118.5** | **111.1** | **6.7%** |
| **Total Revenue Excluding IFRIC12<sup>2</sup>** | **33.8** | **27.4** | **23.5%** | **117.8** | **109.6** | **7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 20.3 | 17.2 | 18.6% | 71.9 | 71.8 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 1.5 | 3.2 | -51.8% | 10.3 | 10.7 | -3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.0 | 0.0 | - | 0.0 | 0.4 | -94.2% |
| **Total Costs and Expenses** | **21.9** | **20.4** | **7.5%** | **82.3** | **82.9** | **-0.8%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>3</sup>** | **21.8** | **19.6** | **11.6%** | **81.5** | **81.4** | **0.1%** |
| **Adjusted Segment EBITDA** | **15.1** | **27.6** | **-45.2%** | **51.0** | **61.5** | **-17.1%** |
| Adjusted Segment EBITDA Mg | 44.7% | 98.0% | -5333 | 43.0% | 55.4% | -1234 |
| Adjusted EBITDA Margin excluding IFRIC12<sup>4</sup> | 44.8% | 100.9% | -5614 | 43.3% | 56.1% | -1281 |
| **Capex** | **1.2** | **1.0** | 17.0% | **2.8** | **2.6** | 8.5% |

---

1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up to February 18, 2024.

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 12.1% YoY, reflecting improved operating conditions following prior constraints in the country's aviation sector. Domestic traffic, which represented nearly 60% of total traffic, grew 11.2% YoY, while transit passengers increased 12.9% YoY. International traffic, accounting for approximately 5% of the mix, rose a solid 16.2% YoY, contributing positively to overall performance. During the quarter, GOL operated additional seasonal frequencies on its Brasília–Miami and Brasília–Orlando routes, among other developments.

**Revenues** increased by 20.2% YoY, or $5.7 million, to $33.8 million, driven by growth of 29.8% in aeronautical revenues and 19.8% in commercial revenues, supported by a 12.1% YoY increase in passenger traffic. Revenues in US dollars also benefited from a 7.6% average YoY appreciation of the Brazilian real.

· **Aeronautical Revenues** increased by 29.8% YoY, or $3.0 million, primarily driven by higher passenger
use fees from increased international traffic, which carries a higher tariff.

· **Commercial Revenues** rose 19.8% YoY, or $3.4 million, mainly reflecting stronger performance in
VIP lounges, Rental of space, F&B, and other passenger-related revenues.

Page **17** of **45**

**Total Costs and Expenses** increased by 7.5% YoY, or $1.5 million, to $21.9 million, mainly due to higher cost of services, partially offset by lower SG&A expenses.

· **Cost of Services** rose by 18.6% YoY, or $3.2 million, primarily resulting from higher Services end
fees, Concession fees, and Salaries and social security contributions.

· **SG&A** expenses decreased by 51.8% YoY, or $1.7 million, reaching $1.5 million in 4Q25, driven
largely by a positive YoY variation in Services and fees.

**Adjusted Segment EBITDA** decreased 45.2% YoY, or $12.5 million, to $15.1 million. The Adjusted EBITDA margin ex-IFRIC 12 contracted to 44.8%, from 100.9% in the prior-year quarter. Notably, 4Q24 Adjusted EBITDA benefited from a R$110 million government compensation under the concession's economic re-equilibrium mechanism to offset the impact of COVID-19. Excluding this positive impact in 4Q24, Adjusted Segment EBITDA would have increased 43.9% YoY, and the Adjusted EBITDA margin ex-IFRIC 12 would have expanded 6.4 percentage points to 44.8%, from 38.4% in the prior-year quarter.

During 4Q25, CAAP made **capital expenditures** of $1.2 million, compared to $1.0 million in 4Q24.

Page **18** of **45**

**Uruguay**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.6 | 0.5 | 5.5% | 2.3 | 2.2 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **0.6** | **0.6** | **5.1%** | **2.3** | **2.2** | **2.5%** |
| **Cargo Volume (in thousands of tons)** | **9.9** | **9.3** | **6.8%** | **35.5** | **32.3** | **10.0%** |
| **Total Aircraft Movements (in thousands)** | **9.7** | **9.0** | **8.2%** | **34.0** | **32.5** | **4.5%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 19.4 | 18.0 | 7.6% | 84.4 | 81.0 | 4.2% |
| Non-aeronautical revenue | 28.2 | 27.2 | 3.8% | 107.8 | 104.7 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 19.0 | 16.0 | 18.7% | 75.2 | 66.7 | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 9.2 | 11.2 | -17.6% | 32.5 | 37.9 | -14.2% |
| **Total Revenue** | **47.6** | **45.2** | 5.3% | **192.2** | **185.7** | 3.5% |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **38.4** | **34.0** | 12.8% | **159.7** | **147.8** | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 27.9 | 26.5 | 5.3% | 107.7 | 106.9 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 6.3 | 5.3 | 18.9% | 25.1 | 21.2 | 18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.7 | -0.1 | -1313.8% | 1.1 | 0.3 | 310.7% |
| **Total Costs and Expenses** | **34.9** | **31.8** | **10.0%** | **134.0** | **128.3** | **4.4%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **25.7** | **20.6** | **25.0%** | **101.4** | **90.4** | **12.2%** |
| **Adjusted Segment EBITDA** | **14.5** | **14.8** | **-2.2%** | **66.2** | **64.0** | **3.5%** |
| Adjusted Segment EBITDA Mg | 30.5% | 32.8% | -231 | 34.4% | 34.5% | -2 |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 37.8% | 43.5% | -577 | 41.4% | 43.3% | -184 |
| **Capex** | **11.1** | **12.4** | -11.0% | **38.8** | **36.5** | 6.4% |

---

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

In **Uruguay**, where air traffic is primarily international, total passenger traffic increased 5.1% YoY, reaching **record levels for both the fourth quarter and the full year**. Results also reflect a recovery from the third quarter decline when operations were temporarily impacted by a six-day planned runway closure to complete the installation of a new Precision Instrument Landing System (ILS CAT IIIb). During the quarter, several airlines expanded seasonal operations. GOL launched a new Montevideo–Fortaleza route and resumed its São Paulo–Punta del Este and Buenos Aires–Punta del Este services. Aerolíneas Argentinas increased frequencies on its Buenos Aires–Punta del Este route and introduced a new Córdoba–Punta del Este service. On the domestic front, Paranair began operating the Montevideo–Rivera route.

**Revenues** increased by 5.3% YoY to $47.6 million on a reported basis, in line with passenger traffic growth. Excluding Construction Service revenues, revenues increased 12.8% to $38.4 million, primarily driven by higher commercial activity and increased aeronautical revenues tied to passenger YoY growth.

· **Aeronautical Revenues** increased 7.6% YoY, or $1.4 million, to $19.4 million, aligned with
the increase in passenger traffic.

· **Commercial Revenues** increased by 18.7% YoY, or $3.0 million, to $19.0 million, primarily driven
by higher cargo revenues, which benefited from tariff increases. Passenger-related revenues, particularly from VIP lounges, duty-free
and parking facilities, also contributed to commercial revenue growth, surpassing the overall increase in traffic.

Page **19** of **45**

**Total Costs and Expenses** increased 10.0% YoY to $34.9 million. Excluding Construction Services, Total Cost and Expenses rose by 25.0% YoY to $25.7 million, reflecting higher Cost of services and SG&A expenses.

· **Cost of Services** increased by 5.3% YoY to $27.9 million. Excluding Construction Service cost, Cost
of Services grew by 22.1% to $18.7 million, mainly driven by higher Salaries and social security contributions, Maintenance expenses and
Concession fees.

· **SG&A** expenses increased 18.9% YoY, to $6.3 million, principally due to higher Maintenance expenses,
Office expenses and Services and fees.

**Adjusted Segment EBITDA** decreased by 2.2% YoY to $14.5 million, while the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 5.7 percentage points to 37.8%. The margin contraction primarily reflected higher salaries and maintenance expenses, as well as additional pressure from the 6.1% YoY average appreciation of the Uruguayan peso on the local currency-denominated cost base.

During 4Q25, CAAP made **Capital Expenditures** of $11.1 million in Uruguay, down from $12.4 million in 4Q24.

Page **20** of **45**

**Armenia**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 1.4 | 1.2 | 12.8% | 5.6 | 5.3 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **1.4** | **1.2** | **13.8%** | **5.8** | **5.4** | **7.5%** |
| **Cargo Volume (in thousands of tons)** | **13.7** | **14.2** | **-3.4%** | **42.8** | **42.2** | **1.2%** |
| **Total Aircraft Movements (in thousands)** | **10.5** | **9.8** | **7.1%** | **42.9** | **39.9** | **7.5%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 24.9 | 21.4 | 16.5% | 101.2 | 90.5 | 11.7% |
| Non-aeronautical revenue | 55.7 | 46.2 | 20.5% | 195.2 | 162.3 | 20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 47.4 | 38.6 | 23.0% | 178.8 | 150.5 | 18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 8.2 | 7.6 | 8.0% | 16.4 | 11.8 | 38.2% |
| **Total Revenue** | **80.5** | **67.5** | **19.3%** | **296.3** | **252.8** | **17.2%** |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **72.3** | **59.9** | **20.7%** | **280.0** | **241.0** | **16.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 52.1 | 43.3 | 20.2% | 179.4 | 154.7 | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 5.4 | 4.3 | 27.0% | 19.7 | 16.2 | 21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.2 | 0.2 | 1.2% | 1.6 | 1 | 60.1% |
| **Total Costs and Expenses** | **57.8** | **47.9** | **20.7%** | **200.7** | **171.8** | **16.8%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **49.8** | **40.5** | **23.0%** | **184.8** | **160.3** | **15.2%** |
| **Adjusted Segment EBITDA** | **29.2** | **25.3** | **15.2%** | **119.1** | **102.7** | **16.0%** |
| Adjusted Segment EBITDA Mg | 36.2% | 37.5% | -126 | 40.2% | 40.6% | -42 |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 40.0% | 41.9% | -186 | 42.4% | 42.5% | -10 |
| **Capex** | **9.5** | **6.3** | **50.2%** | **22.0** | **17.5** | **0.3** |

---

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

Passenger traffic in **Armenia** increased 13.8% YoY, reaching **record levels for both the fourth quarter and the full year**, driven by sustained strength in international demand and expanded connectivity. During the quarter, Wizz Air established a new base at Zvartnots Airport, deploying two aircraft and launching eight new direct routes to European destinations beginning in October, further enhancing the airport's network and growth profile.

**Revenues** increased by 19.3% YoY to $80.5 million on an 'as reported' basis, or by 20.7% when excluding Construction Service revenues, driven by growth in both Aeronautical and Commercial revenues, underpinned by higher traffic volumes. Results also benefited from the 7.5% YoY average appreciation of the euro.

· **Aeronautical Revenues** increased by 16.5% YoY, or $3.5 million, to $24.9 million, in line with
traffic growth.

· **Commercial Revenues** increased by 23.0% YoY, or $8.9 million, to $47.4 million, largely driven by
higher Fuel revenues, which are directly linked to the Cost of Fuel, as well as growth in VIP lounges, Duty free sales and other passenger-related
revenues.

**Total Costs and Expenses** increased by 20.7% YoY to $57.8 million. Excluding IFRIC 12, Total Costs and Expenses increased by 23.0% YoY, largely driven by higher Cost of Services.

· **Cost of Services** increased by 20.2% YoY to $52.1 million. Excluding IFRIC 12, Cost of Services
increased by 22.7%, mainly driven by higher fuel costs, in line with the increase in fuel-related revenues.

· **SG&A** increased 27.0% YoY, or $1.2 million, to $5.4 million in 4Q25, primarily reflecting higher
Services and fees, Taxes and Maintenance expenses.

Page **21** of **45**

**Adjusted Segment EBITDA** increased by 15.2% YoY to $29.2 million in 4Q25, supported by volume-driven operating leverage and record passenger traffic levels. The Adjusted EBITDA margin, excluding IFRIC 12, contracted 1.9 percentage points to 40.0%, primarily reflecting higher salaries and maintenance expenses, as well as a greater contribution from the fuel business. While the fuel segment continued to grow in line with increased activity levels, it carries structurally lower margins than the core airport operations, resulting in a dilution effect on the overall margin.

During 4Q25, CAAP made **Capital Expenditures** of $9.5 million in Armenia, compared to $6.3 million in 4Q24.

Page **22** of **45**

**Ecuador**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.6 | 0.6 | 2.4% | 2.4 | 2.3 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.6 | 0.6 | 0.7% | 2.3 | 2.3 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **1.2** | **1.2** | **1.1%** | **4.7** | **4.7** | **0.4%** |
| **Cargo Volume (in thousands of tons)** | **9.2** | **9.6** | **-3.6%** | **35.8** | **37.3** | **-4.1%** |
| **Total Aircraft Movements (in thousands)** | **20.1** | **19.2** | **4.4%** | **78.4** | **76.1** | **3.0%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 20.1 | 19.8 | 1.8% | 81.3 | 81.4 | -0.2% |
| Non-aeronautical revenue | 10.7 | 7.8 | 37.6% | 33.1 | 28.8 | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 8.2 | 7.8 | 5.8% | 30.7 | 28.7 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 2.5 | 0.0 | - | 2.5 | 0.1 | n.m |
| **Total Revenue** | **30.8** | **27.5** | **11.9%** | **114.4** | **110.3** | **3.8%** |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **28.3** | **27.5** | **2.9%** | **112.0** | **110.2** | **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 19.6 | 15.8 | 23.8% | 68.9 | 63.9 | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4.1 | 3.4 | 20.9% | 16.2 | 16.4 | -1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.0 | 0.0 | -55.6% | 0.0 | 0.0 | 33.3% |
| **Total Costs and Expenses** | **23.6** | **19.2** | **23.2%** | **85.2** | **80.3** | **6.0%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **21.2** | **19.2** | **10.3%** | **82.7** | **80.2** | **3.1%** |
| **Adjusted Segment EBITDA** | **8.2** | **9.3** | **-11.8%** | **33.3** | **33.7** | **-1.2%** |
| Adjusted Segment EBITDA Mg | 26.6% | 33.7% | -713 | 29.1% | 30.6% | -148 |
| Adjusted EBITDA Margin excluding IFRIC 12**<sup>(3)</sup>** | 28.9% | 33.7% | -481 | 29.8% | 30.6% | -86 |
| **Capex** | **4.1** | **1.8** | **124%** | **5.2** | **4.2** | **25%** |

---

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

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

In **Ecuador**, passenger traffic increased 1.1% YoY despite ongoing public security concerns and rebounded from the prior quarter's decline, which was driven by runway repaving works that required a two-day suspension of operations. International traffic rose modestly by 0.7% YoY, while domestic traffic increased 2.4% YoY. However, demand remained somewhat constrained by elevated airfares.

**Revenues** increased by 11.9% YoY to $30.8 million in 4Q25 on an 'As reported' basis, mainly driven by higher Commercial revenues.

· **Aeronautical Revenues** increased 1.8% YoY, or $0.4 million, to $20.1 million, in line with
traffic YoY growth.

· **Commercial Revenues** increased 5.8% YoY, or $0.5 million, to $8.2 million, reflecting higher Duty
Free sales, combined with an increase in Other commercial revenues.

**Total Costs and Expenses** increased by 23.2% YoY to $23.6 million, primarily driven by higher cost of services.

· **Cost of Services** rose by 23.8% YoY to $19.6 million, primarily reflecting higher maintenance expenses,
salaries and concession fees. Maintenance expenses were elevated due to the timing of maintenance deployment, with a significant portion
of full-year activities concentrated in the fourth quarter.

· **SG&A** increased 20.9% YoY, to $4.1 million.

**Adjusted Segment EBITDA** decreased 11.8% YoY to $8.2 million, with the Adjusted EBITDA Margin ex- IFRIC 12 contracting 4.8 percentage points to 28.9%, mainly reflecting the concentration of maintenance expenses in the fourth quarter due to the timing of maintenance deployment.

During 4Q25, CAAP made **Capital Expenditures** of $4.1 million in Ecuador, compared to $1.8 million in 4Q24.

Page **23** of **45**

**Key Quarter Highlights and Subsequent Events**

**CAAP \| Award Agreement to operate Luanda International Airport**

In December, 2025, the Company announced that it received formal notification from the Ministry of Transport of the Republic of Angola, of the award decision in the tender process for the operation, management and maintenance of Dr. António Agostinho Neto International Airport (AIAAN), in favor of the consortium formed by Corporación América Airports S.A., Mota-Engil Engenharia e Construção África S.A., and Bestfly Lda.. The decision follows a competitive process conducted in full compliance with applicable legal and technical standards in Angola and remains subject to the execution of a definitive concession agreement and the satisfaction of customary conditions precedent.

**CAAP \| Receipt of Payment of ICSID Arbitration Award by the Government of Peru**

On January 20, the Company announced that Sociedad Aeroportuaria Kuntur Wasi S.A. ("Kuntur Wasi"), in which CAAP holds an indirect 50% equity interest, has received payment of US$91,205,056 from the Republic of Peru, pursuant to the final award issued by the International Centre for Settlement of Investment Disputes ("ICSID", also known as "CIADI" in Spanish). The payment relates to the final award issued by the ICSID Arbitral Tribunal in May 2024, arising from the termination by the Government of Peru of the concession agreement for the new Chinchero International Airport that, pursuant to the final decision of the ICSID Arbitral Tribunal, such termination was arbitrary, unjustified and without a well-founded reason of public interest. The receipt of the payment, after any associated taxes, costs, or expenses, was reflected in the Company's financial statements in accordance with applicable accounting standards, considering CAAP's indirect 50% equity interest in Kuntur Wasi.

**Armenia \| Amendment of the Armenia International Airports Concession Agreement \| 35-Year Term Extension**

On January 23, the Company announced that its subsidiary Armenia International Airports CJSC ("AIA"), the operator of Zvartnots and Gyumri Shirak International Airports in Yerevan, Armenia, entered into an amendment agreement with the Government of the Republic of Armenia ("GOA") to amend certain terms of the existing concession agreement originally signed on December 17, 2001. Key amendments include: (i) a 35-year term extension through December 31, 2067; (ii) a $425 million capital investment program to be executed by 2033; (iii) a transition to an inflation-based tariff regime; and (iv) annual tariff adjustments commencing in April 2027. The amended agreement also provides for the possibility of discussing potential future term extensions, subject to mutual agreement. For additional information, please refer to the Company's press release dated January 23, 2026.

**Ecuador \| Amendment of the Seymour Airport Concession Agreement in Galápagos \| 6-Year Term Extension**

On January 27, the Company announced that its subsidiary Aeropuertos Ecológicos de Galápagos S.A. ("Ecogal"), executed an addendum to the concession agreement for Seymour Airport, located on Baltra Island, Galápagos, Ecuador. The addendum provides for the rebalancing of the economic and financial equilibrium of the concession agreement, which had been adversely affected by the COVID-19 pandemic. The addendum follows a technical, financial, and legal review process carried out with the granting authority and relevant government bodies, and includes adjustments to certain airport charges, a 6-year extension of the concession term, and the rescheduling of investment commitments, among other measures. For additional information, please refer to the Company's press release dated January 27, 2026

For further information on subsequent events, please refer to Note 33 of the Company's Financial Statements, filed with the SEC on Form 6-K.

**Hyperinflation Accounting in Argentina**

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 ("AA2000"), the Company's largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 4Q25, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29".

**Non-Financial Disclosure**

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

**4Q25 EARNINGS CONFERENCE CALL**

---

| | |
|:---|:---|
| When: | &nbsp;&nbsp;09:00 a.m. Eastern Time, March 17, 2026 |
| Who: | &nbsp;&nbsp;Mr. Martín Eurnekian, Chief Executive Officer |
|  | &nbsp;&nbsp;Mr. Jorge Arruda, Chief Financial Officer |
|  | &nbsp;&nbsp;Mr. Patricio Iñaki Esnaola, Head of Investor Relations |
| Dial-in: | &nbsp;&nbsp;1-800-549-8228 (North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: ***11551*** |
| Webcast: | &nbsp;&nbsp;<u>CAAP 4Q25 Earnings Conference Call</u> |
| Replay: | &nbsp;&nbsp;1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: ***11551 #*** |

---

Page **24** of **45**

**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%.

Page **25** of **45**

**About Corporación América Airports**

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

**Forward Looking Statements**

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

**Investor Relations Contact**

**Patricio Iñaki Esnaola** 

Email: <u>patricio.esnaola@caairports.com</u><br> Phone: +5411 4899-6716

Page **26** of **45**

**-- Operational & Financial Tables Follow –**

**Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **Argentina** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 8.1 | 7.7 | 5.9% | 30.6 | 27.8 | 10.2% |
| International Passengers (in millions) | 4.1 | 3.5 | 14.6% | 15.4 | 13.1 | 17.4% |
| Transit passengers (in millions) | 0.3 | 0.3 | 12.0% | 1.5 | 1.3 | 14.7% |
| **Total passengers (in millions)** | **12.5** | **11.5** | **8.7%** | **47.4** | **42.1** | **12.6%** |
| **Cargo volume (in thousands of tons)** | **65.3** | **63.4** | **3.0%** | **214.8** | **207.5** | **3.5%** |
| **Aircraft movements (in thousands)** | **126.4** | **121.5** | **4.0%** | **481.7** | **449.7** | **7.1%** |
| **Italy** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.5 | 0.5 | -2.6% | 2.0 | 1.9 | 7.3% |
| International Passengers (in millions) | 1.7 | 1.5 | 11.3% | 7.8 | 7.2 | 8.7% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **2.2** | **2.0** | **8.1%** | **9.8** | **9.0** | **8.4%** |
| **Cargo volume (in thousands of tons)** | **3.2** | **3.6** | **-12.4%** | **12.6** | **13.0** | **-3.7%** |
| **Aircraft movements (in thousands)** | **19.7** | **18.2** | **8.2%** | **88.7** | **82.2** | **7.9%** |
| **Brazil** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 2.6 | 2.3 | 11.2% | 9.6 | 9.0 | 5.8% |
| International Passengers (in millions) | 0.2 | 0.2 | 16.2% | 0.9 | 0.7 | 20.0% |
| Transit passengers (in millions) | 1.7 | 1.5 | 12.9% | 6.3 | 5.8 | 8.9% |
| **Total passengers (in millions)** | **4.5** | **4.0** | **12.1%** | **16.7** | **15.5** | **7.6%** |
| **Cargo volume (in thousands of tons)** | **15.9** | **18.3** | **-13.2%** | **62.3** | **65.6** | **-5.0%** |
| **Aircraft movements (in thousands)** | **39.1** | **35.8** | **9.0%** | **150.8** | **143.2** | **5.3%** |
| **Uruguay** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 0.6 | 0.5 | 5.5% | 2.3 | 2.2 | 2.9% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **0.6** | **0.6** | **5.1%** | **2.3** | **2.2** | **2.5%** |
| **Cargo volume (in thousands of tons)** | **9.9** | **9.3** | **6.8%** | **35.5** | **32.3** | **10.0%** |
| **Aircraft movements (in thousands)** | **9.7** | **9.0** | **8.2%** | **34.0** | **32.5** | **4.5%** |
| **Ecuador<sup>(1)</sup>** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.6 | 0.6 | 2.4% | 2.4 | 2.3 | 1.1% |
| International Passengers (in millions) | 0.6 | 0.6 | 0.7% | 2.3 | 2.3 | 0.4% |
| Transit passengers (in millions) | 0.0 | 0.0 | -27.0% | 0.1 | 0.1 | -18.4% |
| **Total passengers (in millions)** | **1.2** | **1.2** | **1.1%** | **4.7** | **4.7** | **0.4%** |
| **Cargo volume (in thousands of tons)** | **9.2** | **9.6** | **-3.6%** | **35.8** | **37.3** | **-4.1%** |
| **Aircraft movements (in thousands)** | **20.1** | **19.2** | **4.4%** | **78.4** | **76.1** | **3.0%** |
| **Armenia** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 1.4 | 1.2 | 12.8% | 5.6 | 5.3 | 5.0% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **1.4** | **1.2** | **13.8%** | **5.8** | **5.4** | **7.5%** |
| **Cargo volume (in thousands of tons)** | **13.7** | **14.2** | **-3.4%** | **42.8** | **42.2** | **1.2%** |
| **Aircraft movements (in thousands)** | **10.5** | **9.8** | **7.1%** | **42.9** | **39.9** | **7.5%** |

---

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

Page **27** of **45**

**Foreign Exchange Rate**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **4Q25** | **4Q24** | **4Q25** | **4Q24** | **3Q25** | **3Q24** | **3Q25** | **3Q24** |
|  | Avg | Avg | EoP | EoP | **Avg** | **Avg** | **EoP** | **EoP** |
| Argentine Peso | 1436.5 | 1000.3 | 1455 | 1032 | 1331.2 | 942 | 1380 | 970.5 |
| Euro | 1.2 | 1.1 | 1.2 | 1 | 1.2 | 1.1 | 1.2 | 1.1 |
| Brazilian Real | 5.4 | 5.8 | 5.5 | 6.2 | 5.4 | 5.5 | 5.3 | 5.4 |
| Uruguayan Peso | 39.7 | 42.3 | 39.1 | 44 | 40.3 | 39.5 | 40 | 41.1 |

---

Amounts provided by units of local currency per US dollar

**Aeronautical Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **Aeronautical Revenue** | **248.4** | **211.6** | 17.4% | **1.7** | **246.7** | **212.7** | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger use fees | 214.0 | 179.9 | 18.9% | 1.5 | 212.4 | 180.9 | 17.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft fees | 35.8 | 31.3 | 14.4% | 0.2 | 35.6 | 31.4 | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | -1.3 | 0.4 | -444.6% | - | -1.3 | 0.4 | -444.6% |

---

**Commercial Revenue Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **Commercial revenue** | **213.9** | **183.9** | **16.3%** | **2.0** | **211.9** | **181.7** | **16.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse use fees | 60.5 | 49.4 | 22.4% | 0.8 | 59.7 | 49.7 | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duty free shops | 21.5 | 20.1 | 7.1% | 0.2 | 21.3 | 20.1 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 12.3 | 10.4 | 18.9% | 0.1 | 12.2 | 10.4 | 18.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking facilities | 15.1 | 13.0 | 15.9% | 0.1 | 14.9 | 13.1 | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 37.7 | 29.9 | 26.2% | 0.0 | 37.7 | 29.9 | 26.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage services | 8.8 | 8.8 | 0.1% | 0.1 | 8.7 | 8.7 | -0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 7.9 | 6.3 | 25.2% | 0.4 | 7.5 | 5.9 | 28.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and retail stores | 4.0 | 5.0 | -21.1% | 0.0 | 4.0 | 5.0 | -21.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catering | 3.1 | 3.4 | -9.0% | 0.0 | 3.1 | 3.4 | -10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;VIP lounges | 20.9 | 17.9 | 17.0% | 0.3 | 20.6 | 17.7 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walkway services | 2.1 | 1.9 | 8.3% | 0.0 | 2.0 | 1.9 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 19.9 | 17.7 | 12.4% | -0.1 | 20.0 | 15.9 | 26.1% |

---

**Revenues by Segment** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 1069.5 | 1043.9 | 2.5% | -41.5 | 1111.0 | 949.8 | 17.0% |
| Italy | 170.4 | 138.8 | 22.8% | - | 170.4 | 138.8 | 22.8% |
| Brazil | 118.5 | 111.1 | 6.7% | - | 118.5 | 111.1 | 6.7% |
| Uruguay | 192.2 | 185.7 | 3.5% | - | 192.2 | 185.7 | 3.5% |
| Armenia | 296.3 | 252.8 | 17.2% | - | 296.3 | 252.8 | 17.2% |
| Ecuador <sup>(1)</sup> | 114.4 | 110.3 | 3.8% | - | 114.4 | 110.3 | 3.8% |
| Unallocated | 0.7 | 0.7 | 1.4% | - | 0.7 | 0.7 | 1.4% |
| **Total consolidated revenue** | **1962.1** | **1843.3** | **6.4%** | **-41.5** | **2003.6** | **1749.2** | **14.5%** |

---

1 Only includes Guayaquil Airport.

Page **28** of **45**

**Revenue Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **Aeronautical Revenue** | **934.7** | **876.7** | **6.6%** | **-20.6** | **955.3** | **828.9** | **15.3%** |
| **Non-aeronautical Revenue** | **1027.4** | **966.5** | **6.3%** | **-20.9** | **1048.3** | **920.3** | **13.9%** |
| Commercial revenue | 813.1 | 738.7 | 10.1% | -11.5 | 824.7 | 701.2 | 17.6% |
| Construction service revenue <sup>(1)</sup> | 205.8 | 223.4 | -7.9% | -9.3 | 215.1 | 214.7 | 0.2% |
| Other revenue | 8.5 | 4.5 | 90.0% | - | 8.5 | 4.5 | 90.0% |
| **Total Consolidated Revenue** | **1962.1** | **1843.3** | **6.4%** | **-41.5** | **2003.6** | **1749.2** | **14.5%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **1756.4** | **1619.9** | **8.4%** | **-32.2** | **1788.5** | **1534.6** | **16.5%** |

---

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

2 Excludes Construction Service revenue.

**Aeronautical Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Aeronautical Revenue** | **934.7** | **876.7** | 6.6% | **-20.6** | **955.3** | **828.9** | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger use fees | 804.8 | 747.2 | 7.7% | -18.6 | 823.4 | 704.8 | 16.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft fees | 134.7 | 130.3 | 3.4% | -2.0 | 136.7 | 124.8 | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | -4.8 | -0.8 | 531.2% | - | -4.8 | -0.8 | 531.2% |

---

**Commercial Revenue Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex<br> IAS 29** | **2024 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Commercial revenue** | **813.1** | **738.7** | **10.1%** | **-11.5** | **824.7** | **701.2** | **17.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse use fees | 220.5 | 206.3 | 6.8% | -6.4 | 226.9 | 190.5 | 19.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duty free shops | 85.7 | 82.8 | 3.4% | -1.8 | 87.5 | 79.1 | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 45.4 | 43.3 | 4.8% | -0.5 | 45.9 | 41.3 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking facilities | 60.5 | 47.8 | 26.5% | -1.5 | 62.0 | 46.1 | 34.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 140.1 | 120.2 | 16.6% | -0.3 | 140.4 | 119.4 | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage services | 34.3 | 32.2 | 6.5% | -0.2 | 34.5 | 30.9 | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 30.3 | 28.3 | 7.1% | 0.8 | 29.4 | 25.0 | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and retail stores | 17.7 | 17.7 | -0.1% | -0.2 | 17.9 | 17.3 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catering | 13.0 | 13.3 | -2.3% | -0.5 | 13.5 | 12.4 | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;VIP lounges | 77.8 | 66.0 | 18.0% | 0.0 | 77.8 | 63.3 | 22.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walkway services | 8.7 | 8.1 | 7.2% | -0.2 | 8.9 | 7.6 | 16.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 79.0 | 72.5 | 9.0% | -0.8 | 79.9 | 68.1 | 17.3% |

---

**Total Expenses Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 363.7 | 318.2 | 14.3% | 27.9 | 335.9 | 293.2 | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A | 59.9 | 56.8 | 5.6% | 1.3 | 58.6 | 56.3 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial loss | 45.0 | 47.0 | -4.3% | -32.8 | 77.8 | 87.1 | -10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation adjustment | 5.2 | 0.1 | 10212.4% | 4.5 | 0.7 | 0.3 | 173.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 2.9 | 1.3 | 133.8% | 0.0 | 2.9 | 1.1 | 165.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 15.4 | 34.1 | -54.7% | 11.4 | 4.0 | 14.0 | -71.3% |
| **Total expenses** | **492.3** | **457.4** | **7.6%** | **12.4** | **479.9** | **451.9** | **6.2%** |

---

Page **29** of **45**

**Cost of Services** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **Cost of Services** | **363.7** | **318.2** | **14.3%** | **27.9** | **335.9** | **293.2** | **14.5%** |
| Salaries and social security contributions | 65.4 | 62.7 | 4.3% | 0.5 | 64.9 | 63.1 | 2.9% |
| Concession fees | 58.6 | 51.2 | 14.4% | 0.5 | 58.1 | 51.5 | 12.9% |
| Construction service cost | 76.3 | 60.2 | 26.9% | -2.5 | 78.8 | 61.8 | 27.6% |
| Maintenance expenses | 49.5 | 49.4 | 0.2% | 0.1 | 49.4 | 47.9 | 3.2% |
| Amortization and depreciation | 50.9 | 45.2 | 12.7% | 29.2 | 21.7 | 19 | 14.1% |
| Services and fees | 17.3 | 15.4 | 12.4% | 0 | 17.3 | 15.6 | 10.4% |
| Cost of fuel | 30.8 | 24.4 | 26.3% | - | 30.8 | 24.4 | 26.3% |
| Taxes | 1.2 | 1 | 23.7% | 0 | 1.2 | 1.1 | 15.6% |
| Office expenses | 3.4 | 3.8 | -10.2% | 0 | 3.4 | 3.9 | -12.6% |
| Others | 10.3 | 5 | 107.9% | 0.1 | 10.2 | 5 | 104.3% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **SG&A** | **59.9** | **56.8** | **5.6%** | **1.3** | **58.6** | **56.3** | **4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 17.6 | 20.2 | -12.8% | 0.2 | 17.4 | 20.3 | -13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and social security contributions | 13.7 | 12.4 | 10.3% | 0.1 | 13.6 | 12.4 | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and fees | 12.7 | 12.1 | 5.3% | 0.0 | 12.7 | 12.0 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Office expenses | 3.1 | 2.6 | 19.7% | 0.1 | 3.0 | 2.6 | 19.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 2.9 | 2.0 | 45.7% | 0.9 | 2.0 | 1.6 | 25.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance expenses | 2.1 | 0.4 | 418.3% | 0.0 | 2.1 | 0.5 | 353.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 3.3 | 2.2 | 49.9% | 0.0 | 3.2 | 2.3 | 42.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurances | 0.7 | 0.7 | -4.8% | 0.0 | 0.7 | 0.7 | -1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts recovery | -1.3 | -1.3 | -5.9% | -0.0 | -1.2 | -1.0 | 23.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts | 3.2 | 2.4 | 33.7% | 0.0 | 3.2 | 2.1 | 52.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 1.8 | 3.0 | -41.4% | 0.0 | 1.8 | 3.0 | -41.4% |

---

**Expenses by Segment** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **4Q25 as <br> reported** | **4Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **4Q25 ex <br> IAS 29** | **4Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 237.3 | 213.2 | 11.3% | 29.2 | 208.0 | 187.5 | 11.0% |
| Italy | 42.0 | 31.1 | 35.2% | - | 42.0 | 31.1 | 35.2% |
| Brazil | 21.9 | 20.4 | 7.5% | - | 21.9 | 20.4 | 7.5% |
| Uruguay | 34.9 | 31.8 | 10.0% | - | 34.9 | 31.8 | 10.0% |
| Armenia | 57.8 | 47.9 | 20.7% | - | 57.8 | 47.9 | 20.7% |
| Ecuador | 23.6 | 19.2 | 23.2% | - | 23.6 | 19.2 | 23.2% |
| Unallocated | 9.0 | 12.7 | -29.2% | - | 9.0 | 12.7 | -29.2% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **426.6** | **376.2** | **13.4%** | **29.2** | **397.3** | **350.6** | **13.3%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes income tax and financial loss

&nbsp;&nbsp;&nbsp;&nbsp;(2) We account for the results of operations of ECOGAL using the equity method

Page **30** of **45**

**Costs and Expenses (in US$ million)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex<br> IAS 29** | **2024 ex <br> IAS 29** | **% Var<br> ex IAS 29** |
| **Cost of Services** | **1272.4** | **1237.3** | **2.8%** | **86.3** | **1186.0** | **1092.0** | **8.6%** |
| Salaries and social security contributions | 245.3 | 251.8 | -2.6% | -5.8 | 251.1 | 239.4 | 4.9% |
| Concession fees | 220.6 | 210.6 | 4.8% | -5.2 | 225.9 | 198.8 | 13.6% |
| Construction service cost | 193.5 | 216.8 | -10.8% | -9.3 | 202.8 | 208.1 | -2.6% |
| Maintenance expenses | 181.0 | 175.3 | 3.2% | -4.6 | 185.5 | 165.2 | 12.3% |
| Amortization and depreciation | 197.4 | 175.1 | 12.7% | 113.3 | 84.1 | 76.2 | 10.4% |
| Other | 234.5 | 207.7 | 12.9% | -2.0 | 236.5 | 204.2 | 15.9% |
| **Cost of Services Excluding Construction Service cost** | **1078.9** | **1020.5** | **5.7%** | **95.7** | **983.2** | **883.8** | **11.2%** |
| **Selling, general and administrative expenses** | **220.2** | **198.1** | **11.1%** | **-0.2** | **220.4** | **188.9** | **16.6%** |
| **Other expenses** | **13.1** | **7.0** | **87.9%** | **0.1** | **13.0** | **6.1** | **113.0%** |
| **Total Costs and Expenses** | **1505.6** | **1442.4** | **4.4%** | **86.2** | **1419.4** | **1287.0** | **10.3%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **1312.1** | **1225.6** | **7.1%** | **95.5** | **1216.6** | **1078.9** | **12.8%** |

---

**Total Expenses Breakdown** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 1272.4 | 1237.3 | 2.8% | 86.3 | 1186.0 | 1092.0 | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A | 220.2 | 198.1 | 11.1% | -0.2 | 220.4 | 188.9 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial loss | 244.0 | -110.3 | -321.2% | -142.6 | 386.6 | 362.0 | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation adjustment | 11.1 | 21.3 | -47.9% | 9.4 | 1.7 | -4.0 | -142.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 13.1 | 7.0 | 87.9% | 0.1 | 13.0 | 6.1 | 113.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 75.0 | 298.8 | -74.9% | 41.7 | 33.2 | -3.3 | -1120.6% |
| **Total expenses** | **1835.6** | **1652.2** | **11.1%** | **-5.3** | **1840.9** | **1641.7** | **12.1%** |

---

**Cost of Services** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex<br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **Cost of Services** | **1272.4** | **1237.3** | **2.8%** | **86.3** | **1186.0** | **1092.0** | **8.6%** |
| Salaries and social security contributions | 245.3 | 251.8 | -2.6% | -5.8 | 251.1 | 239.4 | 4.9% |
| Concession fees | 220.6 | 210.6 | 4.8% | -5.2 | 225.9 | 198.8 | 13.6% |
| Construction service cost | 193.5 | 216.8 | -10.8% | -9.3 | 202.8 | 208.1 | -2.6% |
| Maintenance expenses | 181.0 | 175.3 | 3.2% | -4.6 | 185.5 | 165.2 | 12.3% |
| Amortization and depreciation | 197.4 | 175.1 | 12.7% | 113.3 | 84.1 | 76.2 | 10.4% |
| Services and fees | 67.9 | 69.9 | -2.9% | -1.2 | 69.0 | 68.0 | 1.6% |
| Cost of fuel | 114.0 | 98.7 | 15.5% | - | 114.0 | 98.7 | 15.5% |
| Taxes | 5.0 | 5.4 | -7.4% | -0.2 | 5.2 | 4.9 | 5.5% |
| Office expenses | 14.6 | 16.0 | -9.2% | -0.7 | 15.2 | 15.0 | 1.8% |
| Others | 33.0 | 17.6 | 87.3% | 0.0 | 33.1 | 17.6 | 87.9% |

---

Page **31** of **45**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **SG&A** | **220.2** | **198.1** | **11.1%** | **-0.2** | **220.4** | **188.9** | **16.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 63.9 | 63.4 | 0.8% | -1.9 | 65.9 | 58.8 | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and social security contributions | 53.1 | 46.1 | 15.2% | -1.1 | 54.2 | 44.1 | 22.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and fees | 49.4 | 45.3 | 8.9% | -0.2 | 49.5 | 44.9 | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Office expenses | 9.9 | 8.8 | 12.6% | -0.3 | 10.2 | 8.2 | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 11.0 | 7.4 | 49.6% | 3.7 | 7.3 | 6.3 | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance expenses | 6.6 | 2.5 | 167.7% | 0.0 | 6.7 | 2.4 | 172.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 6.4 | 6.5 | -1.3% | -0.1 | 6.5 | 6.4 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurances | 3.2 | 2.7 | 18.5% | -0.1 | 3.2 | 2.6 | 24.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts recovery | -3.8 | -4.4 | -13.5% | 0.1 | -4.0 | -4.3 | -6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts | 11.2 | 8.9 | 25.6% | -0.3 | 11.5 | 8.4 | 35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 9.3 | 11.0 | -15.3% | 0.0 | 9.3 | 11.0 | -15.3% |

---

**Expenses by Segment** (in US$ million)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex <br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 838.3 | 841.0 | -0.3% | 86.2 | 752.1 | 685.6 | 9.7% |
| Italy | 133.1 | 106.1 | 25.4% | - | 133.1 | 106.1 | 25.4% |
| Brazil | 82.3 | 82.9 | -0.8% | - | 82.3 | 82.9 | -0.8% |
| Uruguay | 134.0 | 128.3 | 4.4% | - | 134.0 | 128.3 | 4.4% |
| Armenia | 200.7 | 171.8 | 16.8% | - | 200.7 | 171.8 | 16.8% |
| Ecuador | 85.2 | 80.3 | 6.0% | - | 85.2 | 80.3 | 6.0% |
| Unallocated | 32.1 | 31.9 | 0.5% | - | 32.1 | 31.9 | 0.5% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **1505.6** | **1442.4** | **4.4%** | **86.2** | **1419.4** | **1287.0** | **10.3%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes income tax and financial loss

&nbsp;&nbsp;&nbsp;&nbsp;(2) We account for the results of operations of ECOGAL using the equity method

**Adjusted EBITDA by Segment (in US$ million)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex<br> IAS 29** | **2024 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 388.8 | 335.3 | 16.0% | -14.5 | 403.3 | 294.5 | 36.9% |
| Italy | 49.3 | 44.3 | 11.4% | - | 49.3 | 44.3 | 11.4% |
| Brazil | 51.0 | 61.5 | -17.1% | - | 51.0 | 61.5 | -17.1% |
| Uruguay | 66.2 | 64.0 | 3.5% | - | 66.2 | 64.0 | 3.5% |
| Armenia | 119.1 | 102.7 | 16.0% | - | 119.1 | 102.7 | 16.0% |
| Ecuador | 33.3 | 33.7 | -1.2% | - | 33.3 | 33.7 | -1.2% |
| Unallocated | 20.3 | -12.7 | -259.6% | - | 20.3 | -12.7 | -259.6% |
| Intrasegment adjustment | -0.2 | 0.0 | - | - | -0.2 | 0.0 | - |
| **Total segment EBITDA** | **727.8** | **628.7** | **15.8%** | **-14.5** | **742.3** | **588.0** | **26.3%** |

---

Page **32** of **45**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex<br> IAS 29** | **2024 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Income from Continuing Operations** | **257.7** | **307.9** | **-16.3%** | **-65.2** | **323.0** | **239.2** | **35.0%** |
| Financial Income | -68.3 | -71.4 | -4.3% | 25.2 | -93.5 | -88.3 | 5.9% |
| Financial Loss | 244.0 | -110.3 | -321.2% | -142.6 | 386.6 | 362.0 | 6.8% |
| Inflation adjustment | 11.1 | 21.3 | -47.9% | 9.4 | 1.7 | -4.0 | -142.1% |
| Income Tax Expense | 75.0 | 298.8 | -74.9% | 41.7 | 33.2 | -3.3 | -1120.6% |
| Amortization and Depreciation | 208.4 | 182.5 | 14.2% | 117.0 | 91.4 | 82.5 | 10.9% |
| **Adjusted EBITDA** | **727.8** | **628.7** | **15.8%** | **-14.5** | **742.3** | **588.0** | **26.3%** |
| **Adjusted EBITDA Margin** | **37.1%** | **34.1%** | **3pp** | **-** | **37.0%** | **33.6%** | **3.4pp** |
| **Adjusted EBITDA excluding Construction Service** | **715.5** | **622.2** | **15.0%** | **-14.5** | **730.0** | **581.5** | **25.6%** |
| **Adjusted EBITDA Margin excluding Construction Service** | **40.7%** | **38.4%** | **2.3pp** | **-** | **40.8%** | **37.9%** | **2.9pp** |

---

**Financial Income / Loss (in US$ million)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 as <br> reported** | **2024 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2025 ex<br> IAS 29** | **2024 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Financial Income** | **68.3** | **71.4** | **-4.3%** | **-25.2** | **93.5** | **88.3** | **5.9%** |
| Interest income | 40.4 | 56.4 | -28.4% | -0.7 | 41.1 | 52.3 | -21.5% |
| Foreign exchange income | 15.9 | 2.5 | 528.0% | -24.5 | 40.4 | 23.3 | 73.1% |
| Other | 12.1 | 12.5 | -3.6% | 0.0 | 12.1 | 12.7 | -5.2% |
| **Inflation adjustment** | **-11.1** | **-21.3** | **-47.9%** | **-9.4** | **-1.7** | **4.0** | **-142.1%** |
| Inflation adjustment | -11.1 | -21.3 | -47.9% | -9.4 | -1.7 | 4.0 | -142.1% |
| **Financial Loss** | **-244.0** | **110.3** | **-321.2%** | **142.6** | **-386.6** | **-362.0** | **6.8%** |
| Interest Expenses | -90.8 | -107.5 | -15.5% | 1.8 | -92.6 | -102.3 | -9.5% |
| Foreign exchange transaction expenses | -60.5 | 314.5 | -119.2% | 140.8 | -201.3 | -163.0 | 23.5% |
| Changes in liability for concessions | -81.7 | -87.6 | -6.6% | - | -81.7 | -87.6 | -6.6% |
| Other financial loss | -10.9 | -9.2 | 19.0% | -0 | -10.9 | -9.2 | 18.9% |
| **Financial Loss, Net** | **-186.7** | **160.5** | **-216.3%** | **108.1** | **-294.8** | **-269.6** | **9.3%** |

---

See "Use of Non-IFRS Financial Measures" on page 25.

Page **33** of **45**

---

| | | |
|:---|:---|:---|
| **% 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **Argentina** |  |  |  |  |  |  |
| **Total Revenue** | **304.1** | **254.3** | **19.6%** | **1069.5** | **1043.9** | **2.5%** |
| **Total Revenue Excluding IFRIC12(1)** | **257.8** | **219.0** | **17.7%** | **946.0** | **888.3** | **6.5%** |
| **Operating Income** | **73.9** | **45.8** | **61.3%** | **255.9** | **224.4** | **14.0%** |
| **Net Income** | **66.4** | **16.0** | **315.4%** | **146.7** | **280.2** | **-47.6%** |
| **Adjusted Segment EBITDA** | **108.2** | **75.6** | **43.2%** | **388.8** | **335.3** | **16.0%** |
| **Adjusted Segment EBITDA Mg** | **35.6%** | **29.7%** | **5.9pp** | **36.4%** | **32.1%** | **4.3pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **41.9%** | **34.5%** | **7.4pp** | **41.1%** | **37.7%** | **3.4pp** |
| **Italy** |  |  |  |  |  |  |
| **Total Revenue** | **48.3** | **38.7** | **24.9%** | **170.4** | **138.8** | **22.8%** |
| **Total Revenue Excluding IFRIC12(1)** | **34.0** | **28.8** | **17.8%** | **140.3** | **122.4** | **14.6%** |
| **Operating Income** | **6.6** | **8.4** | **-21.3%** | **37.9** | **33.7** | **12.5%** |
| **Net Income** | **2.5** | **4.6** | **-45.0%** | **18.9** | **18.4** | **2.4%** |
| **Adjusted Segment EBITDA** | **9.6** | **10.7** | **-10.0%** | **49.3** | **44.3** | **11.4%** |
| **Adjusted Segment EBITDA Mg** | **19.9%** | **27.6%** | **-7.7pp** | **28.9%** | **31.9%** | **-3pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **16.6%** | **21.8%** | **-5.2pp** | **26.9%** | **31.3%** | **-4.4pp** |
| **Brazil** |  |  |  |  |  |  |
| **Total Revenue** | **33.8** | **28.2** | **20.2%** | **118.5** | **111.1** | **6.7%** |
| **Total Revenue Excluding IFRIC12(1)** | **33.8** | **27.4** | **23.5%** | **117.8** | **109.6** | **7.4%** |
| **Operating Income** | **12.1** | **25.0** | **-51.6%** | **39.6** | **50.3** | **-21.3%** |
| **Net Income** | **-7.6** | **1.7** | **-555.8%** | **-55.7** | **-81.5** | **-31.6%** |
| **Adjusted Segment EBITDA** | **15.1** | **27.6** | **-45.2%** | **51.0** | **61.5** | **-17.1%** |
| **Adjusted Segment EBITDA Mg** | **44.7%** | **98.0%** | **-53.3pp** | **43.0%** | **55.4%** | **-12.4pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **44.8%** | **100.9%** | **-56.2pp** | **43.3%** | **56.1%** | **-12.8pp** |
| **Uruguay** |  |  |  |  |  |  |
| **Total Revenue** | **47.6** | **45.2** | **5.3%** | **192.2** | **185.7** | **3.5%** |
| **Total Revenue Excluding IFRIC12(1)** | **38.4** | **34.0** | **12.8%** | **159.7** | **147.8** | **8.1%** |
| **Operating Income** | **11.9** | **12.7** | **-6.5%** | **55.5** | **54.4** | **1.9%** |
| **Net Income** | **10.3** | **11.9** | **-12.9%** | **57.2** | **50.5** | **13.3%** |
| **Adjusted Segment EBITDA** | **14.5** | **14.8** | **-2.2%** | **66.2** | **64.0** | **3.5%** |
| **Adjusted Segment EBITDA Mg** | **30.5%** | **32.8%** | **-2.3pp** | **34.4%** | **34.5%** | **-0.1pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **37.8%** | **43.5%** | **-5.7pp** | **41.4%** | **43.3%** | **-1.9pp** |

---

Page **34** of **45**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **Ecuador** |  |  |  |  |  |  |
| **Total Revenue** | **30.8** | **27.5** | **11.9%** | **114.4** | **110.3** | **3.8%** |
| **Total Revenue Excluding IFRIC12(1)** | **28.3** | **27.5** | **2.9%** | **112.0** | **110.2** | **1.6%** |
| **Operating Income** | **6.3** | **7.5** | **-16.0%** | **25.9** | **26.6** | **-2.8%** |
| **Net Income** | **5.2** | **7.4** | **-29.7%** | **22.4** | **25.3** | **-11.4%** |
| **Adjusted Segment EBITDA** | **8.2** | **9.3** | **-11.8%** | **33.3** | **33.7** | **-1.2%** |
| **Adjusted Segment EBITDA Mg** | **26.6%** | **33.7%** | **-7.1pp** | **29.1%** | **30.6%** | **-1.5pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **28.9%** | **33.7%** | **-4.8pp** | **29.8%** | **30.6%** | **-0.8pp** |
| **Armenia** |  |  |  |  |  |  |
| **Total Revenue** | **80.5** | **67.5** | **19.3%** | **296.3** | **252.8** | **17.2%** |
| **Total Revenue Excluding IFRIC12(1)** | **72.3** | **59.9** | **20.7%** | **280.0** | **241.0** | **16.2%** |
| **Operating Income** | **23.2** | **19.8** | **17.1%** | **96.3** | **81.3** | **18.4%** |
| **Net Income** | **19.3** | **15.7** | **23.2%** | **78.6** | **63.6** | **23.6%** |
| **Adjusted Segment EBITDA** | **29.2** | **25.3** | **15.2%** | **119.1** | **102.7** | **16.0%** |
| **Adjusted Segment EBITDA Mg** | **36.2%** | **37.5%** | **-1.3pp** | **40.2%** | **40.6%** | **-0.4pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **40.0%** | **41.9%** | **-1.9pp** | **42.4%** | **42.5%** | **-0.1pp** |
| **Unallocated** |  |  |  |  |  |  |
| **Total revenue** | **0.2** | **-0.5** | **-134.6%** | **0.7** | **0.7** | **1.4%** |
| **Operating Income** | **-5.9** | **-10.7** | **-44.8%** | **-22.7** | **-23.6** | **-3.6%** |
| **Net Income** | **19.3** | **-12.7** | **-252.3%** | **-10.5** | **-48.5** | **-78.4%** |
| **Adjusted segment EBITDA** | **30.4** | **-7.9** | **-486.2%** | **20.3** | **-12.7** | **-259.6%** |
| **Adjusted Segment EBITDA Mg** | **N/A** | **N/A** | **N/A** | **N/A** | **#N/A** | **N/A** |

---

1 Excludes Construction Service revenue.

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

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

Page **35** of **45**

**Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** |
|  | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. |
| &nbsp;&nbsp;**Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aeroparque | &nbsp;&nbsp;2958 | &nbsp;&nbsp;2954 | &nbsp;&nbsp;**0.1%** | &nbsp;&nbsp;1314 | &nbsp;&nbsp;1038 | &nbsp;&nbsp;**26.5%** | &nbsp;&nbsp;237 | &nbsp;&nbsp;213 | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;4509 | &nbsp;&nbsp;4206 | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;519 | &nbsp;&nbsp;425 | &nbsp;&nbsp;**22.1%** | &nbsp;&nbsp;35415 | &nbsp;&nbsp;34066 | &nbsp;&nbsp;**4.0%** |
| &nbsp;&nbsp;Bariloche | &nbsp;&nbsp;568 | &nbsp;&nbsp;565 | &nbsp;&nbsp;**0.5%** | &nbsp;&nbsp;24 | &nbsp;&nbsp;21 | &nbsp;&nbsp;**11.3%** | &nbsp;&nbsp;0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;592 | &nbsp;&nbsp;587 | &nbsp;&nbsp;**0.8%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;4241 | &nbsp;&nbsp;4353 | &nbsp;&nbsp;**-2.6%** |
| &nbsp;&nbsp;Catamarca | &nbsp;&nbsp;24 | &nbsp;&nbsp;22 | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**4.0%** | &nbsp;&nbsp;26 | &nbsp;&nbsp;24 | &nbsp;&nbsp;**9.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;882 | &nbsp;&nbsp;779 | &nbsp;&nbsp;**13.2%** |
| &nbsp;&nbsp;C. Rivadavia | &nbsp;&nbsp;146 | &nbsp;&nbsp;153 | &nbsp;&nbsp;**-4.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;146 | &nbsp;&nbsp;154 | &nbsp;&nbsp;**-4.8%** | &nbsp;&nbsp;75 | &nbsp;&nbsp;125 | &nbsp;&nbsp;**-40.0%** | &nbsp;&nbsp;1869 | &nbsp;&nbsp;1732 | &nbsp;&nbsp;**7.9%** |
| &nbsp;&nbsp;Córdoba | &nbsp;&nbsp;639 | &nbsp;&nbsp;607 | &nbsp;&nbsp;**5.3%** | &nbsp;&nbsp;282 | &nbsp;&nbsp;164 | &nbsp;&nbsp;**72.4%** | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;921 | &nbsp;&nbsp;771 | &nbsp;&nbsp;**19.5%** | &nbsp;&nbsp;654 | &nbsp;&nbsp;356 | &nbsp;&nbsp;**84.0%** | &nbsp;&nbsp;8049 | &nbsp;&nbsp;7047 | &nbsp;&nbsp;**14.2%** |
| &nbsp;&nbsp;El Palomar | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;549 | &nbsp;&nbsp;1317 | &nbsp;&nbsp;**-58.3%** |
| &nbsp;&nbsp;Esquel | &nbsp;&nbsp;33 | &nbsp;&nbsp;29 | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;33 | &nbsp;&nbsp;29 | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;497 | &nbsp;&nbsp;430 | &nbsp;&nbsp;**15.6%** |
| &nbsp;&nbsp;Ezeiza | &nbsp;&nbsp;1011 | &nbsp;&nbsp;766 | &nbsp;&nbsp;**32.0%** | &nbsp;&nbsp;2236 | &nbsp;&nbsp;2146 | &nbsp;&nbsp;**4.2%** | &nbsp;&nbsp;70 | &nbsp;&nbsp;63 | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;3317 | &nbsp;&nbsp;2975 | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;62441 | &nbsp;&nbsp;60926 | &nbsp;&nbsp;**2.5%** | &nbsp;&nbsp;21773 | &nbsp;&nbsp;19293 | &nbsp;&nbsp;**12.9%** |
| &nbsp;&nbsp;Formosa | &nbsp;&nbsp;23 | &nbsp;&nbsp;22 | &nbsp;&nbsp;**4.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;23 | &nbsp;&nbsp;22 | &nbsp;&nbsp;**4.6%** | &nbsp;&nbsp;29 | &nbsp;&nbsp;14 | &nbsp;&nbsp;**109.3%** | &nbsp;&nbsp;422 | &nbsp;&nbsp;390 | &nbsp;&nbsp;**8.2%** |
| &nbsp;&nbsp;General Pico | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;585 | &nbsp;&nbsp;621 | &nbsp;&nbsp;**-5.8%** |
| &nbsp;&nbsp;Iguazú | &nbsp;&nbsp;469 | &nbsp;&nbsp;465 | &nbsp;&nbsp;**0.7%** | &nbsp;&nbsp;2 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;470 | &nbsp;&nbsp;465 | &nbsp;&nbsp;**1.1%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3347 | &nbsp;&nbsp;3557 | &nbsp;&nbsp;**-5.9%** |
| &nbsp;&nbsp;Jujuy | &nbsp;&nbsp;128 | &nbsp;&nbsp;115 | &nbsp;&nbsp;**11.8%** | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;129 | &nbsp;&nbsp;116 | &nbsp;&nbsp;**11.9%** | &nbsp;&nbsp;34 | &nbsp;&nbsp;20 | &nbsp;&nbsp;**68.3%** | &nbsp;&nbsp;955 | &nbsp;&nbsp;1136 | &nbsp;&nbsp;**-15.9%** |
| &nbsp;&nbsp;La Rioja | &nbsp;&nbsp;20 | &nbsp;&nbsp;19 | &nbsp;&nbsp;**8.3%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**12.5%** | &nbsp;&nbsp;23 | &nbsp;&nbsp;21 | &nbsp;&nbsp;**8.8%** | &nbsp;&nbsp;14 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;711 | &nbsp;&nbsp;500 | &nbsp;&nbsp;**42.2%** |
| &nbsp;&nbsp;Malargüe | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;103 | &nbsp;&nbsp;235 | &nbsp;&nbsp;**-56.2%** |
| &nbsp;&nbsp;Mar del Plata | &nbsp;&nbsp;72 | &nbsp;&nbsp;67 | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;73 | &nbsp;&nbsp;67 | &nbsp;&nbsp;**8.6%** | &nbsp;&nbsp;17 | &nbsp;&nbsp;15 | &nbsp;&nbsp;**19.6%** | &nbsp;&nbsp;1737 | &nbsp;&nbsp;1790 | &nbsp;&nbsp;**-3.0%** |
| &nbsp;&nbsp;Mendoza | &nbsp;&nbsp;541 | &nbsp;&nbsp;500 | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;166 | &nbsp;&nbsp;158 | &nbsp;&nbsp;**4.9%** | &nbsp;&nbsp;11 | &nbsp;&nbsp;6 | &nbsp;&nbsp;**89.5%** | &nbsp;&nbsp;718 | &nbsp;&nbsp;664 | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;155 | &nbsp;&nbsp;99 | &nbsp;&nbsp;**56.2%** | &nbsp;&nbsp;5838 | &nbsp;&nbsp;5910 | &nbsp;&nbsp;**-1.2%** |
| &nbsp;&nbsp;Paraná | &nbsp;&nbsp;11 | &nbsp;&nbsp;10 | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;11 | &nbsp;&nbsp;10 | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;832 | &nbsp;&nbsp;875 | &nbsp;&nbsp;**-4.9%** |
| &nbsp;&nbsp;Posadas | &nbsp;&nbsp;86 | &nbsp;&nbsp;80 | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;87 | &nbsp;&nbsp;80 | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;31 | &nbsp;&nbsp;46 | &nbsp;&nbsp;**-32.9%** | &nbsp;&nbsp;1195 | &nbsp;&nbsp;1106 | &nbsp;&nbsp;**8.0%** |
| &nbsp;&nbsp;Pto Madryn | &nbsp;&nbsp;57 | &nbsp;&nbsp;61 | &nbsp;&nbsp;**-5.9%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;58 | &nbsp;&nbsp;61 | &nbsp;&nbsp;**-4.7%** | &nbsp;&nbsp;7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**-20.0%** | &nbsp;&nbsp;525 | &nbsp;&nbsp;485 | &nbsp;&nbsp;**8.2%** |
| &nbsp;&nbsp;Reconquista | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;820 | &nbsp;&nbsp;688 | &nbsp;&nbsp;**19.2%** |
| &nbsp;&nbsp;Resistencia | &nbsp;&nbsp;66 | &nbsp;&nbsp;47 | &nbsp;&nbsp;**40.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;66 | &nbsp;&nbsp;47 | &nbsp;&nbsp;**40.0%** | &nbsp;&nbsp;72 | &nbsp;&nbsp;75 | &nbsp;&nbsp;**-3.1%** | &nbsp;&nbsp;870 | &nbsp;&nbsp;827 | &nbsp;&nbsp;**5.2%** |
| &nbsp;&nbsp;Río Cuarto | &nbsp;&nbsp;5 | &nbsp;&nbsp;8 | &nbsp;&nbsp;**-42.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;5 | &nbsp;&nbsp;8 | &nbsp;&nbsp;**-42.2%** | &nbsp;&nbsp;2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;245 | &nbsp;&nbsp;227 | &nbsp;&nbsp;**7.9%** |
| &nbsp;&nbsp;Río Gallegos | &nbsp;&nbsp;4 | &nbsp;&nbsp;44 | &nbsp;&nbsp;**-89.8%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;**-90.0%** | &nbsp;&nbsp;3 | &nbsp;&nbsp;64 | &nbsp;&nbsp;**-95.8%** | &nbsp;&nbsp;105 | &nbsp;&nbsp;973 | &nbsp;&nbsp;**-89.2%** |
| &nbsp;&nbsp;Río Grande | &nbsp;&nbsp;32 | &nbsp;&nbsp;32 | &nbsp;&nbsp;**0.1%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;32 | &nbsp;&nbsp;32 | &nbsp;&nbsp;**-0.5%** | &nbsp;&nbsp;34 | &nbsp;&nbsp;865 | &nbsp;&nbsp;**-96.1%** | &nbsp;&nbsp;932 | &nbsp;&nbsp;969 | &nbsp;&nbsp;**-3.8%** |
| &nbsp;&nbsp;Salta | &nbsp;&nbsp;376 | &nbsp;&nbsp;348 | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;24 | &nbsp;&nbsp;17 | &nbsp;&nbsp;**39.9%** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;400 | &nbsp;&nbsp;365 | &nbsp;&nbsp;**9.4%** | &nbsp;&nbsp;52 | &nbsp;&nbsp;80 | &nbsp;&nbsp;**-35.3%** | &nbsp;&nbsp;5218 | &nbsp;&nbsp;4796 | &nbsp;&nbsp;**8.8%** |

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** |
|  | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. |
| &nbsp;&nbsp;San Fernando | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;16013 | &nbsp;&nbsp;15065 | &nbsp;&nbsp;**6.3%** |
| &nbsp;&nbsp;San Juan | &nbsp;&nbsp;56 | &nbsp;&nbsp;56 | &nbsp;&nbsp;**-0.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;56 | &nbsp;&nbsp;56 | &nbsp;&nbsp;**-0.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;687 | &nbsp;&nbsp;670 | &nbsp;&nbsp;**2.5%** |
| &nbsp;&nbsp;San Luis | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;**-6.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;**-6.2%** | &nbsp;&nbsp;9 | &nbsp;&nbsp;8 | &nbsp;&nbsp;**12.3%** | &nbsp;&nbsp;398 | &nbsp;&nbsp;467 | &nbsp;&nbsp;**-14.8%** |
| &nbsp;&nbsp;San Rafael | &nbsp;&nbsp;15 | &nbsp;&nbsp;14 | &nbsp;&nbsp;**3.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;15 | &nbsp;&nbsp;15 | &nbsp;&nbsp;**3.0%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1881 | &nbsp;&nbsp;2231 | &nbsp;&nbsp;**-15.7%** |
| &nbsp;&nbsp;Santa Rosa | &nbsp;&nbsp;11 | &nbsp;&nbsp;10 | &nbsp;&nbsp;**10.1%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;11 | &nbsp;&nbsp;10 | &nbsp;&nbsp;**10.1%** | &nbsp;&nbsp;12 | &nbsp;&nbsp;6 | &nbsp;&nbsp;**103.0%** | &nbsp;&nbsp;685 | &nbsp;&nbsp;681 | &nbsp;&nbsp;**0.6%** |
| &nbsp;&nbsp;Santiago del Estero | &nbsp;&nbsp;55 | &nbsp;&nbsp;51 | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;55 | &nbsp;&nbsp;51 | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;83 | &nbsp;&nbsp;19 | &nbsp;&nbsp;**338.9%** | &nbsp;&nbsp;1222 | &nbsp;&nbsp;1333 | &nbsp;&nbsp;**-8.3%** |
| &nbsp;&nbsp;Tucumán | &nbsp;&nbsp;225 | &nbsp;&nbsp;183 | &nbsp;&nbsp;**22.7%** | &nbsp;&nbsp;15 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;240 | &nbsp;&nbsp;184 | &nbsp;&nbsp;**30.7%** | &nbsp;&nbsp;103 | &nbsp;&nbsp;89 | &nbsp;&nbsp;**15.9%** | &nbsp;&nbsp;2164 | &nbsp;&nbsp;1896 | &nbsp;&nbsp;**14.1%** |
| &nbsp;&nbsp;Viedma | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**10.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**10.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;357 | &nbsp;&nbsp;187 | &nbsp;&nbsp;**90.9%** |
| &nbsp;&nbsp;Villa Mercedes | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;188 | &nbsp;&nbsp;207 | &nbsp;&nbsp;**-9.2%** |
| &nbsp;&nbsp;Termas de Río Hondo | &nbsp;&nbsp;5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;**38.1%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;**37.9%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;111 | &nbsp;&nbsp;113 | &nbsp;&nbsp;**-1.8%** |
| &nbsp;&nbsp;Bahía Blanca | &nbsp;&nbsp;64 | &nbsp;&nbsp;57 | &nbsp;&nbsp;**11.0%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;65 | &nbsp;&nbsp;58 | &nbsp;&nbsp;**12.0%** | &nbsp;&nbsp;56 | &nbsp;&nbsp;44 | &nbsp;&nbsp;**26.7%** | &nbsp;&nbsp;925 | &nbsp;&nbsp;914 | &nbsp;&nbsp;**1.2%** |
| &nbsp;&nbsp;Neuquén | &nbsp;&nbsp;375 | &nbsp;&nbsp;337 | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;**-10.9%** | &nbsp;&nbsp;381 | &nbsp;&nbsp;343 | &nbsp;&nbsp;**10.9%** | &nbsp;&nbsp;865 | &nbsp;&nbsp;102 | &nbsp;&nbsp;**744.0%** | &nbsp;&nbsp;4061 | &nbsp;&nbsp;3628 | &nbsp;&nbsp;**11.9%** |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**8100** | &nbsp;&nbsp;**7652** | &nbsp;&nbsp;**5.9%** | &nbsp;&nbsp;**4063** | &nbsp;&nbsp;**3545** | &nbsp;&nbsp;**14.6%** | &nbsp;&nbsp;**333** | &nbsp;&nbsp;**297** | &nbsp;&nbsp;**12.0%** | &nbsp;&nbsp;**12497** | &nbsp;&nbsp;**11495** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**65267** | &nbsp;&nbsp;**63386** | &nbsp;&nbsp;**3.0%** | &nbsp;&nbsp;**126407** | &nbsp;&nbsp;**121494** | &nbsp;&nbsp;**4.0%** |
| &nbsp;&nbsp;**Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pisa | &nbsp;&nbsp;346 | &nbsp;&nbsp;338 | &nbsp;&nbsp;**2.2%** | &nbsp;&nbsp;934 | &nbsp;&nbsp;853 | &nbsp;&nbsp;**9.5%** | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-5.9%** | &nbsp;&nbsp;1280 | &nbsp;&nbsp;1192 | &nbsp;&nbsp;**7.4%** | &nbsp;&nbsp;3132 | &nbsp;&nbsp;3589 | &nbsp;&nbsp;**-12.7%** | &nbsp;&nbsp;9611 | &nbsp;&nbsp;8898 | &nbsp;&nbsp;**8.0%** |
| &nbsp;&nbsp;Florence | &nbsp;&nbsp;105 | &nbsp;&nbsp;125 | &nbsp;&nbsp;**-15.6%** | &nbsp;&nbsp;766 | &nbsp;&nbsp;675 | &nbsp;&nbsp;**13.5%** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;872 | &nbsp;&nbsp;800 | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;24 | &nbsp;&nbsp;15 | &nbsp;&nbsp;**57.0%** | &nbsp;&nbsp;10105 | &nbsp;&nbsp;9316 | &nbsp;&nbsp;**8.5%** |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**451** | &nbsp;&nbsp;**463** | &nbsp;&nbsp;**-2.6%** | &nbsp;&nbsp;**1700** | &nbsp;&nbsp;**1527** | &nbsp;&nbsp;**11.3%** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**-5.2%** | &nbsp;&nbsp;**2152** | &nbsp;&nbsp;**1992** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**3156** | &nbsp;&nbsp;**3605** | &nbsp;&nbsp;**-12.4%** | &nbsp;&nbsp;**19716** | &nbsp;&nbsp;**18214** | &nbsp;&nbsp;**8.2%** |
| &nbsp;&nbsp;**Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Brasilia | &nbsp;&nbsp;2608 | &nbsp;&nbsp;2346 | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;215 | &nbsp;&nbsp;185 | &nbsp;&nbsp;**16.2%** | &nbsp;&nbsp;1680 | &nbsp;&nbsp;1488 | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;4504 | &nbsp;&nbsp;4019 | &nbsp;&nbsp;**12.1%** | &nbsp;&nbsp;15856 | &nbsp;&nbsp;18269 | &nbsp;&nbsp;**-13.2%** | &nbsp;&nbsp;39056 | &nbsp;&nbsp;35840 | &nbsp;&nbsp;**9.0%** |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**2608** | &nbsp;&nbsp;**2346** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**215** | &nbsp;&nbsp;**185** | &nbsp;&nbsp;**16.2%** | &nbsp;&nbsp;**1680** | &nbsp;&nbsp;**1488** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**4504** | &nbsp;&nbsp;**4019** | &nbsp;&nbsp;**12.1%** | &nbsp;&nbsp;**15856** | &nbsp;&nbsp;**18269** | &nbsp;&nbsp;**-13.2%** | &nbsp;&nbsp;**39056** | &nbsp;&nbsp;**35840** | &nbsp;&nbsp;**9.0%** |
| &nbsp;&nbsp;**Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Carrasco | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**18.0%** | &nbsp;&nbsp;540 | &nbsp;&nbsp;514 | &nbsp;&nbsp;**5.2%** | &nbsp;&nbsp;7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**-21.3%** | &nbsp;&nbsp;549 | &nbsp;&nbsp;525 | &nbsp;&nbsp;**4.7%** | &nbsp;&nbsp;9889 | &nbsp;&nbsp;9258 | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;5590 | &nbsp;&nbsp;5777 | &nbsp;&nbsp;**-3.2%** |
| &nbsp;&nbsp;Punta del Este | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;38 | &nbsp;&nbsp;35 | &nbsp;&nbsp;**9.8%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;39 | &nbsp;&nbsp;35 | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;4125 | &nbsp;&nbsp;3200 | &nbsp;&nbsp;**28.9%** |
| &nbsp;&nbsp;**Total Uruguay** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**20.6%** | &nbsp;&nbsp;**579** | &nbsp;&nbsp;**549** | &nbsp;&nbsp;**5.5%** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**-21.3%** | &nbsp;&nbsp;**588** | &nbsp;&nbsp;**560** | &nbsp;&nbsp;**5.1%** | &nbsp;&nbsp;**9889** | &nbsp;&nbsp;**9258** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**9715** | &nbsp;&nbsp;**8977** | &nbsp;&nbsp;**8.2%** |

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Page **37** of **45**

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** |
|  | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Var. |
| &nbsp;&nbsp;**Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guayaquil | &nbsp;&nbsp;458 | &nbsp;&nbsp;455 | &nbsp;&nbsp;**0.7%** | &nbsp;&nbsp;571 | &nbsp;&nbsp;567 | &nbsp;&nbsp;**0.7%** | &nbsp;&nbsp;14 | &nbsp;&nbsp;19 | &nbsp;&nbsp;**-27.0%** | &nbsp;&nbsp;1044 | &nbsp;&nbsp;1042 | &nbsp;&nbsp;**0.2%** | &nbsp;&nbsp;7875 | &nbsp;&nbsp;8223 | &nbsp;&nbsp;**-4.2%** | &nbsp;&nbsp;18484 | &nbsp;&nbsp;17701 | &nbsp;&nbsp;**4.4%** |
| &nbsp;&nbsp;Galápagos | &nbsp;&nbsp;124 | &nbsp;&nbsp;114 | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;124 | &nbsp;&nbsp;114 | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;1344 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;**0.3%** | &nbsp;&nbsp;1586 | &nbsp;&nbsp;1524 | &nbsp;&nbsp;**4.1%** |
| &nbsp;&nbsp;**Total Ecuador** | &nbsp;&nbsp;**583** | &nbsp;&nbsp;**569** | &nbsp;&nbsp;**2.4%** | &nbsp;&nbsp;**571** | &nbsp;&nbsp;**567** | &nbsp;&nbsp;**0.7%** | &nbsp;&nbsp;**14** | &nbsp;&nbsp;**19** | &nbsp;&nbsp;**-27.0%** | &nbsp;&nbsp;**1168** | &nbsp;&nbsp;**1156** | &nbsp;&nbsp;**1.1%** | &nbsp;&nbsp;**9219** | &nbsp;&nbsp;**9563** | &nbsp;&nbsp;**-3.6%** | &nbsp;&nbsp;**20070** | &nbsp;&nbsp;**19225** | &nbsp;&nbsp;**4.4%** |
| &nbsp;&nbsp;**Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zvartnots | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1342 | &nbsp;&nbsp;1196 | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;43 | &nbsp;&nbsp;27 | &nbsp;&nbsp;**58.9%** | &nbsp;&nbsp;1385 | &nbsp;&nbsp;1223 | &nbsp;&nbsp;**13.2%** | &nbsp;&nbsp;13677 | &nbsp;&nbsp;14165 | &nbsp;&nbsp;**-3.4%** | &nbsp;&nbsp;10269 | &nbsp;&nbsp;9629 | &nbsp;&nbsp;**6.6%** |
| &nbsp;&nbsp;Shirak | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;34 | &nbsp;&nbsp;24 | &nbsp;&nbsp;**42.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;34 | &nbsp;&nbsp;24 | &nbsp;&nbsp;**42.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;223 | &nbsp;&nbsp;163 | &nbsp;&nbsp;**36.8%** |
| &nbsp;&nbsp;**Total Armenia** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1375** | &nbsp;&nbsp;**1220** | &nbsp;&nbsp;**12.8%** | &nbsp;&nbsp;**43** | &nbsp;&nbsp;**27** | &nbsp;&nbsp;**58.9%** | &nbsp;&nbsp;**1418** | &nbsp;&nbsp;**1247** | &nbsp;&nbsp;**13.8%** | &nbsp;&nbsp;**13677** | &nbsp;&nbsp;**14165** | &nbsp;&nbsp;**-3.4%** | &nbsp;&nbsp;**10492** | &nbsp;&nbsp;**9792** | &nbsp;&nbsp;**7.1%** |
| &nbsp;&nbsp;**Total CAAP** | &nbsp;&nbsp;**11744** | &nbsp;&nbsp;**11031** | &nbsp;&nbsp;**6%** | &nbsp;&nbsp;**8504** | &nbsp;&nbsp;**7594** | &nbsp;&nbsp;**12%** | &nbsp;&nbsp;**2079** | &nbsp;&nbsp;**1843** | &nbsp;&nbsp;**13%** | &nbsp;&nbsp;**22327** | &nbsp;&nbsp;**20468** | &nbsp;&nbsp;**9%** | &nbsp;&nbsp;**117064** | &nbsp;&nbsp;**118246** | &nbsp;&nbsp;**-1%** | &nbsp;&nbsp;**225456** | &nbsp;&nbsp;**213542** | &nbsp;&nbsp;**6%** |

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Page **38** of **45**

**Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2024 vs. 2023)**

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. |
| &nbsp;&nbsp;**Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aeroparque | &nbsp;&nbsp;11692 | &nbsp;&nbsp;10476 | &nbsp;&nbsp;**11.6%** | &nbsp;&nbsp;5004 | &nbsp;&nbsp;3531 | &nbsp;&nbsp;**41.7%** | &nbsp;&nbsp;1118 | &nbsp;&nbsp;935 | &nbsp;&nbsp;**19.6%** | &nbsp;&nbsp;17815 | &nbsp;&nbsp;14941 | &nbsp;&nbsp;**19.2%** | &nbsp;&nbsp;1658 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;**34.8%** | &nbsp;&nbsp;141791 | &nbsp;&nbsp;123038 | &nbsp;&nbsp;**15.2%** |
| &nbsp;&nbsp;Bariloche | &nbsp;&nbsp;2423 | &nbsp;&nbsp;2276 | &nbsp;&nbsp;**6.5%** | &nbsp;&nbsp;138 | &nbsp;&nbsp;93 | &nbsp;&nbsp;**47.4%** | &nbsp;&nbsp;2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;**-61.1%** | &nbsp;&nbsp;2563 | &nbsp;&nbsp;2375 | &nbsp;&nbsp;**7.9%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;18670 | &nbsp;&nbsp;17210 | &nbsp;&nbsp;**8.5%** |
| &nbsp;&nbsp;Catamarca | &nbsp;&nbsp;81 | &nbsp;&nbsp;76 | &nbsp;&nbsp;**6.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;7 | &nbsp;&nbsp;7 | &nbsp;&nbsp;**-8.2%** | &nbsp;&nbsp;88 | &nbsp;&nbsp;84 | &nbsp;&nbsp;**4.9%** | &nbsp;&nbsp;- | &nbsp;&nbsp;35 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3042 | &nbsp;&nbsp;2736 | &nbsp;&nbsp;**11.2%** |
| &nbsp;&nbsp;C. Rivadavia | &nbsp;&nbsp;576 | &nbsp;&nbsp;538 | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;577 | &nbsp;&nbsp;541 | &nbsp;&nbsp;**6.6%** | &nbsp;&nbsp;343 | &nbsp;&nbsp;538 | &nbsp;&nbsp;**-36.2%** | &nbsp;&nbsp;7070 | &nbsp;&nbsp;6703 | &nbsp;&nbsp;**5.5%** |
| &nbsp;&nbsp;Córdoba | &nbsp;&nbsp;2311 | &nbsp;&nbsp;2244 | &nbsp;&nbsp;**3.0%** | &nbsp;&nbsp;948 | &nbsp;&nbsp;615 | &nbsp;&nbsp;**54.2%** | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;**-23.9%** | &nbsp;&nbsp;3261 | &nbsp;&nbsp;2862 | &nbsp;&nbsp;**13.9%** | &nbsp;&nbsp;1497 | &nbsp;&nbsp;1028 | &nbsp;&nbsp;**45.6%** | &nbsp;&nbsp;28798 | &nbsp;&nbsp;26476 | &nbsp;&nbsp;**8.8%** |
| &nbsp;&nbsp;El Palomar | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;2992 | &nbsp;&nbsp;5175 | &nbsp;&nbsp;**-42.2%** |
| &nbsp;&nbsp;Esquel | &nbsp;&nbsp;96 | &nbsp;&nbsp;93 | &nbsp;&nbsp;**3.5%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;96 | &nbsp;&nbsp;93 | &nbsp;&nbsp;**3.5%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;2081 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;**15.6%** |
| &nbsp;&nbsp;Ezeiza | &nbsp;&nbsp;3263 | &nbsp;&nbsp;2908 | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;8474 | &nbsp;&nbsp;8197 | &nbsp;&nbsp;**3.4%** | &nbsp;&nbsp;265 | &nbsp;&nbsp;257 | &nbsp;&nbsp;**3.2%** | &nbsp;&nbsp;12002 | &nbsp;&nbsp;11362 | &nbsp;&nbsp;**5.6%** | &nbsp;&nbsp;205860 | &nbsp;&nbsp;199225 | &nbsp;&nbsp;**3.3%** | &nbsp;&nbsp;78057 | &nbsp;&nbsp;75131 | &nbsp;&nbsp;**3.9%** |
| &nbsp;&nbsp;Formosa | &nbsp;&nbsp;90 | &nbsp;&nbsp;98 | &nbsp;&nbsp;**-8.3%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;90 | &nbsp;&nbsp;98 | &nbsp;&nbsp;**-8.3%** | &nbsp;&nbsp;78 | &nbsp;&nbsp;68 | &nbsp;&nbsp;**15.0%** | &nbsp;&nbsp;1516 | &nbsp;&nbsp;1542 | &nbsp;&nbsp;**-1.7%** |
| &nbsp;&nbsp;General Pico | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;2786 | &nbsp;&nbsp;1568 | &nbsp;&nbsp;**77.7%** |
| &nbsp;&nbsp;Iguazú | &nbsp;&nbsp;1783 | &nbsp;&nbsp;1504 | &nbsp;&nbsp;**18.6%** | &nbsp;&nbsp;2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1785 | &nbsp;&nbsp;1504 | &nbsp;&nbsp;**18.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;11926 | &nbsp;&nbsp;11409 | &nbsp;&nbsp;**4.5%** |
| &nbsp;&nbsp;Jujuy | &nbsp;&nbsp;489 | &nbsp;&nbsp;501 | &nbsp;&nbsp;**-2.4%** | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;2 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;492 | &nbsp;&nbsp;503 | &nbsp;&nbsp;**-2.1%** | &nbsp;&nbsp;108 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**-39.9%** | &nbsp;&nbsp;5290 | &nbsp;&nbsp;4569 | &nbsp;&nbsp;**15.8%** |
| &nbsp;&nbsp;La Rioja | &nbsp;&nbsp;74 | &nbsp;&nbsp;70 | &nbsp;&nbsp;**4.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**-6.8%** | &nbsp;&nbsp;82 | &nbsp;&nbsp;79 | &nbsp;&nbsp;**3.3%** | &nbsp;&nbsp;33 | &nbsp;&nbsp;46 | &nbsp;&nbsp;**-28.9%** | &nbsp;&nbsp;2410 | &nbsp;&nbsp;1930 | &nbsp;&nbsp;**24.9%** |
| &nbsp;&nbsp;Malargüe | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;676 | &nbsp;&nbsp;1176 | &nbsp;&nbsp;**-42.5%** |
| &nbsp;&nbsp;Mar del Plata | &nbsp;&nbsp;297 | &nbsp;&nbsp;290 | &nbsp;&nbsp;**2.3%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**-71.5%** | &nbsp;&nbsp;300 | &nbsp;&nbsp;300 | &nbsp;&nbsp;**0.1%** | &nbsp;&nbsp;102 | &nbsp;&nbsp;75 | &nbsp;&nbsp;**34.9%** | &nbsp;&nbsp;6690 | &nbsp;&nbsp;7571 | &nbsp;&nbsp;**-11.6%** |
| &nbsp;&nbsp;Mendoza | &nbsp;&nbsp;1917 | &nbsp;&nbsp;1696 | &nbsp;&nbsp;**13.0%** | &nbsp;&nbsp;687 | &nbsp;&nbsp;595 | &nbsp;&nbsp;**15.4%** | &nbsp;&nbsp;43 | &nbsp;&nbsp;19 | &nbsp;&nbsp;**124.5%** | &nbsp;&nbsp;2648 | &nbsp;&nbsp;2311 | &nbsp;&nbsp;**14.6%** | &nbsp;&nbsp;900 | &nbsp;&nbsp;462 | &nbsp;&nbsp;**94.6%** | &nbsp;&nbsp;22528 | &nbsp;&nbsp;21352 | &nbsp;&nbsp;**5.5%** |
| &nbsp;&nbsp;Paraná | &nbsp;&nbsp;43 | &nbsp;&nbsp;38 | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;43 | &nbsp;&nbsp;38 | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3216 | &nbsp;&nbsp;3327 | &nbsp;&nbsp;**-3.3%** |
| &nbsp;&nbsp;Posadas | &nbsp;&nbsp;330 | &nbsp;&nbsp;325 | &nbsp;&nbsp;**1.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;331 | &nbsp;&nbsp;325 | &nbsp;&nbsp;**1.7%** | &nbsp;&nbsp;157 | &nbsp;&nbsp;134 | &nbsp;&nbsp;**17.1%** | &nbsp;&nbsp;4493 | &nbsp;&nbsp;3939 | &nbsp;&nbsp;**14.1%** |
| &nbsp;&nbsp;Pto Madryn | &nbsp;&nbsp;183 | &nbsp;&nbsp;154 | &nbsp;&nbsp;**18.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;183 | &nbsp;&nbsp;154 | &nbsp;&nbsp;**18.7%** | &nbsp;&nbsp;27 | &nbsp;&nbsp;19 | &nbsp;&nbsp;**44.5%** | &nbsp;&nbsp;1671 | &nbsp;&nbsp;1251 | &nbsp;&nbsp;**33.6%** |
| &nbsp;&nbsp;Reconquista | &nbsp;&nbsp;- | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3428 | &nbsp;&nbsp;3051 | &nbsp;&nbsp;**12.4%** |
| &nbsp;&nbsp;Resistencia | &nbsp;&nbsp;224 | &nbsp;&nbsp;193 | &nbsp;&nbsp;**15.9%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;225 | &nbsp;&nbsp;196 | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;302 | &nbsp;&nbsp;223 | &nbsp;&nbsp;**35.6%** | &nbsp;&nbsp;3412 | &nbsp;&nbsp;3631 | &nbsp;&nbsp;**-6.0%** |
| &nbsp;&nbsp;Río Cuarto | &nbsp;&nbsp;11 | &nbsp;&nbsp;25 | &nbsp;&nbsp;**-54.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;11 | &nbsp;&nbsp;25 | &nbsp;&nbsp;**-54.6%** | &nbsp;&nbsp;4 | &nbsp;&nbsp;7 | &nbsp;&nbsp;**-36.8%** | &nbsp;&nbsp;572 | &nbsp;&nbsp;819 | &nbsp;&nbsp;**-30.2%** |
| &nbsp;&nbsp;Río Gallegos | &nbsp;&nbsp;128 | &nbsp;&nbsp;176 | &nbsp;&nbsp;**-26.9%** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3 | &nbsp;&nbsp;6 | &nbsp;&nbsp;**-55.8%** | &nbsp;&nbsp;131 | &nbsp;&nbsp;182 | &nbsp;&nbsp;**-27.9%** | &nbsp;&nbsp;137 | &nbsp;&nbsp;259 | &nbsp;&nbsp;**-47.2%** | &nbsp;&nbsp;2344 | &nbsp;&nbsp;3740 | &nbsp;&nbsp;**-37.3%** |
| &nbsp;&nbsp;Río Grande | &nbsp;&nbsp;142 | &nbsp;&nbsp;135 | &nbsp;&nbsp;**5.3%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;143 | &nbsp;&nbsp;136 | &nbsp;&nbsp;**5.1%** | &nbsp;&nbsp;1126 | &nbsp;&nbsp;2831 | &nbsp;&nbsp;**-60.2%** | &nbsp;&nbsp;3157 | &nbsp;&nbsp;3365 | &nbsp;&nbsp;**-6.2%** |
| &nbsp;&nbsp;Salta | &nbsp;&nbsp;1365 | &nbsp;&nbsp;1265 | &nbsp;&nbsp;**7.9%** | &nbsp;&nbsp;85 | &nbsp;&nbsp;51 | &nbsp;&nbsp;**66.6%** | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1452 | &nbsp;&nbsp;1316 | &nbsp;&nbsp;**10.3%** | &nbsp;&nbsp;275 | &nbsp;&nbsp;271 | &nbsp;&nbsp;**1.3%** | &nbsp;&nbsp;18222 | &nbsp;&nbsp;17212 | &nbsp;&nbsp;**5.9%** |

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Page **39** of **45**

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. |
| &nbsp;&nbsp;San Fernando | &nbsp;&nbsp;- | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;56591 | &nbsp;&nbsp;53743 | &nbsp;&nbsp;**5.3%** |
| &nbsp;&nbsp;San Juan | &nbsp;&nbsp;200 | &nbsp;&nbsp;186 | &nbsp;&nbsp;**7.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;200 | &nbsp;&nbsp;186 | &nbsp;&nbsp;**7.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;2519 | &nbsp;&nbsp;2316 | &nbsp;&nbsp;**8.8%** |
| &nbsp;&nbsp;San Luis | &nbsp;&nbsp;60 | &nbsp;&nbsp;61 | &nbsp;&nbsp;**-1.5%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;60 | &nbsp;&nbsp;61 | &nbsp;&nbsp;**-1.5%** | &nbsp;&nbsp;40 | &nbsp;&nbsp;119 | &nbsp;&nbsp;**-66.0%** | &nbsp;&nbsp;1742 | &nbsp;&nbsp;1685 | &nbsp;&nbsp;**3.4%** |
| &nbsp;&nbsp;San Rafael | &nbsp;&nbsp;51 | &nbsp;&nbsp;51 | &nbsp;&nbsp;**0.5%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;51 | &nbsp;&nbsp;51 | &nbsp;&nbsp;**0.3%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;8451 | &nbsp;&nbsp;8935 | &nbsp;&nbsp;**-5.4%** |
| &nbsp;&nbsp;Santa Rosa | &nbsp;&nbsp;42 | &nbsp;&nbsp;41 | &nbsp;&nbsp;**0.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;42 | &nbsp;&nbsp;41 | &nbsp;&nbsp;**0.6%** | &nbsp;&nbsp;51 | &nbsp;&nbsp;11 | &nbsp;&nbsp;**362.7%** | &nbsp;&nbsp;2713 | &nbsp;&nbsp;2391 | &nbsp;&nbsp;**13.5%** |
| &nbsp;&nbsp;Santiago del Estero | &nbsp;&nbsp;222 | &nbsp;&nbsp;215 | &nbsp;&nbsp;**3.1%** | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;224 | &nbsp;&nbsp;215 | &nbsp;&nbsp;**3.9%** | &nbsp;&nbsp;175 | &nbsp;&nbsp;92 | &nbsp;&nbsp;**91.3%** | &nbsp;&nbsp;4341 | &nbsp;&nbsp;4906 | &nbsp;&nbsp;**-11.5%** |
| &nbsp;&nbsp;Tucumán | &nbsp;&nbsp;831 | &nbsp;&nbsp;727 | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;24 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;857 | &nbsp;&nbsp;728 | &nbsp;&nbsp;**17.7%** | &nbsp;&nbsp;412 | &nbsp;&nbsp;168 | &nbsp;&nbsp;**146.0%** | &nbsp;&nbsp;8326 | &nbsp;&nbsp;7083 | &nbsp;&nbsp;**17.5%** |
| &nbsp;&nbsp;Viedma | &nbsp;&nbsp;35 | &nbsp;&nbsp;34 | &nbsp;&nbsp;**3.3%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;35 | &nbsp;&nbsp;35 | &nbsp;&nbsp;**-1.2%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;1081 | &nbsp;&nbsp;785 | &nbsp;&nbsp;**37.7%** |
| &nbsp;&nbsp;Villa Mercedes | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;716 | &nbsp;&nbsp;1328 | &nbsp;&nbsp;**-46.1%** |
| &nbsp;&nbsp;Termas de Río Hondo | &nbsp;&nbsp;19 | &nbsp;&nbsp;11 | &nbsp;&nbsp;**76.1%** | &nbsp;&nbsp;- | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;19 | &nbsp;&nbsp;11 | &nbsp;&nbsp;**70.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;5 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;538 | &nbsp;&nbsp;413 | &nbsp;&nbsp;**30.3%** |
| &nbsp;&nbsp;Bahía Blanca | &nbsp;&nbsp;238 | &nbsp;&nbsp;229 | &nbsp;&nbsp;**3.8%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;4 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**-63.1%** | &nbsp;&nbsp;242 | &nbsp;&nbsp;239 | &nbsp;&nbsp;**1.1%** | &nbsp;&nbsp;239 | &nbsp;&nbsp;155 | &nbsp;&nbsp;**54.4%** | &nbsp;&nbsp;3488 | &nbsp;&nbsp;3730 | &nbsp;&nbsp;**-6.5%** |
| &nbsp;&nbsp;Neuquén | &nbsp;&nbsp;1364 | &nbsp;&nbsp;1124 | &nbsp;&nbsp;**21.4%** | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;21 | &nbsp;&nbsp;19 | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;1387 | &nbsp;&nbsp;1143 | &nbsp;&nbsp;**21.3%** | &nbsp;&nbsp;1253 | &nbsp;&nbsp;355 | &nbsp;&nbsp;**253.2%** | &nbsp;&nbsp;14329 | &nbsp;&nbsp;12663 | &nbsp;&nbsp;**13.2%** |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**30581** | &nbsp;&nbsp;**27762** | &nbsp;&nbsp;**10.2%** | &nbsp;&nbsp;**15367** | &nbsp;&nbsp;**13085** | &nbsp;&nbsp;**17.4%** | &nbsp;&nbsp;**1483** | &nbsp;&nbsp;**1293** | &nbsp;&nbsp;**14.7%** | &nbsp;&nbsp;**47432** | &nbsp;&nbsp;**42140** | &nbsp;&nbsp;**12.6%** | &nbsp;&nbsp;**214779** | &nbsp;&nbsp;**207535** | &nbsp;&nbsp;**3.5%** | &nbsp;&nbsp;**481673** | &nbsp;&nbsp;**449699** | &nbsp;&nbsp;**7.1%** |
| &nbsp;&nbsp;**Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pisa | &nbsp;&nbsp;1508 | &nbsp;&nbsp;1339 | &nbsp;&nbsp;**12.6%** | &nbsp;&nbsp;4450 | &nbsp;&nbsp;4191 | &nbsp;&nbsp;**6.2%** | &nbsp;&nbsp;7 | &nbsp;&nbsp;5 | &nbsp;&nbsp;**38.4%** | &nbsp;&nbsp;5964 | &nbsp;&nbsp;5535 | &nbsp;&nbsp;**7.8%** | &nbsp;&nbsp;12437 | &nbsp;&nbsp;12967 | &nbsp;&nbsp;**-4.1%** | &nbsp;&nbsp;44892 | &nbsp;&nbsp;41820 | &nbsp;&nbsp;**7.3%** |
| &nbsp;&nbsp;Florence | &nbsp;&nbsp;490 | &nbsp;&nbsp;523 | &nbsp;&nbsp;**-6.4%** | &nbsp;&nbsp;3345 | &nbsp;&nbsp;2980 | &nbsp;&nbsp;**12.3%** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3835 | &nbsp;&nbsp;3503 | &nbsp;&nbsp;**9.5%** | &nbsp;&nbsp;118 | &nbsp;&nbsp;69 | &nbsp;&nbsp;**71.2%** | &nbsp;&nbsp;43795 | &nbsp;&nbsp;40407 | &nbsp;&nbsp;**8.4%** |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**1997** | &nbsp;&nbsp;**1862** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**7795** | &nbsp;&nbsp;**7172** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**38.5%** | &nbsp;&nbsp;**9799** | &nbsp;&nbsp;**9038** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**12555** | &nbsp;&nbsp;**13036** | &nbsp;&nbsp;**-3.7%** | &nbsp;&nbsp;**88687** | &nbsp;&nbsp;**82227** | &nbsp;&nbsp;**7.9%** |
| &nbsp;&nbsp;**Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Natal**<sup>(1)</sup>** | &nbsp;&nbsp;- | &nbsp;&nbsp;350 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;16 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;2 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;368 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;898 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;3076 | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;Brasilia | &nbsp;&nbsp;9559 | &nbsp;&nbsp;8681 | &nbsp;&nbsp;**10.1%** | &nbsp;&nbsp;870 | &nbsp;&nbsp;709 | &nbsp;&nbsp;**22.7%** | &nbsp;&nbsp;6285 | &nbsp;&nbsp;5771 | &nbsp;&nbsp;**8.9%** | &nbsp;&nbsp;16713 | &nbsp;&nbsp;15161 | &nbsp;&nbsp;**10.2%** | &nbsp;&nbsp;62318 | &nbsp;&nbsp;64732 | &nbsp;&nbsp;**-3.7%** | &nbsp;&nbsp;150778 | &nbsp;&nbsp;140126 | &nbsp;&nbsp;**7.6%** |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**9559** | &nbsp;&nbsp;**9031** | &nbsp;&nbsp;**5.8%** | &nbsp;&nbsp;**870** | &nbsp;&nbsp;**725** | &nbsp;&nbsp;**20.0%** | &nbsp;&nbsp;**6285** | &nbsp;&nbsp;**5773** | &nbsp;&nbsp;**8.9%** | &nbsp;&nbsp;**16713** | &nbsp;&nbsp;**15529** | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;**62318** | &nbsp;&nbsp;**65629** | &nbsp;&nbsp;**-5.0%** | &nbsp;&nbsp;**150778** | &nbsp;&nbsp;**143202** | &nbsp;&nbsp;**5.3%** |
| &nbsp;&nbsp;**Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Carrasco | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**120.1%** | &nbsp;&nbsp;2101 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;**2.0%** | &nbsp;&nbsp;36 | &nbsp;&nbsp;47 | &nbsp;&nbsp;**-23.1%** | &nbsp;&nbsp;2141 | &nbsp;&nbsp;2108 | &nbsp;&nbsp;**1.6%** | &nbsp;&nbsp;35479 | &nbsp;&nbsp;32268 | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;21925 | &nbsp;&nbsp;22390 | &nbsp;&nbsp;**-2.1%** |
| &nbsp;&nbsp;Punta del Este | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;154 | &nbsp;&nbsp;132 | &nbsp;&nbsp;**16.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;155 | &nbsp;&nbsp;133 | &nbsp;&nbsp;**16.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;12077 | &nbsp;&nbsp;10146 | &nbsp;&nbsp;**19.0%** |
| &nbsp;&nbsp;**Total Uruguay** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.6%** | &nbsp;&nbsp;**2255** | &nbsp;&nbsp;**2192** | &nbsp;&nbsp;**2.9%** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**47** | &nbsp;&nbsp;**-23.1%** | &nbsp;&nbsp;**2296** | &nbsp;&nbsp;**2241** | &nbsp;&nbsp;**2.5%** | &nbsp;&nbsp;**35479** | &nbsp;&nbsp;**32268** | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;**34002** | &nbsp;&nbsp;**32536** | &nbsp;&nbsp;**4.5%** |

---

Page **40** of **45**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Domestic Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;International Passenger Traffic <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;Transit Passengers <br> (in thousands) | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Total Passenger Traffic <br> (in thousands)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Cargo Volume <br> (in tons)** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** | &nbsp;&nbsp;**Aircraft Movements** |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;% Var. |
| &nbsp;&nbsp;**Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guayaquil | &nbsp;&nbsp;1838 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;**0.7%** | &nbsp;&nbsp;2270 | &nbsp;&nbsp;2261 | &nbsp;&nbsp;**0.4%** | &nbsp;&nbsp;67 | &nbsp;&nbsp;82 | &nbsp;&nbsp;**-18.4%** | &nbsp;&nbsp;4174 | &nbsp;&nbsp;4167 | &nbsp;&nbsp;**0.2%** | &nbsp;&nbsp;30759 | &nbsp;&nbsp;32053 | &nbsp;&nbsp;**-4.0%** | &nbsp;&nbsp;72043 | &nbsp;&nbsp;70089 | &nbsp;&nbsp;**2.8%** |
| &nbsp;&nbsp;Galápagos | &nbsp;&nbsp;528 | &nbsp;&nbsp;514 | &nbsp;&nbsp;**2.6%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;528 | &nbsp;&nbsp;514 | &nbsp;&nbsp;**2.6%** | &nbsp;&nbsp;5061 | &nbsp;&nbsp;5291 | &nbsp;&nbsp;**-4.4%** | &nbsp;&nbsp;6388 | &nbsp;&nbsp;6056 | &nbsp;&nbsp;**5.5%** |
| &nbsp;&nbsp;**Total Ecuador** | &nbsp;&nbsp;**2365** | &nbsp;&nbsp;**2339** | &nbsp;&nbsp;**1.1%** | &nbsp;&nbsp;**2270** | &nbsp;&nbsp;**2261** | &nbsp;&nbsp;**0.4%** | &nbsp;&nbsp;**67** | &nbsp;&nbsp;**82** | &nbsp;&nbsp;**-18.4%** | &nbsp;&nbsp;**4702** | &nbsp;&nbsp;**4682** | &nbsp;&nbsp;**0.4%** | &nbsp;&nbsp;**35820** | &nbsp;&nbsp;**37344** | &nbsp;&nbsp;**-4.1%** | &nbsp;&nbsp;**78431** | &nbsp;&nbsp;**76145** | &nbsp;&nbsp;**3.0%** |
| &nbsp;&nbsp;**Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zvartnots | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;5451 | &nbsp;&nbsp;5219 | &nbsp;&nbsp;**4.4%** | &nbsp;&nbsp;164 | &nbsp;&nbsp;27 | &nbsp;&nbsp;**507.8%** | &nbsp;&nbsp;5615 | &nbsp;&nbsp;5246 | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;42761 | &nbsp;&nbsp;42235 | &nbsp;&nbsp;**1.2%** | &nbsp;&nbsp;41999 | &nbsp;&nbsp;39168 | &nbsp;&nbsp;**7.2%** |
| &nbsp;&nbsp;Shirak | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;138 | &nbsp;&nbsp;105 | &nbsp;&nbsp;**32.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;138 | &nbsp;&nbsp;105 | &nbsp;&nbsp;**32.4%** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** | &nbsp;&nbsp;858 | &nbsp;&nbsp;694 | &nbsp;&nbsp;**23.6%** |
| &nbsp;&nbsp;**Total Armenia** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**5590** | &nbsp;&nbsp;**5324** | &nbsp;&nbsp;**5.0%** | &nbsp;&nbsp;**164** | &nbsp;&nbsp;**27** | &nbsp;&nbsp;**507.8%** | &nbsp;&nbsp;**5754** | &nbsp;&nbsp;**5351** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**42761** | &nbsp;&nbsp;**42235** | &nbsp;&nbsp;**1.2%** | &nbsp;&nbsp;**42857** | &nbsp;&nbsp;**39862** | &nbsp;&nbsp;**7.5%** |
| &nbsp;&nbsp;**Total CAAP** | &nbsp;&nbsp;**44507** | &nbsp;&nbsp;**40996** | &nbsp;&nbsp;**9%** | &nbsp;&nbsp;**34147** | &nbsp;&nbsp;**30758** | &nbsp;&nbsp;**11%** | &nbsp;&nbsp;**8042** | &nbsp;&nbsp;**7227** | &nbsp;&nbsp;**11%** | &nbsp;&nbsp;**86696** | &nbsp;&nbsp;**78981** | &nbsp;&nbsp;**10%** | &nbsp;&nbsp;**403711** | &nbsp;&nbsp;**398047** | &nbsp;&nbsp;**1%** | &nbsp;&nbsp;**876428** | &nbsp;&nbsp;**823671** | &nbsp;&nbsp;**6%** |

---

(1) Following
 the friendly termination process concluded in February 2024, CAAP no longer operates Natal
 airport. Statistics for Natal are available up to February 18, 2024.

Page **41** of **45**

**Income Statement** (in US$ thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q25** | **4Q24** | **% Var.** | **2025** | **2024** | **% Var.** |
| **Continuing operations** |  |  |  |  |  |  |
| Revenue | 562612 | 473412 | 18.8% | 1962134 | 1843267 | 6.4% |
| Cost of services | -375200 | -326814 | 14.8% | -1272363 | -1237333 | 2.8% |
| **Gross profit** | **187412** | **146598** | **27.8%** | **689771** | **605934** | **13.8%** |
| Selling, general and administrative expenses | -61792 | -57934 | 6.7% | -220198 | -198108 | 11.2% |
| Impairment (loss) / reversal of non-financial assets | -169 |  | - | -335 |  | - |
| Other operating income | 9590 | 23873 | -59.8% | 31792 | 46390 | -31.5% |
| Other operating expenses | -2944 | -1318 | 123.4% | -12746 | -6963 | 83.1% |
| **Operating income** | **132097** | **111219** | **18.8%** | **488284** | **447253** | **9.2%** |
| Share of income / (loss) in associates | 33226 | -167 | ######## | 31083 | -996 | -3220.8% |
| **Income before financial results and income tax** | **165323** | **111052** | **48.9%** | **519367** | **446257** | **16.4%** |
| Financial income | 20646 | 16360 | 26.2% | 68344 | 71430 | -4.3% |
| Financial loss | -46874 | -42813 | 9.5% | -243955 | 110305 | -321.2% |
| Inflation adjustment | -5380 | -382 | 1308.4% | -11074 | -21260 | -47.9% |
| **Income before income tax** | **133715** | **84217** | **58.8%** | **332682** | **606732** | **-45.2%** |
| Income tax | -16241 | -37233 | -56.4% | -74963 | -298820 | -74.9% |
| **Income for the period** | **117474** | **46984** | **150.0%** | **257719** | **307912** | **-16.3%** |
| Attributable to: |  |  |  |  |  |  |
| Owners of the parent | 107739 | 37781 | 185.2% | 247724 | 282674 | -12.4% |
| Non-controlling interest | 9735 | 9203 | 5.8% | 9995 | 25238 | -60.4% |

---

Page **42** of **45**

**Balance Sheet** (in US$ thousands)

---

| | | |
|:---|:---|:---|
|  | **Dec 31, 2025** | **Dec 31, 2024** |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 3137980 | 3155448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 86116 | 77801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset | 8933 | 9921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates | 43344 | 11746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at fair value through profit or loss | 5413 | 4237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | 108896 | 84618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 12638 | 13372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 294 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 60010 | 58461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 11 | 18 |
| **Total non-current assets** | **3463635** | **3415936** |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 14735 | 11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at fair value through profit or loss | 2451 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | 119633 | 82923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 66594 | 63156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | 10989 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177744 | 157546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 592759 | 439847 |
| **Total** | **984905** | **765377** |
| Assets classified as held for sale | **137** | 137 |
| **Total current assets** | **985042** | **765514** |
| **Total assets** | **4448677** | **4181450** |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 165219 | 163223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share premium | 221434 | 183430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3918) | (4094) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free distributable reserve | 378910 | 378910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-distributable reserve | 1358028 | 1358028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175542) | (116471) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal reserves | 10017 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other reserves | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1332210) | (1319682) |
|  Retained earnings | 964641 | 718511 |
| **Total attributable to owners of the parent** | **1586579** | **1369274** |
| Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74169 | 148686 |
| **Total equity** | **1660748** | **1517960** |
| **LIABILITIES** |  |  |
| **Non-current liabilities** |  |  |
| Borrowings | 955856 | 1042704 |
| Derivative financial instruments liabilities | 1223 | 3351 |
| Deferred tax liabilities | 400582 | 383369 |

---

Page **43** of **45**

---

| | | |
|:---|:---|:---|
|  | **Dec 31, 2025** | **Dec 31, 2024** |
| Other liabilities | 693493 | 621412 |
| Non-current tax liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |  |
| Lease liabilities | 5406 | 7010 |
| Trade payables | 1219 | 1914 |
| **Total non-current liabilities** | **2059415** | **2059760** |
| **Current liabilities** |  |  |
| Borrowings | 139362 | 115367 |
| Other liabilities | 428947 | 348586 |
| Lease liabilities | 4326 | 3707 |
| Derivative financial instruments liabilities | 934 |  |
| Current tax liabilities | 23789 | 15307 |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131156 | 120763 |
| **Total current liabilities** | **728514** | **603730** |
| **Total liabilities** | **2787929** | **2663490** |
| **Total equity and liabilities** | **4448677** | **4181450** |

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**Statement of Cash Flow (in US$ thousands)**

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| | | |
|:---|:---|:---|
|  | **Dec 31, 2025** | **Dec 31, 2024** |
| **Cash flows from operating activities** | | |
| **Income for the period from continuing operations** | 257719 | 307912 |
| Adjustments for: |  |  |
| Amortization and depreciation | 229079 | 203008 |
| Deferred income tax | 29246 | 263620 |
| Current income tax | 45717 | 35200 |
| Share of (income) / loss in associates | (31083) | 996 |
| Impairment loss / (reversal) of non-financial assets | 335 | - |
| Loss on disposals of property, plant and equipment and intangible assets | 641 | 221 |
| Gain on disposal of subsidiaries | - | (391) |
| Low value, short term and variable lease payments | (2126) | (1686) |
| Share-based compensation expenses | 1083 | 1143 |
| Interest expense | 90827 | 107464 |
| Other financial results, net | (16604) | (20414) |
| Net foreign exchange | 44560 | (317036) |
| Government subsidies per Covid-19 context | (720) | (16394) |
| Government grants collected | - | 76 |
| Other accruals | (3424) | (5476) |
| Inflation adjustment | (9959) | 1053 |
| Acquisition of Intangible assets | (203165) | (212573) |
| Income tax paid | (32272) | (40294) |
| Income due to concession compensation | - | - |
| Collection due to concession compensation | - | 90609 |
| Unpaid concession fees | 55050 | 54199 |
| Changes in liability for concessions | 81743 | 87556 |
| Changes in working capital | (71430) | (133491) |
| **Net cash provided by operating activities** | **465217** | **405302** |
| **Cash flows from investing activities** |  |  |
| Cash contribution in associates | (712) | (666) |
| Acquisition of other financial assets | (195527) | (156418) |
| Disposals of other financial assets | 138746 | 136781 |
| Acquisition of Property, plant and equipment | (16708) | (12218) |
| Acquisition of Intangible assets | (2004) | (1435) |
| Proceeds from sale of Property, plant and Equipment | 172 | 25 |
| Net cash inflow on disposal of subsidiaries | 289 | (404) |
| Others | 3835 | 1842 |
| **Net cash used in investing activities** | **(71909)** | **(32493)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from borrowings | 18116 | 190345 |
| Principal elements of lease payments | (4745) | (4397) |
| Loans repaid | (115095) | (314077) |
| Interest paid | (83739) | (96168) |
| Debt renegotiation expenses | (193) | (2467) |
| Guarantee deposit | 448 | 1147 |
| Dividends paid to non-controlling interests in subsidiaries | (49456) | (14945) |
| Payment for additional acquisitions in subsidiaries | - | (30949) |
| Others | - | 322 |
| **Net cash used in financing activities** | **(234664)** | **(271189)** |
| **Increase in cash and cash equivalents from continuing operations** | **158644** | **101620** |
|  **Movements in cash and cash equivalents** |  |  |
| At the beginning of the period | 439847 | 369848 |
| Effect of exchange rate changes and inflation adjustment on cash and cash equivalents | (5732) | (31621) |
| Increase in cash and cash equivalents from continuing operations | 158644 | 101620 |
| **At the end of the period** | **592759** | **439847** |

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Page **45** of **45**