# EDGAR Filing Document

**Accession Number:** 0001717393
**File Stem:** 0001104659-23-035407
**Filing Date:** 2023-3
**Character Count:** 155963
**Document Hash:** 09575a57b5b5c5fe41c965cab4a30124
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-035407.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001104659-23-035407

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230322

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**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]
- **IRS NUMBER:** 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:** 23751560

**BUSINESS ADDRESS:**
- **STREET 1:** 4 RUE DE LA GREVE
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-1643
- **BUSINESS PHONE:** 352-26258274

**MAIL ADDRESS:**
- **STREET 1:** 4 RUE DE LA GREVE
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-1643

**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, 2023

Commission File Number: 001-38354

**Corporación América Airports S.A.**

(Name of Registrant)

**4, rue de la Grêve<br> L-1643, Luxembourg<br> Tel: +35226258274<br> Fax: +35226259776**

(Address of Principal Executive Office)

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

Form 20-F xForm 40-F ◻

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

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

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2310217d1_ex99-1.htm) | [Press release dated March 22, 2023 - Corporación América Airports S.A. reports fourth quarter and full year 2022 results – Consolidated Revenues ex-IFRIC 10.6% above pre pandemic levels. Adjusted EBITDA of $123 million in 4Q22 and $457 million in 2022; positive across all geographies.](tm2310217d1_ex99-1.htm) |

---

**SIGNATURES**

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

---

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

---

Date: March 22, 2023

## Exhibit 99.1

**Exhibit 99.1**

![](tm2310217d1_ex99-1img003.jpg)

**CORPORACION AMERICA AIRPORTS REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS**

Consolidated Revenues ex-IFRIC 10.6% above pre-pandemic levels

Adjusted EBITDA of $123 million in 4Q22 and $457 million in 2022; positive across all geographies

**Luxembourg, March 22, 2023— Corporación América Airports S.A. (NYSE: CAAP)**, ("CAAP" or the "Company") a leading private airport operator in the world, reported today its unaudited, consolidated results for the three-month period ended December 31, 2022, and audited results for the full year 2022. 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 2022 Highlights**

▪ Consolidated
 Revenues of $386.4 million, a 76.7% YoY increase, or 1.7% above 4Q19. Excluding the impact
 of IFRS rule IAS 29, revenues increased 81.9% YoY to $397.6 million, reflecting increases
 of $78.5 million in Aeronautical Revenues, $52.9 million in Commercial Revenues, and $44.8
 million in Construction Service Revenue. Revenues ex-IAS 29 reached 106.1% of pre-pandemic
 levels, up from 91.3% in the third quarter.

▪ Delivered
 YoY increases across key operating metrics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 38.3%
 in passenger traffic to 18.3 million, reaching 87.6% of 4Q19 levels.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 1.0%
 in cargo volume to 92.5 thousand tons, to 80.7% of 4Q19 levels.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 23.7%
 in aircraft movements, to 94.3% of 4Q19 levels.

▪ Operating
 Income of $86.4 million, up from $60.4 million in 4Q21, mainly reflecting the YoY recovery
 in passenger traffic.

▪ Adjusted
 EBITDA on an "As Reported" basis increased to $123.0 million, from $92.8
 million in the year-ago period, with Adjusted EBITDA margin contracting to 31.8% from 42.4%,
 mainly due to higher government grants and economic compensations received in 4Q21.

▪ Compared
 to pre-pandemic levels, Adjusted EBITDA grew by 126.5%, with Adjusted EBITDA margin expanding
 17.5 percentage points. To note, 4Q19 Adjusted EBITDA included a $42.8 million impairment
 charge in Brazil. Excluding the aforementioned impact, Adjusted EBITDA margin would have
 expanded by 6.2 percentage points.

▪ Net
 debt to LTM Adjusted EBITDA decreased to 2.4x, from 2.6x as of September 30.

**Full Year 2022 Highlights**

▪ Consolidated
 Revenues of $1,378.7 million, a 95.0% YoY increase, or 11.5% below pre-pandemic levels of
 2019. Excluding the impact of IFRS rule IAS 29, revenues increased 105.2% YoY to $1,390.9
 million, reflecting increases of $358.0 million in Aeronautical revenues, $269.9 million
 in Commercial revenues, and $81.1 million in Construction service revenue. When compared
 to full year 2019, revenues ex-IAS 29 declined 12.2%.

▪ Delivered
 YoY increases across key operating metrics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 83.7%
 in passenger traffic to 65.6 million, reaching 77.9% of 2019 levels.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 6.1%
 in cargo volume to 343.1 thousand tons, to 80.8% of 2019 levels.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 48.5%
 in aircraft movements, to 86.0% of 2019 levels.

▪ Operating
 Income of $304.6 million, up from $6.5 million in 2021, mainly reflecting the YoY recovery
 in passenger traffic.

▪ Adjusted
 EBITDA on an "As Reported" basis increased to $456.7 million, from $149.3
 million in 2021, with Adjusted EBITDA margin expanding to 33.1% from 21.1%. Compared to pre-pandemic
 levels of 2019, Adjusted EBITDA grew by 18.7%, with Adjusted EBITDA margin expanding 8.4
 percentage points.

▪ Capex
 totaled $164.9 million, compared to $91.7 million in 2021 and $372.4 million in 2019.

▪ Net
 debt to LTM Adjusted EBITDA down to 2.4x, from 7.1x as of December 2021.

Page **1** of **43**

**CEO Message**

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: *"We are pleased to have closed the year delivering another strong quarter, with revenues ex-IFRIC12 up 61% from 4Q21 levels and 11% from pre-pandemic 4Q19 levels, and Adjusted EBITDA at $123 million, increasing 33% year-on-year and 27% versus 4Q19, on a comparable basis.*

*Solid results for the quarter contributed to Revenues Ex-IFRIC of $1.2 billion for the full-year and Adjusted EBITDA margin Ex-IFRIC of 37% compared with 23% in 2021 and 32% in 2019. This good performance was achieved with passenger traffic at 88% of pre-pandemic levels by year-end.*

*We have been able to successfully further reduce our net leverage ratio to 2.4x from 2.6x in the prior quarter and 5.1x in the first quarter of the year, reflecting the continued recovery in Adjusted EBITDA.*

*To further enhance our airport portfolio, we have recently signed two new lease agreements for the development of large scale real estate projects in Brasilia, as part of our master plan. We also obtained economic re-equilibrium in Brazil in connection with year 2022, and are on track with the capex programs in Argentina and Uruguay, which are part of the extension agreements previously announced.*

*In Armenia and Italy, we are in discussions with the governments in connection with infrastructure expansion plans to support and benefit from the continued growth in travel demand in these markets.*

*We are also progressing in our discussions and negotiations with Nigerian authorities to finalize the terms of the concession agreements for the Abuja and Kano airports in Nigeria, where we were recently selected as preferred bidders.*

*Finally, we continue to selectively look at other value creation investment opportunities across different geographies.*

*Looking at travel demand trends for 2023, we expect passenger traffic throughout the year to continue edging up to pre-pandemic levels, with some of our countries of operations anticipated to exceed pre-pandemic levels and others to be near pre-pandemic levels. At the same time, we recognize that there are still significant macroeconomic forces pressuring consumer spending. While we are keeping a close eye on the macro and geo-political environments, we are confident we have a resilient business model and are taking strategic actions to successfully grow our business for the long-term ."*

Page **2** of **43**

**Operating & Financial Highlights**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** |  | **4Q21 as<br> reported** |  | **% Var as<br> reported** | **IAS 29<br> 4Q22** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Passenger Traffic (Million Passengers)** <sup>(1)</sup>** | **18.3** |  | **13.2** |  | **38.3%** |  | **18.3** | **13.2** | **38.3%** |
| **Revenue** | **386.4** |  | **218.7** |  | **76.7%** | **-11.2** | **397.6** | **218.6** | **81.9%** |
| Aeronautical Revenues | 165.7 |  | 92.6 |  | 79.1% | -4.8 | 170.5 | 92.0 | 85.4% |
| Non-Aeronautical Revenues | 220.7 |  | 126.1 |  | 75.0% | -6.4 | 227.1 | 126.6 | 79.4% |
| **Revenue excluding construction service** | **326.8** |  | **202.7** |  | **61.2%** | **-7.6** | **334.3** | **200.1** | **67.1%** |
| **Operating Income / (Loss)** | **86.4** |  | **60.4** |  | **43.1%** | **-18.3** | **104.7** | **72.9** | **43.7%** |
| Operating Margin | 22.4 | % | 27.6 | % | -525 | 0.0% | 26.3% | 33.3% | -701 |
| **Net (Loss) / Income Attributable to Owners of the Parent** | **12.1** |  | **-22.3** |  | **-154.4%** | **19.7** | **-7.6** | **-33.7** | **-77.6%** |
| EPS (US$) | 0.08 |  | -0.14 |  | -154.4% | 0.12 | -0.05 | -0.21 | -77.6% |
| **Adjusted EBITDA** | **123.0** |  | **92.8** |  | **32.6%** | **-2.4** | **125.4** | **91.8** | **36.6%** |
| Adjusted EBITDA Margin | 31.8 | % | 42.4 | % | -1059 |  | 31.5% | 42.0% | -1046 |
| Adjusted EBITDA Margin excluding Construction Service | 37.4 | % | 45.2 | % | -780 |  | 37.2% | 45.3% | -809 |
| **Net Debt to LTM Adjusted EBITDA** | **2.4** | **x** | **7.1** | **x** |  |  |  |  |  |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(2)</sup>** | **2.4** | **x** | **7.1** | **x** |  |  |  |  |  |

---

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

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

2) LTM Adjusted EBITDA excluding impairments of intangible assets

Page **3** of **43**

**Operating & Financial Highlights**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** |  | **2021 as<br> reported** |  | **% Var as<br> reported** | **IAS 29<br> 2022** | **2022 ex <br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Passenger Traffic (Million Passengers)** <sup>(1)</sup>** | **65.6** |  | **35.7** |  | **83.7%** |  | **65.6** | **35.7** | **83.7%** |
| **Revenue** | **1378.7** |  | **706.9** |  | **95.0%** | **-12.2** | **1390.9** | **677.7** | **105.2%** |
| Aeronautical Revenues | **609.8** |  | 262.8 |  | 132.0% | -3.7 | 613.4 | 255.4 | 140.1% |
| Non-Aeronautical Revenues | 768.9 |  | 444.1 |  | 73.1% | -8.6 | 777.5 | 422.2 | 84.1% |
| **Revenue excluding construction service** | **1228.9** |  | **627.2** |  | **95.9%** | **-2.5** | **1231.4** | **599.2** | **105.5%** |
| **Operating Income / (Loss)** | **304.6** |  | **6.5** |  | **4618.3%** | **-66.5** | **371.1** | **52.8** | **602.7%** |
| Operating Margin | 22.1 | % | 0.9 | % | 2118 |  | 26.7% | 7.8% | 1889 |
| **Net (Loss) / Income Attributable to Owners of the Parent** | **168.2** |  | **-117.8** |  | **-242.8%** | **128.6** | **39.6** | **-104.5** | **-137.9%** |
| EPS (US$) | 1.05 |  | -0.73 |  | -242.6% | 0.80 | 0.25 | -0.65 | **-137.8%** |
| **Adjusted EBITDA** | **456.7** |  | **149.3** |  | **205.9%** | **0.7** | **456.0** | **142.8** | **219.3%** |
| Adjusted EBITDA Margin | 33.1 | % | 21.1 | % | 1201 |  | 32.8% | 21.1% | 1171 |
| Adjusted EBITDA Margin excluding Construction Service | 37.1 | % | 23.4 | % | 1363 |  | 36.9% | 23.4% | 1344 |
| **Net Debt to LTM Adjusted EBITDA** | **2.4** | **x** | **7.1** | **x** |  |  |  |  |  |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(2)</sup>** | **2.4** | **x** | **7.1** | **x** |  |  |  |  |  |

---

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

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

2) LTM Adjusted EBITDA excluding impairments of intangible assets.

Page **4** of **43**

**4Q22 Operating Performance**

**Passenger Traffic**

Total passenger traffic increased 38.3% YoY to 18.3 million, reaching 87.6% of pre-pandemic levels, up from 82.4% in the previous quarter. Performance was supported by a continued recovery in travel demand following the lifting of travel restrictions, as reflected by higher load factors and the gradual return of flight routes and frequencies across all countries of operations. Notably, in 4Q22, all countries of operations reported passenger traffic figures above 83% of pre-pandemic levels, with Armenia, Ecuador and Argentina at 137.3%, 99.8% and 92.3% of 4Q19 levels, respectively. International traffic grew by 89.3% YoY, reaching 90.4% of pre-pandemic levels, up from 84.3% in 3Q22, while domestic traffic increased by 21.1% YoY to 85.2% of 4Q19 levels, up from 79.9% in the previous quarter. Traffic in October, November, and December reached 88.3%, 87.4%, and 87.2% of traffic levels for the same months in 2019, respectively.

Passenger Traffic in **Argentina** increased 75.7% YoY and improved to 92.3% of pre-pandemic levels, up from 79.9% in the prior quarter. International passenger traffic, which continued improving since the full re-opening of borders on November 1, 2021, and the lifting of travel requirements, increased 175.1% YoY in 4Q22 to 82.1% of 4Q19 traffic levels, up from 71.9% in the previous quarter, showing a sustained sequential improvement. Domestic passenger traffic, which accounted for 70% of total traffic in the quarter, increased 54.2% YoY to 97.7% of 4Q19 levels, up from 83.0% in the previous quarter.

In **Italy**, passenger traffic increased 42.2% YoY to 85.5% of pre-pandemic levels, down from 88.8% in 3Q22. International traffic increased 60.7% YoY and stood at 86.2% of 4Q19 levels, while Domestic traffic grew 4.5% YoY reaching 83.7% of 4Q19 levels.

In **Brazil**, total passenger traffic rose 4.0% YoY, reaching 85.0% of 4Q19 pre-pandemic levels, down from 91.4% in the prior quarter. Domestic passenger traffic was down 9.0% YoY and reached 79.4% of 4Q19 levels, while transit passengers increased 23.5% YoY to 96.2% of 4Q19 levels. Lower traffic from government officials attributable to the change in Brazilian Administration, compounded by higher airfares contributed to reduce travel demand.

In **Uruguay**, where traffic is mainly international, passenger traffic increased 65.7% YoY, reaching 83.2% of 4Q19 levels, up from 68.4% recorded in 3Q22, reflecting an ongoing recovery following gradual increase in flight frequencies after the re-opening of borders on November 1, 2021.

In **Armenia**, passenger traffic improved 52.4% YoY and exceeded, for the third consecutive quarter, pre-pandemic levels by 37.3%. The introduction of new airlines and higher number of flight frequencies continue to support traffic performance.

In **Ecuador**, total passenger traffic grew 31.0% YoY, almost reaching pre-pandemic levels. Both domestic and international passenger traffic continued to improve, reaching 102.2% and 97.2% of 4Q19 levels, respectively. Traffic in the quarter benefited from higher number of flight frequencies at both international and domestic routes. International passenger traffic remained supported by routes to Europe, the US, and Panama, operating at higher levels than 2019.

**Cargo Volume**

Cargo volume increased 1.0% YoY in 4Q22, to 80.7% of 4Q19 pre-pandemic levels, with strong contributions from Argentina, Brazil, Ecuador and Uruguay, which together accounted for almost 85% of total volume in the quarter. Notably, cargo volume in Armenia and Italy was above 4Q19 levels, while Uruguay and Ecuador were at 97% and 93% of pre-pandemic levels, respectively.

**Aircraft Movements**

Total aircraft movements increased 23.7% YoY in 4Q22 and reached 94.3% of 4Q19 levels. Over 90% of aircraft movements in the quarter came from Argentina (54%), Brazil (20%), Ecuador (10%), and Italy (8%), which reached 99.0%, 92.2%, 90.6%, and 88.3% of pre-pandemic levels, respectively. Notably, aircraft movements in Armenia and Uruguay surpassed 4Q19 levels by 43.2% and 10.5%, respectively.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 36 of this report.

Page **5** of **43**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **4Q19** | **% Var. ('22 <br> vs '21)** | **% Var. ('22<br> vs '19)** |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in thousands) | 10326 | 8527 | 12127 | 21.1% | -14.8% |
| &nbsp;&nbsp;&nbsp;International Passengers (in thousands) | 5987 | 3163 | 6626 | 89.3% | -9.6% |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in thousands) | 2006 | 1557 | 2155 | 28.9% | -6.9% |
| **Total Passengers (in thousands)** | **18319** | **13246** | **20907** | **38.3%** | **-12.4%** |
| **Cargo Volume (in thousands of tons)** | 92.5 | 91.6 | 114.7 | 1.0% | -19.3% |
| **Total Aircraft Movements (in thousands)** | 200.4 | 162.1 | 212.6 | 23.7% | -5.7% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **4Q22** | **4Q21** | **% Var.** | **4Q22** | **4Q21** | **% Var.** | **4Q22** | **4Q21** | **% Var.** |
|  | (thousands) | (thousands) | (thousands) | (tons) | (tons) | (tons) |  |  |  |
| Argentina<sup>(1)</sup> | 9824 | 5591 | 75.7% | 46950 | 50723 | -7.4% | 108073 | 76941 | 40.5% |
| Italy | 1546 | 1087 | 42.2% | 3821 | 4380 | -12.8% | 15401 | 13199 | 16.7% |
| Brazil <sup>(2)</sup> | 4346 | 4177 | 4.0% | 16609 | 14874 | 11.7% | 39171 | 36964 | 6.0% |
| Uruguay <sup>(3)</sup> | 431 | 260 | 65.7% | 7916 | 8379 | -5.5% | 8332 | 7363 | 13.2% |
| Ecuador <sup>(4)</sup> | 1113 | 850 | 31.0% | 8031 | 6745 | 19.1% | 19407 | 16762 | 15.8% |
| Armenia | 1060 | 695 | 52.4% | 9157 | 5664 | 61.7% | 10031 | 5918 | 69.5% |
| Peru <sup>(5)</sup> | - | 586 | -100.0% | - | 832 | -100.0% | - | 4905 | -100.0% |
| **TOTAL** | **18319** | **13246** | **38.3%** | **92485** | **91597** | **1.0%** | **200415** | **162052** | **23.7%** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **4Q22** | **4Q19** | **% Var.** | **4Q22** | **4Q19** | **% Var.** | **4Q22** | **4Q19** | **% Var.** |
|  | (thousands) | (thousands) | (thousands) | (tons) | (tons) | (tons) |  |  |  |
| Argentina<sup>(1)</sup> | 9824 | 10646 | -7.7% | 46950 | 63592 | -26.2% | 108073 | 109183 | -1.0% |
| Italy | 1546 | 1807 | -14.5% | 3821 | 3626 | 5.4% | 15401 | 17438 | -11.7% |
| Brazil <sup>(2)</sup> | 4346 | 5112 | -15.0% | 16609 | 22879 | -27.4% | 39171 | 42486 | -7.8% |
| Uruguay <sup>(3)</sup> | 431 | 518 | -16.8% | 7916 | 8149 | -2.9% | 8332 | 7537 | 10.5% |
| Ecuador <sup>(4)</sup> | 1113 | 1115 | -0.2% | 8031 | 8646 | -7.1% | 19407 | 21416 | -9.4% |
| Armenia | 1060 | 772 | 37.3% | 9157 | 6369 | 43.8% | 10031 | 7006 | 43.2% |
| Peru <sup>(5)</sup> | - | 937 | -100.0% | - | 1393 | -100.0% | - | 7536 | -100.0% |
| **TOTAL** | **18319** | **20907** | **-12.4%** | **92485** | **114653** | **-19.3%** | **200415** | **212602** | **-5.7%** |

---

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

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

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

4) 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.

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

Page **6** of **43**

**Review of Consolidated Results**

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method. In December 2021, CAAP signed an agreement to transfer its 50% ownership interest in Aeropuertos Andinos del Perú S.A. to Andino Investment Holding S.A. and, consequently, stopped operating the five airports under concession.

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

**Revenues**

Consolidated Revenues increased 76.7% YoY to $386.4 million in 4Q22, or 67.1% YoY to $334.3 million, when excluding Construction Services and the impact of IAS 29, reflecting higher activity following the lifting of travel restrictions. When compared to 4Q19 and also excluding IAS 29, Revenues excluding Construction Services grew by 15.4%, even with traffic at 87.6% of pre-pandemic levels, supported by tariff increases and Commercial Revenues 35.8% above 4Q19 levels.

The following table shows revenue performance by country. More detail on the performance of CAAP´s key countries of operations can be found on page 14.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 214.3 | 108.9 | 96.7% | -11.2 | 225.5 | 108.8 | 107.2% |
| Italy | 32.5 | 23.9 | 35.8% |  | 32.5 | 23.9 | 35.8% |
| Brazil | 24.5 | 18.1 | 35.7% |  | 24.5 | 18.1 | 35.7% |
| Uruguay | 31.9 | 18.2 | 75.6% |  | 31.9 | 18.2 | 75.6% |
| Armenia | 57.8 | 30.1 | 92.0% |  | 57.8 | 30.1 | 92.0% |
| Ecuador <sup>(1)</sup> | 25.4 | 19.4 | 30.6% |  | 25.4 | 19.4 | 30.6% |
| Unallocated | 0.1 | 0.1 | 44.9% | - | 0.1 | 0.1 | 44.9% |
| **Total consolidated revenue <sup>(2)</sup>** | **386.4** | **218.7** | **76.7%** | **-11.2** | **397.6** | **218.6** | **81.9%** |

---

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, 'As reported' revenues increase 69.1% YoY in Argentina, 43.0% in Italy, 35.7% in Brazil, 44.1% in Uruguay, 98.5% in Armenia and 23.3% in Ecuador.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Aeronautical Revenue** | **165.7** | **92.6** | **79.1%** | **-4.8** | **170.5** | **92.0** | **85.4%** |
| **Non-aeronautical Revenue** | **220.7** | **126.1** | **75.0%** | **-6.4** | **227.1** | **126.6** | **79.4%** |
| Commercial revenue | 157.4 | 109.3 | 44.0% | -2.8 | 160.1 | 107.2 | 49.3% |
| Construction service revenue <sup>(1)</sup> | 59.7 | 16.0 | 273.2% | -3.6 | 63.3 | 18.5 | 242.1% |
| Other revenue | 3.7 | 0.9 | 326.1% | 0.0 | 3.7 | 0.9 | 326.1% |
| **Total Consolidated Revenue** | **386.4** | **218.7** | **76.7%** | **-11.2** | **397.6** | **218.6** | **81.9%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **326.8** | **202.7** | **61.2%** | **-7.6** | **334.3** | **200.1** | **67.1%** |

---

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

2 Excludes Construction Service revenue.

Page **7** of **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q19 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q19 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **165.7** | **173.7** | **-4.6%** | **-4.8** | **170.5** | **170.8** | **-0.2%** |
| **Non-aeronautical Revenue** | **220.7** | **206.4** | **6.9%** | **-6.4** | **227.1** | **204.1** | **11.3%** |
| Commercial revenue | 157.4 | 120.8 | 30.2% | -2.8 | 160.1 | 117.9 | 35.8% |
| Construction service revenue <sup>(1)</sup> | 59.7 | 84.7 | -29.6% | -3.6 | 63.3 | 85.3 | -25.8% |
| Other revenue | 3.7 | 0.8 | 332.6% | - | 3.7 | 0.8 | 332.6% |
| **Total Consolidated Revenue** | **386.4** | **380.1** | **1.7%** | **-11.2** | **397.6** | **374.9** | **6.1%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **326.8** | **295.4** | **10.6%** | **-7.6** | **334.3** | **289.6** | **15.4%** |

---

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

2 Excludes Construction Service revenue.

**Aeronautical Revenues** accounted for 42.9% of total revenues and increased 79.1% YoY to $165.7 million. Compared to 4Q19, aeronautical revenues excluding IAS 29 benefited from tariff increases and remained substantially unchanged at $170.5 million, even with passenger traffic not yet fully recovering. During the quarter, aeronautical revenue declined 23.0%, or $5.1 million, in Italy, 30.0%, or $4.4 million in Brazil, and 10.6%, or $1.4 million in Uruguay, compared to the same quarter of 2019. In Argentina, however, aeronautical revenues excluding IAS 29 increased 7.3%, or $6.7 million, while Armenia and Ecuador reported increases of 31.4% and 0.4%, respectively, from pre-pandemic levels of 4Q19.

**Non-Aeronautical Revenues** accounted for 57.1% of total revenues and increased 75.0% YoY to $220.7 million. When compared to 4Q19 and excluding the impact of IAS 29, non-aeronautical revenues improved 11.3%, or $23.0 million, to $227.1 million, driven by an increase of 35.8%, or $42.2 million, in **Commercial Revenues**, principally driven by higher Cargo, Parking, and Duty-free revenues in Argentina, and higher Fueling services in Armenia, partially offset by a decline of 25.8%, or $22.0 million, in **Construction Service Revenue,** mainly as a result of lower CAPEX in Argentina.

Compared to 4Q19 and excluding both, Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues increased 37.9% to $163.8 million.

**Operating Costs and Expenses**

During 4Q22, Operating Costs and Expenses, excluding Construction Service Costs, increased 44.8% YoY to $264.6 million, mainly driven by higher Cost of Fuel in Armenia, along with overall higher Salaries and Social Security Contributions together with increased Concession fees, in line with higher activity. When compared to 4Q19, Operating Costs and Expenses, excluding Construction Service Costs and IAS 29, decreased by 5.5% to $254.1 million. To note, 4Q19 Operating Costs and Expenses included a $42.8 million one-time impairment loss at Natal Airport, classified as 'Other Expenses'. Excluding this impairment, Operating Costs and Expenses, excluding Construction Service Costs and IAS 29, would have increased 12.4%, mainly driven by higher Cost of fuel in Armenia, tied to higher fuel sales, as well as higher Salaries and Social Security Contributions resulting from inflation increases exceeding currency depreciation in Argentina, together with higher SG&A expenses.

**Cost of Services** increased 71.2% YoY to $278.0 million, reflecting higher traffic and cargo activity. When compared to 4Q19 and excluding IAS29, Cost of Services declined 1.5%, to $270.2 million, mainly as a result of the following declines:

▪ 26.3%,
 or $22.3 million, in Construction Service Costs, reflecting lower Capex,

▪ 21.5%,
 or $8.1 million, in Maintenance Expenses, mainly driven by the renegotiation of supplier
 agreements to adapt services to lower activity, coupled with FX depreciation against the
 US dollar,

▪ 20.4%,
 or $5.0 million, in Amortization and depreciation, and

▪ 81.4%,
 or $3.5 million, in Taxes.

This was partially offset by an increase of 154.8%, or $17.9 million, in Cost of fuel, primarily in Armenia, and 25.8%, or $12.5 million, in Salaries and Social Security Contributions, mainly in Argentina.

Excluding Construction Service Costs, Cost of Services increased 48.6% YoY to $219.2 million. On a comparable basis against 4Q19 and excluding the impact of IAS29, Cost of Services increased 9.5%, or $18.1 million, to $207.8 million, mainly reflecting the aforementioned increase in Cost of fuel and Salaries.

Page **8** of **43**

**Selling, General and Administrative Expenses** ("SG&A") increased 28.0% YoY, to $43.2 million in 4Q22 on an 'As reported' basis. When compared to 4Q19, SG&A increased 19.3%, mainly due to higher Services and fees and Taxes.

**Other Expenses** were $2.2 million in 4Q22, up 47.6% from $1.5 million recorded in 4Q21 and 94.9% lower than the $43.9 million posted in 4Q19, which included a $42.8 million one-time impairment charge at the Natal Airport (Brazil), in accordance with accounting rules.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **278.0** | **162.4** | **71.2%** | **7.8** | **270.2** | **154.8** | **74.5%** |
| Salaries and social security contributions | 60.0 | 37.6 | 59.6% | -1.1 | 61.2 | 37.2 | 64.4% |
| Concession fees | 41.1 | 28.6 | 43.8% | -1.3 | 42.4 | 28.3 | 50.0% |
| Construction service cost | 58.7 | 14.9 | 295.2% | -3.6 | 62.4 | 17.4 | 258.9% |
| Maintenance expenses | 28.1 | 24.8 | 13.2% | -1.5 | 29.5 | 24.4 | 21.1% |
| Amortization and depreciation | 35.3 | 28.5 | 23.7% | 15.8 | 19.5 | 19.6 | -0.8% |
| Other | 54.8 | 28.1 | 95.2% | -0.5 | 55.3 | 28.0 | 97.4% |
| **Cost of Services Excluding Construction Service cost** | **219.2** | **147.5** | **48.6%** | **11.4** | **207.8** | **137.4** | **51.2%** |
| **Selling, general and administrative expenses** | **43.2** | **33.7** | **28.0%** | **-0.7** | **43.9** | **28.7** | **52.7%** |
| **Other expenses** | **2.2** | **1.5** | **47.6%** | **-0.1** | **2.4** | **1.4** | **69.2%** |
| **Total Costs and Expenses** | **323.4** | **197.6** | **63.6%** | **6.9** | **316.4** | **185.0** | **71.1%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **264.6** | **182.8** | **44.8%** | **10.6** | **254.1** | **167.6** | **51.6%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q19 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q19 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **278.0** | **292.6** | **-5.0%** | **7.8** | **270.2** | **274.4** | **-1.5%** |
| Salaries and social security contributions | 60.0 | 49.5 | 21.4% | -1.1 | 61.2 | 48.6 | 25.8% |
| Concession fees | 41.1 | 40.4 | 1.8% | -1.3 | 42.4 | 39.6 | 6.9% |
| Construction service cost | 58.7 | 84.1 | -30.1% | -3.6 | 62.4 | 84.7 | -26.3% |
| Maintenance expenses | 28.1 | 38.4 | -26.7% | -1.5 | 29.5 | 37.6 | -21.5% |
| Amortization and depreciation | 35.3 | 40.3 | -12.5% | 15.8 | 19.5 | 24.4 | -20.4% |
| Other | 54.8 | 40.1 | 36.6% | -0.5 | 55.3 | 39.4 | 40.2% |
| **Cost of Services Excluding Construction Service cost** | **219.2** | **208.6** | **5.1%** | **11.4** | **207.8** | **189.8** | **9.5%** |
| **Selling, general and administrative expenses** | **43.2** | **36.2** | **19.3%** | **-0.7** | **43.9** | **35.0** | **25.2%** |
| **Other expenses** | **2.2** | **43.9** | **-94.9%** | **-0.1** | **2.4** | **43.9** | **-94.6%** |
| **Total Costs and Expenses** | **323.4** | **372.7** | **-13.2%** | **6.9** | **316.4** | **353.4** | **-10.5%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **264.6** | **288.6** | **-8.3%** | **10.6** | **254.1** | **268.8** | **-5.5%** |

---

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

During 4Q22, CAAP reported Adjusted EBITDA of $123.0 million, up from an Adjusted EBITDA of $92.8 million in the year-ago period. All countries of operations reported positive Adjusted EBITDA in the quarter. Adjusted EBITDA margin, ex-IFRIC12, contracted to 37.4% from 45.2% in 4Q21. Noteworthy, 4Q21 Adjusted EBITDA included: (i) an economic compensation of $25.5 million in Brazil versus a compensation of $13.6 million this quarter, and (ii) a Eur. 9.5 million, or $10.9 million, government grant obtained in Italy.

Page **9** of **43**

Compared to pre-pandemic levels, Adjusted EBITDA was 126.5% higher than the $54.3 million reported in 4Q19. However, 4Q19 Adjusted EBITDA included the impact of the $42.8 million impairment charge recorded in Brazil. On a comparable basis and excluding this impact, Adjusted EBITDA margin ex-IFRIC12 in 4Q22 would have been 5.3 percentage points above the 4Q19 level.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 64.5 | 31.0 | 108.0% | -2.4 | 66.9 | 30.0 | 122.7% |
| Italy | 10.4 | 11.8 | -12.2% |  | 10.4 | 11.8 | -12.2% |
| Brazil | 17.8 | 26.2 | -32.3% |  | 17.8 | 26.2 | -32.3% |
| Uruguay | 7.2 | 8.2 | -12.6% |  | 7.2 | 8.2 | -12.6% |
| Armenia | 19.0 | 13.3 | 42.8% |  | 19.0 | 13.3 | 42.8% |
| Ecuador | 7.2 | 4.8 | 48.6% |  | 7.2 | 4.8 | 48.6% |
| Unallocated | -2.9 | -2.6 | 13.3% | - | -2.9 | -2.6 | 13.3% |
| **Total segment EBITDA** | **123.0** | **92.8** | **32.6%** | **-2.4** | **125.4** | **91.8** | **36.6%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q19 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q19 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 64.5 | 52.1 | 23.7% | -2.4 | 66.9 | 50.1 | 33.6% |
| Italy | 10.4 | 7.3 | 42.2% |  | 10.4 | 7.3 | 42.2% |
| Brazil | 17.8 | -32.8 | -154.2% |  | 17.8 | -32.8 | -154.2% |
| Uruguay | 7.2 | 12.0 | -40.3% |  | 7.2 | 12.0 | -40.3% |
| Armenia | 19.0 | 12.5 | 52.3% |  | 19.0 | 12.5 | 52.3% |
| Ecuador | 7.2 | 5.9 | 20.8% |  | 7.2 | 5.9 | 20.8% |
| Unallocated | -2.9 | -2.7 | 6.9% | - | -2.9 | -2.7 | 6.9% |
| **Total segment EBITDA** | **123.0** | **54.3** | **126.5%** | **-2.4** | **125.4** | **52.2** | **140.2%** |

---

Page **10** of **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Income from Continuing Operations** | **3.7** | **-0.2** | **-2254.6%** | **19.7** | **-15.9** | **-11.6** | **37.5%** |
| Financial Income | -16.9 | -4.8 | 251.5% | 19.6 | -36.4 | -9.5 | 283.4% |
| Financial Loss | 80.2 | 32.8 | 144.4% | -114.5 | 194.8 | 89.0 | 118.8% |
| Inflation adjustment | -1.4 | -4.1 | -65.2% | 0.5 | -1.9 | -0.2 | 1019.9% |
| Income Tax Expense | 20.3 | 38.5 | -47.3% | 56.5 | -36.2 | 7.0 | -615.6% |
| Amortization and Depreciation | 37.1 | 30.5 | 21.7% | 15.9 | 21.2 | 17.0 | 24.5% |
| **Adjusted EBITDA** | **123.0** | **92.8** | **32.6%** | **-2.4** | **125.4** | **91.8** | **36.6%** |
| **Adjusted EBITDA Margin** | **31.8%** | **42.4%** | **-1059** | **-** | **31.5%** | **42.0%** | **-1046** |
| **Adjusted EBITDA Margin excluding Construction Service** | **37.4%** | **45.2%** | **-779** | **-** | **37.2%** | **45.3%** | **-809** |

---

**Financial Income and Loss**

CAAP reported a **Net financial loss** of $62.0 million in 4Q22 compared to a loss of $24.0 million in 4Q21. Had IAS 29 not been applied, and compared to 4Q19, the Net financial loss would have increased 149.2%, or $93.7 million, to $156.4 million, mainly driven by higher Foreign Exchange expenses in Argentina, due to the impact of the devaluation of the Argentine peso on the net liability monetary position.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Financial Income** | **16.9** | **4.8** | **251.5%** | **-19.6** | **36.4** | **9.5** | **283.4%** |
| Interest income | 10.8 | 0.8 | 1327.2% | -0.7 | 11.5 | 0.5 | 1996.6% |
| Foreign exchange income | 3.1 | 0.3 | 1072.0% | -18.9 | 22 | 5.2 | 323.6% |
| Other | 2.9 | 3.8 | -22.9% | 0 | 2.9 | 3.8 | -22.5% |
| **Inflation adjustment** | **1.4** | **4.1** | **-65.2%** | **-0.5** | **1.9** | **0.2** | **1019.9%** |
| Inflation adjustment | 1.4 | 4.1 | -65.2% | -0.5 | 1.9 | 0.2 | 1019.9% |
| **Financial Loss** | **-80.2** | **-32.8** | **144.4%** | **114.5** | **-194.8** | **-89.0** | **118.8%** |
| Interest Expenses | -30.4 | -28.9 | 5.2% | 0.9 | -31.3 | -28.3 | 10.9% |
| Foreign exchange transaction expenses | -21.9 | 28.7 | -176.2% | 113.6 | -135.5 | -28.2 | 380.5% |
| Changes in liability for concessions | -25.5 | -30.1 | -15.4% |  | -25.5 | -30.1 | -15.4% |
| Other expenses | -2.5 | -2.4 | 0.7% | 0 | -2.5 | -2.4 | 1.0% |
| **Financial Loss, Net** | **-62.0** | **-24.0** | **158.5%** | **94.5** | **-156.4** | **-79.4** | **97.1%** |

---

See "Use of Non-IFRS Financial Measures" on page 24.

**Income Tax Expense**

During 4Q22, the Company reported an income tax expense of $20.3 million versus an expense of $38.5 million in 4Q21. Excluding the impact of IAS 29, CAAP reported an income tax benefit of $36.2 million compared to income tax expenses of $7.0 million in the year-ago quarter and $13.3 million in 4Q19.

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

During 4Q22, CAAP reported a **Net Income** of $3.7 million compared to a Net Loss of $0.2 million in 4Q21, mainly explained by: (i) operating income of $86.4 million in 4Q22 versus $60.4 million in 4Q21 and (ii) lower income tax expense, partially offset by (iii) higher net financial losses.

During 4Q22, the Company reported a Net Income Attributed to Owners of the Parent of $12.1 million and earnings per common share of $0.08, compared with a Net Loss Attributable to Owners of the Parent of $22.3 million in 4Q21 (equivalent to a loss per common share of $0.14), and a loss of $37.3 million in 4Q19 (equivalent to a loss per common share of $0.23).

Page **11** of **43**

**Consolidated Financial Position**

As of December 31, 2022, cash and cash equivalents amounted to $385.3 million, increasing 10.6% from $348.4 million reported as of September 30, 2022, and 2.5% from $375.8 million reported as of December 31, 2021. Total liquidity position on December 31, 2022, which included cash and cash equivalents as well as other financial assets, increased to $452.0 million, from $416.7 million and $451.1 million as of September 30, 2022, and December 31, 2021, respectively.

Total Debt at the close of 4Q22 increased 1.8%, or $25.8 million, to $1,465.4 million, from $1,439.6 million as of December 31, 2021. A total of $1,001.3 million, or 68.3% of total debt is denominated in U.S. dollars, while $230.0 million, or 15.7%, is denominated in Euros, $224.5 million, or 15.3%, is in Brazilian Reals, and $9.6 million, or 0.7%, is in Argentine Pesos.

The Net Debt to LTM Adjusted EBITDA (excluding impairment of intangible assets) ratio stood at 2.4x as of December 2022, down from 7.1x and 2.6x as of December 2021 and September 2022, respectively, reflecting Adjusted EBITDA growth, supported by traffic recovery and tight cost control measures. As of December 31, 2022, all of CAAP's subsidiaries were in compliance with their covenants.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of Dec 31, 2022** |  | **As of Dec 31, 2021** |  |
| **Leverage** |  |  |  |  |
| Total Debt / LTM Adjusted EBITDA (Times)<sup>1,3</sup> | 3.21 | x | 9.64 | x |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3, 4</sup> | **2.36** | **x** | **7.12** | **x** |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3,5</sup> | **2.36** | **x** | **7.11** | **x** |
| **Total Debt** | **1465.4** |  | **1439.6** |  |
| Short-Term Debt | 178.0 |  | 421.3 |  |
| Long-Term Debt | 1287.4 |  | 1018.3 |  |
| **Cash & Cash Equivalents** | **385.3** |  | **375.8** |  |
| **Total Net Debt**<sup>3</sup> | **1080.2** |  | **1063.8** |  |

---

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

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

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

4 LTM Adjusted EBITDA as of December 31, 2022 was $456.7 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of December 31, 2022 was $4456.8 million.

**Total Debt by Segment (in US$ million)**

---

| | | |
|:---|:---|:---|
|  | **As of Dec 31, 2022** | **As of Dec 31, 2021** |
| Argentina | 720.0 | 625.3 |
| Italy <sup>(1)</sup> | 208.9 | 232.4 |
| Brazil <sup>(2)</sup> | 224.5 | 221.8 |
| Uruguay <sup>(3)</sup> | 273.9 | 274.1 |
| Armenia | 21.1 | 63.1 |
| Ecuador | 17.0 | 22.9 |
| **Total** | **1465.4** | **1439.6** |

---

<sup>1</sup> Of which approximately $144.0 million remain at Toscana Aeroporti level.

<sup>2</sup> Of which approximately $209.1 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

<sup>3</sup> Of which approximately $247.1 million remain at ACI Airport Sudamérica SAU.

Page **12** of **43**

**Maturity of borrowings:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year or less** | **1 - 2 years** | **2 – 5 years** | **Over 5 years** | **Total** |
| **Debt service** <sup>(1)</sup>** | **278.4** | **253.0** | **622.9** | **895.9** | **2050.1** |

---

<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, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment** | | **Currency** | **1 year or less** | **1 - 2 years** | **2 – 5 years** | **Over 5 years** | **Total** |
| Argentina | Principal | USD | 69.0 | 32.3 | 249.2 | 371.6 | **722.1** |
|  | Interest | USD | 47.0 | 43.5 | 108.7 | 58.2 | **257.4** |
|  | Principal | ARS | 4.8 | 5.0 |  |  | **9.9** |
|  | Interest | ARS | 6.7 | 2.6 |  |  | **9.4** |
| Italy | Principal | EUR | 72.6 | 88.3 | 46.3 |  | **207.3** |
|  | Interest | EUR | 7.3 | 7.1 | 2.0 |  | **16.4** |
| Brazil | Principal | R$ | 13.9 | 14.2 | 50.3 | 145.7 | **224.2** |
|  | Interest | R$ | 19.1 | 17.9 | 45.5 | 41.8 | **124.4** |
| Uruguay | Principal | USD | 6.2 | 7.1 | 55.5 | 216.4 | **285.4** |
|  | Interest | USD | 19.1 | 18.7 | 51.2 | 62.1 | **151.0** |
| Armenia | Principal | EUR | 4.3 | 8.5 | 8.5 |  | **21.3** |
|  | Interest | EUR | 1.3 | 0.9 | 0.4 |  | **2.5** |
| Ecuador | Principal | USD | 5.9 | 6.0 | 4.9 |  | **16.8** |
|  | Interest | USD | 1.1 | 0.7 | 0.3 | - | **2.0** |
| **Total** |  |  | **278.4** | **253.0** | **622.9** | **895.9** | **2050.1** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As of Dec 31, 2022** | **As of Dec 31, 2021** |
| Argentina | 145.5 | 158.9 |
| Italy <sup>(1)</sup> | 64.7 | 66.3 |
| Brazil <sup>(2)</sup> | 66.1 | 13.4 |
| Uruguay | 25.7 | 22.0 |
| Armenia | 28.6 | 44.7 |
| Ecuador | 12.9 | 10.8 |
| Intermediate holding Companies | 41.7 | 59.7 |
| **Total** | **385.3** | **375.8** |

---

1 Of which approximately $59.5 million remain at Toscana Aeroporti level.

2 Of which approximately $62.5 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

**CAPEX**

During 4Q22, CAAP made capital expenditures of $61.4 million on an 'As reported' basis, a 156.0% YoY increase from $24.0 million in 4Q21 and 33.5% lower than pre-pandemic levels of 4Q19. Above 70% of total CAPEX was allocated to Argentina and 16% to Uruguay. The latter included investments related to the airports that were incorporated when the Puerta del Sur concession agreement was extended in November 2021.

Page **13** of **43**

**Review of Segment Results**

**Argentina**

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company's Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column 'IAS 29', while the columns indicated with "ex IAS 29" present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for AA2000, the Company's largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 4Q22.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **OPERATING STATISTICS** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 6.9 | 4.5 | 54.2% |  | 6.9 | 4.5 | 54.2% |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 2.7 | 1 | 175.1% |  | 2.7 | 1 | 175.1% |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 0.3 | 0.2 | 76.2% |  | 0.3 | 0.2 | 76.2% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **9.8** | **5.6** | **75.7%** |  | **9.8** | **5.6** | **75.7%** |
| **Cargo Volume (in thousands of tons)** | **47.0** | **50.7** | **-7.4%** |  | **47.0** | **50.7** | **-7.4%** |
| **Total Aircraft Movements (in thousands)** | **108.1** | **76.9** | **40.5%** |  | **108.1** | **76.9** | **40.5%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| Aeronautical Revenue | 92.9 | 37.2 | 149.4% | -4.8 | 97.7 | 36.7 | 166.2% |
| Non-aeronautical revenue | 121.4 | 71.7 | 69.4% | -6.4 | 127.8 | 72.1 | 77.2% |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 75.3 | 62.2 | 21.1% | -2.8 | 78.1 | 60.1 | 29.9% |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 46.1 | 9.5 | 385.7% | -3.6 | 49.7 | 12 | 314.3% |
| **Total Revenue** | **214.3** | **108.9** | **96.7%** | **-11.2** | **225.5** | **108.8** | **107.2%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup> | **168.2** | **99.5** | **69.1%** | **-7.6** | **175.8** | **96.8** | **81.5%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 155 | 80.8 | 91.8% | 7.8 | 147.2 | 73.2 | 101.0% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 17.7 | 13.5 | 31.0% | -0.7 | 18.4 | 8.5 | 115.7% |
| &nbsp;&nbsp;&nbsp;Other expenses | 1.8 | 0.5 | 261.1% | -0.1 | 1.9 | 0.4 | 403.6% |
| **Total Costs and Expenses** | **174.4** | **94.8** | **83.9%** | **6.9** | **167.5** | **82.2** | **103.9%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup> | **128.4** | **85.4** | **50.4%** | **10.6** | **117.8** | **70.2** | **67.9%** |
| **Adjusted Segment EBITDA** | **64.5** | **31.0** | **108.0%** | **-2.4** | **66.9** | **30.0** | **122.7%** |
| Adjusted Segment EBITDA Mg | 30.1% | 28.5% | 164 |  | 29.7% | 27.6% | 206 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 38.3% | 31.1% | 716 |  | 38.0% | 31.0% | 703 |
| **Capex** | **44.1** | **12.9** | **241.7%** | **-5.6** | **49.7** | **12.0** | **314.1%** |

---

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 **14** of **43**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 24.1 | 10.8 | 122.0% |  | 24.1 | 10.8 | 122.0% |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 8.6 | 2.0 | 333.9% |  | 8.6 | 2.0 | 333.9% |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 1.1 | 0.5 | 142.1% |  | 1.1 | 0.5 | 142.1% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **33.8** | **13.3** | **154.4%** |  | **33.8** | **13.3** | **154.4%** |
| **Cargo Volume (in thousands of tons)** | **181.7** | **174.4** | **4.2%** |  | **181.7** | **174.4** | **4.2%** |
| **Total Aircraft Movements (in thousands)** | **384.7** | **227.3** | **69.3%** |  | **384.7** | **227.3** | **69.3%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| Aeronautical Revenue | 330.3 | 94.9 | 248.1% | -3.7 | 333.9 | 87.5 | 281.6% |
| Non-aeronautical revenue | 432.3 | 268.0 | 61.3% | -8.6 | 440.9 | 246.1 | 79.1% |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 308.1 | 214.5 | 43.6% | 1.1 | 307.0 | 194.0 | 58.3% |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 124.2 | 53.5 | 132.2% | -9.7 | 133.9 | 52.2 | 156.7% |
| **Total Revenue** | **762.6** | **362.9** | **110.1%** | **-12.2** | **774.8** | **333.6** | **132.2%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup> | **638.4** | **309.4** | **106.3%** | **-2.5** | **640.9** | **281.5** | **127.7%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 526.6 | 326.8 | 61.1% | 54.0 | 472.6 | 260.3 | 81.6% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 56.1 | 38.5 | 45.8% | 0.5 | 55.6 | 30.4 | 82.8% |
| &nbsp;&nbsp;&nbsp;Other expenses | 5.2 | 14.9 | -65.0% | -0.4 | 5.6 | 13.2 | -57.4% |
| **Total Costs and Expenses** | **587.9** | **380.2** | **54.6%** | **54.1** | **533.8** | **303.9** | **75.6%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup> | **463.9** | **326.8** | **42.0%** | **63.8** | **400.1** | **251.8** | **58.9%** |
| **Adjusted Segment EBITDA** | **277.9** | **65.6** | **323.9%** | **0.7** | **277.2** | **59.0** | **369.5%** |
| Adjusted Segment EBITDA Mg | 36.4% | 18.1% | 1837 |  | 35.8% | 17.7% | 1808 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 43.5% | 21.1% | 2236 |  | 43.2% | 20.9% | 2227 |
| **Capex** | **124.2** | **53.5** | **132.2%** | **-11.5** | **135.7** | **52.2** | **160.1%** |

---

Page **15** of **43**

**Passenger Traffic** increased 75.7% YoY and improved to 92.3% of pre-pandemic levels, up from 79.9% in the prior quarter. International passenger traffic, which continued improving since the full re-opening of borders on November 1, 2021, and the lifting of travel requirements, increased 175.1 YoY in 4Q22 to 82.1% of 4Q19 traffic levels, up from 71.9% in the previous quarter, showing a sustained sequential improvement. Domestic passenger traffic, which accounted for 70% of total traffic in the quarter, increased 54.2% YoY to 97.7% of 4Q19 levels, up from 83.0% in the previous quarter.

**Revenues** increased 96.7% YoY to $214.3 million in 4Q22 on an 'As reported' basis or 107.2% to $225.5 million when excluding the impact of rule IAS29, primarily due to a 166.2% increase in Aeronautical revenues as well as a 29.9% increase in Commercial revenues, reflecting higher year-over-year activity and easier passenger traffic comparisons, as 4Q21 was still impacted by the closure of borders, in Argentina. In addition, Construction service revenue increased 314.3% YoY reflecting higher Capex in the quarter. When compared to 4Q19 and excluding both Construction Services and the impact of IAS 29, revenues grew by 19.5%, or $28.7 million to $175.8 million, driven by increases of 39.3% in Commercial revenues and 7.3% in Aeronautical revenues.

· **Aeronautical Revenues** ex-IAS29 grew by 7.3% against 4Q19, or $6.7 million, reflecting the recovery
 in passenger traffic along with higher international passenger fee introduced in March 2021
 and a higher domestic passenger fee introduced in March 2022.

· **Commercial Revenues** ex-IAS29 increased 39.3% compared to 4Q19, or $22.1 million, mainly driven
 by an increase of 30.9%, or $9.1 million in Cargo revenues, primarily reflecting 10% tariff
 increases on import activities applied in January and October 2020, along with
 a further 5% tariff increase in April 2022. Duty free and Parking related revenues also
 supported the performance, growing 92.5% and 90.2%, respectively, against pre-pandemic levels.

**Total Costs and Expenses** increased 83.9% YoY to $174.4 million in 4Q22 on an 'As reported' basis, mainly reflecting increases of 91.8% in Cost of Services, in line with higher year-over-year activity. Excluding Construction Service and the impact of IAS 29, Total Cost and Expenses increased 67.9% YoY, due to the rise in operating costs following traffic recovery from the same period of last year. When compared to 4Q19, however, Total Cost and Expenses excluding the impact of rule IAS 29 and Construction Services increased 7.6%, or $8.3 million, primarily due to higher Cost of Services.

· **Cost of Services** ex-IAS29 and excluding Construction Service Costs increased 6.5% compared
 to 4Q19, or $6.0 million, driven mainly by the following increases:

&nbsp;&nbsp;&nbsp;&nbsp;· 56.6%,
 or $13.6 million, in Salaries and social security contributions, mainly as a result of inflation
 rates significantly above currency depreciation, and

&nbsp;&nbsp;&nbsp;&nbsp;· 19.2%,
 or $4.2 million, in Concession Fees.

The above was partially offset by a 29.1% decrease, or $8.3 million, in Maintenance expense and a 49.0% decrease, or $4.0 million, in Amortization and depreciation.

· **SG&A** ex-IAS29 increased by 6.1% against 4Q19, or $1.1 million, to $18.4 million
 in 4Q22, mainly due to higher Taxes and an increase in Salaries and social security contributions.

**Adjusted Segment EBITDA** increased 108.0% YoY to $64.5 million in 4Q22 on an 'As reported basis'. When excluding the impact of IAS 29, Adjusted Segment EBITDA was $66.9 million with Adjusted EBITDA margin EX-IFRIC12 of 38.0% in the quarter, compared to 31.0% in 4Q21. Compared to pre-pandemic levels of 4Q19, Adjusted EBITDA excluding IAS 29 increased 33.6%, or $16.8 million from $50.1 million, while Adjusted EBITDA margin EX-IFRIC12 expanded 4 percentage points from 34.0%.

During 4Q22, CAAP made **Capital Expenditures** ex-IAS29 of $49.7 million, compared to $12.0 million in 4Q21 and $69.4 million in 4Q19, mainly related to expansion works at Aeroparque and Ezeiza airports, as well as runway works at Posadas and Santa Rosa airports. Investments also included works at San Rafael airport and initial works related to the construction of the new international departure terminal at San Juan airport.

Page **16** of **43**

**Italy**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.4 | 0.4 | 4.5% | 1.6 | 1 | 62.2% |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 1.2 | 0.7 | 60.7% | 5.1 | 1.8 | 177.7% |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | 0 | 0 | -40.0% | 0 | 0 | 112.4% |
| **Total Passengers (in millions)** | **1.5** | **1.1** | **42.2%** | **6.7** | **2.8** | **137.7%** |
| **Cargo Volume (in thousands of tons)** | **3.8** | **4.4** | **-12.8%** | **14.9** | **15.3** | **-2.7%** |
| **Total Aircraft Movements (in thousands)** | **15.4** | **13.2** | **16.7%** | **68.9** | **39.6** | **74.1%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 17.1 | 13.6 | 26.1% | 70.4 | 37.5 | 87.8% |
| Non-aeronautical revenue | 15.3 | 10.3 | 48.5% | 46.8 | 33 | 42.0% |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 8.5 | 6.1 | 40.7% | 32.5 | 17.1 | 90.0% |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 3.2 | 3.4 | -7.6% | 7.8 | 13.7 | -42.7% |
| &nbsp;&nbsp;&nbsp;Other revenue | 3.7 | 0.9 | 326.8% | 6.6 | 2.2 | 192.4% |
| **Total Revenue** | **32.5** | **23.9** | **35.8%** | **117.2** | **70.5** | **66.3%** |
| Total Revenue Excluding IFRIC12<sup>(1)</sup> | **29.3** | **20.5** | **43.0%** | **109.4** | **56.8** | **92.6%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 25.8 | 24.4 | 6.0% | 94.6 | 83.2 | 13.7% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 3.8 | 3.7 | 3.8% | 17 | 13.1 | 30.3% |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.1 | 0.1 | 8.2% | 0.1 | 0.4 | -70.1% |
| **Total Costs and Expenses** | **29.7** | **28.1** | **5.8%** | **111.7** | **96.6** | **15.7%** |
| Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup> | **27.4** | **25.7** | **6.4%** | **105.6** | **84.9** | **24.3%** |
| **Adjusted Segment EBITDA** | **10.4** | **11.8** | **-12.2%** | **21.2** | **0.2** | **10506.3%** |
| Adjusted Segment EBITDA Mg | 32.0% | 49.5% | -1746 | 18.1% | 0.3% | 1778 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(3)</sup> | 32.7% | 52.6% | -1997 | 17.8% | -3.2% | 2096 |
| **Capex** | **4.1** | **5.9** | **-31.3%** | **9.7** | **19.9** | **-51.1%** |

---

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 42.2% YoY to 85.5% of pre-pandemic levels, down from 88.8% in 3Q22. International traffic increased 60.7% YoY and stood at 86.2% of 4Q19 levels, while Domestic traffic grew 4.5% YoY reaching 83.7% of 4Q19 levels.

**Revenues** increased 35.8% YoY to $32.5 million in 4Q22, driven by higher Aeronautical and Commercial revenues, reflecting greater year-over-year activity and easier comparisons against 4Q21, which was still impacted by the Covid-19 pandemic. Commercial revenues grew 40.7% YoY, mainly driven by passenger-related services such as Parking facilities, Duty free shops, VIP lounges, and F&B services, following the strong year-over-year traffic recovery. When compared to 4Q19, revenues excluding Construction service declined 11.6%, or $3.8 million, to $29.3 million, principally due to lower passenger traffic impacted by the Covid-19 pandemic.

· **Aeronautical Revenues** dropped 23.0% versus 4Q19, or $5.1 million, as a result of lower passenger traffic,
 partially offset by increases in passenger fees at Florence airport in November 2019
 and February 2020, and at both Florence and Pisa airports in February 2021. In
 addition, passenger with reduced mobility fees (PRM) at Florence airport increased in March 2020
 and at Pisa airport in February 2020, and again at both airports in February 2021.

· **Commercial Revenues** declined 15.3% versus 4Q19, or $1.5 million, mainly due to reductions in
 Retail stores, Parking Facilities and VIP Lounges, partially offset by higher F&B services.

Page **17** of **43**

**Total Costs and Expenses** increased 5.8% YoY, or $1.6 million, in 4Q22 mainly driven by higher Cost of Services expenses. Excluding Construction Services, Total Cost and Expenses rose 6.4% YoY to $27.4 million, due to an increase in operating costs following higher airport activity when compared to 4Q21. Compared to the same quarter of 2019, Total Cost and Expenses decreased 10.3%, or 7.9% when excluding Construction Services.

• **Cost of Services** excluding Construction service decreased 7.5%, or $1.9 million, against 4Q19
 on a comparable basis, mainly due to lower Salaries and Social Security Contribution expenses
 as well as lower Services and fees.

• **SG&A** decreased 9.4% to $3.8 million against 4Q19, when the Company recorded bad debt
 reserves related to certain aviation and commercial customers.

**Adjusted Segment EBITDA** decreased 12.2% YoY to $10.4 million from $11.8 million recorded in 4Q21, which included a Eur. 9.5 million government grant, as part of the overall Eur. 800 million sovereign fund to support the airport sector in the country. Compared to 4Q19, Adjusted EBITDA increased 42.2%, with Adjusted EBITDA margin expanding 12.4 percentage points to 32.7%.

During 4Q22, CAAP made **Capital Expenditures** of $4.1 million, compared to $5.9 million in 4Q21 and $7.4 million in 4Q19.

Page **18** of **43**

**Brazil**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 2.5 | 2.7 | -9.0% | 10.0 | 7.8 | 28.6% |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 0.1 | 0.1 | 167.7% | 0.5 | 0.1 | 373.4% |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 1.7 | 1.4 | 23.5% | 5.3 | 4.4 | 19.0% |
| **Total Passengers (in millions)** <sup>(1)</sup>** | **4.3** | **4.2** | **4.0%** | **15.7** | **12.3** | **27.9%** |
| **Cargo Volume (in thousands of tons)** | **16.6** | **14.9** | **11.7%** | **57.8** | **60.0** | **-3.6%** |
| **Total Aircraft Movements (in thousands)** | **39.2** | **37.0** | **6.0%** | **144.6** | **117.9** | **22.7%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 10.5 | 8.2 | 27.3% | 36.6 | 24.1 | 51.8% |
| Non-aeronautical revenue | 14.0 | 9.8 | 42.7% | 52.7 | 34.3 | 53.5% |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 14.0 | 9.8 | 42.7% | 52.7 | 34.3 | 53.5% |
| **Total Revenue** | **24.5** | **18.1** | **35.7%** | **89.3** | **58.4** | **52.8%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 19.0 | 15.3 | 23.9% | 71.1 | 59.2 | 20.1% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4.6 | 2.0 | 131.5% | 13.2 | 8.4 | 57.5% |
| &nbsp;&nbsp;&nbsp;Other expenses | 0.0 | 0.7 | -95.3% | 0.4 | 2.2 | -80.6% |
| **Total Costs and Expenses** | **23.6** | **18.0** | **31.1%** | **84.7** | **69.8** | **21.4%** |
| **Adjusted Segment EBITDA** | **17.8** | **26.2** | **-32.3%** | **32.1** | **19.0** | **69.1%** |
| Adjusted Segment EBITDA Mg | 72.5% | 145.3% | -7276 | 35.9% | 32.5% | 347 |
| **Capex** | **0.7** | **0.7** | -7.1% | **2.0** | **1.8** | 6.3% |

---

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

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

**Passenger Traffic** rose 4.0% YoY, reaching 85.0% of 4Q19 pre-pandemic levels, down from 91.4% in the prior quarter. Domestic passenger traffic was down 9.0% YoY and reached 79.4% of 4Q19 levels, while transit passengers increased 23.5% YoY to 96.2% of 4Q19 levels. Lower traffic from government officials due to the changes in the Brazilian Administration, compounded by higher airfare contributed to lower domestic travel, in the quarter.

**Revenues** increased 35.7% YoY to $24.5 million in 4Q22 due to higher Commercial and Aeronautical revenues reflecting higher year-over-year activity as 4Q21 was still impacted by the Covid-19 pandemic. When compared to 4Q19, revenues declined 18.5%, or $5.6 million, mainly reflecting lower aeronautical and commercial activities resulting from the drop in passenger traffic, and to a lesser extent, the 27.7% average depreciation of the Brazilian real against the US dollar since 4Q19.

• **Aeronautical Revenues** declined 30.0% vs 4Q19, or $4.5 million, driven by lower passenger traffic,
 coupled with the depreciation of the Brazilian Real.

• **Commercial Revenues** declined 7.1% against 4Q19, or $1.1 million, also impacted by lower passenger
 traffic and currency depreciation primarily resulting in lower passenger-related revenues
 such as Retail, Duty free and F&B, combined with lower Cargo revenues. The Revenue decline
 was also driven by lower Rental revenues reflecting discounts granted and closure of operations
 of certain tenants, together with lower Fuel revenues, in line with the reduction in aircraft
 movements. This was partially offset by a solid performance of VIP lounges.

**Total Costs and Expenses** increased 31.1% YoY to $23.6 million but declined 64.6% against 4Q19 pre-pandemic levels.

• **Cost of Services** declined 20.6% vs. 4Q19, or $4.9 million, benefiting from cost reduction
 initiatives taken to mitigate the impact of the Covid-19 pandemic, coupled with the 27.7%
 average depreciation of the Brazilian Real since 4Q19. The drop was mainly driven by declines
 in:

&nbsp;&nbsp;&nbsp;&nbsp;• Sales
 taxes, reflecting the reduction in revenues in the quarter,

Page **19** of **43**

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

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

• **SG&A** increased 131.5% YoY, to $4.6 million on an 'As reported' basis, mainly due
 to higher Services and fee and lower Bad debts recovery.

**Adjusted Segment EBITDA** decreased to $17.8 million compared to $26.2 million in the year ago period and benefited from an economic compensation of $13.6 million obtained from the government in connection with the economic re-equilibrium to offset the COVID-19 impact during 2022. To note, the economic compensation received in 2021 amounted to $25.5 million. Compared to 4Q19, Adjusted EBITDA improved significantly from negative $32.8 million, which included the aforementioned $42.8 million impairment loss at the Natal airport.

During 4Q22, CAAP made **Capital Expenditures** of $0.7 million, in line with 4Q21 and down 71.2% from $2.3 million in 4Q19.

Page **20** of **43**

**Uruguay**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **OPERATING STATISTICS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.0 | 0.0 | 9.7% | 0.0 | 0.0 | 32.4% |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.4 | 0.3 | 65.9% | 1.4 | 0.5 | 194.9% |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | 0.0 | 0.0 | 27.6% | 0.0 | 0.0 | 163.7% |
| **Total Passengers (in millions)** | **0.4** | **0.3** | **65.7%** | **1.4** | **0.5** | **194.2%** |
| **Cargo Volume (in thousands of tons)** | **7.9** | **8.4** | **-5.5%** | **32.1** | **30.4** | **5.5%** |
| **Total Aircraft Movements (in thousands)** | **8.3** | **7.4** | **13.2%** | **27.9** | **17.8** | **56.8%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 11.5 | 6.6 | 74.1% | 43.5 | 14.6 | 198.3% |
| Non-aeronautical revenue | 20.4 | 11.5 | 76.5% | 61.8 | 36.7 | 68.2% |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 12.4 | 10.0 | 24.2% | 48.6 | 31.4 | 54.7% |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 8.0 | 1.6 | 407.2% | 13.2 | 5.3 | 149.4% |
| **Total Revenue** | **31.9** | **18.2** | 75.6% | **105.3** | **51.3** | 105.2% |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **23.9** | **16.6** | 44.1% | **92.1** | **46.0** | 100.1% |
| &nbsp;&nbsp;&nbsp;Cost of Services | 19.6 | 8.9 | 120.7% | 58.8 | 39.9 | 47.2% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 6.2 | 2.8 | 118.4% | 16.5 | 9.0 | 82.6% |
| &nbsp;&nbsp;&nbsp;Other expenses | 0.2 | 0.1 | 79.5% | 0.5 | 0.2 | 159.2% |
| **Total Costs and Expenses** | **25.9** | **11.8** | **119.8%** | **75.7** | **49.1** | **54.1%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **17.9** | **10.2** | **75.5%** | **62.5** | **43.9** | **42.6%** |
| **Adjusted Segment EBITDA** | **7.2** | **8.2** | **-12.6%** | **35.3** | **13.7** | **157.8%** |
| Adjusted Segment EBITDA Mg | 22.5% | 45.1% | -2266 | 33.6% | 26.7% | 685 |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 30.0% | 49.4% | -1944 | 38.4% | 29.8% | 858 |
| **Capex** | **9.9** | **2.3** | 332.6% | **21.3** | **8.1** | 164.5% |

---

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 traffic is mainly international, passenger traffic increased 65.7% YoY, reaching 83.2% of 4Q19 levels, up from 68.4% recorded in 3Q22, reflecting an ongoing recovery following gradual increases in flight frequencies after the re-opening of borders on November 1, 2021.

**Revenues** increased 75.6% YoY to $31.9 million in 4Q22 on an 'As reported' basis, or 44.1% when excluding Construction service revenue. Compared to 4Q19, and excluding IFRIC12, revenues declined 2.4%, or $0.6 million, to $23.9 million, primarily due to lower passenger traffic in the quarter.

• **Aeronautical Revenues** increased 74.1% YoY, or $4.9 million, to $11.5 million, in line with the
 increase in passenger traffic against 4Q21, which was still impacted by the Covid-19 pandemic
 as borders fully re-opened on November 1, 2021.

• **Commercial Revenues** increased 6.9% vs. 4Q19, or $0.8 million, to $12.4 million, mainly driven by
 higher Cargo revenues, partially offset by lower passenger-related revenues such as Duty
 Free, VIP Lounge and Retail stores, as a result of lower passenger traffic.

**Total Costs and Expenses** increased 119.8% YoY to $25.9 million. Excluding Construction Service, Total Cost and Expenses rose 75.5% YoY to $17.9 million, due to an increase in operating costs following higher traffic activity when compared to 4Q21. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 18.4%, or $2.8 million, primarily due to higher SG&A expenses.

• **Cost of services** increased 28.4% compared to 4Q19, or $4.3 million. Excluding Construction
 service cost, cost of services remained unchanged at $11.6 million.

Page **21** of **43**

• **SG&A** increased 118.4% YoY, to $6.2 million, and grew 85.4%% against 4Q19, mainly as a result
 of higher Services and fees.

**Adjusted Segment EBITDA** declined 12.6% YoY to $7.2 million in 4Q22, and 40.3%, or $4.8 million, when compared to 4Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 19.4 percentage points to 30.0%.

During 4Q22, CAAP made **Capital Expenditures** of $9.9 million in Uruguay, compared to $2.3 million in 4Q21 and $1.2 million in 4Q19, reflecting the works related to the airports that were incorporated when the Puerta del Sur concession agreement was extended in November 2021.

Page **22** of **43**

**Recent Developments**

**Armenia \| New Capex Plan**

The Company and the Armenian Government are currently in discussions to develop a $400 million infrastructure plan to be implemented between 2023 and 2027. In addition to adding new boarding gates, check-in counters and stand positions, the infrastructure plan is also anticipated to expand the terminal area by approximately 40,000 square meters (existing terminal area is approximately 34,000 square meters) and the commercial space by approximately 6,200 square meters (existing commercial space is approximately 12,600 square meters). The infrastructure plan, once agreed, is expected to be financed with new borrowing, by our Armenian subsidiary, Armenia International Airports C.I.S.C.

**Brasilia \| Economic Re-equilibrium**

During the fourth quarter of 2022, the Company's subsidiary *"Inframerica Concessionaria do Aeroporto do Brasilia S.A."* (ICAB) obtained R$70.7 million in economic re-equilibrium compensation under the Brasilia concession in connection with the impact of the COVID-19 pandemic during 2022. This compensation was utilized as a credit towards the payment of the fixed concession fee due by ICAB for 2022, and follows the economic re-equilibrium compensations of R$136 million and R$180 million received in 2021 and 2020, respectively.

**Natal Concession Agreement**

In November 2020, the Company's subsidiary "*Inframerica Concessionaria do Aeroporto de São Gonçalo do Amarante S.A."* (ICASGA), executed an irrevocable amendment for the termination of the existing Natal concession agreement. Pursuant to the terms of the amendment agreement, upon the execution of a new concession agreement with a new operator, an indemnification payment will be made to ICASGA. On January 18, 2023, the *"Tribunal de Contas da União"* (TCU), a government-related entity, has given clearance for the government to carry out the tender process for the Natal airport. On February 8, 2023, the tender documents have been published and the auction date was set for May 19, 2023. Subject to the completion of the new tender process, the Company expects to receive a net indemnification payment which, according to the customary timetable of similar processes, shall be paid during the fourth quarter of 2023.

**Italy \| New Capex Plan**

The Company and the Italian Government are currently in discussions to develop a EUR480 million infrastructure plan for both the Florence and Pisa airports. Subject to further discussions and approvals as per the Italian regulatory framework, it is expected that this plan would include:

**Florence airport:**

---

| |
|:---|
| <u>Amount</u>: EUR404 million, of which approximately EUR254 million is expected to be financed with free cash flow and new borrowing, by our Italian subsidiary, Toscana Aeroporti S.p.A ("TA"), and the balance to be financed with sovereign grants. |
| <u>Timing of execution</u>: between 2023 and 2026. |
| The plan is expected to include a new terminal of approximately 39,900 square meters (existing terminal area is approximately 19,420 square meters) and a new runway of approximately 2,200 meters in length (existing runway length is approximately 1,560 meters). |

---

**Pisa airport:**

---

| |
|:---|
| <u>Amount</u>: EUR76 million, which is expected to be entirely financed with free cash flow and new borrowing by TA. |
| <u>Timing of execution</u>: between 2023 and 2026. |
| The plan is expected to include the expansion of the existing terminal by approximately 13,320 square meters (existing terminal area is approximately 32,115 square meters), as well as the expansion of the existing aircraft parking area. |

---

**Key Quarter Highlights and Subsequent Events**

**AA2000 \| Increase in Domestic Passenger Fees in Argentina**

On December 15, 2022, the Argentine airport regulator, *Organismo Regulador del Sistema Nacional de Aeropuertos* ("ORSNA") published Resolution No. 98/2022, approving an increase in the domestic passenger fee to ARS1,100 from ARS614, effective March 1, 2023.

**Puerta del Sur (PDS, Uruguay) \| Concession Agreement**

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

**Guayaquil Airport \| Awards & Recognitions**

On March 6, 2023, Airports Council International (ACI) World announced the winners of the 2022 Airport Service Quality (ASQ) Awards, recognizing the best airports for customer experience worldwide, as selected by passengers. In this respect, the Guayaquil International Airport has earned the following 2022 ASQ Awards for Latin America and the Caribbean: (i) Best Airport between 2 to 5 million Passengers, (ii) Most Dedicated Staff in Easiest Airport Journey, (iii) Most Enjoyable Airport, and (vi) Cleanest Airport.

Page **23** of **43**

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 4Q22, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29".

**4Q22 EARNINGS CONFERENCE CALL**

---

| | |
|:---|:---|
| When: | 10:00 a.m. Eastern Time, March 22, 2023 |
| Who: | Mr. Martín Eurnekian, Chief Executive Officer |
|  | Mr. Jorge Arruda, Chief Financial Officer |
|  | Mr. Patricio Iñaki Esnaola, Head of Investor Relations |
| Dial-in: | **1-404-975-4839 (U.S. Local); 1-833-470-1428 (U.S. Toll-Free); +44-208-068-2558 (UK). Participant access code: 521941** |
| Webcast: | <u>CAAP 4Q22 Earnings Conference Call</u> |
| Replay: | **1-929-458-6194 (U.S. Local); 1-866-813-9403 (U.S., Toll Free); +44-204-525-0658 (Intern.). Replay access code: 212598** |

---

**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.

Page **24** of **43**

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

**Definitions and Concepts**

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

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

**About Corporación América Airports**

Corporación América Airports acquires, develops and operates airport concessions. The Company is a leading private airport operator in the world, currently operating 53 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2022, Corporación América Airports served 65.6 million passengers, 83.7% above the 35.7 million passengers served in 2021 and 22.1% below the 84.2 million served in 2019. 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: the Covid-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the 'Cautionary Statement' and the 'Risk Factor' sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP's other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

**Investor Relations Contact**

**Patricio Iñaki Esnaola**

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

Page **25** of **43**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **Argentina** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 6.9 | 4.5 | 54.2% | 24.1 | 10.8 | 122.0% |
| International Passengers (in millions) | 2.7 | 1 | 175.1% | 8.6 | 2 | 333.9% |
| Transit passengers (in millions) | 0.3 | 0.2 | 76.2% | 1.1 | 0.5 | 142.1% |
| **Total passengers (in millions)** | **9.8** | **5.6** | **75.7%** | **33.8** | **13.3** | **154.4%** |
| **Cargo volume (in thousands of tons)** | **47.0** | **50.7** | **-7.4%** | **181.7** | **174.4** | **4.2%** |
| **Aircraft movements (in thousands)** | **108.1** | **76.9** | **40.5%** | **384.7** | **227.3** | **69.3%** |
| **Italy** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.4 | 0.4 | 4.5% | 1.6 | 1 | 62.2% |
| International Passengers (in millions) | 1.2 | 0.7 | 60.7% | 5.1 | 1.8 | 177.7% |
| Transit passengers (in millions) | 0 | 0 | -40.0% | 0 | 0 | 112.4% |
| **Total passengers (in millions)** | **1.5** | **1.1** | **42.2%** | **6.7** | **2.8** | **137.7%** |
| **Cargo volume (in thousands of tons)** | **3.8** | **4.4** | **-12.8%** | **14.9** | **15.3** | **-2.7%** |
| **Aircraft movements (in thousands)** | **15.4** | **13.2** | **16.7%** | **68.9** | **39.6** | **74.1%** |
| **Brazil** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 2.5 | 2.7 | -9.0% | 10 | 7.8 | 28.6% |
| International Passengers (in millions) | 0.1 | 0.1 | 167.7% | 0.5 | 0.1 | 373.4% |
| Transit passengers (in millions) | 1.7 | 1.4 | 23.5% | 5.3 | 4.4 | 19.0% |
| **Total passengers (in millions)** | **4.3** | **4.2** | **4.0%** | **15.7** | **12.3** | **27.9%** |
| **Cargo volume (in thousands of tons)** | **16.6** | **14.9** | **11.7%** | **57.8** | **60.0** | **-3.6%** |
| **Aircraft movements (in thousands)** | **39.2** | **37.0** | **6.0%** | **144.6** | **117.9** | **22.7%** |
| **Uruguay<sup>(1)</sup>** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0 | 0 | 9.7% | 0 | 0 | 32.4% |
| International Passengers (in millions) | 0.4 | 0.3 | 65.9% | 1.4 | 0.5 | 194.9% |
| Transit passengers (in millions) | 0 | 0 | 27.6% | 0 | 0 | 163.7% |
| **Total passengers (in millions)** | **0.4** | **0.3** | **65.7%** | **1.4** | **0.5** | **194.2%** |
| **Cargo volume (in thousands of tons)** | **7.9** | **8.4** | **-5.5%** | **32.1** | **30.4** | **5.5%** |
| **Aircraft movements (in thousands)** | **8.3** | **7.4** | **13.2%** | **27.9** | **17.8** | **56.8%** |
| **Ecuador<sup>(2)</sup>** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.6 | 0.6 | 2.2% | 2.1 | 1.1 | 102.5% |
| International Passengers (in millions) | 0.5 | 0.5 | -2.8% | 2 | 1.4 | 42.3% |
| Transit passengers (in millions) | 0 | 0 | 4.1% | 0.1 | 0 | 92.0% |
| **Total passengers (in millions)** | **1.1** | **1.1** | **-0.2%** | **4.2** | **2.5** | **68.3%** |
| **Cargo volume (in thousands of tons)** | **8.0** | **8.6** | **-7.1%** | **33.3** | **23.0** | **44.7%** |
| **Aircraft movements (in thousands)** | **19.4** | **21.4** | **-9.4%** | **77.0** | **55.9** | **37.7%** |
| **Armenia** |  |  |  |  |  |  |
| Domestic Passengers (in millions) |  |  |  |  |  |  |
| International Passengers (in millions) | 1.1 | 0.8 | 37.3% | 3.7 | 2.4 | 53.8% |
| Transit passengers (in millions) | 0 | 0 |  |  |  |  |
| **Total passengers (in millions)** | **1.1** | **0.8** | **37.3%** | **3.7** | **2.4** | **53.8%** |
| **Cargo volume (in thousands of tons)** | **9.2** | **6.4** | **43.8%** | **23.3** | **17.3** | **34.7%** |

---

Page **26** of **43**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **Aircraft movements (in thousands)** | **10.0** | **7.0** | **43.2%** | **35.2** | **21.3** | **64.9%** |
| **Peru<sup>(3)</sup>** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.0 | 0.9 | -100.0% | 0.0 | 1.9 | -100.0% |
| International Passengers (in millions) | 0.0 | 0.0 | -100.0% | 0.0 | 0.0 | -100.0% |
| Transit passengers (in millions) | 0.0 | 0.0 |  | 0.0 | 0.0 |  |
| **Total passengers (in millions)** | **0.0** | **0.9** | **-100.0%** | **0.0** | **1.9** | **-100.0%** |
| **Cargo volume (in thousands of tons)** | **0.0** | **1.4** | **-100.0%** | **0.0** | **3.0** | **-100.0%** |
| **Aircraft movements (in thousands)** | **0.0** | **7.5** | **-100.0%** | **0.0** | **17.5** | **-100.0%** |

---

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

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

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

Page **27** of **43**

**Foreign Exchange Rate**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **4Q22** | **4Q21** | **4Q22** | **4Q21** | **3Q22** | **3Q21** | **3Q22** | **3Q21** |
|  | Avg | Avg | EoP | EoP | Avg | Avg | EoP | EoP |
| Argentine Peso | 162.44 | 100.51 | 177.16 | 102.72 | 135.63 | 97.23 | 147.32 | 98.74 |
| Euro | 1.05 | 1.14 | 1.07 | 1.13 | 1.01 | 1.18 | 0.97 | 1.16 |
| Brazilian Real | 5.26 | 5.59 | 5.22 | 5.58 | 5.25 | 5.23 | 5.41 | 5.44 |
| Uruguayan Peso | 40.83 | 43.97 | 40.07 | 44.70 | 40.81 | 43.26 | 41.74 | 42.94 |

---

Amounts provided by units of local currency per US dollar

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **165.7** | **92.6** | 79.1% | **-4.8** | **170.5** | **92.0** | 85.4% |
| &nbsp;&nbsp;&nbsp;Passenger use fees | 135.1 | 69.4 | 94.7% | -4.3 | 139.5 | 69.0 | 102.2% |
| &nbsp;&nbsp;&nbsp;Aircraft fees | 25.3 | 18.4 | 37.3% | -0.5 | 25.8 | 18.3 | 40.9% |
| &nbsp;&nbsp;&nbsp;Other | 5.3 | 4.7 | 11.6% |  | 5.3 | 4.7 | 11.6% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Commercial revenue** | **157.4** | **109.3** | **44.0%** | **-2.8** | **160.1** | **107.2** | **49.3%** |
| &nbsp;&nbsp;&nbsp;Warehouse use fees | 44.4 | 45.7 | -2.8% | -2.1 | 46.5 | 44.5 | 4.5% |
| &nbsp;&nbsp;&nbsp;Duty free shops | 17.9 | 9.9 | 81.4% | -0.5 | 18.4 | 9.8 | 87.8% |
| &nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 8.1 | 8.0 | 1.7% | -0.2 | 8.3 | 8.0 | 4.3% |
| &nbsp;&nbsp;&nbsp;Parking facilities | 9.8 | 5.5 | 76.1% | -0.3 | 10.1 | 5.5 | 83.8% |
| &nbsp;&nbsp;&nbsp;Fuel | 34.7 | 12.3 | 182.3% | -0.1 | 34.8 | 12.3 | 183.5% |
| &nbsp;&nbsp;&nbsp;Food and beverage services | 6.0 | 3.5 | 71.2% | -0.1 | 6.0 | 3.4 | 77.6% |
| &nbsp;&nbsp;&nbsp;Advertising | 4.6 | 2.7 | 69.8% | 0.5 | 4.2 | 2.5 | 65.2% |
| &nbsp;&nbsp;&nbsp;Services and retail stores | 3.6 | 2.4 | 46.0% | 0.0 | 3.6 | 2.4 | 49.2% |
| &nbsp;&nbsp;&nbsp;Catering | 2.0 | 1.1 | 89.5% | -0.1 | 2.1 | 1.1 | 99.3% |
| &nbsp;&nbsp;&nbsp;VIP lounges | 9.0 | 6.2 | 45.2% | 0.3 | 8.7 | 5.9 | 47.2% |
| &nbsp;&nbsp;&nbsp;Walkway services | 1.8 | 1.4 | 29.2% | -0.1 | 1.9 | 1.4 | 35.7% |
| &nbsp;&nbsp;&nbsp;Other | 15.4 | 10.6 | 46.2% | 0.0 | 15.5 | 10.4 | 48.0% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | IAS 29 | 2022 ex<br> IAS 29 | 2021 ex<br> IAS 29 | % Var ex<br> IAS 29 |
| Argentina | 762.6 | 362.9 | 110.1% | -12.2 | 774.8 | 333.6 | 132.2% |
| Italy | 117.2 | 70.5 | 66.3% |  | 117.2 | 70.5 | 66.3% |
| Brazil | 89.3 | 58.4 | 52.8% |  | 89.3 | 58.4 | 52.8% |
| Uruguay | 105.3 | 51.3 | 105.2% |  | 105.3 | 51.3 | 105.2% |
| Armenia | 207.5 | 98.4 | 111.0% |  | 207.5 | 98.4 | 111.0% |
| Ecuador <sup>(1)</sup> | 96.2 | 65.2 | 47.6% |  | 96.2 | 65.2 | 47.6% |
| Unallocated | 0.6 | 0.3 | 96.1% | - | 0.6 | 0.3 | 96.1% |
| **Total consolidated revenue <sup>(2)</sup>** | **1378.7** | **706.9** | **95.0%** | **-12.2** | **1390.9** | **677.7** | **105.2%** |

---

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, 'As reported' revenues increased 106% YoY in Argentina, 93% in Italy, 53% in Brazil, 100% in Uruguay, 124% in Armenia and 45% in Ecuador.

Page **28** of **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **609.8** | **262.8** | **132.0%** | **-3.7** | **613.4** | **255.4** | **140.1%** |
| **Non-aeronautical Revenue** | **768.9** | **444.1** | **73.1%** | **-8.6** | **777.5** | **422.2** | **84.1%** |
| Commercial revenue | 612.5 | 362.1 | 69.2% | 1.1 | 611.4 | 341.5 | 79.0% |
| Construction service revenue <sup>(1)</sup> | 149.8 | 79.8 | 87.8% | -9.7 | 159.5 | 78.4 | 103.4% |
| Other revenue | 6.6 | 2.3 | 191.1% | - | 6.6 | 2.3 | 191.1% |
| **Total Consolidated Revenue** | **1378.7** | **706.9** | **95.0%** | **-12.2** | **1390.9** | **677.7** | **105.2%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **1228.9** | **627.2** | **95.9%** | **-2.5** | **1231.4** | **599.2** | **105.5%** |

---

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

2 Excludes Construction Service revenue.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex <br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **609.8** | **262.8** | 132.0% | **-3.7** | **613.4** | **255.4** | 140.1% |
| &nbsp;&nbsp;&nbsp;Passenger use fees | 492.8 | 186.0 | 165.0% | -3.3 | 496.1 | 180.4 | 175.1% |
| &nbsp;&nbsp;&nbsp;Aircraft fees | 96.3 | 62.4 | 54.3% | -0.4 | 96.6 | 60.6 | 59.4% |
| &nbsp;&nbsp;&nbsp;Other | 20.7 | 14.4 | 43.0% |  | 20.7 | 14.4 | 43.0% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Commercial revenue** | **612.5** | **362.1** | **69.2%** | **1.1** | **611.4** | **341.5** | **79.0%** |
| &nbsp;&nbsp;&nbsp;Warehouse use fees | 185.8 | 177.9 | 4.5% | -1.0 | 186.8 | 163.6 | 14.2% |
| &nbsp;&nbsp;&nbsp;Duty free shops | 64.1 | 24.6 | 160.5% | -0.5 | 64.6 | 23.8 | 171.4% |
| &nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 40.6 | 23.8 | 70.8% | -0.1 | 40.6 | 23.3 | 74.5% |
| &nbsp;&nbsp;&nbsp;Parking facilities | 35.2 | 14.0 | 151.8% | -0.3 | 35.6 | 13.5 | 163.9% |
| &nbsp;&nbsp;&nbsp;Fuel | 129.7 | 36.1 | 259.3% | -0.1 | 129.7 | 35.9 | 261.9% |
| &nbsp;&nbsp;&nbsp;Food and beverage services | 22.4 | 9.9 | 126.4% | 0.1 | 22.2 | 9.4 | 135.9% |
| &nbsp;&nbsp;&nbsp;Advertising | 17.3 | 10.7 | 61.9% | 1.6 | 15.8 | 9.9 | 59.6% |
| &nbsp;&nbsp;&nbsp;Services and retail stores | 14.4 | 7.5 | 92.0% | 0.0 | 14.4 | 7.4 | 95.2% |
| &nbsp;&nbsp;&nbsp;Catering | 7.6 | 3.0 | 157.5% | -0.1 | 7.7 | 2.8 | 175.9% |
| &nbsp;&nbsp;&nbsp;VIP lounges | 32.1 | 16.5 | 95.0% | 1.2 | 31.0 | 15.3 | 101.7% |
| &nbsp;&nbsp;&nbsp;Walkway services | 6.9 | 5.2 | 34.5% | 0.0 | 7.0 | 4.9 | 43.3% |
| &nbsp;&nbsp;&nbsp;Other | 56.3 | 33.1 | 70.4% | 0.3 | 56.0 | 31.8 | 75.9% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex <br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| &nbsp;&nbsp;&nbsp;Cost of services | 278.0 | 162.4 | 71.2% | 7.8 | 270.2 | 154.8 | 74.5% |
| &nbsp;&nbsp;&nbsp;SG&A | 43.2 | 33.7 | 28.0% | -0.7 | 43.9 | 28.7 | 52.7% |
| &nbsp;&nbsp;&nbsp;Financial loss | 80.2 | 32.8 | 144.4% | -114.5 | 194.8 | 89.0 | 118.8% |
| &nbsp;&nbsp;&nbsp;Inflation adjustment | -1.4 | -4.1 | -65.2% | 0.5 | -1.9 | -0.2 | 1019.9% |
| &nbsp;&nbsp;&nbsp;Other expenses | 2.2 | 1.5 | 47.6% | -0.1 | 2.4 | 1.4 | 69.2% |
| &nbsp;&nbsp;&nbsp;Income tax expense | 20.3 | 38.5 | -47.3% | 56.5 | -36.2 | 7.0 | -615.6% |
| **Total expenses** | **422.5** | **264.9** | **59.5%** | **-50.6** | **473.1** | **280.8** | **68.5%** |

---

Page **29** of **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex <br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **278.0** | **162.4** | **71.2%** | **7.8** | **270.2** | **154.8** | **74.5%** |
| Salaries and social security contributions | 60 | 37.6 | 59.6% | -1.1 | 61.2 | 37.2 | 64.4% |
| Concession fees | 41.1 | 28.6 | 43.8% | -1.3 | 42.4 | 28.3 | 50.0% |
| Construction service cost | 58.7 | 14.9 | 295.2% | -3.6 | 62.4 | 17.4 | 258.9% |
| Maintenance expenses | 28.1 | 24.8 | 13.2% | -1.5 | 29.5 | 24.4 | 21.1% |
| Amortization and depreciation | 35.3 | 28.5 | 23.7% | 15.8 | 19.5 | 19.6 | -0.8% |
| Services and fees | 13.7 | 12.6 | 8.9% | -0.2 | 13.9 | 12.5 | 11.4% |
| Cost of fuel | 29.4 | 8.9 | 232.3% |  | 29.4 | 8.9 | 232.3% |
| Taxes | 0.7 | 0.6 | 22.7% | -0.1 | 0.8 | 0.6 | 27.7% |
| Office expenses | 4.2 | 1.5 | 172.2% | -0.2 | 4.4 | 1.5 | 183.9% |
| Provision for maintenance cost | 1 | 2.1 | -52.5% |  | 1 | 2.1 | -52.5% |
| Others | 5.7 | 2.3 | 143.7% | 0 | 5.7 | 2.3 | 145.9% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **SG&A** | **43.2** | **33.7** | **28.0%** | **-0.7** | **43.9** | **28.7** | **52.7%** |
| &nbsp;&nbsp;&nbsp;Taxes | 11.4 | 8.1 | 40.2% | -0.5 | 11.9 | 7.9 | 49.8% |
| &nbsp;&nbsp;&nbsp;Salaries and social security contributions | 8.6 | 6.3 | 36.5% | -0.3 | 8.8 | 6.1 | 44.0% |
| &nbsp;&nbsp;&nbsp;Services and fees | 15.1 | 9.0 | 67.9% | -0.1 | 15.2 | 9.0 | 68.9% |
| &nbsp;&nbsp;&nbsp;Office expenses | 1.7 | 0.7 | 138.6% | 0.0 | 1.7 | 0.7 | 152.3% |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 1.8 | 2.0 | -10.7% | 0.1 | 1.7 | -2.6 | -165.3% |
| &nbsp;&nbsp;&nbsp;Maintenance expenses | 0.4 | 0.4 | 4.6% | 0.0 | 0.5 | 0.4 | 11.0% |
| &nbsp;&nbsp;&nbsp;Advertising | 0.6 | 0.4 | 40.6% | 0.0 | 0.6 | 0.4 | 46.6% |
| &nbsp;&nbsp;&nbsp;Insurances | 0.7 | 0.5 | 29.3% | 0.0 | 0.6 | 0.5 | 27.8% |
| &nbsp;&nbsp;&nbsp;Charter services | 0.1 | 0.0 |  |  | 0.1 | 0.0 |  |
| &nbsp;&nbsp;&nbsp;Bad debts recovery | -1.4 | -1.7 | -18.7% | 0.1 | -1.5 | -0.9 | 60.0% |
| &nbsp;&nbsp;&nbsp;Bad debts | 2.4 | 6.2 | -61.7% | -0.1 | 2.4 | 5.4 | -54.6% |
| &nbsp;&nbsp;&nbsp;Others | 1.8 | 1.8 | 3.0% | 0.0 | 1.8 | 1.8 | 3.0% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **4Q22 as<br> reported** | **4Q21 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **4Q22 ex<br> IAS 29** | **4Q21 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 174.4 | 94.8 | 83.9% | 6.9 | 167.5 | 82.2 | 103.9% |
| Italy | 29.7 | 28.1 | 5.8% |  | 29.7 | 28.1 | 5.8% |
| Brazil | 23.6 | 18.0 | 31.1% |  | 23.6 | 18.0 | 31.1% |
| Uruguay | 25.9 | 11.8 | 119.8% |  | 25.9 | 11.8 | 119.8% |
| Armenia | 43.7 | 20.8 | 110.5% |  | 43.7 | 20.8 | 110.5% |
| Ecuador | 19.2 | 15.7 | 22.0% |  | 19.2 | 15.7 | 22.0% |
| Unallocated | 6.8 | 8.4 | -19.1% | - | 6.8 | 8.4 | -19.1% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **323.4** | **197.6** | **63.6%** | **6.9** | **316.4** | **185.0** | **71.1%** |

---

&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 **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex <br> IAS 29** | **2021 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **Cost of Services** | **963.0** | **622.4** | **54.7%** | **54.0** | **909.0** | **555.9** | **63.5%** |
| Salaries and social security contributions | 205.9 | 141.0 | 46.0% | -0.8 | 206.6 | 134.6 | 53.5% |
| Concession fees | 158.5 | 94.5 | 67.7% | -0.9 | 159.4 | 90.7 | 75.9% |
| Construction service cost | 147.9 | 77.5 | 90.9% | -9.7 | 157.5 | 76.1 | 106.9% |
| Maintenance expenses | 107.5 | 83.9 | 28.1% | -1.0 | 108.4 | 78.7 | 37.8% |
| Amortization and depreciation | 145.8 | 135.1 | 7.9% | 66.7 | 79.1 | 87.2 | -9.3% |
| Other | 197.5 | 90.4 | 118.5% | -0.4 | 197.8 | 88.5 | 123.4% |
| **Cost of Services Excluding Construction Service cost** | **815.1** | **544.9** | **49.6%** | **63.7** | **751.4** | **479.7** | **56.6%** |
| **Selling, general and administrative expenses** | **141.4** | **102.1** | **38.5%** | **0.5** | **140.8** | **94.0** | **49.9%** |
| **Other expenses** | **7.1** | **18.8** | **-62.2%** | **-0.4** | **7.5** | **17.1** | **-56.1%** |
| **Total Costs and Expenses** | **1111.4** | **743.2** | **49.5%** | **54.1** | **1057.3** | **667.0** | **58.5%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **963.6** | **665.8** | **44.7%** | **63.8** | **899.8** | **590.8** | **52.3%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex <br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| &nbsp;&nbsp;&nbsp;Cost of services | 963.0 | 622.4 | 54.7% | 54.0 | 909.0 | 555.9 | 63.5% |
| &nbsp;&nbsp;&nbsp;SG&A | 141.4 | 102.1 | 38.5% | 0.5 | 140.8 | 94.0 | 49.9% |
| &nbsp;&nbsp;&nbsp;Financial loss | 196.4 | 131.3 | 49.6% | -470.5 | 666.9 | 346.4 | 92.5% |
| &nbsp;&nbsp;&nbsp;Inflation adjustment | -19.5 | -6.7 | 190.8% | -14.0 | -5.5 | -0.7 | 693.4% |
| &nbsp;&nbsp;&nbsp;Other expenses | 7.1 | 18.8 | -62.2% | -0.4 | 7.5 | 17.1 | -56.1% |
| &nbsp;&nbsp;&nbsp;Income tax expense | 24.9 | 69.1 | -64.0% | 231.5 | -206.7 | -116.6 | 77.3% |
| **Total expenses** | **1313.2** | **936.9** | **40.2%** | **-198.8** | **1512.1** | **896.1** | **68.7%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **963.0** | **622.4** | **54.7%** | **54.0** | **909.0** | **555.9** | **63.5%** |
| Salaries and social security contributions | 205.9 | 141.011 | 46.0% | -0.8 | 206.6 | 134.6 | 53.5% |
| Concession fees | 158.5 | 94.5 | 67.7% | -0.9 | 159.4 | 90.7 | 75.9% |
| Construction service cost | 147.9 | 77.5 | 90.9% | -9.7 | 157.5 | 76.1 | 106.9% |
| Maintenance expenses | 107.5 | 83.9 | 28.1% | -1.0 | 108.4 | 78.7 | 37.8% |
| Amortization and depreciation | 145.8 | 135.1 | 7.9% | 66.7 | 79.1 | 87.2 | -9.3% |
| Services and fees | 56.8 | 44.8 | 26.8% | -0.1 | 56.9 | 43.7 | 30.1% |
| Cost of fuel | 107.2 | 24.9 | 330.7% |  | 107.2 | 24.9 | 330.7% |
| Taxes | 3.5 | 2.9 | 19.5% | -0.1 | 3.6 | 2.7 | 32.0% |
| Office expenses | 10.8 | 5.2 | 106.4% | -0.2 | 10.9 | 4.8 | 127.9% |
| Provision for maintenance cost | 3.5 | 4.7 | -26.7% |  | 3.5 | 4.7 | -26.7% |
| Others | 15.7 | 7.8 | 102.1% | 0.0 | 15.7 | 7.7 | 104.9% |

---

Page **31** of **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| **SG&A** | **141.4** | **102.1** | **38.5%** | **0.5** | **140.8** | **94.0** | **49.9%** |
| &nbsp;&nbsp;&nbsp;Taxes | 45.3 | 24.8 | 82.8% | -0.2 | 45.4 | 23.0 | 97.9% |
| &nbsp;&nbsp;&nbsp;Salaries and social security contributions | 32.3 | 21.172 | 52.6% | -0.2 | 32.6 | 20.4 | 59.9% |
| &nbsp;&nbsp;&nbsp;Services and fees | 44.8 | 30.9 | 45.1% | -0.1 | 44.9 | 30.6 | 46.6% |
| &nbsp;&nbsp;&nbsp;Office expenses | 3.7 | 1.5 | 149.7% | 0.0 | 3.7 | 1.4 | 163.0% |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 7.3 | 8.4 | -12.4% | 0.5 | 6.9 | 3.5 | 98.6% |
| &nbsp;&nbsp;&nbsp;Maintenance expenses | 1.9 | 0.9 | 108.4% | 0.0 | 1.9 | 0.9 | 109.5% |
| &nbsp;&nbsp;&nbsp;Advertising | 1.7 | 0.9 | 81.1% | 0.0 | 1.7 | 0.9 | 89.4% |
| &nbsp;&nbsp;&nbsp;Insurances | 2.4 | 2.1 | 10.0% | 0.0 | 2.4 | 2.1 | 9.9% |
| &nbsp;&nbsp;&nbsp;Bad debts recovery | -18.2 | -8.3 | 119.0% | 0.5 | -18.7 | -7.0 | 166.0% |
| &nbsp;&nbsp;&nbsp;Bad debts | 13.4 | 14.7 | -8.7% | 0.1 | 13.4 | 13.3 | 0.8% |
| &nbsp;&nbsp;&nbsp;Others | 6.8 | 5.0 | 35.8% | 0.0 | 6.8 | 5.0 | 35.8% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 587.9 | 380.2 | 54.6% | 54.1 | 533.8 | 303.9 | 75.6% |
| Italy | 111.7 | 96.6 | 15.7% |  | 111.7 | 96.6 | 15.7% |
| Brazil | 84.7 | 69.8 | 21.4% |  | 84.7 | 69.8 | 21.4% |
| Uruguay | 75.7 | 49.1 | 54.1% |  | 75.7 | 49.1 | 54.1% |
| Armenia | 156.5 | 68.7 | 127.9% |  | 156.5 | 68.7 | 127.9% |
| Ecuador | 70.9 | 54.1 | 31.0% |  | 70.9 | 54.1 | 31.0% |
| Unallocated | 24.0 | 24.8 | -3.0% | - | 24.0 | 24.8 | -3.0% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **1111.4** | **743.2** | **49.5%** | **54.1** | **1057.3** | **667.0** | **58.5%** |

---

&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)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 277.9 | 65.6 | 323.9% | 0.7 | 277.2 | 59.0 | 369.5% |
| Italy | 21.2 | 0.2 | 10506.3% |  | 21.2 | 0.2 | 10506.3% |
| Brazil | 32.1 | 19.0 | 69.1% |  | 32.1 | 19.0 | 69.1% |
| Uruguay | 35.3 | 13.7 | 157.8% |  | 35.3 | 13.7 | 157.8% |
| Armenia | 68.9 | 44.3 | 55.5% |  | 68.9 | 44.3 | 55.5% |
| Ecuador | 29.0 | 16.1 | 79.5% |  | 29.0 | 16.1 | 79.5% |
| Unallocated | -7.6 | -9.5 | -20.4% | - | -7.6 | -9.5 | -20.4% |
| **Total segment EBITDA** | **456.7** | **149.3** | **205.9%** | **0.7** | **456.0** | **142.8** | **219.3%** |

---

Page **32** of **43**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| **Income from Continuing Operations** | **165.6** | **-159.8** | **-203.7%** | **128.6** | **37.1** | **-146.5** | **-125.3%** |
| Financial Income | -63.9 | -28.1 | 127.4% | 57.9 | -121.7 | -30.4 | 300.1% |
| Financial Loss | 196.4 | 131.3 | 49.6% | -470.5 | 666.9 | 346.4 | 92.5% |
| Inflation adjustment | -19.5 | -6.7 | 190.8% | -14.0 | -5.5 | -0.7 | 693.4% |
| Income Tax Expense | 24.9 | 69.1 | -64.0% | 231.5 | -206.7 | -116.6 | 77.3% |
| Amortization and Depreciation | 153.1 | 143.5 | 6.7% | 67.2 | 86.0 | 90.6 | -5.1% |
| **Adjusted EBITDA** | **456.7** | **149.3** | **205.9%** | **0.7** | **456.0** | **142.8** | **219.3%** |
| **Adjusted EBITDA Margin** | **33.1%** | **21.1%** | **1201** | **-** | **32.8%** | **21.1%** | **1171** |
| **Adjusted EBITDA Margin excluding Construction Service** | **37.1%** | **23.4%** | **1362** | **-** | **36.9%** | **23.4%** | **1343** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022 as<br> reported** | **2021 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2022 ex<br> IAS 29** | **2021 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Financial Income** | **63.9** | **28.1** | **127.4%** | **-57.9** | **121.7** | **30.4** | **300.1%** |
| Interest income | 43.9 | 17.6 | 149.0% | -0.4 | 44.3 | 15.5 | 186.2% |
| Foreign exchange income | 10.7 | 1.1 | 831.6% | -57.5 | 68.2 | 5.8 | 1066.8% |
| Other | 9.3 | 9.3 | -0.2% | 0.0 | 9.3 | 9.1 | 1.7% |
| **Inflation adjustment** | **19.5** | **6.7** | **190.8%** | **14.0** | **5.5** | **0.7** | **693.4%** |
| Inflation adjustment | 19.5 | 6.7 | 190.8% | 14.0 | 5.5 | 0.7 | 693.4% |
| **Financial Loss** | **-196.4** | **-131.3** | **49.6%** | **470.5** | **-666.9** | **-346.4** | **92.5%** |
| Interest Expenses | -164.3 | -125.5 | 30.9% | -1.0 | -163.3 | -118.0 | 38.3% |
| Foreign exchange transaction expenses | 79.9 | 112.5 | -28.9% | 471.5 | -391.6 | -110.2 | 255.2% |
| Changes in liability for concessions | -101.5 | -109.1 | -7.0% |  | -101.5 | -109.1 | -7.0% |
| Other expenses | -10.6 | -9.1 | 16.2% | -0 | -10.6 | -9.1 | 16.6% |
| **Financial Loss, Net** | **-113.1** | **-96.5** | **17.2%** | **426.6** | **-539.7** | **-315.3** | **71.2%** |

---

See "Use of Non-IFRS Financial Measures" on page 24.

Page **33** of **43**

---

| | | |
|:---|:---|:---|
| **% Ownership by Concession** | | |
| Aeropuertos Argentina 2000 | Argentina | 82.7% |
| Neuquén | Argentina | 75.5% |
| Bahía Blanca | Argentina | 82.6% |
| Toscana Aeroporti (Florence and Pisa airports) | Italy | 46.7% |
| ICAB (Brasilia Airport) | Brazil | 51.0% |
| ICASGA (Natal Airport) | Brazil | 99.9% |
| Puerta del Sur (Carrasco Airport) | Uruguay | 100.0% |
| CAISA (Punta del Este Airport) | Uruguay | 100.0% |
| AIA (Armenian airports) | Armenia | 100.0% |
| TAGSA (Guayaquil Airport) | Ecuador | 50.0% |
| ECOGAL (Galápagos Airport) | Ecuador | 99.9% |

---

**Selected Income Statement Data (in US$ million)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **Argentina** |  |  |  |  |  |  |
| **Total Revenue** | **214.3** | **108.9** | **96.7%** | **762.6** | **362.9** | **110.1%** |
| **Total Revenue Excluding IFRIC12(1)** | **168.2** | **99.5** | **69.1%** | **638.4** | **309.4** | **106.3%** |
| **Operating Income** | **44.1** | **16.7** | **164.3%** | **190.5** | **-9.2** | **-2173.4%** |
| **Net Income** | **12.9** | **11.7** | **9.9%** | **228.0** | **-1.3** | **-18082.3%** |
| **Adjusted Segment EBITDA** | **64.5** | **31.0** | **108.0%** | **277.9** | **65.6** | **323.9%** |
| **Adjusted Segment EBITDA Mg** | **30.1%** | **28.5%** | **164** | **36.4%** | **18.1%** | **1837** |
| **Adjusted EBITDA Margin excluding IFRIC** | **38.3%** | **31.1%** | **716** | **43.5%** | **21.1%** | **2236** |
| **Italy** |  |  |  |  |  |  |
| **Total Revenue** | **32.5** | **23.9** | **35.8%** | **117.2** | **70.5** | **66.3%** |
| **Total Revenue Excluding IFRIC12(1)** | **29.3** | **20.5** | **43.0%** | **109.4** | **56.8** | **92.6%** |
| **Operating Income** | **7.6** | **8.8** | **-13.5%** | **10.3** | **-12.2** | **-184.6%** |
| **Net Income** | **4.7** | **12.2** | **-61.3%** | **4.4** | **-6.4** | **-168.3%** |
| **Adjusted Segment EBITDA** | **10.4** | **11.8** | **-12.2%** | **21.2** | **0.2** | **10506.3%** |
| **Adjusted Segment EBITDA Mg** | **32.0%** | **49.5%** | **-1746** | **18.1%** | **0.3%** | **1778** |
| **Adjusted EBITDA Margin excluding IFRIC** | **32.7%** | **52.6%** | **-1997** | **17.8%** | **-3.2%** | **2096** |
| **Brazil** |  |  |  |  |  |  |
| **Total Revenue** | **24.5** | **18.1** | **35.7%** | **89.3** | **58.4** | **52.8%** |
| **Operating Income** | **15.0** | **23.6** | **-36.5%** | **20.9** | **9.0** | **132.5%** |
| **Net Income** | **-30.3** | **-16.4** | **84.7%** | **-115.4** | **-129.4** | **-10.8%** |
| **Adjusted segment EBITDA** | **17.8** | **26.2** | **-32.3%** | **32.1** | **19.0** | **69.1%** |
| **Adjusted Segment EBITDA Mg** | **72.5%** | **145.3%** | **-7276** | **35.9%** | **32.5%** | **347** |
| **Uruguay** |  |  |  |  |  |  |
| **Total Revenue** | **31.9** | **18.2** | **75.6%** | **105.3** | **51.3** | **105.2%** |
| **Total Revenue Excluding IFRIC12(1)** | **23.9** | **16.6** | **44.1%** | **92.1** | **46.0** | **100.1%** |
| **Operating Income** | **5.5** | **6.1** | **-10.3%** | **28.0** | **1.5** | **1716.0%** |
| **Net Income** | **10.0** | **4.8** | **105.6%** | **26.5** | **-0.9** | **-3024.1%** |
| **Adjusted Segment EBITDA** | **7.2** | **8.2** | **-12.6%** | **35.3** | **13.7** | **157.8%** |
| **Adjusted Segment EBITDA Mg** | **22.5%** | **45.1%** | **-2266** | **33.6%** | **26.7%** | **685** |

---

Page **34** of **43**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **Adjusted EBITDA Margin excluding IFRIC** | **30.0%** | **49.4%** | **-1944** | **38.4%** | **29.8%** | **858** |
| **Ecuador** |  |  |  |  |  |  |
| **Total Revenue** | **25.4** | **19.4** | **30.6%** | **96.2** | **65.2** | **47.6%** |
| **Total Revenue Excluding IFRIC12(1)** | **24.0** | **19.4** | **23.3%** | **93.4** | **64.4** | **45.1%** |
| **Operating Income** | **5.6** | **3.2** | **73.3%** | **22.6** | **9.2** | **146.6%** |
| **Net Income** | **5.2** | **2.6** | **98.1%** | **20.3** | **6.8** | **200.2%** |
| **Adjusted Segment EBITDA** | **7.2** | **4.8** | **48.6%** | **29.0** | **16.1** | **79.5%** |
| **Adjusted Segment EBITDA Mg** | **28.2%** | **24.8%** | **342** | **30.1%** | **24.8%** | **535** |
| **Adjusted EBITDA Margin excluding IFRIC** | **29.9%** | **24.8%** | **508** | **31.0%** | **25.1%** | **596** |
| **Armenia** |  |  |  |  |  |  |
| **Total Revenue** | **57.8** | **30.1** | **92.0%** | **207.5** | **98.4** | **111.0%** |
| **Total Revenue Excluding IFRIC12(1)** | **56.8** | **28.6** | **98.5%** | **205.7** | **91.8** | **124.1%** |
| **Operating Income** | **14.1** | **9.4** | **49.9%** | **51.2** | **29.9** | **71.5%** |
| **Net Income** | **10.4** | **6.0** | **73.6%** | **36.2** | **20.7** | **75.0%** |
| **Adjusted Segment EBITDA** | **19.0** | **13.3** | **42.8%** | **68.9** | **44.3** | **55.5%** |
| **Adjusted Segment EBITDA Mg** | **32.9%** | **44.1%** | **-1130** | **33.2%** | **45.0%** | **-1183** |
| **Adjusted EBITDA Margin excluding IFRIC** | **33.4%** | **46.3%** | **-1293** | **33.5%** | **48.0%** | **-1457** |
| **Unallocated** |  |  |  |  |  |  |
| **Total revenue** | **0.1** | **0.1** | **45.1%** | **0.6** | **0.3** | **96.1%** |
| **Operating Income** | **-5.4** | **-7.4** | **-26.5%** | **-18.9** | **-21.7** | **-13.1%** |
| **Net Income** | **-9.1** | **-20.9** | **-56.6%** | **-34.3** | **-49.2** | **-30.2%** |
| **Adjusted segment EBITDA** | **-2.9** | **-2.6** | **13.3%** | **-7.6** | **-9.5** | **-20.4%** |
| **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 **43**

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Cargo volume <br> (in tons)** | **Cargo volume <br> (in tons)** | **Cargo volume <br> (in tons)** | **Aircraft movements** | **Aircraft movements** | **Aircraft movements** |
|  | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. |
| **Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Aeroparque | 2835 | 1987 | **42.7%** | 723 | 178 | **305.3%** | 200 | 113 | **76.5%** | 3758 | 2278 | **64.9%** | 438 | 293 | **49.6%** | 29934 | 19293 | **55.2%** |
| Bariloche | 491 | 431 | **13.9%** | 8 | 0 |  | 1 | 1 | **9.4%** | 500 | 432 | **15.7%** |  |  |  | 3953 | 3288 | **20.2%** |
| Catamarca | 16 | 8 | **103.1%** |  |  |  | 3 | 3 | **-6.5%** | 19 | 11 | **73.8%** | 18 | 5 | **279.2%** | 638 | 575 | **11.0%** |
| C. Rivadavia | 141 | 79 | **77.4%** | 0 |  |  | 1 | 1 | **96.9%** | 142 | 80 | **77.6%** | 90 | 202 | **-55.7%** | 1803 | 1373 | **31.3%** |
| Córdoba | 505 | 290 | **74.2%** | 105 | 19 | **460.5%** | 6 | 2 | **158.2%** | 617 | 311 | **98.2%** | 806 | 196 | **310.4%** | 6212 | 3552 | **74.9%** |
| El Palomar | 0 | 0 |  |  | 0 |  |  |  |  | 0 | 0 |  |  |  |  | 861 | 587 | **46.7%** |
| Esquel | 24 | 16 | **44.2%** |  | 0 |  | 0 | 0 |  | 24 | 16 | **43.7%** |  |  |  | 303 | 295 | **2.7%** |
| Ezeiza | 515 | 232 | **122.0%** | 1710 | 732 | **133.5%** | 38 | 17 | **122.1%** | 2263 | 981 | **130.6%** | 44727 | 49311 | **-9.3%** | 15087 | 7882 | **91.4%** |
| Formosa | 24 | 9 | **169.2%** | 0 |  |  |  |  |  | 24 | 9 | **169.4%** | 13 | 9 | **43.1%** | 444 | 323 | **37.5%** |
| General Pico |  | 0 |  |  |  |  |  | 0 |  |  | 0 |  |  |  |  | 218 | 334 | **-34.7%** |
| Iguazú | 340 | 212 | **60.7%** | 0 | 0 |  | 1 | 1 |  | 341 | 212 | **60.6%** |  |  |  | 2561 | 1771 | **44.6%** |
| Jujuy | 133 | 85 | **56.3%** | 0 | 0 |  | 2 | 0 |  | 136 | 86 | **58.9%** | 11 | 23 | **-52.2%** | 1215 | 905 | **34.3%** |
| La Rioja | 20 | 8 | **155.4%** | 0 | 0 |  | 1 | 3 | **-58.2%** | 21 | 10 | **98.2%** | 16 | 8 | **110.5%** | 544 | 438 | **24.2%** |
| Malargüe | 0 | 0 |  |  |  |  | 0 |  |  | 1 | 0 |  |  |  |  | 183 | 136 | **34.6%** |
| Mar del Plata | 75 | 32 | **134.9%** | 0 | 0 |  | 3 | 0 |  | 78 | 32 | **144.2%** | 11 | 12 | **-6.9%** | 2000 | 1222 | **63.7%** |
| Mendoza | 435 | 267 | **63.0%** | 99 | 28 | **253.8%** | 3 | 3 |  | 537 | 298 | **80.1%** | 103 | 112 | **-8.4%** | 5103 | 3194 | **59.8%** |
| Paraná | 10 | 5 | **78.0%** |  | 0 |  |  | 0 |  | 10 | 5 | **77.5%** |  |  |  | 776 | 539 | **44.0%** |
| Posadas | 90 | 61 | **48.2%** | 0 | 0 |  |  |  |  | 90 | 61 | **48.2%** | 19 | 8 | **154.2%** | 1046 | 801 | **30.6%** |
| Pto Madryn | 51 | 17 | **206.9%** | 0 |  |  | 0 | 0 |  | 51 | 17 | **203.0%** | 7 |  |  | 502 | 305 | **64.6%** |
| Reconquista | 0 | 0 |  |  |  |  | 0 | 0 |  | 0 | 0 |  |  |  |  | 587 | 649 | **-9.6%** |
| Resistencia | 69 | 25 | **170.3%** | 0 | 0 |  | 5 | 0 |  | 74 | 25 | **190.8%** | 47 | 22 | **119.0%** | 909 | 519 | **75.1%** |
| Río Cuarto | 8 | 4 | **105.8%** |  |  |  |  | 2 |  | 8 | 6 | **26.7%** | 3 | 4 | **-40.5%** | 196 | 228 | **-14.0%** |
| Río Gallegos | 54 | 32 | **67.1%** |  | 0 |  | 2 | 1 | **92.1%** | 56 | 34 | **67.4%** | 75 | 57 | **30.7%** | 1112 | 697 | **59.5%** |
| Río Grande | 37 | 23 | **61.3%** |  |  |  | 0 | 1 |  | 38 | 24 | **59.4%** | 75 | 34 | **121.8%** | 703 | 503 | **39.8%** |
| Salta | 333 | 229 | **45.4%** | 3 | 0 |  | 2 | 0 |  | 338 | 229 | **47.3%** | 75 | 55 | **35.6%** | 3749 | 2370 | **58.2%** |

---

Page **36** of **43**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Cargo volume <br> (in tons)** | **Cargo volume <br> (in tons)** | **Cargo volume <br> (in tons)** | **Aircraft movements** | **Aircraft movements** | **Aircraft movements** |
|  | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. |
| San Fernando | 7 | 5 | **37.6%** | 7 | 7 | **5.0%** |  |  |  | 14 | 12 | **18.9%** |  |  |  | 16113 | 16900 | **-4.7%** |
| San Juan | 54 | 35 | **53.8%** | 0 | 0 |  |  | 1 |  | 54 | 36 | **50.3%** |  |  |  | 651 | 497 | **31.0%** |
| San Luis | 21 | 10 | **113.9%** |  |  |  |  | 0 |  | 21 | 10 | **113.5%** |  | 35 | **-100.0%** | 840 | 284 | **195.8%** |
| San Rafael | 13 | 9 | **49.6%** |  |  |  |  | 0 |  | 13 | 9 | **47.6%** |  |  |  | 1540 | 1057 | **45.7%** |
| Santa Rosa | 6 | 6 | **4.9%** |  |  |  | 0 | 2 |  | 6 | 8 | **-17.9%** |  |  |  | 393 | 687 | **-42.8%** |
| Santiago del Estero | 54 | 32 | **69.8%** | 0 |  | **100.0%** |  | 0 |  | 54 | 32 | **69.4%** | 30 | 41 | **-26.4%** | 877 | 636 | **37.9%** |
| Tucumán | 206 | 133 | **54.7%** | 0 | 0 | **79.2%** | 1 | 0 |  | 208 | 134 | **55.0%** | 285 | 245 | **16.3%** | 2043 | 1268 | **61.1%** |
| Viedma | 9 | 4 | **102.3%** |  |  |  | 2 | 1 | **30.8%** | 11 | 6 | **85.3%** |  |  |  | 312 | 253 | **23.3%** |
| Villa Mercedes | 1 | 0 |  |  |  |  |  | 0 |  | 1 | 0 |  |  |  |  | 535 | 629 | **-14.9%** |
| Termas de Río Hondo | 4 | 5 | **-18.6%** | 0 | 0 |  |  |  |  | 4 | 5 | **-18.6%** | 1 | 2 | **-59.1%** | 90 | 102 | **-11.8%** |
| Bahía Blanca | 38 | 23 | **67.4%** |  |  |  | 3 | 3 | **22.1%** | 41 | 25 | **62.9%** | 23 | 30 | **-24.0%** | 943 | 730 | **29.2%** |
| Neuquén | 267 | 151 | **77.3%** | 0 | - |  | 7 | 5 | **40.8%** | 274 | 156 | **76.1%** | 79 | 19 | **312.9%** | 3097 | 2119 | **46.2%** |
| **Total Argentina** | **6886** | **4466** | **54.2%** | **2655** | **965** | **175.1%** | **283** | **160** | **76.2%** | **9824** | **5591** | **75.7%** | **46950** | **50723** | **-7.4%** | **108073** | **76941** | **40.5%** |
| **Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pisa | 327 | 339 | **-3.8%** | 671 | 432 | **55.1%** | 0 | 0 | **-35.8%** | 997 | 772 | **29.2%** | 3799 | 4367 | **-13.0%** | 8108 | 7574 | **7.1%** |
| Florence | 47 | 18 | **159.3%** | 501 | 297 | **68.8%** | 0 | 0 | **-60.6%** | 548 | 315 | **73.9%** | 22 | 13 | **72.4%** | 7293 | 5625 | **29.7%** |
| **Total Italy** | **374** | **357** | **4.5%** | **1172** | **729** | **60.7%** | **0** | **1** | **-40.0%** | **1546** | **1087** | **42.2%** | **3821** | **4380** | **-12.8%** | **15401** | **13199** | **16.7%** |
| **Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Brasilia | 1910 | 2180 | **-12.4%** | 125 | 46 | **173.0%** | 1703 | 1373 | **24.0%** | 3738 | 3599 | **3.9%** | 15118 | 13695 | **10.4%** | 34403 | 32505 | **5.8%** |
| Natal | 587 | 562 | **4.3%** | 17 | 7 | **134.3%** | 4 | 9 | **-56.3%** | 608 | 579 | **5.0%** | 1491 | 1179 | **26.5%** | 4768 | 4459 | **6.9%** |
| **Total Brazil** | **2497** | **2742** | **-9.0%** | **142** | **53** | **167.7%** | **1707** | **1382** | **23.5%** | **4346** | **4177** | **4.0%** | **16609** | **14874** | **11.7%** | **39171** | **36964** | **6.0%** |
| **Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carrasco (1) | 0 | 0 | **23.4%** | 397 | 239 | **66.3%** | 1 | 1 | **27.6%** | 398 | 240 | **66.1%** | 7916 | 8379 | **-5.5%** | 5008 | 4102 | **22.1%** |

---

Page **37** of **43**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Cargo volume <br> (in tons)** | **Cargo volume <br> (in tons)** | **Cargo volume <br> (in tons)** | **Aircraft movements** | **Aircraft movements** | **Aircraft movements** |
|  | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. | 4Q'22 | 4Q'21 | % Var. |
| Punta del Este | 0 | 0 | **-19.0%** | 33 | 20 | **62.3%** | - | - |  | 33 | 20 | **61.7%** | - | - |  | 3324 | 3261 | **1.9%** |
| **Total Uruguay** | **0** | **0** | **9.7%** | **430** | **259** | **65.9%** | **1** | **1** | **27.6%** | **431** | **260** | **65.7%** | **7916** | **8379** | **-5.5%** | **8332** | **7363** | **13.2%** |
| **Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Guayaquil | 451 | 284 | **58.6%** | 529 | 458 | **15.5%** | 15 | 13 | **16.5%** | 995 | 755 | **31.7%** | 6759 | 5758 | **17.4%** | 17851 | 15592 | **14.5%** |
| Galápagos | 118 | 94 | **24.9%** | - | - |  | - | - |  | 118 | 94 | **24.9%** | 1272 | 987 | **29.0%** | 1556 | 1170 | **33.0%** |
| **Total Ecuador** | **569** | **379** | **50.2%** | **529** | **458** | **15.5%** | **15** | **13** | **16.5%** | **1113** | **850** | **31.0%** | **8031** | **6745** | **19.1%** | **19407** | **16762** | **15.8%** |
| **Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Zvartnots |  |  |  | 1054 | 648 | **62.6%** |  |  |  | 1054 | 648 | **62.6%** | 9157 | 5664 | **61.7%** | 9953 | 5576 | **78.5%** |
| Shirak |  |  |  | 6 | 47 | **-87.6%** |  |  |  | 6 | 47 | **-87.6%** |  |  |  | 78 | 342 | **-77.2%** |
| **Total Armenia** | **-** | **-** |  | **1060** | **695** | **52.4%** | **-** | **-** |  | **1060** | **695** | **52.4%** | **9157** | **5664** | **61.7%** | **10031** | **5918** | **69.5%** |
| **Perú** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Arequipa |  | 289 | **-100.0%** |  | 3 | **-100.0%** |  |  |  |  | 292 | **-100.0%** |  | 362 | **-100.0%** |  | 2118 | **-100.0%** |
| Juliaca |  | 108 | **-100.0%** |  |  |  |  |  |  |  | 108 | **-100.0%** |  | 140 | **-100.0%** |  | 734 | **-100.0%** |
| Puerto Maldonado |  | 56 | **-100.0%** |  |  |  |  |  |  |  | 56 | **-100.0%** |  | 146 | **-100.0%** |  | 479 | **-100.0%** |
| Tacna |  | 75 | **-100.0%** |  | 0 | **-100.0%** |  |  |  |  | 75 | **-100.0%** |  | 160 | **-100.0%** |  | 735 | **-100.0%** |
| Ayacucho |  | 54 | **-100.0%** |  |  |  |  |  |  |  | 54 | **-100.0%** |  | 23 | **-100.0%** |  | 839 | **-100.0%** |
| **Total Perú** | **-** | **582** | **-100.0%** | **-** | **3** | **-100.0%** | **-** | **-** |  | **-** | **586** | **-100.0%** | **-** | **832** | **-100.0%** | **-** | **4905** | **-100.0%** |
| **Total CAAP** | **10326** | **8527** | **21%** | **5987** | **3163** | **89%** | **2006** | **1557** | **29%** | **18319** | **13246** | **38%** | **92485** | **91597** | **1%** | **200415** | **162052** | **24%** |

---

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

Page **38** of **43**

**Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2022 vs. 2021)**

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Cargo Volume <br> (in tons)<sup>(3)</sup>** | **Cargo Volume <br> (in tons)<sup>(3)</sup>** | **Cargo Volume <br> (in tons)<sup>(3)</sup>** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. |
| **Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Aeroparque | 9815 | 4079 | **140.6%** | 2342 | 215 | **989.9%** | 752 | 230 | **226.7%** | 12910 | 4524 | **185.3%** | 1608 | 878 | **83.2%** | 104459 | 42456 | **146.0%** |
| Bariloche | 2018 | 1128 | **79.0%** | 27 | 0 | **n.a.** | 5 | 1 | **287.9%** | 2050 | 1129 | **81.6%** |  |  |  | 15577 | 10032 | **55.3%** |
| Catamarca | 62 | 20 | **201.5%** | 0 |  | **n.a.** | 4 | 7 | **-45.3%** | 66 | 28 | **135.8%** | 63 | 9 | **571.3%** | 2613 | 1840 | **42.0%** |
| C. Rivadavia | 463 | 186 | **149.6%** | 0 |  | **n.a.** | 3 | 3 | **1.2%** | 466 | 188 | **147.5%** | 492 | 409 | **20.5%** | 6192 | 4780 | **29.5%** |
| Córdoba | 1785 | 683 | **161.4%** | 330 | 19 | **1647.2%** | 35 | 16 | **120.1%** | 2149 | 717 | **199.6%** | 1896 | 904 | **109.9%** | 21870 | 9742 | **124.5%** |
| El Palomar | 2 | 2 | **n.a.** | 0 | 0 | **n.a.** |  |  |  | 2 | 3 | **-15.1%** |  |  |  | 3430 | 2306 | **48.7%** |
| Esquel | 81 | 38 | **114.3%** | 0 | 0 | **n.a.** | 0 | 1 | **n.a.** | 82 | 39 | **110.4%** |  |  |  | 1173 | 1138 | **3.1%** |
| Ezeiza<sup>(1</sup><sup>**)**</sup> | 1752 | 1362 | **28.6%** | 5589 | 1703 | **228.1%** | 172 | 131 | **31.3%** | 7513 | 3197 | **135.0%** | 174491 | 170474 | **2.4%** | 51171 | 31854 | **60.6%** |
| Formosa | 89 | 12 | **613.5%** | 0 | 0 | **n.a.** |  | 0 | **n.a.** | 89 | 12 | **613.8%** | 38 | 11 | **255.4%** | 1677 | 830 | **102.0%** |
| General Pico | 0 | 0 | **n.a.** |  |  |  | 0 | 0 | **n.a.** | 0 | 0 | **n.a.** |  |  |  | 719 | 1032 | **-30.3%** |
| Iguazú | 1183 | 420 | **181.4%** | 1 | 0 | **n.a.** | 3 | 2 | **59.6%** | 1187 | 423 | **180.8%** |  |  |  | 9138 | 4076 | **124.2%** |
| Jujuy | 476 | 203 | **134.1%** | 0 | 0 | **n.a.** | 5 | 1 | **884.9%** | 481 | 204 | **136.0%** | 60 | 66 | **-9.1%** | 4575 | 2982 | **53.4%** |
| La Rioja | 67 | 17 | **293.2%** | 0 | 0 | **n.a.** | 2 | 7 | **-70.3%** | 69 | 24 | **188.8%** | 137 | 36 | **286.8%** | 2027 | 1249 | **62.3%** |
| Malargüe | 2 | 0 | **n.a.** | 0 |  | **n.a.** | 1 |  | **n.a.** | 3 | 0 | **n.a.** |  |  |  | 1067 | 957 | **11.5%** |
| Mar del Plata | 276 | 87 | **215.2%** | 0 | 0 | **n.a.** | 10 | 1 | **868.8%** | 286 | 89 | **223.1%** | 65 | 34 | **88.4%** | 6595 | 4022 | **64.0%** |
| Mendoza | 1422 | 635 | **124.0%** | 291 | 28 | **931.9%** | 25 | 5 | **429.1%** | 1739 | 668 | **160.3%** | 422 | 435 | **-3.0%** | 16788 | 7963 | **110.8%** |
| Paraná | 34 | 11 | **208.2%** | 0 | 0 | **n.a.** | 0 | 0 | **n.a.** | 34 | 11 | **196.8%** |  |  |  | 3077 | 1860 | **65.4%** |
| Posadas | 230 | 142 | **61.9%** | 0 | 0 | **n.a.** | 0 | 0 | **n.a.** | 231 | 143 | **61.7%** | 52 | 48 | **7.7%** | 2894 | 2432 | **19.0%** |
| Pto Madryn | 119 | 22 | **430.7%** | 0 |  | **n.a.** | 1 | 1 | **n.a.** | 121 | 24 | **412.6%** | 29 |  | **n.a.** | 1282 | 899 | **42.6%** |
| Reconquista | 0 | 0 | **n.a.** |  |  |  | 0 | 0 | **n.a.** | 0 | 0 | **n.a.** |  |  |  | 2919 | 2952 | **-1.1%** |
| Resistencia | 237 | 72 | **228.7%** | 0 | 0 | **n.a.** | 10 | 0 | **n.a.** | 247 | 72 | **241.4%** | 154 | 98 | **57.4%** | 3259 | 1782 | **82.9%** |
| Río Cuarto | 25 | 9 | **166.3%** | 0 |  | **n.a.** | 6 | 4 | **46.9%** | 31 | 14 | **128.9%** | 10 | 8 | **20.0%** | 882 | 618 | **42.7%** |
| Río Gallegos | 203 | 89 | **128.1%** |  | 0 | **n.a.** | 7 | 4 | **55.3%** | 210 | 94 | **124.3%** | 251 | 155 | **62.1%** | 3970 | 2258 | **75.8%** |
| Río Grande | 128 | 66 | **93.2%** |  |  |  | 2 | 1 | **14.2%** | 130 | 68 | **91.5%** | 224 | 84 | **166.8%** | 2755 | 1601 | **72.1%** |
| Salta | 1206 | 544 | **121.6%** | 7 | 0 | **n.a.** | 11 | 1 | **1061.2%** | 1224 | 545 | **124.4%** | 303 | 241 | **26.0%** | 12374 | 6168 | **100.6%** |
| San Fernando | 26 | 17 | **56.8%** | 22 | 18 | **21.6%** |  |  |  | 48 | 34 | **38.5%** |  |  |  | 59381 | 52264 | **13.6%** |
| San Juan | 196 | 77 | **155.8%** | 0 | 0 | **n.a.** | 0 | 2 | **n.a.** | 197 | 79 | **149.4%** |  |  |  | 2632 | 1758 | **49.7%** |
| San Luis | 76 | 24 | **212.8%** |  |  |  | 0 | 0 | **n.a.** | 76 | 25 | **206.8%** | 173 | 60 | **188.7%** | 3138 | 816 | **284.6%** |
| San Rafael | 55 | 23 | **133.4%** |  |  |  | 0 | 1 | **n.a.** | 55 | 24 | **124.4%** |  |  |  | 5925 | 4312 | **37.4%** |
| Santa Rosa | 32 | 14 | **119.7%** |  |  |  | 4 | 5 | **-26.0%** | 35 | 19 | **82.7%** |  |  |  | 2313 | 2388 | **-3.1%** |
| Santiago del Estero | 182 | 75 | **143.5%** | 0 |  | **n.a.** | 0 | 1 | **n.a.** | 182 | 75 | **141.7%** | 165 | 70 | **136.9%** | 3115 | 2092 | **48.9%** |
| Tucumán | 715 | 315 | **127.2%** | 0 | 0 | **n.a.** | 3 | 3 | **n.a.** | 718 | 318 | **125.6%** | 635 | 245 | **159.3%** | 6468 | 3566 | **81.4%** |
| Viedma | 34 | 13 | **156.2%** |  |  |  | 9 | 5 | **71.6%** | 42 | 18 | **132.4%** |  |  |  | 1161 | 865 | **34.2%** |
| Villa Mercedes | 1 | 0 | **n.a.** |  |  |  | 1 | 0 | **n.a.** | 2 | 1 | **172.5%** |  |  |  | 2525 | 2404 | **5.0%** |
| Termas de Río Hondo | 24 | 14 | **80.5%** | 0 | 0 | **n.a.** |  | 0 | **n.a.** | 25 | 14 | **79.0%** | 4 | 6 | **-39.8%** | 856 | 368 | **132.6%** |
| Bahía Blanca | 166 | 56 | **194.3%** |  |  |  | 9 | 5 | **59.3%** | 174 | 62 | **182.4%** | 125 | 98 | **27.8%** | 3362 | 2146 | **56.7%** |
| Neuquén | 872 | 374 | **133.3%** | 0 | 0 | **n.a.** | 27 | 16 | **70.7%** | 899 | 389 | **130.8%** | 269 | 55 | **392.1%** | 11373 | 6457 | **76.1%** |
| **Total Argentina** | **24054** | **10833** | **122.0%** | **8611** | **1985** | **333.9%** | **1107** | **457** | **142.1%** | **33773** | **13275** | **154.4%** | **181667** | **174422** | **4.2%** | **384732** | **227265** | **69.3%** |
| **Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pisa | 1418 | 889 | **59.4%** | 3062 | 1098 | **178.9%** | 2 | 1 | **133.0%** | 4482 | 1988 | **125.4%** | 14771 | 15228 | **-3.0%** | 37659 | 23398 | **60.9%** |
| Florence | 161 | 84 | **91.5%** | 2053 | 744 | **175.9%** | 0 | 0 | **n.a.** | 2214 | 829 | **167.2%** | 140 | 93 | **50.4%** | 31234 | 16179 | **93.1%** |
| **Total Italy** | **1579** | **973** | **62.2%** | **5115** | **1842** | **177.7%** | **3** | **1** | **112.4%** | **6696** | **2817** | **137.7%** | **14911** | **15321** | **-2.7%** | **68893** | **39577** | **74.1%** |
| **Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Natal | 2180 | 1795 | **21.4%** | 58 | 8 | **644.5%** | 40 | 14 | **189.9%** | 2277 | 1817 | **25.4%** | 5597 | 4382 | **27.7%** | 18179 | 14997 | **21.2%** |
| Brasilia **<sup>(2)</sup>** | 7841 | 5997 | **30.7%** | 407 | 90 | **350.1%** | 5224 | 4411 | **18.4%** | 13472 | 10499 | **28.3%** | 52242 | 55628 | **-6.1%** | 126432 | 102897 | **22.9%** |
| **Total Brazil** | **10020** | **7793** | **28.6%** | **465** | **98** | **373.4%** | **5264** | **4425** | **19.0%** | **15749** | **12316** | **27.9%** | **57839** | **60010** | **-3.6%** | **144611** | **117894** | **22.7%** |

---

Page **39** of **43**

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | Domestic Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | International Passenger Traffic <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | Transit Passengers <br> (in thousands) | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Total Passenger Traffic <br> (in thousands)** | **Cargo Volume <br> (in tons)<sup>(3)</sup>** | **Cargo Volume <br> (in tons)<sup>(3)</sup>** | **Cargo Volume <br> (in tons)<sup>(3)</sup>** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. | YTD-22 | YTD -21 | % Var. |
| **Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carrasco | 1 | 1 | **32.7%** | 1309 | 459 | **185.0%** | 7 | 3 | **163.7%** | 1317 | 463 | **184.6%** | 32114 | 30438 | **5.5%** | 17349 | 11707 | **48.2%** |
| Punta del Este | 0 | 0 | **n.a.** | 119 | 25 | **374.4%** | - | - |  | 119 | 25 | **370.5%** | - | - |  | 10522 | 6063 | **73.5%** |
| **Total Uruguay** | **2** | **1** | **32.4%** | **1428** | **484** | **194.9%** | **7** | **3** | **163.7%** | **1437** | **488** | **194.2%** | **32114** | **30438** | **5.5%** | **27871** | **17770** | **56.8%** |
| **Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Guayaquil | 1653 | 803 | **105.9%** | 2023 | 1422 | **42.3%** | 71 | 37 | **92.0%** | 3747 | 2261 | **65.7%** | 28725 | 20075 | **43.1%** | 71140 | 52733 | **34.9%** |
| Galápagos | 482 | 252 | **91.7%** | - | - |  | - | - |  | 482 | 252 | **91.7%** | 4534 | 2907 | **56.0%** | 5812 | 3149 | **84.6%** |
| **Total Ecuador** | **2135** | **1054** | **102.5%** | **2023** | **1422** | **42.3%** | **71** | **37** | **92.0%** | **4229** | **2513** | **68.3%** | **33259** | **22982** | **44.7%** | **76952** | **55882** | **37.7%** |
| **Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Zvartnots |  |  |  | 3644 | 2278 | **59.9%** |  |  |  | 3644 | 2278 | **59.9%** | 23338 | 17324 | **34.7%** | 34690 | 20218 | **71.6%** |
| Shirak | - | - |  | 48 | 122 | **-60.4%** | - | - |  | 48 | 122 | **-60.4%** | - | - |  | 462 | 1094 | **-57.8%** |
| **Total Armenia** | **-** | **-** |  | **3692** | **2400** | **53.8%** | **-** | **-** |  | **3692** | **2400** | **53.8%** | **23338** | **17324** | **34.7%** | **35152** | **21312** | **64.9%** |
| **Peru** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Arequipa |  | 894 | **n.a.** |  | 7 | **n.a.** |  |  |  |  | 901 | **n.a.** |  | 1299 | **n.a.** |  | 7738 | **n.a.** |
| Juliaca |  | 366 | **n.a.** |  |  | **n.a.** |  |  |  |  | 366 | **n.a.** |  | 523 | **n.a.** |  | 2598 | **n.a.** |
| Puerto Maldonado |  | 186 | **n.a.** |  | 0 | **n.a.** |  |  |  |  | 186 | **n.a.** |  | 521 | **n.a.** |  | 1818 | **n.a.** |
| Tacna |  | 257 | **n.a.** |  | 0 | **n.a.** |  |  |  |  | 257 | **n.a.** |  | 601 | **n.a.** |  | 2428 | **n.a.** |
| Ayacucho | - | 175 | **n.a.** | - | 0 | **n.a.** | - | - |  | - | 175 | **n.a.** | - | 67 | **n.a.** | - | 2907 | **n.a.** |
| **Total Peru** | **-** | **1877** | **n.a.** | **-** | **7** | **n.a.** | **-** | **-** |  | **-** | **1884** | **n.a.** | **-** | **3011** | **n.a.** | **-** | **17489** | **n.a.** |
| **Total CAAP** | **37791** | **22532** | **68%** | **21334** | **8238** | **159%** | **6451** | **4923** | **31%** | **65576** | **35693** | **84%** | **343128** | **323508** | **6%** | **738211** | **497189** | **48%** |

---

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

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

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

Page **40** of **43**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **4Q21** | **% Var.** | **2022** | **2021** | **% Var.** |
| **Continuing operations** |  |  |  |  |  |  |
| Revenue | 372572 | 246578 | 51.1% | 1378663 | 706913 | 95.0% |
| Cost of services | -268596 | -189366 | 41.8% | -962978 | -622381 | 54.7% |
| **Gross income** | **103976** | **57212** | **81.7%** | **415685** | **84532** | **391.7%** |
| Selling, general and administrative expenses | -42193 | -36295 | 16.3% | -141355 | -102062 | 38.5% |
| Impairment loss of non-financial assets | -77 | -71 | 8.5% | -111 | -371 | -70.1% |
| Other operating income | 23057 | 39900 | -42.2% | 37340 | 42777 | -12.7% |
| Other operating expense | -2071 | -3257 | -36.4% | -6984 | -18416 | -62.1% |
| **Operating income / (loss)** | **82692** | **57489** | **43.8%** | **304575** | **6460** | **4614.8%** |
| Share of loss in associates | -409 | 1855 |  | -970 | -629 |  |
| **Income / (Loss) before financial results and income tax** | **82283** | **59344** | **38.7%** | **303605** | **5831** | **5106.7%** |
| Financial income | 15820 | 6861 | 130.6% | 63859 | 28080 | 127.4% |
| Financial loss | -80496 | -31021 | 159.5% | -196405 | -131271 | 49.6% |
| Inflation adjustment | 958 | 3735 | -74.4% | 19459 | 6691 | 190.8% |
| **Income / (loss) before income tax** | **18565** | **38919** | **-52.3%** | **190518** | **-90669** | **-310.1%** |
| Income tax | -20325 | -41858 | -51.4% | -24883 | -69111 | -64.0% |
| **Income / (loss) for the period from continuing operations** | **-1760** | **-4826** |  | **165635** | **-159780** |  |
| Loss for the period from discontinued operations |  | -19309 |  |  | -21196 |  |
| **Income / (loss) for the period** | **-1760** | **-24135** | **-92.7%** | **165635** | **-180976** | **-191.5%** |
| Attributable to: |  |  |  |  |  |  |
| Owners of the parent | 7630 | -24680 | -130.9% | 168166 | -117755 | -242.8% |
| Non-controlling interest | -9390 | 545 | -1822.9% | -2531 | -63221 | -96.0% |

---

Page **41** of **43**

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

---

| | | |
|:---|:---|:---|
|  | **Dec 31, 2022** | **Dec 31, 2021** |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| Intangible assets, net | 2960002 | 2742971 |
| Property, plant and equipment, net | 74742 | 75480 |
| Right-of-use asset | 9192 | 12902 |
| Investments in associates | 1911 | 2355 |
| Other financial assets at fair value through profit or loss | 3160 | 3344 |
| Other financial assets at amortized cost | 3764 | 15838 |
| Derivative financial instruments | 67 |  |
| Deferred tax assets | 54882 | 68867 |
| Inventories | 254 |  |
| Other receivables | 78765 | 72373 |
| Trade receivables | 1581 | 184 |
| **Total non-current assets** | **3188320** | **2994314** |
| **Current assets** |  |  |
| Inventories | 15765 | 11520 |
| Other financial assets at fair value through profit or loss | 12792 | 28499 |
| Other financial assets at amortized cost | 53905 | 46800 |
| Other receivables | 57800 | 66421 |
| Current tax assets | 10852 | 14450 |
| Derivative financial instruments |  | 137 |
| Trade receivables | 111089 | 82707 |
| Cash and cash equivalents | 385265 | 375783 |
| **Total current assets** | **647468** | **626317** |
| **Total assets** | **3835788** | **3620631** |
| **EQUITY** |  |  |
| Share capital | 163223 | 163223 |
| Share premium | 183430 | 183430 |
| Treasury shares | (4600) | (4772) |
| Free distributable reserve | 378910 | 378910 |
| Non-distributable reserve | 1358028 | 1358028 |
| Currency translation adjustment | (251145) | (321647) |
| Legal reserves | 1081 | 1081 |
| Other reserves | (1314025) | (1321211) |
| Retained earnings | 201193 | 32689 |
| **Total attributable to owners of the parent** | **716095** | **469731** |
| Non-controlling interests | 146274 | 303877 |
| **Total equity** | **862369** | **773608** |
| **LIABILITIES** |  |  |
| **Non-current liabilities** |  |  |
| Borrowings | 1287421 | 1018337 |
| Deferred tax liabilities | 232458 | 227421 |
| Other liabilities | 768383 | 743799 |
| Lease liabilities | 5531 | 8484 |
| Trade payables | 3307 | 6695 |
| **Total non-current liabilities** | **2297100** | **2004736** |
| **Current liabilities** |  |  |
| Borrowings | 178016 | 421266 |
| Other liabilities | 357078 | 284826 |
| Lease liabilities | 3278 | 3765 |
| Derivative financial instruments liabilities | 51 |  |
| Current tax liabilities | 13794 | 16188 |
| Trade payables | 124102 | 116242 |
| **Total current liabilities** | **676319** | **842287** |
| **Total liabilities** | **2973419** | **2847023** |
| **Total equity and liabilities** | **3835788** | **3620631** |

---

Page **42** of **43**

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

---

| | | |
|:---|:---|:---|
|  | **Dec 31, 2022** | **Dec 31, 2021** |
| **Cash flows from operating activities** |  |  |
| Income / (Loss) for the period from continuing operations | **165635** | **(159780)** |
| Adjustments for: |  |  |
| Amortization and depreciation | 172480 | 160633 |
| Deferred income tax | 4415 | 50027 |
| Current income tax | 20468 | 19084 |
| Share of loss in associates | 970 | 629 |
| Impairment loss of non-financial assets | 111 | 371 |
| Loss on disposals of property, plant and equipment and intangible assets | 420 | 139 |
| Gain on disposal of subsidiaries | (4186) |  |
| Unpaid concession fees | 46084 | 65360 |
| Low value, short term and variable lease payments | (1154) | (1204) |
| Changes in liability for concessions | 101488 | 109103 |
| Share-based compensation expenses | 667 | 1020 |
| Interest expense | 164288 | 125533 |
| Other financial results, net | (41055) | (19157) |
| Net foreign exchange | (90603) | (113609) |
| Government subsidies per Covid-19 context | (14133) | (33366) |
| Government grants collected | 10020 | 11790 |
| Other accruals | (5043) | 7450 |
| Inflation adjustment | 6969 | (17727) |
| Acquisition of Intangible assets | (154940) | (83212) |
| Income tax paid | (22631) | (2871) |
| Changes in working capital | (57641) | (12255) |
| **Net cash provided by operating activities** | **302629** | **107958** |
| **Cash flows from investing activities** |  |  |
| Cash contribution in associates | (260) | (741) |
| Net acquisition of subsidiaries |  | (1134) |
| Net disposal of subsidiaries companies | (406) |  |
| Acquisition of other financial assets | (150856) | (37120) |
| Disposals of other financial assets | 170235 | 55207 |
| Acquisition of property, plant and equipment | (9091) | (7665) |
| Acquisition of intangible assets | (732) | (851) |
| Proceeds from property, plant and equipment | 233 | 535 |
| Other | 263 | 1395 |
| **Net cash provided by (used in) investing activities** | **9386** | **9626** |
| **Net cash used in discontinued investing activities** | **(14700)** | **(2495)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from cash contributions | 24170 | 11475 |
| Proceeds from borrowings | 371951 | 366544 |
| Principal elements of lease payments | (4307) | (4729) |
| Loans repaid | (328775) | (266839) |
| Interest paid | (111387) | (86108) |
| Debt renegotiation expenses capitalization | (2011) | (20439) |
| Debt renegotiation premium |  | (193) |
| Guarantee deposit | (512) | (1015) |
| Dividends paid to non-controlling interests in subsidiaries | (11382) | (2361) |
| Redemption of preferred shares | (172029) |  |
| Others | (6) | (4) |
| **Net cash provided by / (used in) financing activities** | **(234288)** | **(3669)** |
| **Increase / decrease in cash and cash equivalents** | **77727** | **113915** |
| **Decrease in cash and cash equivalents from discontinued operations** | **(14700)** | **(2495)** |
| **Movements in cash and cash equivalents** |  |  |
| At the beginning of the period | 375783 | 281031 |
| Effect of exchange rate changes and inflation adjustment on cash and cash equivalents | (53545) | (16668) |
| Increase / decrease in cash and cash equivalents from continuing operations | 77727 | 113915 |
| Decrease in cash and cash equivalents from discontinued operations | (14700) | (2495) |
| **At the end of the period** | **385265** | **375783** |

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