# EDGAR Filing Document

**Accession Number:** 0001717393
**File Stem:** 0001104659-25-115185
**Filing Date:** 2025-11
**Character Count:** 161421
**Document Hash:** 4e5eba4bcd207a6475f2dea28ea7e9a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-115185.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001104659-25-115185

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38354
- **FILM NUMBER:** 251509682

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

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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20546**

**FORM 6-K**

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of November, 2025

Commission File Number: 333-221916

**Corporación América Airports S.A.**

(Name of Registrant)

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

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

Form 20-F ⌧ Form 40-F ◻

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

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

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

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

**SIGNATURES**

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

Date: November 24, 2025

---

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

---

**Exhibit Index**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](tm2531996d1_ex99-1.htm) | [Press release dated November 24, 2025 - Corporación América Airports S.A. Reports Third Quarter 2025 Results.](tm2531996d1_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2531996d1_ex99-1img001.jpg)

**CORPORACION AMERICA AIRPORTS REPORTS THIRD QUARTER 2025 RESULTS** 

Solid traffic performance supported double-digit growth in both Aeronautical and Commercial revenues

Achieved record high Adjusted EBITDA ex-IFRIC of $194 million with margin expanding 5.2pp YoY

Maintained robust liquidity with $540 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.9x

**Luxembourg, November 24, 2025— Corporación América Airports S.A. (NYSE: CAAP)**, ("CAAP" or the "Company") one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and nine-month periods ended September 30, 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ("IASB").

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29"), as detailed in Section "Hyperinflation Accounting in Argentina" on page 23.

**Third Quarter 2025 Highlights**

▪ Consolidated
 Revenues ex-IFRIC12 reached $472.1 million, up 16.6% year-over-year (YoY), driven by increases
 of 18.0% and 15.2% in Commercial and Aeronautical revenues, respectively. Excluding rule
 IAS 29, consolidated revenues ex-IFRIC12 increased 17.5% YoY to $475.4 million.

▪ Key
 operating metrics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 9.3%
 increase in passenger traffic to 23.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 3.4%
 decrease in cargo volume to 93.5 thousand tons.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 6.9%
 increase in aircraft movements to 230.3 thousand.

▪ Operating
 Income of $147.0 million, compared with $100.9 million in 3Q24.

▪ Adjusted
 EBITDA ex-IFRIC12 increased 33.6% to $194.3 million, from $145.4 million in the year-ago
 period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 34.9% to $195.3
 million.

▪ Adjusted
 EBITDA margin ex-IFRIC12 expanded 5.2 percentage points to 41.2% from 35.9% in 3Q24. Adjusting
 for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 41.1% from 35.8% in the prior-year
 quarter.

▪ Maintained
 strong liquidity position with $540.4 million in Cash & Cash equivalents as of September
 30, 2025.

▪ Net
 debt to LTM Adjusted EBITDA remained at 0.9x as of September 30, 2025, reflecting continued
 financial discipline and solid Adjusted EBITDA growth.

**CEO Message**

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: *"We delivered another very strong quarter, achieving our highest Adjusted EBITDA to date supported by solid execution across our network. Traffic increased more than 9% year-over-year, supported by positive trends in nearly all our markets. Revenue growth once again outpaced traffic, rising 17% in the quarter, driven by broad-based strength across Aeronautical and Commercial revenues. We also saw another quarter of healthy revenue per passenger expansion, reflecting the success of our commercial initiatives. Adjusted EBITDA ex-IFRIC 12 increased nearly 34% year-over-year, supported by strong performances in Argentina, Armenia, Brazil, and Italy. To note, Argentina faced favorable comparison as 3Q24 had absorbed significant inflation-driven cost increases. As a result, the Adjusted EBITDA margin expanded by more than 5 percentage points.*

*We also advanced several initiatives aimed at enhancing the passenger experience and strengthening our commercial offering. Armenia inaugurated a fully redesigned Duty Free store, while Uruguay is undergoing an expansion of its Duty Free area and the construction of a new, larger VIP lounge.* 

*Our strategic priorities across existing concessions also moved forward, with a focus on strengthening economics and creating value. In Argentina, we continue progressing through the AA2000 concession rebalancing process. In Armenia, the approval process for the Yerevan Airport capex program is progressing. And in Italy, the government issued the Environmental Impact Assessment decree last week, representing an important milestone in connection with the approval process of the Florence Airport master plan.*

*On the new business development front, we recently signed the Award Agreement for the Baghdad Airport project in Iraq, while government processes continue advancing in the Angola tender. We apply a disciplined approach to growth, pursuing new opportunities only when we have a clear understanding of the associated risks and are confident they will create long-term value. We continue evaluating additional opportunities across other countries.*

*Looking ahead, we expect positive traffic momentum to continue, although domestic growth in Argentina is anticipated to moderate from the exceptionally strong levels seen earlier in the year. Overall, we anticipate solid results in the fourth quarter, although not benefiting from the easier comparisons that supported third-quarter robust performance in Argentina."*

*In sum, we remain focused on executing our strategy to drive revenue per passenger growth and strengthen our commercial offering. The combination of disciplined cost management and an expanding passenger base continues to reinforce our profitability and cash generation capacity."*

Page **1** of **42**

**Operating & Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29<br>3Q25** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Passenger Traffic (Million Passengers)** | **23.3** | **21.3** | **9.3%** |  | **23.3** | **21.3** | **9.3%** |
| **Revenue** | **527.3** | **461.8** | **14.2%** | **-4.8** | **532.1** | **462.8** | **15.0%** |
| Aeronautical Revenues | 246.0 | 213.5 | 15.2% | -2.5 | 248.5 | 214.1 | 16.1% |
| Non-Aeronautical Revenues | 281.2 | 248.3 | 13.3% | -2.3 | 283.5 | 248.8 | 14.0% |
| **Revenue excluding construction service** | **472.1** | **404.7** | **16.6%** | **-3.3** | **475.4** | **404.6** | **17.5%** |
| **Operating Income / (Loss)** | **147.0** | **100.9** | **45.6%** | **-29.0** | **175.9** | **125.6** | **40.1%** |
| Operating Margin | 27.9% | 21.9% | 601 | 0.0% | 33.1% | 27.1% | 593 |
| **Net Income Attributable to Owners of the Parent** | **55.1** | **14.7** | **275.2%** | **6.1** | **48.9** | **3.1** | **1,479.0%** |
| Basic EPS (US$) | 0.34 | 0.09 | 270.4% | 0.04 | 0.30 | 0.02 | 1,458.9% |
| **Adjusted EBITDA** | **196.8** | **146.3** | **34.5%** | **-1.0** | **197.7** | **145.6** | **35.7%** |
| Adjusted EBITDA Margin | 37.3% | 31.7% | 564 | - | 37.2% | 31.5% | 569 |
| Adjusted EBITDA Margin excluding Construction Service | 41.2% | 35.9% | 523 | - | 41.1% | 35.8% | 530 |
| **Net Debt to LTM Adjusted EBITDA** | **0.9x** | **0.9x** | - | - | - | - | - |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(1)</sup>** | **0.9x** | **1.0x** | - | - | - | - | - |

---

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

**Operating & Financial Highlights**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29<br>9M25** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Passenger Traffic (Million Passengers)** | **64.4** | **58.5** | **10.0%** |  | **64.4** | **58.5** | **10.0%** |
| **Revenue** | **1399.5** | **1369.9** | **2.2%** | **-59.8** | **1459.3** | **1287.6** | **13.3%** |
| Aeronautical Revenues | **677.4** | 659.1 | 2.8% | -31.1 | 708.5 | 616.2 | 15.0% |
| Non-Aeronautical Revenues | 722.1 | 710.7 | 1.6% | -28.7 | 750.8 | 671.4 | 11.8% |
| **Revenue excluding construction service** | **1276.1** | **1213.2** | **5.2%** | **-51.2** | **1327.3** | **1139.3** | **16.5%** |
| **Operating Income / (Loss)** | **356.2** | **336.0** | **6.0%** | **-107.7** | **463.9** | **371.9** | **24.8%** |
| Operating Margin | 25.5% | 24.5% | 92 | - | 31.8% | 28.9% | 291 |
| **Net (Loss) / Income Attributable to Owners of the Parent** | **140.0** | **244.9** | **-42.8%** | **-56.1** | **196.1** | **421.4** | **-53.5%** |
| EPS (US$) | 0.86 | 1.52 | -43.2% | -0.35 | 1.21 | 2.62 | **-53.8%** |
| **Adjusted EBITDA** | **506.5** | **469.3** | **7.9%** | **-23.0** | **529.5** | **432.9** | **22.3%** |
| Adjusted EBITDA Margin | 36.2% | 34.3% | 193 | - | 36.3% | 33.6% | 266 |
| Adjusted EBITDA Margin excluding Construction Service | 39.1% | 38.5% | 54 | - | 39.3% | 37.8% | 146 |
| **Net Debt to LTM Adjusted EBITDA** | **0.9x** | **0.9x** | - | - | - | - | - |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(1)</sup>** | **0.9x** | **1.0x** | - | - | - | - | - |

---

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

Page **2** of **42**

**3Q25 Operating Performance** 

**Passenger Traffic** 

Total passenger traffic increased by 9.3% YoY, reaching 23.3 million passengers, supported by both domestic and international segments. Domestic traffic rose by 10.1% YoY, primarily driven by robust performances in Argentina and Brazil, with additional support from Italy. International traffic expanded by 8.3% YoY, with most operating countries contributing positively, led by Argentina, Italy and Brazil, partially offset by softer results in Ecuador and Uruguay. Notably, Argentina contributed nearly 70% of the total YoY traffic increase during the quarter.

In **Argentina**, passenger traffic rose 12.7% YoY, supported by double-digit growth in both the international and domestic segments. Domestic traffic increased 10.8% YoY, maintaining its strong performance despite temporary disruptions caused by the ATEPSA union strikes on August 22, 24, and 26. Among other developments, JetSMART added another Airbus A321neo to its fleet, expanding its capacity by 230 seats, while Aerolíneas Argentinas launched the Córdoba–Esquel route and incorporated a new Boeing 737 MAX 8 to its fleet as part of its narrow-body fleet modernization plan. International passenger traffic increased by 15.9% YoY, moderating from the 18.5% growth recorded in 2Q25. LATAM increased frequencies between Córdoba and Lima and inaugurated a new route from Buenos Aires to Porto Alegre, with three weekly flights. JetSMART launched its Buenos Aires–Recife route with four weekly flights, and GOL resumed its seasonal São Paulo- Bariloche service with three weekly flights. Also during the quarter, Copa Airlines resumed flights to Salta, a route suspended since the onset of the pandemic, and initiated new service between Tucumán and Panama City. Notably, operations at Aeroparque and Ezeiza airports were temporarily affected by adverse weather conditions on July 8.

In **Italy**, passenger traffic rose by 6.8% YoY, supported by growth across international and domestic segments. International traffic, which represented 81% of total traffic, rose 6.9% YoY, driven by increases of 13.1% at Florence Airport and 3.2% at Pisa Airport. Meanwhile, domestic traffic increased by 5.7% YoY, supported by growth of 10.7% at Pisa Airport, reflecting higher flight frequencies from Ryanair, partially offset by a decline at Florence Airport.

In **Brazil**, total passenger traffic increased by 8.4% YoY, supported by improved traffic trends despite ongoing constraints in the aviation sector in the country. Domestic traffic, which represented nearly 60% of total traffic, rose by 11.4% YoY, while transit passengers rose by 3.9% YoY. International traffic, which accounted for just 5% of the mix, delivered a solid 10.7% YoY, contributing positively to overall performance.

In **Uruguay**, where air traffic is primarily international, total passenger traffic declined by 5.3% YoY, impacted by several days of adverse weather conditions that led to flight cancellations, as well as a six-day planned runway closure to complete the installation of a new Precision Instrument Landing System (ILS CAT IIIb). During the quarter, Azul Linhas Aéreas inaugurated a new route connecting Montevideo and Campinas, operating five weekly flights.

In **Armenia**, passenger traffic increased by 6.3% YoY to 1.9 million passengers, supported by continued strength in international demand and the entrance of new airlines and expanded connectivity. During the early months of 2025, several carriers including China Southern, Air Cairo, Salam Air, and Sky Express began operations at Yerevan's Zvartnots. Additionally, Wizz Air established a new base at Zvartnots Airport, deploying two aircraft and introducing eight new direct routes to European destinations, which began operating in October.

In **Ecuador**, passenger traffic declined by 0.9% YoY amid ongoing public security concerns. International traffic decreased by 1.0% YoY, despite JetBlue expanding services to New York and Avianca increasing frequencies to New York, Bogotá, Medellín, and Buenos Aires. Domestic traffic rose 0.7% YoY, although demand remained constrained by elevated airfares. Additionally, scheduled runway repaving works led to a two-day suspension of operations in September temporarily impacting volumes.

**Cargo Volume** 

Cargo volume decreased by 3.4% YoY, with reductions in all countries of operation, except Uruguay. Performance by country was as follows: Argentina (-3.5%), Armenia (-4.5%), Ecuador (-5.8%), Italy (-1.2%), Brazil (-4.1%), and Uruguay (+2.7%). In Argentina, cargo volume data remains preliminary and under review due to a system transition.

**Aircraft Movements**

Total aircraft movements increased by 6.9% YoY, with positive YoY contributions from all countries of operation, except Uruguay: Argentina (+8.2%), Brazil (+6.1%), Armenia (+9.7%), Italy (+8.2%), Ecuador (+1.7%), and Uruguay (-5.3%). Argentina, Brazil, and Italy accounted for over 80% of total aircraft movements in the quarter.

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

Page **3** of **42**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in thousands) | 11697 | 10628 | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in thousands) | 9443 | 8723 | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in thousands) | 2174 | 1985 | 9.5% |
| **Total Passengers (in thousands)** | **23314** | **21336** | **9.3%** |
| **Cargo Volume (in thousands of tons)** | **93.5** | **96.8** | **-3.4%** |
| **Total Aircraft Movements (in thousands)** | **230.3** | **215.5** | **6.9%** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **3Q25** | **3Q24** | **% Var.** | **3Q25** | **3Q24** | **% Var.** | **3Q25** | **3Q24** | **% Var.** |
|  | (thousands) | (thousands) | (thousands) | (tons) | (tons) | (tons) |  |  |  |
| Argentina | 12130 | 10764 | 12.7% | 48276 | 50052 | -3.5% | 122880 | 113582 | 8.2% |
| Italy | 3122 | 2924 | 6.8% | 3034 | 3072 | -1.2% | 27899 | 25791 | 8.2% |
| Brazil | 4441 | 4097 | 8.4% | 15787 | 16462 | -4.1% | 39777 | 37505 | 6.1% |
| Uruguay | 531 | 561 | -5.3% | 8006 | 7796 | 2.7% | 6624 | 6992 | -5.3% |
| Ecuador <sup>(1)</sup> | 1231 | 1242 | -0.9% | 8180 | 8687 | -5.8% | 19853 | 19516 | 1.7% |
| Armenia | 1859 | 1748 | 6.3% | 10248 | 10727 | -4.5% | 13279 | 12110 | 9.7% |
| **TOTAL** | **23314** | **21336** | **9.3%** | **93531** | **96797** | **-3.4%** | **230312** | **215496** | **6.9%** |

---

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

Page **4** of **42**

**Review of Consolidated Results**

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

**Revenues**

Consolidated revenues increased by 14.2% YoY to $527.3 million. Excluding Construction Services and the impact of IAS 29, revenues rose 17.5% YoY to $475.4 million, outpacing the 9.3% growth in passenger traffic. This solid performance was supported by positive contributions across all countries of operations, with Argentina, Armenia, Brazil, and Italy delivering double-digit revenue growth. Both commercial and aeronautical revenues contributed to the increase.

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| Argentina | 275.7 | 238.6 | 15.6% | -4.8 | 280.5 | 239.6 | 17.1% |
| Italy | 49.3 | 42.2 | 16.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 49.3 | 42.2 | 16.9% |
| Brazil | 31.8 | 27.3 | 16.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 31.8 | 27.3 | 16.7% |
| Uruguay | 46.2 | 47.1 | -1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 46.2 | 47.1 | -1.9% |
| Armenia | 94.9 | 77.5 | 22.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 94.9 | 77.5 | 22.4% |
| Ecuador <sup>(1)</sup> | 29.1 | 29.0 | 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 29.1 | 29.0 | 0.6% |
| Unallocated | 0.2 | 0.2 | 5.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.2 | 0.2 | 5.1% |
| **Total consolidated revenue <sup>(2)</sup>** | **527.3** | **461.8** | **14.2%** | **-4.8** | **532.1** | **462.8** | **15.0%** |

---

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, 'As reported' revenues increased 20.8% in Argentina (or 22.5% excluding IAS29), 20.1% in Armenia, 14.8% in Italy, 2.1% in Uruguay, 15.5% in Brazil and 0.6% in Ecuador.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Aeronautical Revenue** | **246.0** | **213.5** | **15.2%** | **-2.5** | **248.5** | **214.1** | **16.1%** |
| **Non-aeronautical Revenue** | **281.2** | **248.3** | **13.3%** | **-2.3** | **283.5** | **248.8** | **14.0%** |
| Commercial revenue | 224.6 | 190.3 | 18.0% | -0.8 | 225.4 | 189.7 | 18.8% |
| Construction service revenue <sup>(1)</sup> | 55.2 | 57.1 | -3.3% | -1.5 | 56.7 | 58.2 | -2.6% |
| Other revenue | 1.5 | 0.9 | 62.8% | 0.0 | 1.5 | 0.9 | 62.8% |
| **Total Consolidated Revenue** | **527.3** | **461.8** | **14.2%** | **-4.8** | **532.1** | **462.8** | **15.0%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **472.1** | **404.7** | **16.6%** | **-3.3** | **475.4** | **404.6** | **17.5%** |

---

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

2 Excludes Construction Service revenue.

**Aeronautical Revenues** accounted for 46.7% of total revenues, increasing 15.2% YoY to $246.0 million, or 16.1% to $248.5 million when excluding the impact of IAS 29. This performance was supported by a 9.3% increase in passenger traffic, with positive contributions from all countries of operations, except Ecuador and Uruguay. Argentina, was the main contributor with aeronautical revenues increasing 22.1%, or 23.8% excluding IAS 29, primarily reflecting a 15.9% increase in international traffic. Brazil, Armenia, and Italy, delivered strong revenues, with aeronautical revenues increasing 16.7%, 16.7%, and 9.8%, respectively, in line with passenger traffic growth. In contrast, Uruguay reported a 2.8% YoY decline, impacted by scheduled runway closures related to the installation of the new Instrument Landing System (ILS) Cat IIIb. Ecuador posted a modest 0.6% YoY decrease, driven by a minor drop in passenger traffic during the quarter.

**Non-Aeronautical Revenues** accounted for 53.3% of total revenues, growing by 13.3% YoY to $281.2 million, or by 14.0% YoY to $283.5 million when excluding the impact of IAS 29. **Commercial revenues** increased by 18.0% YoY, or by 18.8% excluding IAS 29, mainly driven by strong contributions from cargo revenues, as well as improved performance in VIP lounges, parking facilities, F&B services, and other passenger-related revenue streams. Growth in fuel-related revenues, primarily in Armenia, also contributed to this performance. Meanwhile, **Construction service revenue** declined by 3.3% YoY, or 2.6% excluding IAS 29, reflecting lower levels of capital expenditures in Argentina, during the period.

Page **5** of **42**

**Operating Costs and Expenses**

In 3Q25, **Total costs and expenses, excluding construction service costs**, increased by 7.9% YoY, or 9.1% to $313.9 million when excluding the impact of IAS 29. This increase, which remained below the pace of revenue growth, was primarily driven by higher Concession fees, mainly in Argentina, along with increased Fuel costs in Armenia. SG&A expenses also contributed to the overall cost increase.

**Cost of Services** rose by 3.2% YoY, or 3.4% to $306.6 million when excluding IAS29, mainly as a result of the following increases:

▪ 13.5%,
 or $6.9 million, in Concession fees,

▪ 19.5%,
 or $6.0 million, in Fuel costs, mainly in Armenia, and

▪ 9.8%,
 or $1.9 million, in Amortization and depreciation.

These increases were partially offset by declines of 12.7%, 5.4%, and 4.6% in Services and Fees, Construction Service Costs (reflecting lower capital expenditures in Argentina), and Maintenance Expenses, respectively. Excluding Construction Service Costs, Cost of Services increased by 5.2% YoY, or by 5.5% to $252.4 million when excluding the impact of IAS 29, primarily due to higher Concession Fees and Fuel Costs.

**Selling, General, and Administrative Expenses ("SG&A")** increased by 19.9% YoY to $56.5 million in 3Q25. Excluding the impact of IAS 29, SG&A expenses rose by 19.1% to $55.8 million, mainly reflecting higher Taxes, along with increased Salaries and social security contributions.

**Other expenses** increased to $3.3 million in 3Q25, from $1.6 million in 3Q24.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Cost of Services** | **330.1** | **319.8** | **3.2%** | **23.5** | **306.6** | **296.5** | **3.4%** |
| Salaries and social security contributions | 61.1 | 61.1 | 0.0% | -0.7 | 61.9 | 61.4 | 0.8% |
| Concession fees | 57.0 | 50.7 | 12.5% | -0.7 | 57.6 | 50.8 | 13.5% |
| Construction service cost | 52.7 | 56.2 | -6.2% | -1.5 | 54.2 | 57.3 | -5.4% |
| Maintenance expenses | 43.6 | 45.7 | -4.6% | -0.2 | 43.8 | 45.9 | -4.6% |
| Amortization and depreciation | 47.7 | 44.1 | 8.3% | 26.8 | 20.9 | 19.1 | 9.8% |
| Other | 68.0 | 62.1 | 9.4% | -0.2 | 68.2 | 62.1 | 9.9% |
| **Cost of Services Excluding Construction Service cost** | **277.4** | **263.6** | **5.2%** | **25.0** | **252.4** | **239.2** | **5.5%** |
| **Selling, general and administrative expenses** | **56.5** | **47.1** | **19.9%** | **0.7** | **55.8** | **46.8** | **19.1%** |
| **Other expenses** | **3.3** | **1.6** | **104.2%** | **-2.5** | **5.8** | **1.6** | **259.3%** |
| **Total Costs and Expenses** | **389.9** | **368.6** | **5.8%** | **21.7** | **368.2** | **345.0** | **6.7%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **337.1** | **312.4** | **7.9%** | **23.2** | **313.9** | **287.6** | **9.1%** |

---

Page **6** of **42**

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

In 3Q25, CAAP reported Adjusted EBITDA of $196.8 million and Adjusted EBITDA ex-IFRIC 12 of $194.3 million, up 33.6% from $145.4 million in 3Q24. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased by 34.9% YoY to $195.3 million. This strong performance was led by a year-over-year increase of 71.5% in Argentina, boosted by strong revenue growth and effective cost controls. Additionally, Adjusted EBITDA in Argentina also benefited from a favorable comparison as 3Q24 had absorbed significant inflation-driven cost increases. Armenia, Brazil, Italy and Ecuador also performed well with Adjusted EBITDA ex-IFRIC 12 increases of 24.6%, 19.3%, 9.5%, and 3.7%, respectively. These gains were partially offset by a 10.8% YoY decline in Uruguay, mainly reflecting the reduction in passenger traffic resulting from the six-day scheduled closure of operations to install a new Instrument Landing System on the main runway.

The Adjusted EBITDA margin ex-IFRIC 12 expanded by 5.2 percentage points to 41.2%, up from 35.9% in 3Q24. Excluding the impact of IAS 29 in Argentina, the margin increased to 41.1% from 35.8% in 3Q24, reflecting stronger profitability across nearly all countries of operation, with the exception of Uruguay and Italy.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| Argentina | 101.1 | 60.2 | 68.0% | -1.0 | 102.1 | 59.6 | 71.4% |
| Italy | 19.6 | 16.6 | 18.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 19.6 | 16.6 | 18.0% |
| Brazil | 15.1 | 12.7 | 19.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 15.1 | 12.7 | 19.3% |
| Uruguay | 13.4 | 15.0 | -10.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 13.4 | 15.0 | -10.8% |
| Armenia | 42.4 | 34.0 | 24.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 42.4 | 34.0 | 24.7% |
| Ecuador | 9.1 | 8.8 | 3.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 9.1 | 8.8 | 3.7% |
| Unallocated | -4.1 | -1.0 | 291.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | -4.1 | -1.0 | 291.0% |
| **Total segment EBITDA** | **196.8** | **146.3** | **34.5%** | **-1.0** | **197.7** | **145.6** | **35.7%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Income from Continuing Operations** | **58.7** | **0.7** | **8,784.4%** | **-12.9** | **71.6** | **15.5** | **362.5%** |
| Financial Income | -20.2 | -15.9 | 27.1% | 7.5 | -27.8 | -175.3 | -84.2% |
| Financial Loss | 86.2 | 31.9 | 170.5% | -31.3 | 117.5 | 236.6 | -50.3% |
| Inflation adjustment | 1 | 3.2 | -67.0% | 0.6 | 0.4 | 0.3 | 20.0% |
| Income Tax Expense | 20.2 | 80.6 | -74.9% | 7 | 13.2 | 48 | -72.4% |
| Amortization and Depreciation | 50.8 | 45.9 | 10.7% | 28 | 22.8 | 20.6 | 10.4% |
| **Adjusted EBITDA** | **196.8** | **146.3** | **34.5%** | **-1.0** | **197.7** | **145.6** | **35.7%** |
| **Adjusted EBITDA Margin** | **37.3%** | **31.7%** | **564** | **-** | **37.2%** | **31.5%** | **569** |
| **Adjusted EBITDA excluding Construction Service** | **194.3** | **145.4** | **33.6%** | **-0.9** | **195.3** | **144.8** | **34.9%** |
| **Adjusted EBITDA Margin excluding Construction Service** | **41.2%** | **35.9%** | **523** | **-** | **41.1%** | **35.8%** | **530** |

---

Page **7** of **42**

**Financial Income and Loss** 

CAAP reported a **Net financial loss** of $67.0 million in 3Q25, compared to a net financial loss of $19.1 million in 3Q24. This result was primarily attributed to foreign exchange losses in Argentina, driven by a higher currency depreciation rate relative to inflation on the net monetary liability position. This contrasts with 3Q24, when CAAP reported foreign exchange gains as inflation outpaced the rate of currency depreciation. Excluding the application of rule IAS 29, CAAP reported a net financial loss of $90.1 million in 3Q25, compared to a loss of $61.6 million in the same period last year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Financial Income** | **20.2** | **15.9** | **27.1%** | **-7.5** | **27.8** | **175.3** | **-84.2%** |
| Interest income | 8.0 | 12.3 | -34.7% | -0.1 | 8.1 | 12.4 | -35.0% |
| Foreign exchange income | 8.9 | 0.6 | 1,382.9% | -7.5 | 16.3 | 159.6 | -89.8% |
| Other | 3.4 | 3.0 | 10.6% | 0.0 | 3.4 | 3.2 | 4.2% |
| **Inflation adjustment** | **-1.0** | **-3.2** | **-67.0%** | **-0.6** | **-0.4** | **-0.3** | **20.0%** |
| Inflation adjustment | -1.0 | -3.2 | -67.0% | -0.6 | -0.4 | -0.3 | 20.0% |
| **Financial Loss** | **-86.2** | **-31.9** | **170.5%** | **31.3** | **-117.5** | **-236.6** | **-50.3%** |
| Interest Expenses | -23.2 | -25.0 | -7.4% | 0.2 | -23.4 | -25.1 | -7.0% |
| Foreign exchange transaction expenses | -42.0 | 13.3 | -416.8% | 31.1 | -73.1 | -191.1 | -61.7% |
| Changes in liability for concessions | -18.5 | -18.8 | -1.6% | - | -18.5 | -18.8 | -1.6% |
| Other expenses | -2.5 | -1.3 | 85.6% | 0 | -2.5 | -1.5 | 61.8% |
| **Financial Loss, Net** | **-67.0** | **-19.1** | **250.8%** | **23.1** | **-90.1** | **-61.6** | **46.3%** |

---

See "Use of Non-IFRS Financial Measures" on page 23.

**Income Tax Expense** 

During 3Q25, the Company reported an **Income Tax Expense** of $20.2 million, compared to an expense of $80.6 million in 3Q24. Excluding the impact of IAS 29, income tax expense totaled $13.2 million in 3Q25, compared to $48.0 million in the year-ago quarter.

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

During 3Q25, CAAP reported **net income** of $58.7 million, up from $0.7 million in 3Q24. This increase was primarily driven by a 45.6% YoY rise in operating income and a lower income tax expense, which more than offset foreign exchange losses on the net monetary liability position in Argentina, and slightly higher net interest expenses.

In 3Q25, the Company reported **Net Income Attributed to Owners of the Parent** of $55.1 million and earnings per common share of $0.34, compared with Net Income Attributable to Owners of the Parent of $14.7 million in 3Q24, equivalent to earnings per common share of $0.09.

**Consolidated Financial Position**

As of September 30, 2025, Cash and cash equivalents totaled $540.4 million, increasing 8.8% from the $496.8 million reported as of June 30, 2025, and 22.9% from the $439.8 million reported as of December 31, 2024. Total liquidity, which includes cash and cash equivalents as well as other current financial assets, totaled $661.0 million, up from $595.2 million as of June 30, 2025, and $525.9 million as of December 31, 2024.

Total Debt declined 3.3%, or $38.6 million, to $1,119.5 million at the close of 3Q25, from $1,158.1 million as of December 31, 2024, primarily driven by debt reductions in Argentina. A total of $809.3 million, or 72.3% of total debt is denominated in U.S. dollars, while $176.3 million, or 15.7% is denominated in Brazilian Reals, and $133.9 million, or 12.0%, is in Euros.

The Net Debt to LTM Adjusted EBITDA ratio improved to 0.9x as of September 30, 2025, from 1.1x as of December 31, 2024. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No material impairments to intangible assets were recorded over the past twelve months. As a result, the net debt to LTM Adjusted EBITDA ratio excluding intangible assets also stood at 0.9x. All CAAP subsidiaries remained in full compliance with their financial covenants as of September 30, 2025.

Page **8** of **42**

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

---

| | | |
|:---|:---|:---|
|  | **As of Sep 30, 2025** | **As of Dec 31, 2024** |
| **Leverage** | | |
| Total Debt / LTM Adjusted EBITDA (Times)<sup>1,3</sup> | 1.7x | 1.8x |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3, 4</sup> | **0.9x** | **1.1x** |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3,5</sup> | **0.9x** | **1.1x** |
| **Total Debt** | **1119.5** | **1158.1** |
| Short-Term Debt | 101.2 | 115.4 |
| Long-Term Debt | 1018.3 | 1042.7 |
| **Cash & Cash Equivalents** | **540.4** | **439.8** |
| **Total Net Debt**<sup>3</sup> | **579.1** | **718.2** |

---

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

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

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

4 LTM Adjusted EBITDA as of September 30, 2025 was $655.0 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of September 30, 2025 was $655.2 million.

---

| | | |
|:---|:---|:---|
| **Total Debt by Segment (in US$ million)** | | |
|  | **As of Sep 30, 2025** | **As of Dec 31, 2024** |
| Argentina | 545.9 | 622.7 |
| Italy <sup>(1)</sup> | 133.9 | 105.8 |
| Brazil | 176.3 | 157.7 |
| Uruguay <sup>(2)</sup> | 263.4 | 267.7 |
| Armenia | - | - |
| Ecuador | - | 4.2 |
| **Total** | **1119.5** | **1158.1** |

---

<sup>1</sup> Of which approximately $116.2 million remain at Toscana Aeroporti level.

<sup>2</sup> Of which approximately $248.8 million remain at ACI Airport Sudamérica SAU.

**Maturity of borrowings:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year or less** | **1 – 2 years** | **2 – 5 years** | **Over 5 years** | **Total** |
| **Debt service <sup>(1)</sup>** | **177.7** | **224.1** | **683.8** | **406.0** | **1491.6** |

---

<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 September 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Segment** |  | &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**1 year or less** | &nbsp;&nbsp;**1 – 2 years** | &nbsp;&nbsp;**2 – 5 years** | &nbsp;&nbsp;**Over 5 years** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;Principal | &nbsp;&nbsp;USD | &nbsp;&nbsp;67.0 | &nbsp;&nbsp;97.1 | &nbsp;&nbsp;281.7 | &nbsp;&nbsp;108.5 | &nbsp;&nbsp;**554.3** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;USD | &nbsp;&nbsp;37.4 | &nbsp;&nbsp;33.3 | &nbsp;&nbsp;60.2 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;**136.3** |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;Principal | &nbsp;&nbsp;EUR | &nbsp;&nbsp;- | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;116.6 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;**133.7** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;EUR | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;**32.1** |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;Principal | &nbsp;&nbsp;R$ | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;58.3 | &nbsp;&nbsp;91.1 | &nbsp;&nbsp;**175.6** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;R$ | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;36.8 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;**87.9** |
| &nbsp;&nbsp;Uruguay | &nbsp;&nbsp;Principal | &nbsp;&nbsp;USD | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;21.4 | &nbsp;&nbsp;71.8 | &nbsp;&nbsp;156.2 | &nbsp;&nbsp;**267.2** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;USD | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;16.7 | &nbsp;&nbsp;41.2 | &nbsp;&nbsp;28.8 | &nbsp;&nbsp;**104.4** |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**177.7** | &nbsp;&nbsp;**224.1** | &nbsp;&nbsp;**683.8** | &nbsp;&nbsp;**406.0** | &nbsp;&nbsp;**1491.6** |

---

Page **9** of **42**

---

| | | |
|:---|:---|:---|
| **Cash & Cash Equivalent by Segment (in US$ million)** | | |
|  | **As of Sep 30, 2025** | **As of Dec 31, 2024** |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.3 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 |
| Brazil <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.5 |
| Armenia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 |
| Ecuador | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 |
| Intermediate holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189.2 |
| **Total** | **540.4** | **439.8** |

---

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

**CAPEX** 

During 3Q25, CAAP made capital expenditures of $60.8 million, a 4.7% YoY increase from $58.0 million in 3Q24. Excluding IAS 29, capital expenditures amounted to $62.1 million in the quarter, with Argentina, Uruguay and Italy accounting for 63%, 16% and 10%, respectively.

Page **10** of **42**

**Review of Segment Results**

**Argentina**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **OPERATING STATISTICS** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 8.0 | 7.2 | 10.8% |  | 8.0 | 7.2 | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 3.8 | 3.3 | 15.9% |  | 3.8 | 3.3 | 15.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 0.4 | 0.3 | 23.8% |  | 0.4 | 0.3 | 23.8% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **12.1** | **10.8** | **12.7%** |  | **12.1** | **10.8** | **12.7%** |
| **Cargo Volume (in thousands of tons)** | **48.3** | **50.1** | **-3.5%** |  | **48.3** | **50.1** | **-3.5%** |
| **Total Aircraft Movements (in thousands)** | **122.9** | **113.6** | **8.2%** |  | **122.9** | **113.6** | **8.2%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| Aeronautical Revenue | 135.1 | 110.6 | 22.1% | -2.5 | 137.5 | 111.1 | 23.8% |
| Non-aeronautical revenue | 140.7 | 128.0 | 9.9% | -2.3 | 143.0 | 128.5 | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 105.1 | 88.2 | 19.1% | -0.8 | 105.9 | 87.6 | 20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 35.6 | 39.7 | -10.5% | -1.5 | 37.1 | 40.9 | -9.3% |
| **Total Revenue** | **275.7** | **238.6** | **15.6%** | **-4.8** | **280.5** | **239.6** | **17.1%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup> | **240.2** | **198.9** | **20.8%** | **-3.3** | **243.5** | **198.8** | **22.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 181.1 | 185.6 | -2.4% | 23.5 | 157.7 | 162.3 | -2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 29.4 | 24.8 | 18.5% | 0.7 | 28.7 | 24.5 | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 2.7 | 1.2 | 113.8% | -2.5 | 5.1 | 1.2 | 315.6% |
| **Total Costs and Expenses** | **213.2** | **211.6** | **0.7%** | **21.7** | **191.5** | **188.0** | **1.9%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup> | **177.7** | **172.0** | **3.3%** | **23.2** | **154.5** | **147.2** | **5.0%** |
| **Adjusted Segment EBITDA** | **101.1** | **60.2** | **68.0%** | **-1.0** | **102.1** | **59.6** | **71.4%** |
| Adjusted Segment EBITDA Mg | 36.7% | 25.2% | 1144 | - | 36.4% | 24.9% | 1153 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 42.1% | 30.2% | 1184 | - | 41.9% | 29.9% | 1196 |
| **Capex** | **37.7** | **40.6** | **-7.3%** | **-1.3** | **39.0** | **40.9** | **-4.7%** |

---

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 **11** of **42**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **OPERATING STATISTICS** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 22.5 | 20.1 | 11.8% |  | 22.5 | 20.1 | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 11.3 | 9.5 | 18.5% |  | 11.3 | 9.5 | 18.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 1.1 | 1 | 15.5% |  | 1.1 | 1 | 15.5% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **34.9** | **30.6** | **14.0%** |  | **34.9** | **30.6** | **14.0%** |
| **Cargo Volume (in thousands of tons)** | **149.5** | **144.1** | **3.7%** |  | **149.5** | **144.1** | **3.7%** |
| **Total Aircraft Movements (in thousands)** | **355.3** | **328.2** | **8.2%** |  | **355.3** | **328.2** | **8.2%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| Aeronautical Revenue | 384.4 | 380 | 1.1% | -31.1 | 415.5 | 337.1 | 23.3% |
| Non-aeronautical revenue | 363.7 | 397.1 | -8.4% | -28.7 | 392.5 | 357.8 | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 288.3 | 278.7 | 3.4% | -20.1 | 308.5 | 247.8 | 24.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 75.4 | 118.4 | -36.3% | -8.6 | 84 | 110 | -23.6% |
| **Total Revenue** | **748.1** | **777.2** | **-3.7%** | **-59.8** | **807.9** | **694.9** | **16.3%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup> | **672.7** | **658.8** | **2.1%** | **-51.2** | **723.9** | **584.9** | **23.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 499.4 | 541.6 | -7.8% | 47.1 | 452.3 | 429.8 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 80.2 | 72.3 | 11.0% | -3.3 | 83.5 | 64.7 | 29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 8 | 4.1 | 95.1% | -0.2 | 8.2 | 3.5 | 134.4% |
| **Total Costs and Expenses** | **587.6** | **618.0** | **-4.9%** | **43.6** | **544.0** | **498.0** | **9.2%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup> | **512.4** | **499.8** | **2.5%** | **52.1** | **460.2** | **388.3** | **18.5%** |
| **Adjusted Segment EBITDA** | **274.3** | **255.6** | **7.3%** | **-23.0** | **297.3** | **219.2** | **35.6%** |
| Adjusted Segment EBITDA Mg | 36.7% | 32.9% | 377 | - | 36.8% | 31.5% | 524 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 40.7% | 38.8% | 198 | - | 41.0% | 37.4% | 359 |
| **Capex** | **75.6** | **118.5** | **-36.2%** | **9.3** | **66.4** | **104.0** | **-36.2%** |

---

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

6) Excludes Construction Service revenue.

7) Excludes Construction Service cost.

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

**Passenger Traffic** rose 12.7% YoY, supported by double-digit growth in both the international and domestic segments. Domestic traffic increased 10.8% YoY, maintaining its strong performance despite temporary disruptions caused by the ATEPSA union strikes on August 22, 24, and 26. Among other developments, JetSMART added another Airbus A321neo to its fleet, expanding its capacity by 230 seats, while Aerolíneas Argentinas launched the Córdoba–Esquel route and incorporated a new Boeing 737 MAX 8 to its fleet as part of its narrow-body fleet modernization plan. International passenger traffic increased by 15.9% YoY, moderating from the 18.5% growth recorded in 2Q25. LATAM increased frequencies between Córdoba and Lima and inaugurated a new route from Buenos Aires to Porto Alegre, with three weekly flights. JetSMART launched its Buenos Aires–Recife route with four weekly flights, and GOL resumed its seasonal São Paulo- Bariloche service with three weekly flights. Also during the quarter, Copa Airlines resumed flights to Salta, a route suspended since the onset of the pandemic, and initiated new service between Tucumán and Panama City. Notably, operations at Aeroparque and Ezeiza airports were temporarily affected by adverse weather conditions on July 8.

**Revenues** increased by 15.6% YoY to $275.7 million on an 'as reported' basis. Excluding Construction Services and the impact of IAS 29, revenues rose by 22.5% YoY, driven by increases of 23.8% and 20.9% in Aeronautical and Commercial revenues, respectively. Construction Services revenue declined by 10.5% YoY, or 9.3% excluding IAS 29, reflecting lower capital expenditures compared to the prior year.

· **Aeronautical Revenues** ex-IAS29 increased by 23.8% YoY, mainly driven by higher passenger use fees,
 supported by a 15.9% YoY growth in international passenger traffic and higher domestic passenger
 fees measured in U.S. dollars. Effective November 1, 2024, domestic passenger fees in Argentina
 were raised by 124%, from ARS 2,540 to ARS 5,685.

Page **12** of **42**

· **Commercial Revenues** ex-IAS29 increased by 20.9% YoY, driven by higher cargo revenues and higher
 passenger-related revenues, including parking facilities, VIP lounges, and food & beverage,
 reflecting year-over-year traffic growth. Higher rental of space and advertising-related
 revenues also contributed to commercial revenue growth.

**Total Costs and Expenses** increased by 0.7% YoY to $213.2 million on an 'as reported' basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses rose by 5.0% YoY, primarily driven by higher SG&A expenses.

· **Cost of Services,** ex-IAS 29 and Construction Service Costs, decreased slightly by 0.6% YoY,
 as higher concession fees, D&A, and other cost of sales were more than offset by lower
 maintenance expenses, services and fees, salaries and social security contributions, and
 taxes.

· **SG&A** expenses ex-IAS29 increased by 17.1% YoY, or $4.2 million, to $28.7 million, primarily
 due to higher taxes, combined with higher salaries and social security contributions, and
 increased bad debt expenses.

**Adjusted Segment EBITDA** increased by 68.0% YoY to $101.1 million on an 'as reported' basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA rose by 71.4% YoY to $102.1 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 41.9%, compared with 29.9% in 3Q24. The 12 percentage-point margin expansion reflects sustained revenue growth on strong traffic trends, together with disciplined cost control aimed at mitigating ARS-denominated operating costs pressures. Adjusted EBITDA also benefited from a favorable comparison as 3Q24 had absorbed significant inflation-driven cost increases.

During 3Q25, CAAP made **Capital Expenditures** ex-IAS29 of $39.0 million, compared to $40.9 million in 3Q24. The main investments included the runway rehabilitation at Río Cuarto Airport, the expansion of the inspection and registration area at PSA in Aeroparque Airport, the installation of immigration e-gates at Ezeiza Airport, and the construction of the new terminal building at Formosa Airport, among others.

Page **13** of **42**

**Italy**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **OPERATING STATISTICS** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.6 | 0.6 | 5.7% | 1.5 | 1.4 | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 2.5 | 2.4 | 6.9% | 6.1 | 5.6 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **3.1** | **2.9** | **6.8%** | **7.6** | **7.0** | **8.5%** |
| **Cargo Volume (in thousands of tons)** | **3.0** | **3.1** | **-1.2%** | **9.4** | **9.4** | **-0.3%** |
| **Total Aircraft Movements (in thousands)** | **27.9** | **25.8** | **8.2%** | **69.0** | **64.0** | **7.7%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 24.5 | 22.3 | 9.8% | 58.7 | 54.5 | 7.7% |
| Non-aeronautical revenue | 24.8 | 19.9 | 24.8% | 63.4 | 45.6 | 39.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 17.8 | 14.9 | 19.3% | 41.5 | 35.9 | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 5.5 | 4.0 | 36.4% | 15.8 | 6.5 | 141.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 1.5 | 0.9 | 63.0% | 6.1 | 3.1 | 95.1% |
| **Total Revenue** | **49.3** | **42.2** | **16.9%** | **122.1** | **100.1** | **22.0%** |
| **Total Revenue Excluding IFRIC12**<sup>(1)</sup> | **43.8** | **38.1** | **14.8%** | **106.3** | **93.6** | **13.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 29.1 | 24.7 | 17.6% | 81.2 | 65.7 | 23.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 3.5 | 3.6 | -3.7% | 9.7 | 9.4 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 0.2 | 0.0 | 100.0% | 0.2 | 0.0 | 100.0% |
| **Total Costs and Expenses** | **32.7** | **28.3** | **15.5%** | **91.1** | **75.0** | **21.4%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(2)</sup> | **29.4** | **25.0** | **17.6%** | **82.9** | **70.0** | **18.3%** |
| **Adjusted Segment EBITDA** | **19.6** | **16.6** | **18.0%** | **39.7** | **33.6** | **18.2%** |
| Adjusted Segment EBITDA Mg | 39.8% | 39.4% | 39 | 32.5% | 33.6% | -105 |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(3)</sup> | 39.7% | 41.6% | -193 | 30.2% | 34.3% | -402 |
| **Capex** | **6.4** | **4.4** | **43.7%** | **18.8** | **8.0** | **135.8%** |

---

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 rose by 6.8% YoY, supported by growth across international and domestic segments. International traffic, which represented 81% of total traffic, rose 6.9% YoY, driven by increases of 13.1% at Florence Airport and 3.2% at Pisa Airport. Meanwhile, domestic traffic increased by 5.7% YoY, supported by growth of 10.7% at Pisa Airport, reflecting higher flight frequencies from Ryanair, partially offset by a decline at Florence Airport.

**Revenues** increased by 16.9% YoY to $49.3 million in 3Q25, fueled by aeronautical and commercial revenue growth on higher passenger volumes, as well as increased Construction Service revenues tied to higher Capex. Commercial revenues grew 19.3% YoY, reflecting higher demand for passenger-related services such as Duty free, VIP lounges, Parking facilities, and F&B services, in line with strong year-over-year traffic growth.

· **Aeronautical Revenues** increased 9.8% YoY, in line with traffic growth of 6.8%.

· **Commercial Revenues** rose 19.3% YoY, or $2.9 million, mainly driven by the strong performance
 in passenger-related revenues, which expanded significantly above the 6.8% traffic growth.

**Total Costs and Expenses** increased 15.5% YoY, or $4.4 million, to $32.7 million. Excluding construction services, total costs and expenses rose 17.6% year-over-year to $29.4 million, mainly driven by higher cost of services.

Page **14** of **42**

· **Cost of Services** excluding Construction service increased 20.4% YoY, or $4.4 million, primarily
 driven by higher Salaries and social security contributions, Maintenance expenses, and Concession
 fees reflecting higher operational activity.

· **SG&A** expenses decreased 3.7% YoY, or $0.1 million, to $3.5 million.

**Adjusted Segment EBITDA** increased 18.0% YoY to $19.6 million from $16.6 million in 3Q24, with Adjusted EBITDA margin ex-IFRIC 12 contracting 1.9 percentage points to 39.7%. Excluding IFRIC12 and other construction service-related costs, Adjusted EBITDA increased by 18% YoY.

During 3Q25, CAAP made **Capital Expenditures** of $6.4 million, compared to $4.4 million in 3Q24.

Page **15** of **42**

**Brazil**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **OPERATING STATISTICS** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 2.5 | 2.3 | 11.4% | 7.0 | 6.7 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.2 | 0.2 | 10.7% | 0.7 | 0.5 | 21.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | 1.7 | 1.6 | 3.9% | 4.6 | 4.3 | 7.5% |
| **Total Passengers (in millions)** <sup>(1)</sup> | **4.4** | **4.1** | **8.4%** | **12.2** | **11.5** | **6.1%** |
| **Cargo Volume (in thousands of tons)** | **15.8** | **16.5** | **-4.1%** | **46.5** | **47.4** | **-1.9%** |
| **Total Aircraft Movements (in thousands)** | **39.8** | **37.5** | **6.1%** | **111.7** | **107.4** | **4.1%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 12.1 | 10.4 | 16.7% | 31.8 | 30.7 | 3.6% |
| Non-aeronautical revenue | 19.7 | 16.9 | 16.7% | 52.9 | 52.3 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 19.2 | 16.7 | 14.7% | 52.1 | 51.6 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 0.5 | 0.2 | 207.4% | 0.7 | 0.7 | 4.2% |
| **Total Revenue** | **31.8** | **27.3** | **16.7%** | **84.7** | **83.0** | **2.1%** |
| **Total Revenue Excluding IFRIC12<sup>2</sup>** | **31.3** | **27.1** | **15.5%** | **84.0** | **82.3** | **2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 18.9 | 17.2 | 9.9% | 51.6 | 54.6 | -5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 3.1 | 2.5 | 26.1% | 8.8 | 7.5 | 17.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.0 | 0.0 | 696.3% | 0.0 | 0.4 | -94.2% |
| **Total Costs and Expenses** | **22.0** | **19.6** | **12.0%** | **60.4** | **62.5** | **-3.4%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>3</sup>** | **21.4** | **19.4** | **10.2%** | **59.7** | **61.8** | **-3.5%** |
| **Adjusted Segment EBITDA** | **15.1** | **12.7** | **19.3%** | **35.9** | **33.9** | **5.8%** |
| Adjusted Segment EBITDA Mg | 47.5% | 46.5% | 104 | 42.4% | 40.9% | 148 |
| Adjusted EBITDA Margin excluding IFRIC12<sup>4</sup> | 48.3% | 46.8% | 155 | 42.7% | 41.2% | 150 |
| **Capex** | **0.7** | **0.4** | 62.3% | **1.6** | **1.6** | 2.9% |

---

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

2) Excludes Construction Service revenue.

3) Excludes Construction Service cost.

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

**Passenger Traffic** increased by 8.4% YoY, supported by improved traffic trends despite ongoing constraints in the aviation sector in the country. Domestic traffic, which represented nearly 60% of total traffic, rose by 11.4% YoY, while transit passengers rose by 3.9% YoY. International traffic, which accounted for just 5% of the mix, delivered a solid 10.7% YoY, contributing positively to overall performance.

**Revenues** increased by 16.7% YoY, or $4.6 million, to $31.8 million, driven by growth of 16.7% in aeronautical revenues and 14.7% in commercial revenues, supported by an 8.4% increase in passenger traffic.

· **Aeronautical Revenues** increased by 16.7% YoY, or $1.7 million, primarily driven by higher passenger
 use fees from increased international traffic, which carries a higher tariff.

· **Commercial Revenues** rose 14.7% YoY, or $2.5 million, mainly reflecting stronger performance in VIP
 lounges, Rental of space, Retail stores, F&B, and Cargo revenues.

**Total Costs and Expenses** increased by 12.0% YoY, or $2.4 million, to $22.0 million, mainly due to higher cost of services and, to a lesser extent, increased G&A expenses.

Page **16** of **42**

· **Cost of Services** rose by 9.9% YoY, or $1.7 million, primarily resulting from higher Services
 end fees, Concession fees, and Salaries and social security contributions.

· **SG&A** expenses increased by 26.1% YoY, or $0.6 million, reaching $3.1 million in 3Q25, driven
 largely by higher Salaries and social security contributions.

**Adjusted Segment EBITDA** increased by 19.3% YoY, or $2.4 million, to $15.1 million, with the Adjusted EBITDA margin ex-IFRIC 12 expanding 1.5 percentage points to 48.3%, from 46.8% in the prior-year quarter.

During 3Q25, CAAP made **capital expenditures** of $0.7 million, compared to $0.4 million in 3Q24.

Page **17** of **42**

**Uruguay**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **OPERATING STATISTICS** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.5 | 0.5 | -4.6% | 1.7 | 1.6 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **0.5** | **0.6** | **-5.3%** | **1.7** | **1.7** | **1.6%** |
| **Cargo Volume (in thousands of tons)** | **8.0** | **7.8** | **2.7%** | **25.6** | **23.0** | **11.2%** |
| **Total Aircraft Movements (in thousands)** | **6.6** | **7.0** | **-5.3%** | **24.3** | **23.6** | **3.1%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 19.1 | 19.6 | -2.8% | 65.0 | 63.0 | 3.2% |
| Non-aeronautical revenue | 27.1 | 27.4 | -1.2% | 79.6 | 77.5 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 16.9 | 15.6 | 8.2% | 56.3 | 50.8 | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 10.2 | 11.8 | -13.7% | 23.3 | 26.7 | -12.7% |
| **Total Revenue** | **46.2** | **47.1** | -1.9% | **144.6** | **140.5** | 2.9% |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **36.0** | **35.3** | 2.1% | **121.3** | **113.8** | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 28.1 | 28.0 | 0.1% | 79.8 | 80.4 | -0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 6.4 | 5.4 | 18.0% | 18.8 | 15.8 | 18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.2 | 0.1 | 186.1% | 0.4 | 0.3 | 18.9% |
| **Total Costs and Expenses** | **34.7** | **33.5** | **3.4%** | **99.0** | **96.6** | **2.6%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **24.5** | **21.8** | **12.8%** | **75.7** | **69.9** | **8.4%** |
| **Adjusted Segment EBITDA** | **13.4** | **15.0** | **-10.8%** | **51.7** | **49.2** | **5.1%** |
| Adjusted Segment EBITDA Mg | 29.0% | 31.9% | -290 | 35.7% | 35.0% | 75 |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 37.2% | 42.6% | -537 | 42.6% | 43.2% | -59 |
| **Capex** | **10.1** | **9.7** | 3.6% | **27.7** | **24.0** | 15.4% |

---

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

In **Uruguay**, where air traffic is primarily international, total passenger traffic declined by 5.3% YoY, impacted by several days of adverse weather conditions that led to flight cancellations, as well as a six-day planned runway closure to complete the installation of a new Precision Instrument Landing System (ILS CAT IIIb). During the quarter, Azul Linhas Aéreas inaugurated a new route connecting Montevideo and Campinas, operating five weekly flights.

**Revenues** decreased by 1.9% YoY to $46.2 million on an as reported basis, or increased by 2.1% to $36.0 million when excluding Construction Service revenues, reflecting higher commercial activity that helped offset lower aeronautical revenues tied to lower passenger volumes.

· **Aeronautical Revenues** decreased 2.8% YoY, or $0.6 million, to $19.1 million, aligned with the
 decline in passenger traffic.

· **Commercial Revenues** increased by 8.2% YoY, or $1.3 million, to $16.9 million, primarily driven by
 higher cargo revenues, which benefited from tariff increases. Passenger-related revenues,
 particularly from VIP lounges, parking, and duty-free, also contributed to growth despite
 the overall decline in traffic.

**Total Costs and Expenses** increased 3.4% YoY to $34.7 million. Excluding Construction Services, Total Cost and Expenses rose by 12.8% YoY to $24.5 million, reflecting higher Cost of services and SG&A expenses.

· **Cost of Services** increased slightly by 0.1% YoY to $28.1 million. Excluding Construction Service
 cost, Cost of Services grew by 10.2% to $17.9 million, mainly driven by higher Salaries and
 social security contributions, Maintenance expenses and Concession fees.

· **SG&A** expenses increased 18.0% YoY, to $6.4 million, principally due to higher Maintenance
 expenses and Services and fees.

Page **18** of **42**

**Adjusted Segment EBITDA** decreased by 10.8% YoY to $13.4 million, while the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 5.4 percentage points to 37.2%. The margin contraction mainly reflected the 5.3% decline in traffic resulting from the six-day scheduled closure of operations to install a new Category IIIb Precision Instrument Landing System on the main runway.

During 3Q25, CAAP made **Capital Expenditures** of $10.1 million in Uruguay, up from $9.7 million in 3Q24.

Page **19** of **42**

**Armenia**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **OPERATING STATISTICS** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 1.8 | 1.7 | 2.8% | 4.2 | 4.1 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **1.9** | **1.7** | **6.3%** | **4.3** | **4.1** | **5.6%** |
| **Cargo Volume (in thousands of tons)** | **10.2** | **10.7** | **-4.5%** | **29.1** | **28.1** | **3.6%** |
| **Total Aircraft Movements (in thousands)** | **13.3** | **12.1** | **9.7%** | **32.4** | **30.1** | **7.6%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 33.9 | 29.0 | 16.7% | 76.3 | 69.2 | 10.3% |
| Non-aeronautical revenue | 61.1 | 48.5 | 25.8% | 139.5 | 116.1 | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 57.7 | 47.2 | 22.2% | 131.4 | 111.9 | 17.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 3.4 | 1.3 | 156.1% | 8.1 | 4.2 | 92.6% |
| **Total Revenue** | **94.9** | **77.5** | **22.4%** | **215.8** | **185.3** | **16.5%** |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **91.5** | **76.2** | **20.1%** | **207.7** | **181.1** | **14.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 53.3 | 44.8 | 18.9% | 127.3 | 111.3 | 14.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4.7 | 3.9 | 21.6% | 14.3 | 11.9 | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.2 | 0.3 | -25.3% | 1.3 | 0.7 | 79.5% |
| **Total Costs and Expenses** | **58.3** | **49.0** | **18.9%** | **142.9** | **124.0** | **15.3%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **55.0** | **47.7** | **15.2%** | **135.0** | **119.9** | **12.6%** |
| **Adjusted Segment EBITDA** | **42.4** | **34.0** | **24.7%** | **89.9** | **77.4** | **16.2%** |
| Adjusted Segment EBITDA Mg | 44.7% | 43.9% | 81 | 41.7% | 41.8% | -9 |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 46.2% | 44.6% | 165 | 43.2% | 42.7% | 53 |
| **Capex** | **5.6** | **2.6** | **118.0%** | **12.5** | **11.2** | **12.1%** |

---

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 **Armenia** increased by 6.3% YoY to 1.9 million passengers, supported by continued strength in international demand and the entrance of new airlines and expanded connectivity. During the early months of 2025, several carriers including China Southern, Air Cairo, Salam Air, and Sky Express began operations at Yerevan's Zvartnots. Additionally, Wizz Air established a new base at Zvartnots Airport, deploying two aircraft and introducing eight new direct routes to European destinations, which began operating in October.

**Revenues** increased by 22.4% YoY to $94.9 million on an 'as reported' basis, or by 20.1% when excluding Construction Service revenues, driven by growth in both Aeronautical and Commercial revenues, underpinned by higher traffic volumes. Results also benefited from the 6.4% YoY average appreciation of the euro.

· **Aeronautical Revenues** increased by 16.7% YoY, or $4.9 million, to $33.9 million.

· **Commercial Revenues** increased by 22.2% YoY, or $10.5 million, to $57.7 million, largely driven by
 higher Fuel revenues, which are directly linked to the Cost of Fuel, as well as growth in
 VIP lounges, Duty free sales and rental income.

**Total Costs and Expenses** increased by 18.9% YoY to $58.3 million. Excluding IFRIC 12, Total Costs and Expenses increased by 15.2% YoY, largely driven by higher Cost of Services.

· **Cost of Services** increased by 18.9% YoY to $53.3 million. Excluding IFRIC 12, Cost of Services
 increased by 14.9%, mainly driven by higher fuel costs, in line with the increase in fuel-related
 revenues.

· **SG&A** increased 21.6% YoY, or $0.8 million, to $4.7 million in 3Q25, primarily reflecting higher
 Taxes and Salaries.

Page **20** of **42**

**Adjusted Segment EBITDA** increased by 24.7% YoY to $42.4 million in 3Q25, supported by volume-driven operating leverage. The Adjusted EBITDA margin, excluding IFRIC 12, expanded by 1.6 percentage points to 46.2%, also reflecting improved profitability from the fuel business.

During 3Q25, CAAP made **Capital Expenditures** of $5.6 million in Armenia, compared to $2.6 million in 3Q24.

Page **21** of **42**

**Ecuador**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **OPERATING STATISTICS** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.6 | 0.6 | 0.7% | 1.8 | 1.8 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.6 | 0.6 | -1.0% | 1.7 | 1.7 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total Passengers (in millions)** | **1.2** | **1.2** | **-0.9%** | **3.5** | **3.5** | **0.2%** |
| **Cargo Volume (in thousands of tons)** | **8.2** | **8.7** | **-5.8%** | **26.6** | **27.8** | **-4.2%** |
| **Total Aircraft Movements (in thousands)** | **19.9** | **19.5** | **1.7%** | **58.4** | **56.9** | **2.5%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| Aeronautical Revenue | 21.4 | 21.6 | -0.6% | 61.2 | 61.7 | -0.8% |
| Non-aeronautical revenue | 7.7 | 7.4 | 4.1% | 22.4 | 21.1 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial revenue | 7.7 | 7.4 | 4.1% | 22.4 | 21.0 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction service revenue | 0.0 | 0.0 | - | 0.0 | 0.1 | -100.0% |
| **Total Revenue** | **29.1** | **29.0** | **0.6%** | **83.6** | **82.7** | **1.1%** |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **29.1** | **29.0** | **0.6%** | **83.6** | **82.7** | **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services | 16.7 | 16.7 | 0.0% | 49.3 | 48.1 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4.3 | 4.4 | -2.1% | 12.1 | 13.0 | -6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.0 | 0.0 | 168.8% | 0.0 | 0.0 | 75.4% |
| **Total Costs and Expenses** | **21.0** | **21.1** | **-0.4%** | **61.5** | **61.1** | **0.7%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **21.0** | **21.1** | **-0.4%** | **61.5** | **61.0** | **0.8%** |
| **Adjusted Segment EBITDA** | **9.1** | **8.8** | **3.7%** | **25.1** | **24.5** | **2.8%** |
| Adjusted Segment EBITDA Mg | 31.3% | 30.3% | 95 | 30.1% | 29.6% | 49 |
| Adjusted EBITDA Margin excluding IFRIC 12**<sup>(3)</sup>** | 31.3% | 30.3% | 95 | 30.1% | 29.6% | 46 |
| **Capex** | **0.4** | **0.3** | **44%** | **1.1** | **2.3** | **-51%** |

---

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

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

In **Ecuador**, passenger traffic declined by 0.9% YoY amid ongoing public security concerns. International traffic decreased by 1.0% YoY, despite JetBlue expanding services to New York and Avianca increasing frequencies to New York, Bogotá, Medellín, and Buenos Aires. Domestic traffic rose 0.7% YoY, although demand remained constrained by elevated airfares. Additionally, scheduled runway repaving works led to a two-day suspension of operations in September temporarily impacting volumes.

**Revenues** increased by 0.6% YoY to $29.1 million in 3Q25 on an 'As reported' basis, driven by higher Commercial revenues, partially offset by a slight decrease in Aeronautical revenues.

· **Aeronautical Revenues** declined 0.6% YoY, or $0.1 million, to $21.4 million, in line with traffic
 YoY decline.

**Commercial Revenues** increased 4.1% YoY, or $0.3 million, to $7.7 million, reflecting higher sales in Retail stores, Rental of space and Duty Free activity.

**Total Costs and Expenses** decreased by 0.4% YoY to $21.0 million, primarily driven by lower SG&A expenses.

· **Cost of Services** remained flat at $16.7 million, as higher Maintenance expenses were offset
 by lower Concession fees, Salaries, and Services and fees.

· **SG&A** decreased 2.1% YoY, to $4.3 million.

**Adjusted Segment EBITDA** increased 3.7% YoY to $9.1 million, with the Adjusted EBITDA Margin expanding 1.0 percentage point to 31.3%, reflecting stable cost control and commercial revenue growth.

During 3Q25, CAAP made **Capital Expenditures** of $0.4 million in Ecuador, compared to $0.3 million in 3Q24.

Page **22** of **42**

**Key Quarter Highlights and Subsequent Events**

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

On November 5, the Company announced that the consortium formed by Corporación América Airports S.A. and Amwaj International for Real-Estate Investments Co. Ltd., has signed an award agreement with the Government of Iraq, following an international tender process to operate Baghdad International Airport. Pursuant to the terms of the award agreement, the parties have a term of ninety days (which may be extended by mutual agreement) to negotiate in good faith and enter into the respective concession agreement. The award agreement was signed after Iraq's Ministry of Transport declared that the consortium submitted the most competitive financial, commercial, and technical proposal within the tender process, which was supervised by the International Finance Corporation (IFC), a member of the World Bank Group.

**Toscana Aeroporti \| Florence Master Plan**

On November 12, the Italian government published the Environmental Impact Assessment decree for the Florence airport master plan, confirming a positive outcome. The decree, which incorporates the Environmental Impact Assessment Commission's assessment of the effectiveness of the environmental impact mitigation measures proposed by Toscana Aeroporti, constitutes the preparatory act for the Services Conference. The Service Conference represents the next step in the authorization process for the construction of the new runway and terminal at the Florence airport.

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

**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 3Q25, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29".

**Non-Financial Disclosure**

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

**3Q25 EARNINGS CONFERENCE CALL**

---

| | |
|:---|:---|
| When: | 10:00 a.m. Eastern Time, November 24, 2025 |
| Who: | Mr. Martín Eurnekian, Chief Executive Officer |
|  | Mr. Jorge Arruda, Chief Financial Officer |
|  | Mr. Patricio Iñaki Esnaola, Head of Investor Relations |
| Dial-in: | 1-800-549-8228 (North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: ***70697*** |
| Webcast: | <u>CAAP 3Q25 Earnings Conference Call</u> |
| Replay: | 1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: ***70697 #*** |

---

**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.

Page **23** of **42**

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

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

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

**Net debt** is calculated by deducting "Cash and cash equivalents" from total financial debt.

**Figures ex-IAS 29** result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. **Percentage variations ex-IAS 29** figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company's largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29". The impact from "Hyperinflation Accounting in Argentina" is described in more detail page 23 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. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% 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>

Page **24** of **42**

**Forward Looking Statements** 

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

**Investor Relations Contact**

**Patricio Iñaki Esnaola** 

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

Page **25** of **42**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **Argentina** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 8 | 7.2 | 10.8% | 22.5 | 20.1 | 11.8% |
| International Passengers (in millions) | 3.8 | 3.3 | 15.9% | 11.3 | 9.5 | 18.5% |
| Transit passengers (in millions) | 0.4 | 0.3 | 23.8% | 1.1 | 1 | 15.5% |
| **Total passengers (in millions)** | **12.1** | **10.8** | **12.7%** | **34.9** | **30.6** | **14.0%** |
| **Cargo volume (in thousands of tons)** | **48.3** | **50.1** | **-3.5%** | **149.5** | **144.1** | **3.7%** |
| **Aircraft movements (in thousands)** | **122.9** | **113.6** | **8.2%** | **355.3** | **328.2** | **8.2%** |
| **Italy** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.6 | 0.6 | 5.7% | 1.5 | 1.4 | 10.6% |
| International Passengers (in millions) | 2.5 | 2.4 | 6.9% | 6.1 | 5.6 | 8.0% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **3.1** | **2.9** | **6.8%** | **7.6** | **7.0** | **8.5%** |
| **Cargo volume (in thousands of tons)** | **3.0** | **3.1** | **-1.2%** | **9.4** | **9.4** | **-0.3%** |
| **Aircraft movements (in thousands)** | **27.9** | **25.8** | **8.2%** | **69.0** | **64.0** | **7.7%** |
| **Brazil** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 2.5 | 2.3 | 11.4% | 7 | 6.7 | 4.0% |
| International Passengers (in millions) | 0.2 | 0.2 | 10.7% | 0.7 | 0.5 | 21.3% |
| Transit passengers (in millions) | 1.7 | 1.6 | 3.9% | 4.6 | 4.3 | 7.5% |
| **Total passengers (in millions)** | **4.4** | **4.1** | **8.4%** | **12.2** | **11.5** | **6.1%** |
| **Cargo volume (in thousands of tons)** | **15.8** | **16.5** | **-4.1%** | **46.5** | **47.4** | **-1.9%** |
| **Aircraft movements (in thousands)** | **39.8** | **37.5** | **6.1%** | **111.7** | **107.4** | **4.1%** |
| **Uruguay** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 0.5 | 0.5 | -4.6% | 1.7 | 1.6 | 2.0% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **0.5** | **0.6** | **-5.3%** | **1.7** | **1.7** | **1.6%** |
| **Cargo volume (in thousands of tons)** | **8.0** | **7.8** | **2.7%** | **25.6** | **23.0** | **11.2%** |
| **Aircraft movements (in thousands)** | **6.6** | **7.0** | **-5.3%** | **24.3** | **23.6** | **3.1%** |
| **Ecuador<sup>(1)</sup>** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.6 | 0.6 | 0.7% | 1.8 | 1.8 | 0.7% |
| International Passengers (in millions) | 0.6 | 0.6 | -1.0% | 1.7 | 1.7 | 0.3% |
| Transit passengers (in millions) | 0 | 0 | -37.7% | 0.1 | 0.1 | -15.8% |
| **Total passengers (in millions)** | **1.2** | **1.2** | **-0.9%** | **3.5** | **3.5** | **0.2%** |
| **Cargo volume (in thousands of tons)** | **8.2** | **8.7** | **-5.8%** | **26.6** | **27.8** | **-4.2%** |
| **Aircraft movements (in thousands)** | **19.9** | **19.5** | **1.7%** | **58.4** | **56.9** | **2.5%** |
| **Armenia** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 1.8 | 1.7 | 2.8% | 4.2 | 4.1 | 2.7% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **1.9** | **1.7** | **6.3%** | **4.3** | **4.1** | **5.6%** |
| **Cargo volume (in thousands of tons)** | **10.2** | **10.7** | **-4.5%** | **29.1** | **28.1** | **3.6%** |
| **Aircraft movements (in thousands)** | **13.3** | **12.1** | **9.7%** | **32.4** | **30.1** | **7.6%** |

---

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

Page **26** of **42**

**Foreign Exchange Rate**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **3Q25** | **3Q24** | **3Q25** | **3Q24** | **2Q25** | **2Q24** | **2Q25** | **2Q24** |
|  | Avg | Avg | EoP | EoP | **Avg** | **Avg** | **EoP** | **EoP** |
| Argentine Peso | 1331.2 | 942 | 1380 | 970.5 | 1149.7 | 885.1 | 1205 | 912 |
| Euro | 1.2 | 1.1 | 1.2 | 1.1 | 1.13 | 1.08 | 1.2 | 1.1 |
| Brazilian Real | 5.4 | 5.5 | 5.3 | 5.4 | 5.7 | 5.2 | 5.5 | 5.6 |
| Uruguayan Peso | 40.3 | 39.5 | 40 | 41.1 | 41.8 | 38.7 | 40.9 | 39.3 |

---

Amounts provided by units of local currency per US dollar

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Aeronautical Revenue** | **246.0** | **213.5** | 15.2% | **-2.5** | **248.5** | **214.1** | 16.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger use fees | 211.5 | 183.9 | 15.0% | -2.3 | 213.7 | 184.3 | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft fees | 36.7 | 31.1 | 18.1% | -0.2 | 36.9 | 31.2 | 18.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | -2.1 | -1.4 | 51.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | -2.1 | -1.4 | 51.7% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Commercial revenue** | **224.6** | **190.3** | **18.0%** | **-0.8** | **225.4** | **189.7** | **18.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse use fees | 57.5 | 47.7 | 20.5% | -1.0 | 58.4 | 47.8 | 22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duty free shops | 23.8 | 23.1 | 3.3% | -0.2 | 24.1 | 23.1 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 12.3 | 10.3 | 19.4% | -0.1 | 12.3 | 10.3 | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking facilities | 16.7 | 14.1 | 18.3% | -0.2 | 16.9 | 14.2 | 19.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 44.5 | 36.4 | 22.5% | 0.0 | 44.6 | 36.4 | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage services | 9.4 | 8.4 | 13.0% | 0.0 | 9.4 | 8.3 | 13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 7.8 | 6.7 | 17.8% | 0.3 | 7.5 | 6.1 | 23.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and retail stores | 4.7 | 4.6 | 2.1% | 0.0 | 4.7 | 4.6 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catering | 3.0 | 3.1 | -2.6% | -0.1 | 3.1 | 3.1 | -1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;VIP lounges | 21.7 | 17.8 | 21.6% | 0.1 | 21.6 | 17.5 | 23.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walkway services | 2.3 | 2.0 | 19.4% | 0.0 | 2.4 | 2.0 | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 20.8 | 16.3 | 27.6% | 0.4 | 20.4 | 16.3 | 24.8% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| Argentina | 748.1 | 777.2 | -3.7% | -59.8 | 807.9 | 694.9 | 16.3% |
| Italy | 122.1 | 100.1 | 22.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 122.1 | 100.1 | 22.0% |
| Brazil | 84.7 | 83.0 | 2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 84.7 | 83.0 | 2.1% |
| Uruguay | 144.6 | 140.5 | 2.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 144.6 | 140.5 | 2.9% |
| Armenia | 215.8 | 185.3 | 16.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 215.8 | 185.3 | 16.5% |
| Ecuador <sup>(1)</sup> | 83.6 | 82.7 | 1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 83.6 | 82.7 | 1.1% |
| Unallocated | 0.5 | 1.1 | -51.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.5 | 1.1 | -51.3% |
| **Total consolidated revenue** | **1399.5** | **1369.9** | **2.2%** | **-59.8** | **1459.3** | **1287.6** | **13.3%** |

---

1 Only includes Guayaquil Airport.

Page **27** of **42**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Aeronautical Revenue** | **677.4** | **659.1** | **2.8%** | **-31.1** | **708.5** | **616.2** | **15.0%** |
| **Non-aeronautical Revenue** | **722.1** | **710.7** | **1.6%** | **-28.7** | **750.8** | **671.4** | **11.8%** |
| Commercial revenue | 592.6 | 550.4 | 7.7% | -20.1 | 612.7 | 519.5 | 18.0% |
| Construction service revenue <sup>(1)</sup> | 123.4 | 156.7 | -21.2% | -8.6 | 132.0 | 148.2 | -11.0% |
| Other revenue | 6.1 | 3.7 | 64.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6.1 | 3.7 | 64.7% |
| **Total Consolidated Revenue** | **1399.5** | **1369.9** | **2.2%** | **-59.8** | **1459.3** | **1287.6** | **13.3%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **1276.1** | **1213.2** | **5.2%** | **-51.2** | **1327.3** | **1139.3** | **16.5%** |

---

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

2 Excludes Construction Service revenue.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Aeronautical Revenue** | **677.4** | **659.1** | 2.8% | **-31.1** | **708.5** | **616.2** | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger use fees | 582.9 | 561.9 | 3.7% | -28.0 | 610.8 | 523.9 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft fees | 98.0 | 98.4 | -0.4% | -3.1 | 101.2 | 93.5 | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | -3.5 | -1.1 | 206.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | -3.5 | -1.1 | 206.4% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Commercial revenue** | **592.6** | **550.4** | **7.7%** | **-20.1** | **612.7** | **519.5** | **18.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse use fees | 157.0 | 154.8 | 1.4% | -10.2 | 167.2 | 140.8 | 18.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duty free shops | 63.4 | 62.2 | 1.9% | -2.7 | 66.1 | 58.9 | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 32.8 | 32.7 | 0.2% | -0.9 | 33.7 | 31.0 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking facilities | 44.8 | 34.5 | 29.7% | -2.2 | 47.0 | 33.0 | 42.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 102.3 | 90.2 | 13.4% | -0.4 | 102.7 | 89.5 | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage services | 25.3 | 23.3 | 8.6% | -0.6 | 25.8 | 22.2 | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 22.1 | 21.8 | 1.5% | 0.2 | 21.9 | 19.1 | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and retail stores | 13.7 | 12.6 | 8.2% | -0.2 | 13.9 | 12.3 | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catering | 9.7 | 9.8 | -0.6% | -0.7 | 10.5 | 9.0 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;VIP lounges | 56.5 | 47.9 | 18.1% | -0.7 | 57.2 | 45.6 | 25.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walkway services | 6.6 | 6.2 | 6.6% | -0.3 | 6.9 | 5.7 | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 58.4 | 54.4 | 7.5% | -1.4 | 59.8 | 52.2 | 14.6% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 330.1 | 319.8 | 3.2% | 23.5 | 306.6 | 296.5 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A | 56.5 | 47.1 | 19.9% | 0.7 | 55.8 | 46.8 | 19.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial loss | 86.2 | 31.9 | 170.5% | -31.3 | 117.5 | 236.6 | -50.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation adjustment | 1 | 3.2 | -67.0% | 0.6 | 0.4 | 0.3 | 20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 3.3 | 1.6 | 104.2% | -2.5 | 5.8 | 1.6 | 259.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 20.2 | 80.6 | -74.9% | 7 | 13.2 | 48 | -72.4% |
| **Total expenses** | **497.3** | **484.2** | **2.7%** | **-1.9** | **499.3** | **629.8** | **-20.7%** |

---

Page **28** of **42**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Cost of Services** | **330.1** | **319.8** | **3.2%** | **23.5** | **306.6** | **296.5** | **3.4%** |
| Salaries and social security contributions | 61.1 | 61.1 | 0.0% | -0.7 | 61.9 | 61.4 | 0.8% |
| Concession fees | 57.0 | 50.7 | 12.5% | -0.7 | 57.6 | 50.8 | 13.5% |
| Construction service cost | 52.7 | 56.2 | -6.2% | -1.5 | 54.2 | 57.3 | -5.4% |
| Maintenance expenses | 43.6 | 45.7 | -4.6% | -0.2 | 43.8 | 45.9 | -4.6% |
| Amortization and depreciation | 47.7 | 44.1 | 8.3% | 26.8 | 20.9 | 19.1 | 9.8% |
| Services and fees | 17.3 | 20.0 | -13.6% | -0.2 | 17.4 | 20.0 | -12.7% |
| Cost of fuel | 36.9 | 30.9 | 19.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 36.9 | 30.9 | 19.5% |
| Taxes | 1.2 | 1.8 | -34.1% | 0.0 | 1.2 | 1.7 | -28.2% |
| Office expenses | 3.9 | 4.2 | -8.5% | -0.1 | 3.9 | 4.3 | -8.5% |
| Others | 8.7 | 5.2 | 67.0% | 0.0 | 8.7 | 5.2 | 66.5% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **SG&A** | **56.5** | **47.1** | **19.9%** | **0.7** | **55.8** | **46.8** | **19.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 16.7 | 12.3 | 36.2% | -0.2 | 17.0 | 12.4 | 37.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and social security contributions | 13.6 | 12.0 | 13.9% | -0.1 | 13.7 | 11.8 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and fees | 12.7 | 11.8 | 7.4% | 0.0 | 12.7 | 11.9 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Office expenses | 2.0 | 2.3 | -15.0% | -0.1 | 2.0 | 2.3 | -11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 3.0 | 1.8 | 67.3% | 1.2 | 1.8 | 1.6 | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance expenses | 1.7 | 0.7 | 125.9% | 0.0 | 1.7 | 0.7 | 126.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 1.2 | 1.8 | -36.4% | 0.0 | 1.2 | 1.8 | -35.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurances | 0.7 | 0.5 | 52.7% | 0.0 | 0.7 | 0.5 | 53.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts recovery | -0.7 | -0.7 | -7.7% | -0.1 | -0.6 | -0.9 | -35.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts | 3.1 | 1.7 | 74.5% | 0.1 | 3.0 | 1.9 | 55.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 2.5 | 2.9 | -12.3% | 0.0 | 2.5 | 2.9 | -12.3% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **3Q25 as<br>reported** | **3Q24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **3Q25 ex<br>IAS 29** | **3Q24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| Argentina | 213.2 | 211.6 | 0.7% | 21.7 | 191.5 | 188.0 | 1.9% |
| Italy | 32.7 | 28.3 | 15.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 32.7 | 28.3 | 15.5% |
| Brazil | 22.0 | 19.6 | 12.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 22.0 | 19.6 | 12.0% |
| Uruguay | 34.7 | 33.5 | 3.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 34.7 | 33.5 | 3.4% |
| Armenia | 58.3 | 49.0 | 18.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 58.3 | 49.0 | 18.9% |
| Ecuador | 21.0 | 21.1 | -0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 21.0 | 21.1 | -0.4% |
| Unallocated | 8.0 | 5.3 | 49.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8.0 | 5.3 | 49.9% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **389.9** | **368.6** | **5.8%** | **21.7** | **368.2** | **345.0** | **6.7%** |

---

&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 **29** of **42**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Cost of Services** | **897.2** | **910.5** | **-1.5%** | **47.1** | **850.1** | **798.7** | **6.4%** |
| Salaries and social security contributions | 177.6 | 187.3 | -5.2% | -8.6 | 186.2 | 176.3 | 5.6% |
| Concession fees | 159.8 | 157.8 | 1.2% | -8.0 | 167.7 | 147.3 | 13.9% |
| Construction service cost | 115.4 | 154.8 | -25.4% | -8.6 | 124.0 | 146.4 | -15.3% |
| Maintenance expenses | 129.3 | 124.4 | 3.9% | -6.7 | 136.0 | 117.3 | 16.0% |
| Amortization and depreciation | 144.4 | 128.7 | 12.2% | 82.0 | 62.4 | 57.1 | 9.2% |
| Other | 170.7 | 157.6 | 8.3% | -3.0 | 173.7 | 154.2 | 12.6% |
| **Cost of Services Excluding Construction Service cost** | **781.7** | **755.7** | **3.4%** | **55.6** | **726.1** | **652.3** | **11.3%** |
| **Selling, general and administrative expenses** | **158.4** | **140.2** | **13.0%** | **-3.3** | **161.7** | **132.7** | **21.9%** |
| **Other expenses** | **10.0** | **5.6** | **76.6%** | **-0.2** | **10.1** | **5.0** | **101.6%** |
| **Total Costs and Expenses** | **1065.5** | **1056.3** | **0.9%** | **43.6** | **1022.0** | **936.4** | **9.1%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **950.1** | **901.5** | **5.4%** | **52.1** | **898.0** | **790.0** | **13.7%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 897.2 | 910.5 | -1.5% | 47.1 | 850.1 | 798.7 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A | 158.4 | 140.2 | 13.0% | -3.3 | 161.7 | 132.7 | 21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial loss | 197.1 | -153.1 | -228.7% | -111.8 | 308.9 | 428.6 | -27.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation adjustment | 5.7 | 20.9 | -72.7% | 4.8 | 0.9 | -4.3 | -122.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 10.0 | 5.6 | 76.6% | -0.2 | 10.1 | 5.0 | 101.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 58.7 | 261.6 | -77.6% | 29.6 | 29.1 | -17.2 | -268.8% |
| **Total expenses** | **1327.0** | **1185.7** | **11.9%** | **-33.8** | **1360.9** | **1343.5** | **1.3%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Cost of Services** | **897.2** | **910.5** | **-1.5%** | **47.1** | **850.1** | **798.7** | **6.4%** |
| Salaries and social security contributions | 177.6 | 187.3 | -5.2% | -8.6 | 186.2 | 176.3 | 5.6% |
| Concession fees | 159.8 | 157.8 | 1.2% | -8.0 | 167.7 | 147.3 | 13.9% |
| Construction service cost | 115.4 | 154.8 | -25.4% | -8.6 | 124.0 | 146.4 | -15.3% |
| Maintenance expenses | 129.3 | 124.4 | 3.9% | -6.7 | 136.0 | 117.3 | 16.0% |
| Amortization and depreciation | 144.4 | 128.7 | 12.2% | 82.0 | 62.4 | 57.1 | 9.2% |
| Services and fees | 50.2 | 54.2 | -7.3% | -1.6 | 51.8 | 52.3 | -1.1% |
| Cost of fuel | 83.2 | 74.3 | 12.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 83.2 | 74.3 | 12.0% |
| Taxes | 3.7 | 4.3 | -15.1% | -0.3 | 4.0 | 3.9 | 2.7% |
| Office expenses | 10.9 | 12.1 | -9.5% | -0.9 | 11.8 | 11.1 | 6.9% |
| Others | 22.6 | 12.7 | 78.6% | -0.2 | 22.9 | 12.6 | 81.4% |

---

Page **30** of **42**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **SG&A** | **158.4** | **140.2** | **13.0%** | **-3.3** | **161.7** | **132.7** | **21.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 45.4 | 42.6 | 6.7% | -3.0 | 48.4 | 38.5 | 25.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and social security contributions | 38.9 | 33.4 | 16.5% | -1.7 | 40.6 | 31.8 | 27.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services and fees | 36.5 | 33.1 | 10.2% | -0.3 | 36.8 | 32.9 | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Office expenses | 6.7 | 6.1 | 9.4% | -0.5 | 7.2 | 5.7 | 26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 8.1 | 5.4 | 50.1% | 2.8 | 5.3 | 4.7 | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance expenses | 4.5 | 2.1 | 118.4% | -0.1 | 4.6 | 2.0 | 130.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 3.1 | 4.3 | -27.5% | -0.2 | 3.3 | 4.1 | -20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurances | 2.4 | 1.9 | 26.4% | -0.1 | 2.5 | 1.9 | 34.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts recovery | -2.5 | -3.1 | -17.5% | 0.2 | -2.7 | -3.2 | -16.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debts | 7.8 | 6.4 | 21.5% | -0.5 | 8.2 | 6.3 | 30.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 7.6 | 8.0 | -5.6% | 0.0 | 7.6 | 8.0 | -5.5% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| Argentina | 587.6 | 618.0 | -4.9% | 43.6 | 544.0 | 498.0 | 9.2% |
| Italy | 91.1 | 75.0 | 21.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 91.1 | 75.0 | 21.4% |
| Brazil | 60.4 | 62.5 | -3.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 60.4 | 62.5 | -3.4% |
| Uruguay | 99.0 | 96.6 | 2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 99.0 | 96.6 | 2.6% |
| Armenia | 142.9 | 124.0 | 15.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 142.9 | 124.0 | 15.3% |
| Ecuador | 61.5 | 61.1 | 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 61.5 | 61.1 | 0.7% |
| Unallocated | 23.0 | 19.1 | 20.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 23.0 | 19.1 | 20.6% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **1065.5** | **1056.3** | **0.9%** | **43.6** | **1022.0** | **936.4** | **9.1%** |

---

&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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| Argentina | 274.3 | 255.6 | 7.3% | -23.0 | 297.3 | 219.2 | 35.6% |
| Italy | 39.7 | 33.6 | 18.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 39.7 | 33.6 | 18.2% |
| Brazil | 35.9 | 33.9 | 5.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 35.9 | 33.9 | 5.8% |
| Uruguay | 51.7 | 49.2 | 5.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 51.7 | 49.2 | 5.1% |
| Armenia | 89.9 | 77.4 | 16.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 89.9 | 77.4 | 16.2% |
| Ecuador | 25.1 | 24.5 | 2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 25.1 | 24.5 | 2.8% |
| Unallocated | -10.1 | -4.8 | 109.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | -10.1 | -4.8 | 109.1% |
| **Total segment EBITDA** | **506.5** | **469.3** | **7.9%** | **-23.0** | **529.5** | **432.9** | **22.3%** |

---

Page **31** of **42**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Income from Continuing Operations** | **140.2** | **260.9** | **-46.3%** | **-56.2** | **196.4** | **186.1** | **5.6%** |
| Financial Income | -47.7 | -55.1 | -13.4% | 25.9 | -73.6 | -222.2 | -66.9% |
| Financial Loss | 197.1 | -153.1 | -228.7% | -111.8 | 308.9 | 428.6 | -27.9% |
| Inflation adjustment | 5.7 | 20.9 | -72.7% | 4.8 | 0.9 | -4.3 | -122.0% |
| Income Tax Expense | 58.7 | 261.6 | -77.6% | 29.6 | 29.1 | -17.2 | -268.8% |
| Amortization and Depreciation | 152.4 | 134.0 | 13.7% | 84.7 | 67.7 | 61.8 | 9.5% |
| **Adjusted EBITDA** | **506.5** | **469.3** | **7.9%** | **-23.0** | **529.5** | **432.9** | **22.3%** |
| **Adjusted EBITDA Margin** | **36.2%** | **34.3%** | **1.9pp** | **-** | **36.3%** | **33.6%** | **2.7pp** |
| **Adjusted EBITDA excluding Construction Service** | **498.5** | **467.4** | **6.7%** | **-23.0** | **521.5** | **431.0** | **21.0%** |
| **Adjusted EBITDA Margin excluding Construction Service** | **39.1%** | **38.5%** | **0.6pp** | **-** | **39.3%** | **37.8%** | **1.5pp** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **9M25 as<br>reported** | **9M24 as<br>reported** | **% Var as<br>reported** | **IAS 29** | **9M25 ex<br>IAS 29** | **9M24 ex<br>IAS 29** | **% Var ex<br>IAS 29** |
| **Financial Income** | **47.7** | **55.1** | **-13.4%** | **-25.9** | **73.6** | **222.2** | **-66.9%** |
| Interest income | 24.3 | 44.8 | -45.8% | -1.2 | 25.4 | 41.2 | -38.3% |
| Foreign exchange income | 15.3 | 0.9 | 1556.3% | -24.7 | 40.0 | 171.4 | -76.7% |
| Other | 8.1 | 9.3 | -13.0% | 0.0 | 8.1 | 9.5 | -14.7% |
| **Inflation adjustment** | **-5.7** | **-20.9** | **-72.7%** | **-4.8** | **-0.9** | **4.3** | **-122.0%** |
| Inflation adjustment | -5.7 | -20.9 | -72.7% | -4.8 | -0.9 | 4.3 | -122.0% |
| **Financial Loss** | **-197.1** | **153.1** | **-228.7%** | **111.8** | **-308.9** | **-428.6** | **-27.9%** |
| Interest Expenses | -67.0 | -81.1 | -17.4% | 2.7 | -69.6 | -76.6 | -9.1% |
| Foreign exchange transaction expenses | -58.4 | 307.4 | -119.0% | 109.1 | -167.5 | -278.9 | -39.9% |
| Changes in liability for concessions | -65.0 | -66.4 | -2.0% | - | -65.0 | -66.4 | -2.0% |
| Other financial loss | -6.7 | -6.8 | -1.7% | 0 | -6.7 | -6.8 | -1.5% |
| **Financial Loss, Net** | **-155.1** | **187.3** | **-182.8%** | **81.2** | **-236.2** | **-202.2** | **16.8%** |

---

See "Use of Non-IFRS Financial Measures" on page 23.

Page **32** of **42**

---

| | | |
|:---|:---|:---|
| **% Ownership by Concession** | | |
| Aeropuertos Argentina 2000 | Argentina | 84.8% |
| Neuquén | Argentina | 77.7% |
| Bahía Blanca | Argentina | 85.0% |
| Toscana Aeroporti (Florence and Pisa airports) | Italy | 62.3% |
| ICAB (Brasilia Airport) | Brazil | 51.0% |
| Puerta del Sur (Carrasco Airport) | Uruguay | 100.0% |
| CAISA (Punta del Este Airport) | Uruguay | 100.0% |
| AIA (Armenian airports) | Armenia | 100.0% |
| TAGSA (Guayaquil Airport) | Ecuador | 50.0% |
| ECOGAL (Galápagos Airport) | Ecuador | 99.9% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **Argentina**<br>**Total Revenue** | **275.7** | **238.6** | **15.6%** | **748.1** | **777.2** | **-3.7%** |
| **Total Revenue Excluding IFRIC12(1)** | **240.2** | **198.9** | **20.8%** | **672.7** | **658.8** | **2.1%** |
| **Operating Income** | **69.6** | **32.3** | **115.6%** | **177.9** | **175.8** | **1.2%** |
| **Net Income** | **21.0** | **12.3** | **70.6%** | **78.5** | **260.0** | **-69.8%** |
| **Adjusted Segment EBITDA** | **101.1** | **60.2** | **68.0%** | **274.3** | **255.6** | **7.3%** |
| **Adjusted Segment EBITDA Mg** | **36.7%** | **25.2%** | **11.5pp** | **36.7%** | **32.9%** | **3.8pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **42.1%** | **30.2%** | **11.9pp** | **40.7%** | **38.8%** | **1.9pp** |
| **Italy** |  |  |  |  |  |  |
| **Total Revenue** | **49.3** | **42.2** | **16.9%** | **122.1** | **100.1** | **22.0%** |
| **Total Revenue Excluding IFRIC12(1)** | **43.8** | **38.1** | **14.8%** | **106.3** | **93.6** | **13.6%** |
| **Operating Income** | **16.6** | **13.9** | **19.8%** | **31.3** | **25.3** | **23.8%** |
| **Net Income** | **9.7** | **7.9** | **22.0%** | **16.3** | **13.8** | **18.2%** |
| **Adjusted Segment EBITDA** | **19.6** | **16.6** | **18.0%** | **39.7** | **33.6** | **18.2%** |
| **Adjusted Segment EBITDA Mg** | **39.8%** | **39.4%** | **0.4pp** | **32.5%** | **33.6%** | **-1.1pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **39.7%** | **41.6%** | **-1.9pp** | **30.2%** | **34.3%** | **-4.1pp** |
| **Brazil** |  |  |  |  |  |  |
| **Total Revenue** | **31.8** | **27.3** | **16.7%** | **84.7** | **83.0** | **2.1%** |
| **Total Revenue Excluding IFRIC12(1)** | **31.3** | **27.1** | **15.5%** | **84.0** | **82.3** | **2.1%** |
| **Operating Income** | **12.2** | **9.9** | **22.4%** | **27.5** | **25.4** | **8.4%** |
| **Net Income** | **-9.7** | **-46.7** | **-79.2%** | **-48.2** | **-83.1** | **-42.0%** |
| **Adjusted Segment EBITDA** | **15.1** | **12.7** | **19.3%** | **35.9** | **33.9** | **5.8%** |
| **Adjusted Segment EBITDA Mg** | **47.5%** | **46.5%** | **1.0pp** | **42.4%** | **40.9%** | **1.5pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **48.3%** | **46.8%** | **1.5pp** | **42.7%** | **41.2%** | **1.5pp** |
| **Uruguay** |  |  |  |  |  |  |
| **Total Revenue** | **46.2** | **47.1** | **-1.9%** | **144.6** | **140.5** | **2.9%** |
| **Total Revenue Excluding IFRIC12(1)** | **36.0** | **35.3** | **2.1%** | **121.3** | **113.8** | **6.6%** |
| **Operating Income** | **10.8** | **12.8** | **-15.5%** | **43.6** | **41.7** | **4.5%** |
| **Net Income** | **13.1** | **11.6** | **12.9%** | **46.9** | **38.6** | **21.4%** |
| **Adjusted Segment EBITDA** | **13.4** | **15.0** | **-10.8%** | **51.7** | **49.2** | **5.1%** |
| **Adjusted Segment EBITDA Mg** | **29.0%** | **31.9%** | **-2.9pp** | **35.7%** | **35.0%** | **0.7pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **37.2%** | **42.6%** | **-5.4pp** | **42.6%** | **43.2%** | **-0.6pp** |

---

Page **33** of **42**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **Ecuador**<br>**Total Revenue** | **29.1** | **29.0** | **0.6%** | **83.6** | **82.7** | **1.1%** |
| **Total Revenue Excluding IFRIC12(1)** | **29.1** | **29.0** | **0.6%** | **83.6** | **82.7** | **1.2%** |
| **Operating Income** | **7.2** | **7.0** | **3.5%** | **19.6** | **19.2** | **2.4%** |
| **Net Income** | **5.8** | **6.7** | **-12.8%** | **17.2** | **17.8** | **-3.8%** |
| **Adjusted Segment EBITDA** | **9.1** | **8.8** | **3.7%** | **25.1** | **24.5** | **2.8%** |
| **Adjusted Segment EBITDA Mg** | **31.3%** | **30.3%** | **1.0pp** | **30.1%** | **29.6%** | **0.5pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **31.3%** | **30.3%** | **1.0pp** | **30.1%** | **29.6%** | **0.5pp** |
| **Armenia** |  |  |  |  |  |  |
| **Total Revenue** | **94.9** | **77.5** | **22.4%** | **215.8** | **185.3** | **16.5%** |
| **Total Revenue Excluding IFRIC12(1)** | **91.5** | **76.2** | **20.1%** | **207.7** | **181.1** | **14.7%** |
| **Operating Income** | **36.7** | **28.5** | **28.6%** | **73.1** | **61.5** | **18.8%** |
| **Net Income** | **29.6** | **24.0** | **23.6%** | **59.3** | **47.9** | **23.8%** |
| **Adjusted Segment EBITDA** | **42.4** | **34.0** | **24.7%** | **89.9** | **77.4** | **16.2%** |
| **Adjusted Segment EBITDA Mg** | **44.7%** | **43.9%** | **0.8pp** | **41.7%** | **41.8%** | **-0.1pp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **46.2%** | **44.6%** | **1.6pp** | **43.2%** | **42.7%** | **0.5pp** |
| **Unallocated** |  |  |  |  |  |  |
| **Total revenue** | **0.2** | **0.2** | **5.1%** | **0.5** | **1.1** | **-51.3%** |
| **Operating Income** | **-6.2** | **-3.4** | **79.7%** | **-16.8** | **-12.9** | **30.8%** |
| **Net Income** | **-10.9** | **-15.3** | **-28.4%** | **-29.7** | **-34.2** | **-12.9%** |
| **Adjusted segment EBITDA** | **-4.1** | **-1.0** | **291.0%** | **-10.1** | **-4.8** | **109.1%** |
| **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 **34** of **42**

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

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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)** | **Cargo Volume <br> (in tons)** | **Cargo Volume <br> (in tons)** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. |
| **Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Aeroparque | 3003 | 2610 | **15.0%** | 1279 | 885 | **44.5%** | 299 | 231 | **29.7%** | 4580 | 3725 | **23.0%** | 430 | 340 | **26.7%** | 36420 | 30656 | **18.8%** |
| Bariloche | 778 | 741 | **5.1%** | 82 | 53 | **54.7%** | 0 | 0 | **-** | 861 | 794 | **8.4%** | - | - | **-** | 5965 | 5430 | **9.9%** |
| Catamarca | 23 | 20 | **11.6%** | - | - | **-** | 2 | 2 | **11.4%** | 25 | 22 | **11.6%** | - | 6 | **-** | 820 | 755 | **8.6%** |
| C. Rivadavia | 150 | 138 | **9.2%** | - | - | **-** | 0 | 0 | **-** | 151 | 138 | **9.2%** | 78 | 132 | **-40.9%** | 1831 | 1735 | **5.5%** |
| Córdoba | 572 | 549 | **4.1%** | 235 | 147 | **59.9%** | 0 | 2 | **-** | 807 | 698 | **15.6%** | 356 | 238 | **49.9%** | 7319 | 6543 | **11.9%** |
| El Palomar | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 864 | 1352 | **-36.1%** |
| Esquel | 26 | 24 | **8.8%** | - | - | **-** | - | - | **-** | 26 | 24 | **8.8%** | - | - | **-** | 358 | 290 | **23.4%** |
| Ezeiza | 862 | 840 | **2.6%** | 1971 | 1997 | **-1.3%** | 71 | 71 | **0.0%** | 2904 | 2909 | **-0.2%** | 46226 | 47802 | **-3.3%** | 19431 | 19243 | **1.0%** |
| Formosa | 26 | 25 | **4.3%** | - | - | **-** | - | 0 | **-** | 26 | 25 | **4.3%** | 9 | 18 | **-47.3%** | 417 | 431 | **-3.2%** |
| General Pico | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 894 | 380 | **135.3%** |
| Iguazú | 434 | 364 | **19.2%** | - | - | **-** | - | 0 | **-** | 434 | 364 | **19.2%** | - | - | **-** | 3191 | 2692 | **18.5%** |
| Jujuy | 124 | 121 | **3.2%** | 1 | - | **-** | - | 0 | **-** | 125 | 121 | **4.0%** | 29 | 29 | **-1.0%** | 1246 | 1142 | **9.1%** |
| La Rioja | 20 | 17 | **17.5%** | - | - | **-** | 3 | 2 | **29.5%** | 23 | 19 | **18.8%** | 13 | 7 | **86.4%** | 525 | 582 | **-9.8%** |
| Malargüe | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 199 | 577 | **-65.5%** |
| Mar del Plata | 59 | 53 | **11.1%** | - | - | **-** | 1 | 5 | **-** | 59 | 57 | **3.7%** | 17 | 17 | **-0.7%** | 1375 | 1536 | **-10.5%** |
| Mendoza | 471 | 403 | **17.0%** | 177 | 157 | **12.8%** | 14 | 1 | **-** | 663 | 561 | **18.2%** | 111 | 130 | **-15.0%** | 5648 | 5392 | **4.7%** |
| Paraná | 11 | 11 | **0.0%** | - | - | **-** | - | - | **-** | 11 | 11 | **0.0%** | - | - | **-** | 913 | 838 | **8.9%** |
| Posadas | 86 | 77 | **11.7%** | - | - | **-** | 0 | - | **-** | 86 | 77 | **11.8%** | 43 | 36 | **19.7%** | 1249 | 938 | **33.2%** |
| Pto Madryn | 53 | 53 | **-1.0%** | - | - | **-** | - | - | **-** | 53 | 53 | **-1.0%** | 6 | 6 | **8.5%** | 501 | 428 | **17.1%** |
| Reconquista | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 1023 | 754 | **35.7%** |
| Resistencia | 64 | 50 | **29.4%** | - | - | **-** | 1 | 0 | **-** | 65 | 50 | **30.4%** | 82 | 68 | **20.6%** | 975 | 963 | **1.2%** |
| Río Cuarto | - | 7 | **-** | - | - | **-** | - | - | **-** | - | 7 | **-** | - | 4 | **-** | 28 | 257 | **-89.1%** |
| Río Gallegos | 33 | 39 | **-16.1%** | 0 | 0 | **-** | 1 | 1 | **-** | 33 | 40 | **-17.0%** | 34 | 65 | **-48.3%** | 572 | 861 | **-33.6%** |
| Río Grande | 40 | 32 | **25.7%** | - | - | **-** | 0 | 0 | **-** | 40 | 32 | **24.7%** | 317 | 860 | **-63.1%** | 690 | 951 | **-27.4%** |
| Salta | 342 | 325 | **5.2%** | 20 | 12 | **61.7%** | - | 0 | **-** | 362 | 337 | **7.2%** | 56 | 59 | **-4.1%** | 4541 | 4241 | **7.1%** |
| San Fernando | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 13559 | 12804 | **5.9%** |
| San Juan | 50 | 45 | **10.1%** | - | - | **-** | - | - | **-** | 50 | 45 | **10.1%** | - | - | **-** | 645 | 564 | **14.4%** |
| San Luis | 15 | 14 | **10.3%** | - | - | **-** | - | - | **-** | 15 | 14 | **10.3%** | 11 | 10 | **5.6%** | 490 | 474 | **3.4%** |
| San Rafael | 14 | 13 | **9.5%** | - | - | **-** | - | - | **-** | 14 | 13 | **9.5%** | - | - | **-** | 2213 | 2290 | **-3.4%** |
| Santa Rosa | 10 | 11 | **-8.6%** | - | - | **-** | - | - | **-** | 10 | 11 | **-8.6%** | 10 | 4 | **154.0%** | 645 | 520 | **24.0%** |
| Santiago del Estero | 59 | 56 | **5.8%** | 0 | - | **-** | 1 | - | **-** | 60 | 56 | **7.3%** | 63 | 20 | **215.6%** | 1129 | 1329 | **-15.0%** |
| Tucumán | 216 | 197 | **9.7%** | 4 | 0 | **-** | 0 | 0 | **-** | 220 | 197 | **11.5%** | 96 | 76 | **26.0%** | 2258 | 1898 | **19.0%** |
| Viedma | 8 | 10 | **-12.1%** | - | - | **-** | - | 0 | **-** | 8 | 10 | **-12.1%** | - | - | **-** | 273 | 204 | **33.8%** |
| Villa Mercedes | - | 0 | **-** | - | - | **-** | - | - | **-** | - | 0 | **-** | - | - | **-** | 205 | 275 | **-25.5%** |
| Termas de Río Hondo | 4 | 3 | **23.4%** | - | 0 | **-** | - | - | **-** | 4 | 4 | **13.2%** | - | - | **-** | 136 | 120 | **13.3%** |
| Bahía Blanca | 60 | 57 | **3.6%** | - | - | **-** | 1 | 3 | **-62.3%** | 61 | 60 | **0.3%** | 67 | 43 | **57.0%** | 856 | 941 | **-9.0%** |
| Neuquén | 349 | 284 | **22.8%** | 0 | 0 | **-** | 6 | 6 | **7.6%** | 355 | 290 | **22.5%** | 222 | 84 | **164.3%** | 3476 | 3196 | **8.8%** |
| **Total Argentina** | **7960** | **7187** | **10.8%** | **3769** | **3253** | **15.9%** | **400** | **324** | **23.8%** | **12130** | **10764** | **12.7%** | **48276** | **50052** | **-3.5%** | **122880** | **113582** | **8.2%** |

---

Page **35** of **42**

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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)** | **Cargo Volume <br> (in tons)** | **Cargo Volume <br> (in tons)** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. | 3Q25 | 3Q24 | % Var. |
| **Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pisa | 445 | 402 | **10.7%** | 1513 | 1466 | **3.2%** | 3 | 2 | **90.8%** | 1961 | 1869 | **4.9%** | 3000 | 3053 | **-1.7%** | 14916 | 14008 | **6.5%** |
| Florence | 148 | 159 | **-6.9%** | 1013 | 896 | **13.1%** | 0 | 0 | **-** | 1161 | 1055 | **10.0%** | 34 | 19 | **74.8%** | 12983 | 11783 | **10.2%** |
| **Total Italy** | **593** | **561** | **5.7%** | **2526** | **2362** | **6.9%** | **4** | **2** | **90.0%** | **3122** | **2924** | **6.8%** | **3034** | **3072** | **-1.2%** | **27899** | **25791** | **8.2%** |
| **Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Brasilia | 2528 | 2269 | **11.4%** | 226 | 204 | **10.7%** | 1687 | 1624 | **3.9%** | 4441 | 4097 | **8.4%** | 15787 | 16462 | **-4.1%** | 39777 | 37505 | **6.1%** |
| **Total Brazil** | **2528** | **2269** | **11.4%** | **226** | **204** | **10.7%** | **1687** | **1624** | **3.9%** | **4441** | **4097** | **8.4%** | **15787** | **16462** | **-4.1%** | **39777** | **37505** | **6.1%** |
| **Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carrasco | 1 | 0 | **-** | 504 | 533 | **-5.4%** | 7 | 12 | **-44.7%** | 512 | 545 | **-6.1%** | 8006 | 7796 | **2.7%** | 5071 | 5715 | **-11.3%** |
| Punta del Este | 0 | 0 | **-** | 19 | 16 | **21.5%** | - | - | **-** | 19 | 16 | **21.6%** | - | - | **-** | 1553 | 1277 | **21.6%** |
| **Total Uruguay** | **1** | **0** | **-** | **524** | **549** | **-4.6%** | **7** | **12** | **-44.7%** | **531** | **561** | **-5.3%** | **8006** | **7796** | **2.7%** | **6624** | **6992** | **-5.3%** |
| **Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Guayaquil | 477 | 476 | **0.4%** | 601 | 607 | **-1.0%** | 15 | 24 | **-37.7%** | 1094 | 1107 | **-1.2%** | 7048 | 7480 | **-5.8%** | 18273 | 17985 | **1.6%** |
| Galápagos | 137 | 135 | **1.6%** | - | - | **-** | - | - | **-** | 137 | 135 | **1.6%** | 1132 | 1207 | **-6.2%** | 1580 | 1531 | **3.2%** |
| **Total Ecuador** | **615** | **611** | **0.7%** | **601** | **607** | **-1.0%** | **15** | **24** | **-37.7%** | **1231** | **1242** | **-0.9%** | **8180** | **8687** | **-5.8%** | **19853** | **19516** | **1.7%** |
| **Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Zvartnots | - | - | **-** | 1761 | 1715 | **2.7%** | 62 | - | **-** | 1823 | 1715 | **6.3%** | 10248 | 10727 | **-4.5%** | 13060 | 11889 | **9.8%** |
| Shirak | - | - | **-** | 36 | 33 | **8.6%** | - | - | **-** | 36 | 33 | **8.6%** | - | - | **-** | 219 | 221 | **-0.9%** |
| **Total Armenia** | **-** | **-** | **-** | **1797** | **1748** | **2.8%** | **62** | **-** | **-** | **1859** | **1748** | **6.3%** | **10248** | **10727** | **-4.5%** | **13279** | **12110** | **9.7%** |
| **Total CAAP** | **11697** | **10628** | **10%** | **9443** | **8723** | **8%** | **2174** | **1985** | **10%** | **23314** | **21336** | **9%** | **93531** | **96797** | **-3%** | **230312** | **215496** | **7%** |

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Page **36** of **42**

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

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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)** | **Cargo Volume <br> (in tons)** | **Cargo Volume <br> (in tons)** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. |
| **Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Aeroparque | 8734 | 7522 | **16.1%** | 3691 | 2493 | **48.1%** | 881 | 721 | **22.1%** | 13306 | 10736 | **23.9%** | 1140 | 805 | **41.5%** | 106376 | 88972 | **19.6%** |
| Bariloche | 1855 | 1710 | **8.5%** | 114 | 72 | **58.0%** | 2 | 5 | **-62.4%** | 1971 | 1788 | **10.3%** | - | - | **-** | 14429 | 12857 | **12.2%** |
| Catamarca | 57 | 55 | **4.7%** | - | - | **-** | 5 | 5 | **-13.2%** | 62 | 60 | **3.2%** | - | 35 | **-** | 2160 | 1957 | **10.4%** |
| C. Rivadavia | 430 | 384 | **11.9%** | - | - | **-** | 0 | 3 | **-** | 430 | 388 | **11.1%** | 268 | 413 | **-35.1%** | 5201 | 4971 | **4.6%** |
| Córdoba | 1672 | 1638 | **2.1%** | 666 | 451 | **47.6%** | 2 | 3 | **-38.6%** | 2340 | 2091 | **11.9%** | 842 | 673 | **25.3%** | 20749 | 19429 | **6.8%** |
| El Palomar | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 2443 | 3858 | **-36.7%** |
| Esquel | 63 | 64 | **-0.4%** | - | - | **-** | - | 0 | **-** | 63 | 64 | **-0.4%** | - | - | **-** | 1584 | 1370 | **15.6%** |
| Ezeiza | 2253 | 2142 | **5.2%** | 6237 | 6051 | **3.1%** | 195 | 194 | **0.5%** | 8685 | 8387 | **3.5%** | 143419 | 138299 | **3.7%** | 56284 | 55838 | **0.8%** |
| Formosa | 67 | 76 | **-11.9%** | - | - | **-** | - | 0 | **-** | 67 | 76 | **-11.9%** | 49 | 54 | **-9.2%** | 1094 | 1152 | **-5.0%** |
| General Pico | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 2201 | 947 | **132.4%** |
| Iguazú | 1315 | 1039 | **26.6%** | 0 | 0 | **-** | 0 | 0 | **-** | 1315 | 1039 | **26.5%** | - | - | **-** | 8579 | 7852 | **9.3%** |
| Jujuy | 360 | 386 | **-6.6%** | 3 | - | **-** | - | 2 | **-** | 363 | 388 | **-6.3%** | 75 | 160 | **-53.4%** | 4335 | 3433 | **26.3%** |
| La Rioja | 54 | 52 | **3.2%** | - | - | **-** | 5 | 6 | **-14.2%** | 59 | 58 | **1.3%** | 19 | 46 | **-59.3%** | 1699 | 1430 | **18.8%** |
| Malargüe | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | - | - | **-** | 573 | 941 | **-39.1%** |
| Mar del Plata | 225 | 223 | **0.6%** | - | - | **-** | 2 | 9 | **-79.5%** | 227 | 232 | **-2.4%** | 84 | 61 | **38.6%** | 4953 | 5781 | **-14.3%** |
| Mendoza | 1376 | 1196 | **15.1%** | 522 | 438 | **19.2%** | 32 | 13 | **140.5%** | 1930 | 1647 | **17.2%** | 745 | 363 | **105.1%** | 16690 | 15442 | **8.1%** |
| Paraná | 32 | 29 | **10.4%** | - | - | **-** | - | - | **-** | 32 | 29 | **10.4%** | - | - | **-** | 2384 | 2452 | **-2.8%** |
| Posadas | 244 | 245 | **-0.5%** | - | - | **-** | 0 | - | **-** | 244 | 245 | **-0.4%** | 126 | 88 | **43.6%** | 3298 | 2833 | **16.4%** |
| Pto Madryn | 125 | 93 | **34.0%** | - | - | **-** | 0 | - | **-** | 125 | 93 | **34.0%** | 20 | 10 | **101.8%** | 1146 | 766 | **49.6%** |
| Reconquista | - | 1 | **-** | - | - | **-** | - | - | **-** | - | 1 | **-** | - | - | **-** | 2608 | 2363 | **10.4%** |
| Resistencia | 157 | 146 | **7.9%** | - | - | **-** | 1 | 3 | **-** | 158 | 149 | **6.1%** | 230 | 148 | **55.1%** | 2542 | 2804 | **-9.3%** |
| Río Cuarto | 7 | 17 | **-60.3%** | - | - | **-** | - | - | **-** | 7 | 17 | **-60.3%** | 2 | 6 | **-70.3%** | 327 | 592 | **-44.8%** |
| Río Gallegos | 124 | 131 | **-5.8%** | 0 | 0 | **-** | 3 | 5 | **-46.2%** | 127 | 137 | **-7.2%** | 134 | 195 | **-31.3%** | 2239 | 2767 | **-19.1%** |
| Río Grande | 110 | 103 | **6.9%** | - | - | **-** | 1 | 1 | **-** | 111 | 104 | **6.9%** | 1092 | 1966 | **-44.5%** | 2225 | 2396 | **-7.1%** |
| Salta | 989 | 916 | **7.9%** | 61 | 34 | **79.9%** | 2 | 0 | **-** | 1052 | 951 | **10.6%** | 223 | 191 | **16.7%** | 13004 | 12416 | **4.7%** |
| San Fernando | - | 1 | **-** | - | - | **-** | - | - | **-** | - | 1 | **-** | - | - | **-** | 40578 | 38678 | **4.9%** |
| San Juan | 144 | 130 | **10.8%** | - | - | **-** | - | - | **-** | 144 | 130 | **10.8%** | - | - | **-** | 1832 | 1646 | **11.3%** |
| San Luis | 43 | 43 | **0.4%** | - | - | **-** | - | - | **-** | 43 | 43 | **0.4%** | 32 | 111 | **-71.5%** | 1344 | 1218 | **10.3%** |
| San Rafael | 36 | 36 | **-0.8%** | - | - | **-** | 0 | - | **-** | 36 | 36 | **-0.8%** | - | - | **-** | 6570 | 6704 | **-2.0%** |
| Santa Rosa | 31 | 32 | **-2.5%** | - | - | **-** | 0 | 0 | **-** | 31 | 32 | **-2.2%** | 39 | 5 | **679.0%** | 2028 | 1710 | **18.6%** |
| Santiago del Estero | 167 | 164 | **1.8%** | 1 | - | **-** | 1 | - | **-** | 169 | 164 | **2.7%** | 93 | 73 | **27.4%** | 3119 | 3573 | **-12.7%** |
| Tucumán | 606 | 544 | **11.4%** | 10 | 0 | **-** | 1 | 0 | **-** | 617 | 544 | **13.3%** | 309 | 79 | **293.6%** | 6162 | 5187 | **18.8%** |
| Viedma | 25 | 25 | **0.9%** | - | - | **-** | 0 | 2 | **-** | 25 | 27 | **-4.9%** | - | - | **-** | 724 | 598 | **21.1%** |
| Villa Mercedes | - | 0 | **-** | - | - | **-** | - | - | **-** | - | 0 | **-** | - | - | **-** | 528 | 1121 | **-52.9%** |
| Termas de Río Hondo | 15 | 8 | **93.3%** | - | 0 | **-** | 0 | 0 | **-** | 15 | 8 | **84.7%** | - | 5 | **-** | 427 | 300 | **42.3%** |
| Bahía Blanca | 174 | 172 | **1.4%** | - | - | **-** | 2 | 9 | **-73.8%** | 177 | 181 | **-2.4%** | 183 | 111 | **65.4%** | 2563 | 2816 | **-9.0%** |
| Neuquén | 990 | 786 | **25.9%** | 0 | 0 | **-** | 16 | 13 | **18.4%** | 1006 | 800 | **25.7%** | 388 | 252 | **53.8%** | 10268 | 9035 | **13.6%** |
| **Total Argentina** | **22481** | **20110** | **11.8%** | **11304** | **9540** | **18.5%** | **1150** | **996** | **15.5%** | **34935** | **30645** | **14.0%** | **149511** | **144149** | **3.7%** | **355266** | **328205** | **8.2%** |

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Page **37** of **42**

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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)** | **Cargo Volume <br> (in tons)** | **Cargo Volume <br> (in tons)** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. | YTD-25 | YTD-24 | % Var. |
| **Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pisa | 1162 | 1000 | **16.2%** | 3516 | 3339 | **5.3%** | 6 | 4 | **51.2%** | 4684 | 4343 | **7.8%** | 9305 | 9378 | **-0.8%** | 35281 | 32922 | **7.2%** |
| Florence | 384 | 398 | **-3.5%** | 2579 | 2305 | **11.9%** | 0 | 0 | **-** | 2963 | 2703 | **9.6%** | 94 | 54 | **75.2%** | 33690 | 31091 | **8.4%** |
| **Total Italy** | **1546** | **1399** | **10.6%** | **6095** | **5644** | **8.0%** | **6** | **4** | **51.4%** | **7647** | **7046** | **8.5%** | **9399** | **9431** | **-0.3%** | **68971** | **64013** | **7.7%** |
| **Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Natal**<sup>(1)</sup>** | - | 350 | **-** | - | 16 | **-** | - | 2 | **-** | - | 368 | **-** | - | 898 | **-** | - | 3076 | **-** |
| Brasilia | 6951 | 6335 | **9.7%** | 654 | 523 | **25.1%** | 4605 | 4283 | **7.5%** | 12210 | 11142 | **9.6%** | 46462 | 46462 | **0.0%** | 111722 | 104286 | **7.1%** |
| **Total Brazil** | **6951** | **6686** | **4.0%** | **654** | **540** | **21.3%** | **4605** | **4285** | **7.5%** | **12210** | **11510** | **6.1%** | **46462** | **47360** | **-1.9%** | **111722** | **107362** | **4.1%** |
| **Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carrasco | 2 | 0 | **-** | 1561 | 1546 | **1.0%** | 29 | 38 | **-23.6%** | 1592 | 1584 | **0.5%** | 25590 | 23010 | **11.2%** | 16335 | 16613 | **-1.7%** |
| Punta del Este | 0 | 0 | **-** | 116 | 97 | **19.0%** | - | - | **-** | 116 | 97 | **19.0%** | - | - | **-** | 7952 | 6946 | **14.5%** |
| **Total Uruguay** | **3** | **1** | **-** | **1677** | **1643** | **2.0%** | **29** | **38** | **-23.6%** | **1708** | **1681** | **1.6%** | **25590** | **23010** | **11.2%** | **24287** | **23559** | **3.1%** |
| **Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Guayaquil | 1379 | 1370 | **0.7%** | 1699 | 1693 | **0.3%** | 52 | 62 | **-15.8%** | 3130 | 3126 | **0.2%** | 22884 | 23830 | **-4.0%** | 53559 | 52388 | **2.2%** |
| Galápagos | 403 | 400 | **0.8%** | - | - | **-** | - | - | **-** | 403 | 400 | **0.8%** | 3717 | 3951 | **-5.9%** | 4802 | 4532 | **6.0%** |
| **Total Ecuador** | **1783** | **1770** | **0.7%** | **1699** | **1693** | **0.3%** | **52** | **62** | **-15.8%** | **3534** | **3526** | **0.2%** | **26601** | **27781** | **-4.2%** | **58361** | **56920** | **2.5%** |
| **Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Zvartnots | - | - | **-** | 4109 | 4023 | **2.1%** | 121 | - | **-** | 4231 | 4023 | **5.2%** | 29084 | 28070 | **3.6%** | 31730 | 29539 | **7.4%** |
| Shirak | - | - | **-** | 105 | 81 | **29.5%** | - | - | **-** | 105 | 81 | **29.5%** | - | - | **-** | 635 | 531 | **19.6%** |
| **Total Armenia** | **-** | **-** | **-** | **4214** | **4104** | **2.7%** | **121** | **-** | **-** | **4336** | **4104** | **5.6%** | **29084** | **28070** | **3.6%** | **32365** | **30070** | **7.6%** |
| **Total CAAP** | **32763** | **29965** | **9%** | **25643** | **23164** | **11%** | **5963** | **5384** | **11%** | **64369** | **58513** | **10%** | **286647** | **279801** | **2%** | **650972** | **610129** | **7%** |

---

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

Page **38** of **42**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3Q25** | **3Q24** | **% Var.** | **9M25** | **9M24** | **% Var.** |
| **Continuing operations** |  |  |  |  |  |  |
| Revenue | 527272 | 461809 | 14.2% | 1399522 | 1369855 | 2.2% |
| Cost of services | -330093 | -319845 | 3.2% | -897163 | -910519 | -1.5% |
| **Gross profit** | **197179** | **141964** | **38.9%** | **502359** | **459336** | **9.4%** |
| Selling, general and administrative expenses | -56465 | -47111 | 19.9% | -158406 | -140174 | 13.0% |
| Impairment loss of non-financial assets | -166 |  | - | -166 |  | - |
| Other operating income | 9535 | 7702 | 23.8% | 22202 | 22517 | -1.4% |
| Other operating expenses | -3136 | -1616 | 94.1% | -9802 | -5645 | 73.6% |
| **Operating income** | **146947** | **100939** | **45.6%** | **356187** | **336034** | **6.0%** |
| Share of loss in associates | -987 | -562 | 75.6% | -2143 | -829 | 158.5% |
| **Income before financial results and income tax** | **145960** | **100377** | **45.4%** | **354044** | **335205** | **5.6%** |
| Financial income | 20231 | 15921 | 27.1% | 47698 | 55070 | -13.4% |
| Financial loss | -86194 | -31849 | 170.6% | -197081 | 153118 | -228.7% |
| Inflation adjustment | -1040 | -3152 | -67.0% | -5694 | -20878 | -72.7% |
| **Income before income tax** | **78957** | **81297** | **-2.9%** | **198967** | **522515** | **-61.9%** |
| Income tax | -20231 | -80636 | -74.9% | -58722 | -261587 | -77.6% |
| **Income for the period** | **58726** | **661** | **8784.4%** | **140245** | **260928** | **-46.3%** |
| Attributable to: |  |  |  |  |  |  |
| Owners of the parent | 55052 | 14675 | 275.1% | 139985 | 244893 | -42.8% |
| Non-controlling interest | 3674 | -14014 | -126.2% | 260 | 16035 | -98.4% |

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Page **39** of **42**

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

---

| | | |
|:---|:---|:---|
|  | **Sep 30, 2025** | **Dec 31, 2024** |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 3090019 | 3155448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 83745 | 77801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset | 9814 | 9921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates | 9782 | 11746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at fair value through profit or loss | 5044 | 4237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | 100868 | 84618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 12629 | 13372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 316 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 59770 | 58461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 11 | 18 |
| **Total non-current assets** | **3371998** | **3415936** |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 14886 | 11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at fair value through profit or loss | 2589 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | 117978 | 82923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 62772 | 63156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | 7094 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176832 | 157546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 540388 | 439847 |
| **Total** | **922539** | **765377** |
| Assets classified as held for sale | **137** | 137 |
| **Total current assets** | **922676** | **765514** |
| **Total assets** | **4294674** | **4181450** |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 165219 | 163223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share premium | 221434 | 183430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4035) | (4094) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free distributable reserve | 378910 | 378910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-distributable reserve | 1358028 | 1358028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205195) | (116471) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal reserves | 10017 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other reserves | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334984) | (1319682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 856254 | 718511 |
| **Total attributable to owners of the parent** | **1445648** | **1369274** |
| Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56851 | 148686 |
| **Total equity** | **1502499** | **1517960** |

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Page **40** of **42**

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| | | |
|:---|:---|:---|
|  | **Sep 30, 2025** | **Dec 31, 2024** |
| **LIABILITIES** |  |  |
| **Non-current liabilities** |  |  |
| Borrowings | 1018285 | 1042704 |
| Derivative financial instruments liabilities | 2137 | 3351 |
| Deferred tax liabilities | 386332 | 383369 |
| Other liabilities | 776081 | 621412 |
| Lease liabilities | 5904 | 7010 |
| Trade payables | 1760 | 1914 |
| **Total non-current liabilities** | **2190499** | **2059760** |
| **Current liabilities** |  |  |
| Borrowings | 101177 | 115367 |
| Other liabilities | 355739 | 348586 |
| Lease liabilities | 4872 | 3707 |
| Derivative financial instruments liabilities | 994 |  |
| Current tax liabilities | 23509 | 15307 |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115385 | 120763 |
| **Total current liabilities** | **601676** | **603730** |
| **Total liabilities** | **2792175** | **2663490** |
| **Total equity and liabilities** | **4294674** | **4181450** |

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Page **41** of **42**

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

---

| | | |
|:---|:---|:---|
|  | **Sep 30, 2025** | **Sep 30, 2024** |
| **Cash flows from operating activities** | | |
| **Income for the period from continuing operations** | **140245** | **260928** |
| Adjustments for: |  |  |
| Amortization and depreciation | 167690 | 149806 |
| Deferred income tax | 21554 | 238140 |
| Current income tax | 37168 | 23447 |
| Impairment loss of non-financial assets | 166 | - |
| Share of loss in associates | 2143 | 829 |
| Loss on disposals of property, plant and equipment | 597 | 229 |
| Gain on disposal of subsidiaries | - | (521) |
| Low value, short term and variable lease payments | (1337) | (931) |
| Share based compensation expenses | 689 | 873 |
| Interest expenses | 66973 | 81087 |
| Other financial results, net | (8554) | (16196) |
| Net foreign exchange | 43098 | (308300) |
| Government subsidies per Covid-19 context | (720) | (79) |
| Other accruals | (397) | (3260) |
| Inflation adjustment | (3846) | (1690) |
| Acquisition of intangible assets | (131468) | (152528) |
| Income tax paid | (27158) | (32002) |
| Collection due to concession compensation (\*) | - | 90609 |
| Unpaid concession fees | 46153 | 46045 |
| Changes in liability for concessions | 65022 | 66369 |
| Changes in working capital | (83530) | (73045) |
| **Net cash provided by operating activities** | **334488** | **369810** |
| **Cash flows from investing activities** |  |  |
| Cash contribution in associates | (380) | (293) |
| Acquisition of other financial assets | (148513) | (123299) |
| Disposals of other financial assets | 100468 | 106800 |
| Acquisition of property, plant and equipment | (10705) | (7148) |
| Acquisition of intangible assets | (1283) | (1082) |
| Proceeds from property, plant and equipment | 169 | 16 |
| Net cash inflow on disposal of subsidiaries | 292 | (413) |
| Other | 2993 | (466) |
| **Net cash used in investing activities** | **(56959)** | **(25885)** |
| **Cash flows from financing activities** |  |  |
| Loans obtained | 11414 | 141733 |
| Guarantee deposits | (376) | 282 |
| Principal elements of lease payments | (3336) | (3352) |
| Loans repaid | (94388) | (234153) |
| Interest paid | (53472) | (67026) |
| Debt renegotiation expenses | (193) | (2236) |
| Dividends paid to non-controlling interests in subsidiaries | (43234) | (14942) |
| **Net cash used in financing activities** | **(183585)** | **(179694)** |
| **Increase in cash and cash equivalents from continuing operations** | **93944** | **164231** |
| **Movements in cash and cash equivalents** |  |  |
| At the beginning of the period | 439847 | 369848 |
| Effect of exchange rate changes and inflation adjustment on cash and cash equivalents | 6597 | (23194) |
| Increase in cash and cash equivalents from continuing operations | 93944 | 164231 |
| **At the end of the period** | **540388** | **510885** |

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