# EDGAR Filing Document

**Accession Number:** 0001717393
**File Stem:** 0001104659-25-080939
**Filing Date:** 2025-8
**Character Count:** 146923
**Document Hash:** 6d8694bbcd65f357591d950fa918f9aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-080939.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001104659-25-080939

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250820

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**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:** 251237315

**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 August, 2025

Commission File Number: 333-221916

**Corporación América Airports S.A.**

(Name of Registrant)

**128, Boulevard de la Pétrusse<br> L-2330 Luxembourg** 

**Tel: +35226258274**

(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: August 20, 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](tm2523699d2_ex99-1.htm) | [Press release dated August 20, 2025 - Corporación América Airports S.A. Reports Second Quarter 2025 Results.](tm2523699d2_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2523699d2_ex99-1img01.jpg)

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

Solid traffic performance drove double-digit revenue growth and Adjusted EBITDA expansion

Argentina delivered second-quarter record passenger traffic with international traffic up 18.5% YoY

Cash & Cash Equivalents at $497 million with Net Debt to LTM Adjusted EBITDA of 1.0x

**Luxembourg, August 20, 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 six-month period ended June 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.

**Second Quarter 2025 Highlights**

▪ Consolidated
 Revenues ex-IFRIC12 totaled $435.2 million, up 18.9% year-over-year (YoY), driven by increases
 of 22.0% and 15.1% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS
 29, consolidated revenues ex-IFRIC12 increased 20.7% YoY to $438.5 million.

▪ Key
 operating metrics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 13.7%
 increase in passenger traffic to 20.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 2.2%
 increase in cargo volume to 97.2 thousand tons.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 10.2%
 increase in aircraft movements to 214.4 thousand.

▪ Operating
 Income of $117.3 million, compared with $92.9 million in 2Q24.

▪ Adjusted
 EBITDA ex-IFRIC12 increased 23.3% to $167.9 million, from $136.2 million in the year-ago
 period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 25.2%
 to $168.5 million.

▪ Adjusted
 EBITDA margin ex-IFRIC12 expanded 1.4 percentage points to 38.6% from 37.2% in 2Q24. Adjusting
 for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 expanded to 38.4% from 37.0% in the
 prior-year quarter.

▪ Strong
 liquidity position with Cash & Cash equivalents of $496.8 million as of June 30,
 2025.

▪ Net
 debt to LTM Adjusted EBITDA stood at 1.0x as of June 30, 2025.

**CEO Message**

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: *"We delivered a strong second quarter, with broad-based traffic growth, double-digit increases in revenue and Adjusted EBITDA, and meaningful EBITDA margin expansion, reflecting the strength of our diversified portfolio and disciplined execution. Total traffic increased nearly 14% year-over-year, reaching close to 21 million passengers. Argentina led the performance, reaching a second-quarter record with double-digit increases in both international and domestic travel, supported by sustained demand recovery and multiple route additions. Brazil delivered double-digit growth, while Italy, Uruguay and Armenia also posted solid gains, and Ecuador remained broadly stable.*

*Revenues ex-IFRIC12 increased nearly 19% year-over-year, well ahead of traffic growth, driven by aeronautical revenues in line with traffic trends and continued strength in commercial revenues. Adjusted EBITDA ex-IFRIC12 rose 23% with margin expansion of 140 basis points to 38.6%, supported by operating leverage and disciplined cost control in key markets. Argentina, Armenia, Italy and Uruguay all posted strong EBITDA gains, as did Brazil when excluding a one-time item from 2Q24.*

*We continue to advance our commercial initiatives, aimed at growing non-aeronautical revenues and enhancing the passenger experience. In Argentina, we inaugurated the expanded duty-free arrivals area at Ezeiza Airport in May, increasing space from 700 to 1,100 square meters. In Brazil, construction of the shopping mall at Brasília Airport is progressing on schedule, with opening targeted for April 2026, alongside other real estate initiatives.*

*On the strategic front, our priority is to create long-term value through targeted investments and growth opportunities. In Argentina, we are progressing with the AA2000 concession economic re-equilibrium process, while in Italy we secured environmental approval from the Region of Tuscany for the Florence Airport Master Plan in April, an important milestone ahead of execution. In Armenia, we are moving forward with the Capex program approvals to expand Yerevan Airport.*

*On the new business front, we are waiting official resolution from the government of Montenegro and are actively pursuing opportunities in Latin America, Iraq, Angola, and M&A initiatives, among others.*

*Looking ahead, we expect positive traffic momentum in Argentina to continue, while strong summer seasons are anticipated in both Italy and Armenia. "*

Page **1** of **40**

**Operating & Financial Highlights**

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as <br> reported** |  | **2Q24 as <br> reported** |  | **% Var as <br> reported** |  | **IAS 29<br> 2Q25** | **2Q25 ex <br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex <br> IAS 29** |  |
| **Passenger Traffic (Million Passengers)** | **20.7** |  | **18.2** |  | **13.7** | **%** |  | **20.7** | **18.2** | **13.7** | **%** |
| **Revenue** | **476.8** |  | **416.2** |  | **14.6** | **%** | **-4.7** | **481.6** | **412.1** | **16.8** | **%** |
| Aeronautical Revenues | 222.9 |  | 193.7 |  | 15.1 | % | -2.1 | 225.0 | 193.2 | 16.4 | % |
| Non-Aeronautical Revenues | 253.9 |  | 222.6 |  | 14.1 | % | -2.6 | 256.5 | 218.9 | 17.2 | % |
| **Revenue excluding construction service** | **435.2** |  | **366.1** |  | **18.9** | **%** | **-3.3** | **438.5** | **363.3** | **20.7** | **%** |
| **Operating Income / (Loss)** | **117.3** |  | **92.9** |  | **26.4** | **%** | **-32.2** | **149.6** | **113.9** | **31.3** | **%** |
| Operating Margin | 24.6 | % | 22.3 | % | 230 | bp |  | 31.1% | 27.6% | 342 | bp |
| **Net (Loss) / Income Attributable to Owners of the Parent** | **49.3** |  | **50.2** |  | **-1.8** | **%** | **-2.8** | **52.2** | **57.8** | **-9.7** | **%** |
| Basic EPS (US$) | 0.30 |  | 0.31 |  | -2.3 | % | -0.02 | 0.32 | 0.36 | -10.2 | % |
| **Adjusted EBITDA** | **171.2** |  | **136.4** |  | **25.5** | **%** | **-0.7** | **171.9** | **134.8** | **27.5** | **%** |
| Adjusted EBITDA Margin | 35.9 | % | 32.8 | % | 313 | bp |  | 35.7% | 32.7% | 298 | bp |
| Adjusted EBITDA Margin excluding Construction Service | 38.6 | % | 37.2 | % | 137 | bp |  | 38.4% | 37.0% | 139 | bp |
| **Net Debt to LTM Adjusted EBITDA** | **1.0** | **x** | **1.1** | **x** |  |  |  |  |  |  |  |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(1)</sup>** | **1.0** | **x** | **1.3** | **x** |  |  |  |  |  |  |  |

---

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)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as <br> reported** |  | **6M24 as <br> reported** |  | **% Var as <br> reported** |  | **IAS 29 <br> 6M25** | **6M25 ex<br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |  |
| **Passenger Traffic (Million Passengers)** | **41.1** |  | **37.2** |  | **10.4** | **%** |  | **41.1** | **37.2** | **10.4** | **%** |
| **Revenue** | **910.3** |  | **880.4** |  | **3.4** | **%** | **-17.4** | **927.6** | **824.6** | **12.5** | **%** |
| Aeronautical Revenues | **451.5** |  | 431.8 |  | 4.6 | % | -8.7 | 460.2 | 402.0 | 14.5 | % |
| Non-Aeronautical Revenues | 458.8 |  | 448.7 |  | 2.3 | % | -8.6 | 467.4 | 422.6 | 10.6 | % |
| **Revenue excluding construction service** | **838.8** |  | **784.9** |  | **6.9** | **%** | **-13.5** | **852.3** | **734.6** | **16.0** | **%** |
| **Operating Income / (Loss)** | **218.0** |  | **227.7** |  | **-4.3** | **%** | **-70.1** | **288.1** | **246.4** | **16.9** | **%** |
| Operating Margin | 23.9 | % | 25.9 | % | -192 | bp |  | 31.1% | 29.9% | 118 | bp |
| **Net (Loss) / Income Attributable to Owners of the Parent** | **88.6** |  | **219.9** |  | **-59.7** | **%** | **-38.7** | **127.3** | **143.1** | **-11.1** | **%** |
| EPS (US$) | 0.55 |  | 1.37 |  | -59.9 | % | -0.24 | 0.79 | 0.89 | **-11.4** | **%** |
| **Adjusted EBITDA** | **323.7** |  | **313.0** |  | **3.4** | **%** | **-8.2** | **331.9** | **287.3** | **15.6** | **%** |
| Adjusted EBITDA Margin | 35.6 | % | 35.5 | % | 1 | bp |  | 35.8% | 34.8% | 95 | bp |
| Adjusted EBITDA Margin excluding Construction Service | 37.9 | % | 39.7 | % | -182 | bp |  | 38.3% | 39.0% | -68 | bp |
| **Net Debt to LTM Adjusted EBITDA** | **1.0** | **x** | **1.1** | **x** |  |  |  |  |  |  |  |
| **Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets <sup>(1)</sup>** | **1.0** | **x** | **1.3** | **x** |  |  |  |  |  |  |  |

---

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

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

Page **2** of **40**

**2Q25 Operating Performance**

**Passenger Traffic**

Total passenger traffic increased by 13.7% YoY to 20.7 million passengers, improving from the 7.3% YoY growth reported in 1Q25. Domestic traffic rose by 14.5% YoY, primarily driven by a recovery in demand in Argentina and Brazil and, to a lesser extent, Italy. Meanwhile, international traffic increased by 11.8% YoY, with all operating countries contributing positively, except Ecuador, with particularly strong results in Argentina, Italy, and Uruguay. Notably, Argentina accounted for over 60% of the total YoY traffic increase during the quarter.

In **Argentina**, passenger traffic grew by 17.3% YoY, up from the 12.5% increase recorded in 1Q25. The recovery was primarily driven by a sustained rebound in domestic traffic, which began toward the end of last year, coupled with continued growth in international travel. Domestic traffic growth accelerated to 16.4% YoY, up from 9.0% growth in the prior quarter. JetSMART added a new Airbus A320neo in June, bringing its fleet to a total of 16 aircraft, and launched several new routes including Aeroparque–Resistencia and Aeroparque–Trelew. Aerolíneas Argentinas also resumed multiple domestic routes, including Salta–Rosario, Neuquén–Rosario, and Córdoba–Posadas. Notably, a one-day strike by Aerolíneas Argentinas workers in June weighed on domestic traffic. International passenger traffic rose by 18.5% YoY, slightly decelerating from the 21.0% increase recorded in 1Q25, supported by increased frequencies and new routes from carriers including JetSMART, GOL, SKY, Azul, and LATAM. Avianca began operating the Córdoba–Bogotá route with three weekly frequencies, while Air Europa expanded its Córdoba–Madrid service from three to four weekly frequencies.

In **Italy**, passenger traffic rose by 9.4% YoY, driven by growth in both international and domestic traffic. International traffic, which accounted for 81% of total traffic, grew by 9.0% YoY, driven by increases of 13.4% at Florence Airport and 6.0% at Pisa Airport. Meanwhile, domestic passenger traffic increased by 11.3% YoY, supported by growth of 19.9% at Pisa Airport, reflecting increased flight frequencies from Ryanair, although partially offset by a decline at Florence Airport.

In **Brazil**, total passenger traffic increased by 15.2% YoY, reflecting improved traffic trends despite persistent challenges in the aviation sector and limited aircraft availability in the country. Domestic traffic, which accounted for nearly 60% of total traffic, grew by 13.7% YoY, while transit passengers rose by 14.7% YoY. Notably, international traffic, which accounted for only 5% of the mix, expanded by a robust 41.2% YoY, with routes to the US reaching record highs.

In **Uruguay**, where air traffic is predominantly international, total passenger traffic rose by 8.5% YoY, supported by increased activity during the Easter holiday in April. Azul Linhas Aéreas announced a new direct Montevideo–Campinas route, with five weekly flights, that began operating in July. This new connection is expected to strengthen ties between Uruguay and Brazil, enhancing connectivity and promoting the development of new commercial and tourism opportunities.

In **Armenia**, traffic increased by 8.2% YoY to 1.4 million passengers, driven by the introduction of new airlines and additional flight frequencies. Several carriers began operations at Yerevan's Zvartnots Airport in the early months of 2025, including China Southern, Air Cairo, Salam Air, and Sky Express. Additionally, Wizz Air recently announced the opening of a new base at Zvartnots Airport, deploying two aircraft and launching eight new direct routes to Europe.

In **Ecuador**, where security concerns persist, passenger traffic declined by 0.5% YoY. International traffic fell by 1.6% YoY, mainly due to reduced operations to the U.S., while domestic traffic increased by 1.0% YoY, although elevated airfares continued to weigh on travel demand.

**Cargo Volume**

Cargo volume increased by 2.2% YoY, with positive YoY contributions from all countries of operations, except Italy, Ecuador and Brazil: Armenia (+11.2%), Uruguay (+4.5%), Argentina (+2.7%), Brazil (-0.6%), Italy (-3.2%), and Ecuador (-3.4%). Argentina, Brazil, and Ecuador together accounted for almost 80% of the total cargo volume in the quarter.

**Aircraft Movements**

Total aircraft movements increased by 10.2% YoY, with positive YoY contributions from all countries of operations: Uruguay (+13.2%), Argentina (+12.3%), Brazil (+9.1%), Armenia (+8.9%), Italy (+7.2%), and Ecuador (+4.6%). Argentina, Brazil, and Italy accounted for more than 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 **40**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var. ('25<br> vs '24)** |
| Domestic Passengers (in thousands) | 10427 | 9107 | 14.5% |
| International Passengers (in thousands) | 8365 | 7485 | 11.8% |
| Transit Passengers (in thousands) | 1895 | 1600 | 18.4% |
| **Total Passengers (in thousands)** | **20687** | **18193** | **13.7%** |
| **Cargo Volume (in thousands of tons)** | **97.2** | **95.1** | **2.2%** |
| **Total Aircraft Movements (in thousands)** | **214.4** | **194.5** | **10.2%** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **2Q25** | **2Q24** | **% Var.** | **2Q25** | **2Q24** | **% Var.** | **2Q25** | **2Q24** | **% Var.** |
|  | (thousands) | (thousands) | (thousands) | (tons) | (tons) | (tons) |  |  |  |
| Argentina | 10637 | 9070 | 17.3% | 51188 | 49863 | 2.7% | 112959 | 100608 | 12.3% |
| Italy | 2895 | 2646 | 9.4% | 3141 | 3244 | -3.2% | 26305 | 24527 | 7.2% |
| Brazil | 4042 | 3508 | 15.2% | 15398 | 15491 | -0.6% | 37362 | 34250 | 9.1% |
| Uruguay | 522 | 481 | 8.5% | 8695 | 8321 | 4.5% | 7752 | 6847 | 13.2% |
| Ecuador <sup>(1)</sup> | 1169 | 1174 | -0.5% | 9464 | 9800 | -3.4% | 19265 | 18417 | 4.6% |
| Armenia | 1421 | 1314 | 8.2% | 9282 | 8344 | 11.2% | 10751 | 9871 | 8.9% |
| **TOTAL** | **20687** | **18193** | **13.7%** | **97168** | **95062** | **2.2%** | **214394** | **194520** | **10.2%** |

---

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 **40**

**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 14.6% YoY to $476.8 million. Excluding Construction Services and the impact of IAS 29, revenues rose by 20.7% YoY to $438.5 million, outpacing the 13.7% growth in passenger traffic. This performance reflected positive contributions from all countries of operation, notably Argentina, Armenia, Italy, and Uruguay. Both commercial and aeronautical revenue growth supported the overall increase.

The following table shows revenue performance by country. More detail on the performance of CAAP´s countries of operations can be found on page 11.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2Q25 as <br> reported** | **2Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2Q25 ex <br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 256.0 | 224.8 | 13.9% | -4.7 | 260.7 | 220.7 | 18.1% |
| Italy | 45.7 | 35.3 | 29.6% |  | 45.7 | 35.3 | 29.6% |
| Brazil | 27.7 | 26.8 | 3.1% |  | 27.7 | 26.8 | 3.1% |
| Uruguay | 47.2 | 42.8 | 10.4% |  | 47.2 | 42.8 | 10.4% |
| Armenia | 72.8 | 59.3 | 22.7% |  | 72.8 | 59.3 | 22.7% |
| Ecuador <sup>(1)</sup> | 27.3 | 27.1 | 0.6% |  | 27.3 | 27.1 | 0.6% |
| Unallocated | 0.2 | 0.2 | 1.1% | - | 0.2 | 0.2 | 1.1% |
| **Total consolidated revenue <sup>(2)</sup>** | **476.8** | **416.3** | **14.5%** | **-4.7** | **481.6** | **412.1** | **16.8%** |

---

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, 'As reported' revenues increased 23.6% in Argentina (or 27.3% excluding IAS29), 21.5% in Armenia, 19.2% in Italy, 14.1% in Uruguay, 3.9% in Brazil and 0.8% in Ecuador.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as <br> reported** | **2Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Aeronautical Revenue** | **222.9** | **193.7** | **15.1%** | **-2.1** | **225.0** | **193.2** | **16.4%** |
| **Non-aeronautical Revenue** | **253.9** | **222.6** | **14.1%** | **-2.6** | **256.5** | **218.9** | **17.2%** |
| Commercial revenue | 209.2 | 171.4 | 22.0% | -1.2 | 210.4 | 169.1 | 24.4% |
| Construction service revenue <sup>(1)</sup> | 41.6 | 50.1 | -17.0% | -1.4 | 43 | 48.8 | -11.8% |
| Other revenue | 3.1 | 1 | 210.9% | 0 | 3.1 | 1 | 210.9% |
| **Total Consolidated Revenue** | **476.8** | **416.2** | **14.6%** | **-4.7** | **481.6** | **412.1** | **16.8%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **435.2** | **366.1** | **18.9%** | **-3.3** | **438.5** | **363.3** | **20.7%** |

---

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

2 Excludes Construction Service revenue.

**Aeronautical Revenues** accounted for 46.8% of total revenues, increasing by 15.1% YoY to $222.9 million, or by 16.4% to $225.0 million when excluding the impact of IAS 29. This performance was supported by a 13.7% increase in passenger traffic and was mainly driven by growth in Argentina, with contributions from all countries of operation except Ecuador. In Argentina, aeronautical revenues grew by 20.7%, or by 23.2% excluding IAS 29, primarily reflecting an 18.5% increase in international traffic. In Armenia, Uruguay, Italy, and Brazil, aeronautical revenues rose by 14.6%, 11.1%, 10.5%, and 9.5%, respectively, in line with passenger traffic growth. In contrast, Ecuador reported a 2.2% YoY decline in aeronautical revenues due to a slight decrease in passenger traffic during the second quarter.

**Non-Aeronautical Revenues** represented 53.2% of total revenues, increasing by 14.1% YoY to $253.9 million, or by 17.2% YoY to $256.5 million when excluding the impact of IAS 29. **Commercial revenues** grew by 22.0% YoY, or by 24.4% excluding IAS 29, mainly driven by higher contributions from cargo revenues, as well as improved performance in parking facilities, VIP lounges, duty-free stores, 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 17.0% YoY, or 11.8% excluding IAS 29, reflecting lower levels of capital expenditures during the period.

Page **5** of **40**

**Operating Costs and Expenses**

In 2Q25, **Total costs and expenses, excluding construction service costs**, increased by 16.8% YoY, or 16.4% to $299.4 million when excluding the impact of IAS 29. This increase, which remained below revenue growth, was mainly driven by higher Concession fees and Maintenance expenses, primarily in Argentina, along with increased Fuel costs in Armenia and higher Salaries and social security contributions. SG&A expenses also contributed to the overall costs increases.

**Cost of Services** increased 8.7% YoY, or 8.6% to $283.8 million when excluding IAS29, mainly as a result of the following increases:

▪ 15.9%,
 or $7.5 million, in Concession fees,

▪ 14.0%,
 or $5.7 million, in Maintenance expenses, mainly in Argentina,

▪ 23.3%,
 or $5.3 million, in Fuel costs, mainly in Armenia, and

▪ 6.8%,
 or $3.9 million, in Salaries and social security contributions.

These increases were partially offset by an 18.3% reduction in Construction service costs, reflecting lower capital expenditures. Excluding Construction service costs, Cost of services increased by 15.4% YoY, or 14.8% to $244.2 million when excluding the impact of IAS 29, primarily due to higher Concession fees, Maintenance expenses, and Fuel costs.

**Selling, General, and Administrative Expenses ("SG&A")** increased by 21.6% YoY to $53.3 million in 2Q25. Excluding the impact of IAS 29, SG&A expenses rose by 21.9% to $52.9 million, largely due to higher Salaries and social security contributions, driven by inflation rates significantly outpacing currency depreciation in Argentina, along with increased Services and fees, Maintenance expenses, and Taxes.

**Other expenses** totaled $2.3 million in 2Q25, compared to $1.0 million in 2Q24.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as <br> reported** | **2Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2Q25 ex <br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Cost of Services** | **310.9** | **286.1** | **8.7%** | **27.1** | **283.8** | **261.3** | **8.6%** |
| Salaries and social security contributions | 60.7 | 57.4 | 5.6% | -0.7 | 61.4 | 57.5 | 6.8% |
| Concession fees | 54.1 | 47.3 | 14.2% | -0.6 | 54.7 | 47.2 | 15.9% |
| Construction service cost | 38.3 | 49.9 | -23.3% | -1.4 | 39.7 | 48.6 | -18.3% |
| Maintenance expenses | 45.8 | 41.5 | 10.3% | -0.7 | 46.4 | 40.7 | 14.0% |
| Amortization and depreciation | 51.9 | 41.8 | 24.1% | 30.7 | 21.2 | 19.4 | 9.1% |
| Other | 60.2 | 48.1 | 25.2% | -0.3 | 60.5 | 48.0 | 26.1% |
| **Cost of Services Excluding Construction Service cost** | **272.6** | **236.2** | **15.4%** | **28.5** | **244.2** | **212.7** | **14.8%** |
| **Selling, general and administrative expenses** | **53.3** | **43.8** | **21.6%** | **0.3** | **52.9** | **43.4** | **21.9%** |
| **Other expenses** | **2.3** | **1.0** | **129.1%** | **0.0** | **2.3** | **1.0** | **128.1%** |
| **Total Costs and Expenses** | **366.4** | **330.8** | **10.8%** | **27.4** | **339.0** | **305.7** | **10.9%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **328.1** | **280.9** | **16.8%** | **28.8** | **299.4** | **257.1** | **16.4%** |

---

Page **6** of **40**

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

In 2Q25, CAAP reported Adjusted EBITDA of $171.2 million and Adjusted EBITDA ex-IFRIC 12 of $167.9 million, increasing 23.3% from $136.2 million in 2Q24. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased by 25.2% YoY to $168.5 million, supported by YoY increases of 38.6% in Argentina, 27.1% in Uruguay, 19.7% in Armenia, and 1.8% in Italy. These gains were partially offset by YoY declines in Ecuador and Brazil.

The Adjusted EBITDA margin ex-IFRIC 12 expanded by 1.4 percentage points to 38.6%, up from 37.2% in 2Q24. Excluding the impact of IAS 29 in Argentina, the margin rose from 37.0% in 2Q24 to 38.4% in 2Q25, reflecting improved profitability in Argentina and Uruguay.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as <br> reported** | **2Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex <br> IAS 29** | **% Var ex <br> IAS 29** |
| Argentina | 92.7 | 69 | 34.4% | -0.7 | 93.4 | 67.4 | 38.6% |
| Italy | 16.6 | 13.3 | 24.9% |  | 16.6 | 13.3 | 24.9% |
| Brazil | 11.2 | 11.4 | -1.8% |  | 11.2 | 11.4 | -1.8% |
| Uruguay | 15.5 | 12.2 | 27.1% |  | 15.5 | 12.2 | 27.1% |
| Armenia | 29.4 | 24.5 | 19.8% |  | 29.4 | 24.5 | 19.8% |
| Ecuador | 7.9 | 8.2 | -2.8% |  | 7.9 | 8.2 | -2.8% |
| Unallocated | -2.1 | -2.1 | -1.0% | - | -2.1 | -2.1 | 1.0% |
| **Total segment EBITDA** | **171.2** | **136.4** | **25.5%** | **-0.7** | **171.9** | **134.8** | **27.5%** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as <br> reported** | **2Q24 as <br> reported** | **% Var as <br> reported** |  | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |  |
| **Income from Continuing Operations** | **51.5** | **54.5** | **-5.5** | **%** | **-18.8** | **70.3** | **62.1** | **13.3** | **%** |
| Financial Income | -18.1 | -17.6 | 3.0 | % | 13.5 | -31.6 | -24.5 | 28.8 | % |
| Financial Loss | 71.5 | 8.7 | 721.6 | % | -42.1 | 113.6 | 88.2 | 28.7 | % |
| Inflation adjustment | 1.7 | 1.6 | 6.6 | % | 2.4 | -0.7 | -1.2 | -41.6 | % |
| Income Tax Expense | 10.1 | 45.6 | -77.9 | % | 12.7 | -2.7 | -10.7 | -75.0 | % |
| Amortization and Depreciation | 54.5 | 43.6 | 25.1 | % | 31.6 | 23.0 | 20.9 | 9.6 | % |
| **Adjusted EBITDA** | **171.2** | **136.4** | **25.5** | **%** | **-0.7** | **171.9** | **134.8** | **27.5** | **%** |
| **Adjusted EBITDA Margin** | **35.9%** | **32.8%** | **313** | **bp** | **-** | **35.7%** | **32.7%** | **298** | **bp** |
| **Adjusted EBITDA excluding Construction Service** | **167.9** | **136.2** | **23.3** | **%** | **-0.7** | **168.5** | **134.6** | **25.2** | **%** |
| **Adjusted EBITDA Margin excluding Construction Service** | **38.6%** | **37.2%** | **137** | **bp** | **-** | **38.4%** | **37.0%** | **139** | **bp** |

---

Page **7** of **40**

**Financial Income and Loss**

CAAP reported a **Net financial loss** of $55.1 million in 2Q25, compared to net financial income of $7.3 million in 2Q24. This result was primarily driven by foreign exchange losses in Argentina during the second quarter of this year, reflecting the impact of a higher devaluation rate relative to inflation on the net monetary liability position. This contrasts with 2Q24, when foreign exchange gains were recorded due to inflation significantly outpacing the devaluation rate. Had IAS 29 not been applied, CAAP would have reported a net financial loss of $81.3 million in 2Q25, compared to a loss of $62.5 million in the same period last year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as <br> reported** | **2Q24 as <br> reported** | **% Var as <br> reported** | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex <br> IAS 29** |
| **Financial Income** | **18.1** | **17.6** | **3.0%** | **-13.5** | **31.6** | **24.5** | **28.8%** |
| Interest income | 8.8 | 12.8 | -31.4% | -0.1 | 8.9 | 12.8 | -30.5% |
| Foreign exchange income | 6.8 | 0.2 | 3621.2% | -13.4 | 20.2 | 7.2 | 181.2% |
| Other | 2.6 | 4.6 | -44.2% | 0.0 | 2.6 | 4.6 | -44.2% |
| **Inflation adjustment** | **-1.7** | **-1.6** | **6.6%** | **-2.4** | **0.7** | **1.2** | **-41.6%** |
| Inflation adjustment | -1.7 | -1.6 | 6.6% | -2.4 | 0.7 | 1.2 | -41.6% |
| **Financial Loss** | **-71.5** | **-8.7** | **721.6%** | **42.1** | **-113.6** | **-88.2** | **28.7%** |
| Interest Expenses | -22.4 | -25.4 | -11.7% | 0.2 | -22.7 | -25.3 | -10.5% |
| Foreign exchange transaction expenses | -27.7 | 40.8 | -168.0% | 41.8 | -69.6 | -38.9 | 79.0% |
| Changes in liability for concessions | -19.3 | -21.2 | -9.1% |  | -19.3 | -21.2 | -9.1% |
| Other expenses | -2.1 | -2.8 | -27.1% | 0 | -2.1 | -2.8 | -27.2% |
| **Financial Loss, Net** | **-55.1** | **7.3** | **-856.2%** | **26.2** | **-81.3** | **-62.5** | **30.0%** |

---

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

**Income Tax Expense**

During 2Q25, the Company reported an **Income Tax Expense** of $10.1 million versus an expense of $45.6 million in 2Q24. Excluding the impact of IAS 29, CAAP reported an income tax benefit of $2.7 million in 2Q25, compared to a tax benefit of $10.7 million in the year-ago quarter.

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

During 2Q25, CAAP reported **Net Income** of $51.5 million, compared to $54.5 million in 2Q24. The 5.5% year-over-year decrease was primarily driven by the previously mentioned negative variation in foreign exchange results on the net monetary liability position in Argentina, which more than offset higher operating income and lower income tax expense.

In 2Q25, the Company reported **Net Income Attributed to Owners of the Parent** of $49.3 million and earnings per common share of $0.30, compared with Net Income Attributable to Owners of the Parent of $50.2 million in 2Q24, equivalent to earnings per common share of $0.31.

**Consolidated Financial Position**

As of June 30, 2025, Cash and cash equivalents totaled $496.8 million, increasing 10.7% from the $448.6 million reported as of March 31, 2025, and 13.0% 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 $595.2 million, up from $523.5 million as of March 31, 2025, and $525.9 million as of December 31, 2024.

Total Debt at the close of 2Q25 decreased 1.6%, or $18.4 million, to $1,139.7 million, from $1,158.1 million as of December 31, 2024, primarily driven by debt reductions in Argentina, Uruguay and Ecuador. A total of $834.1 million, or 73.2% of total debt is denominated in U.S. dollars, while $174.1 million, or 15.3% is denominated in Brazilian Reals, and $131.5 million, or 11.5%, is in Euros.

The Net Debt to LTM Adjusted EBITDA ratio stood at 1.0x as of June 30, 2025, down from the 1.1x recorded as of December 31, 2024. The decrease in the leverage ratio was driven by lower net debt, reflecting both reduced gross debt and higher cash balances, while LTM Adjusted EBITDA remained largely unchanged. No impairment of intangible assets was recorded over the past twelve months. As a result, the Net Debt to LTM Adjusted EBITDA ratio excluding intangible assets also remained at 1.0x. As of June 30, 2025, all CAAP subsidiaries remained in compliance with their financial covenants.

Page **8** of **40**

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

---

| | | |
|:---|:---|:---|
|  | **As of Jun 30, 2025** | **As of Dec 31, 2024** |
| **Leverage** | | |
| Total Debt / LTM Adjusted EBITDA (Times)<sup>1,3</sup> | 1.8x | 1.8x |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3, 4</sup> | **1.0x** | **1.1x** |
| Total Net Debt / LTM Adjusted EBITDA (Times) <sup>2,3,5</sup> | **1.0x** | **1.1x** |
| **Total Debt** | **1139.7** | **1158.1** |
| Short-Term Debt | 104.7 | 115.4 |
| Long-Term Debt | 1035.0 | 1042.7 |
| **Cash & Cash Equivalents** | **496.8** | **439.8** |
| **Total Net Debt**<sup>3</sup>** | **642.9** | **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 June 30, 2025 was $624.9 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of June 30, 2025 was $624.9 million.

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

---

| | | |
|:---|:---|:---|
|  | **As of Jun 30, 2025** | **As of Dec 31, 2024** |
| Argentina | 574.9 | 622.7 |
| Italy <sup>(1)</sup> | 131.5 | 105.8 |
| Brazil | 174.1 | 157.7 |
| Uruguay <sup>(2)</sup> | 259.2 | 267.7 |
| Armenia |  |  |
| Ecuador | - | 4.2 |
| **Total** | **1139.7** | **1158.1** |

---

<sup>1</sup> Of which approximately $114.0 million remain at Toscana Aeroporti level.

<sup>2</sup> Of which approximately $244.0 million remain at ACI Airport Sudamérica SAU.

Page **9** of **40**

**Maturity of borrowings:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year or less** | **1 – 2 years** | **2 – 5 years** | **Over 5 years** | **Total** |
| **Debt service <sup>(1)</sup>** | **189.0** | **221.9** | **685.9** | **449.7** | **1546.5** |

---

<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 June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment** |  | **Currency** | **1 year or less** | **1 – 2 years** | **2 – 5 years** | **Over 5 years** | **Total** |
| Argentina | &nbsp;&nbsp;Principal | &nbsp;&nbsp;USD | 78.1 | 94.5 | 277.2 | 134.2 | **584.0** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;USD | 38.3 | 34.4 | 65.5 | 7.9 | **146.2** |
| Italy | &nbsp;&nbsp;Principal | &nbsp;&nbsp;EUR |  | 17.0 | 116.4 | 0.1 | **133.5** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;EUR | 7.5 | 7.6 | 17.0 | 0.0 | **32.0** |
| Brazil | &nbsp;&nbsp;Principal | &nbsp;&nbsp;R$ | 9.9 | 12.0 | 51.4 | 100.3 | **173.4** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;R$ | 19.6 | 18.3 | 44.7 | 22.4 | **105.0** |
| Uruguay | &nbsp;&nbsp;Principal | &nbsp;&nbsp;USD | 17.8 | 21.4 | 72.5 | 156.2 | **267.9** |
|  | &nbsp;&nbsp;Interest | &nbsp;&nbsp;USD | 17.9 | 16.7 | 41.2 | 28.8 | **104.5** |
| **Total** |  |  | **189.0** | **221.9** | **685.9** | **449.7** | **1546.5** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As of Jun 30, 2025** | **As of Dec 31, 2024** |
| Argentina | 121.8 | 104.3 |
| Italy | 34.7 | 26.1 |
| Brazil <sup>(1)</sup> | 63.0 | 38.2 |
| Uruguay | 32.9 | 30.5 |
| Armenia | 26.6 | 36.3 |
| Ecuador | 3.4 | 15.4 |
| Intermediate holding Companies | 214.4 | 189.2 |
| **Total** | **496.8** | **439.8** |

---

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

**CAPEX**

During 2Q25, CAAP made capital expenditures of $47.9 million, a 15.9% YoY decrease from $57.0 million in 2Q24. Excluding IAS 29, capital expenditures amounted to $49.4 million in the quarter, with Argentina, Uruguay and Italy accounting for 55%, 22% and 13%, respectively.

Page **10** of **40**

**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 2Q25.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** |  | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |  |
| **OPERATING STATISTICS** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 6.9 | 5.9 | 16.4 | % |  | 6.9 | 5.9 | 16.4 | % |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 3.4 | 2.8 | 18.5 | % |  | 3.4 | 2.8 | 18.5 | % |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 0.4 | 0.3 | 24.2 | % |  | 0.4 | 0.3 | 24.2 | % |
| **Total Passengers (in millions)** <sup>(1)</sup>** | **10.6** | **9.1** | **17.3** | **%** |  | **10.6** | **9.1** | **17.3** | **%** |
| **Cargo Volume (in thousands of tons)** | **51.2** | **49.9** | **2.7** | **%** |  | **51.2** | **49.9** | **2.7** | **%** |
| **Total Aircraft Movements (in thousands)** | **113.0** | **100.6** | **12.3** | **%** |  | **113.0** | **100.6** | **12.3** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 125.0 | 103.6 | 20.7 | % | -2.1 | 127.1 | 103.1 | 23.2 | % |
| Non-aeronautical revenue | 130.9 | 121.2 | 8.1 | % | -2.6 | 133.6 | 117.5 | 13.7 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 107.0 | 84.1 | 27.2 | % | -1.2 | 108.3 | 81.8 | 32.4 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 23.9 | 37.1 | -35.4 | % | -1.4 | 25.3 | 35.7 | -29.1 | % |
| **Total Revenue** | **256.0** | **224.8** | **13.9** | **%** | **-4.7** | **260.7** | **220.7** | **18.1** | **%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup>** | **232.0** | **187.7** | **23.6** | **%** | **-3.3** | **235.4** | **184.9** | **27.3** | **%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 174.6 | 164.5 | 6.1 | % | 27.1 | 147.5 | 139.7 | 5.6 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 28.3 | 20.6 | 37.2 | % | 0.3 | 28.0 | 20.3 | 38.2 | % |
| &nbsp;&nbsp;&nbsp;Other expenses | 1.6 | 0.6 | 174.5 | % | 0.0 | 1.6 | 0.6 | 173.0 | % |
| **Total Costs and Expenses** | **204.5** | **185.7** | **10.1** | **%** | **27.4** | **177.1** | **160.6** | **10.3** | **%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup>** | **180.6** | **148.7** | **21.5** | **%** | **28.8** | **151.9** | **124.9** | **21.6** | **%** |
| **Adjusted Segment EBITDA** | **92.7** | **69.0** | **34.4** | **%** | **-0.7** | **93.4** | **67.4** | **38.6** | **%** |
| Adjusted Segment EBITDA Mg | 36.2% | 30.7% | 553 | bp |  | 35.8% | 30.5% | 528 | bp |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 39.9% | 36.7% | 321 | bp |  | 39.6% | 36.4% | 324 | bp |
| **Capex** | **25.9** | **41.8** | **-38.0** | **%** | **-1.5** | **27.4** | **41.6** | **-34.2** | **%** |

---

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 **40**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** |  | **IAS 29** | **6M25 ex <br> IAS 29** | **6M24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |  |
| **OPERATING STATISTICS** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) <sup>(1)</sup> | 14.5 | 12.9 | 12.4 | % |  | 14.5 | 12.9 | 12.4 | % |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) <sup>(1)</sup> | 7.5 | 6.3 | 19.8 | % |  | 7.5 | 6.3 | 19.8 | % |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) <sup>(1)</sup> | 0.7 | 0.7 | 11.5 | % |  | 0.7 | 0.7 | 11.5 | % |
| **Total Passengers (in millions)** <sup>(1)</sup>** | **22.8** | **19.9** | **14.7** | **%** |  | **22.8** | **19.9** | **14.7** | **%** |
| **Cargo Volume (in thousands of tons)** | **101.2** | **94.1** | **7.6** | **%** |  | **101.2** | **94.1** | **7.6** | **%** |
| **Total Aircraft Movements (in thousands)** | **232.4** | **214.6** | **8.3** | **%** |  | **232.4** | **214.6** | **8.3** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 269.4 | 255.6 | 5.4 | % | -8.7 | 278.2 | 225.9 | 23.2 | % |
| Non-aeronautical revenue | 241.0 | 255.4 | -5.6 | % | -8.6 | 249.6 | 229.3 | 8.9 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 197.9 | 180.7 | 9.5 | % | -4.7 | 202.6 | 160.2 | 26.5 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 43.1 | 74.6 | -42.3 | % | -3.9 | 47.0 | 69.1 | -32.0 | % |
| **Total Revenue** | **510.4** | **511.0** | **-0.1** | **%** | **-17.4** | **527.8** | **455.1** | **16.0** | **%** |
| **Total Revenue Excluding IFRIC12**<sup>(2)</sup>** | **467.3** | **436.3** | **7.1** | **%** | **-13.5** | **480.8** | **386.0** | **24.5** | **%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 343.8 | 337.8 | 1.8 | % | 49.1 | 294.8 | 267.4 | 10.2 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 54.9 | 45.0 | 21.8 | % | 0.0 | 54.9 | 40.2 | 36.5 | % |
| &nbsp;&nbsp;&nbsp;Other expenses | 5.8 | 2.7 | 112.9 | % | 2.8 | 3.0 | 2.2 | 35.1 | % |
| **Total Costs and Expenses** | **404.5** | **385.6** | **4.9** | **%** | **51.8** | **352.7** | **309.9** | **13.8** | **%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(3)</sup>** | **361.6** | **311.1** | **16.2** | **%** | **55.7** | **305.9** | **240.9** | **27.0** | **%** |
| **Adjusted Segment EBITDA** | **187.1** | **185.4** | **0.9** | **%** | **-8.2** | **195.3** | **159.7** | **22.3** | **%** |
| Adjusted Segment EBITDA Mg | 36.7% | 36.3% | 37 | bp |  | 37.0% | 35.1% | 193 | bp |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(4)</sup> | 40.0% | 42.5% | -245 | bp |  | 40.6% | 41.3% | -74 | bp |
| **Capex** | **43.2** | **74.7** | **-42.1** | **%** | **-5.8** | **49.0** | **74.7** | **-34.4** | **%** |

---

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** grew by 17.3% YoY, up from the 12.5% increase recorded in 1Q25. The recovery was primarily driven by a sustained rebound in domestic traffic, which began toward the end of last year, coupled with continued growth in international travel. Domestic traffic growth accelerated to 16.4% YoY, up from 9.0% growth in the prior quarter. JetSMART added a new Airbus A320neo in June, bringing its fleet to a total of 16 aircraft, and launched several new routes including Aeroparque–Resistencia and Aeroparque–Trelew. Aerolíneas Argentinas also resumed multiple domestic routes, including Salta–Rosario, Neuquén–Rosario, and Córdoba–Posadas. Notably, a one-day strike by Aerolíneas Argentinas workers in June weighed on domestic traffic. International passenger traffic rose by 18.5% YoY, slightly decelerating from the 21.0% increase recorded in 1Q25, supported by increased frequencies and new routes from carriers including JetSMART, GOL, SKY, Azul, and LATAM. Avianca began operating the Córdoba–Bogotá route with three weekly frequencies, while Air Europa expanded its Córdoba–Madrid service from three to four weekly frequencies.

**Revenues** increased by 13.9% YoY to $256.0 million on an 'as reported' basis. Excluding Construction Services and the impact of IAS 29, revenues rose by 27.3% YoY, driven by increases of 32.4% and 23.2% in Commercial and Aeronautical revenues, respectively. Construction Services revenue declined by 35.4% YoY, or 29.1% excluding IAS 29, reflecting lower capital expenditures compared to the prior year.

· **Aeronautical Revenues** ex-IAS29 increased by 23.2% YoY, mainly driven by higher passenger use fees,
 supported by an 18.5% 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 increased by 124%, from ARS 2,540 to ARS 5,685.

· **Commercial Revenues** ex-IAS29 increased by 32.4% YoY, driven by higher cargo revenues and higher
 passenger-related revenues, including parking facilities, duty free, VIP lounges, and food &
 beverage, reflecting year-over-year traffic growth.

Page **12** of **40**

**Total Costs and Expenses** increased by 10.1% YoY to $204.5 million on an 'as reported' basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses rose by 21.6% YoY, primarily driven by higher Cost of Services and, to a lesser extent, increased SG&A expenses.

· **Cost of Services,** ex-IAS 29 and Construction Service Costs, increased by 17.5% YoY, or $18.2
 million, mainly driven by a 27.0%, or $7.3 million, increase in concession fees, in line
 with higher revenues. Higher maintenance expenses, salaries and social security contributions,
 and services and fees, reflecting inflation levels that outpaced currency depreciation, also
 contributed to the increase in Cost of Services.

· **SG&A** expenses ex-IAS29 increased by 37.2% YoY, or $7.7 million, to $28.3 million,
 primarily due to higher Salaries and social security contributions combined with higher Taxes.

**Adjusted Segment EBITDA** increased by 34.4% YoY to $92.7 million on an 'as reported' basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA rose by 38.6% YoY to $93.4 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 39.6%, compared with 36.4% in 2Q24. The 3.2 percentage-point margin expansion reflects revenue growth on strong traffic trends, together with disciplined cost control aimed at mitigating ARS-denominated operating costs pressures, as inflation continued to outpace currency depreciation.

During 2Q25, CAAP made **Capital Expenditures** ex-IAS29 of $25.9 million, compared to $41.8 million in 2Q24. These investments were primarily allocated to the runway rehabilitation at Rio Cuarto Airport, expansion of the inspection and registration point at PSA at Aeroparque Airport, installation of immigration e-gates at Ezeiza Airport, comprehensive roof repairs at Comodoro Rivadavia Airport, and construction of the new terminal building at Rio Hondo Airport, among other projects.

Page **13** of **40**

**Italy**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** |  | **6M25** | **6M24** | **% Var.** |  |
| **OPERATING STATISTICS** | | | |  | | | |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.6 | 0.5 | 11.3 | % | 1 | 0.8 | 13.8 | % |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 2.3 | 2.1 | 9 | % | 3.6 | 3.3 | 8.7 | % |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. |  | n.m. | n.m. | n.m. |  |
| **Total Passengers (in millions)** | **2.9** | **2.6** | **9.4** | **%** | **4.5** | **4.1** | **9.8** | **%** |
| **Cargo Volume (in thousands of tons)** | **3.1** | **3.2** | **-3.2** | **%** | **6.4** | **6.4** | **0.1** | **%** |
| **Total Aircraft Movements (in thousands)** | **26.3** | **24.5** | **7.2** | **%** | **41.1** | **38.2** | **7.5** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 22.5 | 20.4 | 10.5 | % | 34.3 | 32.2 | 6.2 | % |
| Non-aeronautical revenue | 23.2 | 14.9 | 55.9 | % | 38.6 | 25.7 | 50.2 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 14.9 | 12.6 | 18.1 | % | 23.7 | 21 | 12.9 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 5.2 | 1.3 | 307.1 | % | 10.3 | 2.5 | 313.1 | % |
| &nbsp;&nbsp;&nbsp;Other revenue | 3.1 | 1 | 211.5 | % | 4.6 | 2.2 | 108.1 | % |
| **Total Revenue** | **45.7** | **35.3** | **29.6** | **%** | **72.8** | **57.9** | **25.7** | **%** |
| **Total Revenue Excluding IFRIC12**<sup>(1)</sup>** | **40.5** | **34.0** | **19.2** | **%** | **62.5** | **55.4** | **12.8** | **%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 29.1 | 22.2 | 31.3 | % | 52.1 | 41 | 27.3 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 3.2 | 2.9 | 8.6 | % | 6.3 | 5.8 | 8.5 | % |
| **Total Costs and Expenses** | **32.2** | **25.1** | **28.7** | **%** | **58.4** | **46.7** | **25.0** | **%** |
| **Total Costs and Expenses Excluding IFRIC12**<sup>(2)</sup>** | **30.2** | **23.9** | **26.5** | **%** | **53.4** | **45.0** | **18.7** | **%** |
| **Adjusted Segment EBITDA** | **16.6** | **13.3** | **24.9** | **%** | **20.1** | **17.0** | **18.3** | **%** |
| Adjusted Segment EBITDA Mg | 36.2% | 37.6% | -137 | bp | 27.6% | 29.3% | -172 | bp |
| Adjusted EBITDA Margin excluding IFRIC 12<sup>(3)</sup> | 33.0% | 38.7% | -565 | bp | 23.7% | 29.2% | -557 | bp |
| **Capex** | **6.2** | **2.1** | **193.3** | **%** | **12.4** | **3.5** | **251.0** | **%** |

---

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

**Passenger Traffic** in Italy rose by 9.4% YoY, driven by growth in both international and domestic traffic. International traffic, which accounted for 81% of total traffic, grew by 9.0% YoY, driven by increases of 13.4% at Florence Airport and 6.0% at Pisa Airport. Meanwhile, domestic passenger traffic increased by 11.3% YoY, supported by growth of 19.9% at Pisa Airport, reflecting increased flight frequencies from Ryanair, although partially offset by a decline at Florence Airport.

**Revenues** increased 29.6% YoY to $45.7 million in 2Q25, fueled by commercial revenue growth on higher passenger volumes, and increased Construction Service revenues tied to higher Capex. Commercial revenues grew 18.1% YoY, reflecting higher demand for passenger-related services such as VIP lounges, Parking facilities, Duty free and F&B services, in line with strong year-over-year traffic growth.

· **Aeronautical Revenues** increased 10.5% YoY, in line with traffic growth of 9.4%.

· **Commercial Revenues** increased 18.1% YoY, or $2.3 million, mainly driven by the aforementioned
 increase in passenger-related revenues, following the strong year-over-year traffic growth.

**Total Costs and Expenses** increased 28.7% YoY, or $7.2 million, to $32.2 million. Excluding construction services, total costs and expenses increased 26.5% year-over-year to $30.2 million, mainly driven by higher cost of service.

· **Cost of Services** excluding Construction service increased 29.0% YoY, or $6.1 million, primarily
 driven by higher Salaries and social security contributions, and Services and fees.

Page **14** of **40**

· **SG&A** expenses rose 8.6% YoY, or $0.3 million, to $3.2 million.

**Adjusted Segment EBITDA** increased 24.9% YoY to $16.6 million from $13.3 million in 2Q24, with Adjusted EBITDA margin contracting 1.4 percentage points to 36.2%. Excluding IFRIC12 and other construction service-related costs, Adjusted EBITDA increased by 13% YoY.

During 2Q25, CAAP made **Capital Expenditures** of $6.2 million, compared to $2.1 million in 2Q24.

Page **15** of **40**

**Brazil**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** |  | **6M25** | **6M24** | **% Var.** |  |
| **OPERATING STATISTICS** | | | |  | | | |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 2.4 | 2.1 | 13.7 | % | 4.4 | 4.4 | 0.1 | % |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.2 | 0.1 | 41.2 | % | 0.4 | 0.3 | 27.7 | % |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | 1.5 | 1.3 | 14.7 | % | 2.9 | 2.7 | 9.7 | % |
| **Total Passengers (in millions)** <sup>(1)</sup>** | **4.0** | **3.5** | **15.2** | **%** | **7.8** | **7.4** | **4.8** | **%** |
| **Cargo Volume (in thousands of tons)** | **15.4** | **15.5** | **-0.6** | **%** | **30.7** | **30.9** | **-0.7** | **%** |
| **Total Aircraft Movements (in thousands)** | **37.4** | **34.3** | **9.1** | **%** | **71.9** | **69.9** | **3.0** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 10.4 | 9.5 | 9.5 | % | 19.7 | 20.3 | -3.1 | % |
| Non-aeronautical revenue | 17.2 | 17.3 | -0.5 | % | 33.2 | 35.4 | -6.2 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 17.2 | 17.1 | 0.7 | % | 33.0 | 34.9 | -5.4 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 0.0 | 0.2 | -100.0 | % | 0.2 | 0.5 | -64.5 | % |
| **Total Revenue** | **27.7** | **26.8** | **3.1** | **%** | **52.8** | **55.7** | **-5.1** | **%** |
| **Total Revenue Excluding IFRIC12<sup>2</sup>** | **27.7** | **26.6** | **3.9** | **%** | **52.7** | **55.1** | **-4.5** | **%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 16.9 | 17.4 | -3.1 | % | 32.7 | 37.5 | -12.7 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 3.1 | 3.4 | -7.9 | % | 5.7 | 5.0 | 13.9 | % |
| &nbsp;&nbsp;&nbsp;Other expenses | 0.0 | 0.0 | -99.7 | % | 0.0 | 0.4 | -99.0 | % |
| **Total Costs and Expenses** | **20.0** | **20.8** | **-4.0** | **%** | **38.4** | **42.9** | **-10.5** | **%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>3</sup>** | **20.0** | **20.6** | **-3.1** | **%** | **38.2** | **42.4** | **-9.8** | **%** |
| **Adjusted Segment EBITDA** | **11.2** | **11.4** | **-1.8** | **%** | **20.7** | **21.2** | **-2.3** | **%** |
| Adjusted Segment EBITDA Mg | 40.4% | 42.4% | -200 | bp | 39.3% | 38.1% | 112 | bp |
| Adjusted EBITDA Margin excluding IFRIC12<sup>4</sup> | 40.4% | 42.7% | -233 | bp | 39.4% | 38.5% | 90 | bp |
| **Capex** | **0.4** | **0.5** | -29.6 | % | **0.9** | **1.1** | -18.7 | % |

---

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.

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 15.2% YoY, reflecting improved traffic trends despite persistent challenges in the aviation sector and limited aircraft availability in the country. Domestic traffic, which accounted for nearly 60% of total traffic, grew by 13.7% YoY, while transit passengers rose by 14.7% YoY. Notably, international traffic, which accounted for only 5% of the mix, expanded by a robust 41.2% YoY, with routes to the US reaching record highs.

**Revenues** increased by 3.1% YoY, or $0.8 million, reaching $27.7 million in 2Q25, driven by growth of 9.5% in Aeronautical revenues and 0.7% in Commercial revenues. Reported figures in U.S. dollars were negatively impacted by the 8.7% average YoY depreciation of the Brazilian real against the U.S. dollar since 2Q24.

· **Aeronautical Revenues** increased by 9.5% YoY, or $0.9 million, despite the average YoY depreciation
 of the Brazilian real, primarily driven by higher passenger use fees from increased international
 traffic, which carries a higher tariff.

· **Commercial Revenues** increased slightly by 0.7% YoY, or $0.1 million, also impacted by currency headwinds.
 Notably, 2Q24 included a one-time benefit of $1.7 million from the resolution of a litigation
 process with several telecommunications companies. Excluding this impact, Commercial Revenues
 would have increased by 11.8% YoY. Duty-free, Cargo revenues, VIP lounges, and Retail stores
 performed particularly well, with increases of 34%, 23%, 13%, and 10% in U.S. dollars, respectively.

Page **16** of **40**

**Total Costs and Expenses** in 2Q25 decreased by 4.0% YoY, or $0.8 million, to $20.0 million, benefiting from the 8.7% average depreciation of the Brazilian real against the U.S. dollar since 2Q24.

· **Cost of Services** declined by 3.1% YoY, or $0.5 million, mainly reflecting lower Salaries and
 social security contributions, and reduced Concession fees, partially offset by higher Maintenance
 expenses.

· **SG&A** expenses decreased by 7.9% YoY, or $0.3 million, reaching $3.1 million in 2Q25.

**Adjusted Segment EBITDA** decreased by 1.8% YoY, or $0.2 million, to $11.2 million, with the Adjusted EBITDA margin contracting 2.0 percentage points to 40.4%, from 42.4% in the prior-year quarter. Excluding the 2Q24 aforementioned $1.7 million one-time litigation benefit, Adjusted EBITDA would have increased by 15.5% YoY, and the Adjusted EBITDA margin ex-IFRIC 12 would have expanded by 1.6 percentage points.

During 2Q25, CAAP made **capital expenditures** of $0.4 million, compared to $0.5 million in 2Q24.

Page **17** of **40**

**Uruguay**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** |  | **6M25** | **6M24** | **% Var.** |  |
| **OPERATING STATISTICS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | n.m. | n.m. | n.m. |  | n.m. | n.m. | n.m. |  |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.5 | 0.5 | 9.3 | % | 1.2 | 1.1 | 5.4 | % |
| &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** | **0.5** | **8.5** | **%** | **1.2** | **1.1** | **5.0** | **%** |
| **Cargo Volume (in thousands of tons)** | **8.7** | **8.3** | **4.5** | **%** | **17.6** | **15.2** | **15.6** | **%** |
| **Total Aircraft Movements (in thousands)** | **7.8** | **6.8** | **13.2** | **%** | **17.7** | **16.6** | **6.6** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 20.1 | 18.1 | 11.1 | % | 45.9 | 43.3 | 6.0 | % |
| Non-aeronautical revenue | 27.1 | 24.7 | 9.8 | % | 52.5 | 50.1 | 4.9 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 18.5 | 15.7 | 17.5 | % | 39.3 | 35.1 | 12.0 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 8.6 | 8.9 | -3.6 | % | 13.2 | 14.9 | -11.9 | % |
| **Total Revenue** | **47.2** | **42.8** | 10.4 | % | **98.4** | **93.4** | 5.4 | % |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **38.6** | **33.8** | 14.1 | % | **85.3** | **78.5** | 8.7 | % |
| &nbsp;&nbsp;&nbsp;Cost of Services | 27.5 | 27.1 | 1.8 | % | 51.8 | 52.4 | -1.1 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 6.1 | 5.1 | 18.8 | % | 12.4 | 10.4 | 19.4 | % |
| &nbsp;&nbsp;&nbsp;Other expenses | 0.1 | 0.1 | 5.2 | % | 0.2 | 0.2 | -32.8 | % |
| **Total Costs and Expenses** | **33.7** | **32.3** | **4.5** | **%** | **64.3** | **63.0** | **2.1** | **%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **25.1** | **23.3** | **7.6** | **%** | **51.2** | **48.1** | **6.5** | **%** |
| **Adjusted Segment EBITDA** | **15.5** | **12.2** | **27.1** | **%** | **38.3** | **34.1** | **12.2** | **%** |
| Adjusted Segment EBITDA Mg | 32.8% | 28.5% | 432 | bp | 38.9% | 36.5% | 235 | bp |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 40.1% | 36.0% | 412 | bp | 44.9% | 43.5% | 140 | bp |
| **Capex** | **10.7** | **8.3** | 28.6 | % | **17.7** | **14.3** | 23.5 | % |

---

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

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

In **Uruguay**, where air traffic is predominantly international, total passenger traffic rose by 8.5% YoY, supported by increased activity during the Easter holiday in April. Azul Linhas Aéreas announced a new direct Montevideo–Campinas route, with five weekly flights, that began operating in July. This new connection is expected to strengthen ties between Uruguay and Brazil, enhancing connectivity and promoting the development of new commercial and tourism opportunities.

**Revenues** increased 10.4% YoY to $47.2 million on an 'As reported' basis, or 14.1% to $38.6 million, when excluding Construction Service revenues, driven by higher Aeronautical and Commercial revenues following traffic growth.

· **Aeronautical Revenues** increased 11.1% YoY, or $2.0 million, to $20.1 million, aligned with passenger
 traffic growth.

· **Commercial Revenues** increased by 17.5% YoY, or $2.8 million, to $18.5 million, driven primarily
 by higher Cargo revenues, which benefited from tariff increases. Passenger-driven revenues,
 particularly from VIP lounges and Duty Free, also contributed to the growth.

**Total Costs and Expenses** increased 4.5% YoY to $33.7 million. Excluding Construction Services, Total Cost and Expenses increased 7.6% YoY to $25.1 million, reflecting higher SG&A expenses and Cost of services.

· **Cost of Services** increased by 1.8% YoY to $27.5 million. Excluding Construction Service cost,
 Cost of Services grew by 4.4% to $18.9 million, mainly due to higher Salaries and social
 security contributions, and Concession fees.

· **SG&A** expenses increased 18.8% YoY, to $6.1 million, mainly driven by higher Services and fees,
 and Maintenance expenses.

Page **18** of **40**

**Adjusted Segment EBITDA** increased by 27.1% YoY to $15.5 million, while the Adjusted EBITDA margin excluding IFRIC 12 expanded by 4.1 percentage points to 40.1%. The improvement was supported by strong performance in both Cargo and passenger-related revenues.

During 2Q25, CAAP made **Capital Expenditures** of $10.7 million in Uruguay, up from $8.3 million in 2Q24.

Page **19** of **40**

**Armenia**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** |  | **6M25** | **6M24** | **% Var.** |  |
| **OPERATING STATISTICS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | n.m. | n.m. | n.m. |  | n.m. | n.m. | n.m. |  |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 1.4 | 1.3 | 5.1 | % | 2.4 | 2.4 | 2.6 | % |
| &nbsp;&nbsp;&nbsp;Transit Passengers (in millions) | n.m. | n.m. | n.m. |  | n.m. | n.m. | n.m. |  |
| **Total Passengers (in millions)** | **1.4** | **1.3** | **8.2** | **%** | **2.5** | **2.4** | **5.1** | **%** |
| **Cargo Volume (in thousands of tons)** | **9.3** | **8.3** | **11.2** | **%** | **18.8** | **17.3** | **8.6** | **%** |
| **Total Aircraft Movements (in thousands)** | **10.8** | **9.9** | **8.9** | **%** | **19.1** | **18.0** | **6.3** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 25.0 | 21.8 | 14.6 | % | 42.4 | 40.2 | 5.6 | % |
| Non-aeronautical revenue | 47.8 | 37.5 | 27.5 | % | 78.5 | 67.6 | 16.1 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 43.9 | 34.9 | 25.8 | % | 73.7 | 64.7 | 13.9 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 3.9 | 2.6 | 50.3 | % | 4.8 | 2.9 | 63.7 | % |
| **Total Revenue** | **72.8** | **59.3** | **22.7** | **%** | **120.9** | **107.8** | **12.2** | **%** |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **68.9** | **56.7** | **21.5** | **%** | **116.2** | **104.9** | **10.7** | **%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 43.6 | 36.2 | 20.3 | % | 73.9 | 66.5 | 11.2 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 5.0 | 3.7 | 34.3 | % | 9.6 | 8.0 | 19.4 | % |
| &nbsp;&nbsp;&nbsp;Other expenses | 0.6 | 0.3 | 105.2 | % | 1.1 | 0.5 | 144.1 | % |
| **Total Costs and Expenses** | **49.1** | **40.2** | **22.1** | **%** | **84.6** | **75.0** | **12.9** | **%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **45.3** | **37.7** | **20.2** | **%** | **80.0** | **72.1** | **10.9** | **%** |
| **Adjusted Segment EBITDA** | **29.4** | **24.5** | **19.8** | **%** | **47.5** | **43.3** | **9.6** | **%** |
| Adjusted Segment EBITDA Mg | 40.3% | 41.3% | -101 | bp | 39.3% | 40.2% | -93 | bp |
| Adjusted EBITDA Margin excluding IFRIC 12 <sup>(3)</sup> | 42.4% | 43.1% | -64 | bp | 40.8% | 41.3% | -47 | bp |
| **Capex** | **4.2** | **3.8** | **11.2** | **%** | **6.9** | **8.6** | **-0.2** |  |

---

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 8.2% YoY to 1.4 million passengers, driven by the introduction of new airlines and additional flight frequencies. Several carriers began operations at Yerevan's Zvartnots Airport in the early months of 2025, including China Southern, Air Cairo, Salam Air, and Sky Express. Additionally, Wizz Air recently announced the opening of a new base at Zvartnots Airport, deploying two aircraft and launching eight new direct routes to Europe.

**Revenues** increased by 22.7% YoY to $72.8 million on an 'as reported' basis, or by 21.5% when excluding Construction Service revenues, driven by growth in both Aeronautical and Commercial revenues, following higher traffic volumes. Second quarter results also benefited from the 5.2% average YoY appreciation of the euro.

· **Aeronautical Revenues** increased by 14.6% YoY, or $3.2 million, to $25.0 million.

· **Commercial Revenues** increased by 25.8% YoY, or $9.0 million, to $43.9 million, largely driven by
 higher Fuel revenues, directly linked to the Cost of Fuel, along with increased revenues
 from VIP lounges.

**Total Costs and Expenses** increased by 22.1% YoY to $49.1 million. Excluding IFRIC 12, Total Costs and Expenses increased by 20.2% YoY, reflecting higher Cost of Services and, to a lesser extent, higher SG&A expenses.

· **Cost of Services** increased by 20.3% YoY to $43.6 million. Excluding IFRIC 12, Cost of Services
 increased by 18.0%, mainly driven by higher Cost of fuel, which is linked to Fuel revenues.

· **SG&A** increased 34.3% YoY, or $1.3 million, to $5.0 million in 2Q25, mainly due to higher Salaries
 and Taxes.

Page **20** of **40**

**Adjusted Segment EBITDA** increased by 19.8% YoY to $29.4 million in 2Q25, while the Adjusted EBITDA margin excluding IFRIC 12 contracted by 0.7 percentage points to 42.4%. The margin contraction reflects a higher contribution from the Fuel business, which carries lower margins.

During 2Q25, CAAP made **Capital Expenditures** of $4.2 million in Armenia, compared to $3.8 million in 2Q24.

Page **21** of **40**

**Ecuador**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** |  | **6M25** | **6M24** | **% Var.** |  |
| **OPERATING STATISTICS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic Passengers (in millions) | 0.6 | 0.6 | 1 | % | 1.2 | 1.2 | 0.7 | % |
| &nbsp;&nbsp;&nbsp;International Passengers (in millions) | 0.6 | 0.6 | -1.6 | % | 1.1 | 1.1 | 1 | % |
| &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** | **-0.5** | **%** | **2.3** | **2.3** | **0.8** | **%** |
| **Cargo Volume (in thousands of tons)** | **9.5** | **9.8** | **-3.4** | **%** | **18.4** | **19.1** | **-3.5** | **%** |
| **Total Aircraft Movements (in thousands)** | **19.3** | **18.4** | **4.6** | **%** | **38.5** | **37.4** | **3.0** | **%** |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |  |
| Aeronautical Revenue | 19.8 | 20.3 | -2.2 | % | 39.8 | 40.1 | -0.9 | % |
| Non-aeronautical revenue | 7.4 | 6.8 | 8.7 | % | 14.7 | 13.7 | 8 | % |
| &nbsp;&nbsp;&nbsp;Commercial revenue | 7.4 | 6.8 | 9.9 | % | 14.7 | 13.6 | 8.6 | % |
| &nbsp;&nbsp;&nbsp;Construction service revenue | 0 | 0.1 | -100 | % | 0 | 0.1 | -100 | % |
| **Total Revenue** | **27.3** | **27.1** | **0.6** | **%** | **54.5** | **53.8** | **1.4** | **%** |
| **Total Revenue Excluding IFRIC12<sup>(1)</sup>** | **27.3** | **27.0** | **0.8** | **%** | **54.5** | **53.7** | **1.5** | **%** |
| &nbsp;&nbsp;&nbsp;Cost of Services | 16.4 | 15.8 | 3.6 | % | 32.7 | 31.4 | 4.1 | % |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4 | 4.1 | -3.8 | % | 7.8 | 8.6 | -9.2 | % |
| &nbsp;&nbsp;&nbsp;Other expenses | 0 | 0 | 11.1 | % | 0 | 0 | 6.6 | % |
| **Total Costs and Expenses** | **20.4** | **19.9** | **2.1** | **%** | **40.5** | **40.0** | **1.2** | **%** |
| **Total Costs and Expenses Excluding IFRIC12<sup>(2)</sup>** | **20.4** | **19.9** | **2.5** | **%** | **40.5** | **39.9** | **1.4** | **%** |
| **Adjusted Segment EBITDA** | **7.9** | **8.2** | **-2.8** | **%** | **16.0** | **15.7** | **2.2** | **%** |
| Adjusted Segment EBITDA Mg | 29.1% | 30.1% | -100 | bp | 29.4% | 29.2% | 25 | bp |
| Adjusted EBITDA Margin excluding IFRIC 12**<sup>(3)</sup>** | 29.1% | 30.2% | -109 | bp | 29.4% | 29.2% | 21 | bp |
| **Capex** | **0.6** | **0.5** | **14** | **%** | **0.7** | **2.1** | **-65** | **%** |

---

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**, where security concerns persist, passenger traffic declined by 0.5% YoY. International traffic fell by 1.6% YoY, mainly due to reduced operations to the U.S., while domestic traffic increased by 1.0% YoY, although elevated airfares continued to weigh on travel demand.

**Revenues** increased by 0.6% YoY to $27.3 million in 2Q25 on an 'As reported' basis, driven primarily by higher Commercial revenues, partially offset by a decline in Aeronautical revenues.

· **Aeronautical Revenues** declined 2.2% YoY, or $0.4 million, to $19.8 million.

· **Commercial Revenues** increased 9.9% YoY, or $0.7 million, to $7.4 million, reflecting higher sales
 in Retail stores and Duty Free revenues.

**Total Costs and Expenses** increased by 2.1% YoY to $20.4 million, primarily driven by higher Cost of Services, partially offset by lower SG&A expenses.

· **Cost of Services** increased 3.6% YoY, or $0.6 million, mainly driven by higher Maintenance
 expenses, partially offset by lower concession fees.

· **SG&A** decreased 3.8% YoY, to $4.0 million.

**Adjusted Segment EBITDA** decreased 2.8% YoY to $7.9 million, with the Adjusted EBITDA Margin contracting 1.0 percentage point to 29.1%.

During 2Q25, CAAP made **Capital Expenditures** of $0.6 million in Ecuador, compared to $0.5 million in 2Q24.

Page **22** of **40**

**Key Quarter Highlights and Subsequent Events**

**AA2000 \| Dividend Distribution**

On August 18, AA2000 approved a dividend payment of $150 million, of which $127.5 million will be paid to CAAP's subsidiaries.

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 2Q25, 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.

**2Q25 EARNINGS CONFERENCE CALL**

---

| | |
|:---|:---|
| When: | 10:00 a.m. Eastern Time, August 21, 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: ***15710*** |
| Webcast: | <u>CAAP 2Q25 Earnings Conference Call</u> |
| Replay: | 1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: ***15710 #*** |

---

**Use of Non-IFRS Financial Measures**

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

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

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

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

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

Page **23** of **40**

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 **40**

**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>

Phone: +5411 4899-6716

Page **25** of **40**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** | **6M25** | **6M24** | **% Var.** |
| **Argentina** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 6.9 | 5.9 | 16.4% | 14.5 | 12.9 | 12.4% |
| International Passengers (in millions) | 3.4 | 2.8 | 18.5% | 7.5 | 6.3 | 19.8% |
| Transit passengers (in millions) | 0.4 | 0.3 | 24.2% | 0.7 | 0.7 | 11.5% |
| **Total passengers (in millions)** | **10.6** | **9.1** | **17.3%** | **22.8** | **19.9** | **14.7%** |
| **Cargo volume (in thousands of tons)** | **51.2** | **49.9** | **2.7%** | **101.2** | **94.1** | **7.6%** |
| **Aircraft movements (in thousands)** | **113.0** | **100.6** | **12.3%** | **232.4** | **214.6** | **8.3%** |
| **Italy** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.6 | 0.5 | 11.3% | 1 | 0.8 | 13.8% |
| International Passengers (in millions) | 2.3 | 2.1 | 9.0% | 3.6 | 3.3 | 8.7% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **2.9** | **2.6** | **9.4%** | **4.5** | **4.1** | **9.8%** |
| **Cargo volume (in thousands of tons)** | **3.1** | **3.2** | **-3.2%** | **6.4** | **6.4** | **0.1%** |
| **Aircraft movements (in thousands)** | **26.3** | **24.5** | **7.2%** | **41.1** | **38.2** | **7.5%** |
| **Brazil** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 2.4 | 2.1 | 13.7% | 4.4 | 4.4 | 0.1% |
| International Passengers (in millions) | 0.2 | 0.1 | 41.2% | 0.4 | 0.3 | 27.7% |
| Transit passengers (in millions) | 1.5 | 1.3 | 14.7% | 2.9 | 2.7 | 9.7% |
| **Total passengers (in millions)** | **4.0** | **3.5** | **15.2%** | **7.8** | **7.4** | **4.8%** |
| **Cargo volume (in thousands of tons)** | **15.4** | **15.5** | **-0.6%** | **30.7** | **30.9** | **-0.7%** |
| **Aircraft movements (in thousands)** | **37.4** | **34.3** | **9.1%** | **71.9** | **69.9** | **3.0%** |
| **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 | 9.3% | 1.2 | 1.1 | 5.4% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **0.5** | **0.5** | **8.5%** | **1.2** | **1.1** | **5.0%** |
| **Cargo volume (in thousands of tons)** | **8.7** | **8.3** | **4.5%** | **17.6** | **15.2** | **15.6%** |
| **Aircraft movements (in thousands)** | **7.8** | **6.8** | **13.2%** | **17.7** | **16.6** | **6.6%** |
| **Ecuador<sup>(1)</sup>** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | 0.6 | 0.6 | 1.0% | 1.2 | 1.2 | 0.7% |
| International Passengers (in millions) | 0.6 | 0.6 | -1.6% | 1.1 | 1.1 | 1.0% |
| Transit passengers (in millions) | 0 | 0 | -13.9% | 0 | 0 | -1.5% |
| **Total passengers (in millions)** | **1.2** | **1.2** | **-0.5%** | **2.3** | **2.3** | **0.8%** |
| **Cargo volume (in thousands of tons)** | **9.5** | **9.8** | **-3.4%** | **18.4** | **19.1** | **-3.5%** |
| **Aircraft movements (in thousands)** | **19.3** | **18.4** | **4.6%** | **38.5** | **37.4** | **3.0%** |
| **Armenia** |  |  |  |  |  |  |
| Domestic Passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| International Passengers (in millions) | 1.4 | 1.3 | 5.1% | 2.4 | 2.4 | 2.6% |
| Transit passengers (in millions) | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| **Total passengers (in millions)** | **1.4** | **1.3** | **8.2%** | **2.5** | **2.4** | **5.1%** |
| **Cargo volume (in thousands of tons)** | **9.3** | **8.3** | **11.2%** | **18.8** | **17.3** | **8.6%** |
| **Aircraft movements (in thousands)** | **10.8** | **9.9** | **8.9%** | **19.1** | **18.0** | **6.3%** |

---

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

Page **26** of **40**

**Foreign Exchange Rate**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2Q25** | **2Q24** | **2Q25** | **2Q24** | **1Q25** | **1Q24** | **1Q25** | **1Q24** |
|  | Avg | Avg | EoP | EoP | **Avg** | **Avg** | **EoP** | **EoP** |
| Argentine Peso | 1149.7 | 885.1 | 1205 | 912 | 1056.3 | 833.2 | 1074 | 896.2 |
| Euro | 1.13 | 1.08 | 1.2 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| Brazilian Real | 5.7 | 5.2 | 5.5 | 5.6 | 5.9 | 5 | 5.7 | 5 |
| Uruguayan Peso | 41.8 | 38.7 | 40.9 | 39.3 | 43 | 38.9 | 42.1 | 38.4 |

---

Amounts provided by units of local currency per US dollar

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **222.9** | **193.7** | 15.1% | **-2.1** | **225.0** | **193.2** | 16.4% |
| &nbsp;&nbsp;&nbsp;Passenger use fees | 191.4 | 163.4 | 17.1% | -1.9 | 193.3 | 163.0 | 18.6% |
| &nbsp;&nbsp;&nbsp;Aircraft fees | 33.2 | 31.3 | 5.9% | -0.2 | 33.4 | 31.3 | 6.7% |
| &nbsp;&nbsp;&nbsp;Other | -1.7 | -1.1 | 56.7% |  | -1.7 | -1.1 | 56.7% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2Q25 ex <br> IAS 29** | **2Q24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| **Commercial revenue** | **209.2** | **171.4** | **22.0%** | **-1.2** | **210.4** | **169.1** | **24.4%** |
| &nbsp;&nbsp;&nbsp;Warehouse use fees | 60.7 | 46.6 | 30.3% | -1.1 | 61.8 | 46.2 | 33.6% |
| &nbsp;&nbsp;&nbsp;Duty free shops | 21.6 | 18.4 | 17.6% | -0.2 | 21.9 | 18.3 | 19.2% |
| &nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 10.8 | 10.4 | 3.6% | 0.0 | 10.8 | 10.4 | 4.5% |
| &nbsp;&nbsp;&nbsp;Parking facilities | 15.8 | 10.5 | 50.5% | -0.2 | 16.0 | 10.5 | 53.2% |
| &nbsp;&nbsp;&nbsp;Fuel | 34.0 | 27.4 | 24.2% | 0.0 | 34.0 | 27.3 | 24.4% |
| &nbsp;&nbsp;&nbsp;Food and beverage services | 8.8 | 7.6 | 15.9% | 0.0 | 8.8 | 7.5 | 17.1% |
| &nbsp;&nbsp;&nbsp;Advertising | 7.5 | 6.7 | 11.7% | 0.3 | 7.2 | 6.2 | 16.0% |
| &nbsp;&nbsp;&nbsp;Services and retail stores | 4.8 | 4.0 | 19.0% | 0.0 | 4.8 | 4.0 | 19.6% |
| &nbsp;&nbsp;&nbsp;Catering | 3.4 | 3.0 | 12.2% | -0.1 | 3.5 | 3.0 | 14.5% |
| &nbsp;&nbsp;&nbsp;VIP lounges | 19.4 | 15.6 | 25.0% | 0.1 | 19.3 | 15.2 | 27.0% |
| &nbsp;&nbsp;&nbsp;Walkway services | 2.2 | 1.8 | 24.1% | 0.0 | 2.3 | 1.8 | 25.5% |
| &nbsp;&nbsp;&nbsp;Other | 20.2 | 19.5 | 3.4% | 0.0 | 20.2 | 18.7 | 8.2% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex <br> IAS 29** | **6M24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 510.4 | 511.0 | -0.1% | -17.4 | 527.8 | 455.1 | 16.0% |
| Italy | 72.8 | 57.9 | 25.7% |  | 72.8 | 57.9 | 25.7% |
| Brazil | 52.8 | 55.7 | -5.1% |  | 52.8 | 55.7 | -5.1% |
| Uruguay | 98.4 | 93.4 | 5.4% |  | 98.4 | 93.4 | 5.4% |
| Armenia | 120.9 | 107.8 | 12.2% |  | 120.9 | 107.8 | 12.2% |
| Ecuador <sup>(1)</sup> | 54.5 | 53.8 | 1.4% |  | 54.5 | 53.8 | 1.4% |
| Unallocated | 0.3 | 0.9 | -61.8% | - | 0.3 | 0.9 | -61.8% |
| **Total consolidated revenue** | **910.3** | **880.4** | **3.4%** | **-17.4** | **927.6** | **824.6** | **12.5%** |

---

1 Only includes Guayaquil Airport.

Page **27** of **40**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **451.5** | **431.8** | **4.6%** | **-8.7** | **460.2** | **402.0** | **14.5%** |
| **Non-aeronautical Revenue** | **458.8** | **448.7** | **2.3%** | **-8.6** | **467.4** | **422.6** | **10.6%** |
| Commercial revenue | 382.7 | 350.3 | 9.3% | -4.7 | 387.5 | 329.8 | 17.5% |
| Construction service revenue <sup>(1)</sup> | 71.4 | 95.6 | -25.2% | -3.9 | 75.3 | 90.0 | -16.3% |
| Other revenue | 4.6 | 2.8 | 65.3% |  | 4.6 | 2.8 | 65.3% |
| **Total Consolidated Revenue** | **910.3** | **880.4** | **3.4%** | **-17.4** | **927.6** | **824.6** | **12.5%** |
| **Total Revenue excluding Construction Service revenue <sup>(2)</sup>** | **838.8** | **784.9** | **6.9%** | **-13.5** | **852.3** | **734.6** | **16.0%** |

---

<sup>1</sup> Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

<sup>2</sup> Excludes Construction Service revenue.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| **Aeronautical Revenue** | **451.5** | **431.8** | 4.6% | **-8.7** | **460.2** | **402.0** | 14.5% |
| &nbsp;&nbsp;&nbsp;Passenger use fees | 389.5 | 365.8 | 6.5% | -7.9 | 397.3 | 339.5 | 17.0% |
| &nbsp;&nbsp;&nbsp;Aircraft fees | 63.3 | 65.7 | -3.6% | -0.9 | 64.2 | 62.3 | 3.1% |
| &nbsp;&nbsp;&nbsp;Other | -1.3 | 0.3 | -577.3% |  | -1.3 | 0.3 | -577.3% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Commercial revenue** | **382.7** | **350.3** | **9.3%** | **-4.7** | **387.5** | **329.8** | **17.5%** |
| &nbsp;&nbsp;&nbsp;Warehouse use fees | 106.0 | 102.5 | 3.4% | -2.8 | 108.8 | 93.0 | 17.0% |
| &nbsp;&nbsp;&nbsp;Duty free shops | 41.3 | 38.0 | 8.7% | -0.8 | 42.1 | 35.8 | 17.3% |
| &nbsp;&nbsp;&nbsp;Rental of space (including hangars) | 21.2 | 22.0 | -3.6% | -0.2 | 21.4 | 20.7 | 3.2% |
| &nbsp;&nbsp;&nbsp;Parking facilities | 29.5 | 19.8 | 49.0% | -0.6 | 30.1 | 18.9 | 59.8% |
| &nbsp;&nbsp;&nbsp;Fuel | 58.0 | 53.6 | 8.3% | -0.1 | 58.1 | 53.1 | 9.5% |
| &nbsp;&nbsp;&nbsp;Food and beverage services | 16.4 | 14.6 | 11.9% | -0.1 | 16.4 | 13.9 | 18.1% |
| &nbsp;&nbsp;&nbsp;Advertising | 14.8 | 14.7 | 0.8% | 0.5 | 14.4 | 13.0 | 10.2% |
| &nbsp;&nbsp;&nbsp;Services and retail stores | 9.1 | 7.9 | 15.4% | -0.1 | 9.2 | 7.7 | 19.5% |
| &nbsp;&nbsp;&nbsp;Catering | 7.2 | 6.4 | 12.2% | -0.2 | 7.4 | 5.9 | 26.2% |
| &nbsp;&nbsp;&nbsp;VIP lounges | 35.7 | 29.5 | 21.0% | 0.1 | 35.6 | 28.1 | 26.6% |
| &nbsp;&nbsp;&nbsp;Walkway services | 4.4 | 4.1 | 8.8% | -0.1 | 4.5 | 3.8 | 20.1% |
| &nbsp;&nbsp;&nbsp;Other | 39.1 | 37.2 | 5.2% | -0.3 | 39.5 | 35.8 | 10.1% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| &nbsp;&nbsp;&nbsp;Cost of services | 310.9 | 286.1 | 8.7% | 27.1 | 283.8 | 261.3 | 8.6% |
| &nbsp;&nbsp;&nbsp;SG&A | 53.3 | 43.8 | 21.6% | 0.3 | 52.9 | 43.4 | 21.9% |
| &nbsp;&nbsp;&nbsp;Financial loss | 71.5 | 8.7 | 721.6% | -42.1 | 113.6 | 88.2 | 28.7% |
| &nbsp;&nbsp;&nbsp;Inflation adjustment | 1.7 | 1.6 | 6.6% | 2.4 | -0.7 | -1.2 | -41.6% |
| &nbsp;&nbsp;&nbsp;Other expenses | 2.3 | 1 | 129.1% | 0 | 2.3 | 1 | 128.1% |
| &nbsp;&nbsp;&nbsp;Income tax expense | 10.1 | 45.6 | -77.9% | 12.7 | -2.7 | -10.7 | -75.0% |
| **Total expenses** | **449.7** | **386.8** | **16.3%** | **0.4** | **449.3** | **382.0** | **17.6%** |

---

Page **28** of **40**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2Q25 ex <br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **310.9** | **286.1** | **8.7%** | **27.1** | **283.8** | **261.3** | **8.6%** |
| Salaries and social security contributions | 60.7 | 57.4 | 5.6% | -0.7 | 61.4 | 57.5 | 6.8% |
| Concession fees | 54.1 | 47.3 | 14.2% | -0.6 | 54.7 | 47.2 | 15.9% |
| Construction service cost | 38.3 | 49.9 | -23.3% | -1.4 | 39.7 | 48.6 | -18.3% |
| Maintenance expenses | 45.8 | 41.5 | 10.3% | -0.7 | 46.4 | 40.7 | 14.0% |
| Amortization and depreciation | 51.9 | 41.8 | 24.1% | 30.7 | 21.2 | 19.4 | 9.1% |
| Services and fees | 17.3 | 17.4 | -0.5% | -0.1 | 17.4 | 17.3 | 0.9% |
| Cost of fuel | 28 | 22.7 | 23.3% |  | 28 | 22.7 | 23.3% |
| Taxes | 1.4 | 0.9 | 50.4% | 0 | 1.4 | 1 | 50.3% |
| Office expenses | 4 | 3.1 | 28.0% | -0.1 | 4.1 | 3.2 | 29.4% |
| Others | 9.5 | 3.9 | 144.6% | -0.1 | 9.5 | 3.9 | 146.8% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2Q25 ex <br> IAS 29** | **2Q24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| **SG&A** | **53.3** | **43.8** | **21.6%** | **0.3** | **52.9** | **43.4** | **21.9%** |
| &nbsp;&nbsp;&nbsp;Taxes | 14.5 | 12.9 | 12.3% | -0.2 | 14.7 | 12.8 | 15.1% |
| &nbsp;&nbsp;&nbsp;Salaries and social security contributions | 13.3 | 10.0 | 34.0% | -0.1 | 13.5 | 10.0 | 35.4% |
| &nbsp;&nbsp;&nbsp;Services and fees | 12.3 | 10.7 | 14.6% | 0.0 | 12.3 | 10.8 | 14.2% |
| &nbsp;&nbsp;&nbsp;Office expenses | 2.6 | 2.2 | 23.0% | 0.0 | 2.7 | 2.1 | 30.1% |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 2.6 | 1.8 | 48.4% | 0.8 | 1.8 | 1.5 | 15.2% |
| &nbsp;&nbsp;&nbsp;Maintenance expenses | 1.8 | 0.7 | 151.3% | 0.0 | 1.8 | 0.7 | 154.0% |
| &nbsp;&nbsp;&nbsp;Advertising | 1.4 | 1.6 | -16.7% | 0.0 | 1.4 | 1.7 | -14.7% |
| &nbsp;&nbsp;&nbsp;Insurances | 0.9 | 0.6 | 43.4% | 0.0 | 0.9 | 0.6 | 44.6% |
| &nbsp;&nbsp;&nbsp;Bad debts recovery | -1.0 | -1.4 | -28.0% | 0.1 | -1.1 | -1.5 | -28.1% |
| &nbsp;&nbsp;&nbsp;Bad debts | 2.5 | 2.2 | 15.0% | -0.1 | 2.6 | 2.3 | 14.7% |
| &nbsp;&nbsp;&nbsp;Others | 2.4 | 2.6 | -7.6% | 0.0 | 2.4 | 2.6 | -7.7% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **2Q25 as<br> reported** | **2Q24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **2Q25 ex<br> IAS 29** | **2Q24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 204.5 | 185.7 | 10.1% | 27.4 | 177.1 | 160.6 | 10.3% |
| Italy | 32.2 | 25.1 | 28.7% |  | 32.2 | 25.1 | 28.7% |
| Brazil | 20.0 | 20.8 | -4.0% |  | 20.0 | 20.8 | -4.0% |
| Uruguay | 33.7 | 32.3 | 4.6% |  | 33.7 | 32.3 | 4.6% |
| Armenia | 49.1 | 40.2 | 22.1% |  | 49.1 | 40.2 | 22.1% |
| Ecuador | 20.4 | 19.9 | 2.1% |  | 20.4 | 19.9 | 2.1% |
| Unallocated | 6.5 | 6.8 | -4.1% | - | 6.5 | 6.8 | -4.1% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **366.4** | **330.8** | **10.8%** | **27.4** | **339.0** | **305.7** | **10.9%** |

---

&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 **40**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **592.7** | **572.4** | **3.5%** | **49.1** | **543.6** | **502.0** | **8.3%** |
| Salaries and social security contributions | 121.9 | 122.2 | -0.2% | -2.5 | 124.4 | 114.9 | 8.3% |
| Concession fees | 107.9 | 103.7 | 4.0% | -2.2 | 110.1 | 96.5 | 14.1% |
| Construction service cost | 65.9 | 94.6 | -30.3% | -3.9 | 69.8 | 89.0 | -21.6% |
| Maintenance expenses | 90.7 | 75.8 | 19.8% | -1.6 | 92.4 | 71.4 | 29.6% |
| Amortization and depreciation | 101.7 | 82.0 | 24.1% | 60.2 | 41.6 | 38.0 | 9.3% |
| Other | 104.6 | 94.2 | 10.9% | -0.9 | 105.4 | 92.1 | 14.4% |
| **Cost of Services Excluding Construction Service cost** | **526.8** | **477.8** | **10.2%** | **52.9** | **473.9** | **413.0** | **14.7%** |
| **Selling, general and administrative expenses** | **106.1** | **90.6** | **17.1%** | **0.0** | **106.1** | **85.8** | **23.7%** |
| **Other expenses** | **7.1** | **3.9** | **82.8%** | **2.8** | **4.3** | **3.4** | **27.4%** |
| **Total Costs and Expenses** | **705.8** | **666.9** | **5.8%** | **51.8** | **654.0** | **591.2** | **10.6%** |
| **Total Costs and Expenses Excluding Construction Service cost** | **640.0** | **572.3** | **11.8%** | **55.7** | **584.3** | **502.2** | **16.4%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex <br> IAS 29** | **6M24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| &nbsp;&nbsp;&nbsp;Cost of services | 592.7 | 572.4 | 3.5% | 49.1 | 543.6 | 502.0 | 8.3% |
| &nbsp;&nbsp;&nbsp;SG&A | 106.1 | 90.6 | 17.1% | 0.0 | 106.1 | 85.8 | 23.7% |
| &nbsp;&nbsp;&nbsp;Financial loss | 113.7 | -171.4 | -166.3% | -77.8 | 191.5 | 191.4 | 0.1% |
| &nbsp;&nbsp;&nbsp;Inflation adjustment | 5.0 | 16.8 | -70.1% | 4.4 | 0.6 | -4.3 | -113.5% |
| &nbsp;&nbsp;&nbsp;Other expenses | 7.1 | 3.9 | 82.8% | 2.8 | 4.3 | 3.4 | 27.4% |
| &nbsp;&nbsp;&nbsp;Income tax expense | 40.8 | 172.1 | -76.3% | 24.7 | 16.2 | -65.2 | -124.8% |
| **Total expenses** | **865.4** | **684.4** | **26.4%** | **3.2** | **862.3** | **713.1** | **20.9%** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex <br> IAS 29** | **% Var ex<br> IAS 29** |
| **Cost of Services** | **592.7** | **572.4** | **3.5%** | **49.1** | **543.6** | **502.0** | **8.3%** |
| Salaries and social security contributions | 121.9 | 122.2 | -0.2% | -2.5 | 124.4 | 114.9 | 8.3% |
| Concession fees | 107.9 | 103.7 | 4.0% | -2.2 | 110.1 | 96.5 | 14.1% |
| Construction service cost | 65.9 | 94.6 | -30.3% | -3.9 | 69.8 | 89 | -21.6% |
| Maintenance expenses | 90.7 | 75.8 | 19.8% | -1.6 | 92.4 | 71.4 | 29.4% |
| Amortization and depreciation | 101.7 | 82 | 24.1% | 60.2 | 41.6 | 38 | 9.3% |
| Services and fees | 33.8 | 33.5 | 1.0% | -0.5 | 34.3 | 32.4 | 5.9% |
| Cost of fuel | 46.3 | 43.5 | 6.6% |  | 46.3 | 43.5 | 6.6% |
| Taxes | 2.7 | 2.4 | 11.4% | -0.1 | 2.7 | 2.2 | 27.4% |
| Office expenses | 7.6 | 7.5 | 2.4% | -0.3 | 7.9 | 6.8 | 16.8% |
| Others | 14.1 | 7.4 | 89.7% | -0.1 | 14.2 | 7.4 | 91.9% |

---

Page **30** of **40**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex <br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **SG&A** | **106.1** | **90.6** | **17.1%** | **0.0** | **106.1** | **85.8** | **23.7%** |
| &nbsp;&nbsp;&nbsp;Taxes | 30.6 | 28.9 | 6.0% | -0.8 | 31.5 | 26.1 | 20.5% |
| &nbsp;&nbsp;&nbsp;Salaries and social security contributions | 26.4 | 20.9 | 26.2% | -0.5 | 26.9 | 20.0 | 34.6% |
| &nbsp;&nbsp;&nbsp;Services and fees | 24.0 | 21.2 | 13.4% | -0.1 | 24.1 | 21.1 | 14.5% |
| &nbsp;&nbsp;&nbsp;Office expenses | 5.0 | 3.7 | 36.8% | -0.1 | 5.2 | 3.4 | 52.3% |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 5.1 | 3.5 | 46.6% | 1.7 | 3.5 | 3.1 | 10.8% |
| &nbsp;&nbsp;&nbsp;Maintenance expenses | 2.9 | 1.3 | 124.7% | 0.0 | 2.9 | 1.2 | 133.4% |
| &nbsp;&nbsp;&nbsp;Advertising | 2.0 | 2.3 | -12.6% | -0.1 | 2.1 | 2.3 | -8.4% |
| &nbsp;&nbsp;&nbsp;Insurances | 1.8 | 1.4 | 24.4% | 0.0 | 1.8 | 1.4 | 28.5% |
| &nbsp;&nbsp;&nbsp;Bad debts recovery | -2.0 | -2.3 | -12.9% | 0.1 | -2.1 | -2.4 | -9.3% |
| &nbsp;&nbsp;&nbsp;Bad debts | 5.0 | 4.5 | 12.1% | -0.2 | 5.2 | 4.4 | 19.0% |
| &nbsp;&nbsp;&nbsp;Others | 5.0 | 5.1 | -1.4% | 0.0 | 5.0 | 5.1 | -1.4% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 404.5 | 385.6 | 4.9% | 51.8 | 352.7 | 309.9 | 13.8% |
| Italy | 58.4 | 46.7 | 25.0% |  | 58.4 | 46.7 | 25.0% |
| Brazil | 38.4 | 42.9 | -10.5% |  | 38.4 | 42.9 | -10.5% |
| Uruguay | 64.4 | 63.0 | 2.2% |  | 64.4 | 63.0 | 2.2% |
| Armenia | 84.6 | 75.0 | 12.9% |  | 84.6 | 75.0 | 12.9% |
| Ecuador | 40.5 | 40.0 | 1.2% |  | 40.5 | 40.0 | 1.2% |
| Unallocated | 15.1 | 13.7 | 9.5% | - | 15.1 | 13.7 | 9.5% |
| **Total consolidated expenses <sup>(1) (2)</sup>** | **705.9** | **666.9** | **5.8%** | **51.8** | **654.1** | **591.2** | **10.6%** |

---

&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)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex <br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| Argentina | 187.1 | 185.4 | 0.9% | -8.2 | 195.3 | 159.7 | 22.3% |
| Italy | 20.1 | 17.0 | 18.3% |  | 20.1 | 17.0 | 18.3% |
| Brazil | 20.7 | 21.2 | -2.3% |  | 20.7 | 21.2 | -2.3% |
| Uruguay | 38.3 | 34.1 | 12.2% |  | 38.3 | 34.1 | 12.2% |
| Armenia | 47.5 | 43.3 | 9.6% |  | 47.5 | 43.3 | 9.6% |
| Ecuador | 16.0 | 15.7 | 2.2% |  | 16.0 | 15.7 | 2.2% |
| Unallocated | -6.1 | -3.8 | 60.1% | - | -6.1 | -3.8 | 60.1% |
| **Total segment EBITDA** | **323.7** | **313.0** | **3.4%** | **-8.2** | **331.9** | **287.3** | **15.6%** |

---

Page **31** of **40**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** |  | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |  |
| **Income from Continuing Operations** | **85.9** | **247.8** | **-65.3** | **%** | **-38.7** | **124.6** | **170.5** | **-26.9** | **%** |
| Financial Income | -28.6 | -37.8 | -24.3 | % | 17.3 | -45.9 | -46.3 | -0.7 | % |
| Financial Loss | 113.7 | -171.4 | -166.3 | % | -77.8 | 191.5 | 191.4 | 0.1 | % |
| Inflation adjustment | 5.0 | 16.8 | -70.1 | % | 4.4 | 0.6 | -4.3 | -113.5 | % |
| Income Tax Expense | 40.8 | 172.1 | -76.3 | % | 24.7 | 16.2 | -65.2 | -124.8 | % |
| Amortization and Depreciation | 106.9 | 85.5 | 25.0 | % | 61.9 | 45.0 | 41.1 | 9.4 | % |
| **Adjusted EBITDA** | **323.7** | **313.0** | **3.4** | **%** | **-8.2** | **331.9** | **287.3** | **15.6** | **%** |
| **Adjusted EBITDA Margin** | **35.6%** | **35.5%** | **1** | **bp** | **-** | **35.8%** | **34.8%** | **95** | **bp** |
| **Adjusted EBITDA excluding Construction Service** | **318.1** | **312.0** | **2.0** | **%** | **-8.2** | **326.4** | **286.3** | **14.0** | **%** |
| **Adjusted EBITDA Margin excluding Construction Service** | **37.9%** | **39.7%** | **-182** | **bp** | **-** | **38.3%** | **39.0%** | **-68** | **bp** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6M25 as<br> reported** | **6M24 as<br> reported** | **% Var as<br> reported** | **IAS 29** | **6M25 ex<br> IAS 29** | **6M24 ex<br> IAS 29** | **% Var ex<br> IAS 29** |
| **Financial Income** | **28.6** | **37.8** | **-24.3%** | **-17.3** | **45.9** | **46.3** | **-0.7%** |
| Interest income | 17.1 | 31.3 | -45.5% | -0.4 | 17.4 | 28.8 | -39.5% |
| Foreign exchange income | 6.8 | 0.3 | 1985.4% | -16.9 | 23.7 | 11.7 | 102.1% |
| Other | 4.8 | 6.2 | -22.8% | 0.0 | 4.8 | 5.8 | -17.0% |
| **Inflation adjustment** | **-5.0** | **-16.8** | **-70.1%** | **-4.4** | **-0.6** | **4.3** | **-113.5%** |
| Inflation adjustment | -5.0 | -16.8 | -70.1% | -4.4 | -0.6 | 4.3 | -113.5% |
| **Financial Loss** | **-113.7** | **171.4** | **-166.3%** | **77.8** | **-191.5** | **-191.4** | **0.1%** |
| Interest Expenses | -45.5 | -54.2 | -16.2% | 0.8 | -46.3 | -51.2 | -9.6% |
| Foreign exchange transaction expenses | -17.5 | 278.9 | -106.3% | 77.0 | -94.5 | -87.1 | 8.5% |
| Changes in liability for concessions | -46.5 | -47.6 | -2.2% |  | -46.5 | -47.6 | -2.2% |
| Other financial loss | -4.2 | -5.7 | -25.3% | 0 | -4.2 | -5.5 | -23.2% |
| **Financial Loss, Net** | **-90.1** | **192.4** | **-146.8%** | **56.0** | **-146.1** | **-140.8** | **3.8%** |

---

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

Page **32** of **40**

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** |  | **6M25** | **6M24** | **% Var.** |  |
| **Argentina** |  |  |  |  |  |  |  |  |
| **Total Revenue** | **256.0** | **224.8** | **13.9** | **%** | **510.4** | **511.0** | **-0.1** | **%** |
| **Total Revenue Excluding IFRIC12(1)** | **232.0** | **187.7** | **23.6** | **%** | **467.3** | **436.3** | **7.1** | **%** |
| **Operating Income** | **56.8** | **43.4** | **30.9** | **%** | **117.0** | **136.2** | **-14.1** | **%** |
| **Net Income** | **23.9** | **38.9** | **-38.5** | **%** | **62.1** | **235.0** | **-73.6** | **%** |
| **Adjusted Segment EBITDA** | **92.7** | **69.0** | **34.4** | **%** | **187.1** | **185.4** | **0.9** | **%** |
| **Adjusted Segment EBITDA Mg** | **36.2%** | **30.7%** | **553** | **bp** | **36.7%** | **36.3%** | **37** | **bp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **39.9%** | **36.7%** | **321** | **bp** | **40.0%** | **42.5%** | **-245** | **bp** |
| **Italy** |  |  |  |  |  |  |  |  |
| **Total Revenue** | **45.7** | **35.3** | **29.6** | **%** | **72.8** | **57.9** | **25.7** | **%** |
| **Total Revenue Excluding IFRIC12(1)** | **40.5** | **34.0** | **19.2** | **%** | **62.5** | **55.4** | **12.8** | **%** |
| **Operating Income** | **13.7** | **10.4** | **32.0** | **%** | **14.7** | **11.4** | **28.5** | **%** |
| **Net Income** | **7.8** | **6.7** | **17.4** | **%** | **6.7** | **5.9** | **13.2** | **%** |
| **Adjusted Segment EBITDA** | **16.6** | **13.3** | **24.9** | **%** | **20.1** | **17.0** | **18.3** | **%** |
| **Adjusted Segment EBITDA Mg** | **36.2%** | **37.6%** | **-137** | **bp** | **27.6%** | **29.3%** | **-172** | **bp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **33.0%** | **38.7%** | **-565** | **bp** | **23.7%** | **29.2%** | **-557** | **bp** |
| **Brazil** |  |  |  |  |  |  |  |  |
| **Total Revenue** | **27.7** | **26.8** | **3.1** | **%** | **52.8** | **55.7** | **-5.1** | **%** |
| **Total Revenue Excluding IFRIC12(1)** | **27.7** | **26.6** | **3.9** | **%** | **52.7** | **55.1** | **-4.5** | **%** |
| **Operating Income** | **8.5** | **8.6** | **-1.5** | **%** | **15.3** | **15.4** | **-0.6** | **%** |
| **Net Income** | **-14.5** | **-15.5** | **-6.3** | **%** | **-38.5** | **-36.4** | **5.7** | **%** |
| **Adjusted Segment EBITDA** | **11.2** | **11.4** | **-1.8** | **%** | **20.7** | **21.2** | **-2.3** | **%** |
| **Adjusted Segment EBITDA Mg** | **40.4%** | **42.4%** | **-232** | **bp** | **39.3%** | **38.1%** | **112** | **bp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **40.4%** | **42.7%** | **-232** | **bp** | **39.4%** | **38.5%** | **90** | **bp** |
| **Uruguay** |  |  |  |  |  |  |  |  |
| **Total Revenue** | **47.2** | **42.8** | **10.4** | **%** | **98.4** | **93.4** | **5.4** | **%** |
| **Total Revenue Excluding IFRIC12(1)** | **38.6** | **33.8** | **14.1** | **%** | **85.3** | **78.5** | **8.7** | **%** |
| **Operating Income** | **12.8** | **9.8** | **30.9** | **%** | **32.8** | **28.9** | **13.3** | **%** |
| **Net Income** | **13.8** | **8.2** | **68.4** | **%** | **33.8** | **27.0** | **25.0** | **%** |
| **Adjusted Segment EBITDA** | **15.5** | **12.2** | **27.1** | **%** | **38.3** | **34.1** | **12.2** | **%** |
| **Adjusted Segment EBITDA Mg** | **32.8%** | **28.5%** | **432** | **bp** | **38.9%** | **36.5%** | **235** | **bp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **40.1%** | **36.0%** | **412** | **bp** | **44.9%** | **43.5%** | **140** | **bp** |
| **Ecuador** |  |  |  |  |  |  |  |  |
| **Total Revenue** | **27.3** | **27.1** | **0.6** | **%** | **54.5** | **53.8** | **1.4** | **%** |
| **Total Revenue Excluding IFRIC12(1)** | **27.3** | **27.0** | **0.8** | **%** | **54.5** | **53.7** | **1.5** | **%** |
| **Operating Income** | **6.1** | **6.4** | **-4.6** | **%** | **12.4** | **12.2** | **1.7** | **%** |
| **Net Income** | **5.5** | **6.0** | **-8.7** | **%** | **11.3** | **11.2** | **1.7** | **%** |
| **Adjusted Segment EBITDA** | **7.9** | **8.2** | **-2.8** | **%** | **16.0** | **15.7** | **2.2** | **%** |
| **Adjusted Segment EBITDA Mg** | **29.1%** | **30.1%** | **-100** | **bp** | **29.4%** | **29.2%** | **25** | **bp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **29.1%** | **30.2%** | **-109** | **bp** | **29.4%** | **29.2%** | **21** | **bp** |
| **Armenia** |  |  |  |  |  |  |  |  |
| **Total Revenue** | **72.8** | **59.3** | **22.7** | **%** | **120.9** | **107.8** | **12.2** | **%** |
| **Total Revenue Excluding IFRIC12(1)** | **68.9** | **56.7** | **21.5** | **%** | **116.2** | **104.9** | **10.7** | **%** |
| **Operating Income** | **23.8** | **19.2** | **24.0** | **%** | **36.4** | **33.0** | **10.3** | **%** |
| **Net Income** | **19.6** | **14.6** | **34.3** | **%** | **29.6** | **23.9** | **24.0** | **%** |
| **Adjusted Segment EBITDA** | **29.4** | **24.5** | **19.8** | **%** | **47.5** | **43.3** | **9.6** | **%** |
| **Adjusted Segment EBITDA Mg** | **40.3%** | **41.3%** | **-101** | **bp** | **39.3%** | **40.2%** | **-93** | **bp** |
| **Adjusted EBITDA Margin excluding IFRIC** | **42.4%** | **43.1%** | **-64** | **bp** | **40.8%** | **41.3%** | **-47** | **bp** |
| **Unallocated** |  |  |  |  |  |  |  |  |
| **Total revenue** | **0.2** | **0.2** | **1.1** | **%** | **0.3** | **0.9** | **-61.8** | **%** |
| **Operating Income** | **-4.4** | **-4.8** | **-9.5** | **%** | **-10.7** | **-9.4** | **13.3** | **%** |
| **Net Income** | **-4.7** | **-4.4** | **6.2** | **%** | **-19.2** | **-18.8** | **2.0** | **%** |
| **Adjusted segment EBITDA** | **-2.1** | **-2.1** | **-1.0** | **%** | **-6.1** | **-3.8** | **60.1** | **%** |
| **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 **33** of **40**

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic | Domestic Passenger Traffic | Domestic Passenger Traffic | International Passenger Traffic | International Passenger Traffic | International Passenger Traffic | Transit Passengers | Transit Passengers | Transit Passengers | **Total Passenger Traffic** | **Total Passenger Traffic** | **Total Passenger Traffic** | **Cargo Volume** | **Cargo Volume** | **Cargo Volume** |  |  |  |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in tons)** | **(in tons)** | **(in tons)** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. |
| **Argentina** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Aeroparque | 2868 | 2256 | **27.2%** | 1163 | 763 | **52.4%** | 278 | 214 | **30.2%** | 4309 | 3232 | **33.3%** | 304 | 257 | **18.2%** | 34706 | 27128 | **27.9%** |
| Bariloche | 442 | 374 | **18.1%** | 10 | 5 | **109.4%** | 0 | 0 | **-** | 452 | 379 | **19.1%** |  |  | **-** | 3262 | 2837 | **15.0%** |
| Catamarca | 20 | 18 | **14.3%** |  |  | **-** | 2 | 1 | **74.9%** | 22 | 19 | **18.4%** |  | 15 | **-** | 720 | 611 | **17.8%** |
| C. Rivadavia | 139 | 122 | **14.1%** |  |  | **-** |  | 0 | **-** | 139 | 122 | **13.7%** | 98 | 151 | **-35.1%** | 1726 | 1557 | **10.9%** |
| Córdoba | 534 | 513 | **4.2%** | 196 | 141 | **39.7%** | 1 | 1 | **-** | 732 | 654 | **11.9%** | 286 | 274 | **4.5%** | 6500 | 6173 | **5.3%** |
| El Palomar |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 725 | 1420 | **-48.9%** |
| Esquel | 14 | 15 | **-5.4%** |  |  | **-** |  |  | **-** | 14 | 15 | **-5.4%** |  |  | **-** | 270 | 212 | **27.4%** |
| Ezeiza | 492 | 588 | **-16.2%** | 1803 | 1775 | **1.6%** | 59 | 57 | **3.4%** | 2355 | 2420 | **-2.7%** | 49295 | 47640 | **3.5%** | 15941 | 16761 | **-4.9%** |
| Formosa | 24 | 20 | **17.7%** |  |  | **-** |  |  | **-** | 24 | 20 | **17.7%** | 23 | 23 | **-2.1%** | 357 | 338 | **5.6%** |
| General Pico |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 771 | 279 | **176.3%** |
| Iguazú | 412 | 331 | **24.5%** | 0 |  | **-** |  | 0 | **-** | 412 | 331 | **24.5%** |  |  | **-** | 2950 | 2553 | **15.6%** |
| Jujuy | 110 | 122 | **-9.5%** | 1 |  | **-** |  |  | **-** | 111 | 122 | **-9.0%** | 27 | 33 | **-19.3%** | 1098 | 1063 | **3.3%** |
| La Rioja | 19 | 16 | **17.8%** |  |  | **-** | 3 | 2 | **41.2%** | 22 | 18 | **20.3%** | 6 | 19 | **-70.3%** | 539 | 422 | **27.7%** |
| Malargüe |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 209 | 125 | **67.2%** |
| Mar del Plata | 61 | 50 | **22.4%** |  |  | **-** | 1 | 2 | **-** | 61 | 52 | **18.9%** | 28 | 21 | **33.1%** | 1440 | 1687 | **-14.6%** |
| Mendoza | 454 | 381 | **19.0%** | 165 | 144 | **14.5%** | 6 | 2 | **278.0%** | 625 | 527 | **18.6%** | 153 | 127 | **20.3%** | 5340 | 4871 | **9.6%** |
| Paraná | 11 | 7 | **69.0%** |  |  | **-** |  |  | **-** | 11 | 7 | **69.0%** |  |  | **-** | 812 | 842 | **-3.6%** |
| Posadas | 85 | 86 | **-1.3%** |  |  | **-** | 0 |  | **-** | 85 | 86 | **-1.3%** | 39 | 26 | **52.8%** | 1074 | 958 | **12.1%** |
| Pto Madryn | 31 | 13 | **145.7%** |  |  | **-** | 0 |  | **-** | 31 | 13 | **145.8%** | 5 | 1 | **324.0%** | 289 | 110 | **162.7%** |
| Reconquista |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 1064 | 1021 | **4.2%** |
| Resistencia | 58 | 41 | **40.6%** |  |  | **-** | 0 | 0 | **-** | 58 | 41 | **40.6%** | 80 | 41 | **94.8%** | 911 | 887 | **2.7%** |
| Río Cuarto | 4 | 4 | **-17.5%** |  |  | **-** |  |  | **-** | 4 | 4 | **-17.5%** | 1 | 1 | **-** | 136 | 180 | **-24.4%** |
| Río Gallegos | 44 | 40 | **9.4%** |  | 0 | **-** | 1 | 2 | **-** | 44 | 42 | **4.4%** | 58 | 71 | **-18.3%** | 805 | 888 | **-9.3%** |
| Río Grande | 32 | 26 | **20.3%** |  |  | **-** | 0 | 0 | **-** | 32 | 26 | **20.5%** | 413 | 918 | **-55.1%** | 756 | 753 | **0.4%** |
| Salta | 312 | 296 | **5.2%** | 19 | 10 | **87.1%** | 1 |  | **-** | 332 | 306 | **8.5%** | 73 | 82 | **-11.4%** | 4239 | 4098 | **3.4%** |
| San Fernando |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 14313 | 12575 | **13.8%** |
| San Juan | 47 | 41 | **16.6%** |  |  | **-** |  |  | **-** | 47 | 41 | **16.6%** |  |  | **-** | 618 | 476 | **29.8%** |
| San Luis | 15 | 11 | **29.5%** |  |  | **-** |  |  | **-** | 15 | 11 | **29.5%** | 11 | 10 | **10.2%** | 448 | 345 | **29.9%** |
| San Rafael | 8 | 8 | **1.7%** |  |  | **-** |  |  | **-** | 8 | 8 | **1.7%** |  |  | **-** | 2232 | 1736 | **28.6%** |
| Santa Rosa | 11 | 9 | **17.2%** |  |  | **-** |  |  | **-** | 11 | 9 | **17.2%** | 15 | 1 | **1379.0%** | 759 | 560 | **35.5%** |
| Santiago del Estero | 57 | 56 | **1.9%** | 0 |  | **-** |  |  | **-** | 57 | 56 | **2.8%** | 13 | 29 | **-56.5%** | 1092 | 1096 | **-0.4%** |
| Tucumán | 199 | 169 | **17.9%** | 3 |  | **-** | 1 | 0 | **-** | 203 | 169 | **20.1%** | 108 | 2 | **7007.0%** | 1980 | 1581 | **25.2%** |
| Viedma | 8 | 7 | **8.7%** |  |  | **-** |  | 0 | **-** | 8 | 8 | **4.9%** |  |  | **-** | 238 | 174 | **36.8%** |
| Villa Mercedes |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 119 | 332 | **-64.2%** |
| Termas de Río Hondo | 4 | 2 | **97.9%** |  |  | **-** |  |  | **-** | 4 | 2 | **97.9%** |  |  | **-** | 129 | 120 | **7.5%** |
| Bahía Blanca | 66 | 58 | **14.6%** |  |  | **-** | 1 | 2 | **-** | 67 | 60 | **11.5%** | 60 | 38 | **61.0%** | 920 | 856 | **7.5%** |
| Neuquén | 337 | 265 | **27.1%** | 0 | 0 | **-** | 5 | 4 | **24.0%** | 342 | 269 | **27.1%** | 92 | 82 | **12.3%** | 3471 | 2983 | **16.4%** |
| **Total Argentina** | **6917** | **5944** | **16.4%** | **3360** | **2837** | **18.5%** | **359** | **289** | **24.2%** | **10637** | **9070** | **17.3%** | **51188** | **49863** | **2.7%** | **112959** | **100608** | **12.3%** |

---

Page **34** of **40**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic | Domestic Passenger Traffic | Domestic Passenger Traffic | International Passenger Traffic | International Passenger Traffic | International Passenger Traffic | Transit Passengers | Transit Passengers | Transit Passengers | **Total Passenger Traffic** | **Total Passenger Traffic** | **Total Passenger Traffic** | **Cargo Volume** | **Cargo Volume** | **Cargo Volume** |  |  |  |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in tons)** | **(in tons)** | **(in tons)** | **Aircraft Movements** | **Aircraft Movements** | **Aircraft Movements** |
|  | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. | 2Q25 | 2Q24 | % Var. |
| **Italy** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pisa | 422 | 352 | **19.9%** | 1343 | 1267 | **6.0%** | 2 | 1 | **36.0%** | 1766 | 1620 | **9.0%** | 3095 | 3228 | **-4.1%** | 13288 | 12517 | **6.2%** |
| Florence | 131 | 144 | **-9.6%** | 999 | 881 | **13.4%** | 0 | 0 | **-** | 1129 | 1025 | **10.1%** | 46 | 16 | **192.3%** | 13017 | 12010 | **8.4%** |
| **Total Italy** | **552** | **496** | **11.3%** | **2341** | **2148** | **9.0%** | **2** | **1** | **37.2%** | **2895** | **2646** | **9.4%** | **3141** | **3244** | **-3.2%** | **26305** | **24527** | **7.2%** |
| **Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Brasilia | 2362 | 2078 | **13.7%** | 210 | 149 | **41.2%** | 1470 | 1281 | **14.7%** | 4042 | 3508 | **15.2%** | 15398 | 15491 | **-0.6%** | 37362 | 34250 | **9.1%** |
| **Total Brazil** | **2362** | **2078** | **13.7%** | **210** | **149** | **41.2%** | **1470** | **1281** | **14.7%** | **4042** | **3508** | **15.2%** | **15398** | **15491** | **-0.6%** | **37362** | **34250** | **9.1%** |
| **Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carrasco | 1 | 0 | **-** | 495 | 454 | **9.0%** | 7 | 10 | **-29.5%** | 503 | 465 | **8.2%** | 8695 | 8321 | **4.5%** | 5583 | 5290 | **5.5%** |
| Punta del Este | 0 | 0 | **-** | 20 | 17 | **18.2%** | - | - | **-** | 20 | 17 | **18.1%** | - | - | **-** | 2169 | 1557 | **39.3%** |
| **Total Uruguay** | **1** | **0** | **-** | **514** | **471** | **9.3%** | **7** | **10** | **-29.5%** | **522** | **481** | **8.5%** | **8695** | **8321** | **4.5%** | **7752** | **6847** | **13.2%** |
| **Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Guayaquil | 461 | 459 | **0.4%** | 559 | 568 | **-1.6%** | 16 | 18 | **-13.9%** | 1036 | 1045 | **-0.9%** | 8173 | 8443 | **-3.2%** | 17634 | 16976 | **3.9%** |
| Galápagos | 133 | 129 | **3.5%** | - | - | **-** | - | - | **-** | 133 | 129 | **3.5%** | 1291 | 1357 | **-4.8%** | 1631 | 1441 | **13.2%** |
| **Total Ecuador** | **595** | **588** | **1.0%** | **559** | **568** | **-1.6%** | **16** | **18** | **-13.9%** | **1169** | **1174** | **-0.5%** | **9464** | **9800** | **-3.4%** | **19265** | **18417** | **4.6%** |
| **Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Zvartnots |  |  | **-** | 1340 | 1287 | **4.1%** | 41 |  | **-** | 1381 | 1287 | **7.3%** | 9282 | 8344 | **11.2%** | 10507 | 9707 | **8.2%** |
| Shirak | - | - | **-** | 40 | 27 | **51.3%** | - | - | **-** | 40 | 27 | **51.3%** | - | - | **-** | 244 | 164 | **48.8%** |
| **Total Armenia** | **-** | **-** | **-** | **1380** | **1314** | **5.1%** | **41** | **-** | **-** | **1421** | **1314** | **8.2%** | **9282** | **8344** | **11.2%** | **10751** | **9871** | **8.9%** |
| **Total CAAP** | **10427** | **9107** | **14%** | **8365** | **7485** | **12%** | **1895** | **1600** | **18%** | **20687** | **18193** | **14%** | **97168** | **95062** | **2%** | **214394** | **194520** | **10%** |

---

Page **35** of **40**

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic | Domestic Passenger Traffic | Domestic Passenger Traffic | International Passenger Traffic | International Passenger Traffic | International Passenger Traffic | Transit Passengers | Transit Passengers | Transit Passengers | **Total Passenger Traffic** | **Total Passenger Traffic** | **Total Passenger Traffic** | **Cargo Volume** | **Cargo Volume** | **Cargo Volume** |  |  |  |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in tons)** | **(in tons)** | **(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 | 5731 | 4912 | **16.7%** | 2412 | 1608 | **50.0%** | 582 | 491 | **18.6%** | 8725 | 7010 | **24.5%** | 709 | 466 | **52.3%** | 69956 | 58316 | **20.0%** |
| Bariloche | 1077 | 970 | **11.1%** | 32 | 19 | **67.2%** | 2 | 5 | **-66.2%** | 1111 | 994 | **11.8%** |  |  | **-** | 8464 | 7427 | **14.0%** |
| Catamarca | 35 | 35 | **0.7%** |  |  | **-** | 2 | 3 | **-28.8%** | 37 | 38 | **-1.8%** |  | 28 | **-** | 1340 | 1202 | **11.5%** |
| C. Rivadavia | 280 | 247 | **13.4%** |  |  | **-** | 0 | 3 | **-** | 280 | 250 | **12.1%** | 190 | 281 | **-32.4%** | 3370 | 3236 | **4.1%** |
| Córdoba | 1100 | 1088 | **1.1%** | 431 | 304 | **41.6%** | 1 | 1 | **-** | 1532 | 1393 | **10.0%** | 486 | 435 | **11.8%** | 13430 | 12886 | **4.2%** |
| El Palomar |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 1579 | 2506 | **-37.0%** |
| Esquel | 38 | 40 | **-5.8%** |  |  | **-** |  | 0 | **-** | 38 | 40 | **-5.8%** |  |  | **-** | 1226 | 1080 | **13.5%** |
| Ezeiza | 1391 | 1302 | **6.8%** | 4266 | 4054 | **5.2%** | 124 | 123 | **0.8%** | 5781 | 5479 | **5.5%** | 97194 | 90498 | **7.4%** | 36853 | 36595 | **0.7%** |
| Formosa | 41 | 51 | **-19.7%** |  |  | **-** |  |  | **-** | 41 | 51 | **-19.7%** | 40 | 36 | **9.3%** | 677 | 721 | **-6.1%** |
| General Pico |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 1307 | 567 | **130.5%** |
| Iguazú | 881 | 675 | **30.6%** | 0 | 0 | **-** | 0 | 0 | **-** | 881 | 675 | **30.5%** |  |  | **-** | 5388 | 5160 | **4.4%** |
| Jujuy | 236 | 265 | **-11.1%** | 2 |  | **-** |  | 2 | **-** | 238 | 267 | **-11.0%** | 46 | 131 | **-65.0%** | 3089 | 2291 | **34.8%** |
| La Rioja | 34 | 35 | **-3.7%** |  |  | **-** | 3 | 4 | **-34.9%** | 36 | 39 | **-7.1%** | 6 | 39 | **-85.4%** | 1174 | 848 | **38.4%** |
| Malargüe |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 374 | 364 | **2.7%** |
| Mar del Plata | 166 | 171 | **-2.6%** |  |  | **-** | 1 | 4 | **-** | 167 | 175 | **-4.4%** | 67 | 44 | **54.2%** | 3578 | 4245 | **-15.7%** |
| Mendoza | 905 | 793 | **14.1%** | 344 | 280 | **22.8%** | 18 | 13 | **42.0%** | 1267 | 1086 | **16.7%** | 634 | 233 | **172.3%** | 11042 | 10050 | **9.9%** |
| Paraná | 21 | 18 | **16.6%** |  |  | **-** |  |  | **-** | 21 | 18 | **16.6%** |  |  | **-** | 1471 | 1614 | **-8.9%** |
| Posadas | 158 | 168 | **-6.0%** |  |  | **-** | 0 |  | **-** | 158 | 168 | **-6.0%** | 83 | 51 | **60.4%** | 2049 | 1895 | **8.1%** |
| Pto Madryn | 72 | 40 | **80.1%** |  |  | **-** | 0 |  | **-** | 72 | 40 | **80.1%** | 14 | 4 | **240.9%** | 645 | 338 | **90.8%** |
| Reconquista |  | 1 | **-** |  |  | **-** |  |  | **-** |  | 1 | **-** |  |  | **-** | 1585 | 1609 | **-1.5%** |
| Resistencia | 93 | 96 | **-3.1%** |  |  | **-** | 0 | 3 | **-** | 94 | 100 | **-6.0%** | 149 | 81 | **84.1%** | 1567 | 1841 | **-14.9%** |
| Río Cuarto | 7 | 10 | **-33.6%** |  |  | **-** |  |  | **-** | 7 | 10 | **-33.6%** | 2 | 3 | **-29.2%** | 299 | 335 | **-10.7%** |
| Río Gallegos | 91 | 93 | **-1.4%** | 0 | 0 | **-** | 2 | 4 | **-46.8%** | 93 | 97 | **-3.2%** | 100 | 130 | **-22.8%** | 1667 | 1906 | **-12.5%** |
| Río Grande | 70 | 71 | **-1.6%** |  |  | **-** | 0 | 0 | **-** | 70 | 71 | **-1.2%** | 775 | 1106 | **-30.0%** | 1535 | 1445 | **6.2%** |
| Salta | 647 | 591 | **9.4%** | 42 | 22 | **90.1%** | 2 | 0 | **-** | 690 | 614 | **12.5%** | 167 | 132 | **25.9%** | 8463 | 8175 | **3.5%** |
| San Fernando |  | 1 | **-** |  |  | **-** |  |  | **-** |  | 1 | **-** |  |  | **-** | 27019 | 25874 | **4.4%** |
| San Juan | 94 | 85 | **11.1%** |  |  | **-** |  |  | **-** | 94 | 85 | **11.1%** |  |  | **-** | 1187 | 1082 | **9.7%** |
| San Luis | 28 | 29 | **-4.4%** |  |  | **-** |  |  | **-** | 28 | 29 | **-4.4%** | 21 | 101 | **-79.2%** | 854 | 744 | **14.8%** |
| San Rafael | 22 | 23 | **-6.5%** |  |  | **-** | 0 |  | **-** | 22 | 23 | **-6.5%** |  |  | **-** | 4357 | 4414 | **-1.3%** |
| Santa Rosa | 21 | 21 | **0.8%** |  |  | **-** | 0 | 0 | **-** | 21 | 21 | **1.2%** | 29 | 1 | **2779.0%** | 1383 | 1190 | **16.2%** |
| Santiago del Estero | 108 | 109 | **-0.3%** | 0 |  | **-** | 0 |  | **-** | 109 | 109 | **0.3%** | 30 | 53 | **-43.4%** | 1990 | 2244 | **-11.3%** |
| Tucumán | 390 | 347 | **12.4%** | 6 |  | **-** | 1 | 0 | **-** | 397 | 347 | **14.3%** | 213 | 2 | **9836.7%** | 3904 | 3289 | **18.7%** |
| Viedma | 17 | 15 | **9.1%** |  |  | **-** | 0 | 2 | **-** | 17 | 17 | **-0.7%** |  |  | **-** | 451 | 394 | **14.5%** |
| Villa Mercedes |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** |  |  | **-** | 323 | 846 | **-61.8%** |
| Termas de Río Hondo | 11 | 4 | **148.1%** |  |  | **-** | 0 | 0 | **-** | 11 | 4 | **144.8%** |  | 5 | **-** | 291 | 180 | **61.7%** |
| Bahía Blanca | 115 | 114 | **0.3%** |  |  | **-** | 1 | 6 | **-79.6%** | 116 | 120 | **-3.7%** | 116 | 68 | **70.7%** | 1707 | 1875 | **-9.0%** |
| Neuquén | 640 | 502 | **27.6%** | 0 | 0 | **-** | 9 | 7 | **27.0%** | 650 | 509 | **27.6%** | 167 | 169 | **-1.1%** | 6792 | 5839 | **16.3%** |
| **Total Argentina** | **14520** | **12922** | **12.4%** | **7535** | **6287** | **19.8%** | **750** | **672** | **11.5%** | **22805** | **19881** | **14.7%** | **101235** | **94096** | **7.6%** | **232386** | **214623** | **8.3%** |

---

Page **36** of **40**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Domestic Passenger Traffic | Domestic Passenger Traffic | Domestic Passenger Traffic | International Passenger Traffic | International Passenger Traffic | International Passenger Traffic | Transit Passengers | Transit Passengers | Transit Passengers | **Total Passenger Traffic** | **Total Passenger Traffic** | **Total Passenger Traffic** | **Cargo Volume** | **Cargo Volume** | **Cargo Volume** |  |  |  |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in tons)** | **(in tons)** | **(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 | 717 | 599 | **19.8%** | 2003 | 1873 | **7.0%** | 2 | 2 | **13.4%** | 2723 | 2474 | **10.1%** | 6305 | 6325 | **-0.3%** | 20365 | 18914 | **7.7%** |
| Florence | 236 | 239 | **-1.3%** | 1566 | 1409 | **11.1%** | 0 | 0 | **-** | 1802 | 1648 | **9.3%** | 60 | 34 | **75.4%** | 20707 | 19308 | **7.2%** |
| **Total Italy** | **954** | **838** | **13.8%** | **3569** | **3282** | **8.7%** | **2** | **2** | **14.3%** | **4525** | **4122** | **9.8%** | **6365** | **6359** | **0.1%** | **41072** | **38222** | **7.5%** |
| **Brazil** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Natal**<sup>(1)</sup>** |  | 350 | **-** |  | 16 | **-** |  | 2 | **-** |  | 368 | **-** |  | 898 | **-** |  | 3076 | **-** |
| Brasilia | 4422 | 4066 | **8.8%** | 428 | 319 | **34.2%** | 2918 | 2659 | **9.7%** | 7768 | 7045 | **10.3%** | 30675 | 30000 | **2.2%** | 71945 | 66781 | **7.7%** |
| **Total Brazil** | **4422** | **4417** | **0.1%** | **428** | **335** | **27.7%** | **2918** | **2661** | **9.7%** | **7768** | **7413** | **4.8%** | **30675** | **30898** | **-0.7%** | **71945** | **69857** | **3.0%** |
| **Uruguay** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carrasco | 1 | 0 | **-** | 1057 | 1013 | **4.3%** | 22 | 26 | **-13.7%** | 1080 | 1039 | **4.0%** | 17584 | 15214 | **15.6%** | 11264 | 10898 | **3.4%** |
| Punta del Este | 0 | 0 | **-** | 96 | 81 | **18.6%** | - | - | **-** | 97 | 81 | **18.5%** | - | - | **-** | 6399 | 5669 | **12.9%** |
| **Total Uruguay** | **2** | **1** | **-** | **1153** | **1094** | **5.4%** | **22** | **26** | **-13.7%** | **1177** | **1120** | **5.0%** | **17584** | **15214** | **15.6%** | **17663** | **16567** | **6.6%** |
| **Ecuador** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Guayaquil | 902 | 895 | **0.8%** | 1098 | 1087 | **1.0%** | 37 | 38 | **-1.5%** | 2037 | 2019 | **0.9%** | 15836 | 16350 | **-3.1%** | 35286 | 34403 | **2.6%** |
| Galápagos | 266 | 265 | **0.3%** | - | - | **-** | - | - | **-** | 266 | 265 | **0.3%** | 2585 | 2744 | **-5.8%** | 3222 | 3001 | **7.4%** |
| **Total Ecuador** | **1168** | **1160** | **0.7%** | **1098** | **1087** | **1.0%** | **37** | **38** | **-1.5%** | **2303** | **2284** | **0.8%** | **18421** | **19094** | **-3.5%** | **38508** | **37404** | **3.0%** |
| **Armenia** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Zvartnots |  |  | **-** | 2348 | 2309 | **1.7%** | 59 |  | **-** | 2408 | 2309 | **4.3%** | 18836 | 17343 | **8.6%** | 18670 | 17650 | **5.8%** |
| Shirak | - | - | **-** | 69 | 48 | **44.1%** | - | - | **-** | 69 | 48 | **44.1%** | - | - | **-** | 416 | 310 | **34.2%** |
| **Total Armenia** | **-** | **-** | **-** | **2417** | **2356** | **2.6%** | **59** | **-** | **-** | **2477** | **2356** | **5.1%** | **18836** | **17343** | **8.6%** | **19086** | **17960** | **6.3%** |
| **Total CAAP** | **21066** | **19337** | **9%** | **16200** | **14441** | **12%** | **3789** | **3399** | **11%** | **41054** | **37177** | **10.4%** | **193116** | **183005** | **6%** | **420660** | **394633** | **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 **37** of **40**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q25** | **2Q24** | **% Var.** | **6M25** | **6M24** | **% Var.** |
| **Continuing operations** |  |  |  |  |  |  |
| Revenue | 476813 | 416248 | 14.6% | 910266 | 880438 | 3.4% |
| Cost of services | -310902 | -286074 | 8.7% | -592679 | -572421 | 3.5% |
| **Gross profit** | **165911** | **130174** | **27.5%** | **317587** | **308017** | **3.1%** |
| Selling, general and administrative expenses | -53253 | -43779 | 21.6% | -106067 | -90609 | 17.1% |
| Impairment loss of non-financial assets |  |  |  |  |  |  |
| Other operating income | 6959 | 7465 | -6.8% | 13560 | 14219 | -4.6% |
| Other operating expenses | -2278 | -994 | 129.2% | -7097 | -3882 | 82.8% |
| **Operating income** | **117339** | **92866** | **26.4%** | **217983** | **227745** | **-4.3%** |
| Share of loss in associates | -671 | -47 | 1327.7% | -1161 | -264 | 339.8% |
| **Income before financial results and income tax** | **116668** | **92819** | **25.7%** | **216822** | **227481** | **-4.7%** |
| Financial income | 18089 | 17566 | 3.0% | 28646 | 37820 | -24.3% |
| Financial loss | -71525 | -8707 | 721.5% | -113715 | 171396 | -166.3% |
| Inflation adjustment | -1676 | -1572 | 6.6% | -5030 | -16817 | -70.1% |
| **Income before income tax** | **61556** | **100106** | **-38.5%** | **126723** | **419880** | **-69.8%** |
| Income tax | -10072 | -45629 | -77.9% | -40843 | -172104 | -76.3% |
| **Income for the period** | **51484** | **54477** | **-5.5%** | **85880** | **247776** | **-65.3%** |
| Attributable to: |  |  |  |  |  |  |
| Owners of the parent | 49341 | 50226 | -1.8% | 88586 | 219900 | -59.7% |
| Non-controlling interest | 2143 | 4251 | -49.6% | -2706 | 27876 | -109.7% |

---

Page **38** of **40**

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

---

| | | |
|:---|:---|:---|
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| **ASSETS** | | |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 3211904 | 3155448 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 83155 | 77801 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset | 9249 | 9921 |
| &nbsp;&nbsp;&nbsp;Investments in associates | 10462 | 11746 |
| &nbsp;&nbsp;&nbsp;Other financial assets at fair value through profit or loss | 5035 | 4237 |
| &nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | 94033 | 84618 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 13588 | 13372 |
| &nbsp;&nbsp;&nbsp;Inventories | 315 | 314 |
| &nbsp;&nbsp;&nbsp;Other receivables | 65371 | 58461 |
| &nbsp;&nbsp;&nbsp;Trade receivables | 11 | 18 |
| **Total non-current assets** | **3493123** | **3415936** |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Inventories | 11138 | 11410 |
| &nbsp;&nbsp;&nbsp;Other financial assets at fair value through profit or loss | 3437 | 3129 |
| &nbsp;&nbsp;&nbsp;Other financial assets at amortized cost | 94999 | 82923 |
| &nbsp;&nbsp;&nbsp;Other receivables | 59078 | 63156 |
| &nbsp;&nbsp;&nbsp;Current tax assets | 6408 | 7366 |
| &nbsp;&nbsp;&nbsp;Trade receivables | 169888 | 157546 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 496808 | 439847 |
| **Total** | **841756** | **765377** |
| Assets classified as held for sale | 137 | 137 |
| **Total current assets** | **841893** | **765514** |
| **Total assets** | **4335016** | **4181450** |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Share capital | 165219 | 163223 |
| &nbsp;&nbsp;&nbsp;Share premium | 221434 | 183430 |
| &nbsp;&nbsp;&nbsp;Treasury shares | (4094) | (4094) |
| &nbsp;&nbsp;&nbsp;Free distributable reserve | 378910 | 378910 |
| &nbsp;&nbsp;&nbsp;Non-distributable reserve | 1358028 | 1358028 |
| &nbsp;&nbsp;&nbsp;Currency translation adjustment | (127750) | (116471) |
| &nbsp;&nbsp;&nbsp;Legal reserves | 10017 | 7419 |
| &nbsp;&nbsp;&nbsp;Other reserves | (1335038) | (1319682) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 804499 | 718511 |
| **Total attributable to owners of the parent** | **1471225** | **1369274** |
| Non-controlling interests | 100514 | 148686 |
| **Total equity** | **1571739** | **1517960** |
| **LIABILITIES** |  |  |
| **Non-current liabilities** |  |  |
| Borrowings | 1035018 | 1042704 |
| Derivative financial instruments liabilities | 3492 | 3351 |
| Deferred tax liabilities | 407480 | 383369 |
| Other liabilities | 742396 | 621412 |
| Lease liabilities | 6238 | 7010 |
| Trade payables | 1811 | 1914 |
| **Total non-current liabilities** | **2196435** | **2059760** |
| **Current liabilities** |  |  |
| Borrowings | 104660 | 115367 |
| Other liabilities | 325292 | 348586 |
| Lease liabilities | 3864 | 3707 |
| Current tax liabilities | 12136 | 15307 |
| Trade payables | 120890 | 120763 |
| **Total current liabilities** | **566842** | **603730** |
| **Total liabilities** | **2763277** | **2663490** |
| **Total equity and liabilities** | **4335016** | **4181450** |

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Page **39** of **40**

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

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| | | |
|:---|:---|:---|
|  | **Jun 30, 2025** | **Jun 30, 2024** |
| **Cash flows from operating activities** |  |  |
| Income for the period from continuing operations | 85880 | 247776 |
| Adjustments for: |  |  |
| Amortization and depreciation | 116762 | 96205 |
| Deferred income tax | 20229 | 158866 |
| Current income tax | 20614 | 13238 |
| Share of loss in associates | 1161 | 264 |
| Loss on disposals of property, plant and equipment | 620 | 262 |
| Low value, short term and variable lease payments | (1095) | (550) |
| Share based compensation expenses | 405 | 321 |
| Interest expenses | 45474 | 54237 |
| Other financial results, net | (9006) | (8001) |
| Net foreign exchange | 10670 | (279208) |
| Government subsidies per Covid-19 context | (720) |  |
| Other accruals | (31) | (1626) |
| Inflation adjustment | (7269) | 9097 |
| Acquisition of intangible assets | (78594) | (94519) |
| Income tax paid | (21469) | (23646) |
| Income due to concession compensation |  | 90609 |
| Unpaid concession fees | 34090 | 32990 |
| Changes in liability for concessions | 46532 | 47585 |
| Changes in working capital | (68760) | (85013) |
| **Net cash provided by operating activities** | **195493** | **258887** |
| **Cash flows from investing activities** |  |  |
| Cash contribution in associates | (75) | (45) |
| Acquisition of other financial assets | (83122) | (93308) |
| Disposals of other financial assets | 62366 | 63600 |
| Acquisition of property, plant and equipment | (6197) | (4654) |
| Acquisition of intangible assets | (550) | (568) |
| Proceeds from property, plant and equipment | 92 | 15 |
| Other | 2565 | 4248 |
| **Net cash (used in) provided by investing activities** | **(24921)** | **(30712)** |
| **Cash flows from financing activities** |  |  |
| Loans obtained | 11421 | 141231 |
| Guarantee deposits | 121 | 1804 |
| Principal elements of lease payments | (2002) | (2250) |
| Loans repaid | (59080) | (218429) |
| Interest paid | (48730) | (50779) |
| Debt renegotiation expenses | (193) | (1900) |
| Dividends paid to non-controlling interests in subsidiaries | (20982) | (6580) |
| **Net cash used in financing activities** | **(119445)** | **(136903)** |
| **Increase in cash and cash equivalents from continuing operations** | **51127** | **91272** |
| **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 | 5834 | (21707) |
| Increase in cash and cash equivalents from continuing operations | 51127 | 91272 |
| **At the end of the period** | **496808** | **439413** |

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