# EDGAR Filing Document

**Accession Number:** 0001717393
**File Stem:** 0001104659-25-109561
**Filing Date:** 2025-11
**Character Count:** 190423
**Document Hash:** 980068ed0f0528284820ce43e54a350b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-109561.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001104659-25-109561

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**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:** 251468305

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20546**

**FORM 6-K**

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of November, 2025

Commission File Number: 333-221916

**Corporación América Airports S.A.**

(Name of Registrant)

**128, Boulevard de la Pétrusse<br> L-2330 Luxembourg<br> Tel: +35226258274**

(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): ◻

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): ◻

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

Our subsidiary in Argentina, Aeropuertos Argentina 2000 S.A. ("<u>AA2000</u>"), files quarterly financial statements in Spanish (both on a consolidated and individual basis) before the Argentine Securities and Exchange Commission (*Comisión Nacional de Valores*) ("<u>CNV</u>"). AA2000 also files other periodic reports and notices with the CNV due to the fact that certain of its debt securities are subject to the public offering regime in Argentina. All such reports and notices are available at the website of the CNV (http://www.cnv.gob.ar). In addition, AA2000 files quarterly consolidated and individual financial statements in English before the Luxembourg Stock Exchange, in accordance with International Financial Reporting Standards ("<u>IFRS"</u>) as issued by the International Accounting Standards Board, on which said debt securities are listed and to the trustee under the indenture governing these debt securities. We are furnishing the information under cover of this Form 6-K to make this information available to the holders of our common shares.

This Form 6-K contains a free translation into English of the stand-alone condensed consolidated financial statements for the quarter and nine-month period ended September 30, 2025 of AA2000 (the "<u>AA2000 Consolidated Financial Statements</u>") as well as the stand-alone condensed individual financial statements for the quarter and nine-month period ended September 30, 2025 (the "<u>AA2000 Individual Financial Statements</u>" and jointly with the AA2000 Consolidated Financial Statements, the "<u>AA2000 Financial Statements</u>") that have been made publicly available in Argentina in Spanish. The AA2000 Financial Statements, have been prepared in accordance with the accounting framework established by the CNV, which is based on the application of the IFRS. These AA2000 Financial Statements are presented in Argentine pesos and were audited in accordance with International Standards on Auditing as approved by the International Auditing and Assurance Standards Board (IAASB).

There are certain differences between the AA2000 Consolidated Financial Statements and the consolidating information for the Argentine segment included in the consolidated financial statements of Corporación América Airports S.A. ("<u>CAAP</u>"), such as AA2000's own transition date to IFRS and its reporting currency, among others.

As a result, the AA2000 Financial Statements contained in this Form 6-K are for informational purposes only and not comparable to the financial information included in the Argentine segment in the consolidated financial statements of CAAP included in our annual report on Form 20-F and that consolidate the results of operations and financial condition of all our subsidiaries. Furthermore, neither the AA2000 Consolidated Financial Statements nor the AA2000 Individual Financial Statements should be construed as any indication of how our Argentina segment information will be presented in the consolidated financial statements of CAAP.

**Exhibits**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](tm2530048d2_ex99-1.htm) | [Free translation into English of AA2000 Condensed Consolidated Financial Statements for the quarter and nine-month period ended September 30, 2025.](tm2530048d2_ex99-1.htm) |
| [99.2](tm2530048d2_ex99-2.htm) | [Free translation into English of AA2000 Condensed Individual Financial Statements for the quarter and nine-month period ended September 30, 2025.](tm2530048d2_ex99-2.htm) |

---

**SIGNATURES**

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

---

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

---

Date: November 11, 2025

## Exhibit 99.1

**Exhibit 99.1**

![](tm2530048d2_ex99-1img001.jpg)

**Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format

![](tm2530048d2_ex99-1header.jpg)

**<u>Index</u>**

---

| |
|:---|
| Glossary of terms |
| Condensed Consolidated Interim Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Comprehensive Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Financial Position |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to the Condensed Consolidated Interim Financial Statements |
| Summary of Information requested by Resolution N° 368/01 of the National Securities Commission |
| Review Report of the Condensed Consolidated Interim Financial Statements |
| Report of the Supervisory Committee |

---

**<u>Glossary</u>**

---

| |
|:---|
| **Definition** |
| $Argentine peso |
| US dollar |
| Euro |
| Sterling pound |
| Canadian dollar |
| Aeropuertos Argentina 2000 S.A. |
| Acronym for Central Bank of Argentine Republic |
| Bank of Argentine Nation |
| Official Gazette |
| Corporación América Airports S.A. |
| Committee on Interpretations of International Financial Reporting Standards |
| National Securities Commission |
| Professional Council of Economic Sciences of the Autonomous City of Buenos Aires |
| Argentine Federation of Professional Councils of Economic Sciences |
| Acronym for International Accounting Standards Board |
| Acronym for International Air Transport Association |
| Acronym for National Institute of Statistics and Censuses |
| Consumer Price Index (General Level) |
| Acronym for Free Exchange Market |
| International Accounting Standards |
| International Financial Reporting Standards |
| International Civil Aviation Organization |
| Negotiable Obligations |
| Acronym for Regulatory Body of the National Airport System |
| National Executive Power |
| Financial Projection of Income and Expenditures |
| Acronym for Payment in Kind |
| Property , Plant & Equipment |
| Result from Exposure to Changes in the Purchasing Power of the Currency |
| National Airport System |
| Nominal annual interest rate |
| Ordered Text |

---

![](tm2530048d2_ex99-1header.jpg)

Registration number with the Superintendency of Corporations: 1645890

**Honduras 5663 – Autonomous City of Buenos Aires**

<u>Principal activity of the Company</u>: Exploitation, administration and operation of airports.

<u>Company Name:</u> Aeropuertos Argentina 2000 S.A.

**Condensed Consolidated Interim Financial Statements**

For the nine-month period of the

Fiscal Year N° 28 commenced January 1, 2025

<u>Date of registration with the Public Registry of Commerce:</u>

Of the By-laws: February 18, 1998

Of the last modification of the By-laws: January 03, 2023

<u>Expiration date of the company:</u> February 17, 2053

<u>Controlling Company:</u>

Corporate Name: Corporación América S.A.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

Participation of the Parent Company in common stock and total votes: 45,90%

<u>Capital breakdown (Note 14):</u>

Issued Common Shares of N/V $1 and 1 vote each:

---

| | | |
|:---|:---|:---|
|  | Subscribed | Paid-in |
|  | **$** | **$** |
| 79,105,489 Class "A" Shares | 79105489 | 79105489 |
| 79,105,489 Class "B" Shares | 79105489 | 79105489 |
| 61,526,492 Class "C" Shares | 61526492 | 61526492 |
| 38,779,829 Class "D" Shares | 38779829 | 38779829 |
|  | **258517299** | **258517299** |

---

![](tm2530048d2_ex99-1header.jpg)

**Separate Statement of Comprehensive Income**

For the three and nine month, periods ended at September 30, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| **Continuous Operations** |  |  |  |  |  |
| Sales income | 4 | 328190 | 252985 | 919107 | 838372 |
| Construction income |  | 48974 | 50832 | 103793 | 151254 |
| Cost of service | 5.1 | (199210) | (184978) | (581006) | (536219) |
| Construction costs |  | (48874) | (50735) | (103515) | (150989) |
| **Income for gross profit for the period** |  | **129080** | **68104** | **338379** | **302418** |
| Distribution and selling expenses | 5.2 | (22906) | (16928) | (60156) | (51826) |
| Administrative expenses | 5.3 | (17152) | (14513) | (49071) | (39610) |
| Other income and expenses, net | 6.1 | 5888 | 5159 | 13825 | 16417 |
| **Operating profit for the period** |  | **94910** | **41822** | **242977** | **227399** |
| Finance Income | 6.2 | 27816 | (5508) | 39802 | (136862) |
| Finance Costs | 6.3 | (88232) | 18121 | (129074) | 533962 |
| RECPAM |  | (892) | (3616) | (6565) | (32145) |
| Result of investments accounted for by the equity method |  | - | - | - | (1) |
| **Income before income tax** |  | **33602** | **50819** | **147140** | **592353** |
| Income tax | 6.4 | (5676) | (34597) | (40952) | (255988) |
| **Income for the period for continuous operations** |  | **27926** | **16222** | **106188** | **336365** |
| **Net Income for the period** |  | **27926** | **16222** | **106188** | **336365** |
| Other comprehensive income |  | - | **-** | **-** | **-** |
| **Comprehensive Income for the period** |  | **27926** | **16222** | **106188** | **336365** |
| **Income attributable to:** |  |  |  |  |  |
| Shareholders |  | 27921 | 15942 | 105999 | 335851 |
| Non–Controlling Interest |  | 5 | 280 | 189 | 514 |
| **Income per share basic and diluted attributable to shareholders of the Company during the period (shown** |  | 107.8224 | 62.6332 | 409.9923 | 1298.7066 |
| in $ per share) from continuous operations |  |  |  |  |  |

---

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-1header.jpg)

**Consolidated Statements of Financial Position**

At September 30, 2025 and December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** |
| **Assets** |  | | |
| **Non- Current Assets** |  |  |  |
| Investments accounted for by the equity method |  | 1 | 1 |
| Property, plant and equipment |  | 1176 | 1277 |
| Intangible Assets | 7 | 2360298 | 2389290 |
| Rights of use |  | 5044 | 5390 |
| Assets for deferred tax |  | 22 | 20 |
| Other receivables | 9.1 | 55097 | 53624 |
| Investments | 9.3 | 43452 | 60689 |
| **Total Non-Current Assets** |  | **2465090** | **2510291** |
| **Current Assets** |  |  |  |
| Other receivables | 9.1 | 23365 | 29090 |
| Trade receivables, net | 9.2 | 121883 | 116175 |
| Other assets |  | 301 | 198 |
| Investments | 9.3 | 83290 | 27149 |
| Cash and cash equivalents | 9.4 | 100269 | 129842 |
| **Total Current Assets** |  | **329108** | **302454** |
| **Total Assets** |  | **2794198** | **2812745** |
| **Shareholders' Equity and Liabilities** |  |  |  |
| **Equity attributable to Shareholders** |  |  |  |
| Common shares |  | 259 | 259 |
| Share Premium |  | 137 | 137 |
| Capital adjustment |  | 168288 | 168288 |
| Legal , facultative reserve and others |  | 1060383 | 906872 |
| Retained earnings |  | 105999 | 356185 |
| **Subtotal** |  | **1335066** | **1431741** |
| Non-Controlling Interest |  | 507 | 318 |
| **Total Shareholders' Equity** |  | **1335573** | **1432059** |
| **Liabilities** |  |  |  |
| **Non-Current Liabilities** |  |  |  |
| Provisions and other charges | 11 | 6277 | 9788 |
| Financial debts | 8 | 671940 | 681844 |
| Deferred income tax liabilities |  | 409834 | 369374 |
| Lease liabilities |  | 790 | 2589 |
| Accounts payable and others | 9.5 | 1083 | 1181 |
| **Total Non- Current Liabilities** |  | **1089924** | **1064776** |
| **Current Liabilities** |  |  |  |
| Provisions and other charges | 11 | 136442 | 54624 |
| Financial debts | 8 | 81261 | 102095 |
| Current income tax liability, net of advances |  | 569 | 515 |
| Lease liabilities |  | 4967 | 3348 |
| Accounts payable and others | 9.5 | 129295 | 140739 |
| Fee payable to the Argentine National Government | 10.1 | 16167 | 14589 |
| **Total Current Liabilities** |  | **368701** | **315910** |
| **Total Liabilities** |  | **1458625** | **1380686** |
| **Total Shareholder's Equity and Liabilities** |  | **2794198** | **2812745** |

---

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-1header.jpg)

**Consolidated Statements of Changes in Equity**

At September 30, 2025 and 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | | |
|  | **Common<br> Shares** | **Share<br> Premium** | **Adjustment<br> of capital** | **Legal<br> Reserve** | **Facultative<br> Reserve** | **Other<br> Reserves** | **Retained<br> Earnings** | **Total** | **Non-**<br>**Controlling<br> Interest** | **Total**<br>**Shareholders'<br> Equity** |
|  | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** |
| **Balance at 01.01.25** | **259** | **137** | **168288** | **33689** | **868018** | **5165** | **356185** | **1431741** | **318** | **1432059** |
| Resolution of the Assembly of April 29, 2025 – Constitution of reserves (note 15) |  |  |  |  | 356185 |  | (356185) |  |  |  |
| Resolution of the Assembly of August 18 2025 – Constitution of reserves (note 15) |  |  |  |  | (202830) |  |  | (202830) |  | (202830) |
| Compensation plan |  |  |  |  |  | 156 |  | 156 |  | 156 |
| Net Income for the period | - | - | - | - | - | - | 105999 | 105999 | 189 | 106188 |
| **Balance at 09.30.2025** | **259** | **137** | **168288** | **33689** | **1021373** | **5321** | **105999** | **1335066** | **507** | **1335573** |
| **Balance at 01.01.24** | **259** | **137** | **168338** | **33519** | **947867** | **4783** | **24995** | **1179898** | **(79)** | **1179819** |
| Resolution of the Assembly of April 24, 2024 – Constitution of reserves (note 15) |  |  |  | 154 | 24841 |  | (24995) |  |  |  |
| Compensation plan |  |  |  |  |  | 297 |  | 297 |  | 297 |
| Net Income for the period | - | - | - | - | - | - | 335851 | 335851 | 514 | 336365 |
| **Balance at 09.30.2024** | **259** | **137** | **168338** | **33673** | **972708** | **5080** | **335851** | **1516046** | **435** | **1516481** |

---

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-1header.jpg)

**Consolidated Statements of Cash Flow**

For the nine-month periods ended at September 30, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **06.30.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** |
| **Cash Flows from operating activities** |  |  |  |
| Net income for the period |  | 106188 | 336365 |
| Adjustment for: |  |  |  |
| Income tax |  | 40952 | 255988 |
| Amortization of intangible assets | 7 | 128496 | 97361 |
| Depreciation of property , plant and equipment | 5 | 396 | 321 |
| Depreciation right of use | 5 | 2706 | 2206 |
| Bad debts provision | 5.2 | 6011 | 3254 |
| Specific allocation of accrued and unpaid income |  | 16167 | 12267 |
| Result of investments accounted for using the equity method |  |  | 1 |
| Income of sales of investments accounted for by the equity method |  |  | (493) |
| Compensation plan |  | 156 | 297 |
| Accrued and unpaid financial debts interest costs | 8 | 42125 | 52891 |
| Accrued deferred revenues and additional consideration | 11 | (16156) | (16525) |
| Accrued and unpaid Exchange differences |  | 64120 | (429876) |
| Litigations provision | 11 | 1588 | 901 |
| Inflation Adjustment |  | (23140) | (48301) |
| Changes in operating assets and liabilities: |  |  |  |
| Changes in trade receivables |  | (32664) | (39887) |
| Changes in other receivables |  | (10753) | (38362) |
| Changes in other assets |  | (103) | 436 |
| Changes in accounts payable and others |  | 14049 | 64236 |
| Changes in provisions and other charges |  | 4420 | (17164) |
| Evolution of the specific allocation of income to be paid to the Argentine National State |  | (11959) | (9100) |
| Changes in intangible assets | 7 | (99504) | (151254) |
| Income tax payments |  | (405) | - |
| **Net cash Flow generated by operating activities** |  | **232690** | **75562** |
| **Cash Flow for investing activities** |  |  |  |
| Acquisition of investments |  | (97717) | (27890) |
| Collection of investments |  | 68332 | 12677 |
| Fixed assets acquisitions |  | (294) | (72) |
| **Net Cash Flow applied to investing activities** |  | **(29679)** | **(15285)** |
| **Cash Flow from financing activities** |  |  |  |
| New Financial debts | 8 | 116 | 642 |
| Payment of leases |  | (3177) | (3047) |
| Financial debts paid- principal | 8 | (97713) | (61585) |
| Financial debts paid- interests | 8 | (40241) | (47494) |
| Payment of dividends |  | (120371) | - |
| **Net Cash Flow applied to financing activities** |  | **(261386)** | **(111484)** |
| **Net decrease in cash and cash equivalents** |  | **(58375)** | **(51207)** |
| **Changes in cash and cash equivalents** |  |  |  |
| **Cash and cash equivalents at the beginning of the period** |  | **129842** | **193439** |
| Net decrease in cash and cash equivalents |  | (58375) | (51207) |
| Inflation adjustment generated by cash and cash equivalents |  | 18242 | 56059 |
| Foreign Exchange differences by cash and cash equivalents |  | 10560 | (56212) |
| **Cash and cash equivalents at the end of the period** |  | **100269** | **142079** |

---

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format

**NOTE 1 – COMPANY ACTIVITIES**

Aeropuertos Argentina 2000 S.A. ("AA2000" or the "Company") was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the "A" Group of the Argentine National Airport System. "A" Group includes 33 airports that operate in Argentina (the "Concession").

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement until December 2022 of certain commitments duly assumed.

On July 28, 2023, the ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC and FINANCIAL REGULATION MANAGEMENT referring to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group "A" of the National Airport System corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of the international passenger traffic at values similar to 2019.

By virtue of this, the Company made a judicial presentation (Aeropuertos Argentina 2000 SA C/ ORSNA - RES 56/23 S/Proceso de Conocimiento) within the framework of the agreements entered into in File 56,695/2019.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 1 – COMPANY ACTIVITIES (Contd.)**

As resolved by the Resolution RESFC-2023-56-APN-ORSNA#MTR, and within the review process corresponding to the period 2018-2022, the ORSNA issued resolutions RESFC-2023-65-APN-ORSNA#MTR and RESFC-2023-66-APN-ORSNA#MTR. The Company filed an appeal for reconsideration against said resolutions and requested the suspension of their effects. Similarly, a lawsuit was filed in the case AEROPUERTOS ARGENTINA 2000 SA C/ ORSNA - RES 56/23 S/PROCESO DE CONOCIMIENTO, File CAF 032610/2023, based on the agreements entered into and approved in File 56,695/2019.

On November 27, 2023, ORSNA and the Company signed a Minute by which they agreed: (i) to suspend the ongoing procedural deadlines until June 30, 2024, (ii) that the Company must contract at its own expense. a passenger traffic consulting study; (iii) postpone until May 30, 2024 the ordinary annual review of the Financial Projection of Income and Expenses of the Concession, corresponding to all periods until December 31, 2023.

Due to the change in management of the National Government, and in order to comply with what was opportunely agreed, on August 9, 2024, ORSNA and the Company signed a new Meeting Minutes by which the ordinary annual review of the Financial Projection of Income and Expenditures of the Concession, corresponding to all periods until December 31, 2023, was postponed until October 30, 2024. It was also agreed to postpone until November 30, 2024 the deadline for the Regulatory Body to adopt the definitive measures that, being within its competence, allow the restoration of the financial economic equation of the Concession and to suspend until December 31, 2024 the procedural deadlines in the aforementioned judicial case.

On December 9, 2024, the ORNSA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR approving the Revisions of the Financial Projection of Income and Expenses corresponding to the periods 2021, 2022 and 2023. The Company requested the review of some aspects thereof. Pursuant to the parties' requests, on August 7, 2025, a new 20-business-day suspension of the deadlines was jointly requested with ORSNA. Subsequently, on August 11, 2025, a further 20-business-day suspension of the deadlines was ordered. Finally, on September 4, 2025, a joint request was made for a six-month suspension of the procedural deadlines, beginning on September 10, 2025, which was granted by the court until February 11, 2026.

To date, the Company has fulfilled the commitments assumed.

Furthermore, under the terms of the concession contract, the National State has the right to rescue the Concession as of February 13, 2018. In the event that the National State decides to rescue the Concession, it must pay the Company compensation.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 - BASIS FOR CONSOLIDATION**

The Condensed Consolidated Interim Financial Statements include the assets, liabilities and results of the following subsidiaries (hereafter the Group):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subsidiaries <sup>(1)</sup>** | **Number of<br> common <br> shares** | **Participation<br> in capital and<br> possible votes** | **Net<br> Shareholders<br> 'equity at <br> closing** | **Income for<br> the year** | **Book entry <br> value at<br> 09.30.2025** |
|  | | | **Millions of $** | **Millions of $** | **Millions of $** |
| Servicios y Tecnología Aeroportuarios S.A. <sup>(2)</sup> | 14398848 | 99.30% | 1740 | 670 | 1728 |
| Cargo & Logistics S.A. <sup>(3)</sup> | 1614687 | 98.63% |  |  |  |
| Paoletti América S.A. <sup>(3)</sup> | 6000 | 50.00% | 1 |  | 1 |
| Texelrío S.A. | 84000 | 70.00% | 1650 | 430 | 1155 |
| Villalonga Furlong S.A <sup>(3) (4)</sup> | 56852 | 1.46% | 3 |  |  |

---

(1) Companies based in Argentina.

(2) Includes adjustments under IFRS for the preparation and presentation of the corresponding Financial Statements.

(3) Not consolidated due to low significance.

(4) The Company directly and indirectly owns 98.53% of the capital stock and votes of this entity.

The accounting policies of the subsidiaries have been modified, where necessary, to ensure consistent application with The Company accounting policies.

The Company holds 99.3% of the shares of Servicios y Tecnología Aeroportuarios S.A. (Sertear), which purpose is to manage and develop activities related to duty-free zones, import and export operations, exploit and manage airport-related services, provide transportation services (both passenger and cargo), and warehouse usage services.

Cargo & Logistics S.A. owns 98.42% of the shares of Villalonga Furlong S.A. and the class "B" shares of Empresa de Cargas Aereas del Atlántico Sud S.A. (they represent 45% of its share capital), which is in liquidation. The remaining 55% of the shares (class "A") of Empresa de Cargas Aereas del Atlántico Sud S.A. is owned by the National State – Ministry of Defense. Air Cargo Company of Atlántico Sud S.A. that is in liquidation as of the date of presentation of these financial statements, being dissolved by application of the provisions of article 94, paragraph 2 of law 19,550.

The Company holds 50% of the capital stock and votes of Paoletti América S.A. Pursuant to shareholder agreements, the Company is in charge of the administration of Paoletti America S.A, and also appoints the Chairman of the Board of Directors, who, in accordance with the corporate by-laws, has a double vote in case of a tie voting.

In addition, the Company owns 70% of the capital and votes of Texelrio S.A. whose corporate purpose is, among others, to develop, operate and manage all kinds of services related to maintenance of parks and airports.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 3 – ACCOUNTING POLICIES**

These Interim Condensed Consolidated Financial Statements of the Company are presented in millions of Argentine pesos, except for share data or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash ("-") indicates that no data was reported for a specific line item in the relevant financial year or period or when the relevant information figure, after rounding, amounts to zero. The Company's Board of Directors approved them for issuance on November 10, 2025.

The CNV, through article 1 of Chapter III of Title IV of the CNV Standards (N.T. 2013 and mod.), has established the application of Technical Resolution No. 26 of the FACPCE (and its modifications), which adopt the standards of IFRS accounting (or IFRS for its acronym in English), issued by the IASB, for entities included in the public offering regime, either for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 "First Time Adoption of the IFRS" was January 1, 2011.

These Consolidated Condensed Interim Financial Statements of The Company for the nine-month period ended September 30, 2025 are presented based on the application of the guidelines established in IASB No. 34 "Intermediate Financial Information". Therefore, they must be read together with the Company's annual consolidated financial statements as of December 31, 2024 prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

*1) Comparative Information*

The information included in these financial statements was extracted from the Condensed Consolidated Interim Financial Statements of the Company as of September 30, 2024 and from the Consolidated Financial Statements as of December 31, 2024 approved by the Company's Board and Shareholders and restated at the closing currency at September 30, 2025, based on the application of IASB 29 (see Note 3.25 of the Condensed Consolidated Financial Statements at December 31, 2024).

*2) Controlled Companies*

An investor controls an entity when the group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The subsidiaries are consolidated as from the date control is transferred to the Company. They are deconsolidated from the date that control ceases. (See Note 2).

Inter-company transactions, balances and unrealized gains or transactions between Group companies are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group's accounting policies.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 3 – ACCOUNTING POLICIES (Contd.)**

*3) Segment Information*

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

The Argentine National Government granted the Company the concession of the "A" Group airports of the NAS under the basis of "cross-subsidies": i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

All airports must comply with measures of operative efficiency that are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

Revenues of the Company comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the PFIE of The Company in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport based on expected passenger flow and air traffic, in the framework of the standards previously mentioned.

*4) Accounting policies*

The collection policies adopted for these interim financial statements are consistent with those used in the Consolidated Financial Statements as of December 31, 2024.

*5) Changes in accounting policies and disclosures*

There were no changes in the Group's accounting policies based on the effective application standards issued by the IASB as of January 1, 2025.

*6) Estimates*

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

In the preparation of these Condensed Consolidated Interim Financial Statements the significant areas of judgement by management in the application of the Company's accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2024.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 3 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies*

*<u>Functional and presentation currency</u>*

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of the financial statements.

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

These requirements also correspond to the comparative information of these Consolidated financial statements.

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the NIC 29, these Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments. and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (CNV) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 3 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)*

*<u>Functional and presentation currency (contd.)</u>*

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized in the financial statements.

The adjustment for inflation in the initial balances was calculated considering the indexes established by the FACPCE based on the price indexes published by the INDEC or an estimate thereof when, at the time of preparing the information, these were not available. As of September 30, 2025, the price index amounted to 9,386.3022, with inflation for the nine-month period of 22.0% and year-on-year of 31.8%.

*<u>Inflation adjustment</u>*

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 3 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)*

*<u>Inflation adjustment (Contd.)</u>*

Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of September 30, 2025. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

- Equity: the net equity accounts are expressed in constant currency as of September 30, 2025, applying the corresponding adjustment coefficients at their dates of contribution or origin;

Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items, which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of September 30, 2025, through the application of the relevant conversion factors.

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account.

- The other result reserves were not restated in the initial application.

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

*<u>Transactions and balances</u>*

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 3 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)*

*<u>Transactions and balances (Contd.)</u>*

Foreign exchange gains and losses are shown in "Finance Income" and/or "Finance Expense" of the comprehensive statement of income.

Exchange rates used are the following: buying currency rate for monetary assets and selling currency rate for monetary liabilities, applicable at year-end according to BNA and at the foreign currency exchange banknote rate applicable at the transaction date.

*8) Contingencies*

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

*9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment*

The income tax income in the nine-month period ended at September 30, 2025 was a loss of $40,952 million.

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $118,101 million, because as of September 30, 2025, the variation of the CPI for the period of 36 months at the end of fiscal year 2025 will exceed 100%.

**NOTE 4 - SALES INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Air station use rate | 165046 | 127534 | 471187 | 429697 |
| Landing fee | 14732 | 9743 | 40058 | 39095 |
| Parking fee | 4409 | 3237 | 13037 | 14147 |
| **Total aeronautical income** | **184187** | **140514** | **524282** | **482939** |
| **Total non-aeronautical income** | **144003** | **112471** | **394825** | **355433** |
| **Total** | **328190** | **252985** | **919107** | **838372** |

---

As of September 30, 2025 and 2024, "over the time" income from contracts with customers for the nine-month periods was $773,507 million and $699,680 million, respectively.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 5 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES**

***5.1. Sales Cost***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Specific allocation of income | 48371 | 37535 | 135405 | 123534 |
| Airport services and maintenance | 42609 | 43977 | 126741 | 116325 |
| Amortization of intangible assets | 39933 | 34177 | 124317 | 96462 |
| Depreciation of property, plant and equipment | 136 | 24 | 382 | 292 |
| Salaries and social charges | 49843 | 49701 | 142552 | 148292 |
| Fee | 1066 | 4738 | 5146 | 10193 |
| Utilities and fees | 6244 | 6329 | 18128 | 17478 |
| Taxes | 1626 | 2317 | 5036 | 5587 |
| Office expenses | 5152 | 5310 | 14691 | 15214 |
| Insurance | 51 | 144 | 94 | 636 |
| Depreciation rights of use | 1234 | 726 | 2706 | 2206 |
| Others | 2945 | - | 5808 | - |
| **Total** | **199210** | **184978** | **581006** | **536219** |

---

***5.2. Distribution and marketing expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Airport services and maintenance | 392 |  | 782 |  |
| Amortization of intangible assets | 234 | 43 | 445 | 48 |
| Salaries and social charges | 1465 | 485 | 3388 | 722 |
| Fees | 200 | 290 | 568 | 319 |
| Utilities and fees | 127 | 6 | 140 | 12 |
| Taxes | 16308 | 13124 | 45252 | 42832 |
| Office expenses | 64 | 50 | 291 | 88 |
| Advertising | 1296 | 2058 | 3279 | 4551 |
| Provision for bad debts | 2820 | 872 | 6011 | 3254 |
| **Total** | **22906** | **16928** | **60156** | **51826** |

---

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 5 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)**

***5.3. Administrative Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Airport services and maintenance | 508 | 460 | 1338 | 1178 |
| Amortization of intangible assets | 1539 | 317 | 3734 | 851 |
| Depreciation of PP&E | 6 |  | 14 | 29 |
| Salaries and social charges | 9358 | 8029 | 25895 | 20897 |
| Fees | 1282 | 1110 | 3513 | 3577 |
| Utilities and fees | 86 | 1 | 144 | 7 |
| Taxes | 2261 | 1818 | 6225 | 5706 |
| Office expenses | 1508 | 2426 | 5946 | 6218 |
| Insurance | 351 | 77 | 1643 | 384 |
| Fees to the Board of Directors and the Supervisory Committee | 245 | 275 | 611 | 763 |
| Others | 8 | - | 8 | - |
| **Total** | **17152** | **14513** | **49071** | **39610** |

---

**NOTE 6 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT**

***6.1 Other net incomes and expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Trust for Strengthening | 8062 | 6257 | 22567 | 20589 |
| Other | (2174) | (1098) | (8742) | (4172) |
| **Total** | **5888** | **5159** | **13825** | **16417** |

---

***6.2. Financial Income***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Interest | 4752 | 10382 | 17806 | 39351 |
| Foreign Exchange differences | 23064 | (15890) | 21996 | (176213) |
| **Total** | **27816** | **(5508)** | **39802** | **(136862)** |

---

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 6 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT (Contd.)**

***6.3 Financial Costs***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Interest | (15417) | (15655) | (44223) | (55698) |
| Foreign Exchange differences | (72815) | 33776 | (84851) | 589660 |
| **Total** | **(88232)** | **18121** | **(129074)** | **533962** |

---

***6.4 Income Tax***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Current | (151) | (792) | (467) | (829) |
| Deferred | (5525) | (33805) | (40485) | (255159) |
| **Total** | **(5676)** | **(34597)** | **(40952)** | **(255988)** |

---

**NOTE 7 – INTANGIBLE ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **09.30.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** |
| Original values: |  |  |  |
| **Initial Balance** |  | **4001400** | **3807001** |
| Acquisitions of the period |  | 103793 | 151254 |
| Declines of the period |  | (7241) | - |
| **Balance at September 30** |  | **4097952** | **3958255** |
| Accumulated Amortization: |  |  |  |
| **Initial Balance** |  | **(1612110)** | **(1479109)** |
| Acquisitions of the period | 5 | (128496) | (97361) |
| Declines of the period |  | 2952 | - |
| **Balance at September 30** |  | **(1737654)** | **(1576470)** |
| **Net balance at September 30** |  | **2360298** | **2381785** |

---

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 8 - FINANCIAL DEBTS**

***8.1 Changes in financial debt***

---

| | | |
|:---|:---|:---|
|  | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** |
| **Initial Balance** | **783939** | **1388152** |
| New financial debts | 116 | 642 |
| Financial debts paid | (137954) | (109079) |
| Accrued interest | 42125 | 52891 |
| Foreign Exchange differences | 64741 | (570320) |
| Inflation adjustment | 234 | 8448 |
| **Total Net Balance at September 30** | **753201** | **770734** |

---

***8.2 Breakdown of financial debt***

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Non-current Financial Debts** | **Millions of $** | **Millions of $** |
| Negotiable Obligations | 672538 | 682858 |
| Cost of issuance of NO | (598) | (1014) |
|  | **671940** | **681844** |
| **Current Financial Debts** |  |  |
| Bank borrowings | 4792 | 12886 |
| Negotiable Obligations | 76776 | 89610 |
| Cost of issuance of NO | (307) | (401) |
|  | **81261** | **102095** |
|  | **753201** | **783939** |

---

As of September 30, 2025 and December 31, 2024, the fair value of the financial debt amounts to $754,422 million and $780,947 million, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited Consolidated Financial Statements as of December 31, 2024.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 8 - FINANCIAL DEBTS (Contd.)**

***8.3 Negotiable Obligations***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Start** | **Maturity** | **Interest** | **Currency** | **Initial Capital** | **Capital in U$S <br> at 09.30.2025** | **Capital in U$S<br> at 12.31.2024** |
| Guaranteed with Maturity in 2027 <sup>(1)(2)</sup> | 02.2017 | 02.2027 | 6.875% | U$S | 400.0 | 7.5 | 11.3 |
| Class I Series 2020 <sup>(1)(2)(3)</sup> | 04.2020 | 02.2027 | 6.875% <sup>(5)</sup> | U$S | 306.0 | 27.1 | 40.6 |
| Class I Series 2021 - Additional <sup>(1) (2) (3)</sup> | 10.2021 | 08.2031 | 8.500% | U$S | 272.9 | 272.9 | 272.9 |
| Class IV <sup>(2) (3)</sup> | 11.2021 | 11.2028 | 9.500% | U$S | 62.0 | 53.8 | 62.0 |
| Class V <sup>(3)</sup> | 02.2022 | 02.2032 | 5.500% | U$S <sup>(6)</sup> | 138.0 | 138.0 | 138.0 |
| Class VI <sup>(3)</sup> | 02.2022 | 02.2025 | 2.000% | U$S <sup>(6)</sup> | 36.0 |  | 27.1 |
| Class IX <sup>(3)</sup> | 08.2022<sup>(4)</sup> | 08.2026 | 0.000% | U$S <sup>(6)</sup> | 32.7 | 22.9 | 22.9 |
| Class X <sup>(3)</sup> | 07.2023 | 07.2025 | 0.000% | U$S <sup>(6)</sup> | 25.1 |  | 17.9 |
| Class XI <sup>(3)</sup> | 12.2024 | 12.2026 | 5.500% | U$S <sup>(7)</sup> | 28.8 | 28.8 | 28.8 |

---

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) Corresponds to NOs issued under US legislation, from the state of New York.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the NSC on 04.12.2020.

(4) On 07/2023, an additional amount was issued for US$2.7 million, with the same conditions as the original issue.

(5) During the PIK Period (until 05.01.2021) the interest rate was 9.375% per year, period in which the amount of interest was capitalized quarterly. After said period, the interest rate of the NOs is applied.

(6) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(7) The reference ONs are nominated and payable in US dollars.

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred. As of September 30, 2025, the Company complies with financial covenants.

As of September 30, 2025, the Company fully canceled Class VI and Class X Bonds.

As of September 30, 2025, the Company holds Class IX Bonds in its portfolio totaling US$9.8 million.

![](tm2530048d2_ex99-1header.jpg)

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 8 - FINANCIAL DEBTS (Contd.)**

***8.4 Bank debt***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Institution** | **Start** | **Maturity.** | **N.A.R.** | **Currency** | **Initial<br> Capital<sup>(1)</sup>** | **Capital at<br> 09.30.2025 <sup>(1)</sup>** | **Capital at<br> 12.31.2024 <sup>(1)</sup>** |
| ICBC - Dubai Branch | 07.2022 | 10.2025 | SOFR+ 7,875%<sup>(2)</sup> | U$S | 10.0 | 3.4 | 10.0 |

---

(1) Balances in the original currency of the financial instrument.

(2) Plus applicable withholding tax.

**NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION**

***9.1 Other receivables***

***9.1.1 Other non-current receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** |
| Trust for Strengthening | 10.1 | 53509 | 53081 |
| Others |  | 1588 | 543 |
| **Total** |  | **55097** | **53624** |

---

***9.1.2 Other current receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** |
| Expenses to be recovered |  | 3199 | 2935 |
| Related parties | 10.1 | 2554 | 3155 |
| Tax credits |  | 13779 | 19995 |
| Prepaid Insurance |  | 3818 | 2983 |
| Others |  | 15 | 22 |
| **Total** |  | **23365** | **29090** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)**

***9.2 Trade receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  | <br>**Note** | **Millions of $** | **Millions of $** |
| Trade receivables |  | 130229 | 121775 |
| Related parties | 10.1 | 3036 | 2775 |
| Checks-postdated checks |  | 3975 | 3165 |
| Subtotal sales credits |  | 137240 | 127715 |
| Provision for bad debts |  | (15357) | (11540) |
| **Total** |  | **121883** | **116175** |

---

***9.2.1 Changes in Bad Debt Provisions***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **09.30.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| **Initial balance** |  | **11540** | **16433** |
| Increases of the period | 5.2 | 6011 | 3254 |
| Foreign exchange difference |  | 2827 | 485 |
| Applications of the period |  | (2516) | (111) |
| Inflation adjustment |  | (2505) | (8946) |
| **Bad Debts provisions at September 30** |  | **15357** | **11115** |

---

---

| | | | |
|:---|:---|:---|:---|
| **9.3 Investments** | | | |
| **9.3.1 Non-current investments** | | | |
|  | |<br>**09.30.2025** |<br>**12.31.2024** |
|  |<br><br>**Note** | **Millions of $** | **Millions of $** |
| Negotiable obligations |  | 43452 | 54013 |
| Negotiable obligations of related companies | 10.1 |  | 4331 |
| Other financial assets |  | - | 2345 |
| **Total** |  | **43452** | **60689** |

---

***9.3.2 Current investments***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Negotiable Obligations |  | 54001 | 17554 |
| Negotiable obligations of related companies | 10.1 | 4730 |  |
| Other financial assets |  | 24559 | 9595 |
| **Total** |  | **83290** | **27149** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)**

***9.4 Cash and cash equivalents***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Cash and funds in custody |  | 189 | 204 |
| Banks | 13 | 22861 | 100808 |
| Checks not yet deposited |  | 1076 | 587 |
| Term deposits and others |  | 76143 | 28243 |
| **Total** |  | **100269** | **129842** |

---

---

| | | |
|:---|:---|:---|
| **9.5 Commercial accounts payable and other** | | |
| **9.5.1 Commercial Accounts payable and other non-current** | | |
|  |<br>**09.30.2025** |<br>**12.31.2024** |
|  | **Millions of $** | **Millions of $** |
| Suppliers | 1083 | 1181 |
| **Total** | **1083** | **1181** |

---

***9.5.2 Commercial accounts payable and other current***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Suppliers |  | 59041 | 65696 |
| Foreign suppliers |  | 9061 | 10786 |
| Debts with Related Parties | 10.1 | 6408 | 5531 |
| Salaries and social security liabilities |  | 43243 | 49773 |
| Other fiscal debts |  | 11542 | 8953 |
| **Total** |  | **129295** | **140739** |

---

**NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES**

***10.1 Balances with other related parties***

Balances with other related companies at September 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Other receivables** | **Millions of $** | **Millions of $** |
| Other related companies | 2554 | 3155 |
| **Total** | **2554** | **3155** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)**

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Trade receivables** | **Millions of $** | **Millions of $** |
| Other related companies | 3036 | 2775 |
| **Total** | **3036** | **2775** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Investments** | **Millions of $** | **Millions of $** |
| Other related companies - non current |  | 4331 |
| Other related companies - current | 4730 | - |
| **Total** | **4730** | **4331** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Accounts payable and other** | **Millions of $** | **Millions of $** |
| Other related companies | 6408 | 5531 |
| **Total** | **6408** | **5531** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Provisions and other charges** | **Millions of $** | **Millions of $** |
| Corporación América S.A.U. – Dividends to be paid | 56372 | 16557 |
| Corporación América Sudamericana S.A. – Dividends to be paid | 61583 |  |
| Cedicor S.A. - Dividends to be paid | 57 |  |
| Other related companies | 129 | - |
| **Total** | **118141** | **16557** |

---

The balances with the Argentine National State as of September 30, 2025, and December 31, 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| **Debt - Specific Allocation of Income** |  | 16167 | 14589 |
| **Debt - Dividends to be paid** | 11 |  | 15108 |
| **Credit - Strengthening Trust (1)** |  | 53509 | 53081 |

---

(1) To fund the investment commitments of the Company.

***10.2 Operations with related parties***

Transactions with related parties during the nine-month periods ended September 30, 2025 and 2024 are as follows:

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)**

***10.2 Operations with related parties (Contd.)***

With Proden S.A. for office rental and maintenance, the Company has allocated $3,965 million and $3,259 million, respectively.

The Company has allocated to the cost $6,846 million and $5,924 million, respectively, with Grass Master S.A.U. for airport maintenance.

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $2,569 million and $2,584 million to the cost, respectively.

The Company has allocated to the cost $1,808 million and $1,365 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $5,908 million and $4,926 million, respectively.

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $1,015 million and $1,367 million to the cost, respectively.

The Company has recorded commercial income of $1,141 million and $1,328 million with Duty Paid S.A., respectively.

Furthermore, short-term compensation to key management was $2,027 million and $1,485 million for the nine-month periods ended at September 30, 2025 and 2024, respectively.

Corporación America S.A. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

Corporación America S.A. is controlled by Cedicor S.A., owner of 100% of its capital stock. Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company. Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 11 – PROVISIONS AND OTHER CHARGES**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **At 01.01.25** | **Increases /<br> (Recovery)** | **Decreases** | **Inflation<br> Adjustment** | **Accruals** | **Exchange<br> rate<br> differences** | **At 09.30.25** | **Total Non<br> Current** | **Total**<br> **Current** |
|  | <br>**Note** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Litigations |  | 4187 | 1588 | (1313) | (813) | 45 | 667 | 4361 | 514 | 3847 |
| Deferred Income |  | 16708 | 4199 |  | (993) | (13379) | 2420 | 8955 | 2049 | 6906 |
| Guarantees Received |  | 2591 | 1209 | (612) | (624) |  | 1240 | 3804 |  | 3804 |
| Upfront fees from concessionaires |  | 6357 | 1538 |  |  | (2777) |  | 5118 | 2359 | 2759 |
| Dividends to be paid | 10 | 31665 | 202830 | (120371) | (8784) |  | 12672 | 118012 |  | 118012 |
| Related companies | 10 |  | 132 |  | (3) |  |  | 129 |  | 129 |
| Others |  | 2904 | 234 | (193) | (526) | (816) | 737 | 2340 | 1355 | 985 |
| **Total** |  | **64412** | **211730** | **(122489)** | **(11743)** | **(16927)** | **17736** | **142719** | **6277** | **136442** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **At 01.01.24** | **Increases /<br> (Recovery)** | **Decreases** | **Inflation<br> Adjustment** | **Accruals** | **Exchange<br> rate<br> differences** | **At 09.30.24** | **Total Non<br> Current** | **Total**<br> **Current** |
|  |  | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **Millions of $** | **Millions of $** |
| Litigations |  | 7005 | 901 | (998) | (3669) |  | 643 | 3882 | 1376 | 2506 |
| Deferred Income |  | 37410 | 6966 |  | (13644) | (14647) | 1965 | 18050 | 3664 | 14386 |
| Guarantees Received |  | 4808 | 7 | (1) | (2316) |  | 152 | 2650 |  | 2650 |
| Upfront fees from concessionaires |  | 7420 | 1056 |  |  | (1878) |  | 6598 | 4064 | 2534 |
| Related companies | 10.0 |  | 18 |  |  |  |  | 18 |  | 18 |
| Others |  | 7307 | 3 | (190) | (3718) | (764) | 778 | 3416 | 2285 | 1131 |
| **Total** |  | **63950** | **8951** | **(1189)** | **(23347)** | **(17289)** | **3538** | **34614** | **11389** | **23225** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency type**<br> **and amount at**<br> **09.30.2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency type**<br> **and amount at**<br> **09.30.2025** | **Foreign<br> exchange<br> rates** | **Amount in<br> local currency <br> at 09.30.2025** | **Amount in <br> local currency<br> at 12.31.2024** |
| **Assets** |  | | | | |
| **Current Assets** |  |  |  |  |  |
| Cash and cash equivalents | U$S | 47 | 1371 | 64091 | 99554 |
| Net trade receivables | U$S | 63 | 1371 | 85699 | 87024 |
| Investments | U$S | 61 | 1371 | 83289 | 27149 |
| **Total current assets** |  |  |  | **233079** | **213727** |
| **Non-Current Assets** |  |  |  |  |  |
| Investments | U$S | 32 | 1371 | 43452 | 57011 |
| **Total Non-Current Assets** |  |  |  | **43452** | **57011** |
| **Total assets** |  |  |  | **276531** | **270738** |
| **Liabilities** |  |  |  |  |  |
| **Current Liabilities** |  |  |  |  |  |
| Provisions and other charges | U$S | 91 | 1380 | 126001 | 33998 |
| Financial debts | U$S | 59 | 1380 | 81568 | 102497 |
| Lease liabilities | U$S | 4 | 1380 | 4949 | 3311 |
| Commercial accounts payable and others | U$S | 25 | 1380 | 35158 | 30496 |
|  | EUR | 2 | 1622.6040 | 3081 | 2925 |
|  | GBP | 0 | 1858.9980 | 8 |  |
|  | CAD | 0 | 978.5253 | 43 | 48 |
| **Total current liabilities** |  |  |  | **250808** | **173275** |
| **Non-Current Liabilities** |  |  |  |  |  |
| Provisions and other charges | U$S | 1 | 1380 | 1872 | 3548 |
| Financial debts | U$S | 487 | 1380 | 672538 | 682858 |
| Lease liabilities | U$S | 1 | 1380 | 790 | 2578 |
| Commercial accounts payable and others | U$S | 1 | 1380 | 1081 | 1170 |
| **Total non-current liabilities** |  |  |  | **676281** | **690154** |
| **Total liabilities** |  |  |  | **927089** | **863429** |
| **Net liability position** |  |  |  | **650558** | **592691** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 13 – OTHER RESTRICTED ASSETS**

In addition to what is set forth in notes 1 and 6, within current assets as of September 30, 2025 and December 31, 2024, under the heading of Cash and cash equivalents, balances are maintained in bank accounts specifically allocated for the settlement of negotiable obligations Series 2021 and Class IV for $8,073 million and $5,818 million, respectively.

**NOTE 14 - CAPITAL STOCK**

At September 30, 2025 capital stock is as follows:

---

| | |
|:---|:---|
|  | **Par Value** |
|  | **$** |
| Paid-in and subscribed | 258517299 |
| Registered with the Public Registry of Commerce | 258517299 |

---

The Company's capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

**NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. (presented in $ in currency as of the date of the meetings)**

At the special ordinary general meeting of classes A, B, C and D, held on April 24, 2024, which yields a positive result of $9,406,678,415, it is allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $58,044,335 to the constitution of the
 legal reserve, up to 20% of the share capital plus the capital adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The balance of $9,348,634,080 to the
 constitution of an optional reserve for the execution of future works plans and to guarantee
 the payment of future dividends, if applicable.

At the ordinary general meeting held on October 31, 2024, it was resolved: (i) to rectify the resolution reached at the meeting held on April 24, 2024, and to restate the result of the fiscal year, which as of December 31, 2023, amounted to $9,406,678,415 due to the General Level Consumer Inflation Index for the month of March, which amounted to 51.62%. Said result, re-expressed as of the date of the detailed meeting, for an amount of $14,262,583,889, was resolved to be allocated as follows: (i) $102,181,288 to the establishment of the legal reserve, up to 20% of the adjusted share capital; and (ii) the balance of $14,160,402,601.20 to establish a voluntary reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

Having rectified the results for the fiscal year as of April 24, and the shareholders' intention to distribute dividends, at the shareholders' meeting held on October 31, 2024, it was resolved to restate the amount of the voluntary reserve again, this time as of September 30, 2024. The inflation index as of September amounted to 101.58%. Consequently, the amount of the voluntary reserve restated as of September 30 amounted to $737,844,377,142. It was also resolved to partially release the optional reserve up to the equivalent of US$80,000,000 in pesos, equivalent to $79,200,000,000, calculated at the selling exchange rate published by the Banco de la Nación Argentina at the close of business on October 30, 2024, and to distribute dividends to shareholders in proportion to their respective shareholdings in the Company.

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. (presented in $ in currency as of the date of the meetings) (Contd.)**

At the ordinary and special general meeting of classes A, B, C, and D held on April 29, 2025, it was resolved:

(i) to restate the positive result for the fiscal
 year, which as of December 31, 2024, amounted to the general CPI index accumulated through
 March, resulting in an adjusted result of $316,986,187,842;

(ii) that the restated result be used to establish
 an optional reserve for the execution of future works plans and for the payment of future
 dividends, if applicable.

At the meeting held on August 18, 2025, it was resolved to distribute cash dividends in an amount equivalent in pesos to US$150,000,000, equivalent to $195,000,000,000, calculated at the selling exchange rate for foreign currency, published by the Banco de la Nación Argentina at the close of business on August 14, 2025. To this end, in accordance with the provisions of section e) of article 3 of Chapter III, Title IV of the Regulations of the National Securities Commission (N.T. 2013 and mod.), the amount of the optional reserve was re-expressed as of June 30, 2025, applying the price index corresponding to the month prior to said meeting. Given that the consumer price index (CPI) accumulated through July was 17.29%, the amount of the voluntary reserve restated as of the date of the meeting amounted to $1,176,946,808,210.

**NOTE 16 – EARNINGS PER SHARE**

Relevant information for the calculation per share:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025** | **09.30.2024** |
| Income for the period (in millions of $) | 106188 | 336365 |
| Amount of ordinary shares (millions) | 259 | 259 |
| Earnings per shares ($ per share) | 409.9923 | 1298.7066 |

---

**NOTE 17 - FINANCIAL RISK MANAGEMENT**

The Company's activity is exposed to various financial risks: market risk (including exchange rate risk, interest rate fair value risk and price risk), credit risk and liquidity risk.

These Condensed Interim Separate Financial Statements must be read in light of the economic context in which the Company operates, which was disclosed in the annual Separate Financial Statements in note 20. Inflation for the first nine months of 2025 and the year-over-year inflation rate are shown in Note 3. The quarterly devaluation was 5.8%.

![](tm2530048d2_ex99-1header.jpg)

------

**Notes to the Condensed Consolidated Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 17 - FINANCIAL RISK MANAGEMENT (Contd.)**

As of the date of these financial statements, there were no significant changes in exposure to market risk, foreign exchange risk, interest rate risk, credit risk, or liquidity risk compared to what was reported in the annual financial statements closed as of December 31, 2024.

In April 2025, the BCRA implemented measures that made access to the MULC more flexible, allowing resident individuals to acquire foreign currency for hoarding without restrictions on amounts or additional requirements. Furthermore, prepayments on income and personal property taxes for these transactions were eliminated. For legal entities, modifications were introduced that allow for more flexible access to the MULC for paying for imports and other transactions, although some specific restrictions and requirements remain in effect.

The Company continues to monitor these regulatory changes and assess their impact on financial risk management to identify potential impacts on its equity and financial position and define the necessary courses of action.

**NOTA 18 - EVENTS SUBSEQUENT TO THE END OF THE PERIOD**

No events and/or transactions have occurred since the end of the period that could significantly affect the Company's financial and equity situation.

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**Presentation base**

The information contained in this Summary Report has been prepared in accordance with article 4 of Chapter III of Title IV of the NSC Regulations (N.T. 2013 and mod.) and must be read together with the Interim Condensed Consolidated Financial Statements as of September 30, 2025 presented in a comparative manner, prepared in accordance with IFRS standards.

In compliance with the provisions of the CNV regulations, the values corresponding to the interim periods of this informative review are expressed in constant currency at September 30, 2025, in accordance with International Accounting Standard N ° 29 "Financial information in hyperinflationary economies". For more information, see Note 3.7 to the Consolidated Condensed Interim Financial Statements at September 30, 2025.

**1. General considerations**

*International Financial Reporting Standards (IFRS)*

Through article No. 1 of chapter III of title IV of the NSC Standards (NT 2013 and mod.), the application of Technical Resolution No. 29 of the FACPCE (and modifications) has been established, which adopts the IFRS issued by the IASB, its modifications and the adoption circulars established by the FACPCE, for entities issuing shares and/or negotiable obligations. The application of such standards is mandatory for the Company as of the fiscal year beginning on January 1, 2012.

*Seasonality*

The Company's revenues are highly influenced by the seasonality of air traffic in Argentina. The traffic of planes and passengers and, consequently, the income of the Company are higher during the summer and winter months (December - February and July - August), because they are holiday periods.

During the year 2025, projects and works have been carried out at the different concessioned airports.

<u>Ezeiza International Airport</u>

The following works are currently underway:

- Beacon ring and main electrical substation; and

- New osmosis plant.

The following works have been completed:

- New 13.2 kV feeders 9 and 10; and

- New Express Immigration Controls

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**1. General considerations (contd.)**

<u>Jorge Newbery Airport</u>

The following works are underway:

- Expansion of the North Platform; and

- Remodeling of the Inspection and Search Point.

The following works have been completed:

- Exterior works - sidewalks - landscaping - coastal fill and underground parking; and

- Expansion of the South Platform – Stage 2.

<u>Rio Hondo Airport</u>

The following works have been completed:

- Expansion and Remodeling of the Passenger Terminal.

<u>San Rafael Airport</u>

The following works are underway:

- New Passenger Terminal.

<u>Iguazú Airport</u>

The following works are underway:

- Tip-off points;

- Aircraft sanitary effluent treatment; and

- Sewage Treatment Plant.

The following works have been completed:

- Maintenance Infrastructure and Support Services.

<u>San Juan Airport</u>

The remodeling of the passenger terminal is underway

<u>Resistencia Airport</u>

The following works are underway:

- Comprehensive remodeling of the passenger terminal.

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**1. General considerations (contd.)**

<u>Formosa Airport</u>

Construction work on the new passenger terminal is underway.

<u>Salta Airport</u>

The renovation and expansion of the passenger terminal is underway.

<u>Rio Cuarto Airport</u>

The following works have been completed:

- Rehabilitation of Runway 05-23; and

- Renovation of the Lighting System.

<u>Rio Gallegos Airport</u>

The renovation of Runway 07-25 is underway.

**2. Equity structure**

In order to appreciate the evolution of the Company's activities, the comparative consolidated equity structure of the financial statements at September 30, 2025, 2024, 2023, 2022 and 2021, is presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09.30.25** | **09.30.24** | **09.30.23** | **09.30.22** | **09.30.21** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Current Asset | 329108 | 314654 | 363055 | 294878 | 176544 |
| Non-current Assets | 2465090 | 2497817 | 2387868 | 2308034 | 2313492 |
| **Total Assets** | **2794198** | **2812471** | **2750923** | **2602912** | **2490036** |
| Current liabilities | 368701 | 273071 | 205288 | 300607 | 556708 |
| Non- Current Liabilities | 1089924 | 1022919 | 1189891 | 1163463 | 864326 |
| **Total Liabilities** | **1458625** | **1295990** | **1395179** | **1464070** | **1421034** |
| Net equity attributable to majority shareholders | 1335066 | 1516046 | 1356062 | 1138822 | 1068982 |
| Non-controlling interest | 507 | 435 | (318) | 20 | 20 |
| **Net Equity** | **1335573** | **1516481** | **1355744** | **1138842** | **1069002** |
| **Total Assets and Equity** | **2794198** | **2812471** | **2750923** | **2602912** | **2490036** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**3. Results structure**

The following is a summary of the evolution of the consolidated statements of comprehensive income for the nine-month periods ended at September 30, 2025, 2024, 2023, 2022 and 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09.30.25** | **09.30.24** | **09.30.23** | **09.30.22** | **09.30.21** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Gross Profit | 338379 | 302418 | 355191 | 258455 | 23182 |
| Administrative and distribution and marketing expenses | (109227) | (91436) | (83633) | (55570) | (41093) |
| Other net income and expenses | 13825 | 16417 | 9618 | 11980 | (14802) |
| **Operating profit** | **242977** | **227399** | **281176** | **214865** | **(32713)** |
| Income and financial costs | (89272) | 397100 | 13121 | 72548 | 68838 |
| Result by exposure to changes in the acquisition power of currency | (6565) | (32145) | (46638) | 21294 | 3519 |
| Result from participation in related parties | - | (1) | (8) | (33) | - |
| **Income before tax** | **147140** | **592353** | **247651** | **308674** | **39644** |
| Income tax | (40952) | (255988) | (46417) | 8118 | (53123) |
| **Result of the period** | **106188** | **336365** | **201234** | **316792** | **(13479)** |
| Other comprehensive incomes | - | - | - | - | - |
| **Comprehensive income for the period** | **106188** | **336365** | **201234** | **316792** | **(13479)** |
| Result attributable to majority shareholders | 105999 | 335851 | 201287 | 316788 | (13483) |
| Non controlling interest | 189 | 514 | (53) | 4 | 4 |

---

**4. Cash flow structure**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09.30.25** | **09.30.24** | **09.30.23** | **09.30.22** | **09.30.21** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Cash Flow generated by operating activities | 232690 | 75562 | 150683 | 42254 | 29822 |
| Cash Flow (used in) / generated by investing activities | (29679) | (15285) | (55982) | 12270 | 19047 |
| Cash Flow used in financing activities | (261386) | (111484) | (98823) | (128355) | (110229) |
| **Net Cash Flow used in the period** | **(58375)** | **(51207)** | **(4122)** | **(73831)** | **(61360)** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**5. Analysis of operations for the nine-month periods ended at September 30, 2025 and 2024**

*5.1 Results of operations*

*<u>Income</u>*

The following table shows the composition of consolidated revenues for the nine-month periods ended at September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **09.30.2025** | | **09.30.2024** | |
| <br>**Revenues** | **Millions of $** | **%**<br>**Revenues** | **Millions of $** | **%**<br>**Revenues** |
| Aeronautical revenue | 524282 | 57.04% | 482939 | 57.60% |
| Commercial revenue | 394825 | 42.96% | 355433 | 42.40% |
| **Total** | **919107** | **100.00%** | **838372** | **100.00%** |

---

The following table shows the composition of the aeronautical revenues for the nine-month periods ended at September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **09.30.2025** | | **09.30.2024** | |
| <br>**Aeronautical revenues** | **Millions of $** | **%**<br>**Revenues** | **Millions of $** | **%**<br>**Revenues** |
| Landing fee | 40058 | 7.64% | 39095 | 8.10% |
| Parking fee | 13037 | 2.49% | 14147 | 2.93% |
| Air station use rate | 471187 | 89.87% | 429697 | 88.98% |
| **Total** | **524282** | **100.00%** | **482939** | **100.00%** |

---

*<u>Costs</u>*

The cost of sales had the following variation:

---

| | |
|:---|:---|
|  | **Millions of $** |
| Costs of sales for the period ended at 09.30.2025 | 581006 |
| Costs of sales for the period ended at 09.30.2024 | 536219 |
| Variation | 44787 |

---

*<u>Distribution and marketing expenses</u>*

The distribution and marketing expenses had the following variation:

---

| | |
|:---|:---|
|  | **Millions of $** |
| Distribution and commercial expenses for the period ended 09.30.2025 | 60156 |
| Distribution and commercial expenses for the period ended at 09.30.2024 | 51826 |
| Variation | 8330 |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**5. Analysis of operations for the nine-month periods ended at September 30, 2025 and 2024 (Contd.)**

*5.1 Results of operations (Contd.)*

*<u>Administrative Expenses</u>*

The administrative expenses had the following variation:

---

| | |
|:---|:---|
|  | **Millions of $** |
| Administrative expenses for the period ended at 09.30.2025 | 49071 |
| Administrative expenses for the period ended at 09.30.2024 | 39610 |
| Variation | 9461 |

---

*<u>Income and financial costs</u>*

Net financial income and costs totaled a loss of $89,272 million during the nine-month period ended at September 30, 2025 with respect to $397,100 million revenue during the same period of the previous year.

The variation is mainly due to the result arising from exposure to foreign currency.

*<u>Other incomes and expenditures</u>*

The other net income and expenses item recorded a gain of $13,825 million during the nine-month period ended September 30, 2025 compared to a gain of $16,417 million in the same period of the previous year.

*5.2 Liquidity and Capital Resources*

*<u>Capitalization</u>*

The total capitalization of the Group as of September 30, 2025 amounted to $2,088,774 million, composed of $753,201 million of financial debt and equity of $1,335,573 million, while the total capitalization of the Group as of December 31, 2024 amounted to $2,287,215 million, composed of $770,734 million of financial debt and equity of $1,516,481 million.

Debt as a percentage of total capitalization amounted to approximately 36.06% and 33.70% as of September 30, 2025 and 2024, respectively.

*<u>Financing</u>*

See in detail Note 8 to these Condensed Consolidated Interim Financial Statements.

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**6. Index**

The information refers to the nine-month periods ended at September 30, 2025, 2024, 2023, 2022 and 2021:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09.30.25** | **09.30.24** | **09.30.23** | **09.30.22** | **09.30.21** |
| Liquidity <sup>(1)</sup> | 0.917 | 1.228 | 1.921 | 1.034 | 0.327 |
| Solvency <sup>(1)</sup> | 0.925 | 1.193 | 0.990 | 0.792 | 0.782 |
| Immobilization of capital | 0.882 | 0.888 | 0.868 | 0.887 | 0.929 |
| Cost effectiveness | 0.077 | 0.250 | 0.160 | 0.285 | (0.013) |

---

(1) Current liabilities and non-current liabilities do not include deferred profits or additional consideration for concessionaries.

**7. Statistical data**

*<u>Passengers</u>*

The information detailed below is based on extra-budgetary statistics compiled by the Company. Number of passengers (in thousands) for the nine-month periods ended at September 30, 2025, 2024, 2023, 2022 and 2021:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **09.30.25** | **09.30.24** | **09.30.23** | **09.30.22** | **09.30.21** |
| <br>**Airport** | **Thousands of passengers** | **Thousands of passengers** | **Thousands of passengers** | **Thousands of passengers** | **Thousands of passengers** |
| Aeroparque | 13306 | 10736 | 11514 | 9152 | 2246 |
| Ezeiza | 8685 | 8387 | 7836 | 5250 | 2215 |
| Córdoba | 2340 | 2091 | 2171 | 1551 | 406 |
| Mendoza | 1971 | 1647 | 1759 | 1202 | 370 |
| Bariloche | 1930 | 1788 | 1953 | 1532 | 697 |
| Iguazú | 1315 | 1039 | 1143 | 846 | 210 |
| Salta | 1052 | 951 | 1109 | 886 | 316 |
| Tucumán | 617 | 544 | 634 | 511 | 184 |
| C. Rivadavia | 430 | 388 | 421 | 324 | 108 |
| Jujuy | 363 | 388 | 439 | 345 | 118 |
| **Total** | **32009** | **27959** | **28979** | **21599** | **6870** |
| **Overall total** | **33753** | **29664** | **30929** | **23192** | **7414** |
| **Variation** | **13.8%** | **-4.1%** | **33.4%** | **212.8%** | **-16.1%** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**7. Statistical data (Contd.)**

*<u>Movement of aircraft</u>*

Amount of movement of aircraft for the nine-month periods ended at September 30, 2025, 2024, 2023, 2022 and 2021 of the ten airports that represent more than 80% of the total movements of the airport system:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Airport** | **30.09.25** | **30.09.24** | **30.09.23** | **30.09.22** | **30.09.21** |
| Aeroparque | 106376 | 88972 | 94344 | 74525 | 23163 |
| Ezeiza | 56284 | 55838 | 52744 | 36084 | 23972 |
| San Fernando | 40578 | 38678 | 45332 | 44024 | 35364 |
| Córdoba | 20749 | 19429 | 20514 | 15658 | 6190 |
| Mendoza | 16690 | 15442 | 16006 | 11685 | 4769 |
| Bariloche | 14429 | 12857 | 14269 | 11624 | 6744 |
| Salta | 13004 | 12416 | 11939 | 8625 | 3798 |
| Iguazú | 9625 | 7852 | 8583 | 6577 | 2305 |
| San Rafael | 6570 | 6704 | 2178 | 2481 | 2005 |
| Tucumán | 6162 | 5187 | 5984 | 4425 | 2298 |
| **Total** | **290467** | **263375** | **271893** | **215708** | **110608** |
| **Overall Total** | **342435** | **316354** | **330902** | **266677** | **144468** |
| **Variation** | **8.2%** | **-4.4%** | **24.1%** | **84.6%** | **21.5%** |

---

![](tm2530048d2_ex99-1header.jpg)

------

**Summary Report required by article 4 of Chapter III of Title IV of the**

**Rules of the National Securities Commission (N.T. 2013 and mod.)**

At September 30, 2025 presented in comparative form

**Outlook for 2025**

Passenger traffic continued to show an excellent performance during the third quarter, once again reaching an all-time record for a third quarter in both total and international passengers.

International traffic maintained double-digit growth, with a 15% increase compared to the same period last year. The main driver behind this strong performance was a rise in flight frequencies to key international destinations, along with new routes launched earlier this year, primarily to regional destinations. Compared to 2019, international traffic exceeded the same period of that year by 14%.

In the domestic segment, performance also remained solid, with a year-over-year increase of 15%, and 14% above the third quarter of 2019. Traffic was boosted by the expansion of domestic fleets, as airlines added aircraft to increase flight offerings and frequencies, expanding the network of local routes and destinations.

As a result, 2025 is shaping up to be a historic year for passenger traffic, with continued growth expected through the remainder of the year and into early 2026, supported by strong operational activity in the upcoming high season.

On the commercial revenue side, the Cargo segment stood out, showing a notable increase in both operations and income. This was mainly driven by higher import activity volumes and a revised pricing structure. In addition, supported by the rise in passenger traffic, commercial categories recorded strong performance—particularly the parking segment, which continues to post substantial growth, benefitting from higher occupancy levels, greater parking availability, and tariff updates.

On the other hand, the Company's operating costs—particularly those denominated in local currency—remained affected by macroeconomic factors. Nevertheless, we continued implementing efficiency and cost-control measures, which helped mitigate the impact. Combined with revenue growth, these measures contributed to the expansion of operating margins.

Finally, under the ongoing investment plan, we continue to move forward in line with the contractual schedule. Execution of the 2025 Capex program is progressing as planned, corresponding to Phase II of our commitment, following the completion of Phase I at the end of 2024. The plan includes runway works and terminal upgrades across several provinces in the country, aimed at expanding infrastructure, increasing capacity, and enhancing the service level at each airport.

*"Free translation from the original in Spanish for publication in Argentina"*

![](tm2530048d2_ex99-1img003.jpg)

**REVIEW REPORT ON CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS**

To the Shareholders, Chairman and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

CUIT N° 30-69617058-0

**Report on consolidated condensed interim financial statements**

**Introduction**

We have reviewed the accompanying consolidated condensed interim financial statements of Aeropuertos Argentina 2000 S.A. and its subsidiaries (hereinafter "the Company") comprising the consolidated statement of financial position as of September 30, 2025, the consolidated statements of comprehensive income for the nine and three months ended September 30, 2025, changes in equity and cash flows for the nine month period ended September 30 de 2025 and selected explanatory notes.

**Board Responsibility**

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the consolidated condensed interim financial statements referred to in the first paragraph in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

**Scope of the review**

Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on the review we have carried out, which was carried out in accordance with the International Standard for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", adopted as a review standard in Argentina by Technical Resolution No. 33 of FACPCE as approved by the Board of Directors of the Entity. International Standards on Auditing and Assurance (IAASB). A review of consolidated condensed interim financial statements consists of conducting inquiries primarily of personnel responsible for financial and accounting aspects and applying analytical and other review procedures. A review has a substantially smaller scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not allow us to be confident of identifying all significant matters that could be noted in an audit. Accordingly, we do not express an audit opinion.

**Conclusion**

On the basis of our review, nothing has come to our attention to suggest that the consolidated condensed interim financial statements referred to in the first paragraph of this report are not prepared, in all material respects, in accordance with International Accounting Standard 34.

Price Waterhouse & Co. S.R.L., Bouchard 557, 8th floor, C1106ABG - Autonomous City of Buenos Aires, Argentina

T: +(54.11) 4850.0000, www.pwc.com.ar

**Report on compliance with current provisions**

In compliance with current provisions, we inform, with respect to Aeropuertos Argentina 2000 S.A., that:

a) the consolidated condensed interim financial
 statements of Aeropuertos Argentina 2000 S.A. are pending to be transcribed in the Inventory
 and Balance Sheets;

b) the
 separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. arise
 from accounting records kept in their formal aspects in accordance with legal regulations;

c) we
 have read the informative briefing, on which, as far as it is within our competence, we have
 no observations to make;

d) as
 of September 30, 2025, the debt accrued in favor of the Argentine Integrated Pension
 System of Aeropuertos Argentina 2000 S.A. arising from the Company's accounting records amounted
 to $3,681,726,989, which was not payable on that date.

Autonomous City of Buenos Aires, November 10, 2025.

---

| |
|:---|
| PRICE WATERHOUSE & CO. S.R.L. |
| By (Partner) |
| Juan Manuel Gallego Tinto |

---

**<u>SURVEILLANCE COMMITTEE REPORT</u>**

To the shareholders of

**AEROPUERTOS ARGENTINA 2000 S.A.**

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the consolidated condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (the "<u>Compan</u>y") and its subsidiaries, which comprise the consolidated statement of financial position as of September 30, 2025, the consolidated statements of comprehensive income for the periods of three and nine months ended September 30, 2025, changes in equity and cash flows for nine-month period ended September 30, 2025 and selected explanatory notes.

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated November 10, 2025, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

As stated in the section "Board Responsibility" of the external auditor's report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing, or production, since these issues are the sole responsibility of the Board of Directors.

Based on our review, with the scope described above, we hereby inform that the condensed consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. as of September 30, 2025 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

In exercise of our legal supervision duties, during the period under review, we performed the procedures set forth in Article 294 of Act No. 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

Autonomous City of Buenos Aires, November 10, 2025.

Patricio A. Martin

By Surveillance Committee

## Exhibit 99.2

**Exhibit 99.2**![](tm2530048d2_ex99-2img001.jpg)

**Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format

![](tm2530048d2_ex99-2img002.jpg)

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**<u>Index</u>**

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| |
|:---|
| &nbsp;&nbsp;Glossary |
| &nbsp;&nbsp;Separate Condensed Interim Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Statements of Comprehensive Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Statements of Financial Position |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Statements of Changes in Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Statements of Cash Flows |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to the Separate Condensed Interim Financial Statements |
| &nbsp;&nbsp;Review Report of the Separate Condensed Interim Financial Statements |
| &nbsp;&nbsp;Report of the Supervisory Committee |

---

**<u>Glossary</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Definition** |
| &nbsp;&nbsp;$| &nbsp;&nbsp;Argentine peso |
| &nbsp;&nbsp;U$S | &nbsp;&nbsp;US dollar |
| &nbsp;&nbsp;EUR | &nbsp;&nbsp;Euro |
| &nbsp;&nbsp;GBP | &nbsp;&nbsp;Sterling pound |
| &nbsp;&nbsp;CAD | &nbsp;&nbsp;Canadian dollar |
| &nbsp;&nbsp;The Company | &nbsp;&nbsp;Aeropuertos Argentina 2000 S.A. |
| &nbsp;&nbsp;BCRA | &nbsp;&nbsp;Acronym for Central Bank of Argentine Republic |
| &nbsp;&nbsp;BNA | &nbsp;&nbsp;Bank of Argentine Nation |
| &nbsp;&nbsp;BO | &nbsp;&nbsp;Official Gazette |
| &nbsp;&nbsp;CAAP | &nbsp;&nbsp;Corporación América Airports S.A. |
| &nbsp;&nbsp;CINIIF | &nbsp;&nbsp;Committee on Interpretations of International Financial Reporting Standards |
| &nbsp;&nbsp;CNV | &nbsp;&nbsp;National Securities Commission |
| &nbsp;&nbsp;CPCECABA | &nbsp;&nbsp;Professional Council of Economic Sciences of the Autonomous City of Buenos Aires |
| &nbsp;&nbsp;FACPCE | &nbsp;&nbsp;Argentine Federation of Professional Councils of Economic Sciences |
| &nbsp;&nbsp;IASB | &nbsp;&nbsp;Acronym for International Accounting Standards Board |
| &nbsp;&nbsp;IATA | &nbsp;&nbsp;Acronym for International Air Transport Association |
| &nbsp;&nbsp;INDEC | &nbsp;&nbsp;Acronym for National Institute of Statistics and Censuses |
| &nbsp;&nbsp;IPC | &nbsp;&nbsp;Consumer Price Index (General Level) |
| &nbsp;&nbsp;MULC | &nbsp;&nbsp;Acronym for Free Exchange Market |
| &nbsp;&nbsp;NIC | &nbsp;&nbsp;International Accounting Standards |
| &nbsp;&nbsp;NIIF | &nbsp;&nbsp;International Financial Reporting Standards |
| &nbsp;&nbsp;OACI | &nbsp;&nbsp;International Civil Aviation Organization |
| &nbsp;&nbsp;ON | &nbsp;&nbsp;Negotiable Obligations |
| &nbsp;&nbsp;ORSNA | &nbsp;&nbsp;Acronym for Regulatory Body of the National Airport System |
| &nbsp;&nbsp;PEN | &nbsp;&nbsp;National Executive Power |
| &nbsp;&nbsp;PFIE | &nbsp;&nbsp;Financial Projection of Income and Expenditures |
| &nbsp;&nbsp;PIK | &nbsp;&nbsp;Acronym for payment in kind |
| &nbsp;&nbsp;PP&E | &nbsp;&nbsp;Property , Plant & Equipment |
| &nbsp;&nbsp;RECPAM | &nbsp;&nbsp;Result from Exposure to Changes in the Purchasing Power of the Currency |
| &nbsp;&nbsp;SNA | &nbsp;&nbsp;National Airport System |
| &nbsp;&nbsp;TNA | &nbsp;&nbsp;Nominal annual interest rate |
| &nbsp;&nbsp;TO | &nbsp;&nbsp;Ordered Text |

---

![](tm2530048d2_ex99-2img002.jpg)

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Registration number with the Superintendency of Corporations: 1645890

**Honduras 5663 – Autonomous City of Buenos Aires**

<u>Principal activity of the Company</u>: Exploitation, administration and operation of airports.

<u>Company Name:</u> Aeropuertos Argentina 2000 S.A.

**Separate Condensed Interim Financial Statements**

For the nine-month period of the

Fiscal Year N° 28 commenced January 1, 2025

<u>Date of registration with the Public Registry of Commerce:</u>

Of the By-laws: February 18, 1998

Of the last modification of the By-laws: January 03, 2023

<u>Expiration date of the company:</u> February 17, 2053

<u>Controlling Company:</u>

Corporate Name: Corporación América S.A.U.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

Participation of the Parent Company in common stock and total votes: 45,90%

<u>Capital breakdown (Note 14):</u>

Issued Common Shares of N/V $1 and 1 vote each:

---

| | | |
|:---|:---|:---|
|  | Subscribed | Paid-in |
|  | **$** | **$** |
| 79,105,489 Class "A" Shares | 79105489 | 79105489 |
| 79,105,489 Class "B" Shares | 79105489 | 79105489 |
| 61,526,492 Class "C" Shares | 61526492 | 61526492 |
| 38,779,829 Class "D" Shares | 38779829 | 38779829 |
|  | **258517299** | **258517299** |

---

![](tm2530048d2_ex99-2img002.jpg)

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**Separate Statement of Comprehensive Income**

For the three and nine- month periods ended at September 30, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Continuous Operations |  |  |  |  |  |
| Sales income | 3 | 327172 | 254681 | 916172 | 836056 |
| Construction income |  | 48974 | 50832 | 103793 | 151254 |
| Cost of service | 4.1 | (199795) | (189032) | (582805) | (539231) |
| Construction costs |  | (48874) | (50736) | (103515) | (150989) |
| **Income for gross profit for the period** |  | **127477** | **65745** | **333645** | **297090** |
| Distribution and selling expenses | 4.2 | (22624) | (16753) | (59565) | (51288) |
| Administrative expenses | 4.3 | (16385) | (13846) | (46875) | (37454) |
| Other income and expenses, net | 5.1 | 5829 | 5270 | 13710 | 16563 |
| **Operating profit for the period** |  | **94297** | **40416** | **240915** | **224911** |
| Finance Income | 5.2 | 27655 | (6489) | 39465 | (139963) |
| Finance Costs | 5.3 | (88036) | 19048 | (128654) | 537191 |
| RECPAM |  | (773) | (3345) | (6332) | (30793) |
| Result from exposure to changes in the purchasing power of the currency |  | 280 | 232 | 1100 | (1957) |
| **Income before income tax** |  | **33423** | **49862** | **146494** | **589389** |
| Income tax | 5.4 | (5502) | (33920) | (40495) | (253538) |
| **Income for the period for continuous operations** |  | **27921** | **15942** | **105999** | **335851** |
| **Net Income for the period** |  | **27921** | **15942** | **105999** | **335851** |
| Other comprehensive income |  | - | - | - | - |
| **Comprehensive Income for the period** |  | **27921** | **15942** | **105999** | **335851** |
| **Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations** |  | 107.8031 | 61.5521 | 409.2625 | 1296.7220 |

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The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-2img002.jpg)

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**Separate Statements of Financial Position**

At September 30, 2025 and December 31, 2024

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| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| **Assets** | | | |
| **Non- Current Assets** |  |  |  |
| Investments accounted for by the equity method | 6 | 2884 | 1784 |
| Intangible Assets | 7 | 2360298 | 2389290 |
| Rights of use |  | 5044 | 5390 |
| Other receivables |  | 55097 | 53624 |
| Investments |  | 43452 | 60689 |
| **Total Non-Current Assets** |  | **2466775** | **2510777** |
| **Current Assets** |  |  |  |
| Other receivables | 9.1 | 21959 | 27761 |
| Trade receivables, net | 9.2 | 120221 | 114531 |
| Investments | 9.3 | 83290 | 27149 |
| Cash and cash equivalents | 9.4 | 98392 | 128718 |
| **Total Current Assets** |  | **323862** | **298159** |
| **Total Assets** |  | **2790637** | **2808936** |
| **Shareholders' Equity and Liabilities** |  |  |  |
| **Equity attributable to majority shareholders** |  |  |  |
| Common shares |  | 259 | 259 |
| Share Premium |  | 137 | 137 |
| Capital adjustment |  | 168288 | 168288 |
| Legal and facultative reserve |  | 1060383 | 906872 |
| Retained earnings |  | 105999 | 356185 |
| **Subtotal** |  | **1335066** | **1431741** |
| **Liabilities** |  |  |  |
| **Non-Current Liabilities** |  |  |  |
| Provisions and other charges | 11 | 5400 | 8817 |
| Financial debts | 8 | 671940 | 681844 |
| Deferred income tax liabilities |  | 409764 | 369269 |
| Lease liabilities |  | 790 | 2578 |
| Accounts payable and others | 9.5 | 1083 | 1181 |
| **Total Non- Current Liabilities** |  | **1088977** | **1063689** |
| **Current Liabilities** |  |  |  |
| Provisions and other charges | 11 | 135981 | 54293 |
| Financial debts | 8 | 81261 | 102095 |
| Lease liabilities |  | 4949 | 3311 |
| Accounts payable and others | 9.5 | 128236 | 139218 |
| Fee payable to the Argentine National Government | 10 | 16167 | 14589 |
| **Total Current Liabilities** |  | **366594** | **313506** |
| **Total Liabilities** |  | **1455571** | **1377195** |
| **Total Shareholder's Equity and Liabilities** |  | **2790637** | **2808936** |

---

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-2img002.jpg)

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**Separate Statements of Changes in Equity**

At September 30, 2025 and 2024

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** | **Attributable to majority shareholders** |
|  | **Common<br> Shares** | **Share<br> Premium** | **Adjustment<br> of capital** | **Legal**<br> **Reserve** | **Facultative<br> Reserve** | **Other**<br> **Reserves** | **Retained<br> Earnings** | **Total**<br> **Equity** |
|  | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** |
| **Balance at 01.01.25** | **259** | **137** | **168288** | **33689** | **868018** | **5165** | **356185** | **1431741** |
| Resolution of the Assembly of April 29, 2025 – Constitution of reserves (note 15) |  |  |  |  | 356185 |  | (356185) |  |
| Resolution of the Assembly of August 18 2025 – Constitution of reserves (note 15) |  |  |  |  | (202830) |  |  | (202830) |
| Compensation plan |  |  |  |  |  | 156 |  | 156 |
| Net Income for the period | - | - | - | - | - | - | 105999 | 105999 |
| **Balance at 09.30.2025** | **259** | **137** | **168288** | **33689** | **1021373** | **5321** | **105999** | **1335066** |
| **Balance at 01.01.24** | **259** | **137** | **168338** | **33519** | **947867** | **4783** | **24995** | **1179898** |
| Resolution of the Assembly of April 24, 2024 – Constitution of reserves (note 15) |  |  |  | 154 | 24841 |  | (24995) |  |
| Compensation plan |  |  |  |  |  | 297 |  | 297 |
| Net Income for the period | - | - | - | - | - | - | 335851 | 335851 |
| **Balance at 09.30.2024** | **259** | **137** | **168338** | **33673** | **972708** | **5080** | **335851** | **1516046** |

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The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-2img002.jpg)

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**Separate Statements of Cash Flow**

For the nine-month periods ended at September 30, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **06.30.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| **Cash Flows from operating activities** |  |  |  |
| Net income for the period |  | 105999 | 335851 |
| Adjustment for: |  |  |  |
| Income tax |  | 40495 | 253538 |
| Amortization of intangible assets | 4/7 | 128496 | 97361 |
| Depreciation right of use | 4 | 2706 | 2206 |
| Bad debts provision | 4 | 5990 | 3231 |
| Specific allocation of accrued and unpaid income |  | 16167 | 12267 |
| Income of investments accounted for by the equity method |  | (1100) | 1957 |
| Income of sales of investments accounted for by the equity method | 6 |  | (493) |
| Compensation plan |  | 156 | 297 |
| Accrued and unpaid financial debts interest costs | 8 | 42125 | 52891 |
| Accrued deferred revenues and additional consideration | 11 | (16156) | (16525) |
| Accrued and unpaid Exchange differences |  | 63651 | (429533) |
| Litigations provision | 11 | 1595 | 749 |
| Inflation Adjustment |  | (23141) | (49297) |
| Changes in operating assets and liabilities: |  |  |  |
| Changes in trade receivables |  | (32330) | (39046) |
| Changes in other receivables |  | (9866) | (37328) |
| Changes in commercial accounts payable and others |  | 14233 | 63429 |
| Changes in provisions and other charges |  | 4483 | (15765) |
| Changes in specific allocation of income to be paid to the Argentine National State |  | (11959) | (9100) |
| Increase of intangible assets |  | (99504) | (151254) |
| **Net cash Flow generated by operating activities** |  | **232040** | **75436** |
| **Cash Flow for investing activities** |  |  |  |
| Acquisition of investments |  | (97717) | (27890) |
| Collection of investments |  | 67768 | 13271 |
| **Net Cash Flow applied to investing activities** |  | **(29949)** | **(14619)** |
| **Cash Flow from financing activities** |  |  |  |
| New Financial debts | 8 | 116 | 642 |
| Payment of leases |  | (3143) | (2978) |
| Financial debts paid- principal | 8 | (97713) | (61585) |
| Financial debts paid- interests | 8 | (40241) | (47494) |
| Payment of dividends |  | (120371) | - |
| **Net Cash Flow applied to financing activities** |  | **(261352)** | **(111415)** |
| **Net Decrease in cash and cash equivalents** |  | **(59261)** | **(50598)** |
| **Changes in cash and cash equivalents** |  |  |  |
| **Cash and cash equivalents at the beginning of the period** |  | **128718** | **191821** |
| Net decrease in cash and cash equivalents |  | (59261) | (50598) |
| Inflation adjustment generated by cash and cash equivalents |  | 18264 | 55275 |
| Foreign Exchange differences by cash and cash equivalents |  | 10671 | (55976) |
| **Cash and cash equivalents at the end of the period** |  | **98392** | **140522** |

---

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2024.

![](tm2530048d2_ex99-2img002.jpg)

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**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format

**NOTE 1 – COMPANY ACTIVITIES**

Aeropuertos Argentina 2000 S.A. ("AA2000" or the "Company") was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the "A" Group of the Argentine National Airport System. "A" Group includes 33 airports that operate in Argentina (the "Concession").

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement until December 2022 of certain commitments duly assumed.

On July 28, 2023, the ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC and FINANCIAL REGULATION MANAGEMENT referring to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group "A" of the National Airport System corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of the international passenger traffic at values similar to 2019.

By virtue of this, the Company made a judicial presentation (Aeropuertos Argentina 2000 SA C/ ORSNA - RES 56/23 S/Proceso de Conocimiento) within the framework of the agreements entered into in File 56,695/2019.

![](tm2530048d2_ex99-2img002.jpg)

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**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 1 – COMPANY ACTIVITIES (Contd.)**

As resolved by the Resolution RESFC-2023-56-APN-ORSNA#MTR, and within the review process corresponding to the period 2018-2022, the ORSNA issued resolutions RESFC-2023-65-APN-ORSNA#MTR and RESFC-2023-66-APN-ORSNA#MTR. The Company filed an appeal for reconsideration against said resolutions and requested the suspension of their effects. Similarly, a lawsuit was filed in the case AEROPUERTOS ARGENTINA 2000 SA C/ ORSNA - RES 56/23 S/PROCESO DE CONOCIMIENTO, File CAF 032610/2023, based on the agreements entered into and approved in File 56,695/2019.

On November 27, 2023, ORSNA and the Company signed a Minute by which they agreed: (i) to suspend the ongoing procedural deadlines until June 30, 2024, (ii) that the Company must contract at its own expense. a passenger traffic consulting study; (iii) postpone until May 30, 2024 the ordinary annual review of the Financial Projection of Income and Expenses of the Concession, corresponding to all periods until December 31, 2023.

Due to the change in management of the National Government, and in order to comply with what was opportunely agreed, on August 9, 2024, ORSNA and the Company signed a new Meeting Minutes by which the ordinary annual review of the Financial Projection of Income and Expenditures of the Concession, corresponding to all periods until December 31, 2023, was postponed until October 30, 2024. It was also agreed to postpone until November 30, 2024 the deadline for the Regulatory Body to adopt the definitive measures that, being within its competence, allow the restoration of the financial economic equation of the Concession and to suspend until December 31, 2024 the procedural deadlines in the aforementioned judicial case.

On December 9, 2024, the ORNSA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR approving the Revisions of the Financial Projection of Income and Expenses corresponding to the periods 2021, 2022 and 2023. The Company requested the review of some aspects thereof. Pursuant to the parties' requests, on August 7, 2025, a new 20-business-day suspension of the deadlines was jointly requested with ORSNA. Subsequently, on August 11, 2025, a further 20-business-day suspension of the deadlines was ordered. Finally, on September 4, 2025, a joint request was made for a six-month suspension of the procedural deadlines, beginning on September 10, 2025, which was granted by the court until February 11, 2026.

To date, the Company has fulfilled the commitments assumed.

Furthermore, under the terms of the concession contract, the National State has the right to rescue the Concession as of February 13, 2018. In the event that the National State decides to rescue the Concession, it must pay the Company compensation.

**NOTE 2 – ACCOUNTING POLICIES**

These Separate Condensed Interim Financial Statements of the Company are presented in millions of Argentine pesos, except for share data or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash ("-") indicates that no data was reported for a specific line item in the relevant financial year or period or when the relevant information figure, after rounding, amounts to zero. The Company's Board of Directors approved them for issuance on November 10, 2025.

![](tm2530048d2_ex99-2img002.jpg)

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**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

The CNV (NSC in English), through article 1 of Chapter III of Title IV of the CNV Standards (N.T. 2013 and mod.), has established the application of Technical Resolution No. 26 (and its modifications) of the FACPCE, that adopt the IFRS, issued by the IASB, for entities included in the public offering regime, either for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 "First Time Adoption of the IFRS" was January 1, 2011.

These Separate Condensed Interim Financial Statements of the Company for the nine-month period ended September 30, 2025 are presented based on the application of the guidelines established in IASB No. 34 "Intermediate Financial Information". Therefore, they must be read together with the company's consolidated financial statements as of December 31, 2024 prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

*1) Comparative Information*

The information included in these financial statements was extracted from the Separate Condensed Interim Financial Statements of AA2000 as of September 30, 2024 and the Consolidated Financial Statements at December 31, 2024, timely approved by the Company's Board and Shareholders and restated at the closing currency at September 30, 2025, based on the application of IASB 29 (see Note 3.7).

*2) Controlled Companies*

Controlled Companies are all the entities where the Company has the power to control operating and financial policies, generally with a controlling share over 50%. At the moment of determining if the Company controls an entity the existence and the impact of potential voting rights that could be exercised or converted are taken into account. The controlled companies are consolidated as from the date the control is transferred and excluded from the date such control ceases.

The accounting policies of subsidiaries have been modified, where necessary, to ensure the uniformity with the Company policies.

![](tm2530048d2_ex99-2img002.jpg)

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**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

*2) Controlled Companies (Contd.)*

At September 30, 2025, the Company has participation in the following controlled companies (hereafter the Group):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Controlled <sup>(1)</sup>** | **Number of<br> common<br> shares** | **Participation <br> in capital and<br> possible vote**s** | **Net <br> Shareholders<br> 'equity at <br> closing** | **Income for<br> the period** | **Book entry<br> value at<br> 09.30.2025** |
|  | |  | **Millions of $** | **Millions of $** | **Millions of $** |
| Servicios y Tecnología Aeroportuarios S.A. (2) | 14398848 | 99.30% | 1740 | 670 | 1728 |
| Cargo & Logistics SA. | 1614687 | 98.63% |  |  |  |
| Paoletti América S.A. | 6000 | 50.00% | 1 |  | 1 |
| Texelrío S.A. | 84000 | 70.00% | 1650 | 430 | 1155 |
| Villalonga Furlong S.A (3) | 56852 | 1.46% | 3 |  |  |

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(1) Companies
 based in Argentina.

(2) Includes
 adjustments under IFRS for the preparation and presentation of the corresponding Financial
 Statements.

(3) The
 Company directly and indirectly owns 98.53% of the capital stock and votes of this entity.

*3) Segment Information*

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

The Argentine National Government granted the Company the concession of the "A" Group airports of the National Airports System under the basis of "cross-subsidies": i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

All airports must comply with measures of operative efficiency which are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

Revenues of the company comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the Financial Projection of Income and Expenses in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport on the basis of expected passenger flow and air traffic, in the framework of the standards previously mentioned.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

*4) Accounting policies*

The collection policies adopted for these interim financial statements are consistent with those used in the Individual Separate Financial Statements as of December 31, 2024.

*5) Changes in accounting policies and disclosures*

There were no additional changes in the Group's accounting policies based on the effective application standard issued by the IASB as of January 1, 2025.

*6) Estimates*

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

In the preparation of these, Separate Financial Statements the significant areas of judgement by management in the application of the Company's accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2024.

*7) Foreign currency conversion and financial information in hyperinflationary economies*

*<u>Functional and presentation currency</u>*

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of these Separate Consolidated Interim Financial Statements.

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

These requirements also correspond to the comparative information of these Separate Consolidated Interim Financial Statements.

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)*

*<u>Functional and presentation currency (Contd.)</u>*

Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the NIC 29, these Separate Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (NSC) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized in the financial statements.

The adjustment for inflation in the initial balances was calculated considering the indexes established by the FACPCE based on the price indexes published by the INDEC or an estimate thereof when, at the time of preparing the information, these were not available. As of September 30, 2025, the price index amounted to 9,386.3022, with inflation for the nine-month period of 22.0% and year-on-year of 31.8%.

*<u>Inflation adjustment</u>*

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)*

*<u>Inflation adjustment (Contd.)</u>*

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of September 30, 2025. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

- Equity: the net equity accounts are expressed in constant currency as of September 30, 2025, applying the corresponding adjustment coefficients at their dates of contribution or origin;

Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items, which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of September 30, 2025, through the application of the relevant conversion factors.

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

*7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)*

*<u>Inflation adjustment (Contd.)</u>*

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account.

- The other result reserves were not restated in the initial application.

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

*<u>Transactions and balances</u>*

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

Foreign exchange gains and losses are shown in "Finance Income" and/or "Finance Expense" of the comprehensive statement of income.

Exchange rates used are the following: buying currency rate for monetary assets and selling currency rate for monetary liabilities, applicable at year-end according to BNA and at the foreign currency exchange banknote rate applicable at the transaction date.

*8) Contingencies*

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

*9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment*

The income tax income in the nine-month period ended at September 30, 2025 was a loss of $40,495 million.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 2 – ACCOUNTING POLICIES (Contd.)**

*9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment (Contd.)*

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $118,101 million, because as of September 30, 2025, the variation of the CPI for the period of 36 months at the end of fiscal year 2025 will exceed 100%.

**NOTE 3 - SALES INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Air station use rate | 165046 | 127534 | 471187 | 429697 |
| Landing fee | 14732 | 9743 | 40058 | 39095 |
| Parking fee | 4409 | 3237 | 13037 | 14147 |
| **Total aeronautical income** | **184187** | **140514** | **524282** | **482939** |
| **Total non-aeronautical income** | **142985** | **114167** | **391890** | **353117** |
| **Total** | **327172** | **254681** | **916172** | **836056** |

---

As of September 30, 2025 and 2024, "over the time" income from contracts with customers for the nine-month periods was $770,572 million and $697,366 million, respectively.

**NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES**

***4.1. Sales Cost***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Specific allocation of income | 48371 | 37535 | 135405 | 123534 |
| Airport services and maintenance | 44839 | 49578 | 133376 | 124224 |
| Amortization of intangible assets | 39933 | 34177 | 124317 | 96462 |
| Salaries and social charges | 48609 | 48601 | 138917 | 144928 |
| Fee | 1067 | 4688 | 5137 | 9649 |
| Utilities and fees | 6235 | 6324 | 18106 | 17874 |
| Taxes | 1526 | 2206 | 4698 | 5149 |
| Office expenses | 5033 | 5061 | 14304 | 14613 |
| Insurance | 3 | 136 | 31 | 592 |
| Others | 2945 |  | 5808 |  |
| Depreciation rights of use | 1234 | 726 | 2706 | 2206 |
| **Total** | **199795** | **189032** | **582805** | **539231** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)**

***4.2. Distribution and marketing expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Airport services and maintenance | 392 |  | 782 |  |
| Amortization of intangible assets | 234 | 43 | 445 | 48 |
| Salaries and social charges | 1452 | 468 | 3340 | 672 |
| Fee | 200 | 290 | 568 | 319 |
| Utilities and fees | 121 | 1 | 127 | 3 |
| Taxes | 16057 | 12958 | 44742 | 42377 |
| Office expenses | 64 | 51 | 292 | 87 |
| Advertising | 1296 | 2058 | 3279 | 4551 |
| Provision for bad debts | 2808 | 884 | 5990 | 3231 |
| **Total** | **22624** | **16753** | **59565** | **51288** |

---

***4.3. Administrative expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Airport services and maintenance | 507 | 436 | 1328 | 1149 |
| Amortization of intangible assets | 1539 | 317 | 3734 | 851 |
| Salaries and social charges | 8669 | 7552 | 23975 | 19184 |
| Fee | 1274 | 1105 | 3492 | 3563 |
| Public services and fees | 83 |  | 135 |  |
| Taxes | 2200 | 1751 | 6051 | 5496 |
| Office expenses | 1493 | 2339 | 5906 | 6083 |
| Insurance | 367 | 71 | 1635 | 365 |
| Fees to the Board of Directors and the Supervisory Committee | 245 | 275 | 611 | 763 |
| Other | 8 | - | 8 | - |
| **Total** | **16385** | **13846** | **46875** | **37454** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 5 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT**

***5.1 Other net incomes and expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **30.09.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Trust for Strengthening | 8062 | 6257 | 22567 | 20589 |
| Other | (2233) | (987) | (8857) | (4026) |
| **Total** | **5829** | **5270** | **13710** | **16563** |

---

***5.2. Finance Income***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Interest | 4671 | 10332 | 17634 | 39106 |
| Foreign Exchange differences | 22984 | (16821) | 21831 | (179069) |
| **Total** | **27655** | **(6489)** | **39465** | **(139963)** |

---

***5.3 Finance Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Interest | (15406) | (15649) | (44188) | (55620) |
| Foreign Exchange differences | (72630) | 34697 | (84466) | 592811 |
| **Total** | **(88036)** | **19048** | **(128654)** | **537191** |

---

***5.4 Income Tax***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months at** | **Three months at** | **Nine months at** | **Nine months at** |
|  | **09.30.2025** | **09.30.2024** | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** |
| Deferred | (5502) | (33920) | (40495) | (253538) |
| **Total** | **(5502)** | **(33920)** | **(40495)** | **(253538)** |

---

**NOTE 6 - INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD**

---

| | | |
|:---|:---|:---|
|  | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** |
| **Initial balance** | **1784** | **4269** |
| Declines of participations |  | (75) |
| Income from investments accounted for by the equity method | 1100 | (1957) |
| **Balance at September 30** | **2884** | **2237** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 7 - INTANGIBLE ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **09.30.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Acquisition value: |  |  |  |
| **Initial Balance** |  | **4001400** | **3807001** |
| Acquisitions of the period |  | 103793 | 151254 |
| Declines of the period |  | (7241) | - |
| **Balance at September 30** |  | **4097952** | **3958255** |
| Accumulated Amortization: |  |  |  |
| **Initial Balance** |  | **(1612110)** | **(1479109)** |
| Amortizations of the period | 4 | (128496) | (97361) |
| Declines of the period |  | 2952 | - |
| **Balance at September 30** |  | **(1737654)** | **(1576470)** |
| **Net balance at September 30** |  | **2360298** | **2381785** |

---

**NOTE 8 - FINANCIAL DEBTS**

***8.1 Changes in financial debt:***

---

| | | |
|:---|:---|:---|
|  | **09.30.2025** | **09.30.2024** |
|  | **Millions of $** | **Millions of $** |
| **Initial Balance** | **783939** | **1388152** |
| New financial debts | 116 | 642 |
| Financial debts paid | (137954) | (109079) |
| Accrued interest | 42125 | 52891 |
| Foreign Exchange differences | 64741 | (570320) |
| Inflation adjustment | 234 | 8448 |
| **Total Net Balance at September 30** | **753201** | **770734** |

---

***8.2 Breakdown of financial debt***

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **09.30.2024** |
| <br>**Non-current Financial Debts** | **Millions of $** | **Millions of $** |
| Negotiable Obligations | 672538 | 682858 |
| Cost of issuance of NO | (598) | (1014) |
|  | **671940** | **681844** |
| **Current Financial Debts** |  |  |
| Bank borrowings | 4792 | 12886 |
| Negotiable Obligations | 76776 | 89610 |
| Cost of issuance of NO | (307) | (401) |
|  | **81261** | **102095** |
|  | **753201** | **783939** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 8 - FINANCIAL DEBTS (Contd.)**

***8.2 Breakdown of financial debt (Contd.)***

As of September 30, 2025 and December 31, 2024, the fair value of the financial debt amounts to $754,422 million and $780,947 million, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited Consolidated Financial Statements as of December 31, 2024.

***8.3 Negotiable Obligations***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Start** | **Maturity** | **Interest** | **Currency** | **Initial<br> Capital** | **Capital in <br> U$S at<br> 09.30.2025** | **Capital in <br> U$S at<br> 12.31.2024** |
| Guaranteed with Maturity in 2027 <sup>(1)(2)</sup> | 02.2017 | 02.2027 | 6.875% | U$S | 400 | 7.5 | 11.3 |
| Class I Series 2020 <sup>(1)(2)(3)</sup> | 04.2020 | 02.2027 | 6.875% <sup>(5)</sup> | U$S | 306 | 27.1 | 40.6 |
| Class I Series 2021 - Additional <sup>(1) (2) (3)</sup> | 10.2021 | 08.2031 | 8.500% | U$S | 272.9 | 272.9 | 272.9 |
| Class IV <sup>(2) (3)</sup> | 11.2021 | 11.2028 | 9.500% | U$S | 62 | 53.8 | 62.0 |
| Class V <sup>(3)</sup> | 02.2022 | 02.2032 | 5.500% | U$S <sup>(6)</sup> | 138 | 138.0 | 138.0 |
| Class VI <sup>(3)</sup> | 02.2022 | 02.2025 | 2.000% | U$S <sup>(6)</sup> | 36 |  | 27.1 |
| Class IX <sup>(3)</sup> | 08.2022<sup>(4)</sup> | 08.2026 | 0.000% | U$S <sup>(6)</sup> | 32.7 | 22.9 | 22.9 |
| Class X <sup>(3)</sup> | 07.2023 | 07.2025 | 0.000% | U$S <sup>(6)</sup> | 25.1 |  | 17.9 |
| Class XI <sup>(3)</sup> | 12.2024 | 12.2026 | 5.500% | U$S <sup>(7)</sup> | 28.8 | 28.8 | 28.8 |

---

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) Corresponds to NOs issued under US legislation, from the state of New York.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the NSC on 04.12.2020.

(4) On 07/2023, an additional amount was issued for US$2.7 million, with the same conditions as the original issue.

(5) During the PIK Period (until 05.01.2021) the interest rate was 9.375% per year, period in which the amount of interest was capitalized quarterly. After said period, the interest rate of the NOs is applied.

(6) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(7) The reference ONs are nominated and payable in US dollars.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 8 - FINANCIAL DEBTS (Contd.)** 

***8.3 Negotiable Obligations (Contd.)***

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred. As of September 30, 2025, the Company complies with financial covenants.

As of September 30, 2025, the Company fully canceled Class VI and Class X Bonds.

As of September 30, 2025, the Company holds Class IX Bonds in its portfolio totaling US$9.8 million.

***8.4 Bank debt***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Institution** | **Start** | **Maturity.** | **N.A.R.** | **Currency** | **Initial<br> Capital<sup>(1)</sup>** | **Capital at<br> 09.30.2025 <sup>(1)</sup>** | **Capital at <br> 12.31.2024 <sup>(1)</sup>** |
| &nbsp;&nbsp;ICBC - Dubai Branch | 07.2022 | 10.2025 | SOFR+ 7.875%<sup>(2)</sup> | U$S | 10.0 | 3.4 | 10.0 |

---

(1) Balances in the original currency of the financial instrument.

(2) Plus applicable withholding tax.

**NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION**

***9.1 Other receivables***

***9.1.1 Other non-current receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Trust for Strengthening | 10.1 | 53509 | 53081 |
| Others |  | 1588 | 543 |
| **Total** |  | **55097** | **53624** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)**

***9.1 Other receivables (contd.)***

***9.1.2 Other current receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Expenses to be recovered |  | 3199 | 2935 |
| Related parties | 10.1 | 2039 | 2799 |
| Tax credits |  | 12922 | 19069 |
| Prepaid Insurance |  | 3791 | 2936 |
| Others |  | 8 | 22 |
| **Total** |  | **21959** | **27761** |

---

***9.2 Trade receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Trade receivables |  | 129269 | 121120 |
| Related parties | 10.1 | 2205 | 1659 |
| Checks-postdated checks |  | 3974 | 3165 |
| Subtotal sales credits |  | 135448 | 125944 |
| Provision for bad debts |  | (15227) | (11413) |
| **Total** |  | **120221** | **114531** |

---

***9.2.1 Changes in Bad Debt Provisions***

---

| | | | |
|:---|:---|:---|:---|
| | | **09.30.2025** | **12.31.2024** |
|  | **Note** | **Millions of $** | **Millions of $** |
| **Initial balance** |  | **11413** | **16255** |
| Increases of the period | 4.2 | 5990 | 3231 |
| Foreign exchange difference |  | 2827 | 490 |
| Applications of the period |  | (2516) | (49) |
| Inflation adjustment |  | (2487) | (8919) |
| **Bad Debts provisions at September 30** |  | **15227** | **11008** |

---

***9.3 Investments***

***9.3.1 Non-current investments***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Negotiable obligations |  | 43452 | 54013 |
| Negotiable obligations of related companies | 10.1 |  | 4331 |
| Other financial assets |  | - | 2345 |
| **Total** |  | **43452** | **60689** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)**

***9.3.2 Current investments***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Negotiable Obligations |  | 54001 | 17554 |
| Negotiable obligations of related companies | 10.1 | 4730 |  |
| Other financial assets |  | 24559 | 9595 |
| **Total** |  | **83290** | **27149** |

---

***9.4 Cash and cash equivalents***

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| Cash and funds in custody |  | 134 | 174 |
| Banks | 13 | 22624 | 100011 |
| Checks not yet deposited |  | 914 | 587 |
| Term deposits and others |  | 74720 | 27946 |
| **Total** |  | **98392** | **128718** |

---

***9.5 Commercial accounts payable and other***

***9.5.1 Commercial Accounts payable and other non-current***

---

| | | |
|:---|:---|:---|
|  | **09.30.2025** | **12.31.2024** |
|  | **Millions of $** | **Millions of $** |
| Suppliers | 1083 | 1181 |
| **Total** | **1083** | **1181** |

---

***9.5.2 Commercial accounts payable and other current***

---

| | | | |
|:---|:---|:---|:---|
| | | **09.30.2025** | **12.31.2024** |
|  | **Note** | **Millions of $** | **Millions of $** |
| Suppliers |  | 58641 | 65169 |
| Foreign suppliers |  | 9061 | 10786 |
| Debts with Related Parties | 10.1 | 7491 | 6562 |
| Salaries and social security liabilities |  | 41866 | 48505 |
| Other fiscal debts |  | 11177 | 8196 |
| **Total** |  | **128236** | **139218** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES**

***10.1 Balances with other related parties***

Balances with other related companies at September 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Other receivables** | **Millions of $** | **Millions of $** |
| Other related companies | 2039 | 2799 |
| **Total** | **2039** | **2799** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Trade receivables** | **Millions of $** | **Millions of $** |
| Other related companies | 2205 | 1659 |
| **Total** | **2205** | **1659** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Investments** | **Millions of $** | **Millions of $** |
| Other related companies - non current |  | 4331 |
| Other related companies - current | 4730 | - |
| **Total** | **4730** | **4331** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Accounts payable and other** | **Millions of $** | **Millions of $** |
| Servicios y Tecnología Aeroportuarios S.A. | 4 |  |
| Texelrio S.A. | 1155 | 1077 |
| Other related companies | 6332 | 5485 |
| **Total** | **7491** | **6562** |

---

---

| | | |
|:---|:---|:---|
| | **09.30.2025** | **12.31.2024** |
| <br>**Provisions and other charges** | **Millions of $** | **Millions of $** |
| Corporación América S.A.U. – Dividends to be paid | 56372 | 16557 |
| Corporación América Sudamericana S.A. – Dividends to be paid | 61583 |  |
| Cedicor S.A. – Dividends to be paid | 57 | - |
| **Total** | **118012** | **16557** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)** 

***10.1 Balances with other related parties (Contd.)***

The balances with the Argentine National State as of September 30, 2025, and December 31, 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **09.30.2025** | **12.31.2024** |
|  |<br>**Note** | **Millions of $** | **Millions of $** |
| **Debt - Specific Allocation of Income** |  | 16167 | 14589 |
| **Debt - Dividends to be paid** | 11 |  | 15108 |
| **Credit - Strengthening Trust (1)** |  | 53509 | 53081 |

---

(1) To fund the investment commitments of the Company.

***10.2 Operations with related parties***

Transactions with related parties during the nine-month periods ended September 30, 2025 and 2024 are as follows:

With Proden S.A. for office rental and maintenance, the Company has allocated $3,965 million and $3,259 million, respectively.

With Texelrío S.A. For maintenance at the airports, the Company has allocated $8,104 million and $10,283 million to the cost, respectively.

The Company has allocated to the cost $6,846 million and $5,924 million, respectively, with Grass Master S.A.U. for airport maintenance.

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $2,569 million and $2,584 million to the cost, respectively.

The Company has allocated to the cost $1,808 million and $1,365 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $5,908 million and $4,926 million, respectively.

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $1,015 million and $1,367 million to the cost, respectively.

The Company has recorded commercial income of $1,141 million and $1,328 million with Duty Paid S.A., respectively.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)** 

***10.3 Other information about related parties***

Furthermore, short-term compensation to key management was $2,027 million and $1,485 million for the nine-month periods ended at September 30, 2025 and 2024, respectively.

Corporación América S.A.U. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

Corporación América S.A.U. is controlled by Cedicor S.A., owner of 100% of its capital stock. Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company. Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 11 – PROVISIONS AND OTHER CHARGES**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **At 01.01.25** | **Increases /<br> (Recovery)** | **Decreases** | **Inflation<br> Adjustment** | **Accruals** | **Exchange<br> rate<br> differences** | **At 09.30.25** | **Total Non<br> Current** | **Total**<br> **Current** |
|  | | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **Millions of $** | **In millions of $** | **In millions of $** |
| Litigations |  | 4100 | 1595 | (1311) | (797) | 45 | 667 | 4299 | 514 | 3785 |
| Deferred Income |  | 16708 | 4199 |  | (993) | (13379) | 2420 | 8955 | 2049 | 6906 |
| Guarantees Received |  | 2576 | 1209 | (612) | (621) |  | 1234 | 3786 |  | 3786 |
| Upfront fees from concessionaires |  | 6357 | 1538 |  |  | (2777) |  | 5118 | 2359 | 2759 |
| Dividends to be paid | 10 | 31665 | 202830 | (120371) | (8784) |  | 12672 | 118012 |  | 118012 |
| Others |  | 1704 | 234 | - | (308) | (816) | 397 | 1211 | 478 | 733 |
| **Total 2025** |  | **63110** | **211605** | **(122294)** | **(11503)** | **(16927)** | **17390** | **141381** | **5400** | **135981** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At 01.01.24** | **Increases /<br> (Recovery)** | **Decreases** | **Inflation<br> Adjustment** | **Accruals** | **Exchange<br> rate<br> differences** | **At 09.30.24** | **Total Non<br> Current** | **Total**<br> **Current** |
|  | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** | **In millions of $** |
| Litigations | 6920 | 749 | (998) | (3612) |  | 642 | 3701 | 1375 | 2326 |
| Deferred Income | 37410 | 6966 |  | (13644) | (14647) | 1965 | 18050 | 3664 | 14386 |
| Guarantees Received | 4779 | 7 | (1) | (2301) |  | 150 | 2634 |  | 2634 |
| Upfront fees from concessionaires | 7420 | 1056 |  |  | (1878) |  | 6598 | 4064 | 2534 |
| Others | 4852 | 3 | - | (2476) | (763) | 527 | 2143 | 1240 | 903 |
| **Total 2024** | **61381** | **8781** | **(999)** | **(22033)** | **(17288)** | **3284** | **33126** | **10343** | **22783** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency type**<br> **and amount at**<br> **09.30.2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency type**<br> **and amount at**<br> **09.30.2025** | **Foreign<br> exchange <br> rates** | **Amount in local<br> currency at<br> 09.30.2025** | **Amount in <br> local<br> currency at<br> 12.31.2024** |
| **Assets** |  | | | | |
| **Current Assets** |  |  |  |  |  |
| Cash and cash equivalents | U$S | 47 | 1371 | 63857 | 99483 |
| Net trade receivables | U$S | 62 | 1371 | 84921 | 86459 |
| Investments | U$S | 61 | 1371 | 83289 | 27149 |
| **Total current assets** |  |  |  | **232067** | **213091** |
| **Non-Current Assets** |  |  |  |  |  |
| Investments | U$S | 32 | 1371 | 43452 | 57011 |
| **Total Non-Current Assets** |  |  |  | **43452** | **57011** |
| **Total Assets** |  |  |  | **275519** | **270102** |
| **Liabilities** |  |  |  |  |  |
| **Current Liabilities** |  |  |  |  |  |
| Provisions and other charges | U$S | 91 | 1380 | 125751 | 33769 |
| Financial debts | U$S | 59 | 1380 | 81568 | 102497 |
| Lease liabilities | U$S | 4 | 1380 | 4949 | 3311 |
| Commercial accounts payable and others | U$S | 25 | 1380 | 35113 | 30469 |
|  | EUR | 2 | 1622.6040 | 3081 | 2925 |
|  | GBP | 0 | 1858.9980 | 8 |  |
|  | CAD | 0 | 978.5253 | 43 | 48 |
| **Total current liabilities** |  |  |  | **250513** | **173019** |
| **Non-Current Liabilities** |  |  |  |  |  |
| Provisions and other charges | U$S | 1 | 1380 | 993 | 2574 |
| Financial debts | U$S | 487 | 1380 | 672538 | 682858 |
| Lease liabilities | U$S | 1 | 1380 | 790 | 2578 |
| Commercial accounts payable and others | U$S | 1 | 1380 | 1081 | 1170 |
| **Total non-current liabilities** |  |  |  | **675402** | **689180** |
| **Total liabilities** |  |  |  | **925915** | **862199** |
| **Net liability position** |  |  |  | **650396** | **592097** |

---

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 13 – OTHER RESTRICTED ASSETS**

In addition to what is set forth in notes 1 and 6, within current assets as of September 30, 2025 and December 31, 2024, under the heading of Cash and cash equivalents, balances are maintained in bank accounts specifically allocated for the settlement of negotiable obligations Series 2021 and Class IV for $8,073 million and $5,818 million, respectively.

**NOTE 14 - CAPITAL STOCK**

At September 30, 2025, capital stock is as follows:

---

| | |
|:---|:---|
|  | **Par Value** |
|  | **$** |
| Paid-in and subscribed | 258517299 |
| Registered with the Public Registry of Commerce | 258517299 |

---

The Company's capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

**NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. (presented in $ in currency as of the date of the meetings)**

At the special ordinary general meeting of classes A, B, C and D, held on April 24, 2024, which yields a positive result of $9,406,678,415, it is allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $58,044,335
 to the constitution of the legal reserve, up to 20% of the share capital plus the capital
 adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 balance of $9,348,634,080 to the constitution of an optional reserve for the execution of
 future works plans and to guarantee the payment of future dividends, if applicable.

At the ordinary general meeting held on October 31, 2024, it was resolved: (i) to rectify the resolution reached at the meeting held on April 24, 2024, and to restate the result of the fiscal year, which as of December 31, 2023, amounted to $9,406,678,415 due to the General Level Consumer Inflation Index for the month of March, which amounted to 51.62%. Said result, re-expressed as of the date of the detailed meeting, for an amount of $14,262,583,889, was resolved to be allocated as follows: (i) $102,181,288 to the establishment of the legal reserve, up to 20% of the adjusted share capital; and (ii) the balance of $14,160,402,601.20 to establish a voluntary reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

Having rectified the results for the fiscal year as of April 24, and the shareholders' intention to distribute dividends, at the shareholders' meeting held on October 31, 2024, it was resolved to restate the amount of the voluntary reserve again, this time as of September 30, 2024. The inflation index as of September amounted to 101.58%. Consequently, the amount of the voluntary reserve restated as of September 30

**NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. (presented in $ in currency as of the date of the meetings) (Contd.)**

amounted to $737,844,377,142. It was also resolved to partially release the optional reserve up to the equivalent of US$80,000,000 in pesos, equivalent to $79,200,000,000, calculated at the selling exchange rate published by the Banco de la Nación Argentina at the close of business on October 30, 2024, and to distribute dividends to shareholders in proportion to their respective shareholdings in the Company.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

At the ordinary and special general meeting of classes A, B, C, and D held on April 29, 2025, it was resolved:

(i) to
 restate the positive result for the fiscal year, which as of December 31, 2024, amounted
 to the general CPI index accumulated through March, resulting in an adjusted result of $316,986,187,842;

(ii) that
 the restated result be used to establish an optional reserve for the execution of future
 works plans and for the payment of future dividends, if applicable.

At the meeting held on August 18, 2025, it was resolved to distribute cash dividends in an amount equivalent in pesos to US$150,000,000, equivalent to $195,000,000,000, calculated at the selling exchange rate for foreign currency, published by the Banco de la Nación Argentina at the close of business on August 14, 2025. To this end, in accordance with the provisions of section e) of article 3 of Chapter III, Title IV of the Regulations of the National Securities Commission (N.T. 2013 and mod.), the amount of the optional reserve was re-expressed as of June 30, 2025, applying the price index corresponding to the month prior to said meeting. Given that the consumer price index (CPI) accumulated through July was 17.29%, the amount of the voluntary reserve restated as of the date of the meeting amounted to $1,176,946,808,210.

**NOTE 16 – EARNINGS PER SHARE**

Relevant information for the calculation per share:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025** | **09.30.2024** |
| Income for the period (in millions of $) | 105999 | 335851 |
| Amount of ordinary shares (millions) | 259 | 259 |
| Earnings per shares ($ per share) | 409.2625 | 1296.7220 |

---

**NOTE 17 - FINANCIAL RISK MANAGEMENT**

The Company's activity is exposed to various financial risks: market risk (including exchange rate risk, interest rate fair value risk and price risk), credit risk and liquidity risk.

These Condensed Interim Separate Financial Statements must be read in light of the economic context in which the Company operates, which was disclosed in the annual Separate Financial Statements in note 20. Inflation for the first nine months of 2025 and the year-over-year inflation rate are shown in Note 3. The quarterly devaluation was 5.8%.

![](tm2530048d2_ex99-2img002.jpg)

------

**Notes to the Separate Condensed Interim Financial Statements**

At September 30, 2025 presented in comparative format (Contd.)

**NOTE 17 - FINANCIAL RISK MANAGEMENT (Contd.)**

As of the date of these financial statements, there were no significant changes in exposure to market risk, foreign exchange risk, interest rate risk, credit risk, or liquidity risk compared to what was reported in the annual financial statements closed as of December 31, 2024.

In April 2025, the BCRA implemented measures that made access to the MULC more flexible, allowing resident individuals to acquire foreign currency for hoarding without restrictions on amounts or additional requirements. Furthermore, prepayments on income and personal property taxes for these transactions were eliminated. For legal entities, modifications were introduced that allow for more flexible access to the MULC for paying for imports and other transactions, although some specific restrictions and requirements remain in effect.

The Company continues to monitor these regulatory changes and assess their impact on financial risk management to identify potential impacts on its equity and financial position and define the necessary courses of action.

**NOTA 18 - EVENTS SUBSEQUENT TO THE END OF THE PERIOD**

No events and/or transactions have occurred since the end of the period that could significantly affect the Company's financial and equity situation.

*"Free translation from the original in Spanish for publication in Argentina"*

![](tm2530048d2_ex99-2img003.jpg)

**REVIEW REPORT ON SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS**

To the Shareholders, Chairman and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

CUIT N° 30-69617058-0

**Report on separate condensed interim financial statement**s

**Introduction**

We have reviewed the accompanying separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (hereinafter "the Company") comprising the separate statement of financial position as of September 30, 2025, the separate statements of comprehensive income for the nine and three months ended September 30, 2025, changes in equity and cash flows for the nine months ended September 30, 2025 and selected explanatory notes.

**Board Responsibility**

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the separate condensed interim financial statements referred to in the first paragraph in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

**Scope of the review**

Our responsibility is to express a conclusion on these separate condensed interim financial statements based on the review we have conducted, which was conducted in accordance with the International Standard for Review Engagements NIER 2410 "Review of Interim Financial Information Developed by the Entity's Independent Auditor", adopted as a review standard in Argentina by FACPCE Technical Resolution No. 33 as approved by the Standards Council International Audit and Assurance Organizations (IAASB). A review of separate condensed interim financial statements consists of conducting inquiries primarily of personnel responsible for financial and accounting aspects and applying analytical and other review procedures. A review has a substantially smaller scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not allow us to be confident of identifying all significant matters that could be noted in an audit. Accordingly, we do not express an audit opinion.

**Conclusion**

On the basis of our review, nothing has caught our attention to suggest that the separate condensed interim financial statements referred to in the first paragraph of this report are not prepared, in all material respects, in accordance with International Accounting Standard 34.

---

| | |
|:---|:---|
|  | Price Waterhouse & Co. S.R.L. |
|  | Bouchard 557, 8<sup>th</sup> floor |
|  | C1106ABG - Autonomous City of Buenos Aires, Argentina |
|  | T: +(54.11) 4850.0000 |
| www.pwc.com.ar |  |

---

**Report on compliance with current provisions**

In compliance with current provisions, we inform, with respect to Aeropuertos Argentina 2000 S.A., that:

a) the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. are pending to be transcribed in the Inventory and Balance Sheets;

b) the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations;

c) as of September 30, 2025, the debt accrued in favor of the Argentine Integrated Pension System of Aeropuertos Argentina 2000 S.A. arising from the Company's accounting records amounted to $3,681,726,989, which was not payable on that date.

Autonomous City of Buenos Aires, November 10, 2025.

---

| |
|:---|
| PRICE WATERHOUSE & CO. S.R.L. |
| By (Partner) |
| Juan Manuel Gallego Tinto |

---

**<u>SURVEILLANCE COMMITTEE REPORT</u>**

To the shareholders of

**AEROPUERTOS ARGENTINA 2000 S.A.**

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (the "<u>Compan</u>y"), which comprise the separate statement of financial position as of September 30, 2025, the separate statements of comprehensive income for the periods of three and nine months ended September 30, 2025, of changes in equity and cash flows for the nine-months period ended September 30, 2025, and selected explanatory notes.

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated November 10, 2025, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

As stated in the section "Board Responsibility" of the external auditor's report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing, or production, since these issues are the sole responsibility of the Board of Directors.

Based on our review, with the scope described above, we hereby inform that the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. as of September 30, 2024 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

In exercise of our legal supervision duties, during the period under review, we performed the procedures set forth in Article 294 of Act No. 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

Autonomous City of Buenos Aires, November 10, 2025.

__________________ <br> Patricio A. Martin <br> By Surveillance Committee