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CORPORACION AMERICA AIRPORTS ANNOUNCES 2Q21 RESULTS Strong YoY traffic performance as the recovery continues , though still impacted by Covid - 19 and below 2019 levels Luxembourg , August 18 , 2021- Corporación América Airports S.A. ( NYSE : CAAP ) , ( “ CAAP " or the " Company " ) the largest private sector airport operator based on the number of airports under management reported today its unaudited , consolidated results for the three - month and six month periods ended June 30 , 2021. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( " IASB " ) . ■ O Commencing 3Q18 , the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting , in accordance to IFRS rule IAS 29 ( " IAS 29 " ) , as detailed on Section " Hyperinflation Accounting in Argentina " on page 24 . ■ Second Quarter 2021 Highlights Consolidated Revenues of $ 135.3 million , an increase of 65.6 % YoY , or 67.2 % below pre - pandemic levels of 2Q19 . Excluding the impact of IFRS rule IAS 29 , revenues increased 60.8 % YoY , to $ 134.3 million , mainly reflecting increases of $ 37.2 million in Aeronautical revenues and $ 31.2 million in Commercial revenues , partially offset by a $ 17.9 million decline in construction service revenue . When compared to 2Q19 , revenues ex - IAS 29 decreased 66.1 % . CORPORACION AMERICA AIRPORTS Key operating metrics improved YoY benefitting from easier comparisons against 2Q20 , but were still below the levels reported in the same period of 2019 : ■ Passenger traffic increased 11.2x to 5.5 million YoY , but declined 72.8 % versus 2Q19 Cargo volume increased 77.3 % YoY to 83.2 thousand tons , but decreased 21.2 % compared with 2Q19 ■ Aircraft movements reached 95.8 thousand , a 236.2 % YoY increase , but declined 53.7 % when compared to 2Q19 Operating Loss of $ 27.2 million , improving 64.2 % from the $ 76.1 million loss reported in 2020 , mainly reflecting YoY easier comparisons , and the gradual recovery in revenues , combined with effective cost control measures implemented since the beginning of the pandemic . Adjusted EBITDA on an " As Reported " basis was $ 7.7 million , versus a loss of $ 33.0 million in the year ago period , and declined 93.5 % when compared to 2Q19 . Ex - IAS 29 , Adjusted EBITDA totaled $ 7.1 million , compared with a loss of $ 33.2 million in 2020 and Adjusted EBITDA of $ 113.1 million in 2Q19 . In May 2021 , AA2000 renegotiated a total of $ 40.0 million in principal payments under the syndicated bank loan , maturing in May , August and November 2021 for an amount of $ 13.3 million each , deferring those payments to May , August and November 2022 . CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian , CEO of Corporación América Airports , noted , " Over a year and a half into the pandemic , we have demonstrated our ability to rapidly respond to the challenging market conditions . The cost control and cash preservation initiatives executed since day one have enabled us to deliver three consecutive quarters of positive operating cash flow across most of our operations . While we are experiencing different dynamics across operations , total passenger traffic started to recover in May following the contraction experienced early in the year as the second Covid - 19 wave hit our operations in LatAm . This positive trend continued through July driven mainly by Armenia , Brazil , Ecuador and Italy , while Argentina remains heavily impacted by severe government restrictions on international travel . Cargo activity posted a stronger recovery with volumes at just 20 % below pre - pandemic levels . As a result , revenues ex - IFRIC more than doubled year - on - year , although were still 60 % below 2Q19 levels . Higher revenues along with our sustained focus on cost controls contributed to an Adjusted EBITDA of $ 7 million , an improvement of $ 40 million from the Adjusted EBITDA loss posted in the year - ago quarter . Page 1 of 47 We also remain fully focused on executing our strategy on three key fronts : i ) pursuing our goal of restoring value to our business by concluding the economic re - equilibrium processes in Brazil , Armenia and Uruguay , ii ) preserving liquidity and strengthening our balance sheet , and keeping a close sight on costs as passenger traffic continues to gradually recover . Looking ahead , we expect the positive momentum in passenger traffic to strengthen towards the second half of the year in our main LatAm markets , as the summer season approaches , the vaccination rollout progresses and governments relax travel bans . While we remain vigilant of the new virus strains , we are confident that local and global travel is a firm part of the future and we continue to work towards our goal of further strengthening our business to deliver profitable growth . "