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CORPORACION AMERICA AIRPORTS ANNOUNCES 3Q21 RESULTS ■ Luxembourg , November 17 , 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 and nine month periods ended September 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 Significant rebound in traffic across countries of operations and tight cost controls , supported strong QoQ and YoY Adjusted EBITDA growth 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 26 . CORPORACION AMERICA AIRPORTS Third Quarter 2021 Highlights Consolidated Revenues of $ 186.9 million , an increase of 91.5 % YoY , or 55.2 % below pre - pandemic levels of 3Q19 . Excluding the impact of IFRS rule IAS 29 , revenues increased 85.6 % YoY , to $ 184.5 million , mainly reflecting increases of $ 51.7 million in Aeronautical revenues and $ 39.8 million in Commercial revenues , partially offset by a $ 6.7 million decline in construction service revenue . When compared to 3Q19 , revenues ex - IAS 29 were 57.9 % below 3Q19 . Passenger traffic increased 3.1x to 10.5 million YoY , reaching 46.1 % of 3Q19 levels Cargo volume increased 52.9 % YoY to 80.8 thousand tons , improving to 81.3 % of 3Q19 levels ■ Aircraft movements reached 140.9 thousand , a 134.6 % YoY increase , reaching 62.4 % of 3Q19 levels Key operating metrics improved YoY benefitting from easier comparisons against 3Q20 , but were still below the levels reported in the same period of 2019 : Operating Income of $ 2.8 million versus a loss of $ 123.0 million reported in 3Q20 , mainly reflecting YoY easier comparisons and a $ 58.8 million impairment loss in relation with Brazilian assets , recorded last year . Adjusted EBITDA on an " As Reported " basis was $ 38.9 million , versus a loss of $ 77.3 million in the year ago period , and declined 61.1 % when compared to 3Q19 , and improved sequentially from $ 7.7 million in 2Q21 . Ex - IAS 29 , Adjusted EBITDA totaled $ 38.2 million , compared with a loss of $ 77.8 million in 3Q20 and Adjusted EBITDA of $ 102.1 million in 3Q19 , and improved sequentially from $ 7.1 million in 2Q21 . CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian , CEO of Corporación América Airports , noted , " The initiatives we have been executing since the beginning of the pandemic allowed us to continue delivering a significantly better business and financial performance despite challenging market conditions , while driving value creation . Traffic continued to recover reaching 10.5 million passengers in 3Q21 , a 90 % sequential improvement against 2021 and 46 % of the nearly 23 million passengers that traveled through our airports , in 3Q19 . Armenia , Brazil , Ecuador and Italy were the key drivers on the recovery , while Argentina and Uruguay remained heavily impacted by tight government restrictions on international traffic . On a positive note , borders in these two countries fully opened starting November 1st , 2021 , on the back of the advanced rollout of the vaccination campaigns , better sanitary conditions and warmer weather as we approach the summer season in LatAm . Cargo activity , in turn , remained strong reaching 82 % of pre - pandemic levels . Page 1 of 49 These positive trends flowed through our financial results , with revenues ex - IFRIC more than doubling year - on - year to nearly $ 170 million , reaching 55 % of 3Q19 levels . The successful cost reduction measures implemented since day one of the pandemic , some of which will have a more permanent character , together with a strict focus on cash preservation , contributed to higher profitability . Comparable Adjusted EBITDA increased to $ 38 million , a $ 57 million improvement from the loss reported in 3Q20 . Importantly , we achieved positive Adjusted EBITDA across all countries of operations , except Peru . Over the past two months we have made significant strides in strengthening the Company's liquidity position and debt profile . Between September and November , in Argentina and Uruguay , we refinanced and exchanged a combined $ 425 million dollars in existing debt . We have also raised a total of $ 179 million in new long - term financings between these two countries and maintained financial discipline . The 20 - year extension obtained for our Carrasco International airport concession in Uruguay , which also added six regional airports to our network , was an important milestone for us . This extension not only reinforces our leadership position in Uruguay , but it also creates value and supports our long - term growth .