Earnings release
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Exhibit 99.1 CORPORACION AMERICA AIRPORTS REPORTS FIRST QUARTER 2025 RESULTS Solid traffic performance supported strong top-line growth and ex-IAS29 Adjusted EBITDA expansionPassenger traffic in Argentina rebounded to a record-high in Jan ’25; International traffic up 21.0% YoYCash & Cash Equivalents at $449 million with Net Debt to LTM Adjusted EBITDA of 1.1x Luxembourg, May 22, 2025— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airportoperators in the world, reported today its unaudited, consolidated results for the three-month period ended March 31, 2025. Financial results are expressed inmillions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International AccountingStandards Board (“IASB”). Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS ruleIAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 21. First Quarter 2025 Highlights§ Consolidated Revenues ex-IFRIC12 totaled $416.9 million, up 6.4% year-over-year (YoY), driven by increases of 6.8% and 6.1% in AeronauticalRevenues and Commercial Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 11.5% YoY to $413.9 million. § Key operating metrics: § 7.3% increase in passenger traffic to 20.4 million, or up 9.4% excluding Natal.§ 9.1% increase in cargo volume to 95.9 thousand tons.§ 3.1% increase in aircraft movements, or 4.7% excluding Natal. § Operating Income of $104.0 million, compared with $124.8 million in 1Q24. § Adjusted EBITDA ex-IFRIC12 decreased 4.6% to $155.6 million, from $163.2 million in the year-ago period. Excluding the impact of rule IAS 29,Adjusted EBITDA ex-IFRIC12 increased 4.0% to $157.9 million. § Adjusted EBITDA margin ex-IFRIC12 was 37.3% compared to 41.7% in 1Q24. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12contracted to 38.2% from 40.9% in the prior-year quarter. § Strong liquidity position with Cash & Cash equivalents of $448.6 million as of March 31, 2025. § Net debt to LTM Adjusted EBITDA stood at 1.1x as of March 31, 2025, unchanged from December 31, 2024. CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We had a solid start to 2025, driven by astrong recovery in Argentina and traffic growth across all our markets. Total passenger traffic rose by over 7% year-over-year, or more than 9% whenexcluding the discontinued Natal concession in Brazil. Argentina led the rebound, delivering double-digit growth and reaching record-high volumes inJanuary. Uruguay also achieved an all-time record at Carrasco airport in January, while Italy posted strong performance at both Florence and Pisa airports.Growth was broad-based, with gains in both international and domestic traffic. International traffic in particular maintained strong momentum, increasingnearly 13% compared to the same period last year. Revenues grew by 6% year-over-year, or close to 12% on an ex-IAS 29 basis—outpacing traffic growth and highlighting our focus on maintaining commercialrevenue momentum. Adjusted EBITDA excluding IAS 29 rose 4% to $158 million, supported by positive contributions from Argentina, Uruguay, and Ecuador.EBITDA margin ex-IAS 29 stood at 38%, impacted by inflationary pressures in Argentina, where Peso-denominated costs continued to outpace currencydepreciation, as well as FX translation effects in Brazil and, to a lesser extent, in Italy. On the commercial front, we are advancing key initiatives to increase revenue per PAX as well as enhance the passenger experience. In Argentina, we arecompleting the expansion of the duty-free arrivals area at Ezeiza Airport this month, more than doubling its size. In Uruguay, we inaugurated a new coveredparking facility at Montevideo Airport, further improving service quality and unlocking growth in commercial revenues. Strategically, we continued to advance value creation projects across our portfolio. In Armenia, we are progressing with our $425 million Capex program. InItaly, the Florence master plan received a positive environmental review, and in Argentina, we remain in active negotiations with the government regarding therevision of the economic equilibrium of the Aeropuertos Argentina concession agreement. On the new business front, we submitted our proposal for a 30-yearconcession in Montenegro and further clarifications in Angola. We boosted our new business development team to pursue future opportunities. Finally, we were honored to receive several industry recognitions that speak to our operational excellence. Carrasco Airport in Uruguay was named BestAirport in Latin America and the Caribbean under 2 million passengers by ACI. Brasília Airport ranked second globally for punctuality in its category andtopped Brazil in passenger satisfaction, while Guayaquil Airport in Ecuador earned a prestigious 5-star EFQM rating.We enter the rest of the year with strong momentum and remain focused on executing our strategy with discipline to control costs and deliver value creation”. Page 1 of 34
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Operating & Financial Highlights(In millions of U.S. dollars, unless otherwise noted) 1Q25 asreported 1Q24 asreported % Var asreported IAS 291Q25 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Passenger Traffic (Million Passengers) 20.4 19.0 7.3% 20.4 19.0 7.3% Revenue 447.8 433.0 3.4% 1.6 446.2 412.3 8.2% Aeronautical Revenues 236.7 221.5 6.8% 1.4 235.3 208.7 12.7% Non-Aeronautical Revenues 211.1 211.5 -0.2% 0.2 210.9 203.6 3.6% Revenue excluding construction service 416.9 391.7 6.4% 3.0 413.9 371.1 11.5% Operating Income / (Loss) 104.0 124.8 -16.6% -34.5 138.6 132.6 4.5% Operating Margin 23.2% 28.8% -559 0.0% 31.1% 32.1% -109 Net (Loss) / Income Attributable to Owners of the Parent 40.8 152.7 -73.3% -18.6 59.3 89.8 -33.9% Basic EPS (US$) 0.25 0.95 -73.3% -0.12 0.37 0.56 -34.0% Adjusted EBITDA 157.8 163.9 -3.7% -2.3 160.1 152.5 5.0% Adjusted EBITDA Margin 35.2% 37.9% -261 - 35.9% 37.0% -110 Adjusted EBITDA Margin excluding Construction Service 37.3% 41.7% -433 - 38.2% 40.9% -274 Net Debt to LTM Adjusted EBITDA 1.1x 1.2x - - - - - Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) 1.1x 1.4x - - - - - Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.1) LTM Adjusted EBITDA excluding impairments of intangible assets. Page 2 of 34
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1Q25 Operating Performance Passenger TrafficTotal passenger traffic increased by 7.3% year-over-year (YoY) to 20.4 million passengers, or by 9.4% YoY when adjusted for the discontinuation of NatalAirport, effective February 19, 2024. This was an improvement from the 1.2% decline (or 1.5% increase excluding Natal) reported in 4Q24. Domesticpassenger traffic increased by 4.0% year-over-year, or by 7.7% excluding Natal, primarily driven by a recovery in demand in Argentina, along with strongperformances in Italy and, to a lesser extent, in Brazil (excluding Natal). Meanwhile, international traffic grew by 12.6% YoY, with all markets contributingpositively, except Armenia. Notably, Argentina accounted for 82% of the total YoY increase in international traffic. Passenger traffic in Argentina increased by 12.5% YoY, improving from the 1.4% decline recorded in 4Q24 and marking an all-time high in January. Thisrecovery was primarily driven by a rebound in domestic traffic, coupled with continued growth in international travel. Domestic traffic rose by 9.0% YoYimproving from the 5.9% YoY decline in the prior quarter. Note that YoY comparisons for domestic traffic are no longer impacted by the ‘Previaje’ incentiveprogram, which was suspended in December 2023 following the swearing-in of the new government. During the quarter, JetSMART continued to gain marketshare, supported by the addition of three Airbus A321neo aircraft, while Flybondi inaugurated the Buenos Aires–Río Gallegos route with six weekly flights.International passenger traffic rose by 21.0% YoY, accelerating from the 11.3% increase recorded in 4Q24. Aerolíneas Argentinas resumed operations to PortoAlegre and confirmed plans to maintain the Córdoba–Rio de Janeiro route year-round. Additionally, Avianca began operating flights to Buenos Aires withWamos Air A330-300s aircraft as part of its strategy to strengthen service on high-demand routes. In Italy, passenger traffic rose by 10.4% YoY, mainly supported by an increase in flight frequencies by Ryanair. International traffic, which accounted for 75%of total traffic, grew by 8.3% YoY, driven by increases of 9.0% at Pisa airport and 7.4% at Florence airport. Meanwhile, domestic passenger traffic increasedby 17.4% YoY, supported by strong performances at both Pisa and Florence airports. In Brazil, total passenger traffic declined by 4.6% YoY, but rose by 5.4% YoY when adjusted for the discontinuation of Natal Airport, showing improvedtraffic trends despite ongoing challenges in the aviation sector and aircraft availability in the country. Domestic traffic, which accounted for nearly 60% oftotal traffic, fell by 11.9% YoY, but increased by 3.6% when excluding Natal. Meanwhile, transit passengers rose by 4.9% YoY. Following the friendlytermination process concluded in the first quarter of 2024, effective February 19, 2024, CAAP no longer operates Natal Airport. Therefore, statistics for Natalare available up to February 18, 2024. In Uruguay, where air traffic is predominantly international, total passenger traffic continued its recovery, increasing by 2.4% YoY, supported by new routeslaunched for the summer season. Both SKY and LATAM Airlines introduced new services connecting Montevideo–Rio de Janeiro and Punta del Este–Santiago de Chile, respectively, while Azul Linhas Aéreas began operating flights to Florianópolis. During the quarter, Azul announced a new direct routebetween Montevideo and Campinas, with five weekly flights, aimed at strengthening ties between Uruguay and Brazil, facilitating passenger flows, andpromoting new commercial and tourism opportunities. Passenger traffic in Armenia grew by 1.2% YoY to 1.1 million passengers, continuing its positive trend post-COVID. This performance was supported by theintroduction of new airlines and increased flight frequencies, with carriers such as China Southern, Air Cairo, Salam Air, and Sky Express recently beginningoperations at Yerevan Airport. In Ecuador, total passenger traffic rose by 2.2% YoY to 1.1 million passengers, despite ongoing security concerns in the country. International trafficincreased by 3.9% YoY, while domestic traffic increased 0.4% YoY, as high airfare prices continued to weigh on travel demand. Cargo VolumeCargo volume increased by 9.1% YoY, with positive YoY contributions from all countries of operations, except Ecuador and Brazil: Uruguay (+29.0%),Argentina (+13.1%), Armenia (+6.2%), Italy (+3.5%), Ecuador (-3.6%), and Brazil (-0.8%). Argentina, Brazil, and Armenia together accounted for almost80% of the total cargo volume in the quarter. Aircraft MovementsTotal aircraft movements increased by 3.1% YoY, with positive YoY contributions from all countries except Brazil: Italy (+7.8%), Argentina (+4.7%), Armenia(+3.0%), Uruguay (+2.0%), Ecuador (+1.3%), and Brazil (-2.9%). Argentina, Brazil, and Ecuador accounted for more than 80% of total aircraft movements inthe quarter. Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 29 of this report. Page 3 of 34
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Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements 1Q25 1Q24 % Var. ('25vs '24) Domestic Passengers (in thousands) 10,639 10,230 4.0% International Passengers (in thousands) 7,835 6,956 12.6% Transit Passengers (in thousands) 1,894 1,798 5.3% Total Passengers (in thousands)1 20,368 18,984 7.3% Cargo Volume (in thousands of tons) 95.9 87.9 9.1% Total Aircraft Movements (in thousands) 206.3 200.1 3.1% 1 Excluding Natal for comparison purposes, total passenger traffic was up 9.4% YoY in 1Q25. Passenger Traffic Breakdown Cargo Volume Aircraft Movements Country 1Q25 1Q24 % Var. 1Q25 1Q24 % Var. 1Q25 1Q24 % Var. (thousands) (tons) Argentina 12,168 10,812 12.5% 50,047 44,234 13.1% 119,427 114,015 4.7% Italy 1,630 1,477 10.4% 3,224 3,115 3.5% 14,767 13,695 7.8% Brazil (2) (3) 3,726 3,905 -4.6% 15,277 15,407 -0.8% 34,583 35,607 -2.9% Uruguay 654 639 2.4% 8,889 6,893 29.0% 9,911 9,720 2.0% Ecuador (1) 1,134 1,110 2.2% 8,957 9,294 -3.6% 19,243 18,987 1.3% Armenia 1,055 1,043 1.2% 9,554 8,999 6.2% 8,335 8,089 3.0% TOTAL (3) 20,368 18,984 7.3% 95,947 87,943 9.1% 206,266 200,113 3.1% 1) CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of the concession agreement, ECOGAL’sresults are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included in this table.2) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up toFebruary 18, 2024.3) Excluding Natal for comparison purposes, total passenger traffic was up 9.4% YoY and 5.4% for CAAP and Brazil, respectively, in 1Q25. Page 4 of 34
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Review of Consolidated Results Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method. RevenuesConsolidated Revenues increased by 3.4% YoY to $447.8 million. Excluding Construction Services and the impact of IAS 29, revenues rose by 11.5% YoY to$413.9 million, slightly above passenger traffic growth, with positive contributions from all countries of operations except Brazil and Armenia. Increases inboth aeronautical and commercial revenues contributed to revenue growth. The following table shows revenue performance by country. More detail on the performance of CAAP´s countries of operations can be found on page 11. Revenues by Segment (in US$ million) Country 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Argentina 268.8 255.0 5.4% 1.6 267.2 234.3 14.0% Italy 27.1 22.6 19.6% - 27.1 22.6 19.6% Brazil 25.2 28.8 -12.7% - 25.2 28.8 -12.7% Uruguay 51.2 50.7 1.1% - 51.2 50.7 1.1% Armenia 48.1 48.5 -0.8% - 48.1 48.5 -0.8% Ecuador (1) 27.2 26.7 2.2% - 27.2 26.7 2.2% Unallocated 0.2 0.7 -76.7% - 0.2 0.7 -76.7% Total consolidated revenue (2) 447.8 433.0 3.4% 1.6 446.2 412.3 8.2% 1 Only includes Guayaquil Airport.2 Excluding Construction Service revenue, ‘As reported’ revenues increased 12.2% in Argentina (or 22.2% excluding IAS29), 2.7% in Italy, 4.5% in Uruguay,2.2% in Ecuador; and decreased 12.4% YoY in Brazil and 1.9% in Armenia. Revenue Breakdown (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Aeronautical Revenue 236.7 221.5 6.8% 1.4 235.3 208.7 12.7% Non-aeronautical Revenue 211.1 211.5 -0.2% 0.2 210.9 203.6 3.6% Commercial revenue 178.7 168.4 6.1% 1.6 177.1 160.6 10.2% Construction service revenue (1) 30.9 41.3 -25.2% -1.4 32.3 41.2 -21.6% Other revenue 1.5 1.8 -15.9% 0.0 1.5 1.8 -15.9% Total Consolidated Revenue 447.8 433.0 3.4% 1.6 446.2 412.3 8.2% Total Revenue excluding Construction Service revenue (2) 416.9 391.7 6.4% 3.0 413.9 371.1 11.5% 1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.2 Excludes Construction Service revenue. Aeronautical Revenues accounted for 52.9% of total revenues, increasing by 6.8% YoY to $236.7 million, or by 12.7% to $235.3 million when excluding theimpact of IAS 29. This performance was supported by a 7.3% increase in passenger traffic and was mainly driven by growth in Argentina, with contributionsfrom Uruguay and Ecuador. In Argentina, aeronautical revenues grew by 12.6%, or by 23.3% excluding IAS 29, primarily driven by a 21.0% increase ininternational traffic. In Uruguay, aeronautical revenues rose by 2.3%, in line with passenger traffic growth, while Ecuador delivered a 0.5% increase, alsoreflecting traffic growth. In contrast, aeronautical revenues declined by 14.2% YoY in Brazil, 5.1% in Armenia, and 1.0% in Italy. Non-Aeronautical Revenues represented 47.1% of total revenues, decreasing by 0.2% YoY to $211.1 million, or increasing by 3.6% YoY to $210.9 millionwhen excluding the impact of IAS 29. Commercial Revenues grew by 6.1% YoY, or by 10.2% excluding IAS 29, mainly driven by higher contributions fromparking facilities, VIP lounges, duty-free stores, and other passenger-related revenue streams. These gains were partially offset by lower fuel revenues inArmenia. Meanwhile, Construction Service Revenue declined by 25.2% YoY, or by 21.6% excluding IAS 29, reflecting lower capital expenditures. Page 5 of 34
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Operating Costs and ExpensesIn 1Q25, Total Costs and Expenses, excluding Construction Service Costs, increased by 17.7% YoY, or by 17.6% to $287.9 million when excluding the impactof IAS 29. This increase was mainly driven by higher Maintenance expenses, primarily in Argentina, combined with higher Concession fees and SG&Aexpenses. Cost of Services increased 8.9% YoY, or 8.0% to $259.9 million when excluding IAS29, mainly as a result of the following increases: § 50.2%, or $15.4 million, in Maintenance expenses, mainly in Argentina, § 12.3%, or $6.1 million, in Concession fees, and § 11.6%, or $1.7 million, in Services and fees. These increases were partially offset by a 25.6% reduction in Construction Service Costs due to lower Capex, and an 11.6% decline in Fuel costs, mainly inArmenia. Excluding Construction Service Costs, the Cost of Services increased by 15.8% YoY, or by 14.8% to $229.8 million when excluding IAS 29, primarily drivenby the aforementioned increases in Maintenance expenses and Concession fees. Selling, General, and Administrative Expenses (“SG&A”) increased by 23.0% YoY to $54.3 million in 1Q25. Excluding IAS 29, SG&A expenses rose by25.5% to $53.1 million, mainly reflecting higher Salaries and social security contributions as a result of inflation rates significantly above currencydepreciation in Argentina, higher Taxes, and, to a lesser extent, increased Services and fees, Maintenance expenses, and Office expenses. Other expenses totaled $5.1 million in 1Q25, compared to $2.7 million in 1Q24. Costs and Expenses (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Cost of Services 291.3 267.5 8.9% 31.5 259.9 240.6 8.0% Salaries and social security contributions 63.4 60.3 5.1% 0.3 63.1 57.4 9.9% Concession fees 55.8 52.4 6.4% 0.3 55.4 49.4 12.3% Construction service cost 28.7 40.6 -29.3% -1.4 30.1 40.4 -25.6% Maintenance expenses 46.8 31.7 47.8% 0.9 46.0 30.6 50.2% Amortization and depreciation 51.7 37.6 37.4% 31.3 20.4 18.6 9.7% Other 45.0 44.9 0.2% 0.1 44.9 44.2 1.8% Cost of Services Excluding Construction Service cost 262.7 226.9 15.8% 32.9 229.8 200.1 14.8% Selling, general and administrative expenses 54.3 44.2 23.0% 1.2 53.1 42.3 25.5% Other expenses 5.1 2.7 90.3% 0.0 5.0 2.4 108.1% Total Costs and Expenses 350.7 314.3 11.6% 32.7 318.0 285.3 11.5% Total Costs and Expenses Excluding Construction Service cost 322.0 273.7 17.7% 34.1 287.9 244.8 17.6% Page 6 of 34
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Adjusted EBITDA and Adjusted EBITDA excluding Construction ServiceIn 1Q25, CAAP reported Adjusted EBITDA of $157.8 million and Adjusted EBITDA ex-IFRIC 12 of $155.6 million, representing a 4.6% decline from $163.2million in 1Q24. However, excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased by 4.0% YoY to $157.9 million, supportedby improved YoY performance in Argentina, Uruguay, and Ecuador, partially offset by declines in Italy, Brazil, and Armenia. The Adjusted EBITDA margin ex-IFRIC 12 contracted to 37.3%, from 41.7% in 1Q24. Excluding the impact of IAS 29 in Argentina, the Adjusted EBITDAmargin ex-IFRIC 12 declined by 2.7 percentage points, from 40.9% in 1Q24 to 38.2% in 1Q25, with the margin contracting across all countries of operationsexcept Brazil and Ecuador. Adjusted EBITDA by Segment (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Argentina 99.7 103.7 -3.9% -2.3 102.0 92.3 10.5% Italy 3.5 3.7 -5.1% - 3.5 3.7 -5.1% Brazil 9.6 9.9 -2.8% - 9.6 9.9 -2.8% Uruguay 22.8 21.9 3.8% - 22.8 21.9 3.8% Armenia 18.1 18.8 -3.7% - 18.1 18.8 -3.7% Ecuador 8.1 7.5 7.7% - 8.1 7.5 7.7% Unallocated -4.0 -1.7 138.4% - -4.0 -1.7 138.4% Total segment EBITDA 157.8 163.9 -3.7% -2.3 160.1 152.5 5.0% Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Income from Continuing Operations 36.2 172.6 -79.0% -17.8 54.0 109.7 -50.7% Financial Income -10.9 -18.7 -41.9% 3.5 -14.3 -22.1 -35.1% Financial Loss 42.3 -155.8 -127.1% -35.7 77.9 101.9 -23.5% Inflation adjustment 3.5 13.6 -73.9% 2.2 1.4 -2.8 -149.3% Income Tax Expense 32.4 112.9 -71.3% 13.3 19.0 -54.5 -135.0% Amortization and Depreciation 54.3 39.3 38.0% 32.2 22.1 20.2 9.4% Adjusted EBITDA 157.8 163.9 -3.7% -2.3 160.1 152.5 5.0% Adjusted EBITDA Margin 35.2% 37.9% -261 - 35.9% 37.0% -110 Adjusted EBITDA excluding Construction Service 155.6 163.2 -4.6% -2.3 157.9 151.8 4.0% Adjusted EBITDA Margin excluding Construction Service 37.3% 41.7% -433 - 38.2% 40.9% -274 Page 7 of 34
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Financial Income and LossCAAP reported a Net Financial Loss of $34.9 million in 1Q25, compared to Net Financial Income of $161.0 million in 1Q24. This variation was primarilydriven by lower foreign exchange transaction gains in Argentina during the first quarter of this year, compared to the same period last year, when the inflationrate significantly exceeded the devaluation rate, resulting in a much higher gain on the net monetary liability position. Had IAS 29 not been applied, CAAPwould have reported a net financial loss of $65.0 million in 1Q25, compared to a $77.1 million loss in the year-ago period. 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Financial Income 10.9 18.7 -41.9% -3.5 14.3 22.1 -35.1% Interest income 8.6 17.0 -49.4% 0.0 8.6 16.0 -46.3% Foreign exchange income 0.1 0.1 -60.9% -3.5 3.6 4.6 -22.2% Other 2.2 1.5 44.0% 0.0 2.2 1.5 44.0% Inflation adjustment -3.5 -13.6 -73.9% -2.2 -1.4 2.8 -149.3% Inflation adjustment -3.5 -13.6 -73.9% -2.2 -1.4 2.8 -149.3% Financial Loss -42.3 155.8 -127.1% 35.7 -77.9 -101.9 -23.5% Interest Expenses -23.7 -27.1 -12.5% -0.1 -23.6 -25.9 -8.8% Foreign exchange transaction expenses 10.9 212.0 -94.9% 35.8 -24.9 -47.0 -47.0% Changes in liability for concessions -27.2 -26.4 3.3% - -27.2 -26.4 3.3% Other expenses -2.2 -2.7 -20.5% -0 -2.2 -2.7 -18.2% Financial Loss, Net -34.9 161.0 -121.7% 30.1 -65.0 -77.1 -15.7% See “Use of Non-IFRS Financial Measures” on page 21. Income Tax ExpenseDuring 1Q25, the Company reported an Income Tax Expense of $32.4 million versus an expense of $112.9 million in 1Q24. Excluding the impact of IAS 29,CAAP reported an income tax expense of $19.0 million in 1Q25, compared to a tax benefit of $54.5 million in the year-ago quarter. Net Income and Net Income Attributable to Owners of the ParentDuring 1Q25, CAAP reported Net Income of $36.2 million, compared to $172.6 million in 1Q24. This year-over-year decrease was primarily driven bysignificantly higher foreign exchange gains on the net monetary liability position in Argentina in 1Q24, as the inflation rate at that time substantially exceededthe devaluation rate. The decline also reflects lower operating income reported this year and, to a lesser extent, higher net interest expenses. These effects werepartially offset by a reduction in income tax expenses and a positive variation in inflation adjustment results. In 1Q25, the Company reported Net Income Attributed to Owners of the Parent of $40.8 million and earnings per common share of $0.25, compared withNet Income Attributable to Owners of the Parent of $152.7 million in 1Q24, equivalent to earnings per common share of $0.95. Consolidated Financial PositionAs of March 31, 2025, Cash and Cash Equivalents totaled $448.6 million, representing a 2.0% increase from $439.8 million as of December 31, 2024. Totalliquidity, which includes Cash and Cash Equivalents as well as other current financial assets, totaled $523.5 million as of March 31, 2025, compared to $525.9million as of December 31, 2024. Total Debt at the close of 1Q25 decreased 1.7%, or $19.3 million, to $1,138.8 million, from $1,158.1 million as of December 31, 2024, primarily driven bydebt reductions in Argentina and Ecuador. A total of $859.2 million, or 75.4% of total debt is denominated in U.S. dollars, while $167.6 million, or 14.7% isdenominated in Brazilian Reals, and $112.0 million, or 9.8%, is in Euros. The Net Debt to LTM Adjusted EBITDA ratio stood at 1.1x as of March 31, 2025, unchanged from December 31, 2024, as a decrease in net debt was offset bya corresponding reduction in LTM Adjusted EBITDA. No impairment of intangible assets was recorded over the past twelve months. Page 8 of 34
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As a result, the Net Debt to LTM Adjusted EBITDA ratio excluding intangible assets also remained at 1.1x. As of March 31, 2025, all CAAP subsidiariesremained in compliance with their financial covenants. Consolidated Debt Indicators (in US$ million) As of Mar 31, 2025 As of Dec 31, 2024 Leverage Total Debt / LTM Adjusted EBITDA (Times)1,3 1.9x 1.8x Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4 1.1x 1.1x Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5 1.1x 1.1x Total Debt 1,138.8 1,158.1 Short-Term Debt 103.9 115.4 Long-Term Debt 1,034.9 1,042.7 Cash & Cash Equivalents 448.6 439.8 Total Net Debt3 690.2 718.2 1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.4 LTM Adjusted EBITDA as of March 31, 2025 was $610.6 million.5 LTM Adjusted EBITDA excluding impairment of intangible assets as of March 31, 2025 was $610.6 million. Total Debt by Segment (in US$ million) As of Mar 31, 2025 As of Dec 31, 2024 Argentina 587.2 622.7 Italy (1) 112.0 105.8 Brazil 167.6 157.7 Uruguay (2) 272.0 267.7 Armenia - - Ecuador - 4.2 Total 1,138.8 1,158.1 1 Of which approximately $96.1 million remain at Toscana Aeroporti level.2 Of which approximately $252.3 million remain at ACI Airport Sudamérica SAU. Page 9 of 34
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Maturity of borrowings: 1 year or less 1 – 2 years 2 – 5 years Over 5 years Total Debt service (1) 181.7 216.8 579.3 577.8 1,555.6 1 The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimatedusing variable interest rates applicable at the end of the reporting period. Maturity of borrowings – Breakdown by segment (in USD) as of March 31, 2025: Segment Currency 1 year or less 1 – 2 years 2 – 5 years Over 5 years Total Argentina Principal USD 73.9 93.6 273.1 155.4 596.0 Interest USD 39.2 35.4 70.9 10.8 156.2 Italy Principal EUR - 15.7 13.9 82.8 112.4 Interest EUR 7.0 7.1 16.5 2.3 32.9 Brazil Principal R$ 9.4 11.2 47.4 99.0 167.0 Interest R$ 18.4 17.2 42.3 23.2 101.1 Uruguay Principal USD 15.6 19.3 71.5 169.7 276.2 Interest USD 18.3 17.3 43.7 34.6 113.9 Total 181.7 216.8 579.3 577.8 1,555.6 Cash & Cash Equivalent by Segment (in US$ million) As of Mar 31, 2025 As of Dec 31, 2024 Argentina 92.2 104.3 Italy 20.0 26.1 Brazil (1) 51.5 38.2 Uruguay 46.6 30.5 Armenia 27.1 36.3 Ecuador 6.2 15.4 Intermediate holding Companies 205.1 189.2 Total 448.6 439.8 1 At Inframérica Concessionaria do Aeroporto de Brasilia level. CAPEXDuring 1Q25, CAAP made capital expenditures of $37.0 million, a 22.8% YoY decrease from $48.0 million in 1Q24. Excluding IAS 29, capital expendituresamounted to $38.4 million in the quarter, with Argentina, Uruguay and Italy accounting for 57%, 18% and 16%, respectively. Page 10 of 34
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Review of Segment Results Argentina Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29,as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “exIAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for Aeropuertos Argentina(AA), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentinasegment in 1Q25. 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 OPERATING STATISTICS Domestic Passengers (in millions) (1) 7.6 7.0 9.0% 7.6 7.0 9.0% International Passengers (in millions) (1) 4.2 3.5 21.0% 4.2 3.5 21.0% Transit Passengers (in millions) (1) 0.4 0.4 1.9% 0.4 0.4 1.9% Total Passengers (in millions) (1) 12.2 10.8 12.5% 12.2 10.8 12.5% Cargo Volume (in thousands of tons) 50.0 44.2 13.1% 50.0 44.2 13.1% Total Aircraft Movements (in thousands) 119.4 114.0 4.7% 119.4 114.0 4.7% FINANCIAL HIGHLIGHTS Aeronautical Revenue 152.6 135.5 12.6% 1.4 151.1 122.6 23.3% Non-aeronautical revenue 116.3 119.6 -2.8% 0.2 116.0 111.7 3.9% Commercial revenue 96.0 86.1 11.5% 1.6 94.4 78.4 20.5% Construction service revenue 20.2 33.5 -39.6% -1.4 21.6 33.4 -35.2% Total Revenue 268.8 255.0 5.4% 1.6 267.2 234.3 14.0% Total Revenue Excluding IFRIC12(2) 248.6 221.6 12.2% 3.0 245.6 201.0 22.2% Cost of Services 178.8 154.5 15.8% 31.5 147.4 127.6 15.5% Selling, general and administrative expenses 28.1 21.7 29.3% 1.2 26.8 19.9 35.2% Other expenses 4.4 1.9 132.3% 0.0 4.4 1.7 164.3% Total Costs and Expenses 211.3 178.1 18.7% 32.7 178.6 149.1 19.8% Total Costs and Expenses Excluding IFRIC12(3) 191.2 144.7 32.2% 34.1 157.1 115.8 35.7% Adjusted Segment EBITDA 99.7 103.7 -3.9% -2.3 102.0 92.3 10.5% Adjusted Segment EBITDA Mg 37.1% 40.7% -358 - 38.2% 39.4% -122 Adjusted EBITDA Margin excluding IFRIC 12(4) 40.1% 46.8% -671 - 41.5% 45.9% -439 Capex 20.3 33.5 -39.3% -1.4 21.7 33.4 -34.8% 1) See Note 1 in Table "Operating & Financial Highlights”.2) Excludes Construction Service revenue.3) Excludes Construction Service cost.4) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDAby total revenues less Construction Service revenue. Page 11 of 34
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Passenger Traffic increased by 12.5% YoY, improving from the 1.4% decline recorded in 4Q24 and marking an all-time high in January. This recovery wasprimarily driven by a rebound in domestic traffic, coupled with continued growth in international travel. Domestic traffic rose by 9.0% YoY improving fromthe 5.9% YoY decline in the prior quarter. Note that YoY comparisons for domestic traffic are no longer impacted by the ‘Previaje’ incentive program, whichwas suspended in December 2023 following the swearing-in of the new government. During the quarter, JetSMART continued to gain market share, supportedby the addition of three Airbus A321neo aircraft, while Flybondi inaugurated the Buenos Aires–Río Gallegos route with six weekly flights. Internationalpassenger traffic rose by 21.0% YoY, accelerating from the 11.3% increase recorded in 4Q24. Aerolíneas Argentinas resumed operations to Porto Alegre andconfirmed plans to maintain the Córdoba–Rio de Janeiro route year-round. Additionally, Avianca began operating flights to Buenos Aires with Wamos AirA330-300s aircraft as part of its strategy to strengthen service on high-demand routes. Revenues increased by 5.4% YoY to $268.8 million in 1Q25 on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, revenuesrose by 22.2% YoY, driven by increases of 23.3% and 20.5% in Aeronautical and Commercial revenues, respectively. Construction Services revenue declinedby 39.6% YoY, or 35.2% excluding IAS 29, reflecting lower capital expenditures compared to the prior year. · Aeronautical Revenues ex-IAS29 increased by 23.3% YoY, primarily supported by 21.0% YoY growth in international passenger traffic and higherdomestic passenger fees measured in U.S. dollars. Effective November 1, 2024, domestic passenger fees in Argentina were raised by 124%, to ARS 5,685from ARS 2,540. · Commercial Revenues ex-IAS29 increased by 20.5% YoY, driven by higher passenger-related revenues—including Parking facilities, Duty Free, VIPlounges, Catering, and Food & Beverage—reflecting YoY traffic growth. These increases were partially offset by a decline in Cargo revenues. Total Costs and Expenses increased by 18.7% YoY to $211.3 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29,Total Costs and Expenses increased by 35.7% YoY, primarily driven by higher Cost of Services and, to a lesser extent, increased SG&A expenses. · Cost of Services, excluding IAS29 and Construction Service Costs, increased by 33.5% YoY, or $31.6 million, driven mainly by a 66%%, or $13.3million, increase in Maintenance expenses, combined with increases in Concession fees, Services and fees, and Salaries and social security contributionsreflecting inflation levels significantly above currency depreciation. · SG&A expenses ex-IAS29 increased by 35.2% YoY, or $7.0 million, to $26.8 million, primarily due to higher Salaries and social security contributionsand, to a lesser extent, higher Taxes. Adjusted Segment EBITDA decreased by 3.9% YoY to $99.7 million in 1Q25 on an ‘as reported’ basis. Excluding IAS 29, Adjusted Segment EBITDAincreased by 10.5% YoY to $102.0 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 41.5%, compared to 45.9% in 1Q24. The 4.4 percentage pointdecline in the margin was primarily driven by higher ARS-denominated operating costs, due to inflation significantly outpacing currency depreciation. During 1Q25, CAAP made Capital Expenditures ex-IAS29 of $21.7 million, compared to $33.4 million in 1Q24. These expenditures were primarilyallocated to the expansion of the inspection and registration point at PSA, improvements to access roads at Aeroparque Airport, the construction of a newterminal building at Rio Hondo Airport, and comprehensive roof repairs at Comodoro Rivadavia Airport, among other projects. Page 12 of 34
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Italy 1Q25 1Q24 % Var. OPERATING STATISTICS Domestic Passengers (in millions) 0.4 0.3 17.4% International Passengers (in millions) 1.2 1.1 8.3% Transit Passengers (in millions) n.m. n.m. n.m. Total Passengers (in millions) 1.6 1.5 10.4% Cargo Volume (in thousands of tons) 3.2 3.1 3.5% Total Aircraft Movements (in thousands) 14.8 13.7 7.8% FINANCIAL HIGHLIGHTS Aeronautical Revenue 11.7 11.9 -1.0% Non-aeronautical revenue 15.3 10.8 42.4% Commercial revenue 8.8 8.3 5.1% Construction service revenue 5.1 1.2 319.4% Other revenue 1.5 1.2 23.2% Total Revenue 27.1 22.6 19.6% Total Revenue Excluding IFRIC12(1) 22.0 21.4 2.7% Cost of Services 23.0 18.8 22.6% Selling, general and administrative expenses 3.1 2.9 8.4% Total Costs and Expenses 26.2 21.7 20.7% Total Costs and Expenses Excluding IFRIC12(2) 23.2 21.1 9.8% Adjusted Segment EBITDA 3.5 3.7 -5.1% Adjusted Segment EBITDA Mg 13.0% 16.4% -340 Adjusted EBITDA Margin excluding IFRIC 12(3) 6.4% 14.2% -783 Capex 6.2 1.4 337.5% 1) Excludes Construction Service revenue.2) Excludes Construction Service cost.3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA bytotal revenues less Construction Service revenue. Passenger Traffic in Italy rose by 10.4% YoY to 1.6 million passengers, mainly supported by additional flight frequencies operated by Ryanair. Internationaltraffic, which accounted for 75% of total traffic, grew by 8.3% YoY, driven by increases of 9.0% at Pisa airport and 7.4% at Florence airport. Meanwhile,domestic passenger traffic increased by 17.4% YoY, supported by strong performances at both Pisa and Florence airports. Revenues increased 19.6% YoY to $27.1 million in 1Q25, reflecting commercial revenue growth, supported by higher passenger volumes, and increasedConstruction Service revenues tied to higher Capex. Commercial revenues grew 5.1% YoY, reflecting higher demand for passenger-related services such asVIP lounges, F&B services, and Parking facilities, in line with strong year-over-year traffic growth. · Aeronautical Revenues declined 1.0% YoY despite traffic growth, as a result of higher marketing support. · Commercial Revenues increased 5.1% YoY, or $0.4 million, mainly driven by the aforementioned increase in passenger-related revenues, following thestrong year-over-year traffic growth. Total Costs and Expenses increased 20.7% YoY, or $4.5 million, to $26.2 million. Excluding construction services, total costs and expenses increased 9.8%year-over-year to $23.2 million. · Cost of Services excluding Construction service increased 10.1% YoY, or $1.8 million, primarily driven by higher Maintenance expenses and Cost ofstock, partially offset by lower Salaries and social security contributions. · SG&A increased 8.4% YoY, or $0.2 million, to $3.1 million. Page 13 of 34
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Adjusted Segment EBITDA decreased 5.1% YoY to $3.5 million from $3.7 million in 1Q24, with Adjusted EBITDA margin Ex-IFRIC12 contracting 7.8percentage points to 6.4%, mainly as a result of the aforementioned increase in marketing support. During 1Q25, CAAP made Capital Expenditures of $6.2 million, compared to $1.4 million in 1Q24. Page 14 of 34
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Brazil 1Q25 1Q24 % Var. OPERATING STATISTICS Domestic Passengers (in millions) 2.1 2.3 -11.9% International Passengers (in millions) 0.2 0.2 16.8% Transit Passengers (in millions) 1.4 1.4 4.9% Total Passengers (in millions) (1) 3.7 3.9 -4.6% Cargo Volume (in thousands of tons) 15.3 15.4 -0.8% Total Aircraft Movements (in thousands) 34.6 35.6 -2.9% FINANCIAL HIGHLIGHTS Aeronautical Revenue 9.2 10.8 -14.2% Non-aeronautical revenue 15.9 18.1 -11.8% Commercial revenue 15.7 17.7 -11.2% Construction service revenue 0.2 0.3 -41.4% Total Revenue 25.2 28.8 -12.7% Total Revenue Excluding IFRIC12(2) 25.0 28.5 -12.4% Cost of Services 15.8 20.0 -21.0% Selling, general and administrative expenses 2.6 1.6 59.6% Other expenses 0.0 0.4 -98.9% Total Costs and Expenses 18.4 22.1 -16.6% Total Costs and Expenses Excluding IFRIC12(3) 18.2 21.7 -16.2% Adjusted Segment EBITDA 9.6 9.9 -2.8% Adjusted Segment EBITDA Mg 38.1% 34.2% 385 Adjusted EBITDA Margin excluding IFRIC12(4) 38.3% 34.6% 375 Capex 0.6 0.6 -10.1% 1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up toFebruary 18, 2024.2) Excludes Construction Service revenue.3) Excludes Construction Service cost.4) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDAby total revenues less Construction Service revenue. Passenger Traffic declined by 4.6% YoY, but rose by 5.4% YoY when adjusted for the discontinuation of Natal Airport, showing improved traffic trendsdespite ongoing challenges in the aviation sector and aircraft availability in the country. Domestic traffic, which accounted for nearly 60% of total traffic, fellby 11.9% YoY, but increased by 3.6% when excluding Natal. Meanwhile, transit passengers rose by 4.9% YoY. Following the friendly termination processconcluded in the first quarter of 2024, effective February 19, 2024, CAAP no longer operates Natal Airport. Therefore, statistics for Natal are available up toFebruary 18, 2024. Revenues decreased by 12.7% YoY, or $3.7 million, to $25.2 million in 1Q25, driven by decreases of 14.2% and 11.2% in Aeronautical and Commercialrevenues, respectively. Results were impacted by the discontinuation of Natal Airport in February 2024 and by the 18.2% average depreciation of the Brazilianreal against the US dollar since 1Q24. · Aeronautical Revenues decreased by 14.2% YoY, or $1.5 million, primarily due to lower Passenger use fees and Aircraft fees, reflecting reducedpassenger traffic and the year-over-year average depreciation of the Brazilian real. · Commercial Revenues decreased by 11.2% YoY, or $2.0 million, also impacted by the average YoY depreciation of the Brazilian real. VIP lounges,Cargo revenues, and Duty Free performed particularly well, with increases of 7%, 5%, and 15% in U.S. dollars, respectively. Page 15 of 34
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Total Costs and Expenses in 1Q25 decreased by 16.6% YoY, or $3.7 million, to $18.4 million, benefiting from the 18.2% average depreciation of theBrazilian real against the U.S. dollar since 1Q24. · Cost of Services declined by 21.0% YoY, or $4.2 million, with reductions across all categories, most notably in Salaries and social security contributions,Concession fees, and Maintenance expenses. · SG&A increased by 59.6% YoY, or $1.0 million, reaching $2.6 million in 1Q25. Adjusted Segment EBITDA decreased by 2.8% YoY, or $0.3 million, to $9.6 million, while the Adjusted EBITDA margin expanded by 3.9 percentage pointsto 38.1%, up from 34.2% in the prior-year quarter. Notably, Adjusted EBITDA in 1Q24 included a one-time benefit of $1.1 million resulting from theresolution of a litigation process with several telecommunications companies. Excluding this benefit from the prior year, Adjusted EBITDA would haveincreased by 9.4%, and the Adjusted EBITDA margin would have expanded by 7.7 percentage points. During 1Q25, CAAP made capital expenditures of $0.6 million, in line with 1Q24. Page 16 of 34
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Uruguay 1Q25 1Q24 % Var. OPERATING STATISTICS Domestic Passengers (in millions) n.m. n.m. n.m. International Passengers (in millions) 0.6 0.6 2.4% Transit Passengers (in millions) n.m. n.m. n.m. Total Passengers (in millions) 0.7 0.6 2.4% Cargo Volume (in thousands of tons) 8.9 6.9 29.0% Total Aircraft Movements (in thousands) 9.9 9.7 2.0% FINANCIAL HIGHLIGHTS Aeronautical Revenue 25.8 25.2 2.3% Non-aeronautical revenue 25.4 25.4 0.0% Commercial revenue 20.9 19.4 7.4% Construction service revenue 4.5 6.0 -24.3% Total Revenue 51.2 50.7 1.1% Total Revenue Excluding IFRIC12(1) 46.7 44.7 4.5% Cost of Services 24.2 25.3 -4.3% Selling, general and administrative expenses 6.3 5.3 19.9% Other expenses 0.1 0.1 -58.7% Total Costs and Expenses 30.6 30.8 -0.4% Total Costs and Expenses Excluding IFRIC12(2) 26.1 24.8 5.4% Adjusted Segment EBITDA 22.8 21.9 3.8% Adjusted Segment EBITDA Mg 44.5% 43.3% 117 Adjusted EBITDA Margin excluding IFRIC 12 (3) 48.8% 49.1% -32 Capex 7.0 6.0 16.4% 1) Excludes Construction Service revenue.2) Excludes Construction Service cost.3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA bytotal revenues less Construction Service revenue. In Uruguay, where air traffic is predominantly international, total passenger traffic continued its recovery, increasing by 2.4% YoY, supported by new routeslaunched for the summer season. Both SKY and LATAM Airlines introduced new services connecting Montevideo–Rio de Janeiro and Punta del Este–Santiago de Chile, respectively, while Azul Linhas Aéreas began operating flights to Florianópolis. During the quarter, Azul announced a new direct routebetween Montevideo and Campinas, with five weekly flights, aimed at strengthening ties between Uruguay and Brazil, facilitating passenger flows, andpromoting new commercial and tourism opportunities. Revenues increased 1.1% YoY to $51.2 million on an ‘As reported’ basis, or 4.5% to $46.7 million, when excluding Construction Service revenues, driven byhigher Aeronautical and Commercial revenues following traffic growth. · Aeronautical Revenues increased 2.3% YoY, or $0.6 million, to $25.8 million, aligned with passenger traffic growth. · Commercial Revenues increased by 7.4% YoY, or $1.4 million, to $20.9 million driven by higher Cargo revenues, as well as increased passenger-drivenrevenues—particularly from VIP lounges, Duty Free, and F&B services. Total Costs and Expenses decreased 0.4% YoY to $30.6 million. Excluding Construction Services, Total Cost and Expenses increased 5.4% YoY to $26.1million, reflecting both higher SG&A expenses and higher Cost of services. · Cost of Services declined by 4.3% YoY to $24.2 million. Excluding Construction Service cost, Cost of Services grew by 1.9% to $19.7 million, mainlydue to higher Maintenance expenses, Concession fees, and Salaries and social security contributions. · SG&A increased 19.9% YoY, to $6.3 million, mainly driven by higher Maintenance expenses, Services and fees and Advertising. Page 17 of 34
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Adjusted Segment EBITDA increased by 3.8% YoY to $22.8 million, while the Adjusted EBITDA margin excluding IFRIC 12 declined by 0.3 percentagepoints to 48.8%. The margin contraction reflects increased operating expenses at the Puerta del Sur concession, following the full activation of six regionalairports, as of January 1, 2025. During 1Q25, CAAP made Capital Expenditures of $7.0 million in Uruguay, up from $6.0 million in 1Q24. Page 18 of 34
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Armenia 1Q25 1Q24 % Var. OPERATING STATISTICS Domestic Passengers (in millions) n.m. n.m. n.m. International Passengers (in millions) 1.0 1.0 -0.6% Transit Passengers (in millions) n.m. n.m. n.m. Total Passengers (in millions) 1.1 1.0 1.2% Cargo Volume (in thousands of tons) 9.6 9.0 6.2% Total Aircraft Movements (in thousands) 8.3 8.1 3.0% FINANCIAL HIGHLIGHTS Aeronautical Revenue 17.4 18.4 -5.1% Non-aeronautical revenue 30.7 30.1 1.9% Commercial revenue 29.8 29.8 0.0% Construction service revenue 0.9 0.3 166.0% Total Revenue 48.1 48.5 -0.8% Total Revenue Excluding IFRIC12(1) 47.2 48.1 -1.9% Cost of Services 30.4 30.3 0.4% Selling, general and administrative expenses 4.6 4.3 6.6% Other expenses 0.6 0.2 199.2% Total Costs and Expenses 35.6 34.8 2.2% Total Costs and Expenses Excluding IFRIC12(2) 34.7 34.4 0.7% Adjusted Segment EBITDA 18.1 18.8 -3.7% Adjusted Segment EBITDA Mg 37.7% 38.9% -114 Adjusted EBITDA Margin excluding IFRIC 12 (3) 38.4% 39.1% -73 Capex 2.7 4.9 -43.4% 1) Excludes Construction Service revenue.2) Excludes Construction Service cost.3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA bytotal revenues less Construction Service revenue. Passenger traffic in Armenia grew by 1.2% YoY to 1.1 million passengers, continuing its positive trend post-COVID. This performance was supported by theintroduction of new airlines and increased flight frequencies, with carriers such as China Southern, Air Cairo, Salam Air, and Sky Express recently beginningoperations at Yerevan Airport. Revenues decreased 0.8% YoY to $48.1 million on an ‘As reported’ basis, or 1.9% when excluding Construction Service revenues, mainly driven by lowerAeronautical revenues, as Commercial revenues remained broadly flat. · Aeronautical Revenues decreased by 5.1% YoY, or $0.9 million, to $17.4 million. · Commercial Revenues remained largely flat YoY at $29.8 million as growth in VIP lounges, F&B, Advertising and Retail stores was offset by a declinein fuel revenues, which are directly tied to Cost of Fuel. Total Costs and Expenses increased by 2.2% YoY to $35.6 million. Excluding IFRIC 12, Total Costs and Expenses increased modestly by 0.7% YoY, drivenby higher SG&A and other expenses, partially offset by lower Cost of Services. · Cost of Services increased by 0.4% YoY to $30.4 million. Excluding IFRIC 12, Cost of Services declined by 1.4%, mainly driven by lower Cost of fuel(linked to Fuel revenues) and Maintenance expenses, partially offset by higher Salaries and social security contributions. · SG&A increased 6.6% YoY, or $0.3 million, to $4.6 million in 1Q25. Adjusted Segment EBITDA decreased by 3.7% YoY to $18.1 million in 1Q25, with the Adjusted EBITDA Margin Ex IFRIC12 contracting 0.7 percentagepoints to 38.4%. During 1Q25, CAAP made Capital Expenditures of $2.7 million in Armenia, compared to $4.9 million in 1Q24. Page 19 of 34
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Ecuador 1Q25 1Q24 % Var. OPERATING STATISTICS Domestic Passengers (in millions) 0.6 0.6 0.4% International Passengers (in millions) 0.5 0.5 3.9% Transit Passengers (in millions) n.m. n.m. n.m. Total Passengers (in millions) 1.1 1.1 2.2% Cargo Volume (in thousands of tons) 9.0 9.3 -3.6% Total Aircraft Movements (in thousands) 19.2 19.0 1.3% FINANCIAL HIGHLIGHTS Aeronautical Revenue 19.9 19.8 0.5% Non-aeronautical revenue 7.3 6.8 7.2% Commercial revenue 7.3 6.8 7.2% Construction service revenue 0.0 0.0 - Total Revenue 27.2 26.7 2.2% Total Revenue Excluding IFRIC12(1) 27.2 26.7 2.2% Cost of Services 16.3 15.6 4.5% Selling, general and administrative expenses 3.8 4.5 -14.3% Other expenses 0.0 0.0 2.0% Total Costs and Expenses 20.1 20.1 0.3% Total Costs and Expenses Excluding IFRIC12(2) 20.1 20.1 0.3% Adjusted Segment EBITDA 8.1 7.5 7.7% Adjusted Segment EBITDA Mg 29.7% 28.2% 152 Adjusted EBITDA Margin excluding IFRIC 12(3) 29.7% 28.2% 152 Capex 0.2 1.6 -89% 1 Excludes Construction Service revenue.2 Excludes Construction Service cost.3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA bytotal revenues less Construction Service revenue. In Ecuador, total passenger traffic rose by 2.2% YoY to 1.1 million passengers, despite ongoing security concerns in the country. International trafficincreased by 3.9% YoY, while domestic traffic increased 0.4% YoY, as high airfare prices continued to weigh on travel demand. Revenues increased by 2.2% YoY to $27.2 million in 1Q25 on an ‘As reported’ basis, driven primarily by higher Commercial revenues and, to a lesser extent,growth in Aeronautical revenues. · Aeronautical Revenues increased 0.5% YoY, or $0.1 million, to $19.9 million. · Commercial Revenues increased 7.2% YoY, or $0.5 million, to $7.3 million, reflecting higher sales in Retail stores and Duty Free revenues. Total Costs and Expenses increased slightly by 0.3% YoY to $20.1 million, as higher Cost of services were partially offset by lower SG&A expenses. · Cost of Services increased 4.5% YoY, or $0.7 million, mainly driven by higher Maintenance expenses. · SG&A decreased 14.3% YoY, to $3.8 million. Adjusted Segment EBITDA increased 7.7% YoY to $8.1 million, with the Adjusted EBITDA Margin expanding 1.5 percentage point to 29.7%. During 1Q25, CAAP made Capital Expenditures of $0.2 million in Ecuador, compared to $1.6 million in 1Q24. Page 20 of 34
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Key Quarter Highlights and Subsequent Events CAAP | Annual General Shareholders MeetingOn May 22, 2025, Corporación América Airports held its annual general meeting of shareholders in Luxembourg. The Company’s shareholders approved andadopted all matters submitted to them at the Meeting. For further information on subsequent events, please refer to Note 20 of the Company’s Financial Statements, filed with the SEC on Form 6-K. Hyperinflation Accounting in Argentina Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highlyinflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018,and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, beforeconverting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact ofadopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passengertraffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 1Q25, is presented separately in each of the applicable sections of thisearnings release, in a column denominated “IAS 29”. Non-Financial Disclosure With the assistance of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make thenecessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner. 1Q25 EARNINGS CONFERENCE CALL When: 10:00 a.m. Eastern Time, May 23, 2025 Who: Mr. Martín Eurnekian, Chief Executive Officer Mr. Jorge Arruda, Chief Financial Officer Mr. Patricio Iñaki Esnaola, Head of Investor Relations Dial-in: 1-800-549-8228 (North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: 53287 Webcast: CAAP 1Q25 Earnings Conference Call Replay: 1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: 53287 # Use of Non-IFRS Financial Measures This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service andAdjusted EBITDA Margin excluding Construction service, as well as Net Debt: Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction servicesrevenue and cost, financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect tothe construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue andcost, by total revenues less Construction service revenue. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding ConstructionService are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for theyear as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned notto place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titledmeasures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhancesan investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe arenot representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow usto more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financingmethods, capital structure or income taxes and construction services (when applicable). Page 21 of 34
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Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt. Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Pesoagainst the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came intoeffect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000,the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated“IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 21 of this report. Definitions and ConceptsCommercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage andwarehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, foodand beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges andfees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services. Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements aretreated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concessionagreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made tothe concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when theexpenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution ofthe additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contractsthird parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus areasonable margin, which is estimated at an average of 3.0% to 5.0%. About Corporación América Airports Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across LatinAmerica and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7%(or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on theNew York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com Forward Looking Statements Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,”“continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involveknown and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or resultsto differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Covid-19 impact, delays orunexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully developand operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic,changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMDagainst the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the ArgentineGovernment to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder,existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve,epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s otherapplicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences. Investor Relations Contact Patricio Iñaki EsnaolaEmail: patricio.esnaola@caairports.comPhone: +5411 4899-6716 Page 22 of 34
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-- Operational & Financial Tables Follow –Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement 1Q25 1Q24 % Var. Argentina Domestic Passengers (in millions) 7.6 7.0 9.0% International Passengers (in millions) 4.2 3.5 21.0% Transit passengers (in millions) 0.4 0.4 1.9% Total passengers (in millions) 12.2 10.8 12.5% Cargo volume (in thousands of tons) 50.0 44.2 13.1% Aircraft movements (in thousands) 119.4 114.0 4.7% Italy Domestic Passengers (in millions) 0.4 0.3 17.4% International Passengers (in millions) 1.2 1.1 8.3% Transit passengers (in millions) n.m. n.m. n.m. Total passengers (in millions) 1.6 1.5 10.4% Cargo volume (in thousands of tons) 3.2 3.1 3.5% Aircraft movements (in thousands) 14.8 13.7 7.8% Brazil Domestic Passengers (in millions) 2.1 2.3 -11.9% International Passengers (in millions) 0.2 0.2 16.8% Transit passengers (in millions) 1.4 1.4 4.9% Total passengers (in millions) 3.7 3.9 -4.6% Cargo volume (in thousands of tons) 15.3 15.4 -0.8% Aircraft movements (in thousands) 34.6 35.6 -2.9% Uruguay Domestic Passengers (in millions) n.m. n.m. n.m. International Passengers (in millions) 0.6 0.6 2.4% Transit passengers (in millions) n.m. n.m. n.m. Total passengers (in millions) 0.7 0.6 2.4% Cargo volume (in thousands of tons) 8.9 6.9 29.0% Aircraft movements (in thousands) 9.9 9.7 2.0% Ecuador(1) Domestic Passengers (in millions) 0.6 0.6 0.4% International Passengers (in millions) 0.5 0.5 3.9% Transit passengers (in millions) 0.0 0.0 10.4% Total passengers (in millions) 1.1 1.1 2.2% Cargo volume (in thousands of tons) 9.0 9.3 -3.6% Aircraft movements (in thousands) 19.2 19.0 1.3% Armenia Domestic Passengers (in millions) n.m. n.m. n.m. International Passengers (in millions) 1.0 1.0 -0.6% Transit passengers (in millions) n.m. n.m. n.m. Total passengers (in millions) 1.1 1.0 1.2% Cargo volume (in thousands of tons) 9.6 9.0 6.2% Page 23 of 34
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1Q25 1Q24 % Var. Aircraft movements (in thousands) 8.3 8.1 3.0% 1) ECOGAL’s operational data included in this table, although its results of operations are not consolidated. Foreign Exchange Rate Country 1Q25 1Q24 1Q25 1Q24 4Q24 4Q23 4Q24 4Q23 Avg Avg EoP EoP Avg Avg EoP EoP Argentine Peso 1,056.3 833.2 1,074.0 896.2 1,000.3 444.1 1,032.0 808.5 Euro 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.1 Brazilian Real 5.9 5.0 5.7 5.0 5.8 5.0 6.2 4.8 Uruguayan Peso 43.0 38.9 42.1 38.4 42.3 39.2 44.0 39.3 Amounts provided by units of local currency per US dollar Aeronautical Breakdown (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Aeronautical Revenue 236.7 221.5 6.8% 1.4 235.3 208.7 12.7% Passenger use fees 205.4 187.7 9.4% 1.3 204.1 176.4 15.7% Aircraft fees 30.9 32.5 -4.7% 0.1 30.8 31.0 -0.6% Other 0.3 1.3 -75.1% - 0.3 1.3 -75.1% Commercial Revenue Breakdown (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Commercial revenue 178.7 168.4 6.1% 1.6 177.1 160.6 10.2% Warehouse use fees 47.3 50.7 -6.8% 0.3 47.0 46.8 0.5% Duty free shops 20.3 18.4 10.5% 0.1 20.2 17.5 15.4% Rental of space (including hangars) 10.6 11.0 -3.2% 0.1 10.6 10.4 1.9% Parking facilities 14.2 8.7 62.5% 0.1 14.1 8.4 68.3% Fuel 24.2 26.0 -7.0% 0.0 24.1 25.8 -6.3% Food and beverage services 7.8 6.7 16.0% 0.1 7.7 6.4 19.4% Advertising 7.6 7.6 0.2% 0.4 7.2 6.9 5.2% Services and retail stores 4.4 3.8 17.1% 0.0 4.4 3.7 19.5% Catering 4.0 3.0 29.9% 0.0 3.9 2.8 38.7% VIP lounges 16.6 13.4 23.4% 0.3 16.3 12.9 26.2% Walkway services 2.3 2.1 8.0% 0.0 2.3 2.0 15.1% Other 19.5 16.9 15.0% 0.2 19.2 17.1 12.2% Page 24 of 34
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Total Expenses Breakdown (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Cost of services 291.3 267.5 8.9% 31.5 259.9 240.6 8.0% SG&A 54.3 44.2 23.0% 1.2 53.1 42.3 25.5% Financial loss 42.3 -155.8 -127.1% -35.7 77.9 101.9 -23.5% Inflation adjustment 3.5 13.6 -73.9% 2.2 1.4 -2.8 -149.3% Other expenses 5.1 2.7 90.3% 0.0 5.0 2.4 108.1% Income tax expense 32.4 112.9 -71.3% 13.3 19.0 -54.5 -135.0% Total expenses 428.9 285.0 50.5% 12.5 416.4 330.0 26.2% Cost of Services (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Cost of Services 291.3 267.5 8.9% 31.5 259.9 240.6 8.0% Salaries and social security contributions 63.4 60.3 5.1% 0.3 63.1 57.4 9.9% Concession fees 55.8 52.4 6.4% 0.3 55.4 49.4 12.3% Construction service cost 28.7 40.6 -29.3% -1.4 30.1 40.4 -25.6% Maintenance expenses 46.8 31.7 47.8% 0.9 46.0 30.6 50.2% Amortization and depreciation 51.7 37.6 37.4% 31.3 20.4 18.6 9.7% Services and fees 16.9 15.5 9.1% 0.1 16.8 15.1 11.6% Cost of fuel 18.3 20.7 -11.6% - 18.3 20.7 -11.6% Taxes 1.3 1.3 1.1% 0.0 1.3 1.2 9.2% Office expenses 3.8 3.9 -0.8% 0.0 3.8 3.6 5.9% Others 4.6 3.5 31.4% 0.0 4.6 3.5 31.9% Selling, General and Administrative Expenses (in US$ million) 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 SG&A 54.3 44.2 23.0% 1.2 53.1 42.3 25.5% Taxes 16.9 14.5 16.9% 0.1 16.8 13.3 25.9% Salaries and social security contributions 13.5 10.3 30.4% 0.1 13.4 10.0 33.8% Services and fees 11.8 10.4 14.3% 0.0 11.8 10.3 15.1% Office expenses 2.5 1.4 77.7% 0.0 2.5 1.3 87.1% Amortization and depreciation 2.6 1.7 49.7% 0.9 1.7 1.6 6.4% Maintenance expenses 1.1 0.5 101.2% 0.0 1.1 0.5 102.8% Advertising 0.7 0.6 9.3% 0.0 0.7 0.6 7.8% Insurances 1.0 0.8 16.3% 0.0 0.9 0.8 16.5% Bad debts recovery -1.1 -0.9 23.4% 0.0 -1.1 -0.9 22.5% Bad debts 2.6 2.1 22.8% 0.0 2.6 2.1 23.7% Others 2.7 2.6 5.2% 0.0 2.7 2.6 5.2% Expenses by Segment (in US$ million) Country 1Q25 asreported 1Q24 asreported % Var asreported IAS 29 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Argentina 211.3 178.1 18.7% 32.7 178.6 149.1 19.8% Italy 26.2 21.7 20.7% - 26.2 21.7 20.7% Brazil 18.4 22.1 -16.6% - 18.4 22.1 -16.6% Uruguay 30.6 30.8 -0.4% - 30.6 30.8 -0.4% Armenia 35.6 34.8 2.2% - 35.6 34.8 2.2% Ecuador 20.1 20.1 0.3% - 20.1 20.1 0.3% Unallocated 8.5 6.9 23.7% - 8.5 6.9 23.7% Total consolidated expenses (1) (2) 350.7 314.3 11.6% 32.7 318.0 285.3 11.5% (1) Excludes income tax and financial loss(2) We account for the results of operations of ECOGAL using the equity method Page 25 of 34
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% Ownership by Concession Aeropuertos Argentina 2000 Argentina 84.8% Neuquén Argentina 77.7% Bahía Blanca Argentina 85.0% Toscana Aeroporti (Florence and Pisa airports) Italy 46.7% ICAB (Brasilia Airport) Brazil 51.0% Puerta del Sur (Carrasco Airport) Uruguay 100.0% CAISA (Punta del Este Airport) Uruguay 100.0% AIA (Armenian airports) Armenia 100.0% TAGSA (Guayaquil Airport) Ecuador 50.0% ECOGAL (Galápagos Airport) Ecuador 99.9% Selected Income Statement Data (in US$ million) 1Q25 1Q24 % Var. Argentina Total Revenue 268.8 255.0 5.4% Total Revenue Excluding IFRIC12(1) 248.6 221.6 12.2% Operating Income 63.6 82.7 -23.1% Net Income 40.4 174.8 -76.9% Adjusted Segment EBITDA 99.7 103.7 -3.9% Adjusted Segment EBITDA Mg 37.1% 40.7% -3.6pp Adjusted EBITDA Margin excluding IFRIC 40.1% 46.8% -6.7pp Italy Total Revenue 27.1 22.6 19.6% Total Revenue Excluding IFRIC12(1) 22.0 21.4 2.7% Operating Income 0.9 1.0 -7.3% Net Income -1.2 -0.8 47.9% Adjusted Segment EBITDA 3.5 3.7 -5.1% Adjusted Segment EBITDA Mg 13.0% 16.4% -3.4pp Adjusted EBITDA Margin excluding IFRIC 6.4% 14.2% -7.8pp Brazil Total Revenue 25.2 28.8 -12.7% Total Revenue Excluding IFRIC12(1) 25.0 28.5 -12.4% Operating Income 6.9 6.8 0.6% Net Income -24.0 -20.9 14.5% Adjusted Segment EBITDA 9.6 9.9 -2.8% Adjusted Segment EBITDA Mg 38.1% 34.2% 3.9pp Adjusted EBITDA Margin excluding IFRIC 38.3% 34.6% 3.7pp Page 26 of 34
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1Q25 1Q24 % Var. Uruguay Total Revenue 51.2 50.7 1.1% Total Revenue Excluding IFRIC12(1) 46.7 44.7 4.5% Operating Income 20.0 19.1 4.3% Net Income 20.0 18.8 6.1% Adjusted Segment EBITDA 22.8 21.9 3.8% Adjusted Segment EBITDA Mg 44.5% 43.3% 1.2pp Adjusted EBITDA Margin excluding IFRIC 48.8% 49.1% -0.3pp Ecuador Total Revenue 27.2 26.7 2.2% Total Revenue Excluding IFRIC12(1) 27.2 26.7 2.2% Operating Income 6.3 5.8 8.6% Net Income 5.8 5.1 13.9% Adjusted Segment EBITDA 8.1 7.5 7.7% Adjusted Segment EBITDA Mg 29.7% 28.2% 1.5pp Adjusted EBITDA Margin excluding IFRIC 29.7% 28.2% 1.5pp Armenia Total Revenue 48.1 48.5 -0.8% Total Revenue Excluding IFRIC12(1) 47.2 48.1 -1.9% Operating Income 12.7 13.9 -8.6% Net Income 10.0 9.3 7.8% Adjusted Segment EBITDA 18.1 18.8 -3.7% Adjusted Segment EBITDA Mg 37.7% 38.9% -1.2pp Adjusted EBITDA Margin excluding IFRIC 38.4% 39.1% -0.7pp Unallocated Total revenue 0.2 0.7 -76.7% Operating Income -6.3 -4.6 38.8% Net Income -14.8 -13.7 8.3% Adjusted segment EBITDA -4.0 -1.7 138.2% Adjusted Segment EBITDA Mg N/A N/A N/A 1 Excludes Construction Service revenue.2 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession.3 Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, asexplained above. Please refer to Review of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries. Page 27 of 34
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Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements (2025 vs. 2024) Domestic Passenger Traffic(in thousands) International Passenger Traffic(in thousands) Transit Passengers(in thousands) Total Passenger Traffic(in thousands) Cargo Volume(in tons) Aircraft Movements 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. Argentina Aeroparque 2,863 2,656 7.8% 1,249 845 47.8% 304 277 9.6% 4,416 3,778 16.9% 406 209 94.2% 35,250 31,188 13.0% Bariloche 635 596 6.6% 22 14 53.7% 2 4 -63.3% 659 615 7.2% - - - 5,202 4,590 13.3% Catamarca 15 17 -13.6% - - - 0 2 - 15 19 -22.2% - 14 - 620 591 4.9% C. Rivadavia 141 125 12.7% - - - 0 3 - 141 128 10.5% 92 130 -29.2% 1,644 1,679 -2.1% Córdoba 566 576 -1.7% 234 164 43.2% 0 0 - 801 739 8.3% 200 161 24.2% 6,930 6,713 3.2% El Palomar - - - - - - - - - - - - - - - 854 1,086 -21.4% Esquel 23 25 -6.1% - - - - 0 - 23 25 -6.1% - - - 956 868 10.1% Ezeiza 898 714 25.8% 2,463 2,279 8.1% 65 66 -1.5% 3,426 3,059 12.0% 47,899 42,857 11.8% 20,912 19,834 5.4% Formosa 17 31 -44.4% - - - - - - 17 31 -44.4% 17 13 29.5% 320 383 -16.4% General Pico - - - - - - - - - - - - - - - 536 288 86.1% Iguazú 469 344 36.4% 0 0 - 0 0 - 470 345 36.3% - - - 2,438 2,607 -6.5% Jujuy 126 144 -12.3% 1 - - - 2 - 127 145 -12.7% 19 98 -80.6% 1,991 1,228 62.1% La Rioja 14 18 -22.8% - - - 0 2 - 14 21 -31.3% - 20 - 635 426 49.1% Malargüe - - - - - - - - - - - - - - - 165 239 -31.0% Mar del Plata 105 121 -12.9% - - - 0 2 - 106 123 -14.1% 39 22 74.4% 2,138 2,558 -16.4% Mendoza 451 412 9.6% 179 136 31.5% 12 11 7.5% 642 559 14.9% 481 105 356.3% 5,702 5,179 10.1% Paraná 10 12 -12.8% - - - - - - 10 12 -12.8% - - - 659 772 -14.6% Posadas 74 83 -10.8% - - - - - - 74 83 -10.8% 43 26 68.1% 975 937 4.1% Pto Madryn 41 27 49.8% - - - - - - 41 27 49.8% 8 3 202.6% 356 228 56.1% Reconquista - 1 - - - - - - - - 1 - - - - 521 588 -11.4% Resistencia 35 55 -35.9% - - - 0 3 - 35 58 -39.1% 69 40 73.1% 656 954 -31.2% Río Cuarto 3 6 -45.0% - - - - - - 3 6 -45.0% 1 2 -32.9% 163 155 5.2% Río Gallegos 48 53 -9.6% 0 0 - 1 1 1.3% 49 54 -9.1% 42 59 -28.1% 862 1,018 -15.3% Río Grande 38 45 -14.3% - - - 0 - - 39 45 -14.0% 362 188 92.4% 779 692 12.6% Salta 336 295 13.6% 22 12 92.8% 0 0 - 358 307 16.6% 94 50 86.6% 4,224 4,077 3.6% Page 28 of 34
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Domestic Passenger Traffic(in thousands) International Passenger Traffic(in thousands) Transit Passengers(in thousands) Total Passenger Traffic(in thousands) Cargo Volume(in tons) Aircraft Movements 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. San Fernando - 1 - - - - - - - - 1 - - - - 12,706 13,299 -4.5% San Juan 47 44 6.1% - - - - - - 47 44 6.1% - - - 569 606 -6.1% San Luis 13 18 -26.1% - - - - - - 13 18 -26.1% 10 91 -89.2% 406 399 1.8% San Rafael 14 15 -11.0% - - - 0 - - 14 15 -11.0% - - - 2,125 2,678 -20.6% Santa Rosa 10 11 -12.9% - - - 0 0 - 10 11 -12.2% 14 - - 624 630 -1.0% Santiago del Estero 51 53 -2.6% - - - 0 - - 51 53 -2.3% 17 24 -27.0% 898 1,148 -21.8% Tucumán 191 178 7.2% 3 - - 0 0 - 194 178 8.8% 104 1 - 1,924 1,708 12.6% Viedma 9 8 9.4% - - - 0 1 - 9 9 -5.4% - - - 213 220 -3.2% Villa Mercedes - - - - - - - - - - - - - - - 204 514 -60.3% Termas de Río Hondo 7 2 187.9% - - - 0 0 - 7 2 180.5% - 5 - 162 60 170.0% Bahía Blanca 49 57 -14.2% - - - 1 4 - 49 61 -18.7% 56 31 82.7% 787 1,019 -22.8% Neuquén 303 237 28.2% 0 0 - 5 4 30.0% 308 240 28.2% 75 87 -13.9% 3,321 2,856 16.3% Total Argentina 7,603 6,978 9.0% 4,174 3,450 21.0% 391 383 1.9% 12,168 10,812 12.5% 50,047 44,234 13.1% 119,427 114,015 4.7% Italy Pisa 296 247 19.7% 661 606 9.0% 0 1 - 957 854 12.1% 3,209 3,097 3.6% 7,077 6,397 10.6% Florence 106 95 11.4% 567 528 7.4% - - - 673 623 8.0% 15 19 -22.4% 7,690 7,298 5.4% Total Italy 401 342 17.4% 1,228 1,134 8.3% 0 1 - 1,630 1,477 10.4% 3,224 3,115 3.5% 14,767 13,695 7.8% Brazil Natal(1) - 350 - - 16 - - 2 - - 368 - - 898 - - 3,076 - Brasilia 2,060 1,988 3.6% 218 170 28.1% 1,448 1,378 5.1% 3,726 3,536 5.4% 15,277 14,509 5.3% 34,583 32,531 6.3% Total Brazil 2,060 2,338 -11.9% 218 187 16.8% 1,448 1,380 4.9% 3,726 3,905 -4.6% 15,277 15,407 -0.8% 34,583 35,607 -2.9% Uruguay Carrasco 1 0 - 562 559 0.6% 15 15 -2.9% 577 574 0.6% 8,889 6,893 29.0% 5,681 5,608 1.3% Punta del Este 0 0 - 77 65 18.7% - - - 77 65 18.6% - - - 4,230 4,112 2.9% Total Uruguay 1 0 - 639 623 2.4% 15 15 -2.9% 654 639 2.4% 8,889 6,893 29.0% 9,911 9,720 2.0% Page 29 of 34
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Domestic Passenger Traffic(in thousands) International Passenger Traffic(in thousands) Transit Passengers(in thousands) Total Passenger Traffic(in thousands) Cargo Volume(in tons) Aircraft Movements 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. 1Q-25 1Q-24 % Var. Ecuador Guayaquil 441 435 1.3% 539 519 3.9% 21 19 10.4% 1,001 973 2.9% 7,663 7,907 -3.1% 17,652 17,427 1.3% Galápagos 133 136 -2.6% - - - - - - 133 136 -2.6% 1,294 1,387 -6.7% 1,591 1,560 2.0% Total Ecuador 574 571 0.4% 539 519 3.9% 21 19 10.4% 1,134 1,110 2.2% 8,957 9,294 -3.6% 19,243 18,987 1.3% Armenia Zvartnots - - - 1,008 1,022 -1.3% 18 - - 1,027 1,022 0.5% 9,554 8,999 6.2% 8,163 7,943 2.8% Shirak - - - 29 21 35.0% - - - 29 21 35.0% - - - 172 146 17.8% Total Armenia - - - 1,037 1,043 -0.6% 18 - - 1,055 1,043 1.2% 9,554 8,999 6.2% 8,335 8,089 3.0% Total CAAP 10,639 10,230 4% 7,835 6,956 13% 1,894 1,798 5% 20,368 18,984 7% 95,947 87,943 9% 206,266 200,113 3% (1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up toFebruary 18, 2024. Page 30 of 34
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Income Statement (in US$ thousands) 1Q25 1Q24 % Var. Continuing operations Revenue 447,818 433,047 3.4% Cost of services -291,334 -267,482 8.9% Gross profit 156,484 165,565 -5.5% Selling, general and administrative expenses -54,333 -44,158 23.0% Other operating income 6,951 6,050 14.9% Other operating expenses -5,054 -2,655 90.4% Operating income 104,048 124,802 -16.6% Share of loss in associates -495 -211 134.6% Income before financial results and income tax 103,553 124,591 -16.9% Financial income 10,873 18,711 -41.9% Financial loss -42,254 155,834 -127.1% Inflation adjustment -3,544 -13,586 -73.9% Income before income tax 68,628 285,550 -76.0% Income tax -32,382 -112,904 -71.3% Income for the period 36,246 172,646 -79.0% Attributable to: Owners of the parent 40,772 152,670 -73.3% Non-controlling interest -4,526 19,976 -122.7% Page 31 of 34
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Balance Sheet (in US$ thousands) Mar 31, 2025 Dec 31, 2024 ASSETS Non-current assets Intangible assets, net 3,246,264 3,155,448 Property, plant and equipment, net 80,254 77,801 Right-of-use asset 9,637 9,921 Investments in associates 11,357 11,746 Other financial assets at fair value through profit or loss 4,411 4,237 Other financial assets at amortized cost 96,531 84,618 Derivative financial instruments - Deferred tax assets 13,927 13,372 Inventories 308 314 Other receivables 61,620 58,461 Trade receivables 10 18 Total non-current assets 3,524,319 3,415,936 Current assets Inventories 13,010 11,410 Other financial assets at fair value through profit or loss 2,885 3,129 Other financial assets at amortized cost 72,023 82,923 Other receivables 60,178 63,156 Current tax assets 8,061 7,366 Trade receivables 158,480 157,546 Cash and cash equivalents 448,618 439,847 Total 763,255 765,377 Assets classified as held for sale 137 137 Total current assets 763,392 765,514 Total assets 4,287,711 4,181,450 EQUITY Share capital 163,223 163,223 Share premium 183,430 183,430 Treasury shares (4,094) (4,094) Free distributable reserve 378,910 378,910 Non-distributable reserve 1,358,028 1,358,028 Currency translation adjustment (89,262) (116,471) Legal reserves 7,419 7,419 Other reserves (1,319,179) (1,319,682) Retained earnings 759,283 718,511 Total attributable to owners of the parent 1,437,758 1,369,274 Non-controlling interests 141,530 148,686 Total equity 1,579,288 1,517,960 LIABILITIES Non-current liabilities Borrowings 1,034,928 1,042,704 Derivative financial instruments liabilities 2,832 3,351 Page 32 of 34
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Mar 31, 2025 Dec 31, 2024 Deferred tax liabilities 420,666 383,369 Other liabilities 692,397 621,412 Lease liabilities 6,574 7,010 Trade payables 1,863 1,914 Total non-current liabilities 2,159,260 2,059,760 Current liabilities Borrowings 103,852 115,367 Other liabilities 322,424 348,586 Lease liabilities 3,750 3,707 Current tax liabilities 13,654 15,307 Trade payables 105,483 120,763 Total current liabilities 549,163 603,730 Total liabilities 2,708,423 2,663,490 Total equity and liabilities 4,287,711 4,181,450 Page 33 of 34
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Statement of Cash Flow (in US$ thousands) Mar 31, 2025 Mar 31, 2024 Cash flows from operating activities Income for the period from continuing operations 36,246 172,646 Adjustments for: Amortization and depreciation 59,236 44,946 Deferred income tax 23,371 108,049 Current income tax 9,011 4,855 Share of loss in associates 495 211 Loss on disposals of property, plant and equipment 299 227 Low value, short term and variable lease payments (775) (255) Share based compensation expenses 264 211 Interest expenses 23,703 27,099 Other financial results, net (4,088) (1,366) Net foreign exchange (10,919) (212,173) Other accruals 1,986 729 Inflation adjustment (3,369) 5,208 Acquisition of intangible assets (33,972) (41,403) Income tax paid (9,025) (9,605) Collection due to concession compensation (*) - 90,609 Unpaid concession fees 25,864 23,303 Changes in liability for concessions 27,239 26,360 Changes in working capital (65,288) (75,109) Net cash provided by operating activities 80,278 164,542 Cash flows from investing activities Cash contribution in associates (74) (41) Acquisition of other financial assets (45,821) (32,178) Disposals of other financial assets 44,525 33,925 Acquisition of Property, plant and equipment (2,247) (2,303) Acquisition of Intangible assets (282) (66) Proceeds from sale of Property, plant and Equipment 26 8 Other 309 (586) Net cash used in investing activities (3,564) (1,241) Cash flows from financing activities Loans obtained 95 33,126 Guarantee deposits (219) 1,130 Principal elements of lease payments (1,014) (1,118) Loans repaid (43,964) (70,025) Interest paid (14,706) (19,483) Dividends paid to non-controlling interests in subsidiaries (11,953) - Net cash used in financing activities (71,761) (56,370) Increase in cash and cash equivalents 4,953 106,931 Movements in cash and cash equivalents At the beginning of the period 439,847 369,848 Effect of exchange rate changes and inflation adjustment on cash and cash equivalents 3,818 (6,938) Increase in cash and cash equivalents 4,953 106,931 At the end of the period 448,618 469,841 Page 34 of 34