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Corporación América Airports S.A. October 2026
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Disclaimer This presentation has been prepared by Corporación América Airports S.A. (“CAAP”, “Corporación América Airports” or the “Company”) and is dated [date]. The presentation has been prepared solely for your information. By attending the meeting where this presentation is made, you agree to be bound by the foregoing limitations and restrictions. For the avoidance of doubt, references to the “Company” shall include any successor thereto and references to the “presentation” shall include the slides, any oral presentation of the slides by the Company, any question and answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any common shares or any other securities of the Company, nor shall it or any part of it, nor the fact of its distribution, form part of or be relied on in connection with any contract or investment decision relating thereto. This presentation does not constitute a recommendation regarding the securities of the Company. This document and its contents are confidential and may not be further copied, distributed or passed on, directly or indirectly, to any other person or published or reproduced directly or indirectly, in whole or in part, by any means or in any form for any purpose. The information contained in this document is being provided to you solely for the purpose of the preparation and publication of a research report and may not be used for any other purpose. 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Statements beliefs and opinions contained in this presentation, particularly those regarding the possible or assumed future or other performance of the Company, industry growth or other trend projections, are or may be forward looking statements, beliefs or opinions and reflect the Company’s current expectations and projections about future events and are subject to risks and uncertainties that may cause actual results to differ materially. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. As a result, there can be no assurance that projected results or developments will be attained and you are cautioned not to place undue reliance on such forward-looking statements. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law. By attending or reading the presentation to which this document relates you will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice, including, without limitation, the obligation to keep this presentation and its contents confidential and (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this presentation with any other person, including any of the directors or employees of the Company or its subsidiaries nor with any of its suppliers, customers or partners without the prior written consent of the Company. 2
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Diversified Portfolio with Operations in 6 Countries and 52 Airports Worldwide CAAP AT A GLANCE $730m ADJ. EBITDA IN 2025(1) 86.7m PASSENGERS SERVED IN 2025 52 AIRPORTS 1Adjusted EBITDA excluding IFRIC12 and the impact of IFRS Rule IAS29 in Argentina. 2Adjusted EBITDA excluding IFRIC12 and the impact of IFRS Rule IAS29. 8 Airports 2.3m Passengers in 2025 $66.2m Adj. EBITDA in 2025 41.4% Adj. EBITDA Margin in 2025 +450 Employees URUGUAY 37 Airports 47.4m Passengers in 2025 $403.0m Adj. EBITDA in 20252 41.2% Adj. EBITDA Margin in 2025 +2,700 Employees ARGENTINA 2 Airports 5.8m Passengers in 2025 $118.6m Adj. EBITDA in 2025 42.4% Adj. EBITDA Margin in 2025 +1,150 Employees ARMENIA 1 Airport 16.7m Passengers in 2025 $51.0m Adj. EBITDA in 2025 43.3% Adj. EBITDA Margin in 2025 +670 Employees BRAZIL 2 Airports 4.7m Passengers in 2025 $33.3m Adj. EBITDA in 2025 29.8% Adj. EBITDA Margin in 2025 +650 Employees ECUADOR 2 Airports 9.8m Passengers in 2025 $37.8m Adj. EBITDA in 2025 26.9% Adj. EBITDA Margin in 2025 +350 Employees ITALY Who We Are 6 COUNTRIES US$ 4.0 bn MARKETCAP 18% FREEFLOAT MontevideoAA Yerevan Brasília Guayaquil Pisa & Firenze 2053 Concession Term 2056 Concession Term 2067 Concession Term 2037 Concession Term 2031 Concession Term Concession Term 2048 & 2045 3
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1Corporación América S.A. is controlled by ACI Airports S.à.r.l., which is controlled by Corporación América International S.à.r.l., all of which are Luxembourg based companies Who We Are BBL 1 airport AA 35 airports Argentina Armenia Brazil Ecuador Italy Uruguay 84.8% 85.0% NQN 1 airport 77.7% 82% 18% CAAP'S SHARES | OWNERSHIP ACI Airports S.à.r.l Free Float Corporación América S.A.(1) LUXEMBOURG AIA 2 airports 100% ICAB 1 airport 51% ECOGAL 1 airport TAGSA 1 airport 50% 99,9% TA 2 airports 62,3% CAISA 1 airport PDS 7 airports 100% 100% EBITDA 2025 Contribution CAAP has controlling interest in the majority of its investments US$730 mm 4 55% 5% 7% 9% 16% 5% 3%
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Who We Are Strong-track Record of Growth During Last +25 Years 5 1998: Airport System Includes Ezeiza and Aeroparque – Main country gateways Type of concession: Single Till 2002: Zvartnots Airport – Main gateway in Armenia Type of concession: Single Till 2004: 2nd largest airport in Ecuador’s Financial Capital Type of concession: Inflation Based 2008: Our 35th Airport in Argentina Type of concession: Single Till 2020: AA2000 Extension for 10-Years (2038) as well as TA Concession. 2021: 2-Year extension, Guayaquil 20-Year extension, Montevideo. Additional 6 airports in Uruguay 2001: Our 34th airport in Argentina Type of concession: Single Till 2003: Capital city and main gateway in Uruguay Type of concession: Inflation based 2007: Added Shirak Airport (Armenia) Guayaquil airport concession extension 2011: Strategically located 5 airport network in Peru Type of concession: Inflation Based 2020: Closed Re-equilibrium for Brasilia and Natal Airports for 2020. Type of concession: Inflation Based 2021: Strategic decision to sell operations in Peru. 1998 - 2001 33 airports 37 airports 53 airports 52 airports 47 airports 36 airports 2002 - 2003 2004 - 2007 2008 - 2011 2012: Capital airport and largest domestic hub Type of concession: Inflation Based 2014: Pisa (low cost) and Florence (tourist). Dual Till Montevideo airport concession extension 51 airports 2011 - 2014 2020 2021 2024: Friendly termination process for the Natal Airport concluded 10-year extension, Punta del Este, Uruguay 2023: Announced inauguration of new terminal at Ezeiza airport with capacity up to 30 mm passengers 2022: Subsidiary Inframerica began 2nd phase of expansion project on Brasilia Airport in Brazil 2026: 35-year extension of the concession in Armenia. 6-year extension of the Galapagos concession, in Ecuador 18-year extension of the AA concession in Argentina 52 airports 2022 - 2024 [TBU Update with 2022-2023 milestones. Check out slide 23 for some suggestions] - SJ Termination of the Natal concession – The new bidding took place in May, and we received a gross indemnification payment of R$610.4 million in January 2024, to be recorded in 4Q23 New CAPEX program in Firenze (Italy) – existing infrastructure with significant restrictions Infrastructure plans in Armenia – concession agreement with 20% IRR 32 34 38 55 67 72 73 77 82 84 25 36 66 81 79 87 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Traffic (mm passengers) 11.3% CAGR2010-2019
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Regulatory Regimes CAAP Business & Regulatory Regimes The Airport Business Single Till: • CAAP’s concession agreements with a single till regime provides that a certain IRR shall be achieved over the life of the concession • To achieve economic equilibrium (regulatory IRR), tariffs, concession term and/or, sometimes, concession fees may be adjusted Dual Till: • CAAP’s concession agreement with a dual till regime provides that all aeronautical cash flows shall be considered to calculate the tariffs during every regulatory period (4 years) based on an applicable WACC Inflation Based: • No pre-defined IRR and tariffs are adjusted on an annual basis, considering domestic inflation or a parametric formula 55% of Revenue 57% of EBITDA 8% of Revenue 5% of EBITDA 2025 2025 37% of Revenue 38% of EBITDA 2025 Concession Agreements – Latest Extensions +18 years in AA2000 (2026) +20 years in PDS (2021) +2 years in TA (2021) +2 years in TAGSA (2021) +10 years in CAISA (2024) 6 +35 years in AIA (2026) +6 years in Ecogal (2026)
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CAAP's Investment Highlights Increasing sector tailwinds with CAAP markets expanding at a multiple of GDP growth 1 Portfolio of premium assets with high quality concession agreements 2 World-class operator with attractive business model and strong relationships with key industry players 3 Attractive pipeline of organic & inorganic value creation opportunities 4 7
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Some of Our Unique Premium Assets Across the World Key Investment Highlights ▪ Won first concession agreement in 2003 ▪ Carrasco Airport (Montevideo), is the main international gateway in Uruguay ▪ Counts with one of the highest commercial revenues per passenger Montevideo UR • Inflation linked contract 2 Guayaquil EC ▪ Won first concession agreement in 2004 ▪ José Joaquín de Olmedo Airport is the main gateway to Ecuador ▪ The Guayaquil Airport has been awarded several times by Airports Council International (ACI) for Best Airport in its category • Inflation linked contract Pisa and Firenze ▪ Won concession agreements for both airports in 2014 ▪ Galileo Galilei Airport (Pisa) and Amerigo Vespucci (Florence) airports are the leading airports in the Tuscany region, one of Italy’s most important touristic destination IT • Regulatory WACC Yerevan ▪ Won first concession agreement in 2002 ▪ Zvartnots Airport is the main international gateway in Armenia ▪ Yerevan Airport is a fully international airport, strategically located between Asia’s and Europe’s main destinations that enjoyed a pax growth of 9% (CAGR) in the 5 years pre COVID AM • Inflation linked contract ▪ Won first concession agreement in 1998 ▪ Ezeiza airport is the country's most important airport and main international gateway, as well as the most modern technologically ▪ In 2025, it served 8.5 million International passengers, representing 55% of Argentina’s total international passenger volume Buenos Aires - Ezeiza • Concession IRR 16.45% (ARS) AR ▪ Won first concession agreement in 2012 ▪ JK Airport (Brasilia) is the third largest airport in Brasil and the main domestic hub in the country ▪ It is the only airport in the country with direct flights to all 26 Brazilian state capitals Brasilia • Inflation linked contract BR 8
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Strong Operational Capabilities • Constant evaluation and planning of our infrastructure • Operations efficiency to reduce Minimum Connection Time • Constant dialogue with airlines Route Development • Dedicated global team expert in route development • Frequent ‘route ideas’ strategy Best Practices • Information sharing across regions • Zero-based budgeting process designed to optimize cost structure • Constant optimal funding analysis • Capital allocation focused on value creation opportunities • Constant KPIs analysis Expertise in Generating Non-Aeronautical Growth • Constant evolution on efficient tenant mix, quality and creation of new spaces • Naming rights • Real Estate development expertise Constructive Relationship with Government and Regulators • Deep understanding of the regulatory environment in countries in which we operate • Constantly working with governments and regulators to successfully address new investment opportunities and market trends Deep Operating ‘Know-How’, Driving a Successful and Attractive Business Model Key Investment Highlights 3 9
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CAAP Aviation Development: How we work Key Investment Highlights 3 10 We have a team of data analysts working to identify the best traffic opportunities. We work with the best market intelligence tools available, with analytic models and algorithms to support the decision-making process. Market Analysis Airline Relations T ourism T rade Institutional Relations The airlines are the main stakeholders of an airport; we value the long-term relationship with them. We actively participate in all relevant forums, such as Routes, IATA Events, WTM, FITUR. Work with the tourism sector to develop potential relevant destinations. Keep good relations with the main stakeholders: • Airline Suppliers • Aviation Authorities • Embassies • Investment Agencies • Ministry of Transport • Route Financers • Tourism Board
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Deep and tenured relationship with the top airlines around the world Key Investment Highlights 3 11 North American Carriers European Carriers Latin American Carriers Legacy Carriers Regional or Low-Cost Carriers Increased and new LatAm to EMEA routes✓ Increased exposure to Low-Cost Carriers (LCCs)✓ Diversified airline portfolio, nearly tripling since 1998✓
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YOUR TITLE Private equity has successfully attracted the best and brightest in corporate America, including top performers from Fortune 500 companies and elite strategy and manage. YOUR TITLE Private equity has successfully attracted the best and brightest in corporate America, including top performers from Fortune 500 companies and elite strategy and management consulting firms. Top performers at account. YOUR TITLE Private equity has successfully attracted the best and brightest in corporate America, including top performers from Fortune 500 companies and elite strategy and management consulting firms. Top performers at accounting and law firms can also be recruiting grounds. YOUR TITLE Private equity has successfully attracted the best and brightest in corporate America, including top performers from Fortune 500 companies and elite strategy and management consulting firms. Top performers at accounting and law firms can also be recruiting grounds, as accounting and legal skills relate to transaction support. YOUR TITLE Private equity has successfully attracted the best and brightest in corporate America, including top performers from. November 2020: 10-year extension of our AA2000 concession agreement in Argentina Value Creation Mindset A Few Examples… November 2021: 20-year extension of our Puerta Del Sur concession agreement, in Uruguay (November 2021) -Pick up Plaza at Brasilia Airport | Drove Commercial Revenues -Real estate master plan at the Brasilia airport, with several large scale projects Termination of the Natal concession – Received a gross indemnification payment of R$610.4 million in Dec 2023/Jan 2024, fully recorded in 4Q23 Approval for new CAPEX program in Firenze (Italy) progressing well – existing infrastructure with significant restrictions -10-year extension in our Punta del Este concession agreement, in Uruguay -Several initiatives to drive Commercial Revenues (new Duty Free area and VIP Lounge at EZE airport New covered Parking at MVD airport -35-year extension in the concession agreement in Armenia -6-year extension in the concession agreement in Galapagos, Ecuador -18-year extension of the AA concession agreement in Argentina 4 -Selectively looking at future expansion opportunities in different geographies, as well as other M&A projects. -Signed Award Agreement in Iraq (Baghdad Airport) and Angola (Luanda Airport) 12
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Florence Airport Organic Value Creation Opportunities TERMINAL • New state-of-the-art Passenger Terminal with a total area of 39,900 sqm (existing terminal's 19,420 sqm) • Investments to efficiently handle anticipated passenger volumes while maintaining high levels of service • Expansion and improvement plans on both the land-side and air-side will contribute to increased commercial revenues • New runway with 2,200 m (actual has 1,560 m) to address the infrastructure limitations and enable more efficient aircraft movements • Extended runway will expand the Airport’s reach to flights lasting over 6 hours, surpassing the current limitation of 4 hours • Focus on expanding its network through intra-EU new routes, opening extra-EU routes and operating larger aircrafts AIRSIDE Investment Plan to unlock future growth and capture higher commercial revenues, partially financed by the Government Notes: (1) Extraordinary maintenance included Project New passenger terminal & runway works Rationale To accommodate growing passenger traffic Total Investment ~€500 mm1 (2026-2030), € 150 mm financed by Gov. Self financed by TA: € 350 mm Estimated Completion 2030 Additional Capacity 5.4mm Passengers (Total 8.0mm) State-of-the art infrastructure Overview Key highlights 13 4
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Key highlightsOverview Organic Value Creation Opportunities State of the art infrastructure Zvartnots Airport Massive Capex Program significantly expanding the airport capacity Project New Terminal Rationale To accommodate growing passenger traffic Total Investment US$ 425 mm Estimated Completion By 2033 Additional Capacity 8.5mm Passengers (Total 12.0mm) • The approved CAPEX program will significantly expand the terminal area by 40,000 sqm (existing terminal has 34,000 sqm) and commercial spaces by 6,200 sqm (existing commercial spaces has 12,600 sqm), allowing space for several new food & beverage and retail operations • The program will also expand the number of boarding gates, check-in and stand positions • Following the CAPEX program, AIA will offer more space and a better service for passengers as well as paving the way for the expected growth ahead of us ~40,000sqm Terminal area expansion ~6,200sqm New spaces of commercial area 6 New boarding Gates 6 New Check-in counters 6 New Stand Positions ~196 Boarding area + Tower ~129 Migration, Security and Duty Free ~27 Taxiway, Equipments, etc ~28 Cargo terminal ~20 Other ~425 Total Investment Capex breakdown (US$mm) Expansion breakdown 14 4
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Concessions Summary Country Concessions CAAP Stake N°of Airports Concession Start Concession End Extension Details AA2000 84.8% 35 1998 2056 NQN 77.7% 1 2001 2026 BBL 85.0% 1 2008 2033 +10 Years(1) TA (SAT)(2) 46.7% 1 2006 2048 (2014)(3) TA (ADF)(2) 46.7% 1 2003 2045 (2014)(4) ICAB 51.0% 1 2012 2037 Extendable for additional 5 years if required to reestablish economic equilibrium Puerta del Sur(5) 100% 7 2003 2053 CAISA 100% 1 1993 2043(6)(7) (2008) TAGSA 50.0% 1 2004 2031 ECOGAL 99.9% 1 2011 2032 AIA 100% 2 2002 2067 Notes: (1) Subject to certain terms and conditions, including governmental approval; (2) Both SAT and ADF have been merged into TA, of which CA Italy currently owns a 62.28% equity interest. We own 100% of CA Italy’s equity interest; (3) We began operating the Pisa Airport in 2014; (4) We began operating the Florence Airport in 2014; (5) Includes the Uruguay New Airports, which were incorporated to the Carrasco Concession Agreement by means of the amendment executed in November 2021; (6) We acquired the shares of CAISA in 2008; (7) We began operating the Punta del Este Airport in 2008. In May 2024, the concession term was extended for 10 additional years. 15
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APPENDIX | 2025 FINANCIAL RESULTS
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2025 | Financial Results | Highlights 17
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2025 | Financial Results | Revenue Breakdown 18
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2025 | Financial Results | Adj. EBITDA Breakdown 19
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2025 | Financial Results | Debt Indicators 20
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2025 | Financial Results | Debt & Cash by Segment 21
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Thank you!