.2

Separate Financial Statements 

at December 31, 2025 presented in comparative form

Index

Glossary

2025 ANNUAL REPORT

LETTER FROM THE PRESIDENT

As every year, we present the performance and the main actions implemented in the year by Aeropuertos Argentina (hereafter the “Company”) to the people, institutions, companies and organizations with which the Company has a link.

The Company's Annual Report was prepared to present, in a single document, a comprehensive overview of the year's management, highlighting the main economic, social, and environmental impacts. Through financial and non-financial information, the Report details the Company's contribution to the country's development and the sustainable performance of its operations.

The management during the year was characterized by a holistic approach that combined the development and modernization of airport infrastructure with strengthening operational efficiency, the passenger experience, and financial stability. Within this framework, the Company continued to advance in the execution of its investment plan, promoting projects aimed at the expansion and modernization of the national airport system.

The Board of Directors expresses its gratitude for the commitment and dedication of the Company's staff, as well as the collaboration of clients, suppliers, public agencies, and other stakeholders in the airport ecosystem, whose contributions are fundamental to the development of operations.

Thus, in compliance with the legal and statutory provisions we submit to the consideration of the Shareholders this Report, the Inventory, the statement of comprehensive income, financial situation, changes in equity, cash flow, the respective notes that they are complemented by the consolidated statements of comprehensive income, financial position, changes in equity, cash flow, the respective notes that supplement them, the Reports of the Auditors and the Reports of the Supervisory Committee for Fiscal Year No. 28 completed on December 31, 2025.

MARTÍN FRANCISCO ANTRANIK EURNEKIAN

President of Aeropuertos Argentina

Contents of the Report

SOCIETY CONTEXT

Aeropuertos Argentina was founded in 1998 with the purpose of developing and operating airports throughout Argentina, becoming one of the largest private sector airport operators worldwide, with 35 airports under its management. Currently, more than 2,800 employees work at Aeropuertos Argentina with the aim of guaranteeing the best quality of service and complying with the highest international standards of quality, safety and comfort.

Through the commitment and values of its human capital, the company connects Argentina with the world, operating 90% of Argentine commercial air traffic. It also contributes to the social, economic and cultural development of the communities where it works, becoming a regional and international benchmark for the airport industry.

Customer experience and the modernization, transformation and expansion of the infrastructure and services of the air terminals have been one of the work priorities since the beginning of the concession. This efficient and sustainable network seeks to preserve the care of the environment and develop the national aeronautical market.

Aeropuertos Argentina's mission is to facilitate the connection between people, goods and cultures, contributing to a better world. For more information, visit www.aeropuertosargentina.com.

Corporate Strategy

In 2025, we reaffirmed and deepened our commitment to Ambition 2026, driving business growth to consolidate ourselves as industry leaders and benchmarks, loved by our customers, employees and stakeholders.

Keeping the focus on our customers and striving to exceed their expectations, we continue to develop the talent and organizational culture necessary to achieve our strategic objectives.

We also moved forward with the development of projects and initiatives that accelerate our transformation towards Ambition 2026. Furthering our commitment to growth and being valued, the new Commercial Department was developed and launched in 2025. This department aims to enhance synergies and knowledge by focusing specifically on each of our commercial revenue streams. Within its structure, Product Owner roles were defined for each revenue stream. These Product Owners will work closely with each business unit to maximize the profitability of current products and services, while also developing and implementing long-term strategies to drive significant growth in non-aeronautical commercial revenues in the coming years.

Furthermore, we continue to advance in the digital transformation of our operations, with the aim of operating in a more agile and efficient manner, focusing on the passenger and promoting data-based decision-making. In this context, we highlight milestones such as the development of the Airport Marketplace, the expansion of ADA functionalities, The digital transformation of our cargo operation, which this year focused on import processes, the strengthening of our talent management through platforms for the comprehensive management of human resources, and the development of a specific mission to deepen the adoption of Artificial Intelligence not only at the individual productivity level, but also to capture value at the organizational level.

These initiatives, together with the many actions developed throughout 2025, reaffirm our purpose of facilitating the connection between people, goods and cultures, thus contributing to a better world.

Regulatory and concession framework.

As of December 31, 2025, we have the concession of 35 airports belonging to “Group A” of the NSA of the Argentine Republic, for which the Company has the concession rights for the exploitation, administration and operation of said airports. The table above shows the aspects of our concession agreements, together with their respective terms and extension provisions, as well as the corresponding regulatory government authority.

The Company handles 93.4% of Argentine air traffic.

Within the framework of the tariff review processes and the economic and financial equation of the concession, the Company maintains ongoing administrative and judicial proceedings with the regulatory body, the effects of which are duly explained in the notes to the financial statements

CORPORATE GOVERNANCE

The Company is directly controlled by Corporación América S.A.U., a company incorporated in the Republic of Argentina, which directly owns 45.90% of the voting shares and indirectly, through Corporación América Sudamericana S.A., which owns 29.75% of the voting shares. In turn, Cedicor S.A., the controlling shareholder of Corporación América S.A.U., directly owns 9.35% of the voting shares and indirectly, through Corporación América S.A., owns 85% of the voting shares.

The following table shows the shareholders of the Company

Board of Directors

At Aeropuertos Argentina, our Board of Directors is made up of leaders who are trained and prepared to face and adapt to a constantly changing environment. They perform their roles responsibly, guided by ethical principles and transparency, complying with all current regulations. In addition, they transmit the company's values and corporate culture to all stakeholders. The Board of Directors is made up of seven members, three of whom are independent in accordance with the terms of the regulations of the National Securities Commission and one alternate director. The Shareholders' Meeting appoints them taking into account their training, career and the contribution they can make to the Board of Directors.

During 2025, the Board of Directors held 10 regular meetings, most of which were held virtually. Topics such as the approval of financial statements, the issuance of negotiable obligations and the granting of powers were mainly addressed. In addition, the managements present the Company's plans, projects and budget to the Board in due time.

The Board of Directors, as a fundamental part of corporate management, has the responsibility of establishing and validating the corporate mission, vision and values, as well as fostering an organizational culture rooted in the highest ethical and comprehensive standards, in line with the interests of society and its shareholders.

(*)In office until February 4, 2026

The main function of the Supervisory Committee is to supervise and oversee the administrative and financial management of the Board of Directors, ensuring compliance with the applicable legal, statutory and regulatory provisions. In addition, it evaluates the transparency and clarity of the reports presented to the shareholders, ensuring that they truthfully reflect the company's financial, economic and financial situation, and promotes ethical conduct in accordance with the highest standards of corporate integrity and transparency.

The Direction Committee is responsible for the development and execution of executive functions to achieve the company's strategic vision. This committee is made up of the President, the CEO and seven area Directors, who not only carry out ordinary management, but also develop procedures and indicators to evaluate the company's performance and its functions.

The General Managers of Aeropuertos Argentina's business units are essential for the implementation and strategic management of operational and commercial activities at the airports. These managers, reporting directly to senior management, are responsible for coordinating airport operations, guaranteeing service quality, managing infrastructure and supervising commercial activities, ensuring that they are aligned with corporate policies and international standards. Their work includes planning and monitoring key projects, optimizing resources, and ensuring the economic and environmental sustainability of airport operations.

The Company has this committee, which is made up of at least two independent directors who have specialized knowledge and experience in the economic, environmental and social fields and are appointed by the shareholders.

(*) In office until February 4, 2026

During 2025, Aeropuertos Argentina's management was recognized by the market through numerous awards granted by international organizations, industry associations, and entities specializing in quality, customer experience, sustainability, and communication. These awards reflect the company's sustained performance in operational excellence, innovation, safety, accessibility, environmental management, and brand reputation.

In the airport sector, notable awards were granted by ACI and ACI World, including the certification of 11 terminals at Level 2 of the Airport Carbon Accreditation program, accessibility certifications for Ezeiza and Mendoza airports, and the APEX in Safety distinction awarded to Bariloche airport for its safety management. Additionally, several airports within the network were recognized in the ASQ program, including Ezeiza and, for the first time, the inclusion of an Aeropuertos Argentina-managed airport, Mar del Plata, among the top ten in the region, with an average satisfaction rating of 4.48 out of 5, based on direct passenger feedback.

In terms of innovation and transformation, the SNOW project was recognized as a regional winner at the SAP NOW AI Tour – IA Edition 2025, while Aeroparque was recognized at the Routes Americas Awards in the category of airports handling 4 to 20 million passengers. Simultaneously, Ezeiza was nominated as the World's Best Airport at the Airport Honour Awards 2025.

The company's comprehensive management was also recognized in areas related to quality, communication, customer experience, diversity, and sustainability. Among other milestones, it received the Quality Achievements Award from the European Society for Quality Research; awards in institutional communication, branding, and customer experience (Eikon, Dircoms, Effie, Pamoic, and Global Brand Awards); recognition for diversity and inclusion initiatives, such as the Women in Aviation Travel & Tourism program, which received national and international acclaim; and awards related to sustainability, social impact, and corporate reporting, including the Ecumenical Social Forum and the Fortuna Awards.

In terms of work environment and people management, Aeropuertos Argentina was recognized by Great Place to Work, achieving 4th place nationally, 13th place in the "Companies that Care" category, and 4th place in the Silver Generation, consolidating its position as a leading employer in the sector.

Finally, we were present at business events, showcasing our leaders at conferences such as the IDEA Colloquium, the AMCHAM and ALTA annual meetings, the Federal Tourism Council meeting, Routes, the International Tourism Fair, Tecnópolis, and the Great Place to Work awards ceremony, among others.

We also served on boards and interdisciplinary committees in various chambers related to the transportation and tourism industry: the Argentine Chamber of Tourism, the Buenos Aires Bureau, Destino Argentina, the Dircoms Circle, the Professional Council of Public Relations, Cicyp, the Argentine-Armenian Chamber of Commerce, the Chamber of Medium-Sized Enterprises, AMCHAM Diversity, and AMCHAM Comms, to name a few.

ETHICS AND GOVERNMENT POLICIES

Society has different tools and channels of dialogue that allow it to guarantee the transparency, clarity and seriousness of our processes.

The role of the Integrity area is to ensure compliance with the values framed in the Company's Code of Conduct, to guarantee that the behavior of the staff and third parties linked to Aeropuertos Argentina is aligned with the highest standards of ethics and transparency, taking care of the company's reputation.

To achieve this goal, this Area has as its main actions three fundamental axes:

Its purpose is to establish the guidelines that govern the ethical behavior of the staff and ensure that they are observed effectively, in order to maintain conduct with high professionalism and integrity, not only within the company but also in relations with Third Parties, public authorities, the business community, regulatory agencies and society in general.

The Code of Conduct clearly defines the expected behavior of all staff, incorporating a zero-tolerance policy for misconduct. It also promotes essential principles such as respect for human rights, diversity, and inclusion, aligned with the corporate strategy and commitment to an ethical and responsible culture.

All staff must adhere to the mission of commitment to compliance with the Code of Conduct and the Integrity Policies. By the end of 2025, 89% of the Aeropuertos Argentina payroll had complied with this requirement, which is continuously monitored by the Integrity area.

This policy has the main objective of preventing any breach of anti-bribery and anti-corruption laws. It reinforces the zero tolerance stance against any form of bribery and corruption, regulating interactions with public officials and third parties, in addition to establishing processes related to gifts, entertainment and donations, as well as commercial operations.

t promotes the reporting of breaches of the Code of Conduct, ensuring confidentiality, the option of anonymity and zero tolerance for retaliation. The Whistleblower Committee is responsible for coordinating the investigation process and monitoring each case.

In line with the Diversity, Equity, and Inclusion Project, the Whistleblowing Channel Policy and Investigation Protocol were updated in 2025, expanding the principles and safeguards, redefining the types of violations and their severity, and establishing a specific framework for reporting harassment and violence.

It regulates the identification and management of conflicts of interest, through a mandatory reporting system. This type of conflict arises when a person, by virtue of certain commercial, professional, work or family ties, puts or may put their personal interests or those of third parties before those of the company and when said personal interests influence or may influence their business judgment, decisions or actions.

During 2025, the process was recertified in accordance with the established Policy, which involved updating and signing the Conflict of Interest Affidavit by the relevant personnel. By the end of 2025, 97% compliance had been achieved. Based on this, the reported conflicts of interest were analyzed, and where appropriate, action plans were defined. As a result, a heat map was created reflecting the identified risk levels.

Defines limits and procedures for gifts, entertainment and donations, guaranteeing transparency and integral relationships.

In 2025, the corresponding Work Instruction was updated, accompanied by training sessions for internal staff involved in the process.

The purpose of the policy is to establish guidelines that help employees, and anyone who, due to their work, profession or function, is in possession of privileged information, to fulfill their obligations in accordance with current legislation and securities regulations.

Includes risk assessment processes and third party backgrounds to achieve in-depth knowledge of them and ensure responsible hiring. During 2025, 29 candidates, 229 suppliers and 359 permit holders were evaluated, strengthening business and contracting processes.

In 2025, the corresponding Work Instructions were updated, also accompanied by training sessions for internal staff involved in the various processes.

The company identifies transactions with related parties and has internal regulations for their treatment by the Audit Committee. Additionally, it adheres to the procedure of its controlling company to identify them in a timely manner and ensure the arm's length conditions of the transaction.

Annual communication campaigns are implemented to inform and raise awareness among staff about the Company's Integrity policies and initiatives. Specifically in 2025, the following were carried out:

In addition, an Integrity sub-site was developed within the corporate intranet to centralize all the policies, resources, and tools of the Integrity Program in a single space, facilitating access and consultation by staff.

Furthermore, we launched the 2025 Integrity Perception Survey, with significant staff participation and positive results. This initiative is a key tool for evaluating and strengthening the Integrity Program year after year.

The Company develops an annual integrity training plan designed to ensure knowledge and understanding of the guidelines established in the Code of Conduct and associated policies. This is achieved through activities in various formats that guarantee its reach throughout the organization.

During 2025, the Integrity Program's online training was updated, incorporating a new version within a corporate framework. This resulted in an 86% participation rate among staff, including specific sessions for new managers. Additionally, non-executive staff were encouraged to participate in training related to Work Environment and Diversity, Equity, and Inclusion. In-person workshops were also held at key airports to disseminate the guidelines, the Best Practices Guide, and the operation of the Whistleblowing Channel.

Furthermore, specific training sessions were conducted for the Whistleblowing Committee and various teams within the organization, as part of the update to the Integrity Work Instructions, with the aim of ensuring the correct implementation of the processes.

OPERATIONS AND REVENUES

The Company has focused its approach on the customer, understanding that this includes not only passengers or airlines, but also all the people who work and transit daily in its airports. In this way, it develops improvement plans in the attention and contact with key audiences, seeking to streamline decision-making and respond more quickly and efficiently to the needs of our customers.

Airport sales

Between 2015 and 2019, passenger traffic grew steadily at a compound annual rate of 9%, reaching a peak of 41.8 million passengers in 2019. However, in 2020, the pandemic caused a drastic drop, reducing traffic to just 9.7 million. In 2021, a slight recovery began with 12.8 million passengers, but it was not until 2022 that a more significant recovery was seen, reaching 32.8 million.

Passenger evolution

(Millions of passengers)

In 2023, total traffic returned to 2019 levels, with 42.2 million passengers. While 2024 showed a decline with 40.8 million passengers, a recovery trend began in the second half of the year, ending with a record high in December.

Passengers distribution

International Vs. Domestic

In 2025, the growth trend continued and solidified the year as a landmark for the Company, breaking the total passenger record by exceeding 45.8 million, with passenger figures broken in 11 of the 12 months. The international segment saw an 17.2% increase compared to 2024, primarily driven by increased flight frequencies and new routes. Meanwhile, the domestic segment was notable for the growth in fleets added by airlines.

During 2025, 33 airlines accompanied us with their operations at our airports

In 2025, more than 30 new air routes were inaugurated at the group's various airports, including Córdoba - Recife (Gol), Aeroparque – Resistencia (Jetsmart), Mendoza – Rio de Janeiro (Jetsmart), Córdoba – Bogotá (Avianca), Mendoza – Viracopos (Azul), Bariloche – Porto Alegre (Azul), Ezeiza – Miami (Latam), Tucumán – Punta Cana (Aerolíneas Argentinas), Tucumán – Panama City (Copa), and Ezeiza–Auckland-Shanghai (China Eastern), among others.

The inauguration of the Ezeiza-Auckland-Shanghai route by China Eastern Airlines is a historic event, making Buenos Aires the first city in Latin America with direct connections to all five continents. This service, which will operate twice weekly, not only re-establishes the connection with Oceania, but also strengthens global connectivity, boosts tourism, and opens new opportunities for international trade.

During 2025, imports reached a total volume of 76,117 tons. In January and February, general cargo showed solid performance, with a 14% increase compared to the same period in 2024. From March onward, volumes remained in line with the previous year, with a notable peak in October, when operations grew by 10% year-on-year. Toward November and December, the trend reversed, registering a 10% decrease. As a result, the year ended with a tonnage level practically equivalent to that of 2024 (-0.46%).

Regarding exports, the first quarter exhibited exceptional performance, with an increase of over 83%, driven by the recovery of seasonal products. However, the rest of the year showed a moderation in volumes, ending with cumulative growth of 1% compared to 2024.

In the Courier segment, a historic record for imports was reached, driven by regulatory changes. Average monthly revenue grew by approximately 210%, increasing the business's share of total revenue from 4% to 10%. A total of 12,700 tons were handled, representing a 140% year-over-year increase. This resulted in a 150% growth in Courier Import revenue compared to 2024.

Cargo movements

In October 2025, Aeropuertos Argentina Cargas reached a historic activity record, with 341 tons handled per day and 26,556 packages processed daily. This figure aligns with the peak weight handled in 2024, but with a 246% increase in the number of packages.

In 2025, commercial revenues mirrored the macroeconomic context, showing stable performance and improved results in the main business areas. Solid performance was observed in the parking sector, driven by higher occupancy rates, new pricing structures, and greater space availability. Duty-Free revenue trends were also influenced by the macroeconomic environment, remaining stable throughout 2025.

4.1.     Duty Free shops

Duty Free at major airports provides passengers with an exclusive shopping experience, with a wide range of high-quality duty-free products, such as perfumes, electronics, beverages and gourmet products. Located in the boarding areas, these stores offer competitive prices, exclusivity and quality services, allowing passengers to take advantage of their time at the airport to access attractive offers and top-level services, and improve their travel experience.

4.2.     Parking

In 2025, parking management focused on consolidating a standardized pricing structure and more predictable revenue management through the unification of pricing policies. Progress was also made in digitizing payment methods by implementing a digital parking discount policy, resulting in 62% of payments being made through these channels (Telepase, ADA, ATMs, and Marketplace), a 21% increase compared to 2024. This included the incorporation of new ATM technology through an agreement with Mercado Pago, the expansion of TelePase lanes at Ezeiza, Aeroparque, and Córdoba airports, and the implementation of promotional campaigns during peak demand periods such as CyberWeek and Parking Week.

In parallel, initiatives were developed to improve the user experience and operational efficiency, including the integration of multimedia technology in Mendoza and the expansion of operational capacity through new lanes and the commissioning of a new gantry in Bariloche.

4.3.     VIP Lounge

During 2025, VIP services experienced significant growth, driven by infrastructure expansion and the consolidation of the value proposition.

In April 2025, the new VIPCLUB Departures Lounge opened at Ezeiza International Airport, with an area of over 850 m² distributed across three levels and capacity for more than 60 passengers. The new lounge offers private access to security and immigration checkpoints, a dining option, rest and work areas, concierge service, valet parking, and exclusive parking spaces.

Additionally, the VIPCLUB Lounge at Aeroparque Airport began operating 24 hours a day. Simultaneously, furniture and layout improvements were made to the Amae Lounge in Bariloche, and the phased expansion of the Amae Lounge in Córdoba began.

At the end of the fiscal year, several projects were underway for implementation during 2026, most notably the first domestic VIP Lounge at Ezeiza International Airport and the new Amae Lounge on the upper level of Aeroparque Airport.

Additionally, the VIPCLUB website update optimized the booking and renewal processes, driving a 35% increase in online purchases and improving transaction traceability.

CUSTOMER EXPERIENCE

During 2025, the Company continued to strengthen its active listening to the voice of the customer by conducting surveys at 28 concessioned terminals. The objective was to measure the level of satisfaction throughout the passenger journey and guide evidence-based improvement actions.

Nationwide, overall satisfaction reached a score of 4.16 out of 5, with the courtesy and friendliness of airport staff standing out as the highest-rated attribute, scoring 4.24 out of 5.

Among the terminals surveyed, Aeroparque, Bariloche, Córdoba, Ezeiza, Mendoza, and Mar del Plata (added in 2025) participated in the Airports Council International's ASQ Departures Plus program, which evaluates the perceived quality of airport service through standardized surveys and analytical tools.

Within this context, in 2025 Mar del Plata Airport ranked among the Top 10 in Latin America and the Caribbean in the ASQ performance ranking, achieving an overall satisfaction level of 4.48 out of 5.

Quantitatively, 23,609 surveys were conducted across 28 terminals, and an improvement in satisfaction was recorded in 73.08% of the terminals evaluated nationwide.

During 2025, the Company made progress in evolving its processes, platforms, and capabilities, with the goal of improving the customer experience and increasing operational efficiency related to customer service.

Within this framework, several initiatives were implemented, including:

In parallel, internal complaint resolution processes were redesigned, resulting in a 12.5% improvement in satisfaction with resolution and an 8.5% improvement in the resolution time perceived by customers.

These improvements were integrated into the Customer Experience Portal, a customer service intranet that centralizes real-time information about terminals, flight status, contacts, and procedures, organized in a workflow format and accessible from any device. This tool helps standardize operations and promotes simpler and more consistent management.

Throughout 2025, the Customer Experience Portal maintained a monthly adoption rate of over 80% among employees.

Effective communication with passengers, staff, and the airport community is a key enabler for a safe, predictable, and satisfying travel experience. In this context, conversational voice AI was incorporated into the interactive voice response system in 2025, enabling self-service inquiries about parking fees for all types of cars and motorcycles at the airports under concession.

Regarding multichannel customer service and management, the following results were recorded during the year:

During 2025, Aeropuertos Argentina strengthened its commitment to accessibility and inclusion by incorporating new initiatives aimed at improving the travel experience for people with disabilities.

Within this framework, a Calm Room was inaugurated at Ezeiza International Airport, a sensory-optimized space for people on the Autism Spectrum (ASD), designed according to universal design and well-being criteria, with input from specialists and families. The space has specific equipment for sensory regulation and requires prior reservation. A second expansion phase is planned with new rooms and an adult changing station that meets international standards.

Also, during the year, the implementation of the “I Love to Travel” program continued at all 35 airports under the concession, designed to support people on the autism spectrum during their airport experience.

During 2025, we continued developing the Experience Cloud portal by incorporating the profile for the Airline segment. This evolution included the implementation of a self-service platform that allows this audience to centrally manage requests, inquiries, complaints, and procedures, facilitating real-time tracking and resolution.

This new segment also has access to relevant information, such as passenger volume, updates related to the strategy, and functionalities associated with managing the interaction between airlines and Aeropuertos Argentina.

INVESTMENTS AND INFRASTRUCTURE IN AIRPORTS

The mandatory capital investment programme (CAPEX) for expansion projects was agreed at US$606.5 million (VAT included), divided into two phases:

⁽¹⁾ Millions Of dollars

As of December 31, 2025, Phase I had been fully completed. The investment commitment under Phase II for the years 2024 and 2025 was exceeded, reaching a total of US$ 106 million.

The investment to be made between the years 2028 and 2038 will be defined based on the operational needs of Aeropuertos Argentina, taking into account the economic balance of the concession.

The investments made during the fiscal years ending December 31, 2022, 2023, 2024, and 2025 are currently under review by ORSNA

During fiscal year 2025, Aeropuertos Argentina made capital investments totaling $179.303 billion. Among the most significant projects completed during this period were the remodeling of the Río Hondo Airport terminal, the completion of the San Juan Airport terminal expansion, the expansion of the North and South platforms at Aeroparque, the construction of a new VIPCLUB lounge and a new car rental hub at Ezeiza International Airport, and the rehabilitation of runways, platforms, and taxiways with the installation of new LED lighting at the Río Gallegos and Río Cuarto airports, among others.

Main Works Completed in 2025

During the first quarter of 2025, the comprehensive renovation and expansion of the Termas de Río Hondo International Airport terminal was completed, adding 2,650 m² of new space. The project included building renovations, expansion of operational areas, improvements to boarding lounges, modernization of technical facilities, and upgrades to passenger service areas, increasing operational capacity and adapting the infrastructure to the growth of tourism in the region.

In December 2025, the new passenger terminal at San Juan International Airport was inaugurated. The project included the construction of a building with a check-in hall, security checkpoints, boarding lounges for domestic and international flights, jetways, service areas, a baggage claim area, and commercial spaces. State-of-the-art security systems and operational technology were also incorporated, raising the airport's quality standard. The project involved an expansion of 5,396 m² compared to the existing infrastructure.

During the first quarter of 2025, the expansion and upgrade of the South Platform at Aeroparque Jorge Newbery were completed. The work included the construction of 14,000 m² of new technical pavement, the adaptation of aircraft parking positions, drainage works and associated services, as well as integration with the lighting and operational systems, strengthening the platform's capacity and operational efficiency.

In 2025, the new North Platform at Aeroparque Jorge Newbery was inaugurated and put into service. The project included the demolition of the old parking area and the construction of a new 17,000 m² apron designed for the operation of larger aircraft. Additionally, LED lighting and beacon systems and daytime signage were installed, significantly increasing the airport's operational capacity.

During the third quarter of the year, the rehabilitation of runway 05/23 at Rio Cuarto Airport was completed. The work included the complete repaving of the runway, the improvement of margins and safety strips along 2,260 linear meters, upgrades to the lighting and signaling system, and operational adaptation in accordance with current aeronautical regulations, allowing the resumption of commercial operations with increased safety levels.

During the fourth quarter of 2025, the structural rehabilitation of runway 08/26 at Río Gallegos International Airport was completed, covering a length of 2,750 linear meters. The project included the removal and reconstruction of deteriorated sections, comprehensive repaving, and the upgrading of the lighting and signaling system, ensuring operational continuity and extending the infrastructure's lifespan.

During the year, the construction and outfitting of the new VIP Club Lounge at Ezeiza International Airport was completed, incorporating exclusive spaces for passengers with rest areas, dining options, workspaces, personalized services, biometric access, and a functional design focused on enhancing the premium passenger experience.

In 2025, the new Car Rental Hub at Ezeiza International Airport opened, centralizing the operations of car rental companies in a single area. The project included customer service areas, offices, dedicated parking, improved access and signage, streamlining traffic flow and optimizing the ground transportation experience. The facility covers 9,700 m² and has capacity for 350 exclusive parking spaces, in addition to 270 m² of covered space with 10 independent retail units.

The construction of the new Express Immigration Control at Ezeiza International Airport was completed, which included the remodeling of 610 m² of the international arrivals area. The project replaced 11 traditional checkpoints with 32 express checkpoints and 5 automatic barriers, along with upgrades to the supervisory station, modernizing and streamlining the immigration control process.

During 2025, the renovation of the roof and comprehensive remodeling of the terminal building at Comodoro Rivadavia Airport was completed. The work included structural and architectural improvements, modernization of operational and passenger service areas, upgrades to technical facilities, and an updated building appearance.

Progress was made in modernizing the electrical infrastructure through the installation of new main feeders, improving the capacity and reliability of the energy supply to Ezeiza International Airport.

Works in Progress

This project involves expanding the terminal to 1,850 m², incorporating new check-in areas, baggage handling systems, waiting rooms, restrooms, a food court, offices, and a VIP lounge. At the end of the fiscal year, the project was 51.5% complete.

The renovation of the Salta passenger terminal will expand its surface area to 14,000 m², improving passenger flow, security systems, and sanitary and fire detection facilities. As of December 31, 2025, the project was 50% complete.

The project aims to increase the covered area to 7,000 m², improving the terminal's operational capacity and comfort through the addition of new check-in areas, departure and arrival lounges, new jet bridges, and updated technology for climate control, lighting, and signage.

The new Formosa terminal will have an area of 3,380 m² and the capacity to handle two simultaneous flights. The project includes a check-in hall, baggage carousel, pre-boarding area, and spaces for international operations. At the end of the fiscal year, the project was 59% complete.

The renovation of the Resistencia terminal will cover 6,600 m², reorganizing operational areas and redistributing interior spaces to improve functionality. The planned execution time is 17 months.

Work is underway on the main runway at Río Grande Airport, including repaving, upgrades to lighting and signage, and technical improvements aimed at increasing safety and operational reliability.

Construction of the new Single Courier Terminal began in 2025. This terminal is designed to centralize and streamline international parcel operations. The project includes logistics areas, operational spaces, internal circulation routes, sorting and dispatch equipment, and a new access road.

Expansion work is underway in the perishable goods sector, incorporating new refrigerated storage chambers, operating areas, and auxiliary services, strengthening the logistics capacity for temperature-sensitive products.

Construction and commissioning of a new reverse osmosis plant at Ezeiza International Airport is progressing. This includes treatment and purification systems, industrial equipment, and connection to internal networks, with the aim of ensuring the quality and availability of water for airport operations.

The project includes a 2,800 m² expansion towards the terminal facade, the construction of a new restroom facility, the addition of a mezzanine with offices, and the expansion of the Shop Gallery commercial area.

AIRPORT SAFETY AND MAINTENANCE

During 2025, the Company reinforced its commitment to Operational Safety through various initiatives aimed at strengthening operational standards and the maturity of the management system.

Within this framework, an APEX audit was conducted at Bariloche Airport in October by international experts in the areas of Operations, Operational Safety, Snow Operations, and Wildlife. As a result of the process, 99 findings were identified and classified according to their area of expertise for analysis and action.

Furthermore, evacuation drills and operational safety audits were carried out throughout the year, totaling 17 drills and 19 airports audited in this process.

Additionally, Bariloche Airport conducted drone trials for inspection and monitoring tasks in the movement area and safety zones.

During August and September, cross-audits of operational safety were implemented with the participation of more than 10 airports, aimed at innovating in auditing processes, identifying deviations, and raising safety standards.

Also, in 2025, the Posadas and Resistencia airports obtained certification from the National Civil Aviation Administration, validating their compliance with the operational safety protocols established by the International Civil Aviation Organization.

In 2025, we developed and delivered new Local Security Procedures tailored to the specific needs of the airports in San Rafael, Catamarca, Formosa, Puerto Madryn, and Villa Mercedes.

Finally, we received corporate-level approval from the Airport Security Police for the Operator Security Program and the Internal Training Plan.

During 2025, the Company continued to advance the transformation of maintenance management at its airports through the implementation of an asset management tool. The digitization of processes and their integration with the ERP system improved the identification and recording of incidents and maintenance needs, optimizing operational management, providing greater mobility for technical personnel, and contributing to extending the useful life of equipment and improving its performance. At the end of the year, the tool was operational at 12 airports, with its progressive rollout continuing across the rest of the network.

Furthermore, a comprehensive survey of equipment, spare parts, and maintenance plans was conducted at 18 airports, enabling the definition of a new asset management process, integrated with incident management and supply chain projects. Within this framework, a specific tool for pavement management was also developed, facilitating the location and tracking of maintenance events.

In line with the commitment to continuous improvement, seven airports were incorporated into the "Road to Excellence" program, achieving more than 70 improvements with a direct impact on operations and receiving recognition from external entities. In this context, the Ezeiza maintenance team was selected by the National Institute of Industrial Technology (INTI) as a benchmark for continuous improvement within the framework of the EAF program. Additionally, during the year, improvement initiatives were presented using the Plan-Do-Check-Act methodology in specialized areas, related to energy efficiency and the optimization of sanitary maintenance processes, reflecting the Company's ongoing focus on innovation and the optimization of its maintenance processes.

HUMAN CAPITAL

Our teams are the engine of our growth, and that is why we focus on their well-being and development. We work to build diverse and inclusive environments where each person can unleash their full potential. We promote innovation and agility as fundamental pillars, ensuring that we are always one step ahead in a world that never stops evolving.

With the goal of supporting the professional development of our employees, the Company has a talent management strategy that allows us to identify, through mapping processes, key profiles for building high-performing teams. Based on this, we implement various initiatives focused on employee retention and development.

We reaffirm our commitment to internal growth by completing a total of 482 searches, 53% of which were filled by internal talent. Within this framework, 85% of leadership positions were filled by employees from within the organization, strengthening the continuity and development of internal leadership.

As part of the Company's cultural evolution and the adoption of agile management models, we promoted the professional development and growth of our employees, focusing on preparing them for current and future challenges.

During the year, a training model based on innovation, agility, and continuous learning was consolidated, with a course offering tailored to the needs of each business unit. Training was delivered in face-to-face, virtual, and blended formats, complemented by asynchronous components through the My Learning platform, which facilitates access to technical content, transferable skills, and corporate tools.

Training in figures 

Likewise, in 2025 the model of the Society's three Technical Schools continued to be strengthened, defining the capabilities and levels of mastery required for each role, ensuring comprehensive training aligned with the specific knowledge and skills of each position.

During 2025, there were no permanent or temporary interruptions in the provision of airport services by the Company. Any labor actions that occurred involved companies or services operating within the airport sector and were unrelated to the Company's management, ensuring operational continuity in all cases.

The Company respects the principle of freedom of association and has designated Labor Relations and Human Resources representatives in each Business Unit, enabling ongoing dialogue with union representatives and fostering cooperative labor relations.

Furthermore, the Company reaffirms its commitment to maintaining collective bargaining and salary adjustments aimed at preserving the purchasing power of wages, taking into account the Consumer Price Index (CPI) and within the framework of current national and international legal provisions, thereby helping to minimize potential conflicts that could affect operations.

For the third consecutive year, we achieved GPTW certification, reaffirming our commitment to the well-being and experience of our teams. This year, we again exceeded participation, reaching 89%, which reflects the high level of involvement of our people. Furthermore, we achieved an 87% affirmation in the GPTW survey and an average of 78% across all affirmations, particularly excelling in areas such as fairness (86%), corporate image (85%), hospitality (83%), pride (82%), camaraderie (81%), and teamwork (80%). These results motivate us to continue strengthening our culture, fostering a work environment where everyone can develop and grow.

COMMUNITY AND SUSTAINABILITY

Aeropuertos Argentina has the mission of advancing on the path of sustainability, with responsible management of the economic, social and environmental impact generated by our actions. Therefore, it seeks to make this concept a transversal and strategic vision for the business.

From our management, we seek to generate a positive impact in the communities where we operate, committing to the Sustainable Development Goals (SDG) and contributing to the 2030 Agenda for the integral well-being of our country and the world. Our objective is to be leaders and benchmarks in the industry, valued by our clients, employees and stakeholders, and to grow sustainably in the long term.

To achieve this goal, we work on five strategic pillars that guide our action in the face of challenges. In 2025, we continue to advance in our Sustainability Strategy, focusing on key projects, transformation initiatives and daily actions of our business units. All this, in collaboration with the airport ecosystem, the communities and our multi-sector alliances.

Through various programs, in 2025 we reached a total of 1,600 people impacted.

We promote educational and cultural initiatives to highlight the richness of Argentina and encourage the educational development of its inhabitants. Through these actions, we also focus on the care and promotion of the diverse local cultures that enrich the country. Our commitment to the community is realized through programs that expand access to education, strengthen skills for future employability, and offer cultural initiatives that promote inclusion.

Aeropuertos Argentina Orchestra

The Airports Argentina Orchestra celebrated its 10th anniversary as an initiative that promotes the artistic, educational, and personal development of young people from highly vulnerable backgrounds, offering them a space for professional training, support, and growth through music.

Currently, it comprises 56 scholarship musicians, aged 18 to 25, who receive instruments, training, pedagogical guidance, and financial support, with real opportunities for employment.

In a decade, more than 250 young people have participated in the Orchestra, achieving high graduation rates and professionalization. Furthermore, it has an agreement with the National University of the Arts and was declared of Social and Cultural Interest by the Buenos Aires City Legislature in 2023.

Support for the Families of the Fallen in Malvinas and the South Atlantic Islands

Since 2004, we have supported the Commission for the Families of the Fallen in Malvinas and the South Atlantic Islands with different actions that have an impact on both the families and society in general. In addition, since 2018, agreements between Aeropuertos Argentina and this Commission were signed to facilitate this support, framed within the Compliance regulations that govern the company.

During fiscal year 2025, Aeropuertos Argentina S.A. fulfilled its obligations under the maintenance agreements for the Argentine Military Cemetery in Darwin and its support for the Commission, carrying out repairs to its infrastructure. Furthermore, working meetings and videoconferences were held to maintain a constructive relationship and advance an amendment to the Humanitarian Project Plan. This amendment will allow, during 2026 and with the participation of the International Committee of the Red Cross, the exhumation and identification of the remains of soldiers killed in the conflict. Additionally, a donation was made for the construction of the Hall of Heroes, located in the Malvinas National Museum.

PESCAR Program

The PESCAR Center is a job training initiative promoted by Aeropuertos Argentina in partnership with the Pescar Foundation, aimed at fostering the social and professional inclusion of high school seniors in the Ezeiza area.

During the year, the program reached 20 students and combined soft skills training with in-person technical sessions, including tours of different areas and operations within the airport ecosystem. Furthermore, in 2025, stakeholders from the airport community, such as Flybondi, Shop Gallery, and Duty Free Shop, were incorporated, expanding learning opportunities. Since the partnership began in 2010, more than 240 young people have participated in the Pescar Centers in Ezeiza, with a 75% job placement rate.

Cimientos Program

This is a strategic program in partnership with the Cimientos Foundation to give university students the opportunity to gain exposure to the airport industry.

In the 2025 edition, 35 students participated, studying fields related to airport operations—such as tourism, airport management, international business, public relations, and software development—mostly from the University of Ezeiza. The program ran for two months and included soft skills and employability training, provided by Cimientos, and technical training delivered by volunteers from Aeropuertos Argentina, with the aim of offering a comprehensive view of our operations and role as an airport operator.

We prioritize the health and wellbeing of communities, working closely with various stakeholders to ensure the quality of life of its citizens.

Support for the Dr. Alberto Antranik Eurnekian Ezeiza Interzonal University Hospital

Since 2006, Aeropuertos Argentina has collaborated with the Dr. Alberto Antranik Eurnekian Ezeiza Interzonal Hospital, contributing to the financing of maintenance, projects and the acquisition of essential medical equipment. Recently, we have supported the incorporation of new instruments and resources to improve the diagnostic and care capacity. The hospital, which has 233 beds, 6 operating rooms and 2 delivery rooms, is also a university hospital, where we collaborate with the organization and financial support in the offering of courses and residencies in various medical areas, such as Histology, Nursing, Surgical Instrumentation and Emergencies. This collaboration reflects our commitment to strengthening the health system in the community.

Amaltea Civil Association

The Amaltea Civil Association is a rehabilitation and social integration center, started in 2014 in Ciudad Oculta-Villa 15, in the Autonomous City of Buenos Aires. In formal terms, it is recognized as a Community Care and Support Center by the Secretariat of Comprehensive Drug Policies of the Argentine Nation.

In 2025, Aeropuertos Argentina strengthened its collaboration with the Association through a significant increase in monthly support for the development of activities and the operation of the headquarters, in addition to allocating an extra budget for the building's general maintenance. Furthermore, the computer lab, installed in 2024, continued to expand through the donation of more equipment: computers and printers.

For Children's Day, a donation of toys was arranged at Aeroparque Airport and the Corporate Building, which were then distributed to the children of the Sueñitos Kindergarten.

We are actively committed to the preservation of destinations, promoting projects and actions that support the growth and development of regional economies, thus contributing to the well-being of their inhabitants.

Zero Plastic Destination

Since 2022, Aeropuertos Argentina has been promoting the Zero Plastic Destination initiative with the goal of reducing plastic use in its terminals and decreasing its environmental impact and plastic footprint, encouraging the participation of the entire airport community. This work is being carried out progressively and systematically, in conjunction with food and retail concessionaires, VIP lounges, operational areas, airlines, and other key stakeholders in the ecosystem, with support from the specialized consulting firm Unplastify.

During the year, the program expanded its reach to 24 airports and was strengthened through comprehensive actions. Within this framework, the Leadership Training Program was relaunched for the second consecutive year. Developed over five sessions, the program addresses the issue of plastic, reduction methodologies, alternative materials, and current regulations. Furthermore, the content has been permanently incorporated into the "My Learning" platform, providing virtual access to all employees.

During the year, the Company made significant progress in measuring and reducing its plastic footprint across various areas of its operations and within the airport ecosystem. A 37% reduction was achieved in food service concessions and retail outlets at 14 airports, exceeding the established targets, and a 46% reduction was achieved in internal operations, encompassing 41 offices, 4 cafeterias, and the inclusion of corporate events in the measurement. Furthermore, collaboration with strategic partners, including VIP lounges and airlines, resulted in a 30% reduction in the measured plastic footprint. Additionally, measurements were taken for the first time in cargo operations at Ezeiza Airport, achieving an 8% reduction and thus expanding the scope of environmental management initiatives.

Women In Aviation Travel & Tourism

Women in Aviation Travel & Tourism is a multidimensional initiative that promotes the professional development of women in the aviation, travel, and tourism industries, fostering collaboration between private companies, public organizations, unions, and academia. The program implements training initiatives and flexible work policies that promote inclusive, safe environments with greater opportunities.

In terms of training, academic scholarships are offered in partnership with prestigious universities. In 2025, in partnership with the University of San Andrés, 39 scholarships were awarded for executive education, postgraduate programs, and MBAs, bringing the total to over 80 scholarships since the program's launch in 2019. Additionally, in partnership with the Austral University, a full scholarship for Industrial Engineering is offered, which has already enabled three young people to pursue their studies and one to graduate and enter the workforce. A new scholarship has also been awarded this year.

Finally, the program also includes the Women in Aviation Travel & Tourism Global event, which brought together more than 400 people from Corporación América Airports, where leading women shared key trends, challenges and opportunities for the future of the airport and aeronautical industry.

DISCAR Foundation

For more than 10 years we have supported the DISCAR Foundation in the comprehensive training of people with intellectual disabilities. We currently have three employees included in this program. We want to be a Company that ensures accessibility, which is why we strive to train our teams and representatives of the airport communities so that they have the necessary tools to eliminate barriers. It is our priority that passengers have a positive experience, so accessibility not only includes the preparation of our teams but also adapting the infrastructure so that everyone can enjoy the facilities without limitations.

Sign Language

We became the first Argentine company to certify its staff in Argentine Sign Language, in partnership with SEA – Señas en Acción (Signs in Action). In 2025, we trained 36 people, including refresher courses, in-person exams, and online exams. This resulted in a total of 231 final certifications across 13 airports nationwide. This significant achievement not only eliminates communication barriers but also reinforces our commitment to a more humane and inclusive experience.

During 2025, Aeropuertos Argentina reaffirmed its commitment to responsible environmental management and energy efficiency, central pillars of its sustainability strategy. The implemented initiatives optimized resource consumption, strengthened monitoring mechanisms, and generated relevant information for decision-making, in line with the company's strategic objectives.

Within this framework, progress was made in reducing the carbon footprint through Level 2 certification of the Airport Carbon Accreditation program at the airports of Bariloche, Tucumán, Salta, Jujuy, Paraná, and Río Grande. This certification recognizes the implementation of effective carbon management procedures and the achievement of quantifiable emission reductions.

Furthermore, water footprint audits were conducted in accordance with ISO 14046 at the airports of Mendoza, San Juan, and Comodoro Rivadavia, reinforcing the Company's commitment to the efficient management of resources and the continuous improvement of its environmental performance.

Energy Efficiency

During the year, the Company continued to strengthen its energy management by adopting various measures aimed at optimizing consumption, improving carbon footprint measurement, and strengthening energy use monitoring at its airports.

Among the main initiatives implemented during 2025 were the implementation of energy management systems at seven locations, with ISO 50001:2018 certification achieved at four of them (Ezeiza, Mendoza, Comodoro Rivadavia, and Aeropuertos Argentina Cargas), the optimization of lighting, the efficient management of climate control through operational adjustments, the monitoring of energy consumption through efficiency dashboards, and the development of an online energy measurement platform, currently in the implementation phase.

These actions, mostly focused on process optimization and without requiring significant investments, generated relevant economic benefits in overall energy consumption. In line with the Company's strategic priorities, it is planned to continue replicating these measures at other airports during 2026, as well as to advance new investments in renewable energy.

In this context, the Company defined and published an Energy Efficiency Policy, aligned with its Environmental Policy, with the objective of implementing and maintaining an energy management system in compliance with the requirements of ISO 50001:2018.

Renewable Energy

As part of our commitment to sustainable management, we are increasing the purchase of renewable energy at Aeropuertos Argentina Cargas and Aeroparque, in addition to the purchases we already made at Ezeiza, the airport with the highest electricity consumption.

For operations carried out at the airport during 2025, 99% renewable energy was used at Ezeiza. Aeropuertos Argentina Cargas and Aeroparque also use renewable energy purchased on the wholesale market. Aeropuertos Argentina Cargas uses 100% renewable energy, and Aeroparque approximately 50%.

Considering the total consumption of the other airports belonging to Aeropuertos Argentina, renewable energy represents between 55% and 60% of it.

As part of the same effort to reduce emissions, in certain airports, we have advanced technology that allows us to remotely and centrally monitor air quality and the need for ventilation when necessary in major airports.

TECHNOLOGY, DIGITAL TRANSFORMATION, AND INNOVATION

During 2025, the Company continued to advance its technology, digital transformation, and innovation agenda, focusing on strengthening operational efficiency, improving the passenger experience, optimizing decision-making, and supporting business growth. The initiatives developed were geared toward the responsible adoption of new technologies, data-driven management, process automation, and strengthening information security.

During the year, the Company made progress in strengthening the Data-Driven Index as a comprehensive framework for measuring the maturity and adoption of data-driven practices throughout the organization. This index considers key dimensions such as training, the use of corporate dashboards, the application of advanced analytical models, and data governance.

In 2025, various actions were undertaken to consolidate this approach. The second edition of the Data Academy was held, and workshops were conducted for various teams, covering technical content related to data and artificial intelligence, as well as providing support for the correct interpretation and use of dashboards. Through these initiatives, 691 employees participated, while 695 employees used corporate dashboards during the period.

Additionally, with the aim of democratizing access to information, a map of corporate dashboards was published on the intranet, and a conversational agent called Dati was launched, facilitating quick and easy access to information and dashboards.

In 2025, the Company developed a comprehensive strategy for the efficient, secure, and ethical adoption of artificial intelligence within the organization, aimed at driving innovation and ensuring compliance with current regulatory, security, and governance frameworks. In this context, an evaluation and planning process for artificial intelligence technologies was carried out in relevant areas, focusing on responsible implementation aligned with business objectives.

For its development, an interdisciplinary team was formed with representatives from operational areas and specialists from key functional areas. Within the defined work plan, internal and external surveys were conducted, a corporate guide for the use of artificial intelligence was developed and disseminated, corporate tools were enabled, and training, proof-of-concept testing, and internal communication activities were carried out.

As a result of these initiatives, more than 1,300 employees were trained in the fundamentals of generative artificial intelligence and in the advanced use of our AI tool. Key users (Champions) were also identified to promote the adoption of these tools within their teams. The deployment of more than 3,000 licenses for our AI tool and the identification of more than 100 AI use cases across various areas reflect tangible and comprehensive progress, consolidating internal capabilities and fostering a culture of continuous learning and openness to change.

Continuing with the implementation of the comprehensive digital transformation project, which marked a milestone in the evolution of Aeropuertos Argentina Cargas, Phase 2 of the project was completed in 2025, encompassing all import processes and operations. This stage included the integration of the WMS and ERP systems, as well as improvements to the user experience through the expansion of the self-service portal for import customers, strengthening operational efficiency and traceability.

During 2025, and building on the ERP system upgrade completed the previous year, the Company progressed with the implementation of a cloud-based solution for maintenance management. This tool enables task execution from mobile devices, with direct integration to the ERP system and access to real-time information, allowing technicians to manage work orders, consult technical data, and monitor asset status from the field. By year-end, the solution was implemented in 10 airports, reaching 150 active users, with a positive impact on productivity and operational efficiency.

Additionally, a comprehensive solution was implemented for managing the entire supplier lifecycle and procurement processes, centralizing registration, evaluation, rating, and risk management, as well as the purchasing and contracting of services. The platform ensures end-to-end traceability, electronic exchange of business documents, and greater visibility for the Purchasing and Compliance departments, strengthening internal control, operational efficiency, and decision-making.

Furthermore, in conjunction with the Sustainability department, progress was made in implementing a strategic management and monitoring tool that links corporate strategy with measurable results, based on the consolidation of reliable and standardized data from multiple systems. Within this framework, the management of human capital indicators—including diversity and inclusion, workforce trends, internal mobility, and organizational climate—was automated, and a set of strategic business indicators was incorporated, focused on monitoring operational performance, customer experience, and key economic variables, thus strengthening management based on integrated and traceable information.

During 2025, ADA continued to evolve as a virtual assistant for the airport ecosystem, incorporating improvements aimed at providing a more complete and personalized experience for passengers. Key advancements included optimized flight information, an extended advance consultation period, the addition of data on baggage claim and queue delays, and greater flexibility in interpreting inquiries.

Furthermore, progress was made in integrating with internal systems and incorporating functionalities based on generative artificial intelligence, such as restaurant recommendations and improvements to airport information. During the year, the use of push notifications and parking payments via WhatsApp was consolidated, reaching 32% of tickets paid through this channel in December.

In terms of performance, ADA recorded a total of 1,708,164 conversations and 43,861,899 messages at the SNA level during 2025, with an average satisfaction score of 4.4 out of 5.

During 2025, Aeropuertos Argentina's online store consolidated its position as a strategic channel for marketing travel-related products and services, expanding its offerings by adding new vendors and proposals, and strengthening its nationwide presence with the addition of the Bariloche online store.

The channel's growth was primarily driven by the evolution of the online parking offering, with new options and the implementation of dynamic pricing at Ezeiza, Aeroparque, and Mendoza airports, as well as by sales and promotional activities on key dates, notably its first-time participation in the Hot Sale event.

As a result of these initiatives, the online store registered more than 75,000 orders during 2025, solidifying its position as a relevant channel within the company's digital ecosystem.

As in previous years, information security continued to be a strategic priority for Aeropuertos Argentina, with the goal of protecting the systems and information that support critical operations against the growth and sophistication of cybersecurity threats. The operation of complex infrastructure such as airports depends on the availability and reliability of specialized systems, making it essential to strengthen technological resilience and comprehensive risk management.

The 2022–2025 Cybersecurity Program was completed in 2025, enabling the standardization of processes, the integration of common technologies across the organization, and the consolidation of key capabilities for the protection of digital assets and operational continuity. Key achievements include the implementation of a centralized Security Operations Center for continuous, real-time monitoring of networks and systems, the incorporation of advanced technologies for proactive vulnerability detection, and the performance of independent external reviews by internationally recognized providers, reinforcing the robustness of the control framework.

Furthermore, web browsing protection and filtering were strengthened through comprehensive solutions, identity and access management was standardized through structural governance projects, and significant progress was made in identity protection through multi-factor authentication and privileged access management. The network infrastructure was reinforced with the implementation of a Web Application Firewall to protect critical applications, and solutions were adopted to verify the identity of senders and the integrity of email content, strengthening the detection and mitigation of phishing attempts. This comprehensive approach raised the cybersecurity maturity level and consolidated a homogeneous, scalable technological foundation prepared to sustainably support the Company's growth.

In this context, the Information Security Committee strengthened its strategic oversight role, monitoring key risks, vulnerabilities, and projects, and ensuring alignment with international standards. Additionally, the ACI World APEX Cybersecurity Program was conducted at Ezeiza International Airport during the year, resulting in the corresponding certification.

Cybersecurity is an ongoing challenge, with threats originating from all types of external actors. It is essential to continue investing in the protection of information assets and improving contingency management processes to ensure business continuity in the face of these risks. This is why a new Strategic Cybersecurity Plan was defined, extending until 2030. It includes an approach focused on new technologies, strongly linked to artificial intelligence and automated processes. This plan aims to significantly strengthen user awareness at all levels, also considering the supply chain and service providers that interact with the company's information and systems, and will also reinforce incident containment, response, and management processes.

FINANCE

The Company's debt structure is mainly leveraged by international and local NOs.

Capital payment schedule

(Millions of U$S)

* In millions of US dollars

During 2025, the Company successfully met the maturities of various bank loans, paying off the only outstanding loan with ICBC Bank for US$10.0 million.

Finally, in 2025, the Company acquired its own Class X bonds in the secondary market for a nominal value of US$2.2 million.

As of December 31, 2025, cash and cash equivalents totaled $91,770 million. The total liquidity position, which includes cash and cash equivalents, as well as other financial assets, amounted to $236,664 million at year-end.

As of December 31, 2025, the Company was in compliance with all its financial covenants.

ECONOMIC PERFORMANCE 2025

It should be noted that the figures for 2024 are expressed in the same currency as in 2025, which implies re-expressing them for the inflation of the year, with which the year-on-year variation implicitly includes the relationship with the inflationary effect of the period.

During 2025, the Company's total revenue increased by 14% year-over-year, reaching $1,358,703 million, compared to $1,195,526 million in 2024. This growth was due to a consistent 14% increase in both aeronautical and commercial revenue.

Aeronautical revenue totaled $784,472 million, representing a 14% increase compared to 2024, driven primarily by record growth in international passenger traffic. In the domestic segment, revenue increased by 10% year-over-year.

Since aeronautical revenue is primarily denominated in US dollars, the year-over-year change reflects the combined effect of exchange rate fluctuations and inflation during the period.

Commercial revenues reached $574.231 billion, a 14% increase compared to the previous year, primarily driven by the following factors:

During 2025, total operating costs and expenses increased by 11% year-over-year, reaching $1,016,037 million, primarily as a result of higher operating expenses related to airport services and maintenance.

The cost of services totaled $855,445 million, representing a 9% year-over-year increase, equivalent to $71,610 million. This variation was mainly due to the following factors:

These variations were partially offset by reductions in items such as salaries and social security contributions, fees, office expenses, and insurance, which together helped to moderate the overall growth in costs.

During 2025, Marketing and Administration expenses totaled $160.592 billion, representing a 23% year-over-year increase, equivalent to $30.001 million.

This increase was mainly due to higher expenses in salaries and social security contributions, amortization of intangible assets associated with new acquisitions during the year, provisions for bad debts, and taxes related to the higher level of activity and sales.

The adjusted EBITDA in constant currency for 2025 amounted to $566,944 million, with an adjusted EBITDA margin of 41.7%.

During 2025, the Company recorded a net financial loss of $104,209 million.

In accordance with IAS 29, monetary assets and liabilities denominated in foreign currency must be restated to reflect the inflationary component. This involves reclassifying the effects of exchange rate differences and the Result from Exposure to the Monetary Position (RECPAM). The magnitude of this reclassification depends on the relationship between the exchange rate change and the accumulated inflation at year-end.

In 2025, the exchange rate devaluation was higher than the annual inflation rate (41% versus 32%, respectively), which meant that, with the application of IAS 29, the total net exchange rate difference was presented as a loss. In contrast, during 2024, the devaluation was lower than the inflation rate, generating an inverse effect on the financial result.

OUTLOOK 2026

2025 was a landmark year for the Company, setting a new record for total passengers for the year, exceeding 45.8 million and surpassing the previous record of 42.3 million set in 2023. A new record for international passengers was also set, totaling 15.4 million. Throughout the year, the Company achieved record total passenger figures for each month in 11 of the 12 months. Furthermore, December marked a milestone in the Company's history, registering the highest number of passengers in a single month in its 27 years of operation. With 4.2 million passengers, the previous record set in January 2025 was surpassed.

The international segment consolidated its growth, with an 8.6% increase in the fourth quarter compared to 2024, closing 2025 with a 17.2% year-on-year increase. The main driver of this strong performance is an increase in flight frequencies to major international destinations, along with new routes launched in the preceding months of this year, primarily to regional destinations. Compared to 2019, international traffic was 25.6% higher than the last quarter and 13.4% higher for the year. Every month of the year set a record for total passengers.

The domestic segment also showed strong performance, 5.6% higher than the last quarter of last year, closing with 9.5% growth compared to 2024 and 8.0% compared to 2019. This year, this segment was boosted by the growth of the domestic fleet, which airlines have incorporated to offer a greater number of flights and frequencies, increasing the availability of local routes and destinations.

Looking ahead to 2026, we anticipate moderate growth in the international segment and slightly higher passenger levels for the domestic segment.

Record passenger numbers each month present a challenge to maintaining service standards. In this context, Ezeiza Airport achieved first place in the International Airport Council's commercial satisfaction ranking. This achievement exemplifies our commitment to passengers, in line with our strategy of strengthening services and continuously improving infrastructure. Furthermore, Ezeiza was nominated for the Airport Honour Awards, and Aeroparque was awarded first place in its category in the Routes Americas 2025 awards.

On the commercial revenue side, the growth in operations and revenue in the Cargo segment stood out, primarily due to higher import volumes, along with a change in the tariff structure. Likewise, accompanying the increase in passenger traffic, the commercial categories registered solid performance, especially the parking sector, which continues with significant growth, driven by higher occupancy levels, greater availability of parking spaces, and tariff updates.

Regarding the air cargo business, 2025 marked a record revenue driven by the volume of import courier services, which grew by 89% compared to 2024. Furthermore, in the first quarter of 2025, a new tariff structure was implemented, focusing on simplifying rates, incentivizing efficiency, and providing greater predictability of times and costs, generating a positive impact on revenue. Additionally, technology was incorporated into warehouse management with the implementation of a Comprehensive Digital Transformation, focused on increasing the efficiency and traceability of air cargo.

On the other hand, the Company's operating costs, primarily those denominated in local currency, continued to be impacted by macroeconomic variables. However, we continued implementing control and efficiency measures, which have mitigated the impact. This, combined with revenue growth, contributed to an expansion of operating margins.

Finally, within the framework of the investment plan, we have made significant progress in executing the CAPEX commitment established in our contractual framework. We completed the portion of the CAPEX program planned for 2025, corresponding to Phase II of the commitment, after having completed Phase I towards the end of 2024. Likewise, progress was made on the works carried out with the National Airport System Strengthening Trust.

The plan focused on runway works and terminal upgrades in several provinces of the country, aimed at expanding and modernizing the infrastructure, increasing capacity, and raising the level of service at each airport. The most significant investments for 2025 include the Río Hondo Terminal Remodeling project, the completion of the San Juan Terminal Expansion, the expansion of the North and South Platforms at Aeroparque Airport, the construction of a new VIP Club Lounge and a new car rental hub at Ezeiza International Airport, and the rehabilitation of runways, aprons, and taxiways with the installation of new LED lighting at Río Gallegos and Río Cuarto Airports, among others.

During 2026, we will continue our investment plan to further strengthen infrastructure and the range of services offered to passengers and airlines. These initiatives will allow us to continue developing new routes and expanding Argentina's global connectivity. We also expect to continue focusing on technological innovation to make our operations increasingly efficient and secure through the integration of artificial intelligence and other cutting-edge technologies at our airports.

PROPOSAL OF THE BOARD OF DIRECTORS

This board submits the aforementioned documentation for the approval of the shareholders and states that the result of the year of $209,678 million, is intended for the creation of a facultative reserve

Finally, we would like to thank the staff of Aeropuertos Argentina, our clients, suppliers, banking entities and other organizations with whom we share our daily activities for their collaboration during our management, and we would like to greet the Shareholders with the highest regard.

Autonomous City of Buenos Aires, March 4, 2026

THE BOARD OF DIRECTORS

ATTACHMENT IV

1 http://www.cnv.gov.ar/SitioWeb/Empresa/Empresa/30696170580

2 https://www.aa2000.com.ar/Contacto

Registration number with the Superintendency of Corporations: 1645890

Honduras 5663 – Autonomous City of Buenos Aires

Principal activity of the Company: Exploitation, administration and operation of airports.

Company name: Aeropuertos Argentina 2000 S.A.

Separate Financial Statements

Corresponding to

Fiscal Year No. 28 commenced on January 1, 2025

Date of registration with the Public Registry of Commerce:

Of the By-laws: February 18, 1998

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

Expiration date of the company: February 17, 2053

Controlling Company:

Corporate Name: Corporación América S.A.U.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

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

Capital breakdown (Note 15)

Separate Statements of Comprehensive Income

For the years ended at December 31, 2025 and 2024

The accompanying notes are an integral part of these Separate Financial Statements.

Separate Statements of Financial Position

At December 31, 2025 and 2024

The accompanying notes are an integral part of these Separate Financial Statements.

Separate Statements of Changes in Equity

At December 31, 2025 and 2024