CORPORACION AMERICA AIRPORTS REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Solid traffic performance supported by record highs in Argentina, Armenia, Italy and Uruguay

Achieved double-digit YoY growth in Adjusted EBITDA ex-IFRIC with margin expanding 4.6pp, ex-one-off impacts

Maintained robust liquidity with $593 million in Cash & Cash Equivalents and Net Debt to LTM Adjusted EBITDA of 0.7x

Luxembourg, March 17, 2026— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended December 31, 2025, and audited results for the full year 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 24.

Fourth Quarter 2025 Highlights

Full Year 2025 Highlights

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We closed the year with a very strong fourth quarter, achieving record traffic for both the quarter and the full year, supported by broad-based growth across our network. Passenger traffic increased 9% year-over-year in the quarter, reaching full-year record levels in Argentina, Armenia, Italy and Uruguay, reflecting resilient demand and continued connectivity expansion. Revenue increased 17% year-over-year excluding construction services, once again outpacing traffic growth and driven by solid performance across both aeronautical and commercial revenues. This translated into meaningful operating leverage. Adjusted EBITDA excluding IFRIC 12 increased nearly 40% year-over-year, with reported margins expanding by more than 7 percentage points. Even excluding one-off impacts in both periods, Adjusted EBITDA margin improved 4.6 percentage points year-over-year, underscoring the structural improvement in our profitability profile.

Argentina delivered an outstanding performance, supported by double-digit international traffic growth and disciplined cost management, while Armenia continued to benefit from expanded connectivity and commercial initiatives. Across the portfolio, revenue per passenger and commercial execution remain central to strengthening the quality and resilience of our business.

We ended the year with one of the strongest balance sheets in our history. Net leverage declined to 0.7x, supported by Adjusted EBITDA growth, disciplined capital allocation and cash generation. Our liquidity position provides flexibility to fund committed investments and take advantage of future growth opportunities, while preserving financial discipline.

Strategically, recent developments further enhance the long-term visibility of our platform. In November, we signed an award agreement with the Government of Iraq to operate Baghdad International Airport, and in December, we were awarded the concession to operate Luanda’s new international airport in Angola, both of which offer attractive long-term growth fundamentals. On January 23, 2026, we secured an important milestone in Armenia, where our subsidiary entered into an amendment agreement with the Government of the Republic of Armenia. This amendment includes extending the concession by 35 years through 2067, committing to a $425 million investment program and establishing a clear investment and tariff framework, which created significant value. Shortly thereafter, on January 27, 2026, we executed an addendum to the Galápagos concession in Ecuador, rebalancing the agreement, restoring economic equilibrium and extending its term by six years. In addition, in January, Sociedad Aeroportuaria Kuntur Wasi S.A. received the payment related to the ICSID final arbitration award for the Chinchero concession in Peru, which had a positive impact of $32.5 million on our EBITDA in 4Q25. This outcome resolves a long-standing process and reinforces our commitment to defending our contractual rights while further strengthening our financial position.

As we enter 2026, our focus remains on disciplined execution and value creation, balancing traffic growth, commercial optimization, prudent capital investment and financial strength across our global network. We are also closely monitoring the evolving geopolitical situation in the Middle East and remain attentive to any potential implications for our operations and international travel.”

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

4Q25 Operating Performance

Passenger Traffic

Total passenger traffic increased by 9.1% YoY to 22.3 million passengers, marking all-time fourth-quarter and full-year records, supported by growth across both domestic and international segments. Domestic traffic rose by 6.5% YoY, primarily driven by strong performance in Argentina and Brazil, with additional contributions from Ecuador. International traffic expanded by 12.0% YoY, with all operating countries posting positive year-over-year growth, including double-digit increases in Argentina, Italy, Brazil, and Armenia. Notably, Argentina accounted for over 50% of the total YoY traffic increase during the quarter.

In Argentina, passenger traffic increased 8.7% YoY, reaching record levels for both the fourth quarter and full year. Growth was driven by double-digit expansion in international traffic and high single-digit growth in the domestic segment. Domestic traffic rose 5.9% YoY, with load factors exceeding 90% across most key routes. Performance was supported by new routes and additional frequencies, including seasonal services such as Córdoba–El Calafate, Córdoba–Ushuaia, and Córdoba–Iguazú. During the quarter, Aerolíneas Argentinas resumed service to Río Cuarto, while JetSMART increased frequencies on its Buenos Aires–Resistencia and Buenos Aires–San Juan routes. Flybondi also expanded frequencies on routes including Buenos Aires–San Juan, Buenos Aires–Mendoza, Buenos Aires–Salta, and Buenos Aires–Jujuy. International passenger traffic increased 14.6% YoY, reflecting continued capacity additions and route reactivations. Notable developments included LATAM’s resumption of service between Córdoba and São Paulo, as well as increased frequencies by Air Canada and Emirates to five and seven weekly flights, respectively. In addition, Delta resumed its New York route, China Eastern launched service between Buenos Aires and Shanghai, LATAM reinstated its Buenos Aires–Miami route, and ITA Airways increased frequencies during the summer season.

In Italy, passenger traffic increased 8.1% YoY, reaching record levels for both the fourth quarter and full year. Growth was primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased 11.3% YoY. International growth was supported by increases of 13.5% at Florence Airport and 9.5% at Pisa Airport. Domestic traffic declined 2.6% YoY, reflecting lower aircraft movements during the quarter, partly attributable to Airbus A320 technical issues that resulted in flight cancellations across certain airlines.

In Brazil, total passenger traffic increased 12.1% YoY, reflecting improved operating conditions following prior constraints in the country’s aviation sector. Domestic traffic, which represented nearly 60% of total traffic, grew 11.2% YoY, while transit passengers increased 12.9% YoY. International traffic, accounting for approximately 5% of the mix, rose a solid 16.2% YoY, contributing positively to overall performance. During the quarter, GOL operated additional seasonal frequencies on its Brasília–Miami and Brasília–Orlando routes, among other developments.

In Uruguay, where traffic is predominantly international, total passenger traffic increased 5.1% YoY, reaching record levels for both the fourth quarter and the full year. Results also reflect a recovery from the third quarter decline, when operations were temporarily impacted by a six-day planned runway closure to complete the installation of a new Precision Instrument Landing System (ILS CAT IIIb). During the quarter, several airlines expanded seasonal operations. GOL launched a new Montevideo–Fortaleza route and resumed its São Paulo–Punta del Este and Buenos Aires–Punta del Este services. Aerolíneas Argentinas increased frequencies on its Buenos Aires–Punta del Este route and introduced a new Córdoba–Punta del Este service. On the domestic front, Paranair began operating the Montevideo–Rivera route.

In Armenia, passenger traffic increased 13.8% YoY, reaching record levels for both the fourth quarter and the full year, driven by sustained strength in international demand and expanded connectivity. During the quarter, Wizz Air established a new base at Zvartnots Airport, deploying two aircraft and launching eight new direct routes to European destinations beginning in October, further enhancing the airport’s network and growth profile.

In Ecuador, passenger traffic increased 1.1% YoY despite ongoing public security concerns and rebounded from the prior quarter’s decline, which was driven by runway repaving works that required a two-day suspension of operations. International traffic rose modestly by 0.7% YoY, while domestic traffic increased 2.4% YoY. However, demand remained somewhat constrained by elevated airfares.

Cargo Volume

Cargo volume decreased by 1.0% YoY, with reductions in all countries of operation, except Argentina and Uruguay. Performance by country was as follows: Uruguay (+6.8%), Argentina (+3.0%), Armenia (-3.4%), Ecuador (-3.6%), Italy (-12.4%), and Brazil (-13.2%). Argentina, Brazil, and Armenia accounted for over 80% of total cargo volume in the quarter.

Aircraft Movements

Total aircraft movements increased by 5.6% YoY, with positive YoY contributions from all countries of operation: Brazil (+9.0%), Italy (+8.2%), Uruguay (+8.2%), Armenia (+7.1%), Ecuador (+4.4%), and Argentina (+4.0%). Argentina, Brazil, and Italy accounted for over 80% of total aircraft movements in the quarter.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 37 of this report.

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

Review of Consolidated Results

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.

Revenues

Consolidated revenues increased by 18.3% YoY to $545.4 million. Excluding Construction Services and the impact of IAS 29, revenues rose 16.7% YoY to $461.0 million, outpacing the 9.1% growth in passenger traffic. This solid performance was supported by positive contributions across all countries of operations, with Argentina, Armenia, Brazil, Uruguay and Italy delivering double-digit revenue growth. Both commercial and aeronautical revenues contributed to the increase.

The following table provides a breakdown of revenue performance by country. Further details on the performance of CAAP´s countries of operations can be found on page 12.

Revenues by Segment (in US$ million)

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues increased 17.7% in Argentina (or 16.6% excluding IAS29), 20.7% in Armenia, 17.8% in Italy, 12.8% in Uruguay, 23.5% in Brazil and 2.9% in Ecuador.

Revenue Breakdown (in US$ million)

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Aeronautical Revenues accounted for 45.5% of total revenues, increasing 17.4% YoY to $248.4 million, or 16.0% to $246.7 million when excluding the impact of IAS 29. This performance was supported by a 9.1% increase in passenger traffic, with positive contributions from all countries of operations, including double-digit growth in Brazil, Argentina, Armenia and Italy. Argentina was the main contributor with aeronautical revenues increasing 20.7%, or 18.3% excluding IAS 29, primarily reflecting 14.6% growth in international traffic. Brazil, Armenia, and Italy, delivered strong revenues, with aeronautical revenues increasing 29.8%, 16.5%, and 15.2%, respectively, in line with passenger traffic growth. Meanwhile, Uruguay and Ecuador reported increases of 7.6% and 1.8%, respectively, in line with passenger traffic growth.

Non-Aeronautical Revenues accounted for 54.5% of total revenues, growing by 19.0% YoY to $297.0 million, or by 19.5% YoY to $297.5 million when excluding the impact of IAS 29. Commercial revenues increased by 16.3% YoY, or by 16.6% excluding IAS 29, mainly driven by strong contributions from cargo revenues, as well as improved performance in VIP lounges, parking facilities, duty free, and other passenger-related revenue streams. Growth in fuel-related revenues, primarily in Armenia, also contributed to this performance. Meanwhile, Construction service revenue increased by 24.4% YoY, or 25.1% excluding IAS 29, mainly reflecting higher levels of capital expenditures in Argentina, during the period.

Operating Costs and Expenses

In 4Q25, Total costs and expenses, excluding construction service costs, increased by 10.8% YoY, or 10.3% to $318.5 million when excluding the impact of IAS 29. This increase, which remained below the pace of revenue growth, was primarily driven by higher Concession fees, mainly in Argentina, along with increased Fuel costs in Armenia. Higher SG&A expenses also contributed to the overall cost increase.

Cost of Services rose by 14.3% YoY, or 14.5% to $335.9 million when excluding IAS29, mainly as a result of the following increases:

These increases were partially offset by a decline of 10.2% in Office expenses. Excluding Construction Service Costs, Cost of Services increased by 11.4% YoY, or by 11.1% to $257.0 million when excluding the impact of IAS 29, primarily due to the aforementioned increases in Concession Fees and Fuel Costs.

Selling, General, and Administrative Expenses (“SG&A”) increased by 5.6% YoY to $59.9 million in 4Q25. Excluding the impact of IAS 29, SG&A expenses rose by 4.1% to $58.6 million, mainly reflecting higher Maintenance expenses, along with increased Salaries and social security contributions.

Other expenses increased to $2.9 million in 4Q25, from $1.3 million in 4Q24.

Costs and Expenses (in US$ million)

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

In 4Q25, CAAP reported Adjusted EBITDA of $215.0 million and Adjusted EBITDA ex-IFRIC 12 of $210.7 million, up 39.8% from $150.8 million in 4Q24. Excluding the impact of IAS 29 in Argentina, Adjusted EBITDA ex-IFRIC 12 increased 38.6% year-over-year to $208.5 million.

This strong performance was primarily driven by year-over-year increases of 40.8% in Argentina (ex IAS 29), supported by robust revenue growth and effective cost controls, and 15.3% in Armenia, reflecting double-digit passenger traffic growth. These gains were partially offset by year-over-year declines in Adjusted EBITDA in Brazil, Ecuador, Italy and Uruguay. Notably, Brazil’s Adjusted EBITDA in 4Q24 included a R$110 million economic compensation from the government under the concession’s economic re-equilibrium mechanism to offset the impact of COVID-19.

Additionally, 4Q25 Adjusted EBITDA included the recognition of $32.5 million related to the Arbitration Award payment received from the Government of Peru, recorded in the “Unallocated” segment.

Excluding the R$110 million economic compensation recognized in Brazil in 4Q24 and the $32.5 million Arbitration Award payment recognized in 4Q25, Adjusted EBITDA ex-IFRIC 12 would have increased 33.3% year-over-year to $178.2 million, from $133.7 million in 4Q24.

Adjusted EBITDA margin ex-IFRIC 12 expanded by 7.3 percentage points to 45.3%, compared with 38.0% in 4Q24. Excluding the aforementioned one-off impacts in both periods, the Adjusted EBITDA margin ex-IFRIC 12 would have expanded 4.6 percentage points to 38.3%, from 33.7% in 4Q24.

Adjusted EBITDA by Segment (in US$ million)

Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)

Financial Income and Loss

CAAP reported a Net financial loss of $30.1 million in 4Q25, compared with a net financial loss of $31.3 million in 4Q24. The result was primarily driven by a negative variance in the inflation adjustment, together with foreign exchange losses in Argentina, reflecting a higher rate of currency depreciation relative to inflation on the net monetary liability position. This compares with 4Q24, when CAAP recorded foreign exchange gains as inflation outpaced currency depreciation. Excluding the application of IAS 29, CAAP reported a net financial loss of $58.7 million in 4Q25, compared with a loss of $67.4 million in the same period last year.

See “Use of Non-IFRS Financial Measures” on page 25.

Income Tax Expense

During 4Q25, the Company reported an Income Tax Expense of $15.4 million, compared to an expense of $34.1 million in 4Q24. Excluding the impact of IAS 29, income tax expense totaled $4.0 million in 4Q25, compared to $14.0 million in the year-ago quarter.

Net Income and Net Income Attributable to Owners of the Parent

During 4Q25, CAAP reported net income of $115.7 million, compared with $42.9 million in 4Q24. The increase was primarily driven by an 18.1% year-over-year rise in operating income, together with lower income tax expense and net interest expense, which more than offset foreign exchange losses on the net monetary liability position in Argentina. Net income in 4Q25 included the recognition of $32.5 million related to the Arbitration Award payment received from the Government of Peru, the bulk of which was recorded under ‘Share of Income in Associates’.

In 4Q25, the Company reported Net Income Attributed to Owners of the Parent of $106.3 million and earnings per common share of $0.65, compared with Net Income Attributable to Owners of the Parent of $34.4 million in 4Q24, equivalent to earnings per common share of $0.21.

Consolidated Financial Position

As of December 31, 2025, Cash and cash equivalents totaled $592.8 million, increasing 9.7% from the $540.4 million reported as of September 30, 2025, and 34.8% from the $439.8 million reported as of December 31, 2024. Total liquidity, which includes cash and cash equivalents as well as other current financial assets, totaled $714.8 million, up from $661.0 million as of September 30, 2025, and $525.9 million as of December 31, 2024.

Total debt declined 5.4%, or $62.9 million, to $1,095.2 million as of December 31, 2025, compared with $1,158.1 million as of December 31, 2024, primarily reflecting debt repayments in Argentina, partially offset by increased borrowings in Italy and Brazil. A total of $795.6 million, or 72.6% of total debt is denominated in U.S. dollars, while $168.0 million, or 15.3% is denominated in Brazilian Reals, and $131.6 million, or 12.0%, is in Euros.

The Net Debt to LTM Adjusted EBITDA ratio improved to 0.7x as of December 31, 2025, from 1.1x as of December 31, 2024. This reduction reflected lower net debt, driven by gross debt repayments and increased cash balances, as well as higher LTM Adjusted EBITDA. No material impairments to intangible assets were recorded over the past twelve months. As a result, the net debt to LTM Adjusted EBITDA ratio excluding intangible assets also stood at 0.7x. All CAAP subsidiaries remained in full compliance with their financial covenants as of December 31, 2025.

Consolidated Debt Indicators (in US$ million)

1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

4 LTM Adjusted EBITDA as of December 31, 2025, was $727.8 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of December 31, 2025, was $728.1 million.

¹ Of which approximately $114.5 million remain at Toscana Aeroporti level.

² Of which approximately $241.3 million remain at ACI Airport Sudamérica SAU.

Maturity of borrowings:

¹ The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

Maturity of borrowings – Breakdown by segment (in USD) as of December 31, 2025:

¹ At Inframérica Concessionaria do Aeroporto de Brasilia level.

CAPEX

During 4Q25, CAAP made capital expenditures of $90.0 million, a 30.7% YoY increase from $68.9 million in 4Q24. Excluding IAS 29, capital expenditures amounted to $92.2 million in the quarter, with Argentina, Italy and Uruguay accounting for 55%, 17% and 12%, respectively.

Review of Segment Results

Argentina

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for Aeropuertos Argentina (AA), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 4Q25.

Passenger Traffic increased 8.7% YoY, reaching record levels for both the fourth quarter and full year. Growth was driven by double-digit expansion in international traffic and high single-digit growth in the domestic segment. Domestic traffic rose 5.9% YoY, with load factors exceeding 90% across most key routes. Performance was supported by new routes and additional frequencies, including seasonal services such as Córdoba–El Calafate, Córdoba–Ushuaia, and Córdoba–Iguazú. During the quarter, Aerolíneas Argentinas resumed service to Río Cuarto, while JetSMART increased frequencies on its Buenos Aires–Resistencia and Buenos Aires–San Juan routes. Flybondi also expanded frequencies on routes including Buenos Aires–San Juan, Buenos Aires–Mendoza, Buenos Aires–Salta, and Buenos Aires–Jujuy. International passenger traffic increased 14.6% YoY, reflecting continued capacity additions and route reactivations. Notable developments included LATAM’s resumption of service between Córdoba and São Paulo, as well as increased frequencies by Air Canada and Emirates to five and seven weekly flights, respectively. In addition, Delta resumed its New York route, China Eastern launched service between Buenos Aires and Shanghai, LATAM reinstated its Buenos Aires–Miami route, and ITA Airways increased frequencies during the summer season.

Revenues increased by 19.6% YoY to $304.1 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, revenues rose by 16.6% YoY, driven by increases of 18.3% and 14.1% in Aeronautical and Commercial revenues, respectively. Construction Services revenue increased by 31.0% YoY, or 32.0% excluding IAS 29, reflecting higher capital expenditures compared to the prior year.

Total Costs and Expenses increased by 11.3% YoY to $237.3 million on an ‘as reported’ basis. Excluding Construction Services and the impact of IAS 29, Total Costs and Expenses rose by 5.8% YoY, primarily driven by higher SG&A expenses and concession fees.

Adjusted Segment EBITDA increased by 43.2% YoY to $108.2 million on an ‘as reported’ basis. Excluding the impact of IAS 29, Adjusted Segment EBITDA rose by 40.8% YoY to $106.0 million, with an Adjusted EBITDA margin ex-IFRIC 12 of 41.7%, compared with 34.5% in 4Q24. The 7.2 percentage-point margin expansion reflects sustained revenue growth on strong traffic trends, together with disciplined cost control aimed at mitigating ARS-denominated operating costs pressures.

During 4Q25, CAAP made Capital Expenditures ex-IAS29 of $51.0 million, compared to $36.8 million in 4Q24. Key investments included the construction of the new international terminal in San Juan, the semi-covered roadway area at Aeroparque Jorge Newbery, the reverse osmosis plant at Ezeiza Airport, the expansion of the security screening and check-in area at Aeroparque Jorge Newbery, the comprehensive renovation of the passenger terminal at Tucumán Airport, the remodeling and expansion of the terminal building at Formosa Airport, and the completion of the international area at Iguazú Airport, among others.

Italy

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Italy increased 8.1% YoY, reaching record levels for both the fourth quarter and full year. Growth was primarily driven by strong performance in the international segment, which accounted for nearly 80% of total traffic and increased 11.3% YoY. International growth was supported by increases of 13.5% at Florence Airport and 9.5% at Pisa Airport. Domestic traffic declined 2.6% YoY, reflecting lower aircraft movements during the quarter, partly attributable to Airbus A320 technical issues that resulted in flight cancellations across certain airlines.

Revenues increased by 24.9% YoY to $48.3 million in 4Q25, fueled by aeronautical and commercial revenue growth on higher passenger volumes, as well as increased Construction Service revenues tied to higher Capex. Commercial revenues grew 13.8% YoY, reflecting higher demand for passenger-related services such as VIP lounges, Parking facilities, and F&B services, in line with strong year-over-year traffic growth.

Total Costs and Expenses increased 35.2% YoY, or $10.9 million, to $42.0 million. Excluding construction services, total costs and expenses rose 23.6% year-over-year to $31.1 million, mainly driven by higher cost of services.

Adjusted Segment EBITDA decreased 10.0% YoY to $9.6 million from $10.7 million in 4Q24, with Adjusted EBITDA margin ex-IFRIC 12 contracting 5.2 percentage points to 16.6%, mainly due to higher Salaries, Maintenance expenses and Services and Fees. Excluding IFRIC12 and other construction service-related costs, Adjusted EBITDA increased by 4% YoY.

During 4Q25, CAAP made Capital Expenditures of $15.3 million, compared to $11.2 million in 4Q24.

Brazil

Passenger Traffic increased 12.1% YoY, reflecting improved operating conditions following prior constraints in the country’s aviation sector. Domestic traffic, which represented nearly 60% of total traffic, grew 11.2% YoY, while transit passengers increased 12.9% YoY. International traffic, accounting for approximately 5% of the mix, rose a solid 16.2% YoY, contributing positively to overall performance. During the quarter, GOL operated additional seasonal frequencies on its Brasília–Miami and Brasília–Orlando routes, among other developments.

Revenues increased by 20.2% YoY, or $5.7 million, to $33.8 million, driven by growth of 29.8% in aeronautical revenues and 19.8% in commercial revenues, supported by a 12.1% YoY increase in passenger traffic. Revenues in US dollars also benefited from a 7.6% average YoY appreciation of the Brazilian real.

Total Costs and Expenses increased by 7.5% YoY, or $1.5 million, to $21.9 million, mainly due to higher cost of services, partially offset by lower SG&A expenses.

Adjusted Segment EBITDA decreased 45.2% YoY, or $12.5 million, to $15.1 million. The Adjusted EBITDA margin ex-IFRIC 12 contracted to 44.8%, from 100.9% in the prior-year quarter. Notably, 4Q24 Adjusted EBITDA benefited from a R$110 million government compensation under the concession’s economic re-equilibrium mechanism to offset the impact of COVID-19. Excluding this positive impact in 4Q24, Adjusted Segment EBITDA would have increased 43.9% YoY, and the Adjusted EBITDA margin ex-IFRIC 12 would have expanded 6.4 percentage points to 44.8%, from 38.4% in the prior-year quarter.

During 4Q25, CAAP made capital expenditures of $1.2 million, compared to $1.0 million in 4Q24.

Uruguay

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

In Uruguay, where air traffic is primarily international, total passenger traffic increased 5.1% YoY, reaching record levels for both the fourth quarter and the full year. Results also reflect a recovery from the third quarter decline when operations were temporarily impacted by a six-day planned runway closure to complete the installation of a new Precision Instrument Landing System (ILS CAT IIIb). During the quarter, several airlines expanded seasonal operations. GOL launched a new Montevideo–Fortaleza route and resumed its São Paulo–Punta del Este and Buenos Aires–Punta del Este services. Aerolíneas Argentinas increased frequencies on its Buenos Aires–Punta del Este route and introduced a new Córdoba–Punta del Este service. On the domestic front, Paranair began operating the Montevideo–Rivera route.

Revenues increased by 5.3% YoY to $47.6 million on a reported basis, in line with passenger traffic growth. Excluding Construction Service revenues, revenues increased 12.8% to $38.4 million, primarily driven by higher commercial activity and increased aeronautical revenues tied to passenger YoY growth.

Total Costs and Expenses increased 10.0% YoY to $34.9 million. Excluding Construction Services, Total Cost and Expenses rose by 25.0% YoY to $25.7 million, reflecting higher Cost of services and SG&A expenses.

Adjusted Segment EBITDA decreased by 2.2% YoY to $14.5 million, while the Adjusted EBITDA margin, excluding IFRIC 12, contracted by 5.7 percentage points to 37.8%. The margin contraction primarily reflected higher salaries and maintenance expenses, as well as additional pressure from the 6.1% YoY average appreciation of the Uruguayan peso on the local currency-denominated cost base.

During 4Q25, CAAP made Capital Expenditures of $11.1 million in Uruguay, down from $12.4 million in 4Q24.

Armenia

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger traffic in Armenia increased 13.8% YoY, reaching record levels for both the fourth quarter and the full year, driven by sustained strength in international demand and expanded connectivity. During the quarter, Wizz Air established a new base at Zvartnots Airport, deploying two aircraft and launching eight new direct routes to European destinations beginning in October, further enhancing the airport’s network and growth profile.

Revenues increased by 19.3% YoY to $80.5 million on an ‘as reported’ basis, or by 20.7% when excluding Construction Service revenues, driven by growth in both Aeronautical and Commercial revenues, underpinned by higher traffic volumes. Results also benefited from the 7.5% YoY average appreciation of the euro.

Total Costs and Expenses increased by 20.7% YoY to $57.8 million. Excluding IFRIC 12, Total Costs and Expenses increased by 23.0% YoY, largely driven by higher Cost of Services.

Adjusted Segment EBITDA increased by 15.2% YoY to $29.2 million in 4Q25, supported by volume-driven operating leverage and record passenger traffic levels. The Adjusted EBITDA margin, excluding IFRIC 12, contracted 1.9 percentage points to 40.0%, primarily reflecting higher salaries and maintenance expenses, as well as a greater contribution from the fuel business. While the fuel segment continued to grow in line with increased activity levels, it carries structurally lower margins than the core airport operations, resulting in a dilution effect on the overall margin.

During 4Q25, CAAP made Capital Expenditures of $9.5 million in Armenia, compared to $6.3 million in 4Q24.

Ecuador

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

In Ecuador, passenger traffic increased 1.1% YoY despite ongoing public security concerns and rebounded from the prior quarter’s decline, which was driven by runway repaving works that required a two-day suspension of operations. International traffic rose modestly by 0.7% YoY, while domestic traffic increased 2.4% YoY. However, demand remained somewhat constrained by elevated airfares.

Revenues increased by 11.9% YoY to $30.8 million in 4Q25 on an ‘As reported’ basis, mainly driven by higher Commercial revenues.

Total Costs and Expenses increased by 23.2% YoY to $23.6 million, primarily driven by higher cost of services.

Adjusted Segment EBITDA decreased 11.8% YoY to $8.2 million, with the Adjusted EBITDA Margin ex- IFRIC 12 contracting 4.8 percentage points to 28.9%, mainly reflecting the concentration of maintenance expenses in the fourth quarter due to the timing of maintenance deployment.

During 4Q25, CAAP made Capital Expenditures of $4.1 million in Ecuador, compared to $1.8 million in 4Q24.

Key Quarter Highlights and Subsequent Events

CAAP | Award Agreement to operate Luanda International Airport

In December, 2025, the Company announced that it received formal notification from the Ministry of Transport of the Republic of Angola, of the award decision in the tender process for the operation, management and maintenance of Dr. António Agostinho Neto International Airport (AIAAN), in favor of the consortium formed by Corporación América Airports S.A., Mota-Engil Engenharia e Construção África S.A., and Bestfly Lda.. The decision follows a competitive process conducted in full compliance with applicable legal and technical standards in Angola and remains subject to the execution of a definitive concession agreement and the satisfaction of customary conditions precedent.

CAAP | Receipt of Payment of ICSID Arbitration Award by the Government of Peru

On January 20, the Company announced that Sociedad Aeroportuaria Kuntur Wasi S.A. (“Kuntur Wasi”), in which CAAP holds an indirect 50% equity interest, has received payment of US$91,205,056 from the Republic of Peru, pursuant to the final award issued by the International Centre for Settlement of Investment Disputes (“ICSID”, also known as “CIADI” in Spanish). The payment relates to the final award issued by the ICSID Arbitral Tribunal in May 2024, arising from the termination by the Government of Peru of the concession agreement for the new Chinchero International Airport that, pursuant to the final decision of the ICSID Arbitral Tribunal, such termination was arbitrary, unjustified and without a well-founded reason of public interest. The receipt of the payment, after any associated taxes, costs, or expenses, was reflected in the Company’s financial statements in accordance with applicable accounting standards, considering CAAP’s indirect 50% equity interest in Kuntur Wasi.

Armenia | Amendment of the Armenia International Airports Concession Agreement | 35-Year Term Extension

On January 23, the Company announced that its subsidiary Armenia International Airports CJSC (“AIA”), the operator of Zvartnots and Gyumri Shirak International Airports in Yerevan, Armenia, entered into an amendment agreement with the Government of the Republic of Armenia (“GOA”) to amend certain terms of the existing concession agreement originally signed on December 17, 2001. Key amendments include: (i) a 35-year term extension through December 31, 2067; (ii) a $425 million capital investment program to be executed by 2033; (iii) a transition to an inflation-based tariff regime; and (iv) annual tariff adjustments commencing in April 2027. The amended agreement also provides for the possibility of discussing potential future term extensions, subject to mutual agreement. For additional information, please refer to the Company’s press release dated January 23, 2026.

Ecuador | Amendment of the Seymour Airport Concession Agreement in Galápagos | 6-Year Term Extension

On January 27, the Company announced that its subsidiary Aeropuertos Ecológicos de Galápagos S.A. (“Ecogal”), executed an addendum to the concession agreement for Seymour Airport, located on Baltra Island, Galápagos, Ecuador. The addendum provides for the rebalancing of the economic and financial equilibrium of the concession agreement, which had been adversely affected by the COVID-19 pandemic. The addendum follows a technical, financial, and legal review process carried out with the granting authority and relevant government bodies, and includes adjustments to certain airport charges, a 6-year extension of the concession term, and the rescheduling of investment commitments, among other measures. For additional information, please refer to the Company’s press release dated January 27, 2026

For further information on subsequent events, please refer to Note 33 of the Company’s Financial Statements, filed with the SEC on Form 6-K.

Hyperinflation Accounting in Argentina

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 4Q25, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

Non-Financial Disclosure

With the assistance of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the necessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner.

4Q25 EARNINGS CONFERENCE CALL

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 24 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2025, Corporación América Airports served 86.7 million passengers, 9.8% above the 79.0 million passengers served in 2024. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

Forward Looking Statements

Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

Investor Relations Contact

Patricio Iñaki Esnaola

Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716

-- Operational & Financial Tables Follow –

Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement

Foreign Exchange Rate

Amounts provided by units of local currency per US dollar

Aeronautical Breakdown (in US$ million)