Corporación América Airports Reports First Quarter 2026 Results

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 March 31, 2026. 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 22.

First Quarter 2026 Highlights

• Consolidated Revenues ex-IFRIC12 reached $495.2 million, up 18.8% year-over-year (YoY), driven by increases of 21.0% and 17.4% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29), consolidated revenues ex-IFRIC12 increased 15.5% YoY to $477.9 million.

• Key operating metrics:

• 7.0% increase in passenger traffic to 21.8 million.

• 1.7% increase in cargo volume to 95.2 thousand tons.

• 3.5% increase in aircraft movements to 213.5 thousand.

• Operating Income of $139.5 million, compared with $104.0 million in 1Q25.

• Adjusted EBITDA ex-IFRIC12 increased 26.1% to $196.2 million, from $155.6 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 rose 18.7% to $187.4 million.

• Adjusted EBITDA margin ex-IFRIC12 expanded 2.3 percentage points to 39.6% from 37.3% in 1Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 increased to 39.2% from 38.2% in the prior-year quarter.

• Maintained strong liquidity position with $666.2 million in Cash & Cash equivalents as of March 31, 2026.

• Net debt to LTM Adjusted EBITDA of 0.5x as of March 31, 2026.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered a strong start to 2026, with broad-based growth across our airport network and continued progress on our key financial metrics. Total traffic increased 7% year-over-year to 21.8 million passengers, led by a 14% increase in international traffic, with positive international performance across every country in which we operate. Revenues excluding construction services rose 19% year-over-year, supported by solid growth in both aeronautical and commercial revenues and, once again, outpacing passenger traffic growth.

Profitability also advanced meaningfully during the quarter. Adjusted EBITDA excluding IFRIC 12 increased 26% year-over-year to $196 million, while the corresponding margin expanded 2.3 percentage points to 39.6%. These results reflect the continued benefits of our diversified platform, active commercial execution and disciplined cost control.

Argentina was an important driver of performance, with strong growth in international travel helping to offset softer domestic demand, which was impacted by temporary operational disruptions during the quarter. Across the rest of the portfolio, we also continued to see positive trends. Brazil posted a strong recovery, while Italy and Uruguay benefited from healthy international demand, Ecuador continued to grow despite security-related challenges, and Armenia remained resilient, supported by greater connectivity and a more limited-than-expected impact from the conflict in the Middle East.

Our financial position continued to strengthen. Cash and cash equivalents reached $666 million at quarter-end, and net leverage stood at 0.5x, reflecting higher Adjusted EBITDA, strong cash generation and disciplined capital allocation. This strong balance sheet provides flexibility to fund committed investment programs, as well as to continue evaluating growth opportunities.

On the strategic front, we continue to advance our growth agenda with discipline. Following the concession awards received in Iraq and Angola, we are in ongoing discussions with the respective governments to finalize the terms of the concession agreements. We also remain focused on progressing our investment priorities across the existing portfolio, including key infrastructure and commercial initiatives designed to enhance capacity, improve the passenger experience and strengthen our platform over the long term.

Looking ahead, we are encouraged by the strength of traffic trends across our network, with solid demand continuing into the second quarter, particularly in international markets. At the same time, we will continue to closely monitor geopolitical developments in the Middle East and any potential implications for traffic, airlines capacity and fuel supply. We remain focused on maintaining a healthy financial position, investing with discipline and executing our strategy to drive sustainable value creation.”

Operating & Financial Highlights (In millions of U.S. dollars, unless otherwise noted)
	1Q26 as reported	1Q25 as reported	% Var as reported	IAS 29 1Q26	1Q26 ex IAS 29	1Q25 ex IAS 29	% Var ex IAS 29
Passenger Traffic (Million Passengers)	21.8	20.4	7.0%		21.8	20.4	7.0%
Revenue	537.6	447.8	20.1%	17.0	520.6	446.2	16.7%
Aeronautical Revenues	277.8	236.7	17.4%	10.1	267.7	235.3	13.8%
Non-Aeronautical Revenues	259.8	211.1	23.1%	6.9	252.9	210.9	19.9%
Revenue excluding construction service	495.2	416.9	18.8%	17.3	477.9	413.9	15.5%
Operating Income / (Loss)	139.5	104.0	34.0%	-27.2	166.7	138.6	20.3%
Operating Margin	25.9%	23.2%	271	0.0%	32.0%	31.1%	96
Net Income Attributable to Owners of the Parent	77.1	40.8	89.0%	-61.2	138.3	59.3	133.1%
Basic EPS (US$)	0.47	0.25	86.6%	-0.38	0.85	0.37	130.1%
Adjusted EBITDA	198.0	157.8	25.5%	8.8	189.2	160.1	18.2%
Adjusted EBITDA Margin	36.8%	35.2%	1.6pp	–	36.3%	35.9%	0.4pp
Adjusted EBITDA Margin excluding Construction Service	39.6%	37.3%	2.3pp	–	39.2%	38.2%	1.0pp
Net Debt to LTM Adjusted EBITDA	0.5x	1.1x	–	–	–	–	–
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1)	0.5x	1.1x	–	–	–	–	–

Note: Figures in historical dollars (ex-IAS29) are included for comparison purposes.
1)		LTM Adjusted EBITDA excluding impairments of intangible assets.

To obtain the full text of this earnings release and the earnings presentation, please click on the following link: http://investors.corporacionamericaairports.com/Results-Center

1Q26 EARNINGS CONFERENCE CALL

When:	10:00 a.m. Eastern Time, May 13, 2026
Who:	Mr. Martín Eurnekian, Chief Executive Officer
	Mr. Jorge Arruda, Chief Financial Officer
	Mr. Patricio Iñaki Esnaola, Head of Investor Relations
Dial-in:	1-646-307-1963 (North America, International Toll Free); 1-800-715-9871 (North America, Toll Free); Conference ID: 1462327
Webcast:	CAAP 1Q26 Earnings Conference Call
Replay:	1-800-770-2030 (North America, Toll Free); 1-609-800-9909 (US Toll); Playback Passcode: 1462327 #

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 22 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.

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