Solid traffic performance drove double-digit revenue growth and Adjusted EBITDA expansion

Argentina delivered second-quarter record passenger traffic with international traffic up 18.5% YoY

Cash & Cash Equivalents at $497 million with Net Debt to LTM Adjusted EBITDA of 1.0x

LUXEMBOURG--(BUSINESS WIRE)--Aug. 20, 2025-- 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 and six-month period ended June 30, 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 23.

Second Quarter 2025 Highlights

• Consolidated Revenues ex-IFRIC12 totaled $435.2 million, up 18.9% year-over-year (YoY), driven by increases of 22.0% and 15.1% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 20.7% YoY to $438.5 million.
• Key operating metrics:
  • 13.7% increase in passenger traffic to 20.7 million.
  • 2.2% increase in cargo volume to 97.2 thousand tons.
  • 10.2% increase in aircraft movements to 214.4 thousand.
• Operating Income of $117.3 million, compared with $92.9 million in 2Q24.
• Adjusted EBITDA ex-IFRIC12 increased 23.3% to $167.9 million, from $136.2 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 25.2% to $168.5 million.
• Adjusted EBITDA margin ex-IFRIC12 expanded 1.4 percentage points to 38.6% from 37.2% in 2Q24. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 expanded to 38.4% from 37.0% in the prior-year quarter.
• Strong liquidity position with Cash & Cash equivalents of $496.8 million as of June 30, 2025.
• Net debt to LTM Adjusted EBITDA stood at 1.0x as of June 30, 2025.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered a strong second quarter, with broad-based traffic growth, double-digit increases in revenue and Adjusted EBITDA, and meaningful EBITDA margin expansion, reflecting the strength of our diversified portfolio and disciplined execution. Total traffic increased nearly 14% year-over-year, reaching close to 21 million passengers. Argentina led the performance, reaching a second-quarter record with double-digit increases in both international and domestic travel, supported by sustained demand recovery and multiple route additions. Brazil delivered double-digit growth, while Italy, Uruguay and Armenia also posted solid gains, and Ecuador remained broadly stable.

“ Revenues ex-IFRIC12 increased nearly 19% year-over-year, well ahead of traffic growth, driven by aeronautical revenues in line with traffic trends and continued strength in commercial revenues. Adjusted EBITDA ex-IFRIC12 rose 23% with margin expansion of 140 basis points to 38.6%, supported by operating leverage and disciplined cost control in key markets. Argentina, Armenia, Italy and Uruguay all posted strong EBITDA gains, as did Brazil when excluding a one-time item from 2Q24.

“ We continue to advance our commercial initiatives, aimed at growing non-aeronautical revenues and enhancing the passenger experience. In Argentina, we inaugurated the expanded duty-free arrivals area at Ezeiza Airport in May, increasing space from 700 to 1,100 square meters. In Brazil, construction of the shopping mall at Brasília Airport is progressing on schedule, with opening targeted for April 2026, alongside other real estate initiatives.

“ On the strategic front, our priority is to create long-term value through targeted investments and growth opportunities. In Argentina, we are progressing with the AA2000 concession economic re-equilibrium process, while in Italy we secured environmental approval from the Region of Tuscany for the Florence Airport Master Plan in April, an important milestone ahead of execution. In Armenia, we are moving forward with the Capex program approvals to expand Yerevan Airport.

“ On the new business front, we are waiting official resolution from the government of Montenegro and are actively pursuing opportunities in Latin America, Iraq, Angola, and M&A initiatives, among others.

“ Looking ahead, we expect positive traffic momentum in Argentina to continue, while strong summer seasons are anticipated in both Italy and Armenia.”

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.

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 23 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 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on 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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Investor Relations Contact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716

Source: Corporación América Airports