EX-99.2 3 tm2530048d2_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format

Index

Glossary

Separate Condensed Interim Financial Statements

Separate Statements of Comprehensive Income

Separate Statements of Financial Position

Separate Statements of Changes in Equity

Separate Statements of Cash Flows

Notes to the Separate Condensed Interim Financial Statements

Review Report of the Separate Condensed Interim Financial Statements

Report of the Supervisory Committee

Glossary

Term	Definition
$	Argentine peso
U$S	US dollar
EUR	Euro
GBP	Sterling pound
CAD	Canadian dollar
The Company	Aeropuertos Argentina 2000 S.A.
BCRA	Acronym for Central Bank of Argentine Republic
BNA	Bank of Argentine Nation
BO	Official Gazette
CAAP	Corporación América Airports S.A.
CINIIF	Committee on Interpretations of International Financial Reporting Standards
CNV	National Securities Commission
CPCECABA	Professional Council of Economic Sciences of the Autonomous City of Buenos Aires
FACPCE	Argentine Federation of Professional Councils of Economic Sciences
IASB	Acronym for International Accounting Standards Board
IATA	Acronym for International Air Transport Association
INDEC	Acronym for National Institute of Statistics and Censuses
IPC	Consumer Price Index (General Level)
MULC	Acronym for Free Exchange Market
NIC	International Accounting Standards
NIIF	International Financial Reporting Standards
OACI	International Civil Aviation Organization
ON	Negotiable Obligations
ORSNA	Acronym for Regulatory Body of the National Airport System
PEN	National Executive Power
PFIE	Financial Projection of Income and Expenditures
PIK	Acronym for payment in kind
PP&E	Property , Plant & Equipment
RECPAM	Result from Exposure to Changes in the Purchasing Power of the Currency
SNA	National Airport System
TNA	Nominal annual interest rate
TO	Ordered Text

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 Condensed Interim Financial Statements

For the nine-month period of the

Fiscal Year N° 28 commenced 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 14):

Issued Common Shares of N/V $1 and 1 vote each:

	Subscribed		Paid-in
		$
79,105,489 Class "A" Shares		79,105,489		79,105,489
79,105,489 Class "B" Shares		79,105,489		79,105,489
61,526,492 Class "C" Shares		61,526,492		61,526,492
38,779,829 Class "D" Shares		38,779,829		38,779,829
		258,517,299		258,517,299

Separate Statement of Comprehensive Income

For the three and nine- month periods ended at September 30, 2025 and 2024

			Three months at						Nine months at
			09.30.2025			09.30.2024			09.30.2025			09.30.2024

	Note		Millions of $
Continuous Operations
Sales income		3		327,172			254,681			916,172			836,056
Construction income				48,974			50,832			103,793			151,254
Cost of service		4.1		(199,795	)		(189,032	)		(582,805	)		(539,231	)
Construction costs				(48,874	)		(50,736	)		(103,515	)		(150,989	)
Income for gross profit for the period				127,477			65,745			333,645			297,090
Distribution and selling expenses		4.2		(22,624	)		(16,753	)		(59,565	)		(51,288	)
Administrative expenses		4.3		(16,385	)		(13,846	)		(46,875	)		(37,454	)
Other income and expenses, net		5.1		5,829			5,270			13,710			16,563
Operating profit for the period				94,297			40,416			240,915			224,911
Finance Income		5.2		27,655			(6,489	)		39,465			(139,963	)
Finance Costs		5.3		(88,036	)		19,048			(128,654	)		537,191
RECPAM				(773	)		(3,345	)		(6,332	)		(30,793	)
Result from exposure to changes in the purchasing power of the currency				280			232			1,100			(1,957	)
Income before income tax				33,423			49,862			146,494			589,389
Income tax		5.4		(5,502	)		(33,920	)		(40,495	)		(253,538	)
Income for the period for continuous operations				27,921			15,942			105,999			335,851
Net Income for the period				27,921			15,942			105,999			335,851
Other comprehensive income				-			-			-			-
Comprehensive Income for the period				27,921			15,942			105,999			335,851

Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations				107.8031			61.5521			409.2625			1,296.7220

The accompanying notes are an integral part of these Separate Condensed Interim Financial Statements and should be read together with the Separate Accounting Statements audited for the year ended at December 31, 2024.

Separate Statements of Financial Position

At September 30, 2025 and December 31, 2024

			09.30.2025		12.31.2024

	Note		Millions of $
Assets
Non- Current Assets
Investments accounted for by the equity method		6		2,884		1,784
Intangible Assets		7		2,360,298		2,389,290
Rights of use				5,044		5,390
Other receivables				55,097		53,624
Investments				43,452		60,689
Total Non-Current Assets				2,466,775		2,510,777
Current Assets
Other receivables		9.1		21,959		27,761
Trade receivables, net		9.2		120,221		114,531
Investments		9.3		83,290		27,149
Cash and cash equivalents		9.4		98,392		128,718
Total Current Assets				323,862		298,159
Total Assets				2,790,637		2,808,936
Shareholders’ Equity and Liabilities
Equity attributable to majority shareholders
Common shares				259		259
Share Premium				137		137
Capital adjustment				168,288		168,288
Legal and facultative reserve				1,060,383		906,872
Retained earnings				105,999		356,185
Subtotal				1,335,066		1,431,741
Liabilities
Non-Current Liabilities
Provisions and other charges		11		5,400		8,817
Financial debts		8		671,940		681,844
Deferred income tax liabilities				409,764		369,269
Lease liabilities				790		2,578
Accounts payable and others		9.5		1,083		1,181
Total Non- Current Liabilities				1,088,977		1,063,689
Current Liabilities
Provisions and other charges		11		135,981		54,293
Financial debts		8		81,261		102,095
Lease liabilities				4,949		3,311
Accounts payable and others		9.5		128,236		139,218
Fee payable to the Argentine National Government		10		16,167		14,589
Total Current Liabilities				366,594		313,506
Total Liabilities				1,455,571		1,377,195
Total Shareholder’s Equity and Liabilities				2,790,637		2,808,936

Separate Statements of Changes in Equity

At September 30, 2025 and 2024

	Attributable to majority shareholders
	Common Shares		Share Premium		Adjustment of capital		Legal Reserve		Facultative Reserve			Other Reserves		Retained Earnings			Total Equity

	In millions of $
Balance at 01.01.25		259		137		168,288		33,689		868,018			5,165		356,185			1,431,741
Resolution of the Assembly of April 29, 2025 – Constitution of reserves (note 15)		-		-		-		-		356,185			-		(356,185	)		-
Resolution of the Assembly of August 18 2025 – Constitution of reserves (note 15)		-		-		-		-		(202,830	)		-		-			(202,830	)
Compensation plan		-		-		-		-		-			156		-			156
Net Income for the period		-		-		-		-		-			-		105,999			105,999
Balance at 09.30.2025		259		137		168,288		33,689		1,021,373			5,321		105,999			1,335,066

Balance at 01.01.24		259		137		168,338		33,519		947,867			4,783		24,995			1,179,898
Resolution of the Assembly of April 24, 2024 – Constitution of reserves (note 15)		-		-		-		154		24,841			-		(24,995	)		-
Compensation plan		-		-		-		-		-			297		-			297
Net Income for the period		-		-		-		-		-			-		335,851			335,851
Balance at 09.30.2024		259		137		168,338		33,673		972,708			5,080		335,851			1,516,046

Separate Statements of Cash Flow

For the nine-month periods ended at September 30, 2025 and 2024

			09.30.2025			06.30.2024

	Note		Millions of $
Cash Flows from operating activities
Net income for the period				105,999			335,851
Adjustment for:
Income tax				40,495			253,538
Amortization of intangible assets		4/7		128,496			97,361
Depreciation right of use		4		2,706			2,206
Bad debts provision		4		5,990			3,231
Specific allocation of accrued and unpaid income				16,167			12,267
Income of investments accounted for by the equity method				(1,100	)		1,957
Income of sales of investments accounted for by the equity method		6		-			(493	)
Compensation plan				156			297
Accrued and unpaid financial debts interest costs		8		42,125			52,891
Accrued deferred revenues and additional consideration		11		(16,156	)		(16,525	)
Accrued and unpaid Exchange differences				63,651			(429,533	)
Litigations provision		11		1,595			749
Inflation Adjustment				(23,141	)		(49,297	)
Changes in operating assets and liabilities:
Changes in trade receivables				(32,330	)		(39,046	)
Changes in other receivables				(9,866	)		(37,328	)
Changes in commercial accounts payable and others				14,233			63,429
Changes in provisions and other charges				4,483			(15,765	)
Changes in specific allocation of income to be paid to the Argentine National State				(11,959	)		(9,100	)
Increase of intangible assets				(99,504	)		(151,254	)
Net cash Flow generated by operating activities				232,040			75,436
Cash Flow for investing activities
Acquisition of investments				(97,717	)		(27,890	)
Collection of investments				67,768			13,271
Net Cash Flow applied to investing activities				(29,949	)		(14,619	)
Cash Flow from financing activities
New Financial debts		8		116			642
Payment of leases				(3,143	)		(2,978	)
Financial debts paid- principal		8		(97,713	)		(61,585	)
Financial debts paid- interests		8		(40,241	)		(47,494	)
Payment of dividends				(120,371	)		-
Net Cash Flow applied to financing activities				(261,352	)		(111,415	)
Net Decrease in cash and cash equivalents				(59,261	)		(50,598	)
Changes in cash and cash equivalents
Cash and cash equivalents at the beginning of the period				128,718			191,821
Net decrease in cash and cash equivalents				(59,261	)		(50,598	)
Inflation adjustment generated by cash and cash equivalents				18,264			55,275
Foreign Exchange differences by cash and cash equivalents				10,671			(55,976	)
Cash and cash equivalents at the end of the period				98,392			140,522

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format

NOTE 1 – COMPANY ACTIVITIES

Aeropuertos Argentina 2000 S.A. (“AA2000” or the “Company”) was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the “A” Group of the Argentine National Airport System. “A” Group includes 33 airports that operate in Argentina (the “Concession”).

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement until December 2022 of certain commitments duly assumed.

On July 28, 2023, the ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC and FINANCIAL REGULATION MANAGEMENT referring to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group “A” of the National Airport System corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of the international passenger traffic at values similar to 2019.

By virtue of this, the Company made a judicial presentation (Aeropuertos Argentina 2000 SA C/ ORSNA - RES 56/23 S/Proceso de Conocimiento) within the framework of the agreements entered into in File 56,695/2019.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 1 – COMPANY ACTIVITIES (Contd.)

As resolved by the Resolution RESFC-2023-56-APN-ORSNA#MTR, and within the review process corresponding to the period 2018-2022, the ORSNA issued resolutions RESFC-2023-65-APN-ORSNA#MTR and RESFC-2023-66-APN-ORSNA#MTR. The Company filed an appeal for reconsideration against said resolutions and requested the suspension of their effects. Similarly, a lawsuit was filed in the case AEROPUERTOS ARGENTINA 2000 SA C/ ORSNA - RES 56/23 S/PROCESO DE CONOCIMIENTO, File CAF 032610/2023, based on the agreements entered into and approved in File 56,695/2019.

On November 27, 2023, ORSNA and the Company signed a Minute by which they agreed: (i) to suspend the ongoing procedural deadlines until June 30, 2024, (ii) that the Company must contract at its own expense. a passenger traffic consulting study; (iii) postpone until May 30, 2024 the ordinary annual review of the Financial Projection of Income and Expenses of the Concession, corresponding to all periods until December 31, 2023.

Due to the change in management of the National Government, and in order to comply with what was opportunely agreed, on August 9, 2024, ORSNA and the Company signed a new Meeting Minutes by which the ordinary annual review of the Financial Projection of Income and Expenditures of the Concession, corresponding to all periods until December 31, 2023, was postponed until October 30, 2024. It was also agreed to postpone until November 30, 2024 the deadline for the Regulatory Body to adopt the definitive measures that, being within its competence, allow the restoration of the financial economic equation of the Concession and to suspend until December 31, 2024 the procedural deadlines in the aforementioned judicial case.

On December 9, 2024, the ORNSA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR approving the Revisions of the Financial Projection of Income and Expenses corresponding to the periods 2021, 2022 and 2023. The Company requested the review of some aspects thereof. Pursuant to the parties' requests, on August 7, 2025, a new 20-business-day suspension of the deadlines was jointly requested with ORSNA. Subsequently, on August 11, 2025, a further 20-business-day suspension of the deadlines was ordered. Finally, on September 4, 2025, a joint request was made for a six-month suspension of the procedural deadlines, beginning on September 10, 2025, which was granted by the court until February 11, 2026.

To date, the Company has fulfilled the commitments assumed.

Furthermore, under the terms of the concession contract, the National State has the right to rescue the Concession as of February 13, 2018. In the event that the National State decides to rescue the Concession, it must pay the Company compensation.

NOTE 2 – ACCOUNTING POLICIES

These Separate Condensed Interim Financial Statements of the Company are presented in millions of Argentine pesos, except for share data or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash (“-”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the relevant information figure, after rounding, amounts to zero. The Company’s Board of Directors approved them for issuance on November 10, 2025.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

The CNV (NSC in English), through article 1 of Chapter III of Title IV of the CNV Standards (N.T. 2013 and mod.), has established the application of Technical Resolution No. 26 (and its modifications) of the FACPCE, that adopt the IFRS, issued by the IASB, for entities included in the public offering regime, either for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 “First Time Adoption of the IFRS” was January 1, 2011.

These Separate Condensed Interim Financial Statements of the Company for the nine-month period ended September 30, 2025 are presented based on the application of the guidelines established in IASB No. 34 “Intermediate Financial Information”. Therefore, they must be read together with the company's consolidated financial statements as of December 31, 2024 prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

1) Comparative Information

The information included in these financial statements was extracted from the Separate Condensed Interim Financial Statements of AA2000 as of September 30, 2024 and the Consolidated Financial Statements at December 31, 2024, timely approved by the Company’s Board and Shareholders and restated at the closing currency at September 30, 2025, based on the application of IASB 29 (see Note 3.7).

2) Controlled Companies

Controlled Companies are all the entities where the Company has the power to control operating and financial policies, generally with a controlling share over 50%. At the moment of determining if the Company controls an entity the existence and the impact of potential voting rights that could be exercised or converted are taken into account. The controlled companies are consolidated as from the date the control is transferred and excluded from the date such control ceases.

The accounting policies of subsidiaries have been modified, where necessary, to ensure the uniformity with the Company policies.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

2) Controlled Companies (Contd.)

At September 30, 2025, the Company has participation in the following controlled companies (hereafter the Group):

Controlled ⁽¹⁾	Number of common shares		Participation in capital and possible votes			Net Shareholders ‘equity at closing	Income for the period		Book entry value at 09.30.2025

					Millions of $
Servicios y Tecnología Aeroportuarios S.A. (2)		14,398,848	99.30	%		1,740		670		1,728
Cargo & Logistics SA.		1,614,687	98.63	%		-		-		-
Paoletti América S.A.		6,000	50.00	%		1		-		1
Texelrío S.A.		84,000	70.00	%		1,650		430		1,155
Villalonga Furlong S.A (3)		56,852	1.46	%		3		-		-

	(1)	Companies based in Argentina.
	(2)	Includes adjustments under IFRS for the preparation and presentation of the corresponding Financial Statements.
	(3)	The Company directly and indirectly owns 98.53% of the capital stock and votes of this entity.

3) Segment Information

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

The Argentine National Government granted the Company the concession of the “A” Group airports of the National Airports System under the basis of “cross-subsidies”: i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

All airports must comply with measures of operative efficiency which are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

Revenues of the company comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the Financial Projection of Income and Expenses in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport on the basis of expected passenger flow and air traffic, in the framework of the standards previously mentioned.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

4) Accounting policies

The collection policies adopted for these interim financial statements are consistent with those used in the Individual Separate Financial Statements as of December 31, 2024.

5) Changes in accounting policies and disclosures

There were no additional changes in the Group's accounting policies based on the effective application standard issued by the IASB as of January 1, 2025.

6) Estimates

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

In the preparation of these, Separate Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2024.

7) Foreign currency conversion and financial information in hyperinflationary economies

Functional and presentation currency

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of these Separate Consolidated Interim Financial Statements.

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

These requirements also correspond to the comparative information of these Separate Consolidated Interim Financial Statements.

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

Functional and presentation currency (Contd.)

Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the NIC 29, these Separate Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (NSC) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized in the financial statements.

The adjustment for inflation in the initial balances was calculated considering the indexes established by the FACPCE based on the price indexes published by the INDEC or an estimate thereof when, at the time of preparing the information, these were not available. As of September 30, 2025, the price index amounted to 9,386.3022, with inflation for the nine-month period of 22.0% and year-on-year of 31.8%.

Inflation adjustment

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

Inflation adjustment (Contd.)

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of September 30, 2025. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

Equity: the net equity accounts are expressed in constant currency as of September 30, 2025, applying the corresponding adjustment coefficients at their dates of contribution or origin;

Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items, which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of September 30, 2025, through the application of the relevant conversion factors.

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

Inflation adjustment (Contd.)

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account.

The other result reserves were not restated in the initial application.

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

Transactions and balances

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

Foreign exchange gains and losses are shown in “Finance Income” and/or “Finance Expense” of the comprehensive statement of income.

Exchange rates used are the following: buying currency rate for monetary assets and selling currency rate for monetary liabilities, applicable at year-end according to BNA and at the foreign currency exchange banknote rate applicable at the transaction date.

8) Contingencies

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment

The income tax income in the nine-month period ended at September 30, 2025 was a loss of $40,495 million.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 2 – ACCOUNTING POLICIES (Contd.)

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment (Contd.)

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $118,101 million, because as of September 30, 2025, the variation of the CPI for the period of 36 months at the end of fiscal year 2025 will exceed 100%.

NOTE 3 - SALES INCOME

	Three months at				Nine months at
	09.30.2025		09.30.2024		09.30.2025		09.30.2024

	Millions of $
Air station use rate		165,046		127,534		471,187		429,697
Landing fee		14,732		9,743		40,058		39,095
Parking fee		4,409		3,237		13,037		14,147
Total aeronautical income		184,187		140,514		524,282		482,939
Total non-aeronautical income		142,985		114,167		391,890		353,117
Total		327,172		254,681		916,172		836,056

As of September 30, 2025 and 2024, "over the time" income from contracts with customers for the nine-month periods was $770,572 million and $697,366 million, respectively.

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES

4.1. Sales Cost

	Three months at				Nine months at
	09.30.2025		09.30.2024		09.30.2025		09.30.2024

	Millions of $
Specific allocation of income		48,371		37,535		135,405		123,534
Airport services and maintenance		44,839		49,578		133,376		124,224
Amortization of intangible assets		39,933		34,177		124,317		96,462
Salaries and social charges		48,609		48,601		138,917		144,928
Fee		1,067		4,688		5,137		9,649
Utilities and fees		6,235		6,324		18,106		17,874
Taxes		1,526		2,206		4,698		5,149
Office expenses		5,033		5,061		14,304		14,613
Insurance		3		136		31		592
Others		2,945		-		5,808		-
Depreciation rights of use		1,234		726		2,706		2,206
Total		199,795		189,032		582,805		539,231

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)

4.2. Distribution and marketing expenses

	Three months at				Nine months at
	09.30.2025		09.30.2024		09.30.2025		09.30.2024

	Millions of $
Airport services and maintenance		392		-		782		-
Amortization of intangible assets		234		43		445		48
Salaries and social charges		1,452		468		3,340		672
Fee		200		290		568		319
Utilities and fees		121		1		127		3
Taxes		16,057		12,958		44,742		42,377
Office expenses		64		51		292		87
Advertising		1,296		2,058		3,279		4,551
Provision for bad debts		2,808		884		5,990		3,231
Total		22,624		16,753		59,565		51,288

4.3. Administrative expenses

	Three months at				Nine months at
	09.30.2025		09.30.2024		09.30.2025		09.30.2024

	Millions of $
Airport services and maintenance		507		436		1,328		1,149
Amortization of intangible assets		1,539		317		3,734		851
Salaries and social charges		8,669		7,552		23,975		19,184
Fee		1,274		1,105		3,492		3,563
Public services and fees		83		-		135		-
Taxes		2,200		1,751		6,051		5,496
Office expenses		1,493		2,339		5,906		6,083
Insurance		367		71		1,635		365
Fees to the Board of Directors and the Supervisory Committee		245		275		611		763
Other		8		-		8		-
Total		16,385		13,846		46,875		37,454

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 5 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT

5.1 Other net incomes and expenses

	Three months at						Nine months at
	09.30.2025			09.30.2024			09.30.2025			30.09.2024

	Millions of $
Trust for Strengthening		8,062			6,257			22,567			20,589
Other		(2,233	)		(987	)		(8,857	)		(4,026	)
Total		5,829			5,270			13,710			16,563

5.2. Finance Income

	Three months at					Nine months at
	09.30.2025		09.30.2024			09.30.2025		09.30.2024

	Millions of $
Interest		4,671		10,332			17,634		39,106
Foreign Exchange differences		22,984		(16,821	)		21,831		(179,069	)
Total		27,655		(6,489	)		39,465		(139,963	)

5.3 Finance Expenses

	Three months at						Nine months at
	09.30.2025			09.30.2024			09.30.2025			09.30.2024

	Millions of $
Interest		(15,406	)		(15,649	)		(44,188	)		(55,620	)
Foreign Exchange differences		(72,630	)		34,697			(84,466	)		592,811
Total		(88,036	)		19,048			(128,654	)		537,191

5.4 Income Tax

	Three months at						Nine months at
	09.30.2025			09.30.2024			09.30.2025			09.30.2024

	Millions of $
Deferred		(5,502	)		(33,920	)		(40,495	)		(253,538	)
Total		(5,502	)		(33,920	)		(40,495	)		(253,538	)

NOTE 6 - INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD

	09.30.2025		09.30.2024

	Millions of $
Initial balance		1,784		4,269
Declines of participations		-		(75	)
Income from investments accounted for by the equity method		1,100		(1,957	)
Balance at September 30		2,884		2,237

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 7 - INTANGIBLE ASSETS

			09.30.2025			09.30.2024

	Note		Millions of $
Acquisition value:
Initial Balance				4,001,400			3,807,001
Acquisitions of the period				103,793			151,254
Declines of the period				(7,241	)		-
Balance at September 30				4,097,952			3,958,255

Accumulated Amortization:
Initial Balance				(1,612,110	)		(1,479,109	)
Amortizations of the period		4		(128,496	)		(97,361	)
Declines of the period				2,952			-
Balance at September 30				(1,737,654	)		(1,576,470	)
Net balance at September 30				2,360,298			2,381,785

NOTE 8 - FINANCIAL DEBTS

8.1 Changes in financial debt:

	09.30.2025			09.30.2024

	Millions of $
Initial Balance		783,939			1,388,152
New financial debts		116			642
Financial debts paid		(137,954	)		(109,079	)
Accrued interest		42,125			52,891
Foreign Exchange differences		64,741			(570,320	)
Inflation adjustment		234			8,448
Total Net Balance at September 30		753,201			770,734

8.2 Breakdown of financial debt

	09.30.2025			09.30.2024

Non-current Financial Debts	Millions of $
Negotiable Obligations		672,538			682,858
Cost of issuance of NO		(598	)		(1,014	)
		671,940			681,844
Current Financial Debts
Bank borrowings		4,792			12,886
Negotiable Obligations		76,776			89,610
Cost of issuance of NO		(307	)		(401	)
		81,261			102,095
		753,201			783,939

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 8 - FINANCIAL DEBTS (Contd.)

8.2 Breakdown of financial debt (Contd.)

As of September 30, 2025 and December 31, 2024, the fair value of the financial debt amounts to $754,422 million and $780,947 million, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited Consolidated Financial Statements as of December 31, 2024.

8.3 Negotiable Obligations

Class	Start			Maturity		Interest			Currency	Initial Capital		Capital in U$S at 09.30.2025		Capital in U$S at 12.31.2024
Guaranteed with Maturity in 2027 ⁽¹⁾⁽²⁾		02.2017			02.2027		6.875	%	U$S		400		7.5		11.3
Class I Series 2020 ^(1)(2)(3)		04.2020			02.2027		6.875	% ⁽⁵⁾	U$S		306		27.1		40.6
Class I Series 2021 - Additional ^{(1) (2) (3)}		10.2021			08.2031		8.500	%	U$S		272.9		272.9		272.9
Class IV ^(2) (3)		11.2021			11.2028		9.500	%	U$S		62		53.8		62.0
Class V ⁽³⁾		02.2022			02.2032		5.500	%	U$S ⁽⁶⁾		138		138.0		138.0
Class VI ⁽³⁾		02.2022			02.2025		2.000	%	U$S ⁽⁶⁾		36		-		27.1
Class IX ⁽³⁾		08.2022	⁽⁴⁾		08.2026		0.000	%	U$S ⁽⁶⁾		32.7		22.9		22.9
Class X ⁽³⁾		07.2023			07.2025		0.000	%	U$S ⁽⁶⁾		25.1		-		17.9
Class XI ⁽³⁾		12.2024			12.2026		5.500	%	U$S ⁽⁷⁾		28.8		28.8		28.8

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) Corresponds to NOs issued under US legislation, from the state of New York.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the NSC on 04.12.2020.

(4) On 07/2023, an additional amount was issued for US$2.7 million, with the same conditions as the original issue.

(5) During the PIK Period (until 05.01.2021) the interest rate was 9.375% per year, period in which the amount of interest was capitalized quarterly. After said period, the interest rate of the NOs is applied.

(6) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(7) The reference ONs are nominated and payable in US dollars.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 8 - FINANCIAL DEBTS (Contd.)

8.3 Negotiable Obligations (Contd.)

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred. As of September 30, 2025, the Company complies with financial covenants.

As of September 30, 2025, the Company fully canceled Class VI and Class X Bonds.

As of September 30, 2025, the Company holds Class IX Bonds in its portfolio totaling US$9.8 million.

8.4 Bank debt

Institution

Start

Maturity.

N.A.R.

Currency

Initial
Capital⁽¹⁾

Capital at
09.30.2025 ⁽¹⁾

Capital at
12.31.2024 ⁽¹⁾

ICBC - Dubai Branch

07.2022

10.2025

SOFR+ 7.875%⁽²⁾

U$S

10.0

3.4

10.0

(1) Balances in the original currency of the financial instrument.

(2) Plus applicable withholding tax.

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION

9.1 Other receivables

9.1.1 Other non-current receivables

			09.30.2025		12.31.2024


	Note		Millions of $
Trust for Strengthening		10.1		53,509		53,081
Others				1,588		543
Total				55,097		53,624

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

9.1 Other receivables (contd.)

9.1.2 Other current receivables

			09.30.2025		12.31.2024

	Note		Millions of $
Expenses to be recovered				3,199		2,935
Related parties		10.1		2,039		2,799
Tax credits				12,922		19,069
Prepaid Insurance				3,791		2,936
Others				8		22
Total				21,959		27,761

9.2 Trade receivables

			09.30.2025			12.31.2024

	Note		Millions of $
Trade receivables				129,269			121,120
Related parties		10.1		2,205			1,659
Checks-postdated checks				3,974			3,165
Subtotal sales credits				135,448			125,944
Provision for bad debts				(15,227	)		(11,413	)
Total				120,221			114,531

9.2.1 Changes in Bad Debt Provisions

			09.30.2025			12.31.2024

	Note		Millions of $
Initial balance				11,413			16,255
Increases of the period		4.2		5,990			3,231
Foreign exchange difference				2,827			490
Applications of the period				(2,516	)		(49	)
Inflation adjustment				(2,487	)		(8,919	)
Bad Debts provisions at September 30				15,227			11,008

9.3 Investments

9.3.1 Non-current investments

			09.30.2025		12.31.2024

	Note		Millions of $
Negotiable obligations				43,452		54,013
Negotiable obligations of related companies		10.1		-		4,331
Other financial assets				-		2,345
Total				43,452		60,689

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

9.3.2 Current investments

			09.30.2025		12.31.2024

	Note		Millions of $
Negotiable Obligations				54,001		17,554
Negotiable obligations of related companies		10.1		4,730		-
Other financial assets				24,559		9,595
Total				83,290		27,149

9.4 Cash and cash equivalents

			09.30.2025		12.31.2024

	Note		Millions of $
Cash and funds in custody				134		174
Banks		13		22,624		100,011
Checks not yet deposited				914		587
Term deposits and others				74,720		27,946
Total				98,392		128,718

9.5 Commercial accounts payable and other

9.5.1 Commercial Accounts payable and other non-current

	09.30.2025		12.31.2024

	Millions of $
Suppliers		1,083		1,181
Total		1,083		1,181

9.5.2 Commercial accounts payable and other current

			09.30.2025		12.31.2024

	Note		Millions of $
Suppliers				58,641		65,169
Foreign suppliers				9,061		10,786
Debts with Related Parties		10.1		7,491		6,562
Salaries and social security liabilities				41,866		48,505
Other fiscal debts				11,177		8,196
Total				128,236		139,218

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

10.1 Balances with other related parties

Balances with other related companies at September 30, 2025 and December 31, 2024 are as follows:

	09.30.2025		12.31.2024

Other receivables	Millions of $
Other related companies		2,039		2,799
Total		2,039		2,799

	09.30.2025		12.31.2024

Trade receivables	Millions of $
Other related companies		2,205		1,659
Total		2,205		1,659

	09.30.2025		12.31.2024

Investments	Millions of $
Other related companies - non current		-		4,331
Other related companies - current		4,730		-
Total		4,730		4,331

	09.30.2025		12.31.2024

Accounts payable and other	Millions of $
Servicios y Tecnología Aeroportuarios S.A.		4		-
Texelrio S.A.		1,155		1,077
Other related companies		6,332		5,485
Total		7,491		6,562

	09.30.2025		12.31.2024

Provisions and other charges	Millions of $
Corporación América S.A.U. – Dividends to be paid		56,372		16,557
Corporación América Sudamericana S.A. – Dividends to be paid		61,583		-
Cedicor S.A. – Dividends to be paid		57		-
Total		118,012		16,557

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

10.1 Balances with other related parties (Contd.)

The balances with the Argentine National State as of September 30, 2025, and December 31, 2024, are as follows:

			09.30.2025		12.31.2024

	Note		Millions of $
Debt - Specific Allocation of Income				16,167		14,589
Debt - Dividends to be paid		11		-		15,108
Credit - Strengthening Trust (1)				53,509		53,081

(1) To fund the investment commitments of the Company.

10.2 Operations with related parties

Transactions with related parties during the nine-month periods ended September 30, 2025 and 2024 are as follows:

With Proden S.A. for office rental and maintenance, the Company has allocated $3,965 million and $3,259 million, respectively.

With Texelrío S.A. For maintenance at the airports, the Company has allocated $8,104 million and $10,283 million to the cost, respectively.

The Company has allocated to the cost $6,846 million and $5,924 million, respectively, with Grass Master S.A.U. for airport maintenance.

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $2,569 million and $2,584 million to the cost, respectively.

The Company has allocated to the cost $1,808 million and $1,365 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $5,908 million and $4,926 million, respectively.

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $1,015 million and $1,367 million to the cost, respectively.

The Company has recorded commercial income of $1,141 million and $1,328 million with Duty Paid S.A., respectively.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

10.3 Other information about related parties

Furthermore, short-term compensation to key management was $2,027 million and $1,485 million for the nine-month periods ended at September 30, 2025 and 2024, respectively.

Corporación América S.A.U. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

Corporación América S.A.U. is controlled by Cedicor S.A., owner of 100% of its capital stock. Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company. Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 11 – PROVISIONS AND OTHER CHARGES

	Note		At 01.01.25		Increases / (Recovery)		Decreases			Inflation Adjustment			Accruals			Exchange rate differences		At 09.30.25		Total Non Current		Total Current

			Millions of $																	In millions of $
Litigations				4,100		1,595		(1,311	)		(797	)		45			667		4,299		514		3,785
Deferred Income				16,708		4,199		-			(993	)		(13,379	)		2,420		8,955		2,049		6,906
Guarantees Received				2,576		1,209		(612	)		(621	)		-			1,234		3,786		-		3,786
Upfront fees from concessionaires				6,357		1,538		-			-			(2,777	)		-		5,118		2,359		2,759
Dividends to be paid		10		31,665		202,830		(120,371	)		(8,784	)		-			12,672		118,012		-		118,012
Others				1,704		234		-			(308	)		(816	)		397		1,211		478		733
Total 2025				63,110		211,605		(122,294	)		(11,503	)		(16,927	)		17,390		141,381		5,400		135,981

	At 01.01.24		Increases / (Recovery)		Decreases			Inflation Adjustment			Accruals			Exchange rate differences		At 09.30.24		Total Non Current		Total Current

	In millions of $																	In millions of $
Litigations		6,920		749		(998	)		(3,612	)		-			642		3,701		1,375		2,326
Deferred Income		37,410		6,966		-			(13,644	)		(14,647	)		1,965		18,050		3,664		14,386
Guarantees Received		4,779		7		(1	)		(2,301	)		-			150		2,634		-		2,634
Upfront fees from concessionaires		7,420		1,056		-			-			(1,878	)		-		6,598		4,064		2,534
Others		4,852		3		-			(2,476	)		(763	)		527		2,143		1,240		903
Total 2024		61,381		8,781		(999	)		(22,033	)		(17,288	)		3,284		33,126		10,343		22,783

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

Item	Foreign currency type and amount at 09.30.2025		Foreign exchange rates		Amount in local currency at 09.30.2025		Amount in local currency at 12.31.2024
Assets
Current Assets
Cash and cash equivalents	U$S	47		1,371		63,857		99,483
Net trade receivables	U$S	62		1,371		84,921		86,459
Investments	U$S	61		1,371		83,289		27,149
Total current assets						232,067		213,091

Non-Current Assets
Investments	U$S	32		1,371		43,452		57,011
Total Non-Current Assets						43,452		57,011
Total Assets						275,519		270,102

Liabilities
Current Liabilities
Provisions and other charges	U$S	91		1,380		125,751		33,769
Financial debts	U$S	59		1,380		81,568		102,497
Lease liabilities	U$S	4		1,380		4,949		3,311
Commercial accounts payable and others	U$S	25		1,380		35,113		30,469
	EUR	2		1,622.6040		3,081		2,925
	GBP	0		1,858.9980		8		-
	CAD	0		978.5253		43		48
Total current liabilities						250,513		173,019

Non-Current Liabilities
Provisions and other charges	U$S	1		1,380		993		2,574
Financial debts	U$S	487		1,380		672,538		682,858
Lease liabilities	U$S	1		1,380		790		2,578
Commercial accounts payable and others	U$S	1		1,380		1,081		1,170
Total non-current liabilities						675,402		689,180
Total liabilities						925,915		862,199
Net liability position						650,396		592,097

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 13 – OTHER RESTRICTED ASSETS

In addition to what is set forth in notes 1 and 6, within current assets as of September 30, 2025 and December 31, 2024, under the heading of Cash and cash equivalents, balances are maintained in bank accounts specifically allocated for the settlement of negotiable obligations Series 2021 and Class IV for $8,073 million and $5,818 million, respectively.

NOTE 14 - CAPITAL STOCK

At September 30, 2025, capital stock is as follows:

	Par Value
	$
Paid-in and subscribed		258,517,299
Registered with the Public Registry of Commerce		258,517,299

The Company’s capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. (presented in $ in currency as of the date of the meetings)

At the special ordinary general meeting of classes A, B, C and D, held on April 24, 2024, which yields a positive result of $9,406,678,415, it is allocated as follows:

(i)

$58,044,335 to the constitution of the legal reserve, up to 20% of the share capital plus the capital adjustment; and

(ii)

The balance of $9,348,634,080 to the constitution of an optional reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

At the ordinary general meeting held on October 31, 2024, it was resolved: (i) to rectify the resolution reached at the meeting held on April 24, 2024, and to restate the result of the fiscal year, which as of December 31, 2023, amounted to $9,406,678,415 due to the General Level Consumer Inflation Index for the month of March, which amounted to 51.62%. Said result, re-expressed as of the date of the detailed meeting, for an amount of $14,262,583,889, was resolved to be allocated as follows: (i) $102,181,288 to the establishment of the legal reserve, up to 20% of the adjusted share capital; and (ii) the balance of $14,160,402,601.20 to establish a voluntary reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

Having rectified the results for the fiscal year as of April 24, and the shareholders' intention to distribute dividends, at the shareholders' meeting held on October 31, 2024, it was resolved to restate the amount of the voluntary reserve again, this time as of September 30, 2024. The inflation index as of September amounted to 101.58%. Consequently, the amount of the voluntary reserve restated as of September 30

amounted to $737,844,377,142. It was also resolved to partially release the optional reserve up to the equivalent of US$80,000,000 in pesos, equivalent to $79,200,000,000, calculated at the selling exchange rate published by the Banco de la Nación Argentina at the close of business on October 30, 2024, and to distribute dividends to shareholders in proportion to their respective shareholdings in the Company.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

At the ordinary and special general meeting of classes A, B, C, and D held on April 29, 2025, it was resolved:

(i)

to restate the positive result for the fiscal year, which as of December 31, 2024, amounted to the general CPI index accumulated through March, resulting in an adjusted result of $316,986,187,842;

(ii)

that the restated result be used to establish an optional reserve for the execution of future works plans and for the payment of future dividends, if applicable.

At the meeting held on August 18, 2025, it was resolved to distribute cash dividends in an amount equivalent in pesos to US$150,000,000, equivalent to $195,000,000,000, calculated at the selling exchange rate for foreign currency, published by the Banco de la Nación Argentina at the close of business on August 14, 2025. To this end, in accordance with the provisions of section e) of article 3 of Chapter III, Title IV of the Regulations of the National Securities Commission (N.T. 2013 and mod.), the amount of the optional reserve was re-expressed as of June 30, 2025, applying the price index corresponding to the month prior to said meeting. Given that the consumer price index (CPI) accumulated through July was 17.29%, the amount of the voluntary reserve restated as of the date of the meeting amounted to $1,176,946,808,210.

NOTE 16 – EARNINGS PER SHARE

Relevant information for the calculation per share:

	09.30.2025		09.30.2024
Income for the period (in millions of $)		105,999		335,851
Amount of ordinary shares (millions)		259		259
Earnings per shares ($ per share)		409.2625		1,296.7220

NOTE 17 - FINANCIAL RISK MANAGEMENT

The Company's activity is exposed to various financial risks: market risk (including exchange rate risk, interest rate fair value risk and price risk), credit risk and liquidity risk.

These Condensed Interim Separate Financial Statements must be read in light of the economic context in which the Company operates, which was disclosed in the annual Separate Financial Statements in note 20. Inflation for the first nine months of 2025 and the year-over-year inflation rate are shown in Note 3. The quarterly devaluation was 5.8%.

Notes to the Separate Condensed Interim Financial Statements

At September 30, 2025 presented in comparative format (Contd.)

NOTE 17 - FINANCIAL RISK MANAGEMENT (Contd.)

As of the date of these financial statements, there were no significant changes in exposure to market risk, foreign exchange risk, interest rate risk, credit risk, or liquidity risk compared to what was reported in the annual financial statements closed as of December 31, 2024.

In April 2025, the BCRA implemented measures that made access to the MULC more flexible, allowing resident individuals to acquire foreign currency for hoarding without restrictions on amounts or additional requirements. Furthermore, prepayments on income and personal property taxes for these transactions were eliminated. For legal entities, modifications were introduced that allow for more flexible access to the MULC for paying for imports and other transactions, although some specific restrictions and requirements remain in effect.

The Company continues to monitor these regulatory changes and assess their impact on financial risk management to identify potential impacts on its equity and financial position and define the necessary courses of action.

NOTA 18 - EVENTS SUBSEQUENT TO THE END OF THE PERIOD

No events and/or transactions have occurred since the end of the period that could significantly affect the Company's financial and equity situation.

“Free translation from the original in Spanish for publication in Argentina”

REVIEW REPORT ON SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS

To the Shareholders, Chairman and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

CUIT N° 30-69617058-0

Report on separate condensed interim financial statements

Introduction

We have reviewed the accompanying separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (hereinafter "the Company") comprising the separate statement of financial position as of September 30, 2025, the separate statements of comprehensive income for the nine and three months ended September 30, 2025, changes in equity and cash flows for the nine months ended September 30, 2025 and selected explanatory notes.

Board Responsibility

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the separate condensed interim financial statements referred to in the first paragraph in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

Scope of the review

Our responsibility is to express a conclusion on these separate condensed interim financial statements based on the review we have conducted, which was conducted in accordance with the International Standard for Review Engagements NIER 2410 "Review of Interim Financial Information Developed by the Entity's Independent Auditor", adopted as a review standard in Argentina by FACPCE Technical Resolution No. 33 as approved by the Standards Council International Audit and Assurance Organizations (IAASB). A review of separate condensed interim financial statements consists of conducting inquiries primarily of personnel responsible for financial and accounting aspects and applying analytical and other review procedures. A review has a substantially smaller scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not allow us to be confident of identifying all significant matters that could be noted in an audit. Accordingly, we do not express an audit opinion.

Conclusion

On the basis of our review, nothing has caught our attention to suggest that the separate condensed interim financial statements referred to in the first paragraph of this report are not prepared, in all material respects, in accordance with International Accounting Standard 34.

	Price Waterhouse & Co. S.R.L.
	Bouchard 557, 8^th floor
	C1106ABG - Autonomous City of Buenos Aires, Argentina
	T: +(54.11) 4850.0000
www.pwc.com.ar

Report on compliance with current provisions

In compliance with current provisions, we inform, with respect to Aeropuertos Argentina 2000 S.A., that:

a) the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. are pending to be transcribed in the Inventory and Balance Sheets;

b) the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations;

c) as of September 30, 2025, the debt accrued in favor of the Argentine Integrated Pension System of Aeropuertos Argentina 2000 S.A. arising from the Company's accounting records amounted to $3,681,726,989, which was not payable on that date.

Autonomous City of Buenos Aires, November 10, 2025.

PRICE WATERHOUSE & CO. S.R.L.

By (Partner)
Juan Manuel Gallego Tinto

SURVEILLANCE COMMITTEE REPORT

To the shareholders of

AEROPUERTOS ARGENTINA 2000 S.A.

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (the “Company”), which comprise the separate statement of financial position as of September 30, 2025, the separate statements of comprehensive income for the periods of three and nine months ended September 30, 2025, of changes in equity and cash flows for the nine-months period ended September 30, 2025, and selected explanatory notes.

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated November 10, 2025, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

As stated in the section "Board Responsibility" of the external auditor's report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing, or production, since these issues are the sole responsibility of the Board of Directors.

Based on our review, with the scope described above, we hereby inform that the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. as of September 30, 2024 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

In exercise of our legal supervision duties, during the period under review, we performed the procedures set forth in Article 294 of Act No. 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

Autonomous City of Buenos Aires, November 10, 2025.

__________________

Patricio A. Martin

By Surveillance Committee