EX-99.1 2 tm2515459d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2025 and 2024 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Corporación América Airports S.A.

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

For the three-month period ended March 31, 2025 and 2024

R.C.S. Luxembourg B 174.140

128, Boulevard de la Pétrusse

L – 2330 Luxembourg

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

		For the three-month period ended March 31,
	Notes	2025			2024
Revenue	4		447,818			433,047
Cost of services	5		(291,334	)		(267,482	)
Gross profit			156,484			165,565
Selling, general and administrative expenses	6		(54,333	)		(44,158	)
Other operating income	7		6,951			6,050
Other operating expenses			(5,054	)		(2,655	)
Operating income			104,048			124,802
Share of loss in associates			(495	)		(211	)
Income before financial results and income tax			103,553			124,591
Financial income	8		10,873			18,711
Financial loss	8		(42,254	)		155,834
Inflation adjustment	8		(3,544	)		(13,586	)
Income before income tax			68,628			285,550
Income tax	9		(32,382	)		(112,904	)
Income for the period			36,246			172,646
Attributable to:
Owners of the parent			40,772			152,670
Non-controlling interests			(4,526	)		19,976
			36,246			172,646
Earnings per share for profit attributable to the ordinary equity holders of the Group:
Basic earnings per share			0.25			0.95
Diluted earnings per share			0.25			0.95

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

	For the three-month period ended March 31,
	2025			2024
Income for the period		36,246			172,646

Items that will not be reclassified to loss or profit:
Remeasurements of defined benefit obligations		29			76
Items that may be reclassified to profit or loss:
Changes in the fair value of the instruments used to hedge cash flows		639			-
Income tax impact of the instruments used to hedge cash flows		(153	)		-
Share of other comprehensive income from associates		32			23
Currency translation adjustment		24,271			263,861
Other comprehensive income for the period, net of income tax		24,818			263,960
Total comprehensive income for the period		61,064			436,606
Attributable to:
Owners of the parent		68,220			371,660
Non-controlling interests		(7,156	)		64,946
		61,064			436,606

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2024.

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Notes	At March 31, 2025			At December 31, 2024
ASSETS
Non-current assets
Intangible assets, net	10		3,246,264			3,155,448
Property, plant and equipment, net			80,254			77,801
Right-of-use asset			9,637			9,921
Investments in associates			11,357			11,746
Other financial assets at fair value through profit or loss			4,411			4,237
Other financial assets at amortized cost			96,531			84,618
Deferred tax assets			13,927			13,372
Inventories			308			314
Other receivables			61,620			58,461
Trade receivables			10			18
			3,524,319			3,415,936
Current assets
Inventories			13,010			11,410
Other financial assets at fair value through profit or loss			2,885			3,129
Other financial assets at amortized cost			72,023			82,923
Other receivables			60,178			63,156
Current tax assets			8,061			7,366
Trade receivables			158,480			157,546
Cash and cash equivalents	11		448,618			439,847
			763,255			765,377
Assets classified as held for sale			137			137
			763,392			765,514
Total assets			4,287,711			4,181,450

EQUITY	14
Share capital			163,223			163,223
Share premium			183,430			183,430
Treasury shares			(4,094	)		(4,094	)
Free distributable reserve			378,910			378,910
Non-distributable reserve			1,358,028			1,358,028
Currency translation adjustment			(89,262	)		(116,471	)
Legal reserves			7,419			7,419
Other reserves			(1,319,179	)		(1,319,682	)
Retained earnings			759,283			718,511
Total attributable to owners of the parent			1,437,758			1,369,274
Non-controlling interests			141,530			148,686
Total equity			1,579,288			1,517,960

LIABILITIES
Non-current liabilities
Borrowings	12		1,034,928			1,042,704
Derivative financial instruments liabilities			2,832			3,351
Deferred tax liabilities			420,666			383,369
Other liabilities	13		692,397			621,412
Lease liabilities			6,574			7,010
Trade payables			1,863			1,914
			2,159,260			2,059,760
Current liabilities
Borrowings	12		103,852			115,367
Other liabilities	13		322,424			348,586
Lease liabilities			3,750			3,707
Current tax liabilities			13,654			15,307
Trade payables			105,483			120,763
			549,163			603,730
Total liabilities			2,708,423			2,663,490
Total equity and liabilities			4,287,711			4,181,450

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Share capital		Share premium		Treasury shares			Free distributable reserves		Non- distributable reserves		Legal reserves		Currency translation adjustment			Other reserves			Retained earnings ⁽¹⁾		Total		Non- controlling interests			Total
Balance at January 1, 2025		163,223		183,430		(4,094	)		378,910		1,358,028		7,419		(116,471	)		(1,319,682	)		718,511		1,369,274		148,686			1,517,960
Income for the period		-		-		-			-		-		-		-			-			40,772		40,772		(4,526	)		36,246
Other comprehensive income / (loss) for the period		-		-		-			-		-		-		27,209			239			-		27,448		(2,630	)		24,818
Share-based payments reserve (Note 14.a and 14.c)		-		-		-			-		-		-		-			264			-		264		-			264
Balance at March 31, 2025		163,223		183,430		(4,094	)		378,910		1,358,028		7,419		(89,262	)		(1,319,179	)		759,283		1,437,758		141,530			1,579,288

Balance at January 1, 2024		163,223		183,430		(4,322	)		378,910		1,358,028		3,676		(482,852	)		(1,313,888	)		438,775		724,980		78,929			803,909
Income for the period		-		-		-			-		-		-		-			-			152,670		152,670		19,976			172,646
Other comprehensive income for the period		-		-		-			-		-		-		218,945			45			-		218,990		44,970			263,960
Share-based payments reserve (Note 14.a and 14.c)		-		-		-			-		-		-		-			211			-		211		-			211
Balance at March 31, 2024		163,223		183,430		(4,322	)		378,910		1,358,028		3,676		(263,907	)		(1,313,632	)		591,445		1,096,851		143,875			1,240,726

⁽¹⁾ Retained earnings calculated according to Luxembourg Law are disclosed in Note 15.

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

		For the three-month period ended March 31,
	Notes	2025			2024
Cash flows from operating activities
Income for the period from continuing operations			36,246			172,646
Adjustments for:
Amortization and depreciation			59,236			44,946
Deferred income tax	9		23,371			108,049
Current income tax	9		9,011			4,855
Share of loss in associates			495			211
Loss on disposals of property, plant and equipment			299			227
Low value, short term and variable lease payments			(775	)		(255	)
Share based compensation expenses			264			211
Interest expenses	8		23,703			27,099
Other financial results, net			(4,088	)		(1,366	)
Net foreign exchange	8		(10,919	)		(212,173	)
Other accruals			1,986			729
Inflation adjustment			(3,369	)		5,208
Acquisition of intangible assets			(33,972	)		(41,403	)
Income tax paid			(9,025	)		(9,605	)
Collection due to concession compensation (*)			-			90,609
Unpaid concession fees			25,864			23,303
Changes in liability for concessions	8		27,239			26,360
Changes in working capital	17		(65,288	)		(75,109	)
Net cash provided by operating activities			80,278			164,542

Cash flows from investing activities
Cash contribution in associates			(74	)		(41	)
Acquisition of other financial assets			(45,821	)		(32,178	)
Disposals of other financial assets			44,525			33,925
Acquisition of property, plant and equipment			(2,247	)		(2,303	)
Acquisition of intangible assets			(282	)		(66	)
Proceeds from property, plant and equipment			26			8
Other			309			(586	)
Net cash used in investing activities			(3,564	)		(1,241	)

Cash flows from financing activities
Loans obtained	12		95			33,126
Guarantee deposits			(219	)		1,130
Principal elements of lease payments			(1,014	)		(1,118	)
Loans repaid	12		(43,964	)		(70,025	)
Interest paid	12		(14,706	)		(19,483	)
Dividends paid to non-controlling interests in subsidiaries			(11,953	)		-
Net cash used in financing activities			(71,761	)		(56,370	)
Increase in cash and cash equivalents from continuing operations			4,953			106,931

Movements in cash and cash equivalents
At the beginning of the period			439,847			369,848
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents			3,818			(6,938	)
Increase in cash and cash equivalents from continuing operations			4,953			106,931
At the end of the period	11		448,618			469,841

^(*) Corresponds to the net indemnification collected regarding the re-bidding of the International Airport of São Gonçalo do Amarante (Natal Airport) detailed in Note 26.b of the Consolidated Financial Statements for the year ended December 31, 2024.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1		General information
2		Basis of presentation and accounting policies
3		Segment information
4		Revenue
5		Cost of services
6		Selling, general and administrative expenses
7		Other operating results
8		Financial results, net
9		Income tax
10		Intangible assets, net
11		Cash and cash equivalents
12		Borrowings
13		Other liabilities
14		Equity
15		Contingencies, commitments and restrictions on the distribution of profits
16		Related party balances and transactions
17		Cash flow disclosures
18		Fair value measurement of financial instruments
19		Financial risk factors
20		Subsequent events

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1 General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz.

The Company´s registered office address is 128, Boulevard de la Pétrusse, Luxembourg.

The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy and Ecuador.

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements as of December 31, 2024.

The fiscal year begins on January 1 and ends on December 31.

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on May 22, 2025.

2 Basis of presentation and accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2024. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

Elimination of all material intercompany transactions and balances between the Company and the other companies and their respective subsidiaries have been made.

The preparation of Condensed Consolidated Interim Financial Statements in accordance with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.

In the preparation of these Condensed Consolidated Interim Financial Statements, the significant areas of judgment by management in the application of the Group’s accounting policies and the main areas of assumptions and estimates are consistent with those applied in the Consolidated Financial Statements for the year ended December 31, 2024.

Assets and liabilities are classified as current if settlement is expected within twelve months.

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2024.

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2 Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

Under the terms of IAS 29, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy for accounting purposes as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The estimated price index as of March 31, 2025, was 8,262.37 (7,694.01 as of December 31, 2024) and the conversion factor derived from the indexes for the three-month period ended March 31, 2025, was 1.07 (1.54 for the three-month period ended March 31, 2024).

Comparative amounts are the figures presented as current year amounts in the relevant prior year consolidated financial statements, according to IAS 21, considering that they were translated into the currency of a non- hyperinflationary economy.

The ongoing application of the re-translation of comparative amounts to closing exchange rates under IAS 21 and the inflation adjustments required by IAS 29 will lead to a difference because the rate at which the hyper-inflationary currency depreciates against a stable currency is rarely equal to the rate of inflation.

The inflation adjustment and the translation of comparative amounts in the current period is included in Other comprehensive income for the period line.

All items in the Condensed Consolidated Interim Statement of Income and of Comprehensive Income for the three-month period are restated by applying the relevant conversion factors at the end of the reporting period, as stated in Note 2.X of the Consolidated Financial Statements as of December 31, 2024.

New and amended standards

The following accounting standards and interpretations became applicable for the annual period commencing on or after January 1, 2025:

- Lack of exchangeability – Amendments to IAS 21.

The amendment listed above did not have any material impact on these Condensed Consolidated Interim Financial Statements.

New and amended standards not yet adopted by the Group

The following accounting standards and interpretations have been published but the application are not mandatory for reporting periods ending December 31, 2025 and have not been early adopted by the Group:

- Presentation and Disclosures in Financial Statements – IFRS 18.

- Classification and measurement of financial instruments – Amendments to IFRS 9 and IFRS 7.

The Group is currently assessing the impact these standards, amendments or interpretations will have on the current or future reporting periods and on foreseeable future transactions.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2025 and 2024 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3 Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within “Unallocated” in the reconciliation, which also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in “Intrasegment Adjustments” within the reconciliation.

The information regarding the Group’s reportable operating segments is consistent with the information presented in Notes 2.W and 4 included in our audited Consolidated Financial Statements for the year ended December 31, 2024, and should be read in conjunction with them.

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax, depreciation and amortization for such segments. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

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3 Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the three-month period ended March 31, 2025
Aeronautical revenue ^(*)		152,563			9,245			25,812			17,421			19,926			11,737			236,704
Non-aeronautical revenue ^(*)
Commercial revenue		96,033			15,745			23,223			29,786			7,314			8,771			180,872
Construction service revenue		20,219			184			4,535			896			-			5,072			30,906
Other revenue		-			-			11			-			-			1,500			1,511
Revenue		268,815			25,174			53,581			48,103			27,240			27,080			449,993
Salaries and social security contributions		(48,391	)		(4,714	)		(7,596	)		(5,705	)		(3,186	)		(7,015	)		(76,607	)
Concession fees		(36,361	)		(5,229	)		(5,977	)		-			(8,919	)		(1,525	)		(58,011	)
Construction service cost		(20,142	)		(184	)		(4,535	)		(870	)		-			(2,943	)		(28,674	)
Maintenance expense		(35,133	)		(1,038	)		(5,373	)		(1,448	)		(1,654	)		(3,295	)		(47,941	)
Amortization and depreciation		(36,054	)		(2,698	)		(2,833	)		(5,481	)		(1,819	)		(2,596	)		(51,481	)
Cost of fuel		-			(64	)		(1,226	)		(17,035	)		-			-			(18,325	)
Other operational expenditures		(31,228	)		(4,475	)		(6,183	)		(4,441	)		(5,376	)		(8,784	)		(60,487	)
Operational expenditure		(207,309	)		(18,402	)		(33,723	)		(34,980	)		(20,954	)		(26,158	)		(341,526	)
Other operating income		6,551			115			157			115			-			13			6,951
Other operating expenses		(4,413	)		(4	)		(61	)		(570	)		(6	)		-			(5,054	)
Operating income		63,644			6,883			19,954			12,668			6,280			935			110,364
Share of income / (loss) in associates		-			-			-			-			-			-			-
Amortization and depreciation		36,054			2,698			2,833			5,481			1,819			2,596			51,481
Adjusted Ebitda		99,698			9,581			22,787			18,149			8,099			3,531			161,845
Construction services revenue		(20,219	)		(184	)		(4,535	)		(896	)		-			(5,072	)		(30,906	)
Construction services cost		20,142			184			4,535			870			-			2,943			28,674
Adjusted Ebitda excluding Construction Services		99,621			9,581			22,787			18,123			8,099			1,402			159,613

March 31, 2025
Current assets		231,980			77,475			61,766			60,376			41,755			52,635			525,987
Non-current assets		2,038,331			490,094			231,289			203,373			45,540			267,877			3,276,504
Capital Expenditure		20,339			569			6,989			2,747			177			6,197			37,018
Current liabilities		190,889			194,381			59,229			11,981			23,238			69,207			548,925
Non-current liabilities		860,226			783,658			60,769			137			4,501			128,895			1,838,186

^(*)Mainly includes revenues recognized over time, see Note 4.

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3 Segment information (Cont.)

	Argentina			Brazil			Uruguay			Armenia			Ecuador			Italy			Total reportable segment
For the three-month period ended March 31, 2024
Aeronautical revenue ^(*)		135,468			10,775			25,244			18,356			19,836			11,861			221,540
Non-aeronautical revenue ^(*)
Commercial revenue		86,127			17,741			21,373			29,775			6,820			8,347			170,183
Construction service revenue		33,478			313			5,987			337			-			1,209			41,324
Other revenue		-			-			3			-			-			1,217			1,220
Revenue		255,073			28,829			52,607			48,468			26,656			22,634			434,267
Salaries and social security contributions		(41,155	)		(6,476	)		(7,380	)		(4,824	)		(3,417	)		(7,125	)		(70,377	)
Concession fees		(32,592	)		(5,868	)		(5,451	)		-			(8,922	)		(1,426	)		(54,259	)
Construction service cost		(33,416	)		(313	)		(5,987	)		(327	)		-			(530	)		(40,573	)
Maintenance expense		(21,409	)		(1,484	)		(4,073	)		(1,561	)		(919	)		(2,781	)		(32,227	)
Amortization and depreciation		(20,996	)		(3,021	)		(2,810	)		(4,978	)		(1,741	)		(2,713	)		(36,259	)
Cost of fuel		-			(66	)		(1,840	)		(18,831	)		-			-			(20,737	)
Other operational expenditures		(26,640	)		(4,420	)		(5,787	)		(4,060	)		(5,876	)		(7,090	)		(53,873	)
Operational expenditure		(176,208	)		(21,648	)		(33,328	)		(34,581	)		(20,875	)		(21,665	)		(308,305	)
Other operating income		5,764			75			2			162			5			42			6,050
Other operating expenses		(1,900	)		(413	)		(146	)		(191	)		(5	)		-			(2,655	)
Operating income		82,729			6,843			19,135			13,858			5,781			1,011			129,357
Share of loss in associates		(1	)		-			-			-			-			-			(1	)
Amortization and depreciation		20,996			3,021			2,810			4,978			1,741			2,713			36,259
Adjusted Ebitda		103,724			9,864			21,945			18,836			7,522			3,724			165,615
Construction services revenue		(33,478	)		(313	)		(5,987	)		(337	)		-			(1,209	)		(41,324	)
Construction services cost		33,416			313			5,987			327			-			530			40,573
Adjusted Ebitda excluding Construction Services		103,662			9,864			21,945			18,826			7,522			3,045			164,864

December 31, 2024
Current assets		242,657			66,824			42,502			70,306			64,789			54,069			541,147
Non-current assets		1,999,467			461,164			227,452			185,355			47,605			253,599			3,174,642
Capital Expenditure		155,747			2,610			36,479			17,514			4,164			19,170			235,684
Current liabilities		253,577			181,138			30,102			17,211			54,374			65,191			601,593
Non-current liabilities		846,196			704,842			62,821			-			4,282			124,224			1,742,365

^(*)Mainly includes revenues recognized over time, see Note 4.

- 10 -

3 Segment information (Cont.)

Reconciliations

Adjusted EBITDA related to the reportable segments reconciles to operating income / (loss) as follows:

	For the three-month period ended March 31, 2025			For the three-month period ended March 31, 2024
Adjusted Ebitda - Total reportable segment		161,845			165,615
Share of loss in associates		-			1
Amortization and depreciation		(51,481	)		(36,259	)
Intrasegment Adjustments		-			-
Unallocated		(6,316	)		(4,555	)
Operating income		104,048			124,802

Revenue, operational expenditures, as well as total operating income / (loss) related to the reportable segments are reconciled below to the corresponding totals shown in these Consolidated financial statements. Additionally, other operating income / (loss) is reconciled to income for the period.

	For the three-month period ended March 31, 2025												For the three-month period ended March 31, 2024
	Total reportable segment			Intrasegment Adjustments			Unallocated			Total			Total reportable segment			Intrasegment Adjustments			Unallocated			Total
Revenue		449,993			(4,385	)		2,210			447,818			434,267			(3,563	)		2,343			433,047
Operational expenditure		(341,526	)		4,385			(8,526	)		(345,667	)		(308,305	)		3,563			(6,898	)		(311,640	)
Other operating income		6,951			-			-			6,951			6,050			-			-			6,050
Other operating expenses		(5,054	)		-			-			(5,054	)		(2,655	)		-			-			(2,655	)
Operating income / (loss)		110,364			-			(6,316	)		104,048			129,357			-			(4,555	)		124,802
Share of loss in associates		-			-			(495	)		(495	)		(1	)		-			(210	)		(211	)
Financial income											10,873												18,711
Financial loss											(42,254	)											155,834
Inflation adjustment											(3,544	)											(13,586	)
Income before income tax expense											68,628												285,550
Income tax											(32,382	)											(112,904	)
Income for the period											36,246												172,646

Assets and liabilities related to the reportable segments reconcile to the corresponding totals shown in these Consolidated financial statements as follows:

	At March 31, 2025									At December 31, 2024
	Total reportable segment		Intrasegment Adjustments			Unallocated		Total		Total reportable segment		Intrasegment Adjustments			Unallocated		Total
Current assets		525,987		(130,450	)		367,855		763,392		541,147		(92,626	)		316,993		765,514
Non-current assets		3,276,504		(49,389	)		297,204		3,524,319		3,174,642		(47,044	)		288,338		3,415,936
Capital Expenditure		37,018		-			-		37,018		235,684		-			28		235,712
Current liabilities		548,925		(130,450	)		130,688		549,163		601,593		(92,626	)		94,763		603,730
Non-current liabilities		1,838,186		(49,389	)		370,463		2,159,260		1,742,365		(47,044	)		364,439		2,059,760

- 11 -

4 Revenue

	For the three-month period ended March 31,
	2025		2024
Aeronautical revenue		236,704		221,540
Non-aeronautical revenue
Commercial revenue		178,697		168,387
Construction service revenue		30,906		41,324
Other revenue		1,511		1,796
		447,818		433,047
Timing of revenue recognition
Over time		353,357		343,290
At a point in time		20,187		21,764
Revenues from sub-concession of spaces		74,274		67,993
Revenue		447,818		433,047

5 Cost of services

	For the three-month period ended March 31,
	2025			2024
Salaries and social security contributions		(63,383	)		(60,305	)
Concession fees ⁽¹⁾		(55,751	)		(52,400	)
Amortization and depreciation ⁽²⁾		(51,683	)		(37,602	)
Maintenance expenses		(46,828	)		(31,672	)
Construction services cost		(28,674	)		(40,573	)
Cost of fuel		(18,325	)		(20,737	)
Services and fees		(16,885	)		(15,480	)
Office expenses		(3,836	)		(3,867	)
Taxes		(1,322	)		(1,308	)
Others		(4,647	)		(3,538	)
		(291,334	)		(267,482	)

⁽¹⁾ Includes depreciation for fixed concession assets fee of USD 4,816 for the three-month period ended March 31, 2025 (USD 5,455 for the three-month period ended March 31, 2024).

⁽²⁾ Includes depreciation of leases of USD 661 for the three-month period ended March 31, 2025 (USD 557 for the three-month period ended March 31, 2024).

6 Selling, general and administrative expenses

	For the three-month period ended March 31,
	2025			2024
Taxes ⁽¹⁾		(16,935	)		(14,489	)
Salaries and social security contributions		(13,479	)		(10,340	)
Services and fees		(11,845	)		(10,364	)
Amortization and depreciation ⁽²⁾		(2,592	)		(1,732	)
Office expenses		(2,489	)		(1,401	)
Maintenance expenses		(1,095	)		(545	)
Advertising		(691	)		(632	)
Insurance		(957	)		(823	)
Bad debts		(2,613	)		(2,127	)
Bad debts recovery		1,059			858
Other		(2,696	)		(2,563	)
		(54,333	)		(44,158	)

⁽¹⁾ Mainly includes taxes over bank transactions and tax on revenue not included in the line item “Income tax”.

⁽²⁾ Includes depreciation of leases of USD 188 for the three-month period ended March 31, 2025 (USD 200 for the three-month period ended on March 31, 2024).

- 12 -

7 Other operating income

	For the three-month period ended March 31,
	2025		2024
Government grants ⁽¹⁾		6,057		5,431
Other		894		619
		6,951		6,050

⁽¹⁾Corresponds to government grants for the development of airport infrastructure in Group A, operated by Aeropuertos Argentina 2000 (“AA2000”), of the National Airport System in Argentina. There are no unfulfilled conditions or other contingencies related to these grants.

8 Financial results, net

	For the three-month period ended March 31,
	2025			2024
Interest income		8,603			17,028
Foreign exchange results		57			145
Other financial income		2,213			1,538
Financial income		10,873			18,711

Interest expense		(23,703	)		(27,099	)
Foreign exchange results ⁽¹⁾		10,862			212,028
Changes in liability for concessions ⁽²⁾		(27,239	)		(26,360	)
Other financial loss		(2,174	)		(2,735	)
Financial loss		(42,254	)		155,834

Inflation adjustment		(3,544	)		(13,586	)
Inflation adjustment		(3,544	)		(13,586	)
Net financial results		(34,925	)		160,959

⁽¹⁾ Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency borrowings in AA2000.

⁽²⁾ Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

9 Income tax

	For the three-month period ended March 31,
	2025			2024
Current income tax		(9,011	)		(4,855	)
Deferred income tax		(23,371	)		(108,049	)
		(32,382	)		(112,904	)

For the three-month period ended March 31, 2024, there was an increase in the effective tax rate mainly due to the tax inflation adjustment in Argentina.

- 13 -

10 Intangible assets, net

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2025		5,402,300			8,788			23,843			5,434,931
Acquisitions		33,140			-			282			33,422
Disposals		-			-			(141	)		(141	)
Write-off		(8,254	)		-			-			(8,254	)
Translation differences and inflation adjustment		175,252			359			984			176,595
		5,602,438			9,147			24,968			5,636,553
Depreciation
Accumulated at January 1, 2025		2,258,994			-			20,489			2,279,483
Depreciation of the period		55,420			-			211			55,631
Disposals		-			-			(91	)		(91	)
Write-off		(4,729	)		-			-			(4,729	)
Translation differences and inflation adjustment		59,140			-			855			59,995
		2,368,825			-			21,464			2,390,289
At March 31, 2025		3,233,613			9,147			3,504			3,246,264

Cost
Balances at January 1, 2024		4,153,428			9,293			24,661			4,187,382
Acquisitions		41,403			-			66			41,469
Disposals		(390	)		-			(484	)		(874	)
Other		78			-			-			78
Translation differences and inflation adjustment		769,118			(170	)		(482	)		768,466
		4,963,637			9,123			23,761			4,996,521
Depreciation
Accumulated at January 1, 2024		1,645,013			-			21,404			1,666,417
Depreciation of the period		41,485			-			210			41,695
Disposals		(17	)		-			(284	)		(301	)
Translation differences and inflation adjustment		307,556			-			(434	)		307,122
		1,994,037			-			20,896			2,014,933
At March 31, 2024		2,969,600			9,123			2,865			2,981,588

Due to the good performance witnessed during 2024 and 2025 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the historical losses from its operations.

Therefore, the Group performed the impairment test of the Brazilian cash-generating unit (“CGU”) (covering concession assets with a carrying value of USD 540.9 million as of March 31, 2025) based on the discounted cash flow model covering the remaining concession period (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical data.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

As of March 31, 2025 and December 31, 2024, the recoverable amount of aforementioned CGU’s exceeded their respective carrying amount.

- 14 -

11 Cash and cash equivalents

	At March 31, 2025		At December 31, 2024
Cash to be deposited		307		540
Cash at banks		128,704		189,684
Time deposits		43,900		21,615
Other cash equivalents ⁽¹⁾		275,707		228,008
		448,618		439,847

⁽¹⁾ Mainly includes bank deposit certificates with immediate liquidity, treasury bills and highly liquid investments in mutual funds.

The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties and low risk of changes in value.

As of March 31, 2025, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 5,923 (USD 4,621 as of December 31, 2024).

12 Borrowings

	At March 31, 2025		At December 31, 2024
Non-current
Bank and financial borrowings (**)		261,478		250,150
Notes (*)		758,326		778,218
Other		15,124		14,336
		1,034,928		1,042,704
Current
Bank and financial borrowings (**)		32,233		32,769
Notes (*)		70,835		81,845
Other		784		753
		103,852		115,367
Total Borrowings		1,138,780		1,158,071

Changes in borrowings during the period is as follows:

	For the three-month period ended March 31,
	2025			2024
Balances at the beginning of the period		1,158,071			1,333,237
Loans obtained		95			33,126
Loans repaid		(43,964	)		(70,025	)
Interest paid		(14,706	)		(19,483	)
Accrued interest for the period		23,052			26,805
Translation differences and inflation adjustment		16,232			(12,934	)
Balances at the end of the period		1,138,780			1,290,726

- 15 -

12 Borrowings (Cont.)

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At March 31, 2025 ⁽¹⁾		181,697		216,838		579,261		577,773		1,555,569
At December 31, 2024 ⁽¹⁾		199,693		213,504		568,212		594,054		1,575,463

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

These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which contains further information regarding borrowings.

(*) Notes include the following as of March 31, 2025:

Company	Note	Issuance	Currency	Nominal value (in millions of USD)	Maturity	Interest rate	Outstanding (in millions of USD)
ACI Airport Sudamérica S.A.U. (“ACI”)	Senior secured guarantee notes	Nov-2021	USD	246.2	Nov-2034	Fixed 6.875%	241.7
ACI Airport Sudamérica S.A.U. (“ACI”)	Senior secured guarantee notes	May-2015, May-2020 ⁽¹⁾	USD	14.6	Nov-2032	Fixed 6.875%	10.6
AA2000	Senior secured guarantee notes	Feb-2017, May-2020 ⁽¹⁾	USD	212.3	Feb-2027	Fixed 6.875%	38.6
	Senior secured guarantee notes	Oct-2021	USD	208.9	Aug-2031	Fixed 8.500%	209.1
	Class 1 Series 2021 Notes	Nov-2021	USD	64.0	Aug-2031	Fixed 8.500%	61.8
	Class 4 Notes	Nov-2021	USD	62.0	Nov-2028	Fixed 9.500%	58.6
	Class 5 Notes	Feb-2022	USD ⁽²⁾	138.0	Feb-2032	Fixed 5.500%	138.4
	Class 9 Notes	Aug-2022, July-2023	USD ⁽²⁾	30.0	Aug-2026	Fixed 0.000%	23.2
	Class 10 Notes	July-2023	USD⁽²⁾	25.0	July-2025	Fixed 0.000%	18.2
	Class 11 Notes	Dec-2024	USD	28.8	Dec-2026	Fixed 5.500%	29.0
Total							829.2

⁽¹⁾ A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

⁽²⁾ These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

(*) Notes include the following as of December 31. 2024:

Company	Note	Issuance	Currency	Nominal value (in millions of USD)	Maturity	Interest rate	Outstanding (in millions of USD)
ACI	Senior secured guarantee notes	Nov-2021	USD	246.2	Nov-2034	Fixed 6.875%	237.2
ACI	Senior secured guarantee notes	May-2015, May-2020 ⁽¹⁾	USD	14.6	Nov-2032	Fixed 6.875%	10.4
AA2000	Senior secured guarantee notes	Feb-2017, May-2020 ⁽¹⁾	USD	212.3	Feb-2027	Fixed 6.875%	44.5
	Senior secured guarantee notes	Oct-2021	USD	208.9	Aug-2031	Fixed 8.500%	209.1
	Class 1 Series 2021 Notes	Nov-2021	USD	64.0	Aug-2031	Fixed 8.500%	61.7
	Class 4 Notes	Nov-2021	USD	62.0	Nov-2028	Fixed 9.500%	61.4
	Class 5 Notes	Feb-2022	USD ⁽²⁾	138.0	Feb-2032	Fixed 5.500%	138.4
	Class 6 Notes	Feb-2022	USD ⁽²⁾	36.0	Feb-2025	Fixed 2.000%	27.2
	Class 9 Notes	Aug-2022, July-2023	USD ⁽²⁾	30.0	Aug-2026	Fixed 0.000%	23.1
	Class 10 Notes	July-2023	USD⁽²⁾	25.0	July-2025	Fixed 0.000%	18.5
	Class 11 Notes	Dec-2024	USD	28.8	Dec-2026	Fixed 5.500%	28.6
Total							860.1

⁽¹⁾ A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

⁽²⁾ These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

- 16 -

12 Borrowings (Cont.)

(**) As of March 31, 2025, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding	Capitalization ⁽¹⁾
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)	Capitalization ⁽¹⁾
Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”)	BNDES	R$	Dec-2033	Variable	TJLP⁽²⁾ plus spread	167.6	A
TCU S.A. (“TCU”)	Scotiabank Uruguay	USD	Feb-2026	Fixed	4.30%	0.2	D
	Santander Uruguay	USD	Nov-2027	Fixed	5.37%	0.7	D
	Santander Uruguay	USD	Jan-2028	Fixed	5.37%	0.7	D
Toscana Aeroporti S.p.A. (“TA”)	Intesa Sanpaolo, UniCredit , BPM, BNP and Cassa Depositi e Prestiti	EUR	Jun-2030	Variable	Euribor plus spread	96.1	A
AA2000	ICBC Dubai	USD	Oct-2025	Variable	SOFR plus spread	10.2	B
AA2000	ICBC	EUR	Apr-2025	Fixed	11.00%	0.1	D
Consorcio Aeropuertos Internacionales S.A. (“CAISA”)	Santander Uruguay	USD	Apr-2027	Fixed	5.10%	4.0	B
	Banco Itaú	USD	Apr-2027	Fixed	3.80%	4.0	B
	Santander Uruguay	USD	Apr-2029	Variable	SOFR plus spread	4.1	D
Puerta del Sur S.A. (”PDS”)	Banco de la República Oriental del Uruguay	USD	Mar-2028	Variable	5.15%	6.0	C
Total						293.7

(**) As of December 31, 2024, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding	Capitalization ⁽¹⁾
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)	Capitalization ⁽¹⁾
ICAB	BNDES	R$	Dec-2033	Variable	TJLP⁽²⁾ plus spread	157.7	A
TAGSA	Banco Guayaquil SA	USD	Feb-2026 ⁽⁴⁾	Variable	T.R.E.⁽³⁾ plus spread	2.4	D
TAGSA	Banco Bolivariano CA	USD	Dec-2025⁽⁵⁾	Variable	T.R.E.⁽³⁾ plus spread	1.8	D
TCU	Scotiabank Uruguay	USD	Feb-2026	Fixed	4.30%	0.3	D
	Santander Uruguay	USD	Nov-2027	Fixed	5.37%	0.7	D
	Santander Uruguay	USD	Jan-2028	Fixed	5.37%	0.8	D
Toscana Aeroporti S.p.A.	Intesa Sanpaolo, UniCredit , BPM, BNP and Cassa Depositi e Prestiti	EUR	Jun-2030	Variable	Euribor plus spread	90.7	A
AA2000	ICBC Dubai	USD	Oct-2025	Variable	SOFR plus spread	10.2	B
CAISA	Santander Uruguay	USD	Apr-2027	Fixed	5.10%	3.9	B
	Banco Itaú	USD	Apr-2027	Fixed	3.80%	3.9	B
	Santander Uruguay	USD	Apr-2029	Variable	SOFR plus spread	4.0	D
PDS	Banco de la República Oriental del Uruguay	USD	Mar-2028	Variable	5.15%	6.5	C
Total						282.9

⁽¹⁾ A - Secured/guaranteed.

B - Secured/unguaranteed.

C - Unsecured/guaranteed.

D - Unsecured/unguaranteed.

EUR - Euros.

R$ - Brazilian Reales.

⁽²⁾ TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate).

IPCA: corresponds to the Brazilian Consumer Price index.

⁽³⁾ T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate).

⁽⁴⁾ TAGSA prepaid the loan on February 20, 2025.

⁽⁵⁾ TAGSA prepaid the loan on March 20, 2025.

The Consolidated Financial Statements for the year ended December 31, 2024 includes a detail of the covenants related to Notes, bank and financial borrowings which mainly require the maintenance of certain financial ratios. As of March 31, 2025, the Company and its subsidiaries met the financial covenants under all outstanding financings.

- 17 -

13 Other liabilities

	At March 31, 2025		At December 31, 2024
Non-current
Concession fee payable ⁽¹⁾		619,977		550,095
Advances from customers		8,129		8,584
Provisions for legal claims ⁽⁴⁾		8,090		7,928
Provision for maintenance costs ⁽²⁾		23,231		21,941
Other taxes payable		296		789
Employee benefit obligation ⁽³⁾		3,895		3,885
Other liabilities with related parties (Note 16)		12,542		12,904
Other payables		16,237		15,286
		692,397		621,412

Current
Concession fee payable ⁽¹⁾		184,835		198,420
Other taxes payable		27,317		29,956
Salary payable		58,025		57,402
Other liabilities with related parties (Note 16)		3,305		2,146
Advances from customers		4,021		5,026
Provision for maintenance costs ⁽²⁾		6,870		6,165
Expenses provisions		2,358		3,294
Provision for legal claims ⁽⁴⁾		5,957		5,889
Other payables		29,736		40,288
		322,424		348,586

Maturity of the other liabilities is as follows:

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
*At March 31, 2025 ^()**		322,424		83,687		262,541		1,495,264		2,163,916
*At December 31, 2024 ^()**		348,586		84,662		265,716		1,335,332		2,034,296

(*) The amounts disclosed in the table are undiscounted cash flows.

- 18 -

13 Other liabilities (Cont.)

⁽¹⁾ The most significant amounts included in the concession fee payable as of March 31, 2025 and December 31, 2024 relates to the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and ICAB.

Changes in the period for fixed and variable concession fee payable are as follows:

	For the three-month period ended March 31,
	2025			2024
Balances at the beginning of the period		748,515			913,370
Financial result ^(*)		27,239			26,360
Other		(98	)		(18	)
Concession fees accrued		50,935			46,945
Payments		(75,817	)		(68,936	)
Translation differences and inflation adjustment		54,038			(27,893	)
Balances at the end of the period		804,812			889,828

^(*)Mainly includes changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment shown in Note 8.

As of March 31, 2025 and December 31, 2024, a 50% of the fixed concession fee to be paid in 2021 by ICAB was pending as a re-scheduling of such fee was requested. Even though the Brazilian Ministry of Infrastructure had granted its approval, the Brazilian ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations. Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to the Brazilian ANAC. The Brazilian ANAC appealed, but in April 2022, the court of justice provisionally maintained the first instance judgment favorable to ICAB. In November 2023, the first instance rule was confirmed, granting ICAB the right to reschedule the 50% of 2021 fixed concession fee. The Brazilian ANAC appealed and the case remains pending as of March 31, 2025.

Regarding the 2022 concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits. To pay the remaining amount ICAB presented an offer of court payment orders to the Ministry of Infrastructure in November 2022. In December 2022, the Ministry issued an official letter confirming that ICAB remained in compliance with its obligations, while the analysis of the court payment orders is pending.

⁽²⁾	Changes in the period of the provision for maintenance costs is as follows:

	For the three-month period ended March 31,
	2025			2024
Balances at the beginning of the period		28,106			27,042
Accrual of the period		1,139			1,145
Use of the provision		(320	)		(419	)
Translation differences and inflation adjustment		1,176			(588	)
Balances at the end of the period		30,101			27,180

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13 Other liabilities (Cont.)

⁽³⁾	Changes in the period of the provision for employee benefits is as follows:

	For the three-month period ended March 31,
	2025			2024
Balances at the beginning of the period		3,885			4,382
Actuarial loss (in other comprehensive income)		(38	)		(100	)
Service cost		127			124
Amounts paid in the period		(179	)		(120	)
Translation differences and inflation adjustment		100			(54	)
Balances at the end of the period		3,895			4,232

⁽⁴⁾	Changes in the period of the provision for legal claims is as follows:

	For the three-month period ended March 31,
	2025			2024
Balances at the beginning of the period		13,817			14,265
Accrual of the period		47			320
Use of the provision		(410	)		(863	)
Translation differences and inflation adjustment		593			(338	)
Balances at the end of the period		14,047			13,384

14 Equity

a) Management share compensation plan and treasury shares

In April 2023, USD 739 (equivalent to 77,938 shares) were assigned to employees to be delivered in shares. In April 2023 and August 2024, 23,381 shares were delivered to the eligible executives and key employees in each installment (equivalent to USD 221.7 each), while the remaining shares will vest in May 2025.

In November 2023, USD 340 (equivalent to 35,910 shares) were assigned to be delivered in shares. In November 2023 and August 2024, 10,773 shares were delivered to the eligible executives and key employees in each installment (equivalent to USD 102.1 each), while the remaining shares will vest in May 2025.

In August 2024, additional USD 1,279 (equivalent to 87,324 shares) were assigned to be delivered in shares. As of March 31, 2025, 26,197 shares (equivalent to USD 383.8) were delivered to the eligible executives and key employee, while the remaining shares will vest in installments in May 2025 and May 2026.

As of March 31, 2025, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan.

	For the three-month period ended March 31,
	2025				2024
Treasury shares	Shares		USD		Shares		USD
Balances at the beginning of the period		2,132,325		4,094		2,251,123		4,322
Transfer of treasury shares to executives and key employees		-		-		-		-
Balances at the end of the period		2,132,325		4,094		2,251,123		4,322

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14 Equity (Cont.)

b) Other comprehensive income

The movements of the reserve of other comprehensive income for the period of the owners of the parent is as follows:

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)		Cash flow hedge (*)			Share of other comprehensive income from associates			Income tax effect (*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2025		(138,653	)		529		(1,643	)		(41,220	)		268			63,402		(117,317	)
Other comprehensive income / (loss) for the period		27,177			17		298			32			(76	)		-		27,448
For the period ended March 31, 2025		(111,476	)		546		(1,345	)		(41,188	)		192			63,402		(89,869	)

Balances at January 1, 2024		(505,015	)		532		-			(41,239	)		(115	)		63,402		(482,435	)
Other comprehensive income / (loss) for the period		218,922			60		-			23			(15	)		-		218,990
For the period ended March 31, 2024		(286,093	)		592		-			(41,216	)		(130	)		63,402		(263,445	)

^(*) Income tax relating to OCI amounts to measurement of defined benefit obligations and cash flow hedge. The movement was recognized as other comprehensive income of other reserves.

c) Other reserves

The movements of Other reserves of the owners of the Company is as follows:

	For the three-month period ended March 31,
	2025			2024
Balances at the beginning of the period		(1,319,682	)		(1,313,888	)
Share-based compensation reserve		264			211
Hedge reserve net of income tax		226			-
Remeasurement of defined benefit obligations net for income tax		13			45
Balances at the end of the period		(1,319,179	)		(1,313,632	)

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15 Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration the Group’s litigation and settlement strategies.

The Group believes that the aggregate provisions recorded for losses in these Condensed Consolidated Interim Financial Statements are adequate based upon currently available information.

There are no other lawsuits or legal proceedings additional to the ones included in the Consolidated Financial Statements for the year ended December 31, 2024.

b. Restrictions to the distribution of profits and payment of dividends

As of March 31, 2025 and December 31, 2024, equity as defined under Luxembourg laws and regulations consisted of:

	At March 31, 2025		At December 31, 2024
Share capital		163,223		163,223
Share premium		183,430		183,430
Reserve for own shares		4,094		4,094
Legal reserve		7,419		7,419
Free distributable reserves		378,910		378,910
Non-distributable reserves		1,353,934		1,353,934
Retained earnings		130,436		86,099
Total equity in accordance with Luxembourg law		2,221,446		2,177,109

At least 5% of the Company’s net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to a legal reserve equivalent to 10% of the Company’s share capital. Dividends may not be paid out of the legal reserve.

The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg laws and regulations.

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16 Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación America International S.à r.l., both of which are Luxembourg based companies. Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”.

The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

Summary of balances with related parties are:

	At March 31, 2025			At December 31, 2024
Period-end balances

(a) Arising from sales / purchases of goods / other
Trade receivables with associates		2,280			2,379
Trade receivables with other related parties		2,420			2,734
Other receivables with other related parties		9,235			9,239
Other financial assets with associates		2,647			3,260
Other financial assets with other related parties ^(*)		64,681			44,637
Trade payables to associates		(2,033	)		(1,123	)
Trade payables to other related parties		(3,462	)		(3,877	)
		75,768			57,249
(b) Other liabilities
Other liabilities to associates ^(**)		(13,451	)		(13,813	)
Other liabilities to other related parties		(2,396	)		(1,237	)
		(15,847	)		(15,050	)
(c) Other balances
Cash and cash equivalents in other related parties		25,341			34,102
		25,341			34,102

^(*) As of March 31, 2025, mainly includes a loan and time deposits to other related parties amounting to USD 15.1 million and USD 45.0 million respectively (USD 15.1 million and USD 25.0 million respectively as of December 31, 2024). As of March 31, 2025, the loan accrues interest at a fixed annual rate of 7.0% and matures in December 2025. Regarding the time deposits total approximately USD 5.0 million have been set in Armenian Drams accruing interests at a fixed annual rate of 9.6%, maturing in August 2025, while the following time deposits are denominated in USD: USD 10.0 million accrues interests at a fixed annual rate of 5.0%, maturing in January 2027, USD 10.0 million accrues interests at a fixed annual rate of 4.5%, maturing in July 2027 and the remaining USD 20.0 million accrues interests at a fixed annual rate of 5.0%, maturing in February 2028.

The Group´s investments in Other financial assets with related parties are considered to be with low-risk investments. The credit ratings of the issuers are monitored for credit deterioration. The Group has not experienced significant losses from those assets.

^(**) As of March 31, 2025, and December 31, 2024, includes deferred income from associates.

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16 Related party balances and transactions (Cont.)

Summary of transactions with related parties are:

	For the three-month period ended March 31,
	2025			2024
Transactions
Aeronautical/Commercial revenue		6,833			6,923
Fees		(3,702	)		(2,899	)
Interest accruals		792			454
Acquisition of goods and services		(8,808	)		(5,747	)
Compensation to the Group’s key staff		(1,272	)		(1,297	)
Others		(793	)		(943	)

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 4,229 as of March 31, 2025 (USD 4,677 as of December 31, 2024). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 1,569 as of March 31, 2025 (USD 1,467 as of March 31, 2024).

As mentioned in Note 12, certain guarantees related to financial liabilities have been received from PDS’s Chairman for an amount of USD 0.6 million.

17 Cash flow disclosures

	For the three-month period ended March 31,
	2025			2024
Changes in working capital
Other receivables and credits		356			(38,832	)
Inventories		(1,134	)		2,066
Other liabilities		(64,510	)		(38,343	)
		(65,288	)		(75,109	)

The most significant non-cash transactions are detailed below:

	For the three-month period ended March 31,
	2025			2024
Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities		832			(78	)
Property, plant and equipment acquisition with an increase in Other liabilities		(1,349	)		(4,218	)
Right-of-use asset initial recognition with an increase in Lease liabilities		(198	)		(82	)
Tax credit with an increase in Other liabilities		-			(6,887	)
Income tax paid with tax certificates		(121	)		-

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18 Fair value measurement of financial instruments

According to the classification included in Note 3.B of the Consolidated Financial Statements as of December 31, 2024, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments recorded at amortized cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments at March 31, 2025:

	Fair value		Carrying amount
Trust funds ⁽¹⁾		50,350		46,169
Long-term borrowings ⁽²⁾		1,024,474		1,034,928

⁽¹⁾It is included in the Other receivables line of the Condensed Consolidated Interim Statement of Financial Position. The fair value of these financial assets was calculated using a discounted cash flow (Level 3).

⁽²⁾ Valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2 under IFRS 13 hierarchy. There are no financial liabilities measured at fair value through other comprehensive income nor through profit or loss except for the fair value derivative disclosed in note 19, which is also valuated through calculations under Level 2 and Level 3 hierarchy.

Other financial assets measured at fair value through profit or loss are included in Level 1 as defined in IFRS 13 and comprise primarily government securities, mutual funds and corporate bonds.

19 Financial risk factors

Argentina economical context

As stated in Note 3A of the Consolidated Financial Statements as of December 31, 2024, CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties. The estimated inflation rate for the three-month period ended March 31, 2025 was 7.4%, the devaluation of Argentinean pesos against the US Dollars in the same period was 4.1%, and certain restrictions to access the Mercado Único y Libre de Cambios (“MULC”) were still in force.

In April 2025, the Central Bank of Argentina implemented regulatory measures that eased access to the MULC. For legal entities, regulatory adjustments were introduced to streamline access to the MULC for the settlement of imports and other foreign exchange operations, although certain restrictions and specific compliance requirements remain in force.

Interest rate risk

The Group’s interest rate risk principally arises from long-term borrowings (Note 12). Borrowings issued at variable rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities.

These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

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19 Financial risk factors (Cont.)

Interest rate risk (Cont.)

The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings:

	At March 31, 2025		At December 31, 2024
Fixed rate (*)		854,451		884,757
Variable rate		284,329		273,314
		1,138,780		1,158,071

(*) As of March 31, 2025, includes USD 76.1 million of short-term borrowings (USD 86.2 million as of December 2024) and USD 778.4 million of long-term borrowings (USD 798.6 million as of December 31, 2024).

Regarding the loan facility lines of the new financial agreement signed by TA (refer to Note 22 of the Consolidated Financial Statements for the year ended December 31, 2024), the Company aims to mitigate the exposure to the interest rate fluctuations (Euribor) affecting cash flows. To achieve this, in July 2024, TA entered into interest rate swaps agreements with each Lender, establishing a fixed interest rate of 3.02% over the principal amount already drawn, effective until June 30, 2030. The notional amount being hedged corresponds to 100% of the principal drawn (EUR 82.8 million) for the semi-annual interest payments until June 30, 2027, while for the interest payments from December 31, 2027 to June 30, 2030 it covers a 75% of that principal.

As of March 31, 2025, the fair value of the derivatives stands at EUR 2.6 million (equivalent to USD 2.8 million), which, net of deferred tax, impacts Other Comprehensive Income by EUR 0.5 million (equivalent to USD 0.5 million).

20 Subsequent events

TA – Legal proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, on November 22, 2024, Nuove Iniziative Toscane (“NIT”) appealed the first instance ruling regarding the rejection of a claim made by NIT to TA. On April 9, 2025, the Appeal Court rejected NIT´s appeal, confirmed the ruling of the first instance and condemned NIT to pay TA the proceeding´s costs which amounts to approximately EUR 0.1 million (equivalent to USD 0.1 million). NIT is entitled to file a cassation appeal before the Supreme Court as the third and final instance.

TAGSA - Tax proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, the Admission Chamber of the Constitutional Court of Ecuador rejected a claim from the Servicio de Rentas Internas del Ecuador against TAGSA, leading to the case being archived and returned to the original court. On April 22, 2025, the release of the guarantee that amounted to USD 0.5 million, associated with the claim was ordered.

CAAP - Guarantee

On May 6, 2025, a bank guarantee totaling EUR 1.2 million (equivalent to USD 1.3 million) was issued in favour of CAAP to support a proposal offer made in connection with an airport concession tender. This guarantee will remain in full force until May 9, 2026.

- 26 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2025 and 2024 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

20 Subsequent events (Cont.)

CAAP - Preferred bidder to operate Abuja and Kano airports in Nigeria

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024 a consortium formed by CAAP, Mota-Engil, Engenharia e Construção África S.A., and Mota-Engil Nigeria Limited (the “Consortium”), of which the Company holds a 51% stake, was declared by the Federal Government of Nigeria as preferred bidder for the Abuja and Kano airports and cargo terminals concessions.

On April 7, 2025, the Federal Government of Nigeria discontinued the previous concession processes for four international airports (Lagos, Abuja, Kano, and Port Harcourt). The Government informed that the concessions bidding process will be restructured and re-advertised. Considering the latest communication exchanges, the Company is assessing the impact of the decision communicated by the Government and the next steps in connection with the procedure.

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2024, the Nigerian companies remain without operation.

CAAP - Annual General Shareholders Meeting

On May 22, 2025, CAAP held its Annual General Meeting of Shareholders in Luxembourg, where the shareholders approved the Company’s financial statements as of December 31, 2024 and resolved to allocate USD 2,597,600.79, representing 5% of the profit generated during the 2024 financial year, to legal reserve. Luxembourg law requires this allocation until legal reserve equals 10% of the Company´s share capital.

- 27 -