Revenue ex-IFRIC 12 Increased 8.2% YoY on Strong Aeronautical and Commercial Revenue Growth

Adjusted EBITDA ex-IFRIC 12 of $160.3 Million, Down 4.5% YoY, as Double-Digit Growth Across Four Markets Partially Offset Lower Results in Argentina and Uruguay

Strong Financial Position with $692 Million in Cash & Cash Equivalents and Net Debt to LTM Adj. EBITDA of 0.5x

Company Website: http://investors.corporacionamericaairports.com/investors/corporate-profile/default.aspx
LUXEMBOURG -- (Business Wire)

Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and six-month period ended June 30, 2026. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section“Hyperinflation Accounting in Argentina” on page 25.

Second Quarter 2026 Highlights

• Consolidated Revenues excluding IFRIC12 (ex-IFRIC12) reached $470.7 million, up 8.2% year-over-year (YoY), driven by increases of 13.2% and 3.7% in Commercial and Aeronautical revenues, respectively. Excluding rule IAS 29 (ex-IAS29), consolidated revenues ex-IFRIC12 increased 8.4% YoY to $475.4 million.
• Key operating metrics:
  • 0.6% decrease in passenger traffic to 20.6 million.
  • 1.5% decrease in cargo volume to 95.7 thousand tons.
  • 2.6% decrease in aircraft movements to 208.8 thousand.
• Operating Income of $105.5 million, compared with $117.3 million in 2Q25.
• Adjusted EBITDA ex-IFRIC12 decreased 4.5% to $160.3 million, from $167.9 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 decreased 4.3% to $161.3 million.
• Adjusted EBITDA margin ex-IFRIC12 contracted 4.5 percentage points to 34.1% from 38.6% in 2Q25. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 decreased to 33.9% from 38.4% in the prior-year quarter.
• Maintained strong liquidity position with $692.5 million in Cash & Cash equivalents as of June 30, 2026.
• Net debt to LTM Adjusted EBITDA of 0.5x as of June 30, 2026.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We delivered a solid operating performance in the second quarter, with total passenger traffic remaining largely stable at 20.6 million passengers, as broad-based growth across our portfolio helped mitigate the domestic decrease in Argentina. Revenue excluding Construction services continued to outpace traffic growth, rising 8% year-over-year, supported by solid performance in both our aeronautical and commercial businesses. Revenue per passenger increased nearly 9%, with every country in which we operate contributing to this improvement, including Argentina.

Consolidated Adjusted EBITDA excluding IFRIC 12 reached $160 million, down 4.5% year-over-year. Profitability was affected by headwinds in Argentina and, to a lesser extent, non-recurring costs and expenses in Uruguay. In Argentina, results were primarily impacted by the reduction in Flybondi´s operating fleet, and a challenging comparison base for cargo revenues in 2Q25. By contrast, Italy, Brazil, Armenia and Ecuador each delivered double-digit year-on-year EBITDA growth, highlighting the strength of the diversification of our portfolio.

Our financial position strengthened further, with cash and cash equivalents increasing to $692 million at quarter-end and net leverage at 0.5x. These metrics reflect continued cash generation, debt repayments and disciplined financial management, providing us with flexibility to execute our strategic priorities and pursue our acquisition strategy.

We remain focused on advancing our strategic priorities centered on expanding passenger traffic volume, commercial activities, as well as revenue per passenger across the portfolio. Key initiatives include the ongoing concession rebalancing process in Argentina, efforts to obtain final approval for the Florence Airport Master Plan, the opening of a new VIP Lounge and expansion of the Duty-Free area in Montevideo, as well as various initiatives in connection with our cargo business in Argentina. At the same time, we continue to work hard on potential new concessions across the Americas, Africa and the Middle East.

Looking ahead, new routes, additional frequencies and growing inbound demand are expected to support international traffic in Argentina during the second half of the year, although domestic airline capacity constraints, planned runway maintenance, and challenging comparison base for cargo revenues may continue to weigh on the country’s near-term reported results.

In Uruguay, revenues associated with the new ILS system beginning in August, together with the opening of a new VIP lounge, new cargo business initiatives and healthy traffic trends, are expected to support revenue growth.

Finally, I am pleased to announce that our Board approved the payment of cash dividends for a total of $150 million to be paid during 2026. This decision takes into account several key considerations, including shareholder returns, maintaining financial strength, preserving adequate cash balances at each operating company to support their strategic objectives, and maintaining sufficient liquidity at CAAP to pursue future growth opportunities. We remain committed to financial discipline and focused on creating long-term value for our shareholders.”

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

Use of Non-IFRS Financial Measures

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

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

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

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

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

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

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

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 25 of this report.

Definitions and Concepts

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

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

About Corporación América Airports

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

Forward Looking Statements

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

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Contacts:

Investor Relations Contact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716

Source: Corporación América Airports