Corporación América Airports (CAAP) investor relations material

Executive summary

• Strong first quarter with 7% year-over-year passenger traffic growth to 21.8M, led by a 13.7% rise in international traffic and robust revenue momentum from commercial activities.

• Adjusted EBITDA ex-IFRIC12 rose 26.1% YoY to $196.2M, with margin expanding 2.3pp to 39.6%, driven by broad-based contributions, especially from Argentina and Armenia.

• Maintained robust liquidity with $772M in total liquidity and $666M in cash, while net debt to LTM Adjusted EBITDA declined to 0.5x.

• Resilience in Armenia despite regional geopolitical tensions; diversified platform supported performance.

• Strategic progress includes ongoing concession discussions in Iraq and Angola, and continued investment in infrastructure and commercial initiatives.

Financial highlights

• Consolidated revenues ex-IFRIC12 rose 19% YoY to $495.2M, nearly triple the passenger traffic growth.

• Revenue per passenger increased 11% to $22.7.

• Adjusted EBITDA ex-IFRIC12 up 26.1% to $196.2M, with margin expanding 2.3pp to 39.6%.

• Net income reached $80.4M (+121.9% YoY); EPS: $0.47 (+86.6% YoY).

• Total liquidity reached $772M, up 8% from year-end 2025.

Outlook and guidance

• Strong traffic trends expected to continue, especially in international markets.

• Considering introduction of a dividend policy to enhance shareholder returns while maintaining investment flexibility.

• Monitoring geopolitical developments in the Middle East for potential impacts on traffic and operations.