CAAP · Corporación América Airports S.A.

The March 2026 traffic report reflects a continuation of Corporación América Airports’ operational recovery, with total passenger traffic up 5.5% YoY—driven overwhelmingly by international demand, which grew 12.2% YoY and accounted for 40% of total volume. Notably, Argentina’s international traffic surged 15.6% YoY despite a 4.3% domestic decline, underscoring structural shifts toward cross-border travel and low-cost carrier expansion (JetSMART, Flybondi, Copa, Arajet, LEVEL). Brazil delivered 12.2% total traffic growth, supported by a post-Carnival rebound in corporate demand and strong transit growth (+29.9% YoY), while Italy’s 9.3% increase was anchored by double-digit international growth at Florence and Pisa airports. Armenia’s 4.4% growth occurred despite regional disruptions from the Iran conflict, highlighting the impact of Wizz Air’s new Yerevan base launched in October 2025. Cargo volume excluding Argentina rose modestly (+3.5% YoY), but performance was highly divergent: Armenia (+24.5%) and Brazil (+18.6%) outperformed, while Italy (-20.0%) and Uruguay (-16.8%) lagged—suggesting uneven cargo demand recovery across geographies. Aircraft movements rose 3.3% YoY, with Argentina, Brazil, and Italy collectively representing over 80% of activity, reinforcing their centrality to CAAP’s network. Critically, Argentina’s cargo data remains under review, introducing a data gap for a key market. The absence of financial metrics (revenue, income, margins) or forward guidance limits direct earnings interpretation, but traffic volume remains a leading indicator for concession revenue under CAAP’s airport concession model—making this a materially significant operational update for investors assessing near-term cash flow visibility and country-level risk exposure.