CAAP · Corporación América Airports S.A.

Corporación América Airports S.A. reported a strong first quarter for fiscal 2026, with net income more than doubling to $121,785 million from $57,328 million in the same period last year. The improvement was driven by a 11.4% increase in sales income to $393,820 million, reflecting higher passenger traffic and airport activity. Gross profit rose 22.7% to $156,340 million, with gross margin expanding to 39.7% from 36.0%, aided by cost control. Operating profit increased 31.1% to $118,892 million. A significant swing in finance costs—from a net expense of $9,624 million to net income of $106,540 million—was primarily due to favorable exchange rate differences and inflation adjustments in Argentina's high-inflation environment. The company continues to operate under a long-term concession for 35 airports in Argentina, with the concession extended to 2038. However, ongoing legal disputes with the regulatory body ORSNA regarding financial projections and tariff adjustments remain a risk. Cash flow from operations was robust at $113,666 million, while investing activities used $14,907 million, mainly for investments. The balance sheet shows total debt of $709,928 million against cash of $117,455 million, indicating leverage. No forward guidance was provided in the filing.