CAAP · Corporación América Airports S.A.

Corporación América Airports delivered robust Q1 2026 results, with consolidated revenues ex-IFRIC12 surging 18.8% YoY to $495.2 million, outpacing 7.0% passenger traffic growth to 21.8 million, primarily fueled by 13.7% international traffic expansion across all operating countries. Aeronautical revenues rose 17.4% to $277.8 million and commercial 23.1% to $259.8 million, supported by local currency appreciation and strong execution. Adjusted EBITDA ex-IFRIC12 climbed 26.1% to $196.2 million, lifting the margin 2.3pp to 39.6%, reflecting disciplined cost control and diversified revenue streams. Country highlights included double-digit revenue growth in Argentina (15.4% as reported), Armenia (40.0%), Brazil (31.7%), Uruguay (25.1%), and Italy (20.5%). CEO Martín Eurnekian emphasized broad-based traffic gains, international strength offsetting softer Argentine domestic demand from strikes and airline issues, and resilience in Brazil, Italy, Uruguay, Ecuador, and Armenia amid regional challenges. Balance sheet strength shone with $666.2 million in cash equivalents and net leverage at a low 0.5x LTM Adjusted EBITDA, enabling investment in infrastructure and pursuit of growth like Iraq and Angola concessions. Management expressed optimism on Q2 traffic trends, particularly international, while monitoring Middle East geopolitics.