Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2024

Commission File Number: 333-221916

Corporación América Airports S.A.

(Name of Registrant)

128, Boulevard de la Pétrusse
L-2330, Luxembourg

Grand Duchy of Luxembourg
Tel: +35226258274
Fax: +35226259776

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 AND 2023

This report of foreign private issuer on Form 6-K (this “Form 6-K”) is being filed by Corporación América Airports S.A. (“CAAP” or the “Company”) with the Securities and Exchange Commission. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company’s unaudited condensed consolidated interim financial statements for the three-month period ended March 31, 2024 and 2023 (the “Consolidated Financial Statements”) as Exhibit 99.1. The Consolidated Financial Statements are presented in U.S. Dollars and prepared in accordance with IAS 34, “Interim Financial Reporting”. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended` December 31, 2023, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

Exhibits

Exhibit No.	Description
99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Corporación America Airports S.A.

	By:	/s/ Andres Zenarruza
	Name: Andres Zenarruza
	Title: Head of Legal and Compliance

	By:	/s/ Jorge Arruda
	Name: Jorge Arruda
	Title: Chief Financial Officer

Date: May 22, 2024

Exhibit 99.1

Corporación América Airports S.A.Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Corporación América Airports S.A.

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

For the three-month period ended March 31, 2024 and 2023

R.C.S. Luxembourg B 174.140

128, Boulevard de la Pétrusse

L – 2330 Luxembourg

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

			For the three-month period ended March 31,
	Notes		2024			2023
Revenue		4		433,047			382,058
Cost of services		5		(267,482	)		(246,092	)
Gross profit				165,565			135,966
Selling, general and administrative expenses		6		(44,158	)		(38,406	)
Impairment loss of non-financial assets				-			(47	)
Other operating income		7		6,050			5,212
Other operating expenses				(2,655	)		(744	)
Operating income				124,802			101,981
Share of loss in associates				(211	)		(2	)
Income before financial results and income tax				124,591			101,979
Financial income		8		18,711			12,243
Financial loss		8		155,834			(49,787	)
Inflation adjustment		8		(13,586	)		(3,102	)
Income before income tax				285,550			61,333
Income tax		9		(112,904	)		(37,249	)
Income for the period				172,646			24,084
Attributable to:
Owners of the parent				152,670			31,685
Non-controlling interests				19,976			(7,601	)
				172,646			24,084

Earnings per share for profit attributable to the ordinary equity holders of the Group:
Basic earnings per share				0.95			0.20
Diluted earnings per share				0.95			0.20

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

	For the three-month period ended March 31,
	2024		2023
Income for the period		172,646		24,084

Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations		76		(53	)
Items that may be reclassified to profit or loss:
Share of other comprehensive income from associates		23		19
Currency translation adjustment		263,861		17,271
Other comprehensive income for the period, net of income tax		263,960		17,237
Total comprehensive income for the period		436,606		41,321
Attributable to:
Owners of the parent		371,660		47,101
Non-controlling interests		64,946		(5,780	)
		436,606		41,321

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2023.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSED cONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Notes		At March 31, 2024			At December 31, 2023
ASSETS
Non-current assets
Intangible assets, net		10		2,981,588			2,520,965
Property, plant and equipment, net				78,883			74,919
Right-of-use asset				11,417			10,493
Investments in associates				11,845			11,992
Other financial assets at fair value through profit or loss				2,391			5,979
Other financial assets at amortized cost				74,475			61,090
Derivative financial instruments				68			69
Deferred tax assets				54,780			62,712
Inventories				336			318
Other receivables				43,729			42,640
Trade receivables				679			889
				3,260,191			2,792,066
Current assets
Inventories				14,411			16,148
Other financial assets at fair value through profit or loss				3,911			4,884
Other financial assets at amortized cost				71,311			83,142
Other receivables				64,621			145,549
Current tax assets				4,716			3,779
Trade receivables				135,668			126,560
Cash and cash equivalents		11		469,841			369,848
				764,479			749,910
Total assets				4,024,670			3,541,976

EQUITY		14
Share capital				163,223			163,223
Share premium				183,430			183,430
Treasury shares				(4,322	)		(4,322	)
Free distributable reserve				378,910			378,910
Non-distributable reserve				1,358,028			1,358,028
Currency translation adjustment				(263,907	)		(482,852	)
Legal reserves				3,676			3,676
Other reserves				(1,313,632	)		(1,313,888	)
Retained earnings				591,445			438,775
Total attributable to owners of the parent				1,096,851			724,980
Non-controlling interests				143,875			78,929
Total equity				1,240,726			803,909

LIABILITIES
Non-current liabilities
Borrowings		12		1,062,888			1,133,549
Deferred tax liabilities				261,737			137,315
Other liabilities		13		775,466			768,364
Lease liabilities				9,446			10,294
Trade payables				2,552			2,617
				2,112,089			2,052,139
Current liabilities
Borrowings		12		227,838			199,688
Other liabilities		13		324,213			345,864
Lease liabilities				3,658			3,687
Current tax liabilities				18,488			23,921
Trade payables				97,658			112,768
				671,855			685,928
Total liabilities				2,783,944			2,738,067
Total equity and liabilities				4,024,670			3,541,976

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Attributable to owners of the parent
	Share capital		Share premium	Treasury shares		Free distributable reserves	Non- distributable reserves	Legal reserves	Currency translation adjustment		Other reserves		Retained earnings ⁽¹⁾	Total	Non- controlling interests		Total
Balance at January 1, 2024		163,223	183,430	(4,322	)	378,910	1,358,028	3,676	(482,852	)	(1,313,888	)	438,775	724,980	78,929		803,909
Income for the period		-	-	-		-	-	-	-		-		152,670	152,670	19,976		172,646
Other comprehensive income for the period		-	-	-		-	-	-	218,945		45		-	218,990	44,970		263,960
Share-based payments reserve (Note 14.a and 14.c)		-	-	-		-	-	-	-		211		-	211	-		211
Balance at March 31, 2024		163,223	183,430	(4,322	)	378,910	1,358,028	3,676	(263,907	)	(1,313,632	)	591,445	1,096,851	143,875		1,240,726

Balance at January 1, 2023		163,223	183,430	(4,600	)	378,910	1,358,028	1,081	(251,145	)	(1,314,025	)	201,193	716,095	146,274		862,369
Income / (loss) for the period		-	-	-		-	-	-	-		-		31,685	31,685	(7,601	)	24,084
Other comprehensive income / (loss) for the period		-	-	-		-	-	-	15,439		(23	)	-	15,416	1,821		17,237
Share-based payments reserve (Note 14.a and 14.c)		-	-	32		-	-	-	-		82		62	176	-		176
Balance at March 31, 2023		163,223	183,430	(4,568	)	378,910	1,358,028	1,081	(235,706	)	(1,313,966	)	232,940	763,372	140,494		903,866

⁽¹⁾ Retained earnings calculated according to Luxembourg Law are disclosed in Note 15.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

			For the three-month period ended March 31,
	Notes		2024			2023
Cash flows from operating activities
Income for the period from continuing operations				172,646			24,084
Adjustments for:
Amortization and depreciation				44,946			43,793
Deferred income tax		9		108,049			31,376
Current income tax		9		4,855			5,873
Share of loss in associates				211			2
Impairment loss of non-financial assets				-			47
Loss on disposals of property, plant and equipment				227			12
Low value, short term and variable lease payments				(255	)		(1,162	)
Share based compensation expenses				211			177
Interest expenses		8		27,099			28,708
Other financial results, net				(1,366	)		(7,723	)
Net foreign exchange		8		(212,173	)		(13,327	)
Other accruals				729			1,205
Inflation adjustment				5,208			344
Acquisition of intangible assets				(41,403	)		(36,923	)
Income tax paid				(9,605	)		(8,903	)
Income due to concession compensation (*)				90,609			-
Unpaid concession fees				23,303			26,361
Changes in liability for concessions		8		26,360			31,944
Changes in working capital		17		(75,109	)		(65,610	)
Net cash provided by operating activities				164,542			60,278

Cash flows from investing activities
Cash contribution in associates				(41	)		-
Acquisition of other financial assets				(32,178	)		(12,221	)
Disposals of other financial assets				33,925			25,376
Acquisition of property, plant and equipment				(2,303	)		(2,585	)
Acquisition of intangible assets				(66	)		(161	)
Proceeds from property, plant and equipment				8			5
Other				(586	)		152
Net cash (used in)/provided by investing activities				(1,241	)		10,566

Cash flows from financing activities
Loans obtained		12		33,126			43,926
Guarantee deposits				1,130			(848	)
Principal elements of lease payments				(1,118	)		(1,000	)
Loans repaid		12		(70,025	)		(72,166	)
Interest paid		12		(19,483	)		(20,933	)
Net cash used in financing activities				(56,370	)		(51,021	)

Increase in cash and cash equivalents from continuing operations				106,931			19,823

Movements in cash and cash equivalents
At the beginning of the period				369,848			385,265
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents				(6,938	)		(3,998	)
Increase in cash and cash equivalents from continuing operations				106,931			19,823
At the end of the period		11		469,841			401,090

^(*) Corresponds to the net indemnification collected regarding the re-bidding of the International Airport of São Gonçalo do Amarante (Natal Airport) detailed in Note 1.2.1 and Note 34 of the Consolidated Financial Statements for the year ended December 31, 2023.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

	1	General information
	2	Basis of presentation and accounting policies
	3	Segment information
	4	Revenue
	5	Cost of services
	6	Selling, general and administrative expenses
	7	Other operating results
	8	Financial results, net
	9	Income tax
	10	Intangible assets, net
	11	Cash and cash equivalents
	12	Borrowings
	13	Other liabilities
	14	Equity
	15	Contingencies, commitments and restrictions on the distribution of profits
	16	Related party balances and transactions
	17	Cash flow disclosures
	18	Fair value measurement of financial instruments
	19	Financial risk factors
	20	Subsequent events

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz.

The Company´s registered office address is 128, Boulevard de la Pétrusse, Luxembourg.

The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy and Ecuador.

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements as of December 31, 2023.

The fiscal year begins on January 1 and ends on December 31.

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on May 22, 2024.

Basis of presentation and accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2023. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2023, which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations (“IFRIC”) issued by the IFRS Interpretations Committee applicable to companies reporting under IFRS.

Elimination of all material intercompany transactions and balances between the Company and the other companies and their respective subsidiaries have been made.

The preparation of Condensed Consolidated Interim Financial Statements in accordance with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.

In the preparation of these Condensed Consolidated Interim Financial Statements, the significant areas of judgment by management in the application of the Group’s accounting policies and the main areas of assumptions and estimates are consistent with those applied in the Consolidated Financial Statements for the year ended December 31, 2023.

Assets and liabilities are classified as current if settlement is expected within twelve months.

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2023.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

Under the terms of IAS 29, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy for accounting purposes as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The estimated price index as of March 31, 2024 was 5,429.01 (3,533.19 as of December 31, 2023) and the conversion factor derived from the indexes for the three-month period ended March 31, 2024, was 1.54 (1.21 for the three-month period ended March 31, 2023).

Comparative amounts are the figures presented as current year amounts in the relevant prior year consolidated financial statements, according to IAS 21, considering that they were translated into the currency of a non- hyperinflationary economy.

The ongoing application of the re-translation of comparative amounts to closing exchange rates under IAS 21 and the inflation adjustments required by IAS 29 will lead to a difference because the rate at which the hyper-inflationary currency depreciates against a stable currency is rarely equal to the rate of inflation.

The inflation adjustment and the translation of comparative amounts in the current period is included in Other comprehensive income for the period line.

All items in the Condensed Consolidated Interim Statement of Income and of Comprehensive Income for the three-month period are translated by applying the relevant conversion factors at the end of the reporting period, as stated in Note 2.W of the Consolidated Financial Statements as of December 31, 2023.

New and amended standards adopted by the Group

The Group has adopted the following accounting standards and interpretations that became applicable for annual period commencing on or after January 1, 2024:

- Non-current liabilities with covenants – Amendments to IAS 1.

- Classification of Liabilities as Current or Non-current – Amendments to IAS 1.

- Lease liability in sale and leaseback – amendments to IFRS 16.

- Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7.

The amendments listed above did not have any material impact on these Condensed Consolidated Interim Financial Statements.

New and amended standards not yet adopted by the Group

The following accounting standards and interpretations have been published but the application are not mandatory for reporting periods ending December 31, 2024 and have not been early adopted by the Group:

- Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28.

- Lack of exchangeability – Amendments to IAS 21

The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit providing airport and non-airport services (“others”) to clients in different countries. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Within each reportable segment, the Group develops and operates airport concessions (“Airports”) and provides other services not directly related to airport concessions.

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within the “Unallocated” column. This column also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in the “Intrasegment Adjustments” column.

The information regarding the Group’s reportable operating segments is consistent with the information presented in Notes 2.V and 4 included in our audited Consolidated Financial Statements for the year ended December 31, 2023 and should be read in conjunction with them.

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Segment information (Cont.)

	Argentina					Brazil				Uruguay				Armenia		Ecuador		Italy
For the three-month period ended March 31, 2024	Airports			Others		Airports		Others		Airports		Others		Airports		Airports		Airports		Intrasegment Adjustments		Unallocated		Total
Aeronautical revenue ^(*)		135,468		-		9,867		908		25,244		-		18,356		19,836		11,861		-		-		221,540
Non-aeronautical revenue ^(*)
Commercial revenue		86,104		23		16,545		1,196		14,474		6,899		29,775		6,820		8,347		(2,778	)	982		168,387
Construction service revenue		33,478		-		313		-		5,987		-		337		-		1,209		-		-		41,324
Other revenue		-		-		-		-		3		-		-		-		1,217		(785	)	1,361		1,796
Cost of services		(154,494	)	(9	)	(17,909	)	(2,121	)	(22,245	)	(5,783	)	(30,260	)	(15,600	)	(18,794	)	2,729		(2,996	)	(267,482	)
Gross profit / (loss)		100,556		14		8,816		(17	)	23,463		1,116		18,208		11,056		3,840		(834	)	(653	)	165,565
Selling, general and administrative expenses		(21,690	)	(15	)	(1,916	)	298		(4,619	)	(681	)	(4,321	)	(5,275	)	(2,871	)	834		(3,902	)	(44,158	)
Other operating income		5,764		-		75		-		-		2		162		5		42		-		-		6,050
Other operating expenses		(1,870	)	(30	)	(2	)	(411	)	(144	)	(2	)	(191	)	(5	)	-		-		-		(2,655	)
Operating income / (loss)		82,760		(31	)	6,973		(130	)	18,700		435		13,858		5,781		1,011		-		(4,555	)	124,802
Share of loss in associates		(1	)	-		-		-		-		-		-		-		-		-		(210	)	(211	)
Amortization and depreciation		20,996		-		3,013		8		2,490		320		4,978		1,741		2,713		-		3,075		39,334
Adjusted Ebitda		103,755		(31	)	9,986		(122	)	21,190		755		18,836		7,522		3,724		-		(1,690	)	163,925
Construction services revenue		(33,478	)	-		(313	)	-		(5,987	)	-		(337	)	-		(1,209	)	-		-		(41,324	)
Construction services cost		33,416		-		313		-		5,987		-		327		-		530		-		-		40,573
Adjusted Ebitda excluding Construction Services		103,693		(31	)	9,986		(122	)	21,190		755		18,826		7,522		3,045		-		(1,690	)	163,174
Construction services revenue		33,478		-		313		-		5,987		-		337		-		1,209		-		-		41,324
Construction services cost		(33,416	)	-		(313	)	-		(5,987	)	-		(327	)	-		(530	)	-		-		(40,573	)
Adjusted Ebitda		103,755		(31	)	9,986		(122	)	21,190		755		18,836		7,522		3,724		-		(1,690	)	163,925
Financial income																								18,711
Financial loss																								155,834
Inflation adjustment																								(13,586	)
Amortization and depreciation																								(39,334	)
Income before income tax expense																								285,550
Income tax																								(112,904	)
Income for the period																								172,646

March 31, 2024
Current assets		212,206		22		103,877		98,307		60,864		5,975		84,963		38,608		51,845		(86,775	)	194,587		764,479
Non-current assets		1,678,753		-		631,861		184		191,464		8,936		167,514		52,695		257,255		(768	)	272,297		3,260,191
Capital Expenditure		33,486		-		573		60		5,942		64		4,854		1,569		1,417		-		25		47,990
Current liabilities		163,283		9		213,834		3,117		27,399		5,362		24,880		27,856		124,126		(86,775	)	168,764		671,855
Non-current liabilities		750,935		-		902,228		1,609		58,617		1,619		-		6,252		70,561		(768	)	321,036		2,112,089

^(*)Mainly includes revenues recognized over time, see Note 4.

- 9 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Segment information (Cont.)

	Argentina					Brazil				Uruguay				Armenia		Ecuador		Italy
For the three-month period ended March 31, 2023	Airports			Others		Airports		Others		Airports		Others		Airports		Airports		Airports		Intrasegment Adjustments		Unallocated		Total
Aeronautical revenue ^(*)		112,060		-		10,436		-		18,143		-		16,814		17,957		10,164		-		-		185,574
Non-aeronautical revenue ^(*)
Commercial revenue		82,735		59		14,227		-		13,688		4,930		32,909		6,499		7,022		(2,696	)	919		160,292
Construction service revenue		28,748		-		-		-		3,112		-		609		-		1,050		-		-		33,519
Other revenue		-		-		-		-		3		-		-		-		2,670		(1,625	)	1,625		2,673
Cost of services		(140,264	)	(16	)	(17,801	)	-		(17,620	)	(3,712	)	(33,581	)	(14,229	)	(18,496	)	2,525		(2,898	)	(246,092	)
Gross profit / (loss)		83,279		43		6,862		-		17,326		1,218		16,751		10,227		2,410		(1,796	)	(354	)	135,966
Selling, general and administrative expenses		(19,188	)	(35	)	(1,859	)	(7	)	(4,257	)	(465	)	(4,364	)	(4,189	)	(3,444	)	1,796		(2,394	)	(38,406	)
Impairment loss of non-financial assets		-		-		-		-		-		-		-		-		(47	)	-		-		(47	)
Other operating income		4,796		-		115		-		13		-		71		12		205		-		-		5,212
Other operating expenses		(496	)	-		(17	)	-		(57	)	-		(171	)	(3	)	-		-		-		(744	)
Operating income / (loss)		68,391		8		5,101		(7	)	13,025		753		12,287		6,047		(876	)	-		(2,748	)	101,981
Share of loss in associates		(2	)	-		-		-		-		-		-		-		-		-		-		(2	)
Amortization and depreciation		21,356		-		2,887		-		1,992		329		4,847		1,617		2,623		-		2,968		38,619
Adjusted Ebitda		89,745		8		7,988		(7	)	15,017		1,082		17,134		7,664		1,747		-		220		140,598
Construction services revenue		(28,748	)	-		-		-		(3,112	)	-		(609	)	-		(1,050	)	-		-		(33,519	)
Construction services cost		28,721		-		-		-		3,112		-		592		-		638		-		-		33,063
Adjusted Ebitda excluding Construction Services		89,718		8		7,988		(7	)	15,017		1,082		17,117		7,664		1,335		-		220		140,142
Construction services revenue		28,748		-		-		-		3,112		-		609		-		1,050		-		-		33,519
Construction services cost		(28,721	)	-		-		-		(3,112	)	-		(592	)	-		(638	)	-		-		(33,063	)
Adjusted Ebitda		89,745		8		7,988		(7	)	15,017		1,082		17,134		7,664		1,747		-		220		140,598
Financial income																								12,243
Financial loss																								(49,787	)
Inflation adjustment																								(3,102	)
Amortization and depreciation																								(38,619	)
Income before income tax expense																								61,333
Income tax																								(37,249	)
Income for the period																								24,084

December 31, 2023
Current assets		183,773		22		188,160		-		45,101		4,770		91,159		59,737		68,197		(85,454	)	194,445		749,910
Non-current assets		1,170,372		20		667,193		-		188,336		9,193		154,754		53,782		267,568		(768	)	281,616		2,792,066
Capital Expenditure		93,326		-		1,727		-		36,605		2,120		7,073		3,267		17,504		-		-		161,622
Current liabilities		127,070		9		221,843		-		25,549		4,419		34,076		54,106		139,248		(85,454	)	165,062		685,928
Non-current liabilities		673,245		-		907,835		-		60,264		1,809		-		7,329		78,834		(768	)	323,591		2,052,139

^(*)Mainly includes revenues recognized over time, see Note 4.

- 10 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Revenue

	For the three-month period ended March 31,
	2024		2023
Aeronautical revenue		221,540		185,574
Non-aeronautical revenue
Commercial revenue		168,387		160,292
Construction service revenue		41,324		33,519
Other revenue		1,796		2,673
		433,047		382,058
Timing of revenue recognition
Over time		343,290		294,064
At a point in time		21,764		25,107
Revenues accounted for under IFRS 16		67,993		62,887
Revenue		433,047		382,058

Cost of services

	For the three-month period ended March 31,
	2024			2023
Salaries and social security contributions		(60,305	)		(53,132	)
Concession fees ⁽¹⁾		(52,400	)		(45,883	)
Construction services cost		(40,573	)		(33,063	)
Amortization and depreciation ⁽²⁾		(37,602	)		(37,004	)
Maintenance expenses		(30,793	)		(29,468	)
Cost of fuel		(20,737	)		(24,075	)
Services and fees		(15,480	)		(14,122	)
Office expenses		(3,867	)		(3,266	)
Taxes		(1,308	)		(1,215	)
Provision for maintenance costs		(879	)		(849	)
Others		(3,538	)		(4,015	)
		(267,482	)		(246,092	)

⁽¹⁾ Includes depreciation for fixed concession assets fee of USD 5,455 as of March 31, 2024 (USD 5,018 as of March 31, 2023).

⁽²⁾ Includes depreciation of leases of USD 557 as of March 31, 2024 (USD 943 as of March 31, 2023).

Selling, general and administrative expenses

	For the three-month period ended March 31,
	2024			2023
Taxes ⁽¹⁾		(14,489	)		(12,514	)
Services and fees		(10,364	)		(9,285	)
Salaries and social security contributions		(10,340	)		(8,916	)
Amortization and depreciation ⁽²⁾		(1,732	)		(1,615	)
Office expenses		(1,401	)		(1,458	)
Insurance		(823	)		(661	)
Maintenance expenses		(545	)		(524	)
Advertising		(632	)		(491	)
Bad debts		(2,127	)		(1,523	)
Bad debts recovery		858			783
Other		(2,563	)		(2,202	)
		(44,158	)		(38,406	)

⁽¹⁾ Mainly includes taxes over bank transactions and tax on revenue not included in the line item “Income tax”.

⁽²⁾ Includes depreciation of leases of USD 200 as of March 31, 2024 (USD 175 as of March 31, 2023).

- 11 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Other operating income

	For the three-month period ended March 31,
	2024		2023
Government grants ^(*)		5,431		4,753
Other		619		459
		6,050		5,212

^(*)Corresponds to government grants for the development of airport infrastructure in Group A, operated by Aeropuertos Argentina 2000 (“AA2000”), of the National Airport System in Argentina. There are no unfulfilled conditions or other contingencies attaching to these grants.

Financial results, net

	For the three-month period ended March 31,
	2024			2023
Interest income		17,028			10,699
Foreign exchange results		145			253
Other financial income		1,538			1,291
Financial income		18,711			12,243

Interest expense		(27,099	)		(28,708	)
Foreign exchange results ⁽¹⁾		212,028			13,074
Changes in liability for concessions ⁽²⁾		(26,360	)		(31,944	)
Other financial loss		(2,735	)		(2,209	)
Financial loss		155,834			(49,787	)

Inflation adjustment		(13,586	)		(3,102	)
Inflation adjustment		(13,586	)		(3,102	)
Net financial results		160,959			(40,646	)

⁽¹⁾ Corresponds mainly to foreign exchange results in real terms (inflation-adjusted) arising from foreign currency loans in AA2000.

⁽²⁾ Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

Income tax

	For the three-month period ended March 31,
	2024			2023
Current income tax		(4,855	)		(5,873	)
Deferred income tax		(108,049	)		(31,376	)
		(112,904	)		(37,249	)

- 12 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Intangible assets, net

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2024		4,153,428			9,293			24,661			4,187,382
Acquisitions		41,403			-			66			41,469
Disposals		(390	)		-			(484	)		(874	)
Other		78			-			-			78
Translation differences and inflation adjustment		769,118			(170	)		(482	)		768,466
		4,963,637			9,123			23,761			4,996,521
Depreciation
Accumulated at January 1, 2024		1,645,013			-			21,404			1,666,417
Depreciation of the period		41,485			-			210			41,695
Disposals		(17	)		-			(284	)		(301	)
Translation differences and inflation adjustment		307,556			-			(434	)		307,122
		1,994,037			-			20,896			2,014,933
At March 31, 2024		2,969,600			9,123			2,865			2,981,588

Cost
Balances at January 1, 2023		4,749,233			9,003			22,658			4,780,894
Acquisitions		37,077			-			161			37,238
Impairment		(47	)		-			-			(47	)
Disposals		(22	)		-			-			(22	)
Translation differences and inflation adjustment		101,449			177			462			102,088
		4,887,690			9,180			23,281			4,920,151
Depreciation
Accumulated at January 1, 2023		1,800,871			-			20,021			1,820,892
Depreciation of the period		40,198			-			161			40,359
Disposals		(5	)		-			-			(5	)
Translation differences and inflation adjustment		35,005			-			402			35,407
		1,876,069			-			20,584			1,896,653
At March 31, 2023		3,011,621			9,180			2,697			3,023,498

Due to the increase of traffic witnessed during 2023 and 2024 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the historical losses from its operations.

Therefore, the Group performed the impairment test of the Brazilian cash-generating unit (“CGU”) (including concession assets with a carrying value of USD 658.2 million as of March 31, 2024) based on the discounted cash flow model covering the remaining concession period (value in use), considering significant assumptions that required management judgment related to passenger growth rates and discount rate, combined with historical information.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

As of March 31, 2024 and 2023, the recoverable amount of aforementioned CGU´s exceed their respective carrying amount.

- 13 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Cash and cash equivalents

	At March 31, 2024		At December 31, 2023
Cash to be deposited		716		657
Cash at banks		179,131		192,381
Time deposits		15,492		16,729
Other cash equivalents ⁽¹⁾		274,502		160,081
		469,841		369,848

⁽¹⁾

Mainly includes bank deposit certificates with immediate liquidity, treasury bills and highly liquid investments in mutual funds.

The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties.

As of March 31, 2024, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 6,011 (USD 5,864 as of December 31, 2023).

Borrowings

	At March 31, 2024		At December 31, 2023
Non-current
Bank and financial borrowings (**)		259,052		278,147
Notes (*)		803,836		855,402
		1,062,888		1,133,549
Current
Bank and financial borrowings (**)		108,746		114,092
Notes (*)		119,043		85,535
Bank overdrafts		49		61
		227,838		199,688
Total Borrowings		1,290,726		1,333,237

Changes in borrowings during the period is as follows:

	For the three-month period ended March 31,
	2024			2023
Balances at the beginning of the period		1,333,237			1,465,437
Loans obtained		33,126			43,926
Loans repaid		(70,025	)		(72,166	)
Interest paid		(19,483	)		(20,933	)
Accrued interest for the period		26,805			26,011
Translation differences and inflation adjustment		(12,934	)		10,371
Balances at the end of the period		1,290,726			1,452,646

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At March 31, 2024 ⁽¹⁾		315,061		209,077		554,006		667,773		1,745,917
At December 31, 2023 ⁽¹⁾		294,299		239,443		569,488		711,815		1,815,045

⁽¹⁾The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

- 14 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Borrowings (Cont.)

(*) Notes include the following as of March 31, 2024:

Company

Note

Issuance

Currency

Nominal value
(in millions
of USD)

Maturity

Interest
rate

Outstanding

(in millions
of USD)

ACI Airport Sudamérica S.A.U. (“ACI”)

Senior secured guarantee notes

November 2021

USD

246.2

Nov-2034

Fixed 6.875%

240.4

Senior secured guarantee notes

May 2015, May 2020 ⁽¹⁾

USD

14.6

Nov-2032

Fixed 6.875%

11.7

Corporación América Italia S.p.A. (“CAI”)

Secured notes

January 2020

EUR

71.8

Dec-2024

Fixed 4.556%

66.8

Senior secured guarantee notes

February 2017, May 2020 ⁽¹⁾

USD

212.3

Feb-2027

Fixed 6.875%

62.0

October 2021

USD

208.9

Aug-2031

Fixed 8.500%

208.7

Aeropuertos Argentina 2000 (“AA2000”)

Class 1 Series 2021 Notes

November 2021

USD

64.0

Aug-2031

Fixed 8.500%

61.3

Class 4 Notes

November 2021

USD

62.0

Nov-2028

Fixed 9.500%

60.9

Class 5 Notes

February 2022

USD ⁽²⁾

138.0

Feb-2032

Fixed 5.500%

138.3

Class 6 Notes

February 2022

USD ⁽²⁾

36.0

Feb-2025

Fixed 2.000%

27.5

Class 9 Notes

August 2022, July 2023

USD ⁽²⁾

30.0

Aug-2026

Fixed 0.000%

25.8

Class 10 Notes

July-2023

USD^{(
2)}

25.0

July-2025

Fixed 0.000%

19.5

Total

922.9

⁽¹⁾A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

⁽²⁾These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

(*) Notes include the following as of December 31. 2023:

Company

Note

Issuance

Currency

Nominal value
(in millions
of USD)

Maturity

Interest
rate

Outstanding

(in millions
of USD)

ACI

Senior secured guarantee notes

November 2021

USD

246.2

Nov-2034

Fixed 6.875%

235.9

Senior secured guarantee notes

May 2015, May 2020 ⁽¹⁾

USD

14.6

Nov-2032

Fixed 6.875%

11.4

CAI

Secured notes

January 2020

EUR

71.8

Dec-2024

Fixed 4.556%

67.7

Senior secured guarantee notes

February 2017, May 2020 ⁽¹⁾

USD

212.3

Feb-2027

Fixed 6.875%

67.8

October 2021

USD

208.9

Aug-2031

Fixed 8.500%

208.6

Class 1 Series 2021 Notes

November 2021

USD

64.0

Aug-2031

Fixed 8.500%

61.2

AA2000

Class 4 Notes

November 2021

USD

62.0

Nov-2028

Fixed 9.500%

60.7

Class 5 Notes

February 2022

USD ⁽²⁾

138.0

Feb-2032

Fixed 5.500%

138.3

Class 6 Notes

February 2022

USD ⁽²⁾

36.0

Feb-2025

Fixed 2.000%

34.4

Class 9 Notes

August 2022, July 2023

USD ⁽²⁾

30.0

Aug-2026

Fixed 0.000%

30.4

Class 10 Notes

July-2023

USD^{(
2)}

25.0

July-2025

Fixed 0.000%

24.5

Total

940.9

⁽¹⁾       A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

⁽²⁾       These notes are dollar-linked, denominated in U.S. dollars but issued and payable in Argentine pesos

ACI Senior Secured Guarantee Notes (“ACI Existing Notes”) are guaranteed and have a security package that includes the pledge of the shares in Puerta del Sur S.A. (“PDS”) and Cerealsur S.A., and certain accounts of Cerealsur S.A. and ACI. As of March 31, 2024 and December 31, 2023, they were secured by a debt service reserve account of ACI and the funds contained therein. These notes are fully and unconditionally guaranteed by Cerealsur S.A. and PDS.

On May 26, 2020, ACI issued USD 180.9 million aggregate principal amount of 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 to repurchase and exchange 93.6% of the total original principal amount of the ACI Existing Notes obtaining consents to certain proposed amendments to the indenture governing the ACI Existing Notes and certain waivers. The main covenants and guarantees remain unchanged except for the incorporation of ACI’s shares pledge.

On November 12, 2021, ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated; an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes to cancel interest payments until November 29, 2023, and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million which remains in force as of March 31, 2024.

- 15 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Borrowings (Cont.)

The Italian Notes are secured by an economic first ranking pledge in respect of all the shares representing 100% of the share capital of CAI, 100% of the share capital of Dicasa Spain S.A.U. and the shares representing CAI’s holding in TA.

The main covenants are limitations to take on additional indebtedness, make payments of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial ratios. The last testing date was December 31, 2023, being in compliance with the covenants.

The Senior guarantee notes of AA2000 (“AA2000 Existing Notes”) are secured by a collateral assignment of fiduciary rights of certain revenue of AA2000.

The main covenants require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends if any default, whether declared or not, has occurred.

On May 20, 2020, AA2000 issued USD 306 million aggregate principal amount of 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes. The collateral assignment of revenue under AA2000 Existing Notes was extended to the Series 2020 Additional Notes in equal terms. Accrued interest are capitalized quarterly. The main covenants and guarantees remain unchanged.

On October 28, 2021, AA2000 issued USD 208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 (the “Series 2021 Notes”) to repurchase and exchange 24.61% of the total original principal amount of the Series 2017 Notes and 66.83% of the original principal amount of Series 2020 Additional Notes. The main covenants and guarantees remain unchanged. As of March 31, 2024, AA2000 is in compliance with the covenants.

The Series 2021 Notes and the Existing Notes not exchanged are secured by the collateral currently securing the Existing Notes on a pro rata and pari passu basis. In addition, to secure its obligations under the Series 2021 Notes, AA2000, together with the relevant parties thereto, amended the cargo trust agreement dated August 9, 2019, entered into by AA2000 and the trustee (as amended, the “Cargo Trust”) in order to include holders of Series 2021 Notes as beneficiaries therein, granting them a security interest which is subordinated to (i) the rights of creditors under certain existing loans of AA2000, and (ii) any debt permitted to be incurred to finance or refinance any capital expenditures made or to be made pursuant to the concession agreement entered into by AA2000 with the Argentine National Government (as amended form time to time, the “Concession Agreement”) for the operation of the airports in Argentina.

Once the Existing Notes not exchanged in the Exchange Offer mature or are cancelled in full, AA2000 is required to amend and restate the Cargo Trust and the current trust related to the tariffs dated January 19, 2017, entered into by AA2000 and the trustee thereto (the “Tariffs Trust”), so that the Series 2021 Notes become secured under the Cargo Trust on a pro rata and pari passu basis with the existing beneficiaries of the Cargo Trust, and these beneficiaries in turn become secured under the Tariffs Trust on a pro rata and pari passu basis with the Series 2021 Notes. In accordance with the Concession Agreement, the collateral assignment of revenue must be authorized by ORSNA. ORSNA approved, on October 15 2021, the amendment of the Tariffs Trust and of the Cargo Trust to include the Series 2021 Notes as beneficiaries thereto (including their future amendment and restatement, once the Existing Notes are cancelled in full). Furthermore, AA2000 received the approval from the Central Bank of Argentina to establish a non-interest bearing U.S. dollar trust account in the United States to secure the Series 2021.

On November 4, 2021 AA2000 additionally issued USD 62 million aggregate principal amount of Class 4 Senior Secured Notes. These Senior Secured Notes are secured by a first priority lien on the Cargo Trust on a pari passu basis with certain commercial bank lenders to AA2000 and a second priority lien with new debt incurred by AA2000 to fund infrastructure works for a total amount of up to USD 235 million.

During 2024, AA2000 repurchased dollar-linked Class 6, Class 9 and Class 10 Notes for USD 6.9 million, USD 4.5 million and USD 4.5 million, respectively.

- 16 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Borrowings (Cont.)

(**) As of March 31, 2024, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)	Capitalization⁽²⁾
Inframérica Concessionária do Aeroporto de Brasilia S.A. (“ICAB”)	BNDES	R$	Dec-2033	Variable	TJLP⁽¹⁾plus spread	204.4	A
Terminal Aeroportuaria Guayaquil S.A. (“TAGSA”)	Banco Guayaquil SA	USD	Feb-2026	Variable	T.R.E.⁽³⁾plus spread	3.9	D
	Banco Guayaquil SA	USD	Dec-2025	Variable	T.R.E.⁽³⁾plus spread	1.2	D
	Banco Bolivariano CA	USD	Dec-2025	Variable	T.R.E.⁽³⁾plus spread	3.1	D
	Banco Bolivariano CA	USD	Nov-2024	Variable	T.R.E.⁽³⁾plus spread	1.4	D
TCU S.A. (“TCU”)	Scotiabank Uruguay	USD	Oct-2024	Fixed	4.30%	0.3	D
	Scotiabank Uruguay	USD	Feb-2026	Fixed	4.30%	0.5	D
	Santander Uruguay	USD	Nov-2027	Fixed	5.37%	0.9	D
	Santander Uruguay	USD	Jan-2028	Fixed	5.37%	1.0	D
Toscana Aeroporti S.p.A. (“TA”)	Banco de Innovación de Infraestructuras y Desarrollo	EUR	Sept-2027	Variable	Euribor 6 month plus spread	11.0	D
	Unicredit	EUR	Jun-2024	Variable	Euribor 3 month plus spread	9.3	D
	ISP-SACE	EUR	Sept-2026	Variable	Euribor 3 month plus spread	53.9	D
	BPM	EUR	June-2024	Variable	Euribor 3 month plus spread	0.1	D
	BPM	EUR	Apr-2024	Variable	Euribor 3 month plus spread	3.8	D
	MPS Servicio capital	EUR	Jun-2024	Variable	Euribor 6 month plus spread	11.9	D
	Banca Intesa San Paolo	EUR	Apr-2024	Fixed	6.10%	11.9	D
Armenia International Airports C.J.S.C. (“AIA”)	Ameriabank C.J.S.C.	EUR	Dec-2024	Fixed	6.00%	13.1	B
AA2000	Banco de la Provincia de Buenos Aires	USD	July-2024	Fixed	7.00%	0.1	D
	Onshore renegotiation - ICBC	USD	Nov-2024	Fixed	8.50%	6.7	A
	ICBC Dubai	USD	Oct-2025	Variable	SOFR plus spread	10.2	B
	ICBC	USD	Dec-2024	Fixed	15.50%	0.1	D
Consorcio Aeropuertos Internacionales S.A. (“CAISA”)	Santander Uruguay	USD	Apr-2027	Fixed	5.10%	5.5	B
Consorcio Aeropuertos Internacionales S.A. (“CAISA”)	Banco Itaú	USD	Apr-2027	Fixed	3.80%	5.5	B
Puerta del Sur S.A. (”PDS”)	Banco de la República Oriental del Uruguay	USD	Mar-2028	Variable	5.83%	8.0	C
Total						367.8

- 17 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Borrowings (Cont.)

(**) As of December 31, 2023, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)	Capitalization⁽²⁾
Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”)	BNDES	R$	Sept-2032	Variable	TJLP⁽¹⁾plus spread	6.6	A
	BNDES	R$	June-2032	Variable	T.R. plus spread plus IPCA	1.8
	BNDES	R$	Sept-2032	Variable	T.R. plus spread plus IPCA	4.9
	BNDES	R$	July-2032	Variable	T.R. plus spread plus IPCA	2.3
ICAB	BNDES	R$	Dec-2033	Variable	TJLP⁽¹⁾plus spread	213.9	A
TAGSA	Banco Guayaquil SA	USD	Feb-2026	Variable	T.R.E.⁽³⁾plus spread	4.2	D
	Banco Guayaquil SA	USD	Dec-2025	Variable	T.R.E.⁽³⁾plus spread	1.4	D
	Banco Bolivariano CA	USD	Dec-2025	Variable	T.R.E.⁽³⁾plus spread	3.6	D
	Banco Bolivariano CA	USD	Nov-2024	Variable	T.R.E.⁽³⁾plus spread	1.8	D
TCU	Scotiabank Uruguay	USD	Oct-2024	Fixed	4.30%	0.4	D
	Scotiabank Uruguay	USD	Feb-2026	Fixed	4.30%	0.6	D
	Santander Uruguay	USD	Nov-2027	Fixed	5.37%	1.0	D
	Santander Uruguay	USD	Jan-2028	Fixed	5.37%	1.0	D
TA	Banco de Innovación de Infraestructuras y Desarrollo	EUR	Sept-2027	Variable	Euribor 6 month plus spread	13.0	D
	Unicredit	EUR	Mar-2024	Variable	Euribor 3 month plus spread	9.4	D
	ISP-SACE	EUR	Sept-2026	Variable	Euribor 3 month plus spread	60.5	D
	BPM	EUR	June-2024	Variable	Euribor 3 month plus spread	0.1	D
	BPM	EUR	Feb-2024	Variable	Euribor 3 month plus spread	4.0	D
	MPS Servicio capital	EUR	Mar-2024	Variable	Euribor 6 month plus spread	12.3	D
	Banca Intesa San Paolo	EUR	Jan-2024	Fixed	6.10%	12.2	D
AIA	Ameriabank C.J.S.C.	EUR	Dec-2024	Fixed	6.00%	13.2	B
AA2000	Banco de la Provincia de Buenos Aires	USD	July-2024	Fixed	7.00%	0.3	D
	Onshore renegotiation - ICBC	USD	Nov-2024	Fixed	8.50%	9.0	A
	ICBC Dubai	USD	Oct-2025	Variable	SOFR plus spread	10.2	B
	ICBC	USD	Jan-2024	Fixed	15.50%	0.5	D
	ICBC	USD	Dec-2024	Fixed	15.50%	0.1	D
CAISA	Santander Uruguay	USD	Apr-2027	Fixed	5.10%	5.5	B
CAISA	Banco Itaú	USD	Apr-2027	Fixed	3.80%	5.5	B
PDS	Banco de la República Oriental del Uruguay	USD	Mar-2028	Variable	6.14%	8.5	C
Total ()*						407.8

^(***) The total outstanding amount includes the financial debt of ICASGA with BNDES which, as disclosed in Note 17 of the Consolidated Financial Statements as of December 31, 2023, was shown in the Consolidated statement of financial position offset of guarantee deposits. Therefore, the net amount of Bank and financial borrowings as of December 31, 2023, amounted to USD 392.2 million. Additionally, on January 15, 2024, the outstanding financial debt of USD 15.6 million contracted by ICASGA and owing to BNDES was prepaid, after which the related guarantees were released.

⁽¹⁾

TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate)

IPCA: corresponds to the Brazilian Consumer Price index

⁽²⁾

A - Secured/guaranteed

B - Secured/unguaranteed

C - Unsecured/guaranteed

D - Unsecured/unguaranteed

ARS - Argentine Pesos

R$ - Brazilian Reales

⁽³⁾

T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate)

- 18 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Borrowings (Cont.)

The Credit Facility Agreement between ICAB and BNDES is secured by the pledge of ICAB and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising under the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of ICAB. It also establishes under certain circumstances a required pre-authorization by BNDES on payments of ICAB dividends if exceeding 25% of net profits and compliance of certain financial ratios.

During 2017 and 2018 ICAB entered into amendments and extension agreements with BNDES in which ACI Airports S.à r.l. and CAAP agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3, being in compliance as of March 31, 2024.

In December 2022, AIA entered into a new loan agreement with Ameriabank C.J.S.C. for up to EUR 40 million of which EUR 20 million were disbursed in December 2022, while the remaining EUR 20 million were disbursed in April, 2023. In December 2023 AIA prepaid EUR 20 million, which has shortened the loan repayment date up to December 23, 2024. This agreement provides restrictions regarding payments, taking on additional indebtedness, disposal of assets and transactions with affiliates, and the maintenance of certain financial ratios. According to this agreement, these ratios must be met as of June 30 and December 31 of each year the loan is outstanding, and were met as of December 31, 2023.

As of March 31, 2024, AIA pledged to the security agent cash held in bank accounts for USD 56,308 (USD 59,072 as of December 31, 2023). Additionally, the loan is secured by the pledge of shares of AIA and of certain collection rights.

TA, pursuant to the loan agreement with Banco de Innovación de Infraestructuras y Desarrollo/MPS Servicio Capital is required to comply with certain financial ratios, which have been met at the last testing date, December 31, 2023.

On November 6, 2020, EUR 85 million of proceeds were disbursed to TA under a loan signed with a pool of leading financial institutions comprising Intesa Sanpaolo and BNL-BNP Paribas. The loan is 90% backed by SACE guarantees pursuant to the provisions of Decree-Law No. 23/2020 within the framework of the programme “Garanzia Italia”, an Italian guarantee scheme intended to support Italian companies affected by the Covid-19 crisis. The loan has a term of six years, with a two-year grace period and TA is required to comply with certain financial covenants and restrictions, which were met at the last testing date, December 31, 2023.

- 19 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Borrowings (Cont.)

On November 18, 2021, AA2000 agreed with Banco Galicia and Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. (“ICBC”) and Banco Santander Río S.A., (collectively, the “Lenders”) the granting of a bimonetary loan in order to prepay previous loans received from the Lenders. The loans are secured by the Argentine Collateral Trust Agreement. The loan in ARS was prepaid during 2023 while the loan in USD is to be paid until November, 2024 (referred as Onshore renegotiation – ICBC).

On July 29, 2022, AA2000 obtained a loan from Industrial and Commercial Bank of China, Dubai branch, for a total amount of USD 10 million. The loan will be repaid in three installments to be made in April, July and October 2025. The loan is secured by a first priority lien on the income generated in the cargo terminal on a pari passu basis with certain commercial bank lenders to AA2000 and the Class 4 Notes, and a second priority lien on the international and regional air station usage fees and concession compensation rights.

CAISA pursuant to the credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply with certain financial ratios as well as certain restrictions. Assignment of certain revenues has been given to secure the aforementioned credit facilities.

On April 16, 2021, PDS obtained a loan of USD 10 million with Banco de la República Oriental del Uruguay (BROU) accruing interest at a variable rate set by BROU. This loan is repayable in 60 monthly installments starting on April 2023 and is secured by a guarantee issued by CAAP, and by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.5 million guaranteed by Corporación America Sudamericana S.A. and a personal guarantee issued by a PDS Chairman as subsidiary guarantor of up to USD 0.6 million.

As of March 31, 2024, the Company and its subsidiaries met the financial covenants under outstanding financings.

Other liabilities

	At March 31, 2024		At December 31, 2023
Non-current
Concession fee payable ⁽¹⁾		693,520		690,319
Advances from customers		12,088		13,368
Provisions for legal claims ⁽⁴⁾		8,827		8,979
Provision for maintenance costs ⁽²⁾		21,286		21,364
Other taxes payable		3,511		199
Employee benefit obligation ⁽³⁾		4,232		4,382
Salary payable		309		291
Other liabilities with related parties (Note 16)		14,882		15,275
Other payables		16,811		14,187
		775,466		768,364

Current
Concession fee payable ⁽¹⁾		196,308		223,051
Other taxes payable		17,112		18,921
Salary payable		49,711		41,656
Other liabilities with related parties (Note 16)		3,344		2,689
Advances from customers		4,916		5,647
Provision for maintenance costs ⁽²⁾		5,894		5,678
Expenses provisions		4,454		6,203
Provision for legal claims ⁽⁴⁾		4,557		5,286
Other payables		37,917		36,733
		324,213		345,864

- 20 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Other liabilities (Cont.)

Maturity of the other liabilities is as follows:

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At March 31, 2024		324,213		98,380		272,372		1,231,436		1,926,401
At December 31, 2023		345,864		96,071		279,683		1,266,124		1,987,742

⁽¹⁾ The most significant amounts included in the concession fee payable as of March 31, 2024 and December 31, 2023 relates to the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and ICAB.

Changes in the period of the concession fee payable are as follows:

	For the three-month period ended March 31,
	2024			2023
Balances at the beginning of the period		913,370			929,009
Financial result ^(*)		26,360			33,429
Other		(18	)		(72	)
Concession fees accrued		46,945			40,865
Payments		(68,936	)		(64,704	)
Translation differences and inflation adjustment		(27,893	)		20,031
Balances at the end of the period		889,828			958,558

^(*)Mainly includes changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment shown in Note 8.

On October 23, 2020, the Ministério da Infraestrutura of Brazil issued an order (Portaria No. 157) that allow companies to re-schedule at least 50% of their 2020 concession fee payment. On November 2, 2020, ICAB re-scheduled 50% of its fixed concession fees payment of 2020, in accordance with the provisions of the aforementioned order, to the six final years of the concession. The Government order (Portaria No. 157) determined that re-scheduling the payments of the concession fee must not exceed, for each financial year, 75% above the original value and 50% above the original value for the last five years of the concession.

As of March 31, 2024 and December 31, 2023, 50% of the fixed concession fee to be paid in 2021 by ICAB was pending as a re-scheduling of such fee was requested. Even though, the Brazilian Ministry of Infrastructure had granted its approval, the Brazilian ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations. Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to the Brazilian ANAC. The Brazilian ANAC appealed, but in April 2022, the court of justice provisionally maintained the first instance judgment favorable to ICAB. In November 2023, the case was decided and the first instance ruling in favor of ICAB was confirmed, granting ICAB the right to reschedule 50% of 2021’ fixed concession fee. The Brazilian ANAC appealed the ruling and the court of justice has not issued its decision as of March 31, 2024.

Regarding the 2022 concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits. To pay the remaining amount ICAB presented on November 21, 2022 to the Ministry of Infrastructure, an offer of court payment orders, which is still in process of analysis. In December 2022, the Ministry issued an official letter confirming that, during the time it takes to issue a final opinion, ICAB is in compliance with its obligations.

- 21 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Other liabilities (Cont.)

⁽²⁾	Changes in the period of the provision for maintenance costs is as follows:

	For the three-month period ended March 31,
	2024			2023
Balances at the beginning of the period		27,042			22,914
Accrual of the period		1,145			1,043
Use of the provision		(419	)		(148	)
Translation differences and inflation adjustment		(588	)		461
Balances at the end of the period		27,180			24,270

⁽³⁾	Changes in the period of the provision for employee benefits is as follows:

	For the three-month period ended March 31,
	2024			2023
Balances at the beginning of the period		4,382			4,376
Actuarial gain/loss (in other comprehensive income)		(100	)		69
Service cost		124			131
Amounts paid in the period		(120	)		(84	)
Translation differences and inflation adjustment		(54	)		50
Balances at the end of the period		4,232			4,542

⁽⁴⁾	Changes in the period of the provision for legal claims is as follows:

	For the three-month period ended March 31,
	2024			2023
Balances at the beginning of the period		14,265			13,136
Accrual of the period		320			675
Use of the provision		(863	)		(738	)
Translation differences and inflation adjustment		(338	)		(98	)
Balances at the end of the period		13,384			12,975

- 22 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Equity

a) Management share compensation plan and treasury shares

In April 2022, USD 500 (equivalent to 89,767 shares) were assigned to employees to be delivered in shares. In May 2022 and April 2023, 26,930 shares were delivered to the eligible executives and key employees in each installment (equivalent to USD 150 each) while the remaining shares will vest in an installment in May 2024.

In December 2022, USD 314 (equivalent to 56,348 shares) were assigned to employees to be delivered in shares. In January and April 2023, 16,904 shares were delivered to the eligible executives and key employees in each installment (equivalent to USD 94 each) while the remaining shares will vest in an additional installment in May 2024.

In April 2023, USD 739 (equivalent to 77,938 shares) were assigned to employees of which 23,381 shares (equivalent to USD 221.7) were delivered to the eligible executives and key employees, while the remaining shares will vest in installments in May 2024 and May 2025.

In November 2023, USD 340 (equivalent to 35,910 shares) were assigned to employees of which 10,773 shares (equivalent to USD 102.1) were delivered to the eligible executives and key employees, while the remaining shares will vest in installments in May 2024 and May 2025.

As of March 31, 2024, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan.

	For the three-month period ended March 31,
	2024				2023
Treasury shares	Shares		USD		Shares			USD
Balances at the beginning of the period		2,251,123		4,322		2,396,015			4,600
Transfer of treasury shares to executives and key employees		-		-		(16,904	)		(32	)
Balances at the end of the period		2,251,123		4,322		2,379,111			4,568

b) Other comprehensive income

The movements of the reserve of other comprehensive income for the period of the owners of the parent is as follows:

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)			Share of other comprehensive income from associates			Income tax effect ^(*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2024		(505,015	)		532			(41,239	)		(115	)		63,402		(482,435	)
Other comprehensive income / (loss) for the period		218,922			60			23			(15	)		-		218,990
For the period ended March 31, 2024		(286,093	)		592			(41,216	)		(130	)		63,402		(263,445	)

Balances at January 1, 2023		(273,378	)		520			(41,169	)		(122	)		63,402		(250,747	)
Other comprehensive income / (loss) for the period		15,420			(30	)		19			7			-		15,416
For the period ended March 31, 2023		(257,958	)		490			(41,150	)		(115	)		63,402		(235,331	)

^(*) Income tax relating to OCI amounts to measurement of defined benefit obligations. The movement was recognized as other comprehensive income of other reserves.

- 23 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Equity (Cont.)

c) Other reserves

The movements of Other Reserves of the owners of the Company is as follows:

	For the three-month period ended March 31,
	2024			2023
Balances at the beginning of the period		(1,313,888	)		(1,314,025	)
Share-based compensation reserve		211			176
Execution of share-based compensation reserve		-			(94	)
Remeasurement of defined benefit obligations net for income tax		45			(23	)
Balances at the end of the period		(1,313,632	)		(1,313,966	)

Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration the Group’s litigation and settlement strategies.

The Group believes that the aggregate provisions recorded for losses in these Condensed Consolidated Interim Financial Statements, are adequate based upon currently available information.

There are no other lawsuits or legal proceedings different from the ones included in the Consolidated Financial Statements for the year ended December 31, 2023.

b. Restrictions to the distribution of profits and payment of dividends

As of March 31, 2024 and December 31, 2023, equity as defined under Luxembourg laws and regulations consisted of:

	At March 31, 2024		At December 31, 2023
Share capital		163,223		163,223
Share premium		183,430		183,430
Reserve for own shares		4,322		4,322
Legal reserve		3,676		3,676
Free distributable reserves		378,910		378,910
Non-distributable reserves		1,353,706		1,353,706
Retained earnings		36,268		37,890
Total equity in accordance with Luxembourg law		2,123,535		2,125,157

At least 5% of the Company’s net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to a legal reserve equivalent to 10% of the Company’s share capital. Dividends may not be paid out of the legal reserve.

The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg laws and regulations.

- 24 -

Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación America International S.à r.l., both of which are Luxembourg based companies.

Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”.

The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

Summary of balances with related parties are:

	At March 31, 2024			At December 31, 2023
Period-end balances

(a) Arising from sales / purchases of goods / other
Trade receivables with associates		5,036			4,200
Trade receivables with other related parties		1,393			962
Other receivables with associates		57			58
Other receivables with other related parties		9,610			9,257
Other financial assets with associates		3,145			3,108
Other financial assets with other related parties ^(*)		38,578			28,327
Trade payables to associates		(3,697	)		(2,765	)
Trade payables to other related parties		(1,659	)		(2,501	)
		52,463			40,646
(b) Other liabilities
Other liabilities to associates ^(**)		(14,613	)		(15,539	)
Other liabilities to other related parties		(3,613	)		(2,425	)
		(18,226	)		(17,964	)
(c) Other balances
Cash and cash equivalents in other related parties		19,861			23,249
		19,861			23,249

^(*) As of March 31, 2024 mainly includes a loan and time deposits to other related parties amounting to USD 14.9 million and USD 20.2 million respectively (USD 14.8 million and USD 10.1 million respectively as of December 31, 2023). As of March 31, 2024, the loan accrues interests at a fixed annual rate of 4.5%, and matures in June 2024. The time deposits total USD 20.0 million, of which USD 10.0 million accrues interests at a fixed annual rate of 4.0%, maturing in July 2024 and the remaining USD 10.0 million accrues interests at a fixed annual rate of 5.0%, maturing in January 2027.

^(**) As of March 31, 2024 and December 31, 2023, includes deferred income from associates.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Related party balances and transactions (Cont.)

	For the three-month period ended March 31,
	2024			2023
Transactions
Aeronautical/Commercial revenue		6,923			2,951
Fees		(2,899	)		(2,296	)
Interest accruals		454			66
Acquisition of goods and services		(5,747	)		(7,109	)
Others		(943	)		(999	)

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 6,414 as of March 31, 2024 (USD 6,973 as of December 31, 2023). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 1,467 as of March 31, 2024 (USD 1,576 as of March 31, 2023).

Remunerations received by the Group’s key staff amounted to approximately 1.82% of total remunerations accrued at March 31, 2024 (1.44% as of March 31, 2023).

Cash flow disclosures

	For the three-month period ended March 31,
Changes in working capital	2024			2023
Other receivables and credits		(38,832	)		(3,437	)
Inventories		2,066			3,727
Other liabilities		(38,343	)		(65,900	)
		(75,109	)		(65,610	)

The most significant non-cash transactions are detailed below:

	For the three-month period ended March 31,
	2024			2023
Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities		(78	)		(154	)
Property, plant and equipment acquisition		(4,218	)		-
Right-of-use asset initial recognition with an increase in Lease liabilities		(82	)		(330	)
Tax credit with an increase in Other liabilities		(6,887	)		-

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Fair value measurement of financial instruments

According to the classification included in Note 3.B of the Consolidated Financial Statements as of December 31, 2023, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments recorded at amortized cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments at March 31, 2024:

	Fair value		Carrying amount
Trust funds ⁽¹⁾		28,739		26,701
Long-term borrowings ⁽²⁾		999,906		1,062,888

⁽¹⁾It is included in the Other receivables line of the Condensed Consolidated Interim Statement of Financial Position. The fair value of these financial assets was calculated using a discounted cash flow (Level 3).

⁽²⁾ Valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2 under IFRS 13 hierarchy. There are no financial liabilities measured at fair value through other comprehensive income nor through profit or loss.

Other financial assets measured at fair value through profit or loss are included in Level 1 as defined in IFRS 13 and comprise primarily government securities, mutual funds and corporate bonds.

Financial risk factors

As stated in Note 3A of the Consolidated Financial Statements as of December 31, 2023, CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties, both in national and international environments. Inflation rate for the three-month period ended March 31, 2024 is detailed in Note 2 and the devaluation in the same period was 6%, while certain restrictions to access the Mercado Único y Libre de Cambios (“MULC”) are still in force.

Considering this situation and the uncertainties resulting from the evolution of the above-mentioned variables in the future, CAAP`s Argentine subsidiaries continually assess the situation in order to identify the unforeseen potential impacts that could affect the Company´s business and performance.

Subsequent events

Toscana Aeroporti S.p.A. (“TA”) legal proceedings

On May 1, 2024, the Civil Court of Milan filed the ruling regarding the claim initiated by Nuove Iniziative Toscane (“NIT”) on September 10, 2021, which was included in Note 26.a of the Consolidated Financial Statements for the year ended December 31, 2023. NIT´s claim was rejected and it was condemned to return to TA the sums that had been paid as deposit, plus interest, as well as to pay the legal costs.

There is a six-month term for NIT to submit an appeal to the ruling, unless it has been duly served, in which case the term to submit the appeal is 30 days from the date of service.

AA2000 financial risk factors

As of the date of issuance of these Condensed Consolidated Interim Financial Statements, AA2000 has sold the Series 2 notes of BOPREAL, included in Notes 3A and 34 of the Consolidated Financial Statements for the year ended December 31, 2023, applying the proceeds to the payment of import debts.

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Corporación América Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March 31, 2024 and 2023 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Subsequent events (Cont.)

Peruvian proceedings - Kuntur Wasi

As stated in the Consolidated Financial Statements for the year ended December 31, 2023, on August 10, 2023, Kuntur Wasi received notification from the competent authority ICSID Arbitral Court (known as CIADI in Spanish) regarding a favorable resolution concerning the arbitration procedure due to unreasonably and arbitrary unilateral termination of the Concession Agreement by the Peruvian Ministry of Transports and Communications. While the Arbitral Court had already determined the final award for damages and losses, on February 28, 2024 both parties submitted further information that was required to calculate the business profit based on the invested amounts as well as the recognition of interests on the related amounts.

On May 9, 2024, Kuntur Wasi received notification from the CIADI, deciding among other things that “Peru breached the concession contract by terminating it without a well-founded reason of public interest". Furthermore, “the Tribunal orders that damages in the amount of USD 91.2 million (including interest to February 28, 2024) should be paid to Kuntur Wasi, together with any additional interest that has accrued at the rate established in this award to the date of payment; compounded annually”. As of the date of issuance of the Interim Consolidated Financial Statements the Company is analyzing the effects of the resolution.

AA2000 - Indebtedness

In May 2024, AA2000 repurchased dollar-linked Class 6 and Class 9 Notes for USD 2.5 million and USD 0.1 million, respectively.

CAISA - Concession agreement extension

On May 15, 2024, CAISA signed an amendment to its concession agreement that includes the extension of the term of the concession agreement for a ten-year period from 2033 through 2043, the removal of certain investment projects from the previous agreement, and a new commitment to invest USD 3.0 million within the period of 2024-2026.

PDS – Amendment to concession agreement

On May 15, 2024, PDS signed amendments to its concession agreement to include part of the building of the old passenger terminal of the Carrasco International Airport into the concession, in which PDS plans to invest approximately USD 5.5 million to expand its cargo activities, in particular, pharma and courier. As part of the agreement, PDS will pay an additional fee as compensation for the new activities carried out in the aforementioned space.

Additionally, PDS committed to invest in a new Instrument Landing System (ILS) category IIIb, similar to those utilized in the world's major airports. This system will enable aircrafts to land safely in adverse weather conditions, thereby enhancing air connectivity, increasing predictability for airlines, and providing a competitive advantage for aviation development. The amendment includes a tariff adjustment (approach fee) that will be charged by PDS.

There are no other subsequent events that could significantly affect the Group´s financial position as of March 31, 2024.

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