Exhibit 99.1

CORPORACION AMERICA AIRPORTS REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Passenger traffic up 13% YoY reaching 99.1% of 4Q19 pre-pandemic levels

Consolidated Revenues, ex-IFRIC12 and ex-IAS29, up 19% YoY and 37% above 4Q19

Adjusted EBITDA ex-IAS29 of $332 million includes $167 million from Natal friendly termination

Luxembourg, March 20, 2024— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended December 31, 2023, and audited results for the full year 2023. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 25.

Fourth Quarter 2023 Highlights

Full Year 2023 Highlights

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “The strong momentum experienced throughout the year continued into the fourth quarter, with passenger traffic growing 13% year-on-year and revenue growth ex-IAS29 surpassing the increase in traffic. This resulted in a solid expansion in revenues per PAX, which was 5% higher than 4Q22 and 39% above pre-pandemic levels. Total costs and expenses grew in line with higher activity but below revenue growth, leading to Adjusted EBITDA growth of 29% YoY and 71% when compared to 4Q19. These financial highlights include two important impacts:

First, due to the sharp devaluation of the Argentine peso last December, as reported figures included non-cash accounting impacts from applying hyperinflation accounting, in accordance with IFRS Rule IAS29, causing a $28.9 million Adjusted EBITDA reduction in our Argentina segment, which is not indicative of the underlying performance of our business. Importantly, as the majority of Argentine revenues are linked to the USD and approximately half of the costs are in ARS, we have a natural hedge against currency devaluation.

Second, a key milestone this quarter was the successful conclusion of the friendly termination process of the Natal airport concession agreement, which benefited Adjusted EBITDA by $166.5 million. The net indemnification amount to CAAP was R$465 million.

This good performance was underscored by strong momentum across all geographies and reflects our commitment to efficient execution and our ability to leverage the ongoing recovery in travel demand.

Looking ahead, we remain focused on the approval processes in Italy and Armenia in connection with significant expansion projects in our airports in Firenze and Yerevan, respectively, which will foster growth and create value for our stakeholders.

In Firenze, we are working on the approval of a new master plan that will include a new runaway with much longer reach and a larger new terminal. The total investment is estimated at Euro 400 million, of which Euro 150 million will be funded with government grants.

In Yerevan, we remain in negotiations with the government to expand our Zvartnots Airport and enhance commercial offerings. The total investment plan is expected to be approximately $400 million.

Keeping our focus on selectively expanding our airport network, we remain in negotiations with the government of Nigeria regarding the Abuja and Kano concession agreements while seeking additional expansion opportunities.

Regarding market dynamics, we maintain a cautiously optimistic outlook on passenger traffic across our airport network.

In sum, we are excited by the strength of our business and prospects ahead, underpinned by a robust balance sheet that positions us well for continued success as we navigate the opportunities and challenges that lie ahead.”

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

1)        LTM Adjusted EBITDA excluding impairments of intangible assets.

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

1) LTM Adjusted EBITDA excluding impairments of intangible assets.

4Q23 Operating Performance

Passenger Traffic

Total passenger traffic increased by 13.1% YoY to 20.7 million, reaching 99.1% of pre-pandemic levels, up from 97.9% in the previous quarter. Traffic performance was supported by a continued recovery in travel demand, reflected by higher load factors and the gradual return of flight routes and frequencies across all countries of operation. Notably, passenger traffic in Argentina and Uruguay exceeded pre-pandemic levels for the first time, while Armenia and Ecuador continued to surpass 2019 levels by 59.9% and 4.7%, respectively. Italy and Brazil stood at 99.3% and 84.7% of pre-pandemic levels, respectively. International traffic increased by 18.4% YoY, surpassing pre-pandemic levels by 7.0%, while domestic traffic increased by 14.5% YoY, reaching 97.5% of 4Q19 levels. Traffic in October, November and December was at 101.2%, 100.0% and 96.2% of traffic levels for the same months in 2019, respectively.

Passenger Traffic in Argentina increased 18.7% YoY, exceeding for the first time pre-pandemic levels of 2019 by 9.5%, a sequential improvement from the prior quarter. International passenger traffic, which continued benefiting from the ongoing gradual resumption of routes and frequencies, increased 20.0% YoY in 4Q23 to 98.5% of 4Q19 traffic levels, up from 88.6% in the previous quarter. Domestic passenger traffic, which accounted for more than 70% of total traffic and benefited from a government program to boost domestic tourism in October, increased 18.1% YoY and exceeded 4Q19 levels by 15.4%, up from 4.1% in the previous quarter.

In Italy, passenger traffic increased 16.0% YoY and reached 99.3% of 4Q19 pre-pandemic levels. International traffic increased 19.8% YoY and surpassed 4Q19 levels by 3.2%, while domestic traffic grew 4.3% YoY to 87.3% of 4Q19 levels. Traffic at Florence airport was 6.5% above 4Q19, while some pre-pandemic destinations still need to resume at Pisa airport. A strike carried out by unionized airport workers on November 24^th, negatively impacted traffic in the quarter.

In Brazil, passenger traffic in the quarter remained impacted by financial and aircraft constraints in some of the local airlines, combined with increasing ticket prices affecting travel demand. Total traffic declined 0.3% YoY, reaching 84.7% of 4Q19 pre-pandemic levels, down from 93.7% in the prior quarter. Domestic passenger traffic, which accounted for almost two-thirds of total passenger traffic, was up 8.9% YoY and stood at 86.4% of 4Q19 pre-pandemic levels, but below 98.1% in the previous quarter. Transit passengers declined 15.6% YoY to 81.1% of 4Q19 levels.

Uruguay, where activity is mainly international, continued to post a recovery in passenger traffic and surpassed pre-pandemic levels for the first time, boosted by new routes and frequencies during the quarter. Total traffic increased by 23.5% YoY, exceeding 4Q19 levels by 2.8%.

In Armenia, passenger traffic improved 16.5% YoY and exceeded pre-pandemic levels of 4Q19 by 59.9%, down from 62.0% in the prior quarter. The introduction of new airlines, together with a higher number of flight frequencies continue to support traffic performance at the airport, which is currently operating at maximum capacity given the significant growth in passenger traffic within the past few years.

In Ecuador, total passenger traffic grew 4.9% YoY, exceeding pre-pandemic levels of 4Q19 by 4.7%, down from 11.9% in the previous quarter. Both domestic and international passenger traffic continued to increase sequentially, reaching 105.0% and 104.1% of 4Q19 levels, respectively. While total traffic in the quarter benefited from a higher number of frequencies at both international and domestic routes, domestic traffic was affected by the exit of the Ecuadorian carrier Equair.

Cargo Volume

Cargo volume increased 9.9% YoY in 4Q23, to 88.6% of 4Q19 pre-pandemic levels, with strong contributions from Argentina, Ecuador and Uruguay, which together accounted for almost 70% of total volume in the quarter. Notably, cargo volume in Armenia and Ecuador was above 4Q19 levels, while Uruguay, Italy, Argentina and Brazil were at 96.2%, 95.4%, 83.7% and 79.6% of pre-pandemic levels, respectively.

Aircraft Movements

Total aircraft movements increased by 4.5% YoY in 4Q23 and reached 98.6% of 4Q19 pre-pandemic levels. Over 80% of aircraft movements in the quarter came from Argentina (55%), Brazil (19%), and Ecuador (9%), with all geographies surpassing pre-pandemic levels of 4Q19 except for Brazil and Ecuador, which stood at 91.8% and 87.8%, respectively.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 38 of this report.

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

Review of Consolidated Results

Results for ECOGAL, which operates the Galapagos Airport in Ecuador, are accounted for under the equity method. In December 2021, CAAP signed an agreement to transfer its 50% ownership interest in Aeropuertos Andinos del Perú S.A. to Andino Investment Holding S.A. and, consequently, ceased operating the five airports under concession.

Revenues

Consolidated Revenues decreased 5.5% YoY to $365.0 million in 4Q23, or increased 18.9% YoY to $397.6 million, when excluding Construction Services and the impact of IAS 29, reflecting higher activity across all countries of operations, particularly in Argentina and Uruguay. When compared to 4Q19 and excluding IAS 29 and Construction Services, Revenues increased 37.3%, despite traffic at 99.1% of pre-pandemic volumes, with strong contributions from Argentina and Armenia. Growth was primarily driven by Commercial Revenues, which were 58.7% above 4Q19 levels, coupled with tariff increases supporting Aeronautical Revenue growth of 22.4%.

The following table shows revenue performance by country. More detail on the performance of CAAP´s countries of operations can be found on page 13.

Revenues by Segment (in US$ million)

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues decreased 12.1% YoY in Argentina (or increased 27.2% excluding IAS29), 8.8% in Italy, and increased 33.9% in Uruguay, 5.2% in Armenia, 11.4% in Ecuador and 20.4% in Brazil.

Revenue Breakdown (in US$ million)

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Revenue Breakdown (in US$ million)

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Aeronautical Revenues accounted for 44.9% of total revenues and decreased 1.0% YoY to $164.0 million. Excluding IAS 29, Aeronautical revenues increased 22.6% YoY to $209.1 million and 22.4% against 4Q19 levels, benefiting from tariff increases, even with passenger traffic at 99.1% of pre-pandemic volumes. Compared to the same quarter of 2019, aeronautical revenues declined 30.7%, or $6.8 million, in Italy, and 19.9%, or $3.0 million, in Brazil. By contrast, aeronautical revenues increased by 37.9% in Argentina excluding IAS29, and 25.4%, 14.2% and 63.3%, in Uruguay, Ecuador and Armenia, respectively, from pre-pandemic levels of 4Q19.

Non-Aeronautical Revenues accounted for 55.0% of total revenues and decreased 8.9% YoY to $201.0 million. When compared to 4Q19 and excluding the impact of IAS 29, non-aeronautical revenues improved 20.3%, or $41.4 million, to $245.5 million, reflecting an increase of 58.7%, or $69.2 million, in Commercial Revenues, principally driven by higher Cargo and Duty Free revenues in Argentina coupled with higher Fueling services in Armenia. This was partially offset by a decline of 33.1%, or $28.2 million, in Construction Service Revenue, mainly as a result of lower CAPEX in Argentina.

Compared to 4Q19 and excluding both, Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues increased 58.6%, or $69.6 million, to $188.4 million.

Operating Costs and Expenses

In 4Q23, Total Costs and Expenses, excluding Construction Service Costs, decreased 43.8% YoY to $148.6 million, or 27.2% to $184.9 when excluding IAS 29. Lower costs benefited from a $103.8 million reversal of impairment charges of previous years, in connection with the termination of the Natal airport concession agreement (recorded under ‘Other Expenses’), partially offset by increases in Concession fees, Maintenance expenses, and Salaries and Social Security Contributions, in line with higher activity. Compared to 4Q19, Total Costs and Expenses, excluding Construction Service Costs, IAS 29 and the positive impact from Natal, increased by 27.8% to $288.7 million. This was primarily due to higher Salaries and Social Security Contributions resulting from inflation increases that surpassed currency depreciation in Argentina, higher Cost of fuel in Armenia, tied to increased fuel sales, as well as higher Concession Fees.

Cost of Services decreased 10.2% YoY to $249.7 million, or increased 7.6% to $290.7 million when excluding the impact of rule IAS29, reflecting higher traffic and cargo activity. When compared to 4Q19 and excluding IAS29, Cost of Services grew 5.9%, or $16.3 million, mainly as a result of the following increases:

§  40.6%, or $19.8 million, in Salaries and social security contributions mainly in Argentina,

§  141.1%, or $16.3 million, in Cost of fuel mainly in Armenia, and

§  33.5%, or $13.3 million, in Concession fees.

This was partially offset by a decrease in Construction service costs, combined with lower Amortization and depreciation charges and lower Taxes.

Excluding Construction Service Costs, Cost of Services decreased 3.8% YoY to $211.0 million, or increased 14.6% to $238.2 million, excluding IAS 29. When compared to 4Q19 and excluding the impact of IAS29, Cost of Services increased 25.5%, or $48.4 million, to $238.2 million, mainly reflecting the aforementioned increases in Salaries, Cost of Fuel, and Concession fees.

Selling, General and Administrative Expenses (“SG&A”) decreased 13.1% YoY, to $37.5 million in 4Q23, or increased 4.5% to $45.8 million when excluding the impact of rule IAS 29. Compared to 4Q19 and excluding IAS29, SG&A increased 30.8%, or $10.8 million, mainly as a result of higher Taxes and Salaries and social security contributions.

Other Expenses totaled $(99.9) million in 4Q23, compared to $2.2 million in 4Q22 and $43.9 million in 4Q19. Other expenses in 4Q23 included a $103.8 million reversal of impairment charges of previous years in connection to the termination of the Natal airport concession agreement.

Costs and Expenses (in US$ million)

Costs and Expenses (in US$ million)

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

During 4Q23, CAAP reported Adjusted EBITDA of $303.4 million and Adjusted EBITDA ex-IFRIC12 of $298.8 million, up from an Adjusted EBITDA ex-IFRIC12 of $122.1 million in the year-ago period. Excluding the impact of IFRS rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 163.2% YoY to $327.7 million, and benefited from a $166.5 million contribution from the indemnification payment received in connection with the friendly termination of the Natal airport concession agreement, in Brazil. Excluding both, IAS 29 and the contribution from the Natal indemnification, Adjusted EBITDA Ex-IFRIC12 would have increased 29.4% YoY to $161.2 million, with all countries improving YoY, except Italy, which in 4Q22 recorded a $4.2 million one-time gain related to the sale of the handling company. Argentina, Brazil, Uruguay and Armenia accounted for 70% of the total YoY Adjusted EBITDA improvement. Adjusted EBITDA margin, ex-IFRIC12, expanded to 92.9% from 37.4% in 4Q22, or to 40.5% from 37.2%, when also excluding IAS 29 and the Natal indemnification contribution, reflecting margin expansion in Brazil, Uruguay and Armenia, partially offset by lower margins in Italy, Ecuador and Argentina.

Adjusted EBITDA was 458.5% higher than the $54.3 million reported in 4Q19, while Adjusted EBITDA margin ex-IFRIC12 expanded 74.7 percentage points versus the 18.2% pre-pandemic level. Excluding IAS 29, the $166.5 million contribution from Natal in 4Q23, and the $42.8 million impairment charge recorded in 4Q19, Adjusted EBITDA margin ex-IFRIC12 in 4Q23 would have increased 7.9 percentage points, from 32.6% in 4Q19 to 40.5% in 4Q23.

Adjusted EBITDA by Segment (in US$ million)

Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)

Financial Income and Loss

CAAP reported a Net financial loss of $220.5 million in 4Q23 compared to a loss of $62.0 million in 4Q22. Had IAS 29 not been applied, and compared to 4Q19, the Net financial loss would have increased $516.3 million, to $579.1 million, mainly driven by higher Foreign Exchange expenses in Argentina, due to the impact of the devaluation of the Argentine peso on the net liability monetary position.

See “Use of Non-IFRS Financial Measures” on page 25.

Income Tax Expense

During 4Q23, the Company reported an income tax benefit of $66.3 million versus an expense of $20.3 million in 4Q22. Excluding the impact of IAS 29, CAAP reported an income tax benefit of $287.3 million in 4Q23, compared to a tax benefit of $36.2 million in the year-ago quarter and an expense of $13.3 million in 4Q19.

Net Income and Net Income Attributable to Owners of the Parent

During 4Q23, CAAP reported Net Income of $116.6 million compared to Net Income of $3.7 million in 4Q22. Higher operating income, which included the contribution from the indemnification payment related to the friendly termination of the Natal airport, combined with the aforementioned Income tax benefit were partially offset by higher net FX losses and inflation adjustment charges.

In 4Q23, the Company reported Net Income Attributed to Owners of the Parent of $130.7 million and earnings per common share of $0.81, compared with Net Income Attributable to Owners of the Parent of $12.1 million in 4Q22 (equivalent to earnings per common share of $0.08), and a loss of $37.2 million in 4Q19 (equivalent to a loss per common share of $0.23).

Consolidated Financial Position

As of December 31, 2023, cash and cash equivalents amounted to $369.8 million, decreasing 21.1% and 4.0% from $468.9 million and $385.3 million reported as of September 30, 2023, and December 31, 2022, respectively. Total liquidity as of December 31, 2023, which included cash and cash equivalents as well as other financial assets, decreased to $457.9 million, from $557.7 million as of September 30, 2023, but increased 1.3% against the $452.0 million reported as of December 31, 2022.

Total Debt at the close of 4Q23 decreased 9.0%, or $132.2 million, to $1,333.2 million, from $1,465.4 million as of December 31, 2022. Debt reductions were mainly in Argentina, Italy and Brazil. A total of $926.9 million, or 69.5% of total debt is denominated in U.S. dollars, while $213.9 million, or 16.0% is denominated in Brazilian Reals, and $192.4 million, or 14.4%, is in Euros.

The Net Debt to LTM Adjusted EBITDA ratio improved to 1.4x as of December 31, 2023, down from 1.6x and 2.4x as of September 2023 and December 2022, respectively, reflecting Adjusted EBITDA growth driven by strong revenue performance. Excluding impairment of intangible assets, the Net Debt to LTM Adjusted EBITDA ratio stood at 1.7x. As of December 31, 2023, all of CAAP’s subsidiaries were in compliance with their covenants.

Consolidated Debt Indicators (in US$ million)

1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

4 LTM Adjusted EBITDA as of December 31, 2023 was $677.7 million.

5 LTM Adjusted EBITDA excluding impairment of intangible assets as of December 31, 2023 was $574.9 million.

¹ Of which approximately $111.5 million remain at Toscana Aeroporti level.

² Of which approximately $213.9 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

³ Of which approximately $247.3 million remain at ACI Airport Sudamérica SAU.

Maturity of borrowings:

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.

Maturity of borrowings – Breakdown by segment (in USD) as of December 31, 2023:

1 Of which approximately $28.9 million remain at Toscana Aeroporti level.

2 Of which approximately $60.6 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

CAPEX

During 4Q23, CAAP made capital expenditures of $49.2 million, a 23.7% YoY decrease from $64.4 million in 4Q22 and 46.8% lower than pre-pandemic levels of 4Q19. Excluding IAS 29, capital expenditures amounted to $64.1 million in the quarter, with Argentina and Uruguay accounting for 60% and 22%, respectively. The latter included investments related to the airports incorporated through the extension of the Puerta del Sur concession agreement in November 2021.

Review of Segment Results

Argentina

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for AA2000, the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 4Q23.

Passenger Traffic increased 18.7% YoY, exceeding for the first time pre-pandemic levels by 9.5%. This marks a sequential improvement from the prior quarter. International passenger traffic, which has been gradually recovering due to the ongoing and gradual resumption of routes and frequencies, increased 20.0% YoY in 4Q23 reaching 98.5% of 4Q19 traffic levels, up from 88.6% in the previous quarter. Domestic passenger traffic, which accounted for more than 70% of total traffic and benefited from a government program to boost domestic tourism in October, increased 18.1% YoY and exceeded 4Q19 levels by 15.4%, up from 4.1% in the previous quarter.

Revenues decreased 20.8% YoY to $169.7 million in 4Q23 on an ‘As reported’ basis or increased 15.0% to $259.3 million when excluding the impact of rule IAS29, primarily due to a 28.5% increase in Aeronautical revenues as well as a 20.0% increase in Commercial revenues, reflecting higher year-over-year activity. Construction service revenue decreased 14.0% YoY reflecting lower Capex in the reported quarter. Compared to 4Q19 and excluding both Construction Services and the impact of IAS 29, revenues grew by 52.1%, or $76.5 million to $223.6 million, driven by increases of 75.0% in Commercial revenues and 37.9% in Aeronautical revenues.

Total Costs and Expenses decreased 23.5% YoY to $133.4 million in 4Q23 on an ‘As reported’ basis. Excluding Construction Service and the impact of IAS 29, Total Cost and Expenses increased 25.4% YoY, mainly due to the recovery in passenger traffic during the period. When compared to 4Q19, Total Cost and Expenses excluding the impact of rule IAS 29 and Construction Services increased 35.0%, or $38.3 million, primarily due to higher Cost of Services along with higher SG&A expenses.

The above was partially offset by decreases of 61.4%, or $5.0 million, in Amortization and depreciation, and 9.9%, or $2.8 million, in Maintenance expenses.

Adjusted Segment EBITDA decreased 15.1% YoY to $54.7 million in 4Q23 on an ‘As reported basis’. When excluding the impact of IAS 29, Adjusted Segment EBITDA grew by 25.0% YoY to $83.6 million, with Adjusted EBITDA margin EX-IFRIC12 of 37.4% in the quarter, compared to 38.0% in 4Q22. Compared to pre-pandemic levels of 4Q19, Adjusted EBITDA excluding IAS 29 increased 67.0%, or $33.6 million from $50.1 million, while Adjusted EBITDA margin EX-IFRIC12 expanded 3.4 percentage points from 34.0%.

During 4Q23, CAAP made Capital Expenditures ex-IAS29 of $38.4 million, compared to $49.4 million in 4Q22 and $69.4 million in 4Q19. These expenditures were primarily allocated to the improvement in access roads, apron and lighting system at Aeroparque Airport, the new terminal building and lighting system at Rio Hondo Airport, the runway and terminal building works at Ezeiza Airport, the new terminal building and lighting system at Santa Rosa Airport, as well as the new terminal building at San Juan airport.

Italy

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Italy increased 16.0% YoY and reached 99.3% of 4Q19 pre-pandemic levels. International traffic increased 19.8% YoY and surpassed 4Q19 levels by 3.2%, while domestic traffic grew 4.3% YoY to 87.3% of 4Q19 levels. Traffic at Florence airport was 6.5% above 4Q19, while some pre-pandemic destinations still need to resume at Pisa airport. A strike carried out by unionized airport workers on November 24^th, negatively impacted traffic in the quarter.

Revenues increased 9.0% YoY to $35.4 million in 4Q23, driven by Commercial revenue growth reflecting increases in year-over-year passenger travel and in Construction Service revenues. Commercial revenues grew 14.3% YoY, mainly driven by passenger-related services such as F&B services, Parking facilities, and VIP lounges, following the strong year-over-year traffic recovery. When compared to 4Q19, revenues excluding Construction Services decreased 19.4%, mainly driven by lower Aeronautical revenues.

Total Costs and Expenses increased 3.9% YoY, or $1.2 million, in 4Q23 mainly driven by higher Cost of Services and Other Expenses, partially offset by lower SG&A expenses. Excluding Construction Services, Total Cost and Expenses declined 2.3% YoY to $26.7 million. Compared to the same quarter of 2019, Total Cost and Expenses decreased 6.8%, or 10.0% when excluding Construction Services.

Adjusted Segment EBITDA decreased 28.6% to $7.4 million in 4Q23 from $10.4 million in 4Q22, which included a benefit of $4.2 million related to the disposal of the handling company. Excluding this extraordinary item from 4Q22, Adjusted EBITDA would have increased 19.8% YoY. Compared to 4Q19, Adjusted EBITDA increased 1.6%, with Adjusted EBITDA margin expanding 1.3 percentage points to 21.0%.

During 4Q23, CAAP made Capital Expenditures of $9.2 million, compared to $4.1 million in 4Q22 and $7.4 million in 4Q19.

Brazil

Note: This segment does not include the effects of IFRIC 12 with respect to the construction or improvements to assets under the concession.

Passenger Traffic in the quarter remained impacted by financial and aircraft constraints in some of the local airlines, combined with increasing ticket prices which affected travel demand. Total traffic declined 0.3% YoY, reaching 84.7% of 4Q19 pre-pandemic levels, down from 93.7% in the prior quarter. Domestic passenger traffic, which accounted for almost two-thirds of total passenger traffic, was up 8.9% YoY and stood at 86.4% of 4Q19 pre-pandemic levels, but below 98.1% in the previous quarter. Transit passengers declined 15.6% YoY to 81.1% of 4Q19 levels.

Revenues increased 21.0% YoY to $29.6 million in 4Q23 mainly due to higher Commercial revenues. Compared to 4Q19, revenues decreased 1.4%, or $0.4 million, as the strong performance in Commercial revenue was more than offset by a decline in Aeronautical revenues resulting from lower passenger traffic. Results were also impacted by the 20.4% average depreciation of the Brazilian real against the US dollar since 4Q19.

Total Costs and Expenses in 4Q23 included a $103.8 million reversal expense related to the termination of the Natal airport concession agreement recorded within the ‘Other expenses’ cost line item.

Adjusted Segment EBITDA totaled $189.8 million and benefited from the contribution of $166.5 million related to the friendly termination of the Natal airport concession agreement. Excluding such impact, Adjusted EBITDA increased 31.2% YoY with Adjusted EBITDA margin expounding 6.1 percentage points to 78.6%. Compared to 4Q19 and excluding also the impairment charge of $42.8 million recorded that year, Adjusted EBITDA grew by 133% versus pre-pandemic levels. Adjusted EBITDA in this quarter benefited from an economic compensation of R$127 million obtained from the government, mainly in connection with the economic re-equilibrium to offset the COVID-19 impact during 2022 (an additional portion) and 2023.

During 4Q23, CAAP made Capital Expenditures of $0.3 million, compared to $0.7 million in 4Q22 and $2.3 million in 4Q19.

Uruguay

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Uruguay, where activity is mainly international, continued to post a recovery in passenger traffic and surpassed pre-pandemic levels for the first time, boosted by new routes and frequencies during the quarter. Total traffic increased by 23.5% YoY, exceeding 4Q19 levels by 2.8%.

Revenues increased 33.9% YoY to $42.7 million in 4Q23 on an ‘As reported’ basis, or 31.7% to $31.5 million, when excluding Construction service revenue. Compared to 4Q19, and excluding IFRIC12, revenues grew 28.6%, or $7.0 million, to $31.5 million, driven by both higher Aeronautical and Commercial revenues.

Total Costs and Expenses increased 23.7% YoY to $32.1 million. Excluding Construction Service, Total Cost and Expenses rose 16.2% YoY to $20.9 million, due to an increase in operating costs following higher traffic activity when compared to 4Q22. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 37.6%, or $5.7 million, due to higher Cost of services and, to a lesser extent, higher SG&A expenses.

Adjusted Segment EBITDA increased 63.8% YoY to $11.7 million in 4Q23, and decreased 2.2%, or $0.3 million, when compared to 4Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 12.1 percentage points to 37.3%.

During 4Q23, CAAP made Capital Expenditures of $14.0 million in Uruguay, compared to $9.9 million in 4Q22 and $1.2 million in 4Q19. The increase in capital expenditures reflects the works related to the airports that were incorporated through the extension of the Puerta del Sur concession agreement in November 2021.

Armenia

1) Excludes Construction Service revenue.

2) Excludes Construction Service cost.

3) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

In Armenia, passenger traffic improved 16.5% YoY and exceeded pre-pandemic levels of 4Q19 by 59.9%, down from 62.0% in the prior quarter. The introduction of new airlines, together with a higher number of flight frequencies continue to support traffic performance at the airport, which is currently operating at maximum capacity given the significant growth in passenger traffic within the past few years.

Revenues increased 5.6% YoY to $61.0 million in 4Q23 on an ‘As reported’ basis, or 5.2% when excluding Construction service revenue. Compared to 4Q19, and excluding IFRIC12, revenues increased 91.1%, or $28.5 million, to $59.7 million, mainly driven by an increase in Commercial revenues and, to a lesser extent, Aeronautical revenues, following solid traffic recovery.

Total Costs and Expenses decreased 2.3% YoY to $42.7 million, driven by reduced Cost of Services as the increase in operating costs following higher traffic activity when compared to 4Q22 was more than offset by lower Cost of Fuel. Against the same quarter in 2019, Total Cost and Expenses excluding IFRIC12 increased 82.9%, or $18.8 million, primarily due to higher Cost of services.

Adjusted Segment EBITDA increased 22.7% YoY to $23.3 million in 4Q23, and increased 86.9%, or $10.8 million, when compared to 4Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 0.7 percentage points to 38.9%, despite the growth in the Fuel business, which typically carries a lower margin.

During 4Q23, CAAP made Capital Expenditures of $1.9 million in Armenia, compared to $2.2 million in 4Q22 and $2.5 million in 4Q19.

Ecuador

In Ecuador, total passenger traffic grew 4.9% YoY, exceeding pre-pandemic levels by 4.7%, down from 11.9% in the previous quarter. Both domestic and international passenger traffic continued to increase sequentially, reaching 105.0% and 104.1% of 4Q19 levels, respectively. While total traffic in the quarter benefited from a higher number of frequencies at both international and domestic routes, domestic traffic was affected by the exit of the domestic carrier Equair.

Revenues increased 5.2% YoY to $26.7 million in 4Q23 on an ‘As reported’ basis. Compared to 4Q19, revenues decreased 10.3%, or $3.1 million, as higher Aeronautical and Commercial revenues were more than offset by lower Construction service revenue.

Total Costs and Expenses increased 7.7% YoY to $20.6 million, due to an increase in operating costs following higher traffic activity in the period. Against the same quarter of 2019, however, Total Cost and Expenses decreased 15.5%, or $3.8 million, primarily due to lower Cost of services.

Adjusted Segment EBITDA remained flat YoY at $7.2 million in 4Q23, and increased 20.6%, or $1.2 million, when compared to 4Q19, with Adjusted EBITDA Margin Ex IFRIC12 expanding 1.6 percentage points to 26.8%.

During 4Q23, CAAP made Capital Expenditures of $0.2 million in Ecuador, compared to $0.5 million in 4Q22 and $7.6 million in 4Q19.

Key Quarter Highlights and Subsequent Events

Natal Concession Agreement

On January 5, 2024, the Company received a total gross indemnification payment of R$610.4 million in connection with the friendly termination of its concession agreement of the Natal airport, in Brazil. This process has been carried out strictly in compliance with the existing Brazilian legal and regulatory framework and fully coordinated with all Brazilian authorities. The aforementioned amount was determined by the corresponding authorities, primarily based on non-amortized capital expenditure investments.

AA2000 | Increase in Domestic Passenger Fees in Argentina

On December 4, 2023, the Argentine airport regulator, Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) published Resolution No. 84/2023, approving an increase in the domestic passenger fee to ARS2,540 from ARS1,100, effective January 2024.

Guayaquil Airport | Awards & Recognitions

On February 20, 2024, Airports Council International (ACI) World announced the winners of the 2023 Airport Service Quality (ASQ) Awards, recognizing the best airports for customer experience worldwide, as selected by passengers. In this respect, the Guayaquil International Airport has earned the following 2023 ASQ Awards for Latin America and the Caribbean: (i) Best Airport between 2 to 5 million Passengers, (ii) Most Dedicated Staff, (iii) Easiest Airport Journey, (iv) Most Enjoyable Airport, and (v) Cleanest Airport.

For further information on subsequent events, please refer to Note 34 of the Company’s Financial Statements, filed with the SEC.

Hyperinflation Accounting in Argentina

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 4Q23, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

Non-Financial Disclosure

With the assistance of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the necessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner.

4Q23 EARNINGS CONFERENCE CALL

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 25 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. The Company is a leading private airport operator in the world, currently operating 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2023, Corporación América Airports served 81.1 million passengers, 23.7% above the 65.6 million passengers served in 2022 and 3.6% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com