Exhibit 99.2 

 

 

 

Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format

 

 

 

 

 

 

 

Index

 

Glossary
Separate Condensed Interim Financial Statements
Separate Statements of Comprehensive Income
Separate Statements of Financial Position
Separate Statements of Changes in Equity
Separate Statements of Cash Flows
Notes to the Separate Condensed Interim Financial Statements
Review Report of the Separate Condensed Interim Financial Statements
Report of the Supervisory Committee

 

Glossary

 

Term Definition
$ Argentine peso
U$S US dollar
EUR Euro
GBP Sterling pound
CAD Canadian dollar
The Company Aeropuertos Argentina 2000 S.A.
BCRA Acronym for Central Bank of Argentine Republic
BNA Bank of Argentine Nation
BO Official Gazette
CAAP Corporación América Airports S.A.
CINIIF Committee on Interpretations of International Financial Reporting Standards
CNV National Securities Commission
CPCECABA Professional Council of Economic Sciences of the Autonomous City of Buenos Aires
FACPCE Argentine Federation of Professional Councils of Economic Sciences
IASB Acronym for International Accounting Standards Board
IATA Acronym for International Air Transport Association
INDEC Acronym for National Institute of Statistics and Censuses
IPC Consumer Price Index (General Level)
MULC Acronym for Free  Exchange Market
NIC International Accounting Standards
NIIF International Financial Reporting Standards
OACI International Civil Aviation Organization
ON Negotiable Obligations
ORSNA Acronym for Regulatory Body of the National Airport System
PEN National Executive Power
PFIE Financial Projection of Income and Expenditures
PIK Acronym for payment in kind
PP&E Property , Plant & Equipment
RECPAM Result from Exposure to Changes in the Purchasing Power of the Currency
SNA National Airport System
TNA Nominal annual interest rate
TO Ordered Text

 

 

 

 

 

 

 

Registration number with the Superintendency of Corporations: 1645890

 

Honduras 5663 – Autonomous City of Buenos Aires

 

Principal activity of the Company: Exploitation, administration and operation of airports.

 

Company name: Aeropuertos Argentina 2000 S.A.

 

Separate Condensed Interim Financial Statements

For the six-month period of the

Fiscal Year N° 28 commenced January 1, 2025

 

Date of registration with the Public Registry of Commerce:

 

Of the By-laws: February 18, 1998

Of the last modification of the By-laws: January 03, 2023

 

Expiration date of the company: February 17, 2053

 

Controlling Company:

Corporate Name: Corporación América S.A.

Legal Address: Honduras 5673 – Autonomous City of Buenos Aires

Principal activity: Investments and financing

Participation of the Parent Company in common stock and total votes: 45,90%

 

Capital breakdown (Note 14):

 

Issued Common Shares of N/V $1 and 1 vote each:
   Subscribed   Paid-in 
         
   $ 
79,105,489 Class "A" Shares   79,105,489    79,105,489 
79,105,489 Class "B" Shares   79,105,489    79,105,489 
61,526,492 Class "C" Shares   61,526,492    61,526,492 
38,779,829 Class "D" Shares   38,779,829    38,779,829 
    258,517,299    258,517,299 

 

1

 

 

 

 

 

Separate Statement of Comprehensive Income 

For the three and six month periods ended at June 30, 2025 and 2024

 

       Three months at   Six months at 
       06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                     
   Note   Millions of $ 
Continuous Operations                         
Sales income   3    275,395    235,102    555,696    549,315 
Construction income        28,679    47,120    51,719    94,884 
Cost of service   4.1    (181,522)   (158,923)   (361,353)   (330,887)
Construction costs        (28,599)   (47,047)   (51,551)   (94,725)
Income for gross profit for the period        93,953    76,252    194,511    218,587 
Distribution and selling expenses   4.2    (18,362)   (14,654)   (34,852)   (32,631)
Administrative expenses   4.3    (14,406)   (10,713)   (28,766)   (22,306)
Other income and expenses, net   5.1    4,991    5,090    7,436    10,671 
Operating profit for the period        66,176    55,975    138,329    174,321 
Finance Income   5.2    12,693    (16,478)   11,142    (126,114)
Finance Costs   5.3    (46,033)   64,693    (38,322)   489,570 
RECPAM        (2,820)   (3,312)   (5,245)   (25,934)
Result from exposure to changes in the purchasing power of the currency        763    (879)   774    (2,068)
Income before income tax        30,779    99,999    106,678    509,775 
Income tax   5.4    (2,749)   (49,335)   (33,014)   (207,507)
Income for the period for continuous operations        28,030    50,664    73,664    302,268 
Net Income for the period        28,030    50,664    73,664    302,268 
Other comprehensive income        -    -    -    - 
Comprehensive Income for the period        28,030    50,664    73,664    302,268 
                          
Income per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share) from continuous operations        108.2239    195.6139    284.4170    1,167.0579 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

2

 

 

 

 

 

Separate Statements of Financial Position

At June 30, 2025 and December 31, 2024

 

       06.30.2025   12.31.2024 
             
   Note   Millions of $ 
Assets               
Non- Current Assets               
Investments accounted for by the equity method   6    2,460    1,686 
Intangible Assets   7    2,223,993    2,258,208 
Rights of use        3,705    5,094 
Other receivables        57,572    50,682 
Investments        41,035    57,359 
Total Non-Current Assets        2,328,765    2,373,029 
Current Assets               
Other receivables   9.1    17,087    26,237 
Trade receivables, net   9.2    101,744    108,247 
Investments   9.3    55,040    25,660 
Cash and cash equivalents   9.4    143,252    121,657 
Total Current Assets        317,123    281,801 
Total Assets        2,645,888    2,654,830 
Shareholders’ Equity and Liabilities               
Equity attributable to majority shareholders               
Common shares        259    259 
Share Premium        137    137 
Capital adjustment        159,033    159,033 
Legal and facultative reserve        1,193,885    857,119 
Retained earnings        73,664    336,644 
Subtotal        1,426,978    1,353,192 
Liabilities               
Non-Current Liabilities               
Provisions and other charges   11    6,185    8,333 
Financial debts   8    608,974    644,437 
Deferred income tax liabilities        382,024    349,010 
Lease liabilities        1,005    2,436 
Accounts payable and others   9.5    1,007    1,116 
Total Non- Current Liabilities        999,195    1,005,332 
Current Liabilities               
Provisions and other charges   11    17,762    51,314 
Financial debts   8    83,729    96,494 
Lease liabilities        3,168    3,129 
Accounts payable and others   9.5    102,587    131,580 
Fee payable to the Argentine National Government   10    12,469    13,789 
Total Current Liabilities        219,715    296,306 
Total Liabilities        1,218,910    1,301,638 
Total Shareholder’s Equity and Liabilities        2,645,888    2,654,830 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

3

 

 

 

 

 

Separate Statements of Changes in Equity

At June 30, 2025 and 2024

 

   Attributable to majority shareholders 
   Common
Shares
   Share
Premium
   Adjustment
of capital
   Legal
Reserve
   Facultative
Reserve
   Other
Reserves
   Retained
Earnings
   Total
Equity
 
                                 
   In millons of $ 
Balance at 01.01.25   259    137    159,033    31,840    820,397    4,882    336,644    1,353,192 
Resolution of the Assembly of April 29, 2025 – Constitution of reserves (note 15)   -    -    -    -    336,644    -    (336,644)   - 
Compensation plan   -    -    -    -    -    122    -    122 
Net Income for the period   -    -    -    -    -    -    73,664    73,664 
Balance at 06.30.2025   259    137    159,033    31,840    1,157,041    5,004    73,664    1,426,978 
                                         
Balance at 01.01.24   259    137    159,983    31,860    900,933    4,545    23,759    1,121,476 
Resolution of the Assembly of April 24, 2024 – Constitution of reserves (note 15)   -    -    -    147    23,612    -    (23,759)   - 
Compensation plan   -    -    -    -    -    124    -    124 
Net Income for the period   -    -    -    -    -    -    302,268    302,268 
Balance at 06.30.2024   259    137    159,983    32,007    924,545    4,669    302,268    1,423,868 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

4

 

 

 

 

 

Separate Statements of Cash Flow

For the six-month periods ended at June 30, 2025 and 2024

 

       06.30.2025   06.30.2024 
             
   Note   Millions of $ 
Cash Flows from operating activities               
Net income for the period        73,664    302,268 
Adjustment for:               
Income tax        33,014    207,507 
Amortization of intangible assets   4/7   81,883    59,362 
Depreciation right of use   4    1,389    1,397 
Bad debts provision   4    3,002    2,218 
Specific allocation of accrued and unpaid income        12,469    10,949 
Income of investments accounted for by the equity method   6    (774)   2,068 
Compensation plan        122    124 
Accrued and unpaid financial debts interest costs   8    25,718    34,990 
Accrued deferred revenues and additional consideration   11    (10,399)   (10,546)
Accrued and unpaid Exchange differences        12,664    (383,237)
Litigations provision   11    1,083    524 
Inflation Adjustment        (11,133)   (62,266)
Changes in operating assets and liabilities:               
Changes in trade receivables        (10,864)   (22,829)
Changes in other receivables        (7,477)   (19,223)
Changes in commercial accounts payable and others        (11,492)   26,545 
Changes in provisions and other charges        3,158    6,469 
Changes in specific allocation of income to be paid to the Argentine National State        (11,959)   (9,644)
Increase of intangible assets        (47,668)   (94,884)
Net cash Flow generated by operating activities        136,400    51,792 
Cash Flow for investing activities               
Acquisition of investments        (28,080)   (14,401)
Collection of investments        16,219    3,483 
Net Cash Flow applied to investing activities        (11,861)   (10,918)
Cash Flow from financing activities               
New Financial debts   8    109    - 
Payment of leases        (1,607)   (1,987)
Financial debts paid- principal   8    (47,817)   (48,215)
Financial debts paid- interests   8    (34,105)   (32,025)
Payment of dividends        (29,567)   - 
Net Cash Flow applied to financing activities        (112,987)   (82,227)
Net Increase / (Decrease) in cash and cash equivalents        11,552    (41,353)
Changes in cash and cash equivalents               
Cash and cash equivalents at the beginning of the period        121,657    182,325 
Net increase / (decrease) in cash and cash equivalents        11,552    (41,353)
Inflation adjustment generated by cash and cash equivalents        11,932    50,426 
Foreign Exchange differences by cash and cash equivalents        (1,889)   (50,052)
Cash and cash equivalents at the end of the period        143,252    141,346 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2024.

 

5

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format

 

NOTE 1 – COMPANY ACTIVITIES

 

Aeropuertos Argentina 2000 S.A. (“AA2000” or the “Company”) was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the “A” Group of the Argentine National Airport System. “A” Group includes 33 airports that operate in Argentina (the “Concession”).

 

Currently, with the incorporation into Group A of the NSA of the airports of El Palomar (by Decree No. 1107/17) and Rio Hondo (by Resolution ORSNA No. 27/21 Decree), the Company has the concession rights for the operation, administration and operation of 35 airports.

 

The Concession was granted through the Concession Agreement entered into between the Argentine National State and the Company, dated February 9, 1998. The Concession Agreement was modified and supplemented by the Agreement of Adequacy of the Concession Contract signed between the Argentine National State and the Company, dated April 3, 2007 approved by Decree No. 1799/07 (hereinafter the Memorandum of Agreement) and by Decree No. 1009/20 dated December 16, 2020, which approves the 10-year extension of the initial completion period of the Concession (which operated on February 13, 2028) maintaining exclusivity under the terms established in the Technical Conditions for the Extension (hereinafter the Technical Conditions for the Extension).

 

Hereinafter, the Concession Agreement will be referred to, as modified and supplemented by the memorandum of Agreement and by the Technical Conditions for the Extension, as the Concession Agreement.

 

By virtue of the provisions of the Technical Conditions for the Extension, the concession completion period is February 13, 2038 and the exclusivity provided in clauses 3.11 and 4.1 of the Concession Agreement will be maintained with the following exceptions: (i) The zones of influence in the interior of the country are canceled, but not in the area of the Metropolitan Region of Buenos Aires (RMBA) made up of the Ezeiza, Aeroparque, San Fernando and Palomar airports (ii) the exclusivity in the areas of influence will be maintained throughout the national territory for the activity of fiscal warehouses (iii) the exclusivity and from the area of influence for the realization of new airport infrastructure projects in the Rio de la Plata promoted by the National Public Sector, when due to its characteristics it cannot be financed and operated by the Company.

 

In September 2021, based on the detrimental effects that the COVID-19 pandemic had on air traffic, the ORSNA approved the postponement until December 2022 of certain commitments duly assumed.

 

On July 28, 2023, the ORSNA notified the issuance of Resolution RESFC-2023-56-APN-ORSNA#MTR by which it decided to approve the conditions and conclusions established in the Report prepared by the ECONOMIC and FINANCIAL REGULATION MANAGEMENT referring to the Review of the Financial Projection of Income and Expenses (PFIE) of the Concession of Group “A” of the National Airport System corresponding to the period 2019-2023, which provides that its conclusion will be carried out at the time of verifying the recovery of the international passenger traffic at values similar to 2019.

 

By virtue of this, the Company made a judicial presentation (Aeropuertos Argentina 2000 SA C/ ORSNA - RES 56/23 S/Proceso de Conocimiento) within the framework of the agreements entered into in File 56,695/2019.

 

6

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 1 – COMPANY ACTIVITIES (Contd.)

 

As resolved by the Resolution RESFC-2023-56-APN-ORSNA#MTR, and within the review process corresponding to the period 2018-2022, the ORSNA issued resolutions RESFC-2023-65-APN-ORSNA#MTR and RESFC-2023-66-APN-ORSNA#MTR. The Company filed an appeal for reconsideration against said resolutions and requested the suspension of their effects. Similarly, a lawsuit was filed in the case AEROPUERTOS ARGENTINA 2000 SA C/ ORSNA - RES 56/23 S/PROCESO DE CONOCIMIENTO, File CAF 032610/2023, based on the agreements entered into and approved in File 56,695/2019.

 

On November 27, 2023, ORSNA and the Company signed a Minute by which they agreed: (i) to suspend the ongoing procedural deadlines until June 30, 2024, (ii) that the Company must contract at its own expense. a passenger traffic consulting study; (iii) postpone until May 30, 2024 the ordinary annual review of the Financial Projection of Income and Expenses of the Concession, corresponding to all periods until December 31, 2023.

 

Due to the change in management of the National Government, and in order to comply with what was opportunely agreed, on August 9, 2024, ORSNA and the Company signed a new Meeting Minutes by which the ordinary annual review of the Financial Projection of Income and Expenditures of the Concession, corresponding to all periods until December 31, 2023, was postponed until October 30, 2024. It was also agreed to postpone until November 30, 2024 the deadline for the Regulatory Body to adopt the definitive measures that, being within its competence, allow the restoration of the financial economic equation of the Concession and to suspend until December 31, 2024 the procedural deadlines in the aforementioned judicial case.

 

On December 9, 2024, the ORNSA notified the issuance of Resolution RESFC-2024-36-APN-ORSNA#MTR approving the Revisions of the Financial Projection of Income and Expenses corresponding to the periods 2021, 2022 and 2023. The Company requested the review of some aspects thereof. Pursuant to the parties' request, the procedural deadlines for the aforementioned legal action are suspended until August 11, 2025.

 

To date, the Company has fulfilled the commitments assumed.

 

Furthermore, under the terms of the concession contract, the National State has the right to rescue the Concession as of February 13, 2018. In the event that the National State decides to rescue the Concession, it must pay the Company compensation.

 

NOTE 2 – ACCOUNTING POLICIES

 

These Separate Condensed Interim Financial Statements of the Company are presented in millions of Argentine pesos, except for share data or when otherwise indicated. All amounts are rounded to millions of Argentine pesos unless otherwise indicated. As such, non-significant rounding differences may occur. A dash (“-”) indicates that no data was reported for a specific line item in the relevant financial year or period or when the relevant information figure, after rounding, amounts to zero. The Company’s Board of Directors approved them for issuance on August 6, 2025.

 

7

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

The CNV (NSC in English), through article 1 of Chapter III of Title IV of the CNV Standards (N.T. 2013 and mod.), has established the application of Technical Resolution No. 26 (and its modifications) of the FACPCE, that adopt the IFRS, issued by the IASB, for entities included in the public offering regime, either for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

 

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 “First Time Adoption of the IFRS” was January 1, 2011.

 

These Condensed Individual Interim Financial Statements of the Company for the six-month period ended June 30, 2025 are presented based on the application of the guidelines established in IASB No. 34 “Intermediate Financial Information”. Therefore, they must be read together with the company's consolidated financial statements as of December 31, 2024 prepared in accordance with IFRS, as issued by the IASB and IFRIC Interpretations. (IFRIC for its acronym in English).

 

1) Comparative Information

 

The information included in these financial statements was extracted from the Separate Condensed Interim Financial Statements of AA2000 as of June 30, 2024 and the Consolidated Financial Statements at December 31, 2024, timely approved by the Company’s Board and Shareholders and restated at the closing currency at June 30, 2025, based on the application of IASB 29 (see Note 3.7).

 

2) Controlled Companies

 

Controlled Companies are all the entities where the Company has the power to control operating and financial policies, generally with a controlling share over 50%. At the moment of determining if the Company controls an entity the existence and the impact of potential voting rights that could be exercised or converted are taken into account. The controlled companies are consolidated as from the date the control is transferred and excluded from the date such control ceases.

 

The accounting policies of subsidiaries have been modified, where necessary, to ensure the uniformity with the Company policies.

 

8

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

2) Controlled Companies (Contd.)

 

At June 30, 2025, the Company has participation in the following controlled companies (hereafter the Group):

 

 

 

  

Number of
common
shares

   Participation
in capital and
possible
votes
   Net
Shareholders
‘equity at
closing
   Income for
the period
   Book entry
value at
06.30.2025
 
                     
Controlled (1)          Millions of $
Servicios y Tecnología Aeroportuarios S.A. (2)   14,398,848    99.30%   1,383    374    1,373 
Cargo & Logistics SA.   1,614,687    98.63%   -    -    - 
Paoletti América S.A.   6,000    50.00%   1    -    1 
Texelrío S.A.   84,000    70.00%   1,551    400    1,086 
Villalonga Furlong S.A (3)   56,852    1.46%   3    -    - 

 

(1)Companies based in Argentina.

(2)Includes adjustments under IFRS for the preparation and presentation of the corresponding Financial Statements.

(3)The Company directly and indirectly owns 98.42% of the capital stock and votes of this entity.

 

3) Segment Information

 

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

 

The Argentine National Government granted the Company the concession of the “A” Group airports of the National Airports System under the basis of “cross-subsidies”: i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

 

All airports must comply with measures of operative efficiency which are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

 

Revenues of the company comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the Financial Projection of Income and Expenses in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

 

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport on the basis of expected passenger flow and air traffic, in the framework of the standards previously mentioned.

 

9

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

4) Accounting policies

 

The collection policies adopted for these interim financial statements are consistent with those used in the Individual Separate Financial Statements as of December 31, 2024.

 

5) Changes in accounting policies and disclosures

 

There were no additional changes in the Group's accounting policies based on the effective application standard issued by the IASB as of January 1, 2025.

 

6) Estimates

 

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

 

In the preparation of these, Separate Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistent to those applied in the Financial Statements for the year ended December 31, 2024.

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Functional and presentation currency

 

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of these Separate Consolidated Interim Financial Statements.

 

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

 

These requirements also correspond to the comparative information of these Separate Consolidated Interim Financial Statements.

 

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company.

 

10

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Functional and presentation currency (Contd.)

 

Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the NIC 29, these Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

 

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (NSC) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

 

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized in the financial statements.

 

The adjustment for inflation in the initial balances was calculated considering the indexes established by the FACPCE based on the price indexes published by the INDEC or an estimate thereof when, at the time of preparing the information, these were not available. As of June 30, 2025, the price index amounted to 8,871.3479, with inflation for the six-month period of 12.8% and year-on-year of 39.7%.

 

Inflation adjustment

 

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

 

11

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Inflation adjustment (Contd.)

 

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements.

 

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

 

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

 

-Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

 

-Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of June 30, 2025. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of RECPAM in the Statement of Comprehensive Income;

 

-Equity: the net equity accounts are expressed in constant currency as of June 30, 2025, applying the corresponding adjustment coefficients at their dates of contribution or origin;

 

-Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items, which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of June 30, 2025, through the application of the relevant conversion factors.

 

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

 

12

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies (Contd.)

 

Inflation adjustment (Contd.)

 

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

 

-The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account.

 

-The other result reserves were not restated in the initial application.

 

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

 

Transactions and balances

 

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

 

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

 

Foreign exchange gains and losses are shown in “Finance Income” and/or “Finance Expense” of the comprehensive statement of income.

 

Exchange rates used are the following: buying currency rate for monetary assets and selling currency rate for monetary liabilities, applicable at year-end according to ANB, and at the foreign currency exchange banknote rate applicable at the transaction date.

 

8) Contingencies

 

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

 

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment

 

The income tax income in the six-month period ended at June 30, 2025 was a loss of $33,014 million.

 

13

 

 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 2 – ACCOUNTING POLICIES (Contd.)

 

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment (Contd.)

 

In order to determine the taxable net result at the end of this period, the adjustment for inflation determined in accordance with articles N ° 95 to N ° 98 of the income tax law was incorporated to the tax result, for $79,219 million, because as of June 30, 2025, the variation of the CPI for the period of 36 months at the end of fiscal year 2025 will exceed 100%.

 

NOTE 3 - SALES INCOME

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Air station use rate   133,151    115,274    288,830    285,501 
Landing fee   11,911    11,655    23,894    27,734 
Parking fee   3,683    4,093    8,141    10,307 
Total aeronautical income   148,745    131,022    320,865    323,542 
Total non-aeronautical income   126,650    104,080    234,831    225,773 
Total   275,395    235,102    555,696    549,315 

 

As of June 30, 2025 and 2024, "over the time" income from contracts with customers for the six-month periods was $467,235 million and $461,142 million, respectively.

 

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES

 

4.1. Sales Cost

 

   Three months at   Six months at 
   06.30.2024   06.30.2025   06.30.2024   06.30.2025 
                 
   Millions of $ 
Specific allocation of income   40,664    34,685    82,113    81,257 
Airport services and maintenance   42,849    39,209    83,531    70,530 
Amortization of intangible assets   40,900    30,178    79,613    58,850 
Salaries and social charges   40,821    40,758    85,202    91,014 
Fee   1,613    3,224    3,840    4,687 
Utilities and fees   5,160    5,172    11,200    10,913 
Taxes   1,583    1,057    2,993    2,781 
Office expenses   4,536    3,748    8,745    9,027 
Insurance   10    203    26    431 
Others   2,684    -    2,701    - 
Depreciation rights of use   702    689    1,389    1,397 
Total   181,522    158,923    361,353    330,887 

 

14

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 4 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES (Contd.)

 

4.2. Distribution and marketing expenses

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Airport services and maintenance   368    -    368    - 
Amortization of intangible assets   89    2    199    5 
Salaries and social charges   873    84    1,781    193 
Fee   169    27    347    27 
Utilities and fees   4    1    6    1 
Taxes   13,638    11,709    27,063    27,797 
Office expenses   85    19    215    35 
Advertising   1,425    1,681    1,871    2,355 
Provision for bad debts   1,711    1,131    3,002    2,218 
Total   18,362    14,654    34,852    32,631 

 

4.3. Administrative expenses

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Airport services and maintenance   502    412    775    674 
Amortization of intangible assets   1,020    256    2,071    507 
Salaries and social charges   6,836    4,823    14,441    10,990 
Fee   1,199    1,007    2,093    2,322 
Public services and fees   49    -    49    - 
Taxes   1,698    1,624    3,633    3,539 
Office expenses   2,361    2,166    4,163    3,535 
Insurance   557    140    1,196    278 
Fees to the Board of Directors and the Supervisory Committee   184    285    345    461 
Total   14,406    10,713    28,766    22,306 

 

15

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 5 - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT

 

5.1 Other net incomes and expenses

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Trust for Strengthening   6,777    5,781    13,685    13,542 
Other   (1,786)   (691)   (6,249)   (2,871)
Total   4,991    5,090    7,436    10,671 

 

5.2. Finance Income

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Interest   5,944    10,890    12,230    27,186 
Foreign Exchange differences   6,749    (27,368)   (1,088)   (153,300)
Total   12,693    (16,478)   11,142    (126,114)

 

5.3 Finance Expenses

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Interest   (13,059)   (17,246)   (27,155)   (37,768)
Foreign Exchange differences   (32,974)   81,939    (11,167)   527,338 
Total   (46,033)   64,693    (38,322)   489,570 

 

5.4 Income Tax

 

   Three months at   Six months at 
   06.30.2025   06.30.2024   06.30.2025   06.30.2024 
                 
   Millions of $ 
Deferred   (2,749)   (49,335)   (33,014)   (207,507)
Total   (2,749)   (49,335)   (33,014)   (207,507)

 

NOTE 6 - INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD

 

   06.30.2025   06.30.2024 
         
   Millions of $ 
Initial balance   1,686    4,057 
Income from investments accounted for by the equity method   774    (2,068)
Balance at June 30   2,460    1,989 

 

16

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 7 - INTANGIBLE ASSETS

 

       06.30.2025   06.30.2024 
             
   Note   Millions of $ 
Original values:               
Initial Balance        3,781,874    3,618,498 
Acquisitions of the period        51,719    94,884 
Declines of the period        (6,841)   - 
Balance at June 30        3,826,752    3,713,382 
                
Accumulated Amortization:               
Initial Balance        (1,523,666)   (1,405,870)
Acquisitions of the period   4    (81,883)   (59,362)
Declines of the period        2,790    - 
Balance at June 30        (1,602,759)   (1,465,232)
Net balance at June 30        2,223,993    2,248,150 

 

NOTE 8 - FINANCIAL DEBTS

 

8.1 Changes in financial debt:

 

   06.30.2025   06.30.2024 
         
   Millions of $ 
Initial Balance   740,931    1,319,415 
New financial debts   109    - 
Financial debts paid   (81,922)   (80,240)
Accrued interest   25,718    34,990 
Foreign Exchange differences   7,701    (504,464)
Inflation adjustment   166    7,890 
Total Net Balance at June 30   692,703    777,591 

 

8.2 Breakdown of financial debt

 

   06.30.2025   12.31.2024 
         
Non-current Financial Debts  Millions of $ 
Negotiable Obligations   609,647    645,395 
Cost of issuance of NO   (673)   (958)
    608,974    644,437 

 

17

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.2 Breakdown of financial debt (Contd.)

 

   06.30.2025   12.31.2024 
         
Current Financial Debts  Millions of $ 
Bank borrowings   8,243    12,179 
Negotiable Obligations   75,791    84,694 
Cost of issuance of NO   (305)   (379)
    83,729    96,494 
    692,703    740,931 

 

As of June 30, 2025 and December 31, 2024, the fair value of the financial debt amounts to $624,631 million and $738,103 million, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

 

These Condensed Separate Interim Financial Statements do not include all the information and disclosure on financial debt management required in the annual financial statements, so they must be read together with the audited Consolidated Financial Statements as of December 31, 2024.

 

8.3 Negotiable Obligations

 

Class  Start   Maturity   Interest   Currency  Initial
Capital
   Capital in
U$S at
06.30.2025
   Capital in
U$S at
12.31.2024
 
Guaranteed with Maturity in 2027 (1)(2)    02.2017    02.2027    6.875%  U$S   400.0    8.8    11.3 
Class I Series  2020 (1)(2)(3)    04.2020    02.2027    6.875% (5)   U$S   306.0    31.6    40.6 
Class I Series  2021 - Additional (1) (2) (3)    10.2021    08.2031    8.500%  U$S   272.9    272.9    272.9 
Class IV (2) (3)    11.2021    11.2028    9.500%  U$S   62.0    56.5    62.0 
Class V (3)    02.2022    02.2032    5.500%  U$S (6)    138.0    138.0    138.0 
Class VI (3)    02.2022    02.2025    2.000%  U$S (6)    36.0    -    27.1 
Class IX (3)    08.2022(4)   08.2026    0.000%  U$S (6)    32.7    22.9    22.9 
Class X (3)    07.2023    07.2025    0.000%  U$S (6)    25.1    17.9    17.9 
Class XI (3)    12.2024    12.2026    5.500%  U$S (7)    28.8    28.8    28.8 

 

(1) These NOs are guaranteed in the first degree with the international and regional airport use rates and the rights to compensation of the concession, and in the second degree, with the income assigned from the cargo terminal.

(2) Corresponds to NOs issued under US legislation, from the state of New York.

(3) Issued under the Global Program for the issuance of Negotiable Obligations approved by the NSC on 04.12.2020.

(4) On 07/2023, an additional amount was issued for US$2.7 million, with the same conditions as the original issue.

(5) During the PIK Period (until 05.01.2021) the interest rate was 9.375% per year, period in which the amount of interest was capitalized quarterly. After said period, the interest rate of the NOs is applied.

(6) The reference NOs are denominated in United States Dollars but payable in Argentine Pesos at the BCRA Communication Reference "A" 3500 exchange rate.

(7) The reference ONs are nominated and payable in US dollars.

 

18

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 8 - FINANCIAL DEBTS (Contd.)

 

8.3 Negotiable Obligations (Contd.)

 

The main covenants of the international NOs require compliance with certain financial ratios, as well as the restriction of incurring additional debt and limitations on the payment of dividends if any breach has occurred. As of June 30, 2025, the Company complies with financial covenants.

 

As of June 30, 2025, the Company fully canceled Class VI Bonds.

 

As of June 30, 2025, the Company holds Class IX and Class X Bonds in its portfolio totaling US$17 million.

 

8.4 Bank debt

 

Institution  Start   Maturity.   N.A.R.   Currency  Initial
Capital(2)
   Capital at
06.30.2025 (2)
   Capital at
12.31.2024 (2)
 
ICBC - Dubái Branch   07.2022    10.2025    SOFR+ 7.875%(2)    U$S   10.0    6.7    10.00 

 

(1) Balances in the original currency of the financial instrument.

 

(2) Plus applicable withholding tax.

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION

 

9.1 Other receivables

 

9.1.1 Other non-current receivables

 

       06.30.2025   12.31.2024 
             
   Note   Millions of $ 
Trust for Strengthening   10.1    55,764    50,169 
Others        1,808    513 
Total        57,572    50,682 

 

19

 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

 

9.1 Other receivables (contd.)

 

9.1.2 Other current receivables

 

       06.30.2025   12.31.2024 
             
   Note   Millions  of $ 
Expenses to be recovered        3,080    2,774 
Related parties   10.1    2,089    2,645 
Tax credits        10,720    18,023 
Prepaid Insurance        1,192    2,774 
Others        6    21 
Total        17,087    26,237 

 

9.2 Trade receivables

 

       06.30.2025   12.31.2024 
             
   Note   Millions  of $ 
Trade receivables        107,744    114,475 
Related parties   10.1    1,955    1,567 
Checks-postdated checks        4,519    2,992 
Subtotal sales credits        114,218    119,034 
Provision for bad debts        (12,474)   (10,787)
Total        101,744    108,247 

 

9.2.1 Changes in Bad Debt Provisions

 

   06.30.2025   12.31.2024 
         
   Note   Millions  of $ 
Initial balance        10,787    15,450 
Increases of the period   4.2    3,002    2,218 
Foreign exchange difference        1,040    (183)
Applications of the period        (769)   (46)
Inflation adjustment        (1,586)   (7,212)
Bad Debts provisions at June 30        12,474    10,227 

 

9.3 Investments

 

9.3.1 Non-current investments

 

       06.30.2025   12.31.2024 
             
   Note   Millions  of $ 
Negotiable obligations        39,659    51,050 
Negotiable obligations of related companies   10.1    1,376    4,093 
Other financial assets        -    2,216 
Total        41,035    57,359 

 

20 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 9 - COMPOSITION OF CERTAIN ITEMS OF THE SEPARATE STATEMENTS OF FINANCIAL POSITION (Contd.)

 

9.3 Investments (Contd.)

 

9.3.2 Current investments

 

       06.30.2025   12.31.2024 
             
   Note   Millions  of $ 
Negotiable Obligations        35,661    16,591 
Negotiable obligations of related companies   10.1    2,751    - 
Other financial assets        16,628    9,069 
Total        55,040    25,660 

 

9.4 Cash and cash equivalents

 

       06.30.2025   12.31.2024 
             
   Note   Millions  of $ 
Cash and funds in custody        94    165 
Banks   13    32,502    94,525 
Checks not yet deposited        755    555 
Term deposits and others        109,901    26,412 
Total        143,252    121,657 

 

9.5 Commercial accounts payable and other

 

9.5.1 Commercial Accounts payable and other non-current

 

   06.30.2025   12.31.2024 
         
   Millions  of $ 
Suppliers   1,007    1,116 
Total   1,007    1,116 

 

9.5.2 Commercial accounts payable and other current

 

   06.30.2025   12.31.2024 
         
   Note   Millions  of $ 
Suppliers        48,996    61,594 
Foreign suppliers        5,755    10,194 
Debts with Related Parties   10.1    8,129    6,202 
Salaries and social security liabilities        32,321    45,844 
Other fiscal debts        7,386    7,746 
Total        102,587    131,580 

 

21 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

 

10.1 Balances with other related parties

 

Balances with other related companies at June 30, 2025 and December 31, 2024 are as follows:

 

   06.30.2025   12.31.2024 
         
Other receivables  Millions  of $ 
Other related companies   2,089    2,645 
Total   2,089    2,645 

 

   06.30.2025   12.31.2024 
         
Trade receivables  Millions  of $ 
Other related companies   1,955    1,567 
Total   1,955    1,567 

 

   06.30.2025   12.31.2024 
         
Investments  Millions  of $ 
Other related companies - non current   1,376    4,093 
Other related companies - current   2,751    - 
Total   4,127    4,093 

 

   06.30.2025   12.31.2024 
         
Accounts payable and other  Millions  of $ 
Servicios y Tecnología Aeroportuarios S.A.   3    - 
Texelrio S.A.   1,667    1,018 
Other related companies   6,459    5,184 
Total   8,129    6,202 

 

   06.30.2025   12.31.2024 
         
Provisions and other charges    Millions  of $ 
Corporación América S.A.U. – Dividends to be paid                  -    15,649 
Total    -    15,649 

 

22 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

10.1 Balances with other related parties (Contd.)

 

The balances with the Argentine National State as of June 30, 2025, and December 31, 2024, are as follows:

 

       06.30.2025   12.31.2024 
             
   Note   Millions  of $ 
Debt - Specific Allocation of Income        12,469    13,789 
Debt - Dividends to be paid   11    -    14,279 
Credit - Strengthening Trust (1)        55,764    50,169 

 

(1) To fund the investment commitments of the Company.

 

10.2 Operations with related parties

 

Transactions with related parties during the six-month periods ended June 30, 2025 and 2024 are as follows:

 

With Proden S.A. for office rental and maintenance, the Company has allocated $2,305 million and $2,668 million, respectively.

 

With Texelrío S.A. For maintenance at the airports, the Company has allocated $5,011 million and $1,240 million to the cost, respectively.

 

The Company has allocated to the cost $4,234 million and $3,158 million, respectively, with Grass Master S.A.U. for airport maintenance.

 

With Tratamientos Integrales América S.A.U for airport maintenance, the Company has allocated $1,653 million and $1,384 million to the cost, respectively.

 

The Company has allocated to the cost $1,113 million and $888 million, respectively, with Servicios Integrales América S.A. by out sourcing of systems and technology.

 

With Compañía de Infraestructura y Construcción S.A. for maintenance at airports, the Company has allocated $3,304 million and $2,637 million, respectively.

 

With Servicios Aereos Sudamericanos S.A. for aeronautical services, the Company has allocated $589 million and $1,136 million to the cost, respectively.

 

The Company has recorded commercial income of $939 million and $1,182 million with Duty Paid S.A., respectively.

 

23 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 10 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

10.3 Other information about related parties

 

Furthermore, short-term compensation to key management was $1,318 million and $868 million for the six-month periods ended at June 30, 2025 and 2024, respectively.

 

Corporación America S.A. is the direct owner of 45.90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29.75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

 

Corporación America S.A. is controlled by Cedicor S.A., owner of 100% of its capital stock. Cedicor is, in turn, the direct holder of 9.35% of the shares with voting rights of the Company. Cedicor S.A., is 100% controlled by American International Airports LLC, which is in turn 100% controlled by Corporación América Airports S.A.

 

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

 

24 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 11 – PROVISIONS AND OTHER CHARGES

 

   Note   At
01.01.25
   Increases /
(Recovery)
   Decreases   Inflation
Adjustment
   Accruals   Exchange
rate
differences
   At 06.30.25   Total Non
Current
  

Total

Current

 
                                         
       Millions  of $   In millons of $ 
Litigations       3,875    1,083    (704)   (516)   26    335    4,099    897    3,202 
Deferred Income       15,791    2,711    -    (746)   (8,800)   1,031    9,987    2,278    7,709 
Guarantees Received       2,435    (46)   473    (392)   -    687    3,157    -    3,157 
Upfront fees from concessionaires       6,008    818    -    -    (1,599)   -    5,227    2,600    2,627 
Dividends to be paid   10    29,928    -    (29,567)   (1,482)   -    1,121    -    -    - 
Others       1,610    218    -    (215)   (336)   200    1,477    410    1,067 
Total 2025       59,647    4,784    (29,798)   (3,351)   (10,709)   3,374    23,947    6,185    17,762 

 

   At
01.01.24
   Increases /
(Recovery)
   Decreases   Inflation
Adjustment
   Accruals   Exchange
rate
differences
   At 06.30.24   Total Non
Current
  

Total

Current

 
                                     
   Millions  of $   In millons of $ 
Litigations   6,580    524    (513)   (3,010)   -    430    4,011    1,825    2,186 
Deferred Income   35,557    6,347    -    (11,671)   (9,355)   1,499    22,377    4,044    18,333 
Guarantees Received   4,542    6    -    (1,898)   -    142    2,792    -    2,792 
Upfront fees from concessionaires   7,053    972    -    -    (1,191)   -    6,834    4,411    2,423 
Others   4,609    3    -    (2,101)   (345)   366    2,532    1,212    1,320 
Total 2024   58,341    7,852    (513)   (18,680)   (10,891)   2,437    38,546    11,492    27,054 

 

25 

 

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format

 

NOTE 12 - FOREIGN CURRENCY ASSETS AND LIABILITIES

 

Item  Foreign currency type
and amount at
06.30.2025
   Foreign
exchange
rates
   Amount in
local currency
at 06.30.2025
   Amount in
local
currency at
12.31.2024
 
Assets                       
Current Assets                       
Cash and cash equivalents  U$S   76    1,196    90,739    94,025 
Net trade receivables  U$S   50    1,196    60,210    81,716 
Investments  U$S   46    1,196    55,039    25,659 
Total current assets                205,988    201,400 
                        
Non-Current Assets                       
Investments  U$S   34    1,196    41,034    53,883 
Total Non-Current Assets                41,034    53,883 
Total Assets                247,022    255,283 
                        
Liabilities                       
Current Liabilities                       
Provisions and other charges  U$S   2    1,205    2,097    31,917 
Financial debts  U$S   70    1,205    84,034    96,873 
Lease liabilities  U$S   3    1,205    3,168    3,129 
Commercial accounts payable and others  U$S   19    1,205    22,606    28,798 
   EUR   2    1,420.213    2,602    2,765 
   GBP   -    1,655.188    1    - 
   CAD   -    884,6634    89    45 
Total current liabilities                114,597    163,527 
                        
Non-Current Liabilities                       
Provisions and other charges  U$S   1    1,205    1,308    2,433 
Financial debts  U$S   506    1,205    609,647    645,395 
Lease liabilities  U$S   1    1,205    1,005    2,436 
Commercial accounts payable and others  U$S   1    1,205    1,007    1,106 
Total non-current liabilities                612,967    651,370 
Total liabilities                727,564    814,897 
Net liability position                480,542    559,614 

 

26

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 13 – OTHER RESTRICTED ASSETS

 

In addition to what is set forth in notes 1 and 6, within current assets as of June 30, 2025 and December 31, 2024, under the heading of Cash and cash equivalents, balances are maintained in bank accounts specifically allocated for the settlement of negotiable obligations Series 2021 and Class IV for $6,246 million and $5,499 million, respectively.

 

NOTE 14 - CAPITAL STOCK

 

At June 30, 2025 capital stock is as follows:

 

   Par Value 
   $ 
Paid-in and subscribed   258,517,299 
Registered with the Public Registry of Commerce   258,517,299 

 

The Company’s capital stock is comprised of 258,517,299 common shares of $1 par value and entitled to one vote per share.

 

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. OF APRIL 24, 2024 AND APRIL 29, 2025 (presented in $ in currency as of the date of the meetings)

 

At the special ordinary general meeting of classes A, B, C and D, held on April 24, 2024, which yields a positive result of $9,406,678,415, it is allocated as follows:

 

(i)$58,044,335 to the constitution of the legal reserve, up to 20% of the share capital plus the capital adjustment; and
(ii)The balance of $9,348,634,080 to the constitution of an optional reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

 

At the ordinary general meeting held on October 31, 2024, it was resolved: (i) to rectify the resolution reached at the meeting held on April 24, 2024, and to restate the result of the fiscal year, which as of December 31, 2023, amounted to $9,406,678,415 due to the General Level Consumer Inflation Index for the month of March, which amounted to 51.62%. Said result, re-expressed as of the date of the detailed meeting, for an amount of $14,262,583,889, was resolved to be allocated as follows: (i) $102,181,288 to the establishment of the legal reserve, up to 20% of the adjusted share capital; and (ii) the balance of $14,160,402,601.20 to establish a voluntary reserve for the execution of future works plans and to guarantee the payment of future dividends, if applicable.

 

Having rectified the results for the fiscal year as of April 24, and the shareholders' intention to distribute dividends, at the shareholders' meeting held on October 31, 2024, it was resolved to restate the amount of the voluntary reserve again, this time as of September 30, 2024. The inflation index as of September amounted to 101.58%. Consequently, the amount of the voluntary reserve restated as of September 30 amounted to $737,844,377,142. It was also resolved to partially release the optional reserve up to the equivalent of US$80,000,000 in pesos, equivalent to $79,200,000,000, calculated at the selling exchange rate published by the Banco de la Nación Argentina at the close of business on October 30, 2024, and to distribute dividends to shareholders in proportion to their respective shareholdings in the Company.

 

27

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 15 - RESOLUTION OF THE ORDINARY GENERAL MEETINGS, SPECIAL MEETINGS OF CLASS A, B, C AND D AND SPECIAL MEETINGS OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. OF APRIL 24, 2024 AND APRIL 29, 2025 (presented in $ in currency as of the date of the meetings) (Contd.)

 

At the ordinary and special general meeting of classes A, B, C, and D held on April 29, 2025, it was resolved:

 

(i)to restate the positive result for the fiscal year, which as of December 31, 2024, amounted to the general CPI index accumulated through March, resulting in an adjusted result of $316,986,187,842;

 

(ii)that the restated result be used to establish an optional reserve for the execution of future works plans and for the payment of future dividends, if applicable.

 

NOTE 16 – EARNINGS PER SHARE

 

Relevant information for the calculation per share:

 

   30.06.2025   30.06.2024 
Income for the period (in millions of $)   73,664    302,268 
Amount of ordinary shares (millions)   259    259 
Earnings per shares ($ per share)   284.4170    1,167.0579 

 

NOTE 17 - FINANCIAL RISK MANAGEMENT

 

The Company's activity is exposed to various financial risks: market risk (including exchange rate risk, interest rate fair value risk and price risk), credit risk and liquidity risk.

 

These Condensed Interim Separate Financial Statements must be read in light of the economic context in which the Company operates, which was disclosed in the annual Separate Financial Statements in note 20. Inflation for the first semester of 2025 and the year-over-year inflation rate are indicated in Note 3, the quarterly devaluation was 7,4%.

 

As of the date of these financial statements, there were no significant changes in exposure to market risk, exchange rate risk, interest rate risk, credit risk, or liquidity risk compared to those reported in the annual financial statements closed as of December 31, 2024.

 

In April 2025, the BCRA implemented measures that made access to the MULC more flexible, allowing resident individuals to acquire foreign currency for hoarding without restrictions on amounts or additional requirements. Furthermore, prepayments on income tax and personal property taxes for these transactions were eliminated. For legal entities, measures were introduced.

 

28

 

 

 

 

 

Notes to the Separate Condensed Interim Financial Statements

At June 30, 2025 presented in comparative format (Contd.)

 

NOTE 17 - FINANCIAL RISK MANAGEMENT (Contd.)

 

Although some specific restrictions and requirements remain in effect.

 

The Company continues to monitor these regulatory changes and assess their impact on financial risk management to identify potential impacts on its equity and financial position and define the necessary courses of action.

 

NOTA 18 - EVENTS SUBSEQUENT TO THE END OF THE PERIOD

 

No events and/or transactions have occurred since the end of the period that could significantly affect the Company's financial and equity situation.

 

29

 

 

 

REPORT ON REVIEW OF SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS

 

To the Shareholders, President and Directors of

Aeropuertos Argentina 2000 S.A.

Legal address: Honduras 5663

Autonomous City of Buenos Aires

Tax Code: 30-69617058-0

 

Report on the separate condensed interim financial statements

 

Introduction

 

We have reviewed the accompanying separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. and its subsidiaries (hereinafter "the Company") which comprise the separate statements of financial position as of June 30, 2025, the separate statements of comprehensive income for the periods of six and three months ended June 30, 2025, changes in equity and cash flows for six-months period ended June 30, 2025 and selected explanatory notes.

 

Responsibilities of the Board of Directors

 

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with the IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the separate condensed interim financial statements mentioned in the first paragraph in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

 

Scope of review

 

Our responsibility is to express a conclusion on these separate condensed interim financial statements based on the review we have performed, which was performed in accordance with the International Standard for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which was adopted as a review standard in Argentina through Technique Resolution FACPCE No. 33 as approved by the International Auditing and Assurance Standards Board (IAASB). A review of separate condensed interim financial statements consists of making inquiries primarily of personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially narrower in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not allow us to be confident that we have identified all significant matters that might be noted in an audit. Accordingly, we do not express an audit opinion.

 

  Price Waterhouse & Co. S.R.L.
  Bouchard 557, 8th floor
  C1106ABG - Autonomous City of Buenos Aires, Argentina
  T: +(54.11) 4850.0000
www.pwc.com.ar  

 

 

 

Conclusion

 

Based on our review, nothing has come to our attention that would cause us to believe that the separate condensed interim financial statements mentioned in the first paragraph of this report are not prepared, in all material respects, in accordance with the International Standard of Accounting 34.

 

Report on the compliance with current regulations

 

In compliance with current provisions, we report, with respect to Aeropuertos Argentina 2000 S.A., that:

 

a)            the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. are pending to be transcribed in the book Inventory and Balance Sheets;

 

b)            the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations;

 

c)            as of June 30, 2025, the debt accrued in favor of the Integrated Argentine Social Security System of Aeropuertos Argentina 2000 S.A. that arises from the Company's accounting records amounted to $5,523,996,370, not being payable as of that date.

 

Autonomous City of Buenos Aires, August 6, 2025.

 

PRICE WATERHOUSE & CO. S.R.L.  
   
by (Partner)  
Juan Manuel Gallego Tinto  

 

2

 

 

SURVEILLANCE COMMITTEE REPORT

 

To the shareholders of

AEROPUERTOS ARGENTINA 2000 S.A.

 

In accordance with the requirements of the Article 294 Subsection 5º of Act No. 19,550 and the Article 63 Subsection b) of the BYMA Regulations (Argentine Stock and Market), we have conducted the review described in the third paragraph regarding the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. (the “Company”), which comprise the separate statement of financial position as of June 30, 2025, the separate statements of comprehensive income for the periods of six and three months ended June 30, 2025, of changes in equity and cash flows for the six-months period ended June 30, 2025 and selected explanatory notes.

 

The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, in exercise of its specific functions.

 

Our review was conducted in accordance with the supervisory existing standards. These standards require the verification of the consistency of the revised documents with the information on the corporate decisions established in minutes and the adequacy of those decisions to the law and the by-laws regarding its formal and documentary aspects.

 

In order to carry out our professional work, we have taken into account the limited review report of the external auditor, Juan Manuel Gallego Tinto (partner of Price Waterhouse & Co. SRL), dated August 6, 2025, who states that it has been issued in accordance with the International Standards for Review Engagements NIER 2410 "Review of interim financial information developed by the entity's independent auditor", which were adopted as review standards in Argentina by Technical Pronouncement No. 33 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as approved by the International Auditing and Assurance Standards Board (IAASB).

 

As stated in the section "Board Responsibility" of the external auditor's report, the Board of Directors of the Company is responsible for the preparation and presentation of the abovementioned financial statements, in accordance with International Financial Reporting Standards (IFRS), adopted as Argentine professional accounting standards by the FACPCE and incorporated into the regulations of the National Securities Commission (CNV), as approved by the International Accounting Standard Board (IASB). The Board of Directors of the Company is responsible for the preparation and issuance of said financial statements, according to the International Accounting Standard 34 “Interim Financial Reporting” (IAS 34).

 

 

 

We have not carried out any management control and, therefore, we have not evaluated the criteria and business decisions of administration, financing, marketing, or production, since these issues are the sole responsibility of the Board of Directors.

 

Based on our review, with the scope described above, we hereby inform that the separate condensed interim financial statements of Aeropuertos Argentina 2000 S.A. as of June 30, 2025 consider all significant events and circumstances that are known to us, they arise from the accounting records kept in their formal aspects in accordance with legal regulations, except for the fact that they are pending to be copied in the "Inventories and Balance Sheets" book; and regarding said documents we have no other observations to make.

 

In exercise of our legal supervision duties, during the period under review, we performed the procedures set forth in Article 294 of Act No. 19,550 that we consider necessary in accordance with the circumstances, and in this respect, we have no observations to make.

 

Autonomous City of Buenos Aires, August 6, 2025.

 

__________________
Patricio A. Martin
By Surveillance Committee