Segment information

12 Months Ended

Dec. 31, 2025

4 Segment information

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

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

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

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

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

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

The CODM uses these measures to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment.

4 Segment information (Cont.)

Geographical information


								Total reportable
		Argentina	Brazil	Uruguay	Armenia	Ecuador	Italy	segment
Year ended December 31, 2025
Aeronautical revenue ^(*)		545,455	44,935	84,422	101,166	81,299	77,427	934,704
Non-aeronautical revenue ^(*)
Commercial revenue		400,555	72,815	85,479	178,816	30,662	54,360	822,687
Construction service revenue		123,461	777	32,538	16,364	2,471	30,166	205,777
Other revenue		—	—	28	—	—	8,490	8,518
Revenue		1,069,471	118,527	202,467	296,346	114,432	170,443	1,971,686
Salaries and social security contributions		(175,606)	(21,776)	(31,017)	(23,550)	(12,763)	(32,535)	(297,247)
Concession fees		(138,108)	(22,300)	(23,782)	—	(36,398)	(9,714)	(230,302)
Construction service cost		(123,177)	(777)	(32,538)	(15,894)	(2,471)	(18,642)	(193,499)
Maintenance expense		(132,948)	(5,773)	(20,271)	(6,819)	(7,086)	(14,516)	(187,413)
Amortization and depreciation		(132,932)	(11,403)	(10,725)	(22,813)	(7,420)	(11,386)	(196,679)
Cost of fuel		—	(287)	(3,430)	(110,284)	—	—	(114,001)
Other operational expenditures		(126,470)	(19,936)	(24,450)	(19,706)	(22,392)	(46,013)	(258,967)
Operational expenditure		(829,241)	(82,252)	(146,213)	(199,066)	(88,530)	(132,806)	(1,478,108)
Impairment loss of non-financial assets		—	—	—	—	—	(335)	(335)
Other operating income		25,646	3,348	287	587	38	611	30,517
Other operating expenses		(10,008)	(26)	(1,088)	(1,586)	(36)	—	(12,744)
Operating income / (loss)		255,868	39,597	55,453	96,281	25,904	37,913	511,016
Share of income / (loss) in associates		—	—	—	—	—	10	10
Amortization and depreciation		132,932	11,403	10,725	22,813	7,420	11,386	196,679
Adjusted Ebitda		388,800	51,000	66,178	119,094	33,324	49,309	707,705
Construction services revenue		(123,461)	(777)	(32,538)	(16,364)	(2,471)	(30,166)	(205,777)
Construction services cost		123,177	777	32,538	15,894	2,471	18,642	193,499
Adjusted Ebitda excluding Construction Services		388,516	51,000	66,178	118,624	33,324	37,785	695,427

Current assets		251,740	112,487	47,710	73,022	61,014	73,155	619,128
Non-current assets		1,852,734	489,453	267,095	225,285	46,023	308,678	3,189,268
Capital Expenditure		123,742	2,832	38,819	22,039	5,225	34,128	226,785
Current liabilities		277,104	279,587	36,875	22,134	51,118	85,034	751,852
Non-current liabilities		764,975	782,678	68,911	127	5,232	151,258	1,773,181

^(*) Mainly includes revenues recognized over time, see Note 5.

4 Segment information (Cont.)

Geographical information (Cont.)


								Total reportable
		Argentina	Brazil	Uruguay	Armenia	Ecuador	Italy	segment
Year ended December 31, 2024
Aeronautical revenue ^(*)		512,153	40,809	81,033	90,534	81,438	70,762	876,729
Non-aeronautical revenue ^(*)
Commercial revenue		376,187	68,817	75,137	150,453	28,748	47,208	746,550
Construction service revenue		155,641	1,498	37,903	11,840	75	16,404	223,361
Other revenue		—	—	16	—	—	4,413	4,429
Revenue		1,043,981	111,124	194,089	252,827	110,261	138,787	1,851,069
Salaries and social security contributions		(184,764)	(22,456)	(27,311)	(21,120)	(12,763)	(28,367)	(296,781)
Concession fees		(130,156)	(21,947)	(21,672)	—	(36,580)	(8,313)	(218,668)
Construction service cost		(155,375)	(1,498)	(37,903)	(11,495)	(75)	(10,488)	(216,834)
Maintenance expense		(132,313)	(5,594)	(16,034)	(6,010)	(4,749)	(8,486)	(173,186)
Amortization and depreciation		(110,829)	(11,190)	(9,553)	(21,347)	(7,092)	(10,563)	(170,574)
Cost of fuel		—	(267)	(3,519)	(94,922)	—	—	(98,708)
Other operational expenditures		(123,586)	(19,502)	(23,440)	(15,948)	(22,388)	(39,923)	(244,787)
Operational expenditure		(837,023)	(82,454)	(139,432)	(170,842)	(83,647)	(106,140)	(1,419,538)
Other operating income		22,705	22,110	23	336	64	1,041	46,279
Other operating expenses		(5,233)	(447)	(265)	(991)	(27)	—	(6,963)
Operating income / (loss)		224,430	50,333	54,415	81,330	26,651	33,688	470,847
Share of income / (loss) in associates		(1)	—	—	—	—	12	11
Amortization and depreciation		110,829	11,190	9,553	21,347	7,092	10,563	170,574
Adjusted Ebitda		335,258	61,523	63,968	102,677	33,743	44,263	641,432
Construction services revenue		(155,641)	(1,498)	(37,903)	(11,840)	(75)	(16,404)	(223,361)
Construction services cost		155,375	1,498	37,903	11,495	75	10,488	216,834
Adjusted Ebitda excluding Construction Services		334,992	61,523	63,968	102,332	33,743	38,347	634,905

Current assets		242,657	66,824	42,502	70,306	64,789	54,069	541,147
Non-current assets		1,999,467	461,164	227,452	185,355	47,605	253,599	3,174,642
Capital Expenditure		155,747	2,610	36,479	17,514	4,164	19,170	235,684
Current liabilities		253,577	181,138	30,102	17,211	54,374	65,191	601,593
Non-current liabilities		846,196	704,842	62,821	—	4,282	124,224	1,742,365

^(*) Mainly includes revenues recognized over time, see Note 5.

4 Segment information (Cont.)

Geographical information (Cont.)


								Total reportable
		Argentina	Brazil	Uruguay	Armenia	Ecuador	Italy	segment
Year ended December 31, 2023
Aeronautical revenue ^(*)		296,393	45,656	65,428	88,519	78,336	70,121	644,453
Non-aeronautical revenue ^(*)
Commercial revenue		251,274	64,838	68,077	160,355	26,871	39,908	611,323
Construction service revenue		93,014	151	31,705	3,630	21	16,201	144,722
Other revenue		—	—	20	—	—	7,192	7,212
Revenue		640,681	110,645	165,230	252,504	105,228	133,422	1,407,710
Salaries and social security contributions		(109,260)	(24,592)	(25,221)	(18,988)	(12,276)	(27,554)	(217,891)
Concession fees		(79,930)	(22,551)	(18,748)	—	(35,122)	(7,630)	(163,981)
Construction service cost		(92,899)	(151)	(31,705)	(3,524)	(21)	(9,971)	(138,271)
Maintenance expense		(66,423)	(7,359)	(14,878)	(5,757)	(5,675)	(7,657)	(107,749)
Amortization and depreciation		(60,534)	(12,035)	(8,154)	(19,638)	(6,688)	(10,695)	(117,744)
Cost of fuel		—	(356)	(3,740)	(109,242)	—	—	(113,338)
Other operational expenditures		(66,197)	(23,324)	(20,515)	(14,653)	(20,330)	(41,281)	(186,300)
Operational expenditure		(475,243)	(90,368)	(122,961)	(171,802)	(80,112)	(104,788)	(1,045,274)
Impairment (loss) / reversal of non-financial assets ^(**)		—	103,764	—	—	—	(926)	102,838
Other operating income ^(**)		13,426	82,793	60	361	240	710	97,590
Other operating expenses		(7,344)	(542)	(506)	(1,021)	(38)	—	(9,451)
Operating income / (loss)		171,520	206,292	41,823	80,042	25,318	28,418	553,413
Share of income / (loss) in associates		(5)	—	—	—	—	14	9
Amortization and depreciation		60,534	12,035	8,154	19,638	6,688	10,695	117,744
Adjusted Ebitda		232,049	218,327	49,977	99,680	32,006	39,127	671,166
Construction services revenue		(93,014)	(151)	(31,705)	(3,630)	(21)	(16,201)	(144,722)
Construction services cost		92,898	151	31,705	3,524	21	9,972	138,271
Adjusted Ebitda excluding Construction Services		231,933	218,327	49,977	99,574	32,006	32,898	664,715

^(*) Mainly includes revenues recognized over time, see Note 5.

^(**) The Brazilian segment includes the impact of the compensation received regarding the Natal airport, see Note 26.b.

Reconciliations

Adjusted EBITDA related to the reportable segments reconciles to income before income tax expense as follows:


		For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
		2025		2024		2023
Adjusted Ebitda - Total reportable segment		707,705		641,432		671,166
Amortization and depreciation		(196,679)		(170,574)		(117,744)
Intrasegment Adjustments		41		—		—
Unallocated		8,300		(24,601)		(5,677)
Financial income		68,344		71,430		101,598
Financial loss		(243,955)		110,305		(406,570)
Inflation adjustment		(11,074)		(21,260)		(40,547)
Income before income tax expense		332,682		606,732		202,226

Revenue, operational expenditures, as well as total operating income / (loss) related to the reportable segments are reconciled below to the corresponding totals shown in these Consolidated Financial Statements. Additionally, other operating income / (loss) is reconciled to income for the period.

4 Segment information (Cont.)

Reconciliations (Cont.)


		For the year ended December 31, 2025								For the year ended December 31, 2024								For the year ended December 31, 2023
		Total reportable		Intrasegment						Total reportable		Intrasegment						Total reportable		Intrasegment
		segment		Adjustments		Unallocated		Total		segment		Adjustments		Unallocated		Total		segment		Adjustments		Unallocated		Total
Revenue		1,971,686		(17,598)		8,046		1,962,134		1,851,069		(16,018)		8,216		1,843,267		1,407,710		(15,595)		7,923		1,400,038
Operational expenditure		(1,478,108)		17,641		(32,094)		(1,492,561)		(1,419,538)		16,018		(31,921)		(1,435,441)		(1,045,274)		15,595		(23,667)		(1,053,346)
Impairment (loss)/reversal of non-financial assets		(335)		—		—		(335)		—		—		—		—		102,838		—		—		102,838
Other operating income		30,517		(2)		1,277		31,792		46,279		—		111		46,390		97,590		—		2,970		100,560
Other operating expenses		(12,744)		—		(2)		(12,746)		(6,963)		—		—		(6,963)		(9,451)		—		(2)		(9,453)
Operating income / (loss)		511,016		41		(22,773)		488,284		470,847		—		(23,594)		447,253		553,413		—		(12,776)		540,637
Share of loss in associates		10		—		31,073		31,083		11		—		(1,007)		(996)		9		—		7,099		7,108
Financial income								68,344								71,430								101,598
Financial loss								(243,955)								110,305								(406,570)
Inflation adjustment								(11,074)								(21,260)								(40,547)
Income before income tax expense								332,682								606,732								202,226
Income tax								(74,963)								(298,820)								24,241
Income for the period								257,719								307,912								226,467

Assets and liabilities related to the reportable segments reconcile to the corresponding totals shown in these Consolidated financial statements as follows:


		At December 31, 2025								At December 31, 2024
		Total reportable		Intrasegment						Total reportable		Intrasegment
		segment		Adjustments		Unallocated		Total		segment		Adjustments		Unallocated		Total
Current assets		619,128		(193,373)		559,287		985,042		541,147		(92,626)		316,993		765,514
Non-current assets		3,189,268		(15,568)		289,935		3,463,635		3,174,642		(47,044)		288,338		3,415,936
Capital Expenditure		226,785		—		2		226,787		235,684		—		28		235,712
Current liabilities		751,852		(193,604)		170,266		728,514		601,593		(92,626)		94,763		603,730
Non-current liabilities		1,773,181		(15,496)		301,730		2,059,415		1,742,365		(47,044)		364,439		2,059,760