| Equity |
25 Equity a) Share capital, share premium and treasury shares | | | | | | | Share capital | | At December 31, | | | 2025 | | 2024 | | 2023 | Balances at the beginning of the year | | 163,223 | | 163,223 | | 163,223 | Capital increase (1) | | 1,996 | | — | | — | Balances at the end of the year | | 165,219 | | 163,223 | | 163,223 |
| | | | | | | Share premium | | At December 31, | | | 2025 | | 2024 | | 2023 | Balances at the beginning of the year | | 183,430 | | 183,430 | | 183,430 | Capital increase (1) | | 38,004 | | — | | — | Balances at the end of the year | | 221,434 | | 183,430 | | 183,430 |
(1)On May 28, 2025, CAAP increased its share capital by the amount of USD 1,996 through the issuance of 1,996,439 new shares having a nominal value of USD 1 each. These new shares issued from the authorized share capital were delivered in consideration for the 25% interest in CAIT as disclosed in Note 2.B. As a result of the issuance, the share capital of the Company increased from 163,223 to 165,219 shares. The share premium movement is determined by the difference in the nominal value and the amount determined legally for the subscription. This resulted in an increase of the share premium of the Company from USD 183,430 to USD 221,434. As of December 31, 2025, 2024 and 2023 the remaining shares issued under the Management Compensation Plan are held in treasury until their allocation to executives and key employees. | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Treasury shares | | Shares | | USD | | Shares | | USD | | Shares | | USD | At January 1 | | 2,132,325 | | 4,094 | | 2,251,123 | | 4,322 | | 2,396,015 | | 4,600 | Transfer of treasury shares to executives and key employees | | (91,509) | | (176) | | (118,798) | | (228) | | (144,892) | | (278) | At December 31 | | 2,040,816 | | 3,918 | | 2,132,325 | | 4,094 | | 2,251,123 | | 4,322 |
Set out below are summaries of shares granted under the Management Compensation Plan for the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | Average | | | | Average | | | | Average | | | | | price per | | | | price per | | | | price per | | | | | share | | 2025 | | share | | 2024 | | share | | 2023 | As at January 1, | | 12.44 | | 106,667 | | 7.83 | | 138,141 | | 5.62 | | 169,185 | Granted during the year | | 18.44 | | 65,912 | | 14.65 | | 87,324 | | 9.48 | | 113,848 | Exercised during the year | | (12.90) | | (91,509) | | (8.70) | | (118,798) | | (6.55) | | (144,892) | As at December 31, | | 16.81 | | 81,070 | | 12.44 | | 106,667 | | 7.83 | | 138,141 |
25 Equity (Cont.) a) Share capital, share premium and treasury shares (Cont.) Additionally, below are the amounts in USD of share granted, exercised and accrued for the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | | | 2023 | Assignment date | | Granted | | Exercised | | Accrued | | Granted | | Exercised | | Accrued | | Granted | | Exercised | | Accrued | December 2021 | | — | | — | | — | | — | | — | | — | | — | | 287 | | 96 | April 2022 | | — | | — | | — | | — | | 200 | | 33 | | — | | 150 | | 150 | December 2022 | | — | | — | | — | | — | | 126 | | 31 | | — | | 188 | | 184 | April 2023 | | — | | 296 | | 48 | | — | | 222 | | 216 | | 739 | | 222 | | 474 | November 2023 | | — | | 136 | | 30 | | — | | 101 | | 160 | | 340 | | 102 | | 151 | August 2024 | | — | | 384 | | 477 | | 1,279 | | 384 | | 703 | | — | | — | | — | September 2025 | | 590 | | 177 | | 313 | | — | | — | | — | | — | | — | | — | December 2025 | | 625 | | 187 | | 215 | | — | | — | | — | | — | | — | | — | As at December 31, | | 1,215 | | 1,180 | | 1,083 | | 1,279 | | 1,033 | | 1,143 | | 1,079 | | 949 | | 1,055 |
b) Other reserves The movements of Other reserves of the owners of the Company are as follows: | | | | | | | | | 2025 | | 2024 | | 2023 | At the beginning of the year | | (1,319,682) | | (1,313,888) | | (1,314,025) | Change in participation (1) | | (14,891) | | (4,641) | | 12 | Fair value adjustment on equity issuance (2) | | 1,785 | | — | | — | Share-based compensation reserve (Note 25.a)) | | 1,083 | | 1,143 | | 1,055 | Execution of share-based compensation reserve | | (1,180) | | (1,033) | | (949) | Hedge reserve net of income tax | | 664 | | (1,249) | | — | Remeasurement of defined benefit obligations net for income tax | | 11 | | (14) | | 19 | As at December 31, | | (1,332,210) | | (1,319,682) | | (1,313,888) |
| (1) | As of December 31, 2025 relates mainly to USD (17.639) from the difference between the fair value of the consideration paid for the acquisition of non-controlling interest in CAIT for USD 41,785 and the carrying amount of the non-controlling interest, see Note 2.B.3 and Notes 25.a) and d); and USD 2,748 from the change in participation in CAS, see Note 2.b and Note 25 d). As December 31, 2024 mainly consists of the change in participations in CASA, see Note 25 d). |
| (2) | As of December 31, 2025 relates difference between the fair value and the subscription price of the newly issued shares, see Note 1 and Notes 25.a). |
25 Equity (Cont.) c) Other comprehensive income / (loss) The movements of the reserve of other comprehensive income / (loss) for the year of the owners of the parent is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfer from | | | | | | | Remeasurement | | | | Share of other | | Income | | shareholders | | | | | Currency | | of defined | | | | comprehensive | | Tax | | equity – currency | | | | | translation | | benefit | | Cash flow | | loss from | | effect | | translation | | | | | adjustments | | obligations (*) | | hedge (*) | | associates | | (*) | | differences | | Total | | | | | | | | | | | | | | | | Balances at January 1, 2025 | | (138,653) | | 529 | | (1,643) | | (41,220) | | 268 | | 63,402 | | (117,317) | Other comprehensive income/(loss) for the year | | (59,152) | | 42 | | 873 | | 81 | | (240) | | — | | (58,396) | For the year ended December 31, 2025 | | (197,805) | | 571 | | (770) | | (41,139) | | 28 | | 63,402 | | (175,713) | | | | | | | | | | | | | | | | Balances at January 1, 2024 | | (505,015) | | 532 | | — | | (41,239) | | (115) | | 63,402 | | (482,435) | Other comprehensive income/(loss) for the year | | 366,362 | | (3) | | (1,643) | | 19 | | 383 | | — | | 365,118 | For the year ended December 31, 2024 | | (138,653) | | 529 | | (1,643) | | (41,220) | | 268 | | 63,402 | | (117,317) | | | | | | | | | | | | | | | | Balances at January 1, 2023 | | (273,378) | | 520 | | — | | (41,169) | | (122) | | 63,402 | | (250,747) | Other comprehensive income/(loss) for the year | | (231,637) | | 12 | | — | | (70) | | 7 | | — | | (231,688) | For the year ended December 31, 2023 | | (505,015) | | 532 | | — | | (41,239) | | (115) | | 63,402 | | (482,435) |
(*) Income tax relating to OCI amounts to Remeasurement of defined benefit obligations and cash flow hedge. The movement was recognized as other comprehensive income / (loss) of other reserves. 25 Equity (Cont.) d) Non – controlling interest The movements of the non-controlling interest for the year is as follows: | | | | | | | | | 2025 | | 2024 | | 2023 | At the beginning of the year | | 148,686 | | 78,929 | | 146,274 | Shareholder contributions (1) | | — | | — | | 9,424 | Income / (loss) for the year | | 9,995 | | 25,238 | | (13,039) | Other comprehensive income / (loss) | | | | | | | Currency translation | | (19,292) | | 99,841 | | (50,047) | Remeasurement of defined benefit obligations | | 48 | | (10) | | (20) | Cash flow hedge | | 688 | | (1,874) | | — | Reserve for income tax | | (197) | | 441 | | 5 | | | (18,753) | | 98,398 | | (50,062) | Changes in non-controlling interest | | | | | | | Changes in the participations –acquisitions (2) | | (27,052) | | (26,499) | | (12) | Dividends approved (3) | | (38,707) | | (27,380) | | (13,656) | | | (65,759) | | (53,879) | | (13,668) | Non-controlling interest at the end of the year | | 74,169 | | 148,686 | | 78,929 |
(1) Corresponds mainly to contributions made by the non-controlling interest in ICAB. (2) As of December 31, 2025, relates mainly to the carrying amount of the non-controlling interest in CAIT (see Note 2.b and Note 25.a) and the acquisition of the non-controlling interest of CAS performed by Cedicor S.A, increasing the indirect participation of CAAP from 99.99% to 100%. As of December 31, 2024 mainly corresponds to an acquisition performed in October 2024 when Cedicor S.A. purchased for USD 30,949 the participation of the non-controlling interest, becoming the owner of 100% of Corporación America S.A.’s shares. (3) As of December 31, 2025, all distributions to non-controlling interest approved during the year were fully paid. In addition, during 2025, distributions approved in 2024 that were outstanding as of December 31, 2024 were settled for USD 10,749.
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