3      Financial Risk Management

The Group’s operations expose it to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and liquidity risk. The Group manages its financial risk exposure independently at each operating subsidiary, however, decisions are discussed by the BOD members. The most significant financial risks to which the Group is exposed are detailed below.

AFinancial Risk Factors

The Group operates in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. In addition, the Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk.

In order to manage foreign exchange risk, the Group has a strategy based on minimizing net positions of assets and liabilities denominated in foreign currencies together with the use of derivative financial instruments.

During last years the Argentine monetary authority imposed certain exchange rate restrictions, which also affect the value of foreign currency in alternative markets for certain restricted exchange rate transactions in the official market. During 2025 and 2024, even though some measures have remained in force, the BCRA continued the gradual easing of these restrictions (Note 3.A.v).

Considering this situation, the Company continues to assess the evolution of the above-mentioned variables and any other factors in its Argentine subsidiaries in order to identify the unforeseen potential effects that could alter its business and performance.

The value of the Group’s financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. A significant majority of the Group’s business activities are conducted in the respective functional currencies of the subsidiaries. However, the Group transacts in currencies other than the respective functional currencies of the subsidiaries. There are material monetary balances held by the Group companies at each period-end that are denominated in other currencies (non-functional currency). The following table provides a breakdown of the Group’s main monetary net assets and liabilities which impact the Group’s profit and loss:

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3      Financial Risk Management (Cont.)

The relevant exposures correspond to:

◾ USD / ARS

As of December 31, 2025 and 2024 consisting primarily of USD - denominated net monetary assets and liabilities at certain Argentine subsidiaries which functional currency is the ARS. A depreciation of 3% in the ARS / USD exchange rate in real (inflation-adjusted) terms would generate a pre-tax loss of USD 9,880 as of December 31, 2025 (pre-tax loss of USD 12,865 as of December 31, 2024 considering a depreciation of 3% in the ARS/ USD exchange rate).

◾ USD / DRAM

As of December 31, 2025 and 2024 consisting primarily of USD - denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency is the DRAM. A depreciation of 2% in the Dram / USD exchange rate would generate a pre-tax gain of USD 1,682 as of December 31, 2025 (pre-tax gain of USD 737 as of December 31, 2024 considering a depreciation of 2% in the Dram / EUR exchange rate).

◾ USD / EUR

As of December 31, 2025 and 2024 consisting primarily of USD - denominated net monetary assets and liabilities at the European subsidiaries which functional currency is the EUR. An appreciation of 2% in the EUR / USD exchange rate would generate a pre-tax loss of USD 3 as of December 31, 2025 (pre-tax loss of USD 1,508 as of December 31, 2024 considering an appreciation of 2% in the EUR / USD exchange rate).

◾ EUR / DRAM

As of December 31, 2025 and 2024 consisting primarily of EUR - denominated net monetary assets and liabilities at the Armenian subsidiaries which functional currency is the DRAM. A depreciation of 2% in the Dram / EUR exchange rate would generate a pre-tax gain of USD 280 as of December 31, 2025 (pre-tax gain of USD 635 as of December 31, 2024 considering a depreciation of 2% in the EUR / Dram exchange rate).

◾ EUR / ARS

As of December 31, 2025 and 2024 consisting primarily of EUR - denominated net monetary assets and liabilities at certain Argentinian subsidiaries which functional currency is the ARS. A depreciation of 4% in the EUR / ARS exchange rate in real (inflation-adjusted) terms would generate a pre-tax loss of USD 106 as of December 31, 2025 (pre-tax loss of USD 70 as of December 31, 2024 considering a depreciation of 3% in the EUR / ARS exchange rate).

The Group’s interest rate risk principally arises from long-term borrowings (Note 22). Borrowings issued at variable rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities.

These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

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3      Financial Risk Management (Cont.)

The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings as of December 31, 2025 and 2024.

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(*) As of December 31, 2025 includes USD 120.5 million of short-term borrowings (USD 86.2 million as of December 2024) and USD 683.8 million of long-term borrowings (USD 798.6 million as of December 31, 2024).

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The Group estimates that, other factors being constant, a 10% increase in floating rates at year-end would increase financial loss for the year ended December 31, 2025 and 2024, by USD 2,271 and USD 2,200 respectively. A 10% decrease in the floating interest rate would have an equal and opposite effect in the Consolidated Statement of Income.

This sensitivity analysis provides only a limited, point-in-time view of this market risk sensitivity of certain of the Group’s financial instruments. The actual impact of rate changes on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis.

Regarding the loan facility signed by TA (Note 22), the Company aims to mitigate the exposure to the interest rate fluctuations (Euribor) affecting cash flows. To achieve this, in July 2024, TA entered into interest rate swaps agreements with each Lender, establishing a fixed interest rate of 3.02% over the principal amount already drawn, effective until June 30, 2030. The notional amount being hedged corresponds to EUR 89.3 million (equivalent to USD 104.9) for the semi-annual interest payments until June 30, 2027, while for the interest payments from December 31, 2027 to June 30, 2030 it covers a 75% of that principal.

As of December 31, 2025, the fair value of the derivatives stands at EUR 1.8 million, equivalent to USD 2.2 million (EUR 3.2 million, equivalent to USD 3.4 million as of December 31, 2024), which, net of deferred tax, impacts Other comprehensive income / (loss) by EUR 1.1 million, equivalent to USD 1.2 million (EUR 2.5 million, equivalent to USD 2.7 million as of December 31, 2024).

The financial instruments that could be subject to concentration of credit risk consist of cash, cash equivalents, trade receivables and short-term investments.

The Group mainly places its cash and cash equivalents and short-term investments in several entities with low credit risk, reducing in this way the credit exposure to only one entity. The Group has not experienced significant losses from those assets.

Each subsidiary is responsible for managing and analyzing credit risk of its trade receivables, for each of their new customers before standard payment and delivery terms and conditions are offered. There is no significant concentration of credit risk from customers.

The Group credit policies with customers are designed to identify customers with acceptable credit history. The Group recognized provision for loss allowance to cover impairment for potential credit losses. The credit quality of the financial assets that are not yet due and not impaired can be assessed based on the credit qualification (“rating”) granted by entities external to the Group or through the historical uncollectible rates.

3      Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

Trade receivables and contract assets

The Group applies the IFRS 9 simplified approach to measuring ECL for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

The policy implemented by the Group consists in performing a case by case analysis, identifying those receivables and contract assets with no reasonable expectation of recovery or with particular situations, that are impaired according to each circumstances. For all other receivables and contract assets, the expected loss rate consists in stratifying trade receivables and contract assets into categories based on overdue days. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2025 or 1 January 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect historical experience of losses on trade receivables, current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due.

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The provision for loss allowance as of December 31, 2025 and December 31, 2024 was determined as follows for both trade receivables and contract assets:

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^(*)  Average expected loss rate. As of December 2025 and 2024, includes effect of the impact of the provisions risen from the case by case analysis.

3      Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

Trade receivables and contract assets (Cont.)

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a significant period when past due.

The closing loss allowances for trade receivables and contract assets as of December 31, 2025 and 2024 reconcile to the opening loss allowances as follows:

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During the year, the following gains/(losses) were recognized in profit or loss in relation to impaired financial assets (see Note 7):

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The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and statement of financial position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources with adequate committed funding lines from high quality lenders.

The Group monitors its current and projected financial position using several key internally generated reports such as cash flow and debt maturity. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates on the key profitability, liquidity and balance sheet ratios.

The Group’s debt positions are continually reviewed to meet current and expected debt requirements. The Group maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using different types of debt. The maturity profile is managed, by spreading the repayment dates and extending facilities.

3     Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

Liquid financial assets as a whole (comprising cash and cash equivalents) were 13.32% of total assets at the end of 2025 compared to 10.52% at the end of 2024. The Group has a conservative approach to the management of its liquidity, which consists mainly in cash at banks and cash equivalents.

The capital structure of the Group consists of shareholders’ equity and short-term to long-term net borrowings. The type and maturity of the Group’s borrowings are analyzed further in Note 22. The Group’s equity is analyzed into its various components in the Consolidated Statement of Changes in Equity.

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Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders.

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The objectives of the Group for capital management are to safeguard its capacity to continue doing business and be able to provide yield to owners as well as benefits to holders of instruments of shareholder’s equity and maintain an optimum capital structure to reduce cost of capital.

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CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as consequence of political and economic uncertainties, both in national and international environments.

The macroeconomic environment in 2025 was shaped by the consolidation of fiscal adjustment and deregulation policies implemented since late 2023. Mid-term legislative elections held in October 2025 resulted in continuity of the prevailing economic policy framework, which was positively received by financial markets and initially supported an appreciation of local assets.

During 2025, the BCRA continued the gradual easing of foreign exchange restrictions. Key measures included the implementation of an exchange rate band system, which allowed for exchange rate fluctuations with reduced direct intervention; the expiration of the PAIS Tax in December 2024, eliminating such cost for various foreign exchange transactions during 2025; and the regularization of the stock of commercial debt owed by importers through the issuance of BOPREAL bonds, with Series 4 being completed in July 2025. International reserves of the BCRA increased compared to December 31, 2024. On December 15, the BCRA announced the commencement of a new phase of its monetary program, effective as of January 1, 2026, under which the upper and lower limits of the exchange rate band will adjust monthly in line with the most recent monthly inflation rate reported by INDEC, together with the implementation of a reserve accumulation program not exceeding 5% of the daily volume of the foreign exchange market.

3     Financial Risk Management (Cont.)

A     Financial Risk Factors (Cont.)

Additionally, the country risk showed a downward trend during 2025 and 2024, which contributes to greater financial market stability, an appreciation of sovereign bonds, and enhanced exchange rate stability, reinforcing market confidence and reduction of inflation from very high levels.

As of the issuance date of these Consolidated Financial Statements, the stabilization process remains ongoing. At this time, it is not possible to predict its future evolution or any new measures that may be announced. Considering this situation, the Company continues to assess the evolution of the above-mentioned variables and any other factors, in order to define its course of action and identify the currently unforeseeable potential effects that they could have on its business and performance.

In 2025 Ecuador faced significant challenges related to the security and energy-related challenges, which resulted in nationwide power supply disruptions. These disruptions were mainly driven by one of the most severe droughts in recent years, together with the country’s high dependence on hydroelectric generation facilities that were not operating at full capacity. This situation adversely affected economic activity across the country and required many entities to adopt alternative operational measures in order to maintain business continuity. In addition, in response to these circumstances and broader fiscal pressures, the Government implemented a series of measures that may have an impact on the operating environment of companies, including an increase in the VAT rate from 12% to 15%, an increase in the Foreign Exchange Exit Tax (ISD) from 3.5% to 5%, the reduction and targeting of subsidies, the establishment of a special contribution, among other measures.

Even though CAAP’s Ecuadorian subsidiaries performance have not been significantly impacted, the Company continues to assess the evolution of the above-mentioned context, in order to define its course of action and identify the currently unforeseeable potential effects that they could have on its business and performance.

Armenia’s business environment continues to be affected by geopolitical tensions and regional uncertainties, which may create challenges for local companies. Despite this context, economic activity has remained resilient and the financial system continues to operate in a stable and adequately regulated framework.

AIA’s operations remained stable during 2024 and expanded during 2025. The Company continues to assess the evolution of the above-mentioned context.

B     Financial instruments by category

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3      Financial Risk Management (Cont.)

B      Financial instruments by category (Cont.)

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(*)   Other financial assets measured at fair value are Level 1 hierarchy. The carrying amount of these assets represents its fair value.

(**) Derivative financial liabilities measured at fair value are valuated through calculations under Level 2 hierarchy as of December 31, 2025 and and as of December 31, 2024 are classified within Level 2 and Level 3 of the fair value hierarchy.

C     Fair value hierarchy

IFRS 13 requires for financial instruments that are measured in the Consolidated Statement of Financial Position at fair value, a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

There were no transfers between Level 1 and Level 2 of the fair value hierarchy and there were no transfers from Level 1 and Level 2 to Level 3.

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3      Financial Risk Management (Cont.)

C     Fair value hierarchy (Cont.)

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in Level 1 and comprise primarily government securities, mutual funds and corporate bonds.

D     Fair value estimation

The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.