[Management View]
Corporación América Airports S.A. (CAAP) reported record-setting operational results for Q2 2025, with double-digit revenue and traffic growth in Argentina, Brazil, and Uruguay, and strong single-digit traffic growth in Italy and Armenia. Adjusted EBITDA and margin expansion reflected rising commercial and cargo revenues, supported by disciplined cost management and improved per-passenger yields. The group increased its liquidity and reduced net debt, positioning itself for continued portfolio investment and capital return.

[Outlook]
Management expects positive traffic momentum to continue in Argentina, Italy, and Romania during the upcoming summer seasons. The company is progressing with the AA2000 concession process in Argentina, environmental approval for the Florence Airport master plan in Italy, and CapEx program approvals to expand Yerevan Airport in Armenia. They are also actively pursuing new M&A opportunities in Latin America, Iraq, Angola, and other markets.

[Financial Performance]
- Passenger traffic increased 13.7% YoY to nearly 21 million.
- Revenue grew 18.9% YoY ex-IFRIC 12.
- Revenue per passenger rose 4.5% YoY to $21.
- Adjusted EBITDA ex-IFRIC 12 reached $169 million, up 23% YoY.
- Net debt decreased to $643 million from $718 million in December 2024.

[Q&A Highlights]
Question 1: If you can provide some details on what are the next steps for the rebalancing discussion in Argentina. What should we expect on the next milestones? (Line breaks here)
Answer: Conversations with the technical teams are ongoing and include the rebalancing of the economic equilibrium and investment requirements. There is a new Secretary of Transport since mid-May. We are very engaged with all the authorities and believe we are making good progress. We will keep the market updated as we make concrete steps into this process.

Question 2: Are you still interested in Motiva's former CCR airport sales? Would you bid alone or with a partner, possibly dividing the Brazilian assets from the non-Brazilian assets? (Line breaks here)
Answer: We are looking at the asset, which is an interesting opportunity for Corporación América Airports S.A. It is a typical M&A process subject to NDA confidentiality. We will keep the market updated as we make progress in the process.

[Sentiment Analysis]
The tone of the management was optimistic, highlighting strong performance and strategic progress. Analysts' questions focused on future growth opportunities and strategic initiatives, indicating a positive outlook.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | YoY Change |
|----------------------------|---------------|---------------|-------------|
| Passenger Traffic | 21 million | N/A | +13.7% |
| Revenue | N/A | N/A | +18.9% |
| Revenue per Passenger | $21 | N/A | +4.5% |
| Adjusted EBITDA | $169 million | N/A | +23% |
| Net Debt | $643 million | $718 million | -10.4% |

[Risks and Concerns]
- Inflationary pressures in Argentina.
- Security environment in Ecuador affecting travel.
- Potential delays in M&A processes and project approvals.

[Final Takeaway]
Corporación América Airports S.A. delivered a strong Q2 2025 performance with record traffic and revenue growth, driven by robust results in Argentina, Brazil, and Uruguay. The company is well-positioned for future growth with increased liquidity, reduced net debt, and ongoing strategic initiatives. Management remains optimistic about continued positive traffic momentum and strategic progress across its diversified portfolio.