Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ OR ☐ SHELL COMPANY REPORT PURS ...

Core Insights - Corporación América Airports S.A. (CAAP) is a leading private airport operator based in Luxembourg, operating numerous airports globally and listed on the New York Stock Exchange [1] Financial Performance - On March 17, 2026, CAAP reported an earnings per share (EPS) of $0.65, surpassing the estimated $0.37, with revenue reaching approximately $545.4 million, exceeding forecasts of $483.8 million [2][6] - The company's earnings yield is about 4.37%, indicating profitability and attractiveness to investors [5] Market Valuation - CAAP has a price-to-earnings (P/E) ratio of approximately 22.87, reflecting how the market values its earnings [3][6] - The price-to-sales ratio stands at about 2.19, showing investor willingness to pay per dollar of sales [3][6] - The enterprise value to sales ratio is around 2.50, indicating the company's total valuation relative to its sales [3] Financial Health Indicators - The debt-to-equity ratio is approximately 0.78, indicating a balanced approach to financing assets [4][6] - CAAP's current ratio is about 1.53, suggesting a strong ability to cover short-term liabilities with short-term assets [4][6] - The enterprise value to operating cash flow ratio is approximately 12.98, providing insight into cash flow generation relative to valuation [4]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [11] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - Net debt decreased to $502 million from $780 million in December 2024, improving the net leverage ratio to 0.7 times [17] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues attributed to a 15% rise in international traffic volumes [11][12] - Commercial revenues grew by 16%, supported by higher contributions from cargo, fuel revenues, and solid growth across VIP lounges and parking facilities [12] - Cargo revenues were up 22% year-over-year, with strong contributions from Argentina, Uruguay, and Brazil [10] Market Data and Key Metrics Changes - Passenger traffic reached a record 22.3 million, with international traffic growing by 12% and domestic traffic increasing nearly 7% [4][5] - In Argentina, passenger traffic increased nearly 9%, with international traffic up 15% [6] - Italy's traffic grew by 8%, driven mainly by international travel, while Brazil's total traffic was up 12% [7][8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a six-year extension in Galapagos, enhancing long-term visibility [4][19] - The company is pursuing inorganic growth opportunities, having received concession awards in Iraq and Angola, while evaluating additional bidding processes [20] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic initiatives and acquisitions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [21] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [21] - The company aims to prioritize commercial optimization and revenue per passenger growth across the portfolio [21] Other Important Information - The company ended the year with a strong balance sheet and significant financial flexibility, with total liquidity of $750 million [17] - The company received industry recognition, including being named Best Airport Operator in South America [20] Q&A Session Summary Question: Will the current margins profitability be the new base for CAAP going forward, and has the war impacted operations in Armenia? - Management indicated that margins are stable, with traffic growth observed in the first two months of the year, but approximately 10%-15% of traffic in Armenia has been affected by the war [24][25] Question: Any updates on the Argentina concession rebalance and the Italy investment opportunity? - Management stated they are on the right track regarding Argentina but could not provide a specific timeline due to political dynamics. Progress is being made in Italy, but further approvals are needed before construction can begin [30][31] Question: Can you elaborate on the capital allocation strategy and expected new regions for investment? - Management confirmed they are pursuing opportunities in Iraq and Angola and are looking at other regions, including the Middle East and Central Asia, while focusing on growing the portfolio [35][36] Question: How will funding for acquisitions outside of Argentina be managed? - Management indicated that funding for acquisitions would primarily come from cash on hand, given the size of the opportunities being pursued [40]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [11] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - The company closed the quarter with total liquidity of $750 million, a 36% increase from $526 million at year-end 2024 [17] - Total debt at year-end was $1.1 billion, with net debt decreasing to $502 million from $780 million in December 2024 [17] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues [11][12] - Commercial revenues grew by 16%, supported by higher contributions from cargo, fuel revenues, and solid growth across VIP lounges and parking facilities [12] - Cargo revenues were up 22% year-over-year, with strong contributions from Argentina, Uruguay, and Brazil [10] Market Data and Key Metrics Changes - Passenger traffic in Argentina increased nearly 9%, with domestic traffic up 6% and international traffic up 15% [6] - International traffic across the portfolio grew by 12%, with Argentina contributing more than half of the total increase [5] - Traffic in Italy grew by 8%, driven mainly by the international segment, which increased by 11% [7] - Brazil's total traffic was up 12%, reflecting a better environment among airlines and stronger summer season activity [8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a 6-year extension in Galapagos, enhancing long-term visibility [4][19] - The company has been awarded concessions and is a preferred bidder for new airport concessions in Baghdad, Iraq, and Luanda, Angola, while evaluating additional opportunities [20] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic and inorganic growth strategies [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [21] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [21] - The company aims to prioritize commercial optimization and revenue per passenger growth across the portfolio [21] Other Important Information - The company achieved significant industry recognition, with various airports receiving awards for operational excellence and customer experience [20] Q&A Session Summary Question: Regarding traffic growth and profitability margins - Management indicated that margins are stable and expect continued growth in traffic and profitability, with approximately 10%-15% of traffic in Armenia affected by the war [24][25] Question: Update on Argentina concession rebalance and Italy investment opportunity - Management stated they are on the right track regarding Argentina's economic reequilibrium but could not provide a specific timeline due to political dynamics. Progress is being made in Italy, but further approvals are needed before construction can begin [30][31] Question: Capital allocation strategy and commercial revenue growth - Management highlighted ongoing opportunities in Iraq and Angola, with a focus on expanding the portfolio. Commercial revenues are expected to continue growing, although not as intensely as in 2025 [35][36]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [12] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - The company closed the quarter with total liquidity of $750 million, a 36% increase from $526 million at year-end 2024 [18] - Total debt at year-end was $1.1 billion, with net debt decreasing to $502 million from $780 million in December 2024 [18] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues [12] - Commercial revenues grew by 16%, supported by higher contributions from cargo and fuel revenues [12] - Cargo revenues were up 22% year-over-year, with solid contributions from Argentina, Uruguay, and Brazil [11] Market Data and Key Metrics Changes - Total passenger traffic reached a record 22.3 million, with international traffic growing by 12% [5] - In Argentina, passenger traffic increased nearly 9%, with domestic traffic up 6% and international traffic up 15% [6] - Italy's traffic grew by 8%, driven mainly by the international segment, which increased by 11% [7] - Brazil's total traffic was up 12%, reflecting a better environment among airlines and stronger summer season activity [8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a 6-year extension in Galapagos, enhancing long-term visibility [5][20] - The company is pursuing inorganic growth opportunities, having received concession awards in Iraq and Angola, while evaluating additional bidding processes [21] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic initiatives and acquisitions [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [22] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [22] - The company expects margins to remain stable, with traffic growth anticipated to continue [26] Other Important Information - The company received several industry recognitions, including Best Airport Operator in South America and Best Airport in Latin America and the Caribbean [21] - The strong performance in 2025 reflects the resilience and quality of the company's portfolio and disciplined execution by the management team [20] Q&A Session Summary Question: Will the current margins and profitability be the new base for CAAP going forward, and has the war affected operations in Armenia? - Management indicated that margins are stable, with traffic growth expected to continue, but noted that 10%-15% of traffic in Armenia has been affected by the war [25][26] Question: Any updates on the Argentina concession rebalance and the Italy investment opportunity? - Management stated they are on the right track with Argentina but could not provide a specific timeline due to political dynamics; progress is being made in Italy, but further approvals are needed [33][34] Question: Can you elaborate on the capital allocation strategy and expected commercial revenue growth? - Management confirmed they are pursuing opportunities in Iraq and Angola and looking at other regions; commercial revenues are expected to continue growing, particularly in VIP lounges and parking [37][39]

CORPORACIÓN AMÉRICA AIRPORTS 2 Disclaimer and Forward-Looking Statement Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include all statements that are not historical facts and can be identified by terms such as "believes," "continue," "could," "potential," "remain," "will," "would" or similar expressions and the negatives of those terms. Forward-lo ...

Core Insights - Corporación América Airports S.A. (CAAP) is a leading private airport operator set to release quarterly earnings on March 17, 2026, with expected earnings per share of $0.37 and revenue of $484 million, providing insights into its financial health and future prospects [1][6] Financial Metrics Comparison - CAAP has a net margin of 9.39%, significantly lower than Ryanair's 15.04%, indicating that Ryanair retains more profit from its revenue [2] - The return on equity for CAAP is 11.64%, compared to Ryanair's 29.76%, highlighting Ryanair's efficiency in generating profits from shareholders' investments [2] Volatility and Investment Considerations - CAAP's beta of 0.77 suggests its stock is less volatile than the S&P 500, making it a potentially safer investment compared to Ryanair's beta of 1.22, which indicates higher volatility [3] - Investors seeking stability might prefer CAAP, while those looking for higher returns may consider Ryanair despite the increased risk [3] Valuation Metrics - CAAP has a P/E ratio of 22.08, indicating that investors pay $22.08 for every dollar of earnings, and a price-to-sales ratio of 2.11, showing the market values CAAP's sales at over twice its revenue [4] - The enterprise value to operating cash flow ratio is 12.59, reflecting CAAP's ability to generate cash from operations, while an earnings yield of 4.53% provides perspective on shareholder returns [5] Debt and Liquidity - CAAP maintains a moderate debt level with a debt-to-equity ratio of 0.78, and a current ratio of 1.53 suggests it can effectively cover short-term liabilities [5]

Core Viewpoint - Corporación América Airports S.A. is set to report its Fourth Quarter 2025 results on March 17, 2026, before the market opens [1] Company Announcement - The earnings release will occur on March 17, 2026, before market opens [1] - A conference call is scheduled for the same day at 9:00 AM Eastern Time [1] - Executives, including Mr. Martín Eurnekian, will be available for questions during the call [1]

Core Viewpoint - Growth investors are increasingly focused on stocks with above-average financial growth, and identifying such stocks can be challenging due to inherent volatility and risks [1] Group 1: Company Overview - Corporacion America Airports S.A. (CAAP) is recommended as a cutting-edge growth stock due to its favorable Growth Score and top Zacks Rank [2] - The company has a historical EPS growth rate of 21.9%, with projected EPS growth of 99.2% this year, significantly surpassing the industry average of 47.5% [5] Group 2: Financial Metrics - Year-over-year cash flow growth for Corporacion America Airports is 13%, outperforming the industry average of -3.9% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 29.8%, compared to the industry average of 18.6% [7] Group 3: Earnings Estimates - The current-year earnings estimates for Corporacion America Airports have been revised upward, with the Zacks Consensus Estimate increasing by 7.1% over the past month [8] - The company has earned a Growth Score of A and carries a Zacks Rank 2 due to positive earnings estimate revisions [9]

Core Viewpoint - Corporación América Airports (NYSE: CAAP) has experienced a significant recovery in its stock price after being severely impacted by the pandemic, which saw shares drop below $2 at one point during the global economic shutdown. The stock has since soared, indicating a strong rebound in the company's performance and market confidence [1]. Group 1 - The stock of CAAP was heavily affected during the pandemic, falling to below $2/share [1]. - Since the pandemic, CAAP's stock has significantly increased, reflecting a recovery in the aviation sector [1]. - The company is involved in the management of airports in Latin America, which has been a focus for investors looking for growth opportunities in the region [1].