TABLE OF CONTENTS

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CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements about our expectations, beliefs and intentions regarding, among other things, our products and services, development efforts, business, financial condition, results of operations, strategies, plans and prospects. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should,” “could,” “might,” “seek,” “target,” “will,” “project,” “forecast,” “continue” or “anticipate” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors listed below:

our business strengths and future results of operation;

We believe these forward-looking statements are reasonable; however, these statements speak only as of the date of this annual report and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance, or achievements to be materially different from those anticipated by the forward-looking statements. We discuss these risks in this annual report in greater detail under the heading “Risk Factors.“Risk Factors.” Given these uncertainties, you should not rely upon forward-looking statements as predictions of future events.

Unless required by law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or developments or otherwise.

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CERTAIN CONVENTIONS

Corporación América Airports S.A. (“CAAP”CAAP”) was incorporated under the laws of the Grand Duchy of Luxembourg (“Luxembourg”Luxembourg”) on December 14, 2012. The Company owns no material assets other than its direct and indirect ownership of the issued share capital of other intermediate holding companies for all our operating subsidiaries. Except where the context otherwise requires or where otherwise indicated, all references to the “Company,” “CAAP,” “we,” “us” and “our” refer to Corporación América Airports S.A. and its consolidated subsidiaries, as well as those businesses we account for using the equity method.

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In this annual report, unless otherwise specified or the context otherwise requires:

We have translated some of the local currency amounts contained in this annual report into U.S. dollars for convenience purposes only. The U.S. dollar-equivalent information presented in this annual report is provided solely for convenience and should not be construed as implying that the amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate. See “Item 33. Key Information— Risk Factors— Depreciation or fluctuation of the currencies of the countries where we operate could adversely affect our results of operations and financial condition.”

Certain numbers and percentages included in this annual report have been subject to rounding adjustments. Accordingly, figures shown for the same category presented in various tables or other sections of this annual report may vary slightly, and figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them.

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PRESENTATION OF FINANCIAL INFORMATION

This annual report contains our audited consolidated financial statements as of December 31, 20212023 and 20202022 and for our fiscal years ended December 31, 2023, 2022 and 2021 2020 and 2019 (our “Audited“Audited Consolidated Financial Statements”Statements”).

We prepare our Audited Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”IFRS”), as issued by the International Accounting Standards Board (“IASB”IASB”). We have applied all IFRS issuedAccounting Standards adopted by the IASBInternational Accounting Standards Board (IASB) effective at the time of preparing our Audited Consolidated Financial Statements. Our Audited Consolidated Financial Statements have been audited by Price Waterhouse & Co. S.R.L. (“PwC”PwC”), a member firm of the PricewaterhouseCoopers global network, and an independent registered public accounting firm, whose report dated March 23, 2022,20, 2024, is also included in this annual report.

Our Audited Consolidated Financial Statements are presented in U.S. dollars. Our fiscal year ends on December 31 of each year. Accordingly, all references to a particular year are to the year ended December 31 of that year.

Our Segments

WeAs of and for the fiscal year ended December 31, 2023, we have identified six reportable segments: Argentina, Italy, Brazil, Uruguay, Ecuador and Armenia. See Note 4 to our Audited Consolidated Financial Statements and “Adjusted“Adjusted Segment EBITDA and Adjusted Segment EBITDA excluding Construction Services.Services.”

In December 2021, we transferred our 50% ownership interest in Aeropuertos Andinos del Perú S.A. (“AAP”) to Andino Investment Holding S.A. See “Business Overview—Our Airports by Country in Which We Operate—Peru.” The elimination of any

Adjusted EBITDA and Adjusted EBITDA excluding Construction Services are not defined under IFRS and have important limitations as analytical tools. You should not consider them in isolation or as a substitute for analysis of our results as reported under IFRS. For example, Adjusted EBITDA and Adjusted EBITDA excluding Construction Services have the following limitations:

We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Services enhances investors’ understanding of our performance. We believe these measures are useful metrics for investors to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. We present Adjusted EBITDA and Adjusted EBITDA excluding Construction Services to provide supplemental information that we consider relevant for the readers of our Audited Consolidated Financial Statements included elsewhere in this annual report, and such information is not meant to replace or supersede IFRS measures.

PRESENTATION OF INDUSTRY AND MARKET DATA

In this annual report, we rely on, and refer to, information regarding our business and the markets in which we operate and compete. The market data and certain economic and industry data and forecasts used in this annual report were obtained from internal surveys, market research, governmental and other publicly available information, and independent industry publications. Industry publications, surveys, and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. We believe that these industry publications, surveys, and forecasts are reliable, but we have not independently verified them and cannot guarantee their accuracy or completeness.

Certain market share information and other statements presented herein regarding our position relative to our competitors are not based on published statistical data or information obtained from independent third parties but reflectsreflect our best estimates. We have based these estimates upon information obtained from publicly available information from our competitors in the industry in which we operate.

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ITEM 1.        IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

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ITEM 2.        OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

Risks Related to Argentina and the AA2000 Concession Agreement

Our concessions may be terminated under various circumstances, some of which are beyond our control. In general, our concession agreements may be terminated at any time by the relevant governments or agencies for public interest reasons. For example, in 2017 the Peruvian Government unilaterally terminated the concession it had awarded to us for the construction and operation of the new Chinchero – Cusco International Airport in Peru (“Cusco Airport”). Concession agreements may also be terminated due to our material and repeated breach of the concession terms. The termination of one or more of our concessions could have a material adverse effect on our business, financial condition, and results of operations.

If an applicable governmental authority terminates any of our concessions, with or without cause, we may be entitled to seek claims for compensation from such terminating governmental authority. Although termination payments vary by concession, they usually include a claim for indemnification equal to the value of the non-amortized investments made by us for purposes of operating the airports and rendering the services agreed under the concession agreements. If the applicable governmental authority terminates one of our concessions due to our material and repeated breach or failure to make the committed investments, we may assert claims for indemnification equal to those non-amortized investments we made for purposes of operating the relevant airports and rendering of the services agreed under the relevant concession agreements. If the concession is terminated by the relevant government or agency for public interest reasons or without cause, we may assert claims for indemnification equal to the non-amortized investments plus loss of profits. Collecting on such claims may be difficult and time-consuming, and any amounts collected in respect of such claims may not provide us with the expected level of returns, which could have a material adverse effect on our business, financial condition, and results of operations.

In addition, since February 2018,the AA2000 Concession Agreement, our largest concession operations, the Argentine Government has the right to buy out the AA2000 Concession Agreementconcession agreement upon prior notification to us and indemnify us for certain investments we incurred for purposes of operating the airports and rendering the services agreed thereunder. See ““Item 33. Key Information—Risk Factors—Risks Related to Argentina and the AA2000 Concession Agreement—Pursuant to the AA2000 Concession Agreement, since February 2018, the Argentine Government may buy out our concession, which would materially affect our revenues and operations.”

The COVID-19 virus (nCoV),Outbreaks of diseases as well as any other public health crises that may arise in the future, is havinghave had, and will likelymay continue to have a negative impact on passenger traffic levels, air traffic operations and in our results of operations, financial position, and cash flows.

In late December 2019, a noticeFuture outbreaks of pneumonia of unknown cause originating from Wuhan, Hubei province of China was reported to the World Health Organization. A novel COVID-19 virus (nCoV) was identified, with cases soon confirmed in multiple provinces in China,existing or future diseases as well as in severalany other countries. The Chinese government placed Wuhanpublic health crises, or the fear of such events and multiple other cities in Hubei province under quarantine, with approximately 60 million people affected. On March 11, 2020,governmental responses to such events, especially after the World Health Organization declared the coronavirus outbreak a pandemic. The ongoing COVID-19 pandemic, hascould provoke responses that negatively affect passenger air traffic.  The COVID-19 pandemic that resulted in several cities bebeing placed under quarantine, increased travel restrictions from and to several countries, such as the U.S., China, Italy, Argentina, Spain, Uruguay, and Peru which have forced airlines to cancel flights and extended shutdowns of certain businesses in certain regions.

While it has eased,regions, also forced airlines to cancel flights and disrupted the frequency and pattern of air travel worldwide.  New strains of the COVID-19 pandemic continues to impact worldwide economic activity and continues to pose the risk that we or our employees, contractors, suppliers, customers, and other business partners may be prevented from conducting certain business activities for an indefinite period of time, including future shutdowns that may be mandated or reinstated by governmental authorities or otherwise elected by companies as a preventive measure.  In addition, mandated government authority measures or other measures elected by companies as preventive measures may lead to our consumers being unable to complete purchases or other activities.  Furthermore, its impact on the global and local economies has also adversely impacted and will likely continue to impact consumer discretionary spending.  The COVID-19 pandemic has disrupted operations of most of the airlines around the worldvirus, as well as, all the airports we operate, decreased passenger traffic and increased costs to the air travel industry.

Although we believe that the failure to comply with the obligations under the concessions due to the COVID-19 pandemic would qualify as a force majeure event derived from the impact of the pandemic, we cannot assure the approach that the governments

The riskimposition of cyber-crimetariffs on certain imported products by the U.S. has triggered retaliatory actions from certain foreign governments and may trigger retaliatory actions by other foreign governments, potentially resulting in a “trade war”.  Certain foreign governments have instituted or are considering imposing trade sanctions on certain U.S. goods.  Others are considering the imposition of sanctions that will deny U.S. companies access to critical raw materials.

Relatedly, global markets and supply chains have been increasing, especiallyfurther disrupted by Hamas attack on October 7, 2023.  Hamas, an organization designated by the U.S. as infiltratinga terrorist organization, launched a series of coordinated attacks from the Gaza Strip onto Israel.  On October 8, 2023, Israel formally declared war on Hamas, and the armed conflict is ongoing as of the date of this filing.  Hostilities between Israel and Hamas could escalate and involve surrounding countries in the Middle East.  To date, we have not experienced any material disruptions and interruptions in our infrastructure, supplies, technology is becoming increasingly sophisticated. If we are unable to prevent a significant cyber-attack, such attack could materially affect the number of passengers at our airports, cause the loss of passenger information, damage our reputation and lead to regulatory penalties and financial losses.

In addition, our business operations routine involves gathering personal information about vendors, customers, and employees among others, through the use of information technologies. Breaches of our systems, or those ofnetworks needed to support our third-party contractors, or other failures to protect such information, could expose such people’s personal information to unauthorized use. Any such event could give rise to a significant potential liability and reputational harm.

The loss or impairment of our relationship with governments and their agencies in the markets in which we operate could adversely affect our business, future revenues, and growth prospects.

Our principal assets are concession rights granted by governments in the countries in which we operate.  Our business depends to a large extent on our ability to manage relationships with such governments and their agencies.  During the term of our concessions, we are in continuous communications with the relevant governments and their agencies regarding, among other things, the terms and conditions of the concession, compliance with the concession agreement, the applicable master plan and works to be performed at the airports, including works not specifically required by the terms of the relevant concession, and the establishment of tariffs.  Our business, prospects, financial condition, or operating results could be materially harmed if we were suspended or debarred from contracting with any such government or government agency or if our reputation or relationship with any such government or agency is impaired.

Our revenue is highly dependent on levels of air traffic, which depend in part on factors beyond our control, including economic and political conditions in the countries where we operate our airports.

Our revenue is closely linked to passenger and cargo traffic volumes and the number of air traffic movements at our airports. These factors directly determine our aeronautical revenue and indirectly determine our commercial revenue. Passenger and cargo traffic volumes and air traffic movements depend, in part, on many factors beyond our control. Such factors include economic conditions and the political situation in the countries where we operate our airports, epidemics, pandemics such as the COVID-19 virus and other public health crises, terrorism, fluctuations in petroleum prices (which can have a negative impact on traffic as a result of fuel surcharges or other measures adopted by airlines in response to increased fuel costs), currency exchange rate fluctuations, hyperinflation, geopolitical considerations and changes in regulatory policies applicable to the aviation industry. The occurrence of any of these risks may result in a reduction of passenger air traffic levels and air traffic movements globally and in the regions in which we operate. A significant decline in passenger and cargo traffic volumes and the number of air traffic movements at our airports would have a material adverse effect on our business, financial condition, and results of operations.

We face risks related to our dependence on the revenue from Ezeiza Airport.

During the years ended December 31, 2021, 2020 and 2019, Ezeiza Airport generated U.S.$123.3 million in revenue, or 17.4%, U.S.$135.9 million in revenue, or 22.3% and U.S.$639.9 million in revenue, or 41.1%, respectively, of our consolidated revenue for such periods.  As a result of the substantial contribution to our revenue from the Ezeiza Airport (as defined below), any event or condition affecting this airport (in addition to any potential termination or buyout of the AA2000 Concession Agreement) could materially adversely affect our business, financial condition, and results of operations.  For example, an economic recession in Argentina, a reduction in the operations of Ezeiza Airport, competition from other airports or a decrease in the number of passengers traveling to Buenos Aires as tourists could cause a decrease in our revenue at this airport which, in turn, could materially adversely affect our business, financial condition and results of operations.

Increases in international fuel prices could reduce demand for air travel.

International prices of fuel have recently experienced significant increases. The price of fuel may be subject to further fluctuations resulting from a reduction or increase in output of petroleum, voluntary or otherwise, by oil producing countries, other market forces, a general increase in international hostilities, or any future terrorist attacks.  In the past, increased fuel costs were among the factors leading to cancellations of routes, decreases in frequencies of flights and, in some cases, even contributed to filings for bankruptcy by some airlines.  Although fuel is a widely traded global commodity, in the event of a significant increase in fuel prices in one or more of the countries in which we operate, or in one or more countries that provide significant numbers of international air passengers to the countries in which we operate, the effects of a localized price increase may be more significant than a general,

We are dependent on information and communication technologies, and our systems and infrastructures face certain risks, including cybersecurity risks.

The operation of complex infrastructures, such as airports, and the coordination of the many actors involved in its operation require the use of several highly specialized information systems, including both our own information technology systems and those of third-party service providers, such as systems that monitor our operations or the status of our facilities, communication systems to inform the public, access control systems and closed circuit television security systems, infrastructure monitoring systems, passenger ticketing and boarding, automated baggage handling, points of sale, terminals and radio and voice communication systems used by our personnel. In addition, our accounting and fixed assets, payroll, budgeting, human resources, supplier and commercial, hiring, payments and billing systems and our websites are key to the functioning of our airports. The proper functioning of these systems is critical to our operations and business management. These systems may, from time to time, require modifications or improvements as a result of changes in technology, the growth of our business and the functioning of each of these systems.

Attempts to gain unauthorized access to our information technology systems have become more sophisticated over time. The risk of cyber - crime has been increasing, especially as infiltrating technology continues to become increasingly sophisticated. We and certain of our service providers may from time to time be subject to cyberattacks and security incidents. While we have not experienced any significant system failure, accident or security breach to date, if such an event were to occur and cause interruptions in our and our critical third parties’ operations, it could result in material disruptions to our programs, our operations, and ultimately, our financial results. In particular, if we are unable to contain or minimize the effects of a significant cyber - attack, such attack could materially affect the number of passengers at our airports, cause the loss or exposure of information, damage our reputation and lead to regulatory penalties and financial losses. Any security compromise affecting us, our service providers, strategic partners, other contractors, consultants, or our industry, whether real or perceived, could harm our reputation, erode confidence in the effectiveness of our security measures and lead to regulatory scrutiny. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data or systems, or inappropriate disclosure of confidential or proprietary or personal information, we could incur liability, including litigation exposure, penalties and fines, we could become the subject of regulatory action or investigation, our competitive position could be harmed and the further development and commercialization of our products and services could be delayed. If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our business.

In order to face these issues, we created a global information security department which reports to the Executive Committee. We also hired a global information security manager and reinforced the global information security department with multicultural security specialists in different locations. This new area focuses on cybersecurity, contingency procedures, security governance, access and identity management,  infrastructure protection and monitoring, researching and deploying new technology to improve protection of information and communication systems.

Additionally, we are implementing a global security monitoring service (SOC) including a new incident response and threat intelligence service. This service allows us to respond more quickly and efficiently to any potential security breach. On the other hand, we are implementing and strengthening security measures to maintain and improve protection of information, increasing endpoint and perimeter protection, vulnerability management processes in order to improve the global posture of the company in terms of information security. However, these information technology systems cannot be completely protected against certain events such as natural disasters, fraud, computer viruses, hacking, communication failures, equipment breakdown, software errors and other technical problems. The occurrence of any of these events could disrupt our operations, result in an increase in costs and a decrease in revenue and damage our public image and our business in general.

The loss or impairment of our relationship with governments and their agencies in the markets in which we operate could adversely affect our business, future revenues, and growth prospects.

Our principal assets are concession rights granted by governments in the countries in which we operate. Our business depends to a large extent on our ability to manage relationships with the relevant governments and their agencies. During the term of our concessions, we are in continuous communications with the relevant governments and their agencies regarding, among other things, the terms and conditions of the concession, compliance with the concession agreement, the applicable master plan and works to be performed at the airports, including works not specifically required by the terms of the relevant concession, and the establishment of tariffs. Our business, prospects, financial condition, or operating results could be materially harmed if we were suspended or debarred from contracting with any such government or government agency or if our reputation or relationship with any such government or agency is impaired.

Our revenue is highly dependent on levels of air traffic, which depend in part on factors beyond our control, including economic and political conditions in the countries where we operate our airports.

Our revenue is closely linked to passenger and cargo traffic volumes and the number of air traffic movements at our airports. These factors directly determine our aeronautical revenue and indirectly determine our commercial revenue. Passenger and cargo traffic volumes and air traffic movements depend, in part, on many factors beyond our control. Such factors include economic conditions and the political situation in the countries where we operate our airports, epidemics, pandemics and other public health crises, terrorism, fluctuations in petroleum prices (which can have a negative impact on traffic as a result of fuel surcharges or other measures adopted by airlines in response to increased fuel costs), currency exchange rate fluctuations, hyperinflation, geopolitical considerations and changes in regulatory policies applicable to the aviation industry. The occurrence of any of these risks may result in a reduction of passenger air traffic levels and air traffic movements globally and in the regions in which we operate. A significant decline in passenger and cargo traffic volumes and the number of air traffic movements at our airports could have a material adverse effect on our business, financial condition, and results of operations.

We face risks related to our dependence on the revenue from Ezeiza Airport.

During the years ended December 31, 2023, 2022 and 2021, the Ministro Pistarini International Airport (“Ezeiza Airport”) generated U.S.$253.7 million or 18.2% of our consolidated revenue, U.S.$278.1 million or 20.2 % of our consolidated revenue, and U.S.$123.3 million or 17.4% of our consolidated revenue, respectively, for each of such periods. As a result of the substantial contribution to our revenue from the Ezeiza Airport, any event or condition affecting this airport (in addition to any potential termination or buyout of the AA2000 Concession Agreement) could materially adversely affect our business, financial condition, and results of operations. For example, an economic recession in Argentina, a reduction in the operations of Ezeiza Airport, competition from other airports or a decrease in the number of passengers traveling to Buenos Aires as tourists could cause a decrease in our revenue from this airport which, in turn, could materially adversely affect our business, financial condition and results of operations.

Increases in international fuel prices could reduce demand for air travel.

The price of fuel may be subject to fluctuations resulting from a reduction or increase in output of petroleum, voluntary or otherwise, by oil producing countries, other market forces, any future terrorist attacks, a general increase in international hostilities, including, for example, the Russian and Ukraine war, and the Israel and Hamas conflict.  In the past, increased fuel costs were among the factors leading to cancellations of routes, decreases in frequencies of flights and, in some cases, even contributed to filings for bankruptcy by some airlines.  Although fuel is a widely traded global commodity, in the event of a significant increase in fuel prices in one or more of the countries in which we operate, or in one or more countries that provide significant numbers of international air passengers to the countries in which we operate, the effects of a localized price increase may be more significant than a general, worldwide increase in fuel prices.  Significant fluctuations may result in higher airline ticket prices and in a decrease in demand for air travel generally, both of which could have an adverse effect on our revenues and results of operations.

Extended interruptions or disruptions at the airports where we operate due to natural disasters, prolonged weather conditions and other adverse incidents could affect our business and results of operations.

A significant extended interruption or disruption in service at the airports where we operate could have a material adverse impact on our business, financial condition, and results of operations. Our operations could be impacted by flight cancellations and airport closures caused by weather and natural disasters. Severe weather conditions, particularly heavy snowfall, increases in the frequency, severity, and duration of natural disasters such as hurricanes, tornadoes, volcanic activity, earthquakes, and tsunamis, can significantly disrupt service, cause cancellation of flights and negatively affect passenger traffic at airports, which may result in decreased revenues and increased costs. The disaster recovery and business continuity plans we have in place may prove inadequate in the event of a serious disaster or similar event. We may incur substantial expenses as a result of the limited nature of our disaster recovery and business continuity plans, which could have a material adverse effect on our business.

Competition from other destinations could adversely affect our business.

The principal factor affecting our business is the number of passengers that use our airports. Our passenger traffic volume may be adversely affected by the attractiveness, affordability, and accessibility of competing destinations. In addition, our passenger traffic volume may be adversely affected by the level of business activity in each destination or the likelihood of airlines using any of those destinations as a hub or base for their operations. If business activity and tourism levels and, therefore, the number of passengers using our airports, is negatively impacted by competing airports and hubs in the geographic regions in which we operate, such development could have an adverse effect on our business, financial condition, or results of operations.

We are subject to the risk of union disputes and work stoppages at our locations, which could have a material adverse effect on our business.

Some of our employees are members of labor unions. For example, as of December 31, 2021,2023, approximately 66.1%63% and 50.4%32.7% (64.8% and 48.9 %, as of December 31, 2022) of our employees in Argentina and Italy, respectively, were members of labor unions (66.0% and 51.3%, respectively, as of December

Ongoing and proposed construction, renovation or repair work at our airports could have a negative impact on our revenues.

At any time, we may be in the process of constructing, renovating and/or repairing a number of our airports. These works may sometimes affect the passenger experience, which may ultimately adversely affect our commercial revenue. The operations of our other airports may decrease or be adversely affected by future construction, renovations, or repairs, and this could have an adverse effect on our business, financial condition or results of operations.

We are exposed to certain risks in connection with the use of certain spaces by subconcessionaires at our airports.

We are exposed to risks related to the spaces subconcessioned to third parties, such as non-payment by subconcessionaires of certain fees and other lease arrangements or a weakening demand for the use of the spaces allocated to subconcessionaires. For example, many of our subconcessionaires’ locations are situated beyond the security checkpoints at airports, and they rely heavily on their customers spending a significant amount of time in the terminal and waiting areas of the airport terminals in which they have subconcessioned space. Changes in customers’ travel habits prior to departure, including an increase in the availability or popularity of airline business and first-class lounges, or an increase in the efficiency of ticketing, transportation safety procedures and air traffic control systems could reduce the amount of time that customers spend at such subconcessioned locations, which could materially reduce the revenue they are able to generate and which, in turn, could reduce the amount of fees and rent we can collect from our subconcessionaires. Any material reduction in the fees and lease payments that we are able to charge to our subconcessionaires could adversely affect our business, results of operations and financial condition.

Our insurance policies may not provide sufficient coverage against all liabilities.

We are required to maintain insurance under all our concession agreements, and we seek to ensure all risks for which insurance coverage is available on commercially reasonable terms. We can offer no assurance that our insurance policies will cover all our liabilities in the event of an accident, natural disaster, terrorist attack or other incident. The insurance market for airport liability coverage generally, and for airport construction in particular, is limited and a change in the coverage policy by the insurance companies involved could reduce our ability to obtain and maintain adequate or cost-effective coverage. For example, insurance alternatives in Armenia are limited, therefore, we could incur in higher costs in obtaining insurance policies as required under the concession.

Similarly, for some of our airports, we do not currently carry business interruption insurance or property insurance against terrorism and related risks. Consequently, any substantial interruption of our business or terrorist attacks could have a material adverse effect in our results of operations and our financial condition.

We are exposed to liability to third parties for injuries or damages.

We are obligated to protect the public and to reduce the risk of accidents at our airports. As with any company dealing with the security of individuals, we must implement measures for the protection of the public, such as hiring private security services, maintaining our airports’ infrastructure and fire safety in public spaces, and providing emergency medical services. These obligations could expose us to liability to third parties for personal injury or property damage and, to the extent not adequately covered by insurance, could adversely affect our financial condition and results of operations.

Most of our operations are in emerging markets.

Our existing concessions are mostly in countries with emerging economies and investing in developing economies generally involves risks. These risks include political, social, and economic events, any of which could impact our operations or the market value of our common shares and have a material adverse effect on our business, financial condition, and results of operations. These risks and instability are caused by many different factors, including the following:

Emerging markets have historically experienced uneven periods of economic growth, as well as recession, periods of high inflation and economic instability. Adverse economic conditions in any of these countries could have a material adverse effect on our business, financial condition, and results of operations.

Some of the countries in which we operate have experienced, or are currently experiencing, high rates of inflation. In an effort to control inflation, governments of these countries often maintain a tight monetary policy with high interest rates, thereby restricting the availability of credit and retarding economic growth. Inflation, measures to combat inflation and public speculation about possible additional actions have also contributed significantly to economic uncertainty in many of these countries and to heightened volatility in their securities markets. Periods of higher inflation may also slow the growth rate of local economies. Inflation is also likely to increase some of our costs and expenses, which we may not be able to fully transfer to our clients, which could adversely affect our operating margins and operating income in some of the emerging markets in which we operate.

Depreciation or fluctuation of the currencies of the countries where we operate could adversely affect our results of operations and financial condition.

Many of the countries where we operate have experienced volatility in the exchange rate of their currency against the U.S. dollar. Because we present our financial statements in U.S. dollars, this volatility may reduce the revenues we report or increase the expenses we report in any given period. These effects may in turn have an adverse effect on the market of our common shares. In addition, because we have a substantial amount of dollar-denominated indebtedness, exchange rate volatility may result in increased debt service costs. Finally, in some instances we receive revenues in a currency different from that in which we pay expenses, in which case currency volatility can affect the profitability of our operations.

We are subject to various environmental laws, regulations and authorizations that affect our operations and may expose us to significant costs, liabilities, obligations, or restrictions.

We, our subconcessionaires and our aeronautical customers are subject to various environmental laws, regulations and authorizations governing, among other things, the generation, use, transportation, management and disposal of hazardous materials, the emission and discharge of hazardous materials into the ground, air or water, and human health and safety. Failure to comply with these environmental requirements, including the terms of our concession agreements, could result in our being subject to litigation, fines, or other sanctions. We could also incur significant capital or other compliance costs relating to such requirements. We could also be held responsible for contamination, human exposure to hazardous materials or other environmental damage at our airports or otherwise related to our operations. Environmental claims have been asserted against us, and additional claims may be asserted against us in the future. See ““Item 88. Financial Information—Consolidated Statements and Other Financial Information—Legal Proceedings—Argentine Proceedings—Environmental Proceedings.” We are unable to determine our potential liability under these pending or possible future claims. We only have environmental insurance coverage for environmental damages at a limited number of our airports.

These environmental requirements, and the enforcement and interpretation thereof, change frequently and have tended to become more stringent over time. Future environmental laws, regulations and authorizations may require us to incur additional costs in order to bring our airports into, and maintain, compliance. Our costs, liabilities, obligations, and restrictions relating to environmental matters could have a material adverse effect on our business, results of operations and financial condition.

We are subject to review by taxing authorities, and an incorrect interpretation by us of tax laws and regulations may have a material adverse effect on us.

Taxes payable by companies in many of the countries in which we operate are substantial and include value-added tax, excise duties, profit taxes, payroll related taxes, property taxes, and other taxes. In certain countries in which we operate, such as Brazil or Argentina, the tax system is highly complex and the interpretation of the tax laws and regulations is commonly controversial, leading to disputes which are sometimes subject to prolonged evaluation periods until a final resolution is reached. In addition, there may be changes that result from enactment of additional tax reforms or changes to the manner in which current tax laws are applied that cannot be quantified and there can be no assurance that any such reforms or changes would not have an adverse effect upon our revenues. For instance, most jurisdictions in which we operate have recently adopted new transfer pricing measures. If tax authorities impose significant additional tax liabilities as a result of transfer pricing adjustments, it could have an adverse effect on us.

Over the past few years, tax administrations around the world have put in place a number of initiatives to facilitate communication and information exchange among each other, have become more rigid in exercising any discretion they may have, and have increased their scrutiny of company tax filings. As partIn this regard, the G20 / OECD Inclusive Framework has been working on addressing a number of tax challenges such as transparency, exchange of information, coherence, and substance, and to this the Organization for Economic Co-operation and Development (OECD)end has proposed a number ofnumerous tax law changes under its Base Erosion and Profit Shifting (BEPS) Action Plans to address issues of transparency, exchange of information, coherence, and substance.Plans. Particularly, in December 2021, the OECD released the Pillar Two model rules (the Global Anti-Base Erosion Proposal, or ‘GloBE’ rules) for a new global minimum tax framework introducing a minimum tax regime for multinationals. At the EU level, the European CommissionCouncil formally adopted the directive implementing Pillar Two and Member States were obliged to transpose the directive into national laws before 31 December 2023 (the five Member States that have not done it within the deadline are now expected to do so soon, as penalties from the CJEU can be imposed). The EU has also adopted a number of Directives (namely, the Anti-Tax Avoidance Directives, or ATAD), which seek to prevent tax avoidance by companies and to ensure that companies pay appropriate taxes in the markets where profits are effectively made, and business is effectively performed.

In establishing a provision for income tax expense and filing returns, we must make judgments and interpretations about the application of these inherently complex tax laws.  laws that may be interpreted differently by the competent tax authorities and courts. For example, applying the GloBE rules and determining the impact are likely to be very complex and pose a number of practical challenges. While disclosing quantitatively the full effect of these laws is realistically not possible at this stage, we believe that they could have an adverse effect on us, as the new rules could result in new taxes and/or additional costs for the Company when complying with the new reporting obligations.

In addition, in some jurisdictions where we operate, the interpretations of tax laws by the taxing authorities are sometimes unpredictable and frequently involve litigation, introducing further uncertainty and risk as to our tax liability. It is also possible that tax authorities in the countries in which we operate will introduce additional revenue raising measures. If the judgment, estimates and assumptions we use in preparing our tax returns are subsequently determined to be incorrect, there could be a material adverse effect on us, which may ultimately affect our revenues. See “Item 8“Item 8. Financial Information—Consolidated Statements and Other Financial Information—Legal Proceedings”Proceedings” and “Item 8“Item 8. Financial Information—Consolidated Statements and Other Financial Information—Legal Proceedings—Argentine Proceedings— Tax Proceedings Related to Technical Assistance Agreements.”

Any of these events occurring, alone or jointly, could lead to an increase of our tax burden and have a material adverse effect on our business, financial condition, results of operations and prospects.

Our acquisition strategy could involve additional risks to us, many of which could have an adverse effect on our business, financial condition, and results of operations.

We continue to examine opportunities to acquire or invest in existing or new concessions that complement or expand our business. These opportunities may involve government-owned entities as well as private sector companies. Any future acquisitions may result in a dilutive issuance of equity securities, incurrence of additional debt, reduction of existing cash balances, amortization of expenses related to goodwill and other intangible assets or other charges to operations. Additional leverage could require us to dedicate cash flow to fund debt service requirements, thus decreasing the funds available to us to finance working capital and business operations generally. All of the foregoing factors could have an adverse effect on our business, financial condition, results of operations or prospects.

Future concession or acquisitions could involve numerous risks, including that we may recognize lower relative operating margins associated with such acquisitions, and we may recognize impairment charges with respect to future acquired assets due to the performance of such assets. Our results of operations may also be affected by the timing of acquisitions, the timing and amount of integration costs related to such acquisitions and the degree to and the rate at which the economic benefits of integration are realized.

Future growth may also place additional demands on our personnel and other resources, including an increased level of responsibility for management. Our ability to manage growth effectively will require us to continue to improve our operational, management and financial systems and controls and to successfully train, motivate and manage our employees. If our management is unable to manage growth effectively, our business could be adversely affected.

Our inability to raise additional financing may limit our operations.

We may have limited ability to incur additional financing for some of our concession agreements, which may entail important consequences for investors, among them (i) limiting our capacity to satisfy our future investment obligations with respect to the airports we operate pursuant to the terms and conditions of our concession agreements, or other capital expenditures required for the operation

We are subject to anti-corruption laws in the jurisdictions in which we operate.

We are subject to and bound by U.S. and foreign anti-corruption laws and regulations, such as the U.S. Foreign Corrupt Practices Act, the Argentine Anticorruption Law of 2018 (Law No. 27,401), the Italian Corruption Law of 2012 (Law No. 190), the Brazil Clean Company Act of 20142013 (Law No. 12,846), the Uruguayan Anticorruption Law of 1998 (Law No. 17.060) and the Criminal Code (Law 9.155) and the Armenia Law on the Committee for Preventing Corruption (Law No. HO-96-N). These anti-corruption laws generally prohibit companies and their intermediaries from making improper payments to local and foreign officials for the purpose of obtaining or keeping business and/or other benefits. Many jurisdictions have recently implemented new anti-corruption laws (such as in the case of Argentina and Brazil) or have broadened the scope of existing anti-corruption laws (such as in the case of Italy).

On January 1, 2018, Peruvian Law No. 30,424 went into effect which introduced corporate liability for criminal offenses related to corruption, money laundering and terrorist financing.

In the United States, in 2022, the SEC proposed extensive rules aimed at enhancing and standardizing climate-related disclosures in an effort to foster greater consistency, comparability and reliability of climate-related information. The rules were adopted on March 6, 2024 and require domestic registrants and foreign private issuers to include certain climate-related information in their registration statements and annual reports, including data regarding greenhouse gas emissions and information regarding climate-related risks and opportunities and related financial impacts, governance, and strategy. The rules established phased-in compliance dates which, in the case of accelerated filers such as us, will start with the annual report for the fiscal year ending on December 31, 2026, to be filed in early 2027. Further, on several challenges against the new SEC climate disclosure rules were consolidated for review by the U.S. Court of Appeals for the Eighth Circuit. Given the recent adoption of the rules and the several challenges against them, we are still uncertain about the ultimate impact of the rules on our business, which, may result in increased legal, accounting and financial compliance costs and make some activities more difficult, time-consuming and costly.

Moreover, the SEC has also announced that it is working on proposals for mandatory disclosure of certain other ESG-related matters, including with respect to board diversity and human capital management. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective. As regulations develop, we will consider the implications for our business of the overlapping global measures, and how they fit together. Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult, increase the risk that we are subject to enforcement, affect the manner in which we or our portfolio companies conduct our businesses, adversely affect our profitability, require us to incur significant additional costs to comply, and impose increased oversight obligations on our management and board of directors. If we do not adapt to or comply with new regulations, or fail to meet evolving investor, industry or stakeholder expectations and concerns regarding ESG issues, investors may reconsider their capital investment in our Company, we may become subject to penalties, and customers and consumers may choose to stop purchasing our services, which could have a material adverse effect on our reputation, business or financial condition.

Risks Related to Argentina and the AA2000 Concession Agreement

The Argentine Government extended the term of the AA2000 Concession Agreement until 2038 subject to our compliance with certain commitments, which if we fail to comply with, could result in the imposition of fines or the termination or revocation of the AA2000 Concession Agreement.

Pursuant to theThe Technical Conditions of the Extension approved by Decree No. 1009/2020 (“Technical Conditions of the Extension”Extension”), AA2000 is obliged to comply with  established the following commitments:commitments to be complied by AA2000:  (i) allocate an amount equal to U.S.$132.0 million (VAT included) as direct investment to complete 2020 and 2021 ongoing works (outstanding amounts from prior works and VAT for works with development trusts, of which around U.S.$55.0 million were already paid by December 31, 2020)(the “2020/2021 Direct Investment Commitment”); (ii) to use its best efforts to obtain the greatest leverage possible, before December 31, 2021, to have an early inflow of up to (a) U.S.$85.0 million in the “Trust Fund for Works of Group A of Airports of the National Airport System” (the “Development Trust”) and (b) U.S.$124.0 million in the “Additional Fund for Substantial Investments in Group A of Airports” (the “Development Trust Leverage Commitment”) (iii) to secure, before March 31, 2022, or, provided that there are justified reasons and subject to ORSNA’s approval, before December 2022, certain level of funds available in an aggregate amount of U.S.$406.5 million (VAT included), which shall be applied to:  (a) works considered as direct investment, to be carried out preferably during 2022/2023 (the “2022/2023 Commitment”) and (b) the redemption of preferred shares of the Argentine Government to be performed by AA2000 before March 31, 2022;2022 (the “Redemption of the Preferred Shares Commitment”, and jointly with the 2022/2023 Commitment, the “Availability of Funds Commitment”); and (iv) to make direct investments for U.S.$200.0 million (VAT included), between the years 2024 and 2027, at an annual average of U.S.$50.0 million (VAT included), in addition to any direct investment balance carried forward from the 2021/2023 period.period (the “2024-2027 Commitment). With respect to the capital expenditures to be performed under the 2022/2023 Commitment and the 2024-2027 Commitment, Resolution No. 60/ 2021 of the ORSNA established that AA2000’s capital expenditures under the Technical Conditions of the Extension amount to approximately U.S.$500 million plus VAT, to be performed in two phases: (i) phase 1, approximately U.S.$336 million plus VAT to be performed preferably in 2022 and 2023 (the “Phase 1 Commitment”), and (ii) phase 2, annual investments of approximately U.S.$41 million plus VAT between 2024 and 2027, for a total of approximately U.S.$164 million plus VAT (the “Phase 2 Commitment”). The financial projection of income and expenses attached to the Technical Conditions of the Extension include the estimated dates in which the referred commitments and capital expenditures would need to be performed.

In September As of the date of this annual report, AA2000 has fully complied with the 2020/2021 the ORSNA extended until December 2022 the financial obligationsDirect Investment Commitment and the availabilityAvailability of fundsFunds Commitment. Regarding this latter commitment, originally established for Marchon May 10, 2022, (mentionedORSNA issued Note No. NO-2022-46520010-APN-ORSNA through which it confirmed that AA2000 had fulfilled the Availability of Funds Commitment in point (iii) above) based on the material adverse effects that the COVID-19 pandemic has had on air traffic, provided AA2000 may not pay dividends until it secures such availability of funds.

However, in case international passenger traffic in 2022 does not reach at least 80% of the traffic registered in 2019, the ORSNA will request AA2000 an availability fund commitmentamount of U.S.$406.5 million for its application to the Mandatory Capex Program (including the Redemption of the Preferred Shares Commitment performed in March 2022).

With respect to the Development Trust Leverage Commitment, in December 2022 and January 2023, AA2000 informed the ORSNA that it had complied with its best efforts obligation under this commitment. On May 22, 2023, in response to the filing made by AA2000, the ORSNA took note of the best efforts performed by AA2000 in compliance with the Development Trust Leverage Commitment and requested to AA2000 its collaboration so that, if the ORSNA deems it appropriate and the financial landscape improves, other financing options for the Development Trust may be sought. In light of this, on May 23, 2023, AA2000 expressed its agreement to fully collaborate with the ORSNA to that end.

Regarding the Phase 1 Commitment, the Company is currently executing the infrastructure works in the terms provided by the time our revenues are equalTechnical Conditions of the Extension and Resolution No. 60/2021, while the Phase 2 Commitment is pending. With respect to those foreseen in the Financial ProjectionsPhase 1 Commitment,  on February 5, 2024, AA2000 informed the ORSNA about the status of Income and Expenses for March 2022 and, in such a case, the financial commitment mentioned in point (iii) above shall be considered satisfied by filing byreferred commitments as of December 31, 2022 any2023.  Works amounting to U.S.$262.1 million (VAT included) have been initiated, of which U.S.$190.3 million (VAT included) have been executed.  Considering the amount utilized for the Redemption of the following items:

On the other hand, in case international passenger traffic in 2022 exceeds at least 80%total amount committed under the Phase 1 Commitment amounts to U.S.$436.3 million (VAT included), which surpasses the required commitment amount for this phase  (U.S.$336 million). As of the traffic registered in 2019, the financial commitment mentioned in point (iii) above shall be considered satisfied by filing by December 31, 2022 anydate of this report, U.S.$364.5 million (VAT included) (out of the items listed above.U.S.$436.3 million (VAT included) committed) have been executed.  As of the date of this annual report, the ORSNA has not issued a response to the filing made by AA2000.

FailureAs of the date of this annual report, AA2000 has substantially complied with the commitments under the Technical Conditions of the Extension. However, failure to fully comply with thesethe pending commitments (in particular, the Phase 2 Commitment) could result in the imposition of fines or the termination or revocation of the AA2000 Concession Agreement.  In addition, we cannot assure that we will be able to fully comply with AA2000’s obligations under the Technical Conditions of the Extension in case we are not able to obtain the financing we need to achieve these commitments. See “Item 3 Key Information—Risk Factors—Risks Related to Argentina and the AA2000 Concession Agreement—Lack of financing alternatives may adversely impact AA2000’s ability to comply with the commitments under the Technical Conditions of the Extension to the AA2000 Concession Agreement.”

The ORSNA may adjust the fees we charge for aeronautical services, the payments we are required to make to the Argentine Government and our investment plan in a way that is detrimental to us or fail to adjust them to restore the AA2000 Concession Agreement’s economic equilibrium.

Under the AA2000 Concession Agreement, the ORSNA is required to conduct an annual review annuallyof AA2000’s financial projections and, if necessary, to re-establish economic equilibrium by adjusting (i) the fees we charge airlines and passengers for aeronautical services, (ii) certain payments we make to the Argentine Government pursuant to the AA2000 Concession Agreement, and/or (iii) our investment obligations.  Effective January 1, 2020, the ORSNA, through Resolution No. 93/2019, increased the fees we may charge to international passengers from U.S.$49.00 to U.S.$51.00 and the fees we may charge to domestic passengers from AR$74.33 to AR$195.00.  Furthermore, onOn January 13, 2021, the ORSNA, through Resolution No. 4/2021, increased the fees that AA2000 may charge to international passengers from U.S.$51.00 to U.S.$57.00.  In addition, on December 29, 2021,2022, the ORSNA issued Resolution No. 483/202198/2022 by virtue of which established: ana new increase from $419of the use fee charged to $614 in the domestic passengerpassengers was approved, establishing a use fee for travelers departing from AA2000 airports, for flightsof AR$1,100 effective as of March 1, 2022.

January 2023.  In November 2023, the ORSNA issued Resolution No. 84/2023 by virtue of which a new increase of the use fee charged to domestic passengers was approved, establishing a use fee of AR$2,540 for Category I airports, AR$1,771 for Category II airports and AR$1,551 for Categories III and IV airports, effective as of January 2024.  If the ORSNA applies adjustments to the Specific Allocation of Revenues and to the fees we may charge or that we must pay under the AA2000 Concession Agreement in a way that is detrimental to us, or if the ORSNA fails to adjust such fees in order to restore the AA2000 Concession Agreement’s economic equilibrium, or if the ORSNA seeks to modify our rights under the AA2000 Concession Agreement, any of such actions or if the criteria for the calculation of the dividends paidfailures to holders of preferred shares, adjusted by inflation, is confirmed, itact may have a material adverse effect on our business, financial condition and results of operations.

If the ORSNA does not approve the capital expenditures already made under the AA2000 Concession Agreement, we would be required to make additional capital expenditures, which may affect our cash flows and financial condition.

The ORSNA reviews our capital expenditures to monitor our compliance with the investment plan under the AA2000 Concession Agreement, and to determine whether it can record such expenditures in the registry maintained by the ORSNA.  If a capital expenditure is approved by the ORSNA, it is then entered into its registry.  The ORSNA only approves investments that are supported by a certificate that reflects the completion of the relevant works and does not approve the investments made in connection with the start of the works.

Accordingly, we may record capital expenditures during a period that has not yet been (and may never be) approved by the ORSNA. If the ORSNA does not approve our capital expenditures under the investment plan of the AA2000 Concession Agreement, we will be required to make additional capital expenditures.  This may require us to obtain additional financing, which we may not be able to obtain on terms favorable to us, or at all.  Our capital expenditures for the years ended December 31, 2023, 2022, 2021, 200202020, 2019 and 2019,2018 are currently under review by the ORSNA.  See “Argentina—Our Airports in Argentina—The AA2000 Concession Agreement—Economic Equilibrium.”

The emergency declared byPolitical events occurring, and political measures taken, in Argentina could affect the Public Emergency Lawcountry’s economy in general, and the new measures implemented by the Argentine Government could adversely affect our results of operations.aeronautical sector in particular.

OnSince taking office, the new government has announced various significant economic and political reforms.  In this regard, on December 20, 2019, the Argentine National Congress enacted the “Law of Social Solidarity and Productive Reactivation21, 2023, Urgency Decree No. 70/2023 (the “Decree 70/2023”) was published in the Framework of Public Emergency” (the “Public Emergency Law”)Official Gazette, declaring a state of public emergency in economic, financial, fiscal, administrative, social security, tariff, energy,tariffs, health and social matters delegating broad powersuntil December 31, 2025.  Decree 70/2023 aims to lay the Executive Powergroundwork for a profound state reform, including the privatization of numerous state-owned enterprises.  To this end, Decree 70/2023 repeals several laws related to ensurestate intervention in the sustainabilityeconomy, such as the “Gondolas” Law No. 27,545 (and its amendments), the Supply Law No. 20,680 (and its amendments), Observatory of public debt, regulate addressPrices Law No. 26,992 (and its amendments), and State Enterprises Law No. 20,075 (and its amendments), with the energy system through a renegotiationgoal of liberalizing trade, services, and industry, and eliminating restrictions on the supply of goods and services which distort market prices.

In this line, Decree 70/2023 contemplates significant changes for the country’s aeronautical policy with the objective of further developing the aeronautical industry and promoting free competition in the market.  See “Argentina—Our Airports in Argentina—Aeronautical Policy.”

Furthermore, Decree 70/2023 amends various legal frameworks, including the Civil and Commercial Code of the current comprehensive rate review and reorderNation, reinforcing freedom of contract, the regulatory entitiesprinciple of the energy system, among others. Such law modified the personal property tax, increasing its rate and empowered the Executive Power to set higher rates for financial assets located abroad.

As of the date of this annual report, it is not possible to foresee the impact of this law or the measures that could be adopted by the Argentine Governmentparty autonomy, and the effect that, withinlegality and enforceability of contracts in foreign currency; the frameworkCustoms Code, liberalizing foreign trade; the Labor Contract Law, flexibilizing individual and collective labor relations; the health system, facilitating the hiring of social works and prepaid health services; and the Public Emergency Law. Such measures could have oncredit card regime, eliminating the Argentine economycaps applicable to fees and on Argentina’s ability to meet its financial obligations, which could adversely affect our business, financial condition, and results of operations. Furthermore, we cannot assure you that economic, regulatory, social, political and health events in Argentina will not affect our business, financial condition or result of operations.

The results of the legislative mid-term elections generate uncertainty in the Argentine economic and political landscape and, consequently, in our business.

In the mid-term legislative elections that took place on November 14, 2021, the main opposition party obtained 42.38% of the votes, while the ruling party obtained 32.93% of the votes.interest rates.

As a resultDecree 70/2023 came into effect on December 29, 2023.  However, in accordance with the provisions of such elections,Law No. 26,122, the ruling party lost controlPermanent Bicameral Commission of the Senate, where it had enough seatsCongress must submit a report to reacheach chamber of congress regarding the required quorum for holding assemblies, and lost controlvalidity or invalidity of the first minorityDecree 70/2023, assessing the decree’s compliance with the constitutionally established, formal and substantial requirements for its issuance within 10 days. Once this term has expired, if the Bicameral Commission has not issued an opinion, the Chambers of Deputies and Senators may deal with the DNU directly. With the deadline met, on March 14, 2024, Decree 70/2023 was rejected by the Senate. However, in accordance with Law No. 26,122, Decree 70/2023 will only become ineffective if it is expressly rejected by both legislative chambers. To the date of this annual report, the Chamber of Deputies. On December 10, 2021,Deputies has not set a date for deliberating on the newly elected deputies and senators took their oaths, and thus are now holding seats in their respective chambers.approval or rejection of Decree 70/2023.

Additionally, provincial and municipal legislative elections also took place. In addition, since its issuance by the Executive Branch, Decree 70/2023 has faced numerous challenges regarding its constitutionality, leading to the filing of several districts,injunctions before the national ruling party lost, facing crushing results against the opposition alliance.

The impact of the electionslabor courts and the effect they may have on the Argentine economic and political landscape is uncertain. On the other hand, we cannot guarantee that the current programs and policies that apply to the aeronautical sector both at the provincial and national levels will continue in force in the future. In addition, we cannot make any assurance that the economic, regulatory, social, and political development of Argentina after the elections will not affect our business, financial conditions, or results of operations.

The restrictions applicable to AA2000 as beneficiary of the Emergency Assistance Program for Work and Production (“Programa de Asistencia de Emergencia al Trabajo y la Producción – ATP”) and the Productive Recovery Program II (Repro II) prevent AA2000 from distributing dividends, performing blue chip swap transactions, and increasing the fees of the members of their board,federal courts, among other limitations.

To mitigate the economic impact caused by the sanitary emergency and the outbreak of the COVID-19 pandemic, through Decree No. 332/2020 (as amended and supplemented), the Argentine Government established the Emergency Assistance Program for Work and Production (“Programa de Asistencia de Emergencia al Trabajo y la Producción – ATP”) providing a series of benefits to those companies that have been affected by the health emergency.others.  As of the date of this annual report, AA2000 is a beneficiary undersome of these injunctions have been accepted by the referred programrelevant courts, and received as from April 2020 a reduction in social charges.

various precautionary measures with diverse effects and scopes have been granted.  For example, the Confederación General del Trabajo (“CGT” for its Spanish acronym) and the Central de Trabajadores y Trabajadoras de Argentina (“CTA” for its Spanish acronym) requested the suspension of the applicability of Title IV “Labor” of Decree 70/2023.  Both injunctions were granted by the Chamber of Labor Appeals.  Additionally, the Argentinian revenue service (“AdministraciónNational Chamber of Appeals in Civil and Commercial Federal de Ingresos Públicos – “AFIP”) has approvedaccepted an action filed against Decree 70/2023, as a collective injunction.  In that case, the grantingclaimant seeks to maintain the validity of sections 5, g) and 17 of Law 26,682/2011, linked to the price of the Compensatory Allocationinstallments of prepaid medicine contracts.  As to the Salary, as detailed in Decree 332/2020, article 2, paragraph b) (as amended and supplemented), fordate of this report, no measure has been issued yet.  Furthermore, the monthsProvince of April to December 2020, partially coveringLa Rioja requested before the wagesSupreme Court the issuance of a partprecautionary measure suspending the effects of Decree 70/2023 and instructing the Executive Branch not to apply any of its provisions until the definitive resolution of the employees.

As of January 2021, the AFIP has approved through the Productive Recovery Program II (REPRO II) the granting of an individual and fixed sum of money that is paid to employees on accountpresent case, which, as of the paymentdate of salaries.this annual report, has not been granted.

Simultaneously, through Decree 76/2023, the Executive Branch convened extraordinary legislative sessions to address, among other issues, an omnibus bill “Bases y Puntos de Partida para la Libertad de los Argentinos” which proposes to deepen the reforms introduced by Decree 70/2023.  In this context, it reaffirms the declaration of the state of public emergency until December 31, 2025, extendable by the Executive Branch for two additional years.  Likewise, during the emergency, the project proposes the delegation of legislative powers to the Executive Branch, in accordance with article 76 of the National Constitution.  Similar to Decree 70/2023, the bill proposes a comprehensive reform of the state and a strong deregulation of the economy.  As of the date of this annual report, AA2000 is also a beneficiarythe bill has not been passed by the Congress.

As of the date of this program.

According to Decree No. 332/2020 (as amendedannual report, there is uncertainty regarding the impact that these measures and supplemented) and AFIP’s regulations applicable to the Productive Recovery Program II, certain restrictions are applicable to AA2000 as beneficiary of those programs., As a consequence, during the fiscal year in which the benefit was granted plus 24 months as from the endany other future measures of the relevant fiscal year AA2000 isnew government may have on the Argentine economy in general and on the aeronautical and infrastructure sectors in particular.  We believe that the effect of economic liberalization will be positive for the country’s business environment, but we cannot predict such effects with certainty.

Several measures proposed by the new government have generated political and social unrest, which may hinder the new administration from implementing these measures as proposed.  Since the ruling party does not allowed to: (i) distribute dividends; (ii) repurchase shares directly or indirectly; (iii) perform blue chip swap transactions settled locallyhave its own quorum in foreign currency or by transferringeither chamber of Congress, the securitiesnew government will need to seek alliances and political support from other parties, to obtain approval for their settlement in a custody account abroad; and (iv) perform payments ofits proposals.  This increases uncertainty regarding the new government’s ability to approve any kind in favor of entities or individuals directly or indirectly relatedmeasures it intends to implement.

The political uncertainty as well as the beneficiaries whose residence, location or domicile is in a non-cooperative jurisdiction.

In addition, the regulationsconsequences of the Emergency Assistance Program for Work and Production (“Programa de Asistencia de Emergencia al Trabajo y la Producción – ATP”) establish thatnew policies adopted in Argentina concerning the fees, advances, or salaries payable to the members of AA2000’s board cannot be increased in an amount exceeding 5.00% of their current fees, advances or salaries. This limitation is also applicable to additional payments, bonuses and fees based on the achievement of results.

Failure to comply with the limitations detailed aboveArgentine economy could adversely affect our operating results in the expiration of the benefits with the consequent obligation of AA2000 to make the corresponding refunds to the Argentine Government which, in turn, may have an adverse impact onArgentina, and, consequently, our results of operations and financial situationposition.

Our operations in Argentina depend on macroeconomic conditions in Argentina.

Our business and financial results in Argentina depend to a significant degree on macroeconomic, political, regulatory, and social conditions therein.  The Argentine economy has experienced significant volatility in recent decades, characterized by periods of low or negative growth, high levels of inflation and currency devaluation, and may experience further volatility in the future.

Over the last years, Argentina has experienced a period of severe political, economic, and social crises, which have caused a significant economic contraction and have led to radical changes in government policies.  Among other things, the crises resulted in Argentina defaulting

The former administration adopted several economic and policy reforms aimed to stabilizeat stabilizing the economy.  For instance, on June 7, 2018, the Argentine Government entered into a U.S.$50 billion, 36-month Stand-By Arrangement with the IMF, which was approved by the IMF’s Executive Board on June 20, 2018. On September 26, 2018, the Argentine Government agreed with the IMF to increase the total amount available under the Stand-By Agreement from U.S.$50 billion to U.S.$57.1 billion. Asas of the date of this annual report, the Argentine Government has drawn approximatelyentered into a Stand By Agreement with the International Monetary Fund (“IMF”) for an aggregate outstanding amount of U.S.$44.140.6 billion. The Stand-By Arrangement

In March 2023, continuing with the restructuring of the Argentine Government debt, the Ministry of Economy announced a new exchange of bonds and Treasury bills denominated in Argentine pesos with maturities in the short term, which obtained a 64% support.

In June 2023, the renewal of the currency swap between China and Argentina was finalized and a gradual extension to U.S.$10 billion was agreed.  In July 2023, the Andean Development Corporation (“CAF”) approved a bridge loan to Argentina in the amount of U.S.$1.0 billion to cover the debt until the IMF board approves the refinancing of the program.

In August 2023, the government announced that Qatar granted a special drawing rights loan to Argentina for the equivalent of U.S.$770 million. In addition, Argentina obtained approval of the fifth and sixth reviews of the agreement signed with the IMF was intendedfor a U.S.$7.5 billion disbursement.  The new administration made a first payment for U.S.$960 million to among other things, halt the significant depreciationIMF through a loan granted by the Development Bank of Latin America.  Notwithstanding the foregoing, the new Minister of Economy, Luis Caputo, announced that he intends to renegotiate the terms of the peso during the first half of 2018. However, between July 2, 2018 and January 1, 2020, the Argentine peso suffered a devaluation against the U.S. dollar of 110% (AR$28.7 per U.S.$ dollar in July 2018 to AR$60.3 per U.S.$ dollar) according to the Argentine Central Bank.

During first three quarters of 2020, the Argentine Government successfully restructured over 98% of its sovereign debt issued in pesos and in foreign currency. Also, it has extended the maturity of the debt contractedagreement with the Paris’ Club, until March 2022.IMF.

On January 28, 2022, the Argentine Government reached a preliminary understanding with the IMF to refinance the Stand-By Arrangement, providing the basis for the definitive refinancing agreement. The preliminary understanding statesAlthough these restructuring and reprofiling processes have been successful, it cannot be assured that Argentina will be bound by new covenants and certain fiscal and economic goals, and thatable to comply with the IMF will grant Argentina a new loan in several disbursements, in ordercommitments assumed with these creditors within the framework of such processes.  It is also not possible to repayassure what the outstanding installmentsforeign policy of the Stand-By Arrangement. Disbursements to be made by the IMF under such new loanadministration will be, conditioned to Argentine performanceor what relations with the creditors and foreign investors of the covenants and fiscal and economic goals to be set in the definitive refinancing agreement. As of the date of this annual report, the Argentine Government and the IMF are working on the final terms of the definitive refinancing agreement, which then have to be approved by the Argentina Congress.

country will look like.  Under such terms, if the Argentine Government failesfails to comply with the agreed covenants and fiscal and economic goals, or if the final refinancing agreements is not passed by the Argentine Congress, Argentina might be inonce again fall into default and, in turn, the country’s financial and economic situation might be adversely affected.

VolatilityThe aeronautical policy reforms proposed by the Decree 70/2023 may affect our business and result of operations.

Decree 70/2023 introduces significant changes to the aeronautical policy of the country and attempts to develop the aeronautical industry and promote free competition in the Argentine economy and measures takenmarket.  The main changes provided by Decree 70/2023 are the following:

Additionally, the amendments proposed by Decree 70/2023 require further regulation by the Argentine Government had,ANAC (as defined herein), the Secretary of Transportation and are expected to continue to have, a significant impact on us. A decline in economic growth, increased economic instabilityother regulatory bodies.  We cannot predict what such further regulation may entail.  As of the date of this annual report, we cannot predict how the changes proposed by Decree 70/2023 or an expansion of economic policies and measures taken byhow further regulation from the Argentine Government to control inflation or address other macroeconomic developments thataeronautical regulatory bodies may affect private sector entities such as us—all developments over which we have no control—could have an adverse effect on our business financial condition, orand our results of operations.

Regarding the potential repeal by Congress of Decree 70/2023, please see “Item 3. Key Information—Risk Factors—Risks Related to Argentina and the AA2000 Concession Agreement—Political events and political measures taken in Argentina could affect the country’s economy and the aeronautical sector in particular.”

The emergency declared by Decree 70/2023 and the new measures that the new administration might implement, could adversely affect our business and result of operations.

The emergency declared by Decree 70/2023 is intended to stabilize the economy, achieve significant deregulation of economic activity and minimize government intervention.  As of the date of this annual report, we cannot predict the impact of the measures that may be adopted under the state of emergency either at the federal or provincial level, or the effect that such measures may have on the Argentine economy and Argentina’s ability to meet its financial obligations, which could adversely affect our business, financial condition and results of operations.  In addition, to the measures adopted to alleviate the effects of the pandemic caused by COVID-19, the Argentine Government announced and implemented severalwe can give no assurance that economic, regulatory, social and political reforms, including, without limitation,developments in Argentina will not affect our business, financial condition or results of operations. Regarding the following:

As of the date of this annual report, AA2000 hassubject to certain requirements, the BCRA regulations grant access to the MLC to repay principal or interest (at maturity) on foreign financial indebtedness as well as new commercial debt corresponding to imports of goods and services incurred from December 13, 2023, provided that advance payments are subject to BCRA’s prior clearance, unless certain exceptions are met.  In turn, the stock of commercial debt corresponding to imports of goods and services is subject to BCRA’s prior clearance, unless certain exceptions are met.  Similarly, the BCRA designed a scheme of issuance of dollar-denominated notes (“BOPREAL”) with the intention to regularize the significant level of outstanding commercial debt owed by Argentine Foreign Exchange Marketimporters (which as of January 24, 2024 amounted to U.S.$.42.6 billion).  On January 31, 2024, the allocation of BOPREAL Series 1 was completed, reaching the maximum available amount for this series of U.S.$5.0 billion.  AA2000 had subscribed an aggregate amount of U.S.$1,083,470 of BOPREAL Series 1.  Additionally, on February 22, 2024, the allocation of BOPREAL Series 2 was also completed, reaching the maximum amount of U.S.$2.0 billion offered under this Series.  The offering of BOPREAL Series 3 is currently ongoing, which has an offering maximum amount of up to U.S.$3.0 billion.

In addition, the BCRA issued regulations allowing micro, small and medium enterprises registering outstanding commercial debt for an amount less than or equal to U.S.$500,000 to access the MLC to cancel their debts with foreign suppliers according to a schedule to access the MLC subject to certain caps and maximum amounts.  The BCRA also established that this micro, small and medium enterprises will have priority to subscribe the BOPREAL Series 2.

There can be no assurance that the BCRA or other government agencies will not increase or relax such controls or restrictions, make paymentsmodifications to these regulations, impose mandatory refinancing plans related to our indebtedness payable in full to: (i)foreign currency (as established in the holderspast), establish more severe restrictions on currency exchange, or maintain the current foreign exchange regime or create multiple exchange rates for different types of transactions, substantially modifying the Argentine Notes who did notapplicable exchange their notes underrate at which we acquire currency to service our outstanding liabilities denominated in currencies other than the exchange offer completed in 2020 and 2021 (“Item 5 Operating and Financial review and Prospects—Liquidity and Capital Resources—Indebtedness—Exchange Offer to Argentine Notes”) (ii) the 8.500% Class I Series 2021 Additional Senior Secured Notes due 2031 and the 9.500% Senior Secured Notes due 2028 and (iii) the 2019 Offshore Credit Facility Agreement,Peso, all of which was restructured in ordercould affect our ability to comply with our financial obligations when due, raise capital, refinance our debt at maturity, obtain financing, execute our capital expenditure plans, and/or undermine our ability to pay dividends to foreign shareholders.  Consequently, these exchange controls and restrictions could materially adversely affect the limitations provided for under Communication “A” 7106. If term is not further extended, new regulations with similar effects could be issued. In such a case, refinancingArgentine economy and our business, financial condition and results of the obligations of AA2000 may be required which could impact AA2000’s financial situation.operations.

Government measures, as well as pressure from labor unions, could require salary increases or additional employee benefits, all of which could increase companies’ operating costs.

Most industrial and commercial activities in Argentina are regulated by specific collective bargaining agreements that group together companies according to industry sectors and trade unions.  Argentine employers, both in the public and private sectors, have experienced significant pressure from their employees and labor organizations to increase wages and to provide additional employee benefits.  Due to the high levels of inflation, employees and labor organizations are demanding wage increases.  In the past, the Argentine Government passedenacted laws, regulations and decrees requiring companies in the private sector to maintain minimum wage levels and to provide specified benefits to employees.  Pursuant to Resolution No. 11/202115/2023 of the National Council for Employment, Productivity and the Minimum Adjustable Wage, (“Resolution 11/2021”), issued on September 27, 2021,29, 2023, the adjustable minimum wage was increased as follows:  (i) from September 1, 2021, to September 30, 2021, to AR$31,104; (ii) fromon October 1, 2021,2023, to January 31, 2022, AR$32,000;132,000; (ii) in November 2023, to AR$146,00061,953; and (iii) after February 1, 2022,in December 2023, to AR$33,000 As of the date of this annual report, the minimum monthly salary of private employees156,000 (minimum amount to be maintained until a new update is AR$33.000.approved).

In the future, the Argentine Government could take new measures requiring salary increases or additional employee benefits, and the labor force and labor unions may pressuredemand employers to implement those measures.  Increases in wages or employee benefits could result in added costs and adversely affect our results of operations in Argentina.

The Argentine economy could be adversely affected by economic developments in other global markets and by more general “contagion”“contagion” effects.

Argentina’s economy is vulnerable to external shocks that could be caused by adverse developments affecting its principal trading partners.  A significant decline in the economic growth of any of Argentina’s major trading partners (including Brazil, the European Union, China, and the United States) could have a material adverse impact on Argentina’s balance of trade and adversely affect Argentina’s economic growth.

The current effects ofArgentine economy continues to be vulnerable to external shocks that may be generated by adverse events in the COVID-19 pandemic which has had significant impacts on Argentina’s main trading partners is likely to further affectregion or globally.

Changes in social, political, regulatory, or economic conditions in Argentina. The declining demand for Argentine exports couldArgentina’s principal trading partners or in foreign trade laws or policies may generate uncertainty in international markets and have a material adversenegative effect on Argentina’s economic growth.standalone economies, including the Argentine economy, which may, in turn, have a negative impact on our operations.

Global economic conditions may also result in depreciation of regional currencies and exchange rates, including the Argentine peso, which would likely also cause volatility in Argentina.  The effect of global economic conditions on Argentina could reduce exports and foreign direct investment, resulting in a decline in tax revenues and a restriction on access to the international capital markets, which could, adversely affect our business, financial condition, and results of operations.  A new global economic and/or financial crisis or the effects of deterioration in the current international context, could affect the Argentine economy and, consequently, our results of operations and financial condition.

Significant fluctuation in the value of the Argentine peso may adversely affect the Argentine economy as well as our financial condition and results of operations.

The Argentine peso has suffered significant declines against the U.S. dollar and has continuedmay continue to declinesuffer devaluation against the U.S. dollar.  Despite the positive effects of the decline of the Argentine peso on the competitiveness of certain sectors of the Argentine economy, it can also have far-reaching negative impacts on the Argentine economy and on businesses and individuals’ financial condition.

After several years of relatively moderate variations inExchange rate uncertainty intensified during the nominal exchange, the Argentine peso depreciated 58.4% against the U.S. dollar in 2019, 40.5% in 2020 and 22,6% in 2021.electoral scenario.  After the preliminary presidentialprimary elections in which former president Macri was defeated by current president, Fernandez, a significant20% depreciation of the peso against the U.S. dollar took place.  In orderAmong its first measures, the new administration implemented a devaluation of the peso against the U.S. dollar of around 118% approximately (from AR$366 per U.S.$1 to stabilizeAR$800 per U.S.$1.00) aiming to reduce the local currency,significant gap between the Argentine Government reestablished foreignofficial exchange restrictions from September 2019. See “Item 5 Operatingrate and Financial Review and Prospects—Liquidity and Capital Resources—Argentina Foreign Exchange Regulations.” The current administration has maintained and issued additional regulations in orderthe implicit exchange rate applicable to discourage the acquisition ofblue-chip swap transactions (the alternative mechanism to outflow foreign currency abroad) which by local residentsthe time the new administration took office was around 157,6% and companies. was reduced to 50% as of January 31, 2024.

As of January 7, 2022,December 31, 2023, the official exchange rate was AR$105.68808.45 to U.S.$1.00.  A significant increase in the value of the peso against the U.S. dollar also presents risks to the Argentine economy.  If the peso continues to depreciate, all of the negative effects on the Argentine economy related to such depreciation could resurface. Moreover, itresurface, which could result in a material adverse effect on our financial condition and results of operations due to our financial commitments in U.S. dollars.  A significant real appreciation of the peso would adversely affect exports, which could have a negative effect on GDP growth and employment, as well as reduce Argentine public sector revenues by reducing tax collection in real terms, given its high dependence on taxes and exports.

A significant further depreciation of the peso against the U.S. dollar could have an adverse effect on the ability of Argentine companies to make timely payments on their debts denominated in or indexed or otherwise connected to a foreign currency, generate very high inflation rates, reduce real salaries significantly, and have an adverse effect on companies focused on the domestic market, such as public utilities and the financial industry.  Such potential depreciation could also adversely affect the Argentine Government’s capacity to honor its foreign debt, which could affect AA2000’s capacity to meet obligations denominated in a foreign currency, which, in turn, could have an adverse effect on our financial condition and results of operations.

International and regional passenger use fees are denominated in U.S. dollars and are payable in both U.S. dollars and Argentine pesos.  Currency exchange rate volatility directly affects conversions of U.S. dollars into Argentine pesos.  Any appreciation in the value of the Argentine peso against the U.S. dollar may reduce our cash flows.  Conversely, any depreciation in the value of the Argentine peso against the U.S. dollar may increase our cash flows.

The overall cost increase of international travel as a result of fluctuations in currency exchange rates could potentially lead to decreased passenger traffic volume as a result of increases in travel costs.  A large decrease in the value of a particular foreign currency

Risks Related to Our Other Principal Operations and Other Principal Markets in Which We Operate

Italy

If the approval process from local and national authorities of the master plan for the Florence Airport is further delayed, our financial results from the operation of such airport willcould be negatively impacted.

Under the currentThe master plan for the Florence Airport, we are planning to complete certain construction and renovation works. Prior to commencement of such works, we require technical, environmental impact study and urban planning approvals, among others, to be grantedperiod 2014 through 2029 was approved by local and national authorities. The approval process is taking longer than initially anticipated and therefore, completionthe Italian Civil Aviation Authority (“ENAC” for its Italian acronym) in November 2015, by the Italian Ministry of the projects is also being delayed.

On February 6, 2019, we obtained a favorable opinion regarding the compliance of the works performedEnvironment in connection with the urban planning. Upon this opinion, the administrative procedure (Conference of Services) related to the Master Plan 2014-2029 of the Florence airport was closed. On April 16, 2019,December 2017 and by the Italian Ministry of Infrastructures and Transport issued a decree whereby the administrative procedure was closed.in April 2019.  However, on May 27, 2019, upon request of certain institutions, associationsthe Environmental Association (Associazione VAS Vita Ambiente) and companies,other local municipalities, such approval was repealed through judgment No. 793.  On July 25, 2019, TA, jointly with the Italian Ministry of InfrastructuresEnvironment, ENAC and Transport suspended the effects ofother authorities, appealed such decree. Likewise, some other institutions, associations and companies

Article 2 of the Decree of the President of the Italian RepublicCouncil of Ministers No. 85180 of March 25, 2014December 23, 2020, has identified airports as “strategic assets.”  Therefore, the Italian Airports are subject to these Decrees.

As a result, our ability to enter into certain commercial transactions may be further restricted by the Italian Government’s decision to exercise its Golden Powers with respect to the management of strategic transport assets in Italy.  This may limit our ability, as TA’s shareholder, to benefit from the proceeds of certain proposed asset sales or acquisitions or business combinations and may limit our shareholder’s ability to benefit from possible premiums connected to a proposed change in control transaction or tender offer.

If the Italian Government exercises these Golden Powers in the future with respect to any transaction involving, directly or indirectly, TA and/or the Italian Airports, such exercise could have a material adverse effect on our business, financial condition, results of operations or prospects in the future.

However, it should be noted that in 2023 the operation (still ongoing) regarding the new financing for investments in the Pisa Airport and the refinancing of previous TA’s debts was submitted to the Italian Government.  The Italian Government gave its consent for these transactions.

Coordinating compliance with regulatory obligations may strain our resources and divert management’s attention.

TA is listed on the Milan Stock Exchange.  As a public company, TA is subject to the reporting requirements of local regulations in Italy and other applicable securities rules and regulations.  Compliance with these rules and regulations involves legal and financial

We expect to incur losses in our Brasilia Airport for the next several years due to the accretion of the financial liability recognized as a result of the committed fixed concession fee committed.fee.

Under the Brazilian Concession Agreements for the operation of the Brasilia Airport, and the Natal Airport (as defined below), we are obligated to pay an annual fixed concession fee which is adjusted by inflation.  Initially, we recognized this contractual obligation as a financial liability at fair value in acquisition accounting.  Following a revision of the interest rate of discount, we now measure the liability at an amortized cost utilizing a discount rate of 6.81% (real), which is the regulatory WACCweighted average cost of capital (“WACC”) applicable at the time we entered into the Brasilia Concession Agreement.  Any change in the current discount rate used to discount the estimated cash outflows, as well as an increase in the liability that reflects the passage of time (also referred to as the unwinding of a discount or accretion) is recognized as expense, period over period.  During the years ended December 31, 2022, 2021 2020 and 2019,2020, we recognized losses of U.S.$108.8101.2 million,

The recent economic instability in Brazil has contributed to a decline in market confidence in the Brazilian economy as well as to a deteriorating political environment.  In addition, various ongoing investigations into allegations of money laundering and corruption being conducted by the Office of the Brazilian Federal Prosecutor, including the Car Wash Affair, have negatively affected the Brazilian economy and political environment.  Members of the Brazilian Government as well as senior officers of large state-owned companies have faced or are currently facing allegations of corruption and money laundering as a result of the Car Wash Affair.  These individuals are alleged to have accepted and/or offered bribes by means of kickbacks on contracts granted by the Brazilian Government to several infrastructures, oil and gas and construction companies.  These kickbacks allegedly financed the political campaigns of political parties forming the previous government’s coalition that was led by former President Dilma Rousseff, which funds were unaccounted for or not publicly disclosed.

Exchange rate instability may have adverse effects on the Brazilian economy and our results of operations.

The Brazilian currency has been historically volatile and has been devalued frequently over the past three decades.  Throughout this period, the Brazilian Government has implemented various economic plans and used various exchange rate policies, including sudden devaluations, periodic mini devaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange rate markets and a floating exchange rate system.  Although long-term depreciation of the Brazilian real is generally linked to the rate of inflation in Brazil, depreciation of the Brazilian real occurring over shorter periods of time has resulted in significant variations in the exchange rate between the Brazilian real, the U.S. dollar and other currencies.  The Brazilian real/U.S. dollar exchange rate reported by the Brazilian Central Bank was R$4.0304 per U.S. dollar on December 31, 2019, R$5.1964 per U.S. dollar on December 31, 2020 and R$5.5802 per U.S. dollar on December 31, 2021, R$5.2174 per U.S. dollar on December 31, 2022, and R$4.8410 per U.S. dollar on December 31, 2023, but there can be no assurance that the

Armenia

The recent escalation of conflicts between Russia and Ukraine may disrupt or impact the connecting flights between our Armenian Airports and Russia, which could affect our results of operation.

The recent escalation of conflicts between Russia and Ukraine may lead to further regional and international conflicts or armed actions. Such conflict has, and will likely continue to, disrupted supply chains, caused instability in the global economy and disrupted international travel from and to Russia.

Also, following Russia’s invasion of Ukraine, the U.S., several European Union nations, and other countries have announced sanctions against Russia. The sanctions announced by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services, or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business, and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. The U.S., EU nations and other countries could impose wider sanctions and take other actions should the conflict further escalate.

For the year ended December 31, 2021, the total revenue derived from our operation of international flights from and to Russia amounted to approximately U.S.$42.4 million.

While it is difficult to anticipate the potential for any indirect impact ofthat the war between Russia and Ukraine or the sanctions announced to date may have on our business, and us, any furtheradditional sanctions imposed or actions taken by the U.S., EU nations or other countries, and any retaliatory measures taken by Russia, in response, such as restrictions flights from and to Russia and Armenia, could have an adverse impact on our business, results of operations and financial condition.

Furthermore, the war in the Middle East continues to escalate and even if future developments are unpredictable, any escalation in international hostilities could have a negative impact on us too.  For example, a conflict with Azerbaijan could negatively affect our operations.

Even though the Armenian authorities announced that they are going to proceed with constitutional reforms and that they continue the negotiations to reach a peace treaty where the US is acting as active mediator, there have been some aggressive statements coming from Azerbaijan which could affect our operations in case they hinder the execution of the peace treaty.

Risks Related to Our Common Shares

The price of our common shares may be highly volatile.

We cannot predict the extent to which investor interest in our common shares will create or be able to maintain an active trading market, or how liquid that market will be in the future. The market price of our common shares may be volatile and may be influenced by many factors, some of which are beyond our control, including:

In addition, the equity markets in general have experienced substantial price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of particular companies affected. These broad market and industry factors may materially harm the market price of our common shares, regardless of our operating performance. In the past, following periods of volatility in the market price of certain companies’ securities, securities class action litigation has been instituted against these companies. This litigation, if instituted against us, could adversely affect our financial condition or results of operations.

A significant portion of our common shares may be sold into the public market, which could cause the market price of our common stock to drop significantly, even if our business is doing well.

Our officers, directors, and the Majority Shareholder are able to sell our common shares in the public market. In addition, pursuant to a registration rights and indemnification agreement, the Majority Shareholder and any affiliate transferees have the right, subject to certain conditions, to require us to register the sale of their common shares under the Securities Act. By exercising their registration rights and selling a large number of shares, our existing owners could cause the prevailing market price of our common shares to decline. The common shares covered by registration rights would represent approximately 80.5% of our outstanding capital stock. Registration of any of these outstanding common shares would result in such shares becoming freely tradable without compliance with Rule 144 upon effectiveness of the registration statement. Sales of a substantial number of such common shares or the perception that such sales may occur could cause our market price to fall or make it more difficult for you to sell your common shares at a time and price that you deem appropriate.

On May 22, 2019, the shareholders of the Company authorized the board of directors to repurchase common shares of the Company for a period of up to five years following the date of the 2020 shareholder’s annual general meeting. The aggregate nominal amount which may be repurchased shall not exceed 5% of the aggregate nominal amount of the issued share capital of the Company from time to time. As of the date of this report, no common shares have been repurchased by the Company.

We may need additional capital and we may not be able to obtain it.

We believe that our existing cash and cash equivalents, cash flows from operations and ability to raise financing are and will be sufficient to meet our anticipated cash needs for the foreseeable future. We may, however, require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If these resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain other sources of financing. The sale of additional equity securities could result in dilution to our shareholders. The incurrence of indebtedness could result in increased debt service obligations and could require us to agree to operating and financing covenants that would restrict our operations.

Our ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including:

Our business and results of operations may be adversely affected by the increased strain on our resources from complying with the reporting, disclosure, and other requirements applicable to public companies in the United States promulgated by the U.S. Government, New York Stock Exchange, or other relevant regulatory authorities.

Compliance with existing, new, and changing corporate governance and public disclosure requirements adds uncertainty to our compliance policies and increases our costs of compliance. Changing laws, regulations and standards include those relating to accounting, corporate governance, and public disclosure, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act of 2002, new U.S. Securities and Exchange Commission (“SEC”SEC”) regulations and the New York Stock Exchange (“NYSE”NYSE”) listing guidelines. In particular, compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”404”)

If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud.

As a public company in the United States, we are subject to reporting obligations under the U.S. securities laws. The SEC, as required by Section 404 of the Sarbanes-Oxley Act of 2002, adopted rules requiring every public company to include a management report on such company’s internal control over financial reporting in its annual report, which contains management’s assessment of the effectiveness of our internal control over financial reporting. In addition, an independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. We became subject to these requirements for the fiscal year ended December 31, 2019.

Our management has concluded that our internal control over financial reporting is effective as of December 31, 2021.2023. Our independent registered public accounting firm has issued an attestation report, which has concluded that our internal control over financial reporting was effective as of December 31, 2021.2023. See “Item“Item 15. Controls and Procedures.Procedures.” However, if we fail to maintain effective internal control over financial reporting in the future, our management and our independent registered public accounting firm may not be able to conclude that we have effective internal control over financial reporting at a reasonable assurance level. This could in turn result in loss of investor confidence in the reliability of our financial statements and negatively impact the trading price of our common shares. Furthermore, we are committed to invest considerable costs, management time and other resources in an effort to comply with Section 404 and other requirements of the Sarbanes-Oxley Act.

Our exemption as a “foreign“foreign private issuer”issuer” from certain rules under the U.S. securities laws will result in less information about us being available to investors than for U.S. companies, which may result in our common shares being less attractive to investors.

As a “foreign private issuer” in the United States, we are exempt from certain rules under the U.S. securities laws and are permitted to file less information with the SEC than U.S. companies. As a “foreign private issuer,” we are exempt from certain rules under the Exchange Act, that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our officers, directors, and principal shareholders are exempt from the reporting and “short-swing” profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our common shares. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as companies that are not “foreign private issuers” whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD promulgated by the SEC under the Exchange Act, which restricts the selective disclosure of material information. As a result, our shareholders may not have access to information they deem important, which may result in our common shares being less attractive to investors.

Our ability to pay dividends is restricted under Luxembourg law.law

Our articles of association and the Luxembourg law of August 10, 1915, on commercial companies as amended from time to time (loi du 10 août 1915 sur les sociétés commerciales telle que modifiée), require a general shareholders meeting to approve any dividend distribution, except as set forth below.

Our ability to declare dividends under Luxembourg corporate law is subject to the availability of distributable earnings or available reserves, including, among other things, a share premium. Moreover, we may not be able to declare and pay dividends more frequently than annually. As permitted by Luxembourg corporate law, our articles of association authorize the declaration of dividends more frequently than annually by the board of directors in the form of interim dividends so long as the amount of such interim dividends does not exceed total net profits made since the end of the last financial year for which the annual accounts have been approved, plus any profits carried forward and sums drawn from reserves available for this purpose, less the aggregate of the prior financial year’s accumulated losses, the

We are a holding company and depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations and to make dividend payments, which they may not be able to do.

We are a holding company, and our subsidiaries conduct all of our operations.  We own no material assets other than the equity interests in our subsidiaries.  As a result, our ability to make dividend payments depends on our subsidiaries and their ability to distribute funds to us.  The ability of a subsidiary to make these distributions could be affected by covenants included in most of the concession agreements in which we act as concessionaires, such as the AA2000 Concession Agreement, the Uruguayan Concession Agreements, the Armenian Concession Agreement, the Italian Concession Agreements, and the Brazilian Concession Agreements, or by the financing agreements we have entered into, or by the law ofand regulation in force in their respective jurisdictions of incorporation.incorporation, including, for example, foreign exchange controls on the inflow and outflow of foreign currency flows. See “Item 3 Key Information—Risk Factors— Current Argentine exchange controls and the implementation of further exchange controls could adversely affect our results of operations.”See also“Item 5 Operating and Financial review and Prospects—Liquidity and Capital Resources— Indebtedness.Indebtedness.”  If we are unable to obtain funds from our subsidiaries, we will be unable to distribute dividends.  We do not intend to seek to obtain funds from other sources to pay dividends.

Our shareholders may have more difficulty protecting their interests than they would as shareholders of a U.S. corporation, which could adversely impact trading in our common shares and our ability to conduct equity financings.

Our corporate affairs are governed by our articles of association and the laws of Luxembourg, including the laws governing public limited liability companies (sociétés anonymes). The rights of our shareholders and the responsibilities of our directors and officers under Luxembourg law are different from those applicable to a corporation incorporated in the United States. In addition, Luxembourg law governing the securities of Luxembourg companies may not be as extensive as those in effect in the United States, and Luxembourg law and regulations in respect of corporate governance matters may not be as protective of minority shareholders as state corporation laws in the United States. Therefore, our shareholders may have more difficulty in protecting their interests in connection with actions taken by our directors and officers or our principal shareholders than they would as shareholders of a corporation incorporated in the United States.

Neither our articles of association nor Luxembourg law provide for appraisal rights for dissenting shareholders in certain extraordinary corporate transactions that may otherwise be available to shareholders under certain U.S. state laws. As a result of these differences, our shareholders may have more difficulty protecting their interests than they would as shareholders of a U.S. issuer.

Holders of our common shares may not be able to exercise their pre-emptive subscription rights and may suffer dilution of their shareholding in the event of future common share issuances.

Under Luxembourg law, our shareholders benefit from a pre-emptive subscription right on the issuance of common shares for cash consideration. However, shareholders may, at a general shareholders’ meeting and in accordance with Luxembourg law and our articles of association, waive or suppress and authorize the board to waive, suppress or limit any shareholders’ pre-emptive subscription rights provided by Luxembourg law to the extent the board deems such waiver, suppression or limitation advisable for any issuance or issuances of common shares within the scope of our authorized share capital prior to the pricing for a period of up to five years following the publication of the deed granting such authorization on the Luxembourg Official Gazette (Recueil Electronique des Sociétés et Associations) Associations(“RESA” (RESA)) which period may be renewed for one or several periods of up to five years. Such common shares may be issued above, at or below market value as well as by way of incorporation of available reserves (including, among other things, a share premium). In addition, a shareholder may not be able to exercise the shareholder’s pre-emptive right on a timely basis or at all, unless the shareholder complies with the requirements set forth under Luxembourg corporate law and applicable laws in the jurisdiction in which the shareholder is resident, particularly in the United States. As a result, the shareholding of such shareholders may be materially diluted in the event common shares are issued in the future. Moreover, in the case of an increase in capital by a contribution in kind, no pre-emptive rights of the existing shareholders exist.

We are organized under the laws of Luxembourg and it may be difficult for you to obtain or enforce judgments or bring original actions against us or our executive officers and directors in the United States.

We are organized under the laws of Luxembourg. The majority of our assets are located outside the United States. Furthermore, the majority of our directors and officers and some experts named in this annual report reside outside the United States and a substantial portion of their assets are located outside the United States. Investors may not be able to effect service of process within the United States upon us or these persons or to enforce judgments obtained against us or these persons in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for an investor to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the United States, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for an investor to bring an original action in a Luxembourg court predicated upon the civil liability provisions of the U.S. federal securities laws against us or these persons. Furthermore, Luxembourg law does not recognize a shareholder’s right to bring a derivative action on behalf of the company, except in limited cases. Minority shareholders holding securities entitled to vote at the general meeting and holding at least 10.0% of the voting rights of the company may bring an action against the directors on behalf of the company. Minority shareholders holding at least 10.0% of the voting rights of the company may also ask the directors questions in writing concerning acts of management of the company or one of its subsidiaries, and if the company fails to answer these questions within one month, these shareholders may apply to the Luxembourg courts to appoint one or more experts instructed to submit a report on these acts of management.

As there is no treaty in force on the reciprocal recognition and enforcement of judgments in civil and commercial matters between the United States and Luxembourg, courts in Luxembourg will not automatically recognize and enforce a final judgment rendered by a U.S. court. A valid judgment in civil or commercial matters obtained from a court of competent jurisdiction in the United States may be entered and enforced through a court of competent jurisdiction in Luxembourg, subject to compliance with the enforcement procedures (exequatur). The enforceability in Luxembourg courts of judgments rendered by U.S. courts will be subject prior any enforcement in Luxembourg to the procedure and the conditions set forth in the Luxembourg procedural code, which conditions may include the following as of the date of this annual report (which may change):

We indemnify our directors for and hold them harmless against all claims, actions, suits, or proceedings brought against them, subject to limited exceptions. The rights and obligations among or between us and any of our current or former directors and officers will be generally governed by the laws of Luxembourg and subject to the jurisdiction of the Luxembourg courts, unless such rights or obligations do not relate to or arise out of their capacities listed above. Although there is doubt as to whether U.S. courts would enforce such provision in an action brought in the United States under U.S. federal or state securities laws, such provision could make enforcing judgments obtained outside Luxembourg more difficult to enforce against our assets in Luxembourg or jurisdictions that would apply Luxembourg law.

Luxembourg insolvency laws may offer our shareholders less protection than they would have under U.S. insolvency laws.

As a company organized under the laws of Luxembourg and with its registered office in Luxembourg, we are subject to Luxembourg insolvency laws in the event any insolvency proceedings are initiated against us including, among other things, Council Regulation (EC) No. 2015/848 of May 20, 2015, on insolvency proceedings (recast), as amended. Should courts in another European country determine that the insolvency laws of that country apply to us in accordance with and subject to such EU regulations, the courts in that country could have jurisdiction over the insolvency proceedings initiated against us. Insolvency laws in Luxembourg or the relevant other European country, if any, may offer our shareholders less protection than they would have under U.S. insolvency laws and make it more difficult for them to recover the amount they could expect to recover in a liquidation under U.S. insolvency laws.

Holders generally will be subject to a 15.0% withholding tax on payment of dividend distributions made on the common shares under current Luxembourg tax law.

Under current Luxembourg tax law, payments of dividends made on the common shares generally are subject to a 15.0% Luxembourg withholding tax. Certain exemptions or reductions in the withholding tax may apply, but it will be up to the holders to claim any available refunds from the Luxembourg tax authority. For more information on the taxation implications, see ““Item 10 Additional Information—Taxation—Luxembourg Tax Considerations.”

We are subject to complex tax rules in various jurisdictions, and our interpretation and application of these rules may differ from those of relevant tax authorities, which could result in a liability to material additional taxes, interest, and penalties.

We operate in a number of territories and will accordingly be subject to tax in several jurisdictions. The tax rules to which the Company and its subsidiaries are subject are complex, and we must make judgement (including based on external advice) as to the interpretation and application of these rules. Our tax affairs will in the ordinary course be reviewed by tax authorities. Those tax authorities may disagree with our interpretation and/or application of relevant tax rules. A challenge by a tax authority in these circumstances might require us to incur costs in connection with litigation against the relevant tax authority or reaching a settlement with the tax authority and, if the tax authority’s challenge is successful, could result in additional taxes (perhaps together with interest and penalties) being assessed on us, and as a result an increase in the amount of tax payable by us.

Additionally, dividends and other intra-group payments made by our subsidiaries may be subject to withholding taxes imposed by the jurisdiction in which the entity making the payment is organized or tax resident. Unless such taxes are fully creditable or refundable, dividends and other intra-group payments may increase the amount of tax paid by us. Although the Company and its subsidiaries arrange themselves and their affairs with a view to minimizing the incurrence of such taxes, there can be no assurance that we will succeed.

Holders of our common shares who sell or transfer common shares acquired after January 1, 2018 representing 10% or more of our equity may be subject to Argentine capital gains tax under the new Argentine tax law.

Under Argentine tax law, non-Argentine residents who sell or transfer shares or other participations in foreign entities, which shares were acquired after January 1, 2018, may be subject to capital gains tax in Argentina if 30% or more of the value of the foreign entity is derived from assets located in Argentina and the shares being sold or transferred represent 10% or more of the equity interests of such foreign entity. Therefore, any non-Argentine resident holders of our common shares who sell or transfer common shares acquired after January 1, 2018 and which shares being sold or transferred represent 10% or more of our equity interests, may be subject to the Argentine capital gains tax. See ““Item 10 Additional Information—Taxation—Argentine Tax Considerations.”

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ITEM 4.        COMPANY INFORMATION

The Company makes its filings in electronic form under the EDGAR filing system of the SEC. Its filings are available through the EDGAR system at www.sec.gov. The Company’s filings are also available to the public through the Internet at CAAP’s website at http://investors.corporacionamericaairports.cominvestors.corporacionamericaairports.com. The Company’s website is provided for informational purposes only and the information contained on its website or that can be accessed through its website is not part of this annual report.

We have been operating since 1998 and have become a leading global airport concession operator.