📰 Filing Overview 📅 What This Document Is

This report is a 6-K filing, which is a detailed report filed with the U.S. Securities and Exchange Commission (SEC). It signals that Corporación América Airports S.A. (CAAP) is providing an update on its operations. Specifically, this filing covers the company's performance regarding passenger traffic for March 2026. 👉 You should expect to find a breakdown of how many people traveled through its airports and how these figures compare to previous years.

✈️ Company Profile 🌎 What Corporación América Airports Does

Corporación América Airports is a major player in the global travel industry. In simple terms, the company develops, acquires, and operates airport concessions. They are one of the world's leading private airport operators. 🛬 The company has a significant global footprint, currently operating 52 airports in 6 countries across Latin America and Europe: Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy.

👉 The company's revenue model relies on handling passenger traffic, cargo, and aircraft movements across these diverse international and domestic hubs.

📊 Total Passenger Traffic 📈 March's Headlines

The main focus of the report is the overall passenger volume for March 2026. The good news is that total passenger traffic saw a solid overall increase of 5.5% year-over-year (YoY) in March 2026 compared to March 2025. Year-to-date (YTD) for the year 2026 is also showing positive growth, up 7.0% compared to the same period in 2025.

While the overall picture is positive, the breakdown shows mixed signals:

• International passengers were the strongest segment, jumping 12.2% YoY in March 2026, reflecting robust global demand.
• Domestic passengers actually declined by 2.4% YoY, suggesting a shift toward regional or international travel.
• Transit passengers saw excellent growth, rising 25.6% YoY, indicating increased use of CAAP's airports as connection points.

👉 The shift in growth from domestic to international and transit segments suggests that the company's connectivity function is a major driver of current success.

🌍 Segment Performance Breakdown ✈️

The total passenger traffic is not one single group; it's divided into several segments, each telling a different story about the company’s operations. The filing breaks this down into Domestic, International, and Transit traffic.

• International Traffic: This segment saw the largest jump, rising 12.2% YoY. The report notes that all operating countries contributed positively, with the exception of Brazil.
• Domestic Traffic: This segment declined by 2.4% YoY, with the decline being mainly driven by poor performance in Argentina. However, this dip was partially offset by positive year-over-year improvements seen in Brazil and Ecuador.
• Cargo Volume: Excluding Argentina, the total cargo volume increased by 3.5% YoY, driven by strong double-digit growth in Armenia and Brazil.
• Aircraft Movements: Total aircraft movements were up 3.3% YoY, showing that the flow of planes—and the traffic they carry—is expanding.

🌎 Brazil's Strong Recovery 🌳

Brazil represents a key pillar of CAAP’s operations and showed particularly strong signs of recovery in March 2026. The total passenger traffic increased significantly by 12.2% year-over-year, indicating improved trends following a sustained period of challenges in the aviation environment.

In Brazil, the story is segmented:

• Domestic traffic rose by 2.5% YoY. Since this segment accounts for nearly 60% of total traffic, this growth is vital for the local network.
• Transit passengers saw a powerful increase of 29.9% YoY, suggesting that the airport is being heavily used as a major connection point.
• The growth was further supported by a post-Carnival rebound in corporate demand, with Brasília specifically benefiting from its strategic position as a key secondary hub.

👉 Brazil's performance suggests not only a rebound in general travel but also a dramatic increase in people passing through the airport without staying overnight, which is a highly valuable revenue stream.

🇦🇷 Argentina's Recovery Mixed 📈

Argentina’s market performance was notably mixed in March 2026, with specific gains compensating for other declines. The total passenger traffic increased by 2.7% YoY.

The report highlights that the international segment was the primary driver of this positive movement.

• International traffic remained robust, rising by 15.6% YoY. This strength was supported by low-cost carriers such as JetSMART, Flybondi, Copa, Arajet, and LEVEL, pointing to continued strong demand for non-legacy carriers.
• However, domestic traffic declined by 4.3% YoY. This dip is attributed to reduced capacity from major airlines like Aerolíneas Argentinas and Flybondi, although increased activity from JetSMART offered some partial offset.

👉 While international travel is booming in Argentina, the reduction in domestic airline capacity poses a structural challenge that the company needs to monitor closely.

🇮🇹 Italy's Solid Growth Drivers 💪

Italian operations contributed significantly to the total picture, with total passenger traffic increasing by 9.3% YoY in March 2026. The growth was clearly driven by international connections.

• International traffic rose by 12.4% YoY. This solid performance was noted at both the Florence and Pisa airports.
• In contrast, the domestic traffic saw a slight decrease of 0.3% YoY. This modest dip was attributed primarily to lower passenger volumes at the Florence airport, although this was somewhat balanced by increased activity at Pisa airport.

👉 Italy shows a strong reliance on international travel for its airport throughput, which is a positive signal for the long-term health of the concession.

🇺🇾 Ecuador, Uruguay & Armenia Performance 🚀

While these markets are smaller than Brazil or Argentina, they showed strong, healthy growth indicators in March 2026.

• Ecuador: Total passenger traffic increased by 8.0% YoY. This growth, which occurred despite persistent security concerns, was helped by international traffic rising 13.7% YoY and domestic traffic rising 3.3% YoY.
• Uruguay: Total passenger traffic increased by 7.6% YoY. This growth was noted as being predominantly international, following a strong summer season.
• Armenia: Passenger traffic rose by 4.4% YoY. This positive development was supported by the addition of new airlines and new routes. Notably, Wizz Air established a new base at Yerevan’s Zvartnots Airport in October 2025, adding significant capacity and new European routes.

👉 The consistent year-over-year growth across these diverse, smaller markets demonstrates that CAAP's overall footprint is expanding and resilient, even amid global instability.

🚢 Cargo and Aircraft Movement Metrics 🚛

Beyond people, the filing provided detailed metrics on cargo and plane movements. For cargo, total volume (excluding Argentina) saw a 3.5% YoY increase. This was heavily influenced by Armenia (+24.5%) and Brazil (+18.6%), while other markets like Italy and Ecuador saw declines.

For aircraft movements, total activity increased by 3.3% YoY. Overall, Argentina, Brazil, and Italy accounted for more than 80% of the total aircraft movements in March.

The year-to-date data confirms this trend, showing that both cargo volume and aircraft movements are generally on an upward trajectory compared to the prior year.

📑 Operational Snapshot (Mar'26 vs. Mar'25) 🗺️

This section summarizes the core performance metrics across the board.

Metric	Category	2026 (k)	2025 (k)	% Change	YTD'26 (k)	YTD'25 (k)	% Change
Passengers	TOTAL	7,441	7,051	5.5%	21,795	20,368	7.0%
	International	3,000	2,675	12.2%	8,907	7,835	13.7%
Cargo	TOTAL (Excl. Arg)	17,350	16,756	3.5%	46,109	45,900	0.5%
Aircraft	TOTAL	73,856	71,469	3.3%	213,547	206,266	3.5%

👉 The sustained YoY growth in the YTD figures for passenger traffic (7.0%) and aircraft movements (3.5%) reinforces the narrative that CAAP's business is expanding and gaining market share over time.

✉️ Investor Relations & Contact Information 📞

If you have follow-up questions about the company's performance, the filing provides clear contact details. This is where interested parties can direct their inquiries.

• Contact Person: Patricio Iñaki Esnaola
• Email: [email protected]
• Phone: +5411 4899-6716

🧠 The Analogy

Think of Corporación América Airports like a sprawling, well-trafficked transit subway system that connects multiple cities across several countries. The trains (aircraft) are always running, and the riders (passengers) are constantly moving. When the system grows, it's not just because one line (say, international travel) is busy; it's because connections are getting stronger everywhere—from the transfer points (transit passengers) to the local lines (domestic traffic) and the freight moving along the tracks (cargo volume).

🧩 Final Takeaway

CAAP shows strong, diversified growth, led by international and transit passenger volume, suggesting that its network role is strengthening significantly across multiple markets, despite some localized slowdowns in domestic travel.