Corporación America Airports S A : November 2020 Presentation

Corporación América Airports Investor Presentation

Disclaimer

This presentation has been prepared and issued by Corporación América Airports S.A. ("CAAP", "Corporación América Airports" or the "Company") solely for your information. By attending the meeting and viewing this presentation, you agree to be bound by the following limitations. For the avoidance of doubt, references to the Company shall be deemed to include any successor thereto.

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The information in this presentation has not been legally verified by the Company, its advisers or any other person and may be subject to updating, completion, revision and amendment and such information may change materially. This presentation speaks at the date hereof. No representation or warranty, express or implied, is or will be made by or on behalf of the Company, its advisers or any of their respective directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. In particular the market data has been obtained by the Company from third party sources. Whilst the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and take no responsibility for such data. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed in it are subject to change without notice. None of the Company, its advisers or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

Statements, beliefs and opinions contained in this presentation, particularly those regarding the possible or assumed future or other performance of the Company, industry growth or other trend projections, are or may be forward looking statements, beliefs or opinions and reflect the Company's current expectations and projections about future events and are subject to risks and uncertainties that may cause actual results to differ materially. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. As a result, there can be no assurance that projected results or developments will be attained and you are cautioned not to place undue reliance on such forward-looking statements. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law.

By attending the presentation to which this document relates you will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice, including, without limitation, the obligation to keep this presentation and its contents confidential and (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this presentation with any of the directors or employees of the Company or its subsidiaries nor with any of its suppliers, customers or partners without the prior written consent of the Company.

Corporación América Airports At-a-Glance

Scalable, Diverse and Adaptable Global Platform

Overview

• Largest private airport operator in the world by

number of airports(1)

• Diversified airport portfolio with presence across

7 countries

• ~20 year history with strong track record

• Well positioned to continue global expansion

strategy

• Deep operating and M&A know-how, driving a

successful business model

Passenger Growth

(mm)

99,06
7,8	95
6,84
5,73
4,62
3,51
2 40
1,39					84,2
0,28				81,3
89,17
8,06
6,7	495
4,5,738			76,6
3,62
	51
12,40
79,0,839		71,8
8,72	71,0
	61
67,50
5,49
3,4,738
2,62					63,3
1,51
0 40
69,39
8,28
6,7,617
5 50
4,49
3,38
2,27
1,16
0,05
58,9	94
	83
6,7,72
5,61
4 50
3,49
2,38
1,27
0,16
49,05
7,8	94
6,83
5,72
4,61
3 50
2,49
1,38
0,27
39,16
8,05
6,7	94
5,83
	72
3,4,61
2 50
1,49
0,38
29,27
8,16					20,1
7,05
5,6	94
	83
3,4,72
2,061
0,1	95
19,84
8,73
7,62
6,51
5 40
4,39
3,28
2,17
1,06
0	95
8,9,84
7,73
	62
5,6,51
4 40
3,39
2,28
1,17
0'-6
		2015	2016 2017 2018 2019 Sep-19Sep-20

Revenue Evolution (ex-IAS 29)(2)(3)

(US$mm)

2000,0

	1575	1538	1584
1500,0	1366
					1208
	1187
1000,0
500,0									490
-

Breakdown by Country (2019)

4%

4%

5%

3%

23%51%

10%

Breakdown by Country (2019)

8%

7%

8%

7%

61%

9%

Note:

1. Largest private airport operator in terms of number of airports (52). Based on companies' information, companies' filings and websites as of December 31, 2019. Private airport operator stands for those companies which have private investors as main shareholders.
2. ECOGAL (Ecuador) and Aeropuertos Andinos del Peru ("AAP", Peru) are shown as investments in associates for purposes of the Company's financial results.
3. Excluding hyperinflation accounting in Argentina ("IAS29"). See earnings report for further information.

2015 2016 2017 2018 2019 Sep-19Sep-20

Aeronautical Rev.		Commercial Rev.
Construction Serv. Rev.		Other Rev.
Argentina Italy	Brazil Uruguay

Ecuador Armenia

Business highlights

1 Ownership and Corporate Structure

Southern Cone Foundation

(Liechtenstein)

…

A.C.I. Airports S.à r.l.

(Luxembourg)

Corporación América

Airports S.A.

17.8%

Public Shareholders

			(Luxembourg)(1)
						Airport Operating Companies
Argentina	Italy	Brazil	Uruguay	Armenia	Ecuador	Peru
81.3%	46.7%(2)	51.0%	100.0%		100.0%	50.0%	50.0%
81.3%
35 Airports	2 Airports	1 Airport		1 Airport	2 Airports	1 Airport	5 Airports
81.1%		99.9%	100.0%			99.9%
1 Airport		1 Airport		1 Airport		1 Airport
74.1%
1 Airport

Source: Company information.

1. CAAP ownership through intermediate sub-holding companies.
2. CAAP has control over TA, with indirect ownership of 46.7% (CAAP holds 75% of Corporación América Italia, which in turn has a 62% ownership of TA)

1 Track Record of Acquiring and Developing Airports

World's Largest Private Airport Operator in Terms of Number of Airports

1998	2003	2004	2008	2012
33 airports in	Carrasco Airport -	Guayaquil	Punta del Este Airport	Brasilia Airport
largest in Uruguay
Argentina	Airport

2014-15

Acquires an interest in Florence and Pisa Airports, and a controlling interest in Brasilia and Natal airports

2018

Extends Guayaquil's Airport concession

~20 Year Track Record

Operations in 7 Countries

2001	2002	2007		2011			2017	2019
Neuquén Airport	Incorporates Shirak	2008	Concessions in Peru, Brazil	2014	Incorporates El
and Ecuador		Extends
(expands its	Zvartnots Airport	Airport to the		Palomar airport to
				the AA2000	Punta del
presence in		Zvartnots concession	Bahia Blanca		Extends Carrasco
		Concession	Este
Argentina)		Extends Guayaquil's	Airport			Airport's concession
			Agreement,	Airport's
		Airport concession
						bringing CAAP's	concession
							number of total
							airports under
							operation to 52.
		Airports awarded through public		Airports acquired	Successful airport
		tender or gov. negotiations		from third parties	concession extensions

Source: Company information.

Over the Last ~20 Years we have consistently Increased the number of airports under management

1 Well-Positioned Diversified Airport Portfolio …

CorporaciónAmérica Airports

Airports(1)(2)

52

ARMENIA

>90%

ARGENTINA

>90%

Passengers(2)

84.2mm

Airports

2

Airports(1)

37

Revenue (3)

$1,584mm

Passengers

3.2mm

Passengers

43.4mm

Adj. EBITDA (3,4)

$449.3mm

Revenue

$133.5mm

Revenue (3)

$960.1mm



Diversified airportportfolio comprises

Adj. EBITDA

$51.8mm

Adj. EBITDA(4)

•

$269.5mm

various asset types: hubs, long-haul,



regional,tourist and domestic network

• Main international airport with



Key international airports, a

exposure to Asia-Europe passenger

•

domestic network as well astouristic

traffic, as well as an LCC focused

airports

airport

ITALYI

ARMENIAIA

ECUADOR

BRAZIL

Airports(2)

2

Airports

2

19.1mm

Passengers(2)

4.5mm

Passengers

$116.6mm

Revenue

$109.6mm

Revenue

Adj. EBITDA

(4)

$20.5mm

Adj. EBITDA

$25.3mm

•

Key hub in the country's largest city,

•

Localhub with exposure to domestic

traffic, combined with tourist traffic

and a touristic airport in one of the

world's most coveted destinations

ECUADOR

>90%

ITALY

URUGUAY

Airports

2

PERU

BRAZILIL

2

Airports

Passengers

8.2mm

PERU

Passengers

2.2mm

Revenue

$145.6mm

Airports(2)

5

Revenue

$117.8mm

Adj. EBITDA

$36.3mm

Adj. EBITDA

$56.4mm

•

Touristic airports with exposure to

Passengers(2)

3.6mm

•

The country's main international

•

Domestic airport network of airports

URUGUAY

strong passenger traffic growth and

airport and a key touristic airport

low cost carriers

in the south of Peru

ARGENTINAI

Market Leader

Note: Financial and operating figures for the fiscal year ended December 31, 2019

(% of Passenger Traffic)

1. Including Termas de Rio Hondo Airport, which is operated by AA2000 but not yet included in the concession.
   NY008MZK / 938652_1.wor
2. The Company reports Aeropuertos Ecológicos de Galapagos (ECOGAL) and Aeropuertos Andinos del Peru (AAP) as investments in associates. Nevertheless, their operational information is included above (number of airports and passengers).
3. Excluding IAS 29
4. Adj. EBITDA excludes a one-time item in Argentina of $23.1mn, a one-time item in Brazil of $42.8mn and a one-time item in Italy of $2.1mn . Peru & Unallocated EBITDA amounts to ($10.4)mn.

1 …With Key Strategic Assets in Attractive Geographies

Argentina

• Captures ~90% of Argentina's commercial passenger traffic

• Operates the two largest airports, Ezeiza and Aeroparque, and 35 others nationwide

• Majority of revenues dollar-linked (~85%)

• Uniquely positioned to seize Argentina's economic recovery

		Revenue Evolution (ex-IAS29)				PAX Breakdown
1200		(US$mm)		1.001	960			(2019)
						935
1000					841						Tran
	784			231			207
800			154	319				4%
	151
				340			302
600					321	244		Int'l	43.4
	323
400										31%	mm
200	310			366	429	397	426
0															Dom
	2015			2016	2017	2018	2019
						65%

Aeronautical Commercial Construction

Italy

• Leading airports in one of Italy's most touristic regions

• Pisa: proven LCC & long-haul business model

• Florence: important tourist, art and fashion destination with growing passenger traffic

		Revenue Evolution				PAX Breakdown
(US$mm)					(2019)	Dom
	153	141	155	156	146	22%
180
160	6	5	2	4	2
140	21	14	16	9
	8	32	37
120	29	29	39
100									8.2
80
								mm
60	97	99	107	99	95
40			Int'l
20
0
2015	2016	2017	2018	2019	78%

Aeronautical Commercial Contruction Other

Brazil

• Exposure to Brazil, one of Latin America's largest domestic airline markets

• Presence in Brasilia, Brazil's capital, a city with the highest GDP per capita in Brazil

• Air traffic expected to benefit from a growing economy and an improving political environment

										Revenue Evolution								PAX Breakdown
			(US$mm)																								(2019)
													129
			126							123							117							Tran	Dom
													63
			66							63							60		35%	61%
																															19.1
			61					66			60							56							mm
																					Int'l
			2016	2017			2018						2019					4%
										Aeronautical		Commercial
								Uruguay
•
			Solid and mature airport operation
•				Carrasco: mature O&D business model with one of the highest
						commercial revenues per passenger in the region
									Revenue Evolution								PAX Breakdown
	(US$mm)																								(2019)
140																		116					118
										110
120	93	98	1					6
										3
100	3	3
							53
80	47	47	51					49		2.3
60
																								mm
40											56	63					62
20	44	48
0																																			Int'l
			2015	2016	2017	2018					2019		99%
								Aeronautical			Commercial		Construction

7

2 Track Record of State-of-the-Art Investment Programs

Argentina

Ezeiza Airport

2 Track Record of State-of-the-Art Investment Programs

Argentina

Aeroparque Airport

2 Track Record of State-of-the-Art Investment Programs

Uruguay

Montevideo Airport

2 Track Record of State-of-the-Art Investment Programs

Brazil

Brasilia Airport

2 Track Record of State-of-the-Art Investment Programs

Brazil

Brasilia Airport

3 Growth opportunities from extensions and acquisitions

Overview of Existing Concessions Terms

(Remaining Life in Years, as of December 31th, 2019)

51

		25					35
		22
20
18					17
	25	5		13
8
			9	5
10		17
			16
			13
13					12
			9
	8
CAAP	ARGENTINA	ITALY	BRAZIL			ARMENIA	PERU
ECUADOR	URUGUAY
CAAP	Argentina(2)	Italy	Brazil	Ecuador(3)	Uruguay(4)	Armenia(5)	Peru

Weighted Average Remaining Life(1)	W.A.	Remaining Life(1) + Potential Extension	Countries with Successful Concession Extensions

Source: Company information.

1. Weighted by 2018 passenger traffic and CAAP's ownership stake in all the concessions within the country.
2. Subject to certain terms and conditions, including the government's approval.

1. Guayaquil's concession was extended for 5 years in July 2018.
2. Puerta del Sur's concession was extended for 10 years in September 2014. Punta del Este's concession was extended for 14 years in April 2019.
3. Concession allows for indefinite 5-year period extensions.

Growing inorganically through selective acquisitions while keeping a disciplined approach:

 Regions where we are currently present		Potential to increase connecting traffic / hub	 Explore other sources of revenues (advertising,
	Invest in new infrastructure to serve unattended		strategy	car parking, VIP lounges, real estate)
	demand		Opportunities to expand commercial space	 Leveraging our expertise and solid balance
	Concessions with potential to develop new routes			sheet

Covid-19 Impact

4 Covid-19 impact on CAAP's operations

Made significant strides to mitigate health crisis

impact during the past 6 months:

• Executed a comprehensive action plan to ensure health and safety of employees and passengers
• Quick response to protect CAAP's financial position, streamlined cost structure, exceeding cost reduction targets in last 2 quarters
• Successful execution of debt refinancing to extend maturity profile and protect liquidity
• Deferral of concession fee payments in Brazil and Italy, obtained government support in Argentina to cover a portion of operating expenses and continue working with governments to obtain compensation for the Covid-19 impact

3Q20 Results

2.6 M

Passenger Traffic	Up 5x from 2Q20, but
	down 88.7% YoY
Revenues Ex-IFRIC12	$76 M
	Up 45% from 2Q20 &

down 76.4% YoY

Beat Cost Reduction Goal(2) -48%YoY

Adj. EBITDA(3)	-$19 M
Vs -$33 M in 2Q20 &
	$125 M in 3Q19
Cash &	$180 M
Equivalents

1. All figures shown in this presentation excl. IAS29, unless otherwise noted; 2) Cash operating costs & expenses excl. $23.1M bad debt charge in 3Q19; 3) Adjusted EBITDA excl. impairment of intangible assets and bad debt charges in 3Q19

4 Covid-19 impact: Traffic and Cargo Trends Reflecting Travel Bans

• Travel activity impacted by travel restrictions across airport network and overall decline in global travel due to COVID-19
• • Italy & Ecuador restarted commercial operations 1st week of June, Uruguay 1st week of July, Armenia on September 12th with certain requirements
  • In Argentina, foreigners from neighboring countries are allowed to enter the country starting 1st week of November.
  • Passenger traffic showed steady monthly improvements from the lows of April, but maintain a conservative outlook due to sustained uncertainty

	Passenger Traffic (YoY % Change) 1		Cargo (YoY % Change) 2
	abr-20	may-20	jun-20jul-20ago-20sep-20oct-20		abr-20may-20jun-20jul-20ago-20sep-20oct-20
	-38%
-70%				-40,9%-40,2%
			-43%
-80%					-45,8%
			-80,8%	-48%
			-84,1%
-90%			-88,8%	-53%	-53,6%-53,2%
			-92,9%
			-58% -56,2%
			-96,9%
-100%-98,3%	-98,1%		-59,4%
				-63%

(1) Preliminary figures	(2) Preliminary figures benefitted from extraordinary
	movements in April and May, 2020

4 Action Plan to Mitigate Impact from Covid-19

• Cost control and cash preservation

 Achieved 48% YoY reduction1 in cash operating costs and expenses in 3Q20, excluding concession

Advancing on Action Plan to Mitigate from Impact From Covid-19

fees and construction costs, following the 51% YoY reductionachieved in 2Q20

• • Reduced maintenance expenses through the revision of maintenance contracts across countries
  • Benefitted from the depreciation of main currencies against the US dollar, which more than offset increase in certain cost lines due to the restart of operations in some markets
• Near-termnegotiations with regulatory bodies & government support
• • In Argentina obtained extension of government assistance for August, September and October wages representing a monthly relief of approx. $0.9 M. Could be further extended for the remainder of 2020
  • In Brazil, regulator approved deferral of variable and fixed annual concession fee payments to December, originally due May and July, respectively. Also, applied for the refinancing of 50% of the annual concession fee payment.
  • Italy: regulator approved deferral of semi-annual concession fee payment to January 2021, originally due July 2020. The calculation to be based on actual number of passengers in 2020. Company also obtained a government subsidy of EUR 20 million for marketing support over 2 years
  • Concession fee payment under negotiations in Ecuador and Uruguay
• Process to review concession re-equilibrium with regulators
• • Advancing on the request to obtain compensation for the impact of Covid-19 crisis in Brazil and Ecuador.
  • Continue working on the review of the concession contracts across other operations

1 Excluding the $23.1M bad debt charge in 3Q19

3 Health and safety protocols for a safe restart of operations

• Ezeiza, Brasilia, Guayaquil and Galapagos obtained ACI's Airport Health Accreditation (AHA). Montevideo Airport is also in the process of obtaining this certification.
• • ACI's Airport Health Accreditation recognizes the commitment to health and welfare of passengers, airport staff and the public, by supporting airports assessing the new health measures and procedures introduced as a result of the pandemic
  • Areas covered include cleaning and disinfection, physical distancing, staff protection, physical layout, passenger communications and passenger facilities
  • Certification encourages airports to commit to best practices, aligns industry efforts to restore consumer confidence to travel
• Pisa and Florence airports also implemented safety protocols and were the first in Italy to be independently certified
• All remaining CAAP airports operating under new safety and health protocols to minimize risk of infection and regain consumer confidence to travel

Financial metrics

5 Historical Revenues and EBITDA

Historical Revenues (ex- IAS29)

(US$mm)					1,575	1,538	1,584	3
							3
				1,366			5
						250	229	361
1,187			6		771
6	165									2
178
	522			555	540	486	275
460												368	390
																1
				674			767	765	734			102
543				563	198
																188
2 0 1 5		2 0 1 6			2 0 1 7	2 0 1 8			2 0 1 9 S E P - 1 9 S E P - 2 0
		Aeronautical Rev.			Commercial Rev.			Construction Rev.		Other Rev.

EBITDA (ex-IAS29)

(US$mm)

Revenue by Country ex-IFRIC12 and IAS29(1)

(2019)

10%

8%

9%

52%

10%

11%

EBITDA by Country ex-IAS29

(2019)

		461,6	481,6	451,6
	427,2					-2%
			357,9526		9%
276,6	35,4%	34,7%	36,6%	36,7%		5%
				38,4%	11%
27,3%
				32
					3%		61%
					8,3%	8%
2015	2016	2017	2018	2019	Sep-19Sep-20
	EBITDA	EBITDA margin exIFRIC	Columna2

1. Excludes IFRIC 12 revenues during the period for a total of US$78.6 mm distributed as follows: US$58.9mm in Argentina, US$4.1mm in Italy, US$6.9mm in Uruguay, US$1.5mm in Armenia and US$7.3mn in Ecuador.

5 Financial debt overview

Financial Debt Overview

	Debt Breakdown				Currency mix
(Sep 30, 2020)				(Sep 30, 2020)
					1%
					15%
		Bank and financial				US dollars
					BR Reals
51%	US$1.2bn(1) 49%	borrowings	18%	US$1.2bn(1)
Notes	Euro
					66%	AR Pesos

Pro-FormaDebt Maturity Profile (interest and principal payments)

Debt service as if covenant waivers and Italy had been granted before September 30th. Excludes new financing obtained subsequent to quarter end

820

(September 30, 2020; US$ Million)(2)

			292
57	123	151		149
4Q20	1H21	1H21	2022	2023	2024 and
					thereafter

• Cash position of $180 M at September 30, 2020,

and $73 M in T-Bills and Time deposits

compared to $180M and $50M in Cash and T- Bills & Time Deposits as of June 30, 2020. Total Debt stood at $1.2 B at September 30, 2020

• • Achieved operating cash flow break even levels in most impacted markets Argentina, Uruguay, Ecuador and Armenia
• Net debt to LTM Adjusted EBITDA ratio (1) of 7.4x at September 30, 2020, impacted by decline in adjusted EBITDA.. Debt held at subsidiary level

1. As of September 30 2020, the Company had a cash balance of US$180.2M and net debt of $1,016.8M.
2. The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

Source: Company information. in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

5 Successful execution of debt refinancing & improved liquidity position

Improved Liquidity Position and Debt Maturity Profile

• During 2Q20 deferred $126 M of principal and interest payments under the following transactions
• • ARGENTINA
  • • AA2000 $400 M Senior Secured Notes due 2027 Exchange Offer
    • AA2000 $85 M and 35 M Syndicated Loans due 2022
    • AA2000 $10 M Bilateral Loan due July 2020
  • URUGUAY
  • • ACI Airports $200 M Senior Secured Notes due 2032 Exchange Offer
    • Puerta del Sur $87 M Notes due October 2022
• During 3Q20:
• • Argentina: closed a $40 million dollar-linked local bond at a 0% interest rate with

• a 2-year maturity

• Subsequent to 3Q20:
• • Italy: a pool of financial institutions approved a SACE-guaranteed 85 million Euro loan transaction, with a 6-year final maturity and a 2-year grace period

Governance & Main Shareholder

6 Highly Experienced Management Team and Seasoned Board of Directors

Management Team

CEO

M. Eurnekian

Chief Internal

Auditor

CFO

Head of Business

Head of European

Local CEOs

Head of Legal

Chief Compliance

Development

Business Development

R. Francos

A. Zenarruza

Officer

E. Perissé

R. Naldi

Argentina

Armenia

Brazil

Ecuador

Italy

Peru

Uruguay

D. Ketchibachian

M. Wende

J. Arruda

A. Córdova

R. Naldi

R. Díaz

D. Arrosa

Finance and M&A

Accounting, Planning

Manager

and Tax Manager

J. Arruda

R. Galante

Board of Directors

			Carlo Alberto	Valerie
			Montagna
	Martín		Pechon
Eurnekian			I
		NI		I
Máximo				NI Non-Independent
Bomchil	NI				Independent
Chairman				I
	Daniel	NI		I
	Marx			NI
				David

Roderick	Arendt
H. McGeoch

Board Level Committees

1. Executive Committee:
   Oversees operations and acts on behalf of the board during on-demand activities
2. Acquisitions and Business Development Committee:
   Assists with recommendations on acquisitions and business development
3. Audit Committee:
   Assists the board in fulfilling its oversight responsibility related to the integrity of the financial statements, the systems of internal accounting and financial controls

6 Committed Controlling Shareholder

∙ Corporación America group has ~50 years of history

• Started in the textile industry in the 80's, and has continuously grown and diversified its business portfolio
• In the 90's became one of the leading media conglomerates in Argentina

∙ Currently Corporación America is mainly focused on its airports, energy, infrastructure and financial industries

• Proven capabilities to invest in diverse
  

geographies and complex businesses, and flexibility to quickly adapt to new challenges

Airports

Agribusiness Technology Services Infrastructure Energy

Source: Company information.

IR Contact

Gimena Albanesi

Email:[e-mail]

Phone: [phone]