Consolidated Annual Accounts 2025 (English/Spanish)

INDEPENDENT AUDIT REPORT OF THE ANNUAL CONSOLIDATED FINANCIAL ACCOUNTS ISSUED BY AN INDEPENDENT AUDITOR

To the shareholders of Andino Inversiones Global, S.A. Report on the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Andino Inversiones Global, S.A. (the Parent Company) and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows, and the notes to the consolidated financial statements, all for the year then ended.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated equity and financial position of the Group as at 31 December 2025, as well as its consolidated results and cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and other applicable financial reporting regulations in Spain.

Opinion basis:

We have carried out our audit in accordance with the regulatory standards governing the auditing activity of accounts in force in Spain. Our responsibilities under these standards are described further in the Auditor's Responsibilities section regarding the audit of the consolidated annual accounts in our report.

We are independent of the Group in accordance with the ethical requirements, including those of independence, applicable to our audit of the consolidated annual accounts in Spain, as required by the regulatory standards governing the auditing activity of accounts. In this regard, we have not provided services other than auditing accounts, nor have there been situations or circumstances that, in accordance with the provisions of the aforementioned regulatory standards, have affected the necessary independence in a way that has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

The most relevant aspects of the audit are those that, in our professional judgment, have been considered the most significant risks of material misstatement in our audit of the annual accounts for the current period. These risks have been addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion on them, we do not express a separate opinion on these risks.

Impairment of Intangible Assets

As disclosed in Note 12, as at 31 December 2025 the Group recognizes intangible assets related to airport infrastructure works amounting to approximately EUR 6.5 million.

As indicated in note 12 of the consolidated report, as of December 31, 2025, the Group presents, within the intangible assets heading, costs derived from the construction of airport works or improvements of additional works of the infrastructure required to provide airport services amounting to 6.511 thousand euros.

These non-financial assets with a defined useful life are subject to impairment tests when there are indications of impairment. Therefore, the Company reviews the carrying amount of these assets to determine if they exceed their recoverable amount, which is the higher of their value in use and their fair value.

We consider this matter as one of the most relevant aspects of the audit due to the significant amount of the balance and the judgment the Company applies in determining the recoverable amount.

Our audit approach to address the matter included, among others, the following:

• We met with the Group's Management and gained an understanding of the entire process of disbursements for improvements and conservation of the works required in the concession contract.

• We conducted a review of the recoverable amount calculation based on the provisions of IAS 36 Impairment of Assets; we determined the reasonableness of the indicators used in this calculation.

• With the help of our specialists, we assessed the applied methodology, the formulas used, their mathematical consistency, and the reasonableness of the key assumptions used in the model for calculating the recoverable value of the intangible assets.

• We performed a sensitivity analysis on the key and most significant assumptions in order to quantify their potential impact on the calculation of the recoverable amount and to assess the adequacy of the estimated headroom before any impairment materializes

• We verified that the disclosures in the consolidated financial statements are sufficient and appropriate in accordance with the applicable financial reporting framework.

  Recoverability of investments

  As disclosed in Notes 6(i) and 7(1) to the consolidated financial statements, as at year-end 2025 the Group has receivable balances from the Ministry of Transport and Communications (MTC) of Peru amounting to EUR 5,866 thousand and EUR 13,299 thousand, respectively, corresponding to a portion of additional works performed during the initial phase of several airports awarded under a concession agreement signed with the Peruvian State. These balances comprise multiple claims with varying levels of aging and approval status.

  The Peruvian State partially rejected payment for some of these items. Consequently, Aeropuertos Andinos del Perú S.A. submitted the case to an Arbitration Tribunal, which issued a ruling establishing that Aeropuertos Andinos del Perú S.A. has the right to claim collection of 39 files and that the Peruvian State is obliged to pay the corresponding amounts upon termination of the concession agreement. In line with this ruling, and supported by the assessment of external legal advisors, Group Management considers that there is a reasonable probability of recovery of these amounts and, accordingly, no provision has been recognized.

  We considered this matter to be one of the most significant in the audit due to the significant judgment applied by Management in estimating the probability of recovery of these amounts.

  Our audit approach to address this matter included, among others, the following:

• We met with Group Management and obtained an understanding of the entire legal process that led to the

  Arbitration Tribunal's ruling.

• We reviewed all resolutions related to this matter and met with the Group's Legal Department in order to

  obtain a conclusion regarding its accounting treatment.

• We obtained a response from the external legal advisor, including their opinion on the probability of recovery from the Peruvian State.

  Recoverability of Real Estate Investments

  As disclosed in Note 10 to the accompanying consolidated financial statements, as at 31 December 2025 the Group holds real estate investments amounting to EUR 202,532 thousand. These properties include completed assets as well as properties under construction and are held to earn rental income, capital appreciation, or both. Following initial recognition, the Group has adopted an accounting policy to measure these investments at fair value, which reflects market conditions as of the reporting date based on appraisals in effect at the end of each reporting period.

  Given the quantitative significance of the investment, we considered the valuation of these assets to be one of the most significant matters in the audit.

  Our audit approach to address this matter included, among others, the following:

• We verified that Management has applied the requirements established in the applicable financial reporting framework regarding the estimation of useful lives, as well as the criteria used to determine fair value.

• We reviewed contracts and supporting documentation related to additions during the year.

• We obtained and reviewed valuation reports for the main real estate investments prepared by independent experts and assessed the valuation models and key assumptions used to determine fair value.

• We assessed the competence, capabilities, and independence of the external experts by obtaining confirmations of their independence and verifying their recognized standing in the market.

• We verified that the disclosures in the consolidated financial statements are sufficient and appropriate in accordance with the applicable financial reporting framework.

  Revenue Recognition

  As presented in the consolidated statement of profit or loss for the year 2025, the Group recognized revenue amounting to EUR 130,304 thousand. Revenue recognition is a significant area and susceptible to material misstatement, particularly at year-end in relation to the appropriate cut-off of revenue in accordance with the terms agreed with customers. Therefore, we considered this matter to be one of the most significant in our audit.

  Our audit procedures in response to the identified risk included, among others, the following:

• We evaluated the design and implementation of key controls related to revenue recognition.

• We performed detailed testing on recognized revenue, including a sample of transactions recorded near year-end, verifying that revenue was recognized in the appropriate period.

• We obtained external confirmations for a sample of outstanding invoices as of year-end, applying alternative procedures where no responses were received from the customers contacted.

• We verified that the disclosures in the consolidated financial statements are sufficient and appropriate in accordance with the applicable financial reporting framework.

Other Information: Consolidated Management Report

The other information comprises exclusively the consolidated management report for the financial year 2025, the preparation of which is the responsibility of the directors of the Parent Company and which does not form an integral part of the consolidated financial statements.

Our audit opinion on the consolidated financial statements does not cover the consolidated management report. Our responsibility regarding the consolidated management report, in accordance with the regulatory requirements governing the auditing activity, is to:

1. Verify solely that the consolidated non-financial information statement has been provided in the manner prescribed by the applicable regulations and, if not, to report on it.

2. Assess and report on the consistency of the remaining information included in the consolidated management report with the consolidated financial statements, based on the knowledge of the Group obtained in the course of the audit, and to evaluate and report on whether the content and presentation of this part of the consolidated management report comply with the applicable regulations. If, based on the work performed, we conclude that there are material misstatements, we are required to report on them.

Based on the work performed, as described above, we have verified that the information referred to in paragraph

a) above has been provided in accordance with the applicable regulations, and that the remaining information contained in the consolidated management report is consistent with the consolidated financial statements for the financial year 2025. Furthermore, its content and presentation comply with the applicable regulations.

Responsibilities of Management in Relation to the Consolidated Financial Statements

The directors of the Parent Company are responsible for the preparation of the accompanying consolidated financial statements so that they present a true and fair view of the consolidated equity, financial position and results of the Group, in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and other provisions of the financial reporting framework applicable to the Group in Spain, as well as for such internal control as they determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors of the Parent Company are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities in Relation to the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion.

Reasonable assurance is a high level of assurance, but it does not guarantee that an audit conducted in accordance with the auditing regulations in force in Spain will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit conducted in accordance with the auditing regulations in force in Spain, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain sufficient and appropriate audit evidence to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

  effectiveness of the Group's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Parent Company.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, determine whether a material uncertainty exists related to

  events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

• Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the directors of the Parent Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with the directors of the Parent Company, we determine those that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.

We describe these matters in our audit report unless law or regulation precludes public disclosure about the matter.

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND MANAGEMENT REPORT FISCAL YEAR 2025 AND 2024

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2025 AND 2024

Pages

CONTENTS

Consolidated statement of financial position 2

Consolidated statement of income 3

Consolidated statements of comprehensive income 4

Consolidated statement of changes in equity 5

Consolidated statements of cash flows 6 - 7

Notes to the consolidated financial statements 8 - 94

Management report 1- 17

S/ = Peruvian Sol

US$ = Unted States dollar MXN = Mexican peso

EUR = Euros

COP = Colombian peso

7

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FNANCIAL POSITION

(Stated in thousands of euros)

AT DECEMBER 31, 2025 AND 2024

The accompanying notes from page 8 to 94 are an integral part of the consolidated financial statements.

8

The accompanying notes from page 8 to 94 are an integral part of the consolidated financial statements.

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPRENSIVE INCOME

(Stated in thousands of euros)

AT DECEMBER 31, 2025 AND 2024

The accompanying notes from page 8 to 94 are an integral part of the consolidated financial statements.

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Stated in thousands of euros)

AT DECEMBER 31, 2025 AND 2024

Premium

Other

Interest held

Balances at January 1, 2024 Loss for the year

Other comprehensive income Revaluation of Property, plant and equipment

Fair value reclassification

Effect of translation to presentation currency

Total other comprehensive income Balances at December 31, 2024

Note 9

Note 17 (e)

Balances at December 31, 2024 Loss for the year

Transactions with owners

Sales of subsidiaries Note 17 (f) Non-controlling interest

Other comprehensive income Other adjustments

Revaluation of Property, plant and equipment

Effect of translation to presentation

Note 9

Note 17 (e)

currency Total other comprehensive income - - 2.642 (442) 2.239 (1.736) 503 Balances at December 31, 2025 20.583 366 73.159 7.064 100.172 129.685 230.857

The accompanying notes from page 8 to 94 are an integral part of the consolidated financial statements.

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Stated in thousands of euros)

AT DECEMBER 31, 2025 AND 2024

Net cash and cash equivalents applied to operating activities (160) (34.677)

The accompanying notes from page 8 to 94 are an integral part of the consolidated financial statements.

The accompanying notes from page 8 to 94 are an integral part of the consolidated financial statements.

ANDINO INVERSIONES GLOBAL, S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of euros)

AT DECEMBER 31, 2025 AND 2024

1. BACKGROUND AND ECONOMIC ACTIVITY

   Background -

   Andino Investments Global, S.A. (hereinafter referred to as the Company) was incorporated on February 3, 2022, in Madrid under the legal name Andino Investment Holding, S.L.

   The Company's registered place of business is at Calle Jose Ortega y Gasset, 22-24, 5th floor, Madrid, Madrid, Spain.

   The Company and its subsidiaries are hereinafter referred to as "the Group".

   On May 19, 2023, the Company decided to increase capital via non-monetary contributions of 19,620 thousand euros by issuing and putting into circulation 19,620 thousand shares with a par value of 1 euro each, accounting for 52.01% of Andino Investment Holding S.A.A. for a total of 106,698 thousand euros.

   On January 16, 2024, Andino Investments Global, S.A. joined Euronext Access + Paris and began trading on this important stock exchange that operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. Its 20,582,313 shares were admitted to trading at a reference price of

   3.21 euros per share, equivalent to a market capitalization of around 66 million euros.

   At March 27, 2024, the subsidiary Andino Investment Holding S.A.A., amortized its capital and number of shares, so that the shares held by the Company accounted for 64.68%.

   During 2024, the Company acquired 8,508,337 shares of Andino Investment Holding S.A.A., which accounted for 2.62%, thus consolidating 67.31% of the Company's total share capital.

   During the first half of 2025, the Company acquired 12,024 shares of Andino Investment Holding S.A.A. via trade-day stock exchange transactions, retaining a 67.31% stake in that company.

   Economic activity,

   The Group is a conglomerate of companies operating mainly in the foreign trade sector, offering infrastructure and airport services, logistic real estate, logistic services and financial services, with operations in Peru and Mexico (Note 2).

   Infrastructure and airport services

   The Company provides services, such as ground aircraft support, cargo storage terminal, and fixed- base operations, among other services. In addition, by means of the joint business held with third parties, it engages in the exploitation of the rights granted by the Concession Agreement for the design, construction, improvement, conservation and exploitation of the Peruvian Second Group of Airports signed with the Peruvian Government.

   Logistic real estate

   Implementing real estate projects in general, the construction industry, property purchase and sale and lease, as well as to the management of such projects.

   Logistic services

   Customs, maritime and shipping agency services, port logistics services, freight forwarding, stevedoring and unstowing and any related activity.

   Financial services

   Goods warehousing under simple and complex warrants, factoring, leasing and providing financing to parties operating in this sector.

   Investment management and other services

   Consulting services, advisory services, technical assistance, start-up support, administration, investments in low-risk financial instruments, investment and holding of securities, acquisition and disposal of shares and equity interests in other companies, management, and all types of services related to the investment industry.

   Management Business Plans

   At December 31, 2025 and 2024 the Group reported positive working capital of 60,755 thousand euros and positive working capital of 23,197 thousand euros, respectively.

   The Group operates under a going concern assumption, and therefore expects to improve working capital in the future as follows:

   1. Growing its airport services operations in the subsidiary Airport services Andinos S.A., which has steadily added new clients to its portfolio, becoming a benchmark in the industry. . In addition to the organic growth in Peru, growth of operations is expected1 in Mexico and recently in Spain with the construction of the Air Cargo Terminal at Adolfo Barajas Airport, which has already started the construction stage, currently at a completion progress of 70%.

   2. Driving the development of its logistics services subsidiaries, Infinia Operador Logístico S.A. and Cosmos Agencia Marítima S.A.C., in line with the positive perspectives related to the growing foreign trade activity, will merge, as described in the subsequent event, in order to create a better value chain and achieve operational efficiencies.

   3. Growing the loan portfolio granted by its financial services subsidiaries, led by Andino Capital Holding S.A.

   4. Ultimately, the Company evaluates, on an ongoing basis, its own investments or via its other subsidiaries, which enables it to generate sufficient profitability and liquidity to honor its obligations.

   Concession agreement -

   On September 7, 2010 the joint business comprising the Company and Corporación América Airports S.A. was awarded the tender for the second group of province airports in Peru (originally "Concurso de Proyectos Integrales para la Concesión del Segundo Grupo de Aeropuertos de Provincia de la República del Peru") approved by the governmental investments committee (PROINVERSION en Proyectos de Infraestructura y Servicios Públicos) by means of Supreme Decree 001-2011- MTC published on January 3, 2011.

   On January 5, 2011, the Peruvian Government via the Ministry of Transport and Communications (hereinafter MTC) and subsidiary Aeropuertos Andinos del Peru S.A. (hereinafter "AAP") signed a Concession Agreement for the Second Group of Provinces in Peru (hereinafter "the Concession Agreement").

   Under the Concession Agreement, the MTC awards the AAP Concession, comprising the design, construction, improvement and exploitation of 6 airports located in provinces in Peru (hereinafter "the Airports") as itemized below:

   • Aeropuerto Internacional "Alfredo Rodríguez Ballón" de Arequipa (Arequipa airport).

   • Aeropuerto "Coronel FAP Alfredo Mendivil" de Ayacucho (Ayacucho airport).

   • Aeropuerto Internacional "Inca Manco Capac" de Juliaca (Juliaca airport).

   • Aeropuerto Internacional "Padre Aldamiz" de Puerto Maldonado (PuertoMaldonado airport).

   • Aeropuerto Internacional "Coronel FAP. Carlos Ciriani Santa Rosa" de Tacna (Tacna airport).

   • Aeropuerto de Andahuaylas (*).

   (*) This airport has not been granted to AAP by the Grantor due to problems involving occupants around the Airport area.

   Major terms of the Concession Agreement are:

   1. Concession Agreement term -

      The effective period of the concession is 25 years from the signing date of the Concession Agreement . AAP is entitled to request, at its discretion, one extension or more extensions of the concession effective period. The MTC is entitled to extend the effective period of the Concession prior favorable opinion of the relevant regulator (Organismo Supervisor de la Inversión en Infraestructura de Transporte de Uso Público - hereinafter "OSITRAN"). The maximum effective period for the Concession, including all extensions, cannot exceed the maximum term stipulated under the applicable laws and regulations (60 years from the signing date of the Concession Agreement).

   2. Subscribed and paid-in capital -

      As established in the Concession Agreement, by the end of the second year of the Concession, AAP met the requirement to have subscribed and paid-in capital of US$6,1 million (equivalent to 5.2 million de euros). In compliance with Peruvian tax and corporate laws, AAP's capital is stated in Peruvian soles.

   3. Regulated rates -

      AAP will charge the port and airport service rates and Access charges set out in the Concession, or otherwise the rates to be set by OSITRAN. AAP is entitled to charge the rates and charges in U.S. dollars or equivalent in local currency at the selling exchange rate prevailing at the date the service is completed. The port and airport service rates cannot be modified before the end of the third year of concession. From the fourth year of concession, AAP will be allowed to charge the rates set by the entity awarded with the concessions for the first group of province airports. According to the Concession Agreement, the rates will be re-adjusted under a rate-adjusting formula set in Clause Ninth of the Concession Agreement. Any changes in rates should be reported to OSITRAN.

   4. Guarantees given to the Grantor -

      AAP engaged to provide the Grantor with the guarantees set in the Concession Agreement, which will be released upon partial or full completion of the Concession Agreement.

      Al December 31, 2025, AAP has set up, via Banco Santander a performance bond of US$4,500 thousand (equivalent to 3,643 thousand euros) with maturity on January on 15, 2026 and US$1,051 thousand (equivalent to 246 thousand euros) in favor of the Grantor, with maturity on February 12, 2026, as a safeguard in the event the Concession Agreement is rescinded on the grounds of an irregular act by the Operator (Concesionario) under the provisions of the tenth clause of the Concession Agreement.

      Also, other guarantees have been established with Banco Santander of US$330 thousand (equivalent to 267 thousand euros) to secure the process of purchasing equipment as stipulated in the Concession Agreement with maturity on February 12, 2026.

   5. Concession termination -

      Concession will be considered terminated in the following circumstances:

      1. Expiration of the concession effective period;

      2. Mutual agreement of the parties;

      3. The Company's failure to comply with the contractual obligations set out in clause 15.3 of the

         Concession Agreement;

      4. Grantor's failure to comply with the contractual obligations set out in clause 15.4 of the Concession

         Agreement;

      5. Unilateral decision of the Grantor as stated in clause 15.5 of the Concession Agreement;

      6. Force majeure or act of God.

2. INFORMATION ON THE GROUP SHAREHOLDING STRUCTURE

   a) At December 31, 2025 and 2024, the consolidated financial statements of the Group include the following subsidiaries (the figures of their unconsolidated financial statements are presented in accordance with IFRS and before eliminations, reclassifications and adjustments for consolidation purposes).

   Net loss

   2025

   No-controlling intere EUR000

   EUR000

   EUR000

   EUR000

   EUR000 EUR000

   %

   Controlling

   interest

   Non-controlling

   interest

   Controlling

   interest

   Net profit

   2025

   Net Equity

   2025

   Net Equity

   2025

   Assets Liabilities

   2025 2025

   Percentage of

   interest (direct and indirect)

   2025

   Country of

   incorporation and headquarters of company

   Core activity

   Company name

   Infrastructure and airport services:

   Airport services	Peru	67,31	47.095	36.955	10.140	4.926	1.887	917
   Airport services	Ecuador	67,31	3	16	(13)	(8)	(3)	(2)
   Airport services	Peru	67,31	26.715	9.843	16.872	8.193	(1.250)	(607)
   Airport services	Spain	67,31	45.045	35.940	9.105	4.422	(281)	(136)
   Airport services	Mexico	67,31	4.183	9.358	(5.175)	(2.513)	(222)	(108)
   Airport services	Colombia	67,31	16	117	(101)	(49)	(15)	(7)

   Servicios Aeroportuarios Andinos S.A.

   Servicios Aeroportuarios Andinos S.A.

   Ecuador

   Aeropuertos Andinos del Perú S.A. Servicios Aeroportuarios Andino Global S.L.

   Servicios Aeroportuarios Andinos

   México S.A. de C.V.

   Servicios Aeroportuarios Andinos Colombia S.A.S.

   Logistics real estate:
   Operadora Portuaria S.A.	Logistics real estate	Peru	41.73	110.716	41.055	69.661	33.832	(7.445)	(3.616)
   Inmobiliaria Terrano S.A.	Logistics real estate	Peru	67,31	63.634	28.698	34.936	16.968	(2.461)	(1.195)
   Inversiones Portuarias S.A.	Investments	Peru	67,31	17.070	5.733	11.337	5.506	(230)	(112)
   Logistics services:
   Cosmos Agencia Marítima S.A.C.	Shipping agent and stevedoring and	Peru	67,31	18.504	13.911	4.593	2.231	48	24
   	unstowage
   Infinia Operador Logístico S.A.	Customs agent	Peru	67,31	12.145	7.911	4.234	2.056	200	97
   Edificaciones Logísticas S.A.	Sale, rental and conditioning of	Peru	67,31	438	403	35	15	(242)	(118)
   	containers
   			12

   Percentage of Company name Core activity incorporation and indirect)				Assets	Liabilities	Net Equity	Net Equity	Net profit	Net loss
   and 2025 headquarters				2025	2025	2025	2025	2025	2025
   of company						Controlling	Non-controlling	Controlling	Non-controlling
   						interest	interest	interest	interest
   %				EUR000	EUR000	EUR000	EUR000	EUR000	EUR000
   Financial services:
   Almacenes Financieros S.A.	General goods warehouse	Peru	67,31	23.666	3.248	20.418	9.917	7.984	3.878
   Andino Capital Holding S.A.	Financial investments	Peru	67,31	24.145	8.220	15.925	7.734	8.635	4.194
   Andino Factoring S.A.C.	Financial investments	Peru	67,31	172	72	100	49	6	3
   Andino Leasing S.A.	Leasing	Peru	67,31	3.445	3.376	69	34	8	4
   Andino Capital Servicer Sociedad Gestora de Fondos de Inversión S.A.	Financial investments	Peru	67,31	520	659	(139)	(68)	(247)	(120)
   Investment management and others
   Andino Investment Holding S.A.A.	Holding	Peru	67,31	79.299	23.340	55.959	27.177	540	263
   Agrojayanca S.A.C.	Others	Peru	67,31	2.755	2.805	(50)	(25)	(49)	(24)
   Andino Office S.A.	Administrative services	Peru	67,31	238	334	(96)	(47)	(81)	(40)

   Country of

   interest (direct

   Net loss

   2024

   Non-controlling interest EUR000

   EUR000

   EUR000

   EUR000

   EUR000 EUR000

   %

   Controlling

   interest

   Non-controlling

   interest

   Controling

   interest

   Net profit

   2024

   Net Equity

   2024

   Net Equity

   2024

   Assets Liabilities

   2024 2024

   Percentage of

   interest (direct and indirect)

   2024

   Country of

   incorporati on and headquarte rs of company

   Core activity

   Company name

   Infrastructure and airport services:

   Airport services	Peru	67,31	38.719	31.356	7.363	3.576	1.346	654
   Airport services	Ecuador	67,31	2	15	(13)	(6)	(3)	(1)
   Airport services	Peru	67,31	31.261	21.680	9.581	4.653	(1.351)	(656)
   Airport services	Spain	67,31	7.166	8.514	(1.348)	(654)	1	1
   Airport services	Mexico	67,31	2.201	6.786	(4.585)	(2.227)	(1.817)	(883)
   Airport services	Colombia	67,31	16	104	(88)	(43)	(54)	(26)

   Servicios Aeroportuarios Andinos S.A.

   Servicios Aeroportuarios Andinos S.A.

   Ecuador

   Aeropuertos Andinos del Perú S.A. Servicios Aeroportuarios Andino Global S.L.

   Servicios Aeroportuarios Andinos México S.A. de C.V.

   Servicios Aeroportuarios Andinos Colombia S.A.S.

   Logistics real estate:
   Operadora Portuaria S.A.	Logistics real estate	Peru	67,31	121.425	43.483	77.942	37.853	2.194	1.066
   Inmobiliaria Terrano S.A.	Logistics real estate	Peru	67,31	69.590	32.594	36.996	17.967	1.710	830
   Inversiones Portuarias S.A.	Investments	Peru	67,31	19.993	8.708	11.285	5.481	3.466	1.683
   Logistics services
   Cosmos Agencia Marítima S.A.C.	Shipping agent and stevedoring and	Peru	67,31	14.826	9.788	5.038	2.447	285	139
   	unstowage
   Infinia Operador Logístico S.A.	Customs agent	Peru	67,31	11.392	6.615	4.777	2.320	7	3
   Edificaciones Logísticas S.A.	Sale, rental and conditioning of	Peru	67,31	963	622	341	166	(143)	(70)
   	containers

   Company name

   Core activity

   Country of

   incorporation and headquarters of company

   Percentage of

   interest (direct and indirect)

   2024

   Assets

   2024

   Liabilities

   2024

   %

   Net Equity Net Equity Net profit Net loss

   2024 2024 2024 2024

   Controlling Non-controlling Controlling Non-controlling interest interest interest interest

   EUR000 EUR000 EUR000 EUR000 EUR000 EUR000

   Financial services:

   Peru	67,31	12.543	676	11.867	5.763	316	154
   Peru	67,31	13.434	6.552	6.882	3.342	128	62
   Peru	67,31	151	59	92	44	(1)	(1)
   Peru	67,31	6.313	6.254	59	29	47	23
   Peru	67,31	442	330	112	54	(277)	(135)

   Almacenes Financieros S.A. General goods warehouse

   Andino Capital Holding Sociedad Gestora de Fondos de Inversión S.A.

   Financial investments

   Andino Factoring S.A.C. Financial investments

   Andino Leasing S.A. Leasing

   Andino Capital Servicer Sociedad Gestora de Fondos de Inversión S.A.

   Financial investments

   Investment management and others

   Andino Investment Holding S.A.A. Holding Peru 67,31 75.968 21.930 54.038 26.244 (1.250) (607)

   Andino Investment Holding International Inc. Investments Peru 67,31 869 521 348 169 5 2

   The percentage of interest held in those companies is the same as the voting right.

   There are no restrictions on the group's ability to access or use assets and settle liabilities.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   The significant accounting policies applied in the preparation of the consolidated financial statements are detailed below. These policies have been consistently applied to all the years submitted, unless otherwise indicated.

   1. Basis of preparation and presentation -

      The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU) as of December 31, 2025 and the other provisions of the applicable regulatory framework.

      They have been prepared based on the accounting records of Andino Investments Global S.A. and its subsidiaries (including AIG's subsidiaries, joint ventures and associates), the accounting criteria of which have been harmonized with those of the parent company in order to present the consolidated financial statements applying consistent valuation standards.

      The euro is the Group's presentation currency. The figures contained in the accompanying consolidated financial statements are expressed in thousands of euros, unless otherwise indicated, and are therefore subject to rounding off.

      The financial statements at December 31, 2025 have been prepared under the going concern assumption.

      The consolidated annual accounts for the financial year ended December 31, 2025, were prepared by the Directors of the Parent Company on March 23, 2026. However, several corrections have been made to both the consolidated financial statements and the notes thereto; as a result, the Directors of the Parent Company have reformulated them on April 30, 2026. These reformulated consolidated annual accounts will be submitted for approval by the General Shareholders' Meeting, and it is anticipated that they will be approved without modifications.

      Comparative information

      Under trade laws and regulations, for comparative purposes, the figures for the previous fiscal year are stated alongside each item in the consolidated balance sheet, consolidated income statement, consolidated statement of changes in equity, and consolidated cash flow statement, in addition to the figures for fiscal year 2025. The notes to the financial statements also include quantitative information for the prior fiscal year, except when an accounting standard specifically states that it is not necessary.

   2. Changes in the accounting policies and disclosures -

      1. New accounting standards of future mandatory adoption-

         The following is a breakdown of the standards issued by the IASB that will be mandatorily applicable in future fiscal years:

         Remaining to be adopted by the European Union

         First-time effective

         IFRS 18 - Presentation and disclosures in the Financial statements January 1, 2027 IFRS 19 - Subsidiaries without public accountability - Disclosures (issued on

         May 9 , 2024) January 1, 2027

         Amendments to IAS 21 Effects of Changes in Foreign Exchange Rates: Translation into a Hyperinflationary Presentation Currency (published on November 13, 2025))

         January 1, 2027

         Amendments to IFRS 19 Subsidiaries without public accountability: Disclosures (published on August 21, 2025).

         January 1, 2027

         IFRS 9 and IFRS 7 - Amendments to IFRS 9 and IFRS 7: «Amendments to Classification and Measurement of Financial Instruments»

         IFRS 1 - Annual Amendments Volume 11 Amendments to IFRS 1 «First-time adoption of International Financial Reporting Standards», IFRS 7 «Financial Instruments. Disclosures, IFRS 9 «Financial Instruments», IFRS 10

         «Consolidated Financial Statements» and IAS 7 «Statement of Cash Flows ».

         January 1, 2026

         January 1, 2026

         "Nature-dependent electricity contracts" - Amendments to IFRS 9 and IFRS 7 January 1, 2026

         Adoption of the aforementioned amendments and interpretations effective January 1, 2026 has not had a significant impact on the Group's consolidated financial statements for the current year.

         The Group is assessing the potential impacts that these regulatory changes could have on its consolidated financial statements, although no significant impacts are expected at this date, beyond the new disclosure requirements introduced by some of these changes.

   3. Consolidation of financial statements - Subsidiaries -

      Subsidiaries are the entities over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its relationship with the entity and is able to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which their control is transferred to the Group. They are no longer consolidated from the date control ceases.

      The Group applies the purchase method of accounting to recognize business combinations. The cost of acquiring a subsidiary is determined based on the fair value of the transferred assets, the liabilities assumed, and the equity instruments issued by the acquiree.

      The acquisition cost also includes the fair value of any assets or liabilities arising from an agreement establishing contingent payments. The identifiable assets acquired, contingent liabilities and liabilities assumed in a business combination are initially measured at their fair values at the date of acquisition.

      The Group recognizes the non-controlling interest in the acquiree on an acquisition-by- acquisition basis, either at fair value or in proportion to the recognized carrying amounts of the net identifiable asset of the acquiree.

      Acquisition-related costs are recorded as expense as they are incurred.

      The consolidated financial statements include the assets, liabilities, profit or loss, and cash flows of the Company and its subsidiaries. To consolidate subsidiaries, receivable and payable balances, income and expenses are eliminated from transactions between companies in the Group. Profits or losses resulting from transactions between Group companies that are recognized under any item in assets or liabilities are also removed. The accounting policies of the subsidiaries have been modified to ensure consistency with the policies adopted by the Group.

   4. Seasonality of operations -

      No transactions with seasonality have been identified that are relevant to the preparation of the consolidated financial statements of the Company and Subsidiaries.

   5. Foreign Currency Translation -Functional and presentation currency -

      The items included in the consolidated financial statements of each of the Group's entities are

      expressed in the currency of the primary economic environment in which the entity operates (functional

      currency). The consolidated financial statements are presented in soles, which is the functional currency

      and the Group' s presentation currency.

      Transactions and balances -

      Foreign currency transactions are translated into the entity's functional currency using the exchange rates prevailing at the transaction date.

      Monetary assets and liabilities denominated in a foreign currency are translated using the exchange rates prevailing at year end.

      Exchange gains or losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the date of the consolidated statement of financial position are recognized in "Exchange differences, net" in the consolidated statement of comprehensive income. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction.

      At December 31, 2025 and 2024 the financial statements of all the Group's subsidiaries are prepared in Peruvian soles, which corresponds to their functional currency except for Servicios Aeroportuarios Andinos de Mexico, S.A. de C.V. which uses Mexican pesos (functional currency), Servicios Aeroportuarios Andino Global S.L. which uses euros ((functional currency), Servicios Aeroportuarios Andinos Colombia S.A.S. which uses Colombian pesos (functional currency) and Andino Investment Holding International Inc. and Airport services Andinos S.A. Ecuador; which use U.S. dollars (functional currency), and all are presented in Peruvian soles to ensure consistency with the Group's presentation currency.

      The financial statements of the Company and the subsidiaries, the functional currency is different from the Group's functional currency, are translated into the Group's functional currency (Peruvian sol) in accordance with the following methodology established in IAS 21, "The effects of changes in foreign exchange rates:

      1. The balances of assets, liabilities and equity have been translated using the closing exchange rates at the date of each consolidated statement of financial position. The difference resulting from translating the opening balances into the presentation currency at a different exchange rate than the one prevailing at year-end is presented as the movement of each of the items to which it relates.

      2. Income and expenses of each item in the consolidated statement of comprehensive income have been translated using the average exchange rates that are similar to those prevailing at the date of origin of those transactions.

      3. Exchange differences resulting from translating into the presentation currency are recognized as a separate component in the consolidated statement of other comprehensive income within "Effect of translation into presentation currency".

      The translation of the consolidated financial statements to the presentation currency was made in accordance with the following methodology established in IAS 21, "The effects of changes in foreign exchange rates":

      1. The balances of assets, liabilities and equity have been translated using the closing exchange rates at the date of each consolidated statement of financial position. The difference resulting from translating the opening balances into the presentation currency at a different exchange rate than the one at the year-end is presented as the movement of each of the items to which it relates.

      2. Income and expenses of each item in the consolidated statement of income and consolidated statement of comprehensive income have been translated using the average exchange rates that are similar to those prevailing at the date of origin of those transactions.

      3. Exchange differences resulting from translating into the presentation currency are recognized as a separate component in net equity within "Other equity reserves".

   6. Cash and cash equivalents-

      The item on cash and cash equivalents stated in the consolidated statement of financial position includes all balances held with financial institutions.

      For reporting purposes on the consolidated statement of cash flows, cash and cash equivalents include bank checking account balances and highly liquid term deposits and investments with an original maturity of three months or less.

   7. Financial assets -

      1. Classification -

         The Group classifies its financial assets into the following categories:

         • Measured at fair value (either through profit or loss or other comprehensive income), and

         • Measured at amortized cost.

           The classification depends on the business model the Group uses to manage its financial assets and on the contractual terms that impact cash flows.

           For assets measured at fair value, gains and losses will be recorded in profit or loss or other comprehensive income.

           The Group reclassifies its debt instruments if its business model for managing these assets changes.

      2. Recognition and write-offs -

         Regular purchases and sales of financial assets are recognized at the date of negotiation, i.e. the date on which the Group undertakes to purchase or sell the asset. Financial assets are written off when the rights to receive cash flows from investments expire or are transferred and the Group has substantially transferred all risks and rewards arising from its ownership.

      3. Measurement -

         At initial recognition, the Group measures a financial asset at its fair value plus, for financial assets that are not carried at fair value through profit or loss, transaction costs that are directly attributable to the purchase of the financial assets. Transaction costs of financial assets carried at fair value through profit or loss are recognized in profit or loss.

         Debt Instruments -

         The subsequent measurement of debt instruments depends on the business model that the Group has established for asset management, as well as on the characteristics of the cash flows deriving from the asset.

         There are three possible categories with which the Group classifies debt instruments, which are: (i) amortized cost, (ii) fair value through other comprehensive income (FVOCI) and (iii) fair value through profit or loss (FVTPL).

         At December 31, 2025 and 2024, the Group classifies its financial assets into:

         • Amortized cost: applicable to assets managed under a business model to collect the contractual cash flows, provided that these cash flows represent only payments of principal

           and interest. The interest generated by these financial assets is recognized as financial income using the effective interest method. Any gain or loss arising from the write-off of this type of financial asset is recognized in the consolidated statement of income and presented within "Other income (expenses)"; any resulting exchange gains or losses are presented within "Exchange difference, net". Impairment losses are presented in a separate item in the consolidated statement of income.

           Debt instruments classified at amortized cost are included in the following items of the consolidated statement of financial position: "cash and cash equivalents" and "trade receivables and other receivables, net".

         • Fair value through profit or loss (FVTPL): assets that do not qualify for using the amortized cost or FVOCI are measured at fair value through profit or loss. Changes in the fair value of debt instruments in this category are recognized as profit or loss in the statement of income and presented net within "Other income" and "Other expenses" in the period in which the change occurs.

         Debt instruments classified at fair value through profit or loss are included within "Other financial assets" in the consolidated statement of financial position.

      4. Estimate for impairment of financial assets -

      The Group evaluates, prospectively, the expected credit losses (ECL) associated with the debt instruments measured at amortized cost. The methodology used to determine impairment depends on whether the credit risk of an asset has increased significantly.

      The ECL is recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk from initial recognition, the ECL is recognized for losses resulting from events of default that are possible within the next 12 months ("12-month ECL"). For credit exposures for which there has been a significant increase in credit risk from initial recognition, the ECL is recognized for losses resulting from events of default that are possible during the remaining life of the exposure, regardless of the timing of default ("Lifetime ECL").

      For trade receivables, the Group applies a simplified approach in calculating the ECL. Therefore, the Group does not monitor changes in credit risk, instead, it recognizes a provision for expected credit losses based on the lifetime ECL along the life of the financial instrument on each reporting date. The Group has established a provision matrix based on historical loss experience, adjusted for expected factors that are specific to debtors and the economic environment.

   8. Financial liabilities -

      Classification, recognition and measurement -

      Financial liabilities are classified, as appropriate, as follows: (i) financial liabilities at fair value through profit or loss and (ii) financial liabilities at amortized cost. The Group determines the classification of its financial liabilities at the date of initial recognition.

      Trade payables reflect obligations arising from the purchase of goods and services in the ordinary course of business and are recognized when the Company receives such goods or services. They are initially measured at fair value, which usually approaches the invoice amount. Subsequently, they are measured at the amortized cost. Trade payables are carried at face value and do not accrue interest, which is consistent with short-term market conditions.

      At December 31, 2025 and 2024, the Group only maintains financial liabilities classified in the category of financial liabilities at amortized cost and are included in the following items of the consolidated statement of financial position: "Trade payables and other payables" and "Borrowings."

      All financial liabilities are initially recognized at their fair value and, when the time value of money is relevant, are subsequently valued at their amortized cost under the effective interest rate method. The amortized cost includes the costs directly attributable to the transaction.

   9. Offsetting financial assets and liabilities -

      Financial assets and liabilities are offset so that the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

   10. Fair value of financial instruments -

       At each closing date of the reporting period, the fair value of financial instruments traded on active markets is determined by reference to prices quoted on the market, or prices quoted by market agents (purchase price for long positions and sales price for short positions), without deducting transaction costs.

       For financial instruments not traded in active markets, fair value is determined using appropriate valuation techniques. Such techniques may include the use of recent market transactions between knowledgeable willing parties acting under conditions of mutual independence, reference to the fair values of other financial instruments that are essentially similar, the analysis of discounted cash flows and other valuation models.

   11. Inventories -

       • Spare parts and supplies -

         They are valued at the cost determined under the weighted average method or their replacement cost, the lower. The cost of these items includes non-refundable freight and applicable taxes. The provision for the devaluation of these items is estimated based on specific analysis of their turnover carried out by Management. If the carrying amount of the inventories is identified as exceeding its replacement value, the difference is charged to profit or loss for the period in which this situation is determined.

       • Containers -

       They are valued at the cost of transformation or their net carrying amount, the lower. Inventories are valued under the weighted average cost method incorporating the costs incurred in the processing. The net realized value is the selling price estimated in the normal course of operations, less the estimated costs to complete their production and the costs necessary to put the containers on sale and commercialize them. The reductions in the carrying amount of these inventories to their net realized value constitute a provision for impairment of inventories charged to profits or loss for the period in which such reductions occur.

   12. Investments in joint ventures and associates -

       A joint venture is a type of joint agreement whereby parties that have joint control of the agreement are entitled to the net assets of the joint venture. These parties are called joint venture participants. Joint control is the distribution of control contractually decided for a joint agreement, and it exists only when decisions on the relevant activities of the agreement require the unanimous consent of the parties sharing control.

       An associate is an entity over which an investor has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies.

       This method has been applied for investments in joint ventures and associates, considering as such those in which the Group's direct or indirect shareholding is between 20% and 50% or in which, even without reaching these percentages, the Group has a significant influence in the management.

       Under the equity method, interest in joint ventures and associates is initially recognized at cost. The carrying amount of the investment is adjusted thereafter to recognize changes in the Group's share of the net assets of the joint venture and the associate since the date of acquisition.

       The consolidated statement of income reflects the Group's share in the profit or loss of the joint venture and associate. Any changes in the statement of income of the joint venture and the associate are presented as part of the Group's consolidated statement of income. In addition, if there were changes directly recognized in the equity of the joint venture and associate, the Group would recognize its share of any of these changes, as appropriate, in the consolidated statements of changes in equity. Profits or losses not transferred to third parties from transactions between the Group, the joint venture and the associate are eliminated to the extent of the Group's share in the joint venture.

       The financial statements of the joint venture and associate are prepared for the same reporting period as those of the Group. If necessary, appropriate adjustments are made to ensure that its accounting policies conform to the Group's accounting policies. Once the equity method is applied, the Group determines whether it is necessary to recognize an impairment loss of the investment that the Group has in the joint venture and associate. At each reporting closing date, the Group determines whether there is objective evidence of whether the investment in the joint venture and associate is impaired. In the event of such evidence, the Group calculates the impairment amount as the difference between the recoverable amount of the joint venture and associate and their respective carrying amounts, and then, it recognizes the gain or loss within "Share of joint venture and associate" in the consolidated statement of income.

       The methodology used by the Group in estimating the recoverable amount of assets is the value in use calculated based on the current value of future cash flows expected to be derived from the joint venture and associate.

   13. Leases -

       The Group as a lease holder evaluates whether an agreement contains a lease at its inception and recognizes a right-of-use asset and a lease liability, with respect to all leases, except short-term lease agreements (12 months or less) and low-value assets; for the latter, the Group recognizes rent payments as an operating expense under the straight-line method over the lease term, unless another method is more representative for the consumption pattern of economic benefits expected from the leased assets.

       Lease agreements are recognized as a liability with its corresponding right-of-use asset on the date the leased asset is available for use by the Group.

       The right-of-use asset is amortized under the straight-line method during the shortest period between the asset useful life and the term of the lease.

       The lease liability is initially measured at the present value of rent payments not paid on the start date, discounted by the rate implied in the agreement, or otherwise, under the borrowing incremental rate.

       The lease liability and the right-of-use asset are presented in the consolidated statement of financial

       position within "Borrowings" and "Right-of-use assets, net", respectively.

       The lease liability is subsequently measured with the increase in carrying amount to reflect accrued interest (using the effective interest method), reducing the carrying amount to reflect the rent payments made.

       The right-of-use asset depreciates over the shortest period between the lease period and the useful life of the underlying asset.

   14. Property, plant and equipment, net-

       Property, plant and equipment are reported at cost, except for land and buildings, net of accumulated depreciation and/or accumulated impairment losses, if any.

       Items of land and buildings are shown at fair value determined based on appraisals performed by independent experts. The carrying amount of these assets is reviewed on an ongoing basis to ensure that it does not differ significantly from its fair value at each closing date, at least every three years. Increases in the carrying amount of land, net of its tax effect, by effect of its revaluation to fair value are credited to the excess revaluation account in equity. An impairment loss associated with a non-revalued asset will be recognized in profit or loss of the reporting period. However, an impairment loss of a revalued asset will be recognized in the statement of other comprehensive income, as long as the impairment does not exceed the amount of the revaluation surplus for that asset. This impairment loss for a revalued asset reduces the revaluation surplus for that asset.

       The initial cost of an asset includes its purchase price or manufacturing cost, including non-reimbursable purchase duties and taxes, and any costs necessary to put the asset in operating conditions as anticipated by Management. The purchase price or construction cost comprises the total amount paid and the fair value of any other consideration given in acquiring the asset. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when future economic benefits associated with the asset are likely to be generated for the Group and the cost of these assets can be reasonably measured.

       Where significant parts of property, plant and equipment need to be replaced, the Group recognizes such parts as individual assets with specific useful lives and depreciates them. In addition, when a major inspection is made, its cost is recognized in the carrying amount of property, plant and equipment as a replacement if the recognition criteria are met. All other routine maintenance and repair costs are recognized in profit or loss, as incurred.

       Items of work in progress include disbursements for the construction of assets, accrued during the construction stage, and when completed and in use, it is classified to the appropriate asset category and its depreciation begins.

       Costs of work in progress under the concession agreement -

       Costs of work in progress of the concession agreement are related to the assets of the concession and are expressed at cost. Such costs include costs directly related to the specific airport construction agreement and costs attributable to the contracting activity in general and those that can be attributed to the agreement. Costs that are directly related to a specific agreement include: labor costs at the construction site (including construction supervision), costs of materials used in construction, depreciation costs of equipment used in the agreement, design and technical assistance costs that are directly related to the agreement, among others, which are accumulated within works in progress until the approval by OSITRAN, which is when the receivable from the Peruvian Government is recognized.

       The construction works are performed by a related party or third parties under the supervision and responsibility of Aeropuertos Andinos del Peru S.A.

       Depreciation -

       Straight-line method -

       Items of land and work in progress are not depreciated. Depreciation of other assets is calculated using the straight-line method over the estimated useful life of the asset. Estimated useful lives are as follows:

       Years

       Buildings, constructions and others

       From 10 to 72

       Machinery and equipment From 3 to 30

       Vehicle From 5 to 10

       Furniture and fixtures 10

       Other From 3 to 10

       Residual values, useful lives, and depreciation methods of property, plant and equipment are reviewed at the end of each year and are adjusted prospectively, if applicable.

       Derecognition of assets -

       An item of property, plant and equipment is derecognized at the time of disposal or when no economic benefits are expected from its subsequent use or disposal. Any gain or loss arising from the derecognition of the fixed asset (calculated as the difference between the proceeds from sale and its carrying amount) is included in the consolidated statement of income in the year in which the asset is derecognized.

   15. Intangibles assets, net -

       An asset is recognized as intangible if its future economic benefits are likely to flow to the Group and its cost can be reliably measured. Intangible assets acquired separately are initially measured at cost. The cost of intangible assets acquired in business combinations is their fair value at the date of acquisition. After initial recognition, intangible assets are carried at cost less accumulated depreciation and, if applicable, any accumulated impairment losses.

       Gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net proceeds from the sale and the carrying amount of the asset and are recognized in the consolidated statement of income when the asset is derecognized.

       The Group has the following intangible assets:

       Software, licenses and other intangible assets:

       Software, licenses and other intangible assets are presented at cost and include disbursements directly related to the acquisition or implementation of the specific intangible asset, and its corresponding cost. These costs are amortized on their estimated useful life of between 5 and 11 years.

       Brands and customer list -

       Brands and customer list are recognized at fair value at the date of acquisition. The useful life of the brand is indefinite. The customer list is amortized over its estimated useful life from 5 to 15 years.

       Public service structure concessions -

       The Concession Agreement is within the scope of IFRIC 12 "Service Concession Arrangements". This interpretation requires investments in public service infrastructure to be accounted for not as fixed assets by the Grantor but rather as a financial asset, an intangible asset or a combination of both, as appropriate.

       The Group considers that IFRIC 12 is applicable due to the following:

       • The Peruvian Government (the Grantor) regulates the services to be provided by Aeropuertos Andinos del Peru S.A., by setting the method for the determination of rate and control of completion of works.

       • The Peruvian Government (the Grantor) keeps control over a significant residual portion of the concession assets because these assets are expected to be returned to Grantor at the end of the concession agreement at their carrying amount.

       Management has determined that the IFRIC 12 model applicable to the Group activities is the financial asset model for the unconditional contractual right to cash or other financial asset in return for its services, which means that the risk of demand would be taken by the public sector entity, as well as an intangible asset when the Operator ("concesionario") receives a contractual right to charge the users of the public services to be provided, therefore, the risk of demand is taken on by the Operator.

       Amortization is determined under the straight-line method by the Group.

   16. Goodwill and bargain purchase -

       1. Goodwill -

          Goodwill is initially measured at cost. Goodwill arises from the acquisition of subsidiaries and represents the excess amount paid for the purchase over the fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the non-controlling interest in the acquiree.

          After initial recognition, goodwill is measured at cost less any accumulated impairment loss.

          For the purposes of impairment testing, the goodwill of a business combination is allocated to each of the cash-generating units (CGUs), or groups of CGUs, which are expected to benefit from the synergies of the business combination. Goodwill is supervised at the operational segment level. Impairment tests of goodwill are performed on an annual basis or more frequently when events or changes occur in circumstances indicating a potential impairment.

          The carrying amount of the CGU, which contains goodwill, is compared to its recoverable amount, which is the greatest between its value in use and its fair value less selling expenses. Any impairment is recognized as an expense, and subsequent reversal is not possible.

          At December 31, 2025 and 2024, this item consists of:

          2025

          EUR000

          2024

          EUR000

          Nautilius S.A. - 584

          Andino Factoring S.A.C. 12 11

          Servicios Aeroportuarios Andino Global S.L. 3 3

          15 598

          The movement in goodwill of the companies consolidated by integration of the Group during 2025 and 2024 were as follows:

          	01.01.2024 Translation 31.12.2024 Translation Adjustments 31.12.2025 EUR000 effect EUR000 effect EUR000 EUR000 EUR000 EUR000
          Nautilius S.A.	563	21	584	-	(584)	-
          Andino Factoring S.A.C.	11	-	11	1	-	12

          Servicios Aeroportuarios

          3 - 3 - - 3

          Andino Global S.L.

          577 21 598 1 (584) 15

       2. Gains on bargain purchase -

          Gains on bargain purchase is recognized directly to profit or loss for the period and reflects the excess of fair value of net assets over their paid consideration.

          If initial recognition of a business combination has not been completed at the end of the accounting period in which the business combination occurred, the Company and its subsidiaries will disclose in its consolidated financial statements the provisional amounts of those items which accounting has not been completed. During the measurement period, the Company and its subsidiaries will adjust the provisional amounts recognized at the date of acquisition, on a retrospective basis, to reflect the new information obtained about the facts and circumstances that existed at the date of acquisition, and which, if had been known, would have affected the measurement of the amounts recognized at that date. The measurement period will end as soon as the Company and its subsidiaries receive the information they were looking for about the facts and circumstances that existed at the date of acquisition or arrive at the conclusion that no more information can be obtained. However, the measurement period shall not exceed one year from the date of acquisition.

   17. Investment properties, net -

       Investment properties comprise land and buildings held by the Group in order to obtain returns from rents and appreciation in their carrying amount. Investment properties also include properties that are under construction or development for use as investment properties.

       Investment properties are initially recorded at cost, including transaction costs, taxes and legal fees. They are subsequently measured at their fair value. The fair value of investment properties is determined at the closing of the reporting period and is based, if available, on market prices, adjusted if applicable, by any difference in the nature, location and condition of each specific asset.

       Valuations are made annually by independent appraisers, with experience in valuating assets in the same location and category of the properties subject to valuation.

       Changes in fair value are recognized within "Other expenses, net" in the consolidated statement of income. Investment properties are derecognized when sold. If an investment property is occupied by the Group, it is reclassified to "Property, plant and equipment" according to its nature.

       In the event that the use of an investment property changes, upon the beginning of a real estate development with a sales vision, not continuing with the generation of rent or value appreciation, the property is transferred to "Inventories". The cost attributed for accounting purposes as inventories is represented by the fair value at the date of the change of use

       Items of work in progress represent projects under construction and are recorded at cost, including construction costs and other direct costs.

   18. Impairment of non-financial assets -

       Assets subject to depreciation and amortization are subject to impairment testing when there are events or circumstances indicating that their carrying amount may not be recovered, except for the intangible asset arising from the Concession Agreement, on which the Group conducts impairment testing on an annual basis. Impairment losses correspond to the amount in which the carrying amount of the asset exceeds its recoverable amount. The recoverable amount of the assets corresponds to the higher amount between the net amount to be obtained from the sale or its value in use. For the purposes of impairment testing, assets are grouped at the smallest levels at which identifiable cash flows (cash-generating units) are generated.

       If the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, an impairment loss is recognized with credit to the asset value. Impairment losses are recognized in the consolidated statement of comprehensive income and are reversed if there has been any change in the assumptions used to determine the recoverable amount of the assets, only to the extent that the carrying amount of the asset, net of depreciation and amortization, do not exceed the fair value that would have been determined if no impairment loss had been recognized. At December 30, 2025 and 2024 the Group has not identified events or circumstances indicating that its non-financial assets may be at risk of impairment.

   19. Provisions -

       Provisions are recognized when the Group has a legal or constructive present obligation as a result of past events. It is more than likely that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. The reversal of the discount over time causes an increase in the obligation that is recognized charged to the consolidated statement of income as financial expenses.

   20. Contingencies -

       By their nature, contingencies will only be resolved whether one or more future events occur or not. The determination of contingencies inherently involves the exercise of judgment and the calculation of estimates of the results of future events.

       Contingent liabilities are not recognized in the financial statements; they are only disclosed in notes to the financial statements, unless the possibility of an outflow of resources is assessed as remote.

       Contingent assets are not recognized in the financial statements and are only disclosed when an inflow of economic benefits is assessed as probable.

   21. Employees' benefits -

       The benefits to the Group's employees substantially comprise the subsidiaries domiciled in Peru, which are detailed below:

       Statutory bonuses -

       The Group recognizes the expense for statutory bonuses and its corresponding liability on an accrual basis and calculates such expense in accordance with the current legal provisions in Peru. The annual expense for statutory bonuses comprises two remunerations paid in July and December.

       Employees' severance indemnities -

       Employees' severance indemnities of the Group's personnel correspond to their indemnity rights calculated in accordance with current legislation and which must be credited in May and November each year to the bank accounts designated by the workers.

       Employees' severance indemnities equal half salary effective at the date of bank deposit and are recorded on an accrual basis. The Group has no additional payment obligations once it makes annual deposits of the funds to which the worker is entitled.

       Vacation leave -

       Annual vacation leave to which personnel is entitled is recognized on an accrual basis. The provision for the estimated annual vacation leave of personnel resulting from services provided by employees is recognized at the date of the statement of financial position.

       Workers' profit sharing -

       The Company and its subsidiaries recognize a liability and an expense for workers' profit sharing under applicable laws and regulations. The percentage of worker's profit sharing is 8% and 5% on the taxable amount determined by each company under Peruvian income tax legislation.

   22. Income tax -

       Income tax expenses include current income tax and deferred income tax. In accordance with current legislation, the determination of income tax on a consolidated basis is not permitted.

       Tax is recognized in the consolidated statement of income, except when related to items recognized in the consolidated statement of comprehensive income or directly in equity, in which case, the tax is also recognized in the consolidated statement of comprehensive income or directly in equity, respectively.

       Current income tax expense is calculated based on tax legislation enacted at the date of the consolidated statements of financial position. Management periodically evaluates the position assumed in tax returns with respect to situations in which tax laws are subject to interpretation. The Group, where applicable, makes provisions on the amounts it expects to pay to tax authorities. Additionally, it makes monthly on-account payments of income tax that is shown in the consolidated statement of financial position as a tax credit when at the end of the period it is not fully offset by the resulting annual income taxes payable to the tax authorities.

       Deferred income tax is determined using the liability method, on the temporary differences that arise from the tax bases of assets and liabilities and their respective values shown in the financial statements. Deferred income tax is determined using tax rates (and legislation) that have been enacted at the date of the consolidated statement of financial position and is expected to apply when deferred income tax asset is made or the deferred liability income tax is paid.

       Deferred income tax assets are recognized to the extent in which it is likely that future tax profits will be available against which temporary differences can be used.

       Asset and liability income tax balances are offset if there is a legal right to offset the current income tax and provided that deferred taxes are related to the same entity and the same tax authorities.

   23. Share capital -

       Common shares are classified as equity.

   24. Revenue recognition -

       Revenue obtained by the Company and its subsidiaries mainly comprises services rendered, and goods sold, net of discounts, returns and sales taxes that are transferred to customers over time and at a point in time when goods are delivered. The Company and its subsidiaries have concluded that they act as a principal in their sales agreements since they have control over goods or services before they are transferred to the customers.

       Services rendered - - For this type of revenue, there is a contractual obligation based on which a variety of services are rendered by the Company and its subsidiaries. In this case, revenue is recognized over time as the service is being completed, the rewards are transferred to the customer, and no other performance obligations remain to be met. The related revenues are recognized on a monthly basis when the service is rendered based on the values set forth in the respective contracts.

       At period-end, the degree of progress of the services rendered is assessed and the related provision is made for the period.

       Sales of goods - For this revenue, there is a contractual obligation based on which goods are sold and delivered, as applicable. In this case, revenue is recognized at the point in time when control over the assets is transferred to the customer, that is, when goods are delivered.

       IFRS 15 sets forth a 5-step model for revenue recognition to be applied in recognizing revenue from contracts with customers, as follows:

       • Identify the contract.

       • Identify separate performance obligations.

       • Determine the transaction price.

       • Allocate transaction price to performance obligations.

       • Recognize revenue when (as) each performance obligation is satisfied.

       • The accounting principles contained in IFRS 15 provide a more structured approach to measure and recognize revenues.

       Also, the other aspects that are relevant to the Company and its subsidiaries for the determination of the sales price, and whether in certain cases, there are other performance obligations that need to be separated derived from the service rendered or goods sold. In this regard, the most relevant aspect applicable to the Company and its subsidiaries under IFRS 15 are:

       • Infrastructure and airport services

         • Infrastructure

           The major revenue flows come from i) regulated services that involve those mandatory services to be provided under the Concession agreement (Unified Airport Use Tariff - TUUA, airport services and regulated rentals) and ii) non-regulated services that correspond to revenues from parking lots, rentals to tenants, advertising spaces, etc.

           Revenue is recognized at the fair value of the consideration received or receivable and is derived from the sales of services, net of sales taxes. The Company recognizes revenue when the risks are transferred and there are no performance obligations pending to be satisfied that could affect the customer's acceptance of the service. Revenue is recognized in the accounting period in which the services are rendered.

         • Airport services

           These consist of air cargo warehouse services, ramp services, fixed base operator services, as well as other services to a lesser extent. For all types of revenue, recognition is made according to the degree of progress of the service, over time, based on the service performed at the end of the period, as a proportion of the total services agreed upon; this is due to the fact that customers receive the services and use their benefits simultaneously.

           Estimates of revenue, cost or stage of completion are revised if there is a change in circumstances. If an increase or decrease in revenue occurs due to a change in estimates, these are recognized in income in the period in which the circumstances leading to the change are known to management.

           Revenues from freight and traction services and comprehensive services provided to the importer and exporter are recognized at the time the service is rendered over time.

       • Logistics services

         • Revenue from agency services

           The signed contracts set out the agency services to be provided. The principal services consist of activities that can be identified separately and can be contracted separately or jointly. The Company considers all activities as a single commercial contract and recognizes this upon completion of the service. Invoices generated by these services are collected 30 days after they are issued. Revenue is recognized over time as services are rendered. The stage of completion to determine the amount of revenue to be recognized is assessed on the basis of inspections of the work performed.

         • Revenue from maritime operations services

           The contracts entered into detail the maritime operations services to be provided. The main services contain activities that can be identified separately and can be contracted separately or jointly. The Company considers all activities as a single commercial contract and recognizes this upon completion of the service. Invoices generated by these services are collected 60 days after they are issued. Revenue is recognized over time as services are rendered. The stage of completion to determine the amount of revenue to be recognized is assessed based on inspections of the work performed.

         • Revenue from comprehensive logistics operations (OLI, the Spanish acronym)

           The services to be provided are set forth in the contract. The main services contain activities that can be identified separately and can be contracted separately or jointly. The Company considers all activities as a single commercial contract and recognizes this upon completion of the service. Invoices generated by these services are collected 45 days after they are issued. Revenue is recognized over time as services are rendered. The stage of completion to determine the amount of revenue to be recognized is assessed on the basis of inspections of the work performed.

         • Revenue from stevedoring and unstowage services

           The contracts signed by the Company set forth the services to be rendered. The main services contain activities that can be identified separately and can be contracted separately or jointly. The Company considers all activities as a single commercial contract and recognizes it as the service is rendered. Invoices are collected 30 days after they are issued. Revenue is recognized over time as services are rendered. The stage of completion to determine the amount of revenue to be recognized is assessed on the basis of inspections of work performed.

         • Integral logistics services

           Revenues from bonded warehousing and loading of liquid grain cargo, national and international cargo transportation services. For all these types of revenues, their recognition is made according to the degree of progress of the service, over time, based on the service performed at the end of the period, as a proportion of the total services agreed upon; this is due to the fact that customers receive the services and use their benefits simultaneously.

           This revenue is recognized when the risks are transferred and there are no outstanding performance obligations that could affect the customer's acceptance of the service.

         • Sales of goods (panels and containers)

           Revenue from ordinary activities from sales of goods is recognized when all performance obligations are satisfied, which occurs at the time of delivery of the goods are at a point in time.

       • Logistics real estate

         These consist of the lease of land and buildings. The related performance obligation is satisfied over time, and the related revenue is recognized monthly when the service is rendered in accordance with the values established in the respective contract.

       • Financial services

         Interest income is recognized under the effective interest rate method. Interest income is included within the line of revenue in the consolidated statement of comprehensive income on an accrual basis.

       • Interest income

         Interest income is recognized under the effective interest rate method. Interest income is included within the line of financial income in the consolidated statement of comprehensive income.

       • Dividend income

       Dividend income is recognized in the consolidated statement of comprehensive income when reported at a point in time.

   25. Recognition of costs and expenses -

       The cost of selling goods and services is recognized simultaneously with the revenue recognition from the sale of the goods or the service rendered, regardless of when they are paid.

       Borrowing costs include interest and other costs incurred in connection with the execution of the respective loan agreements and are recognized as financial expenses in the period in which they are incurred.

       Other operating costs and expenses are recognized as being accrued, regardless of when they are paid, and are recorded in the periods in which they relate.

       Expenses in customer compensation, complaints, and other claims are recognized when they are accrued and are recorded in the period in which they are incurred.

   26. Segment reporting -

       Segment reporting is consistent with the information presented by Management to the Board of Directors regarding the Group's operating decision-making. The chief operating decision maker, responsible for allocating resources and evaluating the performance of operating segments is the Management Board.

       The Group controls its operating segments in: i) Infrastructure and airport services, ii) Logistics real estate, iii) Logistics services, iv) Financial services and v) Investments management and other services, for which a reconciliation of segment assets to total assets is performed and disclosed.

   27. Earnings (Loss) per share -

       The basic and diluted earnings (losses) per share have been calculated based on the weighted average number of outstanding common shares (net of own-issued shares) at the date of the consolidated statement of financial position. At December 31, 2024 and 2023 the Group has no financial instruments with a dilutive effect, therefore, the basic and diluted earnings per share are the same (Note 29).

   28. Subsequent events -

       Subsequent events to the year-end that provide additional information about the Group's financial position and that are related to facts or events stated and reported at the date of the consolidated statement of financial position (adjusting events) are included in the consolidated financial statements. Significant subsequent events that are not adjusting events are disclosed in notes to the consolidated financial statements.

   29. Statement of cash flows

       The consolidated statement of cash flows was prepared using the indirect method, and the following expressions are used with the meaning indicated below:

       • Operating activities: comprising the Group's ordinary revenue-generating activities, as well as other activities that cannot be classified as investment or financing activities.

       • Investing activities: comprising acquisition, disposal or other similar activities of long-lived assets and other investments not included in cash and cash equivalents.

       • Financing activities: comprising activities that give rise to changes in the size and composition of net equity and liabilities that are not considered operating activities.

   30. Capital management

       The Group manages capital at the corporate level with the purpose of ensuring financial stability and obtaining adequate financing for its investments as a way to optimize the cost of capital, in order to maximize the creation of shareholder value while maintaining adequate levels of solvency.

       The Group considers the level of consolidated gearing or leverage, defined as that resulting from dividing consolidated net financial liabilities by consolidated net assets (understood as the sum of net financial debt and consolidated shareholders' equity), as an indicator for monitoring the Group's financial position and capital management

       The gearing ratio, calculated as the ratio of net debt and financial liabilities to equity, at December 31, 2025 and 2024 was determined to be as follows:

       	Note	2025 EUR000	2024 EUR000
       Financial debt	15	208.802	138.256
       Trade payables and other payables	13 y 14	72.224	58.821
       Less cash and cash equivalents	5	(15.214)	(14.223)
       Net debt (a)		265.812	182.854
       Equity		230.857	200.129
       Total equity (b)		496.669	382.983
       Gearing ratio (a / b)		54%	48%

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances.

1. Accounting estimates and judgments -

   The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustments to carrying amounts of assets and liabilities are shown below:

   • Evaluating the recovery of receivables from the Peruvian Government for additional work in progress (Note 3.7).

   • Evaluating the recovery of intangible assets under the Concession Agreement, Brands and Customer Relations (Note 3.15 and 12).

   • Provisions (Note 3.19 and 14).

   • Contingencies (Note 3.20 and 27).

   • Current and deferred income tax (Note 3.22, 16 and 26).

   • Fair value of investment properties (Note 3.17, 10 and 31).

   • Estimating impairment of investments in joint ventures and associates (Note 3.12 and 8).

   • Calculating the implicit interest on leases (Note 3.13 and 11)

At December 31, 2025 and 2024, checking accounts are held with local and foreign financial institutions, are denominated in Peruvian soles, U.S. dollars, Euros and Mexican pesos, are cash in hand, are interest bearing at market rates and are not subject to levies

1. Comprising the investment made in the acquisition of bonds for US$12.300 thousand (equivalent to 10.030 thousand euros), such investment earns interest at an annual interest rate of 11,50% to 16,00%, which is collected monthly. Bonds were measured at the amortized cost.

2. Comprising the investment made in Fondo de Inversion Fondo Gapif, with a 9,62% stake.

3. Reflecting additional construction costs resulting from changes in measurements, quantities, and prices arising from the implementation of mandatory construction work during the initial period, which the Company's Management estimated to be at approximately S/24.157 thousand (equivalent to 5,866 thousand euros).