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Investments in associates | 12 Months Ended
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Dec. 31, 2025
Investments in associates |
Investments in associates | 15 Investments in associates ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the year ended December 31, |
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 |
Balances at the beginning of the year |  | 11,746 |  | 11,992 | ​
Share of income/(loss) in associates (Note 10) |  | 31,083 |  | (996) | ​
Contributions |  | 712 |  | 666 | ​
Others | ​ | (278) | ​ | 65 | ​
Translation differences |  | 81 |  | 19 | ​
Balances at the end of the year |  | 43,344 |  | 11,746 | ​
​ Breakdown of the share of income/(loss) in associates is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Sociedad Aeroportuaria Kuntur Wasi S.A. (1) |  | 22,378 |  | (666) |  | (84)
Navinten S.A. (2) | ​ | (168) | ​ | (263) | ​ | 7,292
Corpoandino S.A.(3) | ​ | 8,880 | ​ | — | ​ | —
Others |  | (7) |  | (67) |  | (100)
​ |  | 31,083 |  | (996) |  | 7,108
​ Main Associates are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ ​ ​ | Investment in associates
​ | ​ | ​ | ​ | ​ | ​ | Percentage of | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ownership at | ​ | For the year ended
​ | ​ | ​ | ​ | Country of | ​ | December 31, | ​ | December 31,
Company | ​ ​ ​ | Main activity | ​ ​ ​ | incorporation | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Aeropuertos Ecológicos de Galápagos S.A. (4) |  | Airport Operation |  | Ecuador |  | 99.90 | % | 99.90 | % | 1,000 |  | 1,000
Navinten S.A. | ​ | Duty free operation | ​ | Uruguay | ​ | 49.00 | % | 49.00 | % | 9,833 | ​ | 10,001
Sociedad Aeroportuaria Kuntur Wasi S.A. (1) |  | Airport Operation |  | Perú |  | 50.00 | % | 50.00 | % | 23,090 |  | —
Corpoandino S.A. (3) | ​ | Airport Operation | ​ | Perú | ​ | 50.00 | % | 50.00 | % | 8,880 | ​ | —
Others |  | ​ |  | — |  | — |  | — |  | 541 |  | 745
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | 43,344 |  | 11,746
​ (1) On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero; therefore, since then the investment was maintained in zero. As disclosed in Note 26.a, following an arbitration process, the Government of Peru paid an indemnification to KW due to the termination of the concession agreement. Accordingly, as of December 31, 2025, the Group recognized an income of USD 22.4 million in its share of income in associate. ​ 15 Investments in associates (Cont.) (2) See Note 28 regarding the acquisition of Navinten S.A. (3) Corpoandino had a receivable that was previously impaired. Following the favorable outcome of the arbitration proceedings of Sociedad Aeroportuaria Kuntur Wasi S.A., Corpoandino will partially recover this receivable recognizing an income as of December 31, 2025. (4) Under the terms of the Galapagos Concession Agreement, the net income generated by the Company must be transferred entirely to the DGAC. However, the Group maintains the operational management of such company and therefore has significant influence.

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