Reported Earnings • May 18
First quarter 2026 earnings released: AR$500 loss per share (vs AR$13.20 profit in 1Q 2025) First quarter 2026 results: AR$500 loss per share (down from AR$13.20 profit in 1Q 2025). Revenue: AR$70.3b (up 31% from 1Q 2025). Net loss: AR$40.6b (down AR$41.7b from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 30
Autopistas Del Sol SA, Annual General Meeting, Apr 15, 2026 Autopistas Del Sol SA, Annual General Meeting, Apr 15, 2026. Location: held remotely, Argentina Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: AR$249.8b (up 43% from FY 2024). Net income: AR$77.6b (up AR$169.3b from FY 2024). Profit margin: 31% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 115% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$3,790, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 15x in the Infrastructure industry in South America. Total returns to shareholders of 899% over the past three years. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: AR$400 (vs AR$60.60 loss in 3Q 2024) Third quarter 2025 results: EPS: AR$400 (up from AR$60.60 loss in 3Q 2024). Revenue: AR$59.2b (up 51% from 3Q 2024). Net income: AR$37.7b (up AR$43.1b from 3Q 2024). Profit margin: 64% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 157% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$4,085, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 1,629% over the past three years. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to AR$2,605, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 976% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$2,100, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 778% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$2,020, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 15x in the Infrastructure industry in South America. Total returns to shareholders of 778% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AR$1,830, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 15x in the Infrastructure industry in South America. Total returns to shareholders of 544% over the past three years. New Risk • Jul 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). New Risk • Jun 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 21% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 11
Full year 2024 earnings released: AR$1,037 loss per share (vs AR$684 profit in FY 2023) Full year 2024 results: AR$1,037 loss per share (down from AR$684 profit in FY 2023). Revenue: AR$175.3b (up 143% from FY 2023). Net loss: AR$91.7b (down 252% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 255 percentage points per year, which is a significant difference in performance. Announcement • Mar 10
Autopistas Del Sol SA, Annual General Meeting, Apr 15, 2025 Autopistas Del Sol SA, Annual General Meeting, Apr 15, 2025. Location: held remotely, Argentina Reported Earnings • Nov 14
Third quarter 2024 earnings released: AR$0.06 loss per share (vs AR$38.26 profit in 3Q 2023) Third quarter 2024 results: AR$0.06 loss per share (down from AR$38.26 profit in 3Q 2023). Revenue: AR$39.3b (up 238% from 3Q 2023). Net loss: AR$5.36b (down 258% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 212% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: AR$35.9b (up 138% from 2Q 2023). Net loss: AR$7.54b (down 437% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has increased by 227% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: AR$17.2b (up 85% from 1Q 2023). Net loss: AR$59.6b (down AR$60.2b from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 145% per year but the company’s share price has increased by 270% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to AR$2,735, the stock trades at a trailing P/E ratio of 62.9x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total returns to shareholders of 5,361% over the past three years. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$1,729, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 18x in the Infrastructure industry in South America. Total returns to shareholders of 2,346% over the past three years. New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Argentinean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 25% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AR$1,086, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total returns to shareholders of 2,322% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$1,040, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 17x in the Infrastructure industry in South America. Total returns to shareholders of 2,051% over the past three years. New Risk • Sep 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$758, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total returns to shareholders of 1,311% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$513, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 18x in the Infrastructure industry in South America. Total returns to shareholders of 783% over the past three years. Reported Earnings • Mar 15
Full year 2022 earnings released Full year 2022 results: Revenue: AR$24.5b (up 89% from FY 2021). Net income: AR$2.04b (up AR$2.56b from FY 2021). Profit margin: 8.3% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 16% share price gain to AR$360, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total returns to shareholders of 431% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). President of the Board Andres Barberis Martin was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 01
Full year 2021 earnings released Full year 2021 results: Revenue: AR$13.0b (up 140% from FY 2020). Net loss: AR$521.2m (down AR$574.9m from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). President of the Board Andres Barberis Martin was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 16% share price gain to AR$114, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 20x in the Infrastructure industry in South America. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 19% share price gain to AR$93.40, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 20x in the Infrastructure industry in South America. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to AR$66.50, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 24x in the Infrastructure industry in South America. Total returns to shareholders of 8.2% over the past three years. Is New 90 Day High Low • Feb 18
New 90-day low: AR$59.50 The company is down 3.0% from its price of AR$61.50 on 19 November 2020. The Argentinean market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: AR$63.30 The company is up 14% from its price of AR$55.60 on 20 August 2020. The Argentinean market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 4.0% over the same period.