Overview Key strengths Key risks Strong market position as the principal gateway to Victoria, Australia's second-largest state. Macroeconomic headwinds could restrain traffic growth compared with our expectations. Strong recovery in passenger traffic, with diverse inbound markets. Elevated capex pipeline over the next two to three years. Flexibility over capital expenditure (capex) and shareholder distributions to help manage credit metrics and support the rating. Large potential projects, like the third runway, would require appropriate equity support. Passenger traffic at Melbourne airport continues to recover and could rise back to pre-pandemic levels by the end of fiscal 2025 (year ending June 30, 2025). International passenger traffic is growing fast, with the potential to outpace our expectations. Based on observed passenger trends at
