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 relative to our expectations. Strong recovery in passenger traffic, with diverse inbound markets. Elevated capital expenditure (capex) pipeline over the next two to three years. Flexibility over shareholder distributions to help manage credit metrics and support the rating. Large projects, such as the third runway, would require appropriate equity support. Recovery of international passenger numbers for APAC has been stronger than we expected, especially driven by the return of Chinese carriers, as well as growth from other key markets including India, Vietnam, and Korea. The addition of Turkish Airlines' flights to and from Istanbul will provide further
