This report does not constitute a rating action. 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. Diverse inbound markets, which support continued passenger growth. Elevated capital expenditure (capex) pipeline over the next several years. Financial policies targeting specific credit metrics support the current rating. Large projects, such as the third runway, would require appropriate equity/tariff support. We expect moderate passenger growth at Australia Pacific Airports Corp. Ltd. over the next two to three years. Passenger growth will likely moderate to approximately 2.0% in fiscal 2027 (ending June 30, 2027), down from 2.4% in fiscal 2026. This will be due to airline
