Overview Key strengths Key risks Dominant position as the leading international airport in Korea and a top hub in northeast Asia. Financial metrics weighed down by ongoing large capital spending for airport expansion. Almost certain likelihood of extraordinary government support in case of financial stress, given pivotal role in Korea's transport infrastructure. Inflexible cost structure with sizable operating expenses, given high portion of labor and outsourcing costs. Solid track record for non-aeronautical revenue, particularly in the duty-free business. Passenger traffic gradually recovering from travel restrictions and may be dragged by macroeconomic conditions. Thanks to the relaxation of pandemic travel restrictions globally, international passenger traffic in January 2023 already recovered to about 61% of 2019 figures. We expect remaining travel restrictions
