Overview Key strengths Key risks Dominant position as the leading international airport in Korea and a top hub in northeast Asia. Inflexible cost structure with sizable operating expenses, from a high portion of labor and outsourcing costs. Almost certain likelihood of extraordinary government support during financial stress, given pivotal role in Korea's transport infrastructure. Potential volatility due to external factors such as pandemics. Solid track record in expansion projects, including Phase 4 construction and newly opened Terminal 2. Annual passenger traffic recovered to 100% of the 2019 level in 2024. Monthly traffic also exceeded the 2019 level from September 2024. This was quicker than we previously thought. We forecast passenger traffic will continue to grow by about 3% in 2025-2026.
