Overview Key strengths Key risks Dominant position as the operator and developer of the primary international airport in Korea and a top hub in northeast Asia. Inflexible cost structure with sizable operating expenses, driven by 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. Exposure to macroeconomic headwinds or unforeseen health risks that could constrain international passenger traffic relative to our forecasts. Proven execution of major expansion projects, with Phase 4 completed and further capacity growth planned. Annual passenger traffic at the airport fully recovered to pre-pandemic levels in 2024 and exceeded that in 2025. We forecast passenger traffic will grow by about 6%
