Overview Key strengths Key risks Solid market position as the gateway and only international airport in Western Australia. Although current regional passenger traffic is strong, downward commodity cycles may weigh on regional passenger traffic. Diverse revenue mix with a roughly even split between aeronautical and non-aeronautical revenue. Large major development projects (currently uncommitted), which could result in elevated capex over the next several years. Flexible capital expenditure (capex) and shareholder distributions to support metrics. Strong commodity-related activity should continue to support regional passenger traffic. In October 2023, interstate domestic and international passenger traffic recovered to about 97% and 94% of pre-COVID levels, respectively. We expect both interstate domestic and international passenger traffic to return to pre-COVID levels in fiscal 2025
