This report does not constitute a rating action. Overview Key strengths Key risks Solid market position as Western Australia's sole international airport. While regional passenger volumes are currently robust, downward commodity cycles remain a risk. Diverse revenue mix with aeronautical and nonaeronautical revenue. Elevated capital expenditure (capex) due to major development projects. Long-term commercial agreement with Qantas provides certainty over the setting of aeronautical tariffs. The airport continues to benefit from strong commodity-driven activity linked to maintenance and operations, along with more family-friendly fly-in fly-out (FIFO) rosters. This supports regional passenger traffic. In fiscal 2025 (ended June 30, 2025), the airport recorded an all-time high passenger volume of 17.4 million. In this period, interstate domestic, regional, and international passenger traffic
