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 Airways Ltd. provides certainty over the setting of aeronautical tariffs. Debt-funded capex could erode credit metrics buffer over the next three years. Perth Airport Pty Ltd. (PAPL) will continue to benefit from steady passenger traffic growth over the next three years. We assume passenger traffic growth will moderate in fiscal 2027 (ending June 30) due to the ongoing Middle East war and rising
