Principal gateway to Australia's second-largest city and the State of Victoria Only international airport in Melbourne and resilient passenger growth Diverse inbound markets and revenue streams Ambitious expansion plans to support growth over the next few years High capex of A$2.5 billion to 2023, with potential for higher spending subject to traffic levels and project approvals Trajectory, level, and timing of aeronautical pricing to fund expansion Financial headroom to only withstand forecast capex Risk allocation approach as capex projects are finalized The stable outlook reflects Australia Pacific Airports Corp. Ltd.'s (APAC) resilience to economic conditions, strong passenger growth, and financial capacity to accommodate about A$2.5 billion of capital expenditure (capex) over the next three to four years to support modest
