We continue to forecast a full recovery in international and domestic traffic at Australia Pacific Airports Corp. Ltd. (APAC) to pre-pandemic levels in fiscal 2025 (ending June 30, 2025), or at least by calendar end 2025. For the first half of fiscal 2024, domestic (12.2 million) and international (5.5 million) traffic were at 91% and 94%, respectively, of 2019 levels. Domestic was a shade below our expectation due to airline capacity issues and higher fares. We expect this to gradually normalize. International was at par with our forecasts and will continue to support higher retail spend at the airport. Total capital expenditure (capex) in fiscal 2024 could hit A$800 million (previously A$750 million) subject to progress on some projects. Aeronautical
