We continue to forecast a full recovery in domestic and international traffic to pre-pandemic levels by the year ending June 2026. International traffic (2.7 million) was 85% of fiscal 2019 levels in the six months to December 2023. This was above our expectation of 80%. Domestic traffic (8.7 million) was 95% of fiscal 2019 levels, consistent with most rated airports. Airline capacity, higher airfares, and less business travel were constraints. We expect a gradual normalization. Steady revenue growth and improving margins could lead to better EBITDA than our forecast for fiscal 2024. We retain our capex forecasts for the next three years, given that we expect BAC to proceed with most projects. Negotiations with various parties, scope changes, and strategic
