This report does not constitute a rating action. Stronger passenger growth: We expect passenger growth of 6%-7% in 2026, up from our previous forecast of 5%-6%. IIAC ranked first in the world for international passenger traffic in the first half of 2026, the first time since its opening in 2001. The record was partly due to the Middle East conflict, which diverted some traffic through East Asia. Growing visitors from China and Japan were another driver. We forecast passenger growth will moderate to 3%-4% in 2027-2028. Rising capital expenditure (capex): Capex could dip in 2026-2027 before rising in 2028. The decline will likely reduce adjusted debt. Considering our forecast of robust operating performance for the next two years, IIAC's ratio
