b'December 23, 2025The Commissioners and Stakeholders Capital Region Airport Commission Richmond International Airport, VirginiaMembers of the Commission and Stakeholders: We are pleased to submit for your information the Annual Comprehensive Financial Report (ACFR) of the Capital Region Airport Commission (the Commission), for the fiscal year ended June 30, 2025, prepared by the Commissions Finance Department.Responsibility for both the accuracy ofthedatapresentedandthecompletenessandfairnessofthepresentation,includingall disclosures, rests with management. We believe the data, as presented, is accurate in all material respects; that it is reported in a manner designed to fairly set forth the financial position and results of the operations of the Commission and that all disclosures necessary to enable the reader to gain an understanding of the Commissions financial affairs have been included. Management has provided a narrative introduction, overview, and analysis to accompany the financial statements which are included in the Management Discussion and Analysis (MD&A). This letter of transmittal should be read in conjunction with the MD&A which can be found in the Financial Section of this report. ORGANIZATION OF THE ANNUAL COMPREHENSIVE FINANCIAL REPORT The Commission applies the Government Finance Officers Association (GFOA) recommended presentation in financial reporting. THE COMMISSION The Commission was created in 1975 as a political subdivision of the Commonwealth of Virginia by an Act of the Virginia General Assembly (the Act) allowing the Commission to own and operate one or more airports to serve the Richmond metropolitan area. Under the Act, any of the city of Richmond (the City) and the counties of Henrico, Charles City, Chesterfield, Goochland, Hanover,NewKent,Powhatan,andtheTownofAshlandmayjointheCommissionasa participating political subdivision subject to making a satisfactory capital contribution to the Commission. On January 1, 1976, the Commission assumed ownership and control of Richmond International Airport (the Airport) from the City. The City and the county of Henrico became the firstpoliticalsubdivisionstoparticipateintheCommission.Subsequently,thecountiesof Chesterfield and Hanover also became participants in the Commission.The current political subdivisions are the four most populous jurisdictions in the metropolitan area of Richmond. According to the Act, the City and the counties of Chesterfield and Henrico may appoint four Commissioners to the Commission and the county of Hanover may appoint two Commissioners. The governing body of each jurisdiction appoints Commissioners to four-year terms; however, the governing bodies retain the right to remove a Commissioner at any time and appoint a successor. TheCommissionersresponsibilitiesincludeapprovingcapitalandoperatingbudgets,issuing bonds as needed, and administering, managing, and directing the activities of the Commission.Capital Region Airport Commission1 Richard E. Byrd Terminal DriveRichmond International Airport, VA 23250-2400(T) 804-226-3000 (F) 804-652-2610flyrichmond.comvi'