b'Capital Region Airport Commission Managements Discussion and Analysis (Continued) June 30, 2025 and 2024 ECONOMIC FACTORS AND FISCAL 2026 BUDGET Thepassengerenplanementnumberforfiscalyear2025was2.4million,a(0.7%) decrease versus fiscal year 2024. Campbell-Hill Aviation Group provided an enplanement forecast and outlook scenario for fiscal year 2026 through fiscal year 2030. The forecast takes into consideration several factors including:RIC Enplanement Data Airline Cancellation Trends Historical U.S. Department of Transportation, T-100 Data Historical, Current, and Future monthly schedule data Campbell-Hill assessment of the evolving service patterns and information from airlines Past recoveries (especially Post 9-11 and Post natural disasters) The key statistic estimated is enplaned passengers. They also estimated monthly onboardpassengers (both directions combined) and flights operated by scheduled passengercarriers.The Commission intentionally took a conservative approach by going below the low forecast provided by Campbell Hill and slightly conservative to the Federal Aviation Administration (FAA) Terminal Area Forecast (TAF) of 2.5%.The forecast anticipates passenger traffic to continue to increase during fiscal year 2026. The low forecast projects that the enplanements for fiscal year 2026 would be 2.5 million which would be 2.1% higher than fiscal year 2025 actual enplanements. The Commission took a conservative approach to the fiscal year 2026 budget which was based on 2.5 million enplanements, slightly below the Campbell-Hill low projection. The fiscal year 2026 budget includes $72.9 million in operating revenue; a 3.3% increase compared to the fiscal year 2025 actual revenues of $70.6 million. Parking, concession, and rental revenues are expected to provide the main source of income for fiscal year 2026. Operating expenses of $47.7 million are budgeted for fiscal year 2026; an increase of 15.7% compared to fiscal year 2025 actual expenses of $41.2 million. Most of the increase in operating expenses is attributed to an increase in personnel costs. The Commissions fiscal year 2026 approved capital budget allotted $70.6 million for new projects, equipment, and studies. REQUEST FOR INFORMATION Thisfinancialreportisdesignedtoprovideinterestedpartieswithageneraloverviewofthe Commissionsfinances.Shouldyou haveanyquestionsaboutthisreportorneedadditional information, please contact the Chief Financial Officer, 1 Richard E. Byrd Terminal Drive, Richmond InternationalAirport,VA23250-2400.Also,interestedpartieswishingtoobtainupdated information at Richmond International Airport can visit on our website at www.flyrichmond.com. 17'