Template revised April 12, 2018.

COMMISSION

AGENDA MEMORANDUM

Item No. 11a

BRIEFING ITEM Date of Meeting August 12, 2025

DATE: July 24, 2025

The purpose of this presentation is to provide a status report of the Q2 2025 financial

performance results.

BACKGROUND

The Port’s overall operating revenues for Q2 2025 were $533.1 million, which is $1.2 million

above budget and $39.2 million higher than the same period last year. Excluding Aeronautical

revenues, which are based on cost recovery and revenue sharing formulas, other Airport Non-

Aero revenues were $158.5 million, $110 thousand below budget mainly due to lower revenues

from Airport Commercial Properties ($2.7M), Public Parking ($2.2M), ADR & Terminal Leased

Space ($725K), Ground Transportation ($636K), and Employee Parking ($633K); largely offset by

Center ($190K).

Total operating expenses for the first half of 2025 were $321.2 million, which is $12.8 million

below budget and $32.1 million higher than 2024. The favorable budget variance was largely due

to delay in Outside Services spending, Equipment Expense, and Travel & Other Employee

Expenses; partially offset by higher payroll expenses.

Net operating income before depreciation was $211.9 million, which is $14.1 million above

budget and $7.1 million higher than the same period last year.

Template revised September 22, 2016.

The presentation outline is as follows:

1. Portwide Operating Results

2. Aviation Division Operating Results

3. Maritime Division Operating Results

4. Economic Development Division Operating Results

5. Central Services Operating Results

ATTACHMENTS TO THIS BRIEFING