Item Number: 11a supp__ Meeting Date: August 12, 2025 Port of Seattle Q2 2025 Financial Performance Report Key Highlights SEA passenger volume is expected to be 0.9% higher compared to 2024 actual; expecting 53.1M passengers in 2025 2025 cruise season will run from April-Oct with a projected 298 sailings and 1.9M revenue passengers Total operating revenues were $1.2M or 0.2% above budget in Q2 and projected to be $893K above budget on a full-year basis Total operating expenses were $12.8M or 3.8% below budget in Q2 and projected to be $11.2M above budget on a full-year basis Total capital spending is projected to be $927.0M, 99.9% of the budget for the year 2 Aviation Division 2025 Q2 Financial Performance Report Passenger Growth .9% Forecast Growth compared to 2024 Actual -.7% 2025 forecast is slightly lower than budget 4 Operating Expenses Summary (Q2 2025) • • • • $9.2M or 3.4% under budget Payroll variance of ($5M): Salaries & Benefits are higher by $375K due to the Compensation project, and wages & benefits are higher by $5.1M due to contractual increases, and lower charges to capital projects Outside Services underspent by $18M: Primarily due to lower spending in professional & personal services, onsite consultants and contracted services Other Expenses higher by ($6.4M): Mainly driven by lower charges to capital Lower charges from Central Services YTD by $2.3M: Due to lower outside services, equipment expenses, travel, partially offset by higher payroll and other expenses 5 Financial Summary Business/Financial Highlights Figures in $000s Forecast Budget Variance Revenues Aeronautical Non-Aeronautical Total Revenues 570,570 563,836 367,618 372,280 938,189 936,117 6,734 (4,662) 2,072 Total O&M Expenses NOI w/o Pension True-up 562,068 376,121 553,222 382,895 (8,846) (6,774) 173,794 19.85 1.82 183,023 19.43 1.84 (9,229) (0.42) (0.02) ADF Balance (in $000s) 830,000 829,830 170 Capital Spending (in $000s) 806,938 816,331 9,393 • Aero revenues - Total Revenues increased due to increase in Aero Expenses mostly due to TSA Exit Lane Staffing contract and higher payroll costs. • Non-aero revenues - net forecast down by $4.7M Key Measures Non-Aero NOI (in $000s) CPE ($) Debt Service Coverage Other Information • - Slower growth in Parking & ADR than assumed in the Budget - Strong performance in Flight Kitchens & Clubs & one month of additional revenue from STOC than assumed in the Budget Operating expenses are expected to be higher than the budget by $8.8M - Total Aviation expenses is forecasted to be $5.5M higher than budgeted mainly due to the TSA exit lane staffing contract and charges from Other Divisions. 6 Operating Expenses Summary (Full Year Forecast) OPEX Forecast Vs. Budget Operating Expenses 600M 562M 2025 Forecast 553M 300M 500M 250M -0.98% 241.7M 5.94% 2025 Budget -0.16% -8.37% Variance % -1.49% 0.00% 239.4M -50.96% 400M -50.00% 200M 300M 159.5M 150M 127.9M 157.2M 136.0M -100.00% 200M 100M 100M -150.00% 50M 27.0M 27.0M 35.2M 32.5M M 2025 Forecast 2025 Budget 2.4M 1.6M M Payroll Outside Services $8.9M or 1.6% over budget Utilities Other Expenses Other Division Charges -200.00% ERL Operating Expense is forecasted to be higher than budget primarily due to • Higher wages & benefits • TSA exit lane contract • Higher charges from Central Services due to higher salaries & benefits 7 Debt Service Coverage Ratio slightly lower than budget in $000's 2024 Actual 2025 Forecast 2025 Budget Variance Revenues Aero Non-aero Total Revenues 520,942 348,212 869,154 570,570 367,618 938,189 563,836 372,280 936,117 6,734 (4,662) 2,072 O&M (529,828) (562,068) (553,222) (8,846) Net Operating Income CFC Excess Other net non-operating 339,326 (10,174) 52,270 376,121 (10,483) 22,130 382,895 (9,209) 21,073 (6,774) (1,274) 1,057 Available for debt service 381,421 387,767 394,759 (6,992) Debt Service Gross debt service (net of cap i) CFC offset PFC offset 326,295 (24,890) (100,000) 338,454 (25,056) (100,000) 339,226 (25,060) (100,000) (772) 4 - Net Debt Service 201,405 213,397 214,166 (769) 1.89 1.82 1.84 (0.02) Debt Service Coverage Note: DS Coverage is airport only debt service coverage, calculated in accordance with airline agreement. • Non-aero revenues are projected to be $4.7M below budget due to slower growth in Parking and ADR, and delays in the expanded Employee Parking program, partially offset by stronger performance in Flight Kitchens, Port-owned Clubs, and an extra month of STOC ownership. • Aero revenues are projected to exceed budget by $6.7M primarily due to increased Aero expenses related to TSA Exit Lane Staffing. • Total O&M spending is projected to be $8.8M over budget, primarily driven by increased expenses in TSA Exit Lane not in the budget, higher payroll and charges from Central Services. 8 $ in 000's Airport Development Fund Balance Ending Balance Forecast, $830,000 Budget, $829,833 $840,000 • Ending balance forecast of $830M which is the target of $830M (18 months of O&M in 2025). $820,000 $800,000 $780,000 $760,000 $740,000 Beginning Balance, $739,774 $720,000 $700,000 $680,000 9 2025 Capital Spending Forecast - 99% on target $900 $800 $700 $ in Millions $600 $816M $807M SEA Gateway, $161 SEA Gateway, $150 Checked Bag, $15 C concourse, $129 C concourse, $141 $500 A Conc, $40 A Conc, $40 $400 STOC, $115 STOC, $116 $300 Business Need, $102 $200 Others, $21 SCE, $40 Regulatory, $37 Business Need, $80 Others, $35 SCE, $46 Regulatory, $41 $100 R&R, $150 $0 2025 Q2 Update R&R: Renewal & Replacement Noise Prog, $9 R&R, $132 2025 Budget • $807M is projected 2025 capital spending. It's $9M less than the 2025 budget. Checked Bag, $15 • C Concourse is projected to spend $12M less as actuals for structural steel erection were lower than projected. • SEA Gateway projects less spending due to changes in billing. • Other categories were Noise Prog, $10 adjusted by the updated cashflow reserve. 10 Seaport 2025 Q2 Financial Performance Report Seaport Key Metrics YTD Q2 2025 NWSA Container and Cargo Volumes 2,000 12,000 1,500 10,000 1,000 6,000 8,000 4,000 500 2,000 - 2019 2020 2021 2022 Containerized Volume (TEUs) 2023 2024 140 800 700 600 500 400 300 200 100 0 120 100 80 60 40 20 2019 2025 2023 2024 2025 Budget 2021 Cruise Sailings Cargo Volume (Metric Tons) Occupancy at Shilshole Bay Marina 100% 2020 2022 2023 2024 Passengers in ooos 14,000 Calls Container TEUs in 000s 16,000 Cargo Metric Tons in 000s Cruise Calls and Passengers 2,500 2025 Cruise Passengers in 000s Grain Volumes in Metric Tons (000s) 2025 3,500 3,000 99% 2,500 98% 2,000 1,500 97% 1,000 Dec Nov Oct Sep Aug Jul Jun May Apr Mar 95% Feb 500 Jan 96% 2019 2020 2021 Soybeans 2022 Yellow Corn 2023 2024 2025 Sorghum 12 Seaport Performance Summary - Q2 2025 2023 YTD 2024 YTD 2025 YTD 2025 YTD $ in 000's Revenues Maritime Economic Development Division Joint Venture Total Revenue Expenses Maritime Economic Development Division Joint Venture Total Expense NOI Before Stormwater Utility Stormwater Utility NOI Total Non-Aviation Business NOI Actual Actual Actual Budget Actual vs. Budget Variance $ % 44,209 8 29,205 73,422 50,915 9 29,100 80,023 53,905 11 31,857 85,772 53,348 2 28,447 81,797 557 9 3,409 3,975 1% 601% 12% 5% 2,990 2 2,757 5,749 6% 21% 9% 7% 116,865 13 56,920 173,797 118,115 3 56,920 175,037 (1,250) 10 0 (1,240) -1% 333% 0% -1% 41,350 731 1,437 43,519 29,904 45,668 648 1,773 48,090 31,934 49,946 827 903 51,676 34,097 51,273 1,229 864 53,367 28,430 1,328 403 (39) 1,691 5,666 3% 33% -5% 3% 20% 4,277 178 (870) 3,586 2,163 9% 27% -49% 7% 7% 105,473 3,800 2,213 111,485 62,312 103,748 3,890 1,763 109,400 65,637 (1,725) 90 (450) (2,085) (3,325) -2% 2% -26% -2% -5% 664 488 66 (73) 139 -190% (422) -87% (343) (343) 0 0% 30,567 32,422 34,162 28,357 5,805 20% 1,740 5% 61,969 65,294 (3,325) -5% Revenue • • • • Waterside have continues strong demand. Grain volumes up 24% from 2024. Cruise tracking to budget. Offsets: T106 credit and multi-year Grain billing issue. Change from 2024 $ % 2025 2025 Forecast Budget Fcst vs. Budget Variance $ % Expenses • • Payroll impacts. YTD• • Timing of Outside Services spend. Overhead Allocations not yet applied from Balance Sheet. 13 Maritime Division 2025 Q2 Financial Performance Report Maritime Division 2025 Financials Forecast Figure in $000s Revenues Fishing, Commercial, & Recreational Marinas Cruise RE Portfolio Mgmt. Grain / Other Total Year to Date Q2 Forecast Budget Variance 29,883 50,037 31,531 5,413 116,865 29,883 50,037 33,156 5,038 118,115 0 0 (1,625) 375 (1,250) YTD Q2 2025 Figure in $000s Revenues Fishing, Commercial, & Recreational Marinas Cruise RE Portfolio Mgmt. Grain / Other Total O&M Expense Direct Support Services Central Services and Other Total 42,982 32,893 29,598 105,473 42,657 31,993 29,098 103,748 (325) (900) (500) (1,725) Net Operating Income 11,392 14,367 Capital Spending 103,014 89,827 Actuals Budget Variance 15,289 19,994 14,989 3,633 53,905 14,846 19,732 16,083 2,687 53,348 443 262 (1,094) 947 557 O&M Expense Direct Support Services Central Services and Other Total 20,436 14,968 14,541 49,946 21,291 15,495 14,488 51,273 855 526 (54) 1,328 (2,975) Net Operating Income 3,959 2,075 1,885 (13,187) Capital Spending 47,458 Revenues - • Great start for Grain terminal & Marinas. • Cruise on track. • Portfolio Mgmt. - Env. Credit and Conference Centers. Expenses - • Cyber Attack impacts delaying expenses. • Negative Variance in Payroll expected. • Remediation costs continue. 15 Maritime Capital YTD Q2 2025 Actual 2025 YE Forecast $ in 000's T91 Berth 6 & 8 Redev FT Maritime Innovation Center MIC Electrical Replacements T91 New Cruise Gangway Bell St Parking Garage Imrov P90/P91 E Term Emerg Repair FT Site Improvements Elliott Bay Connections (EBC) P66 Fender Replacement Waterfront LED Lighting Fleet 26,266 6,410 1,736 985 406 1,978 272 14 1,615 30 888 53,863 16,740 3,678 3,235 1,906 2,043 1,920 956 1,635 605 3,701 All Other Projects Subtotal CIP CashFlow Mgt Total Maritime % of Capital Budget 6,858 47,458 0 47,458 53% 22,343 112,625 (9,611) 103,014 115% 2025 2025 POF Budget vs Forecast Budget $ % 45,903 59,766 7,960 17% 16,832 22,675 (92) -1% 3,678 9,640 0 0% 3,220 6,402 15 0% 2,115 2,658 (209) -10% 1,899 0 144 8% 1,860 1,432 60 3% 1,145 1,145 (189) -17% 1,055 3,070 580 55% 1,021 650 (416) -41% 3,660 3,800 41 1% 23,251 52,636 105,639 163,874 (15,812) (32,175) 89,827 131,699 (908) 6,986 6,201 13,187 -4% 7% -39.2% 15% Projects with Significant Variances T91 Berth 6&8 - Increase in 2025 due to change orders related to seawall/other unexpected site conditions. Assumed 50% use of contingency but now closer to 80% P66 Fender Replacement - Project is on schedule and budget. Additional costs reflect the inclusion of a barge impact assessment. Waterfront LED Lighting - Common space projects underway, but tenant space projects delayed for additional development. All Other Projects - MD Video Camera Project procurement of HW pushed out to 2026, engagement with PCS slower than anticipated. Forecasted Spend: Over budget, but below funding plan. 16 Economic Development Division 2025 Q2 Financial Performance Report Economic Development Division P&L Rollup Year to Date Key Variances 2023 YTD 2024 YTD 2025 YTD 2025 YTD $ in 000's Total Revenues Actual Actual Actual vs. Budget Variance $ % 90 601% 8 9 Actual 11 Budget 2 Total Operating Expenses 731 648 827 1,229 403 Net Operating Income (723) (640) (816) (1,228) Depreciation 6 5 7 Net Income (729) (645) (823) Change from 2024 $ 2 % 21% 33% 178 27% 412 -34% (176) 28% 5 (2) -34% 2 40% (1,233) 410 33% (178) -28% Note: Includes primarily Tourism and EDD Levy Year to Date • $51K benefit from GASB 87 reclassification at Duwamish Hub. • Timing of contract payments. Forecast $ in 000's Total Revenues 2023 2024 Actual (24) Actual 8 2025 2025 Actual 13 Budget 3 Actual vs. Budget Variance $ % 100 333% Change from 2024 $ 5 % 61% Total Operating Expenses 3,351 2,951 3,900 3,890 (10) 0% 949 32% Net Operating Income (3,375) (2,943) (3,887) (3,887) 0 0% (944) 32% Depreciation 12 14 11 11 0 0% (4) -25% Net Income (3,387) (2,957) (3,898) (3,898) 0 0% (940) -32% Note: Totals excluding impact of pension adjustment Forecast • Planning to spend to Budget • Increase from prior year: • Two-year cycle impact for EDD Grants planned in Q4. • Payroll growth. 18 Economic Development Division Department Cost Department Financials Figure in $000s O&M Expense Division Administration EDD Partnership Grant Program Real Estate Dev & Planning Diversity in Contracting Tourism Capital to Expense *Contingency Total YTD Q2 Act YTD Q2 Bud Business Highlights • General Underspending in Outside Services and GASB 87 lease impact. • Real Estate Dev & Planning Variance 819 744 (75) 0 338 823 558 57 13 2,607 0 778 1,176 837 0 100 3,635 0 440 353 279 (57) 88 1,029 - - • Tourism - - • Industry facing decrease in international travel to U.S. $550K for Tourism matching grants budgeted for Q3 & Q4. Diversity in Contracting - - • Des Moines Creek west project underway. EV charging stations on Maritime Pier 2 property going to commission in September. New 5-year WMBE Goals of passed. Working with CPO to expedite Payment to small businesses. EDD Partnership Grant Program underspent - Partnership program expecting to utilize about 80% of matching grant funds. 19 Central Services 2025 Q2 Financial Performance Report Operating Expenses Summary (YTD) $3.0M or 3.1% favorable • • • • • Payroll Costs $1.2M higher than budget Equipment Expense $785K below budget Outside Services $4.6M below budget Travel & Other Employee Expenses $744K underspent Charges to Capital Projects $1.9M below budget 21 2025 Financial Forecast Summary • Central Services: - Figures in $000s Revenues Forecast 244 Budget 183 - Variance 61 Core Central Support Services Police Engineering/PCS O&M Expenses 132,884 45,849 20,336 199,069 127,143 45,860 22,907 195,910 (5,742) 12 2,571 (3,159) Capital Spending 11,759 17,747 5,988 - • • Payroll higher than budget due to the Comp project (Retro and Equity Pay) and COLA increase. Outside services are higher than budgeted due to unbudgeted legal matters and cyberattack-related expenses. General Expenses are higher than budgeted due to Litigated Injuries & Damages. Police outside services are lower than budgeted. Engineering & PCS outside services and Overhead Allocations are lower than budgeted. 22 Port Wide 2025 Q2 Financial Performance Report Port Wide Financial Summary (YTD) $ in 000's Aeronautical Revenues Airport Non-Aero Revenues Seaport Revenues Total Operating Revenues Total Operating Expenses NOI before Depreciation Depreciation NOI after Depreciation • • • 2023 YTD 2024 YTD 2025 YTD 2025 YTD Actual 240,218 145,446 76,356 462,020 264,352 197,668 124,427 73,241 Actual 252,437 158,483 82,984 493,904 289,103 204,801 130,832 73,969 Actual 273,752 170,758 88,589 533,099 321,204 211,895 142,924 68,971 Budget 275,055 170,868 85,936 531,858 334,022 197,837 133,135 64,702 Actual vs. Budget Change from 2024 Variance Incr (Decr) $ % $ % (1,303) -0.5% 21,314 8.4% (110) -0.1% 12,275 7.7% 2,653 3.1% 5,605 6.8% 1,240 0.2% 39,195 7.9% 12,818 3.8% 32,101 11.1% 14,059 7.1% 7,094 3.5% (9,789) -7.4% 12,092 9.2% 4,270 6.6% (4,998) -6.8% Total Operating Revenues: $1.2M higher than budget Total Operating Expenses: $12.8M below budget mainly due to delay in Outside Services spending, less Equipment purchases, and Travel & Othe Employee expenses NOI before Depreciation: $14.0M above budget 24 Port Wide Financial Summary (YE Forecast) • • • Total Operating Revenues are expected to be $893K above budget due to higher Aero Revenue; partially offset by lower Airport Non-Aero Revenues and Seaport RE Portfolio Management. Total Operating expenses are expected to be $11.2M above budget mainly due to higher Payroll and Outside Services. Net Operating Income before Depreciation is forecasted to be $10.4M below budget. 25 Port Wide Capital Spending • Q2 YTD total capital spending was $439M • Full year capital spending is expected to be $927M, $0.6M or 0.1% below budget 26 Aviation Division Appendix 2025 Q2 Financial Performance Report Airport Activity YTD 2023 YTD 2024 YTD 2025 % Change from 2024 Total Passengers (000's) Domestic International Total 21,046 2,694 23,740 21,470 3,027 24,497 21,504 3,380 24,884 0.2% 11.7% 1.6% Operations 199,644 205,871 209,440 1.7% Landed Weight (In Millions of lbs.) Cargo All other Total 1,321 13,784 15,105 1,395 14,124 15,519 1,240 14,644 15,885 -11.1% 3.7% 2.4% Cargo - Metric Tons Domestic freight International & Mail freight Total 147,135 52,589 199,724 174,322 51,727 226,049 146,307 59,402 205,709 -16.1% 14.8% -9.0% 2025 YTD Passenger volume: YTD through June passenger volume is 1.6% higher than YTD in 2024. 28 Aviation Financial Summary Financial Summary Forecast vs. Budget Variance Incr/(Decr) Change from 2024 2023 2024 2025 2025 Actual Actual Forecast Budget $ % Aeronautical Revenues Non-Aeronautical Revenues Total Operating Revenues 479,697 326,592 806,289 520,942 348,212 869,154 570,570 367,618 938,189 563,836 372,280 936,117 6,734 (4,662) 2,072 1.2% -1.3% 0.2% 49,629 19,406 69,035 9.5% 5.6% 7.9% Total Operating Expenses w/o Pension True-Up 469,263 548,405 562,068 553,222 -1.6% 360,598 339,326 376,121 382,895 -1.8% 13,663 36,794 2.5% Net Operating Income (8,846) (6,774) 10.8% CPE Non-Aero NOI ($ in 000s) Enplaned passengers (in 000s) 17.52 181,377 25,371 18.26 175,946 26,295 19.85 173,794 26,472 19.43 183,023 26,737 (0.42) (9,229) (265) -2.2% -5.0% -1.0% 1.59 (2,152) 177- 8.7% -1.2% 0.7% Capital Expenditures (in 000s) 444,072 684,442 806,938 816,331 9,393 1.2% 122,496 17.9% ($ in 000's) $ % Operating Revenue 29 Key Performance Measures Key Performance Metrics Cost per Enplanement (CPE) Non-Aeronautical NOI (in 000's) 2022 2023 2024 2025 2025 Actual Actual Actual Forecast Budget Forecast vs. Budget Variance Incr/(Decr) Change from 2024 $ % $ % 16.09 135,483 17.52 189,063 18.26 175,946 19.85 173,794 19.43 183,023 (0.42) (9,229) -2.2% -5.0% 1.59 (2,152) 8.7% -1.2% Other Performance Metrics O&M Cost per Enplanement Non-Aero Revenue per Enplanement Debt per Enplanement (in $) Debt Service Coverage Days cash on hand (18 months = 545 days) 17.20 11.17 193 2.64 457 18.60 12.87 166 2.02 507 20.88 13.26 157 1.89 512 21.23 13.89 153 1.82 545 20.69 13.92 154 1.84 517 (0.54) (0.04) 0 (0.02) 28 -2.6% -0.3% 0.3% -1.1% 5.4% 0.35 0.63 (4) (0.07) 33 1.7% 4.7% -2.6% -3.7% 6.4% Activity (in 000's) Enplanements Total Passengers 22,966 45,964 25,371 50,885 26,295 52,641 26,472 53,122 26,737 53,474 (265) (352) -1.0% -0.7% 177 481 0.7% 0.9% 30 Aviation Expense YTD Summary Total Airport Expense Summary ($ in 000's) Operating Expenses Payroll Outside Services Utilities Other Expenses Total Airport Direct Charges 2023 YTD (Q2) 2024 YTD (Q2) 2025 YTD (Q2) 2025 YTD (Q2) Actual Actual Actual Budget 92,502 38,888 11,437 7,092 149,919 102,225 42,557 13,220 5,335 163,338 117,688 43,919 13,570 10,997 186,174 112,680 61,898 14,662 4,644 193,884 6,377 359 6,737 1,308 258 1,566 1,609 575 2,184 156,656 164,904 Corporate Police Maritime/Economic Development/Other 42,814 14,123 1,940 Total Charges from Other Divisions Total Operating Expenses w/o Pension True-Up Environmental Remediation Liability Capital to Expense Total Exceptions Total Airport Expenses Actual vs. Budget Incr/(Decr) Variance Change from 2024 $ % $ % (5,008) -4.4% 15,462 17,979 29.0% 1,361 1,092 7.4% 350 (6,353) -136.8% 5,662 7,711 4.0% 22,835 15.1% 3.2% 2.6% 106.1% 14.0% 1,589 1,589 (20) (575) (595) 301 317 618 23.0% 123.0% 39.5% 188,358 195,473 7,116 3.6% 23,453 14.2% 48,749 18,735 2,240 53,251 19,705 2,833 54,609 19,831 3,424 1,358 127 591 2.5% 0.6% 17.3% 4,502 970 593 9.2% 5.2% 26.5% 58,877 69,724 75,789 77,864 2,075 2.7% 6,064 8.7% 215,532 234,629 264,146 273,338 9,191 3.4% 29,518 12.6% -1.2% -37.4% 31 Aviation Expense YE Summary Total Airport Expense Summary Forecast vs. Budget Variance Incr/(Decr) Change from 2024 2022 2023 2024 2025 2025 Actual Actual Actual Forecast Budget $ 168,389 75,700 22,880 15,141 282,110 193,130 87,364 23,285 17,655 321,434 223,027 104,086 25,543 21,596 374,253 234,395 117,577 27,010 20,795 399,777 232,074 125,654 26,966 9,772 394,465 (2,321) -1.0% 8,077 6.4% (44) -0.2% (11,023) -112.8% (5,312) -1.3% 11,368 13,491 1,466 (801) 25,524 5.1% 13.0% 5.7% -3.7% 6.8% (1,274) 2,356 1,081 13,017 480 13,497 2,600 553 3,153 2,399 377 2,776 1,589 1,589 (810) (377) (1,187) -74.7% -7.7% -31.8% -12.0% 283,191 334,931 377,406 402,553 396,054 (6,499) -1.6% Corporate Police Maritime/Economic Development/Other 60,659 27,660 3,687 95,740 33,750 4,840 125,262 39,709 6,028 114,442 38,622 6,450 111,534 38,624 7,009 (2,908) 2 558 -2.6% 0.0% 8.0% (201) (176) (377) 25,147 (10,820) (1,087) 422 Total Charges from Other Divisions 92,006 134,331 170,999 159,514 157,167 (2,347) -1.5% -6.7% Total Operating Expenses w/o Pension True-Up 375,198 469,263 548,405 562,068 553,222 (8,846) -1.6% (11,485) 13,663 ($ in 000's) Operating Expenses Payroll Outside Services Utilities Other Expenses Total Airport Direct Charges Environmental Remediation Liability Capital to Expense Total Exceptions Total Airport Expenses % -51.0% $ % 6.7% -8.6% -2.7% 7.0% 2.5% 32 Aeronautical Business YTD 33 Aeronautical Business Aeronautical NOI Forecast vs. Budget Variance Incr/(Decr) Change from 2024 2023 2024 2025 2025 Actual Actual Forecast Budget $ % $ % 142,797 26,118 251,892 41,214 462,020 170,821 32,270 279,722 15,206 498,019 168,041 35,931 289,814 49,918 543,704 166,149 35,432 286,307 49,811 537,699 1,892 499 3,507 108 6,005 1.1% 1.4% 1.2% 0.2% 1.1% (2,781) 3,661 10,092 34,712 45,685 -1.6% 11.3% 3.6% 228.3% 9.2% Airfield Commercial Area 17,677 22,922 26,866 26,137 729 2.8% 3,944 17.2% Total Aeronautical Revenues 479,697 520,942 570,570 563,836 6,734 1.2% 49,629 9.5% Total Aeronautical Expenses 308,162 367,736 378,447 373,174 (5,273) -1.4% 10,711 2.9% Aeronautical NOI 171,535 153,205 192,124 190,663 1,461 0.8% 38,918 25.4% Debt Service Net Cash Flow (144,395) 27,140 (157,518) (4,312) (178,887) 13,237 (179,527) 11,135 641 2,102 -0.4% 18.9% (21,369) 17,549 13.6% -407.0% ($ in 000's) Rate Base Revenues Airfield Movement Area Airfield Apron Area Terminal Rents Federal Inspection Services (FIS) Total Rate Base Revenues 34 Aero Cost Drivers $ in 000's (1) O&M Debt Service Before Offsets Debt Service PFC Offset Net Debt Service Amortization Space Vacancy Grants and Other Rate Base Revenues Commercial area Total Aero Revenues Impact on Aero Revenues 2025 2025 Budget vs Forecast Budget Forecast $ % 360,905 365,993 5,088 1.4% 236,757 237,699 942 0.4% (93,230) (93,247) (17) 0.0% 143,527 144,452 925 0.6% 36,712 36,712 0.0% (672) (681) (9) 1.3% (2,773) (2,773) 0.0% 537,699 543,704 6,005 1% 26,137 26,866 729 3% 563,836 570,570 6,734 1% Aero Revenue Forecast is higher due to increased O&M (1) O&M, Debt Service Gross, and Amortization do not include commercial area costs or the international incentive expenses Aero rate base revenues based on cost recovery formulas 35 Aeronautical Revenue Forecast $571M $6.7M 1.2% Budget $564M Aeronautical Revenue higher than budgeted due to higher forecasted expenses: • Unbudgeted increase due to Exit Lane Staffing of more than $3.5M • Higher Payroll costs primarily due to the compensation project and wages and benefits • Higher costs from Central Services 36 Non-Aeronautical Business Year End 2023 2024 2025 2025 Forecast vs. Budget Variance Actual Actual Forecast Budget $ % $ Public Parking Rental Cars Ground Transportation Airport Dining & Retail Other Total Non-Aeronautical Revenues 110,990 63,460 24,878 65,952 61,312 326,592 116,626 66,271 23,946 73,703 67,666 348,212 116,057 67,795 24,705 73,230 85,832 367,618 119,634 67,197 25,901 76,630 82,919 372,280 (3,577) 598 (1,196) (3,401) 2,913 (4,662) -3.0% 0.9% -4.6% -4.4% 3.5% -1.3% (569) 1,524 759 (474) 18,166 19,406 -0.5% 2.3% 3.2% -0.6% 26.8% 5.6% Total Non-Aeronautical Expenses 137,529 162,092 183,341 180,048 3,293 1.8% 21,249 13.1% Non-Aeronautical NOI1 Less: CFC Surplus Adjusted Non-Aeronautical NOI 189,063 (7,686) 181,377 186,121 (10,174) 175,946 184,277 (10,483) 173,794 192,232 (9,210) 183,023 (7,955) -4.1% (1,274) 13.8% (9,229) -5.0% (1,843) (309) (2,152) -1.0% 3.0% -1.2% Debt Service Net Cash Flow (27,096) 154,281 (43,887) 132,059 (34,511) 139,283 (34,633) 148,389 123 (9,106) 9,377 7,224 -21.4% 5.5% Non-Aeronautical NOI ($ in 000's) Incr/(Decr) Change from 2024 % Non-Aeronautical Revenues -0.4% -6.1% Operating Revenue was REDUCED by Federal Concessionaire Relief grants in 2023 37 Non-Aeronautical Business YTD 2023 YTD (Q2) 2024 YTD (Q2) 2025 YTD (Q2) 2025 YTD (Q2) Actual Actual Actual Budget $ % $ % Public Parking Rental Cars Ground Transportation Airport Dining & Retail Other Total Non-Aeronautical Revenues 52,391 23,516 11,750 27,200 30,589 145,446 59,047 23,675 11,853 32,670 31,238 158,483 58,728 26,594 11,784 33,031 40,622 170,758 60,903 25,560 12,419 34,234 37,752 170,868 (2,175) 1,033 (636) (1,202) 2,870 (110) -3.6% 4.0% -5.1% -3.5% 7.6% -0.1% (319) 2,919 (69) 362 9,383 12,275 -0.5% 12.3% -0.6% 1.1% 30.0% 7.7% Total Non-Aeronautical Expenses 41,438 71,861 83,534 88,918 (5,384) -6.1% 11,673 16.2% Non-Aeronautical NOI 104,008 86,622 87,224 81,950 5,274 6.4% 603 0.7% Non-Aeronautical NOI ($ in 000's) Actual vs. Budget Variance Incr/(Decr) Change from 2024 Non-Aeronautical Revenues (Operating Revenue REDUCED by Federal Concessionaire Relief grants in 2023) 38 Non-Aeronautical Business YE (Actual Business Performance shown before grant rent credits in prior years) Non-Aeronautical Revenue Recovery Trend by Year ($ in 000's) 2023 Actual 2024 Actual 2025 Forecast 2025 Budget Incr/(Decr) 2025 Forecast v. 2025 Budget $ % Incr/(Decr) 2025 Actual v. 2024 Actual $ % 2.3% 9.8% 0.0% -9.4% -1.3% (569) 1,524 759 (2,392) 953 12,529 2 1,508 1,259 1,914 17,487- 0.0% 9.0% 13.1% 16.3% 5.0% Non-Aeronautical Revenues Public Parking Rental Cars Ground Transportation Airport Dining & Retail Commercial Properties International Place (STOC) Non-Airline Terminal Leased Space Clubs and Lounges Utilities Other Non-Aero Revenue Total Non-Aeronautical Revenues BEFORE grants 110,990 116,626 116,057 119,634 63,460 66,271 67,795 67,197 24,878 23,946 24,705 25,901 85,090 75,622 73,230 76,630 20,370 21,744 22,697 32,704 12,529 8,702 7,909 7,911 7,730 11,710 16,709 18,217 16,593 8,666 9,578 10,838 10,838 12,272 11,725 13,640 15,054 346,138 350,131 367,618 372,280 (3,577) 598 (1,196) (3,401) (10,007) 12,529 181 1,624 (1,414) (4,662) - less Concession Relief grants Non-Aeronautical Operating Revenue (1,918) 344,220 350,131 367,618 372,280 (4,662) -1.3% 17,487 5.0% Total Enplanements 25,371 26,295 26,472 26,737 (265) -1.0% 177 0.7% International Enplanements International Enplanements % O&D Enplanements 2,869 11.3% 17,608 3,276 12.5% 18,354 3,556 13.4% 18,424 3,338 12.5% 18,609 218 0 (185) 6.5% 7.6% -1.0% 280 0 70 8.5% 7.8% 0.4% -3.0% 0.9% -4.6% -4.4% -30.6% -0.5% 2.3% 3.2% -3.2% 4.4% Final $1.9M in Concessionaire Relief grant rent credits (ARPA grant) applied to qualified ADR tenants in 2023. 39 Non-Aeronautical Revenues Forecast $367.6M $4.6M -1.3% Budget $372.3M Non-Aero Revenue key drivers: • Parking revenue expected to be flat in 2025 compared to 2024 after several years of strong growth. ADR revenue growth slower than expected in the 2025 Budget due to lower enplanements and delayed opening of two tenants. Employee Parking expansion program is progressing slower than planned. • Offset by strong performance in Flight Kitchens, Rental Cars, and Port-owned Clubs. In addition, the International Place property (STOC) acquisition closed on February 28, providing one additional month of revenue than anticipated in the budget. 40 Non-Aero Revenue YoY with Concessions Grant Impact 2025 Non-Aero revenue per enplanement is forecasted at $13.89, significantly higher than pre-pandemic best of $10.40 in 2019 Note: All Concessionaire Relief grants fully utilized in prior years 41 Non-Aero Detail: Landside Revenue Trends Each individual Landside revenue segment surpassed 2019 levels in 2022, and each segment is forecasted to show 2025 flat to slightly above 2024. Total Landside Revenues by Year Landside Segment Revenues by Year $250M $140M $120M $200M $100M $80M $150M $60M $100M $40M $20M $50M $0M 2019 Public Parking 2020 2021 Rental Cars 2022 2023 Employee Parking 2024 2025 (F) Ground Transportation $0M 2019 2020 2021 2022 2023 2024 2025 (F) 2025 (B) 42 Non-Aero Detail: Public Parking Transactions Public Parking transaction trend driven by customer preference for close-in self-parking during pandemic recovery period. 2025 annual Parking transaction growth is expected to be slightly below 2024 levels. Public Parking Transactions by Product Type 3.0M 2.5M 2.2M 2.0M 2.0M 2.1M 2.0M 2023 2024 2025 (F) 2.1M 1.8M 1.4M 1.5M 1.0M 0.8M 0.5M 0.0M 2019 2020 2021 Pre-Booked/ Reserved 2022 Total Drive-Up 2025 (B) Total Transactions *Pre-Booked launched late-2019, then transitioned to the Reserved Parking Program (Floor 4 only) in March 2024 43 Non-Aero Detail: ADR Revenue Trends Airport Dining & Retail revenues continue to grow year over year since 2019; however, 2025 revenue growth is slower than expected in the 2025 Budget. ADR Segment Revenues by Year Total ADR Revenues by Year $40M $90M $35M $80M $30M $70M $25M $60M $20M $50M $15M $40M $10M $30M $5M $20M $0M 2019 Duty Free 2020 Food & Bev. 2021 2022 Retail 2023 Services 2024 2025 (F) Advertising Other $10M $0M 2019 2020 2021 2022 2023 2024 2025 (F) 2025 (B) 44 Non-Aero Detail: AVBP Revenue Trends Combined Airport Business & Properties revenues surpassed 2019 levels in 2023, though with uneven recovery patterns throughout the pandemic across different segments. Growth will continue in 2025 with the addition of the International Place (STOC) property. Revenues from CLEAR concessions and other airport leases remained more stable throughout COVID-19, while revenues from Flight Kitchens and SEA Clubs & Lounges (Concourse A & SSAT) were more impacted and had a longer recovery arc. Airport Properties Segment Revenues by Year Total Airport Properties Revenues by Year $25M $70M $60M $20M $50M $15M $40M $10M $30M $5M $20M $10M $0M 2019 2020 Flight Kitchens 2021 2022 Other Airport Properties 2023 CLEAR 2024 2025 (F) Clubs & Lounges $0M 2019 2020 2021 2022 2023 2024 2025 (F) 2025 (B) 45 ADF Summary (Sources and Uses) $ in 000's 2025 Forecast 2025 Budget 1/1/2025 ADF Balance $ Sources Airline Revenue before airline settlement Non-Airline Revenue net of CFC excess Non-operating Income Legal Settlement for IAF & cyber outage claim Total Sources of ADF Uses Operating Expenses Debt Service net of offsets (PFCs,CFCs, cap i) 2024 Airline Settlement & other adjustment Capital Expenditures (net of grants) Total Uses of ADF 739,774 $ 703,614 $ 36,161 $ 563,836 347,145 17,051 29,806 957,838 $ 563,836 350,657 18,473 932,966 $ (0) (3,512) (1,422) 29,806 24,872 $ (595,567) (540,808) (213,572) (214,160) (14,000) (10,000) (44,473) (41,781) (867,612) $ (806,749) $ 2025 Net Cashflows $ 12/31/2025 ADF Balance $ 126,217 $ (35,991) 830,000 $ 829,830 $ 170 PFC: Passenger Facility Charge • Beginning balance was $36M higher due to higher non-aero revenue than 2024 forecast during 2025 budget. • Sources: 1. $28M IAF legal settlement & $1.8M cyber outage claims 2. $3.5M lower non-airline revenue & $1.4M lower interest income collection (54,759) 588 • (4,000) (2,692) (60,863) 90,226 $ ADF target of 18-month operating expense is $830M ADF: Airport Development Fund Variance Uses: 1. Operating Expenses in cash basis are projected to be $55M higher than budget mainly due cash payments for 2024 expenses. 2. 2024 Airline settlement surplus of $14M will credit to airlines. Credits due to IAF settlement & Pension Credit. CFC: Customer Facility Charge cap i: capitalized interest 46 2025 Capital Expenditures 2025 YTD Actual 45,784 2025 Year-End Forecast 129,189 SEA Gateway (2) 74,751 Post IAF Airline Realignment (3) 22,260 $ in 000's C Concourse Expansion (1) 2025 Budget 2025 POF Bud vs. Fcst $ % 141,052 142,789 11,863 8.4% 150,483 160,484 156,409 10,002 6.2% 48,316 38,693 45,075 (9,623) -24.9% (1) Actuals costs were lower than projected for structural steel erection. Q2 2025 actual costs closely aligned with projected cost and the Contractor has achieved their planned production in June 2025. (2) Q2 '25 actual costs exceeded the projection by $10M. It was assumed that 4 months of invoices would be paid, actual was 5 as contactor caught up to lag in billings. Port expects a $13M invoice per month totalling $150M per year (94%). (3) The bulk of project scope accelerated work in Q2, Q3 and Q4 2025 and include completion of PKG1 Enabling work, PKG3 Airline Relocation and PKG4 Zone 4 Ticket Counters. Mechanical Upgrades will continue through the end of 2026 (4) Anticipating significant savings; Mortenson provided forecast for baseline and anticipated billing for entire contract, currently projecting significant savings. 7,927 16,724 23,746 26,600 7,022 29.6% 11,646 39,529 45,729 114,775 6,200 13.6% (6) 7,007 32,299 37,083 45,430 4,784 12.9% Building 161E Renovation (7) 331 779 4,089 6,725 3,310 80.9% (5) Lower spending is projected primarily due to slower submission and processing of payments for AECOM and the shifting of $3M for capital purchases from 2025 to 2026. Checkpoint 1 Relocation (8) 7,886 9,636 12,925 10,195 3,289 25.4% (6) Due to Quantity savings on 2024 Contract 1 unit price items and unused Construction contingency. Upgrades STS Train Control (9) (7) Design delays due to scope coordination with project stakeholders, which subsequently will push out the construction timeline, as well. (8) Some aspects of the scope of work got pushed into a different phase (later than expected) MT Low Voltage Sys Upgrade (4) S Concourse Evolution (5) 2021-25 AFLD Pavement 3,120 9,994 12,457 15,899 2,463 19.8% (10) 408 733 3,143 16,292 2,410 76.7% 204,811 402,940 427,108 623,755 24,168 5.7% Subtotal CIP Cashflow Mgmt Reserve 385,931 - 840,621 (33,683) 906,510 (90,179) 1,203,944 (166,955) 65,888 (56,496) 7.3% 62.6% (9) STS ATC 2025 cashflow EAC vs 2026 B/L cashflow Alstom projected delay in delivery/receipt of Couple Retrofit kits plannned for Aug '25 now Jan '26. STS Fiber project Contractual Closeout delayed. Total Spending 385,931 806,938 816,331 1,036,989 9,392 1.2% (10) Construction postponed to summer 2026 to avoid the raining season. Snow Storage Expansion All Other 47 Maritime Division Appendix 2025 Q2 Financial Performance Report Maritime 2025 YTD Q2 Financial Summary 2022 YTD $ in 000's Ship Canal Fishing & Operations Elliott Bay Fishing & Commercial Operations Recreational Boating Cruise Grain Conference & Event Centers Leasing Portfolio Other Total Revenue Expenses Maritime Direct Total Direct 2023 YTD 2024 YTD 2025 YTD 2025 YTD Actual vs. Budget Variance $ % 228 8% 184 6% 30 0% 262 1% 957 36% (190) -5% (905) -8% (10) 557 1% Actual 2,328 2,638 6,914 11,258 3,405 2,538 9,378 7 38,467 Actual 2,651 2,829 7,751 15,437 1,964 3,377 10,180 19 44,209 Actual 2,650 2,872 8,321 19,027 3,079 3,687 11,272 6 50,915 Actual 3,027 3,132 9,130 19,994 3,643 3,867 11,122 (10) 53,905 Budget 2,799 2,948 9,099 19,732 2,687 4,056 12,027 0 53,348 16,068 16,068 16,176 16,176 18,074 18,074 20,436 20,436 21,291 21,291 855 855 Maintenance Expenses Economic Development Env & Sustainability Seaport Finance & Cost Recovery Waterfront Project Management Total Support Services 8,091 981 827 698 526 11,124 8,716 928 1,563 880 996 13,082 9,437 1,200 1,609 954 807 14,006 9,598 1,035 1,443 1,151 1,742 14,968 9,984 861 2,117 1,048 1,484 15,495 IT Police Expenses External Relations Other Central Services Aviation Division / Other Total Central Services / Other 2,048 1,680 1,307 5,312 260 10,607 2,312 2,365 1,424 5,763 228 12,092 2,585 2,893 1,699 6,172 239 13,588 2,805 2,568 1,985 6,959 224 14,541 37,799 668 10,853 (10,185) 41,350 2,859 11,183 (8,324) 45,668 5,247 11,132 (5,885) 49,946 3,959 12,033 (8,074) Total Expense NOI Before Depreciation Depreciation NOI After Depreciation Change from 2024 $ 377 260 808 967 564 179 (150) (16) 2,990 % 14% 9% 10% -5% 18% 5% -1% -263% 6% 4% 4% 2,362 2,362 13% 13% 386 (174) 674 (103) (258) 526 4% -20% 32% -10% -17% 3% 161 (165) (167) 197 935 962 2% -14% -10% 21% 116% 7% 2,566 2,641 1,859 7,130 292 14,488 (239) 73 (126) 170 68 (54) -9% 3% -7% 2% 23% 0% 220 (325) 286 787 (15) 954 9% -11% 17% 13% -6% 7% 51,273 2,075 10,855 (8,781) 1,328 1,885 (1,178) 707 3% -91% -11% 8% 4,277 (1,287) 902 (2,189) 9% 25% 8% -37% Variance from Budget • Revenue $557K favorable: • Grain - Higher Volumes. • Leasing Portfolio includes $1.25M credit for Environments Liabilities at T106. • Operating Exp. $1.3M lower: • Direct $855M lower - Payroll savings and tenant improvements. • Support Services $526K lower- Timing of Project Spend, primarily small works. • Central Services $54K unfavorable - Timing of consulting spend/invoicing. 49 Maritime 2025 Financial Forecast 2022 2023 2024 2025 2025 Actual vs. Budget Variance $ % 0 0% 0 0% 0 0% 0 0% 375 7% (375) -4% (1,250) -5% 0 NA 0 NA (1,250) -1% $ in 000's Ship Canal Fishing & Operations Elliott Bay Fishing & Commercial Operations Recreational Boating Cruise Grain Conference & Event Centers Leasing Portfolio Other Pension Revenue Adjustment Total Revenue Expenses Maritime Direct Total Direct Actual 4,592 5,975 13,978 30,469 5,792 8,914 19,367 10 170 89,265 Actual 5,076 6,564 15,505 41,726 3,356 6,738 20,764 10 (90) 99,648 Actual 5,169 6,602 16,555 43,145 5,920 7,490 21,920 8 (18) 106,791 Forecast 5,600 6,010 18,273 50,037 5,409 8,776 22,756 4 0 116,865 Budget 5,600 6,010 18,273 50,037 5,034 9,151 24,006 4 0 118,115 33,680 33,680 37,061 37,061 36,595 36,595 42,982 42,982 42,657 42,657 (325) (325) Maintenance Expenses Economic Development Env & Sustainability Seaport Finance & Cost Recovery Waterfront Project Management Total Support Services 17,021 1,830 3,356 1,506 1,235 24,948 19,317 2,543 4,028 1,738 2,313 29,939 20,832 2,202 4,992 2,222 2,945 33,193 19,981 2,133 5,336 2,233 3,210 32,893 19,581 2,133 5,136 2,083 3,060 31,993 IT Police Expenses External Relations Other Central Services Aviation Division / Other Total Central Services / Other 4,296 3,902 2,729 11,530 514 22,972 4,731 5,620 3,005 12,769 471 26,596 5,250 6,044 3,620 16,852 436 32,202 5,758 5,145 3,375 14,787 533 29,598 Total Expense before Pension Adjustment Pension Expense Adjustment 81,600 (2,561) 93,596 3,850 101,991 (3,145) Total Expense NOI excluding Pension Adjustments NOI Before Depreciation Depreciation NOI After Depreciation 79,039 7,495 10,226 21,974 (11,748) 97,446 6,142 2,202 22,421 (20,219) 98,846 4,818 7,945 23,850 (15,905) Change from 2024 $ % 431 (592) 1,718 6,893 (511) 1,286 835 (5) 18 10,073 8% -9% 10% 16% -9% 17% 4% -56% NA 9% -1% -1% 6,387 6,387 17% 17% (400) 0 (200) (150) (150) (900) -2% 0% -4% -7% -5% -3% (851) (69) 344 11 265 (300) -4% -3% 7% 1% 9% -1% 5,235 5,145 3,664 14,521 533 29,098 (523) 0 289 (266) 0 (500) -10% 0% 8% -2% 0% -2% 508 (898) (245) (2,066) 97 (2,605) 10% -15% -7% -12% 22% -8% 105,473 0 103,748 0 (1,725) 0 -2% NA 3,482 3,145 3% 105,473 11,392 11,392 21,433 (10,042) 103,748 14,367 14,367 21,433 (7,067) (1,725) (2,975) (2,975) 0 (2,975) -2% -21% -21% 0% -42% 6,627 6,573 3,446 (2,417) 5,863 7% 136% 43% -10% 37% Variance from Budget • Revenue $2.7M favorable: • Grain, higher than expected volumes offset by prior years' overbilling. • Conference Centers lower volumes. • Five months of $250K credit at T106 ground lease unbudgeted. • Operating Expense $1.7M above: • Direct T91 remediation offset by lower Conference Center volumes. • Support Services - Payroll increases and Workers Comp. • Central Services - Increased Payroll. 50 Joint Venture Q2 2025 Financials Home Port Activities Revenues: • NWSA Distributable Revenue higher than budget due to preemptive shipping and project spending less than budget. • Port Revenue from NWSA Facilities higher from unbudgeted T46 autos. Expenses • Expenses higher than budget due to $120K bad debt expense at T46 and payroll related allocations. 51 Cruise 2025 Financials Variance from Budget • Revenue $262K Higher • Average occupancy ~104% as budgeted • Expenses $1.36M Lower • Outside Services - $376K • Port Valet billing timing • Utilities - $459K • P66 electricity for shore power Variance from 2024 • Revenue $967K Increase • 2025 revenue higher due to rate escalations & total passengers 65K higher • Addition of Queen Elizabeth • Expenses $1.25M Increase • Additional FTE • 1st year with P66 shore power utilities 52 Recreational Boating Occupancy BUD 2025 2024 Act vs Bud '25 vs '24 SBM Occupancy 97.3% 97.8% 98.0% 0.48% -0.21% BHM Occupancy 68.1% 58.7% 76.2% -9.39% -17.44% HIM Occupancy 79.1% 67.3% 75.7% -11.77% -8.33% Total Recreational Marinas 81.5% 74.6% 83.3% -6.89% -8.66% 53 Recreational Boating Vs. Budget Revenue $30K Higher • Electricity $51K higher • Bell Harbor moorage revenue $22K higher due to higher occupancy • SBM lower due to live-aboard budgeted rates vs actual rates Expenses $614K Lower • General expenses $208K higher due to bad debt from cyberattack • Central Services $253K lower than budget • Maintenance allocations $121K lower Vs 2024 Revenue $809K Higher • Moorage rates increase in 2025 Expenses $675K Higher • $503K increase in Central Services/Other • $340K increase in Maintenance allocations • $198K increase in bad debt expenses related to the cyberattack 54 Ship Canal Fishing & Commercial Occupancy Occupancy • Monthly occupancy rates per marina as of Q2:  FT Fishing down -2.23%  SaBM down -2.9%  FT Rec Boating up 2.26% 55 Ship Canal Fishing & Operations Vs. Budget Revenue $228K Higher • $100K higher in electricity sales • Moorage revenue $114K higher due to higher occupancy at FT Rec Boating and MIC • Increases offset by decreased use of SaBM Expenses $19K Lower • General expenses $279K higher- increased bad debt from cyberattack • PMG costs $209K lower - MIC & FT pile replacement project budgeted Vs. 2024 Revenue $149K Higher • Increase in revenue as some fishing vessels stayed longer for repairs • Rate increases • The Ballard Lock was also closed for two extra days in Q1 2025 Expenses $819K Higher • $367K in increases Central Services/Other • $306K increase in Marine Maintenance - $185K in allocations • $279K bad debt expenses higher due to cyberattack 56 Elliott Bay Fishing & Commercial Vs. Budget Revenue $184K Higher • T-91 Fishing operations • $162K higher from a delayed start in the Hake fishery and extended vessel repairs • T-91 Vessel Operations • Foss lease revenue budgeted at $19K per month for T-91 Vessel Ops is being recorded at T-46 at the tariff rate until the lease remains unsigned Total Expenses $812K Higher: • $628K related to reserve for environmental remediation payment • $56K bad debt expenses in general expenses from cyberattack • Increased PMG expenses for the Dock Rehabilitation Project at T-91 Vs 2024 Revenue $260K Higher • Rate increases • More spot usage for repairs Expenses $727K Higher • 2025 increase due to T91 environmental remediation payment, bad debt, and T91 dock rehab 57 All Portfolio Management Occupancy June 2026 New tenants at both WTCW and FT with leases beginning second half. 58 Portfolio Management Overall Occupancy • Overall occupancy 88%: Building 88%, Land 88% Vs. Budget Revenues $1.1M Lower • Environmental cost credit to TC Northwest ($1.25M) • Less monthly parking at Bell Street Garage due to payment delay and a company reducing parking subsidy • Partially offset by $735K higher in utilities due to accruals numbers being reflected in the reports. We are still catching up with the 2025 utility billing. Expenses $585K Lower • Unspent Tenant Improvements and Broker Fees at FT and SBM • CEC reduced business volume led to lower operating costs Vs. 2024 Revenue $30K Higher • Higher utility revenue partially offset by lower revenue at WTCW (lower occupancy) and at T106 (Env cost credit) Expense $669K Higher • CEC increased business volume led to higher operating costs • PMG's Outside Services for projects at MIC and P66 Highlights for Upcoming Quarters • New tenants at WTCW and FT • Seafair, parking revenue at P2 59 Stormwater Utility Tracking to Budget Q02 Expenses are under due to timing of outside services spend and consultant costs for regulatory strategy work 60 All Portfolio Management Market Statistics 61 Waterfront PM Waterfront Project Management $ in 000s Expenses Payroll Outside Services Travel & Other Employee Exp Charges to Capital Other / OH Allocations Total Expenses Key Project Milestones: YTD 2024 YTD 2025 YTD 2025 Actual Actual Budget 3,279 3,716 3,727 421 1,229 611 22 27 60 (1,803) (2,164) (2,192) (82) 242 38 1,838 3,049 2,244 Bud Var F/(U) $ % 10 0% (617) -101% 33 55% (27) 1% (204) -537% (805) -36% Major Variances: • • • • Payroll Variance - As of end of Q2, there were 4 vacant positions. The variance is lower than expected due to the compensation changes. Charges to Capital - S&B less than projected due to vacant position and a higher charge to OH subclass. Outside Services - SMWKS contracts budgeted in Org 6260 have a positive variance, some projects postponed or moved to Large Capital team; some cancelled and new projects assigned. However, the WPM Expense projects $541K were not budgeted in Org 6260 for 2025, creating a negative variance. Other/OH Allocations - Negative variance due to OH Allocation, the OH allocation will be adjusted and 0ed out. • • • • • • T5 Berth Modernization: Closed claim and settled litigation with general contractor Orion Marine. T5 Container Yard Expansion: Completed 30% design. T91 Uplands Redevelopment: Awarded Progressive Design Build contract with Hoffman Construction. T91/P66 Cruise Shore Power Extension: Issued Request for Proposal for progressive design builder. T18 Pile Cap Repairs: Advertised major construction contract. P66 Grand Staircase: Issued Notice of Intent to Award construction contract. 62 Marine Maintenance $ in 000's Reimburseable Revenue JV MD Total Revenue Labor Staff Equipment & Supplies Outside Services Utilities General Expenses Other Expenses SWU Facilities BOST Fleet Admin Total Expense Depreciation NOI after Depreciation 2024 YTD Actual 2025 YTD Actual 2025 YTD Budget 225 162 386 210 134 344 254 141 396 7,630 1,374 203 169 83 (106) 1,440 1,007 998 1,517 177 14,492 704 (14,810) 8,696 1,120 143 150 (143) (84) 1,549 1,293 1,155 1,481 85 15,444 943 (16,043) 8,332 1,430 264 107 1 (22) 1,697 1,056 1,073 1,857 480 16,274 773 (16,651) Bud Var $ % 45 7 52 -18% -5% -13% (364) 4% 311 -22% 122 -46% (43) 40% 144 -22162% 61 272% 147 -9% (237) 22% (82) 8% 376 -20% 395 -82% 830 -5% (171) 22% (607) -4% Variance from Budget Reimbursable Revenue: • JV is over at CT18 78% $53K. • Maritime is on target. Expenses • Labor: Additional $500K to Workers Comp Self Insurance • Facilities: $186K over. Outside Service contracts not budgeted in current year (Elevator, Pest Control, FLS Monitoring). Includes P69 contracted services. • Fleet: Savings in Fuel due to state pricing • Admin: Vacant Director Position Variance from 2024: Revenue: • T25&T30 Vacated by SSA Expenses: • Increase cost in Outside Service Contracts and Workers comp funding to self insurance. 63 Maritime Management Admin Major Variances: Operating Expense: $238K/33% underspent • Salaries & Benefits: $242K underspent due to Chief Development Officer (CDO) position being unfilled during part of Q2. • Travel & Other Employee Exp: $42K unspent budget due to the Managing Director not attending the Singapore Maritime Week, Port Authority Roundtable, and the international executive trip. • Promotional Expenses: $11K unspent budget for sponsorships expenses that have not been paid. This expense is expected to balance in the second half of the year. • Outside Services: ($39K) overspent Non-Architectural & Engineering Services provided by Lumiere Group for more time on contract to complete the Maritime Art Program strategy. 64 Maritime Planning Projects N10536 N10527 N10428 N10415 N00030 N00031 N99922 Elliott Bay Dolphin Program MMSO Fleet & SWU Facility Elliott Bay Connections T91 Master Planning WDFW Elliott Bay Fishing Pier T91 West Gate Redesign MD Policy Advocacy 2025 Actuals 6,442 103,812 87,450 23,702 3,079 3,079 7,925 235,490 Major Variances: Operating expense $387K/44% underspent • Outside Services: $344 underspent in Personal services due to capacity and time to build-out Strategic Planning/Policy program. • Salaries & Benefits: $29K underspent due to vacant Innovation Manager position. • Equipment Expense: $10K underspent, budget is for laptop, cell phone and chair for Innovation Manager position. 65 Maritime Environment & Sustainability Maritime Environmental & Sustainability $ in 000s YTD 2024 YTD 2025 YTD 2025 Expenses Actual Actual Budget Payroll 2,591 3,134 2,777 Outside Services 306 42 475 Travel & Other Employee Exp 57 52 119 Charges to Capital (839) (708) (1,013) Other / OH Allocations 35 (745) 64 Total Expenses 2,150 1,776 2,423 Key Project Milestones: Bud Var F/(U) $ % (357) -13% 433 91% 67 56% (305) 30% 809 1259% 647 27% • Completed ports Chapter of PNW2AK Green Corridor Feasibility Study RE: methanol storage, transport, and bunkering • Continued spending on EPA Clean Ports Planning Grant and completed sub-recipient agreements with nearly all grant subrecipients • Kicked off the Sustainable Maritime Fuels Collaborative, a regional cross-sector initiative led by WA Maritime Blue and to which the Port is contributing seed funding in 2025 to support consultant costs for organization planning and meeting facilitation • Earth Day, staff contributed to family-friendly Earth Day event at Airport Concourse A, highlighting oyster shell stormwater treatment barrels and kelp restoration with a visit by Olive the Orca • Developed SEPA for T18 shorepower project • Submitted the revised EE/CA in May to EPA for the T25 S cleanup • Executed 3 new IDIQ contracts ($3M ea for 5 yrs) to support remediation, due diligence, and capital projects with ERL. • Continued work to support cost-recovery claims • Partnering with Cruise Team on Long Term Agreements negotiations - specifically enviro and decarb elements Major Variances: • Salaries & Benefits: (407K) unfavorable due to comp project adjustments. • Charges to Cap/ERL 305K unfavorable to due to reduced charging to Cap/ERL projects including late hiring of a 100% capital FTE. • Outside Services 433K favorable due to timing. Several consultant invoices are delayed. 66 Maritime SWU Fund Balance Fund Balance end of each Year (Amout ($000s)) $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $2015 2016 2017 2018 2019 2020 Actual Fund Balance 2021 2022 2023 2024 2025Q01 2025 Q02 Reserve Balance Target Reserve fund target 50% of budgeted revenue Minimum Reserve Target 183 days of O&M or 6mo revenue $3,736,453 67 Business Highlights Marine SWU Marine Stormwater Utility • Stormwater Utility Strategic Plan - gathered input from stakeholders and completed development of major recommendations for a 2026 update to the 2021-2025 Strategic Plan and provided briefings to Div leadership • Submitted application for recognition of Stormwater Utility and our Strategic Planning work to International Association of Ports and Harbors environmental/sustainable awards program • Prepared for and conducted first (of 3 in 2025) stormwater utility advisory meeting with Port and NWSA executives to review accomplishments and draft budget and capital planning ahead of rate analysis process • Completed 2025 rate changes and tenant and NWSA billings to wrap up recovery from post cyberattack • Continued close coordination and cooperation with NWSA on stormwater permitting, especially industrial stormwater general permit draft to final and associated stormwater legal activity 68 Maritime Security Variance from Budget • The YTD actual expenses are approximately $121K higher than the budget due to additional security services requested by NWSA at T-46. Variance from 2024 • In 2025, 15% rate increase, along with additional security services requested at T46, T91, FT, and SBM, resulting in a $397K increase. 69 Maritime Capital 2025 Actual 2025 YE Forecast $ in 000's T91 Berth 6 & 8 Redev FT Maritime Innovation Center MIC Electrical Replacements T91 New Cruise Gangway Bell St Parking Garage Imrov P90/P91 E Term Emerg Repair FT Site Improvements Elliott Bay Connections (EBC) P66 Fender Replacement Waterfront LED Lighting Fleet 26,266 6,410 1,736 985 406 1,978 272 14 1,615 30 888 53,863 16,740 3,678 3,235 1,906 2,043 1,920 956 1,635 605 3,701 All Other Projects Subtotal CIP CashFlow Mgt Total Maritime % of Capital Budget 6,858 47,458 0 47,458 53% 22,343 112,625 (9,611) 103,014 115% 2025 2025 POF Budget vs Forecast Budget $ % 45,903 59,766 7,960 17% 16,832 22,675 (92) -1% 3,678 9,640 0 0% 3,220 6,402 15 0% 2,115 2,658 (209) -10% 1,899 0 144 8% 1,860 1,432 60 3% 1,145 1,145 (189) -17% 1,055 3,070 580 55% 1,021 650 (416) -41% 3,660 3,800 41 1% 23,251 52,636 105,639 163,874 (15,812) (32,175) 89,827 131,699 (908) 6,986 6,201 13,187 -4% 7% -39.2% 15% Projects with Significant Variances T91 Berth 6&8 - Increase in 2025 due to change orders related to seawall/other unexpected site conditions. Assumed 50% use of contingency but now closer to 80% P66 Fender Replacement - Project is on schedule and budget. Additional costs reflect the inclusion of a barge impact assessment. Waterfront LED Lighting - Common space projects underway, but tenant space projects delayed for additional development. All Other Projects - MD Video Camera Project procurement of HW pushed out to 2026, engagement with PCS slower than anticipated. 70 Economic Development Division Appendix 2025 Q2 Financial Performance Report Economic Development Highlights • City Partnership Grant Program moving back to a two-year cycle, application deadline extended to September 26 with matching payments expected late Q3 & Q4. Hosted four application workshop and executed five contracts,. Promotional Hosting coming up in Q3-Q4 for in person and webinars to communities participating in the program. Community Business Connector program scaling back funding and working with King County for alignment. • Real Estate Des Moines Creek west project underway, EV charging stations on Maritime Pier 2 property going to commission in September and new design program for T91 Uplands project. • Tourism industry experiencing a decrease in international travel to U.S., SEA new international routes, creating new marketing material and Tourism Marketing Support Program (TMSP) will be the two-year cycle in the second half of the year with a $550K of matching grants budgeted. Continuation with State of Washington and other tourism contracts. • Lower Duwamish Hub (non-payroll) ) of $175K still sponsored by the Economic Development Division. Most going to either the Environmental Tax Levy or the Maritime Habitat Initiatives. • Diversity in Contracting's new 5-year goals passed by Commission. 16% going to MWBE, first sub-goal on construction of 14%, small businesses in construction industry desire for prompt payments from port, standing up limited public works to 150K and working with CPO to adjust Professional Services Cat I from 500K to 1M. 72 EDD Admin Major Variances: Operating Expense $26K/3% underspent. •Salaries & Benefits: $31K underspent due to salary budgeted for previous director. 73 Real Estate Development & Planning Major Variances: Operating Expense: $344K/79% underspent EDD • Outside Services: $290 underspent • EDD • CoStar subscription services expense $5K Lawrence Stokes Attorney fees: $3K • • Magellan Space Planning $4K • Bluebeam & Adobe Acrobat Pro $400 Total 13K • AV • Landrum & Brown: Planning Services $54K, NERA 1 Development Alternatives $8K Heartland: Acquisition support services $35K • • Kidder Matthew: General Appraisal Services $24K, WSDOT Land Swap appraisal $4K • CBRE Valuation & Advisory Services $12K Total $123K • Salaries & Benefits: $34K underspent due to vacant RE Planning Specialist position. • AV $66K underspent • EDD ($34K) Over budget • Equipment Expense: $4K underspent due to no requests for Computer, Telephones or Software. • Travel & Other Employee Expenses: $17K underspent due to very little travel or training expenses to report. AV Non-Aero Commercial Properties Real Estate Dev & Planning Adm CEM Study Due Diligence $25,000 AV-New appraisal IDIQ $7,500 Real Estate Strategic Planning for FT, NWSA and AV $50,000 AV-New Service Directives - Design Services $30,000 MD-RE Strategy Implementation (Feasibility and Due Diligence Efforts for Various Properties) $45,000 AV-RE Strategy Implementation (Feasibility and Due Diligence Efforts for Various Properties) $30,000 MD-New Service Directives - Design Services $15,000 AV-New appraisal IDIQ $7,750 MD-New appraisal IDIQ $15,000 AV-New Service Directives - Design Services $22,500 Software Lics & Maint. Agreemt $750 AV-RE Strategy Implementation (Feasibility and Due Diligence Efforts for Various Properties) $30,000 Total Outside Services Budget $151,485 Total Outside Services Budget $127,500 Real Estate Strategic Planning for FT, NWSA and AV $25,000 Total Outside Services Budget $25,000 74 EDD Small Business (Diversity in Contracting) Major Variances: Operating Expense: $224K/19% underspent • Outside Services: $226K underspent, contract expenses expected during 3rd & 4th quarter. Tax Levy Budget • Business Accelerator $76K and PortGen Advanced $26K expenses will occur late 3rd/4th quarter. • Highline Small Business Development Center has a MOU multi-year contract over 3 years through 2027. Invoice in process reflects work performed during contract year mid-2024 through mid-2025. The $60K budget was spread evenly for the year, YTD there is $26K available for this line item, it will balance at yearend. EDD Tax Levy Budget • DBE/ACDBE/WMBE Training Consultants & Outreach $26K. • Promotional Expense: $35K underspent due to no spending on Trade Business and Community expenses with Alliance NW (Thurston County), Association of Woman and Minority Businesses (AWMB), Ethnic Chambers, Events: WMBE/Chamber Community Connections, and others will occur later in the year. • Travel & Other Employee Expenses: $10K underspent due to Memberships expected to renew later in the year and budget for travel/training to AMAC conference that is no longer happening this year. Some travel/training related expenses to occur later in the year. • General Expenses: $13K overspent due to paying Advertisement invoices a month in advanced rather than one time per month. 75 EDD Tourism Major Variances: Operating Expense: $79K/9% underspent • Outside Services: $86K underspent due to Creative Services RFP in process, no payments thus far. • • EDD Tax Levy: $29K underspent. Tourism grants are paid out as final reports are submitted. Some participants requested extensions which will result in grants being paid during Q3 & Q4. Travel & Other Employee Expenses: $12K underspent due to expenses for June travel moving through the Concur process and some events rescheduled from Q2 to Q3 & Q4. 76 Central Services Appendix 2025 Q2 Financial Performance Report Central Services YTD Financial Highlights 2023 YTD 2024 YTD 2025 YTD 2025 YTD $ in 000's Total Operating Revenues Actual 290 Actual 145 Actual 119 Budget 53 Core Central Support Services Police Engineering/PCS Total Operating Expenses 51,219 17,323 6,383 74,925 59,083 22,275 6,607 87,964 62,009 23,145 8,687 93,841 61,799 23,551 11,471 96,820 Actual vs. Budget Change from 2024 Variance Incr (Decr) $ % $ % 66 123.9% (25) -17.6% (211) 406 2,784 2,979 -0.3% 1.7% 24.3% 3.1% 2,926 870 2,080 5,877 5.0% 3.9% 31.5% 6.7% 2025 YTD Total Operating Expenses are $3.0M under budget due to: • Payroll higher than budget mainly due to the Comp project. • Outside services being lower than budgeted due to the timely processing of actual expenses. 78 Central Services YTD Expense by Category 2023 YTD 2024 YTD 2025 YTD 2025 YTD $ in 000's Salaries & Benefits Wages & Benefits Payroll to Capital Projects Equipment Expense Supplies & Stock Outside Services Travel & Other Employee Expenses Insurance Expense Litigated Injuries & Damages Other Expenses Charges to Capital Projects/Overhead Alloc Actual 44,334 16,345 9,367 970 518 15,098 999 2,163 206 2,439 (17,514) Actual 50,758 20,498 11,343 579 433 17,882 1,243 2,571 459 3,883 (21,684) Actual 58,607 21,035 10,353 751 550 16,766 1,429 2,620 537 2,378 (21,185) Budget 55,260 20,058 13,467 1,536 458 21,367 2,172 3,099 1,839 (22,435) TOTAL 74,925 87,964 93,841 96,820 Actual vs. Budget Variance $ % (3,347) -6.1% (978) -4.9% 3,114 23.1% 785 51.1% (92) -20.1% 4,601 21.5% 744 34.2% 479 15.5% (537) 0.0% (540) -29.4% (1,250) 5.6% 2,979 3.1% Change from 2024 Incr (Decr) $ % 7,849 15.5% 537 2.6% (991) -8.7% 172 29.6% 118 27.2% (1,115) -6.2% 186 15.0% 49 1.9% 78 17.0% (1,505) -38.8% 499 -2.3% 5,877 6.7% • The payroll is over budget primarily due to the Comp project. • Outside Services below budget due to spending delays. 79 Central Services YTD Financial Highlights 2025 YTD Total Operating Expenses are $3.0M under budget due to: • Lower Outside Services, Equipment Expense, and Travel; partially offset by higher Payroll and lower charges to Capital Projects. 2025 YTD Total Operating Expenses are $5.9M higher compared to 2024 due to: • Higher Payroll, Travel & Other Employee Expenses, Supplies & Stock, Equipment Expense, and General Expenses in 2025; partially offset by less spending in Outside Services and Promotional Hosting. 80 Central Service Financial Summary (YE Forecast) 81 Central Services Capital Spending 2025 2025 Year-End YTD Actual Forecast $ in 000's Engineering Fleet Replacement 321 2,084 Corporate Fleet Replacement 262 1,912 Services Tech - Small Cap 257 1,425 Infrastructure - Small Cap 366 469 ID Badge System Upgrade 1,925 2,425 Radio Microwave Redund. Loop 610 1,015 Public Safety Dispatch 48 648 Physical Access Control System Refresh 193 1,011 Maximo Software System Upgrade 0 1,000 Police Axon Contract 2025 0 1,324 Other (note 1) 223 3,046 Subtotal 4,205 16,359 CIP Cashflow Adjustment (4,600) TOTAL 4,205 11,759 2025 2025 Budget Variance Plan of Budget $ % Finance 2,284 980 200 8.8% 3,950 3,030 2,038 51.6% 1,345 1,500 (80) -5.9% 1,564 1,500 1,095 70.0% 3,903 2,899 1,478 37.9% 1,967 1,931 952 48.4% 1,474 0 826 56.0% 885 1,095 (126) -14.2% 1,000 1,600 0 0.0% 1,324 12,000 0 0.0% 4,751 12,950 1,705 35.9% 24,447 39,485 8,088 33.1% (6,700) (8,200) (2,100) 31.3% 17,747 31,285 5,988 33.7% Note: (1) "Other" includes remaining ICT projects and small capital projects/acquisitions. 82 Portwide Appendix 2025 Q2 Financial Performance Report Port Wide YTD Operating Revenues Summary 2023 YTD 2024 YTD 2025 YTD 2025 YTD Actual vs. Budget Variance $ % (1,303) -0.5% Change from 2024 Incr (Decr) $ % 21,314 8.4% $ in 000's Aeronautical Revenues Actual 240,218 Actual 252,437 Actual 273,752 Budget 275,055 Public Parking Rental Cars - Operations Rental Cars - Operating CFC ADR & Terminal Leased Space Ground Transportation Employee Parking Airport Commercial Properties International Place Clubs and Lounges Airport Utilities Cruise Recreational Boating Fishing & Operations Grain Maritime Portfolio Management Central Harbor Management Conference & Event Centers NWSA Distributable Revenue Other Total Operating Revenues (w/o Aero) 52,391 18,021 5,495 31,985 11,750 5,460 9,618 5,436 4,194 15,437 7,751 5,481 1,964 5,205 4,960 3,377 28,949 4,329 221,802 59,047 16,759 6,916 36,364 11,853 5,223 9,930 6,753 4,513 19,027 8,321 5,523 3,079 6,136 5,126 3,687 29,664 3,545 241,467 58,728 18,448 8,145 37,172 11,784 6,272 10,985 4,891 8,859 5,287 19,994 9,130 6,159 3,643 6,603 4,505 3,867 32,221 2,653 259,347 60,903 18,363 7,197 37,897 12,419 6,905 13,721 7,709 5,419 19,732 9,099 5,747 2,687 7,193 4,823 4,056 29,166 3,766 256,804 (2,175) 85 949 (725) (636) (633) (2,736) 4,891 1,150 (132) 262 30 412 957 (591) (319) (190) 3,055 (1,113) 2,543 -3.6% 0.5% 13.2% -1.9% -5.1% -9.2% -19.9% 0.0% 14.9% -2.4% 1.3% 0.3% 7.2% 35.6% -8.2% -6.6% -4.7% 10.5% -29.6% 1.0% (319) 1,689 1,230 808 (69) 1,049 1,055 4,891 2,106 774 967 808 637 564 467 (621) 179 2,557 (892) 17,880 -0.5% 10.1% 17.8% 2.2% -0.6% 20.1% 10.6% 0.0% 31.2% 17.2% 5.1% 9.7% 11.5% 18.3% 7.6% -12.1% 4.9% 8.6% -25.2% 7.4% TOTAL 462,020 493,904 533,099 531,858 1,240 0.2% 39,195 7.9% 84 Port Wide YTD Operating Expense Summary $ in 000's Salaries & Benefits Wages & Benefits Payroll to Capital Projects Outside Services Utilities Equipment Expense Supplies & Stock Travel & Other Employee Expenses Third Party Mgmt Op Exp B&O Taxes Other Expenses Charges to Capital Projects/Overhead Alloc TOTAL • • • • 2023 YTD 2024 YTD 2025 YTD Actual 90,131 79,333 15,420 57,221 15,541 5,508 5,617 2,208 5,485 2,895 14,940 (29,947) 264,352 Actual 103,497 88,341 18,260 63,807 17,162 4,852 5,686 2,827 6,110 3,027 13,261 (37,726) 289,103 Actual 118,613 98,903 18,373 64,213 18,235 4,367 6,204 3,129 9,669 2,924 14,149 (37,576) 321,204 2025 YTD Actual vs. Budget Change from 2024 Variance Incr (Decr) Budget $ % $ % 114,318 (4,295) -3.8% 15,116 14.6% 92,138 (6,765) -7.3% 10,562 12.0% 23,830 5,457 22.9% 113 0.6% 89,435 25,222 28.2% 406 0.6% 19,062 827 4.3% 1,073 6.3% 7,738 3,371 43.6% (485) -10.0% 5,190 (1,015) -19.5% 518 9.1% 5,115 1,986 38.8% 302 10.7% 8,865 (804) -9.1% 3,559 58.3% 3,420 495 14.5% (102) -3.4% 11,277 (2,871) -25.5% 888 6.7% (46,366) (8,790) 19.0% 151 -0.4% 334,022 12,818 3.8% 32,101 11.1% Outside Services were $25.2M under budget due to delay in spending Equipment Expense were $3.4M under budget due to spending delays Travel & Other Employee Expenses were $2.0M lower than budget due to spending delays in training and travel Charges to Capital Projects/Overhead Allocations were lower by ($8.8M) due to spending delays in Capital Projects 85 Port Wide Financial Summary (YTD) Portwide Opex Revenues & Expenses In 000's Aeronautical Revenues Airport Non-Aero Revenues Seaport Revenues Total Operating Expenses NOI 600 500 88.6 M 300 76.4 M 145.4 M 211.9 M 204.8 M 197.7 M 197.8 M 200 100 240.2 M 264.4 M 252.4 M 289.1 M • Total Operating Expenses: $12.8M below budget • NOI before Depreciation: $14.1M above budget 170.9 M 170.8 M 158.5 M Total Operating Revenues: $1.2M above budget 85.9 M 83.0 M 400 • 273.8 M 321.2 M 334.0 M 275.1 M 0 2023 YTD Actual 2024 YTD Actual 2025 YTD Actual 2025 YTD Budget 86 Port Wide Capital Spending Summary $ in 000's Aviation Maritime Central Services & Other (note 1) TOTAL 2025 2025 2025 YTD Actual Forecast Budget 385,931 47,458 5,719 439,108 806,938 103,014 17,055 927,007 816,331 89,827 21,488 927,646 2025 Plan of Finance 1,036,989 131,699 34,591 1,203,279 Note: (1) "Other" includes 100% Port legacy projects in the North Harbor and Storm Water Utility Small Capital projects. 87