AVIATION DIVISION 2026 Proposed Operating & Capital Budgets October 14, 2025 Outline for Aviation Division Presentation • Strategy to Budget • Strategic Priorities • 2026 Budget Overview • 2026 Proposed Operating Budget • 2026 Proposed Capital Budget • Equity in Spending Highlights • Appendix 2 Century Agenda Drives Division Plans and Budgets CA = Century Agenda COE = Center of Expertise EDP = Executive Director Priorities ELT = Executive Leadership Team 3 Strategy to Budget Process Implementation Strategic Planning Century Agenda KPIs = Key Performance Indicators SWOT = Strengths, Weaknesses, Opportunities, and Threats Vision/Goals 5 - 10 Years SWOT Gap Objectives & KPIs 3 - 5 Years 2026 Business Plan 2026 Budget Annual 2026 Performance Plans 4 SEA: Mission and Vision MISSION Seattle-Tacoma International Airport (SEA) promotes regional economic vitality by operating a world-class international airport, providing an extraordinary customer experience, and being a model of environmental innovation for our region and industry. VISION Connecting the region to the world through flight. The journey begins here. SEA = Seattle-Tacoma International Airport 5 IT TAKES MANY PIECES • 5-Star Skytrax Rating • 75 minutes MCT • 45 minutes clocktower - gate • Level of Service - Optimum • Top 25 ASQ World Ranking • Greenest Airport • Leader in Accessibility ASQ = Air Service Quality MCT = Minimum Connect Time 6 Setting Aviation Division Priorities for 2026 • Reviewed and updated for each of five business plan categories: • 2026 Objectives • Set priorities for 2026: • Mandatory/Regulatory • Wildly Important Goals (WIGs) • Pretty Important Goals (PIGs) 7 Mandatory/Regulatory • Health, Safety & Security: - Zero major, intermediate or repeat Part 139 discrepancies - Zero major & repeat TSA discrepancies • Sustainability & Community: - Final Noise Exposure Maps accepted by FAA - SAMP NTP - Final SEPA EIS Q4 - NPDES (Stormwater) permit renewal by Q3 EIS = Environmental Impact Statement FAA = Federal Aviation Administration NPDES = National Pollutant Discharge Elimination System SAMP = Sustainable Airport Master Plan NTP = Notice to Proceed SEPA = State Environmental Policy Act TSA = Transportation Security Administration8 Wildly Important Goals (WIGs) • Health, Safety & Security: Achieve 5% reduction from the previous year in SMS major incident rate • Employee Engagement: Implement action plans from 2025 Employee Engagement Survey • Customer Experience: 85% of customers experience a TSA line wait under 30 minutes • Customer Experience: Elevate the SEA customer during the 2026 FIFA World Cup and beyond to achieve an overall Airport Service Quality rating of 4.0 • Asset and Financial Stewardship: Increase non-aero revenue per enplanement by X% • Asset and Financial Stewardship: Maintain debt service coverage >1.4x FIFA = Fédération Internationale de Football Association SEA = Seattle-Tacoma International Airport TSA = Transportation Security Administration 9 Pretty Important Goals (PIGs) • Health, Safety and Security: Safety evaluation score greater than 90% • Asset and Financial Stewardship: Critical infrastructure planning and development • Customer Experience: Parking Garage Security Enhancements • Sustainability & Community: GHG Emission Reduction by Scope 1, 2, & 3 (3 initiatives) CMP = Central Mechanical Plant GHG = Greenhouse Gas PETS = Passenger Experience Tracking System STS = Satellite Transit System 10 2026 BUDGET OVERVIEW 11 2026 Aviation Division Budget Context • Enplanement forecast in 2026 Budget shows conservative growth compared to 2025 Forecast • Growing baseline costs (primarily payroll) • Increase capital capacity (how much we can afford): -Manage growth of costs -Consistently grow non-aeronautical revenues 12 2026 Operating Budget Uncertainties/Risks • Slowing economic growth • Aviation Division Proposed Budget: - Payroll vacancy rate of 4% - Medical benefit rate increases - Environmental remediation liability costs - Emergency mitigation on critical infrastructure - Impacts of lower revenues and higher costs 13 Passenger Forecast Positive but Slowed Passengers 2022 - 2026 (Millions) 60M 50M 50.9M 52.7M 53.5M 53.2M YoY Change % 2022 27.1% 2023 10.7% 2024 3.5% 2025 BD 1.5% 2025 FC 0.9% 2026 BD 1.7% 54.1M 46.0M 40M 30M 20M • 10M • 2022 2023 2024 2025 BD 2025 FC 2025 forecast - 0.5M passengers more than 2024 2026 proposed budget 0.9M passengers more than 2025 2026 BD 14 Operating Revenues Summary in 2026 Operating Revenues $ millions Aero Non-Aero Total Rev Growth Rate 1,200 1,000 800 806 22.3% 659 31.5% 600 400 869 7.8% 480 521 936 7.7% 564 993 6.1% 616 403 200 257 327 348 372 377 2023 2024 2025 Bud 2026 Bud 2022 (1)Non-Aero Revenue excludes GASB 87 lease interest income reporting adjustments 15 Capital Program Spending $5M Higher in 2026 Capital Spending $ in Millions Actual Capital Spending CapEx Forecast 900 2026 Plan of Finance $831 $836 2025 2026 800 $684 700 600 500 $444 400 300 $312 200 100 0 2022 2023 2024 *Aviation capital spending only. Excludes corporate CIPs that are funded by Airport Development Fund (ADF). 16 Airport Budget Summary and Key Indicators 2023 2024 2025 DESCRIPTION ($ in 000's) Aeronautical Revenues Non-Aeronautical Revenues Operating Revenues Actuals 479,697 326,592 806,289 Actuals 520,942 348,212 869,154 Budget 563,836 372,280 936,117 2026 Proposed Budget 615,502 367,381 982,884 Inc/(Dec) from 2025 Approved Budget $ Change % Change 51,666 9.2% (4,899) (1.3%) 46,767 5.0% Lease Interest Income 1 Total Operating Revenues plus Lease Interest 0 806,289 0 869,154 0 936,117 9,872 992,755 9,872 56,639 0.0% 6.1% Operating Expenses 2 Lease Interest Expense SBITA Interest Expense 3 Total Operating Expenses plus Lease Interest NOI w/o Lease Interest Income/Expense 445,691 4 384 446,079 360,598 529,828 8 352 530,187 339,326 553,222 0 254 553,476 382,895 587,035 7,897 203 595,135 395,849 33,813 7,897 (51) 41,659 12,954 6.1% 0.0% (19.9%) 7.5% 3.4% NOI with Lease Interest Income/Expense 360,211 338,967 382,641 397,620 14,979 3.9% Debt Service Coverage ADF Cash Balance - Months of O&M CPE Non-Aero NOI ($ in 000s) Enplaned passengers (in 000s) 2.64 14 17.52 181,299 22,966 1.88 17 18.14 175,868 26,265 1.84 18 19.43 182,986 26,737 1.56 18 21.10 157,847 27,031 (0.28) 1.67 (25,139) 294 (15.2%) 0.0% 8.6% (13.7%) 1.1% Capital Expenditures ($ in 000's) 311,631 683,833 717,598 835,887 118,289 16.5% Notes: 1. Lease Interest Income actuals (under Non-Operating account). 2. Payroll Expenses include DRS pension credits in the 2025 and 2024 actuals. 3. SBITA (Subscription-Based IT Arrangement) is defined as a contract that conveys control of the right to use another party's IT software as specified in the contract for a period of time in an exchange or exchange-like transaction. ADF = Airport Development Fund CPE = Cost Per Enplanement NOI = Net Operating Income O&M = Operating & Maintenance Income SBITA = Subscription Based Info Tech Arrangements 17 2026 OPERATING BUDGET 18 Total Airport Expense Summary Total Airport Expense Summary 2023 2024 2025 2026 Proposed Budget Incr (Decr) Change from 2025 $ % ($ in 000's) Actuals Actuals Budget Operating Expenses Payroll (excludes Pension Credit) Outside Services Utilities Charges to Capital Other Expenses Total Airport Direct Charges 193,126 87,450 23,285 (24,378) 42,037 321,521 223,027 104,086 25,543 (29,084) 50,681 374,253 232,069 125,654 26,966 (40,184) 49,961 394,465 253,455 122,930 26,936 (38,614) 58,271 422,977 21,386 (2,724) (30) 1,570 8,310 28,512 9.2% (2.2%) (0.1%) (3.9%) 16.6% 7.2% Environmental Remediation Liability Airline Realignment Capital to Expense Total Exceptions 13,017 (86) 480 13,411 2,600 0 553 3,153 1,589 0 0 1,589 2,267 0 0 2,267 678 0 0 678 42.7% 0.0% 0.0% 42.7% Total Airport Expenses1 Central Services Police Maritime/Economic Development/Other Total Charges from Other Divisions 334,931 95,740 33,750 4,840 134,331 377,406 125,262 39,709 6,028 170,999 396,054 111,534 38,624 7,009 157,167 425,244 115,703 39,200 6,888 161,790 29,190 4,168 575 (121) 4,623 7.4% 3.7% 1.5% (1.7%) 2.9% Total Operating Expenses (Before Pension Credit) Reduced by Pension Credit Total Operating Expenses (After Pension Credit) Lease and SBITA Interest Expense Total Operating Expenses with Lease Expense 469,263 (23,572) 445,691 388 446,079 548,405 (18,577) 529,828 359 530,187 553,222 0 553,222 254 553,476 587,035 0 587,035 8,101 595,135 33,813 6.1% 0 0.0% 33,813 6.1% 7,847 3,088.6% 41,659 7.5% 1) Annual variance (~$1M) is driven by expenses charged to other divisions. B&O Tax = Business & Occupation Tax COLA = Cost of Living Adjustment FTE = Full-Time Equivalent (employee) PFP = Pay for Performance 19 Aviation Operating Expense Budget Summary $ in 000's 2025 Approved Budget 396,602 Remove 2025 One-time budget items (25,195) Cost reductions & Charges to Capital (7,226) Cost increases & Change in ERL 35,669 2026 Baseline 399,850 Budget requests < 1% 26,431 2026 Budget 426,281 7.5% Represents Airport Direct Charges only ERL = Environmental Remediation Liability 20 Aviation Operating Expense Budget Changes 2025 Aviation O&M Budget $396,602 Remove 2025 one-time items $25,195 Proposed 2026 Regulated Materials (ERL) Cost Decreases of $6.7 million $3 million in payroll decreases > Defer vacancies and decreases in benefits $3.7 million in non-payroll decreases > $1.2 million in contractual decreases > $1 million due to canceled tenant janitorial program > $850k in software, language access, reduced travel and SBITA adjustments > $650k in other non-payroll savings AV Operating Cost ($000s) Change in Budget Contingency Transfers to/(from) other Divisions Cost Decreases $6,731 Changes in Charges to Capital $1,440 $678 $1,075 $129 Cost Increases of $35 million $22.4 million in payroll increases > $21 million in payroll increases > $1.4 million in annualize new FTEs and other payroll increases $12.6 million in non-payroll increases > $4 million in B&O tax adjustments > $3.9 million in contractual increases > $1.9 million in revenue growth adjustments > $1.9 million in other non-payroll increases Cost Increases 2026 Baseline before additions $34,991 $399,850 Steer Recommended New FTEs $737 Proposed 2026 baseline additions $7,381 Proposed 2026 one-time additions $18,313 2026 Proposed Aviation O&M Budget $300,000 $426,281 $350,000 $400,000 Note: Aviation division Org Basis - this chart does not include direct charges or allocations from other divisions. Budget requests are net of grants ERL = Environmental Remediation Liability O&M = Operating & Maintenance 21 2026 Budget Requests by Business Plan Category Category $000s # of Requests Baseline Non-Baseline Total Asset & Financial Stewardship 40 $4,375 $9,476 $13,851 Customer Experience 13 $851 $440 $1,291 Employee Engagement 5 $0 $553 $553 Health, Safety, and Security 17 $542 $4,168 $4,710 Sustainability & Community 13 $1,289 $3,677 $4,966 10 FTEs (8 Steer, 2 Cyber Security) 10 $1,005 $56 $1,061 98 $8,062 $18,370 $26,432 TOTAL FTE = Full-Time Equivalent (employee) 22 Largest Approved Budget Requests Description Total ($000s) TSA Exit Lane Staffing $3,500 Expense Components Related to Capital Projects $2,605 N06478 FCSP/Flight Corridor Safety Program - Port Property $2,002 Onsite Consultants to Tenant Expense $2,000 On Call Planning - Airfield Study $1,725 Zone 2 - Custodial Service Contract New RFP $1,650 Lounge Operating Expense Increase $1,200 SEA Moves: Contractor Support $769 Part 150 Noise and Land Use Compatibility Study $750 2026 New Air Service Incentive Program $700 Checked Baggage Technical Contract for Onsite Support $670 SAMP NTP Environmental Review (SEPA) $550 SEA Building Information Modeling $500 ADR = Airport Dining & Retail SAMP = Sustainable Airport Master Plan TASCR = Tenant ADR Shell & Core Renovations RFP = Request for Proposal SEA = Seattle-Tacoma International Airport TSA = Transportation Security Administration 23 Aviation 2026 Budget FTE Review • Reviewed all vacant positions including positions unfilled for a year • Limited new FTEs for 2026 Steer Staffing Study 2026 FTE Recommendation = 24 Aviation 2026 Recommended FTEs = 10 FTE = Full-Time Equivalent (employee) 24 Aeronautical NOI ¹Aeronautical revenues follow a cost recovery model under FAA regulations and the Signatory Lease & Operating Agreement. Aeronautical operating , debt services of capital costs net of grants are recovered through airlines rates and charges. Increases in revenues are tied to increases in costs. ²Net cash flow balance increases due to amortization with cash funding on capital projects. FIS = Federal Inspection Services (US Customs) NOI = Net Operating Income O&M = Operating & Maintenance SBITA = Subscription Based Info Tech Arrangements 25 Non-Aeronautical NOI Non-Aeronautical NOI ($ in 000's) 2023 2024 2025 2025 2026 Actuals Actuals Budget Forecast Proposed Budget $ % Non-Aeronautical Revenues Transportation Mgmt Assoc Public Parking Rental Cars Ground Transportation - - - 631 717 717 0.0% 110,990 63,460 24,878 116,626 66,271 23,946 119,634 67,197 25,901 116,403 69,128 24,578 114,531 67,862 24,896 (5,103) 665 (1,005) (4.3%) 1.0% (3.9%) Employee Parking 1 Landside Total 10,574 209,902 10,462 217,304 14,393 227,125 12,261 223,000 14,138 222,144 (255) (4,981) (1.8%) (2.2%) 40,374 46,363 57,027 62,673 56,497 (530) (0.9%) Airport Dining & Retail Tenant Marketing AOB Conference Center AV Commercial Management 65,952 1,532 185 67,670 73,703 902 252 74,857 76,630 280 76,910 72,799 200 72,999 77,078 503 228 77,809 448 503 (52) 899 0.6% Utilities AV Service Groups Total Non-Aeronautical Revenues 8,666 (20) 326,592 9,578 110 348,213 10,838 381 372,280 10,838 1,011 370,521 10,551 381 367,381 Total Non-Aeronautical Expenses 137,529 162,092 180,048 182,230 199,573 Non-Aeronautical NOI Less: CFC Excess 189,063 (7,709) 186,121 (10,174) 192,232 (9,210) 188,291 (9,210) 167,809 (11,896) (287) (4,899) 19,524 (24,424) (2,686) Lease Interest Income 2 Lease Interest Expense/SBITA Adjusted Non-Aeronautical NOI (56) 181,299 (79) 175,868 (36) 182,986 (35) 179,046 9,872 (7,938) 157,847 AV Business & Properties 1 Debt Service (27,096) (43,887) (34,633) (34,633) (48,701) Net Cash Flow 154,203 131,981 148,353 144,413 109,146 1. Includes lease payments from tenants as non-operating interest income instead of operating revenues. 2. Lease payments from tenants treated as non-operating interest income and lease interest expenses. 3. International Place was not included in the 2025 Budget AOB = Airport Office Building B&O = Business and Occupation Incr (Decr) Change from 2025 Budget CFC = Customer Facility Charge NOI = Net Operating Income 9,872 (7,901) (25,139) (14,068) (39,207) (18.6%) 1.2% (2.6%) 0.0% (1.3%) 10.8% (12.7%) 29.2% 21,770.9% (13.7%) 40.6% (26.4%) SBITA = Subscription Based Info Tech Arrangements 26 Commission 2026 Budget Priority $25K for Connector/Offsite Check-in Feasibility Study Feasibility study to explore a landside bus service/offsite security check-in opportunity between Sea-Tac International Airport and Paine Field. *Funding for ongoing childcare feasibility study was approved in 2025 and funding for anti-human trafficking campaign was moved to Central Services 27 EQUITY IN SPENDING 28 Equity Spending Highlights New Equity Spending in 2026 Budget: $24K - Airport Interactive Map (Language Add-On) $50K - Increase in SEA Pathfinder Program Support Total New Equity Spending: $74K 29 2026 Aviation Budget Key Takeaways Revenues • Conservative growth in passenger forecast • Conservative growth in Non-Aeronautical revenues • 6% increase in total revenues • Debt service coverage at 1.56x in 2026 • 18 months of O&M cash on hand in 2026 • CPE forecast for 2026 is $21.10 Budget Uncertainties/Risks Expenses • • • • 6.1% increase in total operating expenses 10 FTEs to achieve key initiatives Increases in payroll and medical benefits $5M investment in the Aviation Sustainability • $25K investment in Commission's budget priority • $74K in Equity in Spending CPE = Cost Per Enplanement FTE = Full-Time Equivalent (employee) Financial Forecast O&M = Operating & Maintenance • Slowing economic growth • Environmental remediation liability costs • Emergency mitigation on critical infrastructure • Impacts of lower revenues and higher costs 30 QUESTIONS? 31 APPENDIX - AVIATION DIVISION 32 Aviation Appendix Table of Contents 1. 2026 Business Plan 2. Operating Budget  2026 Approved Budget Request Detail Listings  Aeronautical Business Detail  Non-Aeronautical Business Detail 3. Other Supporting Information  Environmental Remediation Liability Detail  Acronym List 33 2026 BUSINESS PLAN 34 Aviation Division Strategic Focus Areas Aviation Division 2026 Priorities & the Port of the Future 1. Health, Safety, and Security - Ensure the wellbeing and protection of all while fostering a culture of awareness and preparedness (Shared Vision, Shared Success) 2. Customer Experience - Deliver an elevated customer experience that is enjoyable and efficient (Shared Vision, Shared Success, Effective and Efficient) 3. Asset & Financial Stewardship - Operate, maintain and upgrade SEA to accommodate air service demand while ensuring financial sustainability (Built to be Resilient, A Catalyst for Growth) 4. Employee Engagement - Empower people, engage minds and inspire performance (Shared Vision, Shared Success) 5. Sustainability & Community - Engage and partner with the Puget Sound region supporting healthy, safe and equitable communities (A Hub for Zero Emission Economy) 35 Mandatory/Regulatory 1. Health, Safety & Security: a. Zero major, intermediate or repeat Part 139 discrepancies b. Zero major & repeat TSA discrepancies 2. Sustainability & Community: a. Final Noise Exposure Maps accepted by FAA b. SAMP NTP - Final SEPA EIS Q4 c. NPDES (Stormwater) permit renewal by Q3 EIS = Environmental Impact Statement FAA = Federal Aviation Administration NPDES = National Pollutant Discharge Elimination System SAMP = Sustainable Airport Master Plan NTP = Notice to Proceed SEPA = State Environmental Policy Act TSA = Transportation Security Administration 36 Wildly Important Goals (WIGs) 1. Health, Safety & Security: Achieve 5% reduction from the previous year in SMS major incident rate 2. Employee Engagement: Implement action plans from 2025 Employee Engagement Survey 3. Customer Experience: 85% of customers experience a TSA line wait under 30 minutes 4. Customer Experience: Elevate the SEA customer during the 2026 FIFA World Cup and beyond to achieve an overall Airport Service Quality rating of 4.0 5. Asset & Financial Stewardship: Maintain debt service coverage >1.4x FIFA = Fédération Internationale de Football Association SEA = Seattle-Tacoma International Airport SMS = Surface Management System TSA = Transportation Security Administration 37 Pretty Important Goals (PIGs) 1. Health, Safety and Security: Safety evaluation score greater than 90% 2. Asset & Financial Stewardship: Critical infrastructure planning and development including STS and CMP 3. Asset & Financial Stewardship: Increase non-aero revenue per enplanement by X% 4. Customer Experience: Parking Garage Security Enhancements 5. Sustainability & Community: GHG Emission Reduction by Scope 1, 2, & 3 (3 initiatives) CMP = Central Mechanical Plant GHG = Green House Gas STS = Satellite Transit System 38 SWOT Profile Strengths: • • • • SEA Brand, customer-focused culture, tenant engagement Emerging technologies enhance customer experience, revenue and operational efficiencies New acquisitions: Office Buildings & MasterPark purchases High performing grant solicitation program Weaknesses: • • • • • Opportunities: • • • • Threats: Increasing airport cost to airlines/tenants Project construction impacts Capital program affordability Constrained and aging facilities Staffing challenges • • • • AAG = Alaska Air Group FIFA = Fédération Internationale de Football Association Regional economy, demand for travel (2026 FIFA World Cup) Emerging technologies to enhance customer experience Growth through AAG alliance with Oneworld Community interests Cyber attacks Regulatory uncertainty and lack of agency resources Volatile construction market, supply chain issues, labor shortages, pilot shortage, increasing cost, tariffs Schedule disruption to Sustainable Airport Master Plan environmental review SEA = Seattle-Tacoma International Airport SWOT = Strengths, Weaknesses, Opportunities, and Threats 39 2026 PROPOSED BUDGET REQUESTS 40 Budget Requests: Asset & Financial Stewardship Budget Request Title Onsite Consultants to Capital - (100% capital) Onsite Consultants to Capital - Offset Expense components related to Capital Projects Project Controls support Project Controls support related to Capital Onsite Consultants to Tenant Expense On call planning - airfield study Zone 2 - Custodial Service Contract New RFP 2026 Lounge OpEx Increase 2026 New Air Service Incentive Program SEA BIM 2026 Comprehensive Survey of Airport Property Renewal of our Operational Technology system aging hardware Clean Buildings Performance Standard Compliance STOC Tenant Improvement Allowance Preconditioned Air Improvements Project Development Technical Support 188th Street Tunnel Mechanical Service Contract Taxi Virtual Queue Implementation Consultant ADDITION: Various Terminal Furniture Replacements BIM = Building Information Model SEA = Seattle-Tacoma International Airport STOC = SeaTac Office Center Baseline $0 $0 $0 $0 $0 $0 $700,000 $1,650,000 $1,200,000 $0 $0 $0 $0 $0 $0 $0 $0 $150,000 $0 $150,000 NonTotal Baseline $11,563,606 $11,563,606 ($11,563,606) ($11,563,606) $2,605,000 $2,605,000 $2,584,442 $2,584,442 ($2,338,442) ($2,338,442) $2,000,000 $2,000,000 $1,025,000 $1,725,000 $0 $1,650,000 $0 $1,200,000 $700,000 $700,000 $500,000 $500,000 $450,000 $450,000 $291,000 $291,000 $275,000 $275,000 $250,000 $250,000 $200,000 $200,000 $150,000 $150,000 $0 $150,000 $150,000 $150,000 $0 $150,000 41 Budget Requests: Asset & Financial Stewardship (cont'd) Budget Request Title Baseline Building Envelope Assessment $0 STOC space planning/scenario support $0 Landside Pavement Management Program $0 Concourse C Expansion Solar Panel Service Contract $100,000 Additional Building Permit Plan & Inspection Review Support $100,000 Concourse C Expansion Heat Pump Service Contract $75,000 188th Street Tunnel Inspection - Electrical Service Contract $75,000 Outfit new Conc A lounge $0 Department of Ecology Dam Safety Support $65,000 Stormwater Vault Cleaning $0 Projects estimating Consulting Services $0 Replace/Add Port owned/leased passenger baggage cages $0 *Life Cycle Cost Analysis (LCCA) Implementation $0 Additional Accela licenses & implementation of ePermitHub $50,000 Rental Car Facility (RCF) Maintenance and other contract services $35,000 West MSE Wall Tie Back Condition Inspection $0 Stormwater Pond Vegetation Cleaning $25,000 Develop Enterprise Asset Management Dashboard for Maximo Interfac $0 Asset & Financial Stewardship Total $4,375,000 STOC = SeaTac Office Center SEA = Seattle-Tacoma International Airport NonTotal Baseline $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $0 $100,000 $0 $100,000 $0 $75,000 $0 $75,000 $75,000 $75,000 $0 $65,000 $55,000 $55,000 $54,000 $54,000 $50,000 $50,000 $50,000 $50,000 $0 $50,000 $0 $35,000 $25,000 $25,000 $0 $25,000 $25,000 $25,000 $9,476,000 $13,851,000 42 Budget Requests: Customer Experience Budget Request Title Daifuku Services America Corporation - Service Contract for Onsite Personnel SEA Branding Additional Lost & Found Contract Scope Pet Relief area replacements SEA Supplemental Signage Purchase 3000 Baggage Tubs for travellers with odd-size Garage stall restriping for ADA compliance (Reserved Parking expansion) SEA Pathfinder Program SEA Public Engagement Events FID System Support Employee Parking Expansion - Baseline Support Airport Interactive Map (Atrius) Language Add-On - Language Access Language Access - Signage Customer Experience Total FIFA = Fédération Internationale de Football Association FIDS = Flight Information Display System FWC26 = FIFA World Cup Baseline $670,000 $0 $85,000 $0 $0 $0 $0 $0 $0 $40,000 $32,000 $24,000 $0 $851,000 NonBaseline $0 $100,000 $0 $60,000 $60,000 $60,000 $50,000 $50,000 $50,000 $0 $0 $0 $10,000 $440,000 Total $670,000 $100,000 $85,000 $60,000 $60,000 $60,000 $50,000 $50,000 $50,000 $40,000 $32,000 $24,000 $10,000 $1,291,000 43 Budget Requests: Employee Engagement Budget Request Title Childcare Center Feasibility Study Office Space furniture/chair replacement Training budget Purchase Equipment for the Baggage Handling System (BHS) Operation team New Lockers for additional FTEs Employee Engagement Total FTE = Full-Time Equivalent (employee) Baseline $0 $0 $0 $0 $0 $0 NonBaseline $350,000 $100,000 $60,000 $25,000 $18,000 $553,000 Total $350,000 $100,000 $60,000 $25,000 $18,000 $553,000 44 Budget Requests: Health, Safety, and Security Budget Request Title TSA Exit Lane Staffing Part 139 compliance_New Asset Apparatus Tools, Equipment, and Training Supplies Fire Alarm Equipment Bunker Gear Cleaning Hazardous Materials (HazMat) Equipment CPB Enhanced Primary Passenger Contract Fire Extinguishers Increased cost for uniform rental/laundering service for Field Crew and new uniform for Painters and stripers Self Contain Breathing Apparatus (SCBA) Personal Protective Equipment (PPE) and Uniforms Technical Rescue Equipment Public Automated External Defibrillators (AED) Purchase of Software Licenses Poppulo Licenses related to a new signage for Check point 1 Cloud Storage Transcore (Parking System) for collecting commercial vehicle revenues Chlorine Analyzer Pilot Project Third party evaluation and audit of SMS performance & efficacy Health, Safety, and Security (includes passengers) Total CBP = Customers & Border Protection SMS = Surface Management System TSA = Transportation Security Administration $0 $200,000 $30,000 $0 $0 $0 $75,000 $65,000 NonBaseline $3,500,000 $0 $140,000 $150,000 $100,000 $100,000 $8,500 $0 $3,500,000 $200,000 $170,000 $150,000 $100,000 $100,000 $83,500 $65,000 $65,000 $0 $0 $42,000 $0 $35,000 $30,270 $0 $0 $542,270 $0 $50,000 $50,000 $0 $40,000 $0 $0 $19,000 $10,000 $4,167,500 $65,000 $50,000 $50,000 $42,000 $40,000 $35,000 $30,270 $19,000 $10,000 $4,709,770 Baseline Total 45 Budget Requests: Sustainability & Community Budget Request Title N06478 FCSP/Flight Corridor Safety Program - Port Property SEA Moves: Contractor Support Part 150 Noise and Land Use Compatibility Study SAMP NTP Environmental Review (SEPA) Summer Bussing Operations (Terminal to Terminal) Stormwater Permit Renewal Support PFAS Treatment Technology Pilot Test Land Stewardship (Washington Conservation Corps) Language Access Plan - AVCM requirements Air Quality Technical Services (Regulatory) SEA Moves: UW TRAC Aqueous Film Forming Foam (AFFF) Rebound Monitoring Sustainability & Community Total Baseline $0 $769,000 $0 $0 $255,000 $0 $0 $100,000 $85,000 $80,000 $0 $0 $1,289,000 NonBaseline $2,001,500 $0 $750,000 $550,000 $0 $150,000 $150,000 $0 $0 $0 $50,000 $25,000 $3,676,500 Total $2,001,500 $769,000 $750,000 $550,000 $255,000 $150,000 $150,000 $100,000 $85,000 $80,000 $50,000 $25,000 $4,965,500 NTP = Near-Term Projects SAMP = Sustainable Airport Master Plan SEA = Seattle-Tacoma International Airport PFAS = Perfluoroalkyl and Polyfluoroalkyl Substances UW TRAC = University of Washington Transportation Research and Analysis Center 46 Aviation Workforce Analysis Background • In 2023 the Port of Seattle engaged Steer, a global management consulting firm, to conduct a Workforce Analysis of the Aviation Division. • Steer, supported by Seattle-based consultants Onit, carried out the work between October 2023 and April 2024. • Steer's findings were completed and presented to the Aviation Directors along with supporting documentation to assist with onward communication of the findings throughout Aviation. Steer Recommendation - 68 FTEs - 2 recommended FTEs were approved mid-year in 2024 - 39 recommended FTEs were approved in 2025 Budget - 24 FTEs recommended for 2026 - 3 FTEs recommended for 2027 FTE = Full-Time Equivalent (employee) 47 Aviation 2026 Budget FTE Review • Reviewed all vacant positions including positions unfilled for a year • Limited new FTEs for 2026  Steer 2026 FTE Recommendation = 24  Aviation 2026 Recommended FTEs = 10  8 STEER recommended FTEs (16 STEER recommended FTEs deferred to 2027) 1. Property Manager, AV Business & Properties dept 2. ACC Operations Controller, Combined Communication dept 3. Sr. Financial Analyst (Non-aero), AV Finance & Budget 4. Utilities Engineer, AV Facilities & Infrastructure 5. Building Inspector, AV Building Dept 6. Stormwater Compliance Support, AV Environmental Programs 7. Training Coordinator, Maintenance Asset Mgt & Logistics 8. Auto Machinist, Facility, Fleet, System & Grounds  2 New FTEs for Cybersecurity 1. Electronic Technician, AV Maintenance 2. Electronic Technician, AV Maintenance ACC = Airport Communications Center FTE = Full-Time Equivalent (employee) 48 Planning Studies Detail On-Call Planning Amount Description PM Support and Small Planning Tasks $700,000 Provides funds to conduct work outside of individual Service Directives, including conducting overall contract program management; responding to emerging issues and requests for planning assistance from other departments; and providing technical support as needed to Port Planning staff. Airfield Study $600,000 Develop and evaluate alternatives to comply with 500' RWY/TWY separation requirements, including potential reconfiguration of existing and planned facilities in the non-movement area east of RWY 16L/34R. Energy Supply Strategies Plan $400,000 Develop a total electrical energy forecast tool for collaborating with utilities, including transmission, distribution, and production capacity. Connector/Offsite Check-in Feasibility Study $25,000 Feasibility study to explore a landside bus service/offsite security check-in opportunity between Sea-Tac International Airport and Paine Field. TOTAL PM = Project Manager RWY = Runway $1,725,000 TWY = Taxiway 49 AERONAUTICAL BUSINESS 50 Aeronautical Business • Cost recovery of aeronautical operating and capital expenses o Per FAA regulations - Revenue use policy: all airport revenue must be used to support the operating and capital costs of the airport - Rates and Charges policy guides aeronautical rate setting >> Airline rates must be fair, reasonable and not unjustly discriminatory >> Airfield rates must be based on cost recovery >> Airports may set airline rates by resolution, ordinance or agreement o Based on Signatory Lease and Operating Agreement (SLOA) - Signatory Lease & Operating Agreement (SLOA V runs from 2025 - 2034) o Positive cash flow after paying debt service due to equity amortization of cash funded capital projects • Charge airlines for space and/or activity • Cost per enplanement (CPE) is a key management metric • Cost increases reflect growth in rate based operating expenses and debt service on new assets placed in service. As a result, CPE increased by 9% in the 2026 Budget. CPE = Cost per Enplanement FAA = Federal Aviation Administration SLOA = Signatory Lease & Operating Agreement 51 Aeronautical 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 Budget vs Budget $ % 2025 Budget 2026 Budget 360,905 236,757 (93,230) 143,527 36,712 (672) (2,773) 537,699 26,137 375,023 277,614 (92,468) 185,146 33,685 (2,725) (563) 590,568 24,934 14,119 40,858 762 41,620 (3,027) (2,053) 2,210 52,869 (1,203) 3.9% 17.3% -0.8% 29.0% -8.2% 305.4% -79.7% 10% -5% 563,836 615,502 51,666 9% (1) O&M, Debt Service Gross, and Amortization do not include commercial area costs or the international incentive expenses O&M = Operating & Maintenance PFC = Passenger Facility Charge 52 Cost per Enplanement (CPE) Metric Airline cost per enplanement reflects the overall cost to the airlines for each passenger enplaned. The CPE measures the total costs borne by the passenger airlines operating at the airport divided by the number of enplaned passengers (roughly half of the total passengers). Cost per Enplanement (CPE) CPE = Cost per Enplanement 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Actual 2025 Budget 2026 Budget 26.50 15.93 16.09 17.52 18.14 19.43 21.10 53 Cost per Enplanement at Other Airports Airport (Large Hub) DEN* 2026 CPE Forecast 17.05 LAX* 37.60 ORD* 29.08 SEA 21.10 SFO* 29.03 * Sources: 2026 Budget documents or Preliminary Official Statement on bond issuance CPE = Cost per Enplanement SEA = Seattle-Tacoma International Airport 54 NON-AERONAUTICAL BUSINESS 55 Non-Aeronautical Business • Non-Aeronautical lines of business include: o Pre-security: Public Parking, Rental Cars, Taxis & other Ride Share vehicles, Airport Conference Center, Real Estate leases o Air Terminal: Dining & Retail, Port-owned Clubs, Other leased space • Most rates are set based on fair market value • Some rates are set based on cost recovery • e.g., Select Ground Transportation operators • Non-Aero lines of business generate cash flow used to reinvest in the Airport 56 Non-Aeronautical Revenue Revenue Summary by Dept. 2024 2025 2025 2026 $ Change % Change $ Change % Change Inc/(Dec) from 2025 Forecast Inc/(Dec) from 2025 Budget Actual Budget Forecast Proposed Budget 3413-Transportation Mgmt Assoc 3420-Public Parking 3430-Rental Cars 3440-Employee Parking 3450-Ground Transportation Landside 0 116,658,076 66,270,654 10,464,473 23,946,155 217,339,357 0 119,634,088 67,196,700 14,393,462 25,900,709 227,124,959 630,752 116,402,658 69,127,529 12,260,922 24,578,204 223,000,065 717,348 114,530,622 69,548,623 14,138,329 24,895,788 223,830,710 86,596 (1,872,036) 421,094 1,877,407 317,584 830,644 0.0% (1.6%) 0.6% 15.3% 1.3% 0.4% 717,348 (5,103,466) 2,351,923 (255,133) (1,004,921) (3,294,249) 0.0% (4.3%) 3.5% (1.8%) (3.9%) (1.5%) 3630-Non-Aero Commercial Properties 3635-International Place Office 3645-Non-AirlineTerminal Leased Spc 3690-Club International Lounge AV Business & Properties 21,750,473 7,909,004 16,693,993 46,353,469 32,703,775 0 7,729,726 16,593,402 57,026,903 22,921,111 12,419,542 8,293,610 19,039,073 62,673,336 24,504,590 14,483,842 8,248,688 16,152,892 63,390,012 1,583,479 2,064,300 (44,922) (2,886,181) 716,676 6.9% 16.6% (0.5%) (15.2%) 1.1% (8,199,185) 14,483,842 518,962 (440,510) 6,363,109 (25.1%) 0.0% 6.7% (2.7%) 11.2% 3650-Airport Dining and Retail 3653-Tenant Marketing 4572-Airport Office Building Mgmt AV Commercial Management 73,714,600 901,877 252,043 74,883,489 76,630,101 0 280,000 76,910,101 72,798,551 0 200,000 72,998,551 78,369,399 503,351 228,000 79,100,750 5,570,848 503,351 28,000 6,102,199 7.7% 0.0% 14.0% 8.4% 1,739,297 503,351 (52,000) 2,190,648 2.3% 0.0% (18.6%) 2.8% Utilities and Other 9,764,483 11,218,381 11,849,133 10,931,391 (917,742) (7.7%) (286,990) (2.6%) 348,340,799 372,280,344 370,521,086 377,252,863 6,731,777 1.8% 4,972,519 1.3% 0 0 0 (9,871,801) (9,871,801) Total Reported Non-Aeronautical Operating Revenue 348,340,799 372,280,344 370,521,086 367,381,061 (3,140,024) (0.8%) (4,899,283) (1.3%) Total Enplanements International Enplanements O&D Enplanements 26,737,215 3,338,279 18,609,102 26,461,423 3,553,031 18,417,150 27,031,057 3,788,180 18,759,554 569,635 235,149 342,403 2.2% 6.6% 1.9% 293,842 449,901 150,452 1.1% 13.5% 0.8% (Non-Aeronautical Operating Revenue) Rollup Non-Aeronautical Operating Revenue Less: Lease Interest Income* O&D = Origin & Destination 22,966,119 2,185,252 15,708,825 (9,871,801) *GASB 87 lease interest payments reporting adjustments 57 Non-Aero Revenue Walk to 2026 Budget Consolidated Non-Aero Revenue - Walk from 2025 Forecast to 2026 Budget $380M $370M $370.5M $5.5M $0.4M $0.3M $0.7M $377.3M ADR Rental Cars Ground Transportaion AVBP Items 2026 Budget $1.9M ($1.9M) $360M $350M $340M $330M $320M 2025 Forecast Public Parking Employee Parking 2026 Total Non-Aero Revenues expected to grow by $6.7M / 1.8% vs. the latest FY25 Forecast - and grow by $5.0M / 1.3% vs. the 2025 Budget • AVBP includes: Flight Kitchens, CLEAR, SEA Clubs & Lounges, and other non-aero lease agreements • All Other includes: AOB Conf Center, Tenant Marketing Fund, and Utilities (cost-recovery) • Total Non-Aero Revenue includes Utilities but excludes GASB 87 lease interest income reporting adjustments AOB = Airport Office Building GASB = Govt Accounting Standards Board SEA = Seattle-Tacoma International Airport 58 Non-Aero Revenue Recovery as % of 2019 Actual Growth outpacing passenger volume recovery Comparison of Non-Aero Revenue & Enplanements: 2019 - 2026 Budget 200% 180% 160% Rental Car, 132% 140% Clubs & Lounges, 157% Parking 139% Airport Dining & Retail 127% Ground Transportation 120% 120% Enplanements, 104% 100% 80% 60% 40% 20% 0% 2019 Actual Parking 2020 Actual Rental Car 2021 Actual 2022 Actual Ground Transportation 2023 Actual Airport Dining & Retail 2024 Actual 2025 Forecast Clubs & Lounges 2026 Budget Enplanements Non-Aero Revenue excludes GASB 87 reporting adjustments 59 BUSINESS & PROPERTIES DETAIL 60 Walk to AVBP 2026 Revenue Budget Airport Business & Properties - Walk from 2025 Forecast to 2026 Budget $70M $65M $2.1M $1.0M $0.5M $62.7M ($2.9M) ($0.5M) Clubs Lounges Clear $0.4M $63.4M Net of All Other Leases 2026 Budget $60M $55M $50M $45M $40M • 2025 Forecast STOC DMCBP West Flight Kitchens 2026 AVBP Revenues are expected to come in $0.7M / 1.1% above the FY25 Forecast ($6.4M / 11.2% above the 2025 Budget). Growth driven primarily by STOC annualization and DMCBP West, offset by Clubs & Lounges. - - - - - $2.1M STOC - Annualization after owning the property for just 10 months in 2025 $1.0M DMCBP West - lease signed in 2025 and will commence shortly $0.5M Flight Kitchens - driven by international enplanement growth ($2.9M) Clubs & Lounges - SCE expected to close S Lounge in Q4 of 2026 ($0.5M) Clear - Current concessions agreement ends in 2026 Q2 and new agreement expected to reduce catchment area from 3 states to 1 DMCBP = Des Moines Creek Business Park SCE = South Concourse Expansion STOC = SeaTac Office Center AVBP Revenue excludes GASB 87 reporting adjustments 61 Non-Aeronautical - Airport Properties Revenue Commercial Real Estate (Other Airport Properties) Revenues - includes STOC property acquisition; primarily fixed rates per sq. ft. and therefore relatively unaffected by COVID-19 passenger volume declines/recovery. Airport Properties Segment Revenues by Year $30M $25M Flight Kitchen Revenue - Closely tied to passenger volume. Revenue growth reflects both strong demand and upward pressure on prices which is reflected in concession fees on higher gross sales. However, space constraint will be a challenge for further growth. $20M $15M $10M $5M 2019 2020 Flight Kitchens 2021 2022 Clubs & Lounges 2026 Combined: 95.4% above 2019 2023 CLEAR 2024 2025 (F) 2026 (B) Other Airport Properties CLEAR Revenue - Concession fee on CLEAR memberships were relatively unaffected by passenger volume decline/recovery. These memberships provide expedited access to other large venues, in addition to airport checkpoint queuing. Third-Party Operated Lounges - Although recovered slower post-pandemic, demand continues to grow, and future outlook is strong with increased demand from growing international enplanements. AVBP Revenue excludes GASB 87 reporting adjustments 62 COMMERCIAL MANAGEMENT DETAIL 63 Walk to Airport Dining & Retail 2026 Revenue Budget Airport Dining & Retail Revenue - Walk from 2025 Forecast to 2026 Budget $80M $78M $3.5M $76M $74M $72M $72.8M $0.0M 2025 Forecast Duty Free $1.6M $0.1M $0.3M $0.1M $78.4M Retail Services Advertising Space 2026 Budget $70M $68M $66M $64M $62M $60M Food & Beverage • 2026 ADR Revenues are expected to come in $5.6M / 7.7% above the FY25 Forecast ($1.7M / 2.3% above the 2025 Budget). C Concourse Expansion project will go live in summer 2026, driving higher Food & Beverage and Retail sales. ADR = Airport Dining & Retail AVCM Revenue excludes GASB 87 reporting adjustments 64 Non-Aeronautical - Airport Dining & Retail Revenue Airport Dining & Retail - recovery is ongoing, with certain elements rebounding more quickly than others. Despite strong demand from returning passengers, staffing issues among ADR concessionaires have somewhat dampened this growth. Looking ahead, while overall demand for ADR is expected to be strong, short-term revenue growth will face pressure due to the continued impacts of capital project construction. ADR Segment Revenues by Year $40M $35M $30M $25M Duty Free Revenue - was most dramatically impacted during pandemic, however with increase of international passengers and new lease agreement, growth continues into 2026. $20M $15M $10M $5M 2019 2020 Duty Free 2021 Food & Bev. 2022 2023 Retail 2024 Services 2026 Combined: 19.3% above 2019 2025 (F) Advertising 2026 (B) Food & Beverage - faced challenges by mandated closures during 2020, and recovery was further slowed due to staffing challenges. Recent revenue growth reflects both strong demand and upward pressure on prices which is reflected in concession fees on higher gross sales. Retail Revenue - continues to perform strongly after rapid recovery which exceeded pre-pandemic levels since 2022. Advertising - building off strong performance in 2024 and 2025, Clear Channel revenue will continue to see modest growth. Service Revenue - slower recovery of international passengers impacted the recovery for service revenue. In addition, a new lease agreement for the foreign currency vendor resulted in lower concession fees. ADR = Airport Dining & Retail AVCM Revenue excludes GASB 87 reporting adjustments 65 Other Commercial Management Revenue • Tenant Marketing Fund collection was intentionally paused effective July 2024 through 2025 to spend down the existing Tenant Marketing Fund balance. Collection will resume for Q3 2026. • Conference Center revenue is planned to be $228K in the 2026 Budget, an increase of $28K, or 14%, above the current year forecast for 2025 - Approximately 69% of business in the airport Conference Center is for internal Port meetings (not revenue generating) and 31% of the Conference Center business activity is external (revenue-generating). 66 LANDSIDE DETAIL 67 Walk to 2026 Landside Revenue Budget • 2026 Landside Revenues are expected to be $0.8M / 0.4% above the 2025 Forecast. Growth anticipated from higher enplanements, the opening of lots A&C, rate increases, and the launch of the TMA program TMA = Transportation Management Association Landside Revenue excludes GASB 87 reporting adjustments 68 Landside Revenue Recovery Parking is the largest source of Non-Aero revenue at the airport. Landside Segment Revenues by Year $140M • Demand for self-parking remained relatively high during the pandemic • Strong revenue recovery reflects continued preference for close-in parking, as well as parking rate increases (prior increases implemented in 2019, 2022 & 2023) $120M $100M $80M $60M $40M $20M 2019 2020 Public Parking 2021 Rental Cars 2026 Combined: 34.7% above 2019 NEPL = North Employee Parking Lot 2022 2023 Employee Parking 2024 2025 (F) 2026 (B) Ground Transportation Rental Cars - Limited vehicle availability since 2020 drove higher concession fees on lower activity volume. This has mostly stabilized, and we expect for rental rates to remain steady in 2026, with transaction growth also stabilizing. Ground Transportation - Slower recovery path reflected a longer timeline for customer preference to shift back to shared ride options, though now largely recovered Employee Parking - Cost recovery revenue reflects only existing NEPL expenses Landside Revenue excludes GASB 87 reporting adjustments 69 2026 Public Parking Revenue • Parking Revenue is expected to be $114.5M, a decrease of (-$1.9M or -1.6%) compared to 2025 - Demand for Public Parking is expected to continue being split in 2026 • Drive-Up Transactions: 1.90M, decreasing (34K, ~1.8%) under 2025 • Reserved Transactions: 93K, increasing 1K, 0.7% over 2025 - Reserved Parking program launched in March 2024 on Floor 4 and has seen high utilization. Occupancy rate has averaged ~90% since its launch. Expansion to Floor 5 has been discussed but is not modeled in budget values. 70 Public Parking Transactions • Public Parking transactions are expected to decrease by (-34K, -1.7%) under the 2025 Forecast - Reserved Parking transactions are expected to continue near capacity, given high occupancy rates (~90%) in 2025 71 2026 Rental Car Revenue • Rental Car Revenue is expected to be $69.5M, an increase of $0.4M, 0.6% over 2025 - Concession Revenue: $40.2M, decreasing (-$0.5M, -1.2%) over 2025 • Average rental rates expected to stabilize in 2026; transactions growing with enplanements - CFC Operating Revenue: $24.3M, increasing $0.8M, 3.3% over 2025 • CFC Rate increase planned from $7.75 to $8.00 - $15M in Capital Projects between 2026-2028: RCF Fire Suppression System, RCF Customer Service Building Re-Demising, RCF Boiler Skid Replacement CFC = Customer Facility Charge RCF = Rental Car Facility Landside Revenue excludes GASB 87 reporting adjustments 72 Rental Car CFC Rate Increase Summary Rental Car CFC Rate Change Summary 2006 CFC Rate Rate Change ($) Rate Change (%) $ 2009 2012 2021 2022 2023 2024 2025 2026 $ $ $ $ 7.75 $ 8.00 0.25 $ 0.25 $ 3% 3% 0.25 3% 4.00 $ 5.00 $ 6.00 $ 6.50 $ 1.00 $ 25% 1.00 $ 20% 0.50 $ 8% 7.00 0.50 $ 8% 7.25 0.25 $ 4% 7.50 Annual CFC rate increases implemented beginning in 2021, support rental car facility capital projects and growth in CFC-eligible operating expenses. CFC = Customer Facility Charge RCF = Rental Car Facility 73 2026 Employee Parking Revenue • Employee Parking Revenue is expected to be $14.1M, an increase of $1.9M, 15.3% over 2025. - Rate increase from $100/ month to $107/ month. • Accounts for $913K of increase - Budget has MasterPark lots A&C opening in September 2026 • Accounts for $194K of increase - No revenue planned from MasterPark lot M in 2026 74 2026 Ground Transportation Revenue • Ground Transportation Revenue is expected to be $24.9M, an increase of $0.3M, 1.3% over 2025 - TNC: $18.3M, increasing $143K, 0.8% over 2025 • Primary Driver of Revenue Increase: Slight increase in transactions • TNC Activity expected to slightly outpace Enplanement growth - Total Expected Trips: 4.7M, up 2.0% from 2025 - On-Demand Taxi: $3.6M, increasing $14K, 0.4% over 2025 • Total Expected Trips: 601K, up 0.4% from 2025 TNC = Transportation Network Companies (e.g., Lyft, Uber) 75 Ground Transportation - Trips & Metrics • GT Compensatory trips continue to rebound; O&D Enplanements and TNC/Taxi trip growth converging GT = Ground Transportation O&D = Origin & Destination TNC = Transportation Network Companies (e.g., Lyft, Uber) 76 OTHER SUPPORTING INFORMATION 77 Environmental Remediation Liability (ERL) Expense Environmental Remediation Liability (ERL) Expense Org Basis (in 000's) North Main Terminal - Task Orders Combined NMT Redevelopment (SEA Gateway) IWTP Source Reduction Pilot (Airfield) Investigation & AFFF Support (Airfield) SeaTac Airport PFAS (Airfield) Rental Car Facility QTA Fire Suppression PFAS Remediation Widen Arrivals - Asbestos Widen Arrivals - Contaminated Soils Widen Arrivals Country Squire Apartments Fairview Lenai Apartments Hi View Apartments Country Club Apartments Des Moines Ridge Apartments Noise Program Apartments Airfield Pavement 2021-2025 Airfield Pavement 2026-2030 Airfield Pavement Baggage Optimization Phase 3 Deaerator and Condensate Snow Storage Expansion Taxiway A Circuit Replacement Checkpoint 1 ERL C Concourse Expansion Airline Realignment PIDS Infrastructure All other RMM expense Total ERL Expense 2024 Actuals 1,255 1,255 60 1,042 1,102 (220) (220) 234 152 10,494 13,017 2025 Budget 450 400 850 109 170 104 383 50 90 100 116 1,589 2025 Forecast 424 424 609 500 1,109 (42) (42) 50 50 50 90 200 131 292 100 (6) 2,399 AFFF = Aqueous Film Forming Foam NMT = North Main Terminal PIDS = Perimeter Intrusion Detection System IWTP = Industrial Wastewater Treatment Plant PFAS = Perfluoroalkyl and Polyfluoroalkyl QTA = Quick Turn Around 2026 Budget 600 600 170 240 140 57 607 450 450 400 210 2,267 Budget Change 2026 B v 2025 B $ % (450) (400) 600 (250) 61 70 36 57 224 450 450 400 210 (50) (90) (100) (116) 678 (100%) (100%) (29%) 56% 41% 35% 58% (100%) (100%) (100%) (100%) 43% RMM = Regulated Materials Management SEA = Seattle-Tacoma International Airport 78 AAAE AAHT AAG ACC ACDBE ACI ADR ADF AFFF AIP AOA AOB ARPA ASL B&O Tax BIM BRITE CA CAGR CBP CFC CIP CMP COE COLA CoST CP CPE CUSE Acronyms: A-J American Association of Airport Executives Allies Against Human Trafficking Alaska Air Group Airport Communications Center Airport Concessions Disadvantaged Business Enterprise Airports Council International Airport Dining & Retail Aviation Development Fund Aqueous Film Forming Foam Airport Improvement Plan Airport Operations Area Airport Office Building ARPA American Rescue Plan Act Automated Screening Lanes Business & Occupation Tax Building Information Modeling LED in-pavement runway guard lights (for RWY16L/16R) Century Agenda Compound Annual Growth Rate US Customs & Border Protection Customer Facility Charge Capital Improvement Program Central Mechanical Plant Center of Expertise Cost of Living Adjustment City of SeaTac Commercial Paper Cost Per Enplanement Common Use Systems Equipment DBE DMCBP DS EA EDD EDP ELT ERL EV FAA FIFA FIDS FIS FOD FTE FWC26 GASB GHG GIS GMP GSE GT GTAP IAF IATA ICT ILA ITS IWS Disadvantaged Business Enterprise Des Moines Creek Business Park Debt Service Environmental Assessment Economic Development Division Executive Director Priorities Executive Leadership Team Environmental Remediation Liability Electric Vehicle Federal Aviation Administration Fédération Internationale de Football Association Flight Information Display System Federal Inspection Services (US Customs) Foreign Object Damage/Debris Full-Time Equivalent (employee) FIFA World Cup 2026 Government Accounting Standards Board Green House Gas Geographic Information System Guaranteed Maximum Price Ground Service Equipment Ground Transportation Ground Transportation Access Plan International Arrivals Facility International Air Transport Association Information and Communications Technology (Port Dept) Interlocal Agreement Intelligent Traffic System Industrial Wastewater System 79 KPIs MAP NEPA NMT NPDES NSAT NTP NOI O&D O&M Part 139 Part 150 PDD PETS PFAS PFC PFP P&I PIGs PM POS POV RFP RMM RPE RPIE Acronyms: K-Z Key Performance Indicators Million Annual Passengers National Environmental Policy Act North Main Terminal Project National Pollutant Discharge Elimination System North Satellite Near-Term Projects or Notice to Proceed Net Operating Income Origin & Destination Operating & Maintenance FAA Airport Certification Status List FAA Regulation: Airport Noise Compatibility Planning Pre-Design Definition Passenger Experience Tracking Service Perfluoroalkyl and Polyfluoroalkyl Substances Passenger Facility Charge Pay for Performance Principle & Interest Pretty Important Goals Project Manager Port of Seattle Privately Owned Vehicle Request for Proposal Regulated Materials Management Revenue per Enplanement Revenue per International Enplanement SAF SAMP SBITA SD SEA SEPA SLOA SMS SPU SSAT STAC StART STOC STS SWOT TASCR TIFIA TCO TMA TMF TNC TRA TSA WIGs WMBE WIFIA Sustainable Aviation Fuel Sustainable Airport Master Plan Subscription Based Information Techology Arrangements Service Directive Seattle-Tacoma International Airport State Environmental Policy Act Signatory Lease & Operating Agreement Surface Management System Seattle Public Utilities South Satellite Sea-Tac Airline Consortium Sea-Tac Telecommunications Architecture Review Team SeaTac Office Center Satellite Transit System Strengths, Weaknesses, Opportunities, and Threats Tenant ADR Shell & Core Renovations Transportation Infrastructure Finance and Innovation Act Temporary Certificate of Occupancy Transportation Management Association Tenant Marketing Fund Transportation Network Companies (e.g., Lyft, Uber) Tenant Reimbursement Agreement Transportation Security Administration (US Customs) Wildly Important Goals Women & Minority Business Enterprise Water Infrastructure Finance and Innovation Act 80