Agenda Item No. 11a_supp Meeting Date: September 9, 2026 Port of Seattle Q2 2026 Financial Performance Report Economic Key Indicators • * Green: Positive Signal CPI data for Oct 2025 is unavailable due to the 2025 lapse in appropriations. *Yellow: Cautious Signal *Red: Negative Signal 2 Port Fiscal Health Indicators * Green: Positive Signal *Yellow: Cautious Signal *Red: Negative Signal 3 Key Financial Highlights (YTD) Total operating revenues were $1.6M or 0.3% above Revised Budget and $29.0M or 5.6% increase YoY in Q2 Total operating expenses were $14.6M or 3.9% below Revised Budget and $34.4M or 10.7% increase YoY in Q2 Total capital spending was $426M in Q2 4 Key Financial Highlights (YE Forecast) Total operating revenues are projected to be $11.0M above Revised Budget and $25.1M or 2.2% increase YoY on a full-year basis Total operating expenses are projected to be $479K above Revised Budget and 86.7M or 12.9% increase YoY on a full-year basis Excluding the $26.0M DRS pension credit and $21.8M in legal settlement credit in 2025, total operating expenses are projected to be $38.9M or 5.4% increase Total capital spending is projected to be $771.9M, in line with the budget for the year 5 Key Take Aways Enplanements are forecasted to be 0.8% higher than 2025 and 1.8% below budget while cruise is expected to perform well compared to budget Continue to monitor the unbudgeted or under budgeted items, such as retro tribal payments for NWSA J/V, ERL for T5, Organizational Continuity Resilience Program, and South King & Port Community Fund Payroll expense is forecasted to be over revised budget mainly due to less Charge to Capital 6 Port Wide YTD Operating Expense Summary Actual vs. Revsd_Bud Variance Budget Revsd_Bud $ % 121,288 121,288 (1,330) -1.1% 102,669 102,669 (638) -0.6% 26,056 26,056 4,958 19.0% 95,635 93,864 14,217 15.1% 17,508 17,508 599 3.4% 7,486 7,486 1,763 23.6% 5,688 5,688 (305) -5.4% 5,342 5,342 2,541 47.6% 11,177 11,177 (631) -5.6% 5,794 5,800 1,802 31.1% 13,051 24,483 (2,410) -9.8% (51,225) (51,225) (6,003) 11.7% 360,470 370,138 14,563 3.9% 13,922 4,251 (272) -6.4% 374,392 374,388 14,291 3.8% 2024 YTD 2025 YTD 2026 YTD 2026 YTD 2026 YTD $ 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 O&M Expenses GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis • • • • • 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 2,499 291,602 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 (4,995) 316,209 Actual 122,618 103,307 21,098 79,647 16,909 5,722 5,994 2,802 11,808 3,998 26,893 (45,222) 355,574 4,523 360,097 Change from 2025 Incr (Decr) $ % 4,005 3.4% 4,404 4.5% 2,725 14.8% 15,434 24.0% (1,326) -7.3% 1,355 31.0% (210) -3.4% (328) -10.5% 2,139 22.1% 1,074 36.7% 12,745 90.1% (7,646) 20.3% 34,371 10.7% 9,518 -190.6% 43,888 13.9% Outside Services were $14.2M under revised budget due to delay in spending Equipment Expense were $1.8M under revised budget due to delay in spending Travel & Other Employee Expenses were $2.5M under revised budget due to spending delays in training and travel B&O Taxes were $1.8M under revised budget Charges to Capital Projects/Overhead Allocations were under by ($6.0M) due to spending delays in Capital Projects 7 Port Wide Financial Summary (YE Forecast) $ in 000's Aeronautical Revenues Airport Non-Aero Revenues Seaport Revenues Operating Revenues GASB 87_96_103 Revenues Total Operating Revenues GASB Comparable Basis O&M Expenses GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis NOI before Depreciation Depreciation NOI after Depreciation • • • 2024 2025 2026 2026 2026 Actual 520,942 340,360 160,537 1,021,838 29,671 1,051,509 Actual 545,307 363,215 213,924 1,122,446 12,567 1,135,013 Forecast 613,884 357,877 175,747 1,147,508 24,791 1,172,299 652,642 6,731 659,373 672,311 4,698 677,009 758,963 8,521 767,484 731,141 35,864 767,005 758,484 8,521 767,004 (479) (479) -0.1% 0.0% -0.1% 86,652 3,823 90,475 12.9% 81.4% 13.4% 369,196 450,135 388,545 427,754 377,995 10,550 2.8% (61,590) -13.7% 277,917 91,279 298,355 151,780 308,165 80,380 308,165 119,588 308,165 69,830 10,550 0.0% 15.1% 9,811 (71,400) 3.3% -47.0% Budget Revsd_Bud 617,786 618,565 367,381 344,087 173,728 173,827 1,158,895 1,136,479 1,596 24,791 1,160,491 1,161,270 Fcst vs. Revsd_Bud Change from 2025 Variance Incr (Decr) $ % $ % (4,681) -0.8% 68,577 12.6% 13,790 4.0% (5,338) -1.5% 1,920 1.1% (38,177) -17.8% 11,029 1.0% 25,062 2.2% 0.0% 12,224 97.3% 11,029 0.9% 37,285 3.3% Total Operating Revenues are expected to be $11.0M above revised budget due to higher Airport Non-Aero Revenues and Seaport Revenues Portfolio Management. Total Operating expenses are expected to be $479K above revised budget mainly due to higher Payroll and Outside Services. Net Operating Income before Depreciation is forecasted to be $10.5M above revised budget. 8 Port Wide Comprehensive Financial Summary ($ in 000s) Revenues 1. Operating Revenues 1) 2. Tax Levy 3. Passenger Facilities Charges 4. Customer Facilities Charges 5. Fuel Hydrant 6. Non-Capital Grants and Donations 7. Capital Contributions 8. Interest Income 9. Other Noncapital Subsidies 10. Lease Interest Income 11. Other Non-Op Revenue Total 2024 YTD 2025 YTD 2026 YTD 2026 YTD Actual Actual Actual Budget 485,638 42,807 58,541 12,449 3,183 301 4,411 33,734 63 8,266 (1,609) 647,784 520,555 43,902 55,424 12,528 3,037 316 1,101 37,657 9 12,543 8,912 695,987 549,539 44,886 58,313 21,524 3,300 1,137 4,543 38,524 103 14,485 736,355 555,392 45,090 51,027 12,663 3,494 1,271 13,500 31,859 1,462 12,395 (9,115) 719,038 Expenses 1. Operating Expenses 1) 289,103 321,204 355,574 360,470 2. Depreciation 130,832 142,924 157,292 154,578 3. Revenue Bond Interest Expense 70,815 79,778 94,544 95,229 4. GO Bond Interest Expense 5,013 7,692 7,328 7,471 5. Public Expense 3,033 4,227 3,652 6,149 6. Other Non-Op Expenses 140 (14,831) 4,355 4,312 Total 498,936 540,993 622,745 628,208 Change In Net Assets 148,848 154,994 113,609 90,830 Notes: 1) Prior Years Actuals and Currnet Year Budget don't include the GASB 87_96_103 adjustments Actual vs. Revsd_Bud Variance Revsd_Bud $ % 2026 YTD Change from 2025 Incr (Decr) $ % 547,950 45,090 51,027 21,042 3,494 1,271 13,500 31,859 1,462 12,395 729,089 1,589 (204) 7,286 483 (194) (134) (8,957) 6,666 (1,359) 2,090 7,266 0.3% -0.5% 14.3% 2.3% -5.6% -10.5% -66.3% 20.9% -93.0% 16.9% 0.0% 1.0% 28,984 984 2,889 8,996 263 821 3,442 867 94 1,942 (8,912) 40,368 5.6% 2.2% 5.2% 71.8% 8.7% 260.2% 312.4% 2.3% 1021.7% 15.5% -100.0% 5.8% 370,138 154,578 95,229 7,471 6,149 4,312 637,876 91,213 14,563 (2,715) 685 143 2,497 (43) 15,130 22,396 3.9% -1.8% 0.7% 1.9% 40.6% -1.0% 2.4% 24.6% 34,371 14,369 14,766 (364) (574) 19,186 81,753 (41,385) 10.7% 10.1% 18.5% -4.7% -13.6% -129.4% 15.1% -26.7% 9 Port Wide Capital Spending • Q2 YTD total capital spending was $426M • Full year forecasted spending in line with budget 10 Aviation Division 2026 Q2 Financial Performance Report Passenger Growth 0.8% Forecast Growth compared to 2025 Actual -1.8% 2026 forecast is lower than budget 2025 Actual vs. 2026 Forecast Domestic: ▲ 0.7% growth International: ▲ 4% growth 12 Financial Summary Figures in ($ in 000's) 2026 Forecast 2026 Budget 2026 Revsd_Bud Fcst vs. Rvsd_Bud Variance Revenues Aeronautical Non-Aeronautical Operating Revenue Total Operating Expenses 613,884 357,877 971,761 590,810 617,786 367,381 985,167 588,135 618,565 344,087 962,652 589,858 (4,681) 13,790 9,109 (953) NOI w/o Pension True-Up 380,951 397,032 372,795 8,157 2026 Net Debt Service 259,270 251,360 251,360 7,910 NOI after Debt Service 121,681 145,672 121,435 247 Key Measures Non-Aeronautical NOI ($ in 000's) CPE ($) Debt Service Coverage 157,488 21.43 1.60 170,452 21.16 1.64 146,253 21.19 1.62 11,235 0.24 (0.02) Other Information ADF Balance ($in 000's) Capital Spending ($ in 000's) 882,596 658,616 882,204 658,954 882,204 658,954 392 (338) Business/Financial Highlights • • Non-Aero revenues - increased by $13.8M compared to 2026 Revised Budget - Strength across Public Parking, Rental Cars, Flight Kitchens and Airport Dining and Retail. - The delayed construction closure for the South Concourse Lounge is providing an additional three months of operations compared to budget. Operating expenses are expected to be higher than the 2026 Revised Budget by $0.9M NOI after Debt Service ensures we have 18 months of O&M and then use for capital projects to reduce issuing debt. ADF = Airport Development Fund CPE = Cost Per Enplanement Fcst = Forecast Forecast = estimate in time NOI = Net Operating Income Rvsd_Bud = Revised Budget O&M = Operating & Maintenance 13 Operating Expenses Summary (Q2 2026) $13.2M or 4.5% under budget • • • • Payroll underspent by $1.6M: Driven by vacancy savings Outside Services underspent by $8.3M: $8.2M due to underspent in Professional, Personal, and Contracted Services due to timing between budget and actuals, missed accrual, and offset by overspend in On-site consultants ($1.3M) due to timing for projects such as the South Concourse Evolution, Emergency Repair of an Electrical Feeder, C Concourse Expansion and North Main Terminal projects, offset by Flight Corridor Safety program and Tenant projects support. Other Expenses underspent by $2.5M: Underspent in equipment, training & travel, general expenses, offset by overspent in Supplies and stock due to higher Maintenance material and charges from capital to expense. Charges from other divisions underspent by $858K mostly due to underspend in direct non-payroll and wages, offset by over allocated costs. OPEX = Operating Expense Rvsd_Bud = Revised Budget 14 Operating Expenses Summary (Full Year Forecast) Operating Expenses 700M 600M 591M 590M 500M 400M 300M 200M 100M M 2026 Forecast 2026 Rsvd_Bud $953K or 0.2% Over budget • • • • Payroll under budget by $4.6M mostly due to vacancies and lower charges to capital on filled positions Outside Service over budget by $2.1M mostly due to $6.1M change of capital to expense for South Concourse Evolution (SCE) project Cargo 7 Hardstand/Holdroom and $1.6M onsite consultants mostly due to accelerated schedule for the SCE project, offset by projected under budget in professional, janitorial and contract other equipment expenses by $5.1M Other Expenses over budget by $895K due to maintenance material over by $1.8M, offset by savings in training and travels and lower charges to capital Other Division Charges over budget by $2.2M from Central Services due to anticipated higher costs in Legal, External Relations and Port Construction Services, offset by lower charges from HR, ICT, Risk Management and divisional allocations. OPEX = Operating Expense SCE = South Concourse Evolution • remaining open through the rest of the year, which is expected to generate additional $3M in non-aeronautical revenue Rvsd_Bud = Revised Budget . 15 Aeronautical Revenue 2026 Forecast Forecast $614M 350M 2026 Rsvd_Bud Variance % 320.1M 319.5M 90% 300M 70% 250M 200M 180.9M 184.2M 50% 150M 30% Budget $618M 100M 50M M 52.3M 53.6M 34.9M35.4M -2% Airfield Movement Area 10% 25.8M25.8M 0% -2% Airfield Apron Area Terminal Rents -2% Federal Inspection Services (FIS) 0% Airfield Commercial Area -10% Aeronautical revenue forecast was decreased due to DS decrease, partially offset by GASB 103 adjustments and slight O&M increase. DS = Debt Service O&M = Operating & Maintenance GASB = Government Accounting Standards Board Rvsd_Bud = Revised Budget 16 Non-Aeronautical Revenue Forecast $367.7M 2026 Forecast 2026 Rsvd_Bud Variance % 140M 120M 118.4M 90% 114.5M 70% 100M $13.8M +4.0% $353.5M 20M M 50% 30% 60M 45.6M 43.6M 40M Revised Budget 81.6M 73.0M 77.9M 77.6M 80M 23.8M 24.9M 3% Public Parking 5% Rental Cars 0% -5% Ground Airport Dining & Transportation Retail 12% 0% 10.6M Utilities -10% 10.6M Other -30% Non-Aero Revenue key drivers: • • • • Drive up parking revenue for longer term stays, as well as strong demand for reserved parking and an upcoming expansion of the reserved product, is accelerating Public Parking higher than budget. Rental Cars concessions are higher in both transaction volumes and average ticket prices. Flight Kitchens continues to grow and deliver strong results vs. budget. The delayed construction closure for the South Concourse Lounge is providing an additional three months of operations compared to the 2026 Revised Budget. Rvsd_Bud = Revised Budget 1717 Debt Service Coverage Ratio slightly below Revised Budget Figures in $000's Revenues Aero Non-aero (a) Total Revenues 2025 Actual 2026 Forecast 2026 Budget 2026 Revised Budget 545,288 374,347 919,635 613,884 357,877 971,761 617,786 367,381 985,167 618,565 344,087 962,652 O&M (537,028) (590,810) (588,135) (589,858) Net Operating Income Customer Facility Charge (CFC) Excess (a) Rental Car Facility CFC Revenues Other net non-operating 382,607 (9,385) 397,032 (11,702) 25,939 380,951 (11,657) 24,307 20,825 26,764 372,795 (11,702) 24,307 20,825 Available for debt service 399,160 414,425 412,094 406,224 8,201 Debt Service Gross debt service (net of cap i) CFC offset PFC offset 335,029 (24,821) (100,000) 384,478 (25,327) (99,881) 376,688 (25,327) (100,000) 376,688 (25,327) (100,000) 7,790 1 119 Net Debt Service 210,208 259,270 251,360 251,360 7,909 1.90 1.60 1.64 1.62 (0.02) Debt Service Coverage Fcst vs. Rvsd_Bud Variance (4,681) 13,790 9,109 • Debt Service Coverage ratio forecast below (952) revised budget, driven by higher net debt 8,156 service. 45 - (a) Rental Car Facility CFC Revenues are now categorized as non-operating revenues instead of operating revenue effective 1/1/2026 per Government Accounting Standard Board (GASB) 103. CFC = Customer Facility Charge DS = Debt Service Fcst = Forecast Forecast = estimate in time O&M = Operating & Maintenance PFC = Passenger Facility Charge Rvsd_Bud = Revised Budget 18 18 $ in 000's Airport Development Fund Balance $890,000 Ending Balance Forecast, $882,596 Budget, $882,204 • Ending balance is estimated at $882M which is the target of $882M (18 months of O&M in 2026). $880,000 $870,000 $860,000 $850,000 $840,000 $830,000 Beginning Balance, $828,716 $820,000 $810,000 $800,000 ADF = Airport Development Fund O&M = Operating & Maintenance 1919 $ in Millions 2026 Capital Spending Forecast $700 $659M $659M $600 SEA Gateway, $97 SEA Gateway, $97 $500 Checked Bag, $111 Checked Bag, $110 $400 C concourse, $107 C concourse, $109 $300 $200 $100 Business Need, $76 Others, $15 SCE, $70 2026-2030 Pavement, $35 $0 2026 Q1 Update CCE = Concourse C Expansion R&R: Renewal & Replacement SEA = Seattle-Tacoma International Airport Regulatory, $29 Noise Prog, $16 R&R, $96 • SCE project design spending has increased due to the accelerated scheduled. • SEA Gateway's spending is lower as projected savings increased. • CCE spending is higher due to unanticipated change orders. 2026-2030 Pavement, $38 Others, $21 SCE, $69 Regulatory, $31 R&R, $101 Business Need, $74 • 2026 capital spending forecast is $659M, and in line with the budget. Noise Prog, $16 2026 Budget R&R = Renewal & Replacement SCE = South Concourse Evolution 20 20 Seaport 2026 Q2 Financial Performance Report Seaport Key Metrics Q2 2026 Cruise Calls and Passengers 2,000 1,500 1,000 500 - 2019 2020 2021 2022 2023 Containerized Volume (TEUs) 2024 2025 2026 140 1000 120 800 100 Calls 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Cargo Metric Tons in 000s Container TEUs in 000s 2,500 80 600 60 400 40 200 20 - 2019 2024 2025 2026 Budget 2021 2022 Cruise Sailings Cargo Volume (Metric Tons) 2023 2024 2025 2026 0 Cruise Passengers in 000s Grain Volumes in Metric Tons (000s) Occupancy at Shilshole Bay Marina 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 2020 Passengers in ooos NWSA Container and Cargo Volumes 2026 3,500 3,000 2,500 2,000 1,500 1,000 500 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan - 2019 2020 2021 Soybeans 2022 2023 Yellow Corn 2024 2025 2026 Sorghum 22 Seaport Performance Summary - Q2 2026 Excludes GASB adjustments 2023 YTD 2024 YTD 2025 YTD 2026 YTD 2026 YTD $ in 000's Revenues Maritime Economic Development Division Joint Venture Total Revenue Expenses Maritime Economic Development Division Joint Venture Total Expense Total Non-Aviation Business NOI Actual Actual Actual Actual Budget Actual vs. Budget Variance $ % 44,209 8 14,165 58,382 50,915 9 14,265 65,188 53,905 11 31,587 85,502 58,474 6 26,476 84,956 57,814 8 28,474 86,295 660 (2) (1,997) (1,339) 1% -28% -7% -2% 2,990 2 17,322 20,314 6% 21% 121% 31% 126,589 16 56,972 183,576 125,344 16 56,972 182,331 1,245 0 0 1,245 1% 0% 0% 1% 41,350 3,351 472 45,174 13,209 45,668 2,951 594 49,214 15,975 49,998 2,663 903 53,565 31,937 55,907 3,390 5,966 65,263 19,693 57,568 3,390 2,777 63,735 22,560 1,662 0 (3,190) (1,528) (2,867) 3% 0% -115% -2% -13% 4,330 (288) 309 4,351 15,962 9% -10% 52% 9% 100% 120,474 3,390 9,982 133,846 49,730 124,728 3,390 5,564 133,681 48,650 4,254 0 (4,419) (165) 1,080 3% 0% -79% 0% 2% Year-to-Date Revenue under Budget by $1.3M • Cruise Occupancy Timing • Grant Revenue at NWSA Expenses over Budget by $3.2M • Maritime ERL - $1.5M • JV ERL - $1.5M net • Tribal Payments - $1.8M • Partially Offset by some delayed projects/programs Change from 2025 2026 2026 % Forecast Budget Fcst vs. Budget Variance $ % $ Forecast Revenue over Budget by $1.2M • Cruise Projecting slightly higher Occupancy. • NWSA currently in line with budget. - Down significantly from 2025 that included T30 lease cancellation. Expenses • Maritime T91 Demo - $6M deferred to 2027 offset by ERL • JV - Tribal Payment $1.8M ( for catchup) + $1.1M (annual) and Net ERL $1.5M 23 Environmental Remediation Liabilities (ERL) Deeper Dive There Are 2 types of ERL • Business/Capital Project Related - • Driven by capital projects or business-related activities. • Approved in Capital Project or one-off memos • Shows up in Operating Budget • Typically, 1-5-year duration • Booked to Actual • Legacy Driven (Legal Sensitivity) • Historic Contamination not tied to principal operations. • Driven by governing bodies from federal and state agencies (EPA, NOAA, DOE). • Approved in Annual ERL Authorization • Shows up in GASB or what was Historically Non-Operating Expense. • Multi-Year/Decade Duration • Liability exists with multiple entities • Both Cleanups above can be driven by both Formal Orders or Voluntary Cleanups. Who gets charged • Maritime Division- • Maritime businesses with projects triggering clean-ups. • Limited Legacy Driven outside of Terminal 91 • Joint Venture • NWSA businesses with projects triggering clean ups. • Capital projects authorized by NWSA MM, with ERL authorized the by Port of Seattle. • *Covers most of the Legacy ERL starting in Q3. *Beginning in Q3 Legacy ERL projects tied to NWSA licensed properties will be applied to the Joint Venture 24 Key ERL Projects Maritime YTD • Business/Capital Project Related ($1.5M) - T91 Uplands Abattement Phase 2 Demos $1,000K T91 Intérim Action $285K FT Minc $175K • *Legacy Driven Top 6 T-25 NRD Lower Duwamish Superfund T108 Chiyoda Sediment T18 Harbor Island Sediments (E Waterway) EWW Early Action T25_CERCLA Joint Venture YTD • Business/Capital Project Related ($1.5M) - T5 Program ERL $(6,318K) - Closed T5 Gate and Reefer $2,080K T5 Phase II Paving $2,428K T5 Container Yd Expansion $1,439K T5 SE Soil Remediation $148K T18 Shore Power ERL $1,702K T18 Maintenance Dredging $(495K) • Able to dispose in open water T18 Transtainer Runs $531K West Waterway High Spot Dredging $70K T5 Free Product Discovery $(57K) • *Legacy Driven NA *Realignment for JV vs Maritime sites in progress 25 Maritime Division 2026 Q2 Financial Performance Report Maritime + NWSA/Joint Venture Key Takeaways Maritime • Revenue YTD and Forecast tracking just ahead of budget. • Expenses forecasted $4.3M under revised budget as $6M in T91 demo costs moved to 2027. • YTD Q2 Expenses 3% below budget from delayed project and maintenance spend, partially offset by Environmental Remediation costs and a Derelict Vessel at FT. Joint Venture with NWSA • Revenue tracking to budget but YTD and forecasted expenses higher from Tribal Payments and Remediation. 27 Maritime Division Financial Summary Figure in $000s Revenues Fishing, Commercial, & Recreational Marinas Cruise RE Portfolio Mgmt. Grain / Other Total Business Highlights Forecast Budget Variance 30,172 58,292 33,459 4,665 126,589 30,152 57,292 33,459 4,440 125,344 20 1,000 0 225 1,245 O&M Expense Direct Support Services Central Services and Other Total 44,619 45,264 30,591 120,474 43,119 50,564 31,045 124,728 (1,500) 5,300 454 4,254 *Net Operating Income 6,115 616 5,499 • • • Waterside Occupancy remains high. Cruise - New agreement and high July/Aug occupancy. Grain - Return of soybean exports. • Capital Spending Tracking on Major Projects. • Won $700k in commerce grant for energy compliance. Capital Spending 98,488 93,384 (5,104) *Excludes GASB items like legacy ERL and pension adjustments 28 Maritime Q2 2026 Financials Net Operating Income is $2.3M favorable to budget and $1.3M lower than 2025 • Revenue is $.7M above budget from higher grain volumes and short-term FIFA related events, offset by timing of bills at T91 cruise. Revenue up 8% from 2025 from Cruise and Conference Centers. • Expenses $1.7M or 3% under budget driven by maintenance and delayed small works projects, offset by $1.5M in project related ERL costs and Quaker Maid derelict Vessel which will get partially reimbursed by the DNR in H2 . Expenses up $5.9M Y/Y primarily due to Payroll and one-time costs. • YTD Capital spending was $55.6M through Q2 and in line with year-end budget. $ in 000's Total Revenues 2024 YTD 2025 YTD 2026 YTD 2026 YTD Revised Actual Actual Actual Budget 50,915 53,905 58,474 57,814 Actual vs. Budget Variance $ % 6600 1% Change from 2025 1,662 $ 4,569 % 3% 5,909 12% 8% Total Operating Expenses 45,668 49,998 55,907 57,568 Net Operating Income 5,247 3,907 2,567 246 2,322 946% (1,339) -34% Depreciation 11,132 11,897 13,498 13,539 41 0% 1,601 13% Net Income (5,885) (7,990) (10,931) (13,294) 2,363 18% (2,941) -37% Note: *Excludes GASB items like legacy ERL and pension adjustments 29 NWSA Financials NWSA Operating Income Before GASB 87 Adjustment $ in 000's Operating Revenue Operating Expense Operating Income* Depreciation Net Operating Income 2025 Actual 133,960 61,574 72,386 13,226 59,160 Cargo TEUs Cargo Volume (Metric Tons) 1,635,784 12,388,019 Year-to-Date 2026 Actual Budget 133,951 128,796 72,174 79,353 61,777 49,443 14,857 16,130 46,920 33,313 Fav (UnFav) Budget Variance $ % 5,155 4% 7,179 9% 12,334 25% 1,273 8% 13,607 41% 1,433,525 11,491,353 Incr (Decr) Change from 2025 $ % (9) 0% 10,600 17% (10,609) -15% 1,631 12% (12,240) -21% (202,259) (896,666) -12.4% -7.2% *Excludes Depreciation Revenue Year to Date • Budget Variance - $5.1M higher due to Non-Container Volume; Auto, Breakbulk, Military. • Y/Y Variance Flat - Lower cargo offset by increased military and autos. Operating Expense Year to Date • Budget Variance - $7.2M under due to Maintenance project timing such as crane demo, work done in 2025 but budgeted in 2026. • Y/Y Variance up 17%- Primarily rail incentive recognition. Operating Income better than budget, but down from 2025 30 Joint Venture Q2 2026 Financials 2025 YTD 2026 YTD 2026 YTD Actual vs. Budget Change from 2025 Variance $ % $ % Actual Budget 32,221 (974) 31,248 27,023 (995) 26,029 29,201 (1,077) 28,123 (2,177) 82 (2,095) -7% 8% -7% 210 129 177 271 268 83 (91) 189 31,587 26,476 28,474 89 141 174 192 225 77 4 256 (3,013) 117 2,298 302 5,933 73 903 NOI Before Depreciation $ in 000's Revenue NWSA Distributable Revenue Contra Joint Venture Revenue Subtotal Distributable Revenue frm NWSA Actual -34% 229% (5,198) (21) (5,219) (33) 142 -16% 109% (1,997) -7% (5,110) -16% 253 398 211 285 330 1,292 6 (3) 3,411 94 (2,013) 28 (4,641) (66) -1% 857% 45% -706% 9% -359% -1028% 166 (3,154) (57) 2,106 77 5,856 68 186% -2239% 5,966 2,777 (3,190) -115% 5,063 561% 30,683 20,510 25,697 (5,187) -20% (10,173) -33% Legacy Depreciation for NWSA Facilities 5,655 5,716 5,650 (66) -1% 61 1% NOI After Depreciation 25,028 14,795 20,047 (5,253) -26% (10,234) -41% Other Service Revenue Tenant Reimbursements Port Revenue from NWSA Facilities Total Revenues Expenses Maintenance Expenses JV Direct Security Environmental & Sustainability Finance & Cost Recovery Seaport Project Delivery Group Central Services / Other Total Expenses -16% -2% -17% 1095% 34% 7587% 1541% GASB/Pension Credit Impacts Total Revenue 24 24 Total Operating Expenses 0 0 Total Depreciation 0 NA 0 NA (7,295) 34% (10,210) -41% NOI After Depreciation with GASB 24 25,028 14,818 20,047 Home Port Activities Revenues: • NWSA Distributable Revenue = Port's 50% share of NWSA net income. Lower than budget with higher operating more than offset by less grant income than expected • Other Service Revenue = NWSA tenant reimbursements from Port of Seattle maintenance work. • Port Revenue from NWSA Facilities mostly POS portion of T46 Auto roll on lease. Expenses • JV Direct - $1.8M Tribal Payment Catch-up • ERL- $1.5M Net • JV Direct - (5.0M) • Project Delivery - $4.4M • Environmental & Sustainability - $2.1M 31 Maritime Capital 2026 Actual 2026 YE Forecast 2026 2026 POF Budget vs Actual Budget $ % 26,207 13,654 (276) -1% 17,100 9,540 2,021 12% 11,000 16,524 (5,482) -50% 10,759 9,683 (1,451) -13% $ in 000's T91 Berth 6 & 8 Redev P66/P91 Shore Power Extension T91 Uplands Dev Phase I MIC Electrical Replacements 19,289 6,941 1,277 5,150 25,931 19,121 5,518 9,308 P66 Grand Staircase Replc FT Maritime Innovation Center Technology Project T91 Shore Power System Purchas T91 New Cruise Gangway Fleet All Other Projects 4,147 3,162 928 3,600 1,609 1,247 8,261 4,856 4,450 2,148 3,600 2,086 6,929 27,202 4,872 4,058 4,250 3,600 2,300 6,928 24,840 5,560 2,700 4,250 0 2,446 6,648 41,890 (16) 392 (2,102) 0 (214) 1 2,362 0% 10% -49% 0% -9% 0% 10% 55,611 111,149 0 (12,661) 55,611 98,488 48% 96% 60% 105% 115,914 (22,530) 93,384 112,895 (31,937) 80,958 (4,765) 9,869 5,104 -4% -43.8% 5% Subtotal CIP CashFlow Mgt Total Maritime % of Capital Budget w/out CF Mgt % of Capital Budget including CF Mgt All Other Projects: • MIC Fire Alarm, T91 Electric, Desimone Oxbow: $4.3M new projects added • T91 Uplands Pad - Overall no change. 2026 reduced to reflect coordination between Ph1&2 scope ($875k) • SBM Little Coney - Construction on hold, permitting questions ($365k) • T91 LED Lighting - Delayed lighting demonstration & design ($302k) • P66 Building Envelope - On hold pending completion of staircase ($262k) • T91 A2 Cruise Roof - Considering solar options, cruise activities ($207k) T91 Berth 6&8 - Decrease reflects drop of risk after settlement with contractor. Shore Power Ext - Overall increase of $58M. DU2902 and structural slab. Further refinement of means and method. T91 Uplands - No change overall. Delayed billing and procurement pushed out to 2027. MIC Electrical- Substantial completion date pushed out, delayed billings. Technology- Video Camera pushing out contingencies. 32 Economic Development Division 2026 Q2 Financial Performance Report Economic Development Division - Q2 Summary YTD Division Spend: 2025 YTD 2026 YTD $ in 000s Actual Actual Workforce Development 1,336 1,496 Small Business 952 1,052 EDD Administration 718 891 Tourism 757 733 Real Estate Development 435 531 EDD Contingency 120 80 Total $ 4,319 $ 4,783 Actual vs. Budget 2026 YTD Variance Budget $ % 1,880 384 20% 1,239 187 15% 1,014 124 12% 902 169 19% 785 254 32% 147 67 45% $ 5,967 $ 1,184 20% • • Overall, $1.2M or 20% below budget Outside Services ($1M) below due to timing of invoices/payments for Workforce Development, Real Estate Development, and Diversity in Contracting - • Travel & Training down $205K - • Payments expected to be made by Q4 Taking a cautious approach for 2026 Trade Business & Community - - Delayed 2025 contribution for Community Connector Program Seattle Climate Innovation Hub Under budget YTD but spending expected to catch-up by Year-End 34 Central Services 2026 Q2 Financial Performance Report Central Services - Key Takeaways • Total Operating Expenses were $835K or 0.8% below revised budget and $8.8M or 9.5% higher YoY in Q2 • Total Operating Expenses are projected to be $2.6M or 1.3% over revised budget and $41.6M or 25.3% increase YoY • Excluding the $13.2M DRS pension credit and $21.8M in legal settlement credit in 2025, total operating expenses are projected to be $6.6M or 3.3% increase YoY 36 Central Services YTD Expense by Category Actual vs. Revsd_Bud Variance Budget Revsd_Bud $ % 57,346 57,346 (1,809) -3.2% 21,643 21,643 (1,023) -4.7% 14,395 14,395 2,184 15.2% 1,586 1,586 235 14.8% 577 577 (53) -9.3% 24,474 22,707 4,007 17.6% 2,145 2,145 762 35.5% 3,288 3,288 (52) -1.6% (935) 0.0% 2,608 5,867 862 14.7% (27,382) (27,382) (3,343) 12.2% 100,681 102,172 835 0.8% 2,474 204 (151) -74.2% 103,155 102,376 683 0.7% 2024 YTD 2025 YTD 2026 YTD 2026 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 O&M Expenses GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis Actual 50,380 20,497 11,343 578 432 17,065 1,239 2,571 459 3,867 (21,684) 86,747 1,251 87,998 Actual 58,122 21,035 10,353 748 550 15,929 1,426 2,620 537 2,371 (21,185) 92,506 1,631 94,136 Total Operating Expenses: $835K or 0.8% below revised budget • Payroll Expenses: $2.8M over revised budget • Payroll to Capital: $1.9M below revised budget • Outside Services: $4.0M below revised budget • Litigated Injuries & Damages: 935K higher than revised budget • Travel & Other Employee Expenses: $762K below revised budget Actual 59,155 22,666 12,212 1,351 630 18,700 1,383 3,340 935 5,006 (24,040) 101,338 355 101,693 2026 YTD Change from 2025 Incr (Decr) $ % 1,033 1.8% 1,631 7.8% 1,859 18.0% 603 80.7% 80 14.6% 2,771 17.4% (43) -3.0% 720 27.5% 398 74.0% 2,635 111.1% (2,854) 13.5% 8,832 9.5% (1,276) -78.2% 7,556 8.0% Total Operating Expenses: $8.8M or 9.5% higher YoY • Payroll Expenses: $2.6M higher YoY • Payroll to Capital: $1.9M higher YoY • Outside Services: $2.8M higher YoY • Election Expense: $911K higher YoY (GASB 103 Change) • Insurance Expense: $720K higher YoY 37 Central Service Financial Summary (YE Forecast) 2026 2026 Forecast 934 934 Actual vs. Revsd_Bud Variance Budget Revsd_Bud $ % 259 259 675 260.9% 594 0.0% 853 259 675 260.9% Change from 2025 Incr (Decr) $ % 920 6689.1% (1,435) -100.0% (516) -35.6% 134,755 48,296 22,240 443 205,734 129,624 48,213 21,887 4,983 204,707 132,607 48,213 21,887 443 203,151 36,313 1,970 3,984 (688) 41,578 2024 2025 2026 $ in 000's Total Operating Revenues GASB 87_96_103 Revenues Total Operating Revenues GASB Comparable Basis Actual 403 281 684 Actual 14 1,435 1,449 Core Central Support Services Police Engineering/PCS GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis 142,358 43,591 15,644 3,227 204,820 98,442 46,327 18,256 1,131 164,156 • • (2,148) (83) (352) (2,583) -1.6% -0.2% -1.6% 0.0% -1.3% 36.9% 4.3% 21.8% -60.9% 25.3% Total Operating Expenses are projected to be $2.6M or 1.3% over revised budget and $41.6M or 25.3% increase YoY Excluding the $13.2M DRS pension credit and $21.8M in legal settlement credit in 2025, total operating expenses are projected to be $6.6M or 3.3% increase YoY 38 APPENDIX 39 Appendix Portwide 2026 Q2 Financial Performance Report Port Wide Financial Summary (YTD) Portwide Operating Revenues & Expenses Aeronautical Revenues Airport Non-Aero Revenues Seaport Revenues GASB 87_96_103 Revenues Total Operating Expenses NOI In 000's 600 500 7.0 M 1.9 M 80.6 M 14.5 M 12.4 M 81.7 M 82.0 M 165.7 M 164.1 M • Total Operating Revenues: $1.6M above revised budget • Total Operating Expenses: $14.6M below revised budget • NOI before Depreciation: $16.2M above revised budget 78.7 M 400 166.2 M 154.5 M 300 200 100 252.4 M 291.6 M 273.8 M 316.2 M 302.1 M 374.4 M 374.4 M 301.9 M 0 2024 YTD Actual 2025 YTD Actual 2026 YTD Actual 2026 YTD Revsd_Bud 41 Port Wide Financial Summary 2024 YTD 2025 YTD 2026 YTD 2026 YTD 2026 YTD $ in 000's Aeronautical Revenues Airport Non-Aero Revenues Seaport Revenues Operating Revenues GASB 87_96_103 Revenues Total Operating Revenues GASB Comparable Basis O&M Expenses GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis NOI before Depreciation Depreciation NOI after Depreciation • • • Actual 252,437 154,536 78,665 485,638 1,875 487,513 289,103 2,499 291,602 196,535 130,832 65,703 Actual 273,752 166,188 80,616 520,555 6,969 527,524 321,204 (4,995) 316,209 199,352 142,924 56,428 Actual 302,116 165,737 81,686 549,539 14,485 564,024 355,574 4,523 360,097 193,965 157,292 36,672 Budget Revsd_Bud 301,475 301,855 172,005 164,133 81,912 81,962 555,392 547,950 4,573 12,395 559,966 560,345 360,470 370,138 13,922 4,251 374,392 374,388 194,923 177,812 154,578 154,578 40,345 23,235 Act. vs. Revsd_Bud Change from 2025 Variance Incr (Decr) $ % $ % 262 0.1% 28,364 10.4% 1,604 1.0% (451) -0.3% (276) -0.3% 1,070 1.3% 1,589 0.3% 28,984 5.6% 2,090 16.9% 7,516 107.9% 3,679 0.7% 36,500 6.9% 14,563 3.9% 34,371 10.7% (272) -6.4% 9,518 -190.6% 14,291 3.8% 43,888 13.9% 16,153 9.1% (5,387) -2.7% (2,715) -1.8% 14,369 10.1% 13,438 57.8% (19,756) -35.0% Total Operating Revenues: $1.6M higher than revised budget due to higher Non-Aero revenues than revised budget Total Operating Expenses: $14.6M lower than revised budget mainly due to delay in Outside Services spending, less Equipment purchases, Travel & Other Employee expenses, and B&O Taxes NOI before Depreciation: $16.2M higher than revised budget 42 Port Wide YTD Operating Revenues Summary Actual vs. Revsd_Bud Variance Budget Revsd_Bud $ % 301,475 301,855 262 0.1% 57,030 57,030 2,787 4.9% 17,226 17,226 1,038 6.0% 8,378 0.0% 40,662 40,921 (1,692) -4.1% 12,179 12,179 (786) -6.5% 6,959 6,959 (195) -2.8% 9,526 9,526 (987) -10.4% 4,985 4,985 544 10.9% 5,775 5,775 253 4.4% 8,633 8,633 283 3.3% 19,820 19,820 (588) -3.0% 9,497 9,497 73 0.8% 5,657 5,657 192 3.4% 2,212 2,212 440 19.9% 9,099 9,099 (10) -0.1% 4,069 4,069 549 13.5% 29,201 29,201 (2,177) -7.5% 3,008 3,306 1,604 48.5% 253,917 246,095 1,328 0.5% 555,392 547,950 1,589 0.3% 4,573 12,395 2,090 16.9% 559,966 560,345 3,679 0.7% 2024 YTD 2025 YTD 2026 YTD 2026 YTD 2026 YTD $ in 000's Aeronautical Revenues Actual 252,437 Actual 273,752 Actual 302,116 Public Parking Rental Cars - Operations Rental Cars - Operating CFC ADR & Terminal Leased Space Ground Transportation Employee Parking Airport Commercial Properties Airport Utilities International Place Clubs and Lounges Cruise Recreational Boating Fishing & Operations Grain Maritime Lease Portfolio Conference & Event Centers NWSA Distributable Revenue Other Operating Revenues (w/o Aero) Total Operating Revenues GASB 87_96_103 Revenues Total Operating Revenues GASB Comparable Basis 58,986 15,832 6,916 35,435 11,853 5,223 7,900 4,513 6,753 18,415 8,321 5,471 2,355 8,341 3,687 29,664 3,535 233,201 485,638 1,875 487,513 58,697 17,557 8,145 36,331 11,784 6,272 8,926 5,287 4,143 8,859 15,716 9,130 6,115 2,933 8,182 3,867 32,221 2,638 246,804 520,555 6,969 527,524 59,817 18,264 39,230 11,392 6,764 8,539 5,529 6,029 8,916 19,232 9,570 5,849 2,652 9,090 4,619 27,023 4,910 247,423 549,539 14,485 564,024 Change from 2025 Incr (Decr) $ % 28,364 10.4% 1,120 707 (8,145) 2,898 (391) 492 (387) 242 1,886 56 3,515 440 (266) (280) 908 752 (5,198) 2,272 619 28,984 7,516 36,500 1.9% 4.0% -100.0% 8.0% -3.3% 7.8% -4.3% 4.6% 45.5% 0.6% 22.4% 4.8% -4.4% -9.6% 11.1% 19.4% -16.1% 86.1% 0.3% 5.6% 107.9% 6.9% 43 Port Wide Capital Spending Summary $ in 000's 2026 2026 2026 2026 YTD Actual Forecast Budget Plan of Finance Budget Variance $ % Aviation 365,909 658,616 658,954 835,887 338 0.1% Maritime 55,611 98,488 93,384 80,958 (5,104) -5.5% Central Services & Other (note 1) 4,430 14,817 19,817 16,088 5,000 25.2% 425,950 771,921 772,155 932,933 234 0.0% TOTAL Note: (1) "Other" includes 100% Port legacy projects in the North Harbor and Storm Water Utility Small Capital projects. 44 Aviation Division Appendix 2026 Q2 Financial Performance Report Financial Summary - GASB 103 Impact Figures in $000s 2026 Budget 2026 Revised Budget GASB 103 Impact 617,786 367,381 985,167 588,135 397,032 618,565 344,087 962,652 589,858 372,795 779 (23,294) (22,515) (1,723) (24,238) Revenues Aeronautical Non-Aeronautical Total Revenues Total O&M Expenses NOI • Aeronautical revenue increased as a result of higher allocated expenses that changed from nonoperating revenue to operating revenue due to the impact of GASB 103. • Non-Aeronautical revenue decreased mostly due to reclassification of Customer Facility Charges from operating to non-operating revenue. GASB = Government Accounting Standards Board NOI = Net Operating Income O&M = Operating & Maintenance 46 Airport Activity 2026 Passenger volume: • Domestic passenger volume is 0.4% lower than 2025, while international increased by 2.9%. • Overall passenger volume is 0.1% higher than in 2025. 47 Total Airport YTD Summary Total Airport Expense Summary (Q2) Figures in ($ in 000's) Operating Expenses Payroll Outside Services Utilities Other Expenses Total Airport Direct Charges 2024 YTD (Q2) 2025 YTD (Q2) 2026 YTD (Q2) 2026 YTD (Q2) 2026 YTD (Q2) Actual vs. Rvsd_Bud Variance Change from 2025 Incr(Decr) Actual Actual Actual Budget Revsd_Bud $ % $ % 102,225 42,557 13,220 5,335 163,338 117,688 43,919 13,570 10,997 186,173 123,360 51,665 12,512 7,320 194,855 124,973 59,975 12,472 10,508 207,929 124,973 59,971 12,472 10,538 207,955 1,614 8,306 (39) 3,219 13,100 1% 14% 0% 31% 6% 5,672 7,747 (1,058) (3,678) 8,682 5% 18% -8% -33% 5% 1,308 258 1,566 1,609 575 2,184 1,748 702 2,450 1,667 1,667 1,667 1,667 (81) (702) (783) -5% -47% 139 127 266 9% 22% 12% Total Airport Expenses Corporate Police Maritime/Economic Development/Other Total Charges from Other Divisions 164,904 48,404 18,735 2,586 69,724 188,358 52,966 19,705 3,118 75,789 197,306 56,664 20,177 3,471 80,312 209,596 56,075 20,585 3,679 80,339 209,622 56,907 20,585 3,679 81,170 12,316 243 408 208 858 6% 0% 2% 6% 1% 8,949 3,698 472 353 4,523 5% 7% 2% 11% 6% Total Operating Expenses DRS Pension True-up Exp Total Operating Expenses w/Pension True-Up GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis 234,629 234,629 1,024 235,653 264,146 264,146 1,799 265,945 277,617 277,617 4,189 281,806 289,935 289,935 4,908 294,843 290,793 290,793 4,059 294,851 13,175 13,175 (130) 13,045 5% 13,472 13,472 2,390 15,862 5% Environmental Remediation Liability Capital to Expense Total Exceptions GASB = Government Accounting Standards Board 5% -3% 4% 5% 133% 6% 48 Total Airport Expense Summary Total Airport Expense Summary Figures in ($ in 000's) Operating Expenses Payroll Outside Services Utilities Other Expenses Total Airport Direct Charges 2024 2025 2026 2026 2026 Fcst vs. Rvsd_Bud Variance Change from 2025 Incr(Decr) Actual Actual Forecast Budget Revsd_Bud $ % $ % 223,027 104,086 25,543 22,150 374,806 243,179 115,992 26,959 24,957 411,087 248,847 126,149 26,992 20,612 422,600 253,455 124,030 26,936 19,657 424,077 253,455 124,030 26,936 19,717 424,138 4,609 (2,120) (56) (895) 1,538 2% -2% 0% -5% 0% 5,667 10,158 33 (4,345) 11,513 2% 9% 0% -17% 3% 2,600 3,153 2,693 14,477 2,587 9,398 2,267 2,267 2,267 2,267 (320) (7,131) -14% -315% (106) (5,079) -4% -35% Total Airport Expenses Corporate Police Maritime/Economic Development/Other Total Charges from Other Divisions 377,406 124,058 39,709 7,232 170,999 413,780 93,940 42,925 7,493 144,358 425,187 118,661 39,248 7,714 165,623 426,344 114,558 39,200 8,033 161,790 426,405 116,220 39,200 8,033 163,453 1,218 (2,441) (49) 319 (2,170) 0% -2% 0% 4% -1% 11,407 24,721 (3,677) 221 21,265 3% 26% -9% 3% 15% Total Operating Expenses w/o Pension True-Up DRS Pension True-up Exp Total Operating Expenses w/Pension True-Up GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis 548,405 (18,577) 529,828 2,033 531,861 558,138 (21,111) 537,028 5,167 542,195 590,810 590,810 8,101 598,911 588,135 588,135 9,800 597,935 589,858 589,858 8,101 597,958 (953) (953) (953) 0% 32,672 21,111 53,783 2,933 56,716 6% -100% 10% 57% 10% Environmental Remediation Liability Total Exceptions DRS = Department of Retirement Systems GASB = Government Accounting Standards Board 0% 0% 0% 49 Airport Budget Summary and Key Indicators Fcst vs. Rvsd_Bud Change from 2025 Variance Incr(Decr) 2024 2025 2026 2026 2026 Figures in ($ in 000's) Actual Actual Forecast Budget Revsd_Bud $ % $ % Operating Revenue Aeronautical Revenues Non-Aeronautical Revenues Total Operating Revenue GASB 87_96_103 Revenues 520,942 340,360 861,301 15,948 545,307 363,215 908,522 (7,646) 613,884 357,877 971,761 9,872 617,786 367,381 985,167 (13,422) 618,565 344,087 962,652 9,872 (4,681) 13,790 9,109 - -1% 4% 1% 0% 68,577 (5,338) 63,239 17,518 13% -1% 7% -229% Total Operating Revenues GASB Comparable Basis 877,249 900,876 981,633 971,745 972,524 9,109 1% 80,757 9% Total Operating Expenses 1 GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis 529,828 2,033 531,861 537,028 5,167 542,195 590,810 8,101 598,911 588,135 9,800 597,935 589,858 8,101 597,958 953 0% 53,783 10% 953 0% 56,716 10% Net Operating Income w/o GASB Comparable Basis Net Operating Income GASB Comparable Basis 331,473 345,388 371,495 358,681 380,951 382,722 397,032 373,810 372,795 374,566 8,157 8,157 2% 2% 9,456 24,041 3% 7% Debt Service Coverage ADF Balance (in 000's) CPE 1.89 743,355 18.26 1.90 828,716 19.06 1.60 882,596 21.43 1.64 882,204 21.16 1.62 882,204 21.19 (0.02) 392 0 -1% 0% 1% (0.30) 53,880 0 -16% 7% 12% Non-Aeronautical NOI ($ in 000's)2 Enplanned Passengers (in 000's) 178,268 26,295 184,831 26,317 157,488 26,514 170,452 27,031 146,253 27,031 11,235 (517) 8% -2% (27,344) 197 -15% 1% Capital Expenditures (in 000's) 684,442 840,459 658,616 658,954 658,954 (338) 0% (181,843) -22% 1 Payroll expenses include DRS pension credits in 2024 and 2025 2 Unadjusted - not including CFC Surplus or GASB Comparable ADF = Airport Development Fund CPE = Cost Per Enplanement GASB = Government Accounting Standards Board NOI = Net Operating Income 50 Aeronautical NOI - YTD Aeronautical NOI (Q2) Figures $ in 000's 2024 YTD (Q2) 2025 YTD (Q2) 2026 YTD (Q2) 2026 YTD (Q2) 2026 YTD (Q2) Actual vs. Revsd_Bud Variance Change from 2025 Incr(Decr) Actual Actual Actual Budget Revsd_Bud $ % $ % Rate Base Revenues Airfield Movement Area Airfield Apron Area Terminal Rents Federal Inspection Services (FIS) Total Rate Base Revenues 74,894 13,414 134,447 19,948 242,702 80,564 15,960 140,124 24,042 260,690 89,039 16,749 156,944 25,875 288,607 88,976 17,129 156,639 25,843 288,587 89,170 17,142 156,797 25,857 288,966 (130) (393) 147 17 (359) 0% -2% 0% 0% 0% 8,476 789 16,820 1,832 27,917 11% 5% 12% 8% 11% Airfield Commercial Area Total Aeronautical Revenues GASB 87_96_103 Revenues Total Aeronautical Revenues GASB Comparable Basis 9,735 252,437 4 252,441 13,062 273,752 293 274,045 13,509 302,116 302,116 12,888 301,475 301,475 12,888 301,855 301,855 621 262 262 5% 0% 0% 447 28,364 (293) 28,071 3% 10% -100% 10% Total Aeronautical Expenses GASB 87_96_103 Expenses Total Aeronautical Expenses GASB Comparable Basis 162,767 150 162,917 180,612 146 180,759 181,616 144 181,760 194,455 88 194,543 194,864 88 194,951 (13,248) 56 (13,192) -7% 64% -7% 1,003 (2) 1,001 1% -1% 1% Aeronautical NOI GASB Comparable Basis 89,524 93,286 120,356 106,932 106,903 13,453 13% 27,070 29% FIS = Federal Inspection Services (US Customs) GASB = Government Accounting Standards Board NOI = Net Operating Income 51 Aeronautical NOI 2024 2025 2026 2026 2026 Fcst vs. Rvsd_Bud Variance Change from 2025 Incr(Decr) Figures in ($ in 000's) Actual Actual Forecast Budget Revsd_Bud $ % $ % Rate Base Revenues Airfield Movement Area Airfield Apron Area Terminal Rents Federal Inspection Services (FIS) Total Rate Base Revenues 170,821 32,270 279,722 15,206 498,019 164,804 33,404 271,462 48,849 518,520 180,891 34,892 320,057 52,257 588,097 183,818 35,416 319,223 53,542 591,999 184,220 35,443 319,543 53,571 592,777 (3,328) (552) 514 (1,314) (4,681) -2% -2% 0% -2% -1% 16,087 1,487 48,595 3,407 69,577 10% 4% 18% 7% 13% Airfield Commercial Area Total Aeronautical Revenues GASB 87_96_103 Revenues Total Aeronautical Revenues GASB Comparable Basis 22,922 520,942 7 520,949 26,787 545,307 415 545,722 25,787 613,884 613,884 25,787 617,786 617,786 25,787 618,565 618,565 (4,681) (4,681) 0% -1% -1% (1,000) 68,577 (415) 68,162 -4% 13% -100% 12% Total Aeronautical Expenses GASB 87_96_103 Expenses Total Aeronautical Expenses GASB Comparable Basis 367,736 250 367,986 358,644 315 358,959 390,421 163 390,584 391,206 163 391,369 392,023 163 392,186 1,603 1,603 0% 0% 0% (31,777) 152 (31,625) -9% 48% -9% Aeronautical NOI GASB Comparable Basis 152,956 186,348 223,300 226,417 226,378 (3,078) -1% 36,952 20% Debt Service Net Cash Flow (157,518) (4,562) (176,250) 10,098 (201,468) 21,833 (202,992) 23,426 (202,992) 23,387 1,524 (1,554) -1% -7% (25,217) 11,735 14% 116% 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 equity amortization with cash funding on capital projects. FAA = Federal Aviation Administration FIS = Federal Inspection Services (US Customs) GASB = Government Accounting Standards Board NOI = Net Operating Income 52 Aeronautical Cost Drivers Aeronautical Cost Drivers ($ in 000's) (1) O&M Debt Service Before Offsets Debt Service PFC Offset Net Debt Service Amortization Space Vacancy Cost of Incentives Grants and Other Rate Base Revenues Commercial area Total Aero Revenues 2026 2026 2026 Forecast Budget Revsd_Bud 379,617 377,634 272,098 277,614 (92,793) (92,468) 179,306 185,146 33,879 33,685 (2,916) (2,710) (1,225) (1,194) (563) (563) 588,097 591,999 25,787 25,787 613,884 617,786 Fcst vs. Rvsd_Bud Variance $ 378,417 1,199 277,614 (5,516) (92,468) (325) 185,146 (5,841) 33,685 193 (2,714) (203) (1,196) (30) (563) 592,777 (4,681) 25,787 618,565 (4,681) % 0.3% -2.0% 0.4% -3.2% 0.6% 7.5% 2.5% 0.0% -1% 0% -1% Highlights • Total Aero Rev: -$4.7M vs. Rev Budget • O&M: +$1.2M vs. Budget - Main driver of increase is $6M Cap to Expense impacting terminal area, partially offset by other savings across all areas • Net Debt Service: -$5.8M vs. Rev Budget - Main driver of decrease is postponed in-use date of Conc A Expansion impacting Terminal area & changes in Capital Interest in several Airfield areas. • Amortization: Change due to slight increase in Aero portion of TermB allocation due to space changes captured at Q2. (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 53 Non-Aeronautical Revenue Figures in $000s Public Parking Rental Cars Ground Transportation Airport Dining & Retail Clubs & Lounges Other Total Non-Aero Revenue 2026 Budget 114,531 67,862 24,896 77,078 16,153 66,862 367,381 GASB 103 Impact 2026 Revised $ % Budget 114,531 0.0% 43,555 (24,307) -35.8% 24,896 0.0% 77,596 518 0.7% 16,153 0.0% 67,358 495 0.7% 344,087 (23,294) -6.3% • Rental Cars operating revenue will decrease by $24.3 million (-35.8%) due to reclassification of Customer Facility Charges from operating revenue to non-operating revenue. • The net impact on budgeted Non-Aeronautical revenue is ($23.3) million (-6.3%) GASB = Government Accounting Standards Board 54 Non-Aeronautical Revenue Revenue Summary by Dept. (in $000s) 2024 2025 Full Year Full Year 2026 Full Year Revised Budget Variance $ % Var Var Inc/(Dec) from Prior Year Actuals $ % Change Change Actual Actual Forecast Budget Revised Budget 0 116,983 67,479 12,540 24,376 221,378 18,642 10,174 8,584 19,515 56,915 73,770 1 205 73,989 352,281 0 10,934 717 118,419 45,624 14,092 23,758 202,610 22,786 12,214 9,481 19,292 63,773 77,948 1,919 200 80,067 346,450 0 11,427 717 114,531 67,862 14,138 24,896 222,144 20,475 11,712 8,157 16,153 56,497 77,078 503 228 77,809 356,450 0 10,931 717 114,531 43,555 14,138 24,896 197,837 20,475 11,712 8,157 16,153 56,497 77,596 503 228 78,327 332,661 0 11,427 0 3,889 2,069 (46) (1,138) 4,773 2,311 503 1,324 3,139 7,276 352 1,416 (28) 1,740 13,790 0.0% 3.4% 4.8% -0.3% -4.6% 2.4% 11.3% 4.3% 16.2% 19.4% 12.9% 0.5% 281.3% -12.3% 2.2% 4.1% 717 1,436 (21,854) 1,552 (618) (18,767) 4,144 2,041 897 (223) 6,859 4,178 1,918 (5) 6,078 (5,831) Utilities and Other 0 116,567 64,434 10,464 23,946 215,411 17,645 0 7,559 16,694 41,898 72,246 902 252 73,415 330,724 0 9,636 0 0.0% 493 4.5% Total Non-Aeronautical Revenue 340,360 363,215 357,877 367,381 344,087 13,790 4.0% (5,338) -1.5% Total Enplanements O&D Enplanement International Enplanements 26,295 18,354 3,276 26,317 18,316 3,528 26,514 18,401 3,788 27,031 18,760 3,819 27,031 18,760 3,819 (517) (359) (31) -1.9% -1.9% -0.8% 197 84 260 0.7% 0.5% 7.4% GASB 103 Adj (CFC to Non-Op) 3430-Rental Cars O3400-Landside Non-Aero Operating Revenue Subtotal Total Non-Aeronautical Revenue 43,557 194,535 309,847 319,483 44,382 198,281 329,185 340,118 45,624 202,610 346,450 357,877 67,862 222,144 356,450 367,381 43,555 197,837 332,661 344,087 2,069 4,773 13,790 13,790 4.8% 2.4% 4.1% 4.0% 1,242 4,330 17,266 17,759 2.8% 2.2% 5.2% 5.2% Non-Aero Operating Revenue Subtotal Last refresh: 7/16/2026 3413-Transportation Mgmt Assoc 3420-Public Parking 3430-Rental Cars 3440-Employee Parking 3450-Ground Transportation O3400-Landside 3630-Non-Aero Commercial Properties 3635-SeaTac Office Center 3645-Non-AirlineTerminal Leased Spc 3690-Club International Lounge O3600-Airport Properties 3650-Airport Dining and Retail 3653-Tenant Marketing 4572-Conference Center O3500-AV Commercial Management Non-Aero Operating Revenue Subtotal ADR = Airport Dining & Retail CFC = Customer Facility Charge O&D = Origin & Destination 1.2% -32.4% 12.4% -2.5% -8.5% 22.2% 20.1% 10.4% -1.1% 12.1% 5.7% -2.6% 8.2% -1.7% Highlights • Total Non-Aero: +$13.8M vs. Budget, +5.2% vs. 2025 (adjusted for CFC) • Landside: +$4.8M vs. Budget; +2.2% vs. 2025 (adjusted for CFC) • Public Parking +$3.9M vs. Budget, driven by DriveUp • Rental Cars +$2.1M; (transactions up +1.1%, average ticket +2.7% YTD YoY) • Business & Properties: +$7.3M vs. Budget, +12.1% vs. 2025 • Comm Properties +$2.2M, driven by Flight Kitchens • Clubs & Lounges +$3.1M; S Lounge Q4 remaining open through Q4 for SCE • Commercial Management: +$1.7M vs. Budget; +8.2% vs. 2025 • ADR +$0.3M, driven by higher Food & Beverage • Tenant Marketing +$1.4M, highlighted by restarting collections in March 55 Non-Aeronautical NOI - YTD Non-Aeronautical NOI (Q2) Figures ($ in 000's) 2024 YTD (Q2) 2025 YTD (Q2) 2026 YTD (Q2) 2026 YTD (Q2) 2026 YTD (Q2) Actual vs. Rvsd_Bud Variance Actual Actual Actual Budget Revsd_Bud Non-Aeronautical Revenues Public Parking Rental Cars Ground Transportation Airport Dining & Retail Other 58,986 22,748 11,853 31,931 29,018 58,697 25,702 11,784 32,319 37,686 59,817 18,264 11,392 34,955 41,310 57,030 25,604 12,179 36,378 40,814 57,030 17,226 12,179 36,637 41,062 $ 2,787 1,038 (786) (1,682) 248 Total Non-Aeronautical Revenues GASB 87_96_103 Revenues Total Non-Aeronautical Revenues GASB Comparable Basis 154,536 (2,855) 151,680 166,188 (3,286) 162,902 165,737 6,889 172,626 172,005 (3,183) 168,822 164,133 4,936 169,069 1,604 1,953 3,557 1% 40% 2% (451) 10,175 9,724 0% -310% 6% Total Non-Aeronautical Expenses GASB 87_96_103 Expenses Total Non-Aeronautical Expenses GASB Comparable Basis Non-Aeronautical NOI GASB Comparable Basis 71,861 24 71,886 79,795 83,534 861 84,395 78,507 96,003 4,045 100,047 72,579 95,480 3,971 99,451 69,371 95,929 3,971 99,900 69,170 74 74 148 3,409 0% 2% 0% 5% 12,469 3,184 15,653 (5,929) 15% 370% 19% -8% NOI = Net Operating Income % Change from 2025 Incr(Decr) 5% 6% -6% -5% 1% $ 1,120 (7,438) (391) 2,636 3,624 % 2% -29% -3% 8% 10% 56 Non-Aeronautical NOI Non-Aeronautical NOI Figures in ($ in 000's) 2024 2025 2026 2026 2026 Fcst vs. Rvsd_Bud Variance Change from 2025 Incr(Decr) Actual Actual Forecast Budget Revsd_Bud $ % $ % Non-Aeronautical Revenues Transportation Mgmt Association Public Parking Rental Cars Ground Transportation 116,535 64,434 23,946 116,870 67,479 24,376 717 118,419 45,624 23,758 717 114,531 67,862 24,896 717 114,531 43,555 24,896 3,889 2,069 (1,138) 0% 3% 5% -5% 717 1,549 (21,854) (618) 1% -32% -3% Employee Parking1 Landside Total 10,462 215,376 12,532 221,256 14,092 202,610 14,138 222,144 14,138 197,837 (46) 4,773 0% 2% 1,560 (18,646) 12% -8% Airport Dining & Retail1 Tenant Marketing AOB Conference Center Commercial Management Total 72,234 902 252 73,388 73,777 1 205 73,983 77,948 1,919 200 80,067 77,078 503 228 77,809 77,596 503 228 78,327 352 1,416 (28) 1,740 0% 281% -12% 2% 4,170 6% 1,918 279778% (5) -3% 6,084 8% Non-Aero Commercial Properties International Place (STOC) Clubs and Lounges Non-AirlineTerminal Leased Spc AV Business & Properties Total Utilities Other Total Non-Aeronautical Revenues GASB 87_96_103 Revenues Total Non-Aeronautical Revenues GASB Comparable Basis 17,639 16,709 7,559 41,907 9,578 110 340,360 (12,757) 327,603 18,625 10,174 19,528 8,584 56,911 10,837 228 363,215 (10,962) 352,253 22,786 12,214 19,292 9,481 63,773 10,551 876 357,877 9,872 367,749 20,475 11,712 16,153 8,157 56,497 10,551 381 367,381 (13,917) 353,464 20,475 11,712 16,153 8,157 56,497 10,551 876 344,087 9,872 353,959 2,311 503 3,139 1,324 7,276 0 (0) 13,790 13,790 11% 4% 19% 16% 13% 0% 0% 4% 0% 4% 4,161 2,041 (236) 897 6,862 (286) 648 (5,338) 20,834 15,496 22% 20% -1% 10% 12% -3% 284% -1% -190% 4% Total Non-Aeronautical Expenses GASB 87_96_103 Expenses Total Non-Aeronautical Expenses GASB Comparable Basis 162,092 79 162,170 178,384 5,084 183,468 200,390 7,938 208,327 196,929 7,938 204,867 197,834 7,938 205,772 (2,555) (2,555) -1% 0% -1% 22,006 2,854 24,859 12% 56% 14% Non-Aeronautical NOI 178,268 184,831 157,488 170,452 146,253 11,235 8% (27,344) -15% Less: CFC Surplus Adjusted Non-Aeronautical NOI (10,174) 168,094 (9,385) 175,446 157,488 (11,702) 158,750 146,253 11,235 8% 9,385 (17,958) -100% -10% Non-Aeronautical NOI GASB Comparable Basis 165,433 168,785 159,422 148,597 148,187 11,235 8% (9,364) -6% Debt Service Net Cash Flow (43,887) 124,206 (33,957) 141,489 (57,802) 99,686 (57,369) 101,381 (57,369) 88,884 (433) 10,801 1% 12% (23,845) (41,803) 70% -30% 2 AOB = Airport Office Building CFC = Customer Facility Charge GASB = Government Accounting Standards Board NOI = Net Operating Income Notes: 1. Includes lease payments from tenants as non-operating interest income instead of operating revenues 2. The implementation of GASB 103 has reclassified CFC revenue from operating to non-operating, which is reflected in 2026 Forecast and Revised Budget 57 Non-Aero Revenue YoY 2026 Non-Aero revenue per enplanement is forecasted at $13.87, significantly higher than pre-pandemic best of $9.81 in 2019 GASB = Government Accounting Standards Board • • All Concessionaire Relief grants fully utilized in prior years Gross revenue; GASB Comparable 58 Non-Aero Detail: Landside Revenue Trends Each individual Landside revenue segment surpassed 2019 levels in 2022. All segments, except Ground Transportation, are all all-time highs in 2026. 59 Non-Aero Detail: Public Parking Transactions 2026 annual Parking transactions are expected to be slightly below 2025 levels with <1-day transactions down, and >1-day transactions up. Resulting in less wear to the garage and increase revenue. *Pre-Booked launched late-2019, then transitioned to the Reserved Parking Program (Floor 4 only) in March 2024 60 Non-Aero Detail: ADR Revenue Trends Airport Dining & Retail revenues have maintained a steady upward trajectory since 2019. This momentum is projected to continue through 2026, strengthened by the opening of Concourse C Expansion (June 2026) and a delay in Concourse A Duty-Free unit closures. ADR = Airport Dining & Retail 61 Non-Aero Detail: AVBP Revenue Trends Airport Business & Properties revenues have trended positively with solid growth across all segments the last several years. Growth accelerated in 2025 with the addition of the SeaTac Office Center (STOC) property. 2026 growth is highlighted by Flight Kitchens, Clear and land rent. The 2025 STOC acquisition fully annualizes in February, which provides two months of growth. Airport Properties Segment Revenues by Year Total Airport Properties Revenues by Year $30M $80M $25M $70M $60M $20M $50M $15M $40M $10M $30M $5M $20M 2019 2020 Flight Kitchens 2021 2022 Clubs & Lounges SEA = Seattle-Tacoma International Airport AVBP = Aviation Business & Properties 2023 CLEAR 2024 2025 2026 (F) Other Airport Properties $10M - STOC = SeaTac Office Center 2019 2020 2021 2022 2023 2024 2025 2026 (F) 2026 (B) 62 2026 Capital Expenditures 2026 YTD Actual Bud vs. Fcst (1) Actuals lower due to lower than expected billings, projected savings increased. $ % 96,470 24,360 25.1% (2) Design services effort heavier/front loaded than forecasted as the scheduled accelerated. And, $4M airfield 2026 contract work transferred to SCE. 69,256 137,762 (13,573) -19.6% 115,689 108,970 119,813 (6,719) 22,147 41,579 35,377 39,040 (6,202) -17.5% 13,770 34,012 38,287 71,507 4,275 11.2% (4) increased construction spending to support turnovers ahead of FIFA and Unforseen conditions and abatement work increased cost. UA lounge updated Estimates show higher costs. This increase is projecting more spending in 2026 than anticipated 52,253 106,891 110,207 120,752 3,316 3.0% (5) $4M of SCE part of bid originally captured in this project was transferred to SCE 3,308 9,092 11,499 12,412 2,407 20.9% (6) Anticipate spending 98% of 2026 Baseline Forecast. Returningsome savings from Phase 2 196 2,796 5,081 6,472 2,285 45.0% 5,230 6,615 4,558 915 203 644 2,382 2,867 1,737 72.9% All Other 99,417 235,835 252,696 394,832 16,861 6.7% Subtotal CIP Cashflow Mgmt Reserve 365,909 - 708,616 (50,000) 735,307 (76,353) 1,002,842 (166,955) 26,691 (26,353) 3.6% 34.5% (9) During budget, estimated 80% of the invoice to be spent in 2026 until the vendor completed the work to meet the requirements. Vendor is now on track to complete it in 2026. Total Spending 365,909 658,616 658,954 835,887 338 0.1% (10) Delays to the design periods - Construction costs pushed out along with final design costs. $ in 000's (1) SEA Gateway S Concourse Evolution (2) C Concourse Expansion (3) Post IAF Airline Realignment 2026-2030 AFLD PVMNTS (4) (5) Checked Bag Recap/Optimization Upgrades STS Train Control (7) Perimeter Intrusion Detect Sys Airfield Snow Equipment (9) Biffy Facility Improvement (6) 2026 Budget 43,778 2026 Year-End Forecast 72,633 96,994 41,918 82,829 83,689 (8) (10) AFLD PVMNTS = Airfield Pavements CIP = Capital Improvement Plan 2026 POF -6.2% (2,057) -45.1% (3) The 2026 Q2 actual costs brought the project costs aligned with planned cost. Nearly $6M in unanticipated change orders for NSS spent in 2026 utilizing transferred program contingency caused overspending for the year (7) Alstom testing delayed, including delays in static and dynamic testing, resulting in lower than projected invoiced amounts than planned (8) Schedule Delay as a result of delayed testing due to faulty equipment. IAF = International Arrivals Facility SEA = Seattle-Tacoma International Airport 63 Maritime Division Appendix 2026 Q2 Financial Performance Report Maritime Q2 2026 YTD Financial Summary 2023 YTD 2024 YTD 2025 YTD 2026 YTD 2026 YTD Revised $ in 000's Actual Actual Actual Actual Budget Ship Canal Fishing & Operations 2,651 2,650 3,027 2,443 2,513 Elliott Bay Fishing & Commercial Operations 2,829 2,872 3,132 3,397 3,167 Recreational Boating 7,751 8,321 9,130 9,547 9,497 Cruise 15,437 19,027 19,994 23,236 23,787 Grain 1,964 3,079 3,643 3,342 2,905 Conference & Event Centers 3,377 3,687 3,867 4,619 4,069 Leasing Portfolio 10,180 11,272 11,122 11,897 11,876 Other 19 6 (10) (6) 0 Total Revenue 44,209 50,915 53,905 58,474 57,814 Actual vs. Budget Variance $ % (69) -3% 230 7% 51 1% (551) -2% 437 15% 549 13% 20 0% (6) 660 1% Change from 2025 $ (584) 265 418 3,242 (301) 752 775 4 4,569 Revenue Variance from Budget % Revenue $660K over: -19% 8% • Cruise - under $551K under from timing lower P66 Occupancy and timing of passengers at T91. 5% 16% -8% 19% 7% 37% 8% Expenses Total Direct Total Support Services Total Central Services / Other 16,176 13,082 12,092 18,074 14,006 13,588 19,987 15,454 14,557 22,298 18,009 15,600 21,222 20,830 15,517 (1,076) 2,821 (83) -5% 14% -1% 2,311 2,555 1,043 12% 17% 7% 41,350 2,859 11,183 (8,324) 45,668 5,247 11,132 (5,885) 49,998 3,907 11,897 (7,990) 55,907 2,567 13,498 (10,931) 57,568 246 13,539 (13,294) 1,662 2,322 41 2,363 3% 946% 0% 18% 5,909 (1,339) 1,601 (2,941) 12% -34% 13% -37% (7,973) (52) 136 (7,469) 5,801 171 (7,414) 7,950 77 55 2,149 (93) 1% 27% -121% 504 5,854 35 6% 11167% 25% NOI After Depreciation with GASB (8,324) (5,885) (16,047) (24,372) (28,735) (4,363) -15% (8,325) * Includes primarily legacy environmental liabilities and pension related cost for both Maritime & the legacy Warehousemen's Pension Trust. -52% Total Expense NOI Before Depreciation Depreciation NOI After Depreciation GASB/Pension/ Legacy ERL Impacts Total Revenue Total Operating Expenses* Total Depreciation • Conference Center over $549K higher from intermittent FIFA related uses. • Grain $437K over as Soybean volumes have begun to return. • Recreational, Fishing, and Commercial Marinas are under trending just above budget. • Utility Revenues under from bill timing. Direct Expenses Budget Variance ($1.1M over) • Remediation higher by $1.5M • CEC higher by $.35M from volumes • Capital to Expense higher $.25M • Shorepower and B&O taxes lower by $1.2M from billing timing Support Svcs Budget Variance ($2.8M under) • Maintenance below by $1.2M • EDD below by $0.5M • PM Group below by $1.6M mostly Outside services • ME&S over $0.5M unplanned Derelict Vessel Central Svcs Budget Variance ($83K over) • Engineering and PCS $400K over. • All other groups $300K under. 65 Maritime 2026 Financial Forecast 2022 2023 2024 2025 Actual 4,592 5,975 13,978 30,469 5,792 8,914 19,367 10 89,095 Actual 5,076 6,564 15,505 41,726 3,356 6,738 20,764 10 99,738 Actual 5,169 6,602 16,555 43,145 5,920 7,490 21,920 8 106,809 33,680 24,948 22,972 37,061 29,939 26,596 Total Expense NOI Before Depreciation Depreciation NOI After Depreciation 81,600 7,495 21,974 (14,479) GASB/Pension Credit Impacts Total Revenue Total Op Expenses, Pension Adj Total Depreciation NOI After Depreciation with GASB $ in 000's Ship Canal Fishing & Operations Elliott Bay Fishing & Commercial Operations Recreational Boating Cruise Grain Conference & Event Centers Leasing Portfolio Other Total Revenue 2026 Forecast vs. Budget Variance $ % (180) -4% 200 3% 0 0% 1,000 2% 225 5% 0 0% 0 0% 0 1,245 1% Change from 2025 Actual Forecast 5,562 4,504 6,963 6,574 18,058 19,094 48,853 58,292 6,442 4,665 8,654 9,430 22,432 24,029 (47) 0 116,917 126,589 2026 Revised Budget 4,684 6,374 19,094 57,292 4,440 9,430 24,029 0 125,344 $ (1,058) (389) 1,036 9,440 (1,777) 776 1,597 47 9,672 % -19% -6% 6% 19% -28% 9% 7% 100% 8% 36,595 33,193 32,202 47,675 36,354 27,614 44,619 45,264 30,591 43,119 50,564 31,045 (1,500) 5,300 454 -3% 10% 1% (3,056) 8,910 2,977 -6% 25% 11% 93,596 6,142 22,421 (16,279) 101,991 4,818 23,850 (19,032) 111,643 5,274 24,727 (19,453) 120,474 6,115 27,033 (20,917) 124,728 616 27,033 (26,416) 4,254 5,499 0 5,499 3% 892% 0% 21% 8,831 842 2,306 (1,464) 8% 16% 9% -8% 170 (2,561) (90) (3,850) (18) (3,145) (15,889) (4,092) 284 (14,828) 15,180 128 (14,828) 15,900 128 0 720 0 0% 5% 0% 1,061 19,272 (156) 7% 471% -55% (11,748) (12,519) (15,905) (31,533) (51,053) (57,272) (6,219) -11% (19,520) 62% Expenses Total Direct Total Support Services Total Central Services / Other Variance from Budget • Revenue - Higher cruise occupancy expected • Expenses - Delay in T91 Demos to 2027 Vs. 2025 Revenue - • Cruise more sailings and increased rates • Moorage Rate increases for Rec Boating • Salmon Bay Marina Closures in Ship Canal • Grain coming off top 10 year • Improved use of conference and leasing facilities Expenses - • Direct - lower due to unusual one-time costs in 2025 including: • Salmon Bay Marina Impairment $4.5M • Capital to Expense $1.1M • Support Services - higher due to: • Payroll • Increased Expense Projects • Derelict vessels • GASB operating expenses are primarily pension and legacy ERL driven 66 Cruise Vs. Budget Revenue - $555K Below • P66: Less passengers in April & May. More in June. • T91: Higher POS revenue-share w/ new terminal operator • T91 shore power utilities revenue billing timing Expenses - $1.8M Below • Utilities - $888K • T91 shore power billing timing • PMG - $396K • T91 West Maintenance Dredging • General Expenses - $278K • B&O tax timing • Outside Services - $264K • Port Valet billing timing Depreciation - $462K Higher • T91 shore power equipment not included in budget Vs. 2025 Revenue - $3.8M Higher • More sailings at T91 w/ Virgin Voyages & MSC • Higher POS revenue-share at T91 Expenses - $1.7M Higher • Other/Central Services - $791K • Environmental - $572K • $285K environmental remediation liability for T91 West Berth Dredging 67 Elliott Bay Fishing & Commercial Vs. Budget Revenue - $244K Higher • T-91 Fishing Operations - $105K higher • Arctic Fjord and American Seafoods • P28 & P34 Dolphins - $223K higher • Increased Olympic Tug & Barge activity • Partially offset by Utilities - $52K lower Expenses - $393K Below • Utilities - $156K below • Primarily T91 billing timing • Maintenance - $117K below • Mostly allocations • Staff - $78K below • FTE vacancy & lower travel costs Vs 2025 Revenue - $280K Higher • Increased Olympic Tug & Barge activity - $204K higher • 5% rate increases Expenses - $448K Lower • Environmental - $577K lower due to the T91 environmental remediation liability in 2025 • Utilities - $150K lower, mostly lower T91 sewer costs • Partially offset by higher Central Services - $293K, due to allocation changes 68 Recreational Boating Vs. Budget Revenue - $73K Above • SBM - $212K under • Lower monthly moorage occupancy - $225K • LAB - $51K lower due to demand • 31 slips at SBM used for SaBM relocation • Utilities - $249K above • Primarily at SBM • BHM - $28K over • Stronger guest moorage Expenses - $298K Below • Maintenance - $352K (allocation-driven) • Central Services - $143K (allocation-driven) • PMG - $100K (allocation-driven) • Partially offset by utilities - $316K higher electricity at BHM Vs 2025 Revenue - $440K Higher • Moorage rates increase - average of 4.7% • Utilities at SBM - $189K higher Expenses - $1,070K Higher • Utilities - $428K higher, primarily due to electricity costs at BHM • Environmental - $380K higher • Derelict Vessels: $220K, mainly due to a 2025 adjustment • Allocations: $115K • Workers' Comp - $243K higher • Partially offset by General Expense - $160K lower in bad debt expense 69 Recreational Boating Occupancy Occupancy at Bell Harbor Marina 2024 120% 2025 2025 Budget 2026 110% 2026 BUD 2026 ACT 2025 ACT Act vs Bud '26 vs '25 100% SBM Occupancy 97.5% 96.5% 97.8% -0.99% -1.33% 90% BHM Occupancy 57.3% 73.3% 58.7% 16.01% 14.55% HIM Occupancy Total Recreational Marinas 79.1% 74.1% 67.3% -5.02% 80% 70% 60% 50% 40% 2024 Occupancy at Harbor Island Marina 2024 100% 2025 2026 Budget 3.33% 6.66% Occupancy at Shilshole Bay Marina Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 30% 78.0% 81.3% 74.6% 6.75% 2025 2026 Budget 2026 100% 2026 99% 98% 90% 97% 80% 96% 70% 95% 94% 60% 93% 50% 92% 91% Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 90% Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 40% 70 Ship Canal Fishing & Operations Vs. Budget Revenue - $69K Below • SaBM closure - $57K below • Silver Bay unexpectedly vacated in Sep 2025 • 14 slips at FT Rec Boating used for SaBM relocation Expenses - $1.5M Higher • Environmental: $1.7M higher • $1M remediation liability for T91 Uplands incorrectly charged; correction pending • Derelict Vessel Program: $745K higher for the Quaker Maid; expect to receive a $500K reimbursement from DNR • General Expense: $337K higher, primarily due to bad debt • Partially offset by PMG: $332K below, primarily for FT Pile Replacement project Vs. 2025 Revenue - $584K Below • SaBM closure - $452K lower • Silver Bay departure from - $91K lower • Rate increases from 0% to 10% based on vessel size Expenses - $2.5M Higher • Environmental: $1.7M higher (see above) • Central Service: $278K higher (allocation-driven) • PMG: $224K higher, primarily related to the FT NW Dock Bull rail Repairs and FT Aquatic Weed Control projects • General Expenses: $89K higher, primarily due to higher Bad Debt Exp 71 Ship Canal Fishing & Commercial Occupancy Occupancy at Salmon Bay 2024 SalBM Only 100% 2025 SalBM Only Occupancy 2026 SalBM Only 80% • Monthly occupancy rates per marina as of Q2: 60%  FT Fishing up 0.95%  FT Rec Boating down -0.35%  SaBM down -57.26% 40%  MIC down -7.62% 20% Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 0% Occupancy at Maritime Industrial Center 2024 MIC 2025 MIC Occupancy at Fishermen's Terminal 2024 w/o SalBM 110% 2025 w/o SalBM 2026 w/o SalBM 100% 2026 MIC 95% 90% 85% 80% 75% 70% 65% Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Dec Nov Oct Sep Aug Jul Jun May Apr 40% Mar 35% Feb 50% Jan 45% Jan 60% 55% 72 Portfolio Management $ in 000s Revenue by Facility: T91 Industrial & Uplands Conference Event Centers (CEC) Marina Office & Retail (FT,MIC,SaBM,SBM) WTCW Bell Street Garage & Retail T102 T106 Other (FTZ, P2, P69,T108,T34,T5 Tsubota) Utilities Total Revenue Dept Expenses: Staff Outside Services General Expenses Equipment & Supplies Utilities/Telecommunications Support Services: Maintenance Environmental PMG Planning Economic Development Police/Security Other/Central Services Total Expense NOI Before Depreciation Depreciation NOI After Depreciation 2025 YTD 2026 YTD 2026 YTD Actual RBudget Actual Bud Var $ % Vs. Budget • • • • 3,325 3,812 1,788 370 1,047 1,063 365 925 2,293 14,989 3,499 4,536 1,704 437 976 964 1,618 996 1,784 16,515 3,430 4,014 1,733 416 1,098 1,140 1,620 897 1,597 15,945 69 522 (30) 21 (122) (175) (2) 99 188 570 2% 13% (2%) 5% (11%) (15%) (0%) 11% 12% 4% 1,400 264 4,601 112 2,378 1,435 306 5,197 129 1,868 1,512 385 4,873 174 2,392 76 79 (324) 45 525 5% 21% (7%) 26% 22% 3,588 135 685 161 532 1,097 4,734 19,686 (4,697) 3,257 (7,954) 3,424 707 678 177 646 1,482 4,479 20,530 (4,014) 3,518 (7,533) 4,067 832 886 363 946 1,535 4,404 22,371 (6,426) 3,877 (10,303) 643 125 209 186 300 53 (75) 1,842 2,412 359 2,771 16% 15% 24% 51% 32% 3% (2%) 8% 38% 9% 27% Revenue - $570K Over Higher business activities at Conference Event Center Higher rates from subtenant to direct lease conversions at T91 Higher utilities revenue Partially offset by lease termination, CAM reconciliation & billing timing Expenses - $1.8M Below * • • • • Utilities- SPU misbilling and new RNG purchase model MM- Lower wages & benefits; timing of maintenance materials EDD- Timing of T91 pre-development and P2 CEM study costs Lower support service allocations Vs. 2025 Revenue - $1.5M Higher • Increased Conference Event Center activity • T106 full year revenue. 2025 included environmental credits Expenses- $843K Higher * • Higher CEC business activity increased variable expenses • $175K ERL for MiNC related project • Higher support service allocations, particularly Environmental, EDD, and Police Looking forward Q3 2026 • 2 potential new tenants at WTCW *$1M ERL expenses related T91 Upland is incorrectly booked to a wrong subclass (Ship Canal). The correction is pending. 73 Portfolio Management - Conference Event Center Vs. Budget Revenue - $549K Over • Higher short-term booking rates • Strong demand from new and returning programs/clients • Upsell activity Expenses - $20K Over • General Exp- higher variable expenses • Partially offset by lower support service allocations Vs. 2025 Revenue - $752K Higher • Higher business volumes Expenses- $490K Higher • Higher CEC business activity increased variable expenses • Higher allocations from Environmental and Police Based on approved budget not revised budget 74 All Portfolio Management Occupancy Overall, 91%: Building 87%, Land 92% Total Available SF Building CEC Central Harbor Marina Office & Retail Maritime Industrial T91 Upland Total 907,683 SF Occupied 62,196 219,131 177,512 271,370 60,706 790,915 SF Vacant 81,398 32,678 2,692 116,768 Total Available SF Land Central Harbor Marina Office & Retail Maritime Industrial T91 Upland Total %Occupied 100% 73% 84% 100% 96% 87% 3,334,138 SF Occupied 1,235,339 325,330 1,194,194 321,126 3,075,989 SF Vacant 143,173 39,976 75,000 258,149 %Occupied 90% 89% 100% 81% 92% 75 All Portfolio Management Market Statistics * Information source: Costar-Office & Industrial Market Averages (does not capture land only leases) 76 P69 Facilities $ in 000s 2025 YTD 2026 YTD 2026 YTD Bud Var Vs. Budget Dept Expenses (Org basis): Actual Actual RBudget $ % Salaries & Benefits Equipment Expense Supplies and Stock Outside Services Travel & Other Employee Exp Promotional Expenses General Expenses All Other Expenses Total Expense 317 28 33 157 3 45 302 885 300 27 22 145 4 48 271 818 288 17 35 182 6 50 322 900 (12) (10) 12 37 2 2 51 82 (4%) (61%) 36% 20% 28% NA 3% 16% 9% $82K Below • $12K Supplies and Stock • $37K Outside Services, mainly due to invoice timing carpet cleaning and lower laundry cleaning/software costs • $51K Other Expenses: - $43K Utilities - $7K Department of Natural Resources • Partially offset by $17K higher equipment costs from furniture purchase timing Vs. 2025 $67K Lower • $11K General Supplies • $12K Outside Services due to software invoice timing • $31K Utilities 77 Marine Maintenance Marine Maintenance $ in 000s Reimbursable Revenue JV MD Total Reimbursable Revenue Labor: Staff Equipment & Supplies Outside Services Utilities General Expenses Other Expenses SWU Facilities BOST Fleet Admin Total Expense Depreciation Overhead Rate 2025 YTD 2026 YTD 2026 YTD Actual Actual RBudget 210 201 268 134 333 170 344 534 437 8,044 1,120 143 150 (227) 652 1,549 1,293 1,155 1,481 85 15,444 943 39.4% 8,301 975 156 146 50 (290) 1,425 1,281 1,155 1,559 149 14,908 1,109 43.8% Bud Var $ % (67) -25% 164 96% 97 22% Vs. Budget: Reimbursable Revenue $97K Higher • T18 (JV) $89K Below - minimal work, regulatory & compliance • T91 $117K Higher - New Cruise Terminal operator requested - More Electrical work, Painting, Reader Boards, Barge Breasting 7% 8,931 630 1,420 445 31% 270 113 42% 122 (24) -20% (11) (61) 540% 374 664 177% 1,632 207 13% (5) 0% 1,276 1,200 45 4% 1,736 176 10% 260 111 43% 17,209 2,302 13% 1,173 64 5% Expenses $2.3M Below • Wages - $622K Below • Several Vacancies Laborers, Operators, Truck Drivers • Electrician's contract is not settled. • Workers Comp - $374K reversed a 2025 payment • Materials - $500K Below - one time, expense projects • Outside Services - $115K Below - one time and on call services SWU $207K Below • Wages $150K Below. • 1 EH was approved April, 1 Vacancy. • Flatten out because of OT with end of Cruise Season. Fleet $176K Below • Vacancies $100K Below- Auto Machinist (12/2025) & Manager • Fuel $52K below. Usage is 5% Decrease over 2025; Diesel is up $2.19/gal to $6.14 from Q1. Unleaded is up $1.81/Gal to $5.19. Admin $110 Below • Miscoded utilities budget $33K below • Salaries and contracts $40K below due to vacancy. Vs. 2025: Revenue: $190K Higher • Terminal 91 work 41.9% -1.9% -4.6% Expenses: $536K Below • Workers Comp Reserve, paid $374K in 2025 reversed in 2026. 78 Waterfront Development Office Accomplishments & Milestones Achieved Substantial Completion Elliot Bay Connections Pier 66 Grand Staircase T91 Cruise Gangways T5 Intermodal Yard Compressor T5 Roof Replacement Construction Permit/Authorization T18 Shore Power - Notice to Proceed T5 Container Yard Expansion - Construction Permit FT C15 Building Improvements - Commission Construction Authorization 79 Waterfront Development Office Maritime WDO $ in 000s Waterfront Project Management Payroll Project Allocations Outside Services POS NWSA Travel & Employee Exp Other/OH Allocations Total Waterfront Project Management Planning Payroll Outside Services Other Total Planning CDO Admin Total CDO Program T91 Energy & IT CW Pilot Investment Strategy FT Master Plan Additional Support Total 2025 Actual 2026 Actual 2026 2026 Budget Rbudget 3,716 (1,978) 3,756 (2,161) 4,171 (2,540) 4,171 (2,540) 1,192 37 27 55 3,049 2,556 1,524 19 4,415 10,108 1,961 1,277 53 50 4,972 1,961 1,277 53 50 4,972 (415) 379 0 595 247 (34) 4,365 5,137 477 6 8 491 0 3,540 486 34 11 531 181 10,820 599 350 16 965 176 6,113 599 350 16 965 176 6,113 (112) (317) (5) (434) 5 4,707 2026 Budget 175 250 175 100 700 WPM: • Payroll: • Open headcount (3) Bud Var Comment To Date: $183k in billings, $261k in fees $190k committed SD On hold by Sponsor -10% • -15% 30% 19% -65% 8751% 103% • Project Allocations • 60% utilization vs 60% budget Outside Services • $1.5 Over budget Maintenance Dredging (T18/T45/T46) • T91 Rail Inspect deferred 2027 (105k) • T91 Uplands Roadway Assess cancelled ($230k) • FT C15 Patio Walkway leveling on hold ($99k) -19% -90% -32% • Other Services -45% • $4.3 Over Miscoded ERL entries. 3% Planning: 77% • Payroll: • Sr. Program Manager (Resiliency) Position Filled! (Laura Wolfe) • Outside Services: • $183k billings T91 Energy & IT (expected in July). • $190k committed SD for CWF Master Plan • Other: • Equipment refresh, travel, conferences, unemployment benefits 80 Maritime Security Variance from Budget • The YTD actual expenses are approximately $164K below budget, primarily due to the reduction in the number of guards and the consolidation of the supervisor position at T-46. • Partially offset by the addition of a second vehicle and a driving patrol at T-91. Variance from 2025 • Beginning in July 2025, the new security contract approved by the commissioners took effect with Prosegur 81 Stormwater Utility • • • Revenue unfavorable 13K Tenant revenue unfavorable $220K and NWSA favorable $85K and Port Non-Tenant favorable $124k Expenses are unfavorable by 567K due primarily due to bad debt due to two NWSA tenants in default. • Under the SWU expenses of 585K • Offset by Marine Maintenance that is 513K Cash fund balance as of 6.30.2026 was $2.610M below the 50% revenue target of $4.543M (57% of Target met 6% lower than 63% target at end of Q01) 82 Maritime Division Admin Q2 2026 came in 21% over budget, resulting in a ($101K) overspend Vs. Budget: Salaries & Benefits: ($120K) • Unbudgeted transfer of the Sr. Admin position from Fishing Ops mid-January • Results of Compensation Project. Travel & Other Employee Exp: $33K • Unused budget for several international trips, includes airfare, lodging, meals, registration and local transportation. Outside Services Exp: $9K • Unused budget for Directors Retreat Facilitation Consultant -may be used in Q3. Promotional Expenses: ($26K) • Shared cost with Public Affairs for the SODO Business Improvement Area (BIA), $15K. • 2025 invoice for the National Harbor Safety Conference meal sponsorship ($10K) was paid late due to the pause in TBC spending. Vs. 2025: $83K Higher • Salary & Benefits increased due to transferred Sr. Admin position • Three vacant positions moved to other LOBs in 2026. Chief Development Officer (Transferred to Maritime Planning & Project Management Org 6260). Innovation Program Manager & Sr. Resiliency Planner (Transferred to Seaport Strategic Plan & Policy Org 6250). 83 Economic Development Division Appendix 2026 Q2 Financial Performance Report EDD Q2 2026 $ in 000's Total Revenue 2023 YTD 2024 YTD 2025 YTD 2026 YTD 2026 YTD Revised Actual Actual Actual Actual Budget 8 9 11 6 8 Actual vs. Budget Budget Variance $ % (2) 1% Change from 2025 $ 1,440 % 9% 414% Expenses Division Admin Re Dev & Planning Small Business Workforce Development Tourism Total EDD 184 0 0 0 524 707 66 0 0 0 558 624 36 (0) 0 34 757 827 185 25 0 2 733 945 77 (0) 25 0 902 1,004 (108) (25) 25 (2) 169 59 -139% 19% 6% 149 25 0 (32) (24) 118 Maritime / Maintenance Central Services / IT Total Support Services 10 14 24 11 14 25 22 14 37 13 31 44 13 37 50 (0) 6 6 0% 16% 12% (9) 17 7 -42% 120% 20% Total Expense NOI Before Depreciation Depreciation NOI After Depreciation 731 (723) 6 (729) 648 (640) 5 (645) 864 (853) 7 (861) 989 (983) 14 (997) 1,054 (1,046) 11 (1,057) 65 63 (3) 59 6% 6% -30% 6% 125 (130) 7 (137) 15% -15% 91% -16% GASB/Pension Credit Impacts Total Revenue Total Operating Expenses Total Depreciation NOI After Depreciation with GASB 0 (729) (645) (861) (997) 100% (0) 0 0 (1,057) 59 3% -95% -3% 14% 0 0 0 6% (137) -16% • Revenue includes Duwamish Hub rental - to be moved to MD in 2026 • Direct Charges include Tourism and EDD Tax Levy 85 EDD 2026 Forecast 2023 2024 2025 2026 Actual 24 Actual (8) Actual 21 Forecast 16 2026 Revised Budget 16 3,301 21 30 2,897 23 31 2,582 50 32 3,288 26 76 3,288 26 76 0 0 0 Total Expense NOI Before Depreciation Depreciation NOI After Depreciation 3,351 (3,328) 12 (3,339) 2,951 (2,959) 14 (2,973) 2,663 (2,643) 16 (2,658) 3,390 (3,374) 21 (3,395) 3,390 (3,374) 21 (3,395) 0 0 0 0 GASB/Pension Credit Impacts Total Revenue Total Op Expenses, Pension Adj Total Depreciation (90) (3,850) (18) (3,145) (20) (790) NOI After Depreciation with GASB 421 153 (1,889) $ in 000's Total Revenue Forecast vs. Budget Variance $ % 0 0% Change from 2025 $ (5) % -25% 0% 0% 0% 706 (24) 44 27% -48% 140% 0% 0% 0% 0% 727 (732) 5 (737) 27% -28% 33% -28% 20 (790) 0 100% -100% (1,507) -80% Expenses Total Direct Total Support Services Total Central Services / Other 0 0 0 (3,395) (3,395) 0 0% • Forecasting to budget as we anticipate catching up by EOY • GASB includes legacy contra revenue for L2 Pension and POS pension credits in expense. Reduction in 2025 from 2024 driven by re-org. 86 Economic Development Division ~ Admin Spending came in 19% under budget or $214K underspent Vs. Budget: Travel & Other Employee Expenses: Underspent by $138K driven by: • Memberships • SAF Cascadia payment in process, $100K. • Mass Timber Accelerator $10K. • WEDA Membership Dues $5K. • Travel, Lodging & Meals $60K underspent. Outside Services (excludes Tax Levy): Underspent by $168K driven by: • Timing of Greater Seattle Partners invoices, $125K. • Teal New Deal/Industrial Lands, no spending, $50K. • High Peak underspend $31K. Outside Services - Tax Levy: Underspent by $30K driven by: • $30K underspend due to timing of Maritime Blue invoicing. Trade Business & Community Expenses: Underspent by ($153K) primarily due to: • Unbudgeted Seattle Climate Innovation Hub Sponsorship, ($25K). • King County MOU Sponsorship ($125K) • Community Business Connector program (Tax Levy). Delayed 2025 payment. Vs. 2025: Total expenses are $172K higher than prior year driven by: • Trade Business & Community Sponsorships ($157K). • Advertising ($30K). • Travel & Other Employee expenses ($26K). • Maritime Blue Tax Levy expense ($15K). Mission: Support economic recovery in King County and across the state by advancing trade and travel, promoting manufacturing and maritime growth, while 87 advancing equity and sustainability. Diversity In Contracting (Small Business) Spending came in 15% under budget or $187K underspent Vs. Budget: Outside Services: Spending came in $80K under budget driven by: • A pending invoice for Mentor Protégé programs, $50K. • Underspend at the Tabor 100 Resource Center $39K. Outside Services - Tax Levy: Underspent by $27K • Funding for DBE/WMBE Training and WMBE/SBE Capacity Building. Certifications will be reallocated, $25K. Advertising: Underspent by $15K • Full budget is still expected to be utilized by year-end. Trade Business & Community: Underspent by $54K primarily due to: • $20K in unspent WMBE/Chamber Community Connections budget. • $20K for Port Industry Day venue rental planned to be repurposed. • $18K is underspend for Industry Partner Training Classes. All Other Expenses: Overspent by ($25K), driven by: • $54K Political Subdivision Fee to certify OMWBE businesses budgeted in 2025, coded and applied to Miscellaneous Expense in 2026. Vs. 2025: $100K Higher • 2025 South King County Tax Levy payments to Northwest Mountain Minority Supplier processed in Q3 of 2026, $23K. • Political Subdivision Fee to certify OMWBE businesses budgeted in 2025, applied in 2026, $54K. Purpose: Advance equity and address contracting disparities by increasing the utilization of Women Minority Business Enterprises and other disadvantaged 88 firms. 88 Real Estate Development & Planning Spending came in 32% under budget or $254K underspent Vs Budget: Salaries & Benefits: ($43K) overspent • Overspent due to Allocation methodology Travel & Other Employe Expenses: Underspent by $6K. • The $7K budget for International Urban Land Institute travel was not used. Outside Services: Total underspend of $237K, • Maritime properties are $228K underspent; • Feasibility Analysis in progress for T91 Pre-Development efforts including communications support, $120K. • Feasibility Analysis/Due Diligence services in process for Bypass Road to CEM Study, $110K. • Strategic Development, Feasibility/Due Diligence services in process on P69 Space Planning and future planning, $15K. Vs 2025: $96K Higher Total spend year-over-year, primarily due to increased Outside Services costs associated with the CEM-Terminal 5 Freight Corridor spending and Salary & Benefit Allocation method. RE Dev. & Planning: Facilitates the development of properties to maximize their mission performance and earning potential, identifies and evaluates new 89 property acquisition opportunities and provides counsel to other divisions regarding real estate management and development. Tourism Spending came in 19% under budget or $169K underspent Vs. Budget: Travel & Other Employee Expense: $32K underspent: • The full budget is expected to be utilized, for events later in the year. Outside Services (excludes Tax Levy): $29K underspent • $35K budget for Responsible Tourism Data collection projects and Visitor information Chat Bot unspent. • ($8K) overspent in Software for Simpleview License fee offset by Subscription budget. Outside Services Tax Levy: $104K underspent on State of WA Tourism Contract. Advertising: $36K underspent • Budget for Marketing campaign underspent due to timing but will be utilized by year-end. Promotional Expense: $8K underspent: • $10K budget for State of WA Tourism annual conference. All Other Expenses: ($22K) overspent pending Pcard expenses. Vs. 2025 $24K Lower: Outside Services-Tax Levy • State of WA Tourism Contract payments will occur later in the year. Port of Seattle Century Agenda Goal #2: Advance this region as a leading tourism destination. 90 Workforce Development Spending came in 20% under budget or $384K underspent Vs. Budget: Travel & Other Employee Expenses: $6K underspent • Airfare, Registration, Lodging and meals for West Premiere Sea Servies, Safe from Hate Summit and Women on the Water Conference not used. Outside Services: $371K underspent • $187K underspent in Maritime Workforce investments (SSC Maritime Welding MOA) • $127K underspent in PORT JOBS NON- AIRPORT: Airport Employment Center. • $42K budget for WFD Strategic Planning unspent • $32K budget for Audio visual communication unspent. • Airport Workforce Development: ($287K) overspent due to budget spread and timing of when invoices are received and processed. Vs. 2025: $152K Higher Outside Services Timelier invoice processing for Port Jobs Employment Center Management and Construction Worker Outreach services. Century Agenda Objective 15: Advance regional workforce development in port-related industries by providing equitable access to quality careers 91 Central Services Appendix 2026 Q2 Financial Performance Report Operating Expenses Summary (YTD) Operating Expenses YTD 110,000 101.3 M Operating Expenses YTD Actual vs Revsd_Budget 2026 YTD Actual 102.2 M 100,000 2026 YTD Revsd_Bud Actual vs. Revsd_Bud Variance 70,000 90,000 80,000 60,000 70,000 50,000 20.0% 17.6% 15.2% 15.0% 10.0% 60,000 50,000 40,000 40,000 30,000 30,000 20,000 20,000 6.1% - Actual Revsd_Bud 2026 YTD 2026 YTD -3.2% $835K or 0.8% favorable -4.7% -5.0% - -10.0% Salaries & Benefits • • • • • 5.0% 0.0% 10,000 10,000 % Wages & Benefits Payroll to Capital Proj Outside Services Other Payroll Expenses $648K higher than budget Outside Services $4.0M below budget Travel & Other Employee Expenses $762K below budget Litigated Injuries & Damages 935K higher than budget Charges to Capital Projects $3.3M below budget 93 Central Services Financial Highlights (YTD) Central Services Expenses Comparison Core Central Services Police Engineering/PCS 60.0 M 40.0 M 3.1M 4.1M 4.5M 11.9M 5.4M 12.6M 10.7M 11.1M 29.6M 29.3M 31.6M 33.7M 2024 YTD Actual 2025 YTD Actual 2026 YTD Actual 2026 YTD Revsd_Bud 20.0 M 2026 YTD Total Operating Expenses are $8.8M higher compared to 2025 due to: • Higher Payroll, Equipment Expense, Outside Services, Insurance Expense, and General Expenses in 2025; partially offset by higher charges to Capital Projects. 0.0 M 94 Financial Forecast Summary • Figures in $000s Revenues GASB 87_96_103 Revenues Total Operating Revenues GASB Comparable Basis Forecast 934 934 Budget Revsd_Bud Variance 259 259 675 594 853 259 675 Core Central Support Services Police Engineering/PCS GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis 134,755 48,296 22,240 443 205,734 129,624 48,213 21,887 4,983 204,707 132,607 48,213 21,887 443 203,151 (2,148) (83) (352) (2,583) 12,107 16,840 16,840 4,733 Capital Spending Core Central Services: - Payroll Expenses are higher than budgeted due to less Charges to Capital Projects. - Outside Services, Travel & Other Employee Expenses, and General Expenses are lower than budgeted. • • Police: Mainly due to higher Supplies & Stock than budgeted. Engineering & PCS: Mainly due to less Charges to Capital than budgeted. 95 Central Services YTD Financial Highlights 2024 2025 2026 2026 2026 Forecast 934 934 Actual vs. Revsd_Bud Variance $ % Budget Revsd_Bud 259 259 675 260.9% 594 0.0% 853 259 675 260.9% Change from 2025 Incr (Decr) $ % 920 6689.1% (1,435) -100.0% (516) -35.6% $ in 000's Total Operating Revenues GASB 87_96_103 Revenues Total Operating Revenues GASB Comparable Basis Actual 403 281 684 Actual 14 1,435 1,449 Core Central Support Services Police Engineering/PCS GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis 142,358 43,591 15,644 3,227 204,820 98,442 46,327 18,256 1,131 164,156 134,755 48,296 22,240 443 205,734 129,624 48,213 21,887 4,983 204,707 132,607 48,213 21,887 443 203,151 36,313 1,970 3,984 (688) 41,578 (2,148) (83) (352) (2,583) -1.6% -0.2% -1.6% 0.0% -1.3% 36.9% 4.3% 21.8% -60.9% 25.3% 2026 YTD Total Operating Expenses are $835K under revised budget due to: • Payroll and General Expenses are higher than revised budget with lower charges to Capital Projects. • Equipment Expense, Outside Services, Travel & Other Employee Expenses, and Worker's Compensation Expense are lower than revised budget due to the timely processing of actual expenses. 96 Central Services YTD Expense by Category Actual vs. Revsd_Bud Variance Budget Revsd_Bud $ % 57,346 57,346 (1,809) -3.2% 21,643 21,643 (1,023) -4.7% 14,395 14,395 2,184 15.2% 1,586 1,586 235 14.8% 577 577 (53) -9.3% 24,474 22,707 4,007 17.6% 2,145 2,145 762 35.5% 3,288 3,288 (52) -1.6% (935) 0.0% 2,608 5,867 862 14.7% (27,382) (27,382) (3,343) 12.2% 100,681 102,172 835 0.8% 2,474 204 (151) -74.2% 103,155 102,376 683 0.7% 2024 YTD 2025 YTD 2026 YTD 2026 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 O&M Expenses GASB 87_96_103 Expenses Total Operating Expenses GASB Comparable Basis Actual 50,380 20,497 11,343 578 432 17,065 1,239 2,571 459 3,867 (21,684) 86,747 1,251 87,998 Actual 58,122 21,035 10,353 748 550 15,929 1,426 2,620 537 2,371 (21,185) 92,506 1,631 94,136 Actual 59,155 22,666 12,212 1,351 630 18,700 1,383 3,340 935 5,006 (24,040) 101,338 355 101,693 2026 YTD Change from 2025 Incr (Decr) $ % 1,033 1.8% 1,631 7.8% 1,859 18.0% 603 80.7% 80 14.6% 2,771 17.4% (43) -3.0% 720 27.5% 398 74.0% 2,635 111.1% (2,854) 13.5% 8,832 9.5% (1,276) -78.2% 7,556 8.0% • Outside Services, Travel & Other Employee Expenses, and Other Expenses below revised budget due to timely processing of actual expenses. • Litigated Injuries & Damages higher than revised budget and lower charges to Capital Projects. 97 Central Services Capital Spending 2026 $ in 000's Corporate Fleet Replacement Engineering Fleet Replacement Police Small Cap and Axon Contract Police IT System Upgrades Services Tech - Small Cap Infrastructure - Small Cap PeopleSoft Financial System Upgrade Physical Access Control System Refresh Radio Microwave Redund. Loop Private Cellular Network (LTE) Maximo Software System Upgrade Other (note 1) Subtotal CIP Cashflow Adjustment TOTAL YTD Actual 1,344 247 178 185 458 417 453 49 5 0 195 581 4,112 4,112 2026 Year-End Forecast 3,205 1,316 2,360 835 854 2,060 1,153 319 1,350 0 645 2,910 17,007 (4,900) 12,107 2026 2026 Plan of Budget Finance 4,503 1,144 1,331 560 2,371 2,211 1,687 827 1,500 1,388 1,500 1,500 1,530 1,474 1,473 979 1,350 953 1,250 2,000 1,200 600 3,945 6,956 23,640 20,592 (6,800) (6,400) 16,840 14,192 Budget Variance $ % 1,298 15 11 852 646 (560) 377 1,154 0 1,250 555 1,035 6,633 (1,900) 4,733 28.8% 1.1% 0.5% 50.5% 43.1% -37.3% 24.6% 78.3% 0.0% 100.0% 46.3% 26.2% 28.1% 27.9% 28.1% Note: (1) "Other" includes remaining ICT projects and small capital projects/acquisitions. 98 Appendix - GASB 103 New Accounting Standard GASB 103 The Governmental Accounting Standards Board (GASB) requires us to implement a new reporting standard, effective for the Port of Seattle on January 1, 2026. The purpose of the new GASB 103 is to improve financial reporting and information for users. GASB redefined operating and non-operating revenues and expenses, leading to changes in the current account structure. GASB 103 resulted in $23.2M reduction in Operating Revenues and $27.3M increase in Operating Expenses (and $50.5M reduction in NOI) in the 2026 budget. 100 New Accounting Standard GASB 103 The definition of nonoperating revenues and expenses: If it doesn't meet the definition of nonoperating, it is operating. • (a) subsidies received and provided, • (b) contributions to permanent and term endowments, • (c) revenues and expenses related to financing, • (d) resources from the disposal of capital assets and inventory, and • (e) investment income and expenses. 101 GASB 103 Accounts Change Summary 102 GASB 103 Impacts on 2026 Budget 103