Samuel Dobson
Head of Investor Relations

Well, good morning, everyone, and thank you for joining us here today for Macquarie’s Third Quarter and Third Quarter ’26 and 2026 Operational Briefing.

Before we begin today, I would like to acknowledge the traditional custodians of this land, the Gadigal of the Eora Nation and pay our respects to elders past, present and emerging.

Today, we will have a third quarter update, which will be given by our CEO, Shemara Wikramanayake, followed by a Q&A session. We’ll then hear from each of our operating groups talking about Macquarie’s presence here in ANZ. And then we’ll hear from Andrew Cassidy talking about risk and Nicole Sorbara and team talking about technology.

So, with that, I will hand over to Shemara. Thank you.

Thailand’s Airports of Thailand Plc (AOT) is preparing for a significant surge in passenger traffic across its six airports during the Chinese New Year holiday period, from February 13-22, 2026.

This anticipated increase, totaling over 4.11 million passengers, is primarily driven by a robust recovery in the Chinese tourism market and a renewed confidence in Thailand’s travel sector.

Key Insights

• Passenger surge forecast: Airports of Thailand (AOT) expects over 4.11 million passengers across six major airports during the Chinese New Year holiday (Feb 13–22, 2026).
  • International travelers: ~2.6 million
  • Domestic travelers: ~1.51 million
  • Flights: ~24,847 (14,295 international, 10,552 domestic)
• Chinese market recovery:
  • Chinese passenger numbers projected at 679,259, an 8.1% year-on-year increase.
  • Suvarnabhumi Airport alone expects 444,255 passengers on China routes, a 24.2% rise compared to last year.
  • This highlights strong confidence in Thailand’s tourism rebound and renewed demand from China.

During this ten-day festive period, AOT expects approximately 4.11 million passengers to pass through its major airports, including Suvarnabhumi, Don Mueang, Chiang Mai, Mae Fah Luang–Chiang Rai, Phuket, and Hat Yai. This total comprises about 2.6 million international travelers and 1.51 million domestic passengers. The total number of flights is estimated at 24,847, with 14,295 international and 10,552 domestic flights.

Chinese Market Dominance

Data as of February 4, 2026, indicates a substantial rise in flights and passengers originating from China.
Chinese passenger numbers are projected to reach 679,259, marking an 8.1% year-on-year increase.
Suvarnabhumi Airport, the country’s main international gateway, is forecast to handle 444,255 passengers on China routes alone, a significant 24.2% increase compared to the previous year.
This recovery underscores growing confidence in Thailand’s tourism industry and a strong resurgence in international travel from China.

Operational Measures and Passenger Advisory:

AOT plans to organize Chinese New Year celebrations within passenger terminals, featuring lion dance performances and cultural demonstrations, to enhance the festive atmosphere for travelers.
Due to the expected heavy traffic, AOT strongly advises all passengers to arrive at the airports at least two to three hours before their scheduled departure times to avoid potential delays and missed flights during peak hours.

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Chipotle CEO Scott Boatwright suggested in leaked audio that the company would begin focusing on customers who make more than $100,000 per year, indicating further price hikes.

During a recent earnings call, Boatwright said 60% of customers earn more than $100,000 a year and that he wants to “lean into that group in a more meaningful way.”

“We learned that 60% of our core users are over $100,000 a year in income, in average household income. That gives us confidence that we can lean into that group in a more meaningful way — to really drive meaningful transaction performance in the year,” he said in leaked audio of the call, according to Yahoo Finance.

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Chipotle CEO Scott Boatwright suggested that the company would begin focusing on customers who make more than $100,000 per year. (REUTERS/Andrew Kelly / Reuters)

“What we’ve learned is the guest skews younger, a little higher income, is typically a digital native, and that their grounded purpose aligns with our North Star as a brand, around clean food, clean ingredients, high protein,” Boatwright also said, according to Business Insider. “We are the way they want to eat, and we’re going to lean into that in the most meaningful way.”

Chipotle has also launched a new high protein menu to match the demand for “clean” food and ingredients, as well as high protein.

Chief Financial Officer Adam Rymer said during the call that consumers can expect menu prices to increase 1-2% amid rising food and labor expenses.

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Chief Financial Officer Adam Rymer said consumers can expect menu prices to increase 1-2% amid rising food and labor expenses. (REUTERS/Andrew Kelly / Reuters)

Boatwright later attempted to clarify the “misinformation” surrounding the chain’s pricing controversy.

He told Yahoo Finance that “60% of our consumers’ average household income is over $100,000 a year, and they’re still spending in this tough economy.”

The executive added that the company plans to “lean into those consumers with brand innovation, menu innovation and really give them more compelling reasons to come in.”

Chipotle spokesperson Laurie Schalow also said “pricing was never mentioned” regarding the $100,000 and over cohort.

Chipotle has launched a new high protein menu to match the demand for “clean” food and ingredients, as well as high protein. (iStock / iStock)

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“CEO Scott Boatwright stated on Chipotle’s earnings call last week that 60% of its customers have an average household income over $100,000, so the company sees an opportunity to lean into these customers with new occasions like group or solo dining experiences,” she said in a statement to Complex. “Since this consumer population is actively spending more at shops and restaurants today, Chipotle is giving them additional reasons to visit through new marketing and menu innovations, and enhancing the digital experience for all guests.”

“Pricing was never mentioned regarding this consumer cohort, and Chipotle has taken a slow and measured approach by only increasing prices in this quarter by around .7% compared to the industry average of 4%,” she added.