Exhibit_1_-_2025_Annual_Comprehensive_Financial_Report.pdf

Exhibit 1

Annual Comprehensive Financial Report

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INDEX

Introductory Section (Unaudited)

Letter of Transmittal……………………………………………………………………………………………………………………………………………….. i Miami-Dade County Officials ……………………………………………………………………………………….…………………………………………. xi Miami-Dade Aviation Department Senior Staff ………………………………………………………………………………………………………. xii Miami-Dade Aviation Department Organizational Chart ………………………………………………………………………………………… xiii GFOA Certificate of Achievement …………………………………………………………………………………………………………………………… xiv

Financial Section

Report of Independent Auditor ……………………….……………………………………………………………………………………….…………… 1 Management’s Discussion and Analysis (Unaudited) ……………………………………………………………………………………….……. 3 Financial Statements Statements of Net Position……………………………………………………………………………………………………………………………. 21 Statements of Revenues, Expenses, and Changes in Net Position …………………………………………………………………. 23 Statements of Cash Flows …………………………………………………………………………………………………………………………….. 24 Notes to Financial Statements ……………………………………………………………………………………………………………………….……… 26 Required Supplementary Information (Unaudited)

Florida Retirement System:

Schedules of Employer Contributions (Unaudited) ………………………………………………………………………………..…. 76 Schedules of Employer Proportionate Share of Net Pension Liability and Related Ratios (Unaudited) …..…. 77 Supplemental Health Insurance Subsidy Pension Information:

Schedules of Employer Contributions (Unaudited) …………………………………………………………………………………… 78 Schedules of Employer Proportionate Share of Net Pension Liability and Related Ratios (Unaudited) ……… 79 Postemployment Benefits Other than Pensions – Schedules of Changes in Total Liability & Related Ratios .…. 80

Statistical Section (Unaudited) Overview ………………………………………………………………………………………………………………………………………………………………… 81 Aviation Department Schedules of Revenues and Expenses …………………………………………………………………………………. 82 Aviation Department Statements of Net Position …………………………………………………………………………………………………. 83 Aviation Department Changes in Cash and Cash Equivalents ………………………………………………………………………………….. 84 Aviation Department’s Largest Sources of Revenue …………………………………………………………………………………………………85 Key Usage Fees and Charges …………………………………………………………………………………………………………………………………… 86 Concession Revenue per Enplaned Passenger ………………………………………………………………………………………………………… 87 Parking Revenue per Enplaned Passenger ………………………………………………………………………………………………………………. 88 Rental Car Revenue per Enplaned Passenger ………………………………………………………………………………………………………….. 89 Terminal Rent Revenue per Enplaned Passenger …………………………………………………………….……………………………………… 90 Food and Beverage Revenues per Enplaned Passenger ………………………………………………………………………………………….. 91 Aviation Department Employee Strength ……………………………………………………………………………………………………………….. 92 Aircraft Operations ……………………………………………………………………………………………………………………………… Aircraft Landed Weight …………………………………………………………………………………………………………………………………………… 94 Passenger Enplanements ………………………………………………………………………………………………………………………………………… 95 Passenger Deplanements ……………………………………………………………………………………………………………………………………….. 96 Enplanement Market Share by Airline by Fiscal Year ………………………………………………………………………………………………. 97 Air Cargo Activity ……………………………………………………………………………………………………………………………………………………. 98 Miami-Dade County Population and Per Capita Personal Income ……………………………………………………………………….…. 99 Principal Employers in Miami-Dade County ……………………………………………………………………………………………………………. 100 Revenue Bond Debt Service Coverage ……………………………………………………………………………………………………………………. 101 Outstanding Debt ……………………….………………………………………………………………………………………………………………………….. 102 Long Term Debt per Enplaned Passenger ………………………………………………………………………………….…………………………… 103 Capital Assets …………………………………………………………………………………………………………………………………..…………………….. 104

Annual Comprehensive Financial Report

For the Fiscal Years Ended September 30, 2025 and 2024

Introductory Section Letter of Transmittal

Miami-Dade County Officials

Miami-Dade Aviation Department Senior Staff

Miami-Dade Aviation Department Organizational Chart

GFOA Certificate of Achievement i

February 23, 2026

Honorable Chairman Anthony Rodriguez Honorable Members of the Board of County Commissioners Honorable Daniella Levine Cava, Mayor Juan Fernandez-Barquin, Esq., Clerk of Courts and Comptroller Residents of Miami-Dade County

Ladies and Gentlemen:

The Annual Comprehensive Financial Report of the Miami-Dade Aviation Department (Aviation Department or MDAD) for the fiscal year ended September 30, 2025, is hereby submitted. Responsibility for both the accuracy and completeness and fairness of presentation, including all disclosures, rests with the Aviation Department.

To provide a reasonable basis for making these representations, management of the Aviation Department has established a comprehensive internal control framework that is designed both to protect the government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the Aviation Department’s financial statements in conformity with Generally Accepted Accounting Principles (GAAP). Because the cost of internal controls should not outweigh their benefits, the Aviation Department’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. This report presents fairly, and discloses fully, in all material respects, the financial position and results of operations of the Aviation Department.

The Aviation Department is also required to be audited in accordance with the provisions of the Single Audit Act of 1984 and the Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments and Non-Profit Organizations, and the Florida Single Audit Act requirement. Information related to the single audit, including the schedule of expenditures of federal awards and state financial assistance, schedule of findings and questioned costs, and the reports of independent auditor, are reported under a separate cover.

GAAP requires that management provide a narrative overview and analysis to accompany the financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal should be read in conjunction with the MD&A, which can be found immediately following the report of the independent auditor in the Financial Section of this report.

Profile Overview

The Aviation Department operates as an enterprise fund of Miami-Dade County (the County). An enterprise fund is used to account for the financing of services to the general public on a continuing basis with costs recovered primarily through user charges. The County owns Miami International Airport (MIA or the Airport), three general aviation airports, and one training airport (collectively - “the Airport System”), all of which are operated by the Aviation Department.

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The County operates the Airport System through the Aviation Department with policy guidance from the Mayor and the Board of County Commissioners of Miami-Dade County, Florida (the Board).

Economic Conditions and Outlook

MIA, America's busiest airport for international freight and the second busiest for international passengers, is the leading economic engine for Miami-Dade County and the State of Florida’s top economic driver. The most recent economic impact study, commissioned by the Aviation Department, indicated that MIA and the four general aviation airports in the Miami area collectively generated business revenue of approximately $181.4 billion state-wide and supported nearly 843,000 direct, indirect, induced, and related jobs across Florida. On the local level, the Airport operations generated approximately $41.2 billion business revenue and supported over 300,000 jobs in the County.

The Airport supports a host of local industries including tourism, international trade and banking, and the cruise industry. In terms of trade, the most recent Department of Commerce data showed that the Airport handled 92% of the dollar value of the State’s total air imports and exports, and 42% of the State’s total air and sea trade with the world. As a Foreign Trade Zone (FTZ) magnet site, MIA is ideally suited for import/export as FTZ operators can reduce, defer, or eliminate trade duties. MIA was also the first airport in North America and the second in the world designated by the International Air Transport Association (IATA) as a “Pharma Hub Airport” with a Center of Excellence for Independent Validators (CEIV) community of companies committed to safe and efficient processing of high-value temperature-sensitive pharmaceuticals. Working with MIA, a total of ten companies obtained the IATA CEIV pharma certification, including six cargo airlines, two ground handling companies, and two international freight forwarders.

MIA offers an extensive air service network, enhanced by multiple daily scheduled and non-scheduled flights to over 75 domestic and 100 international destinations. It is the premier international passenger gateway to Florida, and a major freight transshipment point by air for the Americas. During calendar year 2024, the most recent year for which such information is available, the airport handled nearly 60% of Florida’s total international passenger traffic, 82% of all air imports, and 73% of all air exports between the USA and the Latin American/Caribbean region.

MIA also offers more passenger flights to Latin America and the Caribbean than any other U.S. airport.

Calendar year 2024 was a historical year of accomplishments at MIA. Ranked one of the fastest growing hub-airport in the U.S. and the tenth busiest airport in the U.S., MIA handled a record 55.9 million total passengers in calendar year 2024, up 6.9% or 3.6 million passengers over the previous year high of 52.3 million travelers.

Domestic and international traffic increased 5.6% or 1.6 million passengers and 8.4% or 2.0 million passengers, respectively, over calendar year 2023. Total cargo operations (freight and mail) also reached a new high of

3.0 million tons in calendar year 2024, up 9.0% or 0.3 million tons over 2023. Internationally, freight tonnage grew 13.7% to 2.5 million tons, while domestic freight fell 9.8% to 0.5 million tons.

MIA, $9.0 billion Capital Improvement Program (CIP) and Modernization in Action (M.I.A.) plan is on schedule to completely transform the Airport over the next 15 years. Renovation and expansion projects are paving the way for the Airport to welcome more than 77 million travelers and 4 million tons of freight by 2040. The comprehensive Future-Ready program is designed to modernize every passenger touchpoint, including a total redevelopment of the Central Terminal between Concourse E and G, a new Concourse K that expands the South Terminal, renovated Concourse D gates to serve larger aircrafts and more flights, and through the M.I.A. plan, which is well underway, infrastructure such as roofs, passenger boarding bridges, public access restrooms, elevators, moving walkways, and escalators are being renovated in phases over the next 5-7 years. Additionally, public-private partnership agreements were executed to build a new privately funded over 450-room, $240 million Westin four-star hotel with a business center and conference space, and a 340,000 square feet cold storage space for perishables, the largest phytosanitary treatment and cold chain processing facility in the U.S. and the first phytosanitary/ non-chemical treatment facility in Florida.

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Passenger Activity

During fiscal year 2025, MIA added eight new year-round routes, welcomed three new carriers, Arajet, Icelandair, and Volaris Costa Rica, and handled flights to 155 non-stop passenger destinations as depicted in the chart below:

Approximately 55.2 million passengers travelled through MIA in fiscal year 2025, down 0.8% or 0.5 million passengers versus the prior fiscal year historic high. Year-over-year, domestic and international traffic, which accounted for 54.9% and 45.1% respectively, of total traffic, declined by 1.3% to 30.4 million and 0.3% to

29.4 million passengers, respectively. American Airlines, MIA’s hub and largest carrier, handled 30.9 million passengers in fiscal year 2025, accounting for 55.9% of the enplaned passengers at the Airport during fiscal year 2025, and together with its affiliate, Envoy, approximately 60.5% of all enplaned passengers during such period.

The Airport is American Airlines’ largest international hub operation, for international passengers, and in calendar year 2024, MIA was ranked second in the U.S. behind New York’s John F. Kennedy Airport for international passengers. Delta Air Lines continues to be the second largest carrier at MIA, representing approximately 7.0% of the enplaned passenger traffic.

Cargo Activity

In calendar year 2024, the most recent year for which such information is available, MIA remained the number one airport in the U.S. for international freight and the leader in perishable imports as shown below, accounting for 66% of all perishables entering the U.S.

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In fiscal year 2025, the Airport achieved its highest ever annual cargo total, handling a record 3.3 million tons of cargo (mail and freight), an increase of 14.2% or 0.4 million tons over 2024. International cargo, which represents 85% of total freight, increased by 15.8%, from 2.4 million tons to 2.8 million tons in fiscal year 2025. Cargo activity generates different types of revenues for the Aviation Department including landing fees, cargo warehouse rentals, aircraft apron rentals, and ground rentals. Cargo carriers represented 26.5% of the landed weight in fiscal year 2025, which is an increase from the 25.0% in the prior fiscal year.

Airline Agreements

In August 2018, the County entered into separate but identical Airline Use Agreements (AUA) with the airlines using MIA. The AUA, which is a 15-year agreement expiring in 2033, provides that the County, acting through its Board of County Commissioners, has the right to calculate landing fees using an airport system residual cost methodology so that the revenues from landing fees, together with revenues from other sources, will be sufficient to meet the rate covenant and other requirements.

Under the 2018 AUA, there were two significant changes: (i) all fees associated with international arriving passengers will be charged under an International Facility Fee and will no longer be recovered through the base Concourse Use Fee, and (ii) preferential gate assignment and usage will be allowed for airlines that meet certain operational qualifications and all non-preferentially use gates will continue to be common use gates. The International Facility Fee and Preferential Gate Use Fee took effect on October 1, 2019, and October 1, 2020, respectively.

The County has entered into separate but substantially similar Terminal Building Lease Agreements with its airline tenants. Under these agreements, airlines have no obligations to make real property investments in tenant improvements to their premises and in personal property to support their operations.

Passenger Facility Charges

The Federal Aviation Administration (FAA) authorized the Aviation Department to impose a Passenger Facility Charge (PFC) of $3 per passenger commencing November 1, 1994. Subsequently, on October 21, 2001, the FAA approved a revised PFC collection level of $4.50 with an effective date of January 1, 2002. In December 2002, the FAA approved a PFC application that enables the Aviation Department to use PFC revenues to pay debt service related to the bonds that were issued to finance the construction of the North and South Terminals at MIA.

Per FAA regulations, net receipts from PFCs are restricted to use only on these FAA approved capital projects and related financing costs. The Aviation Department has been authorized to collect PFCs in the estimated aggregate amount of approximately $2.7 billion including interest. The authorization is expected to expire October 1, 2039.

The amount of PFC collections from inception through September 30, 2025, was approximately $2.0 billion and with interest, approximately $2.1 billion. Of this amount, the Aviation Department has expended $1.8 billion, and as of September 30, 2025, the Aviation Department had a cash balance of $291.5 million in the PFC account.

Capital Projects

In fiscal year 2015, the Aviation Department created a near-to-mid-term Capital Improvement Program (CIP) that addressed facilities in need of renovation. The CIP started with an approved budget of $0.7 billion through a Majority-In-Interest (MII) review process in July 2015 (by a majority of the 11 Signatory Airlines that represent the MIA Signatory Airlines as members of the Miami Airport Affairs Committee). As a result of the Airport’s changing needs and long-term forecasted passenger and cargo growth, MDAD increased the CIP to $12.0 billion in fiscal year 2026, through several MII review processes held between 2017 and 2025, and exempt projects that do not meet the requirements for an MII need. Grouped into twenty-four (24) subprograms, the CIP currently includes over 230 future-ready projects created to address the airport’s future capacity and operational needs.

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The map below depicts the locations of third-party developments and key MIA projects included in MDAD’s adopted capital budget and multi-year capital plan:

The terminal projects are designed to expand and modernize the facilities, optimize aircraft parking, improve aesthetics, and meet current life-safety, maintenance, and security requirements. Projects such as the renovation of Concourse E, including Satellite E and Concourse D and E connector, revamping of the Automated People Mover connecting Lower Concourse E and Satellite E, installation of a new Automated Checked Bag Inspection System in South and Central Terminals, renovation of Concourse E Federal Inspection Services (FIS) and Customs and Border Protection processing areas, and ticket counter renovations in Concourse G and H are complete. Among the projects planned or underway are:

Concourse D West Extension and Gate Optimization – Concourse D gates will be renovated to accommodate additional wide-and narrow-body aircraft, as well as larger regional jets. Scheduled for completion in 2030, the projects include:

A three-level expansion of the existing regional commuter facility at Gate D-60. The facility will comprise 17 new gates for regional jets, boarding areas, concessions, and an expanded baggage system.

Reconfiguration of 18 ground-boarding hardstand gates in Concourse D to 19 contact gates with boarding bridges, of which 16 will continue to serve narrow body aircraft. The gates will also be upgraded to integrate cutting edge biometric boarding technology, allowing passengers to board international flights with the touchless click of a camera.

Renovation of interior boarding areas, apron fueling system adjustments, and upgrading of air systems.

South Terminal and Apron Extension – In May 2025, MIA broke ground for the new Concourse K, a three-level expansion of the South Terminal to the east, that will increase post-security concession space and add six domestic narrow-body aircraft gates with their associated hold rooms and facilities along with three hardstands positions.

Slated for completion in Fall 2029, the over $850 million facility will include:

New baggage systems and connections to the existing Central and South Terminals baggage screening system.

Shell space along the third level for future club/lounges and future sterile circulation that will connect to the South Terminal FIS processing area, allowing MDAD in the future to convert three of the initial domestic gates to international arrival capable positions.

A new General Support Equipment (GSE) facility along with its associated parking, replacing the existing South terminal GSE that currently sits within the new apron/handstand limits.

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Central Terminal Redevelopment - Phase 1 of the Central Terminal redevelopment project is scheduled for completion in 2031 at an estimated cost of $466.5 million. Slated to begin in 2028, the four-level renovation and expansion of the Central Terminal include a post-security corridor that will provide secure and sterile interconnectivity between Concourse E and F and increase the number of post security concessions. Phase 2 of the project is scheduled for completion in 2033 at an estimated cost of over $400 million, and includes:

Renovation and improvements to the main terminal areas between Concourse E and F.

Raising the existing ceiling and roof structure to bring natural light into the center of the existing terminal.

A new vertical circulation core with escalators and elevators.

Consolidation of the existing TSA checkpoints in Concourse E and F into a new centralized checkpoint, rerouting passenger circulation and increasing the square footage of post-security concessions.

Renovation of the second level departure curbside façade, blending the exterior appearance of the Airport.

Ibis Parking Garage - In February 2024, MIA broke ground for a new state-of-the-art, seven-level, 2,240 space parking garage, increasing the airport’s capacity for passengers and employees to over 10,400 spaces. The $136 million facility, completed and opened to the public in December 2025, include high-tech tracking systems to monitor traffic flow and elevator movement, vehicular and pedestrian connections to the existing Flamingo garage, 50 electric vehicle charging stations, 34 spaces for oversized vehicles, 34 ADA-compliant spaces, energy-efficient LED lighting fixtures throughout, and a Parksmart Silver Certification design, the global certification program that defines, measures, and recognizes high performing, sustainable garages.

Airport-Wide Restroom Modernization - This modernization project includes the renovation of 203 public access restrooms located on all three levels of MIA’s terminal and concourses. Phase 1, which includes renovation of 10 restrooms in Concourse H is complete and phase 2, scheduled for completion in Fall 2026, is moving forward with 40 of the 52 restrooms in Central, North and South Terminals already completed and in use, and the remaining under construction. A third phase of 141 restrooms is under design and is scheduled for completion over the next 6 years. So far 50 bathrooms have been fully renovated and open to the public.

Passenger Boarding Bridges and Conveyance Units Replacement – A modernization plan is underway to fully rebuild or replace the 616 conveyance units (escalators, elevators and moving walkways) at MIA. More than 200 units are scheduled for replacement by 2030, and to date 60 have been fully modernized, 25 are currently being modernized, and another 44 are pending solicitation. Elevators have been prioritized with 42 completed, 15 in progress, and another 26 under contract. Similarly, all 126 passenger boarding bridges throughout the terminal will be replaced, including the design, fabrication, transportation, and installation of pre-conditioned air units, baggage chutes, and ground support equipment for each boarding bridge. Phase 2, installation of 50 glass loading bridges, is pending contract award, and the first 33 of 42 bridges from phase 1, including two glass bridges, have been installed and another ten, all-glass designs, are under construction. It is estimated that 94 of the 126 bridges will be replaced by 2028.

Terminal-Wide Re-Roofing and Lighting System Upgrades – Replacement of 450,000 square feet of existing terminal roof with a Modified Bitumen Membrane Roofing System, installation of solar panels, and improvements to the drainage and lighting systems. This project is expected to begin in Summer 2026 and is scheduled to be completed in 2030.

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Airfield/Airside, Cargo and Non-Terminal Buildings, Landside/Roadways and Fuel Facilities - Outside the Terminal buildings, the CIP also contemplates major improvements under various sub-programs, with key projects such as:

Installation of advanced visual guidance docking system at the gates, an innovative device that automatically guides the pilot to park without the need of an aircraft marshal.

Runway 9-27 rehabilitation and widening to include lighting and lighting infrastructure upgrades, and implementation of Runway Incursion Mitigation Hot Spot 5 to leverage Geographical Information System runway incursion data. This project is currently under design.

Demolition and replacement of buildings, office and tenant relocations, and apron and airside improvements.

Construction of a new GSE facility for the North Terminal to house GSE operators and maintenance functions for American Airlines.

Building 702 apron and airside improvements to convert facility from belly cargo to a freight cargo facility.

Exterior cladding of the parking garages.

Construction a new perimeter road bridge over the Tamiami Canal, changing the configuration from a single lane in each direction to double lanes in each direction.

Installation of security fence, including concrete barrier, on the south side of the Airport.

Design and construction of two additional 95,600 gallons fuel tank at MIA’s fuel storage facility.

General Aviation Airports – Projects include:

Rehabilitation of Runway 9-27 at Miami-Opa Locka Executive Airport (OPF), including pavement reconstruction and airfield-lighting system renovation, which is complete. Also, at OPF, construction of a jet blast detection fence and a run-up pad, ensuring safety and effectiveness during routine aircraft maintenance activities. The jet blast fence is complete, and the run-up pad is under construction.

New Air Operations Area (AOA) fence at Miami-Homestead General Aviation Airport (X51), as well as additional security enhancements such as new access controls, high mast lighting, security cameras, and airside to landside gates. This project is currently under construction.

Runway Incursion Mitigation (RIM) at Miami Executive Airport (TMB) with Taxiway H-West extension. Taxiways and runways on the south side of TMB were reconfigured to improve traffic and mitigate current flight pattern conflicts between Runway 9R-27L and Runway 13-31. Phase 1 of this project is complete.

Expansion of the south apron at TMB for a new taxi lane and construction of a new 130-foot-high Air Traffic Control Tower funded by the FAA.

Other critical projects included in the CIP are acquiring land east and west of the Airport as it become available to facilitate MIA’s expansion, rehabilitation of bridges throughout the airport for structural safety, recertification of 114 buildings in accordance with County Code Section 8-11(f), which is in progress, replacement and/or refurbishment of all elevators, escalators, and moving walkways at MIA, many of which are over 40 years, also in progress, a study to determine future electrical needs throughout MIA, installation of grease and oil separators at MIA terminal, installation of a $6.2 million perimeter intrusion detection system (funded by the Transportation Security Administration), which detects unauthorized movement along the fence line in real time, and refurbishment or replacement of electrical and mechanical systems throughout MIA, to ensure long-term sustainability and safety of the Airport’s infrastructure.

In June 2015, the Aviation Department issued $75.0 million in Aviation Revenue Bonds under the Trust Agreement to begin the bond financing portion (including financing costs) of the CIP. In May 2019, the Aviation Department issued $282.2 million in Aviation Revenue Bonds to continue to fund the CIP. Most of the proceeds were used to pay off $170.0 million in outstanding Aviation Commercial Paper Notes for the Commercial Paper program that expired on March 2, 2021. In March 2021, the Aviation Department issued $200 million in Aviation Commercial Paper Notes for the purpose of providing temporary funding for the CIP. In March 2025, the Aviation Department issued $521.9 million in Aviation Revenue Bonds, of which $180.0 million was used to repay outstanding Commercial Paper Notes.

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Tenant Financed Facilities

The Aviation Department has decided, as a matter of policy, to permit tenants of airside facilities to construct some buildings with private financing or private funding. Accordingly, certain hangars and cargo facilities (including those for Federal Express, UPS, and LAN Airlines) have been constructed with private financing. Ownership to improvements constructed by a tenant is typically retained in the tenant’s name for a stated period or until expiration of the lease agreement. If the tenant remains in possession following either of these dates, the tenant is obligated to pay building rent in addition to ground rent or depending on the condition of the improvements, MDAD reserves the right to require the tenant to demolish the improvement(s).

Major Initiatives and Long-Term Financial Planning

In 2019, the Aviation Department unveiled its proposed future CIP, which was approved by the Board of County Commissioners on June 4, 2019. Over the years, the CIP has grown to a long-term and bigger program designed to address all the airport’s future capacity and operational needs. The CIP will fund twenty-four (24) sub-programs that will be constructed through 2043 and beyond and the program has been structured to facilitate the “phasing in” and “phasing out” of capital projects in order to adjust to emerging airline needs or changing conditions, and to allow for the utilization of MIA during construction.

To create the projects under these sub-programs, an in-depth assessment of the County's Airport System (including general aviation airports) considered factors such as demand for growth, operational needs (airside, landside, cargo, and terminal) and funding capacity. Recommendations from the Aviation Department’s Supplemental Airport Master Planning (“SMP”) Study completed in 2020 was also incorporated into the development of projects under the sub-programs. The SMP addressed the 20-year capacity and operational needs for the Airport and the County’s four general aviation airports and evaluated MIA’s longer-range needs for a strategic planning horizon that extended to 2050. The SMP Study refined the Aviation Department’s overall approach to implementing the long-term capital needs for its airports, so as to continue providing a high level of service to the surrounding communities.

Impacted by the airport’s current urgent needs, post-COVID market conditions, escalation costs, and inflationary pressures, the fiscal year 2026 Adopted Capital Budget and Multi-Year Capital Plan totals $12.0 billion, of which approximately $700.0 million will be spent in fiscal year 2026. The CIP includes projects and funding sources from fiscal year 2015 through fiscal year 2043 and concurrent with the development of the CIP, the Aviation Department is in the process of defining new projects and funding sources to grow the program. The funding sources for planned capital improvement expenditures are allocated as follows (in thousands):

Capital Budget FY 2026 Multi-Year Capital Plan

Sources of Funds Amount Percent Amount Percent

Debt Proceeds -$ - 639,848$ 5.3 %

Aviation Operating Funds 1,807 0.2 % 9,273 0.1 %

Passenger Facility Charge 3,191 0.5 % 160,895 1.4 %

Federal Grants 32,446 4.6 % 483,690 4.0 %

State Grants 39,932 5.7 % 197,307 1.6 %

Inprovement Fund 18,277 2.6 % 155,224 1.3 %

Claims Construction Fund - - 8,918 0.1 %

Reserve Maintenance Fund 122,869 17.6 % 653,296 5.4 %

Future Financing 481,452 68.8 % 9,719,274 80.8 %

Total 699,974$ 100.0 % 12,027,725$ 100.0 % ix

Fiscal year 2025 marked another year of substantial investments in maintenance and capital improvements at MIA.

Some noteworthy projects completed or near completion included strategic land and building acquisitions, construction of the new state-of-the-art parking garage, completed and opened to the public in December 2025, rehabilitation of Runway 9L/27R at OPF, replacement of ticket counters between Concourse E and H, continued integration of cutting-edge biometric boarding technology at 130-plus gates throughout the airport, the largest implementation of biometric technology at any U.S. airport, modernization of an additional 22 conveyance units and 6 restrooms throughout the airport and terminal, installation of security cameras at baggage claims, Phase 1 of the construction of TMB RIM, with Taxiway H-West extension, Concourse E to H life safety upgrades, and replacement of MIA X-Ray security screening system.

Over 40 projects are scheduled to commence in fiscal year 2026, including the much anticipated renovation of Concourse D gates to accommodate wide-and narrow-body aircrafts, as well as larger regional jets, expansion of the North Terminal baggage handling system, construction of MIA RIM Hot Spot No. 4 (Corral Area), recertifications of buildings to bring them to code, terminal-wide roof replacement and lighting system upgrades, installation of new furniture and charging capabilities in Concourse E Satellite, replacement of Concourse E Satellite mechanical and electrical equipment and construction of a new chiller plant, expansion of MIA fuel storage facility, rehabilitation of the upper level drive Bridge, Phase 1 of the replacement of MIA existing airfield fence with a new design guideline standard high security fence, and installation of closed circuit TV and access control system at the Central Terminal. The replacement, renovation, and modernization of passenger boarding bridges, public restrooms, and conveyance units will continue in 2026, with 9 boarding bridges, 10 restrooms, and 25 conveyance units slated for completion by the end of the fiscal year.

On July 8, 2020, the Board of County Commissioners approved an ordinance authorizing issuance of not to exceed $5.0 billion aggregate principal amount of Miami-Dade County, Florida, Aviation Revenue Bonds. As of September 30, 2025, the Aviation Department has remaining capacity under the Authorizing Ordinance for the issuance of $4.5 billion in aggregate principal amount of bonds, after the issuance of $0.5 billion in March 2025.

Independent Audit

The financial statements for fiscal year 2025 were audited by Cherry Bekaert LLP, and the opinion resulting from their audit is included in this Annual Comprehensive Financial Report. Their audit was made in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards.

Awards

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Department for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2024. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.

In order to be awarded a Certificate of Achievement, the Department was required to publish an easily readable and efficiently organized Annual Comprehensive Financial Report. This Annual Comprehensive Financial Report must satisfy both accounting principles generally accepted in the United States and applicable legal requirements.

A Certificate of Achievement is valid for one year only. The Department has received a Certificate of Achievement for the last 33 consecutive fiscal years (1992-2024). It believes the current report continues to conform to the Certificate of Achievement program requirements, and as such it is being submitted to GFOA.

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Acknowledgements

This report could not have been presented without the efforts of the Finance and Strategy Division staff. We sincerely appreciate their time and thank them for their valuable contributions. The Department also thanks the County Mayor and the Board of County Commissioners for providing continued support to the Department, enabling the successful operation of the Airport System.

Respectfully submitted, Ralph Cutié Aviation Director & CEO

Sergio San Miguel, CPA Chief Financial Officer xi

Miami-Dade County Officials

Daniella Levine Cava

Mayor

Board of County Commissioners

Anthony Rodriguez, Chairman

Kionne L. McGhee, Vice Chairman

Oliver G. Gilbert, III, District 1 Danielle Cohen Higgins, District 8

Marleine Bastien, District 2 Kionne L. McGhee, District 9

Keon Hardemon, District 3 Anthony Rodriguez, District 10

Micky Steinberg, District 4 Roberto J. Gonzalez, District 11

Vicki L. Lopez, District 5 Juan Carlos Bermudez, District 12

Natalie Milian Orbis, District 6 René Garcia, District 13

Raquel A. Regalado, District 7

Constitutional Officers(1)

Juan Fernandez-Barquin, Esq.

Clerk of the Courts and Comptroller

Sheriff Rosie Cordero-Stutz Tomas Regalado Office of the Sheriff Property Appraiser

Alina Garcia Dariel Fernandez Supervisor of Elections Tax Collector

Appointed Officials

Geri Bonzon-Keenan

County Attorney

(1) On January 7, 2025, the newly elected Clerk of Court and Comptroller, Sheriff, Supervisor of Elections, Tax

Collector, and Property Appraiser, each assumed their respective duties. The list of Officials reflects the individuals in office at the time this report was issued.

www.miamidade.gov xii

Miami-Dade Aviation Department

Senior Staff

Isaac Smith Assistant Director, Facilities Management

Maurice Jenkins Chief Innovation Officer

Patricia Hernandez Senior Executive Assistant

Basil A. Binns, II Deputy Director

Ana Finol Interim Deputy Director

Arlyn Rull Valenciaga Senior Policy Advisor

Ernesto Beltre Interim Assistant Director, Facilities Development

Barbara S. Jimenez Assistant Director, Administration

Ralph Cutié Aviation Director

& Chief Executive Officer

Mark O. Hatfield, Jr.

Assistant Director, Public Safety & Security

Sergio San Miguel Chief Financial Officer

Sarah Abate Assistant Director, Business Development - Commercial Operations

Jeffrey Plant Assistant Director, Operations

Andria Muñiz-Amador Chief of Staff & Senior Strategic

Marketing & Customer Engagement Advisor

Karen Wright Assistant Director, Business Development - Real Estate

Sylvia Novela Assistant Director Procurement

& Materials Management xiii

Miami-Dade Aviation Department

Organizational Chart xiv xi

Financial Section Independent Auditors’ Report

Management Discussion & Analysis

Financial Statements cbh.com

Report of Independent Auditor

To the Honorable Mayor and Members The Board of County Commissioners Miami-Dade County Miami, Florida

Report on the Audit of the Financial Statements

Opinion We have audited the accompanying financial statements of the Miami-Dade County Aviation Department (“Aviation Department”), an enterprise fund of Miami-Dade County, Florida (the “County”), as of and for the years ended Miami- Dade Aviation Department, and the related notes to the financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Aviation Department as of September 30, 2025 and 2024, and the changes in its financial position and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matters As discussed in Note 1.a., the financial statements present only the Aviation Department and do not purport to, and do not, present fairly the financial position of the County as of September 30, 2025 and 2024, the changes in its financial position, or, where applicable, its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

As discussed in Note 14.b. to the financial statements, the Aviation Department adopted the provisions of Governmental Accounting Standards Board Statement No. 101, Compensated Absences. As a result of the latter, net position has been restated. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Aviation Department’s internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and required supplementary information, as listed in the table of contents, be presented to supplement the financial statements. Such information is the responsibility of management and, although not a part of the financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information Management is responsible for the other information included in the annual report. The other information is comprised of the introductory and statistical sections but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated February 23, 2026, on our consideration of the Aviation Department’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Aviation Department’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Aviation Department’s internal control over financial reporting and compliance.

Tampa, Florida February 23, 2026

MIAMI-DADE COUNTY AVIATION DEPARTMENT

AN ENTERPRISE FUND OF MIAMI-DADE COUNTY, FLORIDA

MANAGEMENT’S DISCUSSION AND ANALYSIS

SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

Introduction

The following discussion and analysis of the financial performance and activity of the Miami-Dade County Aviation Department (the Aviation Department) is to provide an introduction and understanding of the financial statements of the Aviation Department for the years ended September 30, 2025 and 2024. This discussion has been prepared by management and should be read in conjunction with the financial statements and the notes thereto, which follow this section.

The Aviation Department operates an airport system consisting of Miami International Airport (“MIA”), four general aviation airports: Miami-Opa Locka Executive Airport, Miami Homestead General Aviation Airport, Miami Executive Airport, and the Dade-Collier Training and Transition Airport. The State of Florida erected an immigration detention and deportation facility at the Dade-Collier Training and Transition Airport in 2025, and while the U.S. Department of Homeland Security and Immigration and Customs Enforcement control access to the facility and its security perimeter, the Aviation Department remains responsible for ensuring compliance with Federal Aviation Administration (“FAA’) safety standards for all aircraft operations, general maintenance of the airport infrastructure, and the safe operation and maintenance of the airfield, including runway and taxiway safety, foreign object debris removal, and airfield lighting and markings.

The Aviation Department operates as an enterprise fund of Miami-Dade County, Florida (the “County”). The Aviation Department is self-supporting, using aircraft landing fees, fees from terminal and other rentals, and revenue from concessions to fund operating expenses. The Board of County Commissioners approved a Capital Improvement Program (“CIP”) on June 4, 2019, that is primarily funded by bonds, federal and state grants, Passenger Facility Charges (“PFC”), and monies set aside from the Reserve Maintenance Fund and Improvement Fund. The CIP will fund twenty-four sub-programs that will be built during the period of 5 to 15 years through 2043 and beyond.

Required Financial Statements

The Aviation Department’s financial report includes three financial statements: the statement of net position, statement of revenue, expenses, and changes in net position, and statement of cash flows. The financial statements are prepared in accordance with U.S. generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board (“GASB”). The Aviation Department is structured as a single enterprise fund with revenue recognized when earned and expenses recognized when incurred. Capital asset costs, with the exception of land and construction in progress, are capitalized and depreciated over their estimated useful lives. Certain net position balances are restricted for debt service, construction activities, and major maintenance-type activities.

The statement of net position includes all of the Aviation Department’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, and provides information about the nature and amounts of investments in…