Airport Demand GrowthRecovery in China air travel and Shanghai Pudong's Terminal 3 expansion will increase passenger throughput and boost demand for both conventional jet fuel and sustainable aviation fuel, supporting higher sales volumes.
Sustainable Aviation Fuel MarginsA rising share of sustainable aviation fuel in the sales mix delivers materially higher margins than conventional jet fuel, improving overall profitability per unit sold.
Trading And Margin ImprovementWidening trading margins and stronger regional arbitrage, including expanded middle-distillate profits, have driven earnings upside and helped results beat expectations.