Auckland International Airport (AIA) investor relations material

Executive summary

• Revenue for 1H FY2026 rose 4% year-over-year to $519.6 million, driven by higher aeronautical charges, increased passenger numbers, and commercial income.

• Operating EBITDAFI increased 6% to $371.3 million, with margin improving to 71.5% from 69.9% in 1H25.

• Net underlying profit after tax rose 6% to $157.1 million, while reported profit after tax (including revaluations) declined 5% to $177.0 million.

• Interim dividend of 6.50 cents per share declared, totaling $110.2 million, up 0.25 cps from the prior year.

• Major infrastructure progress included over $743 million of assets commissioned, with significant projects such as a $465 million international airfield expansion and new domestic jet terminal.

Financial highlights

• Aeronautical revenue grew 7% year-over-year to almost $240 million, with car park income up 14% to $41.1 million.

• Retail income declined 2% due to lower concession rates and a shift to lower-margin categories.

• Investment property rental income increased 9% to $195.4 million; hotel occupancy averaged 83%.

• Operating expenses declined 1% to just over $148 million, aided by cost management initiatives.

• Depreciation expense rose 20% to $118.6 million, reflecting new assets commissioned.

Outlook and guidance

• Underlying profit after tax guidance for FY2026 narrowed to $295–$320 million, with domestic and international passenger numbers forecast at circa 8.6 million and 10.6 million, respectively.

• Capital expenditure guidance narrowed to $1.0–$1.2 billion for FY26, reflecting softer commercial property market conditions.

• Guidance remains subject to material adverse events, significant one-off expenses, or global market deterioration.

• Optimism based on trading momentum, new air connectivity, and infrastructure progress, but global jet supply constraints remain a challenge.