Auckland International Airport (AIA) H1 2025 earnings summary

Executive summary

• Revenue rose 13% to $499.9 million for 1H25, driven by higher aeronautical charges, increased passenger numbers, and commercial income.

• Net profit after tax increased 58% year-over-year to $187.3 million, with underlying profit after tax up 2% to $148.1 million, supported by a $50.5 million investment property revaluation gain.

• $1.4 billion equity raise completed to fund major infrastructure projects, reduce borrowings, and maintain an A- credit rating.

• Interim dividend of 6.25 cents per share declared, totaling $105.1 million for the period.

• Major capital projects advanced, including terminal integration (31% complete), airfield expansion, and the opening of the Mānawa Bay outlet center.

Financial highlights

• Operating EBITDAFI rose 13% to $349.6 million, with an EBITDA margin of 69.9%.

• Aeronautical revenue up 15% to $224 million, driven by higher charges and international activity.

• Retail income increased 4% to $94 million, with car parking income up 6%.

• Property and rental income rose 13% to $11 million, with strong occupancy at 99%.

• Net interest expense rose to $43.9 million due to higher borrowing, partially offset by lower average interest rates.

Outlook and guidance

• Underlying profit after tax guidance narrowed to $290–$320 million for FY25, excluding fair value changes and one-off items.

• Capital expenditure guidance reaffirmed at $1–$1.3 billion for FY25.

• Domestic passenger numbers expected at 8.4 million and international at 10.5 million for the full year.

• Ongoing uncertainty around seat capacity, subdued local economy, and airline capacity constraints noted.