Auckland International Airport (AIA) H1 2025 earnings summary

Executive summary

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

• Net profit after tax increased 58% year-over-year to $187.3m, reflecting strong operational recovery and insurance recoveries.

• $1.4b equity raised to support major infrastructure investment, reducing borrowings and strengthening liquidity.

• Interim dividend of 6.25cps declared, with a total dividend of $105.1m.

• Major capital projects advanced, including terminal integration, airfield expansion, and commercial developments.

Financial highlights

• EBITDA rose 13% to $349.6m, with an EBITDA margin of 69.9%.

• Operating expenses increased 15% due to higher staff, maintenance, and promotional costs.

• Investment property fair value increased by $50.5m, contributing to reported profit.

• Cash and term deposits at $789.4m, up from $219.7m at June 2024, reflecting capital raise proceeds.

• Passenger movements increased 2% year-over-year to 9.5 million; international up 4.1% to 5.2 million, domestic flat at 4.3 million.

Outlook and guidance

• Underlying profit after tax guidance narrowed to $290–320m for FY25, reflecting anticipated domestic and international passenger numbers.

• Capital expenditure guidance reaffirmed at $1.0–1.3b for FY25, supporting ongoing precinct investment.

• Expectation of resilient aeronautical and commercial activity, but uncertainty remains around seat capacity and subdued local economy.