Auckland International Airport (AIA) H1 2026 earnings summary

Executive summary

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

• Operating EBITDAFI increased 6% to $371.3 million, with margin improving to 71.5%; net underlying profit after tax up 6% to $157.1 million.

• Net profit after tax declined 5% to $177.0 million, while total comprehensive income attributable to owners rose to $174.4 million.

• Interim dividend increased to 6.50 cents per share, with $110.2 million declared and strong DRP participation above 40%.

• Capital expenditure reached $430.6 million, supporting major infrastructure projects and commissioning over $743 million of assets.

Financial highlights

• Aeronautical revenue grew 7% year-over-year to almost $240 million; car park income surged 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 $91.1 million; hotel occupancy averaged 83%.

• Operating costs decreased 1% year-over-year, aided by cost management initiatives and over $20 million in cost savings.

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

Outlook and guidance

• Underlying profit after tax for FY2026 is guided between $295 million and $320 million.

• Expected domestic and international passenger numbers are circa 8.6 million and 10.6 million, respectively.

• Capital expenditure for FY2026 is forecast between $1.0 billion and $1.2 billion.

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