Auckland International Airport (AIA) H2 2024 earnings summary

Executive summary

• FY 2024 saw total passenger movements rise 17% to 18.5 million, with international travelers up 29–30% to 10.1 million and domestic up 5%.

• Revenue increased 43% to NZD 896 million (or $895.5 million), driven by international capacity, new aeronautical prices, and strong passenger growth.

• Underlying profit after tax rose 87% to NZD 276.6 million, while reported NPAT fell 87% to NZD 5.5 million due to a one-off deferred tax adjustment and non-cash impacts.

• Record capital investment of NZD 1.159 billion (or $1,158.7 million), up 79%, with major infrastructure and terminal integration projects underway.

• Final dividend of 6.5 cents per share declared, up 63%.

Financial highlights

• Operating EBITDAFI increased 55% to NZD 614 million, with margin improving to 68.6% from 63.4%.

• Aeronautical revenue up 79% to NZD 392 million; retail income up 41% to NZD 185 million; car parking revenue up 15% to NZD 66.4 million.

• Property income rose 6% to NZD 151 million; commercial property rent roll up 10% to NZD 162 million.

• Operating expenses increased 23% to $281.5 million, mainly from higher staff, maintenance, and flood-related costs.

• Cash flow from operations before interest and tax increased 55% to $589.9 million.

Outlook and guidance

• FY 2025 underlying profit after tax guidance: NZD 280–320 million, based on 8.6 million domestic and 10.5 million international passengers.

• Capital expenditure guidance for FY 2025: NZD 1–1.3 billion, focused on terminal integration and precinct projects.

• Full recovery to pre-COVID passenger levels now expected 12–18 months later than previously forecast, due to global supply chain and capacity constraints.

• Cautious outlook due to domestic macroeconomic uncertainty and global supply constraints for airframes and engines.