Auckland International Airport (AIA) H2 2025 earnings summary

Executive summary

• Revenue increased 12% year-over-year to over NZD 1 billion, driven by higher passenger numbers and aeronautical charges, with underlying profit after tax up 12% to NZD 310.4 million.

• EBITDAFI rose 14% to NZD 701 million, and reported profit after tax surged to NZD 420.7 million, reflecting property revaluations and absence of prior year tax charges.

• Capital expenditure reached just under NZD 1.1 billion, supporting major infrastructure projects including terminal integration and airfield expansion.

• Final dividend increased 8% to NZD 0.07 per share, with total payout ratio 71.8% of underlying profit.

• Achieved positive performance despite global fleet challenges, domestic growth constraints, and a subdued local economy, with modest uplift in passenger numbers and strong cost management.

Financial highlights

• Operating costs rose 8% to NZD 303.6 million, mainly from increased staffing and asset management to support growth.

• Depreciation increased 19% to NZD 200.7 million due to asset revaluations and new assets.

• Interest income grew to NZD 31.8 million, while interest expense remained stable at NZD 72.3 million.

• Cash flow from operations was NZD 474.3 million, down 4% year-over-year.

• Aeronautical revenue up 15% to NZD 491 million; retail income up 3% to NZD 189 million; parking revenue up 9% to NZD 72 million; investment property rental income up 15% to NZD 173 million.

Outlook and guidance

• Underlying earnings guidance for FY 2026 set at NZD 280–320 million, based on anticipated 8.6 million domestic and 10.6 million international passengers.

• Capital expenditure guidance for FY 2026 between NZD 1 billion and NZD 1.3 billion.

• Ongoing airline seat capacity constraints, geopolitical risks, and construction disruption expected to persist in the short term.

• Full recovery to pre-COVID passenger levels projected by FY 2028, with international recovering before domestic.