Auckland International Airport (AIA) H2 2025 earnings summary

Executive summary

• Revenue increased 12% year-over-year to over NZD 1 billion ($1,004.7 million), with underlying profit after tax up 12% to NZD 310.4 million, driven by higher passenger numbers and aeronautical charges.

• 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.

• Total passenger movements rose 1.1% to 18.7 million, with international up 2.5% to 10.3 million and domestic down 0.5% to 8.4 million.

• Major infrastructure projects advanced, including terminal integration, airfield expansion, and the opening of Manawa Bay outlet centre.

• Customer experience improved, with international arrivals processing times down 8% and a significant rise in corporate reputation ranking.

Financial highlights

• Net underlying profit after tax up 12% to NZD 310.4 million.

• Final dividend of 7.00 cents per share, total payout ratio 71.8%–71.9% of underlying profit.

• Capital expenditure just under NZD 1.1 billion, supporting major infrastructure projects.

• 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; property valuation increased to NZD 3.4 billion.

Outlook and guidance

• FY26 guidance: underlying profit between NZD 280–320 million, with capital expenditure of NZD 1–1.3 billion.

• Passenger numbers expected at 8.6 million domestic and 10.6 million international.

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

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