Auckland International Airport Limited · NZX:AIA
Auckland International Airport — FY2026 Earnings Presentation
53 slides from Auckland International Airport's earnings presentation, Aug 20, 2026
Slide 1: Annual results presentation
Annual results presentation 20 August 2026 Carrie Hurihanganui Chief Executive Stewart Reynolds Chief Financial Officer
Slide 2: Important notice
Important notice Disclaimer This presentation is given on behalf of Auckland International Airport Limited (NZX: AIA; ASX: AIA; ADR: AUKNY). Information in this presentation: • is provided for general information purposes only, and is not an offer or invitation for subscription, purchase, or recomme
Slide 3: Table of contents
Table of contents FY26 highlights at a glance 4 Financial results 8 Building a better future 19 Outlook 36 Supplementary information 39 FY26 Annual results presentation 3 Auckland Airport
Slide 4: FY26 highlights
FY26 highlights Aeronautical Operations Customer 19.04m 15.6% international 7.0% domestic 4.4 / 5 total PAX movements in FY26, up 2% improvement in departure processing times Voice of the Customer satisfaction score • 8.57m domestic PAX movements, up 2% • Collaboration with airport partners continue
Slide 5: FY26 highlights (cont'd)
FY26 highlights (cont’d) Commercial Infrastructure delivery Sustainability and community $442m 400,000m 2 75% income up 2% of upgraded airfield, terminals & transport infrastructure reduction in scope 1 and 2 emissions (targeting 90% by 2030) • Car park income up reflecting customer migration • Comm
Slide 6: Strong year of delivery with $1bn of assets delivered in the year
Strong year of delivery with $1bn of assets delivered in the year Northern remote stands Airside access checkpoint The ‘Stitch’ between the international and the new domestic jet terminal 6 Inner terminal road and temporary check -in pavilion Cargo precinct Airfield renewals
Slide 7: FY26 highlights (cont'd) - PAX recovery vs FY19
FY26 highlights (cont’d) 2026 Auckland Airport PAX recovery Year ended 30 June 2026 2025 Change With increased aeronautical capacity, improvements in visa settings and a favourable 100% Revenue 1,035.6 1,004.7 3% exchange rate, the tourism recovery gained Expenses (311.4) (303.6) (3)% traction in th
Slide 8: Financial results
Auckland Airport Financial results
Slide 9: FY26 financial results at a glance
FY26 financial results at a glance Revenue Reported profit after tax Capital expenditure Final dividend Key themes • Growth in revenue driven by increased passenger and commercial activity across the precinct. Momentum maintained in the Investment Property portfolio, despite softer $1,036 $335 milli
Slide 10: Revenue growth
Revenue growth Continued revenue growth reflecting ongoing investment in infrastructure and diversified activities • Revenue climbed 3% over the period, supported by growth in For the year ended 30 June 2026 2025 Change aeronautical charges, higher passenger numbers and stronger commercial income Re
Slide 11: Revenue composition
Revenue composition Stronger trading and increased charges underpinned the revenue growth in the year • Aeronautical revenue, spanning airfield and passenger services For the year ended 30 June 2026 2025 Change charges, rose 6% underpinned by growing passenger numbers and higher aeronautical charges
Slide 12: Cost discipline is supporting investment in growth
Cost discipline is supporting investment in growth Careful cost management held operating expense growth to 3% as investment across the precinct remained elevated • Staff costs rose 3% to $88.3 million as headcount grew 11% to For the year ended 30 June 2026 2025 Change resource airport operations a
Slide 13: EBITDAFI bridge
EBITDAFI bridge As trading performance improved and costs managed, the core business built stronger momentum in underlying earnings • Across the year, stronger aeronautical EBITDAFI activity and the full -period effect of new 6% lift in normalised EBITDAFI 11.9 commercial developments lifted income
Slide 14: Infrastructure investment programme making good progress
Infrastructure investment programme making good progress $1,068 million of capital expenditure in the period, with the aeronautical investment programme in its peak phase Aeronautical Commercial, Infrastructure & Other Capital expenditure 1,400 Terminal integration: $700 million Commercial $163 mill
Slide 15: Growth in the regulated asset base
Growth in the regulated asset base Significant commissioning of aeronautical infrastructure lifting the estimated closing regulatory asset base in the year to ~ $3.0bn Commissioned projects in the year Cumulative total regulated assets commissioned Closing total regulated asset base Assets with a to
Slide 16: Balance sheet strength provides flexibility through the peak investment period
Balance sheet strength provides flexibility through the peak investment period Liquidity and credit metrics provide flexibility to fund the investment programme • Total drawn debt of $2,769 million as at 30 June Closing net debt 5 Effective interest rate 2026, an increase of 11% or $281 million on J
Slide 17: Balance sheet strength provides flexibility through the peak investment period
Balance sheet strength provides flexibility through the peak investment period Liquidity and credit metrics provide flexibility to fund the investment programme Key credit metrics Funds from operations to net debt Maturity profile Test Jun -26 Jun -25 26% 600 Gearing covenant 7 ≤ 60% 19.7% 19.1% 24%
Slide 18: Dividends for FY26
Dividends for FY26 Dividend for 2H26 of 6.75cps delivering a total dividend per share of 13.25cps for FY26 Ordinary dividends declared Final dividend for FY26 250 224.9 • Final dividend of 6.75 cents per share (“cps”) imputed 100% for qualifying shareholders. 223.3 Together with the 1H26 distributio
Slide 19: Building a better future
Auckland Airport Building a better future
Slide 20: New Zealand's tourism recovery continues as demand climbs with added capacity
New Zealand’s tourism recovery continues as demand climbs with added capacity New Zealand’s unique natural beauty and culture position it as an attractive tourism destination. With increased internation al connectivity, overseas arrivals continue to grow as Kiwi outbound slows NZ inbound tourism gro
Slide 21: Additional seat capacity brought choice for travellers in FY26
Additional seat capacity brought choice for travellers in FY26 More seats brings benefits for New Zealand’s tourism industry and provided greater choice for New Zealanders heading overseas AKL AKL AKL Samoa & Australia Australia & Gold Coast New Zealand New routes Increased Increased frequency frequ
Slide 22: International services continue to grow
International services continue to grow Strong summer peak volumes and load factors demonstrate underlying demand strength with international PAX up 2% International connectivity in FY26 International PAX 10% 25 Middle East 8% International airlines conflict 6% 4% 43 International destinations 2% 0%
Slide 23: Domestic jet services
Domestic jet services Deployment of additional capacity to domestic sectors stimulating connectivity with domestic jet PAX up 4% Domestic jet connectivity in FY26 Domestic jet PAX 12% 2 Middle East Domestic jet operators 10% conflict 8% 5 Destinations across New Zealand 6% 4% 6.2 m PAX movements in
Slide 24: Regional market remains challenged with capacity reductions and high air fares
Regional market remains challenged with capacity reductions and high air fares Connectivity to New Zealand’s regions is declining as domestic operators reduce capacity despite load factors holding Regional connectivity in FY26 Regional PAX 4% 3 Middle East conflict Regional operators 2% 0% 18 Destin
Slide 25: New routes and increased seat capacity will provide further choice for travellers
New routes and increased seat capacity will provide further choice for travellers Additional services expected to commence in FY27, supporting the ongoing momentum in tourism into the Northern Winter season AKL AKL AKL Air New Zealand Taipei Guangzhou SIN, YVR, TPE Increased New route Increased capa
Slide 26: Significant momentum on the Domestic jet terminal
Significant momentum on the Domestic jet terminal FY25: Domestic Jet Terminal (DJT) Construction begins FY26: - headhouse structure and connection to International Terminal building complete - pier piling complete and structure commenced, and underground utilities commenced FY27: Headhouse roof and
Slide 27: Check-in transformation underway
Check -in transformation underway FY26: Check -in Zone T opens, Zone C transformation commences FY27: - Check -In Zones C and D transformation complete - Terminal Façade push -out and forecourt works commence FY28: Transformation of remaining Check -in zones commences FY29: Check -in transformation
Slide 28: Progressing airfield works to support regional and jet connectivity
Progressing airfield works to support regional and jet connectivity 1H26: Regional Pathways construction begins FY27: Carpark reconfiguration and terminal access roads completed FY28: Regional airfield apron and stands construction complete 28 28
Slide 29: Terminal Integration programme is now 57% complete
Terminal Integration programme is now 57% complete Arrivals expansion Expanded Check -in Domestic jet terminal completes progressively opens to completes Western Stormwater the public Check -in ponds open Zone C opens Inner terminal road opens for commercial Western truck dock The ‘stitch’ operation
Slide 30: Softer retail trading as we re-configure to optimise single-operator performance
Softer retail trading as we re -configure to optimise single -operator performance Retail at a glance Performance of retail income • Positive sales performance in the period across $181.0 million in the period core categories with PSR up 5%, excluding FX reduction in • Despite this, Retail income de
Slide 31: Duty-free and dining refresh will enhance the experience and provide greater choice
Duty -free and dining refresh will enhance the experience and provide greater choice Food & Beverage Level 1 refresh complete New Food & Aesop / Le Labo Beverage Line Up standalone stores announced opened Victoria’s Secret / Joseph Ribkoff stores Expanded Beauty opened Zone launches Jul 2025 Jan 202
Slide 32: Greater choice and investment supporting continued growth in car parking revenue
Greater choice and investment supporting continued growth in car parking revenue At a glance Performance of car park income • Full year of operation of the Transport Hub and $79.2 million in the period continued migration toward higher -quality, more Monthly car park exits proximate parking and long
Slide 33: High-quality property portfolio continues solid performance despite muted market
High -quality property portfolio continues solid performance despite muted market At a glance Performance Development Portfolio value • Commercial property rent roll up 5% to $202.5 • Foodstuffs chilled and frozen distribution centre $3.5 billion million, reflecting growth in the existing portfolio
Slide 34: Purchased adjacent land holding to safeguard the future development
Purchased adjacent land holding to safeguard the future development 82 hectares of land adjacent to the precinct already zoned for future urban use Operating quarry 1 FY26 Annual results presentation 34 34 Auckland Airport
Slide 35: Regulatory
Regulatory Input methodology review • In December 2025, the High Court declined the appeals lodged by the airports in relation to the Airport Services Input Methodologies Merits Review. Auckland Airport elected not to pursue the matter further. • Following this, the Commission commenced consultation
Slide 36: Outlook
Auckland Airport Outlook
Slide 37: Outlook
Outlook Looking to FY27 and beyond we remain focused on building a better future • Growing aeronautical connectivity into Auckland • Enhancing the range of commercial products and services across the precinct • Continued focus on delivering improvements to customer experience and minimising the pote
Slide 38: Outlook (cont'd) - Guidance
Outlook (cont’d) Guidance • As Auckland Airport looks ahead to FY27 we are optimistic about the future, with strong underlying demand for air travel for the upcoming summer peak travel period, and ongoing momentum in our commercial business • However, we continue to take a cautious approach in the n
Slide 39: Supplementary information
Supplementary information
Slide 40: Underlying profit reconciliation
Supplementary slides: Underlying profit reconciliation 2026 2025 For the year ended 30 June ($m) Reported Adjustments Underlying Reported Underlying profit profit 15 profit Adjustments profit 15 EBITDAFI 15 per income statement 724.2 - 724.2 701.1 - 701.1 Investment property fair value change 35.8 (
Slide 41: Income Statement
Supplementary slides: Income Statement For the year ended 30 June 2026 2025 2024 2023 2022 Revenue 1,035.6 1,004.7 895.5 625.9 300.3 Expenses (311.4) (303.6) (281.5) (228.8) (155.8) EBITDAFI 15 724.2 701.1 614.0 397.1 144.5 Share of profit / (loss) from associate and joint ventures 4.5 3.4 (4.5) 11.
Slide 42: 1H 2H revenue
Supplementary slides: 1H 2H revenue 2H26 vs 2H26 vs For the year ended 30 June 2H26 1H26 2H25 1H25 1H26 2H25 Airfield income 93.1 93.6 86.4 84.5 (1)% 8% Passenger services charge 143.1 145.7 138.5 139.7 (2)% 3% Retail income 88.7 92.3 95.1 94.1 (4)% (7)% Car park income 38.1 41.1 36.6 35.9 (7)% 4% I
Slide 43: 1H 2H costs
Supplementary slides: 1H 2H costs 2H26 vs 2H26 vs For the year ended 30 June 2H26 1H26 2H25 1H25 1H26 2H25 Staff (44.0) (44.3) (43.0) (42.9) 1% (2)% Asset management, maintenance and airport operations (73.4) (66.3) (71.1) (65.3) (11)% (3)% Rates and insurance (22.8) (23.1) (20.8) (20.6) 1% (10)% Ma
Slide 44: Operating segment performance
Supplementary slides: Operating segment performance $m For the year ended 30 June 2026 For the year ended 30 June 2025 Retail & car Retail & car Segment performance Aeronautical Property Total Aeronautical Property Total parking parking Total income 529.8 282.5 208.5 1,020.8 494.3 279.1 194.7 968.1
Slide 45: Balance sheet
Supplementary slides: Balance sheet As at ($m) Jun -26 Jun -25 Jun -24 Jun -23 Jun -22 Current assets 202.3 658.4 303.2 160.8 74.8 Cash 55.4 567.8 219.7 106.2 24.7 Other current assets 146.9 90.6 83.5 54.6 50.1 Non -current assets 14,587.6 13,404.2 12,113.0 10,668.5 10,078.1 Property, plant and equi
Slide 46: Queenstown Airport
Supplementary slides: Queenstown Airport For the year ended 30 June ($m) 2026 2025 2024 2023 2022 Revenue 87.1 79.9 64.7 59.6 26.8 EBITDA 61.8 57.3 46.1 43.9 14.0 Underlying earnings (Auckland Airport’s share) 17 6.6 7.4 4.1 5.7 0.3 Passenger movements International passengers 1,066,488 944,088 857,
Slide 47: Total passenger movements
Supplementary slides: Total passenger movements For the year ended 30 June 2026 2025 2024 2023 2022 2021 2020 2019 International passengers 9,814,635 9,620,998 9,305,620 7,174,471 1,252,761 559,061 7,739,260 10,506,660 Transit passengers 658,898 685,190 753,648 599,084 88,114 43,064 734,686 1,011,32
Slide 48: Aircraft movements and MCTOW
Supplementary slides: Aircraft movements and MCTOW For the year ended 30 June 2026 2025 2024 2023 2022 2021 2020 2019 Aircraft movements International aircraft movements 54,299 52,179 53,024 42,423 18,315 15,102 44,961 57,084 Domestic aircraft movements 103,319 105,169 105,161 101,998 67,748 83,582
Slide 49: Top destinations
Supplementary slides: Top 10 destinations Passenger movements excluding transits Share of Top 10 countries of origin / destination 2026 2025 Change 2026 % of 2019 movements Australia 4,202,138 4,075,061 3% 40% 103% China, People's Republic of 928,322 878,204 6% 9% 106% United States 889,233 921,275
Slide 50: Passenger arrivals by country of residence
Supplementary slides: Passenger arrivals by country of residence International passenger arrivals Share of Share of Country of last permanent residence 2026 2025 Change total 2026 total 2025 arrivals arrivals New Zealand 2,434,172 2,430,307 0% 51% 52% Australia 814,061 781,760 4% 17% 17% United Stat
Slide 51: Visitor arrivals by purpose of visit
Supplementary slides: Visitor arrivals by purpose of visit Visitor arrivals by purpose of visit Share of Share of Purpose of visit 2026 2025 Change total 2026 total 2025 arrivals arrivals Foreign residents Holiday 1,101,185 1,003,348 10% 23% 21% Visit friends/relatives 786,598 789,529 0% 16% 17% Bus
Slide 52: Public car parking capacity as at June
Supplementary slides: Public car parking capacity as at 30 June Change Change Public car parking capacity as at 30 June 2026 2025 % spaces Domestic terminal 2,807 3,136 (10)% (329) International terminal 3,990 3,990 0% 0 Park & Ride 4,224 4,528 (7)% (304) Total public car parking capacity 11,021 11,
Slide 53: Glossary
Glossary AKL Auckland Airport ASQ Airport Service Quality DJT Domestic Jet Terminal EBITDA Earnings before interest, taxation and depreciation EBITDAFI Earnings before interest, taxation, depreciation, fair value adjustments and investments in associate and joint venture s FFO Funds from operations
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