AIA - 1H26 Interim Results

Market Release | 19 February 2026
1H26 results: New infrastructure, smoother
operations and improved connectivity
delivering for NZ
Key performance data for the six months to 31 December 2025:
• Total number of passengers increased 2% to 9.64 million
• Domestic passenger numbers increased 2% to 4.37 million, and international passenger
numbers (including transits) increased 2% to 5.27 million
• Revenue was up 4% to $519.6 million. Excluding interest income, revenue was up 6% to $512.5
million
• Operating EBITDAFI was up 6% to $371.3 million
• Net underlying profit after tax was up 6% to $157.1 million
• Reported profit after tax
1
including revaluations was down 5% to $177.0 million
• An interim dividend of 6.50 cents per share will be paid on 2 April 2026. Total dividends declared
of $110.2 million.

Auckland Airport today announced its financial results for the six months to 31 December 2025.
Auckland Airport Chair Julia Hoare said: “The first half of the financial year has seen significant
progress on our investment programme, with key aeronautical infrastructure projects delivered
and our new domestic jet terminal build firmly on track.
“As New Zealand’s gateway airport, we have continued to work with airline partners to launch
new international routes and services, strengthening our country’s connectivity to key global
markets.
“Alongside ongoing improvements in operational performance, all of these changes are delivering
real benefits for travellers and the wider New Zealand economy,” Ms Hoare said.
Chief Executive Carrie Hurihanganui said the most significant international highlight during the
half year was the launch of China Eastern’s Shanghai–Auckland–Buenos Aires service, made
possible through years of collaboration between China Eastern, Auckland Airport and
government partners.

1
Includes a $26.3 million net revaluation gain, compared to a $50.5 million net revaluation gain in the same
period last year

“The service places Auckland Airport at the heart of the world’s longest direct flight, delivering an
estimated $110 million in benefits to New Zealand’s economy annually,” Ms Hurihanganui said.
“Already the route is proving popular with travellers connecting from China via Auckland to
Buenos Aires, as well as the estimated 40,000 South Americans living in New Zealand wanting to
visit friends and family back home.
“Overall, it’s been a promising start to the 2026 financial year for international travel as seat
capacity increased 1.8% during the half-year compared to 2025, lifting the recovery in non-transit
passenger movements to 93% of the same period in FY19.
“We were pleased to see Air New Zealand grow its network from Auckland, with seat capacity to
Australia up 8.4%, and capacity to the Pacific Islands increasing by 7.3%. This growth was
complemented by welcomed capacity increases from Jetstar and Qantas, which lifted seat
capacity from Auckland Airport to Australia by 4% and 7.3% respectively during the half year.
“Travellers on North American routes continue to be exceptionally well served with seven airlines
competing in the market, and we’re welcoming more inbound visitors to New Zealand on these
routes than ever before.
“International travel at Auckland Airport is an essential driver of the economy, generating over
$35.1 billion in economic output in trade, tourism and employment
2
, and our focus remains on
actively promoting New Zealand abroad through strategic route development.
“While the passenger demand trajectory is certainly positive, we expect the ongoing global fleet
shortages to continue to weigh on the availability of new seat capacity supply and the pace of
growth in the near term.”
In the domestic market, Ms Hurihanganui said the half-year period saw the largest boost to
domestic jet seat capacity in 10 years, although it remains at 93% of the same period in FY19.
“Overall, there was a 5% increase in domestic jet seat capacity or 181,000 seats in the local
aviation market during the half-year, helping to make flying more affordable on key routes with
average jet airfare costs falling by 6% during the period.
Despite higher travel numbers and increased activity across the system, Ms Hurihanganui said
Auckland Airport had continued to deliver tangible operational improvements, making traveller
journeys more streamlined than ever.
Over the summer peak period (8 December – 18 January) median international departure
processing times
3
were 21% faster at 6.5 minutes compared to the same period last year, while
international arrivals
4
were 10% faster at 18 minutes. Domestic departures
5
also showed strong
improvements, with departing passengers processed 21% faster year on year, at a median time of
less than four minutes.

2
EY Auckland Airport Economic Impact Analysis 2024

3
From point of entry into the pre-security area to leaving the Aviation Security screening point.
4
From entering NZ Customs to leaving the MPI biosecurity area.
5
From entering to leaving the security screening area.

“This progress reflects the continued close collaboration with government border agency
partners alongside infrastructure improvements such as the expanded arrivals area, new security
screening technology, and the new express pathway for eligible arriving travellers.
“From smoother passenger processing to reduced queue times, these improvements are enabling
the airport to manage growing demand efficiently while maintaining a reliable and positive
experience for travellers.”
Ms Hurihanganui said Auckland Airport made strong progress with its investment programme
during the half year, delivering key projects to support greater operational efficiency and
capacity.
New infrastructure brought into service during the period included the 250,000m
2
international
airfield expansion, a new cargo access point to the airfield, a major upgrade of the stormwater
network and the western truck dock.
“As the owner of one of New Zealand’s most strategic infrastructure sites, Auckland
Airport is investing in infrastructure that is creating jobs and adding essential resilience and
capacity to the country’s national gateway.
“The opening of the new $465 million international airfield expansion in September 2025 was an
important milestone, creating parking for 11 aircraft and supporting improved airfield operational
efficiency.
“Our key construction project, the integrated domestic jet terminal, remains on track for
completion in 2029, with steady progress achieved across both terminal and airfield works. The
new terminal structure is now clearly visible to airport visitors, and in November 2025 the project
reached a key milestone with the physical connection to the existing international terminal
building. About 60,000m
2
of airfield has been temporarily closed and made available to support
construction of the domestic jet terminal pier and stands, with piling underway, fuel system
installation progressing, and airfield pavement works now starting.
“We’re excited to see this project take shape alongside other major infrastructure projects in
Auckland, benefitting the region with enhanced connectivity, an improved visitor experience, and
helping to drive Auckland’s economic growth.”
Ms Hurihanganui said construction activity at the international terminal over the next eighteen
months would become more visible to travellers with the opening of a temporary check-in facility
and changes to the passenger access routes.
“This next stage of the build, where we are upgrading the check-in area at the international
terminal, is an essential step in delivering the long-term capacity, resilience and improved
customer experience travellers have been asking for at Auckland Airport,” she said.
“Travellers can expect some temporary disruption as this complex work gets underway,
particularly in international departures.
“We are working closely with airlines and government agency partners to minimise impacts as
much as possible, particularly during peak travel periods. We will be asking international travellers
to plan ahead and allow extra time. Clear signage and additional airport team members will be on
hand to support customers at the international terminal, as we continue to balance the day to day
running of the airport with the need to deliver this essential infrastructure. The result will be worth
it.”

Alongside the improvements taking place in the international departures area, Ms Hurihanganui
said travellers could also look forward to a much-improved duty-free shopping experience in the
international terminal, following the introduction of the airport’s new duty-free partner, French
global-travel retailer Lagardère, at the start of the half-year period.
“The new offering is already proving popular with travellers as Lagardère looks to significantly
upgrade the store experience for customers, offering new brands and more consumer choice. As
we look ahead, we are confident these improvements will deliver a more enjoyable, modern
experience to travellers.”
Auckland Airport’s commercial property portfolio continued to deliver solid performance, with an
annualised rent roll of $195.4 million, occupancy rates of 99% and a weighted average lease term
of 8.7 years. While the half year result reflected softer market conditions for new commercial
developments, interest levels from prospective tenants remains positive. The premium outlet
centre Mānawa Bay continued to perform strongly, maintaining 99% occupancy as at 31
December 2025.
Regulatory
In December the High Court released its judgment to decline the merits review application on the
cost of capital determination within the Commerce Commission’s Airport Services Input
Methodologies. Auckland Airport has not appealed the High Court’s decision.
In January 2026, the Commerce Commission began its process to consult on the Information
Disclosure requirements for major airport investment, in line with an earlier recommendation by
the Ministry of Business, Innovation and Employment. Auckland Airport is supportive of the
Commission undertaking a thorough process to support the information disclosure regime and is
making submissions to the Commission as part of the review. The Commission plans to complete
this process by the third quarter of 2026.
Alongside this, the Commission in March will start consultation on amendments to the airport
cost of capital input methodologies, in light of coding errors that informed the 2023 Input
Methodologies. Auckland Airport will make submissions as part of this process, with the
Commission targeting a final decision in June.
Outlook
Looking ahead to the remainder of the 2026 financial year, Ms Hurihanganui said aeronautical and
commercial activity was expected to continue its positive trajectory.
Reflecting this and growing confidence in the passenger forecast for FY26, Auckland Airport is
narrowing guidance of underlying profit after tax (excluding any fair value changes and other one-
off items) to between $295 million and $320 million
6
.
Similarly, reflecting the softer commercial property market conditions, the airport is narrowing its
guidance on capital expenditure to between $1,000 million to $1,200 million
7
.
As always, this guidance is subject to any material adverse events, significant one-off expenses,
deterioration as a result of global market conditions, or other unforeseeable circumstances.

6
Original FY26 underlying profit guidance of between $280 million and $320 million
7
Original FY26 capital expenditure guidance of between $1 billion and $1.3 billion

ENDS
For further information, please contact:
Investors:
Stewart Reynolds
Chief Financial Officer
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz
Media:
Libby Middlebrook
Head of Corporate Affairs
+64 21 989 908
libby.middlebrook@aucklandairport.co.nz

The table below shows the reconciliation between EBITDAFI, reported profit after tax and
underlying profit or loss after tax for the six months ended 31 December 2025 and 2024.

2025 2024
Reported
profit
$M

Adjustments
$M
Underlying
profit
$M
Reported
profit
$M

Adjustments
$M
Underlying
profit
$M
EBITDAFI per Income Statement 371.3 - 371.3 349.6 - 349.6
Investment property fair value change
26.3 (26.3) - 50.5 (50.5) -
Fixed asset write-offs and impairment
- 0.3 0.3 - - -
Derivative fair value change
1.6 (1.6) - (0.5) 0.5 -
Share of profit / (loss) of associate and joint ventures
5.0 - 5.0 3.5 (0.2) 3.3
Depreciation
(118.6) - (118.6) (99.2) - (99.2)
Interest expense and other finance costs
(41.4) - (41.4) (43.9) - (43.9)
Taxation (expense) / benefit
(67.2) 7.7 (59.5) (72.7) 11.0 (61.7)
Profit after tax 177.0 (19.9) 157.1 187.3 (39.2) 148.1

We have made the following adjustments to show underlying profit after tax for the six months
ended 31 December 2025 and 2024:
• reversed out the impact of revaluations of investment property. An investor should monitor
changes in investment property over time as a measure of growing value. However, a change
in one year is too short to measure long-term performance. Changes between years can be
volatile and, consequently, will impact comparisons. Finally, the revaluation is unrealised and,
therefore, is not considered when determining dividends in accordance with the dividend
policy;
• reversed out the impact of fixed asset write-offs. Related costs and cost reversals are not
considered to be an element of the group’s normal business activities and on this basis have
been excluded from underlying profit;
• reversed out the impact of derivative fair value movements. These are unrealised and relate
to basis swaps that do not qualify for hedge accounting on foreign exchange hedges, as well
as any ineffective valuation movements in other financial derivatives. The group holds its
derivatives to maturity, so any fair value movements are expected to reverse out over their
remaining lives;
• adjusted the share of profit of associates and joint ventures to reverse out the impacts on
those profits from revaluations of investment property and financial derivatives; and
• reversed out the taxation impacts of the above movements in both periods.

---

Interim
Financial
Statements
2026

Contents
Consolidated interim income statement2
Consolidated interim statement of
comprehensive income
3
Consolidated interim statement of changes in equity4
Consolidated interim statement of financial position5
Consolidated interim cash flow statement6
Notes and accounting policies7
Audit report19
Shareholder information21
Corporate directory22
Interim Financial Statements 2026Auckland Airport1

Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
Notes
$M$M
Income
Airfield income93.684.5
Passenger services charge145.7139.7
Retail income92.394.1
Rental income106.598.6
Rates recoveries8.37.6
Car park income41.135.9
Interest income7.115.7
Flood-related insurance recoveries33.04.0
Other income22.019.8
Total income519.6499.9
Expenses
Staff544.342.9
Asset management, maintenance and airport operations66.365.3
Rates and insurance23.120.6
Marketing and promotions2.85.4
Professional services and levies3.14.1
Fixed asset write-offs and impairment0.3-
Flood-related expenses30.41.5
Other expenses8.310.6
Expected credit loss release(0.3)(0.1)
Total expenses148.3150.3
Earnings before interest expense, taxation, depreciation,
fair value adjustments and investments in associate and
joint ventures (EBITDAFI)
1
371.3349.6
Investment property fair value change926.350.5
Derivative fair value change1.6(0.5)
Share of profit of associate and joint ventures105.03.5
Earnings before interest, taxation and depreciation (EBITDA)
1
404.2403.1
Depreciation118.699.2
Earnings before interest and taxation (EBIT)
1
285.6303.9
Interest expense and other finance costs541.443.9
Profit before taxation4244.2260.0
Taxation expense67.272.7
Profit after taxation, attributable to the owners of the parent177.0187.3
Earnings per shareCentsCents
Basic earnings per share1410.3812.05
Diluted earnings per share1410.3812.04
1EBITDAFI, EBITDA and EBIT are non-GAAP measures. Refer to the 2025 Annual Report, note 3(d).
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-months ended 31 December 2025 and 31 December 2024. The full-year financial statements for the
year ended 30 June 2025 have been audited.
The accompanying notes form part of these interim financial statements.
Interim Financial Statements 2026Auckland Airport2

Consolidated interim statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
$M$M
Profit for the period177.0187.3
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Cash flow hedges:
Fair value losses recognised in the cash flow hedge reserve(2.4)(41.2)
Realised gains transferred to the income statement(1.4)(3.1)
Tax effect of movements in the cash flow hedge reserve1.112.4
Total cash flow hedge movement(2.7)(31.9)
Movement in cost of hedging reserve(0.2)1.8
Tax effect of movement in cost of hedging reserve0.3(0.5)
Items that may be reclassified subsequently to the income statement(2.6)(30.6)
Total other comprehensive income/(loss)(2.6)(30.6)
Total comprehensive income for the period, net of tax, attributable to
the owners of the parent
174.4156.7
These interim financial statements were approved and adopted by the Board on 18 February 2026.
Signed on behalf of the Board by
Julia Hoare
Director, Chair of the Board
Grant Devonport
Director, Chair of the Audit and Financial Risk Committee
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-months ended 31 December 2025 and 31 December 2024. The full-year financial statements for the
year ended 30 June 2025 have been audited.
The accompanying notes form part of these interim financial statements.
Interim Financial Statements 2026Auckland Airport3

Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Issued and
paid-up
capital
Cancelled
share
reserve
Property, plant
and equipment
revaluation
reserve
Share-
based
payments
reserve
Cash flow
hedge
reserve
Cost of
hedging
reserve
Share of
reserves of
associate and
joint ventures
Retained
earningsTotal
Notes
$M$M$M$M$M$M$M$M$M
Six months ended 31 December
2025 (unaudited)
At 1 July 20253,163.5(609.2)5,737.32.2(10.1)(2.7)76.12,115.710,472.8
Profit for the period-------177.0177.0
Other comprehensive income----(2.7)0.1--(2.6)
Total comprehensive income----(2.7)0.1-177.0174.4
Reclassification to retained earnings--(11.4)(0.5)---11.9-
Shares issued1452.6-------52.6
Long-term incentive plan---0.7----0.7
Dividend paid13-------(118.2)(118.2)
At 31 December 20253,216.1(609.2)5,725.92.4(12.8)(2.6)76.12,186.410,582.3
Six months ended 31 December
2024 (unaudited)
At 1 July 20241,739.9(609.2)5,506.91.920.2(4.0)62.11,892.38,610.1
Profit for the period-------187.3187.3
Other comprehensive income----(31.9)1.3--(30.6)
Total comprehensive income----(31.9)1.3-187.3156.7
Reclassification to retained earnings--(0.1)(0.4)---0.5-
Shares issued141,375.8-------1,375.8
Long-term incentive plan---0.4----0.4
Dividend paid13-------(96.2)(96.2)
At 31 December 20243,115.7(609.2)5,506.81.9(11.7)(2.7)62.11,983.910,046.8
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand Standard for Review Engagements 2410 (Revised) for the six-months ended 31 December
2025 and 31 December 2024. The full-year financial statements for the year ended 30 June 2025 have been audited.
The accompanying notes form part of these interim financial statements.
Interim Financial Statements 2026Auckland Airport4

Consolidated interim statement of financial position
AS AT 31 DECEMBER 2025
UnauditedAudited
As at
31 Dec 2025
As at
30 Jun 2025
Notes
$M$M
Current assets
Cash and cash equivalents7360.6567.8
Trade and other receivables116.190.5
Taxation receivable23.6-
Derivative financial instruments1.50.1
501.8658.4
Non-current assets
Property, plant and equipment810,070.59,782.7
Investment properties93,425.73,366.5
Investment in associate and joint ventures10195.6193.5
Derivative financial instruments91.561.5
13,783.313,404.2
Total assets14,285.114,062.6
Current liabilities
Accounts payable and accruals140.8162.3
Taxation payable-76.3
Derivative financial instruments0.50.5
Short-term borrowings11380.7380.5
Provisions16.516.5
538.5636.1
Non-current liabilities
Term borrowings112,271.42,106.8
Derivative financial instruments26.527.6
Deferred tax liability864.2817.2
Other term liabilities2.22.1
3,164.32,953.7
Shareholders’ equity
Issued and paid-up capital143,216.13,163.5
Reserves5,179.85,193.6
Retained earnings2,186.42,115.7
10,582.310,472.8
Total equity and liabilities14,285.114,062.6
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-months ended 31 December 2025 and 31 December 2024. The full-year financial statements for the
year ended 30 June 2025 have been audited.
The accompanying notes form part of these interim financial statements.
Interim Financial Statements 2026Auckland Airport5

Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
Notes
$M$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers471.8445.5
Insurance proceeds33.0-
Interest received8.36.1
483.1451.6
Cash was applied to:
Payments to suppliers and employees(144.2)(134.7)
Income tax paid(118.0)(84.5)
Interest paid(35.5)(45.8)
(297.7)(265.0)
Net cash flow from operating activities6185.4186.6
Cash flow from investing activities
Cash was provided from:
Share of dividends received and repayment of partner contribution102.93.6
2.93.6
Cash was applied to:
Property, plant and equipment additions(406.3)(502.3)
Interest paid - capitalised(27.0)(30.7)
Investment property additions(26.0)(95.6)
Investment in joint ventures-(0.8)
(459.3)(629.4)
Net cash flow applied to investing activities(456.4)(625.8)
Cash flow from financing activities
Cash was provided from:
Increase in share capital-1,375.1
Increase in borrowings380.0555.0
380.01,930.1
Cash was applied to:
Increase in medium-term deposits-(325.0)
Decrease in borrowings(250.0)(825.0)
Dividends paid13(66.2)(96.2)
(316.2)(1,246.2)
Net cash flow from financing activities63.8683.9
Net (decrease)/increase in cash held(207.2)244.7
Opening cash brought forward567.8219.7
Ending cash carried forward360.6464.4
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-months ended 31 December 2025 and 31 December 2024. The full-year financial statements for the
year ended 30 June 2025 have been audited.
The accompanying notes form part of these interim financial statements.
Interim Financial Statements 2026Auckland Airport6

Notes and accounting policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
1. Corporate information
Auckland International Airport Limited (‘the company’ or
‘Auckland Airport’) is a company established under the
Auckland Airport Act 1987 and was incorporated on
20 January 1988 under the Companies Act 1955. The
company was re-registered under the Companies Act 1993
on 6 June 1997. The company is an FMC Reporting Entity
under Part 7 of the Financial Markets Conduct Act 2013.
The financial statements presented are for Auckland Airport
and its wholly-owned subsidiaries, joint ventures and an
associate (‘the group’).
These interim financial statements were authorised for
issue in accordance with a resolution of the directors on
18 February 2026.
2. Basis of preparation and summary of material accounting policies
The condensed consolidated interim financial statements
(‘interim financial statements’) have been prepared in
accordance with generally accepted accounting practice
(‘GAAP’) in New Zealand and the requirements of the
Financial Markets Conduct Act 2013 and the Main Board/
Debt Market Listing Rules of NZX Limited. The interim
financial statements comply with New Zealand Equivalent to
International Accounting Standards NZ IAS 34 and IAS 34
Interim Financial Reporting.
Auckland Airport is designated as a for-profit entity for
financial reporting purposes.
These interim financial statements are not required to and do
not make disclosure of all of the information required to be
included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements
and related notes included in Auckland Airport’s Annual Report
for the year ended 30 June 2025.
These interim financial statements are presented in New
Zealand dollars and all values are rounded to the nearest million
dollars ($M) and one decimal point unless otherwise indicated.
The accounting policies and methods of computation set out
in the 2025 Annual Report have been applied consistently
to all periods presented in these interim financial statements.
There were no new accounting standards, interpretations
or amendments with a material impact on these interim
financial statements.
Accounting standards not yet effective
New or revised standards and interpretations that have been
approved but are not yet effective have not been adopted by
the group in these interim financial statements.
NZ IFRS 18 Presentation and Disclosure in Financial
Statements, issued in May 2024, is effective for annual
reporting periods beginning on or after 1 January 2027, and
entities can early adopt this accounting standard. NZ IFRS
18 sets out requirements for the presentation and disclosure
of information in general-purpose financial statements to
help ensure they provide relevant information that faithfully
represents an entity’s assets, liabilities, equity, income and
expenses. The group is yet to assess NZ IFRS 18’s full impact.
The group intends to apply the standard when it becomes
mandatory from 1 January 2027.
There are no other new or amended standards that are issued
but not yet effective, that are expected to have a material
impact on the group.
3. Changes in key estimates and judgements
Flood-related insurance matters
On 27 January 2023, Auckland experienced widespread flash
flooding caused by record-breaking rainfall. Auckland Airport
experienced flooding across the precinct and particularly
the international terminal building. Both the domestic and
international terminals were closed for short periods starting
that evening, with domestic
flights resuming at midday on
28 January 2023 and international flights from the morning of
29 January 2023.
Auckland Airport suffered flood damage to assets across its
precinct. The most significant areas of damage were to check-
in, baggage and vertical transportation at the international
terminal building. Auckland Airport has material damage,
business interruption and construction works insurance
policies in place. The group engaged independent experts to
estimate the extent and cost of damage and to support the
insurance claim process.
The group recognises the expected insurance proceeds when
they can be reliably estimated and the recovery is virtually
certain. The insurers made further payments of $3.0 million
during the six months ended 31 December 2025, which
the group has recognised as income. In total, the group
has recognised $31.0 million as income since the January
2023 event.
During the six months ended 31 December 2025 the group
recognised $0.4 million of flood-related expenses for repairs. In
total, the group has recognised $24.3 million as flood-related
expenses since the January 2023 event.
The group has recognised net proceeds of $2.6 million in the
consolidated interim income statement during the six months
ended 31 December 2025 and net proceeds of $6.7 million
since the January 2023 event.
Interim Financial Statements 2026Auckland Airport7

4. Segment information
(a) Identification of reportable segments
The group has identified its operating segments based on the
internal reports reviewed and used by the chief executive, as
the chief operating decision-maker, in assessing performance
and in determining the allocation of resources.
The operating segments are identified by management
based on the nature of services provided. Discrete financial
information about each of these operating segments is
reported to the chief executive monthly. The chief executive
assesses the performance of the operating segments based
on segment EBITDAFI
1
. Interest income and expenditure,
taxation, depreciation, fair value adjustments, and share of
profits of associate and joint ventures are not allocated to
operating segments as the group manages the cash position
and borrowings at a group level.
(b) Types of services provided 
Aeronautical
The aeronautical business provides services that facilitate the
movement of aircraft, passengers and cargo, and provides
utility services that support the airport. The aeronautical
business also earns rental revenue from space leased in
facilities such as terminals.
Retail
The retail business provides services to the retailers within the
terminals and provides car parking facilities for passengers,
visitors and airport staff.
Property
The property business earns rental revenue from space leased
on airport land outside the terminals including cargo buildings,
hangars, shops and other stand-alone investment properties.
AeronauticalRetailPropertyTotal
$M$M$M$M
Six months ended 31 December 2025 (unaudited)
Total segment income263.8143.0103.6510.4
Total segment expenses61.427.324.1112.8
Segment EBITDAFI
1
202.4115.779.5397.6
Six months ended 31 December 2024 (unaudited)
Total segment income248.5138.794.7481.9
Total segment expenses62.627.623.4113.6
Segment EBITDAFI
1
185.9111.171.3368.3
Income reported above represents income generated from external customers. There was no inter-segment income in the period
(31 December 2024: nil).
(c) Reconciliation of segment EBITDAFI to income statement
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
$M$M
Segment EBITDAFI
1
397.6368.3
Unallocated external operating income9.218.0
Unallocated external operating expenses(35.5)(36.7)
Total EBITDAFI as per income statement
1
371.3349.6
Investment property fair value increase26.350.5
Derivative fair value change1.6(0.5)
Share of profit of associate and joint ventures5.03.5
Depreciation(118.6)(99.2)
Interest expense and other finance costs(41.4)(43.9)
Profit/(loss) before taxation244.2260.0
1EBITDAFI is a non-GAAP measure. Refer to the 2025 Annual Report, note 3(d).
The income included in unallocated external operating income consists mainly of interest payments from third-party financial
institutions and income from telecommunication and technology services provided to tenants. The expenses included in
unallocated external operating expenses consists mainly of listed company costs including registry and listing fees, corporate
staff expenses, and corporate legal and consulting fees.
Interim Financial Statements 2026Auckland Airport8

5. Profit for the period
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
$M$M
Staff expenses comprise:
Salaries and wages58.150.5
Capitalised salaries and wages(21.7)(15.1)
Employee benefits3.53.8
Share-based payment plans0.40.3
Defined contribution superannuation1.71.5
Other staff costs2.31.9
44.342.9
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments35.235.5
Interest on bank facilities and related hedging instruments5.26.3
Interest on AMTN notes and related hedging instruments25.729.4
Interest on commercial paper and related hedging instruments2.33.4
Total interest expense and other finance costs68.474.6
Less capitalised borrowing costs(27.0)(30.7)
Interest expense and other finance costs as per income statement41.443.9
Interest rate for capitalised borrowings costs5.45%5.75%
The interest expense amounts disclosed in the table above include the effect of interest rate hedges. The gross interest costs of
bonds, bank facilities, Australian Medium Term Notes ('AMTN') and commercial paper, excluding the impact of interest rate hedges,
was $73.0 million for the six months ended 31 December 2025 (31 December 2024: $74.9 million).
The interest expense recognised in the income statement excludes capitalised borrowing costs of $27.0 million (31 December
2024: $30.7 million). Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised as part of the cost of that asset. Capitalisation is suspended if active development of the qualifying asset is
suspended for an extended period.
Interim Financial Statements 2026Auckland Airport9

6. Reconciliation of profit after taxation with cash flow from operating activities
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
$M$M
Profit after taxation177.0187.3
Adjustments for:
Depreciation118.699.2
Deferred taxation49.110.5
Fixed asset write-offs and impairment0.3-
Share-based payments0.40.3
Equity-accounted earnings from associate and joint ventures(5.0)(3.5)
Investment property fair value increase(26.3)(50.5)
Derivative fair value (increase)/decrease(1.6)0.5
Items not classified as operating activities:
Loss on asset disposals-0.1
Increase in property, plant and equipment retentions and payables27.017.0
Increase in investment property retentions and payables2.116.0
Increase in investment property lease incentives and receivables(8.7)(16.2)
Items recognised directly in equity(0.6)(0.4)
Movement in working capital:
Increase in trade and other receivables(25.6)(32.6)
Decrease in taxation payable(99.9)(22.3)
Decrease in accounts payable and provisions(21.5)(18.5)
Increase/(decrease) in other term liabilities0.1(0.3)
Net cash flow from operating activities185.4186.6
Interim Financial Statements 2026Auckland Airport10

7. Cash and cash equivalents and medium-term deposits
UnauditedAudited
As at
31 Dec 2025
As at
30 Jun 2025
$M$M
Cash and bank balances210.67.6
Short-term deposits150.0560.2
Total cash and cash equivalents360.6567.8
Cash and bank balances earn interest at daily bank deposit
rates. During the period ended 31 December 2025, surplus
funds were deposited on the overnight money market or term
deposit at a rate of 2.05% to 4.21% (30 June 2025: 3.10%
to 5.85%).
At 31 December 2025, the group held total cash and term
deposits of $360.6 million (30 June 2025: $567.8 million).
The short-term deposits over the six-month period to
31 December 2025 ranged from $50.0 million to $150.0 million
and were spread across four financial institutions to minimise
credit risk, with those being ANZ Bank, Bank of China, Bank
of New Zealand and Westpac New Zealand (30 June 2025:
$50.0 million to $150.0 million across six financial institutions).
These financial institutions had a credit rating of 'A' or above
from Standard & Poor's ('S&P'). The level of deposits at each
financial institution recognises a balance between returns and
credit risk.
Further details of Auckland Airport's credit risk objectives and
policies are available in note 16(d) of the 2025 Annual Report.
Interim Financial Statements 2026Auckland Airport11

8. Property, plant and equipment
UnauditedAudited
As at
31 Dec 2025
As at
30 Jun 2025
$M$M
Carried at fair value9,260.28,536.4
Carried at cost311.3312.0
Work in progress at cost1,107.41,434.3
Accumulated depreciation(608.4)(500.0)
Net carrying amount10,070.59,782.7
The group carries land, buildings and services, infrastructure
and runway, taxiways and aprons at fair value.
At 31 December 2025 the group undertook a desktop review
of the property, plant and equipment balances carried at
fair value.
•For land assets previously formally revalued using the
discounted cash flow approach, the 31 December 2025
desktop assessment compared retail and car parking
performance with independent valuers' views at the last
formal valuation as at 30 June 2025.
•For land assets previously formally revalued using the
market value alternative use and direct sales comparison
approaches, the desktop assessment considered the
outcome of the investment property desktop review
described in note 9, in particular the vacant
land component.
•For all other assets previously formally revalued using the
optimised depreciated replacement cost approach, the
desktop assessment considered movements in the capital
goods price index.
These assessments indicated there was no material fair value
movement in any class of property, plant and equipment from
30 June 2025.
Vehicles, plant and equipment and work in progress are carried
at cost.
Additions to property, plant and equipment, including work
in progress, were $406.7 million for the six months ended
31 December 2025 (six months ended 31 December 2024:
$515.0 million). These include upgrades associated with both
the domestic jet terminal and the airfield.
There were no transfers to/from investment property during
the six months ended 31 December 2025 (31 December
2024: nil).
The following categories of property, plant and equipment are
leased to tenants:
•Aeronautical land, including land associated with aircraft,
freight and terminal use carried at $355.9 million (30 June
2025: $355.9 million);
•Land associated with retail facilities within terminal
buildings carried at $1,795.9 million (30 June 2025:
$1,795.9 million); and
•Terminal building premises, being 14% of total floor area and
carried at $387.1 million (30 June 2025: 15% of total floor
area or $369.0 million).
Interim Financial Statements 2026Auckland Airport12

9. Investment properties
UnauditedAudited
6 months to
31 Dec 2025
12 months to
30 Jun 2025
$M$M
Balance at the beginning of the period3,366.53,123.9
Additions24.294.2
Transfers to property, plant and equipment (note 8)-(6.0)
Change in net revaluations26.3127.5
Lease incentives capitalised5.821.6
Lease incentives amortised(3.6)(5.7)
Spreading of fixed rental increases6.511.0
Balance at the end of the period3,425.73,366.5
Investment property is measured at fair value, which reflects
market conditions at balance date. To determine fair value, the
group ordinarily commissions investment property valuations
at 30 June each year and undertakes a desktop revaluation
at 31 December each year. Auckland Airport also reviews
investment properties that are recently constructed or in the
latter stages of construction at 31 December each year.
The basis of valuation is market value, based on each
property’s highest and best use. The valuation methodologies
used were a direct sales comparison or a direct capitalisation
of rental income, using market comparisons of capitalisation
rates, supported by a discounted cash flow approach.
The desktop revaluations were performed by Colliers
International (Colliers), Savills Limited (Savills) and Jones Lang
LaSalle Limited (JLL) based on key valuation metrics. The
valuers did not re-inspect the properties but undertook
relevant investigations, including considering any tenant
changes, assessing market rentals and reviewing capitalisation
rates in order to determine the desktop value of the group’s
investment properties. The desktop revaluations have been
reviewed and assessed by management and subsequently
adopted by the group. This has resulted in a fair value increase
of $26.3 million or 0.8% for the overall portfolio for the
six months ended 31 December 2025 (31 December 2024:
increase of $50.5 million or 1.7%).
The following categories of investment property are leased
to tenants:
•Retail and service carried at $664.8 million (30 June 2025:
$658.1 million);
•Industrial carried at $2,240.2 million (30 June 2025:
$2,191.7 million); and
•Other investment property carried at $171.2 million (30 June
2025: $167.3 million).
Interim Financial Statements 2026Auckland Airport13

10. Investment in associate and joint ventures
Movement in the group’s carrying amount of investments in associate and joint ventures
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
$M$M
Investment in associate and joint ventures at the beginning of the period193.5180.6
Further investment in joint ventures-0.8
Share of profit after tax of associate and joint ventures5.03.5
Share of dividends received and repayment of partner contribution(2.9)(3.6)
Investment in associate and joint ventures at the end of the period195.6181.3
Carrying value of investments in associate and joint ventures
UnauditedAudited
As at
31 Dec 2025
As at
30 Jun 2025
$M$M
Tainui Auckland Airport Hotel Limited Partnership42.040.8
Tainui Auckland Airport Hotel 2 Limited Partnership25.725.9
Queenstown Airport Corporation Limited127.9126.8
Total195.6193.5
Interim Financial Statements 2026Auckland Airport14

11. Borrowings
UnauditedAudited
As at
31 Dec 2025
As at
30 Jun 2025
$M$M
Current
Commercial paper130.7130.5
Bonds250.0250.0
Total short-term borrowings380.7380.5
Non-current
Bank facilities80.0100.0
Bonds1,193.61,042.9
AMTN notes997.8963.9
Total term borrowings2,271.42,106.8
Total
Commercial paper130.7130.5
Bank facilities80.0100.0
Bonds1,443.61,292.9
AMTN notes997.8963.9
Total borrowings2,652.12,487.3
In the six-month period to 31 December 2025, the company
entered into the following new bank facilities:
•a $100.0 million facility with ANZ Bank New Zealand
Limited, set to mature in January 2027;
•a $50.0 million facility with Bank of New Zealand, set to
mature in July 2028;
•a $200.0 million facility with Westpac New Zealand Limited,
set to mature in July 2028;
•a $70.0 million facility with Mizuho Bank, Ltd, set to mature
in July 2029;
•a $70.0 million facility with MUFG Bank, Ltd., set to mature
in July 2029;
•a $100.0 million facility with China Construction Bank
Corporation, set to mature in July 2030; and
•a $60.0 million facility with Industrial and Commercial Bank
of China Limited, set to mature in July 2030.
As at 31 December 2025, the company had undrawn bank
facilities of $1,025.0 million (30 June 2025: $355.0 million).
During the current and prior periods, there were no defaults or
breaches on any of the borrowing facilities.
Interim Financial Statements 2026Auckland Airport15

12. Fair value of financial instruments
There have been no transfers between levels of the fair value
hierarchy in the period to 31 December 2025 (30 June 2025:
nil). Refer to note 2(e) of the 2025 Annual Report for an
explanation of the levels in the fair value hierarchy.
The following financial instruments are carried at amortised
cost, which approximates their fair value:
•Cash;
•Trade and other receivables;
•Accounts payable and accruals;
•Other term liabilities; and
•Borrowings issued at floating rates.
Borrowings issued at fixed rates, including bonds and AMTN
notes, are also carried at amortised cost, which differs from
their fair value. The fair values are shown in the table below for
comparative purposes and are determined as follows:
•The group’s bonds are classified as level 1. The fair value of
the bonds is based on the quoted market prices for these
instruments at balance date; and
•The group’s AMTN notes are classified as level 2. The
fair value of the AMTN notes has been determined at
balance date on a discounted cash flow basis using the
AUD Bloomberg curve and applying discount factors to
the future AUD interest payment and principal payment
cash
flows.
UnauditedUnauditedAuditedAudited
Carrying
amount
As at
31 Dec 2025
Fair value
As at
31 Dec 2025
Carrying
amount
As at
30 Jun 2025
Fair value
As at
30 Jun 2025
$M$M$M$M
Bonds1,443.61,484.11,292.91,329.3
AMTN notes997.81,023.2963.9976.6
The group’s derivative financial instruments are carried at fair value and are classified as level 2. The fair values are determined on a
discounted cash flow basis. The future cash flows are forecast using the key inputs presented in the table below. The forecast cash
flows are discounted at a rate that reflects the credit risk of both counterparties to the derivative financial instruments.
UnauditedAudited
Fair value
As at
31 Dec 2025
Fair value
As at
30 Jun 2025
$M$MValuation key inputs
Interest rate swaps
Forward interest rates (from observable yield
curves) and contract interest rates
Assets24.628.3
Liabilities(27.0)(24.9)
Cross-currency interest rate swaps
Forward interest and foreign exchange rates
(from observable yield curves and forward
foreign exchange rates) and contract rates
Assets66.033.1
Liabilities-(3.0)
Forward foreign currency contracts
Forward foreign exchange rates and
contract rates
Assets2.40.2
Liabilities-(0.2)
Interim Financial Statements 2026Auckland Airport16

13. Distribution to shareholders
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
Dividend payment date$M$M
2024 final dividend4 October 2024-96.2
2025 final dividend3 October 2025118.2-
The company has a dividend reinvestment plan ('DRP'). The 2025 final dividend was distributed during the period ended
31 December 2025, with $52.0 million being reinvested and $66.2 million being paid in cash.
During the comparative period ended 31 December 2024, a dividend of $96.2 million was paid in cash. The DRP was temporarily
suspended due to the timing of the equity raise (refer to note 14).
14. Issued and paid-up capital and earnings per share
UnauditedUnauditedUnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
6 months to
31 Dec 2025
6 months to
31 Dec 2024
$M$MSharesShares
Opening issued and paid-up capital3,163.51,739.91,687,561,8091,479,784,490
Shares fully paid and allocated to employees by employee
share scheme
0.60.395,60038,665
Shares vested to employees participating in long-term
incentive plans-0.4-111,472
Shares issued under the dividend reinvestment plan52.0-6,864,428-
Shares issued under the capital raise-1,375.1-201,438,848
Closing issued and paid-up capital3,216.13,115.71,694,521,8371,681,373,475
Capital Raise
On 16 September 2024, Auckland Airport announced an equity raise comprising a $1.2 billion underwritten private placement and a
$200 million non-underwritten retail offer. The company issued a total of 201,438,848 ordinary shares under the private placement
and retail offer. Shares were issued at an issue price of $6.95, representing a 7.0% discount to the ex-dividend adjusted last close
price of $7.48 on 13 September 2024. Total capital raised of $1,375.1 million was net of directly attributable share issue costs of
$24.9 million.
Earnings per share
The earnings used in calculating basic and diluted earnings per share is net profit attributable to equity holders of $177.0 million
(six months ended 31 December 2024: $187.3 million).
The weighted average number of shares used to calculate basic and diluted earnings per share is as follows:
UnauditedUnaudited
6 months to
31 Dec 2025
6 months to
31 Dec 2024
SharesShares
For basic earnings per share1,705,282,5301,554,753,060
Dilution effect of share options377,581326,339
For diluted earnings per share1,705,660,1111,555,079,399
The reported basic earnings per share for the six months ended 31 December 2025 is 10.38 cents (six months ended 31 December
2024: 12.05 cents).
The reported diluted earnings per share for the six months ended 31 December 2025 is 10.38 cents (six months ended
31 December 2024: 12.04 cents).
Interim Financial Statements 2026Auckland Airport17

15. Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase or
develop property, plant and equipment for $1,312.4 million
at 31 December 2025 (30 June 2025: $1,113.4 million). This
includes continued development of the domestic jet terminal
building, as well as further upgrades to the airfield.
(b) Investment property
The group had contractual obligations to purchase, develop,
repair or maintain investment property for $180.0 million at
31 December 2025 (30 June 2025: $188.0 million).
16. Contingent liabilities
Noise mitigation
Auckland Airport Designation 1100, contained in the Auckland
Unitary Plan, sets out Auckland Airports' obligations for
noise mitigation for properties affected by aircraft noise.
This includes obligations to mitigate the impact of aircraft
noise through the installation of noise mitigation packages to
existing dwellings and schools. The noise mitigation packages
provide treatment of dwellings to achieve an internal noise
environment of no more than 40dB. The company is required
to subsidise 100% of treatment costs for properties in the high
aircraft noise area and 75% in the medium aircraft noise area.
The aircraft noise contours included in Designation 1100 reflect
the long-term predicted aircraft noise levels generated by
aircraft operations from the existing runway and proposed
northern runway. Annually, the company projects the level of
noise that will be generated from aircraft operations for the
following 12 months. These annual projections confirm which
dwellings and schools are eligible for noise mitigation each
year and offers are sent to those affected properties. It is at the
discretion of the individual landowner whether they accept a
noise mitigation package.
Projections are undertaken annually to determine eligibility, and
the rate of acceptance of
offers of treatment by landowners
is variable.
However, it is estimated that further costs on noise mitigation
should not exceed $12.3 million (30 June 2025: $12.5 million).
Firefighting foam contaminated water and soil clean-up
Per and Polyfluoroalkyl Substances (PFAS) containing
firefighting foam has been widely used in the airport sector,
globally and throughout New Zealand. There is evidence of
varying levels of PFAS contamination derived from historical
firefighting foams used at Auckland Airport. As disclosed in
note 15 of the 2025 Financial Statements, the group continues
to recognise a provision for contamination where it has a
present obligation to remediate the contamination it has
identified in surface water and sediment.
The group has also detected further low-level PFAS
contamination within a stockpile of fill material located on land
within the group's control. There remains no environmental
requirement or other obligation to remove the contaminated
material, which is appropriately contained. The group has
estimated a contingent liability of $14.9 million to remove
and treat contaminated fill material within the stockpile
(30 June 2025: $14.9 million). The full extent of contamination,
approach to be taken, and the cost of management is still
being assessed.
The group is also aware of PFAS contamination within
tenant-leased areas. While tenants are responsible for the
management of PFAS associated with their past activities, the
group may be exposed to additional costs of managing PFAS
if it is not appropriately contained. The group does not have
sufficient information to estimate potential costs associated
with PFAS from tenant leased areas.
17. Events subsequent to balance date
On 16 February 2026, the directors of Queenstown Airport declared a fully imputed interim dividend of $7.2 million for the six
months ended 31 December 2025. The group’s share of the dividend is $1.8 million.
On 18 February 2026, the directors approved the payment of a fully imputed interim dividend of 6.50 cents per share amounting to
$110.2 million to be paid on 2 April 2026.
Interim Financial Statements 2026Auckland Airport18

INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of
Auckland International Airport Limited (‘the Company’) and its subsidiaries (‘the Group’) on pages 2 to 18 which
comprise the consolidated interim statement of financial position as at 31 December 2023, and the
consolidated interim income statement, statement of comprehensive income, statement of changes in equity
and cash flow statement for the six months ended on that date, and notes to the interim financial statements,
including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at
31 December 2023 and its financial performance and cash flows for the period ended on that date in
accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in
the Auditor’s Responsibilities for the Review of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other assignments for the Group in the area of greenhouse gas inventory assurance
reporting, trustee reporting and assurance reporting for regulatory reporting, and non-assurance services in
relation to the integrity of the aeronautical pricing model as well as non-assurance services provided to the
Corporate Taxpayers Group of which the Company is a member. These services have not impaired our
independence as auditor of the Company and Group. In addition to this, partners and employees of our firm
deal with the Company and its subsidiaries on normal terms within the ordinary course of trading activities of
the business of the Company and its subsidiaries. The firm has no other relationship with, or interest in, the
Company or any of its subsidiaries.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim
financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting and for such internal control as the directors determine is necessary to enable the preparation and
fair presentation of the interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE
2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe
that the interim financial statements, taken as a whole, are not prepared, in all material respects, in accordance
with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and consequently do not enable us to obtain assurance that
we might identify in an audit. Accordingly we do not express an audit opinion on the interim financial statements.
19
Financial statements
INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial
statements’) of Auckland International Airport Limited (‘the Company’) and its subsidiaries
(‘the Group’) on pages 2 to 18 which comprise the consolidated interim statement of financial
position as at 31 December 2025, and the consolidated interim income statement, statement of
comprehensive income, statement of changes in equity and cash flow statement for the six months
ended on that date, and notes to the interim financial statements, including material accounting
policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2025 and its financial performance and cash flows for the six months
ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (‘NZ SRE 2410’). Our responsibilities are further
described in the Auditor’s Responsibilities for the Review of the Interim Financial Statements section
of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (‘PES 1’) as applicable to audits and reviews of public interest entities.
We also have fulfilled our other ethical responsibilities in accordance with PES 1.
Our firm carries out other assignments for the Group in the areas of greenhouse gas inventory
assurance reporting, trustee reporting and assurance reporting for airport-related regulatory
disclosures, as well as non-assurance services provided to the Corporate Taxpayers Group of which
the Company is a member. These services have not impaired our independence as auditor of the
Company and Group. In addition to this, partners and employees of our firm deal with the Company
and its subsidiaries on normal terms within the ordinary course of trading activities of the business of
the Company and its subsidiaries. The firm has no other relationship with, or interest in, the Company
or any of its subsidiaries.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of
the interim financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS
34 Interim Financial Reporting and for such internal control as the directors determine is necessary
to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our
review. NZ SRE 2410 requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared,
in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34
Interim Financial Reporting.
Interim Financial Statements 2026Auckland Airport19

Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that
we might state to the Company’s shareholders those matters we are required to state to them in a review report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company’s shareholders as a body, for our engagement, for this report, or for the
conclusions we have formed.
Andrew Dick
Partner
for Deloitte Limited
Auckland, New Zealand
21 February 2024
20
Auckland International Airport Limited
A review of the interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed
in an audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we might identify in an audit. Accordingly we
do not express an audit opinion on the interim financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken
so that we might state to the company’s shareholders those matters we are required to state to
them in a review report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company’s shareholders as a body, for our
engagement, for this report, or for the conclusions we have formed.
Peter Gulliver, Partner
for Deloitte Limited
Auckland, New Zealand
18 February 2026
Interim Financial Statements 2026Auckland Airport20

Shareholder information
Reporting entity
The company was incorporated on 20 January 1988, under
the Companies Act 1955, and commenced trading on 1 April
1988. The company was re-registered under the Companies
Act 1993 on 6 June 1997. On 25 June 1998, the company
adopted a revised constitution, approved as appropriate for a
publicly listed company. Further revisions of the constitution
were adopted on
21 November 2000, 18 November 2002,
23 November 2004 and 23 October 2019 to comply with NZX
and ASX Listing Rule requirements.
The company was registered in Australia as a foreign company
under the Corporations Law on 22 January 1999 (ARBN 085
819 156) and was granted Foreign Exempt Listing Entity status
by ASX on 22 April 2016.
Stock exchange listings
The company’s shares were quoted on the NZX on 28 July
1998. The company’s shares were quoted on the ASX effective
1 July 2002. The company is not subject to chapters 6, 6A,
6B and 6C of the Australian Corporations Act dealing with the
acquisition of shares (i.e. substantial holdings and takeovers).
The total number of voting securities on issue as at
31 December 2025 was 1,695,129,603.
Auditors
Deloitte Limited has continued to act as external auditor of the
company and has undertaken a review of the interim financial
statements for the six months ended 31 December 2025. The
external auditor is subject to a partner rotation policy.
Credit rating
As at 31 December 2025, the S&P Global Ratings’ long-term
credit rating for the company was A- Stable Outlook.
Company publications
The company informs investors of the company’s business and
operations by issuing an annual report (with notice of meeting)
and interim financial statements.
Enquiries
Shareholders with enquiries about transactions, changes
of address or dividend payments should contact MUFG
Corporate Markets on +64 9 375 5998. Other questions
should be directed to the Company Secretary at the
registered office.
Share registrars
New Zealand:
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
Australia:
MUFG Corporate Markets
Level 12
680 George Street
Sydney
NSW 2000
Locked Bag A14
Sydney South
NSW 1235
Financial calendarHalf-yearFull-year
Results announcementFebruaryAugust
Reports publishedFebruaryAugust
Annual meeting-October
Disclosure financial statements-November
Interim Financial Statements 2026Auckland Airport21

Corporate directory
DIRECTORS
Julia Hoare, chair
Mark Binns
Mark Cairns
Grant Devonport
Sean Donohue
Dean Hamilton
Liz Savage
Tania Simpson
SENIOR MANAGEMENT
Carrie Hurihanganui
chief executive
Stewart Reynolds
chief financial officer
Murray Burt
chief infrastructure officer
Melanie Dooney
chief risk and corporate services officer
Chloe Surridge
chief operations officer
Scott Tasker
chief customer officer
Mark Thomson
chief commercial officer
Mary-Liz Tuck
chief strategic planning officer
Richard Wilkinson
chief digital officer
REGISTERED OFFICE NEW ZEALAND
4 Leonard Isitt Drive
Auckland Airport Business District
Manukau 2022
New Zealand
Phone: +64 9 275 0789
Freephone: 0800 Airport (0800 247 7678)
Facsimile: +64 9 275 4927
Email: tellus@aucklandairport.co.nz
Website: www.aucklandairport.co.nz
REGISTERED OFFICE AUSTRALIA
c/o KPMG
147 Collins Street
Melbourne
Victoria 3000
Australia
Phone: +61 3 9288 5555
Facsimile: +61 3 9288 6666
Website: www.kpmg.com.au
MAILING ADDRESS
Auckland International Airport Limited
PO Box 73020
Auckland Airport
Manukau 2150
New Zealand
COMPANY SECRETARY
Louise Martin
head of legal and company secretary
AUDITORS
External auditor – Deloitte Limited
Internal auditor – PwC
Share registry auditor – Grant Thornton
Interim Financial Statements 2026Auckland Airport22

---

19 February 2026
Interim results
presentation
Carrie Hurihanganui
Chief Executive
Stewart Reynolds
Chief Financial Officer

Important notice
2
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 recommendation of securities in Auckland International Airport Limited (Auckland Airport);
•should be read in conjunction with, and is subject to, Auckland Airport’s unaudited financial statements for the six months ended 31 December 2025, prior annual and interim reports, and Auckland Airport's market releases on
the NZX and ASX;
•may include forward-looking statements about Auckland Airport and the environment in which it operates which are subject to uncertainties and contingencies outside of Auckland Airport's control. Auckland Airport's actual
results or performance may differ materially from these statements;
•includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; and
•may contain information from third parties believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of such information.
All information in this presentation is current at the date of this presentation unless otherwise stated. Auckland Airport is not under any obligation to update this presentation at any time after its release, whether as a result of new
information, future events, or otherwise.
All currency amounts are expressed in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subject to rounding.
Refer to page 39 for a glossary of the key terms used in this presentation.
Non-GAAP measures
This presentation contains references to non-GAAP measures including EBITDAFI, EBITDA and underlying profit or loss. A reconciliation between reported profit after tax and the non-GAAP measure of underlying profit or loss is
included in the supplementary slides.
The directors and management of Auckland Airport understand the importance of reported profits meeting accounting standards. Because we comply with accounting standards, investors know that comparisons can be made
with confidence between different companies and that there is integrity in our reporting approach. However, we believe that an underlying profit or loss measurement can also assist investors to understand what is happening in
a business such as Auckland Airport, where revaluation changes can distort financial results or where one-off transactions, both positive and negative, can make it difficult to compare profits between years.
For several years Auckland Airport has referred to underlying profit or loss alongside reported results. We do so when we report our results, but also when we give our market guidance (where we exclude fair value changes and
other one-off items) or when we consider dividends and our policy to pay 70% to 90% of underlying profit after tax (excluding unrealised gains and losses arising from revaluation of property or treasury instruments and other
one-off items).
In referring to underlying profits or losses, we acknowledge our obligation to show investors how we have derived this result.
FY26 Interim results presentation
Auckland Airport

Table of Contents
1H26 results and highlights
4
Building a better future
6
Financial results
22
Outlook
29
Supplementary information
31
3
FY26 Interim results presentation
Auckland Airport

1H26 results
4
RevenueReported profit after taxCapital expenditureInterim dividend
EBITDAFI
1
Underlying profit
1
FFO / net debt
$519.6
million
4% increase
$177.0
million
5% decrease
$430.6
million
28% decrease
6.50
cps
0.25 cps increase
$371.3
million
6% increase
$157.1
million
6% increase
$743.5
million
19.8%
as at 31 December 2025
1.Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax
and underlying profit after tax is included in the supplementary slides
FY26 Interim results presentation
Auckland Airport
Assets commissioned
36% increase

AeronauticalFinancialOperationsCommercialInvestment
4.37m domestic PAX up 2%
5.27m international PAX up 2%
25 international airlines serving
42 international destinations
85,814 tonnes of international
cargo movements worth
$20.3b, up 37%
EBITDAFI
2
of $371.3m, up 6%
Net profit after tax of $177.0m,
down 5%
Underlying profit
2
of $157.1m, up
6%
Interim dividend of 6.50 cents
per share
Collaboration with airport
partners delivers shorter journey
times with greater consistency
3
Continued improvement in
passenger ASQ scores
4
Digital enhancements delivering
operational efficiencies and
enabling cost reductions
11 electric heat pumps installed
(each roughly 100x the capacity
of a typical household heat
pump), which will enable a
c.40% reduction in natural gas
use
Car park income up reflecting
customer migration toward
high-quality, more proximate
parking products
Retail income down 2%. Spend
rate per passenger up 2% and
income per passenger down 4%
Mānawa Bay November and
December sales up 18% on prior
year, occupancy 99% at Dec-25
Rental income up 8%, rent roll
up 2%
Improved performance from
the hotel portfolio with
occupancy of 83%, up five
percentage points
Delivered $724m of
aeronautical projects, including
remote stands and upgrades
Strong progress on domestic jet
terminal construction
Foodstuffs development on
track for late 2027 completion
Three key aeronautical tenants
moved to new cargo precinct
with new dedicated airside
access checkpoint
5
9.64m
PAX movements up 2%
$519.6m
revenue up 4%
10%
improvement in processing
times
3

$239.9m
income up 5%
$430.6m
capital expenditure
FY26 Interim results presentation
Auckland Airport
2. Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax and underlying profit after tax is included in the supplementary slide
3.Over the summer holiday peak period (8 December – 18 January) median international arrivals passenger processing times were 10% faster
4.ACI Airport Service Quality scores in the Jul-Sep 2025 quarter for the domestic and international terminals were 4.04 and 4.31 respectively, up from 3.93 and 4.15 in the prior year
1H26 highlights

Building a
better future

We are delivering on our plan and uplifting the traveller experience
Continued focus on passenger experience and
journey times through investments and process
enhancements
Continued momentumcompleting new
infrastructure milestones, including new remote
stands and connecting the existing international
terminal with the new Domestic Jet Terminal
7
FY26 Interim results presentation
Auckland Airport
Solid commercial performance, with investments
in parking, retail and driving diversified growth

8
...and we are playing our part to boost Auckland and New Zealand’s economic activity
9.64m
passengers, up
2%
67%
AKL’s share of
New Zealand’s
international
visitor arrivals
89%
AKL’s share of
New Zealand’s
international air
cargo by volume
$8.2b
worth of goods
exported, up 75%
2.35m
Inbound tourists in
the 12 months to
Dec-25, up 2%
$1.4m
economic value
per international
aircraft
touchdown
85,814
tonnes of freight,
in line
$12.1b
worth of goods
imported, up
19%
Data points refer to 1H26 vs 1H25, unless otherwise stated
FY26 Interim results presentation
Auckland Airport

Greater seat capacity and choice for travellers
More seats brings benefits for New Zealand’s tourism industry and provides greater choice for New Zealanders heading overseas
9
Qantas flights to Apia and Gold Coast commence in June 2026. Air New Zealand is expanding short-haul capacity across both Australia and the Pacific Islands. Jetstar are progressively expanding capacity
with 490,000 additional seats per year from AKL to New Zealand and Australian destinations. China Eastern began flying Shanghai – Auckland – Buenos Aires in December 2025. China Eastern & China
Southern added capacity starting 1H26 to Shanghai and Guangzhou.
AKL
Samoa &
Gold Coast
AKL
China
PVG, CAN
AKL
Australia &
New Zealand
New routes
coming in 2H26
Increased
frequency
AKL
Australia
Increased
frequency
AKL
Pacific Islands
AKL
Argentina
EZE
New route
in 1H26
FY26 Interim results presentation
Auckland Airport
Increased
frequency
Increased
frequency

Strengthening SE Asia connectivity: welcoming back Thai Airways in late 2026
Year-round daily non-stop
service to resume in late
2026
10
FY26 Interim results presentation
Auckland Airport

Momentum is building at New Zealand’s gateway airport, with seat capacity up 4% over the peak summer period
Collaboration between government and business is stimulating the tourism recovery
NZ tourism recoveryNZ inbound tourism growth by key marketTourism momentum building
Outbound tourism by New Zealanders has fully
recovered to pre-pandemic levels. Inbound tourism
recovery is 90%, a lift of five percentage points from
the same period in the prior year
Greater capacity, choice, affordability as well as
targeted marketing campaigns is driving increased
demand from core markets
Additional capacity is also facilitating exports, with an
average 10% annual growth rate in export volumes
through AKL since 2017
Note: 12 months to Dec--25 and 12 months to Dec--24 vs 12 months to Dec--19.
Source: Stats NZ
Peak period capacity
4% increase in AKL international seat
capacity over peak summer season, from
Nov-25 to Mar-26
Events fund
First tranche of events supported by $70m
events & tourism package announced
Investment in Auckland
Convention Centre, City Rail Link and
commercial projects driving economic
activity in the region
Lead indicators
Positive momentum in flight search data
New Zealand remains an attractive tourism
destination. Favourable NZ currency, additional
aeronautical capacity, government tourism initiatives
and investment in the region are expected to assist
the growth in visitation numbers
11
FY26 Interim results presentation
Auckland Airport
97%
85%
100%
90%
50%
60%
70%
80%
90%
100%
110%
OutboundInbound
Recovery vs 2019
20242025
Note: 12 months to Dec-25 vs 12 months to Dec--24. Source: Stats NZ
Australia:
1,5236,
up 10%
USA:
390k,
up 4%
China:
277k,
up 5%
Rest of the world:
1,425k,
up 1%

12
Growth in domestic jet and international capacity and competition is providing travellers with more choice
Momentum continues to build in FY26 with greater competition driving down airfares
Increased competition on domestic jet routes is
providing customers with greater choice and
lower fares
Domestic air fares
Source: Infare, Auckland Airport
FY26 Interim results presentation
Auckland Airport
$150
$155
$160
$165
$170
$175
$180
$185
$190
$195
$200
Domestic jetRegional
Average air fare
1H251H26
(6.0)%
2.4%
International capacity and PAX recovery
International capacity and PAX volumes are
growing, with load factors in Dec-25 five
percentage points higher than the FY19
equivalent, indicating demand continues to
outpace supply
Note: Recovery vs equivalent month in 2019 financial year
50%
60%
70%
80%
90%
100%
110%
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sept-25
Oct-25
Nov-25
Dec-25
Jan-26
Seat CapacityNon-transit PAX
1H25:
87.7%
2H25:
88.8%
1H26:
89.3%
1H25:
90.8%
2H25:
92.7%
1H26:
93.2%
Domestic PAX recovery is mixed
Note: Recovery vs equivalent month in 2019 financial year
50%
60%
70%
80%
90%
100%
110%
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sept-25
Oct-25
Nov-25
Dec-25
Jan-26
Domestic jet PAXRegional PAX
Domestic jet passenger volumes are recovering
more quickly than regional with additional jet
capacity from Jetstar and Air New Zealand.
Regional capacity in 1H26 was 2% below 1H25
1H25:
86.9%
2H25:
84.7%
1H26:
85.2%
1H25:
89.5%
2H25:
87.9%
1H26:
93.0%

Investment in new facilities and processes are delivering reduced journey times and a smoother travel experience
Continued focus on enhancing the customer journey
Expanded arrivals area
Expanded area for border agencies,
supporting increased passenger
processing and improved customer
amenity alongside enhanced offices
and operational areas for border
agencies
Refreshed retail experience
A phased refurbishment of duty-free
stores is taking place during 2026
New in-terminal food & beverage
experiences are also coming in the
second half of 2026
Improved operational performance
Delivering smoother passenger
journeys with less variability in
processing times. International arrivals
median journey times over the summer
peak period reduced by 10%
Reliability is consistently strong, with
airbridge and baggage reclaim
availability above 99.9%
Improved lounge offerings
Four lounge offerings now available for
international travellers
Newly expanded and refurbished
Qantas lounge opened in December
2025
Expanded Air NZ international lounge
set to open in 2027
13
Image of queueing / new
scanning machines
FY26 Interim results presentation
Auckland Airport
International departures hall
New Qantas lounge
Expanded international arrivals area
Refreshed in-terminal retail experience coming soon

Northern standsInternational Terminal East and the ‘Stitch’ to the Domestic Jet Terminal
14
Cargo precinctNew electric heat pumps installed on the roof of the international terminal
Delivering upgrades in the period that provide greater capacity and resilience

15
Significant momentum on the Domestic jet terminal
FY26 Interim results presentation
Auckland Airport

16
Opening of new temporary check-in facility in the coming weeks
FY26 Interim results presentation
Auckland Airport

17
Successful transition to new duty-free operator
•Positive sales performance in the period across
core categories with PSR up 5%, excluding FX
•1H26 saw a change in sales mix, with electronic and
cosmetics categories up on the prior period, partly
offset by a decline in the alcohol category
•IPP down 4% reflecting lower average concession
rates in Duty-Free. The lower rates have improved
the customer value proposition and have
supported conversion rates and higher PSR
‒promotional activity and bundling has delivered
increased basket sizes
•Development of international airside continues:
‒a phased refurbishment of the Duty-Free
‒tender process for 12 food & beverage stores
Retail at a glancePerformance
of retail income
in the period
of retail income
per PAX
5
increase in Total PSR
compared to 1H25
increase in PSR excluding FX
compared to 1H25
terminal retail stores
as at 31 December 2025
$92.3 million
$9.76
2%
105
5.Income per PAX (IPP) is calculated as total retail income divided by total PAX,
including half of the transit PAX movements
FY26 Interim results presentation
Auckland Airport
5%

18
Investment in parking product range delivering improved customer choice and revenue
•Full six months operation of the Transport Hub,
migration toward high-quality, more proximate
parking products and longer duration stays driving
Parking income up 14%
•Total exits lifted 1% on the previous year, with
international up 3% and domestic down 7% partially
recovered with Valet and Park & Ride products
•Transport Hub saw strong revenue reflecting
reduced promotional activity with demand for
other Parking products remaining resilient
•Reduction in domestic terminal exits reflects
capacity reductions with the loss of c.700 spaces
to facilitate the expansion of regional airfield
capacity
At a glance
Performance
of car park income
in the period
number of public car parks
number of exits
6
$41.1 million
11,363
0.8 million
6.Exits which generated parking income
FY26 Interim results presentation
Auckland Airport
Regional airfield expansion construction in car parks M and O
Dec-24Dec-25
StandardTransport Hub
35%
International car park revenue

19
99.1%
occupancy rate as at 31 December 2025
4.2years
weighted average lease term
6%
increase footfall vs 2024*
18%
increase in sales vs 2024*
Mānawa Bay celebrated its first birthday with continued growth in sales and footfall
FY26 Interim results presentation
Auckland Airport
*Increase compares November 2025 and December 2025 to the period equivalent

20
Continued growth in property rent roll
•Three key aeronautical tenants moved to new
cargo precinct with new dedicated airside access
checkpoint
•Foodstuffs chilled and frozen distribution centre
on track for completion in late 2027
•First of two stages of the refurbishment of the ibis
hotel completed in the period with the second
stage to commence in April
•Despite market conditions remain challenging,
interest levels from prospective commercial
property tenants remains steady with several
new opportunities in discussion
•Commercial property rent roll up 2% from June
2025 to $195.4 million on the back of growth of
the existing portfolio and further Mānawa Bay
leasing
•Quality tenant mix continues to deliver a market
leading weighted average lease term of 8.7 years,
or 9.2 years when excluding Mānawa Bay
•Continued improvement in performance of the
hotel portfolio
9
with average occupancy levels of
83%, up from 78% in the prior period
At a glancePerformanceDevelopment
Investment property
portfolio value
Commercial property
rent roll
7
Commercial property
portfolio occupancy
8
Commercial property
weighted average lease term
of land available for property
development
$3.4 billion
$195.4 million
99.3%
8.70 years
147 ha
7.Includes contractual rental income (excluding hotel income) from all existing
investment, aeronautical and retail properties and those under development
8.Excludes 15,919m2 of net lettable areas that is being held vacant for the future cargo
precinct relocation. Including this land, portfolio occupancy is 96.4%
9.Hotel portfolio consists of the ibis budget Auckland Airport (fully owned), Novotel
Auckland Airport (50% ownership) and Te Arikinui Pullman Auckland Airport (50%
ownership)
FY26 Interim results presentation
Auckland Airport

21
Regulatory update
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 has elected not to pursue the matter further
•Alongside this, the Commission in March will commence consultation on
amendments to the airport cost of capital input methodologies, in light of coding
errors that informed the 2023 Input Methodologies. Auckland Airport will make
submissions as part of this process, with the Commission targeting a final decision
on amendments in June 2026
Information Disclosure review
•In January 2026, the Commerce Commission released its Process and Issues paper
outlining potential changes to Information Disclosure requirements for major airport
investments. Submissions due 19 February 2026, with a draft decision in April 2026
and the final decision scheduled for Q3 2026
•The Commerce Commission advised it is not considering any legislative changes or
changes in regulatory approach
Master Plan
•Following feedback from stakeholders, Auckland Airport has completed an
additional round of consultations with airport precinct stakeholders in relation to its
Draft Master Plan, focusing on key areas such as the surface access network and
regional operations
•The final Master Plan is expected to be published in June 2026
FY26 Interim results presentation
Auckland Airport
Auckland Airport airfield

Financial results

•Revenue rose 4% in the period reflecting increases in both
aeronautical charges and passenger numbers and higher
commercial income
•Operating costs decreased 1% with success in our ‘Match Fit’
programme, partially offset by investments in new digital
capabilities and support for growing commercial activities
•EBITDAFI rose 6% and EBITDAFI margin increased from 69.9% to
71.5% reflecting the operational leverage in the period
•Share of profit of associate and joint ventures of $5.0 million driven
by solid trading performances by both Queenstown Airport and
the Novotel hotel and a reduced loss at the Pullman hotel
•Depreciation expense increased 20% in the period to $118.6 million,
reflecting new assets commissioned in the period and the full
period impact of assets commissioned in the prior year
•Interest expense decreased to $41.4 million in the period reflecting
lower cost of debt compared to 1H25, partially offset by an increase
in drawn debt
•Underlying profit in 1H26 increased 6% to $157.1 million
23
EBITDAFI up 6% reflecting momentum across key lines of business
For the six months ended 31 December20252024Change
Revenue
519.6 499.9 4%
Expenses
(148.3)(150.3)1%
EBITDAFI
10
371.3 349.6 6%
Share of profit / (loss) from associate and joint ventures
5.0 3.5 43%
Derivative fair value change
1.6 (0.5)420%
Investment property fair value change
26.3 50.5 (48)%
Depreciation
(118.6)(99.2)(20)%
Interest expense and other finance costs
(41.4)(43.9)6%
Taxation expense
(67.2)(72.7)8%
Reported profit after tax
177.0 187.3 (5)%
Underlying profit after tax
10
157.1 148.1 6%
10.Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax and
underlying profit after tax is included in the supplementary slides
FY26 Interim results presentation
Auckland Airport

•Aeronautical revenue from airfield and the passenger services
charges grew a combined 7% driven by the increase in passenger
numbers, combined with higher aeronautical charges that support
the investment in the period
•Retail income declined 2% in the period reflecting lower Duty-Free
concession rates and a change in mix to lower margin categories,
partially offset by an increase in sales volumes
•The recent investments expanding car parking capacity as well
strong performance in premium parking products lifted car parking
income 14%
•Investment property rental income rose 9% reflecting rental growth
in the existing portfolio and a full period contribution from earlier
developments
•Interest income fell to $7.1 million reflecting the lower cash balance
as the proceeds of the 2024 equity raise were invested during
2025
24
Revenue growth driven by ongoing investment and improved trading performance
For the six months ended 31 December20252024Change
Airfield income
93.684.511%
Passenger services charge
145.7139.74%
Retail income
92.394.1(2)%
Car park income
41.135.914%
Investment property rental income
91.183.49%
Other rental income
15.415.21%
Flood-related income
3.04.0(25)%
Other income
30.327.411%
Revenue excluding interest income
512.5484.26%
Interest income
7.115.7(55)%
Total revenue
519.6499.94%
FY26 Interim results presentation
Auckland Airport

•Staff cost growth reflects the combined effects of increased
aeronautical and commercial activity, partially offset by benefits
from organisational changes undertaken during last financial year
•Increased asset management, maintenance and airport operations
reflects higher outsourced operations to support the growth in
both aeronautical and commercial activities. The growth
associated with a full six months of costs relating to Mānawa Bay
and the upper floors of the Transport Hub is partially offset by
ongoing focus to optimise how assets are managed through their
lifecycle
•Rates and Insurance costs increased 12% following the ongoing
investment in aeronautical and commercial assets
•Marketing and promotional expenses fell 48% to $2.8 million in the
period reflecting no repeat of activities to support the launch of
the new commercial activities in the prior period
•Expenses relating to professional services and levies fell by 24% to
$3.1 million reflecting careful cost management across
discretionary lines such as consultancy and legal
•Other expenses decreased to $8.3 million reflecting no repeat of
the software charge in the prior period
•$0.4 million of flood-related expenses were incurred in the period
in relation to the January 2023 flooding event
25
Strong focus on cost management
For the six months ended 31 December20252024Change
Staff(44.3)(42.9)(3)%
Asset management, maintenance and airport operations(66.3)(65.3)(2)%
Rates and insurance(23.1)(20.6)(12)%
Marketing and promotions(2.8)(5.4)48%
Professional services and levies(3.1)(4.1)24%
Fixed asset write-offs and impairment(0.3)- -
Flood-related expense (0.4)(1.5)73%
Other expenses(8.3)(10.6)22%
Expected credit losses0.3 0.1 200%
Total operating expenses(148.3)(150.3)1%
Depreciation (118.6)(99.2)(20)%
Interest expense and other finance costs(41.4)(43.9)6%
Taxation expense/(benefit)(67.2)(72.7)8%
FY26 Interim results presentation
Auckland Airport

26
EBITDAFI bridge
•In the six months to 31 December 2025,
increased aeronautical activity and the full
period effect of new commercial
developments drove a 6% increase in
underlying income
•In addition, the higher PAX numbers
contributed to lift the performance of the
commercial lines of business with Retail and
Parking conversion lifting alongside higher
occupancy in the airport’s hotel portfolio
•Non-recurring operating expenses in the
period were lower, with no repeat of the
1H25software charge
•Underlying EBITDAFI
11
rose 8% to 361.4
million
EBITDAFI($m)
Improved earnings momentum in the core business with the lift in trading performance supported by a reduction in costs
FY26 Interim results presentation
Auckland Airport
349.6
4.4
(2.5)
(15.7)
335.8
15.1
11.3
2.9
(3.7)
361.4
7.1
2.6
0.2371.3
1H25
reported
EBITDAFI
Non-
recurring
costs
Flood impactInterest
income
1H25
EBITDAFI
excluding
one-offs
11
Aeronautical
income
Commercial
income
Other
income
Underlying
expenses
1H26
EBITDAFI
excluding
one-offs
11
Interest
income
Flood impactNon-
recurring
costs
1H26
reported
EBITDAFI
11.EBITDAFI excluding non-recurring costs, flood impact and interest income
8%

$431million of capital expenditure in the period with 2H seeing accelerated Domestic Processor activity
Aeronautical infrastructure investment gaining momentum
Aeronautical
Commercial, Infrastructure & Other
FY22 - FY26 capital expenditure
27
0
200
400
600
800
1,000
1,200
1,400
20262025202420232022
$m
AeronauticalProperty development
Infrastructure and otherRetail
Car parking
FY26 guidance range
Terminal integration: $291.5 million
•Domestic Processor: Activity across the
programme continued to build over 1H26, with
construction progressing across the headhouse,
pier, airfield, and baggage system. Progressive
completion of the superstructure and enclosure of
the headhouse has enabled key services subtrades
to begin fit-out. Significant airfield works have also
begun
•Enabling works for the check-in expansion and the
inner terminal road commenced, with physical
works commencing in 2H26
Airfield: $69.1 million
•$465 million Northern stands commissioned in
October 2025
•Ongoing investment in airfield pavement and
ground lighting renewals and upgrades
Other Aeronautical $23.8 million
•Construction on four new regional stands
commenced and DTB renewals, non-passenger
and bulk screening upgrades primarily complete
Commercial $34.3 million
•Down from $139.0 million in 1H25, reflecting the
completion of Mānawa Bay and the Transport Hub
in the prior period, as well as a slower commercial
property market
•Construction underway on the development of
purpose built coolstore facility for Foodstuffs North
Island
•Refurbishment of ibis hotel commenced with first
stage complete
•Refurbishment and reconfiguration of existing
Manu Tapu Drive tenancies to provide airside/
landside access as part of wider air cargo precinct
development
•Upgrades to international and domestic terminal
retail offerings including reconfiguration of Duty-
Free stores
Infrastructure and Other: $11.8 million
•Ongoing investment and renewals in digital,
roading and utility infrastructure
•Design and enabling activity relating to the ground
transportation network
FY26 guidance range:
$1.0b - $1.2b
FY26 Interim results presentation
Auckland Airport

Liquidity position and credit metrics remain strong
28
•Total drawn debt of $2,652 million as at 31
December 2025, an increase of 7% or $165 million
on June 2025
•Completed two domestic bond issues in 1H26, a
$200 million retailable fixed rate bond and a $100
million floating rate note. In addition, $150 million
of floating rate notes were repaid in the period
•Committed undrawn bank facility headroom of
circa $1,025 million (Jun-25: $355 million), and
$361 million in available cash and deposits (Jun-
25: $568 million)
•Interim dividend for 1H26 of 6.50 cents per share,
up from 6.25 cents per share in 1H25
•DRP participation rate of 43% for the FY25 final
dividend. Dividend reinvestment scheme remains
active for the 1H26 dividend with a 2.5% discount
•A- credit rating reaffirmed by S&P
TestDec-25Jun-25
Gearing covenant
12
≤ 60%19.7%19.1%
Interest coverage covenant
13
≥ 3.0x10.439.74x
Debt to enterprise value16.2%16.6%
Net debt to enterprise value14.0%12.8%
FFO interest cover≥ 2.5x4.5x4.1x
FFO to net debt≥ 11.0%19.8%22.9%
Weighted average interest cost5.45%5.52%
Average debt maturity profile4.26yrs3.90yrs
Percentage of fixed borrowings86.6%75.8%
Drawn debt maturity profile by financial year
Key credit metrics
Capital investment funded by cash from 2024 equity raise, additional borrowings and continued strong DRP participation
12.Gearing is defined as nominal value of debt plus derivative liabilities divided by nominal value
of debt plus derivative liabilities plus the book value of equity
13.Interest coverage is defined as reported NPAT plus taxation, interest expense, depreciation,
revaluations and derivative changes (broadly EBITDA) divided by interest
FY26 Interim results presentation
Auckland Airport
131
80
100
100
150
375
250
250
200
284
649
0
100
200
300
400
500
600
700
800
900
Dec-26Dec-27Dec-28Dec-29Dec-30Dec-31
$m
Commercial paperBank facilitiesFloating bonds
Fixed bondsAMTN

Outlook
29
•As we look ahead to the remaining six months of the year, we expect to see
aeronautical and commercial activity continue its positive trajectory
•Recent trading momentum and the additional airline seat capacity provides
grounds for optimism for the remainder of the year. Notwithstanding, the scale and
complexity of the significant investment across the precinct continues to provide
challenges with forecasting post-tax profitability to within a very narrow range
•Reflecting this and growing confidence in the passenger forecast for FY26,
Auckland Airport is narrowing its guidance as follows:
‒underlying profit after tax guidance to between $295 million and $320 million on
domestic and international passenger numbers of circa 8.6 million and circa 10.6
million respectively; and
‒capital expenditure guidance to between $1,000 million and $1,200 million in the
year
•This guidance is subject to any material adverse events, significant one-off
expenses and any deterioration due to global market conditions or other
unforeseeable circumstances
FY26 Interim results presentation
Auckland Airport
Auckland Airport airfield
Guidance

Ngā mihi nui
Thank you

Supplementary
information

32
20252024
For the six months ended 31 December ($m)
Reported
profit
AdjustmentsUnderlying
profit
14
Reported
profitAdjustments
Underlying
profit
14
EBITDAFI
14
per income statement371.3 - 371.3 349.6 - 349.6
Investment property fair value change26.3 (26.3)- 50.5 (50.5)-
Fixed asset write-offs and impairment- 0.3 0.3 - - -
Derivative fair value change
1.6 (1.6)- (0.5)0.5 -
Share of profit / (loss) of associate and joint ventures
5.0 - 5.0 3.5 (0.2)3.3
Depreciation
(118.6)- (118.6)(99.2)- (99.2)
Interest expense and other finance costs
(41.4)- (41.4)(43.9)- (43.9)
Taxation (expense) / benefit
(67.2)7.7 (59.5)(72.7)11.0 (61.7)
Profit after tax
177.0 (19.9)157.1 187.3 (39.2)148.1
We have made the following adjustments to show underlying profit after tax for the six months ended 31 December 2025 and 2024:
•reversed out the impact of revaluations of investment property. An investor should monitor changes in investment property over time as a measure of growing value. However, a change in one particular
year is too short to measure long-term performance. Changes between years can be volatile and, consequently, will impact comparisons. Finally, the revaluation is unrealised and, therefore, is not
considered when determining dividends in accordance with the dividend policy;
•reversed out the impact of fixed asset write-offs. Related costs and cost reversals are not considered to be an element of the group’s normal business activities and on this basis have been excluded from
underlying profit;
•reversed out the impact of derivative fair value movements. These are unrealised and relate to basis swaps that do not qualify for hedge accounting on foreign exchange hedges, as well as any ineffective
valuation movements in other financial derivatives. The group holds its derivatives to maturity, so any fair value movements are expected to reverse out over their remaining lives;
•adjusted the share of profit of associates and joint ventures to reverse out the impacts on those profits from revaluations of investment property and financial derivatives; and
•reversed out the taxation impacts of the above movements in both periods.
Supplementary slides:
Underlying profit reconciliation
14.Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures
FY26 Interim results presentation
Auckland Airport

33
Supplementary slides:
Aircraft movements and MCTOW
For the six months ended 31 December202520242023202220212020
Aircraft movements
International aircraft movements
27,34426,26026,57619,1338,3496,760
Domestic aircraft movements
52,89352,83553,01150,80323,84637,975
Total aircraft movements
80,23779,09579,58769,93632,19544,735
MCTOW (tonnes)
International MCTOW
2,641,1682,579,6592,579,8941,815,7421,815,742825,803
Domestic MCTOW
1,112,7631,083,8131,079,8141,001,2461,001,246760,720
Total MCTOW
3,753,9313,663,4723,659,7072,816,9882,816,9881,586,523
FY26 Interim results presentation
Auckland Airport

34
For the six months ended 31 December202520242023202220212020
International passengers excluding transits
4,913,4634,788,7744,596,4033,183,179251,918153,975
Transit passengers
359,228397,128386,200291,4506,50633,028
Total international passengers
5,272,6915,185,9024,982,6033,474,629258,424187,003
Domestic passengers
4,367,8614,274,8654,269,6174,103,1161,461,1422,636,379
Total passengers
9,640,5529,460,7679,252,2207,577,7451,719,5662,823,382
Supplementary slides:
Total passenger movements
FY26 Interim results presentation
Auckland Airport

35
As at ($m)Dec-25Jun-25Jun-24Jun-23Jun-22Jun-21
Current assets
501.8 658.4 303.2 160.8 74.8 125.8
Cash
360.6 567.8 219.7 106.2 24.7 79.5
Other current assets
141.2 90.6 83.5 54.6 50.1 46.3
Non-current assets
13,783.3 13,404.2 12,113.0 10,668.5 10,078.1 9,651.5
Property, plant and equipment
10,070.5 9,782.7 8,755.0 7,548.3 6,986.1 6,826.5
Investment property
3,425.7 3,366.5 3,123.9 2,882.1 2,897.4 2,641.4
Other non-current assets
287.1 255.0 234.1 238.1 194.6 183.6
Total assets
14,285.1 14,062.6 12,416.2 10,829.3 10,152.9 9,777.3
Current liabilities
538.5 636.1 565.9 596.2 610.1 326.0
Non-current liabilities
3,164.3 2,953.7 3,240.2 1,855.6 1,391.9 1,521.8
Term borrowings
2,271.4 2,106.8 2,403.3 1,388.3 961.0 1,172.8
Other non-current liabilities
892.9 846.9 836.9 467.3 430.9 349.0
Equity
10,582.3 10,472.8 8,610.1 8,377.5 8,150.9 7,929.5
Total liabilities and equity
14,285.1 14,062.6 12,416.2 10,829.3 10,152.9 9,777.3
Supplementary slides:
Balance sheet
FY26 Interim results presentation
Auckland Airport

36
Supplementary slides:
1H 2H revenue
For the year ended 30 June1H262H251H25
1H26 vs
2H25
1H26 vs
1H25
Airfield income
93.686.484.58%11%
Passenger services charge
145.7138.5139.75%4%
Retail income
92.395.194.1(3)%(2)%
Car park income
41.136.635.912%14%
Investment property rental income
91.189.583.42%9%
Other rental income
15.415.115.23%1%
Flood-related income
3.0- 4.0(25)%
Other income
30.327.527.410%11%
Revenue excluding interest income
512.5488.7484.25%6%
Interest income
7.116.1 15.7(56)%(55)%
Total revenue
519.6504.8499.93%4%
FY26 Interim results presentation
Auckland Airport

37
Supplementary slides:
1H 2H costs
For the year ended 30 June1H262H251H25
1H26 vs
2H25
1H26 vs
1H25
Staff(44.3)(43.0)(42.9)(3)%(3)%
Asset management, maintenance and
airport operations
(66.3)(71.1)(65.3)7%(2)%
Rates and insurance(23.1)(20.8)(20.6)(11)%(12)%
Marketing and promotions(2.8)(4.8)(5.4)42%48%
Professional services and levies(3.1)(4.1)(4.1)24%24%
Fixed asset write-offs, impairment and
termination costs
(0.3)(0.4)- 25%
Flood-related expense (0.4)(1.6)(1.5)75%73%
Other expenses(8.3)(7.4)(10.6)(12)%22%
Expected credit losses0.3 (0.1)0.1 400%200%
Total operating expenses(148.3)(153.3)(150.3)3%1%
Depreciation (118.6)(101.5)(99.2)(17)%(20)%
Interest expense and other finance costs(41.4)(28.4)(43.9)(46)%6%
Taxation expense(67.2)(60.8)(72.7)(11)%8%
FY26 Interim results presentation
Auckland Airport

38
Supplementary slides:
Operating segment performance
For the six months ended 31 December 2025For the six months ended 31 December 2024
Segment performance
Aeronautical
Retail & car
parking
PropertyTotalAeronautical
Retail & car
parking
PropertyTotal
Total income
263.8143.0103.6510.4248.5138.794.7481.9
Total expenses
61.427.324.1112.862.627.623.4113.6
EBITDAFI
202.4115.779.5397.6185.9111.171.3368.3
EBITDAFI margin
76.7%80.9%76.7%77.9%74.8%80.1%75.3%76.4%
FY26 Interim results presentation
Auckland Airport

Glossary
ASQ Airport Service Quality
EBITDAFI Earnings before interest, taxation, depreciation, fair value adjustments and investments in associates
FFO Funds from operations
FY Financial year to 30 June
GAAP Generally accepted accounting principles
IPP Income per passenger
MCTOW Maximum certified take-off weight
NPAT Net profit after tax
NZ New Zealand
PAX Passenger movement
PSR Passenger spend rate
S&P Standard and Poor’s

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (millions)
Revenue from continuing
operations
$519.6
Total Revenue$519.6
Net profit/(loss) from continuing
operations
$177.0
Total net profit/(loss) $177.0
Amount per Quoted Equity
Security
Imputed amount per Quoted
Equity Security
Record Date
Dividend Payment Date
Current period
Net tangible assets per Quoted
Equity Security
$6.25
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Name of person authorised to
make this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
$0.06500000
Results for announcement to the market
Auckland International Airport Limited
6 months to 31 December 2025
6 months to 31 December 2024
NZD
Percentage change
4%
4%
-5%
-5%
Final Dividend
19 February 2026
$0.02527778
n/a
n/a
Prior comparable period
$5.98
Refer to attached media release, unaudited Interim Financial Statements and
Results Presentation
Authority for this announcement
Louise Martin,
Head of Legal and Company Secretary
Stewart Reynolds
Chief Financial Officer
027 511 9632
investors@aucklandairport.co.nz

---

Distribution Notice




Section 1: Issuer information
Name of issuer Auckland International Airport Limited
Financial product name/description Ordinary shares
NZX ticker code AIA
ISIN (If unknown, check on NZX
website)
NZAIAE0002S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date Close of trading on 19 March 2026
Ex-Date (one business day before the
Record Date)
18 March 2026
Payment date (and allotment date for
DRP)
2 April 2026
Total monies associated with the
distribution
1

$110,183,424
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.09027778
Gross taxable amount
3
$ 0.09027778
Total cash distribution
4
$ 0.06500000
Excluded amount (applicable to listed
PIEs)
$ N/A
Supplementary distribution amount $ 0.01147059
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of Resident
Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should
include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed
the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether
or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.02527778
Resident Withholding Tax per
financial product
$ 0.00451389
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
19 March 2026 25 March 2026
Date strike price to be announced (if
not available at this time)
30 March 2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
$TBC
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
20 March 2026
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Louise Martin, Head of Legal and Company Secretary
Contact person for this
announcement
Stewart Reynolds, Chief Financial Officer
Contact phone number +64 27 511 9632
Contact email address stewart.reynolds@aucklandairport.co.nz
Date of release through MAP

19 February 2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.