Auckland Airport reported broadly flat underlying profit for the 12 months ended June 30, 2026, as rising costs and higher debt offset steady revenue growth and improved operational metrics.
Revenue increased 3% to NZD 1.036 billion, marking the second consecutive year above NZD 1 billion, while operating EBITDAFI rose 3% to NZD 724 million with a margin of just under 70%. Normalized EBITDAFI, excluding one-off items, advanced 6% year-on-year. Underlying profit after tax was NZD 309 million, down 0.5% or NZD 1.4 million from the prior period. Reported profit after tax fell 20% to NZD 335 million due to fair-value adjustments.
Operating expenses climbed 3% to NZD 311.4 million, including NZD 5.9 million in fixed-asset write-offs, though the growth rate slowed from 8% in the prior year. Capital expenditure totaled NZD 1.07 billion, split between NZD 881 million in aeronautical projects and NZD 187 million in non-aeronautical spending. Total debt rose 11% to NZD 2.769 billion, while funds from operations to net debt stood at 16.9% as of June 30.
Passenger movements increased 1.9% to 19 million, with cargo volumes up 3%. Inbound tourism reached 99% of pre-pandemic levels, while outbound travel fully recovered. International load factors remained in the mid-80% range. Processing times improved across terminals, with international departures median times down 15.6% year-on-year and 27% cumulatively since FY2023.
Retail income declined 4% to NZD 181 million, impacted by duty-free redevelopment, revised concession rates and a shift toward lower-margin products, despite a 5% rise in duty-free sales and an 8% increase in basket size. Car parking revenue grew 9% to NZD 79.2 million, while investment property rental income rose 5% to NZD 182 million. The company also booked NZD 9.5 million in additional flood-related insurance proceeds in H2, bringing total claims from the January 23 event to over NZD 40.5 million.
Shares of Auckland Airport last traded at NZD 8.76, down 1.35% from the prior close. The stock remains 4.6% below its 52-week high of NZD 9.18 and 17.1% above its low of NZD 7.48.
For FY2027, Auckland Airport guided underlying earnings to a range of NZD 290 million to NZD 330 million, assuming 19.1 million passengers. Capital expenditure is expected between NZD 1 billion and NZD 1.3 billion, with terminal integration—the largest project—over 53% complete in terms of spend. Combined interest and depreciation costs are projected at around NZD 340 million, with depreciation expected to remain flat to modestly higher. Regional passenger numbers fell 4%, prompting NZD 3.5 million in targeted lease support to carriers.
