Auckland International Airport (AIA) H2 2024 earnings summary

Executive summary

• FY 2024 saw total passenger movements rise 17% to 18.5 million, with international travelers up 29–30% and domestic up 5%.

• Revenue increased 43% to NZD 896 million (or $895.5 million), driven by international travel recovery, new aeronautical pricing, and commercial growth.

• Underlying profit after tax rose 87% to NZD 276.6 million, while reported NPAT fell 87% to NZD 5.5 million due to a one-off deferred tax adjustment.

• Record capital investment of NZD 1.159 billion (or $1,158.7 million), up 79%, focused on terminal integration and infrastructure upgrades.

• Final dividend per share increased to 6.5 cents, with total FY24 dividends at 13.25 cents, up 231%.

Financial highlights

• Operating EBITDAFI increased 55% to NZD 614 million, with margin improving to 68.6% from 63.4%.

• Aeronautical revenue up 79% to NZD 392 million; total aircraft movements rose 10% to 158,000.

• Retail income up 41% to NZD 185 million; car parking revenue up 15% to NZD 66.4 million; property income up 6% to NZD 151 million.

• Operating expenses increased 23% to NZD 281.5 million, mainly from higher staff, maintenance, and flood-related costs.

• Cash flow from operations before interest and tax increased 55% to NZD 589.9 million.

Outlook and guidance

• FY 2025 underlying profit after tax guidance: NZD 280–320 million, with 8.6 million domestic and 10.5 million international passengers expected.

• Capital expenditure guidance for FY 2025: NZD 1–1.3 billion, focused on terminal integration and precinct projects.

• Full recovery to pre-COVID passenger levels now expected 12–18 months later than previously forecast, due to global supply chain and capacity constraints.