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Auckland International Airport (AIA) briefings
Read that company's published results in release order, newest first.
Auckland International Airport (AIA)FY26Released 20 August 2026
Capex-driven cash burn pushes leverage higher as PBT falls 18.6%
Heavy capital spending drove free cash flow deeply negative even as revenue and EBITDAFI each grew modestly.
Published 20 August 2026
Read briefingAuckland International Airport (AIA)HY26Released 19 February 2026
Revenue rose 3.9% but EBITDAF fell 7.9% as costs outpaced growth
PBT fell 6.1% and NPAT fell 5.5% while the payout ratio climbed to 62.6% against rising leverage.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY25Released 21 August 2025
PBT up 61.4% on operating leverage; capex still 108.5% of revenue
Strong operating gearing and a normalising tax rate lifted earnings, but capex of NZ$1.1bn kept pre-lease FCF at NZ$-615.6m, the lower edge of the
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY25Released 20 February 2025
NPAT up 57.8% but cash conversion fell to 46.3% on capex surge
Strong P&L growth contrasts with a NZ$315.7m pre-lease FCF deficit, both classified below the company's historical range.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY24Released 22 August 2024
Net debt hit 8.3x EBITDA as NZ$1.2bn capex outpaced operating cash
An NPAT collapse to NZ$5.5m on a 98.4% effective tax rate masks the bigger story: leverage doubled to an unprecedented multiple on heavy capex.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY24Released 22 February 2024
Capex tripled to $602.8m, pre-lease FCF unprecedented at -$393.7m
Reinstated 6.75c dividend implies 83.9% NPAT payout that pre-lease cash flow cannot cover, leaving debt to fund both capex and the distribution.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY23Released 24 August 2023
Revenue doubled, EBITDAFI up 175%, NPAT down 77.5% on FY22 fair-value base
Travel rebound lifted EBITDAFI to $397.1m and reinstated the dividend, but reported NPAT fell against an FY22 base inflated by revaluation gains.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY23Released 23 February 2023
Revenue doubled to $287.8m but NPAT collapsed 95.6% on lost HY22 revaluation
Travel-led recovery lifted EBITDA 62% to $97.9m, but $261.6m of capex pushed free cash flow to -$121.3m and HY22 carried a $132m revaluation gain.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY22Released 18 August 2022
Leverage stretched to 4.31x as capex hit 86.6% of revenue
Revenue rose 6.8% but Operating EBITDAFI fell 16% and an unusual working-capital release flattered operating cash flow.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY22Released 24 February 2022
NPAT up 287% on $132m non-cash gain as EBITDAFI fell 32%
An investment revaluation drove the reported uplift while underlying earnings weakened and capex ramped into unprecedented 23.5x net debt/EBITDA.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY21Released 19 August 2021
Revaluations drove NPAT +139%; underlying result swung to a $41.8m loss
Revenue halved to NZ$281.1m and operating EBITDAFI fell 34.1%, with cash conversion at an unprecedented 8.6% as receivables ballooned.
Published 22 April 2026
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