Company archive

Published briefings for one covered company.

Each company archive keeps the publication history in release order, with the newest Annolyse briefing first.

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Showing 1-10 of 10 published briefings.

Auckland International Airport (AIA)HY26Released 19 February 2026

AIA: revenue up 3.9% but PBT down 6.1% as leverage drifts to 5.7x EBITDA

Top-line growth across all three segments is being absorbed by depreciation and interest, while a $406.3m capex bill keeps free cash flow deeply...

Published 21 April 2026

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Auckland International Airport (AIA)FY25Released 21 August 2025

PBT up 61% on tax-normalised base, but cash conversion slipped to 68%

Headline NPAT recovery flatters the operating read while capex of $1.09b keeps pre-lease free cash flow deeply negative.

Published 21 April 2026

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Auckland International Airport (AIA)HY25Released 20 February 2025

PBT up 52.9% but operating cash fell 10.8% as capex hit $502.3m

Earnings leverage on rising traffic is real, but a widening negative free cash flow and a trimmed dividend show the build cycle is still in charge.

Published 21 April 2026

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Auckland International Airport (AIA)FY24Released 22 August 2024

PBT surged 677% but NPAT collapsed 87% as tax charge swallowed earnings

A near-total effective tax rate and $1.2b of capex turned a strong operating recovery into negative free cash flow and a still-rising dividend.

Published 21 April 2026

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Auckland International Airport (AIA)HY24Released 22 February 2024

AIA: EBITDAF up 64% but capex doubles to NZ$451.5m, FCF at -NZ$242.4m

Travel recovery lifted every P&L line, yet a step-up in capital spend and reinstated dividend leave the funding gap widening despite better...

Published 21 April 2026

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Auckland International Airport (AIA)FY23Released 24 August 2023

EBITDAFI up 175% but reported NPAT down 78% as FY22 fair-value tailwinds reverse

Operational recovery is real and cash-backed, but reported earnings, dividend coverage and free cash flow all lean on below-the-line items and...

Published 21 April 2026

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Auckland International Airport (AIA)HY23Released 23 February 2023

EBITDAFI tripled to NZ$189.0m but PBT swung to a NZ$1.5m loss

Operating recovery is genuine and broad-based, but capex still outruns cash and the NPAT collapse is flattered by a prior-year fair-value tailwind.

Published 21 April 2026

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Auckland International Airport (AIA)FY22Released 18 August 2022

Capex ramp to $260.0m drove pre-lease FCF to -$158.8m as leverage hit ~10x

Traffic-led revenue recovery of 6.8% is being reinvested rather than distributed, with no dividend and net debt up to $1.45b.

Published 21 April 2026

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Auckland International Airport (AIA)HY22Released 24 February 2022

EBITDAFI fell 32% but reported NPAT quadrupled on a $132m non-cash...

Operating earnings and cash conversion weakened further while a fair-value uplift and underlying loss sit behind the headline profit jump.

Published 21 April 2026

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Auckland International Airport (AIA)FY21Released 19 August 2021

Reported NPAT +139% but underlying profit swung to a $41.8m loss

Fair-value gains and asset revaluations drove the headline; operating EBITDAFI fell 34% and pre-lease free cash flow was negative $136.1m.

Published 21 April 2026

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