AIA · NZX

Auckland International Airport (AIA)

Transport & Infrastructure / AirportsCovered: FY21 - HY2610 published briefings

Auckland International Airport is an NZX-listed transport & infrastructure / airports company with FY21 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 19 February 2026

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AIA latest metrics
Metric	Value	Change
Revenue	$519.6m	↑ +3.9%
EBITDAF	$371.3m	↓ -7.9%
NPAT	$177m	↓ -5.5%
Operating cash flow	$185.4m	↓ -0.6%
OCF / EBITDAF %	49.9%	↑ +3.6pp
Net debt	$2.3b	↑ +14.6%
Net debt / EBITDAF	6.17x	↑ +24.4%
ROE %	3.4%Unprecedented high roe. 3.4%; 4-period range 0.1% to 1.9%. ROE: 3.4%, unprecedented high; 4-period mean 1.2%, range 0.1%-1.9%.	↑ +1.5pp
DPS	6.5c	↑ +4.0%
Payout ratio vs NPAT %	62.6%	↑ +10.7pp

Source: latest published briefing (HY26, released 19 February 2026). Change compares against the prior equivalent period: HY25, released 20 February 2025.

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 27 July 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$14.9b

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

36.24x

Recent market cap compared with trailing earnings.

EPS

0.24

Recent filing-derived earnings per share.

PEG

Not available

Not meaningful without positive comparable earnings growth.

EV/EBITDA

21.58x

Enterprise value compared with recent EBITDA.

P/FCF

Not available

Not meaningful when free cash flow is negative or unavailable.

P/B

1.41x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

1.5%

Trailing dividends compared with the latest close.

Total return

Not available

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: HY23, FY23, FY24, HY25.

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Ask follow-up questions about Auckland International Airport's latest result and company history.

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Longitudinal view

Performance over time

The latest period is shown first.

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AIA metric history
Metric	HY266 MONTHS19 February 2026	FY2512 MONTHS21 August 2025	HY256 MONTHS20 February 2025	FY2412 MONTHS22 August 2024	HY246 MONTHS22 February 2024	FY2312 MONTHS24 August 2023	HY236 MONTHS23 February 2023	FY2212 MONTHS18 August 2022	HY226 MONTHS24 February 2022	FY2112 MONTHS19 August 2021	Trend
Revenue	$519.6m	$1b	$499.9m	$895.5m	$440.5m	$625.9m	$287.8m	$300.3m	$126.2m	$281.1m	Chart
Revenue growth %	3.9%	12.2%	13.5%	43.1%	53.1%	108.4%Unprecedented high revenue growth. 108.4%; 4-period range -50.4% to 43.1%. Revenue growth: 108.4%, unprecedented high; 4-period mean 2.9%, range -50.4%-43.1%.	128.1%Unprecedented high revenue growth. 128.1%; 4-period range -4% to 53.1%. Revenue growth: 128.1%, unprecedented high; 4-period mean 16.6%, range -4.0%-53.1%.	6.8%	-4.0%Outside range low revenue growth. -4%; 4-period range 3.9% to 128.1%. Revenue growth: -4.0%, below normal range; 4-period mean 49.7%, range 3.9%-128.1%.	-50.4%Unprecedented low revenue growth. -50.4%; 4-period range 6.8% to 108.4%. Revenue growth: -50.4%, unprecedented low; 4-period mean 42.6%, range 6.8%-108.4%.	Chart
EBITDAF	$371.3m	$827.2m	$403.1m	$584.1m	$310.2m	$397.1m	$97.9m	$336.4m	$60.3m	$711.9m	Chart
EBITDAF margin %	71.5%	82.3%	80.6%Outside range high ebitda margin. 80.7%; 4-period range 34% to 71.5%. EBITDA margin: 80.7%, above normal range; 4-period mean 55.9%, range 34.0%-71.5%.	65.2%	70.4%	63.4%Outside range low ebitda margin. 63.4%; 4-period range 65.2% to 252.3%. EBITDA margin: 63.4%, below normal range; 4-period mean 127.9%, range 65.2%-252.3%.	34.0%Unprecedented low ebitda margin. 34%; 4-period range 47.8% to 80.7%. EBITDA margin: 34.0%, unprecedented low; 4-period mean 67.6%, range 47.8%-80.7%.	112.0%	47.8%	n/m	Chart HY25 EBITDAF margin %: Outside range high ebitda margin. 80.7%; 4-period range 34% to 71.5%. EBITDA margin: 80.7%, above normal range; 4-period mean 55.9%, range 34.0%-71.5%.
PBT	$244.2m	$554.2m	$260m	$343.3m	$170.1m	$44.2m	-$1.5m	$169.6m	$93.3m	$493.2m	Chart
PBT growth %	-6.1%	61.4%	52.9%	676.7%Unprecedented high pbt growth. 676.7%; 4-period range -73.9% to 149.8%. PBT growth: 676.7%, unprecedented high; 4-period mean 17.9%, range -73.9%-149.8%.	—	-73.9%Outside range low pbt growth. -73.9%; 4-period range -65.6% to 676.7%. PBT growth: -73.9%, below normal range; 4-period mean 205.6%, range -65.6%-676.7%.	—	-65.6%	236.8%	149.8%	Chart FY23 PBT growth %: Outside range low pbt growth. -73.9%; 4-period range -65.6% to 676.7%. PBT growth: -73.9%, below normal range; 4-period mean 205.6%, range -65.6%-676.7%. FY24 PBT growth %: Unprecedented high pbt growth. 676.7%; 4-period range -73.9% to 149.8%. PBT growth: 676.7%, unprecedented high; 4-period mean 17.9%, range -73.9%-149.8%.
NPAT	$177m	$420.7m	$187.3m	$5.5m	$118.7m	$43.2m	$4.8m	$191.6m	$108.8m	$464.2m	Chart
NPAT growth %	-5.5%	n/mUnprecedented high npat growth. n/m; 4-period range -87.3% to 139.4%. NPAT growth: n/m, unprecedented high; 4-period mean -21.0%, range -87.3%-139.4%.	57.8%	-87.3%Outside range low npat growth. -87.3%; 4-period range -77.5% to n/m. NPAT growth: -87.3%, below normal range; 4-period mean n/m, range -77.5%n/m.	n/mUnprecedented high npat growth. n/m; 4-period range -95.6% to 287.2%. NPAT growth: n/m, unprecedented high; 4-period mean 61.0%, range -95.6%-287.2%.	-77.5%	-95.6%Outside range low npat growth. -95.6%; 4-period range -5.5% to n/m. NPAT growth: -95.6%, below normal range; 4-period mean 678.1%, range -5.5%n/m.	-58.7%	287.2%	139.4%	Chart HY24 NPAT growth %: Unprecedented high npat growth. n/m; 4-period range -95.6% to 287.2%. NPAT growth: n/m, unprecedented high; 4-period mean 61.0%, range -95.6%-287.2%. FY24 NPAT growth %: Outside range low npat growth. -87.3%; 4-period range -77.5% to n/m. NPAT growth: -87.3%, below normal range; 4-period mean n/m, range -77.5%n/m. FY25 NPAT growth %: Unprecedented high npat growth. n/m; 4-period range -87.3% to 139.4%. NPAT growth: n/m, unprecedented high; 4-period mean -21.0%, range -87.3%-139.4%.
Operating cash flow	$185.4m	$474.3m	$186.6m	$496.3m	$209.1m	$325.1m	$140.3m	$101.2m	$29.6m	$61m	Chart
OCF / EBITDAF %	49.9%	57.3%	46.3%Outside range low ocf / ebitda cash conversion. 46.3%; 4-period range 49.1% to 143.3%. OCF / EBITDA cash conversion: 46.3%, below normal range; 4-period mean 77.4%, range 49.1%-143.3%.	85.0%Outside range high ocf / ebitda cash conversion. 85%; 4-period range 8.6% to 81.9%. OCF / EBITDA cash conversion: 85.0%, above normal range; 4-period mean 44.5%, range 8.6%-81.9%.	67.4%	81.9%	143.3%Unprecedented high ocf / ebitda cash conversion. 143.3%; 4-period range 46.3% to 67.4%. OCF / EBITDA cash conversion: 143.3%, unprecedented high; 4-period mean 53.2%, range 46.3%-67.4%.	30.1%	49.1%	8.6%Unprecedented low ocf / ebitda cash conversion. 8.6%; 4-period range 30.1% to 85%. OCF / EBITDA cash conversion: 8.6%, unprecedented low; 4-period mean 63.6%, range 30.1%-85.0%.	Chart FY24 OCF / EBITDAF %: Outside range high ocf / ebitda cash conversion. 85%; 4-period range 8.6% to 81.9%. OCF / EBITDA cash conversion: 85.0%, above normal range; 4-period mean 44.5%, range 8.6%-81.9%. HY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 46.3%; 4-period range 49.1% to 143.3%. OCF / EBITDA cash conversion: 46.3%, below normal range; 4-period mean 77.4%, range 49.1%-143.3%.
FCF pre-lease	-$245.2m	-$615.6m	-$315.7m	—	-$393.7m	-$322m	-$121.3m	-$158.8m	-$94.8m	-$134.7m	Chart
DPS	6.5c	7.0c	6.3c	6.5c	6.8c	4.0c	0.0c	0.0c	0.0c	0.0c	Chart
Payout ratio vs NPAT %	62.6%	51.2%	51.9%	—	83.9%	136.5%	—	—	—	—	Chart
Annual payout ratio vs EPS %	—	51.2%	—	—	—	136.5%	—	—	—	—	Chart
ROE %	3.4%Unprecedented high roe. 3.4%; 4-period range 0.1% to 1.9%. ROE: 3.4%, unprecedented high; 4-period mean 1.2%, range 0.1%-1.9%.	4.0%	1.9%	0.1%Outside range low roe. 0.1%; 4-period range 0.5% to 5.9%. ROE: 0.1%, below normal range; 4-period mean 3.2%, range 0.5%-5.9%.	1.4%	0.5%	0.1%Unprecedented low roe. 0.1%; 4-period range 1.4% to 3.4%. ROE: 0.1%, unprecedented low; 4-period mean 2.0%, range 1.4%-3.4%.	2.4%	1.5%	5.9%Unprecedented high roe. 5.9%; 4-period range 0.1% to 4%. ROE: 5.9%, unprecedented high; 4-period mean 1.7%, range 0.1%-4.0%.	Chart FY24 ROE %: Outside range low roe. 0.1%; 4-period range 0.5% to 5.9%. ROE: 0.1%, below normal range; 4-period mean 3.2%, range 0.5%-5.9%. HY26 ROE %: Unprecedented high roe. 3.4%; 4-period range 0.1% to 1.9%. ROE: 3.4%, unprecedented high; 4-period mean 1.2%, range 0.1%-1.9%.
Net debt	$2.3b	$1.9b	$2b	$4.9b	$2.2b	$1.7b	$1.5b	$1.5b	$1.4b	$1.3b	Chart
Net debt / EBITDAF	6.17x	2.32x	4.96xOutside range low net debt / ebitda. 4.96x; 4-period range 6.2x to 23.5x. Net debt / EBITDA: 4.96x, below normal range; 4-period mean 13.13x, range 6.20x-23.50x.	8.33xUnprecedented high net debt / ebitda. 8.3x; 4-period range 1.8x to 4.31x. Net debt / EBITDA: 8.30x, unprecedented high; 4-period mean 3.18x, range 1.80x-4.31x.	7.01x	4.31x	15.82x	4.32x	23.53xUnprecedented high net debt / ebitda. 23.5x; 4-period range 4.96x to 15.81x. Net debt / EBITDA: 23.50x, unprecedented high; 4-period mean 8.49x, range 4.96x-15.81x.	1.84xOutside range low net debt / ebitda. 1.8x; 4-period range 2.32x to 8.3x. Net debt / EBITDA: 1.80x, below normal range; 4-period mean 4.81x, range 2.32x-8.30x.	Chart FY24 Net debt / EBITDAF: Unprecedented high net debt / ebitda. 8.3x; 4-period range 1.8x to 4.31x. Net debt / EBITDA: 8.30x, unprecedented high; 4-period mean 3.18x, range 1.80x-4.31x. HY25 Net debt / EBITDAF: Outside range low net debt / ebitda. 4.96x; 4-period range 6.2x to 23.5x. Net debt / EBITDA: 4.96x, below normal range; 4-period mean 13.13x, range 6.20x-23.50x.
Debtor days	32	7Outside range low debtor days. 7d; 4-period range 7d to 31d. Debtor days: 6.8 days, below normal range; 4-period mean 14.4 days, range 7.1 days-31.0 days.	30	7	21	9	18Unprecedented low debtor days. 18d; 4-period range 21d to 37d. Debtor days: 18.0 days, unprecedented low; 4-period mean 29.9 days, range 21.3 days-36.6 days.	10	37Outside range high debtor days. 37d; 4-period range 18d to 32d. Debtor days: 36.6 days, above normal range; 4-period mean 25.2 days, range 18.0 days-31.7 days.	31Unprecedented high debtor days. 31d; 4-period range 7d to 10d. Debtor days: 31.0 days, unprecedented high; 4-period mean 8.3 days, range 6.8 days-10.0 days.	Chart FY25 Debtor days: Outside range low debtor days. 7d; 4-period range 7d to 31d. Debtor days: 6.8 days, below normal range; 4-period mean 14.4 days, range 7.1 days-31.0 days.
Inventory days	—	—	—	—	—	—	—	—	—	0	—
Total assets	$14.3b	$14.1b	$13.6b	$12.4b	$11.3b	$10.8b	$10.3b	$10.2b	$9.9b	$9.8b	Chart

Reference: annolyse.ai/companies/aia

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

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FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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Inventory days

Inventory days where the working-capital inputs are source-backed.

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Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

Previous analysisFY25Result released21 August 2025Annolyse analysis published22 April 2026

From PBT up 61.4% on operating leverage; capex still 108.5% of revenue

No forward targets or guidance numbers are supplied in the release set, so this result cannot be benchmarked against a quantified plan. HY25 supplied 49.8% of full-year revenue, 48.7% of EBITDA and 44.5% of NPAT, so the second half was modestly weighted on profit but broadly balanced on revenue and EBITDA. That implies the H2 run-rate did not deteriorate, but it also does not give a clean read on FY26 trajectory.

The full-year dividend of 13.25 cents (versus 6.5 cents) implies a payout of 51.2% of NPAT, which the release set does not tie to a stated policy framework or a forward dividend guide.

Open questions

Open questions from FY25

Why was the prior-period effective tax rate 98.4%, and is the 24.1% current rate the right normalised assumption going forward?
What is the planned capex shape over FY26-FY28, and when does the programme inflect to allow FCF generation?
How much of the NZ$1.86bn equity uplift is retained earnings versus issued capital, and is further equity required to fund the programme?
Is the 51.2% payout against NPAT consistent with a stated dividend policy, given the dividend is not covered by free cash flow?
How are aeronautical and property segment results expected to evolve as new capacity comes online?

This briefing cannot assess the regulated aeronautical pricing path, expected returns on the in-flight capex, or any specific funding plan, because none of those are supplied in the release set.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 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.

Read briefing

FY25 · Released 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

Read briefing

HY25 · Released 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.

Read briefing

FY24 · Released 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.

Read briefing

HY24 · Released 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.

Read briefing

FY23 · Released 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.

Read briefing

HY23 · Released 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.

Read briefing

FY22 · Released 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.

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HY22 · Released 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.

Read briefing

FY21 · Released 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.

Read briefing

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Auckland International Airport (AIA)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

P/E over time

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

Revenue rose 3.9% but EBITDAF fell 7.9% as costs outpaced growth

PBT up 61.4% on operating leverage; capex still 108.5% of revenue

NPAT up 57.8% but cash conversion fell to 46.3% on capex surge

Net debt hit 8.3x EBITDA as NZ$1.2bn capex outpaced operating cash

Capex tripled to $602.8m, pre-lease FCF unprecedented at -$393.7m

Revenue doubled, EBITDAFI up 175%, NPAT down 77.5% on FY22 fair-value base

Revenue doubled to $287.8m but NPAT collapsed 95.6% on lost HY22 revaluation

Leverage stretched to 4.31x as capex hit 86.6% of revenue

NPAT up 287% on $132m non-cash gain as EBITDAFI fell 32%

Revaluations drove NPAT +139%; underlying result swung to a $41.8m loss

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