Auckland International Airport

No quantified forward work or formal guidance was disclosed in the extracted material, and no multi-year targets are provided. The HY25 split — 49.8% of revenue, 57.5% of EBITDAF, and 44.5% of NPAT — indicates a mixed shape rather than a clear second-half skew; the second half looks weaker on EBITDAF ($298.0m implied vs $403.1m in HY25), which tempers the read on full-year momentum. Against no stated targets, the release supports a picture of continuing top-line recovery and segment margin resilience (Aeronautical EBITDAFI margin improved to c.73.6% from c.70.1%), but does not support inferences about FY26 run-rate earnings.

• What specifically drove FY24's 98.4% effective tax rate, and is the FY25 24.1% rate a stable run-rate?
• Why did OCF fall while EBITDAF rose 14.2%, given receivable days improved — is this payables timing, tax paid, or something else?
• What is the forward capex profile and the expected path back to positive free cash flow?
• What is the "underlying profit" figure and its reconciliation to reported NPAT?
• No net debt figure, NTA per share, or forward work disclosure was extracted, limiting leverage-policy and valuation context.

This briefing cannot assess traffic volumes, passenger mix, regulated aeronautical pricing decisions, or the impact of any specific development projects on the forward capex schedule.