AIA · NZX

Auckland International Airport (AIA)

Name: Auckland International Airport (AIA) financial result history
Creator: Annolyse

Transport & Infrastructure / AirportsCovered: FY21 - FY2611 published briefings

Auckland International Airport is an NZX-listed transport & infrastructure / airports company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest metrics

FY26, released 20 August 2026

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AIA latest metrics
Metric	Value	Change
Revenue	$1b	↑ +3.1%
EBITDAF	$724.2m	↓ -12.5%
NPAT	$334.7m	↓ -20.4%
Operating cash flow	$503.4m	↑ +6.1%
OCF / EBITDAF %	69.5%	↑ +12.2pp
Net debt	$2.7b	↑ +41.4%
Net debt / EBITDAF	3.75x	↑ +61.6%
ROE %	3.1%	↓ -0.9pp
DPS	6.8c	↓ -3.6%
Payout ratio vs NPAT %	67.1%	↑ +15.9pp

Source: latest published briefing (FY26, released 20 August 2026). Change compares against the prior equivalent period: FY25, released 21 August 2025.

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

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

Market cap

$14.3b

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

42.77x

Recent market cap compared with trailing earnings.

EPS

0.20

Recent filing-derived earnings per share.

PEG

Not available

Not meaningful without positive comparable earnings growth.

EV/EBITDA

23.51x

Enterprise value compared with recent EBITDA.

P/FCF

Not available

Not meaningful when free cash flow is negative or unavailable.

P/B

1.32x

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

1.6%

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 values for each observation. Expand the chart to see more detail.

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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Financial history

Performance over time

The latest period is shown first.

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AIA metric history
Metric	FY2612 MONTHS20 August 2026	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	$1b	$519.6m	$1b	$499.9m	$895.5m	$440.5m	$625.9m	$287.8m	$300.3m	$126.2m	$281.1m	Chart
Revenue growth %	3.1%	3.9%	12.2%	13.5%	43.1%	53.1%	108.4%Unprecedented high revenue growth. 108.4%; 5-period range -50.4% to 43.1%. Revenue growth: 108.4%, unprecedented high; 5-period mean 3.0%, 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%; 5-period range 3.1% to 108.4%. Revenue growth: -50.4%, unprecedented low; 5-period mean 34.7%, range 3.1%-108.4%.	Chart
EBITDAF	$724.2m	$371.3m	$827.2m	$403.1m	$584.1m	$310.2m	$397.1m	$97.9m	$336.4m	$60.3m	$711.9m	Chart
EBITDAF margin %	69.9%	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%; 5-period range 65.2% to 252.3%. EBITDA margin: 63.4%, below normal range; 5-period mean 116.3%, 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	$450.9m	$244.2m	$554.2m	$260m	$343.3m	$170.1m	$44.2m	-$1.5m	$169.6m	$93.3m	$493.2m	Chart
PBT growth %	-18.6%	-6.1%	61.4%	52.9%	676.7%Unprecedented high pbt growth. 676.7%; 5-period range -73.9% to 149.8%. PBT growth: 676.7%, unprecedented high; 5-period mean 10.6%, range -73.9%-149.8%.	—	-73.9%Outside range low pbt growth. -73.9%; 5-period range -65.6% to 676.7%. PBT growth: -73.9%, below normal range; 5-period mean 160.7%, range -65.6%-676.7%.	—	-65.6%	236.8%	149.8%	Chart FY24 PBT growth %: Unprecedented high pbt growth. 676.7%; 5-period range -73.9% to 149.8%. PBT growth: 676.7%, unprecedented high; 5-period mean 10.6%, range -73.9%-149.8%.
NPAT	$334.7m	$177m	$420.7m	$187.3m	$5.5m	$118.7m	$43.2m	$4.8m	$191.6m	$108.8m	$464.2m	Chart
NPAT growth %	-20.4%	-5.5%	n/mUnprecedented high npat growth. n/m; 5-period range -87.3% to 139.4%. NPAT growth: n/m, unprecedented high; 5-period mean -20.9%, range -87.3%-139.4%.	57.8%	-87.3%Outside range low npat growth. -87.3%; 5-period range n/m. NPAT growth: -87.3%, below normal range; 5-period mean n/m, range 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 n/m. NPAT growth: -95.6%, below normal range; 4-period mean 678.1%, range n/m.	-58.7%	287.2%	139.4%	Chart FY24 NPAT growth %: Outside range low npat growth. -87.3%; 5-period range n/m. NPAT growth: -87.3%, below normal range; 5-period mean n/m, range n/m. FY25 NPAT growth %: Unprecedented high npat growth. n/m; 5-period range -87.3% to 139.4%. NPAT growth: n/m, unprecedented high; 5-period mean -20.9%, range -87.3%-139.4%.
Operating cash flow	$503.4m	$185.4m	$474.3m	$186.6m	$496.3m	$209.1m	$325.1m	$140.3m	$101.2m	$29.6m	$61m	Chart
OCF / EBITDAF %	69.5%	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%; 5-period range 8.6% to 81.9%. OCF / EBITDA cash conversion: 85.0%, above normal range; 5-period mean 49.5%, 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%; 5-period range 30.1% to 85%. OCF / EBITDA cash conversion: 8.6%, unprecedented low; 5-period mean 64.8%, range 30.1%-85.0%.	Chart FY24 OCF / EBITDAF %: Outside range high ocf / ebitda cash conversion. 85%; 5-period range 8.6% to 81.9%. OCF / EBITDA cash conversion: 85.0%, above normal range; 5-period mean 49.5%, 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	-$564.1m	-$245.2m	-$615.6m	-$315.7m	—	-$393.7m	-$322m	-$121.3m	-$158.8m	-$94.8m	-$134.7m	Chart
DPS	6.8c	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 %	67.1%	62.6%	51.2%	51.9%	—	83.9%	136.5%	—	n/m	—	n/m	Chart
Annual payout ratio vs EPS %	67.1%	—	51.2%	—	—	—	136.5%	—	n/m	—	n/m	Chart
ROE %	3.1%	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	$2.7b	$2.3b	$1.9b	$2b	$4.9b	$2.2b	$1.7b	$1.5b	$1.5b	$1.4b	$1.3b	Chart
Net debt / EBITDAF	3.75x	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; 5-period range 1.8x to 4.31x. Net debt / EBITDA: 8.30x, unprecedented high; 5-period mean 3.29x, 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; 5-period range 2.32x to 8.3x. Net debt / EBITDA: 1.80x, below normal range; 5-period mean 4.59x, range 2.32x-8.30x.	Chart FY24 Net debt / EBITDAF: Unprecedented high net debt / ebitda. 8.3x; 5-period range 1.8x to 4.31x. Net debt / EBITDA: 8.30x, unprecedented high; 5-period mean 3.29x, 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	8	32	7Outside range low debtor days. 7d; 5-period range 7d to 31d. Debtor days: 6.8 days, below normal range; 5-period mean 13.0 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; 5-period range 7d to 10d. Debtor days: 31.0 days, unprecedented high; 5-period mean 8.2 days, range 6.8 days-10.0 days.	Chart FY25 Debtor days: Outside range low debtor days. 7d; 5-period range 7d to 31d. Debtor days: 6.8 days, below normal range; 5-period mean 13.0 days, range 7.1 days-31.0 days.
Inventory days	—	—	—	—	—	—	—	—	—	—	0	—
Total assets	$14.8b	$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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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

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

HY26 → FY26 Follow-through

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

Historical setup

What HY26 said to watch

Previous analysisHY26Result released19 February 2026Annolyse analysis published22 April 2026

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

No stated targets or explicit guidance are disclosed in this release, so the result cannot be judged against a company target; the reader can only assess it against the reported movements themselves. Auckland Airport typically weights results toward the second half (HY25 was 49.8% of FY25 revenue), so a straight-line annualisation of this half would understate the likely full-year outcome, though the direction of that seasonal lift cannot be confirmed without forward guidance.

Management's own underlying profit measure, which excludes revaluations and one-off items, is reported separately from statutory NPAT; this briefing treats that non-GAAP figure as company commentary only and relies on the statutory PBT and NPAT growth of -6.1% and -5.5% as the cleaner comparable read.

Open questions

Open questions from HY26

What specific cost lines drove EBITDAFI down 7.9% while revenue grew 3.9%?
Why was the dividend increased to 6.5 cents per share while NPAT fell 5.5% and the payout ratio reached 62.6%?
How sustainable is leverage at 6.2x net debt/EBITDA, up from 5.0x, if capex needs increase again next half?
Does the rise in debtor days to 31.7, above the historical average, reflect a specific customer or timing issue?
Will second-half seasonality be sufficient to offset the margin compression seen this half?

This briefing cannot assess full-year outcomes or dividend sustainability with confidence because no stated targets, forward guidance, or full-year dividend policy figures were disclosed in this release.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

AIA - FY26 Annual Report

FY26 / financial report

AIA - FY26 Annual Results Market Release

FY26 / results release

AIA - FY26 Annual Results Presentation

FY26 / results presentation

AIA - FY26 Results Announcement

FY26 / results announcement

Prior comparable period

AIA - Annual Results Presentation

FY25 / results presentation

AIA - FY25 Annual Report

FY25 / financial report

AIA - FY25 Annual Results Market Release

FY25 / results release

AIA - FY25 Results Announcement

FY25 / results announcement

Interim context

AIA - FY26 Interim Results

HY26 / results release

AIA - FY26 Interim Results Presentation

HY26 / results presentation

AIA - Interim Results Financial Statements

HY26 / financial report

AIA - Results Announcement

HY26 / results announcement

Release context

AIA – Analyst and media webcast for FY25 annual results

FY25 / commentary

AIA - Analyst and media webcast for FY26 annual results

FY26 / commentary

AIA - 2025 Annual Meeting: Chair & Chief Executive addresses

HY26 / commentary

Peer context

Other covered Transport & Infrastructure companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

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Compare AIA, NPH, SPN, IFT →Transport & Infrastructure result archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 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.

Read briefing

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

Open all 11 result briefings

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Auckland International Airport (AIA)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and investment-company measures

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

More financial metrics

OCF / EBITDA

FCF pre-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Latest result sources

Current period

Prior comparable period

Interim context

Release context

Other covered Transport & Infrastructure companies

Napier Port Holdings

South Port New Zealand

Infratil

Air New Zealand

Briefing archive

Capex-driven cash burn pushes leverage higher as PBT falls 18.6%

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

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