Company Reports

Auckland Airport's fiscal 2026 underlying net profit was NZD 309 million, flat on last year. Two percent growth in total passenger movements drove about 3% revenue growth, offset by higher depreciation and net interest costs given the airport's massive redevelopment spending.

As the primary gateway to New Zealand, Auckland Airport should benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand's most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 20% above fiscal 2019 levels over the next decade.

As the primary gateway to New Zealand, Auckland Airport should benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand's most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 20% above precovid levels over the next decade.

Passenger numbers at Auckland Airport for the 11 months to May 2026 are tracking about 2% higher year on year. Both domestic and international (including transit passengers) are tracking about 2% above last year.

Auckland Airport's interim underlying net profit was NZD 157 million, 6% higher than last year. The result was driven by more passengers, higher commercial income, and an increase in aeronautical charges. Company guidance was for full-year underlying net profit of NZD 295 million to NZD 320 million.

As the primary gateway to New Zealand, Auckland Airport should benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand's most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 20% above precovid levels over the next decade.

As the primary gateway to New Zealand, Auckland Airport is set to benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand's most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 20% above pre-covid levels over the next decade.

Auckland International Airport's international passenger movements for its fiscal year to November 2025 are up about 1% on last year, and domestic passengers are up about 3%.

As the primary gateway to New Zealand, Auckland Airport is set to benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand's most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 20% above pre-covid levels over the next decade.

Auckland International Airport's underlying net profit increased 12% to NZD 310 million. A material uptick in aeronautical charges and a slight increase in passenger numbers drove the result.

The New Zealand Ministry of Business Innovation and Employment has been reviewing the regulation of airport services, and collecting submissions on the efficacy of airport regulation. MBIE today advised it is not considering a legislative change.

As the primary gateway to New Zealand, Auckland Airport is set to benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand’s most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 25% above pre-covid levels over the next decade.

The Commerce Commission's final report into aeronautical pricing considers Auckland Airport's charges too high. Auckland Airport is set to discount aeronautical charges for the last two years of price setting event 4. The airport is now targeting a return of about 7.8%, down from 8.7%.

Auckland International Airport reported interim 2025 underlying net profit of NZD 148 million, up 2% from a year earlier. Management tightened full-year guidance to NZD 290 million-NZD 320 million, from a lower end of NZD 280 million prior.

As the primary gateway to New Zealand, Auckland Airport is set to benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand’s most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 25% above pre-covid levels over the next decade.

Auckland Airport is spending big on major projects. The permanence of commensurate price hikes, which allow Auckland Airport to earn fair returns on new investments, is also subject to uncertainty, awaiting a final determination from Commerce Commission New Zealand.

As the primary gateway to New Zealand, Auckland Airport is set to benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand’s most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 25% above pre-covid levels over the next decade.

As the primary gateway to New Zealand, Auckland Airport is set to benefit from rising air travel to the island nation. Auckland Airport is the largest airport in New Zealand, and Auckland is by far New Zealand’s most populous city. No other airport in the country is likely to outdo Auckland as an international hub. We expect the airport to capture good medium-term growth from further airline capacity expansion to and from New Zealand. We forecast total passengers handled by Auckland to grow to more than 25% above pre-covid levels over the next decade.

While we had expected wide-moat Auckland International Airport to raise capital to fund its looming capital expenditure bill, the NZD 1.4 billion equity raise comes earlier than anticipated. Proceeds will be used to pay down debt in the short term, funding capital expenditure outlays as the year progresses. The issue is dilutive to our valuation, at a discount to our valuation, but not materially, so it represents about 13% of market capitalization. We maintain our NZD 8.00 (AUD 7.30) per-share fair value estimate.

Auckland International Airport is recovering strongly. In line with our forecasts, fiscal 2024 underlying net profit lifted 87% to NZD 277 million on the back of 43% revenue growth. International travelers are returning, and domestic passenger numbers continue to climb. Total passenger numbers were up 17% on the prior year to 19 million, which is about 88% of pre-covid-19 fiscal 2019 levels. Fiscal 2024 was also the first year of the new aeronautical price regime, with a big step-up in per-passenger airport charges. Aeronautical revenue lifted 73% to NZD 450. Retail revenue, primarily driven by passenger numbers, lifted 37% to NZD 267 million on the back of 21% higher spend-per-passenger and car park revenue.