Revenue and Underlying Profit Growth
1H FY26 revenue rose 4% to just under $520m. Operating EBITDAFI increased 6% to ~$371.3m with EBITDAFI margin up to 71.5% (from just under 70%). Net underlying profit after tax rose 6% to $157.1m.
Strong Aeronautical and Commercial Performance
Aeronautical revenue increased 7% to almost $240m. Commercial revenue grew about 5% overall with notable lifts in car parking (+14% to $41.1m) and investment property rental income (+9%).
Passenger and Cargo Momentum
Total passenger movements rose 2% to 9.64m (domestic 4.37m +2%; international incl. transit 5.27m +2%). International cargo movements nearly 86,000 tonnes and were up 37%, with export value up 75% ($8.2bn) and imports up 19% ($12.1bn).
Operational and Customer Experience Improvements
Customer journey times improved over the peak: median international departure processing 21% faster (6.5 minutes) and arrivals 10% faster (18 minutes). Initiatives include expanded arrivals area, new security screening tech and express pathways.
Major Asset Commissioning and CapEx Progress
CapEx of nearly $431m in H1 with assets commissioned totalling ~$743.5m (~$724m aeronautical). Significant commissioned works included the $465m Northern Airfield expansion and multiple terminal, airfield and stormwater upgrades. Closing WIP was $1.1bn after heavy commissioning.
Progress on Connectivity and Route Recovery
New and returning services bolstering connectivity: China Eastern launched Shanghai–Auckland–Buenos Aires; China market +~50,000 seats FY26 vs FY25; Air New Zealand capacity to Australia +8.4% and Pacific +7.3%; Thai Airways planned resumption (adds ~200,000 seats when operational).
Retail and New Duty-Free Partnership Performing
Retail income $92.3m. PSR up 2% (5% ex-FX). New duty-free partner Lagardere transition smooth; duty-free basket sizes and sales growth outpaced passenger growth despite a challenging retail environment.
Strong Liquidity and Credit Metrics
Drawn debt ~ $2.6bn, undrawn facilities >$1bn and cash reserves $361m. ~87% of borrowings fixed. FFO-to-interest and FFO-to-net-debt metrics remain comfortably above covenant tests.
Narrowed and Positive FY26 Outlook
Management narrowed guidance: underlying profit after tax guidance to $295m–$320m, CapEx guidance narrowed to $1.0bn–$1.2bn, and passenger forecasts (domestic ~8.6m; international ~10.6m). Management expressed optimism based on trading momentum and connectivity pipeline.