Revenue and Profit Growth
1H FY26 revenue rose ~4% to just under $520 million; Operating EBITDAFI increased 6% to $371.3 million with EBITDAFI margin improving to ~71.5%; underlying net profit after tax increased 6% to $157.1 million.
Strong Commercial and Aeronautical Performance
Aeronautical revenue up ~7% to almost $240 million driven by higher-value aircraft and passenger growth; overall commercial revenue grew ~5%, reflecting strength across car parking, retail, investment property and rentals.
Passenger and Cargo Momentum
Total passenger movements increased 2% to 9.64 million (domestic 4.37m up 2%; international 5.27m up 2%); international cargo ~86,000 tonnes (up 37%) with cargo value cited at ~$20.3 billion; exports via Auckland up 75% ($8.2bn) and imports up 19% ($12.1bn).
Retail and Passenger Spend Metrics
Retail income was $92.3 million; PSR up 2% (5% excluding FX headwinds). Duty-free and several categories outperformed peers, while income per passenger was $9.76 (down ~4%) due to mix shifts.
Car Park and Property Strength
Car parking revenue increased 14% to $41.1 million supported by the transport hub and longer average stays; investment property rental income rose ~9% with rent roll up 2% to $195.4 million; Manawa Bay footfall +6% and sales +18% in comparable months.
Major Infrastructure Progress and CapEx
Almost $431 million of capital expenditure in 1H with >$743 million of assets commissioned (approx $724 million aeronautical). Northern Airfield expansion ($465m) and other major airfield and terminal works were delivered; integrated domestic jet terminal remains on track for completion in 2029.
Cost Management and Improved Efficiency
Operating expenses fell ~1% to just over $148 million due to procurement, asset life-cycle optimisation and a 'match-fit' cost program delivering >$20 million of savings; normalized EBITDAF improved ~8% when stripping one-offs.
Solid Balance Sheet and Funding Position
Robust liquidity maintained: drawn debt ~ $2.6 billion, undrawn bank facilities ~ $1.0 billion, cash reserves $361 million; ~87% of borrowings fixed; key credit metrics (FFO/interest and FFO/net debt) remain well above tests.
Dividend and Shareholder Support
Interim dividend increased to $0.065 per share (from $0.0625); total dividends declared $110.2 million; Dividend Reinvestment Plan participation >40% for the second straight period.
Positive Route Development and Connectivity
New and returning services boosting connectivity: China market seat additions (~50,000 additional seats FY26 vs FY25), China Eastern Shanghai–Auckland–Buenos Aires launch, Thai Airways announced planned 2026 resumption (~200,000 seats impact) and Qantas Group route additions—supporting leisure and cargo flows.