Key Highlights

  • Total passenger movements increased 1.6% to 19.04 million, including 10.5 million international and 8.6 million domestic passengers.
  • Revenue increased 3% to $1.036 billion, while Revenue excluding interest income rose 5% to $1.026 billion.
  • Operating EBITDAFI increased 3% to $724 million, while net underlying NPAT declined 0.5% to $309 million.
  • Auckland Airport will pay a final Dividend of 6.75 cents per share on 2 October 2026.

Auckland Airport (ASX:AIA) reported FY26 results showing higher passenger volumes, revenue and operating EBITDAFI, although Underlying Profit after tax declined 0.5% to $309 million. The year ended 30 June 2026 was marked by resilient travel Demand alongside fuel price volatility, geopolitical uncertainty and constraints on global aircraft supply.

Passenger Volumes Increase

Total passenger movements increased 1.6% to 19.04 million during FY26. International passenger movements, including transit passengers, rose 1.6% to 10.5 million, while domestic passenger movements increased 1.7% to 8.6 million.

Trans-Tasman capacity increased 4% during the year, while capacity between Auckland and the United States declined 3%. Chinese visitation increased 11% year on year following the introduction of additional connectivity, including China Eastern’s Shanghai-Auckland-Buenos Aires service.

The second half presented more challenging conditions for airlines. Seat capacity was 6% below planned levels during the final four months of FY26 as fuel price Volatility and aircraft Supply constraints affected airline network decisions.

Revenue and Operating Earnings

Revenue increased 3% to $1.036 billion, while revenue excluding interest income increased 5% to $1.026 billion. Operating EBITDAFI increased 3% to $724 million.

Net underlying profit after tax declined 0.5% to $309 million. Reported profit after tax, which includes property revaluations, was $335 million. The reported result included a $35.8 million net Revaluation gain on Investment property, compared with a $127.5 million net revaluation gain in the previous corresponding period.

Auckland Airport also provided approximately $3.5 million in targeted rental abatements to regional airlines during the year in response to fuel price pressures.

Infrastructure Investment Remains Elevated

The airport commissioned approximately $1 billion of Assets during FY26, including the 250,000-square-metre northern airfield expansion and major stormwater improvements.

Work also progressed on the new domestic jet terminal and associated airfield infrastructure, while the international check-in area entered its transformation programme. The airport said the infrastructure programme is currently employing approximately 1,500 people.

FY27 Capital Expenditure guidance is between $1.0 billion and $1.3 billion, reflecting continued investment during the peak phase of the aeronautical infrastructure development programme.

Customer Experience and Commercial Property

Customer processing times improved during FY26. Typical domestic departure wait times declined 7% year on year, while median processing times at international departures fell 16%. Compared with FY23, international departure processing times have decreased 27%.

Auckland Airport’s commercial property portfolio also performed during the year. The investment property portfolio had a total value of $3.5 billion, with a commercial property rent roll of $202.5 million. Occupancy stood at 97.2%, while the weighted-average Lease term was 8.7 years.

Mānawa Bay continued to record higher visitation and trading, while construction progressed on a new Foodstuffs chilled distribution facility.

Dividend and FY27 Outlook

Auckland Airport will pay a final dividend of 6.75 cents per share on 2 October 2026.

For FY27, the airport expects passenger and flight volumes to remain relatively flat amid continuing fuel price volatility and geopolitical uncertainty. Underlying profit after tax guidance is $290 million to $330 million, excluding fair-value changes and other one-off items.

The company expects to spend between $1.0 billion and $1.3 billion on its infrastructure programme during FY27. The guidance remains subject to material adverse events, significant one-off expenses and changes in global market conditions.

Conclusion

Auckland Airport’s FY26 results show moderate growth in passenger volumes, revenue and operating EBITDAFI, while underlying NPAT edged lower. International and domestic travel both increased, but airline capacity constraints and fuel price volatility affected the latter part of the year. The airport is simultaneously undertaking a substantial infrastructure programme, with FY27 capital expenditure expected to remain above $1 billion. Its commercial property portfolio provided an additional source of activity, while the FY27 outlook anticipates relatively flat passenger volumes and underlying NPAT within a $290 million-$330 million range.