AIA – Auckland Airport considers retail bond offer

Market Release
| 2 May 2023

Auckland Airport considers retail bond
offer

Auckland International Airport Limited (“Auckland Airport”) is considering an offer of fixed rate
bonds maturing in November 2028 to New Zealand retail investors and to institutional
investors.

Any such offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer
of debt securities of the same class as Auckland Airport’s existing quoted debt securities. The
bonds are expected to be quoted on the NZX Debt Market. It is expected that full details of the
bond issue will be released the week of 8 May 2023.

Auckland Airport has appointed BNZ and Westpac as Joint Lead Managers.

Investors can register their interest with the Joint Lead Managers (details below) or a financial
adviser. Indications of interest will not involve an obligation or commitment of any kind. No
money is currently being sought and no bonds can be applied for or acquired until the offer
opens and the investor has received a copy of the offer document in relation to the bonds.

A copy of a market update presentation to be made by Auckland Airport is attached.

Ends

For assistance, please contact:

Campbell De Morgan
Treasury Specialist
+64 9 255 9029
campbell.demorgan@aucklandairport.co.nz

Bank of New Zealand (BNZ)
0800 275 269

Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand
branch) (Westpac)
0800 772 142

---

Confidential
Auckland Airport
Prepared by:
Strategy, Planning & Performance
May 2023
Update for debt investors
Auckland Airport

Confidential
Debt investor update
Important Notice
Page 2
Disclaimer
Thispresentationisforpreliminaryinformationpurposesonly,doesnotconstitutearecommendationbyAucklandInternationalAirportLimited(AucklandAirport),BankofNewZealand(JointLeadManager),Westpac
BankingCorporation(JointLeadManager)orTheNewZealandGuardianTrustCompanyLimited,noranyoftheirrespectivedirectors,employeesoragentstosubscribefor,orpurchase,anyofsecuritiesandnopartofthis
presentationshallformthebasisoforberelieduponinconnectionwithanycontractorcommitmentwhatsoever.Theinformationinthispresentationisgiveningoodfaithandhasbeenobtainedfromsourcesbelievedtobe
reliableandaccurateatthedateofpreparation,butitsaccuracy,correctnessandcompletenesscannotbeguaranteed.Nomoneyiscurrentlybeingsoughtandnobondscanbeappliedfororacquireduntiltheofferopens
andtheinvestorhasreceivedacopyoftheofferdocumentsinrelationtothebonds.IfAucklandAirportoffersthebonds,theofferwillbemadeinaccordancewiththeFinancialMarketsConductAct2013(FMCA)asanoffer
ofdebtsecuritiesofthesameclassasexistingquoteddebtsecurities.
AllofthedataprovidedinthispresentationisderivedfrompubliclyavailableinformationinrelationtoAucklandAirport(includingtheannualreportofAucklandAirportforitsfinancialyearended30June2022andtheinterim
resultspresentationofAucklandAirportforitshalfyearended31December2022),unlessotherwiseindicated.Anyinternetsiteaddressesprovidedinthispresentationareforreferenceonlyand,exceptasexpresslystated
otherwise,thecontentofanysuchinternetsiteisnotincorporatedbyreferenceinto,anddoesnotformpartof,thispresentation.
Thispresentationmaycontainforwardlookingstatementswithrespecttothefinancialcondition,resultsofoperationsandbusiness,andbusinessstrategy,ofAucklandAirport.AucklandAirportgivesnoassurancethatthe
assumptionsuponwhichAucklandAirportbaseditsforward-lookingstatementsonwillbecorrect,orthatitsbusinessandoperationswillnotbeaffectedinanysubstantialmannerbyotherfactorsnotcurrentlyforeseeableby
AucklandAirportorbeyonditscontrol.Accordingly,AucklandAirportcanmakenoassurancethattheforward-lookingstatementswillberealised.
AllcurrencyamountsareinNewZealanddollarsunlessotherwisestatedandfigures,includingpercentagemovements,aresubjecttorounding.
NeitheroftheJointLeadManagersnoranyoftheirdirectors,officers,employeesandagents:
1.acceptanyresponsibilityorliabilitywhatsoeverforanylossarisingfromthispresentationoritscontentsorotherwise;
2.authorisedorcausedtheissueof,ormadeanystatementin,anypartofthispresentation;and
3.makeanyrepresentation,recommendationorwarranty,expressorimpliedregardingtheorigin,validity,accuracy,adequacy,reasonablenessorcompletenessof,oranyerrorsoromissionsin,anyinformation,statement
oropinioncontainedinthispresentationandacceptnoliability(excepttotheextentsuchliabilityisfoundbyacourttoariseundertheFMCAorcannotbedisclaimedasamatteroflaw).
AucklandAirportandtheirdirectors,officers,employeesandagentsexpresslydisclaimanyandallliabilityrelatingtoorresultingfrominaccurateorincompleteinformationortheuseoforrelianceonalloranypartofthe
informationcontainedwithinthispresentation,excepttotheextentsuchliabilityisfoundbyacourttoariseunderFMCAorcannotbedisclaimedasamatteroflaw.
Thispresentationisdated2May2023.

Confidential
Page 3Page 3
Agenda
1.Company overview
2.Our continuing journey
3.Financial information
Appendices

Confidential
Page 4
Company overview
Page 4

Confidential
Page 5
Auckland Airport, a gateway to New Zealand...
Auckland Airport is the largest and busiest airport in New Zealand with an extensive domestic aeronautical network, connecting
Kiwis from Kaitaia to Invercargill
Page 5
Company
Overview
Our continuing
journey
Financial
Information
Appendices
•NewZealand’slargestcommercialairportservingthecountry’slargest
city
•AucklandAirporthasanextensivedomesticnetworkserving23
destinations
•Significantmarketsharewith2/3rdsofalldomesticsectorseither
originatingorendinginAuckland
1
•Processed9.6milliondomesticpassengersintheyearto30June2019
and6.9millionintheyearto31December2022
•HubtoAirNewZealand,thecountry’smaindomesticcarrier
•Locatedon1,500hectaresoffreeholdland26kmfromAuckland’scentral
businessdistrict
•Noflightcurfew,capableofoperating24hoursaday,7daysaweekfrom
asingle3,635mrunway
•ProvisionforasecondrunwayinthefuturewillcaterforAuckland’s
aviationrequirementsfortheforeseeablefuture
1.Pre COVID-19, for the 12 months to 31 Dec 2019

Confidential
Page 6
Company
Overview
Our continuing
journey
Financial
Information
Appendices
Reconnecting New Zealand to the world
Prior to COVID Auckland Airport was connected by 29 airlines to 43 international destinations. As at31 December 2022 the
recovery in aviation saw Auckland Airport connected by 23 airlines to 35 international destinations. With the restart of services and
the launch of new routes, 26 airlines will connect Auckland Airport with 37 destinations across the Middle East, Asia, the Americas
and the Pacific Islands next summer
Perth
Adelaide
Hobart
Sydney
Melbourne
Gold Coast
Brisbane
Norfolk Island
Noumea
Port Vila
Nadi
Papeete
Rarotonga
Niue
Apia
Nuku’
alofa
Honolulu
Santiago
Vancouver
San Francisco
Los Angeles
Chicago
Dallas Fort Worth
Houston
New York
Doha
Dubai
Kuala Lumpur
Singapore
Hong Kong
Guangzhou
Taipei
Shanghai
Seoul
Tokyo
Suspended airlines
Suspended routes
Bali
1
Cairns
Sunshine Coast
Beijing
Shenzhen

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Page 7
Broad-based recovery driven from PAX mix
Company
Overview
Our continuing
journey
Financial
Information
Appendices
The recovery in aviation markets is strengthening as Kiwi outbound travellersare joined by increasing numbers of international visitors. Diverse reasons
for travel and strong load factors are further supporting industry confidence
36%
42%
12%
Recovery in New Zealand arrivals versus 2019
Weekly visitor arrivals’ purpose of travel
International passenger load factors at Auckland
88%
0
10
20
30
40
50
60
70
80
90
100
Jan
Feb
Mar
Apr
May
Jun
Jul
AugSep
Oct
NovDec
Jan
Feb
Mar
Apr
% vs 2019
Non-NZNZTotal
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
27-Feb-22
20-Mar-22
10-Apr-22
01-May-2222-May-22
12-Jun-22
03-Jul-2224-Jul-22
14-Aug-2204-Sep-2225-Sep-22
16-Oct-22
06-Nov-2227-Nov-2218-Dec-22
08-Jan-2329-Jan-23
19-Feb-23
12-Mar-23
BusinessHolidayVFROthers
32%
46%
8%
Feb-Mar
Average
Source: Ministry of Business, Innovation & Employment
Source: Ministry of Business, Innovation & Employment
50%
55%
60%
65%
70%
75%
80%
85%
90%
FebMar
Apr
May
Jun
Jul
AugSep
Oct
NovDec
Jan
FebMar
20192022/23

Confidential
Page 8
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
FY20FY21FY22FY23
Monthly PAX as a % of FY19
International (incl transits)Domestic
Passenger numbers recovering
Company
Overview
Our continuing
journey
Financial
Information
Appendices
Monthly passenger numbers
No domestic and international travel restrictions for most of 1H23 enabled further recovery of international PAX in the six
months to 31 December 2022. Total passenger numbers are expected to be back to pre-pandemic levels during 2025
•Domestic passenger volumes quickly recovered, but
stabilised below pre-COVID-19 levels in 1H23 reflecting
lower capacity deployed from domestic operators
•International air travel has continued to strengthen in
the period as connectivity has improved, connecting
New Zealand to more global destinations,and the
addition of further capacity to existing routes
•International air travel demand is now stronger than at
any time since COVID-19 first closed our border and is
expected to progressively recover further as additional
capacity is deployed
88%
75%

Confidential
Page 9
Company
Overview
Our continuing
journey
Financial
Information
Appendices
5%
The recovery is not without its challenges
From labourshortages, poor on-time performance, lost baggage and cost inflation to high ticket prices,a number offactors are presenting as challenges
to the recovery in the aviation system
Elevated ticket prices from Auckland
Displaced baggage
Worker shortages
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
Australia
Average
international
fare
Singapore
London
Tokyo
Displaced baggage in the arrivals hall
Frankfurt
LA
1.Based on the average non-stop or one-stop economy return airfare from Auckland between February 2023 and July 2023.. Source Skyscanner Travel Insights
NZ
Average Auckland international fares are forecast to be 51% higher
than their pre-COVID-19 equivalent and domestic 27% higher
1
Queues at the outbound international departure hall
Average
domestic
fare
Delhi

Confidential
Page 10
Results at a glance
Company
Overview
Our continuing
journey
Financial
Information
Appendices
1.Auckland Airport recognises EBITDAFIand underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax and underlying loss after tax is included in the appendix
2.Net capital expenditure additions after $0.1m of capital expenditure impairments
128% on 1H22
Revenue
$287.8m
213% on 1H22
EBITDAFI
$189.0m
Reported profit
after tax
$4.8m
96% on 1H22
Passenger
movements
7.6m
Aircraft
movements
69,936
117% on 1H22
Operating
Cashflow
$140.3m
Capital
investment
$261.6m
124% on 1H22
1H23 earnings per
share of 0.33cps
Underlying
profit after tax
$67.9m
690% on 1H22
1H23 underlying profit
per share of 4.62cps
2
1
1H23 EBITDAFI
margin of 65.7%
(78% of 1H19)
(3% of 1H19)
341% on 1H22
(71% of 1H19)
(68% of 1H19)
(50% of 1H19)
(77% of 1H19)
(198% of 1H19)
1
1
374% on 1H22
(90% of 1H19)

Confidential
Page 11
Key gateway to
New Zealand
Benefiting from the recovery
post COVID-19
Significant commercial
property portfolio
Significant freehold
asset base
Investment grade
credit rating
Proactive capital
management
Credit highlights
Company
Overview
Our continuing
journey
Financial
Information
Appendices
$10.3bn
Book value of assets at
31 December 2022
A-stable
Standard & Poors
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Jun-12Jun-13Jun-14Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22
Dec-22
Annual Rent Roll

Confidential
Page 12
Our continuing
journey
Page 12

Confidential
Page 13
AeronauticalRetailTransport
Investment PropertyHotelsQueenstown Airport
Our continuing journey
Diverse and complementary business activities
Appendices
Company
Overview
Our continuing
journey
Financial
Information

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
14
Five key projects underway whilst three remain on hold
Page 14

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
15
Significant progress towards terminal integration
Page 15
•Construction on key enabling work projects well
underway including:
‒the relocation of the airport operations centreto
a new purpose-built facility that enables closer
collaboration between airport stakeholders;
‒construction of the new Eastern Bag Hall
including provision of increased capacity; and
‒relocation of eastern airfield operations
including livestock, ULDs, airside waste
disposal facility and Checkpoint Charlie
•In March 2023 Auckland Airport announced its
commitment to terminal integration with the project
moving to the final stages of design as part of a
circa $3.9b construction programme
•Construction of the $2.2b integrated terminal is
expected to take place over the next five to six
years.
Substantial enabling work continues onthe design of an integrated terminal that is planned to be tightly integrated with
the existing international terminal building

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Artist impression of the new Transport Hub
Page 16

Confidential
Page 17
17
ANZ Investor Day
Driving the recovery in our consumer business
Page 17

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Illustrative only, actual layout will vary
100+ stores
m
2
23,000+
Exciting fashion outlet centre under
construction
Page 18

Confidential
Page 19
Significant commercial property portfolio continues to grow
Auckland Airport’s commercial property portfolio has grown rapidly in recent years, leveraging an exceptional track record of
design and delivery, and the precinct’s high quality, high covenant tenancy characteristics. Despite the disruption of COVID,
these characteristics continue to resonate with existing and prospective tenants resulting in a strong forward order book.
Commercial property rental income
0
20
40
60
80
100
120
140
201020112012
201320142015
20162017201820192020202120222023
Per Annum Rent Roll ($m)
Current development activity
Commercial property remains well positioned
Company
Overview
Our continuing
journey
Financial
Information
Appendices
Page 19
1H

Confidential
Page 20
Sustainability is central to who we are
Page 20
Company
Overview
Our continuing
journey
Financial
Information
Appendices
Purpose
Kaupapa
85%
Customers rate their overall
experience as ‘excellent’ or
‘very good’ by 2030
100%
Of procurement activity is
aligned with sustainable
procurement guidelines
ISO20400 by 2030
TSR
Rolling 3 year total
shareholder return exceeds
cost of equity by 1%
Place
Kaitiakitanga
Net Zero
90% reduction in scope 1 and 2
carbon emissions by 2030 from a
2019 baseline
20%
Reduction in potable water use
by 2030 from 2019 levels
20%
Reduction in waste to landfill by
2030 from 2019 levels
People
Whānau
40 | 40 | 20
Gender balance across Auckland
Airport’s Board, Leadership Team
and its direct report populations
by 2025
20%
Of people leaders of Māori /
Pasifika ethnicity by 2025
Ethnicity
Workforce reflective of the
ethnicity of New Zealand by 2030
Community
Hapori
40%
Of employees participating in
community volunteer programme by
2030
Apprenticeship
Create a pathway for women, Māori
and Pasifika into trades with
30%
of total trade staff sourced from a
targeted apprenticeship scheme by
2030

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Re-energisingthe airport with solar
•A 2.3-megawatt solar array is planned for MānawaBay to support more
than 80 per cent of the centre’santicipated power usage when it opens in
2024
•Expected to be the largest rooftop solar system in New Zealand
Artist’s illustration
•A solar array of 1.2 megawatts will be installed on the 14,000m
2
roof of the
Transport Hub opposite the International Terminal
•Output will power the attached office building and electric vehicle charging stations
within its car park
Auckland Airport is looking skywards as we take our first steps to generate onsite renewable energy, with plans for rooftop solar systems atop two of our
newest buildings
Page 21

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Continuing on our decarbonisation pathway
Reducing Auckland Airport’s carbon footprint through the use ofelectric heat pumps for heating in terminal buildings
•Auckland Airport is taking our first steps away from fossil-fuelledheating with the installation of the company’s first electric heat pump in Pier B of the International Terminal
•The heat pump is expected to save 30 tonnesof carbon per annum
•The new heat pump can heat and cool simultaneously across multiple zones, saving overall energy use
•Once all heat pumps have been installed, this will save 1,500 tonnesof carbon per annum
Page 22

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Page 23
Financial
information
Page 23

Confidential
Page 24
Return to underlying profit
1.2020 includes capital expenditure write-offs, impairments and contractor termination costs of $117.5 million, redundancy costs of $5.9 million and credit losses of $7.3 million in 2020. 2021 includes a net reversal of $16.9 million of fixed asset impairment
and termination costs and a $4.2 million reversal of expected credit losses
2.A reconciliation between profit after tax and underlying profit after tax for 1H23 is included in the Appendix. Reconciliations for years ended 2019 –2022 are available in the Annual Results report
3.The 2021 comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2 of the Financial Statements to the Annual Results for the year ended 30 June 2022
For the year ended 30 June (1H23 6 months to 31 December 2022)
$m
1H232022
Restated
2021
3
20202019
Revenue
287.8300.3281.1 567.0 743.4
Expenses
1
98.8155.8110.0 306.6 188.6
Earnings before interest, taxation, depreciation, fair value adjustments and
investments in associates (EBITDAFI)
189.0144.5171.1 260.4554.8
EBITDAFI Margin
66%48%61%
46%
75%
Share of profit / (loss) from associates
3.0(12.8)21.1 8.4 8.2
Impairment on investment in JV
---(7.7) -
Derivative fair value movement
(0.3)1.7(0.5) (1.9) (0.6)
Property, plant and equipment revaluation
-(1.4)(7.5)(45.9) (3.8)
Investment property revaluation
(93.8)204.4527.3 168.6 254.0
Depreciation expense
68.7113.1120.9112.7 102.2
Interest expense
30.753.794.071.878.5
Taxation expense
(6.3)(22.0)30.03.5108.4
Reported profit after tax
4.8191.6466.6193.9523.5
Underlying profit/(loss) after tax
2
67.9(11.6)(39.4)188.5274.7
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 25
Higher PAX numbers driving improved performance
•Aeronautical income rose significantly in the period as the recovery in aviation flowed through to higher airfield and passengerrevenues. Auckland
Airport provided a total of $3.7 million of incentives to airlines in the period to stimulate connectivity, the majority via discounts in landing charges
•With the removal of the remaining travel restrictions occurring in the six months to 31 December 2022, income from passenger charges rose
significantly as the number of higher-paying international passengers increased
•With travellersreturning, the reopening of retail stores in the international terminal drove a significant increase in retail income. As a result of a high
proportion of the stores open for peak periods of the day during the summer holiday season, passengers showed a willingness to spend with retail
income per passenger rising to 74% of the pre-pandemic equivalent
•Carparking income increased significantly on the prior period also as the combined effects of strong propensity to park, no domestic lockdowns in the
year and the reopening of all parking products for the period drove revenues
•Property rental income increased by 19% on the prior period driven by rental growth in the existing portfolio, new leases, and apart-period
contribution from new developments
For the year ended 30 June (1H23 6 months to 31 December 2022)
$m
1H232022202120202019
Airfield income
40.960.964.0100.6127.6
Passenger services charge
60.633.824.2133.0185.1
Retail income
59.422.717.8141.5225.8
Car park income
27.526.228.750.364.2
Rental income
78.8129.7115.2109.2107.8
Other income
20.627.031.232.432.9
Total revenue
287.8300.3281.1567.0743.4
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 26
Balance sheet remains strong
As at 30 June
$m
Dec-20222022
Restated
2021
1
20202019
Cash
62.824.779.5765.337.3
Trade and other receivables
58.728.525.434.769.0
Other current assets
21.721.620.937.0-
Current assets
143.274.8125.8837.0106.3
Property, plant and equipment
7,130.36,986.16,826.56,060.86,577.1
Investment properties
2,848.42,897.42,641.42,054.21,745.4
Investment in associates
175.3166.5154.4114.7105.7
Derivative financial instruments
50.328.129.2230.4162.6
Total assets
10,347.510,152.99,777.39,297.28,697.1
Borrowings
1,611.11,476.61,392.82,145.22,190.5
Other liabilities
562.7525.4455.0514.9473.7
Total liabilities
2,173.82,002.01,847.82,660.12,664.2
Equity
8,173.78,150.97,929.56,637.16,032.9
Total liabilities and equity
10,347.510,152.99,777.39,297.28,697.1
1.The 2021 comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2 of the Financial Statements to the Annual Results for the year ended 30 June 2022
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 27
Strong liquidity position with improved credit metrics
Company
Overview
Our continuing
journey
Financial
Information
Appendices
Drawn debt maturity profile for the 12 months ending
167
65
100
25
150
325
150
150
225
284
-
50
100
150
200
250
300
350
400
450
Dec-23Dec-24Dec-25Dec-26Dec-27Dec-28Dec-29
$m
Commercial PaperBank FacilitiesFRNBondsAMTN
1.Gearing defined as nominal value of debt plus derivative liabilities divided by nominal value of debt plus derivative liabilities plus the book value of equity
2.Interest coverage defined as reported NPAT plus taxation, interest expense, depreciation, revaluations and derivative changes(broadly EBITDA) divided by interest
3.Test is S&P’s A-rating threshold for Auckland Airport.The metrics provided for June 2022 are per S&P's October 2022 report and December2022 are Auckland Airport estimates.
Liquidity of $1,076 million to support the business
•Total drawn debt of $1,611 million at31 December 2022, an increase of 9% or $134
million on June 2022
•Committed undrawn bank facility headroom of circa $1,013 million (Jun-22: $955
million), and $63 million in available cash (Jun-22: $25 million)
•Raised $375 million of new borrowings through two NZDCM issues in the period: a
$150 million wholesale floating rate note and a $225 million listed fixed rate bond
•Stronger financial metrics support the return to a ‘business as usual’ position with our
banking syndicate
•A-credit rating maintained
TestDec-22Jun-22
Gearing covenant
1
≤ 60%17.0%15.6%
Interest coverage covenant
2
≥ 1.5x4.99x2.58x
Debt to enterprise value12.3%12.3%
Net debt to enterprise value11.9%12.1%
Funds from operations interest cover
3
≥ 2.5x4.2x2.6x
Funds from operations to net debt
3
≥ 11.0%14.0%6.5%
Weighted average interest cost4.77%4.32%
Average debt maturity profile (years)2.962.29
Percentage of fixed borrowings64.9%71.5%
Key credit metrics

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Page 28
Company
Overview
Our continuing
journey
Financial
Information
Appendices
Economic Regulation
Airline consultation on PSE4 aeronautical prices due to complete by June 2023 with price changes effective from 1 July 2023. Separately, the revision of
the Civil Aviation Bill now been passed into law retaining the ability for airports to set aeronautical prices
Aeronautical pricing
•Prices for FY23-27 (PSE4) will be determined following airline consultation over
the remainder of the financial year considering the “building block” forecasts:
‒commissioning of aeronautical infrastructure projects;
‒operational expenditure;
‒recovery in passengers and aircraft movements; and
‒weighted average cost of capital / target return
•Charges for FY23 have been held constant at FY22 prices while this consultation
is undertaken
1
. A decision on aeronautical prices for FY24 through FY27 is
scheduled to be made by June 2023 with changes to take effect from 1 July 2023
•Aeronautical prices for PSE4 will be set to achieve a full target return over the five
years, including making up the FY23 shortfall
•Commerce Commission currently reviewing the “Input Methodologies” –i.e., the
rules and processes that underpin regulatory information disclosures including the
Commission’s WACC determination for monitoring purposes. This review is due to
be completed no later than December 2023
Other regulation:
•Separately, the Civil Aviation Bill has now been passed into law retaining the ability
for airports to set aeronautical prices
1.The adjustment to International and Transit Passenger Charges of $2.00+GST under the Regulatory and Requested Investment (RRI) Policy ended on 30 June 2022 and is not being
applied in FY23. Any under or over recovery in accordance with the RRI Policy will be considered as part of the PSE4 pricing consultation
View of Auckland Airport’s runway

Confidential
Page 29
Outlook
Company
Overview
Our continuing
journey
Financial
Information
Appendices
1.Capital expenditures net of any impairments and excluding the impact of reduced termination cost provisions. Includes contributions to investments in joint ventures (Pullman)
•As we look to the remainder of the 2023 financial year, we continue to see positive signs in the
recovery of the aviation industry
•Increased connectivity, combined with the reopening of Auckland Airport’s commercial
operations, is supporting earnings for the remainder of the financial year
•As a result, we have raised our underlying earnings guidance for the 2023 financial year to
between $125 million and$145 million
•In addition, Auckland Airport revises capital expenditure
1
guidance for the 2023 financial year
to between $525 million and$600 million
•This guidance is subject to any material adverse events, significant one-off expenses, non-
cash fair value changes to property and any deterioration due to global market conditions or
other unforeseeable circumstances

Confidential
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Building a better future...
Re-establishing our aeronautical network and
supporting the recovery in travel
Driving the recovery in our commercial
business
Continued disciplined approach to investment
in infrastructure and commercial opportunities
Delta Airlines announced a daily Auckland-Los Angeles
service commencing October 2023
Reopening of AeliaDuty Free in October 2022Construction of the Transport Hub
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 31
Thank you
Page 31

Confidential
Page 32
Appendices
Page 32

Confidential
Page 33
Appendix: Board of directors
Christine Spring
Director
Dr Patrick Strange
Chair
Mark Binns
Director
Liz Savage
Director
Julia Hoare
Director
Dean Hamilton
Director
Tania Simpson
Director
Mark Cairns
Director
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 34
Appendix: Management team
Company
Overview
Our continuing
journey
Financial
Information
Appendices
André Lovatt
Chief Infrastructure
Officer
Carrie Hurihanganui
Chief Executive
Mark Thomson
Chief Commercial Officer
Scott Tasker
Chief Customer Officer
Mary-Liz Tuck
Chief Sustainability & Master
Planning Officer
Melanie Dooney
Chief Corporate
Services Officer
Phil Neutze
Chief Financial Officer
To be appointed
Chief Digital Officer
Chloe Surridge
Chief Operations Officer

Confidential
Page 35
Appendix: Underlying profit reconciliation
Company
Overview
Our continuing
journey
Financial
Information
Appendices
•Auckland Airport recognisesEBITDAFIand underlying profit or loss are non-GAAP measures.
•We have made the following adjustments to show underlying profit / (loss) after tax for the six months ended 31 December 2022 and 2021:
–reversed out the impact of revaluations of investment property. An investor should monitor changes in investment property over time as a measure of growing value. However,
a change in one particular year is too short to measure long-term performance. Changes between years can be volatile and, consequently, will impact comparisons. Finally,
the revaluation is unrealisedand, therefore, is not considered when determining dividends in accordance with the dividend policy;
–reversed out the impact of fixed asset write-offs. Related costs and cost reversals are not considered to be an element of the group’s normal business activities and on this
basis have been excluded from underlying profit;
–reversed out the impact of derivative fair value movements. Derivative fair value movements are unrealisedand relate to basis swaps that do not qualify for hedge accounting,
as well as the ineffective valuation movements in other financial derivatives. The group holds its derivatives to maturity, so any fair value movements are expected to reverse
out over their remaining lives;
–adjusted the share of profit of associates and joint ventures to reverse out the impacts on those profits from revaluations of investment property and financial derivatives; and
–reversed out the taxation impacts of the above movements in both six-month periods.
•The underlying profit / (loss) reconciliation for years ended 30 June 2022 and prior are provided in the relevant annual resultsfor that year.
20222021
For the six months ended 31 December($m)
Reported profitAdjustments
Underlying
profit / (loss)Reported profitAdjustments
Underlying
profit / (loss)
EBITDAFI per income statement
189.0 -189.0 60.3 -60.3
Investment property fair value change
(93.8)93.8 -131.5 (131.5)-
Fixed asset write-offs and impairment
-0.1 0.1 -0.1 0.1
Derivative fair value movement
(0.3)0.3 -(0.6)0.6 -
Share of profit / (loss) of associate and joint ventures
3.0 0.0 3.0 (17.4)19.8 2.4
Depreciation
(68.7)-(68.7)(53.7)-(53.7)
Interest expense and otherfinance costs
(30.7)-(30.7)(26.8)-(26.8)
Taxation benefit / (expense)
6.3 (31.1)(24.8)15.5 (9.3)6.2
Profit / (loss) after tax
4.8 63.1 67.9 108.8 (120.3)(11.5)

Confidential
Debt investor update
Glossary
Auckland AirportAuckland International Airport Limited
COVIDCOVID-19
EBITDAEarnings before interest, taxation and depreciation
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
JVJoint venture
NPATNet profit after tax
PAXPassenger
TSRTotal shareholder return
VFRVisiting friends and relatives
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