AIA – 2023 Macquarie Australia Conference Overview of AIA

Market Release | 2 May 2023

2023 Macquarie Australia Conference
Auckland Airport’s Chief Financial Officer, Phil Neutze, will be presenting at the Macquarie
Australia Conference today.
Please refer to the attached copy of the presentation that will be made at the conference.

ENDS

For further information please contact:


Investors:
Head of Strategy, Planning and Performance
Stewart Reynolds
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz

---

Overview of
Auckland Airport
2 May 2023
Prepared by:
Strategy, Planning & Performance
2023 Macquarie Australia Conference

Important notice
2
Disclaimer
This presentation is given on behalf of Auckland International Airport Limited (NZX: AIA; ASX: AIA; ADR: AUKNY). Information in this presentation:
•is provided for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in Auckland International Airport Limited (Auckland Airport);
•should be read in conjunction with, and is subject to, Auckland Airport’s unaudited Interim Financial Statements for the six months ended 31 December 2022, prior annual and interim reports, and Auckland Airport's
market releases on the NZX and ASX;
•may include forward-looking statements about Auckland Airport and the environment in which it operates which are subject to uncertainties and contingencies outside of Auckland Airport's control. Auckland Airport's
actual results or performance may differ materially from these statements;
•includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance;and
•may contain information from third parties believed to be reliable; however, no representations or warranties are made as to theaccuracy or completeness of such information.
All information in this presentation is current at the date of this presentation, unless otherwise stated. Auckland Airport is not under any obligation to update this presentation at any time after its release, whether as a result
of new information, future events, or otherwise.
All currency amounts are expressed in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subject to rounding.
Non-GAAP measures
This presentation contains references to non-GAAP measures including EBITDAFI, EBITDA and underlying profit or loss. A reconciliation between reported profit after tax and the non-GAAP measure of underlying profit or
loss is included in the Appendix as well as the published materials for the respective interim and annual results.
The directors and management of Auckland Airport understand the importance of reported profits meeting accounting standards. Because we comply with accounting standards, investors know that comparisons can be
made with confidence between different companies and that there is integrity in our reporting approach. However, we believe thatan underlying profit or loss measurement can also assist investors to understand what is
happening in a business such as Auckland Airport, where revaluation changes can distort financial results or where one-off transactions, both positive and negative, can make it difficult to compare profits between years.
For several years, Auckland Airport has referred to underlying profit or loss alongside reported results. We do so when we report our results, but also when we give our market guidance (where we exclude fair value
changes and other one-off items) or when we consider dividends and our policy to pay 100% of underlying profit after tax (excluding unrealisedgains and losses arising from revaluation of property or treasury instruments
and other one-off items).
In referring to underlying profits or losses, we acknowledge our obligation to show investors how we have derived this result.
2023 Macquarie Australia Conference

Page 3
Auckland Airport, unrivalled domestic connectivity
Auckland Airport is the largest and busiest airport in New Zealand with an extensive domestic aeronautical network, connecting with
Kiwis from Kaitaia to Invercargill
Page 3
•NewZealand’slargestcommercialairportservingthe
country’slargestcity
•AucklandAirporthasanextensivedomesticnetwork
serving23destinations
•Significantmarketsharewith2/3rdsofalldomesticflights
eitheroriginatingorendinginAuckland
1
•Processed9.6milliondomesticpassengersintheyearto
30June2019and6.9millionintheyearto31December
2022
•HubtoAirNewZealand,thecountry’smaindomestic
carrier
•Locatedon1,500hectaresoffreeholdland26kmfrom
Auckland’scentralbusinessdistrict
•Noflightcurfew,capableofoperating24hoursaday,7
daysaweekfromasingle3,635mrunway
•Provisionforasecondrunwayinthefuturewillcaterfor
Auckland’scommercialaviationrequirementsforthe
foreseeablefuture
1.Pre COVID-19, for the 12 months to 31 Dec 2019

Page 4
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
...and connecting New Zealand to the world
Pre-COVID Auckland Airport connected 29 airlines to 43 international destinations. Next summer, Auckland expects it will connect
26 airlines to 37 international destinations
Bali
1
Cairns
Sunshine Coast
Beijing
Shenzhen

Page 5
AeronauticalRetailTransport
Investment PropertyHotelsQueenstown Airport
Overview of Auckland Airport
Diverse and complementary business activities

Page 6
6
ANZ Investor Day
Quality retail precinct

Page 7
Extensive transport business...

Page 8
...with a range of products currently on offer and in development

Page 9
Extensive hotel portfolio
311
rooms
198
rooms
273
rooms

Page 10
High quality commercial property portfolio

Page 11
Notes:
1.Pre-COVID-19, for the 12 months to 31 Dec 2019
1500 ha land holding enables a precinct wide vision

Page 12
The airport is a combination of regulated and unregulated activities
12
2019 Revenue composition -$738.2m
17% Airfield income
25% Passenger services charge
30% Retail income
12% Rental income
9% Car park income
1% Other
3% Rental
3%
Other

Page 13
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
Monthly passenger numbers
So where are we today?
COVID-19 and the associated imposition of travel restrictions resulted in two full financial years of disruption for Auckland Airport.
Passenger numbers are expected to be back to pre-pandemic levels during 2025
RespondRecoverAccelerate
75%
88%

Page 14
Broad-based recovery driven from PAX mix
The recovery in aviation markets is strengthening as Kiwi outbound travellersare joined by increasing numbers of international
visitors. Holiday travel has rebounded strongly with the overall purpose of travel mix similar topre-COVID despite much higher fares
36%
42%
12%
Recovery in New Zealand arrivals versus 2019
Weekly visitor arrivals’ purpose of travel
International passenger load factors at Auckland
RespondRecoverAccelerate
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-2220-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-2312-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

Page 15
1,207
198
297
358
386
579
583
598
667
775
928
953
797
898
930
958
969
1,049
1,011
991
16%
37%
55%
69%
74%
92%
91%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
200
400
600
800
1000
1200
Mar-19Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23
Thousands
AustraliaPacific IslandsAsiaAmericasMiddle East% recovery vs 2019
RespondRecoverAccelerate
International travel recovery ongoing
International seat capacity serving Auckland is expected to significantly increase over the remainder of the calendar year asairlines
restart previous Auckland services and launch new routes
Auckland international seat capacity (000s)
Jul 22
Adelaide, Cairns, Hobart, Sunshine Coast,
Papeete, Noumea, Honolulu, Houston
Honolulu
Los Angeles via Papeete
Sep 22
Norfolk Island
New York
Oct 22
Chicago
Dallas
San Francisco
Nov 22
Vancouver
Kuala Lumpur via Sydney
Dec 22Dubai direct
Mar 23Bali
May 23Beijing
Jun 23
Sydney-Auckland-New York
Shenzhen
Sept 23Doha
Oct 23
Los Angeles
Los Angeles
Dec 23Los Angeles
Announced and launched airline restarts
ActualForecast
Recovery % versus pre-COVID equivalentDec-22Sept-23
Australia74%89%
Pacific Islands91%84%
Asia40%83%
Americas102%121%
Middle East90%100%
Source: Sabre

Page 16
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
RespondRecoverAccelerate

Page 17
1H23 Results at a glance
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)

Page 18
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
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 (H1 2023 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

Page 19
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

Page 20
Building a better future...
Re-establishing our aeronautical network and
supporting the recovery in travel
Driving the recovery in our commercial
business
Increase in aero infrastructure capex with
strong ongoing 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

2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
21
Five key projects now underway whilst three remain on hold
Page 21

2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
22
Artist impression of the new domestic terminal

2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
23
Construction of key enabling projects well underway

2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Artist impression of the completed Transport Hub
Page 24

2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Page 25

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 26

Page 27
RespondRecoverAccelerate
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

Page 28
Sustainability is central to who we are
Page 28
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 flex
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

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 center's anticipated 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 29

Thank you

Appendix

Page 32
Appendix: Underlying profit / (loss) reconciliation
•Auckland Airport recognisesEBITDAFI and 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)