AIA – Auckland Airport FY23-27 price changes

Market Release
| 8 June 2023

Auckland Airport FY23-27 price changes: Aero
charges to fund investment in resilience,
customer experience and pave the way for the
new domestic facility

• Airline charges reset for FY23 to FY27 (period of Price Setting Event Four)
• Increase in charges to support major investment in long-life infrastructure,
including transport, airfield, stormwater upgrades and a new baggage system
• Resilience and improving the customer experience at New Zealand’s main aviation
gateway the priority

Today Auckland Airport reset its aeronautical charges for Price Setting Event Four
(PSE4), the five-year period spanning the 2023 to 2027 financial years.
The new charges will take effect from 1 July 2023, ending the year-long price freeze that
Auckland Airport adopted to help airlines rebuild following the pandemic.
With the post-pandemic recovery now well underway, Auckland Airport Chief Executive
Carrie Hurihanganui said Auckland Airport has set its new charges following consultation
with major airlines – something that happens once every five years in accordance with
the Airport Authorities Act.
The new charges will fund part of the much-needed investment in infrastructure that is
underway at Auckland Airport. For PSE4, this amounts to $2.5 billion of commissioned
infrastructure, focusing on important airfield, terminal, baggage and transport
improvements to be completed and in use by airlines by the end of the five-year period.

Ms Hurihanganui said the increase in PSE4 airline charges also reflected the higher cost
of capital in the current economic environment compared to the previous price setting
event.
“Travel is back, and the recovery is taking place more quickly than anyone expected.
Now is the time for investment in Auckland Airport if we are to deliver the resilience and
customer experience travellers want and the gateway New Zealand needs for the future,”
Ms Hurihanganui said.
“Our domestic terminal is 57 years old and needs replacing. We know travellers are fed
up with the domestic travel experience – they’ve told us that clearly. Other key
aeronautical infrastructure also needs replacing. The pandemic meant we had to put
much of this investment on hold and we are now in catch-up mode.
“We don’t think any travellers would say we are making the move to upgrade the airport
too soon,” she said.
Auckland Airport’s pricing announcement today is the result of 24 months of extensive
consultation with major airlines regarding aeronautical investment in Auckland Airport
over PSE4 to support their business operations, as well as consultation over the airport’s
wider ten-year development roadmap.
Key projects to be delivered over PSE4 include critical infrastructure that will pave the
way for construction of a new domestic facility to be integrated into the existing
international terminal and replace the ageing domestic terminal. This includes:
• $1.5 billion in enabling works for the new integrated domestic facility, including the
largest expansion of Auckland Airport’s airfield in history at 250,000m
2
or 23 rugby
fields; providing new remote stands for jet aircraft; new fuel infrastructure; and
stormwater capacity enhancements.
• New baggage system to transform luggage handling at Auckland Airport.
• A new experience for arriving and departing international travellers, with a new
public drop off and pick up area on the doorstep of the international terminal as
part of the Transport Hub development. Other roading and terminal forecourt
upgrades are taking place to support terminal integration.
• Expansion of the international check in area to accommodate more travellers for
when the new integrated terminal opens.
• Upgrades to improve the customer experience in the existing domestic terminal
while the new integrated domestic terminal is being built.

Airlines only begin to pay for new infrastructure once it is complete and in use.
While Auckland Airport is building a new $2.2b domestic facility integrated into the
international terminal, the facility itself won’t be complete and open to passengers until
2028 or 2029 (beyond PSE4), meaning those costs will be reflected in the next pricing
period (PSE5).
Ms Hurihanganui said the ongoing recovery in aviation is strong, as is the need to invest
in critical aviation infrastructure for the future.
“There are now 22 airlines flying to 37 destinations to and from Auckland Airport, up from
12 airlines and 21 destinations during the toughest days of the pandemic. In May,
international seat capacity recovered to 91% compared to pre-pandemic and domestic
recovered to 89%. The return of airlines is also working to support the recovery of trade
with 80% of airfreight coming into Auckland in the belly hold of passenger aircraft.”
Ms Hurihanganui said Auckland Airport’s new aeronautical charges would be rising from
a very low base, accounting for a small portion of an airline ticket.
“Auckland Airport has long been one of the cheapest major airports for airlines to operate
from in the region.
“At $7 our current domestic jet aeronautical charges are 40-50% lower than comparable
airports in our region and have risen just 65 cents in real terms over the last decade,
reflecting the ageing domestic terminal. Meanwhile, international charges have fallen
10% in real terms over the past decade. Our charges currently represent about 3% to
3.5% of the cost of an average domestic or international fare.”
From July, the following changes will be introduced to Auckland Airport’s aeronautical
charges to airlines, which are calculated on a per passenger basis:
Domestic jet travel (Auckland to/from main centres):
• Airline domestic jet charges will average $11.85 over the five-year PSE4 period.
Charges will initially rise $3.50 from $6.75 to $10.25 – lower than current charges
at Wellington Airport ($15.20), and at Christchurch Airport ($14.60).
• Prices will then reach $15.45 by FY27, the final year of PSE4.
Regional airline charges:
• Airline regional charges will average $8.15 over the five-year PSE4 period.

Regional charges will initially increase by $2.70 in July from $4.40 to $7.10 – this
is $3 to $4 cheaper than comparable current charges at Wellington Airport
($11.20) and Christchurch Airport ($10).
• Regional charges will reach $10.70 by FY27, the final year of PSE4.
International charges:
• Airline international charges will average $37.25 over the five-year PSE4 period.
International charges will initially increase by $9.40 from $23.40 to $32.80 - this is
lower than current published equivalent charges at other major international
airports in the region including Sydney ($42.20), Melbourne ($35.90) and Brisbane
($56.70).
• International charges will reach $46.10 by FY27, the final year of PSE4.
“These changes have not been introduced lightly, particularly in the current economic
environment. We are very mindful of cost to our airline partners and ultimately travellers.
That’s why we have been working hard to deliver a pragmatic and affordable solution
while responding to airline requests for changes as much as possible.
“At the same time, we’ve considered what we need to invest to ensure Auckland Airport’s
infrastructure is at an appropriate standard, capable of delivering a good customer
experience for expected passenger numbers and is resilient for the future. That’s our
role. Doing nothing is not an option.
“Our new airline charges for PSE4 are in line with other comparative airports in the
region. They will also be reviewed by the Commerce Commission.”
Auckland Airport’s prices across the 2023–2027 financial years target an after-tax return
on investment of 8.73%, equal to the mid-point weighted average cost of capital (WACC)
calculated by applying the Commerce Commission’s most recent (2016) WACC Input
Methodology, but using updated data as at 1 July 2022, the start of PSE4 and not
applying any downward adjustments. This is consistent with Auckland Airport’s
submissions to the Commerce Commission’s WACC Input Methodology review and is
supported by independent expert analysis.
Over PSE4, Auckland Airport will invest up to $5 billion in aeronautical infrastructure,
including work to progress the new domestic facility. However, pricing for PSE4 reflects
just the $2.5 billion of investment that will be completed and in use by airlines and
passengers by the end of that period.

Ms Hurihanganui said Auckland Airport will continue to raise debt funding from a mix of
both domestic and offshore markets to fund the capital expenditure programme.
Because of the large forecast debt-funded ‘works under construction’ balance towards
the second half of PSE4, she said new equity may be raised in future.
“This remains subject to a range of future uncertainties including the ongoing recovery in
aviation, the future financial performance of Auckland Airport, and the execution run rate
for the 10-year capital roadmap.”
Auckland Airport is continuing to consult with airlines on potential future regional terminal
infrastructure, the solution for which is currently expected to be in use during PSE5. The
second runway does not feature during PSE4 and the project remains on hold.
ENDS
NOTES FOR EDITOR:
Consultation process
- Auckland, Wellington and Christchurch Airports are subject to information disclosure
regulation by the Commerce Commission, providing transparency about airport pricing,
spending decisions and performance.
- Auckland Airport re-sets its aeronautical prices every five years, a process that includes
consultation with major airline customers and the Board of Airline Representatives New
Zealand.
- Prices are set with reference to the Commerce Commission’s current information
disclosure framework (2016) with target return parameters updated as at the start of
each pricing period.
- After Auckland Airport sets its aeronautical prices, the Commerce Commission reviews
the pricing decision and publicly releases a report setting out its findings.
- Auckland Airport has now re-set its aeronautical prices payable by airlines for the
remaining four years of the five-year PSE4 pricing period of July 2022 - June 2027.
(Auckland Airport was due to re-set charges from 1 July 2022 but chose to freeze
existing charges for the first year of the pricing period to support airlines' recovery from
the pandemic.)
10-year capital roadmap
- Under Commerce Commission rules, Auckland Airport is required to share a ten-year
capital roadmap at each price setting event. However, this remains subject to change
throughout its ten-year life cycle, with the ability to defer or accelerate infrastructure
projects depending on air traffic demand following consultation with airlines. Priced

aeronautical capital investment commissioning over the ten-year capital roadmap is
currently estimated at about $ 5.6 billion.
- A key element of the airport’s ten-year capital roadmap is delivering a new domestic
facility ($2.2b of which $2b will be recovered through aeronautical charges) as part of an
expansion of the existing international terminal and to replace the ageing domestic
terminal, along with other key terminal integration projects associated with the
development ($1.7b of which $1.5b will be recovered through aeronautical charges).
These costs include forecast construction cost escalation and holding costs. This
project is underway and due for completion in 2028 or 2029.
- Along with the terminal integration programme, other key projects included in the ten-
year capital roadmap are reflected in the below table. As noted above, this roadmap
contains a list of all possible projects. Some may be replaced, deferred or cancelled
following consultation and actual project commissioning costs will change versus the
estimates presented below:
Forecast Commissioning profile of Priced Regulated Assets PSE4-5
$m PSE4 PSE5
PSE4 +
PSE5
For the year to 30 June
Terminal Integration Programme
1
1,468 2,047 3,516
Airfield Renewals 302 299 601
Other Renewals 352 134 486
Regional Solution 0 300 300
DTB Upgrades 146 0 146
Aeronautical Programme 76 70 146
Contingent Runway 0 140 140
Transport Hub
2
77 50 127
Roading Network
2

58 41 99
Utilities
2

49 25 74
Total 2,528
3,107
3

5,634

ENDS
Analyst and media webcast for Price Setting Event Four (PSE4)

1
In March 2023 Auckland Airport announced a ~$3.9b Terminal Integration programme to deliver a new
domestic terminal to be fully integrated into the international terminal. This announcement reflected the
total forecast cost of the programme over 2023 to 2030 including both regulated and unregulated
elements. The ~$3.5b presented here represents the share of the Terminal Integration programme
which is forecast to commission over PSE4-5 and to be recovered through aeronautical charges
2
Portion of costs recovered through aeronautical prices
3
T his is the “Base” PSE5 capex scenario. The capex roadmap consulted on with airlines also included a
high capex scenario for PSE5. But the Base scenario presented above provides the deliverability risk-
adjusted view of 10-year commissioned priced aeronautical capital expenditure.

A webcast for analysts and media with our Chief Executive Carrie Hurihanganui and Chief
Financial Officer Phil Neutze will be held at 2.00pm NZDT today.
Analysts and media can dial in to the conference call by:
1. Registering in advance of the conference using the link provided below. Upon
registering, you will be provided with participant dial-in numbers and a unique registrant
ID.
2. In the 10 minutes prior to the call start time, you will need to use the conference access
information provided in the email received at the point of registering.

Conference call registration link for phone participants:
https://register.vevent.com/register/BI899b1db5b712488abf957c86a47b635c

Webcast link:
https://edge.media-server.com/mmc/p/qoiqqouv

For further information, please contact:
Investors:
Stewart Reynolds
Head of Strategy, Planning and Performance
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz
Media:
Libby Middlebrook
Head of Communications and External Relations
+64 21 989 908
Libby.middlebrook@aucklandairport.co.nz

---

Auckland Airport
Aeronautical Pricing Decision
8 June 2023
Prepared by:
Strategy, Planning & Performance
Price setting event 4
Carrie Hurihanganui
Chief Executive
Philip Neutze
Chief Financial Officer

Page 2
Important notice
Disclaimer
ThispresentationisgivenonbehalfofAucklandInternationalAirportLimited(NZX:AIA;ASX:AIA;ADR:AUKNY).
ThisdocumenthasbeenpreparedforthepurposeofcomplyingwiththeAirportServicesInformationDisclosureDetermination2010(the“Determination”).AsrequiredbytheDetermination,thedocumentcontainsforward
lookingstatements,forecastsandcommentsaboutfutureevents,includingourexpectationsabouttheperformanceofAucklandAirport'sbusiness.Forwardlookingstatementsandforecastsinvolveinherentrisksand
uncertainties,bothgeneralandspecific,suchthatthereisariskthatsuchforwardlookingstatementsorforecastswillnotbeachieved.
Inparticular,aeronauticaldemandforecastsareinherentlyuncertainandshouldnotbereliedonorviewedasmarketguidance.
FactorsthatcouldcauseAucklandAirport'sactualresultstodiffermateriallyfromtheforecastsincludemattersoutsideofourcontrol,suchastheinherentriskthatforecastaircraftandpassengerdemand(whichisbased
onthirdpartyinformation)departsfromactualdemandduetoglobaleconomicconditions,changingairlineprioritiesandothermaterialeventsbeyondthecontrolofAucklandAirport.Formattersoverwhichwehave
greatercontrol,suchascapitalandoperationalexpenditure,theforecastperiodsinthisdisclosurearelong-dated,runninginsomeinstancestotenyears.Itisverylikelythattheassumptionsinformingtheforecasts,and
thereforetheforecaststhemselves,willchangeduringtheforecastperiod.
Assuch,theinformationinthisdocumentmustbeinterpretedwithcare.ItmustnotbereliedonforanypurposeotherthantoassesswhetherAucklandAirportismeetingthepurposeofregulationunderPart4ofthe
CommerceAct.TheinformationinthisdocumentandthestatutoryPriceSettingDisclosuretobereleasedinAugust2023willbesubjecttoareviewbytheCommerceCommission,whowillpublishasummaryand
analysisreportinaccordancewiththeCommerceAct1986.
NeitherAucklandAirportnoranyofitsdirectors,employees,advisersnoranyotherpersongivesanywarrantiesorrepresentations(expressorimplied)astotheaccuracyorcompletenessofthisinformation.Tothe
maximumextentpermittedbylaw,noneofAucklandAirport,itsdirectors,employees,advisersoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,arisingfrom
anyfaultornegligence)arisingfromthispresentationoranyinformationsuppliedinconnectionwithit.
AllcurrencyamountsareexpressedinNewZealanddollarsunlessotherwisestatedandfigures,includingpercentagemovements,aresubjecttorounding.
PSE4 Aeronautical Pricing Decision

Page 3
Overview
Page 3
Carrie Hurihanganui
Chief Executive

Page 4
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Jul-19
Sep-19Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22Nov-22
Jan-23
Mar-23
FY20FY21FY22FY23
Monthly PAX as a % of FY19
International (incl transits)Domestic
Overview
Auckland Airport sets out its long-term roadmap for upgrading New Zealand’s busiest gateway, including
commissioning $2.5 billion of priced aeronautical infrastructure over PSE4
Page 4
•With demand expected to continue to recover, Auckland Airport
set out its roadmap for upgrading New Zealand’s busiest
gateway
•The 10-year aeronautical infrastructure roadmap sets out the
commissioning of $5.6 billion
1
of priced aeronautical investment
over the next ten years right across the aviation system
•The airport’s 10-year roadmap includes the construction of:
‒a new domestic terminal that will replace the ageing 57-year-
old terminal and integrate it with international services;
‒investment in contingent runway operations to safeguard
resilience; and
‒other projects including domestic terminal upgrades, a new
baggage system to transform luggage handling, airfield
expansion and renewals, a new transport hub, investment in
roading as well as other renewals and capacity upgrades
•Auckland Airport has now set its aeronautical charges out to
June 2027 -which are the charges airlines pay to use the
infrastructure and services to operate at Auckland Airport
•Our prices must increase to fund this much needed investment
Monthly passenger numbers
1.This is the “Base” capex scenario.Whilst the 10-year aeronautical infrastructure roadmap consulted on with airlines as part of the
PSE4 aeronautical pricing consultation also included a higher commissioned capex scenario (for PSE5 only), this Base scenario
provides a deliverability risk-adjusted view of likely 10-year commissioned priced aeronautical capital expenditure.The PSE5
capex forecasts will be reviewed in detail and updated during the PSE5 aeronautical pricing consultation due to complete in June
2027.
Apr
-
23

Page 5
4% below
forecast for
PSE3
1
PSE4 pricing at a glance
PSE4 passenger
numbers
98m
Priced aeronautical
revenue
$2.6bn
Total PSE4
aeronautical capital
investment
2
$5.0bn
Airfield
charges
$1.0bn
Post-tax target
return
8.73%
$2.3bn PSE3
forecast
From 6.62% in
PSE3
Priced Regulated
Asset Base
4
$3.3bn
in FY27
$1.3bn in
FY22
1.Passenger forecast for FY18 –FY22 at the time of PSE3 price setting was 103 million
2.Total regulated aeronautical capex for PSE4 including assets that will be commissioned in PSE5
3.Priced aeronautical assets that will be commissioned in PSE4
4.As at 30 June 2027
5.Charges represent the average revenue per passenger over PSE4
Airport charges for
domestic flights
$10.79
per PAX
5
$6.06 in
FY19
$37.26
per PAX
5
$23.07 in
FY19
Passenger
services charges
$1.5bn
Priced &
commissioned
PSE4 aero capex
3
$2.5bn
$1.4bn PSE3
forecast
Airport charges for
international flights
54% above
forecast for PSE3
Landing: $930m
Parking: $84m
International: $1.2bn
Domestic: $0.3bn

Page 6
Forecast recovery provides confidence in future demand
Significant airport infrastructure investment is required to serve forecast demand growth
Page 6
35-year passenger growth trend
0
2
4
6
8
10
12
14
16
FY98FY99FY00FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32
PSE1PSE2PSE3PSE4PSE5
Millions
International
including transits
Domestic
Note:
Historic data to FY22 represents total reported non-transit passenger movements and 50% of reported transit passenger movements.PSE4 and PSE5 forecast reflects the pricing volume assumptions for
billable passenger movements, excluding non-billable passengers and is inclusive of a demand elasticity adjustment

Page 7
7
Key projects that will transform the aviation system in Auckland
Page 7
Ten-year roadmap
Projects are subject to change and may be replaced, deferred or cancelled

Page 8
8
Significant upgrade to the domestic experience
Page 8

Page 9
Upgrade the existing domestic terminal to extend its useful life
Page 9

Page 10
10
A transport hub that will transform the guest experience
Page 10

Page 11
New airfield capacity to cater for future growth and resilience
Page 11

Page 12
Building a better future
Auckland Airport’s vision is to revitalise and inspire as we connect people and places. This roadmap sets out the
delivery of $5.6 billion of priced aeronautical investment over the next ten years that will create more resilience and
deliver important upgrades travelers have been asking for
Extending our aeronautical
network and supporting the
recovery in travel
Driving efficiency in our
operations to improve customer
outcomes
Continued disciplined
approach to investment in
infrastructure

Page 13
Pricing decision
Page 13
Philip Neutze
Chief Financial Officer

Page 14
Price Setting Event 4
Under the Airport Authorities Act Auckland Airport is required to consult with Substantial Customers (airlines) at
least every five years before resetting aeronautical charges
Page 14
•In June 2021 consultation with airlines commenced on prices for
the PSE4 pricing period from 1 July 2022 to 30 June 2027
•With airline support the decision was taken to delay the first price
reset for PSE4 by 12 months, and hold prices flat at FY22 levels
for FY23 to help airlines rebuild following the pandemic
•Detailed parallel consultation processes have continued since
then on the 10-year aeronautical capital investment roadmap, on
separate components of that capital roadmap before material
design and construction activity commenced, and all other
building blocks elements that feed into determining required
revenues and setting PSE4 price paths
•This presentation summarises key building blocks information
that was used to determine aeronautical prices for PSE4
•In addition, this presentation also sets out additional information
pertaining to PSE5 so that readers gain an understanding of the
longer-term aeronautical infrastructure road map
Cathay Pacific Airbus A350 returned to AKL in March 2023

Page 15
Traffic assumptions
Passenger traffic forecast to return to pre-COVID levels in FY25 for domestic and FY26 for international
Page 15
PSE4 domestic passenger forecast
PSE4 international passenger forecast
7.4
10.1
10.3
11.4
12.3
11.5
0
2
4
6
8
10
12
14
FY23FY24FY25FY26FY27
Millions
InternationalFY19 Passengers
5.7
6.0
6.9
7.3
7.7
2.3
2.4
2.7
2.9
3.0
8.0
8.4
9.6
10.2
10.7
9.5
0
2
4
6
8
10
12
14
FY23FY24FY25FY26FY27
Millions
Domestic JetRegionalFY19 Passengers
Note:
Econometric-based demand forecasts sourced from independent experts (DKMA), and informed by airline feedback and price
elasticity of demand impact analysis (InterVISTAS)
PSE4 total passenger forecast
15.4
18.4
19.9
21.6
23.0
21.1
0
5
10
15
20
25
FY23FY24FY25FY26FY27
Millions
TotalFY19 Passengers

Page 16
209
340
913
411
654
0
200
400
600
800
1,000
FY23FY24FY25FY26FY27
$ Millions
Terminal Integration Programme
Other aeronautical assets
Significant investment to support the passenger demand
Auckland Airport plans to commission $2.5 billion of aeronautical priced infrastructure during PSE4
Page 16
•Total spend on aeronautical capex of $5 billion during PSE4, approximately half of which will carry over as works under construction and be commissioned during
PSE5, of which $1.6 billion relates to the terminal integration programme
•$2.5 billion of priced aeronautical investment completed and commissioned during PSE4 pricing period including:
‒$1.5billionTerminalIntegrationProgramme
‒$1.0billioninupgradesoftheexistingdomesticterminalbuilding,airfieldexpansion&renewals,newbaggagesystemandTransportHubaeronautical
elements(e.g.,passengerpickupanddropoff)
•closingpricedRABforPSE4of$3.3billioninFY27
PSE4 forecast commissioned asset value –priced aeronautical
Note:
Nominal figures include escalation and holding costs
Forecast priced aero asset base (nominal $)
$ Millions

Page 17
17
Significant progress towards terminal integration in PSE4
Page 17
•Key enabling projects associated with
terminal integration expected to commission
in PSE4:
‒the relocation of the Airport Operations
Centre;
‒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
•Detailed design underway with construction
of the $2.2 billion integrated terminal
expected to take place over the next five to
six years.
Substantial work is planned to continue during PSE4 on the centrepieceof Auckland Airport’s infrastructure
investment programme, the integration of domestic jet services into the existing international terminal building

Page 18
Terminal Integration –enabling & early infraDomestic Terminal upgradesTransport Hub
Description
Multi-year programme of works to enable the delivery of a
new domestic jet pier and headhouse integrated into the
existing international terminal building.
Provides the upgrades necessary to accommodate
domestic jet operations through to the opening of the
integrated domestic terminal in 2028/29.
The development will transform how travellersarrive and
depart from the main airport terminal, while paving the
way for any future mass rapid transit to deliver
passengers direct to terminal.
Details
•Airfield capacity including stands and stormwater
upgrades
•New baggage system with greater speed, accuracy and
capacity, providing more convenience to travellers
•Expansion of international check in area to accommodate
domestic
•International arrivals upgrades
•Terminal roading and forecourts
•Building upgrades to utilities, refresh of bathrooms
and wayfinding
•Forecourt and roading upgrades
•Additional regional aircraft stand capacity to meet
forecast demand
•Pick-up and drop off facilities for passengers
•Dedicated Airport Operations Centre
•Non-aeronautical facilities include 4-level multi-story car
park
•Future-proofed for mass rapid transit
Value
$1.5 billion of priced aeronautical assets expected to
commission in PSE4
$147 million of priced aeronautical assets expected to
commission in PSE4
$77 million of priced aeronautical assets expected to
commission in PSE4 and $302 million of assets not
recovered through aeronautical charges
Aeronautical investment in PSE4
Key programmes of work forecast to be commissioned during PSE4 include:
Page 18

Page 19
Aeronautical investment in PSE4 (cont’d)
Key programmes of work commissioned during PSE4 include:
Page 19
Aeronautical programmeAirfield renewalsOther projects
Description
The aeronautical capacity programmeincludes
upgrades to the international terminal facilities and
airport emergency services
Airfield renewals programme will invest to maintain
and renew airfield pavements and ground lighting
assets
Other investments across the airport precinct for
assets renewals, investment in roading to improve
overall traffic flow on the precinct, utility capacity
upgrades
Details
•Upgraded international transfer security
screening
•Improved amenity and facilities in the airside of
the International Terminal (i.e. Pier A)
•A reduction in emissions
•Upgrades to existing Airport Emergency
Services Station
•International arrivals healthcare facility
•Pavement renewals are ongoing and part of
business as usualpractice
•Airfield and ground lighting assets have recently
been acquired from Airways and require
substantial maintenance capex and upgrades
•Renewal and minor upgrades to existing
terminal and enterprise infrastructure
•Delivery of roading upgrades at TeAra Korako
Drive and Laurence Stevens Drive, including
high occupancy vehicle lanes
•Utilities upgrades for wastewater and electricity
Value
$76 million of priced aeronautical assets expected
to commission in PSE4
$302 million of priced aeronautical assets expected
to commission in PSE4
$458 million of priced aeronautical assets
commissioned in PSE4

Page 20
10-year capital investment plan
$5.6 billion of priced aeronautical investment forecast to be commissioned over PSE4 and PSE5 (10 years), with
$3.1 billion commissioned in PSE5 as the Terminal Integration Programme is completed
Page 20
•$2.1 billion of other priced aeronautical investment across the 10 years to FY32
•$1.0 billion Commissioned during PSE4, with an additional $1.1 billion in PSE5
•Additional projects in PSE5 to provide terminal and roading capacity could be triggered
dependent on demand –further airline consultation on these projects ahead of setting
PSE5 prices
•Second runway remains on hold –timing to be informed by further airline consultation
Terminal Integration Programme –priced aeronautical assets
commissioning -$3.5 billion
Other priced aeronautical assets commissioning -$2.1 billion
49
58
77
76
146
352
302
25
41
50
140
70
300
134
299
0200400600
Utilities
Roading Network
Transport Hub
Contingent Runway
Aeronautical Programme
DTB Upgrades
Regional Solution
Other Renewals
Airfield Renewals
$ Millions
PSE4PSE5
2601,726
05001,0001,5002,000
Domestic
Processor
$ Millions
PSE4PSE5
52
111
212
77
331
426
35
86
200
0200400600
Other
Landside
West Terminal Enabling
Check-in hall expansion
East Terminal Enabling including
Baggage
Remote Stands
$ Millions
PSE4PSE5
•Terminal Integration Programme -$3.5 billion total priced aeronautical asset
commissioning over the 10 years
•$1.5 billion of assets commissioned during PSE4
•$2.0 billion of assets commissioned during PSE5, including completion of the
integrated domestic terminal
Note: Under Commerce Commission rules, Auckland Airport is required to share a ten-year capital roadmap at each price setting event. However, this remains subject to change throughout its ten-year life cycle,
with the ability to defer or accelerate infrastructure projects depending on air traffic demand following consultation with airlines. Nominal commissioned values include escalation and holding costs

Page 21
Operating costs
Real operating costs per passenger forecast to return close to pre-COVID FY19 baseline over PSE4
Page 21
PSE4 priced aeronautical operating costsPSE4 priced aeronautical operating costs per PAX
$7.6
$7.8
$7.8
$7.3
$7.4
$7.6
$7.6
$7.4
$6.8
$6.6
$6.4
0
2
4
6
8
10
FY23FY24FY25FY26FY27
Nominal Priced Opex / PaxReal Priced Aero Opex / Pax (FY23$)
Real FY19 Priced Opex / Pax (FY23$)
•Aeronauticaloperatingcostsareforecasttogrow,reflectingpassengergrowthandinflation
•Realoperatingcostsperpassenger(deflatedusingCPI)isforecasttoreturnclosetopre-COVIDFY19levelsbyFY27
107
113
193
60
94
120
148
159
162
174
0
40
80
120
160
200
240
FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27
PSE3PSE4
$ Millions
1
2
1.FY20 includes $69.6 million offixed asset project termination, make good and write-offs losses and $4.8 million redundancy payments as a result of COVID-19
2.FY21 includes a $17.8 million reversal of provisions from FY20

Page 22
Tariff structure
Auckland Airport’s tariff structure remains largely unchanged other than increased transit charges and the
introduction of demand and capex wash up mechanisms
Page 22
International
passenger
charge
Transit
passenger
charge
Domestic
passenger
charge
Regional
passenger
charge
Landing
charges
Aircraft
parking charge
International
check-in & bag
drop
Runway land
charge
Capex
wash-up
Demand
wash-up
PSE3
•Levied on a
per passenger
movement
basis
•Levied on a
per passenger
movement
basis
•Levied on a
per passenger
movement
basis
•Levied on a
per passenger
movement
basis
•Charge per
aircraft
movement that
differs based
on the
maximum
certified take-
off weight
(“MCTOW”)
•Time based
charge for
parking with
exemptions to
encourage
efficient use of
airfield
•Usage based
charge for
facilities with
incentives to
drive efficiency
•Runway land
charge to be
introduced
once
construction
based triggers
are met
PSE4
•No change to
tariff structure
•Now set equal
to the
International
Passenger
Charge (rather
than half), but
still applying
only to arriving
transit PAX
•No change to
structure
•No change to
structure
•No change to
structure
•Minor relativity
change for
aircraft < 6
tonnes
•No change to
structure
•Parking
exemption for
domestic
freighters
reduced from
48 hours to 12
hours from 1
July 2024 to
help alleviate
airfield
congestion
•No change to
structure
•Runway Land
Charge set to
$0.00 for
remainder of
PSE4
•No change to
structure
•One-way
washup into
PSE5 to
reduce PSE5
charges
should
commissioned
capex delivery
underperform
forecast by
more than
7.5% & IRR
exceed
forecast by
more than 75
basis points
after tax
•Two-way
wash-up into
PSE5 should
PSE4 priced
aero revenues
over or under
perform
forecast by
more than
15% & IRR
over or under
perform
forecast by
more than 75
basis points
after tax
Further details are set out in the appendix
New in PSE4

Page 23
Target return
Auckland Airport is targeting a post-tax target return of 8.73% reflecting the mid-point weighted average cost of
capital
Page 23
Target return build up
PSE3PSE4Reference
Risk free rate2.76%3.60%(1)
Investor tax rate28%28%(1)
Asset beta0.630.80(2)
Equity beta0.7770.930(2)
Tax adjusted market risk premium7.0%7.50%(3)
Cost of equity7.43%9.57%
Debt margin1.45%1.17%(1)
Debt issuance costs0.20%0.20%(1)
Cost of debt (pre-tax)4.41%4.97%(1)
Corporate tax rate28%28%(1)
Ratios
Debt to value ratio19%14%(2)
Equity to value ratio81%86%
Post-tax WACC6.62%8.73%
RefSource
(1)
NZCC Cost of capital determination for disclosure year 2023 for
information disclosure regulation (for airport services), 2 August 2022
(2)Competition Economics Group report for Auckland Airport
(3)
NZCC Fibre Input MethodologiesDetermination2020
•8.73% Target return based on Commerce Commission’s 2016
WACC IM Methodology midpoint estimate (50
th
percentile)
with all data updated as at30 June 2022 (start of PSE4), but
5 BP downwards adjustment to asset beta discontinued
•WACC expert (Competition Economics Group) independently
validated Auckland Airport’s approach including detailed
empirical analysis showing no evidence supporting the 5 BP
downwards adjustment for the aeronautical segment of airport
companies
•We also adopted the Commission’s most recent estimate tax
adjusted market risk premium estimate of 7.5%
•Commerce Commission’s draft WACC IM determination is
expected sometime later in June 2023, to be finalisedin
December 2023
•Should the Commission make material changes to the long-
standing WACC IM Methodology that it has actively
encouraged regulated airports to apply since 2010, Auckland
Airport would expect the Commission's new viewpoint to be
reflected in its formal review of our PSE4 aero pricing
decision that we expect to be published sometime in H1
calendar 2024
•Auckland Airport will consider the Commission’s view at that
time

Page 24
PSE4 Price setting decision
With significant investment right across the airport precinct, aeronautical charges will increase over PSE4, but will
remain competitive with comparable airports
Page 24
•In setting PSE4 aeronautical charges, we have considered what
investment is needed, the recovery of forecast operating
expenditure and a fair and reasonable return on investment
•Charges will rise following the current price freeze, with the
increases driven by a combination of:
‒$2.5 billion of priced commissioned assets to be delivered
during PSE4;
‒catch-up of the more than $100 million revenue shortfall in
FY23 (year one of PSE4) owing to the price freeze in place
while passenger and aircraft movements remained well below
pre-COVID levels; and
‒a higher target return due to higher interest rates, and a
higher systematic risk premium –the COVID pandemic has
unfortunately demonstrated that airports operate in a higher
risk environment than previously thought. This was borne out
in the data used to calculate the midpoint WACC estimate to
set the target return for PSE4
PSE4 domestic aeronautical charges per passenger
$6.73
$10.25
$11.75
$13.47
$15.46
$4.43
$7.10
$8.14
$9.33
$10.70
$9.92
$11.09
$12.43
$13.97
$6.87
$7.68
$8.61
$9.67
$0
$5
$10
$15
$20
FY23FY24FY25FY26FY27
Domestic Jet - nominalRegional - nominal
Domestic Jet - realRegional - real
PSE4 International aeronautical charges per passenger
$23.39
$32.78
$36.70
$41.13
$46.13
$23.39
$31.73
$34.64
$37.96
$41.68
$0
$10
$20
$30
$40
$50
FY23FY24FY25FY26FY27
International - nominalInternational - real
FY23
Price
Freeze
FY23
Price
Freeze
Note: Real prices based on FY23 dollars

Page 25
FY24 aeronautical prices
FY24 prices are very competitive with airports in the region
Page 25
Domestic charges remain competitive with major New Zealand
airports during FY24
•Domestic charges will be below Wellington and Christchurch
Airports in FY24, and remain below Christchurch’s current
charges for the majority of PSE4
PSE4 price paths –domestic benchmarks –FY24 -$NZD
PSE4 price paths –international benchmarks –FY24 -$NZD
$10.25
$15.16
$14.57
$7.10
$11.17
$9.99
$0
$4
$8
$12
$16
AucklandWellingtonChristchurchAucklandWellingtonChristchurch
Domestic JetRegional
$32.8
$42.2
$35.9
$56.7
$0
$15
$30
$45
$60
AucklandSydneyMelbourneBrisbane
International
1.Charges for year-ended June 2024, except for Wellington where charges are for year ended March 2024. Wellington charges are for offpeakflights.
2.Charges for year ended June 2024, except for Sydney where charges are effective from May 2023 and Melbourne where charges areeffective from October 2022. Australian Airports charges based on published rates, exclude security
costs, converted to NZD at the rate of 1.078 AUD / NZD
International charges are comparable with major Australian
hubs in PSE4
•FY24 international charges are below those currently
published by Sydney, Melbourne and Brisbane Airports
2
1
Furtherdetailonaeronauticalchargesandpricepathsisincludedintheappendix

Page 26
Forecast returns
The $100 million plus revenue shortfall in FY23 due to the price freeze necessitates higher returns in FY24 to FY27
Page 26
•To support airlines through the post-pandemic recovery, prices
were frozen in FY23
•Owing to this, revenue was over $100 million less than
required in FY23 to achieve our PSE4 target return
•Targeting a full return over the PSE4 pricing period results in
higher revenues in subsequent years to make-up for the FY23
shortfall
•This approach was agreed by airlines when we agreed the
price freeze for FY23
3.2%9.9%9.0%8.9%10.1%
0%
2%
4%
6%
8%
10%
12%
FY23FY24FY25FY26FY27
Target return
Post-tax ROICTarget Return
Forecast return on invested capital for priced assets during PSE4
PSE4 target
return
8.73%

Page 27
New pricing tariff structures
Wash-up mechanisms introduced to appropriately share risk with customers
Page 27
Demand wash-upCapex wash-up
•A two-way wash-up introduced to partially mitigate asymmetric risk
not compensated through the target return
•The demand wash-up is triggered to the extent that PSE4 priced
revenues either exceed or fall short of the price setting forecast by
more than 15% and PSE4 IRR exceeds or falls short of target
return by more than 0.75% after tax
•The lesser of these shortfalls/surpluses would be washed up into
PSE5 and either reduce or increase priced aeronautical revenues
over that five-year period
•A one-way wash-up introduced to compensate airlines for excess
returns achieved in PSE4 if Auckland Airport under-delivers the
$2.5 billion priced commissioned asset forecast for the period
•A wash-up in favour of airlines is triggered to the extent that
commissioned priced assets are more than 7.5% below the price
setting forecast and PSE4 IRR exceeds target return by more than
0.75% after tax
•The lesser of these shortfalls/surpluses would be washed up into
PSE5 and reduce priced aeronautical revenues over that five-year
period

Page 28
Long term funding and
capital management
Page 28
Philip Neutze
Chief Financial Officer

Page 29
Long term funding and capital management
Auckland Airport will continue to prudently manage the balance sheet to fund the infrastructure programme
Page 29
•Auckland Airport continues to target an A-credit rating from
Standard & Poor’s
•Retaining A-optimises Auckland Airport’s capital structure and is
expected to maximise shareholder returns over the next 10 years
relative to other credit ratings. It also provides access to the
widest range of local and international debt markets at attractive
margins
•The scale of the planned capital investment, both aeronautical
(with works under construction reaching circa $2.5 billion during
PSE4) and continued investment in Till 2 and commercial
property, may require Auckland Airport to raise new equity in the
second half of PSE4
•The timing and scale of any equity raise is uncertain at this stage
and will depend, amongst other things, on our performance
against the PSE4 aeronautical capital expenditure roadmap, the
scale of our Till 2 and commercial property investments and
Standard & Poor’s views on the deliverability of our forward
capital plans
Emirates’ Airbus A380 parked at Auckland Airport

Next steps
Carrie Hurihanganui
Chief Executive

Page 31
Regulatory timeline
Page 31
•Commerce Commission publishes draft WACC IM determination -
mid-late June 2023
•New charges take effect from 1 July 2023
•Auckland Airport publishes full statutory Price Setting Disclosure
(due 3
rd
week of August 2023, but may be released earlier in
August)
•Commerce Commission publishes final WACC IM determination -
December 2023
•Commerce Commission publishes its review of Auckland Airport’s
PSE4 price setting decision (we expect this sometime in H1
calendar 2024)
•Auckland Airport considers the Commission’s view on our PSE4
price setting decision (H1 calendar 2024)
View of Auckland Airport’s runway

Thank you

Appendix

Page 34
Regulatory environment
•Airport charges are designed to achieve a fair return on significant investments in essential long-term national infrastructure
•All international and domestic airport charges are collected from airlines and form part of their cost of operations
•Pricing considerations include the Commerce Commission’s input methodologies, Auckland Airport’s weighted average cost of capital, the
forecast regulatory asset base and operating costs, and benchmarking of comparable airport charges
•Prices are set for up to five years with annual increments. PSE4 applies to the period from 1 July 2022 to 30 June 2027. Prices from 1 July
2022 to 30 June 2023 were held at FY22 levels while capital expenditure and PSE4 aeronautical pricing consultation continued as the
industry emerged from the pandemic
•This pricing decision is the outcome of a robust and constructive consultation process with airline partners over the last 2 years.Auckland
Airport has actively engaged with the airlines and final prices have been informed by their feedback
•Pricing consultation covers airfield and passenger terminal related services, but excludes other revenues for aircraft and freight, VIP
lounges, airline offices and other airline leased areas in the terminals. It also excludes other non-aeronautical areas of the business (retail,
car parking and property)
•In February 2020, Auckland Airport announced a multi-billion dollar aeronautical capital roadmap including eight “anchor projects”. In March
2020, after COVID-19 took hold globally, New Zealand’s border was closed and Auckland Airport’s revenues were devastated, almostall of
the programmewas suspended to protect Auckland Airport’s financial viability
•With the COVID-recovery now advancing strongly, Auckland Airport is again progressing a once in a generation upgrade of our airport
infrastructure
Appendix: Background

Page 35
Information disclosure
•Since 2011, New Zealand’s three largest airports including Auckland Airport have been subject to Information Disclosure requirements
under Part 4 of the Commerce Act
•Airports disclose certain performance related information (financial, non-financial, historical and forward-looking)
•The Commerce Commission has determined a set of Input Methodologies to ensure information is disclosed in a consistent manner, e.g.
asset valuation, cost allocation, cost of capital
•Information Disclosure and Input Methodologies do not prescribe how prices are to be set
•The aim of the regulation is to enable the Commerce Commission and other interested parties to assess whether the purpose of Part 4 is
being met
•Auckland Airport has increasingly aligned its business with the objectives of Part 4 of the Commerce Act, namely:
‒having an appropriate incentive to invest and innovate;
‒providing services of the quality and range required by consumers;
‒generating efficiencies and sharing the benefits of those efficiency gains with consumers; and
‒earning a fair and reasonable return on the investments made
Appendix: Background

Page 36
Appendix: regulatory model
Asset Base
Opening asset
base
Commissioned
assets (Capex)
Depreciation
Revaluations
Closing asset
base
=
+
-
+
Required Revenue
Pricing Model
Return on
assets
Operating
expenditure
Return of assets
(Depreciation)
Revaluations
Tax
+
-
+
+
WACC%
x
1/푥year
WACC%
x
Building block
revenues
Passenger
forecast
=
Aeronautical
charges
MCTOW
&
Key drivers of aero charges
1
Asset base
2
3
4
Cost of capital
Service levels
Demand forecast
4
3
4
2
1
1
•Aeronautical charges at Auckland Airport are determined using a building block model
•The objective of the model is to estimate the total revenue required each year over the pricing period to recover forecast costs,including the
target return on invested capital
•Charges are reviewed by the Commerce Commission after they have been set

Page 37
Appendix: PSE4 pricing schedule
Prices in NZDMetricFY22
PSE4 final pricing decision
FY23FY24FY25FY26FY27
Landing charges
Aircraft less than 6 tonnes$/landing
$60.24$60.24$75.64$86.98$100.03$115.04
Aircraft greaterthan 6 tonnes but less than 40 tonnes$ / tonneper landing
$8.73$8.73$12.74$14.65$16.85$19.38
Aircraft40 tonnesand higher$ / tonneper landing
$14.20$14.20$20.72$23.83$27.41$31.52
Parking charges
ICAO aircraft code A or B$ / hour > 6 hours
$20.00$20.00$21.00$22.05$23.15$24.31
ICAO C (designated apron)$ / hour > 6 hours
$60.00$60.00$63.00$66.15$69.46$72.93
ICAO aircraft code C or D$ / hour > 6 hours
$129.89$129.89$136.00$142.80$149.94$157.44
ICAO aircraft code E or F$ / hour > 6 hours
$259.78$259.78$273.00$286.65$300.98$316.03
Runway Land Charge
Runway Land Charge$ / PAX age 2+
$1.19$1.19$0.00$0.00$0.00$0.00
Passenger charges
Domestic (DPC)$ / PAXage 2+
$3.10$3.10$5.05$5.80$6.67$7.67
Regional (RPC)$ / PAXage 2+
$2.64$2.64$4.53$5.21$5.99$6.88
International (IPC)$ / PAXage 2+
$15.49$15.49$21.20$23.56$26.20$29.15
Transit (TPC) applying to arriving transiting passengers only$ / PAXage 2+
$6.24$6.24$21.20$23.56$26.20$29.15

Page 38
Appendix: PSE4 pricing schedule (cont’d)
Prices in NZDMetricFY22
PSE4 final pricing decision
FY23FY24FY25FY26FY27
International check-in standard allocation package charges
Traditional counter$/counter /hr
$33.28$33.28$36.00$37.80$40.97$43.34
Dedicated kiosk and bag drop$ / customs departing PAX
$1.33$1.33$1.40$1.47$1.59$1.69
Common use kiosk and bag drop$ / customs departing PAX
$1.07$1.07$1.10$1.16$1.25$1.32
Check-in charges for units above the standard allocation
Counter or bagdrop counter$/counter /hour
$59.90$59.90$62.50$65.63$71.13$75.25
Kiosk$ / kiosk / hour
$13.31$13.31$15.00$15.75$17.07$18.06
Mobile exception desk$ / desk/ hour
$9.88$9.98$11.25$11.81$12.80$13.54

Page 39
Appendix: PSE4 demand schedule
DemandMetric
PSE4 final pricing decision
FY23FY24FY25FY26FY27
Landings
Aircraft less than 6 tonnesLandings
4,6755,6335,7515,8355,903
Aircraft greaterthan 6 tonnesbut less than 40 tonnesMCTOW
485,838499,720562,975590,425614,716
Aircraft40 tonnesand higherMCTOW
5,642,6326,973,0277,273,9207,989,6328,568,521
Passenger movements
International PAXPAXage 2+
7,120,3999,639,1299,761,17610,868,16711,752,588
Transit PAXPAXage 2+
287,303416,249490,652535,393573,643
Domestic PAXPAX age 2+
5,699,3145,974,6266,856,3637,276,6857,661,866
Regional PAXPAX age 2+
2,290,6552,398,2752,742,3762,900,3063,043,307
The above reflects the pricing volume assumptions for billable passenger movements, i.e. post-demand elasticity adjustment and excluding non-billable passengers

Page 40
Appendix: PSE4 aeronautical revenue
Metric
PSE4 final pricing decision
FY23FY24FY25FY26FY27
Landing charges
Aircraft less than 6 tonnes$m
0.30.40.50.60.7
Aircraft greaterthan 6 tonnesbut less than 40 tonnes$m
4.26.48.29.911.9
Aircraft40 tonnesand higher$m
80.1144.5173.3219.0270.1
Total landing charges$m
84.6151.3182.1229.5282.6
Parking charges$m
12.115.416.418.821.0
Runway Land Charge$m
-----
Passenger charges
International (IPC)$m
110.3204.3230.0284.8342.6
Transit (TPC)$m
1.88.811.614.016.7
Domestic (DPC)$m
17.730.139.848.658.8
Regional (RPC)$m
6.010.914.317.421.0
Total passenger charges$m
135.8254.1295.6364.7439.0
Check-in charges and other priced revenue$m
8.610.210.310.710.6

Page 41
Appendix: Commissioned priced aeronautical investment
$mPSE4PSE5PSE4+PSE5
For the year to 30 June
20232024202520262027
Total
TotalTotal
Terminal Integration Programme
34 60 639 231 504
1,468
2,047 3,516
Airfield renewals
51 60 72 69 51
302
299 601
Other renewals
93 74 72 55 59
352
134 486
Regional solution
-----
-
300 300
Existing domestic terminal upgrades
6 11 57 44 29
146
-146
Aeronautical capacity
3 29 38 5 -
76
70 146
Contingent runway
-----
-
140 140
Transport Hub (priced aeronautical share only)
-53 24 --
77
50 127
Roading network
9 48 ---
58
41 99
Utilities
13 6 11 7 12
49
25 74
Total
209 340 913 411 654
2,528
3,107 5,634
Nominal priced commissioned values –includes escalation and holding costs

Page 42
Appendix: Regulated Asset Base
$mPSE4
For the year to 30 June
20232024202520262027
Opening RAB
1,3121,4631,7302,5512,824
Assets commissioned
209340913411654
Depreciation
587393137157
Closing RAB
1,4631,7302,5512,8243,321
Nominal priced commissioned values –includes escalation and holding costs

Page 43
Glossary
PSE4 Aeronautical Pricing Decision
AKL or Auckland AirportAuckland International Airport Limited
CPIConsumers price index
IMInput methodology
IRRInternal rate of return
MCTOWMaximum certified take off weight
PAXPassenger movement
PSE3Regulatory price setting event 3 from 1 July 2017 to 30 June 2022
PSE4Regulatory price setting event 4 from 1 July 2022 to 30 June 2027
PSE5Regulatory price setting event 5 from 1 July 2027 to 30 June 2032
RABRegulated asset base
ULDUnit load device
WACCWeighted average cost of capital

---

2306 Schedule of Charges





– 30


Auckland International Airport
Limited

Schedule of Standard Aeronautical Charges &
Payment Policy
June 2023

2
Auckland
International Airport
Schedule of Standard Charges
Effective from 1 July 2023
Auckland Airport’s Board determined on 7 June 2023 that Standard Charges are as follows from
1 July 2023.
ChargeMetricFY23FY24FY25FY26FY27
All $ are GST exclusive
Maximum Certified Take-Off Weight (MCTOW) charges Note 1
< 6 tonnes $/Landing $60.24 $75.64 $86.98 $100.03 $115.04
6-40 tonnes
$/
tonne per
landing
$8.73 $12.74 $14.65 $16.85 $19.38
> 40 to nnes $14.20 $20.72 $23.83 $27.41 $31.52
Parking charges Note 2
ICAO aircraft code A or B
$/hour in excess of
6 hours
$20.00 $21.00 $22.05 $23.15 $24.31
ICAO Code C aircraft parked
on designated apron
∆

$60.00 $63.00 $66.15 $69.46 $72.93
ICAO aircraft code C or D
$129.89 $136.00 $142.80 $149.94 $157.44
ICAO aircraft code E or F $259.78 $273.00 $286.65 $300.98 $316.03
Passenger charges per arriving and departing passenger Note 3
DPC (Domestic Passenger
Char
ge) Note 4
$/pax*†
$3
.10$
5.05$5
.80$
6.67$7
.67
RPC (Regional Passenger
Char
ge) Note 4
$2
.64$
4.53$5
.21$
5.99$6
.88
IPC (International Passenger
Charge)
$15.49 $21.20 $23.56 $26.20 $29.15
TPC (Transit Passenger
Charge) Note 5
$ / pax**† $6.24 $21.20 $23.56 $26.20 $29.15
Runway Land Charge Note 6
RLC (Runway Land charge)
Note 7
$/pax*†
$1
.19 $0.00
$0.00
$0.00$0
.00
International Check-in standard allocation package charges Note 8
Traditional counter $/counter per hour $33.28 $36.00 $37.80 $40.97 $43.34
Dedicated kiosk and bag drop
$/per customs
departing pax***†
$1.33 $1.40
$1.47
$1.59$1
.69
Common use kiosk and bag
drop (CUSS)
$1.07 $1.10
$1.16
$1.25$1
.32
Check-in charges for units above the standard allocation Note 9
Counter or bag drop counter $/counter per hour $59.90 $62.50 $65.63 $71.13 $75.25
Kiosk
$/kiosk per hour
$13.31 $15.00 $15.75 $17.07 $18.06
Mobile exception desk $9.98 $11.25 $11.81 $12.80 $13.54
∆
Category applicable only to itinerant Code C aircraft ground handled by the current fixed base operators and parked on
apron designated for this purpose by Auckland Airport
* Pe
r arriving and departing passen
ger
*
* Per transit passenger
*** Customs departing pax is the number of departing passengers excluding transits as per customs record
s
†
No charge for infants between 0 and 2 years of ag
e.

3
EXPLANATORY NOTES
The standard charges (“charges”) for Auckland Airport (“Airport”) are set by Auckland International Airport Limited
(“Auckland Airport”) under the Airport Authorities Act 1966 (“AAA”) and may be varied from time to time. The charges
are applicable to all flights and are separate from any Government charges and charges levied by Airways
Corporation of New Zealand Limited for aircraft traffic control. The charges are payable on the basis of the terms of
payment detailed below, unless otherwise agreed in writing with Auckland Airport. The final year of published charges
continue to apply until such time as a new schedule of charges is published.

Note 1: These charges apply based on the single weight applicable to the relevant aircraft and not on an incremental
basis, and include time on the ground for an efficient turn-around (up to six hours).
Note 2: Parking charges will be calculated for time on the ground (ie from the time of landing to take off time) over six
hours, less any exempt parking periods. Exempt parking periods are:
 Between 11pm and 5am for scheduled passenger aircraft arriving domestically and regionally.
 Between 1.30am and 4.30am on Mondays for scheduled maintenance (or such other time as may be
notified from time to time).
 Where an aircraft is in a leased area, and proof is provided through the RMS system.
Parking charges will be applied on an hourly pro rata basis beyond the six hour period and billed on a monthly basis.
Parking charges will not apply to freighters arriving domestically where time on the ground (ie from time of landing to
take off time) is less than 48 hours until 30 June 2024, reducing to less than 12 hours from 1 July 2024. Periods over
that will be charged on an hourly pro-rata basis.
Note 3: Passenger charges do not to apply to helicopter passengers.
Note 4: The DPC applies to all arriving and departing passengers to/from Auckland on domestic jet aircraft services.
The RPC applies to all arriving and departing passengers to/from Auckland on turbo-prop, piston or propeller aircraft
services.
Note 5: The TPC applies to transit passengers. A transit passenger is defined as a passenger who gets off an
international flight and does not pass through customs. This charge shall apply in relation to a combined arrival and
departure at the Airport of a transit passenger and shall be payable by the carrier of the arriving passenger.
Note 6: The RLC applies to all departing and arriving passengers. For transit passengers (as defined) the charge shall
apply in relation to a combined arrival and departure at the Airport of a transit passenger and shall be payable by the
carrier of the arriving passenger.
Note 7: The RLC will apply from the later of (1) 1 July 2020 or (2) the first day of the month following the month in which
the board of Auckland Airport:
(a) determines that Auckland Airport has, including expenditure in prior periods, incurred expenditure of more
than $50 million associated with development of a second runway, with such costs including (but not limited to)
design, planning, and construction; and
(b) resolves to proceed with construction of a second runway.
For the avoidance of doubt, reference to ‘construction’ in this clause includes any earthworks or other preparatory and/or
enabling works.
Note 8: Refer to check in allocation policy document for the standard allocation of counters, kiosks, bag drops and
mobile exception desks. Note that check in charges are applied to allocated periods under the policy rather than
actual usage.
Note 9: Additional CUSS units, counters, kiosks, or exception desks will be charged via the airline ground handler.
All other charges will be invoiced to the airline direct.

4
TERMS OF PAYMENT
Unless otherwise expressly agreed in writing, the following are the terms of payment for all fees, charges, expenses
and other payments (“amounts”) due to Auckland Airport from time to time by the Customer for which Auckland Airport
provides tax invoices to the Customer:
1. Goods and Services Tax is payable in addition to all above charges.
2. The Customer will pay all amounts to Auckland Airport by the due date stated on the relevant invoices, together
with any goods and services tax payable in respect of those amounts.
3. If the Customer does not pay any amount to Auckland Airport when due (“overdue amount”), default interest will
accrue on that overdue amount, calculated on a daily basis at Auckland Airport’s commercial overdraft rate plus
5% per annum from the due date until the overdue amount is paid in full (both before and after any judgment).
4. On the 7
th
day following the due date for payment of the overdue amount, Auckland Airport may, in its sole
discretion, charge to the Customer’s account either:
a) the default interest referred to in paragraph 3, together with a credit recovery fee equal to 2% of the overdue
amount; or
b) a credit recovery fee of $50, whichever is the greater.
If the applicable interest and credit recovery fees are also not paid, they shall themselves become overdue
amounts and shall compound on a monthly basis until they are paid in full.
5. All amounts due to Auckland Airport are payable in New Zealand dollars. New Zealand law governs, and New
Zealand courts have exclusive jurisdiction in respect of, agreements between Auckland Airport and the Customer
(including, but not limited to, these terms of payment).
6. Maximum Certified Take-Off Weight (“MCTOW”) charges are payable by the 20th of the month following the
month of landing.
7. Parking charges are payable by the 20th of the month following the month during which an aircraft was on the
ground for any period where an exemption did not apply.
8. The IPC will be payable by airlines by the 20
th
of the month following that in which the passenger travelled, based
on actual passenger volumes carried as provided by Cusmod data (or, where Cusmod data is unavailable, based
on self-invoicing by each airline, which Auckland Airport shall have the right to audit).
9. The DPC and RPC will be payable by airlines by the 20
th
of the month following that in which the passenger
travelled, based on actual passenger volumes carried as provided by airlines or designated handlers in the
required format (which Auckland Airport shall have the right to audit). Where passenger volumes are not provided
by airlines or designated handlers, the DPC or RPC (as the case may be) will be based on an assumed load
factor of 90% for the relevant aircraft.
10. The TPC will be payable by airlines by the 20
th
of the month following that in which the arriving passenger travelled,
based on actual arriving passenger volumes carried as provided by Customs data (or, where Customs data is
unavailable, based on self-invoicing by each airline, which Auckland Airport shall have the right to audit).
11. The RLC will be payable by airlines by the 20
th
of the month following that in which the passenger travelled, based
on passenger volumes calculated under clauses 8 – 10 above.
12. All Check-in charges are payable by the 20
th
of the month following that in which the check-in facility is used.
13. Where the Regulatory or Requested Investment charges related to operating expenditure are payable by airlines,
it will be due by the 20
th
of the month following notification of any adjustment of Standard Charges in terms of
Auckland Airport’s Regulatory or Requested Investment Policy (see below).
14. Aircraft include helicopters and reference to all airlines include all aircraft operators. Helicopters will be billed via
their fixed based operator. The Auckland Airport charge excludes handling / facility costs levied by the fixed based
operator.
15. A 50% discount applies to training flights (multiple touch-and-go training flights are counted as one landing) for
aircraft over 6,000kg.
16. All airlines or designated handlers must provide monthly certified freight volumes carried.
17. Any aircraft departing from Auckland, turning around en-route, and returning will, on application, be granted the
following:
a) For a technical fault, a 50% discount on landing charges for aircraft over 6 tonne.
b) For a non-technical emergency (i.e. medical emergency) a 100% discount on landing charges for aircraft over
6 tonne.
c) No re-charge of Passenger Charges.
18. For new scheduled carriers without existing credit terms with Auckland Airport, a performance bond equivalent to
25% of forecast landing charges for the first year of operation may be required, prior to commencing services.
19. The charges are applicable to all flights and are separate from any Government charges and charges levied by
Airways Corporation of NZ Ltd for aircraft traffic control.
20. Subject to any applicable law, Auckland Airport may change these Terms of Payment provided that Auckland
Airport has used reasonable endeavours to consult with Customers at least 90 days before the change is to be
effective (except in the case of emergency or to ensure compliance with law, in which case the period of
consultation may be shortened or removed as required).

5


LANDING CHARGES POLICY
1. Auckland Airport has a Schedule of Standard Charges, which is published from time to time. The present
Schedule of Standard Charges, effective from 1 July 2022, is attached.
2. The tariff per landing, per day and per tonne of MCTOW is defined in the Schedule of Standard Charges. The
alteration of tariffs is a process that involves consultation with airlines and is regulated by the Airport Authorities
Act 1966 and supplementary regulations.
3. If not available from the Civil Aviation Authority of New Zealand ("CAANZ"), each airline shall submit, for all aircraft
operating into Auckland Airport, a schedule that includes aircraft type and model, aircraft registration code and
the operating MCTOW as authorised by the aircraft manufacturer and approved by the CAANZ or the equivalent
agency in the operator’s country of origin. Should Auckland Airport have any doubt about an aircraft’s MCTOW
information, Auckland Airport will request a copy of the relevant page of the aircraft flight manual (or flight manual
supplement), which states the MCTOW for operations, authorised by the agencies as stated above.
4. Airlines are to advise Auckland Airport immediately of any additions or deletions to their schedule of aircraft or
changes to CAANZ certification. Auckland Airport will not retrospectively alter charges for reductions in MCTOW
certification but may retrospectively recover underpayments made by an airline for increases in MCTOW
certification.
5. In the absence of advice regarding changes, as described in paragraph 3 above, Auckland Airport will charge
according to the aircraft manufacturer's MCTOW for that model. The carrier shall pay such charges until they
submit the required information set out in paragraph 3 above.
6. Auckland Airport may amend this policy at any time by notice to the Customer.

6
STANDARD CHARGES ADJUSTMENT POLICY
Unless the context otherwise requires, all capitalised terms defined in this policy have the meaning given to them in the
Appendix to this policy.
Purpose of the Standard Charges Adjustment Policy
1. This policy sets out the mechanisms to enable the following risk sharing adjustments:
a) Intra-Pricing Period adjustments: to the Standard Charges where unforecast operating expenditure is
incurred by Auckland Airport during a Pricing Period in relation to Regulatory Investment (expenditure
mandated by government) or Requested Investment (expenditure requested by airlines), to recognise that
such costs were not factored into that Pricing Period; and
b) Post-Pricing Period adjustments: to the Pricing Asset Base which are carried forward to the next Pricing
Period where:
(i) unforecast Regulatory or Requested Investment capital expenditure is incurred by Auckland Airport in
relation to changes mandated by government or requested by airlines, to recognise that such costs were
not factored into the Pricing Period;
(ii) the total capital expenditure incurred by Auckland Airport is less than its forecast capital expenditure by a
margin of more than 7.5%, and returns are above Target Return by 0.75%, to recognise Auckland Airport's
commitment to its asset commissioning forecasts and to compensate airline customers where it does not
meet those forecasts; and
(iii) the total revenue received by Auckland Airport is less than or greater than its forecast revenue by a margin
of more than 15%, and returns are above or below Target Return by 0.75%, to ensure that the risks
associated with any unforeseen aeronautical demand impacts are shared equitably between Auckland
Airport and its airline customers.
2. This section is included for explanatory purposes only. Where there is a conflict between the description of the
purpose in clause 1 and other clauses in the policy, those other clauses of the policy shall take precedence over
clause 1.

Regulatory or Requested Investment

3. The relevant provisions of this policy will apply to any Regulatory or Requested Investment to the extent that it
meets the following thresholds:
a) In the case of each Regulatory Investment:
(i) where Auckland Airport incurs operating expenditure of $1,000,000 or more ("Regulatory Opex"); and
(ii) where Auckland Airport incurs capital expenditure of $5,000,000 or more ("Regulatory Capex");
b) Subject to clause 4 below, in the case of each Requested Investment:
(i) where Auckland Airport incurs operating expenditure of $1,000,000 or more ("Requested Opex"); and
(ii) where Auckland Airport incurs capital expenditure of $5,000,000 or more ("Requested Capex").
4. Any Requested Investment will only be Requested Opex or Capex if that expenditure, in Auckland Airport's view:
a) achieves a measurable enhancement in the quality of an existing facility or service; or
b) significantly increases the capacity or resilience of the relevant areas, facilities, equipment or services at the
Airport.

Intra-Pricing Period adjustments

Operating expenditure adjustments

5. Where Auckland Airport incurs any Regulatory or Requested Opex during a Pricing Period, Auckland Airport will
pass through to the airlines and aircraft operators:
a) in relation to any Regulatory Opex, 80% of the Regulatory Opex incurred; and
b) in relation to any Requested Opex, 100% of the Requested Opex incurred.
6. Any Regulatory or Requested Opex incurred by Auckland Airport under clause 54 above may be recovered by
Auckland Airport via an ad-hoc adjustment to the Standard Charges during the then-current Pricing Period.

Post-Pricing Period adjustments

Capex Wash-up

7. Auckland Airport shall make the following Carry Forward Adjustments in relation to capital expenditure:
a) Where a Commissioned Capex Underspend has occurred in relation to the Relevant Pricing Period, Auckland
Airport shall make a carry forward downwards adjustment to the Pricing Asset Base for the next Pricing Period
for an amount equal to the lesser of:
(i) The NPV of depreciation recovered (return of capital) and target return earned (return on capital) during
the Relevant Pricing Period on the Commissioned Capex Underspend; and
(ii) the NPV of the post-tax cashflows used to determine the actual priced activities post-tax IRR achieved in
the Relevant Pricing Period discounted using Target Return + 0.75%, except that if the NPV is negative,
then no carry forward adjustment shall apply under clause 7 (a);
b) Where Regulatory Capex or Requested Capex has been incurred during any Pricing Period, Auckland Airport
shall make a carry forward upwards adjustment to the Pricing Asset Base for the next Pricing Period for an
amount equal to the NPV of the depreciation that would have been recovered (return of capital) and the target
return that would have been earned (return on capital) during the Relevant Pricing Period if that Regulatory
Capex or Requested Capex Period was included in the original pricing forecasts, provided that such
adjustment shall only apply where:

7
(i) there is a Commissioned Capex Overspend; or
(ii) actual priced activities post-tax IRR achieved in the Relevant Pricing Period falls short of Target Return
by 0.75% or more.

Regulated Revenue Wash-up

8. Auckland Airport shall make the following Carry Forward Adjustments in relation to regulated revenue:
a) Where a Revenue Surplus has occurred in relation to the Relevant Pricing Period, Auckland Airport shall
make a carry forward downwards adjustment to the Pricing Asset Base for the next Pricing Period for an
amount equal to the lesser of:
(i) The Revenue Surplus; and
(ii) the NPV of the post-tax cashflows used to determine the actual priced activities post-tax IRR achieved in
the Relevant Pricing Period discounted using Target Return + 0.75%, except that if the NPV is negative,
then no carry forward adjustment shall apply under clause 8 (a);
b) Where a Revenue Shortfall has occurred in relation to the Relevant Pricing Period, Auckland Airport shall
make a carry forward upwards adjustment to the Pricing Asset Base for the next Pricing Period for an amount
equal to the lesser of:
(i) The Revenue Shortfall; and
(ii) the adjusted (absolute value) NPV of the post-tax cashflows used to determine the actual priced activities
post-tax IRR achieved in the Relevant Pricing Period discounted using Target Return - 0.75%, except that
if the NPV is positive prior to the absolute value adjustment, then no carry forward adjustment shall apply
under clause 8 (b).

Final Wash-up

9. In the event that, after the end of the Relevant Pricing Period, the difference between:
a) the value of any Carry Forward Adjustment carried forward into the then-current Pricing Period in accordance
with clauses 7 or 8 above; and
b) the recalculated value of that Carry Forward Adjustment based on the finalised figures for Actual
Commissioned Capex, Actual Revenue, and IRR (as applicable), as such figures are disclosed in the final
Annual Information Disclosures Report for the Relevant Pricing Period,
("Adjustment Discrepancy") is greater than $10,000,000, Auckland Airport shall carry forward an upwards or
downwards adjustment to the Pricing Asset Base (as applicable) into the Pricing Period immediately following the
then-current Pricing Period (that is, two Pricing Periods beyond the Relevant Pricing Period) for an amount equal
to the Adjustment Discrepancy.

Consultation on adjustments

10. As part of the aeronautical pricing consultation process for the next Pricing Period, Auckland Airport will consult
with Substantial Customers on any adjustment under clauses 7 or 8 prior to that adjustment coming into effect.
This shall include consultation on the appropriate apportionment of carry forward adjustments over the next Pricing
Period.
11. In determining whether any Regulatory or Requested Investment meets the requirements set out under clause 2
to qualify as Regulatory Opex or Capex, or Requested Opex or Capex, Auckland Airport may consult BARNZ
and/or seek other airline or aircraft operator views directly.
12. Adjustments to the Standard Charges are to be calculated in accordance with relevant principles applied in
standard building block methodologies.
13. For the avoidance of doubt, if Requested Investment does not fall within clause 3(a) or (b) above, Auckland Airport
will not seek to recover this expenditure via an adjustment to the Standard Charges. However, this does not
necessarily mean that Auckland Airport will be unwilling to make that investment, but recovery of that investment
will have to be arranged on a commercial basis, outside the Standard Charges.


APPENDIX – DEFINITIONS
In the Standard Charges Adjustment Policy:
AAA means the Airport Authorities Act 1966;
Actual Commissioned Capex means the total capital expenditure actually incurred by Auckland Airport in respect of
priced Aeronautical Assets commissioned during the Relevant Pricing Period (as disclosed by Auckland Airport in the
Annual Information Disclosures Report), excluding the total value of all Regulatory and Requested Capex incurred
during the Relevant Pricing Period;
Actual Revenue means the total actual revenue generated by Auckland Airport through the Standard Charges during
the Relevant Pricing Period (as disclosed by Auckland Airport in the Annual Information Disclosures Report);
Aeronautical Assets means any Auckland Airport assets which relate to Identified Airport Activities, as disclosed by
Auckland Airport in the Annual Information Disclosures Report;
Annual Information Disclosures Report means the annual information disclosures made by Auckland Airport to the
NZCC in respect of each Pricing Period in accordance with the Part 4 of the Commerce Act;

8
CAA means the Civil Aviation Act 2023;
Carry Forward Adjustment means an adjustment to the Pricing Asset Base which accrues during a Pricing Period and
is carried forward to the next Pricing Period, as set out under clauses 7 and 8 of this policy (and as contemplated in
Schedule 18 of the NZCC's Airport Services Information Disclosure Determination 2010 (consolidated June 2019);
Commissioned Capex Overspend means, in respect of the Relevant Pricing Period, if Actual Commissioned Capex
exceeds Forecast Commissioned Capex;
Commissioned capex underspend means, in respect of the Relevant Pricing Period, the dollar value by which Actual
Commissioned Capex falls short of Forecast Commissioned Capex by 7.5% or more, otherwise nil;
Commerce Act means the Commerce Act 1986;
Forecast Commissioned Capex means the total capital expenditure forecast to be incurred by Auckland Airport in
respect of Aeronautical Assets expected to be commissioned during the Relevant Pricing Period (as disclosed by
Auckland Airport in the Price Setting Event Disclosures Report);
Forecast Revenue means the forecast of total revenue expected to be generated through the Standard Charges for
during the Relevant Pricing Period (as disclosed by Auckland Airport in the Price Setting Event Disclosures Report);
Identified Airport Activities has the meaning given to that term in the AAA (provided that, on and from the date that
the relevant provisions of the CAA come into force, it will have the meaning given to the term "identified aerodrome
activity" in the CAA);
IRR means the post-tax internal rate of return made by Auckland Airport during the Relevant Pricing Period in respect
of Identified Airport Activities (as disclosed in the Annual Information Disclosures Report);
NPV means net present value of cash flows during the Relevant Pricing Period, as calculated by Auckland Airport;
NZCC means the New Zealand Commerce Commission;
Price Setting Event Disclosures Report means the information disclosures report made by Auckland Airport to the
NZCC at the commencement of each Pricing Period in accordance with the Part 4 of the Commerce Act;
Pricing Asset Base means asset base used by Auckland Airport to calculate the Standard Charges applicable to each
Pricing Period (as disclosed by Auckland Airport in the Annual Information Disclosures Report);
Pricing Period means the 5-year period during which the Standard Charges set out in the Price Setting Event
Disclosures Report apply;
Regulatory or Requested Investment means any operating or capital expenditure incurred by Auckland Airport within
any Pricing Period in relation to Identified Airport Activities, that was not factored into the Standard Charges applicable
during that Pricing Period, and that is either:
a) required as a consequence of changes mandated by a government agency or local body authority, including (but
not limited to) any changes required under a "regulatory airport spatial undertaking" (as defined in the CAA)
("Regulatory Investment"); or
b) requested by any airline or aircraft operator ("Requested Investment");
Relevant Pricing Period means, in respect of any Carry Forward Adjustment, the Pricing Period during which that
Carry Forward Adjustment accrued;
Revenue Shortfall means, in respect of the Relevant Pricing Period, the dollar value by which Actual Revenue falls
short of Forecast Revenue by more than 15%;
Revenue Surplus means, in respect of the Relevant Pricing Period, the dollar value by which Actual Revenue exceeds
Forecast Revenue by more than 15%;
Standard Charges means the standard charges payable by airlines and aircraft operators to Auckland Airport, as set
out in Auckland Airport's Schedule of Standard Charges;
Substantial Customer has the meaning given to that term in the AAA (provided that, on and from the date that the
relevant provisions of the CAA come into force, it will have the meaning given to that term in the CAA); and
Target Return means the target return expected to be received by Auckland Airport for the Relevant Pricing Period in
respect of Identified Airport Activities (as disclosed by Auckland Airport in the Price Setting Event Disclosures Report).