AIA – FY24 Interim Results

Market Release | 22 February 2024

1H24 results: International travel demand
sees Auckland Airport deliver improved
half-year result as it invests for the future

Auckland Airport today announced its financial results for the six months to 31 December 2023.
Auckland Airport Chair Patrick Strange said: “Global demand for travel saw Auckland Airport
deliver a solid result in the first half of the 2024 financial year, with continued growth in our
international network as airlines expanded capacity and new entrants joined the market. North
America has been a particular highlight, where more people are now travelling to and from
Auckland than ever before. While the outlook continues to remain positive, we may see the rate
of growth slow over the second half of the financial year as the local aviation industry faces into
economic headwinds.”
Key performance data for the six months to 31 December 2023:
• Total number of passengers 9.3 million
• Domestic passengers of 4.3 million, and international passengers (including transits) of
5.0 million
• Revenue of $440.5 million
• Operating EBITDAFI of $310.2 million
• Reported profit after tax of $118.7 million
• Earnings per share of 8.05 cents
• Net underlying profit after tax of $145.7 million
1

• Net underlying profit per share of 9.89 cents
• An interim dividend of 6.75 cents per share will be paid

1 We recognise that EBITDAFI and underlying profit are non-GAAP measures. Please refer to the table at the end of the media release for the reconciliation of
reported profit after tax to underlying profit after tax

“The half-year has not been without its challenges, with some customers experiencing
unacceptable delays in processing. I’m pleased about the way our team stepped up and led the
collaboration with government agencies, airlines and airline ground handlers to drive
improvements. This collective effort saw the system running more smoothly in time for the
summer peak, delivering a much-improved experience for travellers,” Mr Strange said.
Chief Executive Carrie Hurihanganui said: “As New Zealand’s gateway, strong connectivity
between Auckland Airport and the world is essential for our economy, so the successful growth
in international routes has been extremely positive.
“During the half year we were thrilled to welcome new airlines and destinations, with 27 airlines
flying to 42 international destinations to and from Auckland Airport – only two carriers and one
destination short of pre-COVID numbers.
“Auckland is now the most connected city in Australasia to the North American market, with
seven
2
airlines flying non-stop to eight destinations, including some of the world’s largest
commercial centres. In terms of benefits to customers, the increase in connectivity means more
airlines to choose from and downward pressure on airfares for this market.
In the six months to 31 December 2023, the total number of travellers increased by 22% to 9.3
million. Domestic traveller numbers were up 4% to 4.3 million, international travellers (excluding
transit passengers) were up 44% to 4.6 million and the number of international transit travellers
increased 33% to 0.4 million.
Other key markets have also shown considerable growth in capacity. There are now five airlines
flying to and from six destinations in China, with leisure visitors accounting for over 60 per cent
of all inbound travellers from China during the half year, overtaking those arriving to visit friends
and relatives. India and Philippines markets have also shown strength, with demand for seats
exceeding pre-pandemic levels during the period.
“As services have ramped up, driving improvements in the customer journey has been a clear
focus for everyone in the airport eco-system, particularly in the international arrivals area. I’m
delighted to say this resulted in more than a 20 per cent improvement
3
in processing times for
customers coming through the international arrivals process across December and January,
compared to the prior two months of October and November 2023.


2 Air New Zealand, Air Canada, American Airlines, Delta Air Lines, Hawaiian Airlines, Qantas and United Airlines
3

Processing time from entering customs to leaving aviation security.

“We are going to keep working at it to continue to improve the experience for travellers. It’s why
the upgrade of Auckland Airport’s infrastructure is so important. We want a better experience for
travellers across the system and that’s what our investment will deliver,” she said.
“Another key highlight over the half-year has been achieving Level 4 Airport Carbon
Accreditation
4
, putting Auckland Airport among Australasia’s seven leading airports in terms of
sustainability. This recognises Auckland Airport’s commitment to carbon reduction and the work
we are doing with our partners to reduce indirect emissions.
Ms Hurihanganui said Auckland Airport’s infrastructure development programme continued to
make good progress, with major projects underway across transport, airfield and terminals to
ensure the airport is resilient for the future. The first stage of the Transport Hub is nearing
completion and is expected to open in April 2024, acting as a new entrance and departure point
for the millions of travellers who visit Auckland Airport each year.
“We are focused on delivering new transport infrastructure that will make journeys to the airport
much easier and more reliable for travellers. Our new Transport Hub, which will serve both
international and domestic jet passengers once the new integrated terminal is built, will help
travellers move between vehicles, public transport and the terminal quickly and easily. The pick-
up and drop-off area is undercover and protected from the weather; roads have been configured
to provide a seamless one-way system for transport, and a new landscaped pedestrian plaza will
provide for a real uplift in the overall customer experience.
“Like many of our projects, we’re delivering the Transport Hub with sustainability at the forefront.
A giant solar array will help to power the facility, and we’ve set aside a corridor of land right next
to the Hub to allow for the development of future mass rapid transit.”
Elsewhere on the aviation precinct, aeronautical construction projects continue to advance as a
priority as Auckland Airport works to build greater resilience into New Zealand’s busiest gateway
and transform the customer experience.
“Critical enabling works to prepare for a new domestic terminal connected to the existing
international terminal are well advanced. This includes construction of the new eastern bag hall
with three baggage carousels providing not just a step change in technology and energy
efficiency, but the first elements of the future baggage handling system.

4Airports Council International

“A major airfield expansion is also underway, delivering seven new remote stands for
international aircraft and including construction of 3,500m of new stormwater pipes to increase
the resiliency of the airport and protect it from extreme weather events. The project is on track
for completion in late calendar year 2025.
“In terms of waste, we are having a meaningful impact on the environment with several initiatives
underway. One of these is a successful trial to separate organic waste in the international and
domestic terminal landside food courts. This is already saving eight tonnes of waste from the
landfill each month and is being turned into valuable compost. Alongside this, the new $5 million
transitional waste facility is improving the way waste from international flights, airline lounges, as
well as all waste from the domestic terminal and airside waste from the international terminal is
managed. This purpose-built facility sees the waste manually sorted to separate low-risk, clean
recyclables and diverts them from biosecurity treatment and disposal in landfill.
“Travellers are also seeing the benefits of work to improve facilities at the domestic terminal,
which is now almost 60 years old and reaching capacity. While we build our new domestic
terminal, we want to make sure customers have an enjoyable and comfortable experience in the
existing domestic terminal. So far, new women’s and men’s bathrooms have opened near
regional arrivals and departures, and customers are loving the fresh, new facilities and extra
space. We will soon begin working on the bathroom blocks near the Air New Zealand bag reclaim,
with a new parent room, upgraded accessible toilet facilities, and gender-neutral toilets being
delivered.”
Other improvements are underway across the aviation precinct, upgrading the experience for
visitors and the 20,000-plus people that work at the airport and helping the airport reach its
sustainability goals.
“Our new Park & Ride South facility, due to open before the end of the 2024 financial year, will
create easier travel connections for anyone arriving from the south. With about 40 per cent of all
precinct traffic arriving from the south, we recognise the importance of upgrading the southern
access point to the airport. Our new parking facility will offer convenient parking options and easy
connections to the terminals via a bus service that will transition from fossil-fuel to electric next
summer.
“We saw Te Arikinui Pullman Auckland Airport Hotel, our joint venture with Tainui Group
Holdings, open its doors for the first time in December, providing a 5-star accommodation
experience to visitors on the doorstep of the international terminal.

“Mānawa Bay, which aims to be New Zealand’s first 5 Green Star premium outlet shopping
destination, is on track to open in September 2024, and has experienced strong demand from
tenants.”
In the terminals, Aelia Duty Free (owned by Lagardère Travel Retail SAS) has been operating as
Auckland Airport's main duty-free operator, after winning a contract extension until mid-2025. It’s
been a successful transition as part of Auckland Airport’s move to a single-operator duty free
model.
“All of these developments, plus many more, will deliver the thriving aviation precinct that Kiwis
are looking for,” she said.
On the regulatory front, Auckland Airport recently joined other regulated airports and the New
Zealand Airports’ Association (which represents city and regional airports) in appealing to the
High Court for a merits review following a decision by the Commerce Commission, which
regulates the pricing of major airports.
The appeal relates to the Commission’s decision on 13 December following its review of input
methodologies (IM) – the rules, requirements and processes that outline how the Commission
regulates electricity line, gas pipeline and airport services under the Commerce Act (Part 4). This
appeal process is included in the Act as the appropriate way for the Commission’s decisions to
be reviewed.
Separate to this, the Commission is currently underway with its review of Auckland Airport’s Price
Setting Event 4 (PSE4), with the draft outcome of the review expected in May.
As we look to the remainder of the 2024 financial year, we continue to see healthy airline
capacity in the market, although headwinds such as the softening of the New Zealand economy
may temper the rate of growth.
Reflecting this, Auckland Airport is reconfirming its guidance of underlying profit after tax
(excluding any fair value changes and other one-off items) of between $260 million and $280
million. With the significant investment across the airport precinct continuing, Auckland Airport
is lifting its guidance on capital expenditure to between $1.1 billion and $1.4 billion in the year
(from between $1 billion and $1.4 billion). As always, this guidance is subject to any material
adverse events, significant one-off expenses, deterioration as a result of global market
conditions, or other unforeseeable circumstances.
ENDS

For further information, please contact:
Investors:
Stewart Reynolds
Chief Financial Officer (Acting)
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz
Media:
Libby Middlebrook
Head of Corporate Affairs
+64 21 989 908 Libby.middlebrook@aucklandairport.co.nz

Note 1. Underlying profit / (loss) reconciliation

2023 2022
Reported
profit
$M

Adjustments
$M
Underlying
profit
$M
Reported
profit
$M

Adjustments
$M
Underlying
profit
$M
EBITDAFI per Income Statement 310.2 - 310.2 189.0 - 189.0
Investment property fair value change
(27.1) 27.1 - (93.8) 93.8 -
Fixed asset write-offs, impairments and
termination costs
- - - - 0.1 0.1
Derivative fair value change
(0.3) 0.3 - (0.3) 0.3 -
Share of profit / (loss) of associate and joint
ventures
4.7 (0.3) 4.4 3.0 0.0 3.0
Depreciation
(84.3) - (84.3) (68.7) - 68.7)
Interest expense and other finance costs
(33.1) - (33.1) (30.7) - (30.7)
Taxation (expense) / benefit
(51.4) (0.1) (51.5) 6.3 (31.1) (24.8)
Profit after tax 118.7 27.0 145.7 4.8 63.1 67.9

---

Interim Financial
Statements 2024

Contents
Financial Statements 02
Notes and accounting policies 07
Shareholder information 21
Corporate directory 22
1
Financial statements

2
Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
Notes$M$M
Income
Airfield income75.340.9
Passenger services charge119.560.6
Retail income90.359.4
Rental income87.478.8
Rates recoveries6.56.4
Car park income33.827.5
Interest income2.51.0
Flood-related insurance recoveries310.0-
Other income15.213.2
Total income
440.5287.8
Expenses
Staff536.929.5
Asset management, maintenance and airport operations51.940.8
Rates and insurance17.517.4
Marketing and promotions4.01.9
Professional services and levies4.03.0
Fixed asset write-offs, impairment and termination costs-0.1
Flood-related expense38.6-
Other expenses7.06.1
Expected credit losses0.4-
Total expenses
130.398.8
Earnings before interest expense, taxation, depreciation,
fair value adjustments and investments in associate and
joint ventures (EBITDAFI)
1
310.2189.0
Investment property fair value change10(27.1)(93.8)
Derivative fair value change(0.3)(0.3)
Share of profit of associate and joint ventures74.73.0
Earnings before interest, taxation and depreciation (EBITDA)
1
287.597.9
Depreciation84.368.7
Earnings before interest and taxation (EBIT)
1
203.229.2
Interest expense and other finance costs533.130.7
Profit/(loss) before taxation
4170.1(1.5)
Taxation expense/(benefit)51.4(6.3)
Profit after taxation, attributable to the owners of the parent
118.74.8
Earnings per share
CentsCents
Basic earnings per share118.050.33
Diluted earnings per share118.050.33
1EBITDAFI, EBITDA and EBIT are non-GAAP measures. Refer to the 2023 Financial Report, note 3(e).
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-month periods to 31 December 2023 and 31 December 2022. The full-year financial statements to
30 June 2023 have been audited.
The accompanying notes form part of these financial statements.
Auckland International Airport Limited

3
Financial statements
Consolidated interim statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
$M$M
Profit for the period
118.74.8
Other comprehensive income
Flood-related fixed asset impairment reversals310.8-
Tax on the property, plant and equipment revaluation reserve(3.0)-
Items that will not be reclassified to the income statement
7.8-
Items that may be reclassified subsequently to the income statement:
Cash flow hedges:
Fair value (losses)/gains recognised in the cash flow hedge reserve(28.7)22.7
Realised losses/(gains) transferred to the income statement(3.0)1.6
Tax effect of movements in the cash flow hedge reserve8.9(6.8)
Total cash flow hedge movement(22.8)17.5
Movement in cost of hedging reserve(0.9)(0.8)
Tax effect of movement in cost of hedging reserve0.20.2
Items that may be reclassified subsequently to the income statement
(23.5)16.9
Total other comprehensive income
(15.7)16.9
Total comprehensive income for the period, net of tax, attributable to
the owners of the parent
103.021.7
These interim financial statements were approved and adopted by the Board on 21 February 2024.
Signed on behalf of the Board by
Patrick Strange
Director, Chair of the Board
Julia Hoare
Director, Chair of the Audit and Financial Risk Committee
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-month periods to 31 December 2023 and 31 December 2022. The full-year financial statements to
30 June 2023 have been audited.
The accompanying notes form part of these financial statements.

4
Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Issued and
paid-up
capital
Cancelled
share
reserve
Property, plant
and equipment
revaluation
reserve
Share-
based
payments
reserve
Cash flow
hedge
reserve
Cost of
hedging
reserve
Share of
reserves of
associate and
joint ventures
Retained
earningsTotal
Notes$M$M$M$M$M$M$M$M$M
Six months ended 31 December
2023 (unaudited)
At 1 July 2023
1,680.8(609.2)5,187.32.031.6(1.7)62.12,024.68,377.5
Profit for the period-------118.7118.7
Other comprehensive income--7.8-(22.8)(0.7)--(15.7)
Total comprehensive income
--7.8-(22.8)(0.7)-118.7103.0
Reclassification to retained earnings--(5.8)----5.8-
Shares issued1121.3-------21.3
Long-term incentive plan---------
Dividend paid-------(58.9)(58.9)
At 31 December 2023
1,702.1(609.2)5,189.32.08.8(2.4)62.12,090.28,442.9
Six months ended 31 December
2022 (unaudited)
At 1 July 2022
1,680.2(609.2)5,040.22.117.7(1.7)50.91,970.78,150.9
Profit for the period-------4.84.8
Other comprehensive income----17.5(0.6)--16.9
Total comprehensive income
----17.5(0.6)-4.821.7
Reclassification to retained earnings--(0.2)----0.2-
Shares issued110.6------0.61.2
Long-term incentive plan---(0.1)----(0.1)
At 31 December 2022
1,680.8(609.2)5,040.02.035.2(2.3)50.91,976.38,173.7
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand Standard for Review Engagements 2410 (Revised) for the six-month periods to
31 December 2023 and 31 December 2022. The full-year financial statements to 30 June 2023 have been audited.
The accompanying notes form part of these financial statements.
Auckland International Airport Limited

5
Financial statements
Consolidated interim statement of financial position
AS AT 31 DECEMBER 2023
UnauditedAudited
As at
31 Dec 2023
As at
30 Jun 2023
Notes$M$M
Non-current assets
Property, plant and equipment97,949.57,548.3
Investment properties102,988.12,882.1
Investment in associate and joint ventures7191.1193.1
Derivative financial instruments58.345.0
11,187.010,668.5
Current assets
Cash and cash equivalents57.9106.2
Trade and other receivables97.351.6
Taxation receivable-1.4
Derivative financial instruments1.31.6
156.5160.8
Total assets
11,343.510,829.3
Shareholders’ equity
Issued and paid-up capital111,702.11,680.8
Reserves4,650.64,672.1
Retained earnings2,090.22,024.6
8,442.98,377.5
Non-current liabilities
Term borrowings121,864.61,388.3
Derivative financial instruments32.225.3
Deferred tax liability434.7438.5
Other term liabilities2.03.5
2,333.51,855.6
Current liabilities
Accounts payable and accruals168.1159.9
Taxation payable25.1-
Derivative financial instruments0.1-
Short-term borrowings12366.8428.8
Provisions7.07.5
567.1596.2
Total equity and liabilities
11,343.510,829.3
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-month periods to 31 December 2023 and 31 December 2022. The full-year financial statements to
30 June 2023 have been audited.
The accompanying notes form part of these financial statements.

6
Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
Notes$M$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers399.3262.3
Interest received2.41.0
401.7263.3
Cash was applied to:
Payments to suppliers and employees(138.5)(92.4)
Income tax paid(22.4)-
Interest paid(31.7)(30.6)
(192.6)(123.0)
Net cash flow from operating activities
6209.1140.3
Cash flow from investing activities
Cash was provided from:
Share of dividends received and repayment of partner contribution76.70.3
6.70.3
Cash was applied to:
Property, plant and equipment additions(451.5)(205.1)
Interest paid – capitalised(24.0)(6.9)
Investment property additions(125.9)(36.4)
Investment in joint ventures-(6.1)
(601.4)(254.5)
Net cash flow applied to investing activities
(594.7)(254.2)
Cash flow from financing activities
Cash was provided from:
Increase in borrowings1,015.7400.0
1,015.7400.0
Cash was applied to:
Decrease in borrowings(640.0)(248.0)
Dividends paid8(38.4)-
(678.4)(248.0)
Net cash flow from financing activities
337.3152.0
Net (decrease)/increase in cash held(48.3)38.1
Opening cash brought forward106.224.7
Ending cash carried forward
57.962.8
The financial statements for the six-month periods have not been audited. They have been the subject of a review by the auditors pursuant to New Zealand
Standard for Review Engagements 2410 (Revised) for the six-month periods to 31 December 2023 and 31 December 2022. The full-year financial statements to
30 June 2023 have been audited.
The accompanying notes form part of these financial statements.
Auckland International Airport Limited

Notes and accounting
policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
7
Financial statements
1. Corporate information
Auckland International Airport Limited (‘the company’ or
‘Auckland Airport’) is a company established under the
Auckland Airport Act 1987 and was incorporated on
20 January 1988 under the Companies Act 1955. The
company was re-registered under the Companies Act 1993
on 6 June 1997. The company is an FMC Reporting Entity
under Part 7 of the Financial Markets Conduct Act 2013.
The financial statements presented are for Auckland Airport
and its wholly owned subsidiaries, joint ventures and an
associate (‘the group’).
These interim financial statements were authorised for
issue in accordance with a resolution of the directors on
21 February 2024.
2. Basis of preparation and accounting policies
The condensed consolidated interim financial statements
(‘interim financial statements’) have been prepared in
accordance with generally accepted accounting practice
(‘GAAP’) in New Zealand and the requirements of the
Financial Markets Conduct Act 2013 and the Main Board/
Debt Market Listing Rules of NZX Limited. The interim
financial statements comply with New Zealand Equivalent to
International Accounting Standards NZ IAS 34 and IAS 34
Interim Financial Reporting.
Auckland Airport is designated as a for-profit entity for financial
reporting purposes.
These interim financial statements are not required to and do
not make disclosure of all of the information required to be
included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements and
related notes included in Auckland Airport’s Financial Report for
the year ended 30 June 2023.
These interim financial statements are presented in New
Zealand dollars and all values are rounded to the nearest million
dollars ($M) and one decimal point unless otherwise indicated.
The accounting policies and methods of computation set out in
the 2023 Financial Report have been applied consistently to all
periods presented in these interim financial statements.
There were no new accounting standards, interpretations
or amendments with a material impact on these interim
financial statements.
Climate-related disclosure standard
The New Zealand External Reporting Board (XRB) has
published a suite of standards in line with the recommendations
of the Task Force on Climate-related Financial Disclosures
(TCFD), the global best-practice benchmark for climate-
related reporting. The final standards were published in
December 2022.
Aotearoa New Zealand Climate Standards (NZ CS) are effective
for annual periods beginning on or after 1 January 2023. The
group has applied the standard from 1 July 2023.
Application of this standard by the group has not
materially affected any of the amounts recognised in these
financial statements.

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
8
3. Changes in key estimates and judgements
Flood-related insurance matters
On 27 January 2023, Auckland experienced widespread flash
flooding caused by record-breaking rainfall. Auckland Airport
experienced flooding across the precinct and particularly
the international terminal building. Both the domestic and
international terminals were closed for short periods starting
that evening, with domestic
flights resuming at midday on
28 January 2023 and international flights from the morning of
29 January 2023.
Auckland Airport suffered flood damage to assets across its
precinct. Auckland Airport has material damage, business
interruption and construction works insurance policies in place.
The group has engaged independent experts to estimate
the likely extent and cost of damage and to support the
insurance claim process. The experts do not yet have sufficient
information to complete a full assessment.
As a result, these financial statements include a number of
key estimates and judgements related to the flood event. It is
possible that the actual financial impacts will differ from those
included in these financial statements and these differences
may be material.
The group recognises the expected insurance proceeds when
they can be reliably estimated and the recovery is virtually
certain. The insurers have acknowledged the flood event
damage and agreed to a second payment of $10.0 million,
which the group has recognised as income during the period
ended 31 December 2023. This is in addition to the first
payment of $5.0 million recognised during the year ended
30 June 2023.
The group recognised $8.6 million of flood-related expenses,
predominantly related to repairs, during the period ended
31 December 2023. This is in addition to flood-related
expenses of $8.4 million recognised in the year ended
30 June 2023.
At 31 December 2023, the group reduced its impairment of
flood-damaged assets to reflect the above-mentioned repairs
completed during the period. The group also reassessed the
impairment for assets that remain damaged at 31 December
2023. Those adjustments resulted in a net $10.8 million
reversal of impairments, which was recognised in the
property, plant and equipment revaluation reserve through other
comprehensive income. At 31 December 2023, the buildings
and services class of property, plant and equipment remains
impaired by $10.4 million (30 June 2023: $21.2 million).
The assessment of the full cost, and the work to remediate the
damage associated with the flood event, is not yet complete.
Further expenditure and any additional insurance proceeds will
be recognised in this and subsequent
financial years.
The interim financial statements do not include all financial
disclosures and should be read in conjunction with note 3(f)
of the 30 June 2023 Financial Statements.
4. Segment information
(a) Identification of reportable segments
The group has identified its operating segments based on the
internal reports reviewed and used by the chief executive, as
the chief operating decision-maker, in assessing performance
and in determining the allocation of resources.
The operating segments are identified by management
based on the nature of services provided. Discrete financial
information about each of these operating segments is
reported to the chief executive monthly. The chief executive
assesses the performance of the operating segments based on
segment EBITDAFI. Interest income and expenditure, taxation,
depreciation, fair value adjustments, and share of
profits of
associate and joint ventures are not allocated to operating
segments as the group manages the cash position and
borrowings at a group level.
(b) Types of services provided 
Aeronautical
The aeronautical business provides services that facilitate the
movement of aircraft, passengers and cargo and provides utility
services that support the airport. The aeronautical business
also earns rental revenue from space leased in facilities such
as terminals.
The group did not provide abatements to aeronautical
customers during the six-month period ended 31 December
2023 (31 December 2022: nil).
Retail
The retail business provides services to the retailers within the
terminals and provides car parking facilities for passengers,
visitors and airport staff.
The group did not provide abatements to retail customers
during the six-month period ended 31 December 2023
(31 December 2022: $51.2 million).
Property
The property business earns rental revenue from space leased
on airport land outside the terminals including cargo buildings,
hangars, shops and other stand-alone investment properties.
The group did not provide abatements to property tenants
during the six-month period ended 31 December 2023
(31 December 2022: $0.2 million).
Auckland International Airport Limited

9
Financial statements
AeronauticalRetailPropertyTotal
$M$M$M$M
Six months ended 31 December 2023 (unaudited)
Total segment income224.2131.779.8435.7
Total segment expenses61.820.616.398.7
Segment EBITDAFI
1
162.4111.163.5337.0
Six months ended 31 December 2022 (unaudited)
Total segment income121.790.472.0284.1
Total segment expenses38.416.113.067.5
Segment EBITDAFI
1
83.374.359.0216.6
1EBITDAFI is a non-GAAP measure. Refer to the 2023 Financial Report, note 3(e).
Income reported above represents income generated from external customers. There was no inter-segment income in the period
(31 December 2022: nil).
(c) Reconciliation of segment EBITDAFI to income statement
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
$M$M
Segment EBITDAFI
1
337.0216.6
Unallocated external operating income4.83.7
Unallocated external operating expenses(31.6)(31.3)
Total EBITDAFI as per income statement
1
310.2189.0
Investment property fair value increase(27.1)(93.8)
Derivative fair value change(0.3)(0.3)
Share of profit/(loss) of associate and joint ventures4.73.0
Depreciation(84.3)(68.7)
Interest expense and other finance costs(33.1)(30.7)
Profit/(loss) before taxation
170.1(1.5)
1EBITDAFI is a non-GAAP measure. Refer to the 2023 Financial Report, note 3(e).
The income included in unallocated external operating income consists mainly of interest payments from third-party financial
institutions and income from telecommunication and technology services provided to tenants. The expenses included in unallocated
external operating expenses consists mainly of corporate staff expenses and corporate legal and consulting fees.

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
10
5. Profit for the period
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
$M$M
Staff expenses comprise:
Salaries and wages40.731.3
Capitalised salaries and wages(10.3)(7.0)
Employee benefits2.92.8
Share-based payment plans0.1(0.2)
Defined contribution superannuation1.20.9
Other staff costs2.31.7
36.929.5
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments29.318.0
Interest on bank facilities and related hedging instruments10.99.6
Interest on AMTN notes and related hedging instruments12.46.9
Interest on commercial paper and related hedging instruments4.53.1
Total interest expense and other finance costs
57.137.6
Less capitalised borrowing costs(24.0)(6.9)
Interest expense and other finance costs as per income statement
33.130.7
Interest rate for capitalised borrowings costs5.66%4.77%
The total interest expense of $57.1 million (31 December 2022: $37.6 million) includes the effect of interest rate hedges. The gross
interest costs of bonds, bank facilities, Australian Medium Term Notes ('AMTN') and commercial paper, excluding the impact of
interest rate hedges, amounted to $56.6 million for the period ended 31 December 2023 (31 December 2022: $35.6 million).
The interest expense recognised in the income statement excludes capitalised borrowing costs of $24.0 million (31 December 2022:
$6.9 million). Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, are
capitalised as part of the cost of that asset. Capitalisation is suspended if active development of the qualifying asset is suspended
for an extended period.
Auckland International Airport Limited

11
Financial statements
6. Reconciliation of profit after taxation with cash flow from operating activities
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
$M$M
Profit after taxation
118.74.8
Adjustments for:
Depreciation84.368.7
Deferred taxation benefit2.5(6.5)
Fixed asset write-offs-0.1
Share-based payments0.1(0.2)
Equity-accounted loss/(earnings) from associate and joint ventures(4.7)(3.0)
Investment property fair value decrease/(increase)27.193.8
Derivative fair value decrease0.30.3
Items not classified as operating activities:
(Increase)/decrease in property, plant and equipment retentions and payables(2.0)(4.9)
Increase in investment property retentions and payables0.8(3.9)
Increase in investment property lease incentives and receivables(5.1)(1.8)
Items recognised directly in equity0.91.0
Movement in working capital:
(Increase)/decrease in trade and other receivables(45.7)(30.2)
Increase/(decrease) in taxation payable26.5(0.1)
Increase/(decrease) in accounts payable and provisions6.922.3
Decrease in other term liabilities(1.5)(0.1)
Net cash flow from operating activities
209.1140.3

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
12
7. Investment in associate and joint ventures
Movement in the group’s carrying amount of investments in associate and joint ventures
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
$M$M
Investment in associate and joint ventures at the beginning of the period193.1166.5
Further investment in joint ventures-6.1
Share of profit/(loss) after tax of associate and joint ventures4.73.0
Share of dividends received and repayment of partner contribution(6.7)(0.3)
Investment in associate and joint ventures at the end of the period
191.1175.3
Share of (loss)/profit after tax of associate and joint ventures
The new Pullman Hotel was opened on 13 December 2023 (Tainui Auckland Airport Hotel 2 Limited Partnership).
The partnership between Tainui Group Holdings Limited and Auckland Airport was formed to build and operate a new Pullman Hotel
at Auckland Airport. The group and Tainui Group Holdings each hold a 50% stake in the partnership. The hotel is operated on the
partnership's behalf by Accor Hospitality. The partnership has a balance date of 31 March.
Carrying value of investments in associate and joint ventures
UnauditedAudited
As at
31 Dec 2023
As at
30 Jun 2023
$M$M
Tainui Auckland Airport Hotel Limited Partnership42.745.0
Tainui Auckland Airport Hotel 2 Limited Partnership37.337.7
Queenstown Airport Corporation Limited111.1110.3
Total
191.1193.0
8. Distribution to shareholders
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
Dividend
payment date$M$M
2022 final dividendN/A--
2023 final dividend
6 October
2023
58.9-
The company has a dividend reinvestment plan. The 2023 final dividend was distributed during the period ended 31 December
2023, with $20.5 million being reinvested and $38.4 million being paid in cash (31 December 2022: no dividend).
Auckland International Airport Limited

13
Financial statements
9. Property, plant and equipment
UnauditedAudited
As at
31 Dec 2023
As at
30 Jun 2023
$M$M
Carried at fair value7,006.96,941.6
Carried at cost239.6246.0
Work in progress at cost1,066.7663.6
Accumulated depreciation(363.7)(302.9)
Net carrying amount
7,949.57,548.3
The group carries land, buildings and services, infrastructure
and runway, taxiways and aprons at fair value.
At 31 December 2023 and 31 December 2022 the group
undertook a desktop review of the property, plant and
equipment balances carried at fair value.
•For land assets previously formally revalued using the
discounted cash flow approach, the 31 December 2023
desktop assessment compared retail and car parking
performance with independent valuers' views at the last
formal valuation as at 30 June 2023.
•For land assets previously formally revalued using the
market value alternative use and direct sales comparison
approaches, the desktop assessment considered the
outcome of the investment property desktop review
described in note 10, in particular the vacant
land component.
•For all other assets previously formally revalued using the
optimised depreciated replacement cost approach, the
desktop assessment considered movements in the capital
goods price index.
These assessments indicated that there was no material fair
value movement in any class of property, plant and equipment
from 30 June 2023.
Vehicles, plant and equipment and work in progress are carried
at cost.
During the period, the group reduced the useful lives
for some building and infrastructure assets that were
decommissioned as part of the enabling works for the terminal
development programme. The effect of the change was a
$10.5 million increase in depreciation for the period ended
31 December 2023.
Additions to property, plant and equipment, including work
in progress, were $473.4 million for the six months ended
31 December 2023 (six months ended 31 December 2022:
$214.5 million). These include enabling works associated with
the integration of the domestic and international terminals,
airfield renewals and expansion, the development of the new
Transport Hub and Park & Ride South.
There were transfers from investment property of $1.4 million
during the six months ended 31 December 2023 (transfers to
investment property during the six months ended 31 December
2022: $1.6 million).
The following categories of property, plant and equipment are
leased to tenants:
•Aeronautical land, including land associated with aircraft,
freight and terminal use carried at $344.7 million (30 June
2023: $344.7 million);
•Land associated with retail facilities within terminal
buildings carried at $1,661.0 million (30 June 2023:
$1,661.0 million); and
•Terminal building premises (within buildings and services),
being 15% of total floor area and carried at $249.7 million
(30 June 2023: 15% of total floor area or $224.0 million).

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
14
10. Investment properties
UnauditedAudited
6 months to
31 Dec 2023
12 months to
30 Jun 2023
$M$M
Balance at the beginning of the period2,882.12,897.4
Additions129.4125.9
Transfers to property, plant and equipment (note 9)(1.4)(14.0)
Change in net revaluations(27.1)(139.7)
Lease incentives capitalised2.81.7
Lease incentives amortised(0.3)(0.7)
Spreading of fixed rental increases2.611.5
Balance at the end of the period
2,988.12,882.1
Investment property is measured at fair value, which reflects
market conditions at balance date. To determine fair value, the
group ordinarily commissions investment property valuations
at 30 June each year and undertakes a desktop revaluation
at 31 December each year. Auckland Airport also reviews
investment properties that are recently constructed or in the
latter stages of construction at 31 December each year.
The basis of valuation is market value, based on each
property’s highest and best use. The valuation methodologies
used were a direct sales comparison or a direct capitalisation of
rental income, using market comparisons of capitalisation rates,
supported by a discounted cash flow approach.
The desktop revaluations were performed by Colliers, Savills
and JLL based on key valuation metrics. The valuers did not
re-inspect the properties but undertook relevant investigations,
including considering any tenant changes, assessing market
rentals and reviewing capitalisation rates in order to determine
the desktop value of the group’s investment properties. The
desktop revaluations have been reviewed and assessed by
management and subsequently adopted by the group. This has
resulted in a fair value decrease of $27.1 million or 0.9% for the
overall portfolio for the six months ended 31 December 2023
(31 December 2022: decrease of $93.8 million or 3.2%).
The following categories of investment property are leased
to tenants:
•Retail and service carried at $468.6 million (30 June 2023:
$406.4 million);
•Industrial carried at $1,946.7 million (30 June 2023:
$1,886.1 million); and
•Other investment property carried at $174.6 million (30 June
2023: $173.8 million).
Auckland International Airport Limited

15
Financial statements
11. Issued and paid-up capital and earnings per share
UnauditedUnauditedUnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
6 months to
31 Dec 2023
6 months to
31 Dec 2022
$M$MSharesShares
Opening issued and paid-up capital1,680.81,680.21,472,279,3411,472,195,131
Shares fully paid and allocated to employees by employee
share scheme0.50.686,00074,470
Shares vested to employees participating in long-term
incentive plans0.3-86,561-
Shares issued under the dividend reinvestment plan20.5-2,664,882-
Closing issued and paid-up capital
1,702.11,680.81,475,116,7841,472,269,601
Earnings per share
The earnings used in calculating basic and diluted earnings per share is net profit attributable to equity holders of $118.7 million
(six months ended 31 December 2022: $4.8 million).
The weighted average number of shares used to calculate basic and diluted earnings per share is as follows:
UnauditedUnaudited
6 months to
31 Dec 2023
6 months to
31 Dec 2022
SharesShares
For basic earnings per share1,473,866,2451,472,220,223
Dilution effect of share options256,44860,776
For diluted earnings per share
1,474,122,6931,472,280,999
The reported basic earnings per share for the six months ended 31 December 2023 is 8.05 cents (six months ended 31 December
2022: 0.33 cents).
The reported diluted earnings per share for the six months ended 31 December 2023 is 8.05 cents (six months ended 31 December
2022: 0.33 cents).

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
16
12. Borrowings
UnauditedAudited
As at
31 Dec 2023
As at
30 Jun 2023
$M$M
Current
Commercial paper166.8166.8
Bank facilities50.037.0
Bonds150.0225.0
Total short-term borrowings
366.8428.8
Non-current
Bank facilities162.0203.0
Bonds1,032.1914.2
AMTN notes670.5271.1
Total term borrowings
1,864.61,388.3
Total
Commercial paper166.8166.8
Bank facilities212.0240.0
Bonds1,182.11,139.2
AMTN notes670.5271.1
Total borrowings
2,231.41,817.1
In the six-month period to 31 December 2023, the company
undertook the following bank and financing activity:
•The issuance of $250 million of six-year, 6.22% fixed rate
bonds in November 2023, which was used to refinance
the maturing $225 million fixed rate bonds and provide
additional liquidity;
•The issuance of AU$350.0 million of 10-year, 6.482% AMTN
notes in November 2023, which was used to provide
additional liquidity; and
•In August 2023 the company entered into the following new
bank facilities:
◦a $40 million three-year facility with ANZ Bank;
◦a $95 million three-year facility with Commonweath Bank
of Australia;
◦a $70 million three-year facility with Mizuho Bank;
◦a $40 million three-year facility with Westpac New
Zealand Limited;
◦a $110 million four-year facility with The Bank of Tokyo-
Mitsubishi UFJ, Ltd.;and
◦a $90 million five-year facility with Industrial and
Commercial Bank of China Limited, Auckland Branch.
•In September 2023 the company entered into a $85 million
five-year facility with Bank of China (New Zealand) Limited.
The following facilities either matured or were cancelled:
•The $100 million facility with ANZ Bank matured in
July 2023.
•The $28 million facility with Bank of China (New Zealand)
Limited matured in July 2023.
•The $80 million facility with Westpac New Zealand Limited
matured in July 2023.
•The $70 million facility with Mizuho Bank that was set to
mature in October 2023 was cancelled.
•The $110 million facility with The Bank of Tokyo-Mitsubishi
UFJ, Ltd that was set to mature in October 2023
was cancelled.
•The $110 million facility with Westpac New Zealand Limited
that was set to mature in October 2023 was cancelled.
•The $30 million facility with China Construction Bank that
was set to mature in April 2024 was cancelled.
As at 31 December 2023, the company had undrawn bank
facilities of $993.0 million (30 June 2023: $963.0 million).
During the current and prior periods, there were no defaults or
breaches on any of the borrowing facilities.
Auckland International Airport Limited

17
Financial statements
13. Financial risk management
The group has a treasury policy which limits exposure to market
risk for changes in interest rates and foreign currency, liquidity
risk and counter-party credit risk. The group has no other
material direct price risk exposure.
The interim financial statements do not include all financial risk
management information and disclosures and should be read in
conjunction with note 18 of the 2023 Financial Report.
Further information is also contained in the risk management
section of the 2023 Annual Report.
There have been no significant changes in the financial risk
management objectives and policies since 30 June 2023.
14. Fair value of financial instruments
There have been no transfers between levels of the fair
value hierarchy used in measuring the fair value of financial
instruments in the period to 31 December 2023 (30 June
2023: nil).
The following financial instruments are carried at amortised
cost, which approximates their fair value:
•Cash;
•Trade and other receivables;
•Accounts payable and accruals;
•Other term liabilities; and
•Borrowings issued at floating rates.
Borrowings issued at fixed rates, including bonds and AMTN
notes, are also carried at amortised cost, which differs from
their fair value. The fair values are shown in the table below for
comparative purposes and are determined as follows:
•The group’s bonds are classified as level 1. The fair value of
the bonds is based on the quoted market prices for these
instruments at balance date; and
•The group’s AMTN notes are classified as level 2. The fair
value of the AMTN notes has been determined at balance
date on a discounted cash flow basis using the AUD
Bloomberg curve and applying discount factors to the future
AUD interest payment and principal payment cash
flows.
UnauditedAudited
31 Dec 202330 Jun 2023
Carrying
amount
Fair
value
Carrying
amount
Fair
value
$M$M$M$M
Bonds1,182.11,196.91,139.21,145.2
AMTN notes670.5686.8271.1277.7
The group’s derivative financial instruments are carried at fair value and are classified as level 2. The fair values are determined on a
discounted cash flow basis. The future cash flows are forecast using the key inputs presented in the table below. The forecast cash
flows are discounted at a rate that reflects the credit risk of both counterparties to the derivative financial instruments.
UnauditedAudited
Fair value
As at
31 Dec 2023
Fair value
As at
30 Jun 2023
$M$M
Valuation key inputs
Interest rate swaps
Forward interest rates (from observable yield curves) and
contract interest rates
Assets42.746.5
Liabilities(21.1)(11.6)
Cross-currency interest
rate swaps
Assets16.9-Forward interest and foreign exchange rates (from
observable yield curves and forward foreign exchange
rates) and contract rates
Liabilities(10.8)(13.7)
Forward foreign
currency contracts
Liabilities(0.4)-Forward foreign exchange rates and contract rates

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
18
15. Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase or
develop property, plant and equipment for $652.9 million at
31 December 2023 (30 June 2023: $560.3 million).
(b) Investment property
The group had contractual obligations to purchase, develop,
repair or maintain investment property for $143.3 million at
31 December 2023 (30 June 2023: $215.4 million).
(c) Joint ventures
At 31 December 2023, the Tainui Auckland Airport Hotel
2 Limited Partnership (joint venture) had completed the
construction of the Pullman Hotel and no further contractual
obligation existed (30 June 2023: $12.7 million and the group's
share of those commitments was $6.4 million).
16. Contingent liabilities
Noise insulation
Auckland Airport Designation 1100, contained in the Auckland
Unitary Plan, sets out Auckland Airports' obligations for noise
mitigation for properties affected by aircraft noise. This includes
obligations to mitigate the impact of aircraft noise through the
installation of noise mitigation packages to existing dwellings
and schools. The noise mitigation packages provide treatment
of dwellings to achieve an internal noise environment of no
more than 40dB. The company is required to subsidise 100%
of treatment costs for properties in the high aircraft noise area
and 75% in the medium aircraft noise area.
The aircraft noise contours included in Designation 1100 reflect
the long-term predicted aircraft noise levels generated by
aircraft operations from the existing runway and proposed
northern runway. Annually, the company projects the level of
noise that will be generated from aircraft operations for the
following 12 months. These annual projections confirm which
dwellings and schools are eligible for noise mitigation each year
and offers are sent out to those affected properties. It is at the
discretion of the individual landowner whether they accept a
noise mitigation package.
Projections are undertaken annually to determine eligibility, and
the rate of acceptance of offers of treatment by landowners is
variable. However, it is estimated that further costs on noise
mitigation should not exceed $7.3 million (30 June 2023:
$7.6 million).
Contractor claims
The group had a historical contingent liability arising from a
contractor claim that was initially disclosed in 2020. During
the period the group reached a settlement agreement of
$2.0 million with the contractor and as a result, the contingent
liability from the contractor claim was extinguished (30 June
2023: $4.6 million).
17. Events subsequent to balance date
On 20 February 2024, the directors of Queenstown Airport declared an interim dividend of $5.3 million for the period ended
31 December 2023. The group’s share of the dividend is $1.3 million.
On 21 February 2024, the directors approved the payment of a fully imputed interim dividend of 6.75 cents per share amounting to
$99.6 million to be paid on 5 April 2024.
Auckland International Airport Limited

INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of
Auckland International Airport Limited (‘the Company’) and its subsidiaries (‘the Group’) on pages 2 to 18 which
comprise the consolidated interim statement of financial position as at 31 December 2023, and the
consolidated interim income statement, statement of comprehensive income, statement of changes in equity
and cash flow statement for the six months ended on that date, and notes to the interim financial statements,
including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at
31 December 2023 and its financial performance and cash flows for the period ended on that date in
accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in
the Auditor’s Responsibilities for the Review of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other assignments for the Group in the area of greenhouse gas inventory assurance
reporting, trustee reporting and assurance reporting for regulatory reporting, and non-assurance services in
relation to the integrity of the aeronautical pricing model as well as non-assurance services provided to the
Corporate Taxpayers Group of which the Company is a member. These services have not impaired our
independence as auditor of the Company and Group. In addition to this, partners and employees of our firm
deal with the Company and its subsidiaries on normal terms within the ordinary course of trading activities of
the business of the Company and its subsidiaries. The firm has no other relationship with, or interest in, the
Company or any of its subsidiaries.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim
financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting and for such internal control as the directors determine is necessary to enable the preparation and
fair presentation of the interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE
2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe
that the interim financial statements, taken as a whole, are not prepared, in all material respects, in accordance
with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and consequently do not enable us to obtain assurance that
we might identify in an audit. Accordingly we do not express an audit opinion on the interim financial statements.
19
Financial statements

Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that
we might state to the Company’s shareholders those matters we are required to state to them in a review report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company’s shareholders as a body, for our engagement, for this report, or for the
conclusions we have formed.
Andrew Dick
Partner
for Deloitte Limited
Auckland, New Zealand
21 February 2024
20
Auckland International Airport Limited

21
Financial statements
Shareholder information
Reporting entity
The company was incorporated on 20 January 1988, under
the Companies Act 1955, and commenced trading on 1 April
1988. The company was re-registered under the Companies
Act 1993 on 6 June 1997. On 25 June 1998, the company
adopted a revised constitution, approved as appropriate for
a publicly listed company. Further revisions of the constitution
were adopted on
21 November 2000, 18 November 2002,
23 November 2004 and 23 October 2019 to comply with NZX
and ASX Listing Rule requirements.
The company was registered in Australia as a foreign company
under the Corporations Law on 22 January 1999 (ARBN 085
819 156) and was granted Foreign Exempt Listing Entity status
by ASX on 22 April 2016.
Stock exchange listings
The company’s shares were quoted on the NZX on 28 July
1998. The company’s shares were quoted on the ASX effective
1 July 2002. The company is not subject to chapters 6, 6A,
6B and 6C of the Australian Corporations Act dealing with the
acquisition of shares (i.e. substantial holdings and takeovers).
The total number of voting securities on issue as at
31 December 2022 was 1,475,485,829.
Auditors
Deloitte Limited has continued to act as external auditor of the
company and has undertaken a review of the interim financial
statements for the six months ended 31 December 2023. The
external auditor is subject to a partner rotation policy.
Credit rating
As at 31 December 2023, the S&P Global Ratings’ long-term
credit rating for the company was A- Stable Outlook.
Company publications
The company informs investors of the company’s business and
operations by issuing an annual report (with notice of meeting)
and interim financial statements.
Enquiries
Shareholders with enquiries about transactions, changes of
address or dividend payments should contact Link Market
Services Limited on +64 9 375 5998. Other questions should
be directed to the Company Secretary at the registered office.
Share registrars
New Zealand:
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
Australia:
Link Market Services Limited
Level 12
680 George Street
Sydney
NSW 2000
Locked Bag A14
Sydney South
NSW 1235
Financial calendarHalf-yearFull-year
Results announcementFebruaryAugust
Reports publishedFebruaryAugust
Annual meeting-October
Disclosure financial statements-November

22
Corporate directory
DIRECTORS
Patrick Strange, chair
Mark Binns
Mark Cairns
Dean Hamilton
Julia Hoare
Liz Savage
Tania Simpson
Christine Spring
SENIOR MANAGEMENT
Carrie Hurihanganui
chief executive
Stewart Reynolds
acting chief financial officer
Melanie Dooney
chief corporate services officer
Darren Evans
chief safety and risk officer
Chloe Surridge
chief operations officer
Scott Tasker
chief customer officer
Mark Thomson
chief commercial officer
Mary-Liz Tuck
chief sustainability and masterplanning officer
Richard Wilkinson
chief digital officer
REGISTERED OFFICE NEW ZEALAND
4 Leonard Isitt Drive
Auckland Airport Business District
Manukau 2022
New Zealand
Phone: +64 9 275 0789
Freephone: 0800 Airport (0800 247 7678)
Facsimile: +64 9 275 4927
Email: tellus@aucklandairport.co.nz
Website: www.aucklandairport.co.nz
REGISTERED OFFICE AUSTRALIA
c/o KPMG
147 Collins Street
Melbourne
Victoria 3000
Australia
Phone: +61 3 9288 5555
Facsimile: +61 3 9288 6666
Website: www.kpmg.com.au
MAILING ADDRESS
Auckland International Airport Limited
PO Box 73020
Auckland Airport
Manukau 2150
New Zealand
COMPANY SECRETARY
Louise Martin
AUDITORS
External auditor – Deloitte Limited
Internal auditor – PwC
Share registry auditor – Grant Thornton
Auckland International Airport Limited

---

Interim Results
Presentation
Prepared by:
Strategy, Planning & Performance
22 February 2024
Carrie Hurihanganui
Chief Executive
Stewart Reynolds
Chief Financial Officer (Acting)

Interim results
Important notice
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 audited financial statements for the year ended 30 June 2023, 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 the accuracy 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.
Refer to page 33 for a glossary of the key terms used in this presentation.
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.
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 that an 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 70% to 90% of underlying profit after tax (excluding unrealised gains 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.

Highlights

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 4
1H24 highlights
We have been focused on ‘Building a Better Future’
1.Auckland Airport recognises that EBITDAFI and 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.
Improved financial
performance across all
passenger-driven lines of
business combined with
continued growth in
commercial property
EBITDAFI
1
of $310.2m, up
64% on 1H23
Net profit after tax of
$118.7m with an underlying
profit
1
of $145.7m, up from
an underlying profit of
$67.9m in 1H23
Record six months of capital
investment across the airport
including $263m on
aeronautical projects and
$301m on commercial
activities
Significant progress made on
the Transport Hub and
enabling works for terminal
integration, including the
northern remote stands
Completion of the eastern
bag hall, airport operations
centre and new roads
Commerce Commission’s
Input Methodologies review
was published in December
2023 reflecting a substantial
change in the approach to
estimating asset beta.
Auckland Airport has
subsequently lodged a notice
of appeal for a merits review
of the decision
The Commission’s review of
Auckland Airport’s PSE4
pricing is underway
Passenger
movements
9.3m
4.3m domestic PAX, up 4%
4.6m international PAX, up
44%
0.4m transit PAX, up 33%
Aircraft movements 80k, up
14%
27 airlines connecting AKL to
42 international destinations
Capital
investment
Aeronautical
regulation
Revenue
IM review
published in December 2023
$440.5m
up 53% on 1H23up 22% on 1H23
$602.8m
up 130% on 1H23
5-star Pullman hotel opened in
December 2023, conveniently
located outside international
arrivals
Complements existing Novotel
and ibis hotels, bringing total
available rooms on the
precinct up to 782
Completion of Te
Arikinui Pullman hotel
311 rooms
added to the hotel portfolio

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 5
Financial results at a glance
2.Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax and underlying profit after tax is included in the appendix.
53%
Total
revenue
$440.5m
64%
EBITDAFI
$310.2m
Capital
investment
130%
Underlying
profit after tax
$145.7m
115%
Underlying profit per share of
9.89 cps
EBITDAFI margin of 70.4%
2
Aeronautical
revenue
$194.8m
92%
Retail
revenue
$90.3m
52%
Parking
revenue
$33.8m
23%
Commercial
property revenue
$72.5m
11%
$3.0bn portfolio valuation
Reported profit
after tax
$118.7m
2,373%
1H24 earnings per share of
8.05 cps
Interim
dividend
6.75cps
$602.8m
2

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 6
We are building a better future
...and investing to deliver
further capacity and resilience
...focused on improving the
operating efficiencies...
New flights driving additional
choice for travellers...

Financial
performance

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 8
Aircraft movements and MCTOW
•International aircraft movements and MCTOW
increased by 39% and 42% respectively following
a strong recovery of the international airline
network connecting into Auckland
•Domestic aircraft movements and MCTOW
increased by 4% and 8% respectively, with
aircraft capacity constraints limiting growth in the
period
•Airline capacity remains below pre-pandemic
levels. In the period, domestic load factors
continued to be above trend and airfares
remained elevated
3.Comparative information for the six months to December 2018 has been included to compare the 2023 performance against the equivalent period in the last financial year that immediately preceded the COVID-19
pandemic.
For the six months ended 31 December20232022Change
Pre-COVID
2018
3
% of pre-
COVID
2018
Aircraft movements
International aircraft movements
26,57619,13339%29,10191%
Domestic aircraft movements
53,01150,8034%61,77686%
Total aircraft movements
79,58769,93614%90,87788%
MCTOW (tonnes)
International MCTOW
2,579,8941,815,74242%3,003,55086%
Domestic MCTOW
1,079,8141,001,2468%1,203,15390%
Total MCTOW
3,659,7072,816,98830%4,206,70387%

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 9
Total passenger movement growth continues
For the six months ended 31 December20232022Change
Pre-COVID
2018
4
% of pre-
COVID
2018
International arrivals
2,366,455
1,646,063
44%
2,724,021
87%
International departures
2,229,673
1,537,116
45%
2,570,486
87%
International passengers excluding transits
4,596,128
3,183,179
44%
5,294,507
87%
Transit passengers
386,200
291,450
33%
533,200
72%
Total international passengers
4,982,328
3,474,629
43%
5,827,707
85%
Domestic passengers
4,269,617
4,103,116
4%
4,816,706
89%
Total passengers
9,251,945
7,577,745
22%
10,644,413
87%
4.Comparative information for the six months to December 2018 has been included to compare the 2023 performance against the equivalent period in the last financial year that immediately preceded the COVID-19 pandemic.
•Total PAX volumes increased 22% on the prior
period reflecting the growth in international travel
seen in the period
•International PAX reached 87% of the pre-COVID
equivalent in the first half of the financial year
•Consistent with domestic aircraft movements,
domestic PAX volumes also increased 4% on
1H23
•Against pre-COVID levels, domestic volumes
plateaued at circa 90% owing to continued airline
capacity constraints

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 10
Revenue growth propelling underlying profit
•Revenue was up significantly in the period
reflecting the combined effects of higher PAX
volumes and the commencement of PSE4
aeronautical pricing from 1 July 2023 and higher
associated commercial income
•Operating costs increased 32%, reflecting the
scaling up of the business to meet higher activity
levels with an improved level of service,
combined with increased activity on the
company’s investment programme
•EBITDAFI margin improved from 65.7% to 70.4%
•Continued strong performance was also seen in
Queenstown Airport with a $3.1 million share of
underlying profit (1H23: $2.9 million) driven by
continued strong international demand
•Depreciation expense increased 23% in the
period to $84.3 million, reflecting new assets
commissioned and accelerated depreciation for
demolished assets
•Net interest expense rose to $33.1 million in the
year reflecting increased borrowings at higher
interest rates
For the six months ended 31 December($m)20232022Change
Revenue
440.5 287.8 53%
Expenses
130.3 98.8 32%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in associates(EBITDAFI)
5
310.2 189.0 64%
Share of profit from associate and joint ventures
4.7 3.0 57%
Derivative fair value change
(0.3)(0.3)-
Investment property fair value change
(27.1)(93.8)71%
Depreciation expense
84.3 68.7 23%
Interestexpense and otherfinance costs
33.1 30.7 8%
Taxationexpense / (benefit)
51.4 (6.3)916%
Reported profit after tax
118.7 4.8 2,373%
Underlying profitafter tax
5
145.7 67.9 115%
5.Auckland Airport recognises EBITDAFI and underlying profit are non-GAAP measures. A reconciliation between reported profit after tax and underlying profit after tax is included in the appendix.

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 11
Passenger-driven revenue uplift across the business
•Revenue from airfield and the passenger services
charge grew a combined 92% reflecting strong
growth in passenger numbers and the new
aeronautical charges for PSE4 coming into effect
•The growth in international passengers and strong
duty free performance drove a 52% increase in
Retail income
•Car park income continued to perform strongly,
reflecting growth in passenger numbers and
longer average durations
•Investment property rental income increased by
11% on the prior period driven by rental growth in
the existing portfolio, part period new leases in
FY23 and new leases in 1H24
•During the period, Auckland Airport’s insurers
agreed to a payment of $10 million in relation to
the January 2023 flooding event, which has been
recognised as income. Any further expenditure or
insurance proceeds will be recognised in future
periods
For the six months ended 31 December($m)20232022Change
Airfield income
75.3
40.9
84%
Passenger services charge
119.5
60.6
97%
Retail income
90.3
59.4
52%
Car park income
33.8
27.5
23%
Investment property rental income
72.5
65.1
11%
Other rental income
14.8
13.7
8%
Flood related income
10.0-
Other income
24.3
20.6
18%
Total revenue
440.5
287.8
53%

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 12
Operating costs
•Higher staff numbers and outsourced operations
to support customer experience, cleaning,
bussing and parking (within asset management,
maintenance and airport operations) in the period
reflected the growth in aeronautical activity
•Marketing and promotional expenses increased
to $4.0 million in the period, driven by higher
route development costs to support the growth of
the international network and an increase in
marketing for the commercial lines of business
•$8.6 million of flood-related expenses were
incurred in the period in relation to the January
2023 flooding event
For the six months ended 31 December($m)
20232022Change
Staff36.9 29.5 25%
Asset management, maintenance and airport operations51.9 40.8 27%
Rates and insurance17.5 17.4 1%
Marketing and promotions4.0 1.9 111%
Professional services and levies4.0 3.0 33%
Fixed asset write-offs, impairments and termination costs-0.1 (100)%
Flood-related expense 8.6 -
Other expenses7.0 6.1 15%
Expected credit losses0.4 -
Total operating expenses130.3 98.8 32%
Depreciation84.3 68.7 23%
Interest33.1 30.7 8%

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 13
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1H2420232022202120202019
$m
AeronauticalProperty development
Infrastructure and otherRetail
Car parkingFull year guidance range
Significant lift in capital expenditure
Record capital expenditure in the period of $602.8million, spanning both aeronautical and commercial assets, including:
Capital expenditure
Terminal Integration ($147 million):
•Significant construction activity underway on several
elements of the Terminal Integration programme
including the eastern bag hall, new western truck
dock, inner terminal road and associated civil works.
Design progressing on the new domestic processor
with construction targeted to commence mid-
calendar 2024
Transport including car parking ($199 million)
•Two new car parks in construction – Transport Hub
with the ground-floor stage expected to open in April
2024, followed by the upper parking levels finalised
in FY25. Park & Ride South is expected to open in
2H24. Roading development – new Te Ara Kōrako
Drive completed in 1H24 and upgrades to Laurence
Stevens Drive underway
Airfield ($89 million)
•Construction commenced on new aircraft remote
stands, and renewal and upgrade works for the
airfield, aprons and fuel network
Property ($127 million)
•Completed two pre-leased developments in
The Landing business park with a further six pre-
leased developments underway and continuing
construction of Mānawa Bay
Updated FY24
guidance range:
$1.1bn -$1.4bn

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 14
Balance sheet remains strong
As at($m)
Dec-23Jun-23Change
Non-current assets
11,187.0 10,668.5 5%
Property, plant and equipment
7,949.5 7,548.3 5%
Investment property
2,988.1 2,882.1 4%
Other non-current assets
249.4 238.1 5%
Current assets
156.5 160.8 (3)%
Cash
57.9 106.2 (45)%
Other current assets
98.6 54.6 81%
Non-current liabilities
2,331.1 1,855.6 26%
Term borrowings
1,864.6 1,388.3 34%
Other non-current liabilities
466.5 467.3 0%
Current liabilities
569.5 596.2 (5)%
Equity
8,442.9 8,377.5 1%
•The substantial investment in aeronautical
infrastructure and commercial projects in the
period has resulted in an increase in non-current
assets
•The increase in non-current assets was partially
offset by a $27.1 million downwards revaluation
of investment property in the six months to
31 December 2023
•Work in progress at 31 December 2023
amounted to $1,066.7 million, reflecting a range
of projects underway including the Transport
Hub, Mānawa Bay, the eastern bag hall, remote
stands and the domestic processor

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 15
Strong liquidity position and robust credit metrics
Strong financial metrics with strong covenant headroom and liquidity continue to support the planned investment
•Total drawn debt of $2,231 million at
31 December 2023, an increase of 23% or
$414 million on June 2023
•Committed undrawn bank facility headroom of
circa $993 million (Jun-23: $963 million), and
$41 million in available cash (Jun-23: $106
million)
•Raised $629 million of new borrowings through
two bond issues in the period comprising:
‒$250 million NZ 6-year fixed rate bond; and
‒AU$350 million AMTN
•Further issuance planned for 2H24 to support
the investment programme
•A- credit rating maintained
Drawn debt maturity profile by financial year
TestDec-23Jun-23
Gearing covenant
6
≤ 60%21.1%18.2%
Interest coverage covenant
7
≥ 2.0x8.22x6.57x
Debt to enterprise value14.7%12.7%
Net debt to enterprise value14.4%12.0%
FFO interest cover≥ 2.5x5.1x5.0x
FFO to net debt≥ 11.0%18.1%18.5%
Weighted average interest cost5.66%5.03%
Average debt maturity profile (yrs)4.702.65
Percentage of fixed borrowings70.6%63.2%
Key credit metrics
6.Gearing is defined as nominal value of debt plus derivative liabilities divided by nominal value of debt plus derivative liabilities plus the book value of equity
7.Interest coverage is defined as reported NPAT plus taxation, interest expense, depreciation, revaluations and derivative changes (broadly EBITDA) divided by interest
52
116
50
37
70
55
250
150
150
225
150
250
284
379
0
100
200
300
400
500
600
Jun-24Jun-25Jun-26Jun-27Jun-28Jun-29Jun-30Jun-31Jun-32Jun-33Jun-34
$m
Commercial paperBank facilitiesFloating bonds
Fixed bondsAMTN

Building a better
future

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 17
New Zealand’s gateway to the world
With the continued growth in the international network, during the six months ended 31 December 2023, 27 airlines connected Auckland Airport with 42
destinations across the Middle East, Asia, the Americas and the Pacific Islands compared with 23 airlines and 35 destinations in the six months ended
31 December 2022
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
Bali
1
Cairns
Sunshine Coast
Beijing
Shenzhen
New routes commenced
AKL - LAX
AKL - PER - KUL
AKL - SYD - HGH
AKL - HAK
Hangzhou
Haikou

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 18
Continued focus on improving efficiency and customer experience
Collaboration with
stakeholders
•The rapid ramp-up in international
travel resulted in passenger
processing being below the
standards we aspire to
•Greater collaboration and planning
between border agencies, baggage
handlers and airlines drove a 20%
reduction in international arrivals
customer journey times over the
past two months
Optimising check-in
assets
•With off-schedule flights remaining
elevated, plus some international
check-in zones out of operation for
flood remediation, there is
additional pressure on existing
infrastructure
•Use of self-service check-in kiosks
and improved planning kept the
departures process moving through
the busy summer peak without any
significant impact on customer
experience
•From late August 2023, travellers
flying into New Zealand have been
able to use the new electronic NZ
Traveller Declaration
•With no need to print or hand over
the declaration, a key friction point
in the arrivals process is removed
Digitisation
•The summer peak brought up to
64,000 passenger movements and
526 flights on a single day
•Auckland Airport hired 64 temporary
staff members to support customers
through the busiest time of year
>20%
reduction in international arrivals’
passenger processing times
Additional support
39
new self-service kiosks
26%
adoption of NZ Traveller Declaration
64
temporary staff members onboarded
for the busy summer season, with
many remaining in a flexible capacity
for future peaks

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 19
Investing in important capacity right across the precinct

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 20
Progress continues towards terminal integration...
•Detailed design of the integrated facility
now in final stages with completion of this
stage expected by mid-calendar 2024
•Completion of key enabling projects
including:
‒the new eastern bag hall providing
increased capacity and an improved
operating environment;
‒airport operations centre; and
‒relocation of eastern airfield
operations including livestock, ULDs,
airside waste disposal facility and
Checkpoint Charlie
•Construction on other key enabling works
projects continues to progress well:
‒the northern stands, taxiways and
stormwater upgrades;
‒west terminal enabling works, which
includes replacing the current eastern
truck dock and delivering increased
international arrivals capacity; and
‒replacement of Power Centre West
and terminal fire system upgrades
Following conclusion of consultation, enabling works continue on the new domestic terminal

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 21
First stage of the Transport Hub expected to open in April 2024

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 22
Continued growth in parking
Auckland Airport’s parking proposition continues to resonate with travellers, with strong revenue growth in
the period
of car park income
in the period
number of public car parks
total number of car parks
number of exits
average revenue per
public car park
8
Valet revenue growth
7,195
Construction of the Transport Hub
0.8 million
$6,354
•Parking revenue is up 22% to $33.8 million in
the period reflecting the combined effects of the
growth in international passenger numbers, rise
in the average period of stay and the popularity
of higher-value products
Development activity
•Completion of a new priority lane on Laurence
Stevens Drive for public transport and high-
occupancy vehicles to provide easier access
into the airport a new road, Te Ara Kōrako
Drive, connecting George Bolt Memorial Drive
and Nixon Road
•Construction of the Transport Hub continues to
progress well with the ground floordrop off pick
up due to open in April 2024 and the above
ground parking levels by the end of 2024
•Park & Ride South due to open in May 2024,
easing congestion on the eastern approach to
the airport and providing an additional
3,011spaces for passenger vehicles
39%
$34 million
12,381
Construction of Park & Ride South
8.Annualised

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 23
of retail income
in the period
of retail income
per PAX
9
increase in international PSR
increase in domestic PSR
Strong retail performance, including transition to single operator
$90.3 million
•Retail income in the six months ended
31 December 2023 was $90.3 million, up 52%
on 1H23
•Stronger sales in duty free, rental car and omni-
channel drove an increase in incomeper
passenger
9
of25% to $9.97, 93% of the FY19
equivalent
•The transition to a single duty free operator in
June 2023, together with a reconfiguration in the
store layout, is offering customers a fresh
experience with greater choice, driving a 6%
increase in the international PSR
•The omni-channel offering continues to perform
well, with customers enjoying the ease of pre-
purchasingduty and tax-freegoods in advance
and collecting on the day of travel
Growth in international travel and an enhanced product offering have driven an improvement in performance
International airside food and beverage
$9.97
6%
13%
9.Income per PAX is calculated as total retail income divided by total PAX, excluding half of the transit PAX movements
International Departures duty free experience

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 24
Investment property continues strong growth
Development momentum underpinning strong growth
IP portfolio value
annual rent
roll
10
portfolio occupancy
weighted average
lease term
of land available for property
development
average hotel occupancy
average hotel daily
room rate
$151.7 million
147ha
99.2%
8.3 years
91.3%
•Rental income up 11% to $72.5 million, reflecting
a combination of lease renewals and new
tenancies
•Rent roll at December 2023 up 3% on June 2023
to $151.7 million on the back of strong market
rental growth
Development activity
•Completed two of the five developments planned
for FY24 including developments at 1 Sir Keith
Park Avenue and 10 Te Kapua Driveadding
25,300sqm of net lettable area
•Quality pipeline of six new developments under
construction which will add a further $33 million
in rental income once completed
Hotels
•Significant improvement in hotel occupancy and
average rateduring the six months, with average
daily rates up 11% across the portfolio and both
the ibis and Novotel reach average daily rate
records
•TeArikinui Pullman hotel opened in December
2023 to positive reviews
$3.0 billion
Projects currently under development
$241.61
Update
10.Represents annualised rental income for all existing properties and contracted developments yet to complete

Page 25
311
rooms
198
rooms
273
rooms
782 rooms will be available each day for travellers

Page 26
Continuing to build a sustainable future
Protecting and enhancing
our natural environment
Continuing to support a
successful protection and
breeding programme for
NZ dotterel
Construction of 3,500 metres of
stormwater pipes to manage
future extreme weather events
Resilience against climate
change
Organic waste separation in
landside food courts is
diverting 8 tonnes of waste
from landfill permonth
Reducing waste

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 27
Regulatory update
1H24 was the first financial period in which the new aeronautical charges for PSE4
applied, and theCommerce Commission completed itsInput Methodologies review
Review of price setting event 4
•On 30 November 2023, the Commerce Commission published a process and issues
paper highlighting the scope, process and timing of the review of Auckland Airport’s
pricing for PSE4
•Auckland Airport has submitted on the process and issues paper. A draft report is
expected late May with the final report from the Commission due September 2024
Input Methodologies review
•The Commerce Commission released its final IM determination on 13 December 2023
•Having carefully examined the final decision, Auckland Airport - along with NZ Airports,
Wellington and Christchurch Airports - filed a notice of appeal for a merits review of the
final IM determination
•Auckland Airport believe the final IM decision undermines the purpose of the IMs to
provide a stable regulatory environment which operates for the benefit of New Zealand
consumers, and offers certainty to organisations that invest in long-life infrastructure
assets
Process and issues paper30 Nov 2023
Submissions due31 Jan 2024
Cross submissions due14 Feb 2024
Update on process and scope, if requiredMar 2024
Draft review report publishedLate May 2024
Submissions on draft review report dueLate June 2024
Cross submissions dueMid July 2024
Final PSE4 review report publishedSept 2024
Timetable for review of aeronautical pricing for PSE4
Source: Commerce Commission

Outlook

2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 29
Outlook
Guidance
•As we look to the remainder of FY24, we continue to see growth in capacity
deployed by international airlines and strong demand for our commercial
products and services
•However, uncertainty remains around the pace of growth given the effect of
economic headwinds on domestic demand and externalities impacting capacity
to Auckland
•Reflecting this, Auckland Airport provides the following guidance for FY24:
‒reconfirms underlying earnings guidance of between $260 million and $280
million reflecting anticipated domestic and international passenger numbers
of circa 8.6 million and circa 10.3 million respectively; and
‒lifting capital expenditure guidance to between $1,100 million and $1,400
million in the year reflecting the significant investment across the airport
precinct
•This guidance is subject to any material adverse events, significant one-off
expenses and any deterioration due to global market conditions or other
unforeseeable circumstances
Return of Singapore Airline’s A380 in November 2023

Appendix

2024
Interim Results
Page 31
Appendix: Associates’ performance
For the six months ended 31 December($m)20232022Change
Queenstown Airport (24.99% ownership)
Total revenue33.030.0
10%
EBITDA
11
24.122.5
7%
Underlying earnings (AucklandAirport’s share)
11
3.1
2.9
7%
Domestic passengers799,301
845,216
(5)%
International passengers464,838
378,795
23%
Aircraft movements9,392
8,877
6%
Novotel Auckland Airport (50.00% ownership)
Total revenue16.9
8.8
92%
EBITDA
11
3.4
0.1
3,300%
Underlying earnings (AucklandAirport’s share)
11
1.7
-
-
Average occupancy90.5%
54.1%
67%
TeArikinuiPullman Auckland Airport (50.00% ownership)
12
Total Revenue0.4
--
EBITDA
11
(0.9)
--
Underlying Earnings (AucklandAirport’s share)
11
(0.4)
--
11.Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures
12.The Pullman hotel opened on 13 December 2023 at reduced capacity

2024
Interim Results
Page 32
20232022
For the six months ended 31 December($m)
Reported
profit
AdjustmentsUnderlying
profit
Reported
profit
AdjustmentsUnderlying
profit
EBITDAFI per income statement
310.2 -310.2 189.0 -189.0
Investment property fair value change
(27.1)27.1 -(93.8)93.8 -
Fixed asset write-offs, impairments and termination costs
----0.1 0.1
Derivative fair value change
(0.3)0.3 -
(0.3)
0.3 -
Share of profit / (loss) of associate and joint ventures
4.7 (0.3)4.4 3.0 0.0 3.0
Depreciation
(84.3)-(84.3)(68.7)-(68.7)
Interest expense and otherfinance costs
(33.1)-(33.1)(30.7)-(30.7)
Taxation (expense) / benefit
(51.4)(0.1)(51.5)6.3 (31.1)(24.8)
Profit after tax
118.7 27.0 145.7 4.8 63.1 67.9
Appendix: Underlying profit reconciliation
We have made the following adjustments to show underlying profit after tax for the six months ended 31 December 2023 and 2022:
•we have 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;
•we have also reversed out the impact of derivative fair value movements. These are unrealisedand relate to basis swaps that do not qualify for hedge accounting on foreign exchange hedges, as well as any
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;
•in addition, we have 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
•we have also reversed out the taxation impacts of the above movements in both six-month periods

Interim results
Glossary
33
AMTN Australian medium-term notes
CPS Cents per share
EBITDAFI Earnings before interest, taxation, depreciation, fair value adjustments and investments in associates
FFO Funds from operations
FY Financial year to 30 June
GAAP Generally accepted accounting principles
IM New Zealand Commerce Commission Input Methodologies
MCTOW Maximum certified take-off weight
NPAT Net profit after tax
NZ New Zealand
PAX Passenger
PLF Passenger load factor
PSE4 Regulatory price setting event 4
PSR Passenger spend rate
ULD Unit load device

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (millions)
Revenue from continuing
operations
$440.5
Total Revenue$440.5
Net profit/(loss) from continuing
operations
$118.7
Total net profit/(loss) $118.7
Amount per Quoted Equity
Security
Imputed amount per Quoted
Equity Security
Record Date
Dividend Payment Date
Current period
Net tangible assets per Quoted
Equity Security
$5.72
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Name of person authorised to
make this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
22 February 2024
$0.02625000
n/a
n/a
Prior comparable period
$5.55
Refer to attached media release, unaudited Interim Financial Statements and
Results Presentation
Authority for this announcement
Melanie Dooney
Chief Corporate Services Officer
Stewart Reynolds
Chief Financial Officer (Acting)
027 511 9632
investors@aucklandairport.co.nz
$0.06750000
Results for announcement to the market
Auckland International Airport Limited
6 months to 31 December 2023
6 months to 31 December 2022
NZD
Percentage change
53%
53%
2373%
2373%
Final Dividend

---

Template
Distribution Notice



Section 1: Issuer information
Name of issuer Auckland International Airport Limited
Financial product name/description Ordinary shares
NZX ticker code AIA
ISIN (If unknown, check on NZX
website)
NZAIAE0002S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date Close of trading on 20 March 2024
Ex-Date (one business day before the
Record Date)
19 March 2024
Payment date (and allotment date for
DRP)
5 April 2024
Total monies associated with the
distribution
1

$99,589,892
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.09375000
Gross taxable amount
3
$ 0.09375000
Total cash distribution
4
$ 0.06750000
Excluded amount (applicable to listed
PIEs)
$ N/A
Supplementary distribution amount $ 0.01191176
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of Resident
Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should
include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed
the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether
or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.02625000
Resident Withholding Tax per
financial product
$ 0.00468750
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
21 March 2024 27 March 2024
Date strike price to be announced (if
not available at this time)
28 March 2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
$TBC
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
21 March 2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Melanie Dooney, Chief Corporate Services Officer
Contact person for this
announcement
Stewart Reynolds, Acting Chief Financial Officer
Contact phone number +64 27 511 9632
Contact email address stewart.reynolds@aucklandairport.co.nz
Date of release through MAP

22 February 2024






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.