AIA – Auckland Airport considers retail bond offer

5385659.6

Market Release | 29 April 2024

Auckland Airport considers retail bond offer

Auckland International Airport Limited (“Auckland Airport”) is considering an offer of fixed
rate bonds maturing in November 2030 to New Zealand retail investors and to institutional
investors.

Any such offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer
of debt securities of the same class as Auckland Airport’s existing quoted debt securities.
The bonds are expected to be quoted on the NZX Debt Market. It is expected that full details
of the bond issue will be released the week of 6 May 2024.

Auckland Airport has appointed Bank of New Zealand and Craigs Investment Partners
Limited as Joint Lead Managers.

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

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

Ends

For assistance, please contact:

Campbell De Morgan
Treasury Specialist
+64 27 478 3243
campbell.demorgan@aucklandairport.co.nz


Bank of New Zealand (BNZ)
0800 284 017

Craigs Investment Partners Limited (Craigs)
0800 226 263

---

Confidential
Auckland Airport
Update for debt investors
Stewart Reynolds
Chief Financial Officer (Acting)
Campbell De Morgan
Treasury Manager

Confidential
Debt investor update
Important Notice
Page 2
Disclaimer
This presentation is for preliminary information purposes only, does not constitute a recommendation by Auckland International Airport Limited (Auckland Airport), Bank of New Zealand (Joint Lead Manager), Craigs
Investment Partners Limited (Joint Lead Manager) or The New Zealand Guardian Trust Company Limited, nor any of their respective directors, employees or agents to subscribe for, or purchase, any securities and no part of
this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information in this presentation is given in good faith and has been obtained from sources believed to
be reliable and accurate at the date of preparation, but its accuracy, correctness and completeness cannot be guaranteed. No money is currently being sought and no bonds can be applied for or acquired until the offer opens
and the investor has received a copy of the offer documents in relation to the bonds. If Auckland Airport offers the bonds, the offer will be made in accordance with the Financial Markets Conduct Act 2013 (FMCA) as an offer
of debt securities of the same class as existing quoted debt securities.
All of the data provided in this presentation is derived from publicly available information in relation to Auckland Airport (including the interim results presentation of Auckland Airport for its half year ended 31 December 2023
and the annual report of Auckland Airport for its financial year ended 30 June 2023, unless otherwise indicated). Any internet site addresses provided in this presentation are for reference only and, except as expressly stated
otherwise, the content of any such internet site is not incorporated by reference into, and does not form part of, this presentation.
This presentation may contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy, of Auckland Airport. Auckland Airport gives no assurance that the
assumptions upon which Auckland Airport based its forward-looking statements on will be correct, or that its business and operations will not be affected in any substantial manner by other factors not currently foreseeable by
Auckland Airport or beyond its control. Accordingly, Auckland Airport can make no assurance that the forward-looking statements will be realised.
All currency amounts are in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subject to rounding.
Neither of the Joint Lead Managers nor any of their directors, officers, employees and agents:
1.accept any responsibility or liability whatsoever for any loss arising from this presentation or its contents or otherwise;
2.authorised or caused the issue of, or made any statement in, any part of this presentation; and
3.make any representation, recommendation or warranty, express or implied regarding the origin, validity, accuracy, adequacy, reasonableness or completeness of, or any errors or omissions in, any information, statement
or opinion contained in this presentation and accept no liability (except to the extent such liability is found by a court to arise under the FMCA or cannot be disclaimed as a matter of law).
Auckland Airport and its directors, officers, employees and agents expressly disclaim any and all liability relating to or resulting from inaccurate or incomplete information or the use of or reliance on all or any part of the
information contained within this presentation, except to the extent such liability is found by a court to arise under the FMCA or cannot be disclaimed as a matter of law.
This presentation is dated 29 April 2024.

Confidential
Page 3
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Company overview
Page 3

Confidential
Page 4
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Auckland Airport, a gateway to New Zealand...
Auckland Airport is the largest and busiest airport in New Zealand with an extensive domestic aeronautical network, connecting
Kiwis from Kaitaia to Invercargill
Page 4
•New Zealand’s largest commercial airport serving the country’s largest city
•Auckland Airport has an extensive domestic network serving 23 destinations
•Significant market share with 2/3rds of all domestic sectors either originating or
ending in Auckland
1
•Processed 9.6 million domestic passengers in the year to 30 June 2019 and 8.1
million in the year to 30 June 2023
•Hub to Air New Zealand, the country’s main domestic carrier
•Located on 1,500 hectares of freehold land 26km from Auckland’s central
business district
•No flight curfew, capable of operating 24 hours a day, 7 days a week from a single
3,535m runway
•Provision for a second runway in the future will cater for Auckland’s aviation
requirements for the foreseeable future
1.Pre COVID-19, for the 12 months to 31 Dec 2019

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Company
Overview
Building a
Better Future
Financial
Information
Appendices
...and New Zealand to the world
Page 5
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
Hangzhou
Haikou
New routes commenced
AKL - LAX
AKL - PER - KUL
AKL - SYD - HGH
AKL - HAK

Confidential
Page 6
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Diverse Business
Page 6
AeronauticalRetailTransport

Confidential
Page 7
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Page 7
Diverse Business
Commercial Property
Hotels
Investment in
Queenstown Airport

Confidential
Page 8
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Passenger numbers recovering
Monthly passenger numbers
Aircraft and passenger movements increased significantly, with a 22% rise to 9.3 million passengers in the six months to 31
December 2023, led by a 43% increase in international travel to nearly 5 million. North America and China saw major capacity
boosts, though New Zealanders dominated the rise in international arrivals. Domestic travel grew 4% to 4.3 million, plateauing at
90% due to capacity constraints.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
FY20FY21FY22FY23FY24
Monthly PAX as a % of FY19
International (incl transits)Domestic
90%
91%

Confidential
Page 9
Company
Overview
Building a
Better Future
Financial
Information
Appendices
1H24 financial results at a glance
1.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
Underlying
profit after tax
$145.7m
115%
Underlying profit per share of
9.89 cps
64%
EBITDAFI
$310.2m
EBITDAFI margin of 70.4%
1
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
Capital
investment
130%
$602.8m
1

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Page 10
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Gateway to
New Zealand
Benefiting from the recovery
in travel
Significant commercial
property portfolio
Significant freehold
asset base
Investment grade
credit rating
Proactive capital
management
0
20
40
60
80
100
120
140
160
Jun-10Jun-11Jun-12Jun-13Jun-14Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23
Rent roll ($m)
Credit highlights
$11.3bn
Book value of assets at
31 December 2023
A- stable
S&P Global Ratings
FY
24
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Jul-19
Dec-19
May-20
Oct-20
Mar-21
Aug-21
Jan-22Jun-22
Nov-22
Apr-23
Sep-23
Feb-24
FY20
International (incl transits)Domestic

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Page 11
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Building a better
future
Page 11

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Page 12
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Building a Better Future
Thriving enterpriseEmpowered communitySeamless connectivityEnduring infrastructureFuture resilience
A thriving commercial
community lies at the core of
the long-term success and
sustainability of our precinct. It
will encompass a wide range
of industries: from aviation and
tourism; to retail and
hospitality; to accommodation
and entertainment; to high
value exports and trade – a
place that New Zealanders are
proud of, as they connect with
each other and the world via a
thriving aviation network.
Together, we will create a
vibrant and dynamic
environment that drives
prosperity for our economy
We value our strong links with
the community and will
continue to actively contribute
to the wellbeing and growth of
local people. We will leverage
the resources of the aviation
precinct to empower and
create opportunities for people,
including our own incredible
team. We foster collaboration
and support to pave the way
for positive progress and
shared prosperity
We seek to be a connected
aviation precinct that enhances
travellers’ wellbeing,
streamlines the travel
experience and optimises
maintenance and services.
With real-time responsiveness,
we will promptly address
events and traveller
management. Customers will
enjoy a seamless travel
experience and enhanced
services through our integrated
technology and data-driven
approach. We’re embracing
the future of aviation
connectivity
As custodians, we think long-
term. Enhancing ground
transportation options,
embracing digital, and
investing in the future of the
end-to-end travel experience.
Our initiatives will cater to the
growing and evolving needs of
customers, partners, tenants
and visitors ensuring our place
remains at the forefront.
Together, we’ll achieve
increased efficiencies and a
seamless travel experience –
now and for the future
We’re not just a business – but
a multigenerational endeavour.
Applying a long-term
perspective in everything
we do. Working closely with
tangata whenua, prioritising
our people, aviation
community, our country’s
economy and the protection of
our natural environment. With
our partners, we are driving
modal shifts across transport
and applying new technologies
towards decarbonisation.
Together, we’re building a
sustainable legacy that
benefits future generations

Confidential
2023
Highlights
Financial
performance
Building a
better future
Outlook
Annual Results
Page 13
Transforming the aviation system at Auckland
Page 13
Ten-year roadmap
Projects are subject to change and may be replaced, deferred or cancelled

Confidential
2023
Highlights
Financial
performance
Building a
better future
Outlook
Annual Results
Page 14
Progress continues towards terminal integration...
Page 14

Confidential
2023
Highlights
Financial
performance
Building a
better future
Outlook
Annual Results
Page 15
Airfield expansion providing important capacity for growth
Page 15

Confidential
2023
Highlights
Financial
performance
Building a
better future
Outlook
Annual Results
Page 16
First stage of the Transport Hub opened April 2024
Page 16

Confidential
Page 17
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Quality retail proposition
Page 17

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
24,000m²+ Leasable Retail Area
100+ Retail Stores, 14 F&B
Mānawa Bay retail outlet centre due to open September 2024
Page 18

Confidential
Page 19
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Significant commercial property portfolio continues to grow
Auckland Airport’s commercial property portfolio has grown rapidly in recent years, leveraging an exceptional track record of design
and delivery, and the precinct’s high quality, high covenant tenancy characteristics. These characteristics continue to resonate with
existing and prospective tenants resulting in a strong forward order book.
Commercial property rent roll
Commercial property remains well positioned
Portfolio value
Rent roll
Portfolio occupancy
Weighted average
lease term
of land available for property
development
$151.7 million
147 ha
99.2%
8.3 years
$3.0 billion
0
20
40
60
80
100
120
140
160
Jun-10Jun-11Jun-12Jun-13Jun-14Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23
Rent roll ($m)
Page 19

Confidential
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Company
Overview
Building a
Better Future
Financial
Information
Appendices
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

Confidential
2024
Highlights
Financial
performance
Building a
better future
Outlook
Interim Results
Page 21
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...

Confidential
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Company
Overview
Building a
Better Future
Financial
Information
Appendices
Financial
information
Page 22

Confidential
Page 23
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Return to underlying profit
1.2020 includes capital expenditure write-offs, impairments and contractor termination costs of $117.5 million, redundancy costs of $5.9 million and credit losses of $7.3 million in 2020. 2021 includes a net reversal of $16.9 million of fixed asset impairment
and termination costs and a $4.2 million reversal of expected credit losses
2.A reconciliation between profit after tax and underlying profit after tax for 1H24 is included in the Appendix. Reconciliations for years ended 2019 – 2023 are available in the Annual Results report
3.The 2021 comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2 of the Financial Statements to the Annual Results for the year ended 30 June 2022
For the year ended 30 June
$m
2024 H120232022
Restated
2021
3
20202019
Revenue440.5
625.9
300.3281.1 567.0 743.4
Expenses
1
130.3
228.8
155.8110.0 306.6 188.6
Earnings before interest, taxation, depreciation, fair value adjustments and
investments in associates (EBITDAFI)
310.2
397.1
144.5171.1 260.4 554.8
EBITDAFI Margin70%
63%48%61%
46%
75%
Share of profit / (loss) from associates4.7
11.1 (12.8)21.1 8.4 8.2
Impairment on investment in JV-
--- (7.7) -
Derivative fair value movement(0.3)
(0.7)
1.7(0.5) (1.9) (0.6)
Property, plant and equipment revaluation-
(15.6)
(1.4)(7.5)(45.9) (3.8)
Investment property revaluation(27.1)
(139.7)
204.4527.3 168.6 254.0
Depreciation expense84.3
145.3
113.1120.9112.7 102.2
Interest expense33.1
62.7
53.794.071.878.5
Taxation expense51.4
1.0
(22.0)30.03.5108.4
Reported profit after tax118.7
43.2
191.6466.6193.9523.5
Underlying profit / (loss) after tax
2
145.7
148.1
(11.6)(39.4)188.5274.7

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Company
Overview
Building a
Better Future
Financial
Information
Appendices
Higher PAX numbers driving improved performance
For the year ended 30 June
$m
2024 H120232022202120202019
Airfield income
75.386.6
60.964.0100.6127.6
Passenger services charge
119.5132.9
33.824.2133.0185.1
Retail income
90.3130.9
22.717.8141.5225.8
Car park income
33.857.7
26.228.750.364.2
Rental income
87.3170.6
129.7115.2109.2107.8
Other income
34.347.2
27.031.232.432.9
Total revenue440.5625.9
300.3281.1567.0743.4

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Page 25
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Balance sheet remains strong
$m
Dec 2023Jun 2023Jun 2022
Restated
Jun 2021
1
Jun 2020Jun 2019
Cash
57.9106.224.779.5765.337.3
Trade and other receivables
97.351.628.525.434.769.0
Other current assets
1.33.021.620.937.0-
Current assets
156.5160.874.8125.8837.0106.3
Property, plant and equipment
7,949.57,548.36,986.16,826.56,060.86,577.1
Investment properties
2,988.12,882.12,897.42,641.42,054.21,745.4
Investment in associates
191.1193.1166.5154.4114.7105.7
Derivative financial instruments
58.345.028.129.2230.4162.6
Total assets
11,343.510,829.310,152.99,777.39,297.28,697.1
Borrowings
2,231.41,817.11,476.61,392.82,145.22,190.5
Other liabilities
669.2634.7525.4455.0514.9473.7
Total liabilities
2,900.62,451.82,002.01,847.82,660.12,664.2
Equity
8,442.98,377.58,150.97,929.56,637.16,032.9
Total liabilities and equity
11,343.510,829.310,152.99,777.39,297.28,697.1
1.The 2021 comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2 of the Financial Statements to the Annual Results for the year ended 30 June 2022

Confidential
Page 26
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Strong liquidity position and robust credit metrics
Strong financial metrics with strong covenant headroom and liquidity to support the planned capex
•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
$58 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
1
≤ 60%21.1%18.2%
Interest coverage covenant
2
≥ 2.0x8.22x6.57x
Debt to enterprise value14.7%12.7%
Net debt to enterprise value14.4%12.0%
FFO interest cover
3
≥ 2.5x5.1x5.0x
FFO to net debt
3
≥ 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
1.Gearing defined as nominal value of debt plus derivative liabilities divided by nominal value of debt plus derivative liabilities plus the book value of equity
2.Interest coverage defined as reported NPAT plus taxation, interest expense, depreciation, revaluations and derivative changes (broadly EBITDA) divided by interest
3.Test is S&P’s A- rating threshold for Auckland Airport. Dec 23 actual number is Auckland Airport’s estimate on a rolling 12-month basis.
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

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Company
Overview
Building a
Better Future
Financial
Information
Appendices
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
Regulatory update

Confidential
Page 28
Company
Overview
Building a
Better Future
Financial
Information
Appendices
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

Confidential
Thank you
Thank you
Page 29

Confidential
Page 30
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Appendices
Page 30

Confidential
Page 31
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Appendix: Board of directors
Christine Spring
Director
Dr Patrick Strange
Chair
Mark Binns
Director
Liz Savage
Director
Julia Hoare
Director
Dean Hamilton
Director
Tania Simpson
Director
Mark Cairns
Director

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Page 32
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Appendix: Management team
Mary-Liz Tuck
Chief Sustainability & Master
Planning Officer
Scott Tasker
Chief Customer Officer
Mark Thomson
Chief Commercial Officer
Melanie Dooney
Chief Corporate Services Officer
Chloe Surridge
Chief Operations Officer
Richard Wilkinson
Chief Digital Officer
Carrie Hurihanganui
Chief Executive
Darren Evans
Chief Safety and Risk Officer
Stewart Reynolds
Chief Financial Officer
(acting)
Susana Fueyo Suarez
Chief Infrastructure Officer

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Company
Overview
Building a
Better Future
Financial
Information
Appendices
Appendix: Underlying profit reconciliation
2024 H12023
$m
Reported
profit
AdjustmentsUnderlying
profit
Reported
profit
AdjustmentsUnderlying
profit
EBITDAFI per Income Statement
310.2 - 310.2
397.1 - 397.1
Investment property fair value change
(27.1)27.1 -
(139.7)139.7 -
Property, plant and equipment fair value change
- - -
(15.6)15.6 -
Fixed asset write-offs, impairments and termination costs
1
- - -
- 2.8 2.8
Derivative fair value change
(0.3)0.3 -
(0.7)0.7 -
Share of profit / (loss) of associate and joint ventures
4.7 (0.3)4.4
11.1 (3.6)7.5
Depreciation
(84.3)- (84.3)
(145.3)- (145.3)
Interest expense and other finance costs
(33.1)- (33.1)
(62.7)- (62.7)
Taxation expense / (benefit)
(51.4)(0.1)(51.5)
(1.0)(50.3)(51.3)
Profit after tax
118.7 27.0 145.7
43.2 104.9 148.1
1.2023 EBITDAFI included fixed asset write-offs, impairments and termination costs of $3.8 million.
We have made the following adjustments to show underlying profit after tax for the six months ended 31 December 2023 and the year ended 30 June 2023:
•we have reversed out the impact of revaluations of investment property in FY23 and FY22. 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 unrealised and, therefore, is not
considered when determining dividends in accordance with the dividend policy;
•consistent with the approach to revaluations of investment property, we have also reversed out the revaluations of the land, runways, taxi ways, aprons and infrastructure and building classes of assets within
property, plant and equipment in FY23;
•we have reversed out the impact of capital expenditure write-offs, impairments and termination cost expenses and reversals. These fixed asset write-off costs, impairments and termination costs 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 unrealised and 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. Further information is
included in note 18(b) of the financial statements;
•in addition, we have adjusted the share of profit of associates and joint ventures in both 24H1 and FY23 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 24H1 and FY23.

Confidential
Page 34
Company
Overview
Building a
Better Future
Financial
Information
Appendices
Appendix: Associates’ performance
For the six months ended 31 December ($m)20232022Change
Queenstown Airport (24.99% ownership)
Total revenue33.030.0
10%
EBITDA
1
24.122.5
7%
Underlying earnings (Auckland Airport’s share)
1
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
1
3.4
0.1
3,300%
Underlying earnings (Auckland Airport’s share)
1
1.7
-
-
Average occupancy90.5%
54.1%
67%
Te Arikinui Pullman Auckland Airport (50.00% ownership)
2
Total Revenue0.4
--
EBITDA
1
(0.9)
--
Underlying Earnings (Auckland Airport’s share)
1
(0.4)
--
1.Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures
2.The Pullman hotel opened on 13 December 2023 at reduced capacity

Confidential
Debt investor update
Glossary
Auckland Airport Auckland International Airport Limited
Bn Billion
COVID COVID-19
Cps Cents per share
EBITDA Earnings before interest, taxation and depreciation
EBITDAFI Earnings before interest, taxation, depreciation, fair value adjustments and investments in associates
FFO Funds from operations
FY Financial year
Ha Hectares
JV Joint venture
KM Kilometers
NPAT Net profit after tax
PAX Passenger
PSE4 Price setting event 4 covering the period 1 July 2022 to 30 June 2027
PSE5 Price setting event 5 covering the period 1 July 2027 to 30 June 2032
TSR Total shareholder return
Page 35