AIA - FY26 Annual Results

Media Release | 20 August 2026
AKL FY26: Strong delivery on infrastructure
and steady performance amid global
headwinds
Key performance data for the 12 months to 30 June 2026:
• Total passenger movements increased 1.6% to 19.04 million
• Domestic passenger movements grew 1.7% to 8.6 million, and international passenger
movements (including transits) increased 1.6% to 10.5 million
• Revenue was up 3% to $1,036 million. Excluding interest income, revenue was up 5% to $1,026
million
• Operating EBITDAFI
1
was up 3% to $724 million
• Net underlying profit after tax
1
was down 0.5% to $309 million
• Reported profit after tax
2
including revaluations decreased to $335 million
• A final dividend of 6.75 cents per share will be paid on 2 October 2026

Auckland Airport today announced its financial results for the year to 30 June 2026, underpinned
by resilient demand for travel to and from New Zealand despite a more volatile global aviation
environment in the second half of the year.
Auckland Airport Chair Julia Hoare said the 2026 financial year (FY26) began with strong
momentum in key international and domestic markets, reflecting New Zealand’s continued appeal
as a destination and the strength of outbound travel.
“Overall, airlines continued to identify opportunities in the New Zealand market, with new
domestic and trans-Tasman capacity, strong Lunar New Year travel momentum and growing
interest in Auckland as a connection point between Asia, New Zealand and South America. The
broader trend reflects both the strong appetite of New Zealanders to travel and the enduring
appeal of New Zealand as a destination.”
Highlights for the year included a 4% uplift in trans-Tasman capacity over FY26, while the United
States continued to demonstrate stable demand for New Zealand as a destination, despite a slight
decline in capacity of 3%. Government changes to visa settings and growing airline capacity

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
2
Includes a $35.8 million investment property net revaluation gain, compared to a $127.5 million net revaluation gain in the
same period last year

(+2%), including the launch of the Shanghai-Auckland-Buenos Aires service by China Eastern, saw
Chinese visitation rebound strongly, up 11% year on year.
“The global aviation market became more challenging in the second half of the financial year, as
geopolitical instability drove fuel price volatility and prompted airlines to reassess capacity
deployed across their networks,” Ms Hoare said.
“This, alongside global aircraft supply constraints, resulted in seat capacity falling 6% from
planned levels in the final four months of the financial year. We have worked closely with regional
airlines as they responded to the fuel price pressures, including supporting them with
approximately $3.5 million in targeted rental abatements across the financial year.”
Overall, the number of passengers travelling through Auckland Airport in FY26 rose 1.6% over the
previous year to 19.04 million. International passenger numbers were up 1.6% year on year to 10.5
million (including transits) with 25 airlines flying non-stop between Auckland and 43 international
destinations. Demand for domestic travel remained resilient and load factors were high, resulting
in 8.6 million passengers for FY26, 1.7% up on FY25.
Chief Executive Carrie Hurihanganui said the resilience in travel demand reinforced the
importance of Auckland Airport’s long-term infrastructure investment programme and focus on
improved operational delivery.
“We have managed through the fuel situation with discipline, while continuing to build the airport
infrastructure and support the operational resilience New Zealand’s gateway airport will need for
the decades ahead,” she said.
“Auckland Airport contributes $40 billion in economic output for New Zealand each year as the
country’s busiest airport and third largest port by value, and we understand the responsibility that
comes with getting the infrastructure right for New Zealand over the long term.
“This year saw strong delivery across the airport precinct with $1 billion of assets commissioned,
including the opening of the 250,000-square-metre northern airfield expansion and delivery of
major stormwater improvements. We also progressed the new domestic jet terminal and airfield
works, and started the transformation of the international check-in area. It’s a programme
currently employing around 1,500 people, and every milestone brings us closer to a more resilient,
efficient and fit-for-purpose airport.
“Operationally, our priority is preparing systems, people and partners to bring the new integrated
domestic jet terminal to life when it opens. At the same time, we are continuing to run a safe,
efficient airport for travellers throughout the construction programme.
”We are in the peak-investment phase of the aeronautical infrastructure development
programme. Construction within a live operating environment brings real challenges, and for the
next 18 months we will be moving through the most intensive stage of the build inside the
international terminal. Our focus is on managing that transition carefully and safely, minimising
disruption and supporting customers and stakeholders through the change.
Improving the customer experience

FY26 saw continued improvements in customer processing times across international and
domestic travel, including a 7% reduction in typical wait times for domestic departures year on
year. Over the past year, median processing times at international departures, including important
security and border checks, reduced by 16% compared to FY25. Overall, between FY23 and FY26
they have reduced by a total of 27%. Ms Hurihanganui said this was a strong outcome given the
scale of change and activity under way across the ecosystem, thanks to the efforts of border
agencies and the Auckland Airport team.
“I want to acknowledge and thank the whole airport team, along with border agency partners, for
the hard work and collaboration that made this possible. With traveller numbers expected to
continue to increase in the years ahead, maintaining our focus on the customer experience will
continue to be a key priority across the airport precinct,” she said.
At the international terminal, new global travel retail operator Lagardère got underway with a
major refresh of the duty-free offering in FY26. The first two stages of the project have now been
delivered, including a new duty-free entrance, revamped walkways, a runway-view tasting bar,
and New Zealand's first full-format Victoria's Secret store. Alongside this, Auckland Airport is
underway with an upgrade of the international departures’ airside dining precinct, with 16 new or
refurbished dining options to be delivered by December.
“The time people spend airside before their flight should be something they genuinely enjoy. We
know travellers want good food, comfortable spaces and for simple things to be easy, like being
able to charge their phone and finding a comfortable place to sit, and that’s what we’re getting on
and delivering.”
Alongside customer improvements, Auckland Airport continues to look for opportunities to
reduce its environmental impact. In FY26, a $15 million upgrade to Auckland Airport’s commercial
air conditioning systems took place, with the project expected to reduce natural gas use for
heating and cooling by about 40%. Auckland Airport is also embedding low-carbon cross-
laminated timber into the structural flooring of the new 240-metre aircraft pier, replacing heavy
reinforced concrete to lower the project's carbon footprint.
Ms Hurihanganui said the low-carbon initiatives formed part of a longer-term plan, set out in
Auckland Airport's updated Master Plan, finalised and released in June.
“It provides an updated blueprint for how New Zealand’s gateway airport could grow and evolve
over the coming decades as demand grows. The Master Plan reinforces the same approach we
are taking today, with a focus on making the best use of existing infrastructure, investing in
stages, and keeping future decisions tied to demand, affordability and changing circumstances.
“We’re pleased to see other long-term thinking playing out across the Auckland region through
the development of port and cruise infrastructure, the investment in key infrastructure projects
like the City Rail Link, and the improved co-ordination and planning the Auckland City Deal will
bring.”
Announced in April this year, the City Deal includes a commitment for Auckland Council, central
government and Auckland Airport to prepare a development and investment plan to improve
surface access to the precinct.

“We welcome the Auckland City Deal’s focus on important transport links. Reliable access to and
from the terminals keeps travellers and freight moving on time, helps New Zealand businesses stay
connected to markets overseas, and supports economic productivity right across the country.”
Aviation precinct
Auckland Airport’s commercial portfolio performed well in FY26, continuing its focus on high
quality developments. Premium outlet retail centre Mānawa Bay strengthened its performance
over the period, with monthly visitation and trading growing year on year.
Construction of the new Foodstuffs chilled distribution facility at Auckland Airport also
progressed over the period, reinforcing the airport's role as a key logistics and distribution hub for
the wider Auckland region.
Overall, Auckland Airport’s investment property portfolio has ended the year having a total value
of $3.5 billion, with a commercial property rent roll of $202.5 million, occupancy levels at 97.2% and
a weighted-average lease term currently at 8.7 years.
Community impact
In FY26, Auckland Airport's investment programme continued to create new opportunities for
employment, particularly in the neighbouring South Auckland community.
"As we deliver one of the largest infrastructure programmes in the airport's history, we are
focused on creating opportunities for local people and connecting them with the skills, training
and construction pathways that the build creates.
"This year we were delighted to celebrate 10 years of the Ara Auckland Airport Jobs and Skills Hub,
which has over that time supported more than 1,440 people into employment, helped over 1,700
rangatahi build skills through school programmes, and enabled more than 3,600 learners to access
training.”
Regulatory
During the year, the regulatory environment remained an important area of focus. Preparations
are underway for Price Setting Event 5, which will set aeronautical pricing for the five-year period
from 1 July 2027 to 30 June 2032.
Auckland Airport has responded to the Commerce Commission’s Draft Decision on the Cost of
Capital Input Methodologies for airports, which proposed the third materially different approach
within the space of three years. While we welcome oversight from the regulator, Auckland Airport
has significant concerns about the draft decision and the uncertainty it will create for airports,
their funders and investors.
Outlook
Ms Hurihanganui said: “As Auckland Airport looks ahead to FY27 we are optimistic about the
future, with strong underlying demand for air travel for the upcoming summer peak travel period,
and ongoing momentum in our commercial business.

“However, we continue to take a cautious approach in the near term with the current fuel price
volatility and geopolitical instability impacting airlines and demand for travel, with flight and
passenger volumes expected to be relatively flat in FY27,“ she said.
This is reflected in guidance of underlying profit after tax (excluding any fair value changes and
other one-off items) of between $290 million and $330 million. We continue to make strong
progress on our infrastructure programme, reflected in guidance of between $1,000 million to
$1,300 million for FY27. 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
+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

The table below shows the reconciliation between reported profit after tax and underlying profit
after tax for the years ended 30 June 2026 and 2025.

2025 2024
Reported
profit
$M

Adjustments
$M
Underlying
profit
$M
Reported
profit
$M

Adjustments
$M
Underlying
profit
$M
EBITDAFI per Income Statement 724.2 - 724.2 701.1 - 701.1
Investment property fair value change
35.8 (35.8) - 127.5 (127.5) -
Property, plant and equipment revaluation
(0.2) 0.2 - (2.8) 2.8 -
Fixed asset write-offs and impairment
- - - - 0.4 0.4
Derivative fair value change
1.0 (1.0) - (2.0) 2.0 -
Share of profit of associate and joint ventures
4.5 4.8 9.3 3.4 3.2 6.6
Depreciation
(241.8) - (241.8) (200.7) - (200.7)
Interest expense and other finance costs
(72.6) - (72.6) (72.3) - (72.3)
Taxation (expense) / benefit
(116.2) 6.1 (110.1) (133.5) 8.8 (124.7)
Profit after tax 334.7 (25.7) 309.0 420.7 (110.3) 310.4
We have made the following adjustments to show underlying profit after tax for the years ended
30 June 2026 and 2025:
• reversed out the impact of revaluations of investment property in 2026 and 2025. 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;
• reversed out the impact of revaluations of infrastructure and runway, taxiways and aprons in
2026 and we have also reversed out the revaluations of land in 2025;
• reversed out the impact of unrealised capital expenditure write-offs, impairments and
termination cost expenses in 2025. These fixed asset write-offs, 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;
• 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 16(b) of the financial statements;
• adjusted the share of profit of associates and joint ventures in both 2026 and 2025 to reverse
out the impacts on those profits from revaluations of investment property and financial
derivatives; and
• reversed out the taxation impacts of the above movements in both the 2026 and 2025
financial years.

---

Delivering for
NZ since 1966
Annual Report 2026

Sixty years ago, Auckland Airport opened on land partially
reclaimed from the Manukau Harbour and welcomed its
first passengers. It was 1966, an era of optimism, when
New Zealand was reaching outward to the world and jet
travel was bringing us closer for the first time.
Since that first flight, AKL has never stopped striving to
deliver.
Connections. Infrastructure. Growth. Through economic
cycles, global disruptions, and the ever-shifting demands
of modern travel, Auckland Airport has done what it has
always done: invested for the long term to serve the airline
partners, communities, businesses, and travellers who
depend on us.
It is a story of resilience and momentum, of an airport that
has grown and adapted through six decades of change.
That same founding spirit of 1966 drives everything we do,
and everything still to come.
We welcome your feedback. Please send any comments or
suggestions to investors@aucklandairport.co.nz
Nau mai, welcome to our 2026 Annual Report.
Delivering
for NZ since 1966
Annual Report 2026Auckland Airport2

Contents
Overview
4
Our performance6
Our strategy12
Climate-related disclosure36
Enterprise risk management76
Corporate governance80
Shareholder and company information89
Remuneration101
Financial report117
Financial statements126
Five-year summary186
Corporate directory191
Annual Report 2026Auckland Airport3

About us
Auckland Airport is New Zealand’s
primary international gateway, the
point where people, goods and
opportunities connect New Zealand
with the world.
AKL handles the majority of the country’s international
travel and high-value exports, making it one of the most
important pieces of infrastructure in Aotearoa.
The airport precinct is one of Auckland’s largest
employment hubs, supporting 25,000 jobs across
aviation, retail, logistics and hospitality, and tens of
thousands more across the wider tourism and trade
sectors.
Above all, Auckland Airport exists to keep pace with
New Zealand’s growth, investing in capacity, building
resilience, and ensuring that as the country’s ambitions
expand, AKL is ready to meet them.
01Overview
Annual Report 2026Auckland Airport4

1 E Y Auckland Airport Economic Analysis report July 2026
2 Two hotels owned as part of joint venture with Tainui Group Holdings
157,618
aircraft movements
19.0m
passenger
movements
173,880t
of international
cargo
170,000
sqm of floor area
over two terminals
24km+
of roading
network
$39.5b1
economic output
generated
annually
3,635
metres of
runway capable
of handling all
commercial
aircraft types
airlines
27
We own and operate
Auckland Airport
820
full-time permanent and fixed-term,
18 part-time permanent and fixed-term, and
99 casual Auckland Airport employees
25,0001
jobs AKL precinct supports
1,440+
jobs for people, skills training for 1,700
rangatahi and training provided to 3,600
people through Ara Auckland Airport Jobs
and Skills Hub since 2015
We are a substantial employer
and enabler of employment
$
202.5m
contractual rental income a year
We are a property developer
and owner
24/7
aviation fire, medical, and marine search
and rescue services
97%
average commercial occupancy rate
(excludes sites reserved for future
development)
40+
food and beverage operators
$3.5b
of logistics and distribution warehouses,
office buildings and shopping centres
300+
businesses at
Auckland Airport
3 hotels2
with a combined
772 rooms
We provide important services to
travellers, airlines and our
commercial partners
In FY26 we supported
43
international
destinations
23
domestic
destinations
Operating to
01Overview
Annual Report 2026Auckland Airport5

2026 key numbers
Our performance in the
12 months to 30 June 2026
19.04m
Passengers
19.76¢
Reported earnings per share
Capital expenditure
18.24¢
Underlying earnings per share
4.0%$1,067.5m
Five-year average annual
shareholder return
▼

2%
$309.0m 13.25¢6.50¢6.75¢
Underlying profit1
Dividend per shareInterim Final
2
▼

0.5%0%
▼

3%
▲

3%
8.57m9.81m
0.66m
DomesticInternationalInternational transit
▲
1.7%
▲

2.0%
▼

3.8%
▲

1.6%
$1,035.6m $724.2m $334.7m
RevenueOperating EBITDAFI1Reported profit after tax
▲

3%
▲

3%
▼

20%
1 Auckland Airport recognises EBITDAFI and underlying profit are non-GAAP measures and a reconciliation
between reported profit after tax and underlying profit after tax is included in the Financial Report section of
this annual report.
2 The dividend reinvestment plan (“DRP”) will be operative for the final dividend with a 2.0% discount.
The last date to submit a participation notice for this distribution in accordance with DRP participation
terms is 18 September 2026.
(vs FY25)
02Our performance
Annual Report 2026Auckland Airport6

3 Mixture of cash donations and contributions in kind.
4
E
ach senior leader completes at least one inspection walk a month to increase
visibility, address any safety issues raised by workers, and explore opportunities
for improvements.
5 Direct reports to the executive leadership team with substantive roles.
6
E
mployees with at least one direct report.
Total number of employee injuries
45 (53)
Employee lost-time injuries
1 (4)
Total number of contractor injuries
51 (60)
Contractor lost-time injuries
4 (4)
Total recordable employee injury
frequency rate
1.19
Total recordable contractor injury
frequency rate
0.87
Leaders’ safety walks
4
687 (604)
Critical risk control effectiveness
81%
Environment
• E xpanded tikanga-based pōwhiri and
whakatau welcomes to all new starters
•
C
elebrated Matariki and other cultural
events with presentations and staff
learning
•
Partnered with mana whenua to support
blessings, openings and key milestones,
including the airport biofilter
•

E
ngaged specialist Māori design
capability to work across a range of
airport terminal and precinct projects
•

C
ontinued embedding Māori cultural
advice into airport projects, design,
naming and operations.
Iwi
Community
Health, Safety and Wellbeing
$547k
3

in support to Ara Education
Charitable Trust in FY26
70
households offered noise reduction
packages (statutory requirement)
$445k
granted to the Auckland Airport Community
Trust for projects to support learning,
literacy and life skills in South Auckland
20%
of the team used their volunteering leave
75%
reduction in scope 1 and 2 emissions
(from 2019 baseline, using a market-
based methodology)
22%
reduction in aeronautical waste to landfill
(from 2019 baseline)
18%
of our employees
self-identify as Māori
or Pasifika
38%
Auckland Airport
Board of Directors
15%
of people leaders
6
self-identify as Māori
or Pasifika
38
ethnicities across
our workforce
44%
Executive leadership
team
40%
overall workforce
51%
senior leaders
5

Diversity and inclusion
Proportion of women
Diversity
Annual Safety Performance
Metrics (vs FY25):
02Our performance
Annual Report 2026Auckland Airport7

From the Chair
and Chief Executive
As New Zealand’s front door to the
world, Auckland Airport carries
a responsibility that extends
well beyond the runway and our
terminals. As we navigate through
global disruption and uncertainty,
we remain committed to building
resilient infrastructure that can unlock
tomorrow’s opportunities for trade,
tourism, and growth across Aotearoa.
The 2026 financial year was one
of solid operational delivery and
execution on our Building a Better
Future strategy, even as the aviation
sector continued to face external
pressures.
After reporting encouraging
momentum at our half-year results
in February, the operating outlook
became more uncertain as conflict
in the Middle East added volatility
to fuel markets and airline network
planning. Together with ongoing,
but easing, global aircraft supply
constraints, these conditions
reinforced the need for prudent
decision-making across the business.
Even so, demand for travel to and
from New Zealand has proven
resilient in the 2026 financial year.
As a welcoming nation at the far
reaches of the Pacific, New Zealand
offers something sought-after as a
destination, and Auckland Airport
continued to build on this advantage,
making strong progress across its
core priorities throughout the
12 months to 30 June 2026 (FY26).
Travel market
In FY26 we saw continued strength
in key visitor and outbound markets.
Australia remained an important source
of growth year on year, supported by
a 4% uplift in trans-Tasman capacity,
while the United States continued to
demonstrate stable demand for
New Zealand as a destination, with
capacity remaining stable year on
year. China visitation also rebounded
strongly, up 11% year on year, following
government changes to visa settings
and the launch of the Shanghai-
Auckland-Buenos Aires service by
China Eastern.
Demand for domestic travel remained
steady year on year with high load
factors, although domestic travel
numbers are still tracking below 2019
levels at 89%.
Airlines continue to navigate a
complex operating environment,
managing global fleet shortages,
ongoing engine maintenance
challenges, and sustained fuel price
pressures, all of which continued
to constrain capacity through the
second half of the year and will
remain important considerations for
the year ahead.
Overall capacity fell 6% between the
onset of the fuel disruption in March
and the end of FY26, compared to
the capacity airlines had intended to
operate as at 22 February 2026 (pre-
Middle East war). We have worked
closely with regional airlines as
they responded to these pressures,
including supporting them with $3.5
million in targeted rental abatements.
We recognise the efforts airlines have
shown in maintaining connectivity
to and within New Zealand despite
these headwinds, and we continue to
work closely with our airline partners
to support their operations through
what remains a challenging period.
Financial results
Against this backdrop, Auckland
Airport delivered a positive financial
result for FY26.
Revenue for the year was $1,035.6
million, up 3% on the previous year.
Aeronautical revenue benefited
Julia Hoare
Chair
Carrie Hurihanganui
Chief Executive
02Our performance
Annual Report 2026Auckland Airport8

AKL
continued
investing for
long-term growth
while navigating
short-term
volatility
from passenger activity, pricing
changes under Price Setting Event
4 and investment in new facilities,
while non-aeronautical businesses
including property, retail, parking and
hotels continued to demonstrate the
strength of the airport’s diversified
earnings base. EBITDAFI grew to
$724.2 million, reflecting the 6%
rise in aeronautical income and
the success of continued focus
on disciplined cost management.
Total reported profit after tax was
$334.7 million, down 20% on FY25,
largely reflecting a smaller uplift in
the fair value of investment property
compared with the previous year.
Underlying profit after tax was
$309.0 million, as the growth in
earnings was offset by the increase
in depreciation costs relating to the
substantial investment programme
underway. The Board is announcing a
final dividend of 6.75 cents per share,
bringing total dividends for the year
to 13.25 cents per share.
New economic impact data
With the release of Auckland Airport’s
Master Plan in June 2026, a new EY
report on Auckland Airport’s economic
impact on Auckland and across
New Zealand was also published.
Key findings are that 25,000 jobs
are supported by Auckland Airport’s
operation (up 2.8% on 2024), $1.6
billion in economic output annually
supported by precinct employment
(up 14.3%), third largest goods port by
value in New Zealand, $6.7 billion in
domestic tourism activity (down 1.5%),
$31.2 billion in international tourism
activity (up 16%), and $1.42 million in
value for New Zealand generated by
every international aircraft arrival
(up 1.4%).
Infrastructure development
During FY26, we continued to invest
across the airfield and integrated
terminal programme. Much of this
investment goes into enabling works
that aren’t publicly visible, but are just
as critical to building the capacity and
resilience New Zealand will need over
coming decades.
Major milestones included the
opening of the 250,000sqm
northern airfield expansion,
further progress on the integrated
terminal, and continued upgrades
to supporting utilities, stormwater
and precinct infrastructure. We also
began the transformation of our
international check-in experience,
a significant change that will
ultimately deliver a more seamless
journey for passengers. We know
that transformation of this scale
brings disruption, and some of
that will be felt by customers and
stakeholders in the months ahead.
Our focus is on minimising that
impact and supporting stakeholders
through the journey as operations
evolve. This is complex work being
delivered safely in a live operating
environment, and every stage
completed brings us closer to a more
resilient, efficient and fit-for-purpose
airport. On the airfield, works are
underway to prepare for the largest
programme of runway pavement
upgrades in 20 years, as part of
the Runway Resilience Programme.
This includes work on the upgraded
regional airfield, which supports
the realignment of Taxiway Bravo, a
critical step towards the main runway
renewal programme towards the end
of the decade.
Resilience and sustainability continue
to be embedded in how we plan
and build. From electrification and
lower-carbon design to stormwater
upgrades and improved operational
resilience, our focus is on creating
infrastructure that is better prepared
for the future. These investments
matter for the airport, for our
customers and partners, and for the
communities and economy we serve.
Regulatory
During FY26, the regulatory
environment remained an important
area of focus. Preparations are
underway for Price Setting Event 5,
which will set aeronautical pricing
for the five-year period from 1
July 2027 to 30 June 2032. As
we have consistently said, major
aeronautical investment requires a
stable regulatory model that supports
timely, efficient delivery of essential
infrastructure.
On 19 May 2026, the Commerce
Commission released a draft
decision on changes to the Input
Methodologies (IMs) in response
to coding errors identified in the
2023 IMs. With another proposed
significant change to the way the
IMs are calculated we are concerned
that the draft decision from the
Commission, if adopted, would
once again undermine regulatory
stability and with that the certainty of
investing in long-term infrastructure
assets, impacting the attractiveness
of New Zealand as an investment
destination. Auckland Airport has
engaged in the consultation process
with a final decision from the
Commission currently expected in
the second quarter of FY27.
The Commerce Commission also
released a draft decision in June
2026 on potential changes to the
Information Disclosure requirements
for major capital expenditure.
Auckland Airport supports the
current Information Disclosure (ID)
regime, but we are concerned that
some of the changes proposed go
beyond the purpose of ID regulation.
We are keen to engage on potentially
workable changes within the existing
structure of the regime to enhance its
ability to provide stakeholders with
confidence that airports are investing
in the long-term interest on New
Zealand consumers.
Commercial
Beyond aviation, our broader precinct
and commercial portfolio continued
to perform well. Auckland Airport’s
investment property, retail, parking,
hotel and logistics activities remain a
02Our performance
Annual Report 2026Auckland Airport9

strength, supporting earnings diversity and helping fund
long-term development.
This year saw the commencement of the new duty-free
operator, simplifying and elevating the retail experience
for international travellers and positioning us well for the
future. Following a successful launch and a strong first
year of trading, Mānawa Bay continued to strengthen and
grow, with monthly visitation and trading performance
consistently exceeding prior year performance. The
property rent roll increased by 5% in the year to $202.5
million, with occupancy rates of 97% and a weighted
average lease term of 8.7 years. Pleasingly, occupancy and
average room rates across the three hotels we have on
precinct strengthened throughout the year, with all hotels
now frequently achieving monthly combined occupancy
rates exceeding 84% while also maintaining strong guest
sentiment scores.
Outlook
As Auckland Airport looks ahead to FY27, we are optimistic
about the future, with strong underlying demand for air
travel for the upcoming summer peak travel period, and
ongoing momentum in our commercial business.
However, we continue to take a cautious approach in
the near term with the current fuel price volatility and
geopolitical instability impacting airlines and demand
for travel, with flight and passenger volumes expected
to be relatively flat in FY27. This is reflected in guidance
of underlying profit after tax (excluding any fair value
changes and other one-off items) of between $290 million
and $330 million. We are in the peak-investment phase of
the aeronautical infrastructure development programme,
reflected in guidance of between $1,000 million to $1,300
million for FY27. 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.
Auckland Airport takes great pride in its role as
New Zealand’s gateway. Our performance and progress
are only possible because of the collective effort of our
airline partners, border agencies, tenants, contractors and
the many others who help us deliver a safe and welcoming
experience every day. We extend our sincere thanks to
the AKL team for their commitment, professionalism and
dedication as we continue building for the future.
We would also like to thank our investors for their ongoing
support and confidence in the business as we deliver on
our strategy.
Ngā manaakitanga
Julia Hoare
Carrie Hurihanganui
Chair

C
hief Executive
The directors and management of Auckland
Airport understand the importance of reported
profits meeting accounting standards. Because
we comply with accounting standards,
investors can confidently compare different
companies knowing there is integrity in our
reporting approach. However, we believe that
an underlying profit measurement can also
help investors to understand what is happening
in a business like 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 alongside reported results.
We do so when we report our results, and 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 net 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, we
acknowledge our obligation to show investors
how we have derived this result. You can find
the reconciliation between underlying profit and
reported profit for the current reporting period
in the Financial Report section of this annual
report on page 122..
A reduction of
$1.4m
compared with the $310.4m profit in the
prior year
Underlying net profit after tax
$309.0m
Auckland Airport recognises underlying
profit is a non-GAAP measure, and a
reconciliation between reported profit after tax
and underlying profit after tax is included in the
Financial Summary section of this annual report.
02Our performance
Annual Report 2026Auckland Airport10

Executive
Leadership Team
Auckland Airport is in the middle of
one of the most significant periods
of change in its history, and its
executive leadership team is keeping
the day-to-day operation running
smoothly while laying the foundations
for the next 60 years.
The team, spanning aviation, construction, commercial,
safety, digital innovation, financial stewardship,
sustainability, customer experience and leadership,
brings together a strong breadth of expertise and a
united purpose: deliver the infrastructure New Zealand
needs, improve the experience for every traveller who
walks through the door, and create lasting value for the
businesses, communities and shareholders who depend on
this airport.
FY26 saw the team further strengthened with the
appointment of Murray Burt as Chief Infrastructure Officer,
bringing deep expertise in major infrastructure delivery.
Pictured from left to right: Stewart Reynolds Chief Financial Officer, Melanie Dooney Chief Risk and Corporate
Services Officer, Murray Burt Chief Infrastructure Officer, Mary-Liz Tuck Chief Strategic Planning Officer, Carrie
Hurihanganui Chief Executive, Scott Tasker Chief Customer Officer, Mark Thomson Chief Commercial Officer,
Chloe Surridge Chief Operations Officer, Richard Wilkinson Chief Digital Officer.
02Our performance
Annual Report 2026Auckland Airport11

Since FY23, Auckland Airport has been
guided by its Building a Better Future
strategy, the organisation’s roadmap to
meet the evolving needs of travellers,
airlines, airport stakeholders and the
wider community.
With the strategy on track and now extended to 2030,
we have a clear line of sight on what is required and the
confidence we are well placed to deliver it.
In FY26, the priority has been the capital programme:
delivered safely, on time, on budget, and to the standard
this country deserves. Alongside this, the focus remains
firmly on driving commercial outcomes, operational
efficiency, and innovation across the business, while
maintaining disciplined cost control.
Across each of the strategy’s five foundational pillars,
we continued to make meaningful progress, advancing
the major projects and partnerships that will define AKL’s
future.
Our strategy
03Our strategy
Annual Report 2026Auckland Airport12

Building a
better future
Thriving enterprise:
A thriving commercial community lies at the core of the
long-term success and sustainability of our precinct.
Empowered community:
We value our strong links with the community and will
actively contribute to the wellbeing and growth of local
people, including our own team.
Seamless connectivity:
Embedding innovative and smart technologies to
deliver more seamless and intuitive journeys for
travellers, streamline air cargo movements, and optimise
maintenance and services.
Enduring infrastructure:
As custodians of AKL, we think long-term, building
infrastructure to support a resilient, future-ready airport
that can flex and grow alongside the nation it serves.
Future resilience:
Our focus includes creating a sustainable legacy,
protecting the natural environment, benefiting
future generations, and using innovation to support
decarbonisation.
03Our strategy
Annual Report 2026Auckland Airport13

Airfield
expansion
Completed FY26
New cargo precinct
Commenced FY26
Inner
terminal
road
Commenced
FY24
Stormwater
upgrades
Major programme
completed FY26
Pavement renewals
Ongoing
Improved
international
arrivals
experience
Commenced FY23
Pullman
5-star hotel
Completed FY24
Completed
KEY
Building
Since launching AKL’s Building a Better Future strategy in FY23, Auckland Airport
has completed or commenced major construction projects across more than
400,000sqm of airport land — from the airfield and terminals to wider precinct
development.
Learn more at FutureAKL.co.nz
Bring on the world
03Our strategy
Annual Report 2026Auckland Airport14

Transport
Hub & plaza
Completed FY25
International
check-in
transformation
Commenced FY26
Domestic jet
airfield
Commenced FY26
Upgrade to
aeronautical
ground lighting
Ongoing
Domestic
jet
terminal
Commenced
FY25
New
baggage
handling
system
Commenced FY26
Regional airfield
expansion
Commenced FY26
Runway
renewal
enabling
Commenced FY25
Domestic
terminal
upgrades
Completed FY25
Enhancing connectivity
through network
improvements
Ongoing
Mānawa Bay
premium outlet
retail centre
Completed FY25
ARTIST IMPRESSION
03Our strategy
Annual Report 2026Auckland Airport15

AKL recorded its
strongest
peak
since 2019
On 29 January 1966, the first planes
touched down at Auckland Airport
and more than 200,000 Aucklanders
turned out to celebrate. Sixty years
and nearly half a billion travellers
later, the airport has grown into one
of the country’s most important
infrastructure assets, the primary
gateway for New Zealanders to
explore the world, and an essential
channel for trade and tourism.
“In our 60th year, we have strived to
deliver on our purpose to connect
New Zealanders,” Scott Tasker,
Auckland Airport’s Chief Customer
Officer, says.
“We recorded our strongest peak
summer travel period since 2019,
advanced the most significant
transformation in our history,
improved the terminal experience
for customers through our duty-free
transformation, and welcomed new
international airlines and routes that
keep New Zealand on the global
aviation map.
“The pace of growth across the
network, however, has not been
without its headwinds. Rising global
fuel costs have tempered the rate
of expansion, with some airlines
trimming capacity and consolidating
flights in response to the spike in
fuel prices. For the most part we
have seen airlines use ticket pricing
and fuel surcharges to manage
through, rather than pulling large
amounts of capacity, which speaks
to the underlying confidence in
the New Zealand market. We remain
firmly optimistic about the long-
term appeal of New Zealand to
international visitors, and the airlines
we work with share that view.”
Opening the Southern Link
A standout moment for FY26 was
the launch of China Eastern Airlines’
Shanghai–Auckland–Buenos Aires
service in December 2025, connecting
three countries and culminating in the
world’s longest direct flight.
“This network connectivity, named
the Southern Link, is something we
had been working hard at behind the
scenes for a number of years to make
a reality, so to see it finally in the air
Thriving Enterprise
Sixty years strong and building for what’s next
Crowds cheer as the first Boeing 747 jumbo jet
arrives at Auckland Airport in 1972.
03Our strategy
Annual Report 2026Auckland Airport16

was a real milestone for the team,”
Scott says. “Cargo volumes are up
strongly and we’re already seeing a
significant lift in Argentine arrivals
now that the direct connection is in
place.”
Argentine visitor arrivals to
New Zealand rose 35% between
December 2025 and June 2026,
while air cargo export value to
Argentina reached $12.2 million
in the first seven months – a 122%
increase year-on-year. Responding
to that strong demand, China Eastern
has announced it will double the
service to four flights per week from
December 2026.
China Eastern’s expansion sits within
a broader resurgence of connectivity
between Auckland and China.
The airport is served by six airlines
flying to seven destinations in China,
with Chinese visitor arrivals up 11%
year-on-year, a recovery accelerated
by government visa changes
including the successful programme
that has allowed Chinese visitors
holding a valid Australian visa to enter
New Zealand via electronic travel
authority.
Sichuan Airlines resumed twice
weekly summer season non-stop
Chengdu–Auckland services
in December 2025, cementing
Chengdu as Auckland’s seventh
Chinese destination. China Southern
added 20% capacity (+50.5k seats) in
FY26 with a longer season of double-
daily services over the summer peak.
Overall, the additional 2.4% increase
in capacity between Auckland and
China has lifted air trade with China
by 11% to $4.9 billion. Meanwhile,
Taipei-based Starlux Airlines
announced the launch of services to
Auckland via Sydney in early 2027.
Six airlines now compete for travellers
between Auckland and seven North
American destinations, with inbound
visitor numbers on those routes
increasing 1% year on year.
On the Tasman, Jetstar lifted overall
seat capacity by 10% (+82k seats)
across Australia and Auckland routes
in FY26. Key expansions included
moving to double-daily year-round
flights to Brisbane (up 20% or +46k
seats) and a 15% increase (+25.5k
seats) on the Auckland–Sydney route.
Air New Zealand also expanded ex-
Auckland, growing seat capacity to
Australia by 5.5% (+132k seats) and
to the Pacific Islands by 4.5% (+51k
seats) over the year.
Duty-free reimagined
Beyond the airfield, Auckland
Airport’s retail precinct in the
international terminal is undergoing
a visible and exciting transformation,
an 18-month-long programme of
works to be complete in the 2026
calendar year. A major refurbishment
of the duty-free and retail precinct
is underway, with global operator
Lagardère, appointed as the airport’s
new duty-free partner in 2025,
leading a staged upgrade of the
entire airside shopping experience.
Argentine visitor
arrivals
rose 35%
after Southern Link
launched
03Our strategy
Annual Report 2026Auckland Airport17

The first stage opened on 1 April
2026, delivering a new entrance and
revamped walkway into duty-free,
a new runway-view tasting bar, and
the opening of the country’s first full-
format Victoria’s Secret store.
“We are proud to open this new
store as part of our ambition to
deliver a vibrant and contemporary
airport experience at New Zealand’s
gateway,” says Mark Thomson,
Auckland Airport’s Chief Commercial
Officer. “This is the first of many
exciting openings, with further
brands to be announced throughout
the year as part of the ongoing
transformation of our duty-free and
retail environment.”
The Pier B and Pier A retail stores,
close to the gates, were redeveloped
and opened in March and May
respectively. The second stage
of construction opened in June,
upgrading a further portion of
duty-free with expanded ranges
across fragrance, cosmetics, beauty,
apparel and wellness. In addition,
the arrivals duty-free redevelopment
opened in mid July 2026. The full
transformation is due for completion
in December.
The transformation of the airside
experience extends well beyond
retail. Auckland Airport is investing
$6 million to redevelop its
international departures dining
precinct, with construction now
under way across both level one and
level two of the airside area.
“The time people spend airside
before their flight should be
something they genuinely enjoy,”
Mark says. “We know travellers want
good food, comfortable spaces, and
for simple things to be easy like being
able to charge their phone without
hunting for a seat. We’re focused on
getting all of that right, with more
variety, better options for families,
and an environment that feels good
to spend time in.”
The refreshed level one space will
house about 16 new or refurbished
dining options by the end of the
year, with construction staged to
keep the airport trading as a live,
24/7 operation, with dining options
remaining available throughout.
The work will also refresh more than
2,600sqm of flooring and deliver
15% more seating across both levels,
alongside plentiful phone charging
points.
Commercial property
Every year AKL facilitates an
estimated $31.8 billion in annual
freight movements, making it the
third largest port by cargo value,
according to a recent Ernst &
Young study. By 2033 that figure is
estimated to grow to $41.8 billion.
“Getting New Zealand’s goods to
the world quickly and reliably is
something we take seriously, and as
we build the airport for the future,
air cargo infrastructure will remain a
core part of that investment,” Mark
says.
More places
to eat, shop and
recharge before
take-off
Duty-free transformation.
03Our strategy
Annual Report 2026Auckland Airport18

Airport workers loading a DC8 plane
with cargo in 1970. Source Auckland
Libraries Heritage Collections
Footprints 08482.
A new
cargo
precinct is
bringing freight
operators
closer to the
airfield
In November, Auckland Airport
significantly progressed its new
cargo precinct on Manu Tapu Drive,
located directly adjacent to the
250,000sqm airfield expansion.
Five specialist air cargo and freight
operators (including Swissport,
Menzies, and NZ Post), together with
a specialised livestock facility, that
have historically been spread across
the airport site, have now been
brought together in a single, cargo
location with nearby airfield access.
Further to the north, AKL’s The
Landing business park continues
to attract high-quality tenants and
significant investment. Work is
advanced on the development of a
pre-leased 24,800sqm distribution
centre for Foodstuffs North Island,
with 19,400 sqm of new pre-leased
projects in predevelopment stages
for Early Settler and Gate Gourmet,
both of which being scheduled for
completion in 2027.
Away from the freight side of the
business, Auckland Airport’s hotel
operations have continued to perform
strongly, with combined occupancy
running above 84.4% across the
precinct hotels for FY26.
“The result reflects sustained
demand for on-airport
accommodation and the continued
appeal of the Te Arikinui Pullman,
Novotel and ibis Budget hotels as a
convenient base for both arriving and
departing travellers,” Mark says.
03Our strategy
Annual Report 2026Auckland Airport19

Empowered Community
Community beyond the terminals
Ara has
supported
1,440+ people
into work and career
pathways
Auckland Airport’s new Community
Strategy launched in FY26 with
a clear ambition to move from
standalone initiatives to a more
connected community ecosystem
that creates long-term opportunities
and wellbeing for South Auckland.
The strategy recognises Auckland
Airport’s unique role as both a major
employer and a long-term neighbour
to one of New Zealand’s youngest
and most diverse communities.
The strategy’s first initiative was a
special celebration in March, where
more than 100 employers, educators,
partners, and learners gathered
alongside Minister for Social
Development and Employment Hon.
Louise Upston and local members of
parliament to celebrate 10 years of
the Ara Auckland Airport Jobs and
Skills Hub.
Backed by Auckland Airport with
$547,000 in support in FY26, Ara
has become a powerful connector
between employment on the airport
precinct and a talented workforce
right next door. Over the decade,
Ara has supported more than 1,440
people into employment and career
pathways across aviation, logistics,
retail, hospitality, construction, and
infrastructure. In addition, more than
1,700 rangatahi have built skills and
confidence through Ara’s schools
programmes, while more than 3,600
learners have participated in training
and development opportunities.
Auckland Airport’s Chief Corporate
Services Officer Mel Dooney says
that while the event celebrated the
impact of the past decade, it also
looked firmly to the future.
“The nature of work is shifting in
ways we haven’t seen before. AI,
automation, and technological
change are reshaping industries at
pace, and the capabilities that will
open doors for people in the future
may look quite different from those
that do today.”
To help prepare both the precinct
and South Auckland communities
for that future, Auckland Airport
announced in FY26 the launch of a
major Future of Work research project
with the University of Auckland.
The research will explore how
work across the airport precinct
is evolving, the skills that will be
most in demand, and the barriers
that may prevent people from
fully participating. “We’re looking
forward to sharing the findings in late
AKL volunteers on
the tools for Oke.
03Our strategy
Annual Report 2026Auckland Airport20

Graeme Cox, Building Services
Engineer at Hawkins and Carrie
Hurihanganui, Chief Executive,
celebrating 10 years of Ara.
SafeAKL
will strengthen
how safety and
operational risk is
managed across
AKL
2026 because we expect it to be a
genuinely useful resource for both
job seekers and employers on the
precinct as they plan for the future,”
Mel says.
Beyond the Future of Work research,
FY26 saw Auckland Airport’s team
active across a range of community
initiatives, from new scholarships
to grassroots volunteering,
continuing to invest in the people
and organisations that make South
Auckland thrive.
•
New scholarships: A new
scholarship programme developed
in FY26 and launching in FY27 will
support two South Auckland school
leavers each year with financial
backing across three years of tertiary
study in aviation or engineering,
alongside paid work experience on
the precinct.
•
Step Up for South Auckland:
Auckland Airport hit its FY26 target
of 20% employee participation in
its volunteering programme, with
kaimahi rolling up their sleeves to
support organisations including
Kura Kai, KiwiHarvest, Oke and
Nurturing Families through one
day of paid volunteer leave.
•
Twelve Days of Christmas:
The annual campaign once again
turned travellers’ spare change into
meaningful impact, distributing
$120,000 across 12 South Auckland
charities.
•
A
uckland Airport Community Trust:
The Trust continued its long-running
support of local organisations
focused on youth, education,
wellbeing, and environmental
outcomes, dispersing $445k in
funding in FY26.
•

S
ocial procurement: In FY26
Auckland Airport formalised its
social procurement strategy,
introducing standardised reporting
metrics to better track the social,
economic, and community impact
of its infrastructure investment.
Through partnerships with Hawkins
and other contractors, the airport
is working to ensure the benefits
of this major build flowed back into
the surrounding
community,
including through
social procurement, apprenticeships
and other opportunities for Māori
and Pasifika businesses and workers.
In FY26, 30% of the integrated
domestic jet terminal contracts
awarded to subcontractors were to
South Auckland-based businesses.
SafeAKL – a shared
responsibility
In FY26, Auckland Airport
began a major uplift of its Safety
Management System (SMS), laying
the groundwork for a new employee
campaign in FY27. Called SafeAKL,
it will strengthen how safety and
operational risk are understood,
managed, and embedded across the
organisation.
“Safety works best when people
look out for one another, feel
confident speaking up - and know
Orange Sky, one of the Twelve Days
of Christmas charities that
Auckland Airport supported in FY26.
03Our strategy
Annual Report 2026Auckland Airport21

they’ll be heard,” says Mel. “SafeAKL
is about creating a culture where
safety feels practical, human, with
everyone understanding their safety
responsibilities across our business.”
The first year of the two-year
programme focuses on engagement,
capability uplift, and listening. This
will include the development of
worker-led Risk Control Effectiveness
measures, helping operational teams
play a more active role in identifying
what controls are genuinely working
in practice.
Culture and connection
at AKL
In a dynamic, 24/7 environment
undergoing once-in-a-generation
transformation, Auckland Airport
continued to invest in culture,
connection, and belonging
throughout FY26.
In December 2025 more than 1,400
Auckland Airport employees and their
whānau gathered on precinct for the
Summer Carnival, marking the end of
the 2025 calendar year.
“The Carnival is one of those days
that reminds you what kind of place
this is. You see someone you’ve
worked alongside for years, and
they’ve got their kids with them,
their partner, and you understand
more about who they are and what’s
important to them. That appreciation
matters, especially when we’re in
the middle of such a big period of
change,” Mel says.
Across the year, a range of other
culture-building initiatives created
further connection and care for
employees:
•

P
ink Shirt Day: Chief Executive
Carrie Hurihanganui and AKL’s team
of engagement champs delivered
pink donuts and enjoyed kōrero
across the business to promote
inclusion and kindness.
•
O
perations and Engineering
Services recognition: Following
a successful summer peak period,
both business units were treated to a
shared food truck lunch in thanks for
their support of customers through
the holiday rush.
•

60th birthda
y celebrations: A
photobooth activation to celebrate
AKL’s 60th birthday snapped
hundreds of fun team portraits,
preserving a digital time capsule for
AKL’s team.
AKL engagement
Auckland Airport’s 2026 Have
Your Say survey delivered its
strongest results yet, with 92%
participation across the business and
improvements recorded across all 50
survey questions compared to FY25.
These results reflect a workplace
where people increasingly feel
connected, supported, and valued.
Development at every level
Throughout FY26, Auckland Airport
placed a strong focus on growing
its people, creating development
opportunities both on and off the job,
from day one and throughout every
stage of an employee’s career.
•

N
ew starter experience: A
refreshed Whakatau Wānanga
programme and expanded precinct
bus tours helped welcome new
starters into the unique environment
of AKL, setting them up with the
knowledge and connections they
need to hit the ground running.
A snap from the AKL60 photobooth.
Have your say
reached 92%
participation
with scores up across
all 50 questions

Pink donuts for Pink Shirt Day.
03Our strategy
Annual Report 2026Auckland Airport22

• L eadership development: People
leaders took part in new training
focused on building confidence in
communication, giving feedback,
and team engagement — an initiative
that will continue into FY27.
•
Performance and development:
Auckland Airport evolved its
annual cycle to include clearer goal
setting, individual development
planning, more regular manager-
led conversations, and refreshed
expectations around mid-year
check-ins.
•

W
āhine Toa: The mentoring
programme returned for a
second cohort, pairing 24 wāhine
from across the business with
experienced mentors to support
their growth, confidence, and career
aspirations.
•
International Women’s Day:
Celebrations expanded in FY26,
bringing together women from
across the business for a morning
of mentoring, networking, and
leadership discussions, and for the
first time, welcomed male allies who
support the kaupapa.
Mel says underpinning the focus
on development was a continued
commitment to gender equity.
Representation remained strong with
the 40/40/20 framework achieved at
all levels of the business, with wāhine
making up 40% of Auckland Airport’s
permanent workforce.
However, with higher representation
of men in more senior and higher-
paid roles, and higher representation
of women across lower salary bands,
occupational distribution remains
one of the biggest contributors to the
organisation’s overall gender pay gap,
which currently sits at 18.8% across
the organisation.
“We’re not where
we want to be, and
we’re clear-eyed
about that. The gap
reflects deep-rooted occupational
patterns that don’t change overnight,
but we’re committed to making
consistent, meaningful progress.”

Occupational
patterns remain a
key contributor to
AKL’s gender
pay gap
Created for AKL60, a miniature model remains
on display in the international terminal, giving
travellers a closer look at AKL’s story.
03Our strategy
Annual Report 2026Auckland Airport23

Ask a traveller what they remember
about an airport and they’ll rarely
mention the infrastructure.
They won’t talk about the baggage
systems running behind the check-
in area, the coordination required to
turn an aircraft around quickly, or the
data platforms helping hundreds of
team members make thousands of
decisions each day.
What they remember is whether
or not they could easily find a car
park, got through security ok, found
a place to charge their
phone, and made it to the
boarding gate on time.
That’s the ambition AKL has set
for itself – a seamless end–to–end
journey for customers that works so
well that the experience speaks for
itself.
In FY26, AKL made strong progress
on that front, combining stronger
operational discipline, smarter
digital capability, improved
border processing, and a deeper
understanding of what customers are
telling us in real time.
Getting the basics right
Airports are complex
environments. What a
traveller experiences as
a smooth journey is the
result of hundreds of
coordinated decisions
happening simultaneously:
check-in, baggage handling, stand
allocation, security screening,
border processing, ground transport
connections, all working in sequence.
Each depends on the other, and
one bottleneck impacts the whole
system.
In FY26, the Operations
Transformation Programme reached
a significant milestone, delivering a
step change in how AKL manages
that complexity.
Across every critical touchpoint,
clearer operating protocols
and stronger cross-functional
coordination have made the airport
more consistent and more resilient.
Teams across AKL can now respond
faster when conditions change
and get ahead of disruption before
travellers experience it.
“Behind every smooth journey is a
huge amount of coordination that
customers never need to see,” says
Chloe Surridge, Auckland Airport’s
Chief Operating Officer. “Our focus
has been on lifting the reliability of
the whole system, so our teams and
partners can respond consistently,
recover quickly, and keep people
moving with less friction.”
Digital foundations in place
The best technology in an airport
removes friction before travellers
experience it. It surfaces the right
Seamless
Connectivity
The journey is the product
Improved
behind-the-scenes
coordination
helped keep
travellers moving
smoothly
03Our strategy
Annual Report 2026Auckland Airport24

information at the right moment and
puts decision-making capability in
the hands of the people who need it
most.
After several years of investment in
platform stability, cyber resilience
and system integrity, AKL’s focus has
shifted to generating real operational
value, better use of data, automation
and tighter system integration.
“I’m pleased to say this is now
translating directly into a more
consistent experience for customers
at the terminal, and we can see
that coming through in customer
satisfaction scores and operational
improvements,” says Richard
Wilkinson, Chief Digital Officer.
“Now we’re focused on bringing
together data and decisions in a
much more connected way, providing
us with a better real-time view of
operations and customer activity
across the precinct. We’re working
to support our team to make better
decisions faster, reduce manual effort
and give them stronger control over
the end-to-end journey.”
For travellers, there are tangible
improvements. WiFi upgrades across
both the international and domestic
terminals have significantly improved
coverage.
Parking has also become faster and
more intuitive, with licence plate
recognition and mobile and online
payment now available across all five
international carparks and Park & Ride
South.
Behind the scenes, upgrades to
incident and emergency systems
are also improving fault resolution,
guest services and emergency
coordination.
“These are improvements customers
may not see directly, but behind the
scenes is an operation that responds
more quickly, communicates more
clearly, and recovers more smoothly
when the unexpected occurs,”
Richard says.
Faster bag drops
Throughout the year, Auckland
Airport continued to roll out new
self-service kiosks and automatic bag
drop technology at the international
terminal. As part of the airport’s
broader Common Use Self Service
(CUSS) programme, the technology
allows passengers to move through
check-in more quickly while giving
airlines greater flexibility in how
check-in facilities are used.
The rollout has already delivered
measurable improvements in
passenger processing times and
queue performance. It is also helping
the airport make more efficient use
of valuable terminal space, creating
additional capacity to support future
growth and a more seamless travel
experience.
“Our goal is simple, to make travelling
through Auckland Airport as easy
and seamless as possible. The new
self-service kiosks and automatic bag
drop systems help passengers move
through check-in faster, spend less
time waiting in queues, and enjoy a
more streamlined journey. It’s a great
example of how the right technology
can improve the customer experience
while also increasing operational
efficiency across the
airport,” Richard
says.

Self-service
check-in
is being
introduced
03Our strategy
Annual Report 2026Auckland Airport25

Median
international arrivals
processing now
under
17 minutes
Smoother journeys home
For a traveller arriving in Auckland
after a long-haul flight, the arrivals
hall is one of the final hurdles before
the journey is done.
Three years ago, the median time
from entering Customs to exiting
the arrivals hall was 31 minutes.
Today it stands at just under 17
minutes — a reduction of 47%, with
a 2% improvement in the past year
alone. That progress has come from
a combination of infrastructure
upgrades, stronger collaboration
between AKL, Biosecurity
New Zealand and the New Zealand
Customs Service, and sustained
operational improvement across the
arrivals process.
“The heavy lifting is largely done
and our focus is now continuing to
improve the arrivals experience for
travellers and ensuring those gains
hold as volumes grow in the years
ahead,” Chloe says.
In August 2025, AKL completed
the first phase of a major arrivals
upgrade, developed in close
partnership with Biosecurity and
Customs. A redesigned “nothing
to declare” express lane, detector
dog-assisted biosecurity screening,
expanded back-of-house facilities
and a new western truck dock have
fundamentally changed how the
arrivals hall functions.
“The upgraded arrivals area
supports changes that enhance both
biosecurity effectiveness and the
traveller experience,” says Chloe.
“These facilities help us protect
New Zealand’s primary industries
from pests and diseases, while
ensuring that low-risk travellers
can move through quickly and
confidently. Getting that balance
right, robust security and a genuinely
smooth customer experience, is what
we’re aiming for.”
03Our strategy
Annual Report 2026Auckland Airport26

A strong customer voice
Knowing whether that effort is
landing with customers required
strong insights and data.
Over the past two years, Auckland
Airport has built a Voice of Customer
programme that is now capturing
feedback at every stage of the
customer journey, from parking and
drop-off through to arrivals, as well as
measuring the impact of construction
on travellers’ experiences.
With around 5,000 responses every
business quarter, and an overall
satisfaction score of 4.4 out of 5, the
picture is detailed and real-time.
Alongside this, the airport’s overall
customer satisfaction rating for both
domestic and international terminals
improved to 4.2 out of 5 in Q1
(Jan-Mar) 2026 with Airport Service
Quality (ASQ), a global benchmarking
programme for airport customer
service. The score indicates 83.5%
customer satisfaction across both
terminals – the highest it’s been
since FY23.
“Those satisfaction scores are
something we’re really proud of,
particularly when you consider the
scale of construction and change
happening across the airport right
now,” Chloe says.
“Much of the improvements we are
delivering are down to our customer
experience performance group,
drawing on leaders from across
Operations, Retail, Transport, Digital,
Infrastructure and Engineering
Services. They take the feedback and
translate it into action, as an example,
following up on complaints about
WiFi coverage, pinpointing specific
locations, and fixing the problem at
its source.“
Customer
feedback is helping
shape targeted
improvements across
the journey
03Our strategy
Annual Report 2026Auckland Airport27

Across the airport, 400,000sqm
of upgrades spanning the airfield,
terminals and transport systems
are underway to support long-term
growth in travel, trade and tourism,
improve customer experience, and
prepare the airport for the future.
Within the international terminal,
new technology is being introduced,
check-in areas are being
reconfigured, and construction has
begun on core changes that will
support the integration of domestic
jet and international travel.
“Travellers will start to notice more
activity as the programme moves
forward,” says Murray Burt, Auckland
Airport’s Chief Infrastructure Officer.
“While there will be disruption
at times, these works are part of
building a more connected and
resilient airport for the future.”
One of the clearest signs of change is
at the international terminal check-in,
as the area is reconfigured for self-
service check-in kiosks and automatic
bag drops. To maintain check-in
capacity during construction, a
temporary check-in pavilion – Zone T
– has been introduced alongside the
international terminal.
Taking shape in plain sight
The new domestic jet terminal sits
at the centre of this programme
and is now steadily taking shape.
As construction progresses, the
form of the terminal is becoming
more defined, with major structural
elements in place and work
continuing across the site. Within
the build, fit-out work has begun,
preparing the terminal for its next
stages of delivery.
Enduring Infrastructure
Building the airport of the future

400,000
sqm
of upgrades
being delivered
across AKL
03Our strategy
Annual Report 2026Auckland Airport28

Murray says the project has moved
into a more visible phase, with the
main structure established and work
continuing across the terminal and
aircraft gate pier.
“Anyone flying today can see the pier
extending out towards the runway
and from the international terminal
the new terminal frontage is taking
shape. We’ve now reached the
point where the steel structure of
the headhouse – the main terminal
building that will house the baggage
system, main dwell spaces and airline
lounges, plus what will become the
arrivals area for domestic travellers
– is all in place. The façade is being
installed around the main terminal
building and we’re well underway
with the construction of the aircraft
gate pier.
“Much of the focus will head indoors,
with specialist teams beginning work
on the spaces, systems and utilities
needed to support the terminal’s
operation.
“A key piece of work underway right
now is the installation of a modern
baggage handling system. It will
progressively replace the 1990s
era international
baggage system
and, for the first
time, provide a
single, consolidated check-in for
both domestic jet and international
flights. The new system will also
be able to track and store checked
luggage within a ‘bag hotel’, making
it easier to manage weather or flight
disruptions.”
Around the aircraft pier, the new
domestic jet terminal apron is going
into place.
“Unlike the current domestic
terminal, the new domestic jet
terminal will have the flexibility to
take both narrowbody and widebody
aircraft, improving capacity by 26%,
but also giving airlines more flexibility
to respond to busy travel periods
or disruption events. The Multiple
Aircraft Ramp System (MARS)
gates will allow airlines to use stand
capacity more efficiently across
the day, accommodating either a
larger aircraft (e.g. widebody Boeing
787-9) or two smaller aircraft (e.g.
narrowbody A320 or A321) operating
from each MARS gate depending
on demand. The new integrated
domestic jet terminal will also enable
dual boarding from the front and
back, depending on the type of
aircraft being used.
“Right now, the surrounding apron
areas are being prepared for future
operations, with all the fuel lines,
fibre optics, electrical cabling, water
and wastewater pipes going into the
ground, ready to serve domestic jet
operations for decades to come.”
Once complete, the terminal will
bring domestic jet and international
travel together for the first time
since the 1970s, enabling a more
seamless journey through the airport
The new
domestic jet
terminal is taking
shape above and
below ground
03Our strategy
Annual Report 2026Auckland Airport29

and supporting the next phase
of improvements travellers are
beginning to experience today.
Alongside this work, the inner
terminal road running between
the Transport Hub and the front
of the international terminal is
being reconfigured to support
how travellers arrive and depart
the terminal via public transport,
taxis, shuttles, coaches and other
commercial transport options. The
upgrade will create more room for
transport operators near the terminal
and help the road network operate
more efficiently as the airport
continues to evolve – work that is an
important part of preparing for the
future integrated terminal.
Airfield upgrades for what
comes next
While much of this activity is visible
in and around the terminal, equally
significant work is underway across
the airfield. The northern airfield
expansion, which opened in the first
half of FY26 ahead of the summer
peak, has provided aircraft stand
capacity and improved operational
flexibility, helping the airport manage
demand while construction of the
domestic jet terminal is underway.
Alongside these longer-term
upgrades, a substantial programme
of pavement renewals and airfield
works is also underway to maintain

Northern
airfield
expansion added
stand capacity and
more operational
flexibility
Northern airfield expansion.
Ongoing pavement renewals.
03Our strategy
Annual Report 2026Auckland Airport30

the condition and resilience of the
airfield. This includes recent and
upcoming work across taxiways,
stands and apron areas, with staging
carefully managed to restore access,
support operations during peak
periods and minimise disruption
wherever possible.
Upgrades to airfield systems,
including aeronautical ground lighting
(AGL), are also enhancing safety and
reliability for aircraft movements.
“Ensuring operational resilience and
efficiency is a core focus, and the
AGL work is a good example,”
says Murray.
“The airport’s AGL systems
underwent a major update 20 years
ago to enable CAT III operations
— the capability that helps keep
flights moving during fog and low
cloud. Alongside ongoing work to
modernise our airfield lighting, in
partnership with Airways NZ we’ve
completed a project to upgrade
the system that controls the airfield
lighting, making it simpler and easier
for air traffic controllers to adjust
the lighting for changing weather
conditions.”
Expansion of the regional
airfield continued to advance
through FY26, with substantial
enabling works completed
or underway to prepare the
site for future regional aircraft
stands. Alongside taxiway and
site preparation works, progress
has included hangar demolition,
drainage upgrades, the ahead-of-
schedule reopening of Car Park M,
and ongoing construction of a new
car park and commercial transport
road in one of the airport’s busiest
landside interfaces. This project
will ultimately add 8,500sqm of
new airfield area and four additional
regional aircraft parking positions
from 2028. In parallel, enabling works
are underway to support a future
contingent runway, preparing the
airfield for a planned main runway
closure in 2030 to undertake
maintenance.
Together, these investments are
building a more flexible, future-ready
airfield to support an integrated
airport system.
“This programme is now well
underway across the airport precinct,
and we are moving through one of
the busiest and most complex stages
of delivery,” says Murray.
“While that will create disruption at
times, the work is being carefully
staged so we can continue to operate
safely and reliably while building for
the decades to come. We’re already
working closely with our partners
across the airport environment to
plan for future operations as these
landside and airside infrastructure
developments take shape.
Airfield
lighting
upgrades help
keep flights
moving in fog
and low cloud
03Our strategy
Annual Report 2026Auckland Airport31

Reliable road
access is
critical as AKL
grows
Building resilience from the ground up
Future Resilience
Auckland Airport never sleeps.
Every day, up to 25,000 people
arrive for work, 75,000 vehicles
pass through and 50,000 travellers
board flights, with millions of dollars
in cargo loaded into the bellyhold
beneath them.
But before any of that can happen,
everyone has to actually get there.
Surface access is the beginning and
end of every journey to and from
Auckland Airport, and a congested
road, a motorway accident, or an
unreliable public transport link can
undermine the entire journey.
“Every traveller, worker and freight
movement relies on the surface
access network as much as the
airfield and terminals,” says Mary-
Liz Tuck, Chief Strategic Planning
Officer. “If we want to support
growth in tourism, trade and
jobs over the long term, then
improving the resilience and
performance of that network
has to be part of the plan.”
With passenger numbers expected
to double by late 2040s, Auckland
Airport has been hard at work
preparing the airport’s new Surface
Access Strategy alongside delivering
practical roading improvements,
with more than $68 million invested
in projects since 2023. New and
extended transit lanes, upgraded
forecourts, expanded Park & Ride
facilities, improved wayfinding and
smarter traffic management, are all
part of a deliberate, long-term effort
to ensure the airport’s 24km roading
network can keep pace with the
demand placed upon it.
“We are one part
of a wider Auckland
transport network, and we take our
responsibility seriously,” Mary-Liz
says. “As passenger numbers and
freight activity continues to grow,
our priority is working with central
and local government to ensure road
access remains reliable, efficient, and
sustainable.”
In FY26, Auckland Airport advanced
several key transport projects —
including a major roading upgrade
1 E Y, Economic Impact Analysis, July 2026
03Our strategy
Annual Report 2026Auckland Airport32

Dynamic
laning will
improve traffic
flows on one of
AKL’s busiest
roads
around the international terminal
and a new dynamic lane system at
the Pūkaki Bridge south-eastern
entrance.
Due for completion in FY27, the
dynamic lane system will double
peak-direction capacity on one of
the airport’s busiest roads, improving
traffic flow for the thousands of
vehicles moving through the precinct
every day.
“Doubling peak-direction lanes
means more vehicles moving more
freely at one of the busiest points
on the network. It’s a practical
improvement that will make a real
difference to everyone travelling
to and from the airport every day,”
Mary-Liz says.
The bigger picture
In FY26, Auckland Airport
continued to engage with Auckland
Transport and NZ Transport
Agency Waka Kotahi as part of the
Southwest Gateway Programme,
which is focused on improving
transport access to and from the
airport’s south. As a designated
roading authority, AKL is working
collaboratively with the two transport
agencies to plan, deliver and manage
the transport system supporting the
airport precinct and surrounding
areas.
The recently announced Auckland
City Deal adds further momentum.
It identifies the airport precinct as
a key growth area and highlights
priority transport projects that, taken
together, have the potential to unlock
significant economic benefit for
Auckland and New Zealand.
“These are complex, long-horizon
programmes and we’re working to
bring them together into a clear
pathway, short, medium and long-
term actions that improve reliability,
efficiency and resilience for everyone
who depends on this precinct.”
That long-term view came into
focus in June, when Auckland
Airport released its Master Plan – a
blueprint for how the airport will
develop over the coming decades to
support growth, respond to changing
customer needs, and strengthen
resilience.
The final plan builds on a combination
of detailed analysis, modelling
and technical studies, as well as
extensive consultation and sits
alongside supporting analysis from
EY, reinforcing the scale of the
airport’s economic contribution and
the importance of planning early for
future demand.
“For a long-term infrastructure
provider like Auckland Airport,
planning has to bring together
growth, resilience, sustainability
and customer experience,” says
Mary-Liz.
“It’s about making sure we are
building the right thing, at the right
time, in the right place – and doing
that with a clear view of how all
the pieces fit together. The plan
is as much about sequencing and
preparedness as it is about physical
assets, linking airfield and terminal
development with future transport
connections, climate resilience and
evolving energy systems.”
Built for what comes next
Across the airport precinct, a series
of major projects were completed or
advanced in FY26 that show what
resilience looks like in practice, from
energy systems to strategic land
acquisition.
Proposed dynamic laning on Pūkaki Bridge
ARTIST IMPRESSION
03Our strategy
Annual Report 2026Auckland Airport33

Heat
pumps are
replacing gas-fired
heating and
cooling in one of
New Zealand’s largest
air conditioning
systems
In March, Auckland Airport achieved
a major milestone in its plan to phase
out natural gas, switching on 11
industrial-scale heat pumps in the
international terminal. Together, the
new electric system is expected to
reduce natural gas use for heating
and cooling by around
40%, while modernising one of
New Zealand’s largest commercial
air conditioning systems.
Each unit - roughly the size of a
shipping container – delivers up to
600kW of heating or cooling, around
100 times the output of a typical
home unit. The new electric system
replaces one of the country’s largest
gas-fired air conditioning plants,
which has heated the 141,000sqm
international terminal for more than
50 years.
“In FY25, natural gas made up
29% of Auckland Airport’s direct
emissions, largely due to the energy
required to heat the international
terminal. The electric heat pumps
move us off natural gas and drive
real progress toward our 2030 goal:
a 90% reduction in Scope 1 and 2
emissions from our 2019 baseline. It’s
a practical transition that improves
the efficiency and resilience of the
terminal today, while supporting the
airport we’re building for the decades
to come,” Mary-Liz says.
Beyond emissions reduction, the shift
matters because it reduces reliance
on older gas-fired infrastructure
and gives the airport a more
flexible, modern operating base
as it continues to invest in lower-
emissions systems.
In FY26, Auckland Airport also
completed major infrastructure
works, expanding the airport’s
stormwater network and to improve
the quality of water flowing into
the Manukau Harbour. That long-
term thinking has since attracted
international recognition. In FY26, the
Northern Airfield Climate Resilience
Project earned Auckland Airport a
Platinum Award for Climate Change
Adaptation at the 2026 ACI Green
Airports Recognition programme,
in the 15–40 million passengers per
annum category.
Supporting the wider energy
transition
The heat pump upgrade is part of a
broader programme to modernise
Auckland Airport’s energy
systems and support Aotearoa’s
decarbonisation journey. While
aircraft emissions account for around
90% of the airport’s total footprint,
a challenge requiring long-term,
industry-wide coordination, Auckland
Airport is continuing to progress a
wide range of initiatives.
That includes a gradual shift to
electric cooking across the airside
international dining precinct, building
on the zero-gas kitchen policy
established at Mānawa Bay when it
opened in September 2024. As part
of a redevelopment underway at the
airside dining precinct, AKL is phasing
out gas-based kitchens across new
tenancies and retrofitting electric
where possible in refurbished ones.
“The commitment we saw from
operators at Mānawa Bay proved
electric kitchens can deliver,” says
Mary-Liz. “Now we’re taking that
as a blueprint for the international
terminal.”
Auckland Airport’s redevelopment
also tackles waste.
International terminal level one
food and beverage operators are
moving from disposable packaging
Large heat pump units heating and
cooling the international terminal.
03Our strategy
Annual Report 2026Auckland Airport34

AKL secured
82 hectares of
land to protect
future airport
growth
to reusable cutlery and crockery
for dine-in customers, supported
by on-site sorting and cleaning,
contributing to the airport’s target
of reducing aeronautical waste to
landfill by 20% by 2030.
These combined efforts have earned
Auckland Airport Level 4 Airport
Carbon Accreditation, placing it
among the top airports globally for
carbon management.
“We take our carbon reduction target
seriously and will continue to seek
low-emissions solutions as we invest
in our infrastructure,” Mary-Liz says.
“These initiatives are part of building
a stronger, cleaner, and more climate-
resilient airport for generations to
come.”
Land acquisition
In May, Auckland Airport acquired
82 hectares of land adjacent to the
proposed northern runway area as
a long-term initiative to safeguard
future infrastructure development.
While the timing of the northern
runway remains many years away,
the purchase protects land use
compatibility around a critical
national asset and creates options
for future airport projects, including
potential use of the quarry for fill and
restoration.
“This land acquisition is another good
example of responsible, long-term
planning,” Mary-Liz says. “When
we think about resilience we think
about the cumulative effect of smart
planning, practical delivery and
making decisions early enough that
future generations still have choices.
That’s what we are focused on
building here.”
The acquired land is adjacent to the
proposed northern runway area.
03Our strategy
Annual Report 2026Auckland Airport35

04Climate-related disclosure
Climate-related
disclosure
About this report38
Governance40
Risk management43
Strategy45
Metrics and targets57
Annual Report 2026Auckland Airport36

04Climate-related disclosure
Annual Report 2026Auckland Airport37

04Climate-related disclosure
About this report
Auckland International Airport Limited presents its Climate-related
disclosur
e for the year ended 30 June 2026.
This is Auckland Airport's sixth Climate-related disclosure
(CRD) and the third that is required to comply with the New
Zealand Climate Standards.
As New Zealand's largest airport, we recognise the
important role Auckland Airport plays for New Zealand
and our responsibility to operate an airport precinct that
is resilient to both the physical and transitional climate risks
that may arise with climate change.
Auckland Airport is committed to building resilience into
our infrastructure to protect against potential future
impacts of climate change, and working with our
partners to address the challenge of reducing emissions
from aviation.
This Climate-related disclosure is Auckland Airport's
climate statement. It has been prepared in compliance
with the Aotearoa New Zealand Climate Standards (NZ CS)
published by the External Reporting Board (XRB). Auckland
Airport has elected not to use any of the early adoption
provisions in NZ CS 2.
Auckland Airport is a climate reporting entity under the
Financial Markets Conduct Act 2013.
Approved on behalf of the Board on the 19 August 2026.
Julia Hoare
Chair
Grant Devonport
Chair, Audit and Financial
R
isk Committee
Annual Report 2026Auckland Airport38

04Climate-related disclosure
Our Climate-related disclosure journey
Auckland Airport was an early adopter of climate reporting, publishing climate statements aligned with the Task Force for
C
limate-related Financial Disclosure (TCFD) since 2021 and disclosures aligned with the New Zealand Climate Standards
since 2023. Auckland Airport's climate disclosure processes improve each year, enhancing the way climate-related risks are
managed, reported and incorporated into business strategy.
2021-2022
• Developed an understanding of physical and transition climate-related risks.
• Elevated climate-related risks to sit within the company's executive-level risks,
incr
easing Board oversight.
• Adopted the guidelines of the TCFD and published a climate-related disclosure for the
first time.
• Set a suite of new sustainability targets to 2030.
2023-2024
• Formalised a climate-related governance procedure and integrated it into the
E
nterprise Risk Management Framework. Corporate governance and responsibilities
relating to Sustainability and Environmental, Social and Governance (ESG) enterprise
level risk is captured within the Safety, Sustainability and Operational Risk Committee.
• Aligned the Airport's climate risk processes and disclosure with the New Zealand
C
limate Standards, one year before it became mandatory.
2025-2026
• Refreshed the Board Risk Appetite Statement and Enterprise Risk
Management Framework.
• Executive and senior leaders participated in a climate risk and resilience identification
and planning workshop.
• The Airport participated in the Study on Climate Adaptation Approaches,
commissioned b
y Airport Council International Asia-Pacific and Middle East.
Key changes since FY25
• Climate-risk identification and assessment processes have been refined and integrated into the Enterprise Risk
M
anagement Framework. This review has resulted in a reduced number of disclosed risks. Further information on these
changes is provided in the Risk Management section.
• Information about current climate impacts has been incorporated into the risk descriptions.
• Key climate-related metrics and progress against targets have been collated into one table.
• Expansion of scope 3 emissions reporting with the addition of passenger and precinct surface access emissions and
t
enant natural gas use. A new methodology to calculate scope 3 aircraft emissions has also been introduced. These
factors have resulted in the scope 3 baseline year being recast as FY26. For further detail see the metrics section.
• Improved carbon data management processes.
• All climate-related metrics and targets have been collated into a single table to provide greater insights into progress.
Annual Report 2026Auckland Airport39

04Climate-related disclosure
Governance
Board oversight
Auckland Airport’s Board of Directors is the governance
body r
esponsible for risk management including oversight
of climate-related risks and opportunities. The Board has
ultimate responsibility for reviewing and ratifying the risk
management structure, processes and guidelines that are
developed, maintained and implemented by management.
The Board reviews the company’s risk appetite statement
on an annual basis, resets the enterprise risk categories as
it determines appropriate and tracks the management and
development of existing and emerging risks.
Skills and competencies
The Board assesses the level of experience and
compe
tence each director has across different subjects.
For climate change and sustainability, directors are
assessed for their understanding of regulation, industry
best practice, sustainability governance, including strategy,
risk, reporting and oversight mechanisms and climate
change and emissions. The Board has been assessed
as follows:
• Three directors are experts with deep practising
e
xperience in sustainability and climate change;
• Two directors have advanced competence with
consis
tent ability; and
• Three directors have been assessed as having broad and
gener
al knowledge.
Any identified gaps in skills across Board members are
addressed via education and upskilling. To support ongoing
capability building, the Board participated in a climate-
focused workshop in June 2025, covering the regulatory
landscape, Board responsibilities, climate governance best
practice and transition planning. In August 2025, as a part
of a Board Experiential, the directors also received the
outcomes of the Sustainability and ESG Enterprise Risk
Management deep dive results, providing further insight
into Auckland Airport's sustainability and climate-related
risk profile.
Strategy development
The Board considers climate change in overseeing the
de
velopment and implementation of the business strategy.
Each year the Board reviews performance against the
business strategy at the annual Board Strategy Day using
a balanced scorecard. The balanced scorecard measures
business performance against specific categories and
targets, including sustainability and climate-related metrics
which are set by management and approved by the
Board. Throughout the year, the Board receives regular
updates on the wider organisational performance, including
sustainability and climate-related metrics, which helps
inform the Board of the organisation’s success in managing
physical and transition climate risks.
Reporting processes and frequency
The Safety, Sustainability and Operational Risk Committee
(
SSORC) comprises four Directors and is responsible for
assisting the Board to discharge its responsibilities in
relation to safety, sustainability (including climate-related)
and operational risks, and oversees, reports and makes
recommendations to the Board. The SSORC receives a
quarterly report from management on enterprise-level risks
and controls, including the physical and transitional impact
of climate change on the business. Outcomes of the
SSORC meetings are reported to the Board quarterly and
are discussed at full Board level where necessary.
The Audit and Financial Risk Committee (AFRC), which
comprises a minimum of three Directors, is responsible
for the review and approval of Auckland Airport's financial
and non-financial disclosures. The AFRC is responsible
for assisting the Board to discharge its responsibilities
in relation to financial and commercial risk including
the annual Climate-related disclosure and associated
greenhouse gas (GHG) metrics. The AFRC reviews and
approves the release of this disclosure as part of the annual
results and report.
The People, Iwi and Remuneration Committee (PIRC)
pr
ovides oversight and review of people, iwi and
remuneration governance, strategies and policies. This
committee also has responsibility for considering climate
change when setting management remuneration.
Annual Report 2026Auckland Airport40

04Climate-related disclosure
Remuneration
In the 2026
financial year, all members of the executive
leadership team, including the Chief Executive, had short-
term incentives (STIs) linked to sustainability (including
climate change) and enterprise risks (including climate-
related risks and opportunities) which were weighted
between 5%-25%. STIs included the delivery of plans and
initiatives (specific to the responsibilities of each executive)
that would contribute to a reduction in scope 1, 2 and 3
emissions or improvement in climate resilience. In addition,
various executive members have sustainability woven into
other initiatives or programmes of work, including the
delivery of assets and infrastructure projects, that are tied
to other STIs.
In the 2026 financial year, Auckland Airport's sustainability
targets are not incorporated into remuneration policies,
however executive STIs contribute to organisational
performance against these targets.
Management’s role
Auckland Airport’s management is responsible for the
identification, assessment and management of risks
and opportunities (including fr
om climate change).
Management has developed an Enterprise Risk
Management Framework designed to promote a culture
that ensures a proactive and consistent approach to
identifying, mitigating and managing risk on a company-
wide basis. See Enterprise Risk Management for a more
detailed description of the enterprise risk management
approach and process.
Reporting processes and frequency
The Chief Executive oversees Auckland Airport's enterprise
risk managemen
t process and quarterly reporting to the
SSORC and AFRC. Each Executive is accountable for
assessing, monitoring and managing the enterprise level
risks for which they are Chief Risk Sponsor, as well as
risks within their respective functional business areas.
Climate-related risks and opportunities are overseen by
the Chief Strategic Planning Officer, who is the Chief
Risk Sponsor for Sustainability and ESG enterprise risk
category. The controls that manage climate-related risks
are owned and operated by Executive Leadership Team
(ELT) and senior leadership team members across multiple
business areas. Further information on how the Board and
Executive are informed about, assess, monitor and make
decisions regarding climate-related risks and opportunities,
including the frequency of reporting and governance
oversight, is provided in the Organisational structure and
responsibilities table.
The Sustainability team oversees the development and
implementation of the sustainability programme across
the business, including material climate change initiatives
and controls. This includes ongoing monitoring of climate
change modelling and research, the development of
a climate adaptation plan, the implementation of a
decarbonisation pathway, climate transition planning and
the advancement of the annual climate-related disclosures.
Annual Report 2026Auckland Airport41

Organisational structure and responsibilities
Auckland Airport Board
Auckland Airport Management
• A ccountable for governance of risk management at Auckland Airport.
• Ensures Auckland Airport has appropriate and effective risk management in place.
•
Reviews the Risk Appetite Statement (‘RAS’) and resets the key risk categories.
• Ensures the Board has appropriate skills and competencies to provide oversight of risks.
• Holds management accountable for managing risks suitably
•
Oversees the enterprise risk management framework and reporting to the Board and Board committees.
•
Regularly monitors and evaluates the effectiveness of Auckland Airport’s processes and risk plans.
Enterprise Risk Committee (ERC)
• H as executive level accountability for governance of enterprise risk management (ERM).
•
E
LT members have ownership of the key risk categories (including climate risks) and control environment and are
accountable for any open incidents, issues, and related actions within their functional areas.
•
R
eports quarterly to SSORC on key risk categories.
Safety, Sustainability and Operational
Risk Committee (SSORC)
• A ssists the Board to fulfil its corporate governance responsibilities
relating to safety, sustainability (including climate change) and
operational risk management and compliance.
•
O
versees and makes recommendations to the Board on the risk
profile of the business.
•
E
nsures that appropriate policies and procedures are adopted for
the identification, management and reporting of significant risks.
•

R
eceives quarterly risk updates from management, including on
climate-related risk.
•
O
versees the greenhouse gas inventory and emissions
reduction plan.
Audit and Financial Risk Committee (AFRC)
• O versees, reports and makes recommendations to the Board on the
publication of financial and non-financial disclosures including the
Climate-related disclosure.
People, Iwi and Remuneration Committee (PIRC)
• Makes recommendations to the Board for the Chief Executive’s
annual objectives and short-term incentives, including
sustainability objectives.
Sub-committees of the Board
Enterprise Risk Manager
• R esponsible for leading AKL’s Enterprise
Risk Management (ERM) strategy,
programme and Framework, ensuring risk
strategy, processes, practices and
capability are developed, implemented
and embedded across organisation and
that risk management is integrated into
organisational strategy, performance and
decision-making to support resilience and
long-term value creation.
Head of Environmental Planning
& Sustainability
Head of Commercial Finance
• R esponsible for developing and
implementing holistic climate change
mitigation, adaptation and transition plans
to ensure resilience against climate change
and other environmental issues.
•

R
esponsible for reporting to the Chief
Strategic Planning Officer on climate and
sustainability risks relevant to the business.
•
Responsible for the organisation’s budget
setting process including ensuring the
right level of climate consideration is
included. Supports the monitoring of the
company business strategy.
Key management roles reporting to ELT
Chief Strategic Planning Officer
• L eads the development and monitoring of the company
business strategy.
• Owns the organisation’s sustainability strategy and targets and
monitoring progress.
•

R
eports to the SSORC on a quarterly basis on progress on
sustainability including climate change risks.
•

R
esponsible for preparing the organisation’s annual Climate-related
disclosure and greenhouse gas inventory.
•
R
esponsible for consulting and maintaining relationships with Iwi.
Chief Financial Officer
• O wnership of Auckland Airport’s enterprise risk management
programme of work.
• Responsible for internal audit processes.
• Ensures financial decisions give appropriate consideration to
climate change.
• Facilitates the business planning processes and ensures
climate-related risks and opportunities are considered.
• Sets the company business plan and budgets.
•
R
esponsible for quantifying anticipated financial impacts of
climate-related risks.
04Climate-related disclosure
Annual Report 2026Auckland Airport42

04Climate-related disclosure
Risk management
Climate-related risks are fully integrated into Auckland
Airport's Enterprise Risk Management (ERM) Framework
and are managed as part of the organisation's core risk
governance processes. Auckland Airport's Risk Appetite
Statement and risk management policy guide our approach
to all enterprise level risks including Sustainability and
ESG and climate-related risks. This ensures regular
oversight of the enterprise risk profile, including risk
ratings, control effectiveness, and ongoing enhancement
of risk management capability, culture and maturity across
the organisation.
Risk level hierarchy
Auckland Airport manages climate-related risks through a
thr
ee-tier risk hierarchy aligned with the Enterprise Risk
Management Framework.
Level 1 risks: represent the most significant enterprise risks
that could materially affect the achievement of Auckland
Airport’s strategic objectives. Climate-related risks are
incorporated within the Sustainability and ESG level 1
enterprise risk and are owned by the Executives.
Level 2 climate-related risks: represent Auckland Airport's
material climate risks that sit beneath the Sustainability and
ESG level 1 enterprise level risk. These risks are owned by
an executive and are monitored and managed through the
enterprise risk profile.
Level 3 risks: represent individual climate hazards and
risk drivers (physical and transition) that are assessed
through Auckland Airport’s risk assessment matrix. While
data limitations remain in some areas of the value chain,
climate hazards across the organisation and value chain
are included in the identification and assessment process.
Level 3 risks are linked to and inform the assessment of
level 2 risks, with ERM aggregation modelling applied.
From the 2026 financial year, Auckland Airport’s level 2
climate-related risks form the basis of the climate-related
risks disclosed in this report. These risks represent the
material climate-related risks to the business and are
managed through the ERM processes.
As a result of this alignment, some previously disclosed
climate-related risks have been amalgamated where
multiple related climate hazards or risk drivers were
assessed to contribute to the same underlying enterprise-
level risk. This aggregation better reflects how climate-
related risks are managed in practice and improves
consistency between internal risk management and
e
xternal disclosure.
While individual climate hazards continue to be assessed at
a more granular level through the level 3 risk assessment
process, disclosure is focused on the material level 2 risks
that could reasonably be expected to affect Auckland
Airport’s business, financial position or strategic objectives.
Identifying and assessing climate-related risks
a
nd opportunities
Auckland Airport uses scenario analysis to identify climate-
r
elated risks and opportunities, and consider how they may
present themselves in an uncertain future.
Once identified, risks are assessed using Auckland Airport’s
R
isk Assessment Matrix using likelihood and consequence
or impact scales to produce a total “risk rating”. Risk
ratings are described as “residual risks” and “inherent risks”,
reflecting the impact on the business with or without
controls in place to mitigate the risks.
In FY26, management undertook a comprehensive review
of the existing climate-related risks and opportunities
to assess whether identified risks and opportunities and
ratings remained appropriate and complete, and whether
any changes were required in response to shifts in
internal or external contexts. This included consideration
of changes in policy and regulation, climate science
or ERM aggregation modelling, market and stakeholder
expectations, operational experience or strategic direction,
as well as an assessment of the effectiveness of risk
controls and owners. The findings of this review were
presented to SSORC and this process is expected to
repeat annually.
Where a review identifies new or materially changed
climate-related risks, or where existing risks no longer
appropriately reflect Auckland Airport’s enterprise risk
profile, risks are updated in the enterprise risk register
and escalated through established governance and
risk processes. Comprehensive climate risk identification
processes occur on a periodic basis or where a significant
change in context warrants a full reassessment.
This approach ensures climate‑related risks and
opportunities continue to be identified, assessed and
monitored on an ongoing basis, while reflecting the
maturity of Auckland Airport’s risk management practices.
Annual Report 2026Auckland Airport43

04Climate-related disclosure
For the years 2021-2025, climate-related risks were
identified through cross-functional workshops with
subject-matter experts.
Managing physical risks
Auckland Airport uses a combination of national, local and
site-specific climate projections and scientific modelling
1
of physical climate hazards to better understand risks to
the business and as inputs t
o internal capital deployment
and decision-making processes. Given our unique location
next to the Manukau Harbour and extensive coastline,
physical inundation and flooding of assets due to sea-level
rise and extreme weather events could affect our business
operations. The most significant physical risk for the airport
is the flooding of aeronautical infrastructure (such as the
terminals and airfield).
Auckland Airport's approach to stormwater management
is to consider the influence of upstream infrastructure,
including impervious surfaces and stormwater systems, on
flooding outcomes across the Auckland Airport precinct. In
FY26, Auckland Airport completed a significant programme
of works to build flood resilience into the precinct, including
4.4kms of new stormwater infrastructure and an innovative
coupled wetland biofilter stormwater pond as part of the
Northern Stands project.
While not eliminating the future risk of climate-related
impacts, the recently completed stormwater infrastructure
has addressed the immediate risk of flooding and provided
time for more strategic adaptation planning. This enables
Auckland Airport to take a phased approach to climate
adaptation, integrating adaptation actions into planned
capital works and renewal programmes to support a
coordinated and cost-effective response to the physical
impacts of climate change over time.
Managing transition risks and opportunities
As an organisation operating in a high-carbon industry, the
pace and scale of transitioning to a low-carbon economy
has the potential to pose significant risk to Auckland
Airport, particularly across the technology and policy
landscapes, and reputationally.
To mitigate these risks and prepare for opportunity
realisation, we are committed to playing our part to
unlock aviation decarbonisation by ensuring the precinct
is ready for infrastructure that will enable airline partners
to adopt lower-emissions technologies as they become
available. Auckland Airport’s Master Plan considers future
fuel requirements and Auckland Airport are also engaging
with the wider aviation industry to establish the right
conditions in New Zealand for the supply of sustainable
aviation fuel.
1
In 2023 Auckland Airport engaged Beca to conduct modelling of flooding and inundation risk using various levels of infrastructure intervention against the
I
ntergovernmental Panel on Climate Change Representative Concentration Pathway (RCP) 2.6, 4.5 and 8.5
Annual Report 2026Auckland Airport44

04Climate-related disclosure
Strategy
Resilience of business strategy
Auckland Airport's business model is built on the
oper
ation and development of aeronautical infrastructure
and commercial property. This means impacts from sea-
level rise and extreme weather events could significantly
affect our business operations. The development and
maintenance of resilient infrastructure and operations are
key considerations in Auckland Airport's Master and Capital
Planning processes.
The high-carbon profile of the aviation industry also poses
various risks to the business associated with the transition
to a low-carbon economy. Global and domestic carbon
policies affecting aviation activity, public perceptions
t
owards air travel and changing technology all have the
potential to affect Auckland Airport.
Auckland Airport monitors global and local trends in
clima
te-change research and modelling. We undertake
regular environmental scans and analysis of key factors
to enable early responses to any emerging risks, including
developments in global and national carbon policy, public
perception of aviation and technological advancements
to decarbonise. Political, economic, social, technological,
legal and environmental factors affecting Auckland
Airport and emerging risks are included in quarterly
governance reporting.
Annual Report 2026Auckland Airport45

04Climate-related disclosure
Scenario analysis
Auckland Airport uses three scenarios to identify potential
clima
te-related risks and opportunities. These scenarios
are not forecasts but aim to present plausible futures
to help Auckland Airport test the business model and
strategy resilience. Auckland Airport recognises the
inherent uncertainty and limitations associated with climate
scenarios and that many plausible futures exist where
different global temperature pathways, policy settings and
consumer preferences can play out. The end point of
Auckland Airport's scenarios is 2110, reflecting a long-term
planning timeframe that is aligned with flood modelling.
The three scenarios are:
• An orderly and rapid transition (low-emissions scenario);
• A disorderly and delayed transition (a medium-emissions
scenario
); and
• A hothouse world where emissions continue to rise
unaba
ted (a high-emissions scenario).
The scenarios are reviewed each year by management
to assess whether they remain relevant and whether
new information (such as climate modelling, sector-wide
scenarios and industry data) warrants scenario updates.
Any material changes to the scenarios will be reviewed by
a subset of the Executive and the SSORC. The scenarios
have been reconfirmed for the 2026 financial year.
While climate resilience is a key focus of Auckland
Airport's business strategy, the climate scenario analysis
process is not yet formally integrated into wider business
strategy development processes, and climate scenarios
were developed as a standalone exercise.
Auckland Airport does not use an internal carbon price
for business activity. Where needed, the current New
Zealand Emissions Trading Scheme price is used. However,
the future carbon prices under the tourism sector climate-
related scenarios have been used within Auckland Airport’s
climate-related scenario analysis.
Relevance of scenarios
Auckland Airport is confident
its climate scenarios are
relevant and appropriate for assessing the resilience
of our business model and strategy response to
climate-related risks and opportunities. Auckland Airport's
scenarios are based on the property and construction,
tourism and transport sector-wide scenarios. These sector
scenarios represent the core aspects of Auckland Airport's
business, now and into the future. In addition to the
sector-wide scenarios, Auckland Airport drew upon the
National Institute of Water and Atmospheric Research's
Representative Concentration Pathway scenarios, and
bespoke modelling work that had been completed
to understand the potential physical impacts of
climate change on the airport precinct. The inputs
for this modelling work were based on Auckland
Airport's operations.
Auckland Airport's scenario analysis process:
Assess materiality of climate-related risks
Step 1:
• Identify current climate-related risks and
opportunities
• Assess likelihood and impact of each risk
Step 2:
Identify driving forces
• Identify the external driving forces which may
impact Auckland Airport’s climate change risks
• Rank driving forces based on uncertainties and
impacts
Step 3:
Develop scenario
• Form scenarios based on different
combinations of driving forces
• Describe how each driving force develops and
it’s impact over the time horizon
• Describe how the driving forces could interact
Step 4:
Evaluate business impacts
• Evaluate potential effects on the organisation
under each of the scenarios
•

Q
uantify potential financial impact of risks to
the business
• Identify key sensitivities
Step 5:
Assess effectiveness of business
strategy against scenarios
• I dentify potential responses to risks under
scenarios
•
Evaluate effectiveness of responses across
scenarios, as well as responses to specific
scenarios
•
Identify what adjustments to strategic and
financial plans need to be made
Annual Report 2026Auckland Airport46

Global emissions peak in the
2020s as international climate
frameworks tighten, with strict
legislation accelerating New
Zealand’s low-carbon transition.
Flying becomes more expensive
in the short term due to regulation
and carbon pricing. However,
coordinated investment by the
public and private sector drives
the successful rollout of low-
carbon aviation technologies and
domestic Sustainable Aviation
Fuel production leading to a
mostly decarbonised sector by
the 2050s.
Growing public awareness of
aviation’s climate impact slows
passenger growth during the
transition, however, is beginning
to increase in 2050 when
aviation has become largely
decarbonised. Physical climate
impacts intensify only slightly,
with minimal disruption to
business operations, allowing
organisations and value
chains to focus on strategic
transformation rather than
reactive crisis management.
Global emissions continue to
rise until the 2040’s when rapid,
and less organised policy action
is required to limit warming
and transition to a low-carbon
economy.
A lack of early and coordinated
action between the public and
private sectors means that low-
emission fuels and technology
are slow to develop and costs
are high. Policy settings are
introduced in the 2040s to
quickly curb emissions which
restricts the growth of aviation
and causes flying to become
expensive.
The cost and carbon impact
of aviation means it loses
considerable popularity,
particularly long-haul travel,
significantly impacting trade
and tourism. However, aviation
for domestic trade and tourism
remains necessary. Physical
climate impacts are intensifying,
creating disruption to travellers
and operations. However,
adaptation plans have been
implemented which limit the
impact on infrastructure.
Global emissions continue to
rise unabated. Policy focus shifts
to adaptation; however, the cost
of projects is high.
Aviation continues to be reliant
on fossil fuels, which increase in
price over time due to scarcity,
demand and supply chain
disruptions. This makes the price
of travel expensive.
Physical climate impacts are
high and severe weather events
regularly cause operational
disruption and damage to
infrastructure.
Although there continues to
be high desire for travel, long-
haul travel is expensive and
often disrupted which reduces
demand. However, as physical
climate impacts are less severe
in New Zealand than other
places, demand for domestic
tourism increases which allows
New Zealand’s tourism industry
to remain viable.
Time
CO
2
e
Scenario 1: Orderly
Scenario 2: Disorderly
Time
CO
2
e
Time
CO
2
e
Scenario 3: Hothouse
Driving forces
Temperature increase: ~4.3°c (RCP8.5)
Price of carbon: Minimal increase
Physical risk severity: High
Policy action: Minimal
Technology development: Minimal
Driving forces
Temperature increase: ~2.4°c (RCP4.5)
Price of carbon: High increase
Physical risk severity: Moderate
Policy action: Delayed then rapid
Technology development: Moderate
Driving forces
Temperature increase: ~1.5°c (RCP2.6)
Price of carbon: Moderate increase
Physical risk severity: Low
Policy action: Immediate and coordinated
Technology development: Fast
04Climate-related disclosure
Annual Report 2026Auckland Airport47

04Climate-related disclosure
Climate-related risks and opportunities
Auckland Airport continues to consider climate-related
risk
s and opportunities in its strategic planning, including
our asset management plans, capital projects, the Master
Plan and longer-term flood and storm-water modelling for
the whole of the Auckland Airport precinct.
The following pages set out the material physical and
transition climate-related risks and opportunities identified
by Auckland Airport. Risks and opportunities have been
identified across the Airport’s entire value chain and have
been assessed as the risk to Auckland Airport in 2050
incorporating mitigation currently in place. The anticipated
impacts, including financial, that might be experienced, and
the timeframe/s in which the impact might reasonably be
expected to occur are set out. Where Auckland Airport
have not been able to disclose the financial impact the
reasons are explained.
While not mandatory under NZ CS, Auckland Airport has
elected to disclose its current and planned mitigation
actions to convey to end-users how Auckland Airport plans
to minimise the organisation’s climate-related risks.
Auckland Airport uses the following definitions when referring to
different planning timeframes:
Short term
Present day - 2035
Aligned with capital planning
Medium term
2036 - 2050
Aligned with master planning
Long term
2051 - 2110
Aligned with climate modelling
Annual Report 2026Auckland Airport48

04Climate-related disclosure
Climate-related risks
The following pages describe the material climate-related risks that have been considered across Auckland Airport's value
chain. All material risks are limited to the geography of the Auckland Airport precinct. As described in the Risk Management
section, in FY26 Auckland Airport's enterprise level 2 climate-related risks form the basis of the climate-related risks
disclosed in this report. As a result, previously disclosed risks have been amalgamated and a smaller number of risks are
disclosed. The following diagram shows the alignment between risks disclosed in FY25 and FY26.
Annual Report 2026Auckland Airport49

04Climate-related disclosure
PR01 Risk of physical climate impacts disrupting airport operations and damaging assets
Risk typePhysical
Key
scenario
Hothouse
TimeframeMedium to long-term
Description:Physical impacts of climate change, including more frequent and severe extreme weather events (such as
s
torms, flooding, heatwaves, and high winds) as well as longer‑term shifts in climate patterns, may disrupt
airport operations and damage critical infrastructure at Auckland Airport. These impacts could result in
operational disruption and loss of revenue, increased capital costs for repairs and replacement of assets,
safety risks, increased operational costs and/or impact the availability and cost of insurance.
Material
current
impact:
• Auckland Airport was not materially impacted by severe weather events in the FY26 that created costs
r
elating to clean-up or capital deployment.
• However, planned investment into stormwater infrastructure to reduce the risk of flooding continued into
FY
26 with the commissioning of assets associated with the Northern Stands project.
Quantified
anticipated
financial
impact:
$0-$75m per event
• Cost associated with a significant
flooding event with a 100-year Annual Return Interval under RCP 2.6,
4.5 and 8.5.
• Auckland Airport undertakes regular valuation of our assets consistent with industry practice. The value
cap
tures any potential impacts of climate change and is reflected in this assessment.
• Financial impacts to terminal, airfield, roading and car parks drawn from experience of the flood event in
J
anuary 2023 and extrapolated to flood modelling in 2110.
• Considers the impact of sea-level rise under each scenario.
• The potential financial impact of other physical climate impacts, including longer-term shifts in weather
pa
tterns, has not been quantified due to insufficient information on how these impacts may present, and
indications that it would not exceed the anticipated cost of a flood.
Management
response
• Storm water master plan kept up to date reflecting latest climate change information, flood modelling and
non-airport
-owned upstream infrastructure development.
• Storm water infrastructure capacity increased as required to respond to flood modelling. This reduces the
short and medium t
erm risk in all scenarios.
• Continuing to expand knowledge and strategies for climate adaptation, including decision-making
pr
ocesses, asset and infrastructure management, and business continuity.
• Long-term: Development of a second runway at a higher elevation.
References• Auckland Airport flood modelling undertaken by an external consultant in 2023.
Annual Report 2026Auckland Airport50

04Climate-related disclosure
TR01 Risk of increased climate-related stakeholder scrutiny affecting reputation, licence to operate
o
r access to capital
Risk typeTransition
Key
scenario
Disorderly
TimeframeAll time horizons
Description:The aviation sector may face increasing public, investor and customer scrutiny due to its high-emissions
in
tensity. Heightened expectations around emissions reduction, transparency and climate performance may
increase reputational risk for Auckland Airport and aviation stakeholders. This scrutiny may increase the risk
to Auckland Airport of litigation and may affect the ability to attract and retain staff, access finance, secure
suppliers and/or create a heightened risk of security threats e.g. protests.
Material
current
impact:
Auckland Airport continues to deploy capital and resourcing to projects that enable the decarbonisation
o
f the Airport's operations and/or stakeholder emissions. These are done for a range of reasons, which
includes addressing stakeholder expectations on decarbonisation. In the 2026 financial year, this included
the commissioning of 11 x 600kW heatpumps, which cost $15m.
Quantified
anticipated
financial
impact:
This risk has not been quantified because there is insufficient information available to develop assumptions
on ho
w this could affect Auckland Airport. However, this risk is deemed material, so it remains within the
disclosed risks.
Management
response
• Research and monitoring of domestic and international trends in public sentiment, sustainable aviation
best practice and emerging technologies.
• Regular engagement with stakeholders including investors, iwi, industry groups, aviation partners,
cus
tomers, and central and local government.
• Leveraging Auckland Airport's scale and position in the supply chain for influence including incorporation
o
f sustainability requirements into procurement, tenders and contracts where relevant.
• Consistent approach to honest and transparent communications and disclosures, supported by relevant
certifications, accreditation, memberships and staff training.
Annual Report 2026Auckland Airport51

04Climate-related disclosure
TR02 Reduced demand for air travel and freight due to climate-related shifting
c
onsumer preferences
Risk typeTransition
Key
scenario
Disorderly
TimeframeMedium-term (2036-2050)
Description:A shift in consumer preferences may cause travellers, consumers and businesses to favour lower-emission
alt
ernatives to air travel and shipping. This could include people choosing to drive an electric vehicle, have
virtual meetings instead of fly, or businesses choosing rail or shipping for freight. This shift in preferences
could lead to reduced passenger demand and freight volumes, impacting Auckland Airport's revenue and
capital investment in aeronautical infrastructure.
Material
current
impact:
None identified
Quantified
anticipated
financial
impact:
$0-$45m
• Financial impact represents annualised figure of reduction in the 2050 net profit after tax (NPAT) from
r
etail, car parking, transport licence fees and hotels if expected growth in passenger numbers was
reduced due to airlines choosing not to fly to Auckland, compared to the unconstrained forecast if the
airport was operating at maximum capacity.
• Aeronautical income assumed to be unchanged as the building blocks methodology will recover
aer
onautical charges over the reduced passenger volumes, noting however that lower growth can defer
or avoid capital investment, which would lower aeronautical revenue.
• Assumes that Auckland Airport’s forecast annual passenger growth rate is reduced between 2035 and
2050 t
o varying extents under the three climate-related scenarios.
• Auckland Airport has a long-term
financial model for forecasting high-level financial scenarios, based on
estimated passenger volumes and the expected run rate for income and expenses.
• Model used to estimate the impact on NPAT from the estimated reduction in passenger numbers
compar
ed to the initial passenger numbers in 2050.
Management
response
• Maintaining a diverse portfolio of markets and strengthening short-haul markets.
• Transparent and balanced disclosure of sustainability performance, including GHG emissions and
decarbonisa
tion initiatives.
• Monitoring of consumer perceptions in key markets including NZ (e.g. changes to business travel policies).
• Participation in industry and regulatory forums focused on decarbonisation of aviation.
• Advancing decarbonisation action where activities are practicable and communicating these
with s
takeholders.
References• FY23 passenger forecast  
◦The FY23 passenger forecast model is used as the base assumption for financial quantification.
Auckland Airport intends to use this model for a five-year period until Price Setting Event 5, unless
ther
e is a material change to the assumptions in the corporate model.
Annual Report 2026Auckland Airport52

04Climate-related disclosure
TR03 Risk of climate-related policy, regulation or market interventions impacting operations
a
nd costs
Risk typeTransition
Key
scenario
Disorderly
TimeframeAll time horizons
Description:Policies, regulations, or pricing mechanisms that seek to reduce emissions from aircraft could be introduced
domes
tically or in key global markets. These could be structured in ways that have direct impacts on
Auckland Airport, (e.g. operational restrictions such as flight caps), indirect impacts such as levies passed
through to passengers, or require the deployment of capital. The introduction of such regulations may have
an impact on passenger demand, revenue or capital costs.
Material
current
impact:
None identified
Quantified
anticipated
financial
impact:
$0-$45m
• Financial impact reflects an annualised figure
of reduction in the 2050 NPAT from retail, car parking,
transport licence fees and hotels if an emissions-related levy was introduced to aviation in New Zealand,
compared to an unconstrained forecast if the airport was operating at maximum capacity.
• Aeronautical income assumed to be unchanged as the building blocks methodology will recover
aer
onautical charges over the reduced passenger volumes, noting however that lower growth can defer
or avoid capital investment, which would lower aeronautical revenue.
• Demand impact from emissions-related levies has been assessed using different demand elasticity models
f
or domestic and international passengers and different cabin classes.
Management
response
• Policy engagement and advocacy.
• Monitor government climate change reporting and any proposed legislative changes, and respond
accor
dingly, including preparing submissions on proposed policy and legislation.
• Collaboration in industry working groups to engage with policy makers and advocate for favourable
polic
y settings.
References• Parliamentary Commissioner for the Environment report (2021); Not 100% - but four steps closer to
sus
tainable tourism.
• FY23 passenger forecast
◦The FY23 passenger forecast model is used as the base assumption for financial quantification.
Auckland Airport intends to use this model for a five-year period until Price Setting Event 5, unless
ther
e is a material change to the assumptions in the corporate model.
• 2025 average ticket prices.
• Price Setting Event 4 Elasticity report.
Annual Report 2026Auckland Airport53

04Climate-related disclosure
TR04 Risk of insufficient availability of low-emissions fuel and energy at a competitive price
Risk typeTransition
Key
scenario
Disorderly
TimeframeMedium-term
Description:The decarbonisation of aviation is dependent on the availability of low‑carbon energy sources, including
electrification infrastructure and alternative fuels such as sustainable aviation fuel and hydrogen. Insufficient
supply of electricity (under current onsite generation and purchase agreements) and alternative fuels at
compe
titive prices may constrain Auckland Airport's ability to serve airlines seeking to decarbonise and meet
future operational and tenant energy demands. These impacts could reduce the airport's attractiveness as an
international hub, limit growth in route connections, reduce aircraft movements, reduce passenger numbers,
hinder Auckland Airport's ability to support low-emissions aircraft and impact revenue.
Material
current
impact:
None identified
Quantified
anticipated
financial
impact:
$0-$45m
• Financial impact represents annualised figure of reduction in the 2050 NPAT from retail, car parking,
tr
ansport licence fees and hotels if expected growth in passenger numbers was reduced due to airlines
choosing not to fly to Auckland, compared to the unconstrained forecast if the airport was operating at
maximum capacity.
• Aeronautical income assumed to be unchanged as the building blocks methodology will recover
aer
onautical charges over the reduced passenger volumes, noting however that lower growth can defer
or avoid capital investment, which would lower aeronautical revenue.
• Assumes that Auckland Airport’s forecast annual passenger growth rate is reduced between 2035 and
2050 t
o varying extents under the three climate-related scenarios.
• Auckland Airport has a long-term financial model for forecasting high-level financial scenarios, based on
es
timated passenger volumes and the expected run rate for income and expenses.
• Model used to estimate the impact on NPAT from the estimated reduction in passenger numbers,
compar
ed to the initial passenger numbers in 2050.
Management
response
• Regular engagement with aviation, precinct, government and other stakeholders on decarbonisation and
electrification plans including advocating for domestic sustainable aviation fuel supplies.
• Investment in infrastructure on the airfield, in the terminals and on precinct to facilitate the transition from
f
ossil fuels.
• Consideration of future Auckland Airport and stakeholder energy needs and capabilities in the
M
aster Plan.
• Investigation of onsite energy generation, power purchase procurement planning, and the ability of
A
uckland Airport to leverage existing infrastructure to provide future energy capabilities.
• Maintaining commercial and market portfolio diversification to mitigate any risk of reduced long-haul
tr
avel demand.
References• FY23 passenger forecast
◦The FY23 passenger forecast model is used as the base assumption for financial quantification.
Auckland Airport intends to use this model for a five-year period until Price Setting Event 5, unless
ther
e is a material change to the assumptions in the corporate model.
Climate-related risks have the potential to affect
assets, as noted in our FY26 financial statements. None of the risks or
opportunities identified are considered to have impacts warranting material changes to the valuation of Auckland Airport’s
assets given the long-term nature of the assessment and the mitigation that is planned in advance.
Annual Report 2026Auckland Airport54

04Climate-related disclosure
Climate-related opportunities
In the 2026
financial year, Auckland Airport has considered
opportunities that are currently immaterial but which could
become material if the right conditions present in the
future. We will continue to monitor and review these
opportunities, disclosing and quan
tifying appropriately if
and when an opportunity is deemed to be material. All
considered opportunities are limited to the geography of
the Auckland Airport precinct.
Potential future opportunityDescription
TO01 Energy resilience
and security
In the short to medium term there may be opportunities to lower operational costs, improve
r
esilience to price volatility, delay network upgrades and/or diversify revenue through further
development of solar arrays.
Business model and transition planning
Auckland Airport's business model is based on owning,
oper
ating and developing New Zealand’s largest airport
as a long-term infrastructure asset. The airport
groups its revenue-making activities into three groups:
aeronautical, retail and car parking, and commercial
property. The business strategy focuses on enabling
air connectivity for New Zealand while maximising
sustainable, resilient earnings over time through strategic
infrastructure investment and growth of commercial
property and services.
Our business model focuses on five
core business activities:
• Connect: Collaborating with our partners to connect
tr
avellers and cargo within New Zealand and between
New Zealand and the world;
• Infrastructure: Designing and building a fit-for-
purpose and resilient airport that supports lower
carbon emissions;
• Community: Cultivating an inclusive and safe place for
people t
o work and develop their careers. Employment
opportunities for the local South Auckland community;
• Stewardship: Creating an airport for generations to
come
, taking tomorrow's lens today to ensure our
precinct is enduring and sustainable; and
• Precinct: Reimagining the experiences we offer to every
cus
tomer across aeronautical, retail, transport, hotels
and commercial property leasing.
Auckland Airport does not have a transition plan and due to
this, is not yet able to identify the extent to which transition
planning will change the business strategy and the way
capital is deployed. However in the interim, Auckland
Airport has ensured that decarbonisation, sustainability and
climate resilience is embedded across the Building a Better
Future business strategy. The Future Resilience platform of
this strategy acknowledges that Auckland Airport is not
just a business but a multi-generational endeavour, and
that a long-term perspective must be applied in everything
we do.
Aviation is critical for New Zealand to maintain the
connec
tivity of people and goods with the rest of the
world. As the primary gateway to New Zealand, Auckland
Airport is a significant contributor to the regional and
national economy, and is critical to New Zealand’s trade
and tourism industries. As well as making a significant
contribution to New Zealand’s tourism industry, Auckland
Airport plays a key role in the transport of high-value, time-
sensitive goods to and from New Zealand.
Due to New Zealand’s growing population, and an expected
increase in time-sensitive trade, Auckland Airport expects
to continue the growth in international and domestic
passenger numbers. This growth will support the country’s
economic and social wellbeing, however, Auckland Airport
acknowledges the aviation sector contributes to climate
change and will continue to play a role in global emissions
over the medium term, because low-emissions aircraft
technology is in its infancy.
The business strategy prepares the precinct for the
transition to a low-emissions economy by:
• Master planning to ensure the right infrastructure is
a
vailable to enable airlines to adopt low-emissions
technologies, when they become available;
• Working with
airfield partners to provide the
infrastructure and technology to adopt low-emissions
equipment and practices;
• Involvement in industry groups focused on enabling
the decarbonisa
tion of aviation and advocacy with the
government, with recent work focused on sustainable
aviation fuel;
• Diversifying income streams;
• Working with external stakeholders on public and active
tr
ansport connections to the precinct; and,
• Partnering with stakeholders on the precinct to facilitate
in
formation sharing and collaboration.
Auckland Airport's transition plan towards a climate-
resilient, low-carbon future will evolve over time as our
understanding of risks and opportunities matures.
Annual Report 2026Auckland Airport55

04Climate-related disclosure
Aviation is only one part of Auckland Airport’s business.
While the technology required to decarbonise aviation is
still in development, Auckland Airport’s business strategy
places focus on decarbonisation across the business
and value chain, as well as adapting to a changing
climate. The Airport also develops infrastructure, operates
surface transport networks, and owns a large property-
development portfolio. Resilience over the long term is in
Auckland Airport's best interest.
Emissions from Auckland Airport’s direct operations make
up only a small portion of our total inventory, however,
decarbonising these emission sources is an important first
step of the transition and the airport’s Building a Better
Future strategy.
Auckland Airport's strategy to decarbonise these scope 1
and 2 emissions is formalised in a decarbonisation pathway.
The pathway sets out a clear and structured plan to deliver
carbon reduction initiatives and decarbonise emissions
from Auckland Airport's direct operations. It focuses on the
following activities:
• Phasing out the use of natural gas in the terminal
through the incremental replacement of natural gas
boilers with electric alternatives;
• Electrifying our corporate vehicle fleet, where options
e
xist that meet the functional requirements;
• Using refrigerants with the lowest global warming
po
tential possible; and
• Using electricity generated from a mix of on- and off-site
renewable generation.
Auckland Airport's decarbonisation strategy prioritises
r
educing emissions at source as far as practicable before
using offsets. It is estimated that in 2030, 10% of Auckland
Airport's 2019 scope 1 and 2 emissions will remain due
to operational requirements. These residual emissions will
be neutralised through a high-integrity offsetting scheme,
which is yet to be determined.
Auckland Airport’s decarbonisation pathway for scope 1 and 2 emissions
Electricity
D iesel & petrol
F ire training fuels
& extinguishers
Refrigerants
1.5°C
trajectory
N atural gas
Electricity
D iesel & petrol
F ire training fuels
& extinguishers
Refrigerants N atural gas
0
1
2
3
4
5
6
7
FY26FY25FY24FY23FY22FY21FY20FY19
tonnes CO₂e (’000s)
tonnes CO₂e (’000s)
0
1
2
3
4
5
6
7
FY30FY29FY28FY27FY26FY25FY24FY23FY22FY21FY20FY19
Actual
Forecast
0
1
2
3
4
5
6
7
FY26FY25FY24FY23FY22FY21FY20FY19
tonnes CO₂e (’000s)
tonnes CO₂e (’000s)
0
1
2
3
4
5
6
7
FY30FY29FY28FY27FY26FY25FY24FY23FY22FY21FY20FY19
Actual
Forecast
Renewable energy
certificates purchased
Auckland Airport’s scope 1 and 2 emissions over time
Renewable energy
certificates purchased
Incremental reductions
in scope 1 as
electrification occurs
New renewable generation
for scope 2 emissions
planned for FY29
Annual Report 2026Auckland Airport56

04Climate-related disclosure
Metrics and targets
Emission reduction target
Auckland Airport has established and committed to a near-
t
erm absolute emission reduction target for scope 1 and
2 emissions:
• 90% reduction in scope 1 and 2 emissions from 2019
le
vels by 2030 (with the remaining 10% of residual
emissions offset through a certified offsetting scheme,
to be identified at a later date).
The target was developed using Auckland Airport's
decarbonisation pathway and is consistent with recognised
climate science and emissions reduction trajectories
associated with limiting the global warming increase to
1.5°C. Achievement of the target is expected to reduce
emissions from Auckland Airport's direct operations in line
with the level of reductions required under 1.5°C pathways
and therefore contributes to the global effort to limit
w
arming. Auckland Airport's targets and pathway have not
been validated by any third party.
Aircraft emissions, which Auckland Airport acknowledges
are the largest source of emissions associated with airport
activities, are outside the boundary of the target as they are
not within Auckland Airport's operational control.
Auckland Airport relies on the use of market-based
methods for electricity-related emissions to achieve this
target. While Auckland Airport has invested in on-site
r
enewable energy generation, operational requirements,
land-use constraints, and the airport's significant electricity
demand mean that on-site renewable generation alone
cannot meet the airport's energy needs. As a result,
achieving the scope 2 component of the target depends
on the procurement of renewable electricity through
recognised market-based instruments.
Auckland Airport intends to enter into a power purchase
agreement on the expiry of its current electricity contract
to support achievement of its scope 2 renewable electricity
objectives. In the interim, Auckland Airport buys renewable
energy certificates associated with Meridian Energy's
renewable generation portfolio and continues to invest
in on-site solar generation. Under the market-based
methodology set out in the GHG Protocol Scope 2
Guidance, these certificates enable Auckland Airport to
account for its purchased electricity as 100% renewable
and report zero market-based scope 2 emissions.
Given Auckland Airport’s target ends in 2030, we do not
have any interim targets. Auckland Airport does not use
any other industry-based metrics to measure and manage
climate-related risks and opportunities.
Carbon emissions, trends and analysis
Auckland Airport's total GHG emissions for the
2026
financial year were 3,381,224 tCO
2
e. Scope 1
and 2 emissions totalled 1,467tCO
2
e using a market-
based methodology and 4,123 tCO
2
e using a location-
based methodology.
Compared with the FY19 baseline, scope 1 and 2 emissions
decreased by 70%. This reduction reflects continued
investment in emissions-reduction initiatives across airport
operations, including the commissioning of 11 x 600kW
heatpumps in the international terminal building, which
has significantly reduced gas consumption. In addition to
the continued purchase of Meridian Energy's Renewable
Energy Certificates, Auckland Airport is on track to
achieving its 2030 target.
In April 2026 Auckland Airport acquired an adjacent
oper
ating quarry and the associated emissions now form
part of the scope 1 and 2 inventory. While the electricity
associated with operating the quarry is immaterial to
the scope 2 profile, diesel emissions have increased 25%
(compared to the baseline year) as a result.
Electricity-related emissions also continued to decline.
Compared with FY25, location-based electricity emissions
decreased by 28%. This reduction was driven by
operational initiatives including the Mānawa Bay and
Transport Hub solar arrays which are directly reducing
demand for grid-supplied electricity in addition to changes
in the national grid emission factors.
Auckland Airport's scope 3 inventory continued to evolve
in FY26 as additional data and improved methodologies
became available. Key changes include the adoption of a
revised methodology for calculating aircraft emissions, the
inclusion of passenger and tenant surface access emissions
and the addition of tenant natural gas use. As a result of
these changes, the FY26 scope 3 inventory is not directly
comparable with previous years and a total year on year
comparison has not been provided.
Annual Report 2026Auckland Airport57