AIA - Auckland Airport considers bond offers

Page 1 of 2
Market Release | 29 October 2026
Auckland Airport considers bond offers
Retail Offer
Auckland International Airport Limited (“Auckland Airport”) is considering an offer of five-year
fixed rate bonds maturing in November 2031 (“Retail Offer”) to institutional investors and New
Zealand retail investors.
Any such Retail Offer will be made pursuant to the Financial Markets Conduct Act 2013 as an
offer of debt securities of the same class as Auckland Airport’s existing quoted debt securities.
The bonds are expected to be quoted on the NZX Debt Market. It is expected that full details of
the Retail Offer will be released the week of 2 November 2026, subject to market conditions.
Auckland Airport has appointed ANZ Bank New Zealand Limited (“ANZ”), Bank of New Zealand
(“BNZ”) and Forsyth Barr Capital Markets Limited as Joint Lead Managers in relation to the Retail
Offer.
Investors can register their interest with the Joint Lead Managers for the Retail Offer or their
usual financial adviser. Indications of interest will not involve an obligation or commitment of any
kind. No money is currently being sought and no bonds can be applied for or acquired in relation
to the Retail Offer until the Retail Offer opens and the investor has received a copy of the offer
document in relation to the bonds.
Wholesale Offer
Auckland Airport is also considering making an offer of floating rate bonds maturing in November
2029 (“Wholesale Offer”) to certain wholesale investors only. Retail investors may not
participate in the Wholesale Offer. Auckland Airport has also appointed ANZ and BNZ as Joint
Lead Managers in relation to the Wholesale Offer.
It is expected that full details of the Wholesale Offer will be made available by the Joint Lead
Managers for the Wholesale Offer to certain wholesale investors during the week of 2 November
2026, subject to market conditions.
If Auckland Airport makes the Retail Offer and the Wholesale Offer, the maximum amount of
bonds to be issued by Auckland Airport under the Retail Offer and the Wholesale Offer together
would not exceed NZ$350,000,000.
A copy of a market update presentation to be made by Auckland Airport is attached.
ENDS
For more information:
Investors:
Chief Financial Officer
Stewart Reynolds
+64 27 511 9632

Page 2 of 2
stewart.reynolds@aucklandairport.co.nz

Joint Lead Managers – Retail Offer
ANZ Bank New Zealand Limited
Bank of New Zealand
Forsyth Barr Capital Markets Limited

Joint Lead Managers – Wholesale Offer
ANZ Bank New Zealand Limited
Bank of New Zealand

---

October 2026
Debt investor
update
Stewart Reynolds
Chief Financial Officer
Campbell De Morgan
Treasury Manager

Important notice
2
Disclaimer
This presentation is for preliminary information purposes only, does not constitute a recommendation by Auckland International Airport Limited (Auckland Airport), ANZ Bank New Zealand Limited (Joint
Lead Manager), Bank of New Zealand (Joint Lead Manager), Forsyth Barr Capital Markets Limited (Joint Lead Manager) or The New Zealand Guardian Trust Company Limited, nor any of their respective
directors, officers, employees or agents to subscribe for, or purchase, any securities and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever. The information in this presentation is given in good faith and has been obtained from sources believed to be reliable and accurate at the date of preparation, but its accuracy, correctness and
completeness cannot be guaranteed. No money is currently being sought and no bonds can be applied for or acquired until the relevant offer opens and the investor has received a copy of the offer
documents in relation to those bonds. If Auckland Airport offers the retail bonds, the retail offer will be made in accordance with the Financial Markets Conduct Act 2013 (FMCA) as an offer of debt securities
of the same class as existing quoted debt securities.
All of the data provided in this presentation is derived from publicly available information in relation to Auckland Airport (including annual report results presentation of Auckland Airport for its financial year
ended 30 June 2026, unless otherwise indicated). Any internet site addresses provided in this presentation are for reference only and, except as expressly stated otherwise, the content of any such internet
site is not incorporated by reference into, and does not form part of, this presentation.
This presentation may contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy, of Auckland Airport. Auckland Airport gives no
assurance that the assumptions upon which Auckland Airport based its forward-looking statements on will be correct, or that its business and operations will not be affected in any substantial manner by
other factors not currently foreseeable by Auckland Airport or beyond its control. Accordingly, Auckland Airport can make no assurance that the forward-looking statements will be realised.
All currency amounts are in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subject to rounding.
None of the Joint Lead Managers nor any of their directors, officers, employees and agents:
•accept any responsibility or liability whatsoever for any loss arising from this presentation or its contents or otherwise;
•authorised or caused the issue of, or made any statement in, any part of this presentation; and
•make any representation, recommendation or warranty, express or implied regarding the origin, validity, accuracy, adequacy, reasonableness or completeness of, or any errors or omissions in, any
information, statement or opinion contained in this presentation and accept no liability (except to the extent such liability is found by a court to arise under the FMCA or cannot be disclaimed as a matter
of law).
Auckland Airport and its directors, officers, employees and agents expressly disclaim any and all liability relating to or resulting from inaccurate or incomplete information or the use of or reliance on all or
any part of the information contained within this presentation, except to the extent such liability is found by a court to arise under the FMCA or cannot be disclaimed as a matter of law.
This presentation is dated 29 October 2026.
Auckland Airport Debt Investor Update

Company overview
4
Building a better future
13
Financial results
26
Outlook
35
Supplementary information
38
Table of contents
3
Auckland Airport Debt Investor Update

Page 4
Company overview

Auckland Airport connects New Zealanders with one another...
8.6m
annual domestic
PAX movements ¹
23
destinations
domestically served
by four airlines¹
24/7
no flight curfew,
operating 24 hours a
day, 7 days a week²
2%
increase in domestic
seat capacity ¹
1. For the year ended 30 June 2026
2. Includes maintenance windows
Auckland Airport Debt Investor Update
5

Perth
Adelaide
Sydney
Melbourne
Gold Coast
Brisbane
Norfolk Island
Noumea
Nadi
Papeete
Rarotonga
Niue
Apia
Nuku’
alofa
Honolulu
Santiago
Vancouver
San Francisco
Los Angeles
Chicago
2
Dallas Fort Worth
Houston
New York
Doha
Dubai
Kuala Lumpur
Singapore
Hong
Kong
Guangzhou
Taipei
Shanghai
Seoul
Tokyo
Bali
1
Cairns
Sunshine Coast
Beijing
Shenzhen
Hangzhou
Haikou
Chengdu
Hobart
Buenos Aires
Ho Chi Minh City
...and connects New Zealand with the world
174k
tonnes of international
cargo movements¹
75%
of long-haul visitors
entered NZ via AKL¹
1%
increase in
international seat
capacity¹
10.5m
annual international
passenger
movements¹
6
1. For the year ended 30 June 2026
2. Air New Zealand flights to Chicago are currently on hold

PAX recovering, deep domestic base supported by international growth
Source: Stats NZ. Time period: 12 months to Jun-26Source: Stats NZ. Time period: 12 months to Jun-26
Auckland Airport PAX recoveryAuckland Airport PAX mix
Top 10 arrivals by country of residence
Domestic
International
Auckland Airport Debt Investor Update
7
0%
20%
40%
60%
80%
100%
Jul 19Jan 20Jul 20Jan 21Jul 21Jan 22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Jan-26
PAX recovery vs FY19 equivalent
0%20%40%60%
KOR
GER
CAN
JPN
IND
GBR
CHN
USA
AUS
NZL
52%
45%
3% Transits

Page 8
46%
Aeronautical
% refers to revenue split for FY26 (excluding interest income)
18%
Diverse and complementary activities
18%
Retail
8%
Parking & Transport services
10%
Investment Property
Other

Quality retail offering for visitors to the precinct
86
in-terminal retail stores*
4
retail channels: in-terminal, on-
precinct, online, off-airport
$9.67
retail income per
passenger
*International airside retail refresh underway

11.0k
public car parking
spaces
5
Valet, Premium,
Standard, Short Stay
Park & Ride
products
1.6m
public car parking exits
Extensive transport business

11
High quality commercial property portfolio
$3.5bn
investment property
portfolio
97%
portfolio occupancy
8.7 yrs
weighted average lease term
$203m
rent roll
11

12
311
rooms
198
rooms
263
rooms
772 room hotel portfolio
12

Page 13
Building a better future

Auckland Airport Debt Investor Update
14
Building a better future
As custodians of New Zealand’s gateway airport, we are guided by our strategic plan Building a Better Future to create a vibrant
precinct of travel, trade and hospitality and contribute to the prosperity of our community and the wider economy
Thriving
Enterprise
Enduring
Infrastructure
Seamless
Connectivity
Empowered
Community
Future
Resilience

Customer experience is at the heart of our enterprise
4.4/5
Voice of the Customer
satisfaction score²
83.5%
Customer satisfaction ASQ score¹
20k
Traveller responses captured
through AKL’s Voice of
Customer programme
1. For the Q1 (Jan – Mar) 2026
2. As at June 2026
15

We are continuing to deliver improvements to the customer journey
15.6%
Reduction in ITB
departure journey times¹
7.0%
Reduction in DTB departure journey
times¹
1.9%
Reduction in ITB arrivals
journey times¹
1. Reduction in median journey times, June 2026 vs June 2025
16

ARTIST IMPRESSION
Jul 2025Jan 2026Jul 2026Jan 2027Jul 2027
Duty Free store
refurbishment
commences
New Food &
Beverage Line Up
announced
Food & Beverage Level 1
refresh complete
Duty Free
stage 3
complete
Pier A, Arrivals &
Departures Duty
Free stage 2
complete
Lagardère begins new
contract as sole Duty Free
partner
Expanded Beauty
Zone launches
Aesop / Le Labo
standalone stores
opens
Victoria’s Secret /
Joseph Ribkoff stores
opened
Duty-free and dining refresh will enhance the experience
Auckland Airport Debt Investor Update
Duty Free
stage 4
complete
Duty Free
Pier B and
stage 1
complete

Auckland Airport Debt Investor Update
18
Additional seat capacity brought choice for travellers in FY26 with additional new
routes to be provided in FY27
AKL
Samoa &
Gold Coast
AKL
Greater China
PEK, PVG, CAN, HKG
AKL
Australia &
New Zealand
New routesIncreased
frequency
AKL
Australia, SIN, YVR, TPE,
Pacific Islands
Increased
frequency
AKL
Taipei & Port Moresby
AKL
Buenos Aires
New route
Increased
frequency
Increased
capacity
New route
coming in FY27

Northern remote standsAirside access checkpointThe ‘Stitch’ between the international and the new domestic jet terminal
Inner terminal road and temporary check-in pavilionCargo precinctAirfield renewals
Strong year of delivery with $1bn of assets commissioned in the year
19

FY25: Domestic Jet Terminal (DJT)
Construction begins
FY26:
-headhouse structure and
connection to International
Terminal building complete
-pier piling complete and structure
commenced, and underground
utilities commenced
FY27: Headhouse roof and façade
enclosed, utilities and internal fit-
out commenced
2029: Domestic jet terminal
construction complete
FY28: Pier roof and cladding
complete, phased commissioning of
apron and stands
Significant momentum on the Domestic jet terminal
20

Auckland Airport Debt Investor Update
Check-in transformation underway
FY26: Check-in Zone T opens, Zone C
transformation commences
FY28: Transformation of remaining
Check-in zones commences
FY29: Check-in transformation
complete
ARTIST IMPRESSION
FY27:
-Check-In Zones C and D
transformation complete
-Terminal Façade push-out and
forecourt works commence
ARTIST IMPRESSION
21

1H26: Regional Pathways
construction begins
FY27: Carpark reconfiguration
and terminal access roads
completed
FY28: Regional airfield apron and
stands construction complete
Progressing airfield works to support regional and jet connectivity
22

23
Terminal Integration programme is now over halfway
Pre-202420242025202620272028202920302031
Western Stormwater
ponds open
Northern stands
open
Inner terminal road
opens for commercial
operations
Expanded Check-in
progressively opens to
the public
Domestic jet terminal
headhouse completes
Domestic jet terminal
completes
Contingent runway
works
Regional stands
complete
Planned main
runway works
Slab replacement
programme starts
on runway
The dates indicated represent Auckland Airport's estimates at the date of this presentation and meeting the
timeline is subject to risks and contingencies, many of which are beyond Auckland Airport's control
Terminal roading system,
eastern bag hall and
operations control centre
open
Transport Hub
open
Baggage enabling
operational
Western truck dock
open
Arrivals expansion
completes
Domestic jet airfield
progressively opens
Check-in
expansion
begins
The ‘stitch’
completes
Check-in
Zone C opens
23

Purchased adjacent land holding to safeguard the future development
Auckland Airport Debt Investor Update
24
82hectares
of land adjacent to the precinct already
zoned for future urban use
1
Operating quarry
24

Active in the local community
1,440
People supported into
employment
10yrs of
1,700
Youth trained
25Auckland Airport Debt Investor Update

Financial results

FY26 financial results at a glance
27
RevenueReported profit after taxCapital expenditureFinal dividend
EBITDAFI
1
Underlying profit
1
FFO / net debt
$1,036
million
3% increase
$335
million
20% decrease
$1,068
million
2% decrease
6.75
cps
13.25 cps full year
$724
million
3% increase
$309
million
0.5% decrease
$1,005
million
16.9%
as at 30 June 2026
1. Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax
and underlying profit after tax is included in the supplementary slides
Auckland Airport Debt Investor Update
Assets commissioned
3% increase

28
Revenue growth
For the year ended 30 June ($m)20262025202420232022
Revenue
1,035.6 1,004.7 895.5 625.9 300.3
Expenses
(311.4)(303.6)(281.5)(228.8)(155.8)
EBITDAFI
1
724.2 701.1 614.0 397.1 144.5
Share of profit / (loss) from associate and joint ventures
4.5 3.4 (4.5) 11.1 (12.8)
Derivative fair value change
1.0 (2.0)0.9(0.7)1.7
Investment property fair value change
35.8 127.5 (15.3) (139.7) 204.4
Property, plant and equipment fair value change
(0.2)(2.8)(11.0)(15.6)(1.4)
Depreciation
(241.8)(200.7)(168.4)(145.3)(113.1)
Interest expense and other finance costs
(72.6)(72.3)(72.4)(62.7)(53.7)
Taxation expense
(116.2)(133.5)(337.8)(1.0)22.0
Reported profit after tax
334.7 420.7 5.5 43.2 191.6
Underlying profit after tax
1
309.0 310.4 276.6 148.1 (11.6)
1. Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax and
underlying profit after tax is included in the supplementary slides
Auckland Airport Debt Investor Update
Continued revenue growth reflecting ongoing investment in infrastructure and diversified activities

29
For the year ended 30 June ($m)20262025202420232022
Current assets
202.3 658.4 303.2 160.8 74.8
Cash
55.4 567.8 219.7 106.2 24.7
Other current assets
146.9 90.6 83.5 54.6 50.1
Non-current assets
14,587.6 13,404.2 12,113.0 10,668.5 10,078.1
Property, plant and equipment
10,711.9 9,782.7 8,755.0 7,548.3 6,986.1
Investment property
3,545.6 3,366.5 3,123.9 2,882.1 2,897.4
Other non-current assets
330.1 255.0 234.1 238.1 194.6
Total assets
14,789.9 14,062.6 12,416.2 10,829.3 10,152.9
Current liabilities
600.2 636.1 565.9 596.2 610.1
Non-current liabilities
3,349.3 2,953.7 3,240.2 1,855.6 1,391.9
Term borrowings
2,369.6 2,106.8 2,403.3 1,388.3 961.0
Other non-current liabilities
979.7 846.9 836.9 467.3 430.9
Equity
10,840.4 10,472.8 8,610.1 8,377.5 8,150.9
Total liabilities and equity
14,789.9 14,062.6 12,416.2 10,829.3 10,152.9
Auckland Airport Debt Investor Update
Balance Sheet

30
Cash flow statement
Auckland Airport Debt Investor Update
For the year ended 30 June ($m)
20262025202420232022
Net cash flow from operating activities503.4 474.3 496.3 325.1 101.2
Total cash provided from investing activities4.8 5.3 8.0 1.8 3.4
Purchase of property, plant and equipment(960.2)(1,003.1)(901.9)(484.5)(232.8)
Expenditure on investment properties(126.1)(106.6)(230.1)(106.6)(39.8)
Investments in associates and joint ventures-(0.8)- (6.1)(14.0)
Net cash applied to investing activities(1,081.5)(1,105.2)(1,124.0)(595.4)(283.2)
Cash was provided from:
Increase in share capital- 1,374.9 - - -
Increase in borrowings633.8 412.1 1,686.3 753.0 200.6
Settlement of cross-currency interest rate swaps- - - - (1.4)
Cash was applied to:
Decrease in borrowings(430.0)(655.0)(845.3)(401.0)(72.0)
Dividends paid(138.1)(153.0)(99.8)- -
Net cash flow from financing activities65.7 979.0 741.2 352.0 127.2
Net increase/(decrease) in cash held(512.4) 348.1 113.581.7 (54.8)

$1,068million of capital expenditure in the period, with the aeronautical investment programme in its peak phase
Infrastructure investment programme making good progress
AeronauticalCommercial, Infrastructure & OtherCapital expenditure
31
0
200
400
600
800
1,000
1,200
1,400
20262025202420232022
$m
AeronauticalProperty development
Infrastructure and otherRetail
Car parking
Terminal integration: $700 million
•38% increase on FY25 (+$192 million) reflecting
the ramp up of activity with all programmes of
work now either underway or completed.
Domestic Processor: construction progressing
across the headhouse, pier, airfield, and baggage
system. Internal fit-out commenced in enclosed
areas of the structure
•Construction works for the check-in expansion
and inner terminal road began
•Stitch between the existing terminal and the new
Domestic Processor on track for completion in first
half of FY27
Airfield: $133 million
•Significant decrease on prior year activity
reflecting completion of multi-year Northern
Stand development
•Ongoing airfield pavement and lighting upgrades
Other Aeronautical $48 million
•Four new regional stands in progress and an airline
lounge upgrade completed
Commercial $163 million
•Procured a quarry and associated land adjacent to
the airport precinct to support future aeronautical
and commercial development
•Two new pre-leased developments signed in 2H26
with design and procurement advanced
•Activity continued on the development of purpose
built coolstore for Foodstuffs North Island and the
ibis hotel refurbishment
•Completed refurbishment of existing Manu Tapu
Drive tenancies as part of wider air cargo precinct
development
•Upgrades to retail offerings in the international
terminal
Infrastructure and Other: $24 million
•Ongoing investment and renewals in digital,
roading and utility infrastructure
•Enabling works commenced on the expansion of
Pūkaki Creek Bridge for three lane traffic
Auckland Airport Debt Investor Update

Balance sheet strength provides flexibility through the peak investment period
32
•Total drawn debt of $2,769 million as at 30 June
2026, an increase of 11% or $281 million on June
2025
•Committed undrawn bank facility headroom of
$1,475 million (Jun-25: $355 million), and $55
million in available cash and deposits (Jun-25:
$568 million)
•Alongside repaying $250 million of floating rate
notes during the year, Auckland Airport
completed two domestic bond issues in FY26,
−
a $200 million retailable fixed rate bond; and
−a $100 million floating rate note
•A- credit rating reaffirmed by S&P
Effective interest rate
Closing net debt
1
Auckland Airport Debt Investor Update
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY22FY23FY24FY25FY26
$m
Net debt
4.32%
5.03%
5.79%
5.52%
5.15%
0%
1%
2%
3%
4%
5%
6%
7%
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY22FY23FY24FY25FY26
$m
Avg gross debtInterest
1. Net debt is calculated using book value of debt.
2
2. Gross debt balances represent the weighted average debt outstanding during the
year

33
Debt Composition
Auckland Airport Debt Investor Update
Amount
($m)
TermComments
Commercial
Paper
24990 dayShort-term debt
Bank Facility1353-5yrsLiquidity support
Floating Rate
Notes
1003yrsTerm debt
NZDCM1,2395-7yrsTerm debt
AMTN1,0467-10yrs
Term debt and investor
diversification
Total2,769
Commercial PaperBank Facility
Floating Rate NotesNZDCM
AMTN
Debt mix
A well laddered debt mix balancing tenor and investor diversification
•A diversified funding mix balancing short term
liquidity and flexibility with longer term tenor and
investor diversification with
−
~9% of debt is short-dated;
−~91% in term debt spread across 3–10 year
maturities

Liquidity and credit metrics provide flexibility to fund the investment programme
34
TestJun-26Jun-25
Gearing covenant
1
≤ 60%19.7%19.1%
Interest coverage covenant
2
≥ 3.0x10.12x9.74x
Debt to enterprise value16.4%16.6%
Net debt to enterprise value16.0%12.8%
FFO interest cover≥ 2.5x4.4x4.1x
FFO to net debt
≥ 11.0%
16.9%22.9%
Effective interest rate5.15%5.52%
Average debt maturity profile3.36yrs3.90yrs
Percentage of fixed borrowings80.2%75.8%
Maturity profileKey credit metrics
1.Gearing is defined as nominal value of debt plus derivative liabilities divided by nominal
value of debt plus derivative liabilities plus the book value of equity
2.Interest coverage is defined as reported NPAT plus taxation, interest expense,
depreciation, revaluations and derivative changes (broadly EBITDA) divided by interest
Auckland Airport Debt Investor Update
0
100
200
300
400
500
600
700
FY27FY28FY29FY30FY31FY32FY33FY34
$m
Commercial paperBank facilitiesFloating rate notes
NZDCMAMTN
Funds from operations to net debt
-
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
26%
FY22FY23FY24FY25FY26
FFO/net debt (%)A- hurdle rate

Outlook

Outlook
36
Looking to FY27 and beyond we remain focused on building a better
future
•Growing aeronautical connectivity into Auckland
•Enhancing the range of commercial products and services across the precinct
•Continued focus on delivering improvements to customer experience and minimising
the potential disruption from the ongoing construction works
•Investing in core aeronautical infrastructure to deliver increased capacity and
important resilience upgrades to the airport
•Undertake consultation for aeronautical Price Setting Event 5
•Deepen our links with the community and actively contribute to the wellbeing and
growth of local people, including the Auckland Airport team
Air New Zealand aircraft parked at the gate
Auckland Airport Debt Investor Update

Ngā mihi nui
Thank you
37
Auckland Airport Debt Investor Update

Supplementary
information

Possible key developments 2043 - 2047
Appendix: Key projects

Appendix: Board of Directors
Julia Hoare
Chair
40
Dean Hamilton
Director
Grant Devonport
Director
Sean Donohue
Director
Tania Simpson
Director
Liz Savage
Director
Mark Cairns
Director

Appendix: Management Team
Carrie Hurihanganui
Chief Executive Officer
41
Scott Tasker
Chief Customer Officer
Chloe Surridge
Chief Operations Officer
Richard Wilkinson
Chief Digital Officer
Mary-Liz Tuck
Chief Strategic Planning
Officer
Mark Thomson
Chief Commercial Officer
Melanie Dooney
Chief Risk & Corporate
Services Officer
Stewart Reynolds
Chief Financial Officer
Murray Burt
Chief Infrastructure
Officer

42
20262025
For the year ended 30 June ($m)
Reported
profit
AdjustmentsUnderlying
profit
1
Reported
profitAdjustments
Underlying
profit
1
EBITDAFI
1
per income statement724.2 - 724.2 701.1 - 701.1
Investment property fair value change35.8 (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
(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 year ended 30 June 2026 and 2025:
•reversed out the impact of revaluations of investment property. An investor should monitor changes in investment property over time as a measure of growing value. However, a change in one particular year is too
short to measure long-term performance. Changes between years can be volatile and, consequently, will impact comparisons. Finally, the revaluation is 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;
•adjusted the share of profit of associates and joint ventures to reverse out the impacts on those profits from revaluations of investment property and financial derivatives; and
•reversed out the taxation impacts of the above movements in both periods.
1. Auckland Airport recognises that EBITDAFI and underlying profit or loss are non-GAAP measures
Auckland Airport Debt Investor Update
Underlying profit reconciliation

43
Revenue composition
For the year ended 30 June ($m)20262025202420232022
Airfield income
186.7170.9150.586.660.9
Passenger services charge
288.8278.2241.6132.933.8
Retail income
181.0189.2184.5130.922.7
Car park income
79.272.566.457.726.2
Investment property rental income
182.2172.9151.0142.9112.9
Other rental income
29.230.329.627.716.8
Flood-related income
12.54.019.0 5.0-
Other income
66.854.946.539.026.7
Revenue excluding interest income
1,026.4972.9889.1622.7300
Interest income
9.231.86.4 3.20.3
Total revenue
1,035.61,004.7895.5625.9300.3
Auckland Airport Debt Investor Update
Stronger trading and increased charges underpinned the revenue growth in the year

44
Cost discipline is supporting investment in growth
For the year ended 30 June ($m)20262025202420232022
Staff(88.3)(85.9)(77.7)
(63.3)(50.0)
Asset management, maintenance and airport operations(139.7)(136.4)(118.9)
(89.8)(66.7)
Rates and insurance(45.9)(41.4)(35.6)
(31.8)(21.0)
Marketing and promotions(7.5)(10.2)(9.7)
(6.7)(1.4)
Professional services and levies(8.8)(8.2)(11.7)
(8.2)(4.3)
Fixed asset write-offs and impairment(5.9)(0.4)(1.0)
(3.8)(6.9)
Flood-related expense (0.6)(3.1)(12.4)
(8.4)-
Other expenses(15.0)(18.0)(13.7)
(19.2)(6.1)
Reversal of expected credit losses0.3 - (0.8)
2.4 0.6
Total operating expenses(311.4)(303.6)(281.5)
(228.8)(155.8)
Depreciation (241.8)(200.7)(168.4)
(145.3)(113.1)
Interest expense and other finance costs(72.6)(72.3)(72.4)
(62.7)(53.7)
Taxation expense(116.2)(133.5)(337.8)
(1.0)22.0
Auckland Airport Debt Investor Update
Careful cost management held operating expense growth to 3% as investment across the precinct remained elevated

45
Historic Credit Metrics
Auckland Airport Debt Investor Update
TestJun-26Jun-25Jun-24Jun-23Jun-22
Gearing covenant
1
≤ 60%19.7%19.1%23.9%18.2%15.6%
Interest coverage covenant
2
≥ 3.0x10.12x9.74x8.45x6.57x2.58x
Debt to enterprise value16.4%16.6%19.5%12.7%12.3%
Net debt to enterprise value16.0%12.8%17.9%12.0%12.1%
FFO interest cover≥ 2.5x4.4x4.1x4.8x5.2x2.6x
FFO to net debt≥ 11.0%16.9%22.9%18.8%18.7%6.5%
Effective interest rate5.15%5.52%5.79%5.03%4.32%
Average debt maturity profile3.36yrs3.90yrs4.70yrs2.65yrs2.29yrs
Percentage of fixed borrowings80.2%75.8%64.8%63.2%71.5%
1. Gearing is defined as nominal value of debt plus derivative liabilities divided by nominal value of debt plus derivative liabilities plus the book value of equity
2. Interest coverage is defined as reported NPAT plus taxation, interest expense, depreciation, revaluations and derivative changes (broadly EBITDA) divided by interest

Glossary
AKL Auckland Airport
DJT Domestic Jet Terminal
EBITDA Earnings before interest, taxation and depreciation
EBITDAFI Earnings before interest, taxation, depreciation, fair value adjustments and investments in associate and joint ventures
FFO Funds from operations
FY Financial year to 30 June
GAAP Generally accepted accounting principles
NPAT Net profit after tax
NZ New Zealand
PAX Passenger movements
S&P Standard & Poor’s
DTB Domestic Terminal Building
ITB International Terminal Building