New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Auckland Airport's (AIA) 1H25 result implies a lower forward earnings growth trajectory, but the change driven more by non-cash/temporary factors than cash/permanent factors.</li><li>These include: (1) higher opex, which continues to surprise on the upside, (2) more subdued domestic passenger (pax) growth, (3) materially higher depreciation, and (4) greater acknowledgement of a weaker airport retail environment compared to pre-COVID.</li><li>The first two are largely temporary in nature, mitigated by the next aeronautical price reset from FY28. </li></ul>

Auckland Airport's (AIA) 1H25 result implies a lower forward earnings growth trajectory, but the change driven more by non-cash/temporary factors than cash/permanent factors.These include: (1) higher opex, which continues to surprise on the upside, (2) more subdued domestic passenger (pax) growth, (3) materially higher depreciation, and (4) greater acknowledgement of a weaker airport retail environment compared to pre-COVID.The first two are largely temporary in nature, mitigated by the next aeronautical price reset from FY28. 

Auckland Airport - 1H25—Earnings on Lower Flight Path

Auckland Intl Airport

Auckland Airport - 1H25—Earnings on Lower Flight Path