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 (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post-COVID air travel recovery.</li><li>We forecast 1H25 NPAT of NZ$158m (up +8% on the prior year). At an EPS level, the dilution from two major capital raises (2020 and 2024) means current profitability per share still lags pre-COVID highs.</li><li>Yet, the outlook is positive given a very favourable aeronautical price path.  </li></ul>

Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post-COVID air travel recovery.We forecast 1H25 NPAT of NZ$158m (up +8% on the prior year). At an EPS level, the dilution from two major capital raises (2020 and 2024) means current profitability per share still lags pre-COVID highs.Yet, the outlook is positive given a very favourable aeronautical price path.  

Auckland Airport - 1H25 Preview—Aero Ascent

Auckland Intl Airport

Auckland Airport - 1H25 Preview—Aero Ascent