Virgin Australia Holdings Limited · ASX:VGN
Virgin Australia — FY2025 Earnings Presentation
33 slides from Virgin Australia's earnings presentation, Aug 29, 2025
Slide 1: FY25 Result Market Briefing
29 AUGUST 2025 FY25 Result For personal use only Market Briefing
Slide 2: Disclaimer
Disclaimer For personal use only FY25 Result Market Briefing
Slide 3: Today's agenda and presenters
Today’s agenda and presenters For personal use only FY25 Result Page Our presenters overview 06 FY25 Financial Page information 11 Page FY26 Outlook 19 Page Appendix 22 Chief Executive Officer Chief Financial Officer FY25 Result Market Briefing
Slide 4: Our ambition is to be Australia's most loved airline
Our ambition is to be Australia’s most loved airline – by our people, our guests and our owners ….with a winning team that generates strong loyalty from guests and delivers outstanding results, with an unwavering commitment to safety For personal use only A simple, focused Experiences our Operationa
Slide 5: Virgin Australia overview and investment thesis
Virgin Australia overview and investment thesis For personal use only • • • • • • • • FY25 Result Market Briefing
Slide 6: FY25 Result overview
FY25 For personal use only Result overview FY25 Result Market Briefing
Slide 7: FY25 Result overview
FY25 Result overview Key financial metrics in Prospectus have been met or exceeded $331m $479m For personal use only Pro forma underlying NPAT Statutory NPAT In line with Prospectus Down $67m, 12.3% on FY24 Up $72m, 27.8% on FY24 $650m 11.2% Pro forma underlying EBIT1 Pro forma underlying EBIT Margi
Slide 8: Airline segment overview
Airline segment overview Earnings growth through Transformation and operational improvement $535m 9.6% For personal use only Underlying EBIT1 Underlying EBIT Margin1, 2 Up $143m on FY24 Up from 7.6% or 2.0 ppts on FY24 4.2% 84.9% • • ASK growth Load factor FY25 ASK of 33,725m vs 32,374m in FY24 Up f
Slide 9: Velocity segment overview
Velocity segment overview Double digit revenue growth delivers record results $127m 28.3% For personal use only Underlying EBIT1 Underlying EBIT Margin1, 2 Up $12m on FY24 Up from 28.2% or 0.1 ppts on FY24 $450m 14% Underlying Revenue External Billings growth Up $41m, 10.0% on FY24 vs FY24 900,000+
Slide 10: We have a clear plan to deliver continued earnings and margin growth
We have a clear plan to deliver continued earnings and margin growth For personal use only + Segments Growth Revenue Initiatives Cost Initiatives Velocity Initiatives Key Transformation Levers FY25 Result Market Briefing
Slide 11: FY25 Financial information
FY25 For personal use only Financial information FY25 Result Market Briefing
Slide 12: FY25 Group Pro forma underlying result delivered in line with Prospectus
FY25 Group Pro forma underlying result delivered in line with Prospectus Pro forma Change For personal use only FY25 Pro • forma vs FY25 FY24 YOY FY25 Prospectus • Income statement1 ($m) • • • Underlying net profit/(loss) 331.0 259.0 72.0 27.8% 0.0% Key Financial Metrics NOTE: FY25 Result Market Bri
Slide 13: Underlying EBIT drivers FY25
Underlying EBIT drivers FY25 Pro forma Underlying Underlying Pro forma underlying EBIT Margin +$145m, +1.7 ppt EBIT Margin underlying EBIT Margin 9.7% 11.4% EBIT Margin 9.4% 11.2% For personal use only 664 650 RASK vs FY24 519 +4 .0% 501 Activity vs FY24 D o m e s t i c ASK +7.3% SHI ASK -10.1% FY25
Slide 14: Underlying operating expenses
Underlying operating expenses Change • FY25 FY24 For personal use only YOY Underlying operating expenses1 ($m) • • • Total expenses 5,145.4 4,834.0 (6.4%) • Operating Metrics • NOTE: FY25 Result Market Briefing
Slide 15: Cash flow
Cash flow For personal use only • • 4 • ($m) FY25 FY24 YOY Capex Total Capex 496 325 (171) FY25 Result Market Briefing
Slide 16: Group net debt and liquidity
Group net debt and liquidity 30 June 2025 30 June 2024 Change YOY Balance sheet item $m $m $m Debt For personal use only Total debt 1,311 1,377 66 Leases Total leases 984 963 (21) Total interest-bearing liabilities 2,295 2,340 45 Cash Total cash, cash equivalents and term 1,118 1,005 113 deposits1 T
Slide 17: Capital Allocation framework
Capital Allocation framework Capital Allocation Framework For personal use only Maintain adjusted net debt within a long-term Business as usual operations / maintenance capex Prioritise balance sheet and business as ~1.0x - 2.0x underlying EBITDA target (incl. existing fleet and ESG ambitions) usual
Slide 18: Fleet profile and order book
Fleet profile and order book • Virgin Australia narrowbody fleet profile1 AOC Aircraft June 2024A Additions Exits June 2025A Additions Exits June 2026F • For personal use only VA • Airlines2 • VARA • Total (excl. wet lease) 101 5 2 104 17 11 110 • Total (excl. wet lease & 107 leased aircraft held fo
Slide 19: FY26 Outlook
FY26 For personal use only Outlook FY25 Result Market Briefing
Slide 20: FY26 Outlook
FY26 Outlook FY26 Outlook from Prospectus reaffirmed with updates on fleet and fuel hedging1 For personal use only For Airlines segment: For Velocity segment: FY25 Result Market Briefing
Slide 21: FY26 Outlook – Supplementary commentary
FY26 Outlook – Supplementary commentary For personal use only • • 1Q FY26 2Q FY26 1HFY26 1 Virgin Domestic Capacity Growth • • • • • • FY25 Result Market Briefing
Slide 22: Appendix
Appendix For personal use only FY25 Result Market Briefing
Slide 23: Embedding sustainability at the core of our business
Embedding sustainability at the core of our business For personal use only Protecting our Natural World Caring for our People, Guests and Communities Maintaining Customer Trust Climate Change Safety and wellbeing Cybersecurity and Privacy Waste Engaging and developing our people FY25 Result Market B
Slide 24: FY25 Group Statutory to Group Underlying reconciliation
FY25 Group Statutory to Group Underlying reconciliation FY25 Significant Income Statement ($m) Statutory Items Underlying For personal use only Revenue and income 5,809.7 5,809.7 Operating expenses Profit before net finance costs and tax (EBIT) 424.5 239.9 664.4 EBIT Margin 7.3% 11.4% Net profit bef
Slide 25: FY25 Group Underlying to Group Pro forma underlying reconciliation
FY25 Group Underlying to Group Pro forma underlying reconciliation FY25 Change Pro forma Pro forma Pro forma Pro forma underlying vs For personal use only Income Statement ($m) Underlying Adjust underlying Prospectus Pro forma Prospectus Revenue and income 5,809.7 5,809.7 5,804.2 5.5 0.1% Operating
Slide 26: Reconciliation of EBIT and Significant Items
Reconciliation of EBIT and Significant Items ($m) FY25 FY24 For personal use only Statutory EBIT 424.5 682.7 Significant Items Total Significant items 239.9 (163.3) Underlying EBIT 664.4 519.4 Pro forma underlying EBIT 649.6 501.4 FY25 Result Market Briefing
Slide 27: Airlines segment overview
Airlines segment overview For personal use only FY25 FY24 Change YOY Key Financial Metrics Operating Metrics FY25 Result Market Briefing
Slide 28: Velocity segment overview
Velocity segment overview For personal use only FY25 FY24 Change YOY Key Financial Metrics Operating Metrics FY25 Result Market Briefing
Slide 29: Balance Sheet
Balance Sheet 30 June 2025 30 June 2024 Balance sheet item $m $m For personal use only Fixed assets 2,755 2,488 Net working capital (2,764) (2,463) Net cash/debt (1,178) (1,335) Other 372 131 Net liabilities (815) (1,179) FY25 Result Market Briefing
Slide 30: Group debt maturity profile
Group debt maturity profile as at 30 June 2025 ($m) 800 For personal use only 700 600 500 400 300 200 100 0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 Secured Debt - Aircraft Aircraft Leases* Secured Debt - Other Unsecured Debt Secured Debt - Future Aircraft Deliveries FY25 Result M
Slide 31: Glossary
Glossary For personal use only – FY25 Result Market Briefing
Slide 32: Glossary
Glossary For personal use only . FY25 Result Market Briefing
Slide 33: For personal use only
For personal use only Authorised for release by the Virgin Australia For further information: Investors For further information: Media Virgin Australia Holdings Limited ABN 54 100 686 226 Disclosure Committee on 29 August 2025 Penny Berger | General Manager, Investor Virgin Australia Group Corporate
Virgin Australia Holdings — FY2025 Earnings Presentation on 6ix