Air New Zealand Limited · NZX:AIR
Air New Zealand — Shareholder Meeting (September 2026)
43 slides from Air New Zealand's shareholder meeting presentation, Sep 24, 2026
Slide 1: Market Announcement: 2026 Annual Shareholders' Meeting Materials
Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC: ANZLY) For personal use only MARKET ANNOUNCEMENT 24 September 2026 Air New Zealand 2026 Annual Shareholders’ Meeting Materials Please find attached to this announcement the Chair and CEO address, and the meeting prese
Slide 2: Chair's Address
ANNUAL SHAREHOLDERS’ MEETING THURSDAY 24 SEPTEMBER 2026 CHAIR’S ADDRESS For personal use only As we take a moment to reflect on the past year, I want to start by acknowledging the strength and determination of the Air New Zealand team. 2026 was a year that asked a lot from Air New Zealanders. As hig
Slide 3: Chair's Address (continued)
And fourth, we have reset our strategy around three strategic pillars; customer first, targeted growth, and resilient and future fit, to deliver sustainable returns to shareholders over time. In addition, aviation system costs inflation continues to impact our financial performance. For personal use
Slide 4: Chair's Address (continued)
Our rebranded Koru loyalty programme and new multi-tier membership are resonating well with our customers, with 5.4 million loyalty members, up 8.3 percent on 2025. Safety will always be our utmost priority. We are proud to be awarded AirlineRatings.com’s For personal use only Seven Star Plus safety
Slide 5: CEO Address
CEO ADDRESS Tēnā koe Therese. Tēnā koutou e ōku rangatira, For personal use only Ki ngā mana whenua, ki a tātou katoa. Ka nui te mihi. Kia ora and good afternoon everyone. When we announced Our Future in June, we set out three strategic priorities. The first priority is putting Customers First. Prov
Slide 6: CEO Address (continued)
And controllable cancellations reduced from 2.2% to 1.3%. Pleasingly, on time performance improved further in August, with 85.3% of flights arriving within 15 minutes of schedule – up from 83.1% in July and 81.8% for the same time last For personal use only year. This is well above the global averag
Slide 7: CEO Address (continued)
incremental $94 million of EBITDA benefit in 2026 against 2025. That has come from a broad range of initiatives. Further, we have now identified an additional $135 million of annualised savings including For personal use only both direct and indirect costs, which will accrue from the 2027 financial
Slide 8: CEO Address (continued)
In the 2027 financial year, given the additional aircraft capital investment, we do expect to see incremental depreciation of between $110 million to $130 million compared to 2026, but this depreciation profile will increase at a measured pace with the smoothing of aircraft capex investment. For per
Slide 9: Annual Shareholders' Meeting 2026
| : f . ee Septem ber vot . ie Annual Shareholders’ * Pa ‘Meeting 2026
Slide 10: Forward-Looking Statements and Disclaimer
F O R WA R D - L O O K I N G S TAT E M E N T S A N D D I S C L A I M E R This presentation is given on behalf of Air New Zealand Limited (NZX: AIR and AIR030; ASX: Air New Zealand, its directors, employees and/or shareholders shall have no liability whatsoever AIZ). The information in this presentat
Slide 11: Order of meeting
Order of meeting rsonal use only Chair’s address CEO’s address Questions on 2026 performance Resolutions and voting General questions AIR NEW ZEALAND 2026 ANNUAL MEETING 3 3
Slide 12: Board of Directors
Board of Directors rsonal use only Dame Therese Walsh (Chair) Neal Barclay Claudia Batten Dean Bracewell Laurissa Cooney Larry De Shon Alison Gerry AIR NEW ZEALAND 2026 ANNUAL MEETING 4 4
Slide 13: Virtual meeting platform and online assistance
Virtual meeting platform and online assistance rsonal use only Help Number Voting Question Card Box AIR NEW ZEALAND 2026 ANNUAL MEETING 5 5
Slide 14: Chair's address
rsonal use only Chair’s address Dame Therese Walsh – Chair AIR NEW ZEALAND 2026 ANNUAL RESULTS 6
Slide 15: 2026 was a year of rebuilding our fleet, demonstrating resilience
2026 was a year of rebuilding our fleet, demonstrating operational resilience and setting Our Future strategy rsonal use only Financial performance was significantly and adversely impacted by high fuel prices resulting from the Middle East conflict and by engine availability issues Through the extra
Slide 16: 2026 year in review
2026 year in review External forces impacted earnings but we delivered improvements in operational performance $336m loss before ASKs up 1.3% On-time Performance3 rsonal use only taxation Compared to earnings Return of grounded aircraft offset by 84.0% H2 2026, up 6.5pts from 2025 before taxation of
Slide 17: 2027 Outlook
2027 Outlook Prior to the Middle East conflict, the airline would have expected, in its central case, to return to profitability in the 2027 financial year, reflecting the underlying improvements in the business. rsonal use only However, as mentioned at the 2026 year end result, there remains uncert
Slide 18: CEO's address
rsonal use only CEO’s address Nikhil Ravishankar – CEO AIR NEW ZEALAND 2026 ANNUAL RESULTS 10 10
Slide 19: Our Future: delivering against three strategic priorities
Te Pae Hou | Our Future: delivering against three strategic priorities Customer first Targeted growth Resilient and future fit rsonal use only • Safe, reliable and punctual • Targeted, profitable network growth • Cost transformation • Unique Kiwi service and innovative products • Loyalty transformat
Slide 20: Key customer metrics improved in 2026
Key customer metrics improved in 2026 Investment in the customer proposition, operating reliability and in our people are delivering positive customer results rsonal use only H2 2026 vs • On-time performance finished the 2026 year with continued 2025 H2 2026 momentum, at 84.0% in the second half of
Slide 21: Higher inbound volumes across international markets
Higher inbound volumes across international markets. New Zealand outbound and domestic demand remains soft ASIA NORTH AMERICA rsonal use only • Higher inbound passenger fares from Passengers (0.6%) • Flat inbound passenger demand from Passengers +0.4% across Asia North America ASKs (4.3%) ASKs +1.1%
Slide 22: Transformation initiatives delivered an incremental $94 million of benefits
Transformation initiatives delivered an incremental $94 million of benefits in 2026 rsonal use only Next Generation revenue management Direct Ancillary buy-ups Contact Centre efficiencies, including the across the full network roll out of Live Chat Koru programme transformation Automated disrupt reb
Slide 23: Return of grounded aircraft
Return of grounded aircraft means the airline ends 2026 in a materially better place than when it started The airline is focused on mitigating residual risk and unwinding engine availability related costs rsonal use only Peak AOG1 Now 787-9 787 A320/1neo A20/1neo 787 A320/1neo 5 6 0-1 1-2 AOG of 14
Slide 24: Fleet investment update
Fleet investment update Actual and forecast aircraft capital expenditure1 • Forecast investment of ~$2.7 billion in aircraft and associated assets through to 1,400 20312 rsonal use only 1,300 • We are in active negotiations with Boeing 1,200 to rephase the delivery profile of 787 1,100 aircraft, smo
Slide 25: Questions on 2026 performance
rsonal use only Questions on 2026 performance AIR NEW ZEALAND 2026 ANNUAL MEETING 17 17
Slide 26: Resolutions for voting
Resolutions for voting Resolution 1 rsonal use only Re-election of Dean Bracewell Resolution 2 Re-election of Laurissa Cooney Resolution 3 Election of Robert McDonald Resolution 4 Election of Campbell Wilson AIR NEW ZEALAND 2026 ANNUAL MEETING 18 18
Slide 27: Proxies and postal votes received
Proxies and postal votes received As at 23 September Proxy and Postal Votes rsonal use only For Against Abstain Discretion Resolution 1: 2,081,030,532 43,964,629 3,213,315 11,512,113 Re-election of Dean Bracewell 97.40% 2.06% - 0.54% Resolution 2: 2,076,429,436 47,981,449 3,812,859 11,496,845 Re-ele
Slide 28: Resolution: Re-election of Dean Bracewell
Resolution 1 rsonal use only Re-election of Dean Bracewell AIR NEW ZEALAND 2026 ANNUAL MEETING 20 20
Slide 29: Resolution: Re-election of Laurissa Cooney
Resolution 2 rsonal use only Re-election of Laurissa Cooney AIR NEW ZEALAND 2026 ANNUAL MEETING 21 21
Slide 30: Resolution: Election of Robert McDonald
Resolution 3 rsonal use only Election of Robert McDonald AIR NEW ZEALAND 2026 ANNUAL MEETING 22 22
Slide 31: Resolution: Election of Campbell Wilson
Resolution 4 rsonal use only Election of Campbell Wilson AIR NEW ZEALAND 2026 ANNUAL MEETING 23 23
Slide 32: General Questions
rsonal use only General Questions AIR NEW ZEALAND 2026 ANNUAL MEETING 24 24
Slide 33: rsonal use only
rsonal use only AIR NEW ZEALAND 2026 ANNUAL RESULTS 25
Slide 34: Supplementary Information
rsonal use only Supplementary Information AIR NEW ZEALAND 2026 ANNUAL RESULTS 26
Slide 35: Key capital management metrics
Key capital management metrics 30 Jun 2026 30 Jun 2025 Capital management targets rsonal use only Gross debt1 (3,188) (2,838) Cash, restricted deposits and net open 1,264 1,758 derivatives1 Net debt1 (1,924) (1,080) Gross debt/EBITDA 6.2x 3.0x Net Debt to EBITDA ratio Net debt/EBITDA 3.8x 1.2x of 1.
Slide 36: Financial overview
Financial overview rsonal use only Jun 2026 Jun 2025 Movement Movement $M $M $ % Operating revenue 7,016 6,755 261 3.9% (Loss) / earnings before taxation (336) 164 (500) (305%) Net (loss) / profit after taxation (242) 108 (350) (324%) Operating cash flow 819 940 (121) (13%) Cash position 989 1,436 (
Slide 37: Group performance metrics
Group performance metrics rsonal use only Jun 2026 Jun 2025 Movement1 % Passengers carried (‘000s) 16,010 15,907 0.6% Available seat kilometres (ASKs, millions) 41,046 40,501 1.3% Revenue passenger kilometres (RPKs, millions) 34,346 33,769 1.7% Load factor 83.7% 83.4% 0.3 pts Passenger revenue per A
Slide 38: Domestic
Domestic rsonal use only Jun 2026 Jun 2025 Movement1 % Passengers carried (‘000s) 10,048 10,142 (0.9%) Available seat kilometres (ASKs, millions) 6,439 6,409 0.5% Revenue passenger kilometres (RPKs, millions) 5,351 5,311 0.8% Load factor 83.1% 82.9% 0.2 pts Passenger revenue per ASKs as reported (RA
Slide 39: Tasman & Pacific Islands
Tasman & Pacific Islands rsonal use only Jun 2026 Jun 2025 Movement1 % Passengers carried (‘000s) 4,041 3,840 5.2% Available seat kilometres (ASKs, millions) 12,454 11,562 7.7% Revenue passenger kilometres (RPKs, millions) 10,657 10,055 6.0% Load factor 85.6% 87.0% (1.4) pts Passenger revenue per AS
Slide 40: International long-haul
International long-haul rsonal use only Jun 2026 Jun 2025 Movement1 % Passengers carried (‘000s) 1,921 1,925 (0.2%) Available seat kilometres (ASKs, millions) 22,153 22,530 (1.7%) Revenue passenger kilometres (RPKs, millions) 18,338 18,403 (0.4%) Load factor 82.8% 81.7% 1.1 pts Passenger revenue per
Slide 41: Glossary of key terms
Glossary of key terms Available Seat Kilometres (ASKs) Number of seats operated multiplied by the distance flown (capacity) rsonal use only Cost/ASK (CASK) Operating expenses divided by the total ASK for the period Earnings before interest, tax, depreciation Operating earnings before depreciation an
Slide 42: Find information on Air New Zealand
Find information on Air New Zealand Resources rsonal use only Investor website: www.airnewzealand.co.nz/investor-centre Monthly traffic updates: www.airnewzealand.co.nz/monthly-investor-updates Corporate governance: www.airnewzealand.co.nz/corporate-governance Sustainability: https://www.airnewzeala
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Air New Zealand — Shareholder Meeting (September 2026) on 6ix