Qantas Airways Limited · ASX:QAN
Qantas Airways — FY2025 Earnings Presentation
71 slides from Qantas Airways's earnings presentation, Aug 28, 2025
Slide 1: Qantas Group FY25 Results Investor Presentations
28 August 2025 ASX Market Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000 Lodged electronically via ASX Online Qantas Group FY25 Results Investor Presentations Qantas Airways Limited attaches the following documents: • Qantas Group FY25 Results I
Slide 2: FY25 Results Investor Presentation
FY25 Results Investor Presentation 28 August 2025 Qantas Airways Limited ASX:QAN US OTC: QABSY
Slide 3: Disclaimer
Disclaimer Summary information For definitions of non-IFRS financial information refer to statements, particularly in light of economic and the Glossary (see slide 35) and the Preliminary Final geopolitical uncertainties, including global market This Presentation contains summary information about R
Slide 4: This year has been all about delivery
This year has been all about delivery and these results show we're delivering on our commitments to Our People Our Customers our customers, people and shareholders, whilst maintaining our financial strength Vanessa Hudson Group CEO Our Shareholders Our Community & Partners 3
Slide 5: FY25 overview
FY25 overview Operating results Customer and People $2,394m • Strong performance across the Group’s integrated • 5 ppt uplift in reputation score5 from FY24 Underlying Profit Before Tax portfolio • 10 ppt uplift in Qantas NPS and 6 ppt uplift in • Operating cash flow of $4.3b Jetstar NPS from FY246
Slide 6: Group FY25 integrated portfolio highlights
Group FY25 integrated portfolio highlights FY25 highlights: • Dual brand strategy drives segment success Domestic and sustainable industry-leading margins • Ongoing narrowbody renewal Portfolio Segment EBIT5 ($b) with leadership positions across all key program including new Jetstar market segments
Slide 7: Our Purpose: Everyone feels proud to belong to the Spirit of Australia
Striving towards our purpose drives sustainable shareholder value Our Purpose: Everyone feels proud to belong to the Spirit of Australia OUR PEOPLE OUR CUSTOMERS Proud to belong and make a difference Proud to fly with us Passionate about our customers and Trust and depend on us to take care empowere
Slide 8: Investing in our People and Culture
Investing in our People and Culture Retention Listen and Act Connect and Support Inclusion & Belonging June 2025 Group Attrition2 5.2% Steadily declined over the past 6 months from 5.7% in December 2024 Reward • Celebrated people with service • $1,000 Thank You payment • Stretch Reconciliation Actio
Slide 9: Investing in our Customers
Investing in our Customers Leading ground experience Exceptional flying experience FY25 performance Qantas Airlines Reputation (RepTrak Score) PICTURE IR to update with Lounge photo July 25 RepTrak score (ADL or BME) 61 66 remains steady FY24 FY25 Airline NPS (Domestic and International) FY24 FY25 F
Slide 10: Investing in our Customers
Investing in our Customers Seamless digital experience Trusted to recover well Unrivalled reward and recognition Launched Classic Plus (Domestic), new airline partners, American Airlines upgrades >7 million Seats booked using Qantas points1 FY25 Highlights • Expanded the digital Australian Travel De
Slide 11: FY25 fleet investments continue to deliver value for customers & shareholders
FY25 fleet investments continue to deliver value for customers & shareholders NEW EXISTING +7pt NPS Uplift1 JETSTAR QANTASLINK 81% OTP for FY25 A321LR Larger overhead bins, in-seat power Q400 Highest OTP for QF domestic fleet Up to 20% lower fuel burn2 Connecting regional Australia Per seat on like-
Slide 12: Future fleet investments continue
Future fleet investments continue FY26 UPCOMING REFURBISHMENT NEW INVESTMENT A321 XLR 10x QF A330 from Feb-26 • New Economy seats with USB-C fast charging 48x • 20% larger IFE1 with Total firm Qantas Bluetooth audio connectivity A321XLR deliveries …with lie-flat Business seats on 16 aircraft to prov
Slide 13: Project Sunrise and A350 establishing structural advantage
Project Sunrise and A350 establishing structural advantage Project Sunrise expected >$400m p.a. incremental 789 flying continues to show to launch in 4Q FY27 earnings delivered at scale Project Sunrise’s potential • A350-1000ULRs to deliver ultra • Earnings arise across three value pools: long-haul
Slide 14: Investing in our Community
Investing in our Community Growing careers, creating jobs Connecting and contributing to our regions Supporting our communities and building the economy >$60m Invested via Resident Fares >37,000 Beach Passport5 courses >30K People employed6 across Program1 in regional Australia completed; 4-year par
Slide 15: Sustainability – Continued progress across key focus areas
Sustainability – Continued progress across key focus areas 1 2 3 4 SAF Development Carbon Markets & Nature Operational Improvements Circularity Entered agreement to uplift more Collaborating on improving Over 21 million SUPs6 removed than 100 million litres of SAF over Sourced 100% of FY24 domestic
Slide 16: Strategic investment in Technology to deliver transformation value
Strategic investment in Technology to deliver transformation value Engaging Customers Optimising Operations Managing Performance and Risk FY25 Highlights • Digital Transformation – Improved digital • Improving Turn Performance – Deployed real-time • New Distribution Capability – Launch of NDC experi
Slide 17: Financial Performance
Financial Performance WAcantas croup
Slide 18: FY25 Group financial metrics
FY25 Group financial metrics Profit metrics (vs FY24) Balance Sheet and Cash Flow metrics Key statistics vs FY24 $2,394m +$316m $4.3b +8.1% +10.7% Underlying profit before tax Operating cash flow ASKs RPKs $1,605m +$354m $3.9b +2.0 ppts +7.9% Statutory profit after tax Net Capital Expenditure Seat F
Slide 19: FY25 profit bridge compared to FY24
FY25 profit bridge compared to FY24 $m 1H25 2H25 FY25 1H25 2H25 FY25 ASKs +10% +6% +8% RASK v last year (3%) - (1%) Group Domestic +1% +1% +1% Group Domestic +5% +3% +4% Group International +16% +9% +12% Discount Rate (25) Group International (7%) - (3%) Net Finance Costs (44) Gain on disposal of ai
Slide 20: FY25 movement in Net Debt
FY25 movement in Net Debt $m Net Cash from Operating Activities +$4,253m Financing cash impacts and FX ($1,098m) 58 (443) (225) RRIA $ 0.3 b Aircraft payments $ (1.9) b Other1 $ (0.2) b 4,638 Capitalised maintenance $ (1.3) b Working Capital $ 0.1 b (3,853) Non-aircraft capital $ (0.3) b Fleet Intro
Slide 21: Portfolio Results
Portfolio Results CANTAS GROUP
Slide 22: Integrated portfolio drives value beyond the businesses
Integrated portfolio drives value beyond the businesses Earnings Drivers Supported by Integrated Portfolio • Premium domestic and • Loyalty tiered status international travel • Loyalty Points earn and burn • Comprehensive network and Qantas • Jetstar supplementary connectivity network • Lounges • Co
Slide 23: Qantas Domestic
Qantas Domestic Continued demand strength across the network FY25 FY24 Change • +5.0% RASK growth vs FY24 as a result of: Revenue $M 7,615 7,241 5% – +2.1 ppt seat factor growth, with seat factor increasing across all markets – Yield performance of +2.2% driven by continued return of business traffi
Slide 24: Qantas International (incl. Freight)
Qantas International (incl. Freight) Revenue growth underpinned by ongoing strength of premium, point-to-point markets FY25 FY24 Change • Continued demand strength across international markets; RASK inflection point achieved in 4Q Revenue $M 9,161 8,666 +6% – +2% RASK growth vs 2H24, with yield infl
Slide 25: Jetstar Group
Jetstar Group Record result driven by strong demand, capacity growth from efficient new fleet, transformation FY25 FY24 Change offsetting CPI, operational improvements, lower fuel costs and FX gain on Jetstar Japan lease liabilities Revenue1 $M 5,711 4,922 +16% Jetstar Asia closure supports the Qant
Slide 26: Qantas Loyalty
Qantas Loyalty Increased member engagement delivering strong portfolio growth, offset by previously disclosed FY25 FY24 Change impact from Classic Plus investment Revenue $M 2,863 2,573 +11% Program enhancements delivering increased engagement in the program • >1 million Classic Plus seats redeemed
Slide 27: Financial Framework and Fleet
Financial Framework and Fleet
Slide 28: Financial Framework continuing to deliver for all stakeholders
Financial Framework continuing to deliver for all stakeholders 1 Maintain optimal capital structure 2 ROIC > WACC through the cycle 3 Disciplined allocation of capital Base Dividend, grow Invested Capital with Minimise cost of capital by targeting a Net disciplined investment, return surplus capital
Slide 29: Strong Balance Sheet Settings
Strong Balance Sheet Settings Liquidity Total liquidity of >$12.2b as at 30 June 2025 • Financial Framework Net Debt target settings result in structurally higher sources of liquidity • Unencumbered assets include ~$6.2b of unencumbered aircraft (~62% of the Group fleet3), spare engines and other as
Slide 30: Structurally low Financial Leverage
Structurally low Financial Leverage Financial Framework delivers structurally low financial leverage Leverage3: Targeting at or below middle of Net Debt Target Range • At the middle of Net Debt Target Range1 expected to deliver Moody’s Net Debt/EBITDA2 outcome of ~1.5x – 2.0x through the cycle • Mai
Slide 31: Disciplined allocation of Capital
Disciplined allocation of Capital Ongoing review of Invested Capital allocation across the portfolio of businesses Continuous Review / Recycle Capital • Capital allocation framework consistently applied to maximise integrated value of the Group’s portfolio through the cycle Operating Cash Flow All d
Slide 32: New aircraft deliveries and fleet flexibility
New aircraft deliveries and fleet flexibility New aircraft deliveries1 Current fleet delivery status Key: Changes from 1H FY25 presentation in superscript • New fleet deliveries reflect updated OEM7 delivery position FY25 FY26 FY27 — First Qantas A321XLR delivered in Jun-25 A350-1000ULR 4 • In addit
Slide 33: Outlook
Outlook CANTAS GROUP
Slide 34: Outlook
Outlook Business Outlook Financial Outlook • Strong travel demand across the portfolio • 1H26 fuel cost at ~$2.6b5, inclusive of hedging and carbon cost6 • Group RASK expected to increase in 1H26 vs 1H25 — Group Domestic RASK to increase 3 – 5% • FY26 Depreciation and amortisation is expected to be
Slide 35: Outlook – Guidance Tables
Outlook Guidance Tables Capacity Guidance1 1Q26 2Q26 1H26 2H26 FY26 Commentary (vs prior corresponding period) Group Domestic +5% +6% +5% +6% +6% Domestic +3% +6% +5% +5% +5% • Group domestic growing in line with demand, supported by continued Qantas Domestic introduction of new aircraft and redeplo
Slide 36: Glossary
Glossary Available Seat Kilometres (ASK) – Total number of seats Invested Capital (IC) – Net assets (excluding cash, debt, other Return on Invested Capital (ROIC) – ROIC EBIT for the 12 available for passengers, multiplied by the number of financial assets and liabilities and tax balances) including
Slide 37: Q&A
Q&A
Slide 38: Thank you
\ y/ page OANTAS || ao Thank you
Slide 39: FY25 Results Supplementary Presentation
FY25 Results Supplementary Presentation Qantas Airways Limited 28 August 2025 ASX: QAN US OTC: QABSY
Slide 40: Disclaimer
Disclaimer Summary information been reviewed by the Group’s Independent Auditor. results to differ materially from those expressed in the statements contained in this Presentation. Qantas This Presentation contains summary information For definitions of non-IFRS financial information refer cautions
Slide 41: Group Performance
Group Performance Woantas croup
Slide 42: FY25 Key Group Financial Metrics
FY25 Key Group Financial Metrics FY25 FY24 Profit metrics Revenue $M 23,823 21,939 Underlying Profit Before Tax1 $M 2,394 2,078 Underlying Earnings per Share2 $ 1.10 0.88 Statutory Profit After Tax $M 1,605 1,251 Statutory Earnings per Share $ 1.05 0.76 Balance Sheet and Cash Flow metrics Rolling 12
Slide 43: FY25 Key Group Operating Metrics
FY25 Key Group Operating Metrics Change FY25 FY24 (%) Unit Revenue (RASK)1 c/ASK 11.05 11.20 (1.3)% Total Unit Cost1 c/ASK (9.49) (9.73) 2.5% Unit Cost (ex-Fuel)1 c/ASK (6.22) (5.97) (4.2)% Available Seat Kilometres (ASK) M 152,804 141,357 8.1% Revenue Passenger Kilometres (RPK) M 129,382 116,895 10
Slide 44: Items not included in Underlying PBT
Items not included in Underlying PBT $M FY25 Comments ($65m) increase in legal provisions. In 1H25 the Group reached an agreement with the Transport Workers Union (TWU) on the payment of compensation to the former ground handlers. Legal provisions and related costs (93) ($20m) increase in legal prov
Slide 45: Reconciliation to Underlying Profit Before Tax
Reconciliation to Underlying Profit Before Tax $M FY25 FY24 Statutory Items not Underlying Statutory Items not Underlying included in included in Underlying Underlying Net passenger revenue 20,411 – 20,411 18,903 – 18,903 Net freight revenue 1,298 – 1,298 1,211 – 1,211 Other revenue and income 2,114
Slide 46: Statutory Income Statement Detail
Statutory Income Statement Detail $M FY25 Net passenger revenue up 8% Net passenger revenue 20,411 • Group capacity increased 8% from new fleet related capacity with Group RASK down 1% – Group Domestic1 Unit Revenue up 4% Net freight revenue 1,298 – Group International2 Unit Revenue down 3% Other re
Slide 47: Statutory Other Revenue and Expenses Detail – Compared to FY24
Statutory Other Revenue and Expenses Detail – Compared to FY24 $M FY25 FY24 Variance $M FY25 FY24 Variance Other Revenue and Income 2,114 1,825 289 Other Expenditure 3,519 3,171 348 Frequent Flyer marketing revenue and other Qantas Loyalty Technology and digital up 12% businesses up 15% • Increased
Slide 48: Corporate and Unallocated/Eliminations
Corporate and Unallocated/Eliminations Corporate FY25 FY24 Change Unallocated/Eliminations FY25 FY24 Change Underlying EBIT $M (292) (263) (11)% Revenue $M (1,534) (1,475) (4)% Net finance costs $M (245) (201) (22)% Underlying EBIT $M (46) (85) 46% Underlying PBT $M (537) (464) (16)% Includes invest
Slide 49: Group Unit Revenue and Unit Cost (c/ASK)
Group Unit Revenue and Unit Cost (c/ASK) RASK FY25 CASK FY25 Net passenger revenue $M 20,411 Underlying (Profit) Before Tax $M (2,394) Excluding Other passenger $M (3,521) Less: Ticketed passenger revenue $M 16,890 revenue A Ticketed Passenger Revenue $M 16,890 C Net expenditure $M 14,496 Less: Fuel
Slide 50: Revenue received in advance (RRIA)
Revenue received in advance (RRIA) Revenue received in advance ($b) 8.5 8.8 8.5 7.8 0.6 0.6 • Airline passenger revenue increased vs FY24 driven by an 0.6 0.5 increase in Group capacity, offset by RASK moderation • Unredeemed Frequent Flyer revenue continued to grow in 4.5 4.3 4.6 line with an incre
Slide 51: Financial Framework and Fleet
Financial Framework and Fleet 13
Slide 52: Return on Invested Capital (ROIC) Calculation
Return on Invested Capital (ROIC) Calculation $M FY25 FY24 • ROIC EBIT is derived by adjusting Underlying EBIT to exclude AASB 16 lease depreciation and includes notional depreciation for leased aircraft as if they Underlying EBIT 2,639 2,279 were owned Add back: Lease depreciation under AASB 16 346
Slide 53: Balance Sheet Summary under Financial Framework
Balance Sheet Summary under Financial Framework As at 30 As at 30 Invested Capital is defined as Net Assets adjusted for the $M Jun 2025 Jun 2024 following: Net Assets 783 294 • Exclusion of Cash and cash equivalents and Interest- bearing liabilities which are included in Net Debt Less: Cash and cas
Slide 54: Net Debt Target Range
Net Debt Target Range • Net Debt target range = 2.0x — 2.5x EBITDA where ROIC = 10% • At average Invested Capital of $5.1b, optimal Net Debt range is $4.6b to $5.7b Jun 25 Drivers of Net Debt Range $B Invested Capital Avg Invested Capital for trailing 12 months 5.1 Invested Capital will rebuild with
Slide 55: Net Debt movement under the Financial Framework
Net Debt movement under the Financial Framework $M FY25 FY24 The Financial Framework considers aircraft leases as part of Opening Net Debt (4,106) (2,885) Net Debt Net cash from operating activities 4,253 3,441 • Aircraft leases are initially recognised in Net Debt at fair value Less: Net lease prin
Slide 56: Financial Framework versus Statutory Net Debt
Financial Framework versus Statutory Net Debt • Under the Financial Framework, aircraft leases are $M FY25 FY24 treated as capital acquisitions and recognised at fair value (through Net Capex) and a notional Interest-bearing liabilities 6,400 5,035 borrowing recognised as part of net debt as Capital
Slide 57: Group Net Capital Expenditure
Group Net Capital Expenditure Net Capital Expenditure FY26 – FY27 • Covers pre-delivery and final delivery payments for new aircraft Aircraft Aircraftpayments payments1,21,2 • Accounting depreciation is based on the useful life of the aircraft's major components. Tax depreciation is a 20% accelerate
Slide 58: Financial risk management framework
Financial risk management framework Hedging program Principles of Financial Risk Management • Principles of financial risk management Reducing cash flow volatility in the short term through disciplined hedging program to allow for implementation of – Manage net cash flow impacts operational levers –
Slide 59: Robust financial risk management
Robust financial risk management Operational Fuel and FX Capital Expenditure FX – Hedging of USD Fleet Payments • FY25 fuel cost at $5.0b • Hedging remains consistent with long term approach to risk – Inclusive of SAF premium and carbon credits management • 1H26 is 65%1 hedged through a combination
Slide 60: New fleet technology to drive benefits over time
New fleet technology to drive benefits over time Legend: + Some EIS1 costs Material benefit ++ Relatively higher EIS1 costs Relatively greater benefit Target financial benefits at scale Customer A321LR vs A220 vs A321XLR1 vs A321/A320ceo 717-200 737-800 Modernised cabin design improving comfort and
Slide 61: Supplementary Segment Information
Supplementary Segment Information 23
Slide 62: Qantas Domestic and International Overview – FY25
Qantas Domestic and International Overview – FY25 Qantas Domestic Qantas International • Consists of Qantas Domestic and QantasLink • Consists of Qantas International and Qantas Freight • Full service offering targeting business and premium leisure sectors • Globally recognised long haul carrier tar
Slide 63: Jetstar Group Overview
Jetstar Group Overview Jetstar Domestic Jetstar International and New Zealand Jetstar in Asia • Australian industry-leading LCC1 Jetstar International3 Jetstar Japan • Strong operational performance, customer • Jetstar Japan is the #1 domestic LCC1 at Tokyo’s service and profitability • Australian i
Slide 64: Diversification and growth at Qantas Loyalty
Diversification and growth at Qantas Loyalty Members Redemption Earn • Deliver everyday engagement between • Increase points earn through the flywheel • Large ecosystem for members to engage in members and the Qantas brand effect from growth in overall redemptions everyday earn – Market leading airl
Slide 65: Continuous delivery of transformation benefits
Continuous delivery of transformation benefits FY25 transformation highlights FY25 $m 423 Freight fleet renewal Group booking tool expansion Freight product transformation 388 A319 charter growth New flight training technology CX25 Program – Customer A321LR deliveries Group Boarding launch Inflight
Slide 66: Classic Plus: FY25 Performance summary
Classic Plus: FY25 Performance summary Providing members greater availability to book reward seats1 during ~20% earn premium observed during the six months pre- peak travel periods and post-redemption versus a non-redeemer Classic Plus seats on International flights uplifted Premium Cabin 35% of sea
Slide 67: 2H25 Group and Group Domestic Traffic Statistics vs 2H24
2H25 Group and Group Domestic Traffic Statistics vs 2H24 3Q25 3Q24 Change (%) 4Q25 4Q24 Change (%) 2H25 2H24 Change (%) Total Qantas Group Operations Passengers Carried ‘000 13,592 12,894 5 14,010 12,892 9 27,602 25,786 7 Revenue Passenger Kilometers M 31,513 29,267 8 32,532 29,639 10 64,045 58,906
Slide 68: 2H25 Group International Traffic Statistics vs 2H24
2H25 Group International Traffic Statistics vs 2H24 3Q25 3Q24 Change (%) 4Q25 4Q24 Change (%) 2H25 2H24 Change (%) Group International Available Seat Kilometres M 24,682 22,653 9 24,916 22,814 9 49,598 45,467 9 Group International Unit Revenue % (2) 3 – Change Qantas International Passengers Carried
Slide 69: Qantas Domestic, Qantas International and Freight
Qantas Domestic FY 1H 2H FY25 FY24 1H25 1H24 2H25 2H24 Variance% Variance% Variance% Revenue $M 7,615 7,241 5 4,010 3,758 7 3,605 3,483 4 Underlying EBIT $M 1,056 1,063 (1) 647 641 1 409 422 (3) Operating Margin % 13.9 14.7 (0.8)ppts 16.1 17.1 (1.0)ppts 11.3 12.1 (0.8)ppts ASKs M 32,479 32,950 (1) 1
Slide 70: Jetstar Group and Qantas Loyalty
Jetstar Group FY 1H 2H FY25 FY24 1H25 1H24 2H25 2H24 Variance% Variance% Variance% Revenue $M 5,711 4,922 16 2,894 2,486 16 2,817 2,436 16 Underlying EBIT $M 769 497 55 439 325 35 330 172 92 Operating Margin % 13.5 10.1 3.4ppts 15.2 13.1 2.1ppts 11.7 7.1 4.6ppts ASKs M 57,754 49,529 17 28,635 23,883
Slide 71: Glossary
Glossary Available Seat Kilometres (ASK) – Total number of seats to exclude aircraft lease return provisions from Invested Capital) flown available for passengers, multiplied by the number of kilometres Net Capital Expenditure (Net Capex) – Net expenditure of RRIA – Revenue Received in Advance flown