Qantas Airways Limited · ASX:QAN
Qantas Airways — FY2026 Earnings Presentation
33 slides from Qantas Airways's earnings presentation, Aug 27, 2026
Slide 1: FY26 Results Investor Presentation
FY26 Results Investor Presentation 27 August 2026 Qantas Airways Limited ASX:QAN US OTC: QABSY
Slide 2: Disclaimer
Disclaimer Summary information and not as a substitute for, IFRS information. The non- statements contained in this Presentation. IFRS financial information is unaudited and has not been This FY26 Results Investor Presentation (Presentation) There are many factors that can affect forward-looking rev
Slide 3: Group CEO message on FY26 result
Against the backdrop of record fuel prices, we delivered a strong result, achieved our Our People Our Customers highest customer satisfaction in a decade and continued investing in the largest fleet renewal in our history Vanessa Hudson Group CEO Our Shareholders Our Community & Partners 3
Slide 4: FY26 overview
FY26 overview $2,064m Operating results Fleet investment Underlying Profit Before Tax Strong performance across the Group’s integrated Domestic fleet renewal continues with Jetstar portfolio, reflecting decisions to manage fuel price A321LR fleet now at scale and Qantas’ well volatility resulting fr
Slide 5: 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 6: Balanced investment strategy delivering for People, Customers and Sustainability
Balanced investment strategy delivering for People, Customers and Sustainability Engagement Reward Diversity Attrition Meeting our ambition of Our creating a great place to 72% $25m 42.4% 5.0% People work and a place to do great work Engagement Score1; Employee Share Women in Senior June 2026 Group
Slide 7: Group response as fuel prices escalated during Middle East conflict
Group response as fuel prices escalated during Middle East conflict Material impact on business Swift action taken Near term impact managed Elevated fuel price Operational flexibility enabled by multi- Net Group impact ~($420m) in 2H26 gauge fleet of aircraft inclusive of mitigations Middle East hub
Slide 8: Middle East conflict impact on demand
Middle East conflict impact on demand Middle East conflict impacts on Middle East and Australian Travel intentions remain resilient Australian economy macroeconomic state impacting demand Global uncertainty over fuel supply quickly Australian market travel intentions remain Group acted quickly to re
Slide 9: Financial Performance
Financial Performance CANTAS GROUP
Slide 10: FY26 Group financial metrics
FY26 Group financial metrics Profit metrics (vs FY25) Balance Sheet and Cash Flow metrics Key statistics vs FY25 $2,064m ($330m) $3.9b +3.4% +3.1% Underlying profit before tax Operating cash flow ASKs RPKs $1,289m ($316m) $4.0b (0.2) ppts +0.1% Statutory profit after tax Net Capital Expenditure Seat
Slide 11: FY26 profit compared to FY25
FY26 profit compared to FY25 $m 1H26 2H26 FY26 RASK v last year +3% +6% +5% 1H26 2H26 FY26 Group Domestic +3% +5% +4% ASKs v last year +4% +3% +3% Group International +3% +7% +5% Group Domestic +5% +2% +3% Group International +3% +3% +3% Net Revenue 229 Loyalty2 71 Non-fuel cost 163 Share of Associa
Slide 12: FY26 Total Unit Cost ex-fuel compared to FY25
FY26 Total Unit Cost ex-fuel compared to FY25 Ex-fuel TCASK (cents per ASK) Fleet-related costs: Airline activity benefit from capacity growth enabled by new fleet partially offsets increase in Depreciation and Amortisation, Net Finance Costs and EIS 4% and inefficiencies. 3% +0.6% 11.22 Fleet-enabl
Slide 13: Transformation – significant and constant driver of past and future profitability
Transformation – significant and constant driver of past and future profitability Transformation has delivered in the past … … and transformation will continue to deliver in the future • Transformation is embedded in key principles that guide the business: CPI Revenue TX Cost (inc. Fuel) TX $m • Man
Slide 14: FY26 movement in Net Debt
FY26 movement in Net Debt $m Net Cash from Operating Activities +$3,893m Financing cash impacts and FX ($822m) 151 (212) (642) (235) RRIA $ 0.3 b New aircraft payments $ (1.8) b Ground Handling penalty $ (0.1) b Mid-life aircraft $ (0.3) b 4,596 Working Capital $ 0.2 b Capitalised maintenance $ (1.5
Slide 15: Portfolio Results
Portfolio Results CANTAS GROUP
Slide 16: 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 17: Group FY26 integrated portfolio highlights
Group FY26 integrated portfolio highlights • Group Domestic margin1 of 13% • Dual brand strategy Portfolio Segment EBIT2 ($b) Domestic • Group Domestic 2H26 RASK growth of +5% on +2% drives industry-leading capacity vs 2H25, in line with guidance margins • Resilient leisure demand despite fare incre
Slide 18: Qantas Domestic FY26 Results
Qantas Domestic FY26 Results $8.0b $907m 11.3% 33.4b 24.0c 76.3% Progress Towards Revenue Underlying EBIT Op. Margin ASK TRASK Seat Factor Fleet Scale +5% vs FY25 (14%) vs FY25 (2.6ppt) vs FY25 +3.0% vs FY25 +2.3% vs FY25 (1.8ppt) vs FY25 Profitability Fleet Progress Towards Strong financial perform
Slide 19: Qantas International FY26 Results
Qantas International FY26 Results $9.9b $371m 3.7% 66.8b 14.9c 84.5% Revenue Underlying EBIT Op. Margin ASK TRASK Seat Factor +8% vs FY25 (38%) vs FY25 (2.8ppt) vs FY25 +6.7% vs FY25 +1.5% vs FY25 (0.2ppt) vs FY25 Profitability Pre-conflict performance reaffirming fleet renewal strategy, with contin
Slide 20: Jetstar Group FY26 Results
Jetstar Group FY26 Results $6.0b $723m 12.0% 57.7b 10.43c 89.1% Jetstar Group1 Revenue Underlying EBIT Op. Margin ASK TRASK Seat Factor +5% vs FY25 (6%) vs FY25 (1.5ppt) vs FY25 Flat vs FY25 +5.5% vs FY25 +0.8ppt vs FY25 AU Domestic $3.2b $533m 16% +4% +7% 89.8% +11% vs FY25 +$71m vs FY25 Flat vs FY
Slide 21: Qantas Loyalty FY26 Results
Qantas Loyalty FY26 Results $2.9b $625m 21.7% 18.9m 706k 242b 202b Revenue1 Underlying EBIT Op. Margin QFF Members QBR Members Points Earned Points Redeemed +12% vs FY25 +12% vs FY25 +0.1ppt vs FY25 +7% vs FY25 +11% vs FY25 +9% vs FY25 +9% vs FY25 Members & Program Points Earn Points Burn Continued
Slide 22: Financial Framework and Fleet
Financial Framework and Fleet
Slide 23: 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 24: Strong Balance Sheet Settings
Liquidity Strong Balance Sheet Settings • Financial Framework Net Debt target settings result in structurally higher sources of liquidity Total liquidity sources of >$13.3b as at 30 June 2026 • Proactive strengthening cash liquidity position amid heightened geopolitical uncertainty through unsecured
Slide 25: Structurally low Financial Leverage
Structurally low Financial Leverage Financial Framework delivers structurally low financial leverage FY27 Net Debt: Targeting upper end of the range • At the middle of Net Debt Target Range1 expected to deliver Moody’s Net • Utilising balance sheet flexibility while maintaining headroom to Debt/EBIT
Slide 26: 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 • Cap
Slide 27: New aircraft deliveries and fleet flexibility
New aircraft deliveries and fleet flexibility New aircraft deliveries1 Current fleet delivery status • In addition to 17x new aircraft deliveries, the Group has taken delivery of 12x FY26 FY27 FY28 mid-life aircraft6 in FY26, including: A350-1000ULR 3 4 (Project Sunrise) — 5x Q400s as part of the Tu
Slide 28: Outlook
Outlook CANTAS GROUP
Slide 29: Outlook 1H27
Outlook 1H27 Business Outlook Financial Outlook • Travel intentions and prioritisation remain resilient • Global jet fuel prices remain elevated into 1H27 — Middle East continues to influence the economic environment — The Group will continue to take mitigating actions as necessary through jet fuel
Slide 30: Outlook: Guidance Tables
Outlook Guidance Tables Capacity Guidance1 Commentary (vs prior corresponding period) 1Q27 2Q27 1H27 3Q27 Group Domestic (2%) (4%) (3%) (2%) Domestic Qantas Domestic (2%) (5%) (4%) (4%) Jetstar Domestic (3%) (2%) (2%) 0% • Jetstar services due to launch from Western Sydney Airport in 2Q27 +2% +3% +2
Slide 31: Glossary
Glossary Available Seat Kilometres (ASK) – Total number of seats Net Capital Expenditure (Net Capex) – Net expenditure of RRIA – Revenue Received in Advance available for passengers, multiplied by the number of kilometres investing cash flows included in the Consolidated Cash Flow SAF – Sustainable
Slide 32: Q&A
Q&A
Slide 33: Thank you
YACANTAS bRoUP Thank you