Qantas Airways Limited · ASX:QAN
Qantas Airways — FY2026 Earnings Presentation
34 slides from Qantas Airways's earnings presentation, Aug 27, 2026
Slide 1: FY26 Results Supplementary Presentation
FY26 Results Supplementary Presentation Qantas Airways Limited 27 August 2026 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. This Presentation contains summary information about IFRS financial information is unaudited and has not been There are many factors that can affect forward looking Qanta
Slide 3: Group Performance
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Slide 4: FY26 Key Group Financial Metrics
FY26 Key Group Financial Metrics FY26 FY25 Profit metrics Revenue $M 25,516 23,823 Underlying Profit Before Tax1 $M 2,064 2,394 Underlying Earnings per Share2 c 95.7 109.8 Statutory Profit After Tax $M 1,289 1,605 Statutory Earnings per Share c 85.4 105.2 Balance Sheet and Cash Flow metrics Rolling
Slide 5: FY26 Key Group Operating Metrics
FY26 Key Group Operating Metrics FY26 FY25 Change (%) Unit Revenue (RASK)1 c/ASK 11.56 11.05 4.6% Total Unit Revenue (TRASK)1 c/ASK 16.15 15.59 3.6% Total Unit Cost1 c/ASK 14.84 14.05 5.6% Total Unit Cost (ex-Fuel)1 c/ASK 11.22 10.78 4.1% Available Seat Kilometres (ASK) M 157,957 152,804 3.4% Revenu
Slide 6: Items not included in Underlying PBT
Items not included in Underlying PBT $M FY26 Comments Strategic restructure following closure of Jetstar Asia and its related costs, including incremental accelerated depreciation of ($30) million and Closure of Jetstar Asia and related costs (48) impairment of ($6) million due to Jetstar Asia fleet
Slide 7: Reconciliation to Underlying Profit Before Tax
Reconciliation to Underlying Profit Before Tax $M FY26 FY25 Items not Items not Statutory included in Underlying Statutory included in Underlying Underlying Underlying Net passenger revenue 21,814 – 21,814 20,411 – 20,411 Net freight revenue 1,414 – 1,414 1,298 – 1,298 Other revenue and income 2,288
Slide 8: Statutory Income Statement Detail
Statutory Income Statement Detail $M FY26 Net passenger revenue ~+7% • Group capacity increased 3% from new fleet related capacity with Group RASK up 5% Net passenger revenue 21,814 • Group Domestic1 Unit Revenue up 4% Net freight revenue 1,414 • Group International2 Unit Revenue up 5% Other revenue
Slide 9: Statutory Other Revenue and Expenses Detail – Compared to FY25
Statutory Other Revenue and Expenses Detail – Compared to FY25 ($M) FY26 FY25 Variance ($M) FY26 FY25 Variance Other Revenue and Income 2,288 2,114 174 Other Expenditure1 3,671 3,509 162 Frequent Flyer marketing revenue and other Qantas Loyalty businesses Costs to support revenue growth +$231m • Con
Slide 10: Corporate and Unallocated/Eliminations
Corporate and Unallocated/Eliminations Corporate FY26 FY25 Change Unallocated/Eliminations FY26 FY25 Change Underlying EBIT $M (278) (292) 5% Revenue1 $M (1,346) (1,246) (8)% Net Finance Costs $M (284) (245) (16)% Underlying EBIT $M 0 (46) 100% Underlying PBT $M (562) (537) (5)% Includes investment
Slide 11: Group Unit Revenue and Total Unit Cost (c/ASK)
Group Unit Revenue and Total Unit Cost (c/ASK)1 TRASK FY26 TCASK FY26 Net passenger revenue $M 21,814 Total Revenue $M 25,516 Plus: Net freight revenue $M 1,414 Less: Underlying (Profit) Before Tax $M (2,064) Less: Share of net loss of investments Plus: Other Revenue $M 2,288 accounted under the equ
Slide 12: Continuous delivery of transformation benefits
Continuous delivery of transformation benefits FY26 transformation highlights FY26 $m 455 Fleet & Network Data & Digitisation Ways of Working 439 Fleet renewal AI revenue management Qantas on-airport upgrades Qantas Economy Plus Expansion Fare inventory optimisation Maintenance program optimisation
Slide 13: New fleet technology to drive benefits over time
New fleet technology to drive benefits over time Legend: + Some EIS costs ++ Relatively higher EIS costs Material benefit Relatively greater benefit 1H26 transformation highlights Target financial benefits at scale Customer A321LR vs A220 vs A321XLR1 vs A321/A320-200 717-200 737-800 Modernised cabin
Slide 14: Revenue received in advance (RRIA)
Revenue received in advance (RRIA) Revenue received in advance ($b) 9.1 8.7 8.6 8.4 8.4 0.6 0.6 0.6 7.8 0.6 0.6 • Airline RRIA rose seasonally in 2H26 and increased versus 0.6 2H25, reflecting higher Capacity and RASK following the Middle East conflict, partially offset by reduced partner 4.9 airlin
Slide 15: Financial Framework
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Slide 16: Return on Invested Capital (ROIC) Calculation
Return on Invested Capital (ROIC) Calculation $M FY26 FY25 • ROIC EBIT is derived by adjusting Underlying EBIT to exclude AASB 16 lease depreciation Underlying EBIT 2,348 2,639 and includes notional depreciation for leased aircraft as if they were owned Add back: Lease depreciation under AASB 16 337
Slide 17: 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 $M Jun 2026 Jun 2025 adjusted for the following: Net Assets 1,504 783 • Exclusion of Cash and cash equivalents and Less: Cash and cash equivalents (3,274) (2,213) Interest-bearing liabilities
Slide 18: 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 $7.2b, optimal Net Debt range is $5.5b to $6.9b Jun 26 Drivers of Net Debt Range $B Invested Capital Avg Invested Capital for trailing 12 months 7.2 Invested Capital will rebuild with
Slide 19: Net Debt movement under the Financial Framework
Net Debt movement under the Financial Framework $M FY26 FY25 The Financial Framework considers aircraft leases as part of Net Debt Opening Net Debt (5,029) (4,106) Net cash from operating activities 3,893 4,253 • Aircraft leases are initially recognised in Net Debt at fair value Less: Net lease prin
Slide 20: Financial Framework versus Statutory Net Debt
Financial Framework versus Statutory Net Debt • Under the Financial Framework, aircraft leases are As at 30 As at 30 $M treated as capital acquisitions and recognised at Jun 2026 Jun 2025 fair value (through Net Capex) and a notional borrowing recognised as part of Net Debt as Interest-bearing liabi
Slide 21: Robust financial risk management
Robust financial risk management 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 – Ta
Slide 22: Robust financial risk management
Robust financial risk management Operational Fuel and FX Capital Expenditure FX – Hedging of USD Fleet Payments • FY26 fuel cost at $5.7b • Hedging remains consistent with long term approach to risk – Inclusive of SAF premium and carbon costs management • 1H27 is 96%1 hedged through a combination of
Slide 23: FY26 Sustainability Report | Includes New Mandatory Climate-related Disclosures
FY26 Sustainability Report | Includes New Mandatory Climate-related Disclosures AASB S2 Disclosure Focus Areas Carbon Costs and Mitigations Carbon costs include SAF premium to conventional jet fuel Climate-related Risks and Opportunities and the cost of meeting carbon credit obligations, both • Six
Slide 24: Supplementary Segment and Other Information
Supplementary Segment and Other Information 24
Slide 25: Investing in our People and Culture
Investing in our People and Culture Engagement Listen and Act Building Capability Inclusion & Belonging Engagement Score1 Continued upward trend 72% from 64% in March 2024 Reward Continuing Employee Share Program2 Workforce growth: Recruited 4,400 new ~$25m $1,000 grant in FY26 Workforce stability:
Slide 26: Investing in our Customers
Investing in our Customers FY26 performance Customers Qantas Airlines Reputation (RepTrak Score) Qantas Economy Plus: launched across Wi-Fi connectivity: Qantas A380s, A330s ‘Strong’ Qantas 737s, A321XLRs and QantasLink and A320s and Jetstar 787s rollout Flying ‘Average’ First full year A220s. Expan
Slide 27: Sustainability – Continued progress across key focus areas
Sustainability – Continued progress across key focus areas Sustainable Aviation Fuel (SAF) Carbon Markets & Nature Fleet & Operational Improvement Circular Economy (CE) Up to new fleet fuel efficiency 1.1% SAF procured of total FY26 fuel, +5x YoY $30M committed to carbon removal projects5 15-25% imp
Slide 28: Qantas Domestic and International Overview
Qantas Domestic and International Overview Qantas Domestic Qantas International • Consists of Qantas Domestic and QantasLink • Consists of Qantas International and Qantas Freight • Multi-gauge domestic fleet uniquely positioned to serve Australian market • Globally recognised long haul carrier targe
Slide 29: Jetstar Group Overview
Jetstar Group Overview Jetstar Domestic Jetstar International and New Zealand Jetstar in Asia • Australian industry-leading LCC1 Jetstar International3 Jetstar Japan5 • Strong operational performance, customer service and profitability • Australian industry-leading LCC1 capitalising on • Qantas and
Slide 30: 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 31: 2H26 Group Domestic Traffic Statistics vs 2H25
2H26 Group Domestic Traffic Statistics vs 2H25 3Q26 3Q25 Change (%) 4Q26 4Q25 Change (%) 2H26 2H25 Change (%) Total Qantas Group Operations Passengers Carried ‘000 13,696 13,592 1 13,536 14,010 (3) 27,232 27,602 (1) Revenue Passenger Kilometres M 33,048 31,513 5 33,092 32,532 2 66,140 64,045 3 Avail
Slide 32: 2H26 Group International Traffic Statistics vs 2H25
2H26 Group International Traffic Statistics vs 2H25 3Q26 3Q25 Change (%) 4Q26 4Q25 Change (%) 2H26 2H25 Change (%) Group International Available Seat Kilometres M 25,663 24,682 4 25,527 24,916 2 51,190 49,598 3 Group International Unit Revenue % 6 8 7 Change Qantas International Passengers Carried ‘
Slide 33: Key Metrics – Guidance vs Actual
Key Metrics – Guidance vs Actual Actual Guidance Airline Revenue Group Domestic RASK % vly1 +5 +5 ✓ 2H26 Group International RASK % vly +7 +4-6 ✓ Net Freight Revenue $m vly +79 ~2H25 ✓ Loyalty EBIT % vly 12 +10–12 ✓ Costs Fuel $B 5.7 5.7 – 5.9 ✓ Depreciation & Amortisation $B 2.25 2.25 ✓ FY26 Net fi
Slide 34: Glossary
Glossary Available Seat Kilometres (ASK) – Total number of seats JSA – Jetstar Asia Seat Factor (Load factor) – RPKs divided by ASKs available for passengers, multiplied by the number of kilometres Net Capital Expenditure (Net Capex) – Net expenditure of SJSP – Same Job Same Pay Legislation flown in