Air New Zealand Limited · NZX:AIR
Air New Zealand — Investor Day (November 2024)
87 slides from Air New Zealand's investor day presentation, Nov 25, 2024
Slide 1: Air New Zealand 2024 Investor Day market announcement
Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC : ANZLY) MARKET ANNOUNCEMENT 25 November 2024 Air New Zealand 2024 Investor Day Air New Zealand is hosting an investor day today, 25 November 2024, in Auckland beginning at For personal use only 1:00pm NZST. The presen
Slide 2: Air New Zealand Investor Day 2024
For personal use only Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 1
Slide 3: Important notice and disclaimer
Important notice and disclaimer This presentation is given on behalf of Air New Zealand Limited (NZX: AIR and AIR030; made as to the likelihood of fulfilment of any forward-looking statements or any ASX: AIZ). The information in this presentation: events, results or targets expressed or implied in a
Slide 4: Agenda
Agenda 1:00 – 1:20 Strategic priorities Greg Foran For personal use only 1:20 – 1:50 Network strategy Mike Williams 1:50 – 2:20 Commercial growth Jeremy O’Brien 2:20 – 2:40 Our loyalty opportunity Kate O’Brien 2:40 – 3:00 Break 3:00 – 3:25 Digitalisation of our airline Nikhil Ravishankar 3:25 – 3:45
Slide 5: Strategic priorities
For personal use only Strategic priorities — Greg Foran Chief Executive Officer Air New Zealand Investor Day 2024 4
Slide 6: Air New Zealand – voted 2024's best airline in the world
Air New Zealand – voted 2024’s best airline in the world For personal use only Air New Zealand Investor Day 2024 5
Slide 7: Key messages you should take away from today
Key messages you should take away from today For personal use only We have a high-performing, engaged team with a customer-centric focus We will sustain our leading position in New Zealand by leveraging deep competitive strengths Premiumisation, ancillary and loyalty expansion, alongside disciplined
Slide 8: Enduring global demand supports continued growth in air travel
Enduring global demand supports continued growth in air travel Covid experience proved yet again that people …which is core to our purpose as a business For personal use only value connections… Global outlook - air passenger journeys (billions) 10 Baseline ~5% CAGR 9 Upside 8 ~4% CAGR Downside 7 6 ~
Slide 9: Air New Zealand is a leading player in an attractive premium leisure market
Air New Zealand is a leading player in an attractive premium leisure market Air travel provides critical Strong Kiwi propensity for For personal use only infrastructure support to the New Zealand is a premium outbound international travel is New Zealand economy leisure tourism market expected to con
Slide 10: Navigating ongoing global industry constraints with strategic solutions
We are navigating ongoing global industry constraints with strategic solutions Industry constraints Mitigations we have implemented For personal use only Engine issues and shop capacity Swiftly negotiated leased aircraft and engines Increased inventory of parts and spares OEM delivery delays Network
Slide 11: Near-term outlook shaped by aircraft availability and other economic conditions
Near-term outlook shaped by aircraft availability and other economic conditions For personal use only Observing a continuation of external conditions First half guidance for the 2025 financial previously highlighted at 2024 Annual Results year announced on 25 November 2024 Planning for up to 6 Airbu
Slide 12: Building from a foundation of unique competitive advantages
We are building from a foundation of unique competitive advantages… For personal use only Iconic brand and service culture Unmatched domestic network Investment grade credit rating Largest loyalty programme in Simplified fleet configured for the Diversified international network New Zealand New Zeal
Slide 13: Progress for our people, customers and operation
…strengthened further by significant progress we have made for our people, customers and operation For personal use only People Customer Operation Circle of Safety Improved digital app Paperless flight deck Sustainable jobs programme Improved IFE Ops Collab tool Engineers on the green list Auckland
Slide 14: Our Kia Mau strategy is focused on maximising shareholder value
Our Kia Mau strategy is focused on maximising shareholder value For personal use only Increased profitability driven by three pillars: Grow Elevate Lift Domestic International Loyalty Be the best-connected country in the world, An international network focused on premium A supercharged loyalty progr
Slide 15: Targeting profit improvement from key transformation initiatives
Targeting profit improvement from key transformation initiatives Transformation initiatives expected to contribute a cumulative For personal use only $300 to $400 million benefit to EBITDA performance by 2028 Commercial & Network $300m to 400m Ancillary & Loyalty Cost efficiencies Revenue transforma
Slide 16: Positioned for stronger profitability as headwinds ease
We are positioned for stronger profitability as headwinds ease For personal use only Strong foundations that we continue Focus to structurally improve our business to nurture for success and profit through the cycle Safety first, always Capital-efficient network growth Engaged and empowered cu
Slide 17: Our network strategy
For personal use only Our network strategy — Mike Williams Chief Transformation and Alliances Officer Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 16 16
Slide 18: A market with a need for strong air connectivity
We operate in a market with a need for strong air connectivity Percentage of GDP facilitated by air travel For personal use only Critical infrastructure Domestic geography relies on air travel 17% to connect regions 16% Isolated Closest neighbour 2,000 kilometres away 10% 8% 6% 6% Trade dependent 5%
Slide 19: Five key features drive our network strength
Five key features drive our network strength For personal use only Diversified Geographically Cost position Premium- Alliance-driven network advantaged leisure We operate where we have a strong right to win Air New Zealand Investor Day 2024 18
Slide 20: Our diverse network provides balance and opportunities for profitable growth
Our diverse network provides balance and opportunities for profitable growth For personal use only Geographic diversity across domestic, short-haul and long-haul markets Customer mix comprised of premium leisure, business, visiting friends and relatives (VFR) as well as cargo Varied market maturity
Slide 21: Each route group has distinct dynamics and opportunities
Each route group has distinct dynamics and opportunities For personal use only Domestic Tasman & Pacific Islands Long-haul ~20 destinations ~16 destinations ~14 destinations ~400 flights daily ~55 flights daily ~21 flights daily 11 million passengers annually 4 million passengers annually 2 million
Slide 22: #1 positioned network across the key regions we serve
#1 positioned network across the key regions we serve For personal use only Australia Pacific Islands North America Asia #1 #1 #1 #1 • ~40% passenger share • ~60% passenger share • ~70% passenger share • ~35% passenger share • Broadest network of any airline • Broadest network of any airline • Natur
Slide 23: Short-haul focus on competitive unit costs
Short-haul focus on competitive unit costs and providing quality customer experiences Prior fleet investment means our domestic network can Short-haul network principles For personal use only deliver the most competitive unit costs A320ceo 171 seats Focus on the best cost 1.5 - 2x structure for the
Slide 24: Long-haul proposition centered on premium leisure
Long-haul proposition centered on premium leisure, with further premiumisation to come We started focusing on cabin Our retrofit programme and new ~30% increase in premium cabin For personal use only premiumisation before Covid deliveries will take this further mix by 2030 (available seats) Business
Slide 25: Global network enhanced by strong alliance partnerships
Our global network is enhanced by strong alliance partnerships with leading peer airlines For personal use only United States UK / Europe China / Hong Kong India 4 immunised joint ventures Southeast Asia 14 Codeshare partners Australia Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RE
Slide 26: Partnerships driving customer and financial value
Partnerships driving customer and financial value Broader customer network Efficient use of capital Increased sales and distribution For personal use only Number of destinations using Share of Long-haul capacity deployed Connecting partner revenue as a Air New Zealand code: to JV hubs: percentage of
Slide 27: Growth will contemplate new market opportunities
Growth will contemplate new market opportunities There are several international markets visited by For personal use only New Zealanders where we don’t currently fly 1. Australia 11. Indonesia 2. United States 12. Philippines 3. China 13. Canada 4. United Kingdom 14. Germany 5. Fiji 15. Singapore 6.
Slide 28: Expecting average network growth of 3% to 4%
Looking ahead, expecting average network growth of 3% to 4% as aircraft availability issues alleviate For personal use only Domestic expected to grow at a CAGR International expected to grow at a CAGR of ~2% to 3% of ~3% to 5% Domestic capacity growth International capacity growth (Billion ASKs) (Bi
Slide 29: Commercial growth
For personal use only Commercial growth — Jeremy O’Brien General Manager, International Airline Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 2828
Slide 30: Well set up to accelerate our commercial success
We are well set up to accelerate our commercial success For personal use only Strong foundational building blocks Largest home market carrier Internationally the airline of choice for New Zealand Appeal across a diverse customer mix Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESUL
Slide 31: Our home market advantage is unmatched
Our home market advantage is unmatched, and we plan to keep it that way For personal use only Iconic brand Unrivalled Leading loyalty distribution programme footprint Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 3030
Slide 32: Internationally we carry million more passengers than next competitor
Internationally we carry 3 million more passengers than our next largest competitor Outbound passengers - 55% Inbound passengers - 35% For personal use only • Home market advantage • Long-term approach taken to market investment • Powerhouse brand strengthened by loyalty programme • Offshore sales o
Slide 33: Balanced customer mix supports our diversified network
We have a balanced customer mix which supports our diversified network For personal use only DOMESTIC INTERNATIONAL 65% of passengers 35% of passengers ~$2B of passenger revenue ~$4B of passenger revenue Visiting Business 30% International friends and Leisure 50% Corporate, SME, Govt tourists 20% Le
Slide 34: Customer investments driving improved satisfaction and commercial outcomes
Customer investments are driving improved satisfaction scores and commercial outcomes Seats-to-Suit revamp Economy stretch For personal use only Seat pitch >30% Up to 39% Uplift in sales for our full-service product More legroom than standard Economy seats Leg room bundle “the Works” Air New Zealand
Slide 35: Five key growth opportunities accelerate our building blocks
Five key growth opportunities accelerate our foundational building blocks Strong foundational building blocks Accelerated by five key growth opportunities For personal use only Largest home market carrier 1 Increased premiumisation in long-haul 2 NextGen revenue management Appeal across a diverse cu
Slide 36: Enhancing premium cabin mix and upsell opportunities
We are further enhancing our premium cabin mix, while also creating opportunities to upsell across the entire aircraft For personal use only Will be available for existing 787 retrofit as well as new 787 aircraft Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 3535
Slide 37: Premium network and fleet position us to win premium leisure travellers
Our premium network and fleet position us strongly to win premium leisure travellers For personal use only RASK improvement from increased mix of premium cabins ~10% to ~15% Current 787 New 787 Illustrative RASK increase on North America routes, driven by higher premium seat mix Air New Zealand Inve
Slide 38: NextGen revenue management will drive improved RASK
Further rollout of NextGen revenue management will drive improved RASK For personal use only Adoption of a NextGen revenue management system Delivering +1% to 2% RASK uplift in activated markets via: Machine learning More adaptive More data to drive decision making Leading to more accurate p
Slide 39: Driving increased ancillary revenue conversion
We are focused on driving increased ancillary revenue conversion rates and customer offerings Targeting ancillary revenue growth CAGR of ~10% For personal use only ~4x growth up to $250m ~2x growth 2014 2019 2024 2028 ambition Note: Ancillary revenue availed is reflected in either Passenger Revenue
Slide 40: Further opportunity to grow revenue premium through personalisation
Further opportunity to grow revenue premium through enhanced personalisation For personal use only Average fare premium from AirpointsTM members Future opportunity to personalise (indexed) 1.6x 1.3x 1.2x 1.1x 1.0x Non Base Silver Gold Elite Member (NZ) Air New Zealand Investor Day 2024 AIR NEW ZEALA
Slide 41: Cargo growth underpinned by focused investment
Cargo growth underpinned by focused investment For personal use only We are modernising our Revenue growth from efficiencies, cargo operations optimisation and network growth ~4-5% CAGR Digital transformation ~$500m Commercial optimisation New cargo terminal 2014 2019 2024 2028 Air New Zealand Inves
Slide 42: Targeting total revenue growth of 4% to 6%
Targeting total revenue growth of 4% to 6% driven by network growth and transformation benefits Transformation initiatives expected to contribute a cumulative For personal use only $300 to $400 million benefit to EBITDA performance by 2028 Revenue transformation benefits contributing towards targete
Slide 43: Our loyalty opportunity
For personal use only Our loyalty opportunity — Kate O’Brien General Manager, Loyalty Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 4242
Slide 44: Loyalty to generate $40 to $60 million incremental EBITDA by 2028
We expect Loyalty to generate $40 to $60 million in incremental EBITDA by 2028 For personal use only Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 4343
Slide 45: Airpoints programme is a core pillar of our strategy
Built on strong foundations, our Airpoints programme is a core pillar of our strategy For personal use only Strong member growth Members drive a revenue premium Strong and stable cashflows Number of members Average fare premium Loyalty cashflows (millions) (indexed) (millions) > 2x growth 11% CAGR $
Slide 46: Recent investment delivering greater value for members and airline
Recent investment is delivering greater value for both members and the airline For personal use only 1 2 3 4 Sales to third Airpoints Flight Additional party partners proprietary redemptions member benefits Sales to third Flight party partners products redemptions Underpinned by a new loyalty digita
Slide 47: Strong portfolio of partners with opportunities for accelerated growth
We have a strong portfolio of partners, with opportunities for accelerated growth…. Financial partners drive ~70% of loyalty cashflows > 35 Retail partners driving increasing engagement For personal use only • Largest single channel for APD issuance • Retail network increases cash flow and engagemen
Slide 48: Expanding proprietary products
…and the ability to increase contribution by expanding our proprietary products The Airpoints Store has grown into The scale and strength of our membership engagement For personal use only a $50m+ eCommerce business create a growth platform for a wide range of new business models Turnover (APDs + Ca
Slide 49: Strong growth in redemption of Airpoints Dollars on flights
We have seen strong growth in redemption of Airpoints DollarsTM on flights Members continue to receive significant value from Opportunities to drive further flight redemptions For personal use only our transparent redemption structure Number of APD redemptions on flights (millions) >80% of APDs rede
Slide 50: Strengthen loyalty through investment in member benefits
We will further strengthen loyalty to the airline through investment in member benefits New tier above Elite For personal use only Average fare premium 1.6x (indexed) 1.3x 1.2x 1.1x 1.0x Non-Member Base Silver Gold Elite New Tier (NZ) opportunity Air New Zealand Investor Day 2024 AIR NEW ZEALAND 202
Slide 51: Digitalisation of our airline
For personal use only Digitalisation of our airline — Nikhil Ravishankar Chief Digital Officer Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 5050
Slide 52: Accelerating profit potential through digitalisation
We are accelerating our profit potential through digitalisation For personal use only Strengthen our Win on customer Maximise Unlock operational digital foundations experience revenue potential efficiencies at pace Capability and capital-light investment enabling structurally stronger financial retu
Slide 53: Strengthening our digital foundations
Strengthening our digital foundations sets us up for success in future delivery Significant progress across 4 key technology platforms… …enabling us to move at pace For personal use only Progress to date Target state Agility and speed Cloud 93% Connectivity LEO1 Trust and safety Resilient and adapta
Slide 54: Delivering transformation initiatives with a clear roadmap
Delivering transformation initiatives, with a clear roadmap to unlock further commercial value For personal use only Win on customer Maximise revenue Unlock operational experience potential efficiencies at pace Released new Air New Zealand app Revamped Seats-to-Suit offering Paperless flight deck Se
Slide 55: Winning on customer experience
Winning on customer experience Case study: Amplifying customer experience and self-service capability For personal use only 3 years ago Today No ~65% Self-service in disrupt Ability to self-service in situations a disrupt ~20% ~60% Seamless online check-in Seamless online check-in ~90k/week ~25k/wee
Slide 56: Delivering transformation initiatives with a clear roadmap
Delivering transformation initiatives, with a clear roadmap to unlock further commercial value For personal use only Win on customer Maximise revenue Unlock operational experience potential efficiencies at pace Released new Air New Zealand app Revamped Seats-to-Suit offering Paperless flight deck Se
Slide 57: Maximise revenue potential
Maximise revenue potential Transforming from seat-based retailing to customer-driven retailing For personal use only Current Future Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 5656
Slide 58: Delivering transformation initiatives with a clear roadmap
Delivering transformation initiatives, with a clear roadmap to unlock further commercial value For personal use only Win on customer Maximise revenue Unlock operational experience potential efficiencies at pace Released new Air New Zealand app Revamped Seats-to-Suit offering Paperless flight deck Se
Slide 59: Unlocking operational efficiencies at pace
Unlocking operational efficiencies at pace Case study: Improving aircraft turn times with our Ops Collab tool What is Ops Collab? For personal use only An internally-built digital app that enables direct and efficient collaboration across various operational teams to facilitate the safe and on-time
Slide 60: Maximising value through capital-light digitalisation
Maximising value through capital-light digitalisation Contribution to our targeted $300m to $400m For personal use only EBITDA benefits Platform foundations 30% Other Iterate and transform Value focused 70% Digitally enabled initiatives Ways of working Air New Zealand Investor Day 2024 AIR NEW ZEALA
Slide 61: Our people and culture
For personal use only Our people and culture — Nikki Dines Chief People Officer Air New Zealand Investor Day 2024 60
Slide 62: Our culture is the foundation for innovation and competitive advantage
Our culture is the foundation for innovation and a key competitive advantage Jobs by For personal use only Non-collective: Gender Collective: 11,511 77% 23% Female Male Our whānau FTE: labour 45% 55% agreement New Zealand’s most Employee engagement 71% Ethnicity 49% Identify as non-European/partiall
Slide 63: Empowering our people and investing in their future
We believe in empowering our people and investing in their future Strategic workforce planning Building skills and capabilities For personal use only Robust talent pipeline Frontline staff image Cabin crew Ground crew Pilots Highly engaged workforce World class diversity and inclusion Engineers Corp
Slide 64: Valuing our union relationships
We value our union relationships and invest time to align on strategic priorities For personal use only Long-term value Transparency Simplification Strategic engagement Regular engagement Collaborating on cost strategy delivering real value and honest two-way improvements and conversations efficienc
Slide 65: Cross-functional operating model enabling transformation
Implementing a cross-functional operating model is enabling delivery on our transformation ambitions An operating model focused on delivering For personal use only more, faster, with confidence Established hundreds of smaller, empowered, cross-functional teams Using a quarterly business rhythm to sy
Slide 66: Investing in our people drives value for customers and airline
Investing in our people and their well-being drives clear value for our customers and our airline For personal use only • Discretionary effort • High customer satisfaction and loyalty • Continuous improvement feedback loop • Improved operational performance • Lower training costs • Increased roster
Slide 67: Fleet and financial priorities
For personal use only Fleet and financial priorities — Richard Thomson Chief Financial Officer Air New Zealand Investor Day 2024 66
Slide 68: Strong balance sheet provides flexibility for growth and shareholder returns
Our strong balance sheet provides flexibility and opportunity for growth and shareholder returns Net Debt / EBITDA1 remains below the target range… …and a relatively young fleet age2 means less For personal use only pressure from aircraft replacement 3.5x Net Debt / EBITDA 3.0x 2.5x Covid 2.0x impac
Slide 69: Investment grade credit rating provides funding optionality
Investment grade credit rating provides funding optionality and low cost of capital For personal use only One of the strongest rated airlines More diversified funding3 At a competitive cost Moody’s Credit Ratings1 20192 2024 Weighted Average Margin4 Baa1 as at 30 June 2024 Investment grade 26% 25% 2
Slide 70: Capital management framework
Our capital management framework provides strength and flexibility to make decisions for the long-term For personal use only Maintain financial resilience and flexibility • Target liquidity range of $1.2 billion to $1.5 billion • Net Debt to EBITDA ratio of 1.5x to 2.5x Underpinned by our commitment
Slide 71: Resilience through high-quality unencumbered fleet
We have built further resilience through a portfolio of high-quality unencumbered fleet Unencumbered aircraft are now one-third of the And can be financed to supplement liquidity as For personal use only owned fleet’s market value1 a key risk mitigant Of 34%, ~20% is from $4.8B latest generation fle
Slide 72: Fleet simplification has delivered cost benefits
Fleet simplification has delivered cost benefits, and our fleet will remain competitive for the long-term Fleet has been simplified Latest-generation technology Fleet age will float up For personal use only Today 2011 (8 aircraft types) 2024 (5 aircraft types) Early to mid-2030s (4 aircraft types) 7
Slide 73: Delayed order is our only fleet replacement programme through 2030
The delayed 787 order is our only fleet replacement programme through 2030 Without the substantive replacement burden facing many peers, we are Retaining 777-300s for longer For personal use only well positioned for free cashflow generation Illustrative fleet replacement profile Provides capital eff
Slide 74: Flexibility to deliver stronger growth or adjust to downside risks
We have flexibility to deliver stronger growth, or adjust to downside risks Contracted flexibility in wide-body aircraft For personal use only 32 Upside flex Number of wide-body aircraft Base Plan Downside flex 20 2024 2025 2026 2027 2028 2029 2030 Air New Zealand Investor Day 2024 73
Slide 75: Substantial fleet replacement already occurred; investing prudently
Substantial fleet replacement has already occurred – our focus is investing prudently to support future returns For personal use only Average annual aircraft capex Average annual non-aircraft capex ($ millions) ($ millions) 690 Approximate Digital ~660 replacement capex to maintain fleet age Retrofi
Slide 76: Cost transformation benefits play a key role in unit cost target
Benefits from cost transformation initiatives play a key role in our unit cost target… Transformation initiatives expected to contribute a cumulative For personal use only $300 to $400 million benefit to EBITDA performance by 2028 $300m to $400m Cost efficiencies Cost transformation benefits contrib
Slide 77: Maintaining flat nominal CASK by 2028
…together with fleet, continuous improvement and scale efficiencies to maintain flat nominal CASK by 2028 Cost opportunities come from 4 areas Targeting flat nominal CASK as our network returns to scale For personal use only Fleet CPI and other1 Labour Landing charges2 Includes cost transformation O
Slide 78: Assessing opportunities and costs of decarbonising our business
We assess the potential opportunities and costs from decarbonising our business in our strategic planning For personal use only Sustainable aviation fuel (SAF) Low emissions aircraft technology Operational efficiency Target of 10% SAF by 2030 First battery-powered all-electric- Investing in flight p
Slide 79: Diversified earnings stream and Pratt & Whitney partnership
A diversified earnings stream and valuable strategic partnership with Pratt & Whitney The Christchurch Engine Centre (CEC) will expand Expansion will almost double current footprint and For personal use only into GTF overhauls from 2026 enable GTF capabilities • Full overhaul, test and repair facili
Slide 80: Medium-term financial ambitions support growth and shareholder returns
Our medium-term financial ambitions support growth and shareholder returns Our financial ambitions… …support strong future shareholder returns For personal use only 1 $300 million to $400 million benefit from transformation contributing ROIC > pre-tax WACC of ~11% to EBITDA by 2028… 2 … targeting op
Slide 81: Key messages you should take away from today
Key messages you should take away from today For personal use only We have a high-performing, engaged team with a customer-centric focus We will sustain our leading position in New Zealand by leveraging deep competitive strengths Premiumisation, ancillary and loyalty expansion, alongside disciplined
Slide 82: Air New Zealand 2024 Annual Results
For personal use only AIR NEW ZEALAND 2024 ANNUAL RESULTS 81
Slide 83: Appendix
For personal use only Appendix Air New Zealand Investor Day 2024 AIR NEW ZEALAND 2024 ANNUAL RESULTS 8282
Slide 84: Speaker bios
Speaker bios Greg Foran Chief Executive Officer Nikhil Ravishankar Chief Digital Officer For personal use only Greg Foran has been Air New Zealand’s Chief Executive Officer since February 2020. Greg joined the airline Nikhil Ravishankar joined the airline in September 2021 as Chief Digital Officer.
Slide 85: Glossary of key terms
Glossary of key terms APDs AirpointsTM dollars For personal use only ASKs Available Seat Kilometres – the number of seats operated multiplied by the distance flown (capacity) CASK Operating expenses divided by the total ASK for the period CAGR Compound annual growth rate GDP Gross Domestic Product E
Slide 86: Further resources
Further resources Resources For personal 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.airnewzealand.co.nz/sus
Slide 87: Air New Zealand 2024 Annual Results
For personal use only AIR NEW ZEALAND 2024 ANNUAL RESULTS 86