Qantas Airways Limited · ASX:QAN
Qantas Airways — FY2025 Earnings Presentation
37 slides from Qantas Airways's earnings presentation, Aug 28, 2025
Slide 1: FY25 Results
FY25 Results Investor Presentation 28 August 2025 Qantas Airways Limited ASX:QAN US OTC: QABSY
Slide 2: 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 3: 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 4: 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 $4.3b Jetstar NPS from FY246
Slide 5: Group FY25 integrated portfolio highlights
Group FY25 integrated portfolio highlights FY25 highlights: • Dual brand strategy drives segment success Domestic and sustainable industry-leading margins • Ongoing narrowbody renewal Portfolio Segment EBIT5 ($b) with leadership positions across all key program including new Jetstar market segments
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: Financial Performance
Financial Performance WAcantas croup
Slide 17: 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 18: 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 19: 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 20: Portfolio Results
Portfolio Results CANTAS GROUP
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: Financial Framework and Fleet
Financial Framework and Fleet
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: Outlook
Outlook CANTAS GROUP
Slide 33: 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 34: 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 35: 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 36: Q&A
Q&A
Slide 37: Thank you
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