Qantas Airways Limited · ASX:QAN
Qantas Airways — FY2026 Earnings Presentation
68 slides from Qantas Airways's earnings presentation, Aug 27, 2026
Slide 1: Qantas Group FY26 Results Investor Presentations
27 August 2026 ASX Market Announcements Office ASX Limited Level 27, 39 Martin Place SYDNEY NSW 2000 Lodged electronically via ASX Online Qantas Group FY26 Results Investor Presentations Qantas Airways Limited attaches the following documents: • Qantas Group FY26 Results Investor Presentation; and •
Slide 2: FY26 Results Investor Presentation
FY26 Results Investor Presentation 27 August 2026 Qantas Airways Limited ASX:QAN US OTC: QABSY
Slide 3: 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 4: Against the backdrop of record fuel prices, we delivered a strong 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 5: 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 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: 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 8: 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 9: 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 10: Financial Performance
Financial Performance CANTAS GROUP
Slide 11: 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 12: 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 13: 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 14: 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 15: 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 16: Portfolio Results
Portfolio Results CANTAS GROUP
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: Financial Framework and Fleet
Financial Framework and Fleet
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: Outlook
Outlook CANTAS GROUP
Slide 30: 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 31: 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 32: 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 33: Q&A
Q&A
Slide 34: Thank you
YACANTAS bRoUP Thank you
Slide 35: FY26 Results Supplementary Presentation
FY26 Results Supplementary Presentation Qantas Airways Limited 27 August 2026 ASX: QAN US OTC: QABSY
Slide 36: 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 37: Group Performance
Group Performance Woantas croup
Slide 38: 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 39: 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 40: 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 41: 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 42: Statutory Income Statement Detail
Statutory Income Statement Detail $M FY26 Net passenger revenue ~+7% • Group capacity increased 3% from new fleet related capacity with Group RASK up 5% Net passenger revenue 21,814 • Group Domestic1 Unit Revenue up 4% Net freight revenue 1,414 • Group International2 Unit Revenue up 5% Other revenue
Slide 43: Statutory Other Revenue and Expenses Detail – Compared to FY25
Statutory Other Revenue and Expenses Detail – Compared to FY25 ($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 44: 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 45: 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 46: Continuous delivery of transformation benefits
Continuous delivery of transformation benefits FY26 transformation highlights FY26 $m 455 Fleet & Network Data & Digitisation Ways of Working 439 Fleet renewal AI revenue management Qantas on-airport upgrades Qantas Economy Plus Expansion Fare inventory optimisation Maintenance program optimisation
Slide 47: New fleet technology to drive benefits over time
New fleet technology to drive benefits over time Legend: + Some EIS costs ++ Relatively higher EIS costs Material benefit Relatively greater benefit 1H26 transformation highlights Target financial benefits at scale Customer A321LR vs A220 vs A321XLR1 vs A321/A320-200 717-200 737-800 Modernised cabin
Slide 48: Revenue received in advance (RRIA)
Revenue received in advance (RRIA) Revenue received in advance ($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 49: Financial Framework
Financial Framework Woantas croup 15
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: FY26 Sustainability Report: 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 58: Supplementary Segment and Other Information
Supplementary Segment and Other Information 24
Slide 59: 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 60: 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 61: 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 62: 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 63: 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 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: 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 66: 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 67: 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 68: 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