Qantas Airways Limited · ASX:QAN
Qantas Airways — FY2025 Earnings Presentation
33 slides from Qantas Airways's earnings presentation, Aug 28, 2025
Slide 1: FY25 Results Supplementary Presentation
FY25 Results Supplementary Presentation Qantas Airways Limited 28 August 2025 ASX: QAN US OTC: QABSY
Slide 2: Disclaimer
Disclaimer Summary information been reviewed by the Group’s Independent Auditor. results to differ materially from those expressed in the statements contained in this Presentation. Qantas This Presentation contains summary information For definitions of non-IFRS financial information refer cautions
Slide 3: Group Performance
Group Performance Woantas croup
Slide 4: FY25 Key Group Financial Metrics
FY25 Key Group Financial Metrics FY25 FY24 Profit metrics Revenue $M 23,823 21,939 Underlying Profit Before Tax1 $M 2,394 2,078 Underlying Earnings per Share2 $ 1.10 0.88 Statutory Profit After Tax $M 1,605 1,251 Statutory Earnings per Share $ 1.05 0.76 Balance Sheet and Cash Flow metrics Rolling 12
Slide 5: FY25 Key Group Operating Metrics
FY25 Key Group Operating Metrics Change FY25 FY24 (%) Unit Revenue (RASK)1 c/ASK 11.05 11.20 (1.3)% Total Unit Cost1 c/ASK (9.49) (9.73) 2.5% Unit Cost (ex-Fuel)1 c/ASK (6.22) (5.97) (4.2)% Available Seat Kilometres (ASK) M 152,804 141,357 8.1% Revenue Passenger Kilometres (RPK) M 129,382 116,895 10
Slide 6: Items not included in Underlying PBT
Items not included in Underlying PBT $M FY25 Comments ($65m) increase in legal provisions. In 1H25 the Group reached an agreement with the Transport Workers Union (TWU) on the payment of compensation to the former ground handlers. Legal provisions and related costs (93) ($20m) increase in legal prov
Slide 7: Reconciliation to Underlying Profit Before Tax
Reconciliation to Underlying Profit Before Tax $M FY25 FY24 Statutory Items not Underlying Statutory Items not Underlying included in included in Underlying Underlying Net passenger revenue 20,411 – 20,411 18,903 – 18,903 Net freight revenue 1,298 – 1,298 1,211 – 1,211 Other revenue and income 2,114
Slide 8: Statutory Income Statement Detail
Statutory Income Statement Detail $M FY25 Net passenger revenue up 8% Net passenger revenue 20,411 • Group capacity increased 8% from new fleet related capacity with Group RASK down 1% – Group Domestic1 Unit Revenue up 4% Net freight revenue 1,298 – Group International2 Unit Revenue down 3% Other re
Slide 9: Statutory Other Revenue and Expenses Detail – Compared to FY24
Statutory Other Revenue and Expenses Detail – Compared to FY24 $M FY25 FY24 Variance $M FY25 FY24 Variance Other Revenue and Income 2,114 1,825 289 Other Expenditure 3,519 3,171 348 Frequent Flyer marketing revenue and other Qantas Loyalty Technology and digital up 12% businesses up 15% • Increased
Slide 10: Corporate and Unallocated/Eliminations
Corporate and Unallocated/Eliminations Corporate FY25 FY24 Change Unallocated/Eliminations FY25 FY24 Change Underlying EBIT $M (292) (263) (11)% Revenue $M (1,534) (1,475) (4)% Net finance costs $M (245) (201) (22)% Underlying EBIT $M (46) (85) 46% Underlying PBT $M (537) (464) (16)% Includes invest
Slide 11: Group Unit Revenue and Unit Cost (c/ASK)
Group Unit Revenue and Unit Cost (c/ASK) RASK FY25 CASK FY25 Net passenger revenue $M 20,411 Underlying (Profit) Before Tax $M (2,394) Excluding Other passenger $M (3,521) Less: Ticketed passenger revenue $M 16,890 revenue A Ticketed Passenger Revenue $M 16,890 C Net expenditure $M 14,496 Less: Fuel
Slide 12: Revenue received in advance (RRIA)
Revenue received in advance (RRIA) Revenue received in advance ($b) 8.5 8.8 8.5 7.8 0.6 0.6 • Airline passenger revenue increased vs FY24 driven by an 0.6 0.5 increase in Group capacity, offset by RASK moderation • Unredeemed Frequent Flyer revenue continued to grow in 4.5 4.3 4.6 line with an incre
Slide 13: Financial Framework and Fleet
Financial Framework and Fleet 13
Slide 14: Return on Invested Capital (ROIC) Calculation
Return on Invested Capital (ROIC) Calculation $M FY25 FY24 • ROIC EBIT is derived by adjusting Underlying EBIT to exclude AASB 16 lease depreciation and includes notional depreciation for leased aircraft as if they Underlying EBIT 2,639 2,279 were owned Add back: Lease depreciation under AASB 16 346
Slide 15: 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 adjusted for the $M Jun 2025 Jun 2024 following: Net Assets 783 294 • Exclusion of Cash and cash equivalents and Interest- bearing liabilities which are included in Net Debt Less: Cash and cas
Slide 16: 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 $5.1b, optimal Net Debt range is $4.6b to $5.7b Jun 25 Drivers of Net Debt Range $B Invested Capital Avg Invested Capital for trailing 12 months 5.1 Invested Capital will rebuild with
Slide 17: Net Debt movement under the Financial Framework
Net Debt movement under the Financial Framework $M FY25 FY24 The Financial Framework considers aircraft leases as part of Opening Net Debt (4,106) (2,885) Net Debt Net cash from operating activities 4,253 3,441 • Aircraft leases are initially recognised in Net Debt at fair value Less: Net lease prin
Slide 18: Financial Framework versus Statutory Net Debt
Financial Framework versus Statutory Net Debt • Under the Financial Framework, aircraft leases are $M FY25 FY24 treated as capital acquisitions and recognised at fair value (through Net Capex) and a notional Interest-bearing liabilities 6,400 5,035 borrowing recognised as part of net debt as Capital
Slide 19: Group Net Capital Expenditure
Group Net Capital Expenditure Net Capital Expenditure FY26 – FY27 • Covers pre-delivery and final delivery payments for new aircraft Aircraft Aircraftpayments payments1,21,2 • Accounting depreciation is based on the useful life of the aircraft's major components. Tax depreciation is a 20% accelerate
Slide 20: Financial risk management framework
Financial risk management framework 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 –
Slide 21: Robust financial risk management
Robust financial risk management Operational Fuel and FX Capital Expenditure FX – Hedging of USD Fleet Payments • FY25 fuel cost at $5.0b • Hedging remains consistent with long term approach to risk – Inclusive of SAF premium and carbon credits management • 1H26 is 65%1 hedged through a combination
Slide 22: New fleet technology to drive benefits over time
New fleet technology to drive benefits over time Legend: + Some EIS1 costs Material benefit ++ Relatively higher EIS1 costs Relatively greater benefit Target financial benefits at scale Customer A321LR vs A220 vs A321XLR1 vs A321/A320ceo 717-200 737-800 Modernised cabin design improving comfort and
Slide 23: Supplementary Segment Information
Supplementary Segment Information 23
Slide 24: Qantas Domestic and International Overview – FY25
Qantas Domestic and International Overview – FY25 Qantas Domestic Qantas International • Consists of Qantas Domestic and QantasLink • Consists of Qantas International and Qantas Freight • Full service offering targeting business and premium leisure sectors • Globally recognised long haul carrier tar
Slide 25: Jetstar Group Overview
Jetstar Group Overview Jetstar Domestic Jetstar International and New Zealand Jetstar in Asia • Australian industry-leading LCC1 Jetstar International3 Jetstar Japan • Strong operational performance, customer • Jetstar Japan is the #1 domestic LCC1 at Tokyo’s service and profitability • Australian i
Slide 26: 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 27: Continuous delivery of transformation benefits
Continuous delivery of transformation benefits FY25 transformation highlights FY25 $m 423 Freight fleet renewal Group booking tool expansion Freight product transformation 388 A319 charter growth New flight training technology CX25 Program – Customer A321LR deliveries Group Boarding launch Inflight
Slide 28: Classic Plus: FY25 Performance summary
Classic Plus: FY25 Performance summary Providing members greater availability to book reward seats1 during ~20% earn premium observed during the six months pre- peak travel periods and post-redemption versus a non-redeemer Classic Plus seats on International flights uplifted Premium Cabin 35% of sea
Slide 29: 2H25 Group and Group Domestic Traffic Statistics vs 2H24
2H25 Group and Group Domestic Traffic Statistics vs 2H24 3Q25 3Q24 Change (%) 4Q25 4Q24 Change (%) 2H25 2H24 Change (%) Total Qantas Group Operations Passengers Carried ‘000 13,592 12,894 5 14,010 12,892 9 27,602 25,786 7 Revenue Passenger Kilometers M 31,513 29,267 8 32,532 29,639 10 64,045 58,906
Slide 30: 2H25 Group International Traffic Statistics vs 2H24
2H25 Group International Traffic Statistics vs 2H24 3Q25 3Q24 Change (%) 4Q25 4Q24 Change (%) 2H25 2H24 Change (%) Group International Available Seat Kilometres M 24,682 22,653 9 24,916 22,814 9 49,598 45,467 9 Group International Unit Revenue % (2) 3 – Change Qantas International Passengers Carried
Slide 31: Qantas Domestic, Qantas International and Freight
Qantas Domestic FY 1H 2H FY25 FY24 1H25 1H24 2H25 2H24 Variance% Variance% Variance% Revenue $M 7,615 7,241 5 4,010 3,758 7 3,605 3,483 4 Underlying EBIT $M 1,056 1,063 (1) 647 641 1 409 422 (3) Operating Margin % 13.9 14.7 (0.8)ppts 16.1 17.1 (1.0)ppts 11.3 12.1 (0.8)ppts ASKs M 32,479 32,950 (1) 1
Slide 32: Jetstar Group and Qantas Loyalty
Jetstar Group FY 1H 2H FY25 FY24 1H25 1H24 2H25 2H24 Variance% Variance% Variance% Revenue $M 5,711 4,922 16 2,894 2,486 16 2,817 2,436 16 Underlying EBIT $M 769 497 55 439 325 35 330 172 92 Operating Margin % 13.5 10.1 3.4ppts 15.2 13.1 2.1ppts 11.7 7.1 4.6ppts ASKs M 57,754 49,529 17 28,635 23,883
Slide 33: Glossary
Glossary Available Seat Kilometres (ASK) – Total number of seats to exclude aircraft lease return provisions from Invested Capital) flown available for passengers, multiplied by the number of kilometres Net Capital Expenditure (Net Capex) – Net expenditure of RRIA – Revenue Received in Advance flown