Qantas Airways Limited · ASX:QAN
Qantas Airways — 1H26 Earnings Presentation
39 slides from Qantas Airways's earnings presentation, Feb 26, 2026
Slide 1: 1H26 Results Investor Presentation
1H26 Results Investor Presentation 26 February 2026 Qantas Airways Limited ASX:QAN US OTC: QABSY
Slide 2: Disclaimer
Disclaimer Summary information IFRS financial information is unaudited and has not been There are many factors than can affect forward looking reviewed by the Group’s Independent Auditor. statements, including general economic conditions and This Presentation contains summary information about geopo
Slide 3: As we enter a new era for the Qantas Group
As we enter a new era for the Qantas Group, we remain focused on our customers, people and shareholders Our People Our Customers whilst delivering strong earnings growth to invest in the largest fleet renewal in our history Vanessa Hudson Group CEO Our Shareholders Our Community & Partners 3
Slide 4: 1H26 overview
1H26 overview Operating results Customer and People $1,456m • Strong performance across the Group’s integrated • 4 ppt uplift in reputation score3 from 1H25 Underlying Profit Before Tax portfolio • 5 pt uplift in Qantas NPS and 4 pt uplift in Jetstar • Operating cash flow of $1.8b NPS from 1H254 • S
Slide 5: Group 1H26 integrated portfolio highlights
Group 1H26 integrated portfolio highlights • Dual brand strategy drives segment success 1H26 highlights: Domestic and sustainable industry-leading margins • Ongoing narrowbody renewal Portfolio Segment EBIT3 ($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 Building Capability Inclusion & Belonging December 2025 Group Attrition3 5.2% Stable over the past 6 months at 5.2% Reward Continuing Employee Share Program4 ~50% of eligible non- executives elected to ~$24M retain tax-exempt shares • Enha
Slide 8: Investing in our Customers
Investing in our Customers Leading ground experience Exceptional flying experience 1H26 performance Qantas Airlines Reputation (RepTrak Score) ‘Strong’ 64 70 category4 2Q25 2Q26 Airline NPS 1H25 1H26 • Opened new Auckland International Lounge and • New aircraft deliveries: Qantas 2x A321XLRs; 1H26 H
Slide 9: Investing in our Customers
Investing in our Customers Seamless digital experience Trusted to recover well Increased recognition for members More ways to earn Status Credits, improved recognition at different tiers and new lifetime milestones Flexibility to rollover Status Credits to count towards a milestone goal in the follo
Slide 10: 1H26 fleet investments continue to deliver value for Customers & Shareholders
1H26 fleet investments continue to deliver value for Customers & Shareholders NEW +7pt NPS Uplift1 44 NPS for 1H264 Larger overhead bins, in-seat power +60% baggage storage, 50% quieter JETSTAR QANTAS A321LR Up to 20% lower fuel burn2 A321XLR Up to 17% lower fuel burn2 Per seat on like-for-like sect
Slide 11: 1H26 fleet investments continue to deliver value for Customers & Shareholders
1H26 fleet investments continue to deliver value for Customers & Shareholders EXISTING 45 NPS for 1H261 Enabled +13% WA market revenue Highest NPS for QF domestic fleet vs 1H25 QANTASLINK Vital role in connecting regional QANTASLINK Unlocks new routes for WA Q400 Australia A319 Perth - Newcastle and
Slide 12: 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 Beach passports completed since People employed7 across the Invested through Resident Fare $40m Program in 1H261 >44,000 launch5; Qantas branded sh
Slide 13: Sustainability – Continued progress across key focus areas
Sustainability – Continued progress across key focus areas SAF Development Carbon Markets & Nature Operational Improvements Circularity • Commenced SAF uplift in LAX1; total • Sourcing 100% of domestic • Operational Efficiency Program • Eliminated over 9 million single-use 1H26 uplift 20 million lit
Slide 14: Strategic investment in Technology to deliver transformation value
Strategic investment in Technology to deliver transformation value Engaging Customers Optimising Operations Managing Performance and Risk • Disruption Management – Automated disruption • Waste Reduction – Data-driven catering platform • Revenue Management – Real-time pricing communication to custome
Slide 15: Financial Performance
Financial Performance CANTAS GROUP
Slide 16: 1H26 Group financial metrics
1H26 Group financial metrics Profit metrics (vs 1H25) Balance Sheet and Cash Flow metrics Key statistics vs 1H25 $1,456m +$71m $1.8b +3.9% +2.9% Underlying profit before tax Operating cash flow ASKs RPKs $925m +$2m $1.8b (0.8) ppts +1.5% Statutory profit after tax Net Capital Expenditure Seat Factor
Slide 17: 1H26 profit compared to 1H25
1H26 profit compared to 1H25 $m 1H26 Net Revenue 86 RASK v last year +3% Non-fuel cost 51 Group Domestic +3% Group International +3% Fuel cost 24 1H26 Loyalty2 35 ASKs v last year +4% Group Domestic +5% Net Finance Costs (10) Group International +3% SJSP (22) (89) Other (49) (191) 161 240 (10) (40)
Slide 18: 1H26 Total Unit Cost ex-fuel compared to 1H25
1H26 Total Unit Cost ex-fuel compared to 1H25 Ex-fuel TCASK (cents per ASK) Fleet related costs: Airline activity benefit from capacity growth enabled by new fleet offsets increase in Depreciation & Amortisation and EIS & Inefficiencies. Fleet +3% enabled fuel efficiencies not captured in ex-fuel TC
Slide 19: 1H26 movement in Net Debt
1H26 movement in Net Debt $m Net Cash from Operating Activities +$1,752m Financing cash impacts and FX ($414m) RRIA $ (134) m Aircraft payments $ (698) m Ground handling penalty $ (90) m Mid-life aircraft $ (169) m Other $ (114) m Capitalised maintenance $ (729) m Working Capital $ (338) m Non-aircr
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 Revenue growth driven by strong demand and capacity growth 1H26 1H25 Change • +2% RASK growth on +4% capacity growth vs 1H25 as a result of: Revenue $M 4,211 4,010 5% – Business-purpose travel revenue grew by 6% driven by SME and Intra-WA resource market – Premium leisure revenue gre
Slide 23: Qantas International (incl. Freight)
Qantas International (incl. Freight) Revenue growth underpinned by ongoing strength of premium, point-to-point markets 1H26 1H25 Change • Continued demand strength across international markets Revenue $M 4,845 4,619 5% – +2% RASK growth on +5% capacity growth vs 1H25; continued strength of premium c
Slide 24: Jetstar Group
Jetstar Group Result driven by strong demand, capacity growth from efficient new fleet, transformation offsetting CPI, 1H26 1H25 Change operational improvements, with concerns on higher airport costs Jetstar’s Australian domestic network delivered $372m Underlying EBIT and 14% revenue growth Revenue
Slide 25: Case Study: Jetstar earnings growth driven by fleet investment and underlying demand
Case Study: Jetstar earnings growth driven by fleet investment and underlying demand Jetstar Group Underlying EBIT $m, 1H26 v 1H25 +52 Replacement Benefits2 • Including fuel efficiencies, lower maintenance, scale cost (6) 492 14 efficiencies and depreciation costs ~60% of Underlying Growth: A321LR &
Slide 26: Qantas Loyalty
Qantas Loyalty Program enhancements delivering increased engagement across the program and Qantas Group 1H26 1H25 Change • >2.5 million total Flight Reward seats redeemed in 1H26 using Qantas Points Revenue1 $M 1,400 1,174 +19% • Introduced Qantas Points and Status Credits earn on all eligible Jetst
Slide 27: Financial Framework and Fleet
Financial Framework and Fleet
Slide 28: 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 29: Strong Balance Sheet Settings
Strong Balance Sheet Settings Liquidity Total liquidity of >$12.6b as at 31 December 2025 • Financial Framework Net Debt target settings result in structurally higher sources of liquidity • Unencumbered assets include ~$7.3b of unencumbered aircraft (~65% of the Group fleet3), spare engines and othe
Slide 30: 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 31: 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 32: New aircraft deliveries and fleet flexibility
New aircraft deliveries and fleet flexibility New aircraft deliveries1 Current fleet delivery status • The Group took delivery of 9x new aircraft in 1H26: 2x A321LRs, 1x A320neo, 4x A220-300s FY26 FY27 and 2x A321XLRs • In addition, 9x mid-life aircraft6 were delivered in 1H26: A350-1000ULR 4 Qantas
Slide 33: Project Sunrise and A350 establishing structural advantage
Project Sunrise and A350 establishing structural advantage Project Sunrise expected >$400m p.a. incremental 787-9 flying continues to show to launch in mid 2027 earnings delivered at scale Project Sunrise’s potential • A350-1000ULRs to deliver ultra • Earnings arise across three value pools: long-ha
Slide 34: Outlook
Outlook WAcantas croup
Slide 35: Outlook 2H26
Outlook 2H26 Business Outlook Financial Outlook • Strong travel demand across the portfolio. The evolving • 2H26 fuel cost at ~$2.5b3, inclusive of hedging and carbon economic environment in the US will continue to be monitored. cost4 and ~$35m of transformation benefit • Group RASK expected to incr
Slide 36: Outlook Guidance Tables
Outlook Guidance Tables Capacity Guidance1 Commentary (vs prior corresponding period) 3Q26 4Q26 2H26 FY26 1Q27 Domestic Group Domestic +5% +4% +4% +4% +3% • Group domestic growing in line with demand, supported by the Qantas Domestic +5% +4% +4% +4% +4% introduction of new aircraft and redeployment
Slide 37: Glossary
Glossary Available Seat Kilometres (ASK) – Total number of seats investing cash flows included in the Consolidated Cash Flow RRIA – Revenue Received in Advance available for passengers, multiplied by the number of kilometres Statement and the impact to Invested Capital from acquiring or SAF – Sustai
Slide 38: XREANTAS GROUP /
XREANTAS GROUP / / / A
Slide 39: Thank you
YACANTAS GROUP Thank you