Air New Zealand announces 2024 Interim Results

22 February 2024
Air New Zealand announces 2024 Interim Results

Key points
• Earnings before taxation of $185 million
• Passenger revenue of $3.1 billion driven by a significant ramp-up in capacity across
the international network
• Airline is currently reviewing pricing and capacity to reflect ongoing inflation pressures
• Unimputed ordinary interim dividend of 2.0 cents per share declared
• Significant improvement in onboard experience, reliability and customer response
times
• Tougher forward trading environment. Earnings before taxation for the 2024 financial
year now expected to be in the range of $200 million to $240 million, including $20
million of currently assumed additional Covid-related credit breakage
Air New Zealand has today announced earnings before taxation of $185 million for the first
half of the 2024 financial year. Net profit after taxation was $129 million. This is an expected
reduction on the comparable period last year when the airline recorded one of its highest-ever
results following the rapid return of air travel as New Zealand’s borders reopened.
Based on the airline’s balance sheet strength and the result announced today, Air New
Zealand shareholders will receive an unimputed interim dividend of 2.0 cents per share. The
dividend will be paid on 21 March, to shareholders on record as at 8 March. This equates to a
payout ratio of 41 percent.
Passenger revenue of $3.1 billion was up 21 percent, driven by a significant ramp-up in
capacity across the international network. Demand was stable in most markets, but signs of
softness in domestic corporate and Government demand was experienced from September.
Overall capacity was up 29 percent on the comparative six-month period. Operating costs,
including fuel, increased 21 percent due to a substantial increase in long-haul flying this year.
Inflationary pressures also continue to be felt. Non-fuel operating costs have increased around
5 percent or $100 million due to price inflation, which is on top of an increase totalling 15 to
20 percent across the last four years. The cumulative effect of these increases is having a
significant impact on the cost of providing air services, including on the domestic network, and
the airline is currently reviewing fares and capacity to better reflect ongoing cost pressure.
Chair Dame Therese Walsh says the half year result represents the hard mahi of the Air New
Zealand whānau, who rallied together in the face of unavoidable challenges.
“We knew this year would be tougher than the last, when pent up levels of demand and
industry-wide capacity constraints drove one of the strongest financial results in our history.
“And while we have reported a solid first half result, it is against the backdrop of significant
ongoing supply chain issues, particularly the additional Pratt & Whitney engine maintenance

requirements on our A321neo fleet, which will see up to five of our newest and most efficient
aircraft out of service at any one time across the next 18 months at least.
“On top of these operational challenges, we are now leaning into the reality of a worsening
revenue and cost environment, which is expected to have a significant adverse impact on
performance in the second half.
“Earlier this week the airline provided a full year profit outlook, noting among other things, a
deterioration in the forward bookings profile. Intense international competition features heavily
in the current environment, particularly for North America where our US competitors have not
yet returned to China at scale, and for now have directed some of that additional capacity to
the New Zealand market, putting pressure on yields.
“The business is pulling multiple levers to mitigate the impact of these headwinds, and this is
a key focus for the team.
“Despite these short-term challenges, the airline is in a fundamentally strong position. Our
balance sheet is robust, and the Board is committed to the airline’s Capital Management
Framework as announced last August, including its ordinary dividend policy. Accordingly, the
Board was pleased to announce a dividend of 2.0 cents per share for the first half.”
Chief Executive Officer Greg Foran says doing the basics brilliantly without ever compromising
on safety has positioned the airline well to compete.
“Our on-time performance and contact centre wait times have improved. Food and beverage
offerings have been enhanced. Inflight entertainment options and Wi-Fi have also been
improved. An additional 400,000 people have joined our loyalty programme over the past year,
lifting membership to 4.4 million. All these things, along with the manaaki shown by staff –
taking care further than any other airline – have seen our customer satisfaction score return
to pre-pandemic levels.
“The engine maintenance requirements for both Pratt & Whitney and Rolls Royce have seen
our aircraft spend more time on the ground. While this is beyond our control, we are managing
these issues with changes to our schedule and additional leased aircraft.

“Boeing has now confirmed that the first of the new 787 Dreamliners is unlikely to arrive until
at least mid-2025, which will delay delivery of our innovative new Skynest. The interior retrofit
of our current 787 fleet remains on track.
“To mitigate these challenges, we introduced a dry lease 777-300ER in November. A second
dry lease 777-300ER will enter the fleet mid-year and we are well advanced on negotiations
for a third.
“While the global aviation ecosystem remains under immense pressure, Air New Zealand is
committed to providing the best experience possible to our loyal customers while we navigate
these issues.”

2H 2024 Trading update
As noted in the airline’s market update on 19 February 2024, a number of continuing economic
and operational conditions have deteriorated and are now expected to have a significant
adverse impact on performance in the second half. These include the impact of additional
competition on forward revenue performance, ongoing weakness in domestic corporate and
government demand, temporary cost headwinds of $35 million in the second half to alleviate
customer impacts and operational pressures, as well as ongoing cost inflation.

Outlook
In light of these conditions, the airline considers that performance for the second half of the
2024 financial year will be markedly lower than the first half.
In this context, and assuming an average jet fuel price of USD$105/bbl for the second half,
the airline currently expects earnings before taxation for the 2024 financial year to be in the
range of $200 million to $240 million. This range includes $20 million of currently assumed
additional Covid-related credit breakage over the second half. Future redemptions of Covid-
related credits remain uncertain and subject to further actions.

Supplementary table – Interim 2024 financial highlights

1H 2024
$M
1H 2023
$M
%
Movement
Operating revenue 3,474 3,078 13%
Earnings before taxation 185 299 (38%)
Net profit after taxation 129 213 (39%)


This announcement is authorised for release on the NZX and ASX by Jennifer Page, General Counsel
& Company Secretary.

For investor relations queries please contact: For media enquiries, please contact:
Kim Cootes Air New Zealand Communications
Head of Investor Relations Email: media@airnz.co.nz
kim.cootes@airnz.co.nz Phone: +64 21 747 320
+64 27 297 0244

---

Interim
Financial Report
2024

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AIR NEW ZEALAND GROUP
CONTENTS
2 Where we fly

5 Letter from the Chair and
Chief Executive Officer
9 Financial Commentary
12 Change in Earnings
13 Condensed Interim
Financial Statements
21 Independent Auditor's
Review Report
23 Shareholder Enquiries
AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024
Where we fly
32

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
54
Kia ora
koutou
katoa
We are immensely proud of the
Air New Zealand whānau and the
work that has been undertaken,
both to respond to near term
challenges, but also to keep our
eyes firmly on the future as we
navigate the path ahead.
And there is a lot we can be
proud of – in particular the very
real progress that has been
made to address customer
concerns that arose on the back
of the pandemic, to improve our
service offering both in the air
and on the ground, and to create
an even better flying experience.
Our contact centre wait times
and refund processing times have
improved further in the first half,
following additional investment to
work through remaining backlogs.
And while there is still room for
improvement, we were recently
recognised by Cirium as having
the best on-time performance in
Australia and New Zealand, and
fifth best overall in Asia Pacific.
We have made a number of
improvements to our onboard
service, including enhanced
food and beverage offerings and
improved inflight entertainment
options – and our customers have
noticed, with customer satisfaction
levels recently returning to pre-
Covid levels.
On top of this we have made
significant investments in digital
technology and enhancements
that provide our people and our
Dame Therese Walsh
Chair
Greg Foran
Chief Executive Officer
The first half
of the 2024
financial
year reminds
us all how
unpredictable
the aviation
industry can be.
LETTER FROM THE CHAIR AND CHIEF EXECUTIVE OFFICER

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
6
LETTER FROM THE CHAIR AND CHIEF EXECUTIVE OFFICER (CONTINUED)
76
customers with greater autonomy
and flexibility. These self-service
enhancements saw almost
50,000 calls to the contact centre
redirected, despite an increase in
passenger numbers.
We have a pipeline of customer
innovations and initiatives that
will enhance the way we deliver
a seamless travel experience
for our customers, including the
upcoming trial of free WiFi on our
domestic jets, which will transform
the way we travel here in Aotearoa
New Zealand.
And in a small but important step,
we announced the purchase of our
first battery-powered all-electric
aircraft, which is expected to join
the fleet in 2026. Decarbonising
aviation is challenging, and
this purchase provides us the
opportunity to advance our
knowledge and better understand
the transformation needed in the
aviation system to enable broad
sweeping adoption of electric or
electric hybrid aircraft technology.
However, with significantly
increased levels of international
flying, both that of our own and
our competitors, it certainly feels
very different to this time last
year when pent-up demand and
industry-wide capacity constraints
drove one of the strongest
financial results in our history.
And while we knew that 2023 would
not be the new normal, and that
many parts of the global aviation
eco-system would continue to
struggle, new challenges have
emerged this year.
Facing into challenges such as
the Pratt & Whitney additional
engine maintenance requirements
has been difficult. It means that
up to five of our newest and most
efficient Airbus A321neo aircraft
are out of service at any one time
across the next 18 months at least.
Likewise, the delay of our new 787
Dreamliners from Boeing, and the
additional maintenance required
on the existing 787 fleet means
ongoing disruption to the network.
But these challenges have also
brought out the best in our people,
who once again have gone above
and beyond to mitigate the impact
of these disruptions and keep our
customers moving. It has meant
however, that productivity gains
and efficiencies we anticipated at
the beginning of the financial year
will take longer to realise, as we
carry extra costs to help mitigate
unexpected disruptions in the
supply chain.
Some of the challenges we face
are significant, and many, like the
Pratt & Whitney one, will be with
us for more than just the current
financial year.
We are also leaning into the reality
of a worsening revenue and cost
environment, which is expected to
have a significant adverse impact
on performance for the second
half of the financial year.
Earlier this week the airline
provided a full year profit outlook
for 2024, noting among other
things, a deterioration in the
forward bookings profile and
temporary cost headwinds of
around $35 million in the second
half to alleviate operational
pressures and customer impacts
driven by the Pratt & Whitney
maintenance requirements.
The business is pulling multiple
levers to mitigate the impact of
these headwinds, and this is a key
focus for the team.
Despite these short-term
challenges, the airline is in a
fundamentally strong position.
Our balance sheet is robust, and
the Board is committed to the
airline’s Capital Management
Framework as announced last
August, including its ordinary
dividend policy.
Sarah
Ground Crew
Financial results
Turning to the results, Air New
Zealand has delivered a solid profit
for the first six months of the
financial year, with earnings before
taxation of $185 million.
This represents a decline of 38
percent compared to the prior
period, which benefited from
significant pent-up demand in a
capacity constrained environment.
Passenger revenue performed
strongly, increasing 21 percent
to $3.1 billion. This was largely
due to a significant ramp-up of
capacity across our international
long-haul network. Demand was
stable in most markets, but signs
of softness in domestic corporate
and Government demand was
experienced from September.
Also included within passenger
revenue this year is $45 million of
Covid-related credit breakage for
credits that were considered highly
unlikely to be redeemed.
Operating costs, including
fuel, grew 21 percent driven by
increased long-haul flying and
broad-based inflation. US dollar
fuel prices declined 14 percent,
however increased levels of
flying and unfavourable foreign
exchange movements saw overall
fuel costs grow to $879 million
for the first six months.
In addition, cost inflation
challenged our productivity
efforts, with approximately
$100 million of additional non-fuel
operating costs. This represents
an uplift of around 5 percent
for the half and is on top of an
increase totalling 15 to 20 percent
across the past four years.
Despite these cost headwinds, we
have seen some benefits from the
return to scale in parts of the cost
base. Overall productivity remains
below the levels achieved pre-Covid
and is a key focus for the future.
Capital
management
and dividend
Our Capital Management
Framework will drive financial
resilience and flexibility for
the airline. While our metrics
are currently stronger than
required by the target ranges,
management continues to take
decisive steps to move closer to
the Framework targets.
BETA’s ALIA CTOL aircraft
which has been selected as our first next generation aircraft
Katie-Rose
Flight Attendant

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
9
LETTER FROM THE CHAIR AND CHIEF EXECUTIVE OFFICER (CONTINUED)
As at 31 December 2023, liquidity
was $2.1 billion and net debt to
EBITDA was 0.6x. In November
2023, Moody’s upgraded the
airline’s investment grade credit
rating from Baa2 to Baa1, reflecting
the strength of the airline’s
recovery and reaffirming Air New
Zealand’s position as one of the
highest credit-rated airlines in the
world. Maintaining our investment
grade rating provides us with
continued access to capital at
competitive rates and provides
flexibility and resiliency.
On the basis of our balance sheet
strength and the result announced
today, the Board is pleased to
declare an unimputed ordinary
interim dividend of 2.0 cents
per share, which equates to a
payout ratio of 41 percent. This
aligns with the airline’s policy to
pay ordinary dividends equal to
between 40 percent to 70 percent
of underlying net profit after tax
subject to the Board's discretion.
2H Trading
update and
Outlook
2H trading update
As noted in the airline's market
update on 19 February 2024,
a number of continuing economic
and operational conditions
have deteriorated and are now
expected to have a significant
adverse impact on performance
in the second half. These
include the impact of additional
competition on forward revenue
performance, ongoing weakness
in domestic corporate and
Government demand, temporary
cost headwinds of $35 million
in the second half to alleviate
customer impacts and operational
pressures, as well as ongoing
cost inflation.
Outlook
In light of these conditions, the
airline considers that performance
for the second half of the 2024
financial year will be markedly
lower than the first half.
In this context, and assuming an
average jet fuel price of USD$105/
bbl for the second half, the airline
currently expects earnings before
taxation for the 2024 financial
year to be in the range of $200
million to $240 million. This range
includes $20 million of currently
assumed additional Covid-related
credit breakage over the second
half. Future redemptions of Covid-
related credits remain uncertain
and subject to further actions.
We would also like to thank our
customers and our shareholders
for your ongoing support of the
airline. While the global aviation
ecosystem is under immense
pressure, Air New Zealand remains
focused and is committed to
delivering for our stakeholders.
Dame Therese Walsh
Chair
Greg Foran
Chief Executive Officer
22 February 2024
8
Air New Zealand has reported earnings before
taxation of $185 million for the first six months of
the 2024 financial year. Net profit after taxation
was $129 million.
Revenue
Operating revenue for the period
increased 13 percent to $3.5 billion
due to a significant ramp-up of
capacity flown on international
long-haul routes compared to the
prior comparative period. Total
capacity (Available Seat Kilometres,
ASK) increased 29 percent¹,
reflecting the return of all Boeing
777-300ER aircraft to the network
that were previously grounded
due to Covid.
Passenger revenue grew to $3.1
billion as a result of the increased
international flying. Demand
(Revenue Passenger Kilometres,
RPK) increased at a slower rate
than capacity, resulting in a load
factor of 81.6 percent, a decrease
of 5.9 percentage points on the
same period last year. Revenue per
Available Seat Kilometre (RASK)
decreased 15 percent excluding
FX, as the significant increase in
international long-haul capacity
impacted load factors and yields.
International long-haul capacity
increased substantially during

the period driven by the return
of previously grounded Boeing
777-300ER aircraft and the phased
lifting of border restrictions in the
prior comparative period. Demand
on these routes grew at a slower rate
than capacity, as pent-up demand
and the constrained capacity
environment experienced in the
prior period was alleviated, resulting
in a 7.8 percentage point decline
in load factors to 80.1 percent.
International long-haul RASK
decreased by 14.1 percent excluding
the impact of foreign exchange.
Changes in foreign exchange
provided a 0.7 percent improvement
in RASK during the period.
International short-haul capacity
increased by 17.5 percent, driven
by more widebody flying to
Australia. This additional capacity,
alongside increased competition,
meant that market capacity grew
at a faster rate than demand.
Load factors decreased 4.0
percentage points to 83.2 percent
and RASK decreased 10.2 percent
excluding the nominal impact of
foreign exchange.
Domestic capacity decreased
0.8 percent in the period, as the
schedule was impacted by the
global Pratt & Whitney additional
engine maintenance requirements,
which resulted in several jet
aircraft coming out of service for
additional maintenance. Demand
decreased by more than capacity
following a marked slowdown in
the Government and corporate
customer segments around the
time of the New Zealand general
election. While load factors
decreased 3.0 percentage points
to 84.3 percent, Domestic RASK
was up 4.1 percent due to strong
leisure demand.
Cargo revenue was $243 million,
a decrease of 36 percent. This was
driven by the cessation of the New
Zealand Government cargo subsidy
scheme in March 2023, as well as
the increase of capacity into New
Zealand as international carriers
recommenced flying. Foreign
exchange had a nominal impact.
Contract services and other
revenue was $174 million, an
increase of 5.5 percent, due to
increased passenger activity
including ancillary and charter
services, partially offset by
reduced third-party maintenance
resulting from the closure of the
Gas Turbines business. Foreign
exchange had a nominal impact
at the end of September.
FINANCIAL COMMENTARY
Neia & Romain
Ground crew
1. The prior comparative period included both
passenger and cargo-only flying. For the six
months to 31 December 2023, there was no
cargo-only flying.
Jordan
Flight Attendant

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
Passenger
revenue of
$
3 .1
billion
Dividend
record date
8 March
2024
Dividend
payment date
21 March
2024
Ex-dividend
date
7 March
2024
Ownership costs were $383 million,
comparable to the previous
period. Lower net finance costs
arose due to higher average
cash levels. This was offset in
part by higher depreciation costs
associated with new aircraft
deliveries and capitalised engine
maintenance activity.
There was an unfavourable
movement in foreign exchange
hedging resulting in a net
$9 million negative impact on the
Group result for the period.
Share of Earnings
of Associates
Share of earnings of associates
were $20 million, up $2 million due
to an increase in earnings from the
Christchurch Engine Centre.
Cash and
Financial Position
Cash on hand at 31 December
2023 was $1.7 billion, a decrease
of $557 million on 30 June 2023.
This decrease reflects the payment
of a special dividend in September
2023, debt and lease repayments
and asset purchases offset by
operating cashflows.
Cashflow and Debt
Operating cash flows represented
a net inflow of $411 million,
reflecting positive cash earnings.
Net debt to EBITDA² increased
to 0.6 times. While this is outside
the target range of 1.5 times to
2.5 times, Management and the
Board have a number of tools
that will be utilised in the coming
period to prudently transition the
metrics into the target range.
Distributions
On the basis of the airline’s balance
sheet strength and result for
the half, the Board is pleased to
declare an unimputed ordinary
interim dividend of 2.0 cents per
share in-line with the airline’s policy
to pay ordinary dividends equal to
between 40 percent to 70 percent
of underlying net profit after tax,
subject to the Board's discretion.
1011
Expenses
Operating expenditure increased
to $2.9 billion in the period,
reflecting increased flying activity.
Costs increased across all areas
as the airline further restored its
international network. Reported
costs per ASK (CASK) improved
6.1 percent however, largely
as a result of lower fuel prices
compared to the prior comparative
period and the change in mix
of flying, with a high proportion
of lower CASK long-haul flying
compared to the prior comparative
period. This was partially offset by
broad based inflation, which led to
a $100 million increase in non-fuel
operating costs compared to the
prior six month period. Underlying
CASK, which excludes the impact
of fuel price, foreign exchange and
third-party maintenance, improved
by 1.2 percent.
Labour costs were $801 million,
increasing by 17 percent from the
prior period. Full-Time Equivalent
labour (FTE) increased 14 percent
to approximately 11,650.
The increase in FTE was driven
primarily by the need for
increased levels of operational
staff to support greater
international long-haul flying. In
addition to this, we have invested
in higher levels of resource to
manage operational and supply
chain disruptions that the Group
is currently facing into. Wage
inflation of around 4 percent also
contributed to higher labour costs
in the first half.
Fuel costs were $879 million,
increasing 17 percent on the prior
comparative period primarily due
to a 32 percent or $238 million
increase in fuel consumption
from greater flying activity.
A weaker New Zealand dollar also
contributed $12 million to the
overall increase. These increases
were partially offset by a 14
percent decrease in the underlying
US dollar Singapore Jet fuel price,
which alongside adverse hedging
movements and domestic carbon
offsets, contributed to a $125
million reduction in cost relative
to the prior period.
Aircraft operations, passenger
services and maintenance
costs were up $187 million or
28 percent driven primarily by
increased flying on international
long-haul routes and inflationary
pricing impacts. This was partially
offset by reduced third-party
maintenance activity following the
wind-down and closure of the
Gas Turbines operation.
Sales, marketing and other
expenses were $387 million, up
25 percent due to additional market
development and brand activity,
and increased international flying.
FINANCIAL COMMENTARY (CONTINUED)
2. EBITDA refers to earnings before interest,
taxation, depreciation and amortisation.
Liquidity
at
$
2 .1
billion
Net profit after
taxation of
$
129
million
Earnings before
taxation of
$
185
million
Naomi
Flight Attendant
Operating
revenue of
$
3.5
billion
Unimputed ordinary
interim dividend of
2.0
cps

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP


NOTES
6 MONTHS TO
31 DEC 2023
$M
6 MONTHS TO
31 DEC 2022
$M
Operating Revenue
Passenger revenue
Cargo
Contract services
Other revenue
1
2(b)

3,057
243
58
116
2,535
378
65
100
Operating Expenditure
Labour
Fuel
Maintenance
Aircraft operations
Passenger services
Sales and marketing
Foreign exchange gains
Other expenses
3 3 ,474
(801)
(879)
(255)
(403)
(206)
(160)
5
(227)
3,078
(687)
(754)
(187)
(340)
(150)
(133)
14
(177)
(2,926) (2,414)
Operating Earnings (excluding items below)
Depreciation and amortisation
548
(369)
664
(355)
Earnings Before Net Finance Costs, Associates and Taxation
Finance income
Finance costs
Share of earnings of associates (net of taxation)

2(a)
179
83
(97)
20
309
46
( 74)
18
Earnings Before Taxation
Taxation expense
185
(56)
299
(86)
Net Profit Attributable to Shareholders of Parent Company 129 213
Per Share Information:
Basic and diluted earnings per share (cents)
Interim dividend declared per share (cents)
3.8
2.0
6.3
-
These condensed financial statements have not been audited. They have been the subject of review by the auditor pursuant to NZ SRE 2410 (Revised) Review
of Financial Statements Performed by the Independent Auditor of the Entity, issued by the External Reporting Board. The accompanying notes form part of
these financial statements.
1213
STATEMENT OF FINANCIAL PERFORMANCE (UNAUDITED)
For the six months to 31 December 2023
December 2022
earnings before
taxation
Passenger capacity
$752m
- Capacity increased by 42 percent (excluding cargo-only flights) due to the ramp-up of the
international network and return of all widebody aircraft from storage following the removal
of Covid-19 travel restrictions. Including cargo-only flights capacity increased by 29 percent.
- Domestic capacity decreased by 1 percent due to the impact of the global Pratt and
Whitney engine issue on the A321neo fleet.
- International short-haul capacity increased by 18 percent following the restart of routes
and greater widebody flying across the Tasman as aircraft were returned from storage.
- International long-haul capacity increased 81 percent as isolation requirements were
removed and capacity was returned to the network through higher aircraft utilisation and
the return of aircraft from storage.
Passenger RASK
-$283m
- Overall Group Revenue per Available Seat Kilometre (RASK) decreased by 15.0 percent
excluding FX. Loads decreased by 5.9 percentage points to 81.6 percent.
- Domestic RASK increased by 4.1 percent excluding FX with load factor decreasing
3.0 percentage points to 84.3 percent. Strong leisure demand was partially offset by lower
Government and corporate travel around the New Zealand Government election.
- International short-haul RASK decreased by 10.2 percent excluding FX with load factor
decreasing 4.0 percentage points to 83.2 percent. Fares moderated following a period of
strong pent-up demand in the prior year along with a return of airline capacity to the market.
- International long-haul RASK decreased by 14.1 percent excluding FX with load factors
decreasing 7.8 percentage points to 80.1 percent. During the period there was an increase
in market capacity.
Passenger Covid Credits
$45m
- A breakage allowance was recognised in the current period for Covid travel credits for
which it is considered the likelihood of those credits being utilised is remote.
Cargo revenue
-$138m
- Cargo subsidies provided under the New Zealand Government Maintaining International
Air Connectivity (MIAC) scheme reduced by $83 million as borders reopened and
passenger demand recovered. Yield declined due to an increase in market capacity which
was partially offset by the airline increasing capacity as there were a greater number of
flights following a recovery in passenger demand.
Contract services and
other revenue
$7m
- Recovery of ancillary revenue following an increase in customer activity and higher
charter revenue. This was partially offset by the closure of the Gas Turbines operation.
Labour
-$114m
- Higher labour costs due to an increase in operating activity as demand returned after
Covid restrictions were lifted and wage inflation.
Fuel
-$113m
- The average fuel price net of hedging decreased compared to the comparative period
resulting in a reduction in costs of $125 million. MOPS price decreased by 14 percent.
Consumption increased by 32 percent ($238 million) compared to an increase in capacity
of 29 percent.
Aircraft operations,
passenger services and
maintenance costs
-$183m
- Higher costs related to an increase in flying activity and cost inflation offset by
reduced customer maintenance activity following the wind down and closure of the
Gas Turbines operation.
Sales and marketing and
other expenses
-$7 7m
- Higher sales and marketing costs associated with market development and brand
spend, as well as increases associated with higher customer activity.
Ownership costs
-$3m
- Higher depreciation due to aircraft purchases and capitalised engine maintenance activity
offset by a decrease in net finance costs on higher average cash holdings.
Net impact of foreign
exchange movements
-$9m
- Reduction in hedging gains due to market movements.
Share of earnings of
associates
$2m
- Increase in earnings from the Christchurch Engine Centre.
December 2023
earnings before
taxation
$299m
CHANGE IN EARNINGS
The key changes in earnings, after isolating the impact of foreign exchange movements, are set out in the table below*:
* The numbers referred to in the Financial Commentary on the previous page have not isolated the
impact of foreign exchange.
$185m

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP




NOTES


SHARE
CAPITAL
$M


HEDGE
RESERVES
$M
FOREIGN
CURRENCY
TRANSLATION
RESERVE
$M

GENERAL
RESERVES
$M

TOTAL
EQUITY
$M
Balance as at 1 July 2023 3,377 (59) (9) (1,230) 2,079
Net profit for the period
Other comprehensive income for the period
-
-
-
8
-
(2)
129
(2)
129
4
Total Comprehensive Income for the Period- 8(2)127133
Transactions with Owners:
Equity-settled share-based payments
(net of taxation)
Equity settlements of staff share
award obligations
Dividends on Ordinary Shares



2(g)
6

4

(5)
-

-

-
-

-

-
-

-

-
(202)

4

(5)
(202)
Total Transactions with Owners (1) - - (202) (203)
Balance as at 31 December 20232(h) 3,376 (51) (11)(1,305)2,009




NOTES


SHARE
CAPITAL
$M


HEDGE
RESERVES
$M
FOREIGN
CURRENCY
TRANSLATION
RESERVE
$M


GENERAL
RESERVES
$M


TOTAL
EQUITY
$M
Balance as at 1 July 2022 3,373 (42) (10) (1,644) 1,677
Net profit for the period
Other comprehensive loss for the period
-
-
-
(34)
-
(1)
213
2
213
(33)
Total Comprehensive Income for the Period- (34)(1)215180
Transactions with Owners:
Equity-settled share-based payments
(net of taxation)
Equity settlements of staff share
award obligations



2(g)

3

(2)

-

-

-

-

-

-

3

(2)
Total Transactions with Owners 1 - - - 1
Balance as at 31 December 2022 3 , 3 74 (76) (11)(1,429)1,858
These condensed financial statements have not been audited. They have been the subject of review by the auditor pursuant to NZ SRE 2410 (Revised),
issued by the External Reporting Board. The accompanying notes form part of these financial statements.
1415
These condensed financial statements have not been audited. They have been the subject of review by the auditor pursuant to NZ SRE 2410 (Revised),
issued by the External Reporting Board. The accompanying notes form part of these financial statements.
6 MONTHS TO
31 DEC 2023
$M
6 MONTHS TO
31 DEC 2022
$M
Net Profit for the Period
Other Comprehensive Income/(Loss):
Items that will not be reclassified to profit or loss:
Actuarial (losses)/gains on defined benefit plans
Taxation on above reserve movements
129
(2)
-
213
3
(1)
Total items that will not be reclassified to profit or loss(2)2
Items that may be reclassified subsequently to profit or loss:
Changes in fair value of cash flow hedges
Transfers to net profit from cash flow hedge reserve
Net translation loss on investment in foreign operations
Changes in cost of hedging reserve
Taxation on above reserve movements
28
(20)
(1)
3
(4)
(13)
(20)
-
(14)
12
Total items that may be reclassified subsequently to profit or loss6(35)
Total Other Comprehensive Income/(Loss) for the Period, Net of Taxation4(33)
Total Comprehensive Income for the Period, Attributable to Shareholders
of the Parent Company133180
STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the six months to 31 December 2023
STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six months to 31 December 2023

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
These condensed financial statements have not been audited. They have been the subject of review by the auditor pursuant to NZ SRE 2410 (Revised),
issued by the External Reporting Board. The accompanying notes form part of these financial statements.

NOTES
6 MONTHS TO
31 DEC 2023
$M
6 MONTHS TO
31 DEC 2022
$M
Cash Flows from Operating Activities
Receipts from customers
Payments to suppliers and employees
Interest paid
Interest received

3,295
(2,876)
(93)
85

3,235
(2,228)
(66)
31
Net Cash Flow from Operating Activities 411 972
Cash Flows used in Investing Activities
Disposal of property, plant and equipment, intangibles and assets held for resale
Distribution from associates
Acquisition of property, plant and equipment, right of use assets and intangibles
Interest-bearing asset receipts

2
12
(458)
(6)

21
16
(287)
(67)
Net Cash Flow used in Investing Activities(450)(317)
Cash Flows used in Financing Activities
Interest-bearing liabilities drawdowns
Lease liabilities drawdowns
Equity settlements of staff share awards
Interest-bearing liabilities payments
Lease liabilities payments
Redemption of redeemable shares
Rollover of foreign exchange contracts*
Dividends on Ordinary Shares
2(e)
2(g)
2(f)
6

-
-
(5)
(102)
(202)
-
-
(209)


100
95
(2)
(149)
(157)
(200)
25
-
Net Cash Flow used in Financing Activities(518) (288)
(Decrease)/Increase in Cash and Cash Equivalents
Cash and cash equivalents at the beginning of the period
(557)
2,227
367
1,793
Cash and Cash Equivalents at the End of the Period 1,670 2,160
Reconciliation of Net Profit Attributable to Shareholders to Net Cash Flows
from Operating Activities:
Net profit attributable to shareholders
Plus/(less) non-cash items:
Depreciation and amortisation
Loss on disposal of property, plant and equipment, right of use assets and assets
held for sale
Impairment reversal on property, plant and equipment and assets held for sale
Impairment expense on investments in other entities
Foreign exchange losses on uncovered interest-bearing liabilities and lease liabilities
Share of earnings of associates
Movements on fuel derivatives
Foreign exchange losses
Other non-cash items

2(a)
129
369
4
-
4
-
(20)
6
20
4
213
355
4
(13)
-
12
(18)
(17)
32
5
Net working capital movements:
Assets
Revenue in advance
Liabilities
516
11
(200)
84
573
(75)
206
268
(105) 399
Net Cash Flow from Operating Activities 411 972
*Relates to gains/losses on rollover of foreign exchange contracts that hedge exposures in other financial periods.
1617
These condensed financial statements have not been audited. They have been the subject of review by the auditor pursuant to NZ SRE 2410 (Revised),
issued by the External Reporting Board. The accompanying notes form part of these financial statements.

NOTES
31 DEC 2023
$M
30 JUN 2023
$M
Current Assets
Bank and short term deposits
Trade and other receivables
Inventories
Derivative financial assets
Intangible assets
Income taxation
Other assets2(c)
1,670
473
123
51
38
2
295
2,227
496
119
90
35
2
300
Total Current Assets 2,652 3,269
Non-Current Assets
Trade and other receivables
Property, plant and equipment
Right of use assets
Intangible assets
Investments in other entities
Derivative financial assets
Deferred taxation
Other assets

2(a)
2(d)
2(c)

24
3,523
1,604
188
186
107
-
469

23
3,261
1,687
172
190
122
8
463
Total Non-Current Assets 6,101 5,926
Total Assets 8,753 9,195
Current Liabilities
Trade and other payables
Revenue in advance
Interest-bearing liabilities
Lease liabilities
Derivative financial liabilities
Provisions
Income taxation
Other liabilities

2(e)

881
1,755
179
346
124
30
7
261

780
2,050
193
352
76
65
7
313
Total Current Liabilities 3,583 3,836
Non-Current Liabilities
Revenue in advance
Interest-bearing liabilities
Lease liabilities
Derivative financial liabilities
Provisions
Other liabilities
Deferred taxation
1
2(e)

280
1,372
1,150
120
159
35
45

185
1,485
1,305
137
133
35
-
Total Non-Current Liabilities 3,161 3,280
Total Liabilities 6,74 4 7,116
Net Assets 2,009 2,079
Equity
Share capital
Reserves2(h)
3,376
(1,367)
3,377
(1,298)
Total Equity 2,009 2,079

Dame Therese Walsh
CHAIR
For and on behalf of the Board, 22 February 2024
Alison Gerry
DIRECTOR
STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 31 December 2023
STATEMENT OF CASH FLOWS (UNAUDITED)
For the six months to 31 December 2023

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
2. GENERAL DISCLOSURES (CONTINUED)
Interest-bearing assets
(c) "Other assets" include interest-bearing assets of $737 million (30 June 2023: $732 million). Interest-bearing assets are measured
at amortised cost, using the effective interest method, less any impairment. The fair value of interest-bearing assets as at
31 December 2023 was $745 million (30 June 2023: $729 million). Interest-bearing assets are subject to fixed and floating interest
rates. Fixed interest rates in the six months to 31 December 2023 ranged from 3.1% per annum to 6.3% per annum (six months to
31 December 2022: 0.6% per annum to 4.6% per annum).
Deferred taxation
(d) The Group recognised a deferred tax asset of $8 million as at 30 June 2023. Cash flow projections used to model the Group's
anticipated recovery timeframe were used to inform judgement around the recognition and recoverability of the net deferred tax
asset relating to income tax losses.
Interest-bearing liabilities
(e) Interest-bearing liabilities of $1,551 million (30 June 2023: $1,678 million) are recognised initially at fair value and subsequently
measured at amortised cost, with the changes in market interest rates on certain interest-bearing liabilities measured at fair
value. The fair value at 31 December 2023 was $1,603 million (30 June 2023: $1,721 million).
Interest-bearing liabilities include unsecured bonds of $104 million (30 June 2023: $102 million), secured borrowings of $866
million which are secured over aircraft assets (30 June 2023: $998 million) and unsecured Australian Medium Term Notes of $581
million (30 June 2023: $578 million). Secured borrowings are subject to both fixed and floating interest rates. Fixed interest rates
on secured borrowings were 1.0% per annum in the six months to 31 December 2023 (six months to 31 December 2022: 1.0% per
annum). Australian Medium Term Notes have a fixed coupon between 5.7% and 6.5% per annum payable semi-annually.
On 27 October 2022, the Group issued $100 million of unsecured, unsubordinated fixed rate bonds with a maturity date of
27 April 2028 and an interest rate of 6.61% per annum payable semi-annually. The Group repaid $50 million of five year unsecured
unsubordinated fixed rate bonds at the maturity date of 28 October 2022. The bonds had a fixed interest rate of 4.25% per annum
which was payable semi-annually.
On 30 March 2022 an unsecured committed revolving standby loan facility (CSF2 Loan Facility) was entered into with the New
Zealand Government for up to $400 million for a period through to 30 January 2026 for the purpose of providing additional
liquidity, if required, as the airline recovered from the effects of the pandemic. No amounts have been drawn under the facility.
Redeemable shares
(f) On 28 November 2022 the Group redeemed $200 million of redeemable shares issued to the New Zealand Government.
No amounts remain on issue and no further issues can be made under the subscription agreement.
Share capital
(g) During the six months ended 31 December 2023 the Group funded the on-market purchase of 6,831,839 shares for $5 million
(31 December 2022: 2,016,383 shares for $2 million). The shares were used to settle obligations under staff share award and long-
term incentive schemes. The total cost of the purchase including transaction costs has been deducted from "Share capital".
Hedge reserves
(h) As at 31 December 2023, $40 million of losses (30 June 2023: $46 million of losses) were held in the cash flow hedge reserve and
$11 million of losses (30 June 2023: $13 million of losses) in the costs of hedging reserve. These reserves are combined within the
Statement of Changes in Equity as "Hedge reserves".
3. SEGMENTAL INFORMATION
Air New Zealand operates predominantly in one segment, its primary business being the transportation of passengers and cargo on an
integrated network of scheduled airline services to, from and within New Zealand. Resource allocation decisions across the network are
made to optimise the consolidated Group's financial result.
Geographical
An analysis of revenue by geographical region of original sale is provided below.


6 MONTHS TO
31 DEC 2023
$M
6 MONTHS TO
31 DEC 2022
$M
Analysis of revenue by geographical region of original sale
New Zealand
Australia and Pacific Islands
Asia, United Kingdom and Europe
Americas

2 ,165
396
454
459
2,019
412
288
359
Total Operating Revenue3 ,4743,078
The principal non-current asset of the Group is the aircraft fleet, which is registered in New Zealand and employed across the
worldwide network. Accordingly, there is no reasonable basis for allocating the assets to geographical segments.
1819
1. FINANCIAL STATEMENTS
The condensed consolidated interim financial statements ("financial statements") presented are for the parent company Air New Zealand
Limited ("Air New Zealand' or 'the Company") and its subsidiaries (together referred to as "the Group"), and the Group's interest in joint
ventures and associates.
Air New Zealand is a profit-oriented entity that is domiciled in New Zealand. The Company is registered under the Companies Act 1993
and listed on the New Zealand Stock Exchange (NZX) and Australian Securities Exchange (ASX) and has bonds listed on the NZX debt
market. The Company is an FMC Reporting Entity under the Financial Markets Conduct Act 2013.
Air New Zealand's primary business is the transportation of passengers and cargo on scheduled airline services.
Basis of Preparation
Air New Zealand prepares its financial statements in accordance with New Zealand Generally Accepted Accounting Practice
(“NZ GAAP”) as it applies to the interim period. NZ GAAP consists of New Zealand equivalents to International Financial Reporting
Standards (“NZ IFRS”) and other applicable financial reporting standards as appropriate to profit-oriented entities.
These financial statements have not been audited. The financial statements comply with NZ IAS 34: Interim Financial Reporting and IAS
34: Interim Financial Reporting and have been the subject of review by the auditor, pursuant to NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity, issued by the External Reporting Board.
The financial statements should be read in conjunction with the Annual Report for the year ended 30 June 2023.
Material accounting policy information
The accounting policies and computation methods used in the preparation of the financial statements are consistent with those used as
at 30 June 2023 and 31 December 2022 except as outlined below.
On 1 July 2023, the Group adopted amendments to NZ IAS 1 that requires disclosure of ‘material accounting policy information’ instead
of ‘significant accounting policies’. The Group’s significant accounting policies were disclosed within the Group’s annual financial
statements for the year ended 30 June 2023. The adoption of the amendments did not have any impact on the Group’s interim financial
statements. The Group’s annual financial statements for the year ended 30 June 2024 will present only those policies which the Group
considers material.
The External Reporting Board ("XRB") of New Zealand issued three Climate Standards that set requirements for: Climate-related
Disclosures (Aotearoa New Zealand Climate Standard 1 (NZ CS 1)); First-time adoption of Aotearoa New Zealand Climate Standards
(NZ CS 2); and General Requirements for climate-related Disclosures (NZ CS 3). The Climate Standards are effective from 1 January 2023,
with mandatory assurance required on the Greenhouse Gas emissions included in the Climate Statements for the 2025 Group Annual
Report. The Group will adopt the Climate Standards for the year ended 30 June 2024 and may apply adoption provisions permitted under
the standards. For the 2023 financial year voluntary Climate-related Disclosures were prepared that followed the principles outlined
in the international Task Force on Climate-related Financial Disclosures ("TCFD"). The Group is building upon the TCFD disclosures to
ensure compliance with the new Climate Standards in the 2024 financial year.
Use of accounting estimates and judgements
The Group applied a critical accounting estimate to the following area within the interim financial statements:
Revenue in advance
Due to flight cancellations, travel disruptions and domestic flexibility policies arising during the Covid-19 pandemic, the Group issued
travel credits which can be used to book future customer travel. As at 30 June 2023 the Group did not recognise any breakage within
revenue as it was considered there was insufficient certainty as to the future customer redemption profile. Since this time additional
information has been gathered and redemption levels across several customer segments have normalised which has enabled the
Group to identify a portion of credits for which the likelihood of those credits being utilised is considered remote. These credits have an
expiry date of 31 January 2026. A breakage allowance of $45 million was recognised in the Statement of Financial Performance within
"Passenger revenue" for the six months ended 31 December 2023.
2. GENERAL DISCLOSURES
Group composition
(a) The Group has a 49% interest in the Christchurch Engine Centre ("CEC") and a 21% interest in Drylandcarbon One Partnership LLC
which are recognised as investments in associates. The Group's share of equity accounted earnings from the CEC was $20 million
(31 December 2022: $18 million).
Government grants
(b) The Group was awarded grants to supply international airfreight services by the New Zealand Government through the Ministry of
Transport as part of its efforts to ensure the supply of critical imports and maintain economic benefits of high value New Zealand
exports during the Covid-19 pandemic. The arrangements were for a period from 30 April 2020 through to 31 March 2023. The awards
were negotiated on an arm’s length basis using standard commercial terms. The amount recognised within "Cargo revenue" in the
Statement of Financial Performance for the six months ended 31 December 2022 was $83 million. No amounts were recognised
during the six months ended 31 December 2023. All conditions attached to the grants were satisfied at the date of recognition.
CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED)
As at and for the six months to 31 December 2023
CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED)
As at and for the six months to 31 December 2023

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
The Auditor-General is the auditor of Air New Zealand Limited
('the Company’) and its subsidiaries (‘the Group’). The Auditor-
General has appointed me, Melissa Collier, using the staff and
resources of Deloitte Limited, to carry out the review of the
condensed consolidated interim financial statements (‘interim
financial statements’) of the Group on his behalf.
CONCLUSION
We have reviewed the interim financial statements of the
Group on pages 13 to 20, which comprise the Statement of
Financial Position as at 31 December 2023, and the Statement
of Financial Performance, Statement of Comprehensive Income,
Statement of Changes in Equity and Statement of Cash Flows
for the six months ended on that date, and condensed notes to
the interim financial statements, including material accounting
policy information.
Based on our review, nothing has come to our attention that
causes us to believe that the interim financial statements of
the Group do not present fairly, in all material respects, the
financial position of the Group as at 31 December 2023, and
its financial performance and cash flows for the six months
ended on that date, in accordance with NZ IAS 34
Interim
Financial Reporting
and IAS 34 Interim Financial Reporting.
BASIS FOR CONCLUSION
We conducted our review in accordance with NZ SRE 2410
(Revised)
Review of Financial Statements Performed by the
Independent Auditor of the Entity
(‘NZ SRE 2410 (Revised)’).
Our responsibilities are further described in the Auditor’s
Responsibilities for the Review of the Interim Financial
Statements section of our report.
We are independent of the Group in accordance with the
Auditor-General’s ethical requirements relating to the audit
of the annual financial statements, which incorporate the
independence requirements issued by the New Zealand
Auditing and Assurance Standards Board, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements.
In addition to this review and the audit of the Group’s annual
financial statements, we have carried out assurance services
relating to greenhouse gas emissions inventory, passenger
facility charges and compliance with student fee protection
rules. In addition we provide non-assurance services to
the Corporate Taxpayers Group of which Air New Zealand
is a member, along with a number of other organisations.
Principals and employees of our firm deal with the Group on
normal terms within the ordinary course of trading activities
of the Group. These engagements and trading activities have
not impaired our independence as auditor of the Group.
Other than these engagements and trading activities,
we have no relationship with, or interests in, the Group.
DIRECTORS’ RESPONSIBILITIES FOR THE INTERIM
FINANCIAL STATEMENTS
The directors are responsible, on behalf of the Group, for the
preparation and fair presentation of these interim financial
statements in accordance with NZ IAS 34
Interim Financial
Reporting
and IAS 34 Interim Financial Reporting and for
such internal control as the Board of Directors determine is
necessary to enable the preparation and fair presentation of
the interim financial statements that are free from material
misstatement, whether due to fraud or error.
The directors are also responsible for the publication of
the interim financial statements, whether in printed or
electronic form.
AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE
INTERIM FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the interim
financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come
to our attention that causes us to believe that the interim
financial statements, taken as a whole, are not prepared,
in all material respects, in accordance with NZ IAS 34
Interim
Financial Reporting
and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance
with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting
of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical
and other review procedures. The procedures performed in
a review are substantially less than those performed in an
audit conducted in accordance with International Standards
on Auditing (New Zealand) and consequently does not enable
us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on these
interim financial statements.
Melissa Collier
Partner
for Deloitte Limited
On behalf of the Auditor-General
22 February 2024
Auckland, New Zealand
2021
4. COMMITMENTS
Capital commitments


31 DEC 2023
$M
30 JUN 2023
$M
Aircraft and engines
Other assets
2,539
135
2,855
147
2 ,6 743,002
Capital commitments include eight Boeing 787 aircraft (contractual delivery from 2025 to 2028 financial years), three Airbus
A321neo aircraft (delivery from the 2024 to 2027 financial years) and two ATR aircraft (delivery in the 2025 financial year).
Lease commitments


31 DEC 2023
$M
30 JUN 2023
$M
Aircraft 211 181
211181
Lease commitments include one Boeing 773 aircraft (delivery in second half of the 2024 financial year) and two Airbus A321neos
(delivery in the 2025 financial year). The agreement to lease the Boeing 773 aircraft was signed on 15 February 2024 and is
reflected in the above table.
5. CONTINGENT LIABILITIES
All significant legal disputes involving probable loss that can be reliably estimated have been provided for in the financial statements.
No other significant contingent liability claims are outstanding at balance date.
Outstanding letters of credit and financial guarantees total $29 million (30 June 2023: $20 million).
The Group has a partnership agreement with Pratt and Whitney in which it holds a 49% interest in the CEC. By the nature of the
agreement, joint and several liability exists between the two parties. Total liabilities of the CEC as at 31 December 2023 were
$106 million (30 June 2023: $215 million).
6. DIVIDENDS
On 22 February 2024, the Board of Directors declared an interim dividend of 2.0 cents per Ordinary Share payable on 21 March
2024 to registered shareholders at 8 March 2024. The total dividend payable will be $67 million. No imputation credits will be
attached and supplementary dividends will not be paid to non-resident shareholders. The dividend has not been recognised in the
December 2023 financial statements.
A special dividend in respect of the 2023 financial year of 6.0 cents per Ordinary Share was paid on 21 September 2023.
Imputation credits were attached and supplementary dividends paid to non-resident shareholders.
The dividend reinvestment plan is currently suspended.
CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED)
As at 31 December 2023
INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS
OF AIR NEW ZEALAND LIMITED
For the six months ended 31 December 2023

AIR NEW ZEALAND INTERIM FINANCIAL REPORT 2024AIR NEW ZEALAND GROUP
2322
SHAREHOLDER ENQUIRIES
Air New Zealand’s investor website
airnzinvestor.co.nz provides shareholders with
information on monthly operating statistics,
financial results, stock exchange releases,
corporate governance, annual meetings,
investor presentations, important dates and
contact details. Shareholders can also view
webcasts of key events from this site.
Shareholders who would like to receive
electronic news updates can register online at:
airnzinvestor.co.nz or email Investor Relations
directly on: investor@airnz.co.nz
Share Registrar
Link Market Services Limited
Level 11, 80 Queen Street, Auckland, 1010, New Zealand
PO Box 91976, Auckland 1142, New Zealand
Phone: (64 9) 375 5998 (New Zealand)
(61) 1300 554 474 (Australia)
Fax: (64 9) 375 5990
Email: enquiries@linkmarketservices.co.nz
Investor Relations
Private Bag 92007, Auckland 1142, New Zealand
Phone: 0800 22 22 18 (New Zealand)
(64 9) 336 2607 (Overseas)
Fax: (64 9) 336 2664
Email: investor@airnz.co.nz
Website: www.airnzinvestor.com
Sarah
Ground Crew
Shareholder
Communication

---

AIR NEW ZEALAND 2024 INTERIM RESULTS
1
Investor presentation
22 February 2024

AIR NEW ZEALAND 2023 ANNUAL RESULTS
2
2
AIR NEW ZEALAND 2024 INTERIM RESULTS
2
This presentation is given on behalf of Air New Zealand Limited (NZX: AIR
and AIR030; ASX: AIZ). The information in this presentation:
•is provided for general purposes only and is not an offer or invitation
for subscription, purchase, or a recommendation of securities in
Air New Zealand
•should be read in conjunction with, and is subject to, Air New Zealand’s
condensed Group interim financial statements (‘interim financial
statements’) for the six months ended 31 December 2023, prior annual
and interim reports and Air New Zealand’s market releases on the NZX
and ASX
•is current at the date of this presentation, unless otherwise stated.
Air New Zealand is not under any obligation to update this presentation
after its release, whether as a result of new information, future events
or otherwise
•may contain information from third-parties. No representations or
warranties are made as to the accuracy or completeness of such
information
•refers to the six months ended 31 December 2023 unless otherwise
stated
•contains forward-looking statements of future operating or financial
performance. The forward-looking statements are based on
management's and directors’ current expectations and assumptions
regarding Air New Zealand’s businesses and performance, the
economy and other future conditions, circumstances and results.
These statements are susceptible to uncertainty and changes in
circumstances. Air New Zealand’s actual future results may vary
materially from those expressed or implied in its forward-looking
statements and undue reliance should not be placed on any forward-
looking statements
•contains statements relating to past performance which are provided for
illustrative purposes only and should not be relied upon as a reliable
indicator of future performance
•is expressed in New Zealand dollars unless otherwise stated and
figures, including percentage movements, are subject to rounding
The Company, its directors, employees and/or shareholders shall have no
liability whatsoever to any person for any loss arising from this
presentation or any information supplied in connection with it. Nothing in
this presentation constitutes financial, legal, regulatory, tax or other advice.
Non-GAAP financial information
The following non-GAAP measures are not audited: CASK, Gearing, Net
Debt, Gross Debt, EBITDA, and RASK. Amounts used within the
calculations are derived from the interim financial statements where
possible. The interim financial statements are subject to review by the
Group's external auditors. The non-GAAP measures are used by
management and the Board of Directors to assess the underlying financial
performance of the Group in order to make decisions around the allocation
of resources.
Refer to slide 30 for a glossary of the key terms used in this presentation.
FORWARD-LOOKING STATEMENTS AND DISCLAIMER

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AIR NEW ZEALAND 2024 INTERIM RESULTS
BUSINESS UPDATE
GREG FORAN
CHIEF EXECUTIVE OFFICER

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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4
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4
4.4M loyalty
members
1
Refers to statutory earnings before taxation.
2
Compared to 1H 2023.
3
Refers to full-time equivalent employees.
1H 2024 OVERVIEW
$185M profit
1
for 1H 2024
Healthy demand offset by elevated
market capacity and operational
headwinds
2 cents per share
First next gen
aircraft announced
A battery-powered all-electric aircraft,
expected to join the fleet in 2026
29% increase
in capacity (ASKs)
2
As the international network
continued to ramp-up
$243M
Continues to be elevated above
pre-Covid levels
8.4M passengers
Flown across our network
Compared to 8.0M passengers in the first half last year
~11,650 people
3
Driven by strong demand and
increased capacity
Up 14%
2
Up 400k
2
on last year, with
programme perception levels at an all-
time high
for 1H 2024
Unimputed ordinary dividend
Cargo revenue
As named by Airlineratings.com
World’s safest
airline for 2024

AIR NEW ZEALAND 2023 ANNUAL RESULTS
5
5
AIR NEW ZEALAND 2024 INTERIM RESULTS
5
Contact centre
average wait times
1
5
24
minutes
minutes
On-time
performance
2
79
74
percent
percent
1H 2024
1H 2023
Customer
satisfaction
1
80
out of 100
84
out of 100
Mishandled
baggage
1
3.3
bags per 1000
5.1
bags per
1000
CONTINUED FOCUS ON DOING THE BASICS BRILLIANTLY
AGAINST A BACKDROP OF ONGOING INDUSTRY- WIDE CONSTRAINTS
1
For the month of December.
2
Average for the six months to 31 December.

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WE HAVE ACTED QUICKLY TO PUT MITIGATIONS IN PLACE
BUT 2H 2024 WILL ALSO BE IMPACTED BY THESE CONSTRAINTS
Aviation supply chain delays
and infrastructure pressure
Rising input costs
and inflation
Pratt & Whitney engine
additional maintenance
requirements
•Entered into two 777-300ER short-term dry leases with intention for a third
•Purchase of a spare engine for the NEO fleet
•Extension of WAMOS wet lease arrangement
•Broad-based schedule adjustments to best utilise aircraft across the network
•Increased contact centre support to deal with impacts of schedule adjustments
•Driving productivity and efficiency initiatives
•Reviewing price and capacity settings
•Investing in training and digital tooling
•Short-term leased aircraft and spare engines
•Active relationship management with Boeing
•Increasing inventory levels of key parts to reduce impact of supply chain delays
•Advocating for engineers to be added to the immigration green list
Temporary cost headwinds of ~$35 million in 2H to help operational resiliency and customer experience

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WE HAVE FACED UNPRECEDENTED COMPETITION ON
NORTH AMERICA
CORPORATE AND GOVERNMENT SOFTNESS CONTINUES IN DOMESTIC
Domestic demand outlook
•Government and corporate demand has remained soft, SME
segment has been resilient
•Targeted reduction in Domestic capacity in Q4 to better reflect
current demand profile and improve operational resilience
•Domestic leisure and international connecting demand holding
up, but sensitive to price changes
•Fare review underway to adjust selling yields commensurate
with inflationary costs required to operate the Domestic network
International demand outlook
•Significant capacity growth from major US carriers impacting
bookings and fares
•Tasman demand remains solid driven by a reduction in market
yields
•Pacific Islands demand steady
•Asia performing well, demand out of India a standout
•Increased capacity on China challenged by visa processing
delays

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AIR NEW ZEALAND 2024 INTERIM RESULTS
8
As noted in the airline’s market update on 19 February 2024, a number of continuing economic and
operational conditions have deteriorated and are now expected to have a significant adverse impact on
performance in the second half.
These include the impact of additional competition on forward revenue performance, ongoing weakness in
domestic corporate and government demand, temporary cost headwinds of $35 million in the second half to
alleviate customer impacts and operational pressures, as well as ongoing cost inflation.
In light of these conditions, the airline considers that performance for the second half of the 2024 financial
year will be markedly lower than the first half.
In this context, and assuming an average jet fuel price of USD$105/bbl for the second half, the airline
currently expects earnings before taxation for the 2024 financial year to be in the range of $200
million to $240 million.
This range includes $20 million of currently assumed additional Covid-related credit breakage over the
second half. Future redemptions of Covid-related credits remain uncertain and subject to further actions.
FY2024 OUTLOOK

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AIR NEW ZEALAND 2024 INTERIM RESULTS
FINANCIAL UPDATE
RICHARD THOMSON
CHIEF FINANCIAL OFFICER

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AIR NEW ZEALAND 2024 INTERIM RESULTS
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•Operating revenue of $3.5 billion, up 13%
•Passenger revenue of $3.1 billion, up 21%
•Cargo revenue of $243 million, down 36% on last year
but up 25% on pre-Covid
1
•Earnings before taxationof$185 million
•Net profit after tax of$129 million, down 39%
•Liquidity of $2.1 billion
2
•Net debt to EBITDA of 0.6x
•Unimputed ordinary interim dividend of 2.0 cents per
shareequating to a 41% payout ratio
3
1
Refers to the six months ended 31 Dec 2019.
2
As at 31 December 2023, includes $1.7 billion cash and $400 million undrawn funds under the Crown Standby Facility.
3
The airline’s policy is to pay ordinary dividends equal to between 40% to 70% of underlying net profit after tax (underlying NPAT), subject to the Board's discretion. NPAT is calculated on a rolling twelve-month basis.
Covid-19 impacted
period
Earnings/(Loss) before taxation
($ millions)
139
(105)
(376)
299
185
1H 20201H 20211H 20221H 20231H 2024
1H 2024 FINANCIAL SUMMARY

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PROFITABILITY WATERFALL
1
For further details on fuel cost movement, refer to slide 22..
Additional commentary
• Significant activity increases when
comparing 1H 2024 to 1H 2023 due to
29% growth in capacity this year.
• A summary of aggregate rate increases is
provided below for key operational cost
areas:
HY24 price
change
Maintenance, aircraft
operations and
passenger services
~ 8%
Labour~ 4%
Sales, marketing and
other expenses
~ 3%

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AIR NEW ZEALAND 2024 INTERIM RESULTS 12
(0.75)
13.67
14.56
(0.78)
0.60
(0.11)
(0.75)
0.15
DEC 2022
CASK
IMPACT OF CHANGE
IN FLYING MIX
PRICETHIRD-PARTY
MAINTENANCE
FUEL PRICEFOREIGN
EXCHANGE
DEC 2023
CASK
DRIVEN BY THE MIX OF LONGER SECTOR FLYING IN 1H 2024
UNDERLYING CASK IMPROVEMENT
•Reported CASK improved 6.1% compared to last year, largely due to fuel price movements and mix of longer
sector flying in the period
•Excluding the impact of fuel price movement, foreign exchange, and third-party maintenance, underlying CASK
improved 1.2%. Underlying CASK has improved due to:
–the change in mix of flying due to a higher proportion of lower CASK long-haul flying in 1H 2024
–offset by non-fuel operating cost inflation of 5% across the cost base
Reported CASK (cents)

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AIR NEW ZEALAND 2024 INTERIM RESULTS 13
Fuel hedging
•Hedge portfolio structured to protect against large upside
movements and allow participation to downward price
movements through use of call options and collars
FUEL HEDGING AND FX UPDATE
1
Assumes an average jet fuel price of US$105 per barrel for the 2H 2024 and a NZD/USD rate of 0.6100. Valuation date of 8 February 2024.
Further information on fuel movements can be found in the fuel waterfall on slide 22.
2
Assumes an average jet fuel price of US$107 per barrel for the FY2024 financial year.
3
Net compensation from fuel hedges represents the unrealised gains/(losses) on fuel hedges, including the cost of the hedges and is in USD.
Fuel hedge position
(as at 8 Feb 2024)
Period
Hedged volume
(in barrels)
% hedged
Net compensation
from hedging
(USD)
3
2H 20243,130,00075%(~$4.5 million)
1H 20251,670,00040%~$1 million
2024 Fuel cost outlook
754
745
1,499
879
~860
1
~1,740
2
0
300
600
900
1,200
1,500
1,800
1H2HFY
NZD millions
2H 2024 Fuel cost
1
sensitivity (inclusive of hedging)
750
800
850
900
9095100105110115120
NZD cost of fuel (millions)
Singapore Jet USD$/barrel
Foreign exchange hedging
•US dollar is ~87% hedged for 2H 2024 at NZD/USD 0.6142

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FLEET INVESTMENT UPDATE
Actual and forecast aircraft capital expenditure
1
ASSUMES FIRST TWO NEW BOEING 787’S ARE DELAYED
FROM FY2025 TO FY2026
Timing delay of first two
Boeing 787 aircraft
1
Includes progress payments on aircraft and aircraft improvements (e.g. refurbishment); excludes engine maintenance. Please refer to slide 28 for fleet delivery table.
•Forecast investment of $3.3 billion in
aircraft and associated assets through to
2028, including 8 new Boeing 787
aircraft
−Reflects expected deferral of first two
Boeing 787 aircraft from FY2025 to
FY2026
−Final delivery profile currently under
discussion with Boeing – potential for
further revisions to come
−Delivery flexibility maintained for
remaining portion of the delivery
stream beyond the first two aircraft
•No committed aircraft capital expenditure
currently beyond 2028

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AIR NEW ZEALAND 2024 INTERIM RESULTS
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Invest in core operations
Maintain financial resilience and flexibility
DistributionsGrowth capex
Underpinned by our commitment to maintain investment grade credit rating metrics
• Target liquidity range of $1.2 billion to $1.5 billion
• Net Debt to EBITDA ratio of 1.5x to 2.5x
• Fleet and infrastructure investments above WACC through the cycle
• Investment to support the airline’s decarbonisation ambitions
• Ordinary dividend pay-out ratio of
40% to 70% of underlying net
profit after tax (NPAT)
• Return excess capital via special
dividends or share buybacks
• Disciplined investment in value
accretive capex
• Target ROIC above pre-tax
WACC
OUR CAPITAL MANAGEMENT FRAMEWORK DRIVES FINANCIAL
RESILIENCE AND SUSTAINABLE SHAREHOLDER VALUE
WE HAVE TAKEN DECISIVE STEPS IN 1H 2024 TO MOVE TOWARDS OUR TARGETS
Spare PW1100 engine purchased
First electric aircraft ordered
~$200 million 2023 special dividend paid
~$70 million 2024 unimputed ordinary interim
dividend declared
2 additional ATR aircraft ordered to grow
domestic network
Cash purchase of domestic A321neo in Oct
2023, with a further aircraft expected in Apr
2024 which will be purchased with cash
Moody's credit rating upgrade from Baa2
(stable) to Baa1 (stable)

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AIR NEW ZEALAND 2024 INTERIM RESULTS
SUPPLEMENTARY
INFORMATION

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18
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18
Sector
2023 ASKs
(millions)
1
1H 2024
Actuals
(on 1H 2023)
2H 2024
Estimate
(on 2H 2023)
FY24 Estimated
Capacity
2
Domestic
6,685(1%)+0% to 2%~Flat
Tasman and Pacific
Islands
10,237+18%+10% to 12%~+15%
International long-haul
19,039+49%+10% to 12%~+30%
Group35,961+29%+10% to 12%~+20%
1
Includes cargo-only flights.
2
Compared to FY2023 levels, including cargo-only flights.
FY2024 CAPACITY OUTLOOK
Equates to ~93%
of FY2019
capacity

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AIR NEW ZEALAND 2024 INTERIM RESULTS
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$ millions31 Dec 202330 Jun 2023
Capital management targets
(effective from FY2024)
1
Gross debt
(3,047)​
(3,335)
Cash, restricted deposits and net open
derivatives
2,357​
2,928
Net debt
(690)​
(407)
Gross debt/EBITDA
2.5​x
2.5x
Net debt/EBITDA
0.6​x
0.3x
Net Debt to EBITDA ratio of
1.5x to 2.5x
Gearing
25.6%​
16.4%
Return on invested capital (ROIC)Not calculated
2
22.3%Target ROIC above pre-tax WACC
Total liquidity
2,070​
2,627
Target liquidity range of
$1.2 billion to $1.5 billion
Liquidity (% of 2019 revenue)
35.8%​
45.4%
Moody's rating
Baa1 stable
(investment grade)
Baa2 stable
(investment grade)
Investment grade
Shareholder distributions declared
2.0 cps unimputed interim
ordinary dividend
6.0 cps special dividend
Ordinary dividend payout ratio of
40% to 70% of underlying net profit
after taxation (NPAT)
3
KEY CAPITAL MANAGEMENT METRICS
1
Please see slide15 for more information on the capital management framework.
2
Return on invested capital not calculated (NC) at the interim results.
3
NPAT is calculated on a rolling twelve-month basis

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AIR NEW ZEALAND 2024 INTERIM RESULTS
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Debt maturity profile as at 31 Dec 2023
($ millions)
•Gross Debt of $3.0 billion comprising:
–~$1.6 billion secured aircraft debt and finance leases
1
, $718
million operating leases
1
, $104 million unsecured NZD bond,
$581 million unsecured AUD notes
•Cash of ~$1.7 billion, restricted deposits of $737 million and net open
derivatives of ($50) million
•Net Debt of $0.7 billion
•Undrawn Crown Standby Facility of $400 million expiring 30 Jan 2026
•Weighted average debt and finance lease maturity of ~3.5 years
2

Capital structure as at 31 Dec 2023
Deliberate strategy to increase unencumbered aircraft portfolio
•43 unencumbered aircraft as at Dec 2023 including 6 A320/A321neos,
which will increase to 7 in 2H 2024
•Market value as at 30 Jun 2023 of ~ $1.15 billion
3
•In addition, equity of ~$1.45 - 1.65 billion
3
exists in existing aircraft
within debt facilities
DEBT STRUCTURE AND MATURITY PROFILE
167
315
266
248
125
91
71
157
137
43
104
317
264
H2-24FY25FY26FY27FY28FY29FY30FY31FY32
24
FY33FY34
Secured Debt and Finance Leases
NZ Retail Bond
Australian Medium Term Notes
1
Finance leases are lease liabilities with purchase options. Operating leases are lease liabilities without purchase options.
2
Weighted average life of secured aircraft debt, finance leases and unsecured debt. Excludes operating leases.
3
Aircraft and spare engines. Aircraft valuations based on Aircraft Value Analysis Company Limited (AVAC) as at 30 June 2023. Spare engines are included at book value as at 30 Jun 2023. USD values are converted to NZD at FY2023. balance sheet
rate of 0.6070. Aircraft valuations are subject to market conditions, aircraft condition, FX rates, technology advancement and other factors.

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AIR NEW ZEALAND 2024 INTERIM RESULTS
CARGO PERFORMANCE
• Cargo revenue of $243 million, down
36% on prior comparative period but up
25% on pre-Covid levels
‒No cargo-only flying in 1H 2024
‒Prior year comparative figure
includes $83 million in Government
supported cargo flights
• Cargo loads were 69%
1
for 1H 2024
compared to 80%
1
for the prior
comparative period, due to a significant
increase in capacity, no cargo-only flying,
as well as increased international
competition
1
Load factors are based on sellable capacity.

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22
AIR NEW ZEALAND 2024 INTERIM RESULTS
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$125 million
effective decrease
in fuel price
Decrease in
jet fuel price
US$127 to
US$109
per barrel
Dec 2023
hedge loss
of $5m
vs
Dec 2022
hedge gain
of $9m
Into plane costs
•1H 2024 $128
US$/barrel
•1H 2023 $149
US$/barrel
FUEL COST MOVEMENT
879
754
238
(139)
14
12
0
200
400
600
800
1,000
1,200
1,400
DEC 2022
FUEL COST
VOLUMEUNDERLYING
PRICE
NET HEDGING
IMPACT
FX
MOVEMENTS
DEC 2023
FUEL COST
(17%)

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AIR NEW ZEALAND 2024 INTERIM RESULTS
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Dec 2023Dec 2022Movement
Operating revenue
3,4743,07813%
Earnings before taxation
185299(38%)
Net profit after taxation
129213(39%)
Operating cash flow
411972(58%)
Cash position*
1,6702,227(25%)
FINANCIAL OVERVIEW

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24
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GROUP PERFORMANCE METRICS
Dec 2023Dec 2022Movement
1
Passengers carried (‘000s)
8,3527,9525%
Available seat kilometres (ASKs, millions) –
passenger flights
21,40515,12642%
Available seat kilometres (ASKs, millions) –
passenger and cargo-only flights
21,40516,57629%
Revenue passenger kilometres (RPKs, millions)
17,46713,24132%
Load factor
81.6%87.5%(5.9 pts)
Passengerrevenue per ASKs as reported (RASK,
cents)
14.316.8(15%)
Passengerrevenue per ASKs, excluding FX
(RASK, cents)
14.216.8(15%)
1
Calculation based on numbers before rounding.

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25
AIR NEW ZEALAND 2024 INTERIM RESULTS
25
DOMESTIC
Dec 2023Dec 2022Movement
1
Passengers carried (‘000s)
5,4605,679(4%)
Available seat kilometres (ASKs, millions) –
passenger flights
3,3533,381(1%)
Revenue passenger kilometres
(RPKs, millions)
2,8262,952(4%)
Load factor
84.3%87.3%(3.0 pts)
Passengerrevenue per ASKs as reported (RASK,
cents)
30.128.94%
Passengerrevenue per ASKs,
excluding FX (RASK, cents)
30.028.94%
1
Calculation based on numbers before rounding.

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TASMAN & PACIFIC ISLANDS
Dec 2023Dec 2022Movement
1
Passengers carried (‘000s)
1,9021,67713%
Available seat kilometres (ASKs, millions) – passenger
flights
5,8985,01818%
Revenue passenger kilometres
(RPKs, millions)
4,9044,37412%
Load factor
83.2%87.2%(4.0 pts)
Passengerrevenue per ASKs as reported (RASK,
cents)
13.615.1(10%)
Passengerrevenue per ASKs,
excluding FX (RASK, cents)
13.615.1(10%)
1
Calculation based on numbers before rounding.

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27
AIR NEW ZEALAND 2024 INTERIM RESULTS
27
INTERNATIONAL LONG- HAUL
Dec 2023Dec 2022Movement
1
Passengers carried (‘000s)
99059666%
Available seat kilometres (ASKs, millions) – passenger
flights
12,1546,72781%
Revenue passenger kilometres
(RPKs, millions)
9,7375,91565%
Load factor
80.1%87.9%(7.8 pts)
Passengerrevenue per ASKs as reported (RASK,
cents)
10.311.9(13%)
Passengerrevenue per ASKs,
excluding FX (RASK, cents)
10.211.9(14%)
1
Calculation based on numbers before rounding.

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AIR NEW ZEALAND 2024 INTERIM RESULTS 28
AIRCRAFT DELIVERY SCHEDULE
Aircraft delivery schedule (as at 31 Dec 2023)
1
Number in
existing
fleet
Number
on order
Expected delivery dates (financial year)
20242025202620272028
Owned Fleet on Order
Boeing 787128--422
Airbus A320neo / A321neo1231--2-
ATR 72-600292-2--
-
Operating Leased
Aircraft
Boeing 777-300ER411
----
Airbus A320neo / A321neo52-2---
1
Delivery table excludes the BETA ALIA CTOL, our first electric aircraft which will enter the fleet as a cargo-only commercial demonstrator from FY2026. Please refer to slide 29 for the full details of the fleet.

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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29
AIR NEW ZEALAND 2024 INTERIM RESULTS
29
1
For 2021 and 2022, excludes the Boeing 777-200ER fleet. Does not include the BETA ALIA CTOL, our first electric aircraft which will enter the fleet as a cargo-only commercial demonstrator from FY2026.
7.1
7.1
6.7
7.3
7.9
8.8
9.6
10.0
20192020202120222023202420252026
Aircraft fleet age in years
(seat weighted)
1
HistoricalForecast
FLEET DELIVERY AND AGE UPDATE
2023202420252026
Boeing 777-300ER
7997
Boeing 787
14141418
Airbus A320
17171717
Airbus A320/A321neo
16182020
ATR72-600
29293131
Bombardier Q300
23232323
Total Fleet
106110114116

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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30
AIR NEW ZEALAND 2024 INTERIM RESULTS
30
Available Seat Kilometres (ASKs)Number of seats operated multiplied by the distance flown (capacity)
Cost/ASK (CASK)Operatingexpenses divided by the total ASK for the period
GearingNet Debt / (NetDebt + Equity)
Earnings before interest, tax, depreciation
and amortisation (EBITDA)
Operating earnings before depreciation and amortisation, finance costs and taxation
Gross DebtInterest-bearing liabilities and lease liabilities
Net Debt
Interest-bearing liabilities and lease liabilities less bank and short-term deposits, net open derivatives held in relation to
interest-bearing liabilities and lease liabilities, and interest-bearing assets
Cash, restricted deposits and net open
derivatives
Bank and short-term deposits, interest-bearing assets and net open derivatives held in relation to interest-bearing
liabilities and lease liabilities
Liquidity
Cash and cash equivalents (which excludes restricted deposits) plus the outstanding amount of any Crown standby
facility available to be drawn
Passenger Load FactorRPKs as a percentage of ASKs
PassengerRevenue/ASK (RASK)Passenger revenuefor the period divided by the total ASKs on passenger flights for the period
Revenue Passenger Kilometres (RPKs)Number of revenue passengers carried multiplied by the distance flown (demand)
GLOSSARY OF KEY TERMS
The following non-GAAP measures are not audited: CASK, Gearing, Net Debt, Gross Debt, EBITDA and RASK. Amounts used within the calculations are derived from the condensed Group interim financial statements where possible. The interim
financial statements are subject to review by the Group’s external auditors. The non-GAAP measures are used by management and the Board of Directors to assess the underlying financial performance of the Group in order to make decisions
around the allocation of resources.

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31
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31
Resources
Contact information
Email: investor@airnz.co.nz
Share registrar: enquiries@linkmarketservices.com
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/sustainability
FIND INFORMATION ON AIR NEW ZEALAND

AIR NEW ZEALAND 2023 ANNUAL RESULTS
32

---

Amount (000s)
3,474,000
3,474,000
129,000
129,000
8-Mar-2024
21-Mar-2024
NZ$ AmountReporting Period
0.54
Contact person for this announcement
Unaudited interim financial statements accompany this announcement.
Authority for this announcement
Name of person authorised to make this
announcement
Jennifer Page, General Counsel and Company
Secretary
Contact phone number
Contact email addressinvestor@airnz.co.nz
Date of release through MAP22 February 2024
Leila Peters, General Manager Corporate Finance
Imputed amount per sec Quoted Equity
Security
Record Date
+64 9 336 2607
Net tangible assets per Quoted Equity
Security
0.46
Dividend Payment Date
Prior Comparative Period
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
Refer to media release.
The interim dividend was declared on 22 February
2024.
0.00000000
Previous Reporting Period6 months to 31 December 2022
Percentage change
Revenue from continuing operations12.9%
Total Revenue12.9%
Currency
0.02000000
New Zealand Dollars
Amount per Quoted Equity Security
Net profit from continuing operations39.4%
Total net profit39.4%
Interim Dividend (NZ$)
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuerAir New Zealand
Reporting Period6 months to 31 December 2023

PRELIMINARY HALF YEAR REPORT ANNOUNCEMENT
AIR NEW ZEALAND LIMITED
Half Year Ended 31 December 2023 (referred to in this report as the "current half year")
1 Information prescribed by NZX
(a) A Statement of Financial Performance
Refer to the Interim Financial Statements.
(b) A Statement of Financial Position
Refer to the Interim Financial Statements.
(c) A Statement of Cash Flows
Refer to the Interim Financial Statements.
$NZ'm*NZ Cents Per Share
Distributions recognised
Special dividend for 2023 financial year on Ordinary Shares2026.0
Distributions paid
Special dividend for 2023 financial year on Ordinary Shares2096.0
* The difference between distributions recognised and paid relates to supplementary dividends.
(e) A Statement of Movements in Equity
Refer to the Interim Financial Statements.
Ordinary Shares5446
(g) Commentary on the results
MeasurementCurrent period
Prior
comparable
period
(i)Basic and diluted earnings per shareNZ cents per share3.8 6.3
(ii)Returns to shareholders (see also section (d) above)
Special dividend on Ordinary Shares*$NZ'm202 -
(iii) Significant features of operating performance:
(iv) Discussion of trends in performance:
Current period
Prior comparable
period
* Reflects the special dividend for the 2023 financial year. Details on the special dividend for the 2023 financial year is provided in the second
paragraph of section 2(d).
Refer to the media release.
Refer to Results for announcement to the market.
2 The following information, which may be presented in whatever way the Issuer considers is the most clear and helpful to users, e.g.,
combined with the body of the announcement, combined with notes to the financial statements, or set out separately.
(d) Details of individual and total dividends or distributions and dividend or distribution payments, which:
(i) have been declared, and
(ii) relate to the period (in the case of ordinary dividends or ordinary dividends and special dividends declared at the same time) or were
declared within the period (in the case of special dividends).
Refer to the media release.
(f) Net tangible assets per security with the comparative figure for the previous corresponding period
(NZ Cents Per Share)
On 22 February 2024, the Board of Directors declared an interim dividend of 2.0 cents per Ordinary Share payable on 21 March 2024 to
registered shareholders at 8 March 2024. The total dividend payable will be $67 million. No imputation credits will be attached and
supplementary dividends will not be paid to non-resident shareholders. The dividend has not been recognised in the December 2023 financial
statements.
A special dividend in respect of the 2023 financial year of 6.0 cents per Ordinary Share was paid on 21 September 2023. Imputation credits were
attached and supplementary dividends paid to non-resident shareholders.
Page 1
Air New Zealand Limited
NZX Preliminary Interim Report

PRELIMINARY HALF YEAR REPORT ANNOUNCEMENT
AIR NEW ZEALAND LIMITED
Half Year Ended 31 December 2023 (referred to in this report as the "current half year")
(v) The Issuer's dividend policy
(vi)
(h) Audit of financial statements
Basis of preparation
Accounting policies
Refer to Note 1 of the Interim Financial Statements.
Changes in accounting policies
Audit Review Report
A copy of the review report is attached at the back of the Interim Financial Statements.
Additional information
Not applicable.
This half year report was approved by the Board of Directors on 22 February 2024.
Dame Therese Walsh
Chair
Refer to Note 1 of the Interim Financial Statements.
Refer to Air New Zealand website - https://www.airnewzealand.co.nz/dividend-history
Refer to the media release.
The annoucement is based on unaudited interim financial statements. The interim financial statements have been the subject of review by the external
auditor, pursuant to NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity, issued by the External
Reporting Board.
This report is compiled in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). NZ GAAP consists of New Zealand
equivalents to International Financial Reporting Standards (“NZ IFRS”) and other applicable financial reporting standards as appropriate to profit-
oriented entities.
Any other factors which have or are likely to affect the results, including those where the effect could not be quantified:
Page 2
Air New Zealand Limited
NZX Preliminary Interim Report

Distribution Notice




Section 1: Issuer information
Name of issuer Air New Zealand Limited
Financial product name/description Ordinary Shares
NZX ticker code AIR.NZ
ISIN (If unknown, check on NZX
website)
NZAIRE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 08/03/2024
Ex-Date (one business day before the
Record Date)
07/03/2024
Payment date (and allotment date for
DRP)
21/03/2024
Total monies associated with the
distribution
$67,369,285
Source of distribution (for example,
retained earnings)
Operating Free Cash Flow
Currency New Zealand
Section 2: Distribution amounts per financial product
Gross distribution $0.02000000
Gross taxable amount $0.02000000
Total cash distribution $0.02000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
$0.00660000

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Jennifer Page, General Counsel and Company
Secretary
Contact person for this
announcement
Jennifer Page
Contact phone number +64 279090691
Contact email address Jennifer.Page@airnz.co.nz
Date of release through MAP

22/02/2024