Air NZ announces 2024 Annual Results

29 August 2024
Air New Zealand announces 2024 Annual Results and declares final dividend
Summary
• Earnings before taxation of $222 million
• Net profit after taxation of $146 million
• Passenger revenue of $5.9 billion
• Liquidity of $1.5 billion
• Unimputed final dividend of 1.5 cents per share declared, resulting in total ordinary dividends of
3.5 cents per share for the year
Air New Zealand today announced earnings before taxation for the 2024 financial year of $222 million compared
to $574 million for the same period last year. This was an expected reduction on the prior year, when the airline
recorded one of its highest ever results following the reopening of New Zealand’s border. Net profit after taxation
was $146 million.
While Air New Zealand reported a solid first half result, the second half of the financial year proved increasingly
challenging as the impact of operational and economic headwinds became more pronounced.
The tougher economic backdrop in New Zealand drove a deterioration in domestic demand in the second half,
particularly for corporate and government segments. Accelerated maintenance requirements for Pratt & Whitney
PW1100 engines worldwide have meant that up to six of the airline’s newest and most efficient Airbus neo
aircraft have been out of service at times. Ongoing additional maintenance requirements on the Trent 1000
engines that power the existing Boeing 787 Dreamliner fleet and reduced levels of spares in the market have
meant that up to three Dreamliners are also on the ground at times. These issues, alongside elevated
competition from US carriers and the cumulative effect of high inflation, have had a significant impact on the
airline’s operational and financial performance for the 2024 financial year.
Passenger revenue increased 11 percent to $5.9 billion, driven by a 23 percent ramp-up in capacity, primarily
across the international long-haul network. This was partially offset by the weaker demand environment and
higher levels of competition. Also included within passenger revenue is $90 million of credit breakage for unused
customer credits that were considered highly unlikely to be redeemed.
While average jet fuel prices were slightly lower for the year, total fuel costs increased by around $190 million,
driven by capacity growth across the network. Non-fuel operating costs increased faster than revenue, also
driven by the increase in capacity, as well as broad based inflation across the cost base.
Non-fuel operating cost inflation of approximately $225 million was a significant drag on the airline’s financial
performance. With landing charges, air navigation fees and engineering materials leading the increases, the
non-fuel operating cost uplift of six percent for the year brings the cumulative impact of inflation across the past
five years to 20 to 25 percent. While growth in the network has provided some scale benefits, productivity
remains below the levels achieved pre-Covid as the airline carries extra costs to help manage ongoing
disruptions in the supply chain.
Based on the airline’s balance sheet strength and the result announced today, shareholders will receive a final
unimputed ordinary dividend of 1.5 cents per share, taking the total ordinary dividends declared for the year to
3.5 cents per share. The dividend will be paid on 26 September, to shareholders on record as at 13 September.
Chair Dame Therese Walsh acknowledged the hard work and efforts of 11,700
1
Air New Zealanders who have
risen to the raft of challenges the airline has faced.

1
Refers to Full Time Equivalent employees

“It’s been a difficult year managing both macroeconomic and operational challenges. I’d like to thank the Air New
Zealand whānau, not only for navigating these issues with great skill and manaaki, but also for never losing sight
of what the organisation needs to do to be a future-fit airline.
“We know these challenges will pass, some faster than others, but they have had a significant impact on our
financial performance this year. Today we announced earnings before taxation of $222 million and estimate
earnings would have been around $100 million higher, net of compensation, had we been able to operate our
aircraft and schedule as intended.”
Dame Therese went on to note that despite the near-term challenges, the airline remains focused on
opportunities to improve returns, while staying true to its culture and commitment to provide a world-class travel
experience for customers.
“Our balance sheet is robust, with capacity to prudently manage these headwinds while investing sensibly in the
areas that matter for our people and our customers. We believe in the strength of our plan and our team and
are excited about the opportunities ahead as we move out of this current cycle.”
In the face of extensive external disruptions, Chief Executive Officer Greg Foran thanked customers and Air
New Zealanders alike for their ongoing support.
“I want to acknowledge the understanding and loyalty of our customers who were impacted by unavoidable
scheduling changes while travelling with us this year. We do not take our customers choice to fly with Air New
Zealand for granted and are grateful for the patience they have shown us.
“We took immediate action to minimise the disruption, leasing three Boeing 777-300ERs, securing additional
spare engines and adjusting our network and schedule to deliver greater reliability. We are very proud of what
our team managed to achieve, but we know it has been far from perfect for impacted customers.
“The challenges we are facing are not unique to Air New Zealand. Supply chain and aircraft delivery delays,
growing costs and a shortage of labour in key areas like engineering are major issues facing many airlines
across the global aviation industry. However, the reality is that while these issues continue to play out, Air New
Zealand is expecting a challenging year ahead.”
Mr Foran went on to say that Air New Zealand was fundamentally well-positioned and would not let the current
environment distract the airline from delivering on its purpose.
“As we continue to navigate this difficult environment, we remain focused on the big picture - controlling what
we can, relentlessly focusing on our customers and our people, and investing for the future. Our Kia Mau strategy
continues to serve us well, driving improvements in our core capabilities, and we’ve made considerable progress
on many fronts.
“A key priority for us continues to be delivering excellent customer service and a range of competitive fares. This
requires ongoing discipline around our cost base, and you will see us make targeted adjustments, including
around a 2 percent reduction in headcount, as well as pursuing improvements in the controllable cost base.
“We remain committed to investing for the future, with expected aircraft-related capital expenditure of $3.2 billion
over the next five years. This includes a significant, multi-year interior retrofit programme on our 14 existing
Dreamliner aircraft. We anticipate delivery of the first new GE-powered Boeing 787-9 aircraft towards the end
of the 2025 calendar year, which will provide options for continued growth, cost efficiencies and network
expansion opportunities.”
Mr Foran went on to conclude that the airline is focused on operating effectively through the current economic
and operating conditions, which are expected to continue through the first half of the 2025 financial year.
Outlook
Air New Zealand has outlined today a number of trading conditions that have significantly impacted the result
for the second half of the 2024 financial year, in particular the tougher economic backdrop in New Zealand
driving softness in demand, the cumulative impact of inflationary cost pressures, the impacts of aircraft
availability issues and significant competition on its US network.

Air New Zealand expects these trading conditions to remain similar through the first half of the 2025 financial
year. Given the ongoing uncertainty, the airline is not providing guidance at this time.

S
upplementary table – Financial highlights


1H 2024
$M
2H 2024
$M
FY 2024
2

$M
Operating revenue 3,474 3,278 6,752
Earnings before taxation 185 37 222
Net profit after taxation 129 17 146



1H 2023
$M
2H 2023
$M
FY 2023
2

$M
Operating revenue 3,078 3,252 6,330
Earnings before taxation 299 275 574
Net profit after taxation 213 199 412



This announcement is authorised for release on the NZX and ASX by Jennifer Page, General Counsel
and 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
Email: kim.cootes@airnz.co.nz Phone: +64 21 747 320
Phone: +64 27 297 0244



2
Per the 2024 audited consolidated financial statements contained in the 2024 Annual Report.

---

AIR NEW ZEALAND 2024 ANNUAL RESULTS
1
AIR NEW ZEALAND 2024 ANNUAL RESULTS
1
Annual
Financial
Results
Investor Presentation
2024

AIR NEW ZEALAND 2024 ANNUAL RESULTS
2
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AIR NEW ZEALAND 2024 ANNUAL 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
consolidated financial statements for the year ended 30 June 2024, 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 year ended 30 June 2024 unless otherwise stated
•contains forward-looking statements of future operating or financial
performance. The forward-looking statements are based on managements’
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: Gearing, Net Debt, Gross
Debt, and EBITDA. Amounts used within the calculations are derived from the
audited Group annual financial statements and Five-Year Statistical Review
contained in the 2024 Annual Report. 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 33 for a glossary of the key terms used in this presentation.
FORWARD-LOOKING STATEMENTS AND DISCLAIMER

3
AIR NEW ZEALAND 2024 ANNUAL RESULTS
BUSINESS UPDATE
GREG FORAN
CHIEF EXECUTIVE OFFICER

$222m
earnings before tax
includes $90m of unused credit breakage
16.5m
Passengers flown
Up 4% on last year
$459m
Cargo revenue
above pre-Covid levels despite increased competition
Awarded New Zealand’s
Most Attractive Employer
by Randstad for 2024
On-time performance
improved to 79.4%
up from 76.8% with further improvements targeted
3.5cps
unimputed ordinary dividends
for the 2024 financial year
Customer satisfaction
up at pre-Covid levels
Now over 4.6 million members worldwide
14% annual growth in
Airpoints
TM
membership
2024 YEAR IN REVIEW
Driven by improved onboard offerings and airport
touchpoints
~$100m adverse impact
to FY24 earnings
From aircraft availability challenges, net of
compensation
4
AIR NEW ZEALAND 2024 ANNUAL RESULTS

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
Economic slowdown
in New Zealand
•Swiftly negotiated leased aircraft and
engines
•Increased inventory of parts and
spares
•Network and schedule adjustments,
including temporary suspension of
Chicago
Challenges with
aircraft availability
Cost inflationInflux of competition
on North America
•Targeted capacity reductions
•Improved uptake of ancillary
revenue products
•Monitoring revenue management
settings to respond in real time to
demand changes
•Productivity initiatives
•Targeted headcount reductions
•Review and negotiation of key
supplier arrangements
We expect a continuation of these factors into FY25
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
PUTTING MITIGATIONS IN PLACE TO PROTECT OUR NETWORK AND SCHEDULE
WE ARE FACING OUR CHALLENGES HEAD ON
•Targeted marketing activity to
maintain strength in premium
cabins
•Increasing cargo volumes to offset
passenger demand softness
•Collaboration with Tourism New
Zealand and alliance partners to
improve customer reach

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
•New and enhanced self-service
offerings for customers
•Investment in new and efficient
ground service equipment
•Two new domestic A321neos
delivered
Elevate
international
Lift
loyalty
Grow
domestic
•Reinvigorated Seats to Suit offering
•Redesigned premium check-in at
Auckland Airport
•Renewed Singapore Airlines alliance
•Refresh of 777 interiors
•Retail partnership ecosystem
grew by four partners
•Airpoints dollar
TM
issuance by
partners up 3 percent
•Prepared for launch of iFly
platform
ENABLED BY STRONG CULTURE AND FOCUSED INVESTMENT
•Launched series of digital
tools to support operational
and customer service
excellence
•Investment in infrastructure
Brilliant basicsDigitalSustainabilityPeople and safety
•13 union agreements ratified
•New Mangōpare pilot cadetship
launched
•Safeguard New Zealand
Workplace Health & Safety Award
•Purchase of first battery
powered, all electric aircraft
due to be delivered in 2026
•Procurement of SAF, targeting
uplift of 10% of total volumes
by 2030
•Multiyear upgrade of digital
platforms and tooling
•Artificial intelligence proof of
concept trials
CONTINUED FOCUS ON DELIVERY OF OUR KIA MAU STRATEGY
WILL UNLOCK FUTURE OPPORTUNITIES FOR THE AIRLINE

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

AIR NEW ZEALAND 2024 ANNUAL RESULTS
8
8
AIR NEW ZEALAND 2024 ANNUAL RESULTS
8
•Operating revenue of $6.8 billion, up 7%
•Passenger revenue of $5.9 billion, up 11%
•Cargo revenue of $459 million, down 27% on last year
but up 18% on pre-Covid
•Earnings before taxation of $222 million, down 61%
•Net profit after taxation of $146 million, down 65%
•Liquidity of $1.5 billion
1
•Net Debt to EBITDA of 0.8x
•Full year unimputed ordinary dividends of 3.5 cents per
share
2
Covid-19 impacted
period
Earnings/(Loss) Before Taxation
($ millions)
(629)
(415)
(810)
574
222
20202021202220232024
FINANCIAL SUMMARY
1
Includes $1.3 billion cash and $250 million in undrawn funds under our new commercial Revolving Credit Facility (replacing the previous Crown Standby Facility which was undrawn).
2
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.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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9
PROFITABILITY WATERFALL
1
For further details on fuel cost movement, refer to slide 24.
2
Relates to Other significant items in the prior year. Please refer to note 3 in the Group Annual financial statements for further information.
Additional commentary
• Significant activity increases
when comparing to FY23 due
to 17% growth in capacity
• Broad based inflation of 6%
across the non-fuel cost base,
a headwind of $225 million on
the FY24 result
• Estimate that earnings would
be ~$100 million higher, net of
compensation, had the airline
been able to operate aircraft
and network as intended
1
2

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
10
10
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
DRIVING A DETERIORATION IN UNDERLYING CASK
•Reported CASK improved 1.6% compared to last year, largely due to fuel price movements and mix of longer sector
flying in the period, offset by the impact of inflation
•Excluding the impact of fuel price movements, foreign exchange, and third-party maintenance, underlying CASK
deteriorated 0.6%. Underlying CASK has deteriorated due to non-fuel operating cost inflation of around 6% across the
cost base
•Challenging CASK environment expected to continue into FY25, with limited anticipated capacity growth due to fleet
constraints
AIRCRAFT AVAILABILITY AND COMPOUNDED INFLATION

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
11
11
11
AIR NEW ZEALAND 2024 ANNUAL RESULTS
Direct labour
1
(price only)
($ millions)
20192024
+20%
20192024
+29%
20192024
~20% to 25%
Variable operating costs
2
(price only)
($ millions)
Total cost base
2
(price only)
($ millions)
SIGNIFICANT COST INFLATION IN RECENT YEARS
EXPECTED TO CONTINUE INTO FY25
1
Includes pilots, crew, airports and engineering and maintenance.
2
Excluding fuel.
Additional commentary
• Landing charges, air
navigation fees and
engineering materials
driving inflationary uplift of
6% for FY24
• Rate only impact on key
P&L lines as follows:
2024
price
change
Maintenance, aircraft
operations and
passenger services
8%
Labour5%
Sales, marketing and
other expenses
5%

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
12
12
12
AIR NEW ZEALAND 2024 ANNUAL RESULTS
12
Fuel hedging
•Currently hedging Brent Crude only; exposed to pricing
movements in the crack spread
•Hedged with collar structures, with focus on ensuring
downside participation in price declines
•Assuming an average jet fuel price of US$95 per barrel
for FY25, fuel cost would be ~$1.6 billion
1

•FY25 hedges cover 73% of estimated volumes of ~8.2
million barrels
2
Foreign exchange hedging
•US dollar is ~58% hedged for FY25 at 0.6106
MITIGATING FUEL PRICE AND FX VOLATILITY
THROUGH HEDGING
Fuel hedge position
(as at 14 Aug 2024)
Period
Hedged volume
(in barrels)
% hedged
Net compensation
from hedging
(USD)
4
1H FY253,500,00086%(~$4 million)
2H FY252,500,00060%(~$2 million)
1
2025 Fuel cost
3
sensitivity
1
Includes cost of carbon and the associated hedging portfolio, in addition to SAF purchases.
2
As at 14 Aug 2024
3
Assumes NZD/USD rate of 0.6000.
4
Net compensation from fuel hedges represents the unrealised gains/(losses) on fuel hedges, including the cost of the hedges and is in USD.
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
65758595105115125
NZD cost of fuel (millions)
Singapore Jet US$/barrel
UnhedgedHedged

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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13
FLEET INVESTMENT UPDATE
Actual and forecast aircraft capital expenditure
1
FORECAST DELIVERY PROFILE STRETCHES 787 ORDER
OUT TO FY29
•Forecast investment of $3.2 billion in aircraft
and associated assets through to 2029
•Re-phasing of 787 order updated from the
profile provided at the 2024 Interim result
2
:
‒FY26: 2 aircraft instead of 4
‒FY27: 3 aircraft instead of 2
‒FY28: 1 aircraft instead of 2
‒FY29: 2 aircraft
•Chart includes the forecast cost of interior
retrofit of 14 existing 787 aircraft from 2024
‒Estimated cost of ~$500 million phased
over the next ~3 years
‒First retrofit currently expected to be in-
service from early calendar 2025
• Relatively young widebody fleet age of ~9-10
years
‒Although existing 777-300 fleet (7 aircraft)
could remain operational towards 2030
0
200
400
600
800
1,000
1,200
2020202120222023202420252026202720282029
$ millions
HistoricalForecastForecast Boeing 787 retrofit
1
Includes progress payments on aircraft and aircraft improvements (e.g. refurbishment); excludes engine maintenance. Please refer to slide 30 for fleet delivery table.
2
Based on expected delivery dates, not contractual delivery dates.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
14
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
SOLID PROGRESS IN FY24 TO MOVE TOWARDS OUR TARGETS
•Major progress on Auckland jet base and 787 interior
programmes
•Investment in battery electric and hybrid ground service
equipment (GSE)
•~$200 million 2023 special dividend paid
•~$70 million unimputed ordinary interim dividend paid
•~$50 million unimputed ordinary final dividend declared
•Cash purchase of two domestic A321neo aircraft
•Establishment of new $250 million revolving credit
facility to supplement liquidity, replacing unsecured
committed Crown Standby Facility cancelled in Mar 24
•Early repayment of select aircraft debt
PROGRESS MADE IN FY24

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AIR NEW ZEALAND 2024 ANNUAL RESULTS
OUTLOOK
GREG FORAN
CHIEF EXECUTIVE OFFICER

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
16
Sector
2024 ASKs
(millions)
1H 2025
(vs 1H 2024)
2H 2025
(vs 2H 2024)
2025 Estimated
Capacity
1
Domestic6,620Flat0% to 5% up0% to 3% up
Tasman and Pacific
Islands
11,655Flat0% to 5% up0% to 3% up
International long-haul23,7920% to 5% down0% to 3% up0% to 3% down
Group
42,0670% to 3% down0% to 3% upDown 1% to flat
FY25 CAPACITY TEMPORARILY CONSTRAINED BY
AIRCRAFT AVAILABILITY
Equates to ~92% of
pre-Covid capacity
1
Compared to FY24 levels. Based on expected delivery dates, not contractual delivery dates. Subject to a high degree of uncertainty based on the ongoing extended maintenance requirements on our A321neo and 787 fleet.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
17
2025 OUTLOOK
We have outlined a number of trading conditions that have significantly
impacted our result for the second half of the 2024 financial year, in particular
the tougher economic backdrop in New Zealand driving softness in demand,
the cumulative impact of inflationary cost pressures, the impacts of aircraft
availability issues and significant competition on our US network.
We expect these trading conditions to remain similar through the first half of
the 2025 financial year. Given the ongoing uncertainty, the airline is not
providing guidance at this time
.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
SUPPLEMENTARY
INFORMATION

20
AIR NEW ZEALAND 2024 ANNUAL RESULTS
20
Revenue
down
(27%)
Driven by:
CARGO PERFORMANCE
• Cargo revenue of $459 million, down 27%
on prior year but up 18% on pre-Covid
levels. Key drivers include:
‒Volume up driven by significant
capacity growth, particularly in
international long-haul
‒No cargo-only flying in FY24
‒Prior year figure includes $98 million in
Government supported cargo flights
‒Increased competition as international
carriers returned to the market
Cargo revenue down 27%
driven by:
Volumes19%
Yields(30%)
Government support(16%)

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30 Jun 202430 Jun 2023
Capital management targets
(effective from FY24)
1
Gross debt
2
(2,816)
(3,335)
Cash, restricted deposits and net open
derivatives
2

2,044
2,928
Net debt
2
(772)
(407)
Gross debt/EBITDA
2.9x
2.5x
Net debt/EBITDA
0.8x
0.3x
Net Debt to EBITDA ratio of
1.5x to 2.5x
Gearing
27.7%
16.4%
Return on invested capital (ROIC)9.7%22.3%Target ROIC above pre-tax WACC
Total liquidity
2
1,529
2,627
Target liquidity range of
$1.2 billion to $1.5 billion
Moody's rating
Baa1 stable
(investment grade)
Baa2 stable
(investment grade)
Investment grade
Shareholder distributions declared
2.0 cps interim and 1.5 cps
final unimputed ordinary
dividends
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 slide14 for more information on the capital management framework.
2
In $ millions.
3
NPAT is calculated on a rolling twelve-month basis.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
22
•Gross Debt of $2.8 billion comprising:
–~$1.4 billion secured aircraft debt and finance leases
1
–$720 million operating leases
1
–$686 million unsecured NZD bond and AUD notes
•Cash of ~$1.3 billion, restricted deposits of $780 million and net open
derivatives of ($15) million
•Net Debt of ~$0.8 billion
•Undrawn $250 million Revolving Credit Facility, expiring May 2027
•Weighted average debt and finance lease maturity of ~3.4 years
2

Capital structure as at 30 Jun 2024
DEBT STRUCTURE AND MATURITY PROFILE
Debt maturity profile as at 30 June 2024
($ millions)
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.
290
240
234
122
89
69
158
139
44
102
321
263
FY25FY26FY27FY28FY29FY30FY31FY32
25
FY33FY34
Secured Debt and Finance Leases
New Zealand Retail Bond
Australian Medium Term Notes

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
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UNENCUMBERED AIRCRAFT OF ~$1.6 BILLION
Unencumbered aircraft as at 30 Jun 2024
777-300ER1x
787-91x
A320/321neo7x
A320ceo11x
AT R 7 2-6006x
Q30023x
Current market valuesDebt and equity mix
4.84.8
UnencumberedFinancedEquityDebt
Aircraft values and capital mix
($ billions
2,3
)
1
Excludes spare engine assets and operating leases (leases without a purchase option).
2
Aircraft valuations based on Aircraft Value Analysis Company Limited (AVAC) as at 30 June 2024. Aircraft valuations are subject to market conditions, aircraft condition, FX rates, technology advancement and other factors.
3
Aircraft values are in USD and converted to NZD at June 2024 balance sheet rate of 0.6080. Foreign currency denominated debt outstanding as at 30 June 2024 also converted to NZD at balance sheet rates (JPY: 97.75, EUR: 0.5690).
In addition to $1.6 billion in
unencumbered aircraft,
there is significant equity
value within financing
structures
1
.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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24
AIR NEW ZEALAND 2024 ANNUAL RESULTS
24
1,692
1,499
293
(135)
1
34
2023 FUEL COSTVOLUMEUNDERLYING
PRICE
NET HEDGING
IMPACT
FX
MOVEMENTS
2024 FUEL COST
$134 million
effective decrease
in fuel price
Decrease in
jet fuel price
US$113 to
US$105
per barrel
Jun 2024
hedge loss
of $18m
vs
Jun 2023
hedge loss of
$17m
FUEL COST MOVEMENT
(9%)

AIR NEW ZEALAND 2024 ANNUAL RESULTS
25
25
25
AIR NEW ZEALAND 2024 ANNUAL RESULTS
FINANCIAL OVERVIEW
Jun 2024
$M
Jun 2023
$M
Movement
$
Movement
%
Operating revenue
6,7526,3304227%
Earnings before taxation
222574(352)(61%)
Net profit after taxation
146412(266)(65%)
Operating cash flow
8101,853(1,043)(56%)
Cash position
1,2792,227
(948)(43%)

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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26
26
AIR NEW ZEALAND 2024 ANNUAL RESULTS
GROUP PERFORMANCE METRICS
Jun 2024Jun 2023Movement
1
%
Passengers carried (‘000s)16,46015,7764%
Available seat kilometres (ASKs, millions) – passenger flights
42,067
34,28123%
Available seat kilometres (ASKs, millions) – passenger and cargo-
only flights
42,06735,961
17%
Revenue passenger kilometres (RPKs, millions)
34,285
29,03218%
Load factor
81.5%84.7%
(3.2 pts)
Passenger revenue per ASKs as reported (RASK, cents)
14.115.6
(10%)
Passenger revenue per ASKs, excluding FX (RASK, cents)
14.115.6
(10%)
Passenger revenue per ASKs excluding FX and unused credit
breakage (RASK, cents)
2
13.915.6
(11%)
1
Calculation based on numbers before rounding.
2
This is RASK excluding $90 million in unused customer credit breakage which has been recognised within passenger revenue in FY24.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
27
27
27
AIR NEW ZEALAND 2024 ANNUAL RESULTS
DOMESTIC
1
Calculation based on numbers before rounding.
2
This is RASK excluding ~$15 million in unused customer credit breakage which has been recognised within passenger revenue in FY24.
Jun 2024

Jun 2023

Movement
1
%
Passengers carried (‘000s)
10,721
10,946(2%)
Available seat kilometres (ASKs, millions) – passenger flights
6,620
6,685(1%)
Revenue passenger kilometres (RPKs, millions)
5,571
5,679(2%)
Load factor84.2%84.9%
(0.7 pts)
Passenger revenue per ASKs as reported (RASK, cents)
29.628.7
3%
Passenger revenue per ASKs, excluding FX (RASK, cents)
29.528.7
3%
Passenger revenue per ASKs excluding FX and unused credit
breakage (RASK, cents)
2
29.328.7
2%

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28
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
TASMAN & PACIFIC ISLANDS
Jun 2024Jun 2023Movement
1
%
Passengers carried (‘000s)3,8113,35214%
Available seat kilometres (ASKs, millions) – passenger flights
11,65510,23714%
Revenue passenger kilometres (RPKs, millions)9,8318,70713%
Load factor84.3%85.1%
(0.8 pts)
Passenger revenue per ASKs as reported (RASK, cents)
13.014.4
(10%)
Passenger revenue per ASKs, excluding FX (RASK, cents)
13.114.4
(9%)
Passenger revenue per ASKs excluding FX and unused credit
breakage (RASK, cents)
2
12.914.4
(10%)
1
Calculation based on numbers before rounding.
2
This is RASK excluding ~$17 million in unused customer credit breakage which has been recognised within passenger revenue in FY24.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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29
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
INTERNATIONAL LONG- HAUL
Jun 2024Jun 2023Movement
1
%
Passengers carried (‘000s)1,9281,47830%
Available seat kilometres (ASKs, millions) – passenger flights
23,79217,35937%
Revenue passenger kilometres (RPKs, millions)18,88314,64629%
Load factor79.4%84.4%
(5.0 pts)
Passenger revenue per ASKs as reported (RASK, cents)10.411.3(8%)
Passenger revenue per ASKs, excluding FX (RASK, cents)10.311.3(9%)
Passenger revenue per ASKs excluding FX and unused credit
breakage (RASK, cents)
2
10.011.3(12%)
1
Calculation based on numbers before rounding.
2
This is RASK excluding ~$58 million in unused customer credit breakage which has been recognised within passenger revenue in FY24.

AIR NEW ZEALAND 2023 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
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30
30
AIR NEW ZEALAND 2024 ANNUAL RESULTS
AIRCRAFT DELIVERY SCHEDULE
Aircraft delivery schedule (as at 30 June 2024)
1
Number
in
existing
fleet
Number
on
order
Expected delivery dates
(financial year)
2025
2026202720282029
Owned Fleet on Order
Boeing 787128-
2312
Airbus A320neo / A321neo132-
-2--
ATR 72-6002922
--
--
Operating Leased
Aircraft
Boeing 777-300ER51
1
----
Airbus A320neo / A321neo522
----
1
Delivery table excludes the BETA ALIA CTOL, our first electric aircraft which will enter the fleet as a cargo-only commercial demonstrator from FY26. It should be noted that the table above is based on our assumed delivery
schedule. This differs to the contractual delivery dates.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
31
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 FY26. Does not include three short-
term leased 777-300ER aircraft.
2
Includes the three short-term leased 777-300ER aircraft.
FLEET AGE UPDATE
Fleet type202420252026
Boeing 777-300ER
2
91010
Boeing 787
141416
Airbus A320
171717
Airbus A320/A321neo
182020
ATR72-600
293131
Bombardier Q300
232323
Total Fleet
110115117
7.1
6.7
7.3
7.9
8.7
9.3
10.1
2020202120222023202420252026
Aircraft fleet age in years
(seat weighted)
1
HistoricalForecast

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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32
AIR NEW ZEALAND 2024 ANNUAL RESULTS
32
UNUSED CUSTOMER CREDITS
•As at 30 June 2024, $212 million of unused
customer credits were included in
Transportation Sales in Advance (compared
with 30 June 2023 balance of $282 million)
•Within that $212 million, $186 million relate to
a flexibility policy over the January 2020 to
September 2022 period
•These outstanding customer credits have
expiration dates up to 31 January 2026
•For the FY24 period, breakage of $90 million
related to the Flexibility Policy Credits was
recognised as Passenger Revenue
•Remaining Flexibility Policy Credits which
could potentially be subject to further breakage
either in FY25 or FY26 is $96 million
186
96
212
122
Unused customer credits
(as at 30 June 2024)
Unused customer credits, net of breakage
(potentially subject to future breakage)
Flexibility Policy CreditsDirect Travel Credits

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AIR NEW ZEALAND 2024 ANNUAL RESULTS
33
Available Seat Kilometres (ASKs)Number of seats operated multiplied by the distance flown (capacity)
Cost/ASK (CASK)Operating expenses divided by the total ASK for the period
GearingNet Debt / (Net Debt + Equity)
Earnings before interest, tax, depreciation
and amortisation (EBITDA)
Operating earnings before depreciation and amortisation, net 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 revolving facility
available to be drawn
Passenger Load FactorRPKs as a percentage of ASKs
Passenger Revenue/ASK (RASK)Passenger revenue for 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: Gearing, Net Debt, Gross Debt and EBITDA. Amounts used within the calculations are derived from the audited Group financial statements and Five-Year Statistical Review contained in the
2024 Annual Report. 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.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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34
AIR NEW ZEALAND 2024 ANNUAL RESULTS
34
Resources
Contact information
Email: investor@airnz.co.nz
Share registrar: enquiries@linkmarketservices.co.nz
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 2024 ANNUAL RESULTS
35

---

Annual Report
2024

About this ReportContents
At Air New Zealand, we are proud of our role in supporting New Zealanders to succeed
and thrive at home and around the world.
Since our first flight to Sydney in
1940, a nine-hour journey with just
10 passengers, Air New Zealand has
connected millions of New Zealanders
and their products to the world.
We have played a key role representing
Aotearoa New Zealand on the global
stage, with our authentic Kiwi service,
operational excellence, and passion
for innovation.
In this report, we share the story of our
year. Of the innovation and investment,
the collaboration and manaaki, and
the commitment and professionalism
of 11,700 Air New Zealanders.
All made
much more remarkable given the

backdrop of operational and economic
challenges that had a significant impact
on our financial performance.
We welcome your feedback on this
report. Please send any comments or
suggestions to investor@airnz.co.nz.
A digital version of this report, along
with previous annual and interim
reports is available at: airnewzealand.
co.nz/financial-information.
This report covers the financial year
ended 30 June 2024 and is dated
29 August 2024. It has been approved
by the Board and is signed on behalf of
the Air New Zealand Group by Dame
Therese Walsh, Chair of the Board, and
Greg Foran, Chief Executive Officer.
In conjunction with the Air New Zealand
2024 Climate Statement, this document
constitutes the 2024 Annual Report to
shareholders of Air New Zealand Limited.
Dame Therese Walsh
Chair
Greg Foran
Chief Executive Officer
About this Report 01
Our Purpose 02
Air New Zealand at a Glance 04
Performance Highlights 06
Letter from the Chair and
Chief Executive Officer 07
Business Highlights 12
Our Strategy 15
Our Financial Performance 18
Financial Commentary 19
Financial Summary 22
Change in Profitability 23
Our Sustainability Update 24
Our Corporate Governance
Statement 35
Employee Remuneration 51
Remuneration Report 52
Interests Register 55
Directors’ Interests in
Air New Zealand Securities 56
Indemnities and Insurance 56
Subsidiary Companies 56
Other Disclosures 57
Operating Fleet Statistics 58
Securities Statistics 59
General Information 61
Our Consolidated Financial
Statements 62
Directors’ Statement 64
Statement of Financial
Performance 65
Statement of Comprehensive
Income 66
Statement of Changes In Equity 67
Statement of Financial Position 68
Statement of Cash Flows 69
Statement of Accounting Policies 70
Notes to the Financial Statements 73
Independent Auditor’s Report 108
Five Year Statistical Review 112
Shareholder Directory 116
AIR NEW ZEALAND
ANNUAL REPORT 2024
01
AIR NEW ZEALAND GROUP

Our guiding purpose is to enrich our country by
connecting New Zealanders to each other and
New Zealand to the world.
This is an idea that’s been at the heart
of our airline since the very beginning.
Embedded in this purpose is a
promise to our people, our customers
and our community. That promise is
Manaaki – taking care further than
any other airline.
This idea of care is encapsulated in
our values and is implicit in everything
we do – from taking care of each other,
our customers, our environment and
the communities we serve.
Our Purpose
AIR NEW ZEALAND
ANNUAL REPORT 2024
0302
AIR NEW ZEALAND GROUP

TO BE UPDATED
Air New Zealand at a Glance
At Air New Zealand we provide world-class
air passenger and cargo services to, from and
within New Zealand.
We operate one of the most comprehensive
domestic and regional networks in the world,
flying to 20 destinations across New Zealand,
offering more than 400 flights every day.
Internationally, our strategic focus and
competitive advantage lie within the Pacific
Rim where our network reach extends from
New Zealand into Australia, the Pacific
Islands, Asia and North America. Alongside
key global alliance partners, including United
Airlines, Singapore Airlines, Cathay Pacific
and Air China, we connect New Zealand to
more than 600 destinations worldwide.
Our network serves more than 16 million
passengers a year and is operated by
a fleet of 110 aircraft and around 11,700
employees globally.
N e w Yo r k
Chicago*
Vancouver
San Francisco
Los Angeles
Houston
Honolulu
Ta h i t i
Rarotonga
Samoa
Niue
Tonga
Fiji
New Caledonia*
Cairns
Sunshine Coast
Brisbane
Gold Coast
Sydney
Adelaide
Melbourne
Hobart
Perth
Queenstown
Christchurch
Wellington
Auckland
Denpasar
Singapore
Hong Kong
Ta i p e i
Shanghai
Seoul
To k y o
* These routes are temporarily suspended.
Kerikeri
Whangārei
Tauranga
Hamilton
Rotorua
Ta u p ō
Gisborne
Hawke’s Bay
Palmerston North
New Plymouth
Nelson
Blenheim
Hokitika
Timaru
Dunedin
Invercargill
Queenstown
Christchurch
Wellington
Auckland
AIR NEW ZEALAND
ANNUAL REPORT 2024
0504
AIR NEW ZEALAND GROUPAIR NEW ZEALAND
ANNUAL REPORT 2024

Performance Highlights
$6.8b
Operating revenue
Up 7% on last year
$146m
Net profit after taxation
Down 65% on last year
$225m
Increase in non-fuel operating
costs due to inflation
Up 6% on last year
$120m
Dividends
Declared for the 2024 financial year
0.8x
Net Debt to EBITDA
Compared to a target range of 1.5x to 2.5x
$222m
Earnings before taxation
Down from $574 million, as the cost
environment and aircraft availability
challenges constrained the result
$100m
Adverse impact to earnings
Due to aircraft availability challenges,
net of compensation
$1.5b
Liquidity
With a target range of $1.2 billion to
$1.5 billion
~
Dame Therese Walsh
Chair
Greg Foran
Chief Executive Officer
Letter from the Chair and Chief Executive Officer
Kia ora koutou
Across the 2024 financial year, our team
continued to demonstrate their ability to adapt
and innovate, delivering results for our customers
in an ever-changing environment.

Despite the near-term challenges,
Air New Zealand rolled out new
tools and digital enhancements,
greater self-service capability and
reinvigorated onboard offerings,
never losing sight of what we need
to do to be a future-fit airline.
Following an exceptional financial
performance last year, when pent-up
levels of demand and industry-wide
capacity constraints drove one of the
strongest results in our history, we
knew that 2024 would be different.
And while the airline reported a solid
result for the first half of the 2024
financial year, the second half proved
increasingly challenging as the impact
of operating and economic headwinds
became more pronounced.
Across the second half, the revenue
environment tightened further as the
cost-of-living crisis and weaker New
Zealand economy started to noticeably
impact demand. At the same time,
softer corporate and government
spend on domestic travel compounded
pressure on yields. Intense international
competition on our North American
network, which saw market capacity
increase almost 50 percent for the year,
and the cumulative effect of significant
cost inflation, further impacted our
financial performance.
These issues are each substantial
in their own right but have been
exacerbated by an unfortunate trifecta
of challenges that we currently face with
aircraft availability. The accelerated
maintenance schedule for Pratt &
Whitney PW1100 engines worldwide
07
AIR NEW ZEALAND GROUPAIR NEW ZEALAND
ANNUAL REPORT 2024
06

has meant that up to six of our newest
and most efficient Airbus neo aircraft
have been out of service at times,
and we expect this to persist to some
extent across the next 12 to 24 months.
Ongoing maintenance requirements
on the Trent 1000 engines that power
our existing Boeing 787 fleet and
reduced levels of spares in the market
have meant that up to three of our
Dreamliners are also on the ground at
times. On top of this, the global aviation
supply chain continues to struggle, and
we acknowledge there may be some
risk of further delivery delays of new 787
Dreamliners from Boeing. While these
are not safety issues, they have resulted
in more aircraft than anticipated on the
ground, and large-scale operational
inefficiencies.
We know these challenges are not unique
to Air New Zealand. Supply chain and
aircraft delivery delays, a lack of engine
spares, growing costs and a shortage of
key workgroups like aircraft engineers
are major issues facing many airlines
across the global aviation industry. While
we expect these issues to largely resolve
within the next two years, they have had
a significant impact on our performance
this financial year. We have announced
earnings before taxation of $222 million
for the 2024 financial year and estimate
the result would have been around $100
million higher, net of compensation, had
we been able to operate our aircraft and
network schedule as intended.
We are incredibly proud of our team who
quickly took action to limit the impact of
these challenges on our customers. We
leased three additional aircraft, no easy
feat in a market where many carriers
globally are searching for aircraft spares.
We retrained pilots and crew to align with
aircraft availability and made decisions
to optimise routes, so we could make
the best use of our constrained fleet.
We also added resource to the contact
centre to support customers as we made
necessary adjustments to our schedule
and rapidly reestablished the wet lease
arrangement with WAMOS. These
temporary actions came at a cost, but
we know it was the right thing to do for
our customers.
Despite the considerable distractions in
the current environment, as a business
we remain focused on the big picture
– controlling what we can, relentlessly
focusing on our customers and our
people, and investing for the future. Our
Kia Mau strategy continues to serve us
well, driving improvements in our core
capabilities, and we are proud of what
has been achieved for our customers
and our people so far.
Across the year we rolled out new tools
in our digital app, such as the baggage
tracking feature, and multiple booking
management enhancements which
place more self-service capability in
our customers hands. Our recently
launched Ops Collab platform, which
enables instant communication between
cabin crew, ground staff and operations
Letter from the Chair and Chief Executive Officer (continued)
control has been a gamechanger for
improving our boarding and aircraft turn
times. We redesigned check-in areas at
Auckland Domestic and International
airports, minimising queues and
providing a better customer experience.
We also rolled out a reinvigorated Seats
to Suit product on our international
short-haul network to give customers
greater flexibility and to ensure we
continue to provide good value across all
ticket price points.
In the coming months we have some
further exciting developments to
share. We will be trialling digital bag
tags, which will enable customers to
track their baggage on a real time
basis every step of their travel journey.
We recently went live with our new
loyalty platform iFly, which will form
the foundation of the loyalty scheme
of the future. Our new Auckland
International Koru lounge design
will be finalised, and we are excited
to unveil a new world-class lounge
offering to customers within the next
two years. As aircraft availability issues
start to resolve, we are also turning our
minds to the network opportunities
and potential new routes we may look
to serve in the medium to longer term.
We know the last 12 months have
been difficult and that our ability to
effectively navigate these challenges
is due to our incredible people, who
are always willing to go the extra mile
to deliver for our customers. We want
to acknowledge and thank the 11,700¹
strong whānau of Air New Zealanders
for their hard work and dedication.
Financial results
Turning to the results, Air New Zealand has
delivered earnings before taxation of $222

million for the year. This was an expected
decline on the prior year, which benefited
from significant pent-up demand as New
Zealand’s borders reopened.
Passenger revenue increased to $5.9
billion, driven largely by a 23 percent
increase in capacity, primarily across
1. Refers to Full Time Equivalent employees.
AIR NEW ZEALAND
ANNUAL REPORT 2024
0809
AIR NEW ZEALAND GROUP

the international long-haul network.
Softness in domestic corporate and
government demand was experienced
from September 2023 and persisted
across the remainder of the financial
year. Also included within passenger
revenue is $90 million of credit
breakage for unused customer travel
credits that were considered highly
unlikely to be redeemed.
Operating costs, including fuel, grew
15 percent driven primarily by
increased long-haul flying. US dollar
fuel prices declined seven percent,
however increased levels of flying
and unfavourable foreign exchange
movements saw overall fuel costs grow
to $1.7 billion.
Cost inflation continues to challenge our
productivity efforts, with approximately
$225 million of additional non-fuel
operating cost headwinds. This
represents an uplift of six percent for the
year and brings the cumulative impact
of inflation across the past five years to
around 20 to 25 percent. While growth
in the network has provided some
scale benefits in parts of the cost base,
productivity remains below the levels
achieved pre-Covid as the airline carries
extra costs to help manage ongoing
disruptions in the supply chain.
Capital Management and Dividends
Management has made good progress
this year to move the airline closer
to our Capital Management targets.
This includes the resumption of
ordinary dividends, voluntary early
repayment of debt and an increase in
unencumbered aircraft.
Letter from the Chair and Chief Executive Officer (continued)
Liquidity as at 30 June 2024 was $1.5
billion and net debt to EBITDA was 0.8x.
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, giving us flexibility
and resiliency.
On the basis of our ongoing balance
sheet strength and the result, the Board
is pleased to declare an unimputed
final ordinary dividend of 1.5 cents per
share, which equates to a payout ratio
of 69 percent of the prior 12 month’s
underlying net profit after taxation.
This takes the total dividend to 3.5
cents per share for the year.
Sustainability
In July 2024, after careful consideration,
we made the difficult decision to
remove our 2030 science-based
carbon intensity reduction target and
to withdraw from the Science Based
Targets initiative (SBTi).
Many of the levers needed to achieve
the target, including the availability
of new aircraft, the affordability and
availability of alternative jet fuels,
and global and domestic regulatory
and policy support, are outside the
airline’s direct control and have become
increasingly challenging.
Despite withdrawing from the initiative,
the workstreams we set up to help us
achieve the target continue, including
trialing next generation aircraft and
ongoing efforts to find cost effective
sources of alternative jet fuels. Work
has also begun to consider a new near-
term carbon emissions reduction target
that better reflects the challenges
we face with respect to aircraft and
alternative jet fuel availability.
Outlook
We have outlined a number of trading
conditions that have significantly
impacted our result for the second half
of the 2024 financial year, in particular
the tougher economic backdrop in New
Zealand driving softness in demand,
the cumulative impact of inflationary
cost pressures, the impacts of aircraft
availability issues and significant
competition on our US network.
We expect these trading conditions
to remain similar through the first half
of the 2025 financial year. Given the
ongoing uncertainty, the airline is not
providing guidance at this time.
We remain focused on operating
effectively through the current
economic and operating conditions.
Our balance sheet is robust, with
capacity to prudently manage these
headwinds while investing sensibly for
the future. We believe in the strength of
our plan and our team and are excited
about the opportunities ahead as we
move out of this current cycle.
The actions we have taken across the
year to deliver value for our customers
will set us up well for the future, and
you can expect both the Board and
management to continue to focus
on improving returns, while ensuring
we stay true to our culture and our
commitment to provide a world-class
travel experience for our customers.
On behalf of the Board and management,
we want to thank our shareholders for
your continued support.
Ngā mihi nui.
Letter from the Chair and Chief Executive Officer (continued)
Dame Therese Walsh
29 August 2024
Greg Foran
29 August 2024
AIR NEW ZEALAND GROUP
11
AIR NEW ZEALAND
ANNUAL REPORT 2024
10

Business Highlights
Customer
satisfaction
Now back at pre-Covid levels
Proud of our
people
As they focus on creating a seamless,
quality customer experience
Digital innovation
Making it easier for our team to work
collaboratively and enhancing
customer service
Record growth in
Airpoints
™
members
Up 14% to 4.6 million members
Investing in our future
With new fleet, aircraft hangars, digital
tools and battery electric and hybrid
ground service equipment (GSE)
Improved inflight
experience
With new menus, snack selections and
inflight entertainment
Reinvigorated
Seats to Suit
Providing greater customer flexibility
and value
Renewed Premium
Check-in experience
With upgraded kiosk technology and
improved customer flow in a modern,
contemporary space
Leaning into
our decarbonisation
journey
With our first commitment to a next
generation all-electric aircraft, and target
for Sustainable Aviation Fuel (SAF)
2
uplift
of 10% of our total fuel volumes by 2030
Elevating inflight dining
This year we kicked off a culinary journey
to elevate our onboard dining experience.
Our goal? To redefine inflight dining and
showcase the very best of New Zealand’s
culinary scene to our passengers.
Our adventure started with the Great
Kiwi Snack Off – a nationwide search
for the tastiest onboard snacks. Over
400 Kiwi businesses answered the call,
flooding us with delicious options.
A panel of “snackperts” – chosen from
thousands of applicants – tasted their
way through the submissions, ensuring
only the most exceptional snacks made it
onboard. Chocolate dipped pretzels and
almonds, tangy lemon meringue coated
popcorn, and crunchy dried cheese are
just a few of the delicious treats that are
now tempting our passengers.
Our journey continued with the launch
of “A Taste of Aotearoa,” our premium
inflight dining menu. This is a testament
to the exceptional produce and
ingredients grown here in New Zealand.
From our exclusively New Zealand wine
list to our carefully curated beverage
menu showcasing local spirits and craft
beer, every bite and sip is a celebration
of Kiwi flavours.
The result – a refreshed inflight
dining experience that celebrates
New Zealand’s culinary heritage and
delights passengers. By showcasing
the best of New Zealand’s food and
beverage offerings, we aim to provide
our passengers with an unforgettable
inflight experience.
Homegrown app streamlining
airport operations
With more than 16 million passengers
arriving and leaving on our flights
each year, efficient communication
is the key to ensuring a seamless and
smooth operation.
The launch of Ops Collab, a new
homegrown app, has revolutionised the
way our airport teams connect with each
other. Our people can now easily and
instantly communicate via the app on
their mobile device, co-ordinating plane
arrival and departures, with passenger
boarding and disembarking. The app
eliminates the need for lengthy, multi-
step communication processes and
ensures everyone is on the same page.
Ops Collab is proving to be a game-
changer for our people, reducing
boarding times, improving customer
service, and enhancing overall
efficiency. By further leveraging the
power of digital technology, we’ve
transformed the way our teams work,
resulting in a more efficient and
customer-focused operation.
2. Sustainable aviation fuel is a form of alternative jet fuel referred to as SAF by the United Nations, national governments and the aviation
industry. For further information on the definition of SAF, please refer to pages 27 and 49 of Air New Zealand’s 2024 Climate Statement.
AIR NEW ZEALAND
ANNUAL REPORT 2024
12
AIR NEW ZEALAND GROUP
13

Our Strategy
A new check-in experience
The transformation of our check-in areas
at Auckland International Airport is part
of the airline’s ongoing commitment to
improving our customer experience.
With upgraded kiosk technology, more
options to self-serve and improved flow,
passengers can now enjoy a smoother
check-in process. Not only that, a new
one-click check-in option on the Air
New Zealand app allows customers
to complete as much of the check-in
process as possible before leaving
home. This not only saves time but also
creates a more relaxed and enjoyable
start to the travel experience.
The premium check-in area at Auckland
International Airport has also undergone
a complete redesign, creating a
welcoming and sophisticated space that
reflects the unique spirit of Aotearoa
New Zealand. With natural elements like
a living wall and a digital wall showcasing
bespoke art and music, the area now
feels larger and more inviting.
The refreshed check-in is the beginning
of a new look and feel for Air New
Zealand’s physical spaces, expressing
the unique diversity, vibrancy, and
personality of our country.
Business Highlights (continued)
15
AIR NEW ZEALAND GROUPAIR NEW ZEALAND
ANNUAL REPORT 2024
14

Our Strategy
Profit DriversSelect 2024 AchievementsLooking ahead, opportunities on our strategic roadmap include:
Grow
Domestic
• New and enhanced self-service offerings
via the app
• Investments in new and efficient ground
service equipment
• Purchase of two new domestic A321neos
• Offering our customers new and enhanced products
• Driving lower costs for our customers through adding larger
and more efficient fleet across the network
• Growing our regional connectivity with additional services on
high demand routes
• Improved utilisation of our network schedule and aircraft to
provide customers with more flying choices
Elevate
International
• Reinvigorated Seats to Suit offering
• Redesigned premium check-in at Auckland Airport
• Renewed the Singapore Airlines alliance for
a further 5 years
• Refreshed the Boeing 777 interiors
• Enhanced our inflight entertainment and onboard
food offerings
• Retrofitting our 14 existing Boeing 787 Dreamliners with new
interiors and an increased number of premium cabin seats
• Delivery of new GE-powered Boeing 787 Dreamliners and
A321neos
• Offering new and improved products and services for our
customers
• Growing existing and new international markets with new
fleet and in conjunction with alliance partners
• Upgrade of our cargo management system
Lift Loyalty
• Retail partnership ecosystem grew by four
partners
• Growth in volume of products in store – now at
13,000 items
• Finalise preparation for launch of iFly platform
• Investing further in the member experience, including
enhanced benefits and increased personalisation of offers
and services
• Growing our portfolio of Airpoints™ proprietary offerings to
customers such as the Airpoints™ Store
• Enhancing the value customers realise through paying for
flights with Airpoints Dollars™
EnablersSelect 2024 AchievementsLooking ahead, opportunities on our strategic roadmap include:
Brilliant Basics
• Launched a series of digital tools to support
operational and customer service excellence,
such as a new flight planning system and
workforce collaboration tools to improve
on-time performance
• Investment in core airport and engineering
infrastructure
• Further use of live chat channels for customers
• Improved customer options in the event of flight disruptions
• Optimising aircraft maintenance to improve schedule reliability
• Upgrade of airport and engineering infrastructure
Serious about
Sustainability
• Purchase of first battery-powered, all-electric
aircraft
• Procured 0.4 percent of annual fuel
consumption from SAF, with a view to uplift
10 percent of 2030 fuel volumes
• Induction of the all-electric Alia aircraft, to carry select cargo
on the Domestic network
• Increase pricing and volume certainty for future SAF volumes
through appropriate offtake agreements
• Improved operational procedures to reduce fuel consumption
across fleets
Digital
Dexterity
• Multiyear upgrade of digital platforms and tooling
• Over 50 artificial intelligence proof of concept
trials undertaken
• Continued transition to modern and scalable digital
infrastructure
• Investment in further artificial intelligence applications
Prioritising
People and
Safety
• 13 union agreements ratified
• New Mangōpare pilot cadetship launched
• Winning the Safeguard New Zealand Workplace
Health & Safety Award
• Increased investment in learning and training across the airline
• Expand Mangōpare pilot cadetship programme
• Building Air New Zealand’s culture of health and wellbeing
• Continued investment in our agile and lean operating model,
including in operational areas
Kia Mau
The strategy that guides us is called
Kia Mau, which means “get ready and
remain steadfast”. The aviation sector
is dynamic, with externalities such as
competition, economic conditions
and supply chain uncertainty driving
the need for business agility. At the
same time, customer expectations for
seamless travel with excellent service
are valued more than ever – and that is
our opportunity.
The Kia Mau strategy outlines how
we will step change our customer
proposition to deliver sustainably
stronger financial performance over
the medium to long-term, and unlock
our full potential.
The Kia Mau strategy has three drivers
of profit enhancement – growing
our domestic business, elevating
our international business and lifting
the value of our Airpoints™ loyalty
programme. Supporting these drivers
are four important enablers that guide
our efforts – Brilliant Basics, Serious
about Sustainability, Digital Dexterity,
and Prioritising People and Safety.
Grow Domestic
Our domestic business is core to
Air New Zealand’s purpose and provides
critical infrastructure to connect
New Zealand. Through decades of
investment in fuel efficient aircraft,
modern lounges and innovative digital
products, we have sustained strong
market share of approximately 85
percent. We do not take our position
as the national airline for granted,
and continuing to grow our domestic
network while delivering a world-class
service is a key strategic priority.
Elevate International
Elevating our international business
allows us to connect New Zealand with
the world, by flying to destinations where
our core New Zealand customers want to
travel, and to markets that will enhance
New Zealand’s tourism and economic
ambitions. Profitable international
growth will leverage the considerable
investment in aircraft, new product and
service offerings on-board and strong
alliance partnerships to ensure we are
fulfilling our promise as a premium-
leisure carrier. Cargo is a key component
of our international network strategy.
Lift Loyalty
Our Airpoints™ loyalty programme is
ubiquitous in New Zealand, with over
4.6 million members, which essentially
means there is one Airpoints™ member
for every New Zealand household. The
popularity of our programme and our
member engagement enables both
increased airline revenue and additional
profit streams from our valued partners.
To deliver the profit potential
across these three areas, we are
focused on continuously improving
on four enablers:
Brilliant Basics
Brilliant operational execution is the
foundation for an exceptional customer
experience. For us, Brilliant Basics means
world-class operational performance
and service for our customers so they will
choose to fly with Air New Zealand. To
execute on this promise, we are building
new proprietary digital tools, leveraging
predictive maintenance technology
across our fleet, developing more self-
service options for customers via our
app and implementing new ways of
working for our airport teams which
is focused on improving our on-time
performance for customers.
Serious about Sustainability
Achieving our sustainability ambitions is
critical to our long-term success, however
we know that targeting net zero emissions
will be incredibly challenging for the
aviation industry. We are focused on
investments in next generation and new
generation aircraft, Sustainable Aviation
Fuel (SAF), and operational efficiencies to
reduce our fuel burn and waste.
Digital Dexterity
We aspire to be the world’s leading
digital airline. That means investing in
innovations and digital infrastructure
that make life easier for our customers
and our people – from the moment they
start planning their trip or turn up to
work for their shift, to the moment they
exit the aircraft.
One of the objectives of our cross-
functional operating model is to embed
digital capability and thinking across all
parts of Air New Zealand.
Prioritising People and Safety
Our number one priority is ensuring
that our customers get to and from their
destinations safely and that the health,
safety and wellbeing of our people is at
the forefront of every decision we make.
Our people have proven time and time
again to be the secret to our success.
We have a strong legacy of Air New
Zealanders who go the extra mile for our
customers. This is what makes our service
offering so unique and we will continue
to drive a strong culture to sustain our
world-class customer offering.
Progress to date
We are now two years into our strategy
and have seen significant improvements
to our core capabilities and delivery on
our objectives.
The table to the right highlights our key
opportunities across each of the drivers
and provides detail on some of our
achievements in the 2024 financial year.
AIR NEW ZEALAND
ANNUAL REPORT 2024
AIR NEW ZEALAND GROUP
1716
AIR NEW ZEALAND
ANNUAL REPORT 2024

Air New Zealand has reported earnings before
taxation of $222 million for the 2024 financial year
compared to $574 million last year.
The weaker economic backdrop in
New Zealand drove a further
deterioration in domestic demand
in the second half, particularly for
corporate and government segments.
This decline in demand, together with
the requirement for accelerated engine
maintenance across the airline’s Boeing
787 Dreamliner and Airbus A321neo
fleets and elevated competition from
US carriers, impacted the financial result
this year. Net profit after taxation was
$146 million.
Revenue
Operating revenue for the year
increased 6.7 percent to $6.8 billion
due to a significant ramp-up in
capacity on the airline’s international
long-haul routes. Excluding the
impact of foreign exchange, operating
revenue increased 6.3 percent.
Total capacity (Available Seat
Kilometres, ASK) increased 17 percent,
reflecting the full resumption of flying
including the Boeing 777-300ER fleet
which was previously grounded due to
Covid-19. Capacity, excluding cargo-
only flying in the prior year, increased
23 percent. This capacity represents
approximately 90 percent of the
airline’s pre-Covid network.
Passenger revenue grew 11 percent
to $5.9 billion as a result of increased
international flying. Demand (Revenue
Passenger Kilometres, RPK) increased at
a slower rate than capacity, resulting in
a load factor of 81.5 percent, a decrease
of 3.2 percentage points from the
prior year. Revenue per Available Seat
Kilometre (RASK) decreased 9.8 percent
excluding foreign exchange, as both
load factors and yields were impacted
by the significant growth in international
long-haul. This includes the impact
of unused customer credit breakage
of $90 million which was recognised
within passenger revenue in the current
financial year. Excluding credit breakage,
RASK decreased 10.9 percent excluding
foreign exchange.
Capacity across the international long-
haul network increased by 37 percent,
as the prior year was impacted by the
phased return of grounded Boeing
777-300ER aircraft and the gradual
removal of border restrictions for some
Asian markets. Demand grew at a slower
rate than capacity due to significantly
increased market capacity growth
particularly between New Zealand and
the United States. This resulted in a 5.0
percentage point decline in international
long-haul load factors to 79.4 percent.
International long-haul RASK decreased
by 11.5 percent excluding credit
breakage and the impact of foreign
exchange. Changes in foreign exchange
resulted in a 0.7 percent improvement in
reported RASK during the year.
International short-haul capacity
increased by 14 percent, driven by more
widebody flying to Australia and the
Pacific Islands. This additional capacity,
alongside increased competition, meant
that total market capacity grew at a
faster rate than demand. Load factors
decreased 0.8 percentage points to
84.3 percent and RASK decreased 10.4
percent excluding credit breakage and
the nominal impact of foreign exchange.
Domestic capacity decreased 1.0
percent for the year, with up to six jet
aircraft removed from service for parts
of the year due to the global Pratt &
Whitney PW1100 accelerated engine
maintenance requirements. Despite this,
demand still decreased by more than
capacity as macroeconomic conditions
in New Zealand softened across the
financial year, which significantly
impacted the corporate and government
customer segments. While load factors
decreased 0.7 percentage points to
84.2 percent, Domestic RASK was up 2.1
percent excluding credit breakage and
the nominal impact of foreign exchange,
due to the reduction in capacity flown.
Cargo revenue was $459 million, a
decrease of 27 percent. This was driven
by the cessation of the New Zealand
Government cargo subsidy scheme in
March 2023, as well as an increase in total
market cargo capacity into New Zealand
as international carriers recommenced
flying. Both factors resulted in an overall
reduction in cargo yields, despite load
factors improving. Foreign exchange had
a nominal impact.
Financial Commentary
Our Financial
Performance
$222m
earnings before taxation
down 61% on last year
$90m
revenue benefit
from unused customer
credit breakage
$5.9b
passenger revenue
up 11% on last year
AIR NEW ZEALAND GROUP
19
AIR NEW ZEALAND
ANNUAL REPORT 2024
18

Contract services and other revenue was
$351 million, a decrease of 0.6 percent,
due to reduced third-party maintenance
revenue resulting from the closure of the
Gas Turbines business, partially offset by
increased passenger ancillary services.
Foreign exchange had a nominal impact.
Expenses
Operating expenditure increased to
$5.8 billion for the year as the airline
further restored its international
network. Reported costs per ASK
(CASK) improved 1.6 percent as a result
of lower fuel prices and the change in
mix of flying, with a higher proportion of
lower CASK long-haul flying compared
to the prior year. This was largely offset
by broad based inflationary pressure,
which led to a $225 million increase in
non-fuel operating costs compared to
the prior year. Underlying CASK, which
excludes the impact of fuel price, foreign
exchange and third-party maintenance,
deteriorated by 0.6 percent.
Labour costs were $1.6 billion, increasing
by 13 percent compared to last year.
Full-Time Equivalent labour (FTE)
increased 2.0 percent to approximately
11,700. The increase in FTE was driven
primarily by the need for increased
levels of operational staff to support the
return of international long-haul flying.
To a lesser extent, extra resources to
manage operational and supply chain
disruptions also drove the FTE growth.
Wage inflation of 5.3 percent contributed
to higher labour costs, partly offset by
lower provisions for short-term incentive
payments in the current year.
Fuel costs were $1.7 billion, increasing
13 percent this year due to a 21 percent
or $293 million increase in fuel
consumption. The increase in fuel
consumption was driven by a mix of
greater overall network capacity and
higher usage of the Boeing 777-300ER
fleet on routes that would otherwise
have been served by the more efficient
Boeing 787 Dreamliners. A weaker
New Zealand dollar also contributed
$34 million to the overall increase in
fuel costs, as did an increase in the cost
of carbon offsets relative to the prior
year. These increases were partially
offset by a 7.1 percent, or $134 million
decrease in the underlying US dollar
Singapore Jet fuel price.
Aircraft operations, passenger services
and maintenance costs increased
$273 million, or 19 percent driven
primarily by increased flying activity
on international long-haul routes and
price inflation, particularly airport
charges, air traffic control providers
and engineering material supplies.
These increases were partially offset by
reduced third-party maintenance costs
following the wind-down and closure of
the Gas Turbines operation.
Sales, marketing and other expenses
increased $106 million, up 15 percent
due to market development and
related activities to support the
increase in international flying, in
addition to increased digital and
contact centre costs.
Ownership costs were $749 million,
an increase of $9 million or 1.2 percent
from the prior year. Higher depreciation
costs associated with new aircraft
deliveries and capitalised engine
maintenance activity were offset in part
by lower net finance costs driven by
higher interest rates on cash reserves.
There was an unfavourable movement
in foreign exchange hedging resulting in
a net $7 million negative impact on the
Group result for the period.
Share of Earnings of Associates
Share of earnings of associates
were $30 million, a $9 million
decrease as supply chain disruptions
impacted engine turn-around times
and, therefore, earnings from the
Christchurch Engine Centre, as well as
unfavourable foreign exchange impact.
Cash and Financial Position
Cash on hand at 30 June 2024 was
$1.3 billion, a decrease of $948 million
on 30 June 2023. This was driven
by a combination of lower operating
cashflows in the year, scheduled debt and
lease payments, dividends and capital
management activities to manage cash
levels towards the airline’s target liquidity
range of $1.2 billion to $1.5 billion.
Financial Commentary (continued)
1. EBITDA refers to operating earnings before depreciation and amortisation, finance costs and taxation.
Capital management activities included
the purchase of unencumbered aircraft
and the early repayment of several
secured loans on aircraft during the year.
At 30 June 2024 liquidity was $1.5 billion,
reflecting cash balances as well as the
new commercial revolving standby
facility of $250 million, which is undrawn.
The new commercial facility replaces
the undrawn Crown Standby loan facility
that was in put in place during Covid and
subsequently cancelled in March 2024.
The airline’s liquidity position does
not include restricted cash, of which
approximately $300 million is part of
a commercial arrangement to provide
security over New Zealand-based credit
card obligations. The airline can choose
to adjust the level of security at regular
intervals during the year, which would
result in an increase in cash on hand
and overall liquidity.
Cashflow and Debt
Operating cash flows were $810 million,
a decline of $1.0 billion on the prior
year, reflecting both lower EBITDA¹ and
adverse working capital movements
driven by a reduction in revenue in
advance. In the prior year, pent-up levels
of demand and industry-wide capacity
constraints drove high levels of revenue
in advance. At the same time, operating
costs were lower as the international
network continued to ramp up. This
resulted in higher operational cash flows
in the prior year.
Net debt to EBITDA increased to 0.8x,
which remains favourable to the airline’s
target leverage range of 1.5x to 2.5x.
The Board will continue to review
appropriate tools to prudently transition
this metric into the target range.
Distributions
On the basis of the airline’s balance
sheet strength and result for the year,
the Board has declared an unimputed
ordinary final dividend of 1.5 cents
per share, taking the total ordinary
dividends declared for the year to 3.5
cents per share. The dividend will be
paid on 26 September, to shareholders
on record as at 13 September.
1.5cps
ordinary final
unimputed dividend
Dividend
record date
13 September 2024
Ex-dividend
date
12 September 2024
Dividend
payment date
26 September 2024
1
AIR NEW ZEALAND 2024 ANNUAL RESULTS
1
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
SOLID PROGRESS IN FY24 TO MOVE TOWARDS OUR TARGETS
•Major progress on Auckland jet base and 787 interior
programmes
•Investment in battery electric and hybrid ground service
equipment (GSE)
•~$200 million 2023 special dividend paid
•~$70 million unimputed ordinary interim dividend paid
•~$50 million unimputed ordinary final dividend declared
•Cash purchase of two domestic A321neo aircraft
•Establishment of new $250 million revolving credit
facility to supplement liquidity, replacing unsecured
committed Crown Standby Facility cancelled in Mar 24
•Early repayment of select aircraft debt
PROGRESS MADE IN FY24
1
AIR NEW ZEALAND 2024 ANNUAL RESULTS
1
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
SOLID PROGRESS IN FY24 TO MOVE TOWARDS OUR TARGETS
•Major progress on Auckland jet base and 787 interior
programmes
•Investment in battery electric and hybrid ground service
equipment (GSE)
•~$200 million 2023 special dividend paid
•~$70 million unimputed ordinary interim dividend paid
•~$50 million unimputed ordinary final dividend declared
•Cash purchase of two domestic A321neo aircraft
•Establishment of new $250 million revolving credit
facility to supplement liquidity, replacing unsecured
committed Crown Standby Facility cancelled in Mar 24
•Early repayment of select aircraft debt
PROGRESS MADE IN FY24
AIR NEW ZEALAND
ANNUAL REPORT 2024
AIR NEW ZEALAND GROUP
2120

The key changes in earnings, after isolating the impact of foreign exchange movements, are set out in the table below²:
2. The numbers referred to in the Financial Commentary on the previous pages have not isolated the impact of foreign exchange.
Change in Profitability
June 2023 earnings
before taxation
$ 574m
Passenger capacity
$902m
- Capacity increased by 23 percent (excluding cargo-only flights) due to the restart of the international network and return of
widebody aircraft from storage following the removal of Covid-19 travel restrictions. Including cargo-only flights capacity
increased by 17 percent.
- Domestic capacity decreased 1 percent due to the impact of the global Pratt and Whitney engine issue on the A321neo fleet.
- International short-haul capacity increased 14 percent following the restart of routes and greater widebody flying across
the Tasman and the Pacific Islands as aircraft were returned from storage.
- International long-haul capacity increased 37 percent as border restrictions were lifted and B773 aircraft capacity was
returned to the network through higher aircraft utilisation and the return of aircraft from storage.
Passenger RASK
-$416m
- Overall Group Revenue per Available Seat Kilometre (RASK) decreased by 10.9 percent excluding foreign exchange
and unused credit breakage due to growth in
international long-haul flying. The comparative period was impacted by high
passenger demand in a capacity constrained
market following the Covid pandemic recovery. Load factors decreased by
3.2 percentage points to 81.5 percent.
- Domestic RASK increased by 2.1 percent excluding foreign exchange and unused credit breakage with load factor
decreasing 0.7 percentage points to 84.2 percent. RASK was impacted by a reduction in capacity flown as well as lower
demand from corporate and government segments due to softening macroeconomic conditions and travel around the New
Zealand general elections.
- International short-haul RASK decreased by 10.4 percent excluding foreign exchange and unused credit breakage with load
factor decreasing 0.8 percentage points to 84.3 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 11.5 percent excluding foreign exchange and unused credit breakage with load
factors decreasing 5.0 percentage points to 79.4 percent. During the period there was a significant increase in market
capacity along with customer demand returning to more normalised levels.
Unused credit breakage
$90m
- A breakage allowance was recognised in the current year for passenger unused travel credits for which it is considered the
likelihood of those credits being utilised is remote.
Cargo revenue
-$172m
- Cargo subsidies provided under the New Zealand Government Maintaining International Air Connectivity (MIAC)
scheme reduced by $98 million as the scheme ceased in March 2023. Yield declined as market capacity increased and
this 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
-$4m
- Reduced third-party maintenance work due to the wind-down and closure of the Gas Turbines operation in September
2023. This was partially offset by a recovery of ancillary revenue following an increase in customer activity, including Koru
membership subscriptions, lounge revenue and commissions.
Labour
-$188m
- Higher labour costs due to an increase in operating activity as demand returned and wage inflation offset by lower staff
performance incentives.
Fuel
-$159m
- Consumption increased by 21 percent ($293 million) compared to an increase in capacity of 17 percent. The average fuel
price, net of hedging and carbon costs, decreased 9 percent compared to the prior year resulting in a decrease in costs of
$134 million. MOPS price decreased by 7 percent.
Aircraft operations,
passenger services and
maintenance
-$265m
- Higher costs related to an increase in flying activity, higher utilisation of B773 aircraft and price inflation partially offset by
reduced third-party maintenance following the closure of the Gas Turbines operation.
Sales and marketing and
other expenses
-$98m
- Increase in market development and brand spend to support an increase in international flying and higher investment in
digital and contact centre.
Ownership costs
-$8m
- Increase in depreciation with new aircraft deliveries and engine maintenance partially offset by lower net financing costs
driven by higher cash reserves and an increase in deposit rates.
Net impact of foreign
exchange movements
-$36m
- Unfavourable movements on operating revenue and costs as well as hedging losses due to market movements.
Share of earnings
of associates
-$9m
- Decrease in earnings from the Christchurch Engine Centre due to supply chain disruptions and unfavourable foreign
exchange movements.
Other significant items
$11m
- Prior year foreign exchange losses on uncovered debt offset by an impairment reversal on disposed widebody aircraft.
June 2024 earnings
before taxation
$222m
Financial Summary
UNIT20242023
Operating revenue$m 6,7526,330
Passenger revenue $m5,9425,349
Operating expenditure$m5,8115,044
Labour$m1,6291,4 41
Fuel$m1,6921,499
Depreciation and amortisation$m716695
Earnings before taxation$m222574
Net profit after taxation$m146412
Basic and diluted earnings per sharecps4.312.2
Dividends declaredcps3.56.0
Dividends paid$m276-
Net cash flow from operating activities$m8101,853
Net cash flow used in investing activities$m822916
Cash and cash equivalents at the end of the year$m1,2792,227
To t a l a s s e t s$m8,5489,195
Total liabilities$m6,5387,116
Total equity$m2,0102,079
Net debt to EBITDAtimes 0.8 0.3
AIR NEW ZEALAND GROUP
23
AIR NEW ZEALAND
ANNUAL REPORT 2024
22

Sustainability
Letter from the Chief Sustainability and Corporate Affairs Officer
Tēnā koutou
Welcome to
this year ’s
sustainability
update
Our purpose is to connect New
Zealanders to each other and the world,
but as part of an industry reliant on fossil
fuels, this comes at a cost to both the
environment and the communities who
rely on it. Around half of New Zealand’s
Gross Domestic Product relies on nature.
Our livelihood – food, trade and tourism
– is built on the promise of the unique
natural environment we call home.
Following a pilot last year, we have now
established a Climate and Nature Fund,
with around $9 million set aside this
financial year to invest in accelerating
our own decarbonisation, support
New Zealand’s energy transition, and
to support biodiversity and nature.
We are pleased to be supporting
initiatives such as biodiversity projects
on the Great Walks with the Department
of Conservation, and the Halo Project
with Trees That Count. We have also used
the fund to invest in scaling SAF
1
supply
through the United Airlines Ventures
Sustainable Flight Fund, fund domestic
SAF feasibility studies, and trial
hydrogen-fuelled charging of battery-
powered ground service equipment.
Aotearoa New Zealand relies on aviation
for trade, tourism and connectivity.
However, both our airline and the sector
overall face climate-related risks as we
transition to a lower emissions operating
model. We have received one delivery of
SAF into the country this financial year,
as well as uplifted SAF from Los Angeles
and signed an agreement with Neste
for nine million litres of SAF produced in
their Singapore refinery. While small in
volume, these purchases are important
to help us learn how to best integrate
SAF into our supply chain both here
in Aotearoa New Zealand and abroad.
We are also testing Next Generation
Aircraft (NGA) and have selected BETA’s
battery-powered all-electric aircraft
ALIA CTOL as our first, which we expect
to fly cargo on from 2026.
To further embed a focus on reduction
of carbon emissions across the
organisation, this financial year our
short-term incentive programme
included a performance measure
relating to carbon emissions.
After careful consideration, Air New
Zealand has decided to remove the
2030 science-based carbon intensity
reduction target and withdraw from
the Science Based Targets initiative.
Unfortunately, many of the levers
needed to meet the target, including
the availability of new aircraft, the
affordability and availability of SAF,
and global and domestic regulatory
and policy support, were outside the
airline’s direct control. In the last few
months, potential delays to our fleet
renewal plan posed additional risks to
the target’s achievability, meaning the
airline needed to retract it. This does
not impact our continued commitment
to reaching our 2050 net zero carbon
emissions target. Work has already
begun to consider a new near-term
carbon emissions reduction target
that could better reflect the challenges
relating to aircraft and SAF availability
within the industry.
Finally, this year we farewelled the
Chair of our Sustainability Advisory
Panel, Sam Mostyn AO, due to her
appointment as Governor-General
of Australia. Her contribution to our
business was immense, and we know
her contribution to Australia will be
remarkable. We also farewelled Dr
Susanne Becken, Katherine Corich,
and Nadine Toe Toe, as their terms with
the Panel came to an end. Our deepest
gratitude to each for their service and
care. James Shaw, former Green Party
Co-leader and Minister for Climate
Change, and Matteo Mirolo, the Head
of Policy and Strategy in the Aviation
Contrails team at Breakthrough Energy,
joined Professor Tim Jackson onto
the Panel in 2024. We look forward to
working with them on this critical mahi.
Ngā manaakitanga,
Kiri Hannifin
Chief Sustainability and Corporate
Affairs Officer
Our Sustainability
Update
1. As defined on page 12.
AIR NEW ZEALAND GROUP
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AIR NEW ZEALAND
ANNUAL REPORT 2024
24

Governance
At Air New Zealand, governance of
sustainability covers environmental and
social matters. It is a broader concept
than climate-related matters alone.
Information about how climate-related
risks and opportunities are
governed is outlined in our
Climate Statement, which
can be found here.
Board of Directors
The Air New Zealand Board of Directors
has overarching responsibility for
sustainability – this includes, but is not
limited to, climate-related matters.
Executive team
The Executive team is responsible
for developing and implementing the
airline’s sustainability strategy. The Chief
Sustainability and Corporate Affairs
Officer (CSCAO) leads the Sustainability
team, who provide expertise and advice
to the airline about sustainability matters.
The CSCAO reports directly to the Chief
E xe cutive O f f ic er.
Sustainability Advisory Panel
The airline’s independent Sustainability
Advisory Panel meets twice a year to
provide advice to the airline in relation
to sustainability developments and
initiatives. These meetings include
sessions with the Board, the Executive
and the Sustainability team.
Snapshot of our 2024 climate
performance
For the 2024 financial year, Air New
Zealand’s total CO₂-e emissions
were 4.3 million tonnes. This was
an increase from 3.7 million tonnes
in the 2023 financial year, largely
driven by increased flying activity on
international routes.
Sustainability Framework
This report covers the 2024 financial
year and progress against the current
Sustainability Framework, which will
end this year. We are continuing to
evolve our sustainability strategy
and intend to release a new strategy
and framework next year to
guide our activity to 2027.
Our current Sustainability
Framework can be found here.
Our reporting approach
The following information provides
an update on progress the airline
has made against the metrics
identified in its current Sustainability
Framework. Data and commentary
contained in this section relates to the
financial year ended 30 June 2024,
unless otherwise stated.
Air New Zealand’s organisational
boundary for sustainability reporting
encompasses the companies listed
on page 3 of Air New Zealand’s
2024 Greenhouse Gas Emissions
Inventory Report.
The following supporting information
can be found on our website: Climate
Statement; Greenhouse Gas
Emissions Inventory Report;
Workforce Profile; Gender
Pay Report; Metrics Table.
Climate Action
Our first Climate Statement
This year we published our first Climate
Statement, as required by the Aotearoa
New Zealand Climate Standards
(NZ CS). The Climate Statement is
structured around the four mandatory
sections of the NZ CS, which are based
on the recommendations of the Task
Force for Climate-related Financial
Disclosures (TCFD) framework that Air
New Zealand has voluntarily reported
against since the 2020 financial year.
Our Climate Statement provides
information about the risks and
opportunities that climate change
presents for Air New Zealand across the
short, medium, and long-term. It outlines
how these risks and opportunities
are governed, our risk management
processes, how climate change impacts
the airline today, and how it may impact
us in the future. Climate-related metrics
and targets that are most relevant to
the airline are also provided.
The sections below include a snapshot
of our 2024 climate performance, a
summary of our material climate-related
risks, and a high-level overview of our
Transition Plan. Please note these are
extracts only, and readers
should refer to the Climate
Statement, found here, for
our full disclosure.
Sustainability (continued)
CATEGORY OF RISKSUMMARY OF SPECIFIC RISK
(SEE CLIMATE STATEMENT FOR FURTHER DETAILS)
MATERIAL TIMEFRAMES
SHORT-TERM
(0-5 YEARS)
MEDIUM-TERM
(5-18 YEARS)
LONG-TERM
(18+ YEARS)
PHYSICAL RISKS
Acute and severe
weather events
Climate change is expected to increase the magnitude and frequency of acute and severe weather
events. This could cause delays and disruptions to the airline’s operations, and potentially damage
physical assets like aircraft, property, and ground service equipment.
*
Chronic climate change
Longer-term shifts in underlying climate patterns like average temperature, rainfall, and sea level rise
could constrain the airline’s network options, increase mitigation spending, and exacerbate the effect of
increased acute and severe events.
TRANSITION RISKS FOR THE
AIRLINE
Changing demand
Climate change could affect underlying drivers of aviation demand, consumer preferences, and airline
costs, which might affect demand for all global airline services, including Air New Zealand’s.
Competitive
differentiation
In this context, competitive differentiation refers to the pace and cost at which Air New Zealand
transitions to a lower emissions business model, compared to competitors. Both the airline’s strategic
choices around its Transition Plan, and similarities and differences in policy settings across markets,
could affect the pace and cost of the airline’s transition and competitive positioning relative to peers.
Emissions pricing
Air New Zealand is currently a participant in two emissions pricing schemes: the New Zealand Emissions
Trading Scheme (NZ ETS) and the International Civil Aviation Organization’s (ICAO’s) Carbon Offsetting
and Reduction Scheme for International Aviation (CORSIA). Potential changes to the scope of emissions
included in these schemes, the level and volatility of emissions pricing in the schemes, and the potential
for new emissions pricing schemes to be developed, could increase the airline’s cost base.
Funding, insurance,
and legal claims
Air New Zealand’s ability to transition to a lower emissions business model, and its exposure to
climate-related risks and regulation, may affect the airline’s access to funding and insurance, and its
legal exposure.
Supply chain disruption
and cost increases
The resilience and adaptability of Air New Zealand’s supply chain to climate-related risks could affect
the airline’s ongoing operations. This includes airports and suppliers of other infrastructure, air traffic
management services, aircraft, fuel and fuelling infrastructure, and spare parts and engines for aircraft.
TRANSITION RISKS RELATING
TO THE TRANSITION PLAN
Availability and price
of SAF
Acquiring the required volumes of SAF at commercial prices is a material success factor for
the airline’s achievement of its Transition Plan. The airline’s ability to do this relies on external
developments in production, technology, certification, costs and policy support, which are all evolving
rapidly and so carry significant uncertainty and risks for the airline.
Carbon removal supply
and cost
In the longer term, Air New Zealand anticipates relying on carbon removals to address residual
emissions and achieve its 2050 Target. This includes ‘nature-based’ removals, for example,
enhancements to natural systems or ecosystems that sequester and store carbon on a certified,
additional, and enduring basis, and ‘engineered’ removals, for example, using technology to capture
CO₂ directly from the air. However, the availability, cost and credibility of both nature-based and
engineered removals represent material uncertainties and risks to the airline’s achievement of its
Transition Plan.
Conventional fleet
renewal
Replacement of the current fleet with more efficient and / or innovatively designed conventional aircraft
is critical to achievement of the airline’s Transition Plan but relies on global suppliers to deliver affordable
aircraft on expected timelines. These suppliers are already severely constrained and development and
commercialisation timeframes are uncertain.
NGA adoption
Air New Zealand expects NGA to play a role in achieving the 2050 Target. However, significant progress
by third-parties is required for this to be viable. Delays in the medium to long-term could impact the
delivery of the airline’s Transition Plan.
Our climate-related risks
During the 2024 financial year, we
updated our assessment of the climate-
related risks and opportunities that the
airline faces. A summary of the most
material risks is provided below.
Our Climate Statement also provides an
overview of the current and anticipated
impacts of climate change on the airline.
For example, in the 2023 calendar
year, Air New Zealand’s cost to meet its
domestic Emissions Trading Scheme
obligation was $38 million, which
increased from the 2022 calendar year
due to increases in both the airline’s
emissions and the price we paid for New
Zealand Units to meet the obligation.
Note that the airline has not identified
any material ‘opportunities’ from climate
change, as defined by the NZ CS.
On balance, the effects of climate
change create risks for the aviation
sector, notwithstanding the
opportunities to reduce the impact of
those risks (for example, by reducing net
emissions through new technology such
as SAF and NGA, or reducing emissions
costs or the costs of such technology
through different mitigators). There
may also be opportunities for the airline
to differentiate itself competitively by
moving faster or slower than peers to
decarbonise, or to evolve its domestic
network through the use of NGA in
the future. However, the size and
nature of these opportunities is not yet
considered material.
Scope 3
24%
1.03 MtCO₂-e
67% is from jet fuel
23% is from purchased
goods and services
8% is from capital assets
2% is from remaining
categories
Scope 2
0%
0.002 MtCO₂-e
Scope 1
76%
3.25 MtCO₂-e
99% is from jet fuel
92%
of Air New Zealand’s
total GHG emissions
relate to jet fuel
* Note on short-term impacts: while acute and severe weather events can occur in the short-term, the contribution of climate change to exacerbating the impact
of these events is difficult to attribute, and the associated financial impact is unlikely to be material to Air New Zealand, so the risk posed to Air New Zealand is
assessed as not material in the short-term. Air New Zealand nonetheless acknowledges that these events would likely be material and potentially devastating to
impacted communities.
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Our Transition Plan
Like all airlines globally, Air New Zealand
relies on fossil jet fuel to operate its
passenger and cargo services. As such,
the aviation industry emits significant
amounts of greenhouse gases. Aviation
is widely recognised as a hard-to-abate
sector due to the limited alternatives
of suitably energy intense and light
weight fuels. Air New Zealand plans to
reduce its carbon emissions over time,
acknowledging the substantial industry
changes, technology development
and policy support required to do so.
The airline’s Transition Plan helps to
demonstrate potential paths to make
these reductions over time.
Air New Zealand’s Transition Plan has
been developed with reference to its
2050 Target. During the 2024 financial
year, the Transition Plan was also guided
by the 2030 Target, though the airline
removed this target in July 2024.
The airline has developed roadmaps and
governance structures that monitor and
support the delivery of the Transition
Plan. These roadmaps and governance
structures are dynamic in the sense
that they are regularly reviewed and
assessed to ensure they remain fit for
purpose. The airline therefore expects
them to change over time. The Transition
Plan will also evolve over time.
Air New Zealand’s strategy for delivering
its 2050 Target is currently designed to:
• Reduce emissions through using
more efficient aircraft, adopting NGA,
and improving operational efficiency,
where reasonably possible;
• Reduce emissions through increasing
use of SAF (with emissions being
reduced due to the biogenic nature
of SAF that is explained on page 27
of the Climate Statement, despite
producing similar emissions as fossil
jet fuel when combusted); and
• Thereafter selectively using eligible
carbon credits and removals to
address residual emissions in the
period to 2050.
Some actions necessary to enable
the airline to achieve the 2050 Target
are within the control of the airline,
but most rely on third-parties and
governments to take material actions,
within assumed timeframes.
SAFCarbon Credits and Removals
Sustainability (continued)
Roadmap
One hypothetical ‘roadmap’ is
shown above, which illustrates Air
New Zealand’s view of how a series
of measures could make varying
contributions to help the airline
potentially reach net zero carbon
emissions over the period to 2050.
The roadmap illustrates various
scenarios that could apply through
to the 2050 Target. It is possible that
the 2050 Target could be achieved
through a different combination of
factors or not achieved in full if, for
example, the required technology and
policy developments do not eventuate
as illustrated above. Primary users
should not infer from these roadmaps
that achievement of the 2050 Target
is certain to eventuate. See pages
21 - 24 of the Climate Statement for
more information.
Two overarching assumptions shape
the Transition Plan roadmap. First,
a long-term growth rate for aviation
sector demand of 2.5 percent per
annum to 2050, measured in Revenue
Tonne Kilometres (RTK) and based on
Boeing’s Commercial Market Outlook
for the regions in which Air New
Zealand operates. This is represented
as ‘Potential business as usual carbon
emissions’ on Air New Zealand’s
illustrative roadmap, which shows what
emissions could be if demand grew
at this rate and the airline’s emissions
intensity was fixed at 2019 levels.
Second, the assumption that Air New
Zealand will meet this demand by
adopting a portfolio of lower carbon
technology when the airline is feasibly
and commercially able to do so, and
through continued fossil jet fuel-
powered air travel in the meantime.
The roadmap is not a guarantee of
future performance or the actual
contributions made by any of the
components of the Transition Plan.
Actual results, developments or
contributions may differ materially
from those presented. Air New Zealand
intends to update roadmaps like this
internally and update this public view
annually. In some cases, for example
certain NGA concepts and carbon
removal solutions, the contributions
relate to technologies that have not yet
been developed or sufficiently scaled,
and the estimated contributions in the
roadmaps may evolve materially.

Air New Zealand illustrative roadmap
M
t CO₂
e
7
6
5
4
3
2
1
0
20152020202520302035204020452050
TARGET NET ZERO
CARBON EMISSIONS
BY 2050
Note: the sum of these ranges may
exceed 100 percent as the contribution
of each lever may vary.
NET CARBON
EMISSIONS
POTENTIAL
BUSINESS AS USUAL
CARBON EMISSIONS
SAF (including both biogenic and e-SAF)
is currently expected to play one of the
largest roles in Air New Zealand’s Net Zero
2050 journey, contributing around 35 – 45
percent of the emissions reduction in 2050.
Carbon Credits and Removals will be required
to “net-out” residual emissions, and could
be required for around 10 – 30 percent of the
total under current modelling assumptions.
Most of this use between now and 2035 will
be to meet global compliance obligations
under CORSIA.
Operational and Fuel Efficiency is currently
expected to deliver 1 – 2 percent of the
emissions reduction in 2050.
Optimising Fleet and Network is currently
expected to play a large role in
Air New Zealand’s Net Zero 2050 journey,
contributing around 20 – 30 percent of the
emissions reduction in 2050.
NGA is currently expected to deliver around
10 – 15 percent of the emissions reduction in 2050.
Operational and Fuel EfficiencyNGAFleet and Network
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2. 28,707 of these credits have already been retired on behalf of Air New Zealand. 29,781 of these credits need to be retired on behalf of Air New Zealand. 3. Changes made to
the VECP at the start of the 2024 financial year, such as including radiative forcing by default, resulted in the amount of carbon measured per person through the programme
increasing and as such, the price charged to the customer also increasing. The reduced contribution rate in the year is thought to be due to the increased price.
Sustainability partnerships
Voluntary Emissions Contribution
Programme (VECP)
Passengers booking a flight on our
website can opt in to our VECP and
buy carbon credits from certified
international projects in an amount based
on their flight’s estimated emissions. Our
VECP also supports biodiversity here in
Aotearoa New Zealand by partnering with
Trees That Count. Native trees and plants
are planted across a range of selected
projects which restore, regenerate and
protect our unique natural environment.
• In the 2024 financial year, customers
booking through the Air New
Zealand website purchased 58,488
tonnes of carbon credits², and
contributed $988,000 to Trees
That Count (resulting in 123,502
trees being planted, supporting
biodiversity outcomes across
Aotearoa New Zealand).
• 3.4 percent of bookings made
through online storefronts where
the VECP is available contributed to
the programme³.
In March 2024, we introduced an
emissions reporting platform for
Corporate, Government, and Cargo
partners, to provide visibility of
emissions estimates including by
route and seat class where applicable.
Customers can purchase carbon
credits from certified projects based
on their emissions data through our
carbon credits partner, CHOOOSE.
To date, more than 14 cargo and 221
corporate customers have signed up
to the platform.
Partnering for better biodiversity
outcomes
This year we have expanded our support
of the Department of Conservation
(DOC) and Trees That Count.
DOC
Continued to support biodiversity
projects alongside five Great Walks,
including 41,457 hectares of sustained
predator control and threatened species
monitoring; and confirmed future funding
to support biodiversity projects alongside
the Whanganui River Journey Great Walk.
We also flew more than 200 threatened
species and conservation dogs.
Trees That Count
Confirmed funding for the Halo Project
enabling land and habitat restoration
of degraded and threatened
ecosystems in Ōtepoti, Dunedin.
Sustainability (continued)
4. This score is out of 100 and based on the responses to two questions in our Employee Survey which is run quarterly on the Glint platform – ‘How happy are you
working at Air New Zealand’ and ‘I would recommend Air New Zealand as a great place to work’. Responses are measured on a 5-point scale.
5. As at December 2023,
the Glint Global Top 25% engagement threshold was an Engagement Index score of 79.
6. This score is out of 100 and based on the response to the statement in our
Employee Survey - ‘I feel a sense of belonging at Air New Zealand’. Responses are measured on a 5-point scale.
7. The utilisation numbers may include people who
seek support through multiple channels, due to the confidentiality and/or anonymity of individual data. This includes Peer Support, where an individual may seek
support from a Peer Support Network volunteer over several quarters. Financial year 2024 data also differs from previous reporting, in that EAP usage includes new
and existing users (rather than just new users), and utilisation rate is calculated by total employee numbers rather than FTE less those on Leave Without Pay (LWOP).
Overall, Air New Zealand aims to maintain a utilisation rate of support services above 10 percent to illustrate proactive use as well as reactive support.
8. Based on the
volumetric utilisation of available belly capacity (including passenger bags) unless a 100% gross weight load factor is achieved sooner.
Caring for New Zealanders
Air New Zealand is committed to the
role we play in connecting people and
communities, and we strive to be a place
where everyone can feel included and
supported. The airline was named New
Zealand’s most attractive employer for
2024 by Randstad, and while we missed
our target employee engagement score
of 79 (we achieved 70), we are continuing
to see our engagement trend stay steady.
We also launched a new engagement
measure this year, “I feel a sense of
belonging at Air New Zealand” to bring
an outcomes-focused approach to
our employee engagement and as a
measure of progress for our Diversity
Equity & Inclusion (DE&I) work.
Ta r g e t20242023
Air New Zealand’s employee engagement score
4

being in Glint’s Global Top Engagement Index
benchmark of 79⁵
70 as at June 2024 71 as at June 2023
I feel a sense of belonging at Air New Zealand –
target 75⁶
7269
Grow access to and use of employee assistance
support tools (including Employee Assistance
Programme, Peer Support Network and Bullying
and Harassment Contacts)⁷
The utilisation rate
of support tools was
16.0% in financial
year 2024
The utilisation rate
of support tools was
14.7% in financial
year 2023
Double our spend with Māori and Pasifika owned
businesses and social enterprises to $24 million,
and double our diverse sourcing relationships to at
least 50 suppliers by the end of financial year 2024
$16 million was
spent with diverse
suppliers across

39 suppliers
$12 million was

spent with diverse
suppliers across

26 suppliers
Better connecting Aotearoa New Zealand exporters
to the world by increasing cargo load factors on our
widebody international network to 85%⁸ by financial
year 2025 (from 67% in financial year 2019)
63% load factor for
financial year 2024
on our widebody
international network
67% load factor for
financial year 2023
on our widebody
international network
Rautaki Kanorau, Tautika & Kauawhi – He huānga au
Diversity, Equity & Inclusion – I Belong
Working alongside and valuing the
voices of Air New Zealanders with
diverse perspectives and experiences
makes us more innovative and supports
better decision-making. Our refreshed
DE&I strategy was developed in
partnership with our diverse teams and
we are focusing on working with them to
bring the strategy to life.
This year we have continued to see
progress on our key DE&I metrics.
For an update on our key DE&I
targets, see page 39 of our Corporate
Governance Statement.
Mangōpare Air New Zealand Pilot Cadetship
In June 2024, we launched the airline’s first-ever Mangōpare Pilot Cadetship,
designed to inspire more people to pursue a career as a pilot by reducing financial
barriers, encouraging greater diversity. The cadetship complements existing
pilot pathways to help ensure we can continue to meet future demand and avoid
possible pilot shortages.
With an initial commitment of 30 pilots, the all-inclusive training programme
accelerates the journey to becoming a commercial pilot from the typical 24-36
months to approximately 14 months. Successful cadets will commence training in
small cohorts from September 2024, with the majority of costs, including training
and living expenses, funded by Air New Zealand.
Climate and Nature Fund
In 2023, Air New Zealand piloted an
internal carbon charge on its flagship
ultra long-haul route, Auckland to
New York, which creates a dedicated
revenue or investment stream which
we have ring-fenced for investment
in sustainability initiatives. This year,
the charge was expanded to include
operations between Auckland, Chicago
and Houston. Together with the
profits from Air New Zealand’s loyalty
partnership with Z Energy, the charge
generated around $9 million in the 2024
financial year. These funds have been
distributed across four key categories,
with implementation, progress and
outcomes to be undertaken and reported
in the 2025 financial year.
• Scaling SAF
• Mitigating emissions
• Growing renewable energy supply
• Organisational improvements
Creating better connections through
greater diversity and learning
We were proud to support a range of
events to celebrate and highlight our
diversity at Air New Zealand this year.
These included celebrating Matariki,
with a market organised by the Manu
Network, our KASIA Network celebrating
Diwali and Lunar New Year, our Women’s
Network’s panel holding a discussion
to celebrate International Women’s
Day, and our Pride Network returning
to the Auckland Rainbow Parade. We
also established a new partnership
with Pride Pledge to support us and our
commitment to the safety, visibility, and
inclusion of the Rainbow community.
Performer at Diwali celebrations
Welcoming a new breed of conservation experts
In October 2023, we announced the expansion of our DOC partnership to
include the Conservation Dogs Programme (CDP), which provides leadership
of conservation dogs trained to detect New Zealand’s protected species and
unwanted pests.
The funding provided by Air New Zealand helps the CDP to mentor, certify
and support dog-handler teams. It has enabled 50 days for undertaking
mentoring work; 462 field days for undertaking biosecurity checks,
incursion responses, surveillance and species detection work; and 24
advocacy events. In addition, 33 pest and species detection dogs received
full certification and 27 received interim certification.
Conservation dog handler, Andy Glaser, and species detection conservation dog, Max,
on a whio/blue duck survey alongside the Milford Track
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Cabin Crew Sustainability Activators
Cabin Crew Sustainability Activators
To harness the passion of our Cabin
Crew in taking sustainability action, in
October 2023 we launched the Cabin
Crew Sustainability Activators. Made
up of cabin crew from across our
turboprop, narrowbody and widebody
fleets, the Activators initiate and deliver
sustainability initiatives.
Flourish Café providing great coffee
and even greater opportunities
In November 2023, with the support
of Air New Zealand’s Enable Network,
Flourish Café opened its doors at our
Auckland Hub. This is the second café
for Project Employ, an organisation
focused on ensuring young people with
intellectual or learning disabilities and
differences are not just included, but
thrive in meaningful, paid employment.
Ka Rere: helping develop a supply chain that reflects Aotearoa
New Zealand
Air New Zealand’s focus on supplier diversity aims to promote and increase the
participation of diverse suppliers in our procurement process, and better reflect
the communities where we live, work and fly.
Our initial focus has been to grow the number of Māori and Pasifika-owned
businesses, as well as social enterprises, that we work with. While we did increase
our spend to $16 million across 39 diverse suppliers in the 2024 financial year,
there is still work to do to increase supplier diversity at Air New Zealand.
In January 2024, we launched Ka Rere, a diverse business accelerator
programme. More than 250 businesses applied, with Air New Zealand selecting
three businesses as part of a 12-week mentoring round.
• Kenai, a Māori-owned ESG-focused construction company;
• Beyond Soap, a Pasifika-owned company that sells locally made plastic and
palm-oil free hand, body and haircare bars; and
• Tūāpae, a Māori-owned vineyard on Waiheke Island focusing on
regenerative viticulture.
In addition to a $20,000 cash grant to invest in and grow their business, the three
businesses were able to access a range of skills, knowledge, and experience
from within the Air New Zealand team. In turn, we are also learning from these
businesses, and the many more that applied, about how we can grow and
support a more diverse supplier base. We are looking to undertake a second
round of Ka Rere in early 2025.
Sustainability (continued)
Driving towards a circular economy
Ta r g e t20242023
65% of total solid waste diverted from
landfill by financial year 2023
47.5% diverted from landfill40.4% diverted from landfill
Getting wise about waste
Preventing and reducing waste is a key
concern for Air New Zealand. This year
Air New Zealand diverted 1,011 tonnes
of waste from landfill. This represented
47.5 percent of total waste
9
across the
airline’s Domestic ground sites, and
airports serviced by our main waste
provider. It also included waste data
from our Auckland and Christchurch
lounges which has been provided by
our cleaning provider.
– 842 tonnes of waste was recycled
– 169 tonnes of waste was composted
– 1,116 tonnes of waste was sent
to landfill
We were disappointed not to meet our
waste diversion target, and to help
provide more focus across the business,
we have undertaken detailed waste audits
across our operations and developed
a new Circular Economy strategy and
targets for 2025-2027, which we will
release in the 2025 financial year.
Setting a new strategy for
Circular Economy
The waste audits identified the need
for both systemic and behaviour
change, with a large proportion
of waste going to landfill being
products that could otherwise be
diverted. However, waste from each
business unit varies significantly,
and these differences can also skew
performance when using total landfill
diversion as a waste measurement.
For example, Cargo handles heavy
materials like wood so recyclable
waste tends to be heavy whereas in
other parts of the business recyclable
waste tends to be lightweight plastic.
The new Circular Economy strategy
sets business unit specific targets and
will roll out in two phases.
Phase One focuses on getting the
basics right and improving processes
around operational waste, removing
unnecessary waste streams, and
re-establishing our onsite waste
champions. It also includes introducing
a short-term incentive scheme target
for eligible team members, to further
highlight, embed and engage our team
around waste.
Phase Two will focus on circular inputs
and outputs regarding procurement
and customer engagement.
9. These totals exclude hazardous waste, international inflight biosecurity waste, building and construction waste, and other Air New Zealand waste managed by
airport companies. 10. Excludes Christchurch Regional Express.
Single-use cups – a case study
We have now removed single-use cups from our
New Zealand¹⁰, Australia, Fiji, and Cook Islands’ lounges.
This will eliminate nearly one million single-use cups
from our waste stream each year. In March 2024,
Air New Zealand also ran six single-use cup free
Domestic trial flights where we encouraged passengers
to bring their own cup and provided reusable cups
onboard. Around 10 percent of customers brought a
reusable cup, and there was overwhelming support to
move to a reusable cup offering. We will be continuing
our work to understand how we can reduce inflight
single-use cups, including how we can further
encourage passengers to bring their own cups.
Single-use cup free flight trial
Waste audits of Air New Zealand’s waste
Supporting our Supply Chain
Critical to the success of our operations
is ensuring we have a strong, capable
and responsible supply chain. Air New
Zealand is committed to social and
environmental responsibility, ethical
conduct, and to maintaining operational
integrity and safety at all times. In
December, Air New Zealand
published its 2023 Modern
Slavery Statement which can
be found here.
We are also finalising changes to our
Supplier Code of Conduct to provide
greater focus on modern slavery and
responsible sourcing due diligence and
will release this in the first half of the
2025 financial year.
AIR NEW ZEALAND
ANNUAL REPORT 2024
AIR NEW ZEALAND GROUP
3332

Sustainable tourism
Ta r g e t20242023
Increase annual growth in bookings for Qualmark-awarded operators on Air New Zealand’s
website by 100% by financial year 2023 from a financial year 2021 baseline
47%85%
30%¹¹ of New Zealanders aware of Tiaki Promise by June 202524%23%
Connecting New Zealanders to each
other and to the world
Air New Zealand is proud to play our
part in a successful and thriving tourism
industry for Aotearoa New Zealand.
This year we have continued to invest
in key markets, including working in
partnership with Tourism New Zealand
to market New Zealand. In May 2024,
we were again the Premier Sponsor of
TRENZ in Wellington and in June we were
the Airline Partner for Meetings 2024.
Air New Zealand also partnered with
New Zealand Māori Tourism to enable
buyers attending TRENZ to experience
some of our best Māori tourism in the
Bay of Plenty, Rotorua, Northland and
Taupō regions.
In addition, we encouraged New
Zealanders to explore their own
backyard through domestic marketing,
including promoting a range of domestic
destinations and promoting events such
as the Hokitika Wildfoods Festival.
Air New Zealand also works closely
with a range of regional tourism
operators and organisations to help
promote the regions in both local
and international markets. This year,
partnership campaigns showcased
Wellington, Auckland, the West Coast,
Nelson, Rotorua and Invercargill.
11. New target set by Te Kāhui Tautiaki in September 2023.
Proud to support sustainable
tourism businesses
Supporting tourism businesses that
are committed to making Aotearoa
New Zealand a world-class and
sustainable visitor destination is a key
part of supporting sustainable tourism
for the future.
Highlights from our partnership with
Qualmark this year include development
of a new video that is screened on Air
New Zealand’s inflight entertainment on
domestic jet aircraft and advertising in
Kia Ora magazine promoting Qualmark.
Setting our sights on a thriving
tourism industry long-term
In the 2024 financial year we participated
on the Industry Development Group for
Tourism 2050, a strategic initiative led
by Tourism Industry Aotearoa (TIA),
aimed at shaping the future of Aotearoa
New Zealand’s tourism industry. For
Air New Zealand, the success of tourism
is intrinsically linked to both our purpose
and our own success. We look forward
to being part of this collaborative work
going forward.
Bringing Kia Rite to life
Our new Māori strategy Kia Rite outlines
opportunities and business drivers to
grow our Māori workforce, embed te ao
Māori and forge partnerships with Māori
entities. Focusing on growing Māori
participation into the business through
talent acquisition and development of
current employees, as well as increasing
procurement of goods and services
from Māori businesses, brings te ao
Māori thinking into the operations of
the airline and grows connections with
communities. In the 2024 financial
year we have worked hard to embed
principles of te ao Māori into the
selection criteria around Ka Rere, our
new diverse business accelerator
programme, and as part of the brief for
our domestic SAF feasibility studies.
Members of our Manu Network
performing at the Matariki Market
Bringing the Tiaki Promise to life
The Tiaki Promise is a commitment to
protect and preserve Aotearoa New
Zealand’s natural environment, respect
local culture, and travel responsibly.
This year we continued to support
the Tiaki Promise through promotion
and education, partnership
activity, and our work to reduce our
environmental footprint and support
conservation efforts.
Our Corporate
Governance
Statement
Sustainability (continued)
AIR NEW ZEALAND GROUP
35
AIR NEW ZEALAND
ANNUAL REPORT 2024
34

Effective corporate governance is at the heart of the Air New Zealand Board’s agenda, and the Board considers its governance practices to be consistent
with the Principles of the NZX Corporate Governance Code dated 1 April 2023.
This Corporate Governance Statement was approved by the Board on 28 August 2024 and is current as at that date.
Our Governance Structure
The Board
The Board is responsible for guiding the corporate strategy and direction of Air New Zealand
and has overall responsibility for decision making.
Audit & Risk Committee
(ARC)
Advises and assists the Board in
discharging its responsibilities
with respect to financial
reporting, compliance and risk
management practices of
Air New Zealand, and oversight
of key risks including climate
and cybersecurity.
Chair: Alison Gerry
Claudia Batten
Laurissa Cooney
Dame Therese Walsh
People, Remuneration &
Diversity Committee (PRDC)
Advises and assists the Board
in discharging its responsibilities
with respect to oversight
of the People Strategy of
Air New Zealand.
Chair: Laurissa Cooney
Dean Bracewell
Paul Goulter
Dame Therese Walsh
Health, Safety & Security
Committee (HSSC)
Advises and assists the Board
in discharging its responsibilities
with respect to health, safety
and security matters arising
out of activities within and by
Air New Zealand including
oversight of health, safety and
security risks.
Chair: Dean Bracewell
Larry De Shon
Alison Gerry
Paul Goulter
Dame Therese Walsh
External Sustainability
Advisory Panel
External advisory panel
providing advice to the Board
and Management on
Sustainability matters.
External
Audit
Head of
Internal Audit
Reports
functionally to
the Audit & Risk
Committee and
administratively
to the Chief
Financial Officer.
Disclosure
Committee
Facilitates the provision
of timely and appropriate
market disclosure
in accordance with the
Continuous Disclosure
Policy.
Chief Executive
Officer
Delegated
responsibility for
implementing
the Board’s strategy
and for managing
the operations.
Chief Financial
Officer
Manages the
Internal Audit
function.
Responsible for
managing the
financial affairs of
Air New Zealand.
General Counsel
& Company
Secretary
Secretary to the Board
and accountable directly
to the Board, through
the Chair, on all matters
to do with the proper
functioning of the Board.
Board / Committee meeting attendance – 1 July 2023 to 30 June 2024
BoardAudit & Risk Committee
People, Remuneration
& Diversity Committee
Health, Safety &
Security Committee
Attendance
1
Attendance
1
Attendance
1
Attendance
1
Dame Therese Walsh10/104/45/53/4
Claudia Batten10/104/4
Dean Bracewell10/105/54/4
Laurissa Cooney10/104/45/5
Larry De Shon9/104/4
Alison Gerry9/103/42/4
Paul Goulter9/105/54/4
Jonathan Mason3/30/12/2
1. The attendance is the number of meetings attended/number of meetings for which the director was a member. Jonathan Mason retired from the Board
on 30 September 2023.
Current Directors
Details of directors’ skills and experience can be found at:
airnewzealand.co.nz/air-new-zealand-board
Board skills
and diversity
4
TOURISMCUSTOMER
EXPERIENCE
4
SUSTAINABILITY
2
GOVERNMENT /
STAKEHOLDER
3
INTERNATIONAL
BUSINESS
4
DIGITAL /
TECHNOLOGY
2
ENGINEERING /
SAFETY
3
4
FINANCIAL
Age
40 – 49
1
60 – 69
3
Average
57
50 – 59
3
Gender
Female
4
Female
57%
Male
3
Dame Therese Walsh
DNZM, BCA, FCA
Independent Non-Executive Director
(Appointed 1 May 2016)
Chair
Claudia Batten
LLB(Hons), BCA
Independent Non-Executive Director
(Appointed 28 October 2021)
Dean Bracewell
Independent Non-Executive Director
(Appointed 20 April 2020)
Health, Safety & Security Committee Chair
Laurissa Cooney
BMS(Hons), FCA, CMInstD
Independent Non-Executive Director
(Appointed 1 October 2019)
People, Remuneration & Diversity
Committee Chair
Larry De Shon
BA Communications, BA Sociology
Independent Non-Executive Director
(Appointed 20 April 2020)
Alison Gerry
BMS(Hons), MAppFin
Independent Non-Executive Director
(Appointed 28 October 2021)
Audit & Risk Committee Chair
Paul Goulter
LLB, MA(Hons), BA
Independent Non-Executive Director
(Appointed 28 October 2021,
and retiring late September 2024)
Residence
Offshore
1
Auckland
1
Regional
3
Other main centre
2
Corporate Governance Statement
AIR NEW ZEALAND
ANNUAL REPORT 2024
AIR NEW ZEALAND GROUP
3736

Independence
The Board has identified criteria in its Charter, against which it evaluates the independence of directors in line with the NZX
Listing Rules. These are designed to ensure directors are not unduly influenced in their decisions and activities by any personal,
family or business interests.
All directors have been determined to be Independent Directors under these criteria, and for the purposes of the NZX Listing Rules.
Directors are required to inform the Board of all relevant information which may affect their independence such that the Board
continually considers the independence of its members.
The Board Charter makes explicit that the Chair and the Chief Executive Officer roles are separate.
Director Appointments
There have been no new directors appointed during the 2024 financial year.
The Board’s approach to appointing directors is depicted below. The Board as a whole considers the requirement for
additional or replacement directors.
EstablishmentAppointmentSuitabilityIdentificationNeeds Analysis
• Assessment of existing
and desirable skills on
the Board to fulfil its
governance role and
contribute to the long-
term strategic direction
of the Company
• Diversity considerations
• Identification of suitable
candidates
• External consultants
may be engaged
• Ensure constitutional
requirements are met
• Ensure relevant
independence criteria
(including NZX Code)
are satisfied
• Interviewing and
reference checking
• Formal letter of
appointment outlining
key terms and conditions
of appointment
• Shareholder approval
at next Annual
Shareholders’ Meeting
• Induction
• Disclosure of Interests
and agree conflicts
management plans
where relevant
•
Committee assignments.
• Ongoing evaluation and
development
Directors are expected to acquire a shareholding in the Company equivalent to 50 percent of the annual base director fee within 3 years
of appointment. Dame Therese Walsh, Dean Bracewell, Laurissa Cooney, Alison Gerry, Paul Goulter and Larry De Shon have all met this
threshold. Claudia Batten is expected to do so by the end of the 2025 financial year.
Key Governance documents are available on the
Air New Zealand website. These include:
• The Company’s Code of Conduct and Ethics, stating the guiding principles of ethical
and legal conduct, applicable to everyone working at or for Air New Zealand – directors,
executives, employees, contractors and agents;
• Charters for the Board and each of its Committees, detailing authorities, responsibilities,
membership and operation;
• The Securities Trading Policy, identifying behaviours that could be illegal for individuals,
or otherwise unacceptable or risky in relation to dealings in Air New Zealand’s securities
by directors, employees or their associated persons;
• The Continuous Disclosure Policy, addressing compliance with continuous disclosure
obligations and the timely treatment of Material Information.
Air New Zealand’s key Governance documents can be found at:
airnewzealand.co.nz/corporate-governance
Diversity, Equity & Inclusion
The Company’s Diversity, Equity & Inclusion strategy recognises the value of a diverse
workforce which is proudly representative of Aotearoa New Zealand, and aims to create
an open, inclusive environment for our people, customers, whānau and communities to
thrive. Overall, the Board considers the Company’s performance against this strategy
has been consistent. The Board has also had input into and endorsed the recently
refreshed strategy and will continue to regularly evaluate progress.
Diversity is considered across a number of measures, including gender, ethnicity, disability,
age, and sexual identity. There is a focus on recruitment practices that promote the
retention and attraction of diverse talent, as well as a broad range of employee initiatives
to reflect, support and develop the diversity we have across the airline. Air New Zealand’s
10 Employee Networks play a key role in supporting and advocating for employees and
ensuring the success of the airline’s Diversity, Equity & Inclusion strategy.
With a target of 50 percent women in the senior leaders forum (which includes the
Executive), the Company achieved 42 percent as at 30 June 2024. The Board will continue
to monitor this and is comfortable that the recent decline is not reflective of any systemic
issues, and that recruitment, retention and management of talent pipelines are all
operating well. The 50 percent target will be maintained for the 2025 financial year and
there will be a continued focus on building a pipeline of women leaders at all levels of
leadership to help us achieve this.
202220212024
Female employees
20202023
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0
All employees
Senior Leaders Forum
and Executive
Air New Zealand also has a target of 21 percent of the Company’s people leadership roles being held by Māori and Pasifika
employees by 2025; as at 30 June 2024 the result was 17 percent. The 21 percent target will be maintained for the 2025 financial
year, with ongoing support for our graduates of our Mangōpare leadership development programme, and continued focus on
initiatives that support the recruitment, retention and development of Māori and Pasifika talent.
AS AT 30 JUNE20242023
Directors (female:male:gender diverse)4:3:04:4:0
Executive team (female:male:gender diverse)*4:6:04:6:0
*The Executive Team comprises the Chief Executive Officer and direct reports to the Chief Executive Officer,
and corresponds to “Officers” as defined in the Listing Rules.
Continuous Disclosure


Version 3.1

















Continuous Disclosure
1.0 Intent
1.1 As a company listed on the New Zealand and Australian Stock Exchanges, Air New Zealand is
bound by continuous disclosure obligations under the Listing Rules and the Financial Markets
Conduct Act. Air New Zealand is committed to keeping the securities markets informed of
Material Information relating to the Company and its financial products and promoting investor
confidence by ensuring that trading in its financial products takes place in an efficient, well-
informed market at all times.
1.2 The purpose of this Policy is to:
a) Ensure that Air New Zealand complies with its continuous disclosure obligations;
b) Ensure timely, accurate and complete information is provided to all shareholders and
market participants; and
c) Outline mandatory requirements and responsibilities in relation to the identification,
reporting, review and disclosure of Material Information relevant to Air New Zealand.
1.3 For the purposes of this Policy, Material Information means any information that if it were
generally available to the market, a reasonable person would expect to have a material effect on
the price of Air New Zealand’s financial products.
1.4 This Policy should be considered in conjunction with Air New Zealand’s Securities Trading
Policy,
which deals with the trading of Air New Zealand’s financial products by Directors and employees
of the Company and any other person in possession of Material Information relevant to Air New
Zealand.




SSe
ec
cu
ur
ri it
ti
ie
es
s TTr ra
addi
inng
g

11.
.0
0

IIn
nt te
en
nt t


1.1

This
document details Air New Zealand’s policy on, and rules for dealing in the following Air New Zealand
securities (“Company Securities”):

•

Air New Zealand Ordinary Shares (“AIR”)

•

Air New Zealand
Bonds (“AIR020”)

•

Any other quoted financial products of Air New Zealand or its subsidiaries from time to time; and

•

Any derivatives in respect of such quoted financial products from time to time.

The requirements imposed by this Policy are separate
from, and in addition to, the legal prohibitions on

insider
trading in New Zealand, Australia and any other country where the Company Securities may be listed.

1.2

In addition to this Policy further more specific and stringent rules also apply to trading i
n Company Securities
by those people identified as “Restricted Persons”, being Directors and certain senior employees (see
Appendix 1: Additional Trading Restrictions for Restricted Persons). Appendix 1 only applies to “Restricted
Persons”.

22.
.0
0

SSc
co
oppee

2
.1

This is an Air New Zealand Group Policy which applies to all Directors, employees, contractors and other
representatives of the Air New Zealand Group, collectively referred to as “employees” who intend to trade in
Company Securities.

2.2

To the extent of a
ny inconsistency with any previous policy or rules relating to this subject matter, this Policy
prevails over them.

2.3

This Policy does not apply to:

•

Acquisitions and disposals of Company Securities by gift or inheritance;

•

Acquisitions of Company Securiti
es through an issue of new Company Securities, such as an issue of
new shares under a rights issue or a dividend reinvestment plan.

2.4

In this Policy ‘trade’ includes buying or selling Company Securities, or agreeing to do so, whether or not the
Company S
ecurities are held or received in the name of an employee, a family member, a trust of which an
employee is a trustee or any company which an employee controls.

Our Code of Conduct
and Ethics
ONE AIR NEW ZEALAND
—
DOING WHAT’S RIGHT
LAST UPDATED: NOVEMBER 2021
Corporate Governance Statement (continued)
Laurissa Cooney discusses the activities of the People, Remuneration & Diversity Committee:
https://youtu.be/dw9CsF7l-tA
AIR NEW ZEALAND
ANNUAL REPORT 2024
AIR NEW ZEALAND GROUP
3938