Air New Zealand Investor Update (Op Stats) – September 2024

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Contents
• September 2024 traffic highlights and commentary
• Operating statistics table
• Recent market announcements and media releases


September 2024 Commentary
• Group capacity was down 4.6% in September compared to the same month last year. Long-
haul international ASKs decreased 6.6%, short-haul international ASKs decreased 0.8%, and
domestic ASKs were down 4.2% compared to last year. The reduction in capacity is a result of
aircraft availability.

• Group YTD underlying RASK declined 1.6% compared to the prior year.

• Short-haul YTD RASK, which includes the Domestic, Tasman and Pacific islands networks
declined 4.9% compared to last year, driven by lower Domestic demand, with FIFA Woman’s
World cup supporting last year performance.

• Long-haul YTD RASK improved slightly by 0.5% compared to last year. Some Asian routes
have benefitted from improved yields in the current year; however North America is still impacted
by intense competition compared to the prior comparative period.














7 November 2024

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September 2024 highlights












Group traffic summarySEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,4851,
602(7.3%)3,8744,138(4.3%)
Revenue Passenger Kilometres(m)3,1593,334(5.2%)8,3608,996(5.0%)
Available Seat Kilometres (m)3,8424,029(4.6%)10,17211,121(6.5%)
Passenger Load Factor (%)82.2%82.7%(0.5 pts)82.2%80.9%1.3 pts
Year-to-date RASK
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vs 2024vs 2024
Group(1.5%)(1.6%)
Short Haul(4.7%)(4.9%)
Long Haul0.6%0.5%
% change in reported
RASK (incl. FX)
% change in reported
RASK (excl. FX)
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Reported RASK (unit passenger revenue per available seat kilometre) is inclusive of foreign currency impact, and
underlying RASK excludes foreign currency impact.
1
% change is based on numbers prior to rounding
2
The percentage movements have been adjusted on a daily weighted average basis. The adjustment takes into account the
difference in days for the accounting month of July 2023 (30 days) compared with July 2024 (28 days) and June 2024 (35
days) compared with June 2025 (36 days). This is because Air New Zealand operates on a 4,4,5 accounting calendar but
closes the annual accounts on 30 June.

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Operating statistics table


GroupSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,4851,602(7.3%)3,8744,138(4.3%)
Revenue Passenger Kilometres(m)3,1593,334(5.2%)8,3608,996(5.0%)
Available Seat Kilometres (m)3,8424,029(4.6%)10,17211,121(6.5%)
Passenger Load Factor (%)82.2%82.7%(0.5 pts)82.2%80.9%1.3 pts
Short Haul TotalSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,3021,412(7.8%)3,3843,606(4.1%)
Revenue Passenger Kilometres(m)1,4151,470(3.7%)3,7173,804(0.1%)
Available Seat Kilometres (m)1,7041,739(2.0%)4,4704,702(2.8%)
Passenger Load Factor (%)83.0%84.5%(1.5 pts)83.2%80.9%2.3 pts
DomesticSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)9481,051(9.8%)2,4512,662(5.9%)
Revenue Passenger Kilometres(m)488540(9.7%)1,2721,374(5.4%)
Available Seat Kilometres (m)605631(4.2%)1,5661,699(5.8%)
Passenger Load Factor (%)80.6%85.5%(4.9 pts)81.2%80.9%0.3 pts
Tasman / PacificSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)354361(1.9%)9339441.0%
Revenue Passenger Kilometres(m)927930(0.3%)2,4452,4302.8%
Available Seat Kilometres (m)1,0991,108(0.8%)2,9043,003(1.2%)
Passenger Load Factor (%)84.3%83.9%0.4 pts84.2%80.9%3.3 pts
Long Haul TotalSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)183190(3.7%)490532(5.9%)
Revenue Passenger Kilometres(m)1,7441,864(6.4%)4,6435,192(8.6%)
Available Seat Kilometres (m)2,1382,290(6.6%)5,7026,419(9.2%)
Passenger Load Factor (%)81.6%81.4%0.2 pts81.4%80.9%0.5 pts
As i aSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1011001.2%2772791.5%
Revenue Passenger Kilometres(m)855868(1.5%)2,3282,408(1.2%)
Available Seat Kilometres (m)1,0471,0420.5%2,8582,955(1.2%)
Passenger Load Factor (%)81.7%83.3%(1.6 pts)81.5%81.5%-
AmericasSEPTEMBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)8290(9.2%)213253(14.0%)
Revenue Passenger Kilometres(m)889996(10.7%)2,3152,784(15.0%)
Available Seat Kilometres (m)1,0911,248(12.6%)2,8443,464(16.1%)
Passenger Load Factor (%)81.5%79.8%1.7 pts81.4%80.4%1.0 pts
1
% change is based on numbers prior to rounding
2
The percentage movements have been adjusted on a daily weighted average basis. The adjustment takes into account the difference in days for the
accounting month of July 2023 (30 days) compared with July 2024 (28 days) and June 2024 (35 days) compared with June 2025 (36 days). This is
because Air New Zealand operates on a 4,4,5 accounting calendar but closes the annual accounts on 30 June.
Air New Zealand operates primarily in one segment, its primary business being the transportation of passengers and cargo on an integrated network
of scheduled airline services to, from and within New Zealand. The following operational data and statistics is additional supplementary information

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Market announcements
(during the period 10 October 2024 to 6 November 2024)
Update on Chief Customer and Sales Officer 17 October 2024
After 20 years at the airline, Air New Zealand Chief Customer and Sales Officer Leanne Geraghty
is stepping down from her role, effective January 2025. She will be returning to Australia to spend
time with her family.
Leanne joined the airline in 2004, holding a number of roles in Australia, before relocating to New
Zealand in 2016. In 2020, she took up the role of Chief Customer and Sales Officer.
Throughout her tenure, Leanne has achieved significant milestones, including being a key part of
the successful market launches of New York, Houston, Chicago, Taipei, Seoul, and Buenos Aires,
as well as leading our global sales efforts. Her leadership has also seen the appointment of a new
uniform designer, the implementation of numerous brand and marketing campaigns, and the
production of multiple safety videos. She has been instrumental in fostering strong relationships
across the tourism and travel industry and enhancing the overall customer experience.
Air New Zealand Chief Executive Officer Greg Foran said Leanne’s contribution to the airline over
the past two decades has been immense, and she will be deeply missed by the wider Air New
Zealand whānau.
"Leanne has been an invaluable part of our team, and her contributions have been pivotal in shaping
the airline's success over the past 20 years. She has been an exceptional leader and team member
at Air New Zealand. Leanne puts our customers, people and partners at the heart of every decision,
and we have been incredibly lucky to have her as an ambassador for the airline for such a long
time.”
The process to fill her position will commence shortly.

Media Releases
(during the period 10 October 2024 to 6 November 2024)
New study shows local production of sustainable aviation fuel 30 October 2024
could support fuel resilience and security in Aotearoa New Zealand

Air New Zealand and LanzaJet have today announced the preliminary findings from a study into
using woody waste residues and low-value wood products in New Zealand to produce sustainable
aviation fuel - a form of alternative jet fuel commonly referred to as SAF. The feasibility study was
funded by Air New Zealand and the New Zealand Government, and undertaken in partnership with
Scion, Z Energy (Z), and WoodBeca.
LanzaJet, one of the world’s leading SAF technology providers and sustainable fuel producers, has
found that locally produced New Zealand SAF could meet up to a quarter of the aviation fuel needed
for domestic flights each year, enhancing New Zealand’s local fuel security and resilience.
The study found that using domestically grown woody waste for SAF has the potential to contribute
hundreds of millions of dollars to New Zealand’s economy per year and create hundreds of new
regional jobs. Significant investment in infrastructure will be needed to achieve this.
Air New Zealand Chief Sustainability and Corporate Affairs Officer, Kiri Hannifin, says the initial
findings from the study are promising, however establishing and stimulating a new SAF market will
be critical to ensure New Zealand doesn’t miss out on securing homegrown raw materials like woody
waste for its own use and benefit.

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“These initial findings support that alternative jet fuel can be produced here in Aotearoa from our
own locally-grown woody waste, which is very positive for a country that is heavily reliant on long-
haul aviation and trade and currently imports 100 percent of its jet fuel,” says Ms Hannifin.
“Alternative jet fuel such as SAF is currently the only real tool available to address carbon emissions
from long-haul aviation, so it’s crucial for connecting New Zealanders, tourists, and exporters with
the rest of the world.”
“SAF is already being used in small quantities by many airlines globally today, but it currently
represents only a fraction of overall aviation fuel and comes at a high premium so anything that can
be done to increase supply and to reduce that premium is vital. The right settings and regulatory
environment will be important as New Zealand considers homegrown SAF because it’s the only
way to secure the necessary global investment. There is already significant international momentum
and in our view, New Zealand shouldn’t get left too far behind or we risk seeing the flow of capital
go elsewhere or our valuable raw materials being swooped up by other markets for their own SAF.”
SAF is almost chemically identical to fossil jet fuel and has the same emissions when burnt in an
aircraft, however it has significantly lower emissions than fossil jet fuel over the full lifecycle of the
fuel, from raw material production to combustion. For example, Air New Zealand’s June delivery of
500,000 litres of SAF into Wellington had 89 percent life-cycle emissions saving versus the
equivalent fossil jet fuel.
LanzaJet CEO, Jimmy Samartzis, says the company is pleased with the initial results from the
feasibility study and reaffirms its commitment to the region.
“Building a new industry requires developing a broad ecosystem for SAF in New Zealand, anchored
in technology and supported by policy, capital, and demand to help attract funding and make it at a
price airlines can afford. We are seeing many countries move quickly to put mechanisms in place
to stimulate, produce and export their own SAF in the future, because aviation is critical to global
economies, as it is here in New Zealand.
“CirculAirTM, the SAF production approach assessed in the study combines the technologies of
LanzaTech and LanzaJet to convert waste carbon into SAF. The process starts with LanzaTech's
carbon recycling technology, which (in this case) converts gasified forestry residues into ethanol.
LanzaJet then converts that into SAF using its proprietary and industry-leading alcohol-to-jet (ATJ)
technology.
“The good news is that turning woody biomass into SAF is technically possible in New Zealand, and
with the right settings, is an industry that can get started fairly quickly. We look forward to completing
additional analysis into what other feedstocks, such as municipal household and commercial waste,
could be used to make domestic SAF production an even more attractive option in Aotearoa,” said
Jimmy Samartzis, LanzaJet Chief Executive Officer.
A second phase of the study, exploring the potential for municipal solid waste (household and
commercial waste) as a feedstock for the LanzaTech carbon recycling process, is expected to be
completed over the next few months.

Air New Zealand Dreamliner jets off to Singapore 15 October 2024
for world-first nose-to-tail makeover

• Air New Zealand’s Boeing 787-9 aircraft to be retrofitted with all new cabin interiors,
including new Business Premier Luxe™
• First airline in the world to retrofit a Boeing 787-9 Dreamliner nose-to-tail
• All 14 of the airline’s 787-9 aircraft will be retrofitted over the next two years, with the first
due back early 2025

Air New Zealand has kicked off a major refresh of its Boeing 787-9 fleet, with the first of 14 aircraft
touching down in Singapore on Sunday to be retrofitted with new cabin interiors.

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The aircraft, with the registration code ZK-NZH, will spend some time at ST Engineering, the airline’s
heavy maintenance partner, where it will have its existing interior stripped out and all-new products
installed, including revamped seats in Economy and Premium Economy, and the redesigned
Business Premier cabin, including the new Business Premier Luxe product.
Air New Zealand’s General Manager of Strategy, Networks and Fleet, Baden Smith says the arrival
of the aircraft in Singapore marked a key milestone for the much-anticipated project.
“In 2014, Air New Zealand was the launch customer for the Boeing 787-9 Dreamliner. A decade on,
it feels fitting that we’re the first airline in the world to retrofit these aircraft nose-to-tail with a new
interior.
“This retrofit programme will see all the interiors removed, including the seats, inflight entertainment
system, carpet, curtains, and lavatory wallpaper, before it’s all replaced with new product.
“The aircraft will then come back to New Zealand where our team will spend a few weeks working
through various checks and training before it officially enters the flying schedule in the next year.”
Over the next two years, all 14 of the airline’s 787-9 aircraft will be retrofitted one at a time on a
rolling schedule.
“Once the first aircraft has been retrofitted and certified, the remaining aircraft will head to Singapore
one by one,” says Smith.
“We’re retrofitting them one at a time to ensure we have enough aircraft to fly our schedule, and we
aren’t disrupting customers’ travel plans. Rolling out this retrofit programme before we get our new
aircraft also puts us in a good place to continue delivering an exceptional flying experience for our
customers.”
Mr Tan Eng Shu, EVP and Head of Aerospace MRO, ST Engineering, says, “We are excited to
welcome the first of the 14 Boeing 787-9 aircraft to our Singapore facilities for the much-anticipated
major refresh of Air New Zealand’s Dreamliner fleet. Being a long-standing MRO partner to Air New
Zealand, we are able to support their Dreamliner fleet’s lifecycle requirements, from maintenance
work to now what would be the world’s first full cabin retrofit on a Boeing 787-9. We appreciate the
opportunity and look forward to enhancing our partnership and being part of the new Dreamliner
experience with Air New Zealand.”
What is a retrofit?
A retrofit means we are taking an existing aircraft and replacing the product inside it. Think of it like
you would when renovating a house; removing the carpet, curtains, furniture, wallpaper, and
replacing everything inside.
The scope of the retrofit includes:
• New seats in every cabin, including the new Business Premier Luxe™ seats in the Business
Premier cabin
• New carpet throughout the aircraft
• New curtains between cabins and galleys
• New wallpaper, hands-free waste disposal, and amenity holders in the lavatories
• New inflight entertainment screens and system
• Sky Pantry installed in the Economy cabin
The aircraft LOPA (Layout of Passenger Accommodation) on all 14 aircraft will be reconfigured to
have 272 seats; featuring 4 Business Premier Luxe seats, 22 Business Premier seats, 33 Premium
Economy seats, and 213 Economy seats, including 13 Economy Skycouch™.
Currently, the airline’s 787-9 aircraft have two different LOPA or configurations; nine aircraft with
302 seats, and five aircraft with 275 seats.
Imagery of Air New Zealand's new cabin interior
here.