Air New Zealand 2024 Investor Day

Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC : ANZLY)


MARKET ANNOUNCEMENT

Air New Zealand postal address: Private Bag 92007, Auckland, 1142, New Zealand
Investor Relations email: investor@airnz.co.nz
Investor website: www.airnewzealand.co.nz/investor


25 November 2024
Air New Zealand 2024 Investor Day

Air New Zealand is hosting an investor day today, 25 November 2024, in Auckland beginning at
1:00pm NZST. The presentation for the event is attached.
Earlier today, the airline provided a market update including earnings guidance for the first half of
the 2025 financial year. The link to that announcement can be found here. Slide 10 of the investor
presentation provides a summary of the earnings guidance and should be read in conjunction with
the full statement.
The investor day will be accessible live via webcast. For a link to the webcast, please click here.
There will not be a conference call line available for this event.
A replay of the webcast will be made accessible through the Investor Centre section of Air New
Zealand's website approximately 24 hours after the event, under the “Latest events” section. A link
to the Air New Zealand Investor Centre can be found here.


Ends
This announcement has been authorised for release to NZX and ASX by Jennifer Page, General
Counsel & Company Secretary (jennifer.page@airnz.co.nz).

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

---

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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Air New ZealandInvestor Day 2024
1

AIR NEW ZEALAND 2024 ANNUAL RESULTS
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AirNew ZealandInvestorDay2024
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Important notice and disclaimer
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 information purposes only, does not purport to be
complete 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, fairness or completeness of such information (or any
other information contained in this presentation)
•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. No representations or warranties are
made as to the likelihood of fulfilment of any forward-looking statements or any
events, results or targets expressed or implied in 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
Air New Zealand, its directors and employees disclaim and exclude all responsibility
and liability whatsoever for any direct or indirect loss arising from the use or reliance on
any information contained in this presentation or any information supplied in
connection with it (including any oral presentation of these slides by Air New Zealand).
Nothing in this presentation constitutes financial, legal, regulatory, tax or other advice.
Non-GAAP financial information
The following non-GAAP measures are not audited: Net 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 84 for a glossary of the key terms used in this presentation.
Unless otherwise stated, all time periods referred to in this presentation are for the
financial year, being 1 July to 30 June. For example, ‘2024’ refers to the 2024 financial
year.

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Agenda
1:00 – 1:20Strategic prioritiesGreg Foran
1:20 – 1:50Network strategyMike Williams
1:50 – 2:20Commercial growthJeremy O’Brien
2:20 – 2:40Our loyalty opportunityKate O’Brien
2:40 – 3:00Break
3:00 – 3:25Digitalisation of our airlineNikhil Ravishankar
3:25 – 3:45People and cultureNikki Dines
3:45 – 4:15Fleet and financial prioritiesRichard Thomson
4:15 – 5:00Q&A

Strategic
priorities
—Greg Foran
Chief Executive Officer
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Air New Zealand –
voted 2024’s best airline in the world

AirNew ZealandInvestorDay2024
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Key messages you should take away
from today
We have a high-performing, engaged team with a customer-centric
focus
Premiumisation, ancillary and loyalty expansion, alongside
disciplined cost control will power future earnings growth
We will sustain our leading position in New Zealand by leveraging
deep competitive strengths
We are unlocking value through digital transformation and
our people
Our strong balance sheet provides us with ability to grow and
maximise shareholder returns

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Enduring global demand supports
continued growth in air travel
...which is core to our purpose as a business
Enrich our country by connecting
New Zealanders to each other and
New Zealand to the world
Covid experience proved yet again that people
value connections...
Global outlook - air passenger journeys
(billions)
0
1
2
3
4
5
6
7
8
9
10
20192024202920342039
~5% CAGR
~4% CAGR
~2% CAGR
Baseline
Upside
Downside
Covid
Source: IATA Global Outlook for Air Transport 2024

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1
Airbus Global Markets Forecast for countries with populations of more than 4 million.
Air New Zealand
80%
Competitors
20%
7.1
6.7
5.8
5.0
5.0
2.7
SingaporeNorwayUnited
Arab
Emirates
IrelandNew
Zealand
OECD
avg.
Top 5 countries globally by 2033 forecast
trips per capita
1
Air travel provides critical
infrastructure support to the
New Zealand economy
Air New Zealand is a leading player in an
attractive premium leisure market
New Zealand is a premium
leisure tourism market
Strong Kiwi propensity for
outbound international travel is
expected to continue

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We are navigating ongoing global industry
constraints with strategic solutions
Engine issues and shop capacity
Industry constraints
Mitigations we have implemented
OEM delivery delays
Workforce shortages
Supply chain constraints
Swiftly negotiated leased aircraft and engines
Increased inventory of parts and spares
Network and schedule adjustments, including temporary
suspension of Chicago
Leveraging our longstanding OEM relationships
Simplifying hiring processes for offshore aircraft
engineers

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Near-term outlook shaped by aircraft
availability and other economic conditions
For the full disclosure, please refer to the NZX announcement made on 25 November 2024.
Observing a continuation of external conditions
previously highlighted at 2024 Annual Results
In the context of these conditions, and noting several one-off
items in the first half, the airline currently expects earnings
before taxation for the first half of the 2025 financial year to be
in the range of $120 million to $160 million.
This includes several one-off items in the first half:
•~$10 million of unused travel credit breakage
•~$30 million of compensation from engine manufacturers
relating to prior periods (as part of a broader compensation
package)
•~$20 million gain on the sale and leaseback of 4 A320
aircraft
This guidance range also assumes an average jet fuel price of
US$91/barrel for the first half.
First half guidance for the 2025 financial
year announced on 25 November 2024
Planning for up to 6 Airbus neo aircraft and up to 4 Boeing
787 aircraft out of service for the majority of the 2025
financial year due to global engine maintenance delays
New Zealand domestic demand remains soft, particularly
government-purpose travel; early signs of improvement in
corporate bookings
Targeted reductions in US competitive capacity over the peak
Northern Winter season

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We are building from a foundation of unique
competitive advantages...
Iconic brand and service culture
Largest loyalty programme in
New Zealand
Unmatched domestic networkInvestment grade credit rating
Simplified fleet configured for the
New Zealand market
Diversified international network
and deep joint venture partnerships

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Circle of Safety
Sustainable jobs programme
>200,000 hours of training for new people
in operational areas
13 collective agreements ratified
1
Cross functional operating model
Engineers on the green list
Hired >3,000 people as borders reopened
Rolled out iFly platform for loyalty programme
10 new ground partners added to Airpoints
ecosystem in the last two years
Improved IFE
Improved digital app
Rolled out Live Chat for Contact Centre
Reinvigorated Seats-to-Suit offering
Baggage tracking within our app
New food & beverage onboard
Auckland check-in experience
Paperless flight deck
Ops Collab tool
Biometric boarding in select ports
Modernised ground service equipment
New flight planning software
Mobile devices across operational workforces
Migration of data centres to the cloud
Free Wifi on international aircraft
Mangopare pilot cadetship
...strengthened further by significant progress we
have made for our people, customers and operation
CustomerPeople
Operation
1
For the 2024 financial year, unless otherwise noted
Introduced mobile bag-scanning app for staff
Bag-drop improvements increasing throughput

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Grow
Domestic
Elevate
International
Be the best-connected country in the world,
getting customers to any of 20+ destinations
within two hours
An international network focused on premium
leisure customers and cargo
A supercharged loyalty programme, loved by
members and used for everything from free flights
to buying everyday items
Brilliant Basics
People and Safety
SustainabilityDigital Dexterity
Supported through investment across four key enablers:
Increased profitability driven by three pillars:
Lift
Loyalty
Do it right, first time every time
Committed to meaningful action to
reduce our environmental impact
Super charge customer experiences
and advance operational efficiency
Putting health, people and safety first
Our Kia Mau strategy is focused on maximising
shareholder value

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2025202620272028
$300m to 400m
Revenue transformation benefits
contributing towards targeted
operating revenue growth CAGR
of 4% to 6%
Commercial & Network
Ancillary & Loyalty
Cost efficiencies
Cost transformation benefits
contributing to flat nominal unit
cost target
Targeting profit improvement from key
transformation initiatives
Transformation initiatives expected to contribute a cumulative
$300 to $400 million benefit to EBITDA performance by 2028

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We are positioned for stronger profitability as
headwinds ease
Safety first, always
Engaged and empowered culture
Strong brand and customer loyalty
Enviable network positions
Operational focus, every day
Robust balance sheet
Capital-efficient network growth
Increased premium mix
High growth ancillary products
Supercharged loyalty programme
Digitally-led
Stronger shareholder returns
Strong foundations that we continue
to nurture for success
Focus to structurally improve our business
and profit through the cycle

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— Mike Williams
Chief Transformation and Alliances Officer
Our network
strategy

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17%
16%
10%
8%
6%6%
5%
4%4%4%
3%3%
2%2%2%
Percentage of GDP facilitated by air travel
Source: Aviation: Benefits Beyond Borders utilising Oxford Economics analysis and data from 2019.
We operate in a market with a
need for strong air connectivity
Critical infrastructure
Domestic geography relies on air travel
to connect regions
Isolated
Closest neighbour 2,000 kilometres away
Trade dependent
10% of New Zealand’s GDP reliant on
air connectivity
Regional growth
Asia Pacific has highest growth forecast
for air travel

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Diversified
network
Cost position
Premium-
leisure
Alliance-drivenGeographically
advantaged
We operate where we have a strong right to win
Five key features drive our network strength

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Geographic diversity
across domestic, short-haul
and long-haul markets
Customer mix comprised of
premium leisure, business,
visiting friends and relatives
(VFR) as well as cargo
Varied market maturity
as we build into new
destinations
Our diverse network provides balance and
opportunities for profitable growth

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~20 destinations
Each route group has distinct dynamics
and opportunities
DomesticLong-haul
Tasman & Pacific Islands
11 million passengers annually
~400 flights daily
~16 destinations
4 million passengers annually
~55 flights daily
~14 destinations
2 million passengers annually
~21 flights daily
Note: passenger numbers reflect the 2024 financial year.

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Asia
#1
North America
#1
Pacific Islands
#1
Australia
#1
•~40% passenger share
•Broadest network of any airline
serving New Zealand
•The right product with both Seats-
to-Suit and wide-body offering on
major markets
•~60% passenger share
•Broadest network of any airline
•Opportunistically maximise
revenue with both Seats-to-Suit
and wide-body optionality
•~70% passenger share
•Natural hub connecting New
Zealand, Australia, Canada and
the US
•We fly non-stop to more
destinations in the US than any
competitor
•~35% passenger share
•Network breadth and strong
alliance partners
•Shifting to increasing premium
demand in select markets
•Distance provides insulation
Our network captures ~45% of total demand to/from New Zealand
#1 positioned network across the key
regions we serve
Note: Market positions represent Air New Zealand’s passenger share to and from New Zealand compared with competing airlines.

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A320ceo
171 seats
A321neo
217 seats
1.5 - 2x
Contribution
margin
Operating costsGross marginIncremental operating costs
Prior fleet investment means our domestic network can
deliver the most competitive unit costs
Short-haul focus on competitive unit costs
and providing quality customer experiences
Short-haul network principles
Focus on the best cost
structure for the mission
Short sector lengths justify
single class cabin
economics
Provide high service quality
and a premium ground
experience

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Long-haul proposition centered on premium
leisure, with further premiumisation to come
~30% increase in premium cabin
mix by 2030
(available seats)
20192030
Premium cabin growth
6%
7%
87%
10%
12%
78%
19%
24%
57%
We started focusing on cabin
premiumisation before Covid
787-9 “Code 1”
302 seats
787-9 “Code 2”
275 seats
Our retrofit programme and new
deliveries will take this further
787-9 retrofit
272 seats
787-9 GEn-X
219 seats
Business Premier
Premium Economy
Economy
10%
12%
78%

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Our global network is enhanced by strong alliance
partnerships with leading peer airlines
United States
China / Hong Kong
India
Southeast Asia
UK / Europe
Australia
4 immunised joint ventures
14 Codeshare partners

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Partnerships driving customer and financial value
Broader customer network
Efficient use of capital
Increased sales and distribution
50
320
Number of Air New
Zealand destinations
Number of destinations
with Air New Zealand code
+270
Number of destinations using
Air New Zealand code:
60%
71%
20192024
Sales support on
non-JV routes
Sales support
on JV routes
3x
Share of Long-haul capacity deployed
to JV hubs:
Connecting partner revenue as a
percentage of total passenger revenue:
+11pt

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1. Australia11. Indonesia
2. United States12. Philippines
3. China13. Canada
4. United Kingdom14. Germany
5. Fiji15. Singapore
6. India16. Thailand
7. Japan17. Taiwan
8. Cook Islands18. Malaysia
9. Korea19. France
10. Samoa20. Hong Kong
There are several international markets visited by
New Zealanders where we don’t currently fly
Growth will contemplate new
market opportunities
Market not serviced by an Air New Zealand-operated flight
Source: Stats NZ top 20 international destinations travelled to by New Zealanders in calendar year 2023.

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6.6
20242025202620272028
Looking ahead, expecting average network growth of
3% to 4% as aircraft availability issues alleviate
Domestic capacity growth
(Billion ASKs)
Domestic expected to grow at a CAGR
of ~2% to 3%
35.4
20242025202620272028
International capacity growth
(Billions ASKs)
International expected to grow at a CAGR
of ~3% to 5%
Pre-Covid
capacity
Source: Stats NZ top 20 international destinations travelled to by New Zealanders in calendar year 2023.
Pre-Covid
capacity

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— Jeremy O’Brien
General Manager, International Airline
Commercial
growth

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We are well set up to accelerate
our commercial success
Strong foundational building blocks
Largest home market carrier
Appeal across a diverse
customer mix
Internationally the airline of choice
for New Zealand

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Iconic brand
Unrivalled
distribution
footprint
Leading loyalty
programme
Our home market advantage is unmatched,
and we plan to keep it that way

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•Home market advantage
•Powerhouse brand strengthened by loyalty programme
•Connectivity through strong joint venture partners
•Unrivalled distribution footprint
•Long-term approach taken to market investment
•Offshore sales offices promoting New Zealand as a destination
•Strong marketing partnerships with key local partners
•Joint venture distribution channels act as a marketing multiplier
Internationally we carry 3 million more passengers
than our next largest competitor
Outbound passengers - 55%
Inbound passengers - 35%

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We have a balanced customer mix which
supports our diversified network
Leisure 50%
International
tourists 20%
Business 30%
Corporate, SME, Govt
Leisure 50%
Visiting
friends and
relatives 38%
Business 12%
DOMESTIC
INTERNATIONAL
65% of passengers
~$2B of passenger revenue
35% of passengers
~$4B of passenger revenue
Percentages refer to proportion of passengers by customer segment.

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>30%
Uplift in sales for our full-service product
bundle “the Works”
Customer investments are driving improved
satisfaction scores and commercial outcomes
Seats-to-Suit revamp
Economy stretch
Seat pitch
Leg room
Up to 39%
More legroom than standard Economy seats

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Increased premiumisation in long-haul
1
Largest home market carrier
Five key growth opportunities accelerate our
foundational building blocks
Strong foundational building blocks
Appeal across a diverse
customer mix
Internationally the airline of choice
for New Zealand
NextGen revenue management
2
Growing ancillary revenue conversion
and customer offerings
3
Enhancing Airpoints
TM
redemption
opportunities and member benefits
4
Maximising the value of cargo
5
Accelerated by five key growth opportunities

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We are further enhancing our premium cabin mix, while also
creating opportunities to upsell across the entire aircraft
Will be available for existing 787 retrofit as well as new 787 aircraft

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Our premium network and fleet position us
strongly to win premium leisure travellers
Current 787New 787
Illustrative RASK increase on North America routes, driven by higher premium seat mix
RASK improvement from increased mix of premium cabins
~10% to ~15%

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Further rollout of NextGen revenue management will
drive improved RASK
Machine learning
More adaptive
More data to drive
decision making
Leading to more
accurate predictions
World-class user
interface
Delivering
+1% to 2% RASK uplift
in activated markets via:
Adoption of a NextGen revenue management system

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2014201920242028
ambition
up to $250m
~2x growth
~4x growth
We are focused on driving increased ancillary
revenue conversion rates and customer offerings
Targeting ancillary revenue growth CAGR of ~10%
Note: Ancillary revenue availed is reflected in either Passenger Revenue or Other Revenue within the Company’s Statement of Financial Performance depending on the product purchased.

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Further opportunity to grow revenue premium through
enhanced personalisation
1.0x
1.1x
1.2x
1.3x
1.6x
SilverGoldEliteBaseNon
Member
(NZ)
Future opportunity to personalise
Average fare premium from Airpoints
TM
members
(indexed)

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New cargo terminal
2014201920242028
~$500m
~4-5% CAGR
Cargo growth underpinned by focused
investment
We are modernising our
cargo operations
Revenue growth from efficiencies,
optimisation and network growth
Digital transformation
Commercial optimisation

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Targeting total
capacity growth of
3% to 4% CAGR
from 2024 to 2028
Revenue transformation
benefits contributing towards
targeted operating revenue
growth CAGR of 4% to 6%
Operating revenue
expected to grow ~1%
to 2% above capacity
2025202620272028
$300m to $400m
Commercial & Network
Ancillary & Loyalty
Targeting total revenue growth of 4% to 6% driven
by network growth and transformation benefits
Transformation initiatives expected to contribute a cumulative
$300 to $400 million benefit to EBITDA performance by 2028

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— Kate O’Brien
General Manager, Loyalty
Our loyalty
opportunity

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We expect Loyalty to generate $40 to $60 million
in incremental EBITDA by 2028

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$215m
$100m
Built on strong foundations, our Airpoints programme
is a core pillar of our strategy
Strong and stable cashflows
20142024
> 2x growth
1.6
4.6
20142024
Strong member growth
Number of members
(millions)
11% CAGR
Loyalty cashflows
(millions)
1.0x
1.1x
1.2x
1.3x
1.6x
Non Member
(NZ)
BaseSilverGoldElite
Members drive a revenue premium
Average fare premium
(indexed)

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Sales to third
party partners
Flight
redemptions
Recent investment is delivering greater value for
both members and the airline
1
Sales to third
party partners
2
Airpoints
proprietary
products
3
Flight
redemptions
4
Additional
member benefits
Underpinned by a new loyalty digital platform that allows enhanced experience, acceleration
of partner onboarding and superior data and insights to commercialise

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Financial partners drive ~70% of loyalty cashflows
> 35 Retail partners driving increasing engagement
•Largest single channel for APD issuance
•Further interchange regulation may create risk –
mitigations in place
•Retail network increases cash flow and engagement
•A diverse range of partners across the grocery, fuel, DIY and home
& living sectors, giving the programme depth and breadth
•Strong pipeline of new partnerships in development
We have a strong portfolio of partners, with
opportunities for accelerated growth....
Our card
spend is
>3% of
GDP
DeltaBritish AirwaysAir New ZealandQantas
Our card
spend is
>3% of
GDP
Members spend ~3% of NZ GDP on APD
eligible cards
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
% GDP

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Airpoints branded
/ white labelled
products
Partner services
Further growth
in Airpoints
Store, Koru
and OneSmart
Rewards
for HVCs
1
Focus on
SKU growth
Flexipay
capability
Cash payments
& APD earn
1,800 SKUs
250 Brands
14,000 SKUs
1,000+ Brands
Turnover (APDs + Cash)
...and the ability to increase contribution by
expanding our proprietary products
The Airpoints Store has grown into
a $50m+ eCommerce business
The scale and strength of our membership engagement
create a growth platform for a wide range of new
business models
$14m
$51m
201920202021202220232024
~2x
+30% CAGR
1
Refers to high value customers.
Medium-term
opportunity

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Number of APD redemptions on flights
(millions)
201320142015201620172018201920202021202220232024
We have seen strong growth in redemption of Airpoints
Dollars
TM
on flights
Members continue to receive significant value from
our transparent redemption structure
>80% of APDs redeemed are on
the airline
1
Redemptions are as valuable as a
cash sale
2
Exciting redemption opportunities
being developed for future release
3
+7% CAGR
Opportunities to drive further flight redemptions
Covid impact

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New tier above Elite
We will further strengthen loyalty to the airline
through investment in member benefits
1.0x
1.1x
1.2x
1.3x
1.6x
Non-Member
(NZ)
BaseSilverGoldEliteNew Tier
opportunity
Average fare premium
(indexed)

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Digitalisation
of our airline
— Nikhil Ravishankar
Chief Digital Officer

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Strengthen our
digital foundations
Win on customer
experience
Maximise
revenue potential
Unlock operational
efficiencies at pace
We are accelerating our profit potential
through digitalisation
Capability and capital-light investment enabling structurally stronger financial returns

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Strengthening our digital foundations sets us up
for success in future delivery
LEO
1
Top
quartile
CloudConnectivity
Cyber &
Identity
Data &
analytics
Significant progress across 4 key technology platforms...
...enabling us to move at pace
Progress to date
Target state
Agility and speed
Trust and safety
Resilient and adaptable
Digital productivity
93%
75%
1
Air New Zealand’s connectivity strategy is a combination of Low Earth Orbit (LEO) access on the ground and
in the air, software defined networks, and mobile first.

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Delivering transformation initiatives, with a clear
roadmap to unlock further commercial value
Airpoints store expansion
Airports member-only redemption
NextGen passenger revenue management
Revamped Seats-to-Suit offering
New Distribution Channel (NDC)
Enhanced SME loyalty product
NextGen cargo revenue management
Refreshed Tiers and Benefits
Targeted and dynamic personalisation offers
NextGen Booking Engine
Maximise revenue
potential
iFly platform for loyalty programme
Win on customer
experience
Automated lounge access
Seat select on partner airlines
Free Wi-Fi across all international fleet
NextGen contact centre platform
Automated refunds, compensation processing
NextGen IFE experience, content, live TV
Live Chat channel for customers
Starlink Wi-Fi on domestic flights
Paperless flight deck
Ops Collab tool
Biometric boarding
iPad kiosks at airport check-in
New flight planning software
Aircraft tail allocation tool
Predictive maintenance
Unlock operational
efficiencies at pace
Mobile bag-scanning app
Bag-drop improvements increasing throughput
Catering management platform
Flight Crew and Airport workforce management
GenAI products
Cargo management system
Dynamic Pricing Engine
New payment channels
New Products: Neighbour-free, Economy Stretch
Loyalty Replatform
Availability Cascading
Tour of Duty pilot and cabin crew app
Released new Air New Zealand app
Self-service disrupt and cancellation management
Faster kiosk check in
Baggage tracking within our app
One-click check-in
Biometric boarding at US, HKG

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3 years agoToday
No
Self-service in disrupt
situations
~65%
Ability to self-service in
a disrupt
~20%
Seamless online check-in
~60%
Seamless online check-in
~90k/week
Calls to Contact Centre
95% calls answered
under 40 minutes
~25k/week
Calls to Contact Centre
95% of calls answered
under 5 minutes
No live chat
All Contact Centre calls
handled in person
~40%
Of Contact Centre calls
handled by LiveChat
Winning on customer experience
Case study: Amplifying customer experience and self-service capability

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Airpoints store expansion
Airports member-only redemption
NextGen passenger revenue management
Revamped Seats-to-Suit offering
New Distribution Channel (NDC)
Enhanced SME loyalty product
NextGen cargo revenue management
Refreshed Tiers and Benefits
Targeted and dynamic personalisation offers
NextGen Booking Engine
Maximise revenue
potential
iFly platform for loyalty programme
Win on customer
experience
Automated lounge access
Seat select on partner airlines
Free Wi-Fi across all international fleet
NextGen contact centre platform
Automated refunds, compensation processing
NextGen IFE experience, content, live TV
Live Chat channel for customers
Starlink Wi-Fi on domestic flights
Paperless flight deck
Ops Collab tool
Biometric boarding
iPad kiosks at airport check-in
New flight planning software
Aircraft tail allocation tool
Predictive maintenance
Unlock operational
efficiencies at pace
Mobile bag-scanning app
Bag-drop improvements increasing throughput
Catering management platform
Flight Crew and Airport workforce management
GenAI products
Cargo management system
Dynamic Pricing Engine
New payment channels
New Products: Neighbour-free, Economy Stretch
Loyalty Replatform
Availability Cascading
Tour of Duty pilot and cabin crew app
Released new Air New Zealand app
Self-service disrupt and cancellation management
Faster kiosk check in
Baggage tracking within our app
One-click check-in
Biometric boarding at US, HKG
Delivering transformation initiatives, with a clear
roadmap to unlock further commercial value

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Current
Maximise revenue potential
Transforming from seat-based retailing to customer-driven retailing
Future

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Airpoints store expansion
Airports member-only redemption
NextGen passenger revenue management
Revamped Seats-to-Suit offering
New Distribution Channel (NDC)
Enhanced SME loyalty product
NextGen cargo revenue management
Refreshed Tiers and Benefits
Targeted and dynamic personalisation offers
NextGen Booking Engine
Maximise revenue
potential
iFly platform for loyalty programme
Win on customer
experience
Automated lounge access
Seat select on partner airlines
Free Wi-Fi across all international fleet
NextGen contact centre platform
Automated refunds, compensation processing
NextGen IFE experience, content, live TV
Live Chat channel for customers
Starlink Wi-Fi on domestic flights
Paperless flight deck
Ops Collab tool
Biometric boarding
iPad kiosks at airport check-in
New flight planning software
Aircraft tail allocation tool
Predictive maintenance
Unlock operational
efficiencies at pace
Mobile bag-scanning app
Bag-drop improvements increasing throughput
Catering management platform
Flight Crew and Airport workforce management
GenAI products
Cargo management system
Dynamic Pricing Engine
New payment channels
New Products: Neighbour-free, Economy Stretch
Loyalty Replatform
Availability Cascading
Tour of Duty pilot and cabin crew app
Released new Air New Zealand app
Self-service disrupt and cancellation management
Faster kiosk check in
Baggage tracking within our app
One-click check-in
Biometric boarding at US, HKG
Delivering transformation initiatives, with a clear
roadmap to unlock further commercial value

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What is Ops Collab?
Targeting:
“Love how I can use the info in Collab to
answer so many customer questions at the
gate - which gate is my flight departing
from? Has it started boarding yet? Is it
delayed? You name it, Collab has it ”
Unlocking operational efficiencies at pace
Case study: Improving aircraft turn times with our Ops Collab tool
2% to 4% improvement
in safe on-time performance
Staff feedback:
- Sally D., Customer Service Agent
An internally-built digital app that enables
direct and efficient collaboration across
various operational teams to facilitate the
safe and on-time departure of our aircraft

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Maximising value through
capital-light digitalisation
70%
30%
Digitally
enabled
initiatives
Platform foundations
Iterate and transform
Value focused
Ways of working
Other
Contribution to our targeted $300m to $400m
EBITDA benefits

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Our people
and culture
— Nikki Dines Chief People Officer

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Gender
Our whānau
FTE:
11,511
Geography
New
Zealand
96%
Jobs by
labour
agreement
Collective:
Non-collective:
77%
23%
Average annual
turnover
6.4%
Compared to the NZ average of 17.4%
APAC
(excl NZ)
3%
North
America
1%
Ethnicity
49%
Identify as non-European/partially non-European
Employee
engagement
71%
All numbers on this parge are as at 30 September 2024
Female
Male
Our culture is the foundation for innovation
and a key competitive advantage
45%55%
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New Zealand’s most
attractive employer 2024
and Hall of Fame (Randstad)
Over ~68,000 applications for
~1,700 roles last year

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Frontline
staff image
Robust talent pipeline
Highly engaged workforce
World class diversity
and inclusion
Gender balance
Health and safety
We believe in empowering our people and
investing in their future
Strategic workforce planning
Building skills and capabilities
Cabin crew
Ground crew
Pilots
Engineers
Corporate
Airports
Engagement
Target: 79%
2024: 70%
Women in senior
leadership
Target: 50%
2024: 42%
Māori/Pasifika
in leadership
Target: 21%
2024: 17%
Talent Turnover
Target: <5%
2024: 4.2%
Targeting

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We value our union relationships and invest
time to align on strategic priorities
Strategic engagement
strategy delivering real value
Long-term value
Regular engagement
and honest two-way
conversations
Transparency
Collaborating on cost
improvements and
efficiencies
Simplification

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Established hundreds of smaller,
empowered, cross-functional teams
Using a quarterly business rhythm to
synchronise the airline at pace
Delivery model emphasises rapid
iteration and frequent deployment
Broad-based roll out to ~60% of
organisation
Implementing a cross-functional operating model is
enabling delivery on our transformation ambitions
An operating model focused on delivering
more, faster, with confidence

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• Lower training costs
• Improved productivity
• Consistent customer service quality
• Improved operational performance
• Increased roster certainty
• Less overtime
• Discretionary effort
• High customer satisfaction and loyalty
• Continuous improvement feedback loop
Investing in our people and their well-being drives
clear value for our customers and our airline

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— Richard Thomson
Chief Financial Officer
Fleet and
financial
priorities

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1
Reflects Air New Zealand’s net debt as a multiple of reported last 12 months EBITDA.
2
Source: CapIQ. Peer set comprises Qantas, Singapore Airlines, United, Lufthansa, Air France, American Airlines, Delta, Air Canada and IAG.
...and a relatively young fleet age
2
means less
pressure from aircraft replacement
Our strong balance sheet provides flexibility and
opportunity for growth and shareholder returns
Net Debt / EBITDA
1
remains below the target range...
Fleet Age
Net Debt / EBITDA
Air NZ
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
2007200820092010201120122013201420152016201720182019202020212022202320242025202620272028
1.5x – 2.5x
Net Debt to EBITDA
target range
FY24: 0.8x
Covid
impact

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25%
25%
24%
26%
42%
25%
32%
Operating Leases
Secured Aircraft Debt
Finance Leases
Unsecured Bonds and Notes
2019
2
Weighted Average Margin
4
as at 30 June 2024
USD~1.00%
JPY~0.25%
EUR~0.55%
2024
Investment grade credit rating provides funding
optionality and low cost of capital
One of the strongest rated airlines
More diversified funding
3
At a competitive cost
1%
1
Source: Moody’s as at 12 November 2024. Shows select peer airlines rated by Moody’s.
2
2019 has been adjusted to be as at 1 July to reflect the implementation of IFRS 16 (lease accounting). Refer note 25 of Air New Zealand’s 2019 financial statements.
3
Finance leases are lease liabilities with purchase options. Operating leases are lease liabilities without purchase options.
4
Margin on floating rate secured debt and finance lease facilities. Interest rates payable equal floating rate benchmarks in each currency plus margin in each facility.
Moody’s Credit Ratings
1
Baa1
Baa2
Baa3
⋮
Ba2
⋮
B1
Sub
-investment grade
Investment grade

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Our capital management framework provides strength
and flexibility to make decisions for the long-term
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)
1
• Return excess capital via special dividends or
share buybacks
• Disciplined investment in value accretive capex
• Target ROIC above pre-tax WACC
1
The payout ratio for each of the interim and final dividends is calculated based on the rolling 12-month NPAT, which is divided by two, to reflect the six-monthly period.

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We have built further resilience through a portfolio of
high-quality unencumbered fleet
Unencumbered aircraft are now one-third of the
owned fleet’s market value
1
$1.6B
2024
$
4.8B
UnencumberedFinanced
2024 LiquidityPotential debt from
unencumbered aircraft
2024 Liquidity incl.
unencumbered
$1.5B
And can be financed to supplement liquidity as
a key risk mitigant
CashUndrawn debt facilities
$1.2B – 1.5B
target liquidity
range
1
Aircraft values are in USD based on valuations by Aircraft Value Analysis Company Limited (“AVAC”) as at 30 June 2024. Converted to NZD at the 2024 balance sheet rate of 0.6080. Excludes spare engine assets.
7732%
7873%
A320ceo9%
A320/321neo14%
ATR72-6002%
Q3004%
Total34%
Of 34%, ~20% is from
latest generation fleet

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Wide
-body
Narrow
-body
Turboprop
2024 (5 aircraft types)
Early to mid-2030s (4 aircraft types)
787
A320
AT R 7 2
Q300
777-300ER
787-9
787-9 (/10)
A320
A321
787
777
787-9
A320
A320
A321
AT R 7 2
Q300
ATR72-600
ATR72-600
747
767
777
737
A320
AT R 7 2
Q300
B1900D
777-300ER
777-200ER
ATR72-500
Today
2011 (8 aircraft types)
Fleet has been simplified
Latest-generation technology
Fleet age will float up
Fleet simplification has delivered cost benefits, and
our fleet will remain competitive for the long-term

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2025203020352040
787
2
A320
AT R 7 2
777
1
Q300
Illustrative fleet replacement profile
The delayed 787 order is our only fleet
replacement programme through 2030
Without the substantive replacement burden facing many peers, we are
well positioned for free cashflow generation
Retaining 777-300s for longer
Provides capital efficient
seat growth
Light interior refresh to
ensure longer life
Offers resilience against
further OEM delays
1
Reflects the current firm 787 order of eight aircraft as disclosed at the 2024 Annual Results on 29 August 2024.
2
Refers to estimated replacement timeframe of the 14x 787-9 aircraft which were delivered from 2014 to 2019.

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We have flexibility to deliver stronger growth, or adjust to
downside risks
2024202520262027202820292030
20
32
Upside flex
Base Plan
Downside flex
Contracted flexibility in wide-body aircraft
Number of wide-
body aircraft

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Substantial fleet replacement has already occurred – our
focus is investing prudently to support future returns
Note: Aircraft capital expenditure includes aircraft purchase, retrofit and programmes. Excludes capitalised engine overhauls.
FX USD 0.60 for 2025 to 2029 as reported in the 2024 Annual Results on 29 August 2024.
690
2014-20192025-20292030-2035
~660
~450-550
125
~180
2014-20192025-20292030-2035
~120-150
Average annual aircraft capex
($ millions)
Average annual non-aircraft capex
($ millions)
Properties &
Infrastructure
Digital
Ground Service
Equipment
Approximate
replacement capex
to maintain fleet age
Historical
Firm orders
Retrofit
Aircraft
replacement
HistoricalForecast
Forecast

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Cost transformation benefits
contributing to flat nominal
unit cost target
2025202620272028
$300m to $400m
Cost efficiencies
Transformation initiatives expected to contribute a cumulative
$300 to $400 million benefit to EBITDA performance by 2028
Benefits from cost transformation initiatives play a key
role in our unit cost target...

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2024
CPI and
other
1

Landing
charges
2
CPI and
pricing
Fuel burnLabourOverheads2028
1
CPI assumption of 2% to 3% plus other price increases above CPI.
2
Represents increase in aeronautical pricing increases from various airports.
Fleet
Labour
Overheads
Targeting flat nominal CASK as our network returns to scale
...together with fleet, continuous improvement and scale
efficiencies to maintain flat nominal CASK by 2028
Includes cost transformation
benefits in addition to fleet benefits
and continuous improvement
Cost opportunities come from 4 areas
Procurement

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We assess the potential opportunities and costs from
decarbonising our business in our strategic planning
First battery-powered all-electric-
demonstrator aircraft arriving in
calendar 2025
Target of 10% SAF by 2030
World Economic Forum’s Clean
Skies for Tomorrow
Investing in flight planning tools to
reduce fuel burn and modern hybrid-
electric ground services equipment
Sustainable aviation fuel (SAF)Low emissions aircraft technology
Operational efficiency

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A diversified earnings stream and valuable strategic
partnership with Pratt & Whitney
Expanded facility
V2500 plus GTF engines
powering Airbus NEO fleet
> 200 engines annually
•Full overhaul, test and repair facility
•Expansion enables servicing of PW1100 and PW1500 GTF
engines, powering Airbus NEO fleet
•Capital-light growth funded via dividend retention and
external financing by the CEC
The Christchurch Engine Centre (CEC) will expand
into GTF overhauls from 2026
23
26
33
37
39
19
27
39
30
2016201720182019202020212022202320242030+
Share of earnings
($ millions)
Covid
Existing facility
V2500 engines powering Airbus
CEO fleet
~ 100 engines annually
Expansion will almost double current footprint and
enable GTF capabilities
Expansion complete
calendar 2026

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Our medium-term financial ambitions support growth
and shareholder returns
Our financial ambitions...
ROIC > pre-tax WACC of ~11%
1
$300 million to $400 million
benefit from transformation contributing
to EBITDA by 2028...
2
... targeting operating revenue growth
of 4% to 6%, driven by premium mix,
ancillary and loyalty...
3
...with cost efficiencies and continuous
improvement driving flat nominal unit cost
performance as our network scales back
...support strong future shareholder returns
Ordinary dividend grows with earnings at
40% to 70% payout of NPAT
Buybacks are considered appropriate to
return excess capital to shareholders, with
consideration of balance sheet strength
relative to targets

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Key messages you should take away
from today
We have a high-performing, engaged team with a customer-centric
focus
Premiumisation, ancillary and loyalty expansion, alongside
disciplined cost control will power future earnings growth
We will sustain our leading position in New Zealand by leveraging
deep competitive strengths
We are unlocking value through digital transformation and
our people
Our strong balance sheet provides us with ability to grow and
maximise shareholder returns

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Appendix
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Speaker bios
Greg Foran Chief Executive Officer
Greg Foran has been Air New Zealand’s Chief Executive Officer since February 2020. Greg joined the airline
from Walmart U.S where he was Chief Executive Officer from 2014 to 2019, responsible for the strategic
direction and performance of 4,600 stores and more than 1 million staff. Prior to this, Greg held several other
roles at Walmart, including President and Chief Executive Officer of Walmart China. Prior to joining Walmart
International he held several senior positions with Woolworths, the leading retailer in Australia and New Zealand.
Kate O’Brien General Manager, Loyalty
Kate O’Brien has been with AirNewZealand since 2014 and has worked across a number of areas including
strategy, revenue management and networks. Kate is currently the General Manager for Loyalty, where she
is responsible for the Airpoints ecosystem and the frequent flyer offering. Prior to joining the airline Kate
worked at L.E.K. Consulting , then Qantas Airlines in Sydney.
Nikki Dines Chief People Officer
Nikki Dines has been with Air New Zealand since 2013, working across a range of leadership roles. Nikki now
holds the position of Chief People Officer, responsible for developing and executing the airline's people and
culture strategy. She is also responsible for our Cargo operations. Prior to joining Air New Zealand, Nikki
worked as an employment lawyer in the United Kingdom and New Zealand for more than 15 years.
Jeremy O’Brien General Manager, International Airline
Jeremy O’Brien joined Air New Zealand in 2016 as RGM, Direct and Market Development. Across his tenure
Jeremy has led across a diverse range of portfolio’s including Contact Centre, Corporate Direct (Tandem Travel)
Market Development and Retail Sales, Grabaseat and the Loyalty and Airpoints business. Jeremy is currently
General Manager, International Airline at Air New Zealand, where he is responsible for Commercial, Customer
and Airport operations delivery across Air New Zealand’s International network.
Mike Williams Chief Transformation and Alliances Officer
Mike Williams joined Air New Zealand in 2016 and has since held several senior commercial and strategy roles
including Group General Manager Commercial, Alliances & Strategy. He became Chief Transformation and
Alliances Officer in 2022 and leads the delivery of the Kia Mau business strategy and continues to strengthen
the airline's alliance partner relationships. Prior to Air New Zealand, Mike worked with Boston Consulting Group
in Australia, Finland and the US working with clients in the aviation, technology and retail sectors.
Nikhil Ravishankar Chief Digital Officer
Nikhil Ravishankar joined the airline in September 2021 as Chief Digital Officer. Prior to Air New Zealand,
Nikhil was Chief Digital Officer at Vector New Zealand, leading the company's digital and information
technology function and its transformation programme. Before this, he was a Managing Director at Accenture
in Hong Kong, Australia and New Zealand and held technology strategy and transformation leadership roles
at Telecom New Zealand (Spark).
Richard Thomson Chief Financial Officer
Richard Thomson joined Air New Zealand in March 2021 as Chief Financial Officer, having previously
worked at the airline for 13 years in several senior roles including General Manager Networks, Manager
Group Financial Planning and General Manger Corporate Finance. Before rejoining Air New Zealand in 2021,
Richard was Chief Financial Officer at publicly listed company Metlifecare.

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Glossary of key terms
APDsAirpoints
TM
dollars
ASKsAvailable Seat Kilometres – the number of seats operated multiplied by the distance flown (capacity)
CASKOperating expenses divided by the total ASK for the period
CAGRCompound annual growth rate
GDPGross Domestic Product
EBITDA
Earnings before interest, tax, depreciation and amortisation - operating earnings before depreciation and amortisation, net finance costs and
taxation
IFEIn-flight entertainment on Air New Zealand’s aircraft
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. Prior to 2020 Net debt included net aircraft operating lease commitments for the next 12 months,
multiplied by a factor of 7.
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
LiquidityCash and cash equivalents (which excludes restricted deposits) plus the outstanding amount of any revolving facility available to be drawn
RASKPassenger revenue for the period divided by the total ASKs on passenger flights for the period
ROICReturn on invested capital calculated as Earnings Before Interest and Taxation (EBIT) divided by average invested capital
WACCWeighted average cost of capital based on Air New Zealand's internal calculation

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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
Further resources

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