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

1


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


October 2024 Commentary
• Group capacity was down 2.1% in October compared to the same month last year. Long-
haul international ASKs decreased 4.8%, short-haul international ASKs increased 1.1%, and
domestic ASKs were up 2.3% compared to last year.

• Group YTD underlying RASK declined 0.6% compared to the prior year.

• Short-haul YTD RASK, which includes the Domestic, Tasman and Pacific islands networks
declined 3.5% compared to last year, driven by lower Domestic demand.

• Long-haul YTD RASK improved slightly by 0.9% 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.











28 November 2024

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October 2024 highlights

Group traffic summary OCTOBER FINANCIAL YTD
FY25 FY24 %
1, 2
2025 2024 %
1, 2

Passengers carried (000) 1,254 1,276 (1.7%) 5,151 5,412 (3.2%)
Revenue Passenger Kilometres(m) 2,637 2,654 (0.7%) 11,069 11,650 (3.4%)
Available Seat Kilometres (m) 3,090 3,157 (2.1%) 13,262 14,278 (5.6%)
Passenger Load Factor (%) 85.3% 84.1% 1.2 pts 83.5% 81.6% 1.9 pts


Year-to-date RASK
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% change in reported
RASK (incl. FX)

% change in reported
RASK (excl. FX)

vs 2024

vs 2024
Group (0.6%) (0.6%)
Short Haul (3.3%) (3.5%)
Long Haul 1.0% 0.9%











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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

GroupOCTOBERF
INANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,2541,
276(1.7%)5,1515,412(3.2%)
Revenue Passenger Kilometres(m)2,6372,654(
0.7%)11,06911,650(3.4%)
Available Seat Kilometres (m)3,0903,157(2.1%)13,26214,278(5.6%)
Passenger Load Factor (%)85.3%84.1%1.2 pts83.5%81.6%1.9 pts
Short Haul T otalOCTOBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,1011,123(1.9%)4,5034,728(3.2%)
Revenue Passenger Kilometres(m)1,1901,1652.2%4,9314,9700.9%
Available Seat Kilometres (m)1,3591,3381.5%5,8296,040(1.9%)
Passenger Load Factor (%)87.6%87.1%0.5 pts84.6%82.3%2.3 pts
DomesticOCTOBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)803835(
3.9%)3,2643,496(5.1%)
Revenue Passenger Kilometres(m)412423(
2.5%)1,6901,798(4.4%)
Available Seat Kilometres (m)4994882.
3%2,0652,187(4.0%)
Passenger Load Factor (%)82.6%86.
7%(4.1 pts)81.8%82.2%(0.4 pts)
Tasman / PacificOCTOBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)2982883.7%1,2391,2322.3%
Revenue Passenger Kilometres(m)7787424.8%3,2413,1723.9%
Available Seat Kilometres (m)8608501.
1%3,7643,853(0.7%)
Passenger Load Factor (%)90.5%87.3%3.2 pts86.1%82.3%3.8 pts
Long Haul T otalOCTOBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)153153(
0.3%)648684(3.7%)
Revenue Passenger Kilometres(m)1,4471,489(2.9%)6,1386,680(6.6%)
Available Seat Kilometres (m)1,7311,819(4.8%)7,4338,238(8.3%)
Passenger Load Factor (%)83.6%81.9%1.7 pts82.6%81.1%1.5 pts
AsiaOCTOBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)8888(0.2%)3683662.2%
Revenue Passenger Kilometres(m)
748770(2.9%)3,1013,178(0.8%)
Available Seat Kilometres (m)854879(2.8%)3,7123,834(1.6%)
Passenger Load Factor (%)87.5%87.7%(0.2 pts)83.5%82.9%0.6 pts
AmericasOCTOBERFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)6565(0.5%)280318(10.5%)
Revenue Passenger Kilometres(m)699719(2.8%)3,0373,502(11.8%)
Available Seat Kilometres (m)877940(6.7%)3,7214,404(14.1%)
Passenger Load Factor (%)79.7%76.4%3.3 pts81.6%79.5%2.1 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 only.

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Market announcements
(during the period 7 November 2024 to 27 November 2024)
Air New Zealand 2024 Investor Day 25 November 2024

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
.


Air New Zealand provides half year earnings guidance 25 November 2024

At its annual results announcement in August 2024, Air New Zealand outlined several factors that had
influenced its financial performance. As expected, many of these factors have impacted performance
for the 2025 financial year to date, albeit the airline has taken proactive steps to mitigate these. In
parallel, the airline continues to drive innovations and customer initiatives including updating its Seats-
to-Suit offering and deploying live chat capability to reduce customer wait times and cost to serve. The
airline also continues to make investments across the business which are contributing toward
operational efficiencies, customer satisfaction and profitability.

Aircraft availability issues resulting from global engine maintenance delays have seen up to six Airbus
neo aircraft and up to four Boeing 787 aircraft out of service across the first half of this financial year.
This represents over 16 percent of Air New Zealand’s entire jet fleet. Based on current assumptions
and recent discussions with engine manufacturers, the airline does not expect these availability issues
to ease until early 2026. However, the airline continues to explore all options to improve capacity
including further aircraft leases.

Early signs of recovery in corporate travel have recently been observed. Government travel demand
remains subdued. Targeted reductions in competitive capacity on the North American market over the
peak Northern Winter season have also been noted.

In the context of the above factors, 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 approximately $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) and a gain of approximately $20 million on the sale and leaseback of four
A320 aircraft. This guidance range also assumes an average jet fuel price of US$91 per barrel for the
first half.

Given the ongoing uncertainties in both the trading and operating environment, the airline cautions
against extrapolating first half guidance for the 2025 financial year to the full year.

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Full year guidance will be provided when the airline has sufficient certainty to do so, currently expected
to be on or around interim results.



Media Releases
(during the period 7 November 2024 to 27 November 2024)
Air New Zealand Australia campaign takes flight 18 November 2024
with a touch of Aussie stardom
Air New Zealand has unveiled a new campaign in the Australian market, enlisting an Aussie A-lister and
loyal fan of the airline to highlight the benefits of the Kiwi carrier for Australians travelling across the
Tasman.

Starring Isla Fisher, the campaign highlights Air New Zealand’s commitment to exceptional service and
fantastic onboard experiences. Coupled with Fisher's iconic humour and charm, the campaign leans into
Air New Zealand's love of fun to bring an entertaining moment to Aussie screens.

Somewhere over the Tasman follows the journey of a young Kiwi girl travelling solo across the ditch,
who happens to sit next to the Hollywood star. The pair quickly become friends, sharing in-flight snacks,
watching movies, and enjoying the famous Air New Zealand hospitality.

Air New Zealand General Manager Australia, Kathryn O’Brien says the airline is excited to launch this
new campaign for its Aussie customers as part of its enduring commitment to the Australian market.

“We’re thrilled to bring this campaign to Australians showcasing Air New Zealand's ability to deliver an
unrivalled onboard experience.

“From the outset, we knew we needed to work with someone who could capture our sense of fun and
entertaining spirit, while also resonating with the Australian audience. Who better than the iconic AACTA
Award winning actress, Isla Fisher!

“Partnering with Isla allows us to showcase the warm and down-to-earth approach to service we are
known and loved for while also showing why we are the airline of choice for seamless connections to
New Zealand and beyond.

"We love having Australian travellers onboard and we look forward to many more experiencing the Kiwi
way for themselves.”

Lead actress Isla Fisher says she’s delighted to partner with Air New Zealand to bring this campaign to
life.

“As Australians, we spend a lot of time on flights when travelling, so we know the importance of in-flight
service, and that's why I love Air New Zealand. I’ve been a long-time fan of the airline, and I’m incredibly
grateful to be fronting this campaign.

“I’ve flown from LA to Australia with Air New Zealand many times and I love the way the crew goes above
and beyond to care for passengers. The iconic Kiwi hospitality always shines.

“I’m excited to share my love for New Zealand with my fellow Australians and hope you enjoy this
campaign as much as I enjoyed filming it!”

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Air New Zealand operates more than 150 return flights weekly between Australia and New Zealand,
connecting travellers to Auckland, Wellington, Queenstown, and Christchurch. From there, passengers
can seamlessly connect on to one of the 20 domestic locations the airline flies to or continue to one of
its long-haul destinations across Asia, the USA, and Canada.

Thousands to bag a surprise as Air New Zealand celebrates new 13 November 2024
Everyday Rewards loyalty partnership with grocery giveaway
Customers at every domestic airport that Air New Zealand flies to will have more than just luggage to
collect at baggage claim as the airline surprises thousands of Kiwi customers with free groceries.
The nationwide giveaway marks the launch of Air New Zealand’s new loyalty partnership with
Woolworths' Everyday Rewards, offering customers fresh ways to earn Airpoints Dollars™ through their
everyday shopping.
Starting 2 December, members of Air New Zealand’s Airpoints™ programme can convert their Everyday
Rewards points into Airpoints Dollars, making it easier than ever to get closer to their next getaway. With
2,000 Everyday Rewards points equating to 15 Airpoints Dollars, this new partnership opens doors to
faster and more rewarding travel opportunities.
Air New Zealand Chief Executive Officer Greg Foran says the airline is thrilled to offer its customers even
more ways to grow their Airpoints Dollars.
“We’re always looking for new and exciting ways to enhance our loyalty offering and experiences for
customers. Providing more ways to grow their Airpoints Dollar balance is something our customers want,
so it’s terrific to be able to introduce this partnership. It means our 4.7 million Airpoints members can get
a little bit closer to that dream getaway, even while doing their grocery run.
“Thousands of customers travelling on the network could enjoy a free bag of groceries from baggage
claim to take home. It’s a small token of our appreciation for their loyalty and a celebration of this
important new partnership. Some lucky travellers will even win an extra surprise in the form of Airpoints
Dollars inside their grocery bag.”
For every bag of groceries given away, Air New Zealand will be making an equal-value donation to a
local food bank in every region. Travellers will also find grocery donation stations set up at all airports,
providing an opportunity to pay it forward.
Everyday Rewards New Zealand Director Mark Burger says the partnership aligns perfectly with Kiwi
preferences for meaningful, travel-focused rewards.
“Our research shows that Kiwi customers value rewards that bring them closer to booking that next trip,
whether it’s for a long-awaited holiday or a chance to see family and friends. By partnering with Air New
Zealand, we’re thrilled to offer members a valuable pathway to convert Airpoints Dollars and put them
towards their next journey. We believe this partnership will be a game-changer.”
Converting Everyday Rewards points to Airpoints is easy. Members simply need to be enrolled in both
programs and select Airpoints as their reward choice when redeeming their Everyday Rewards points.
Everyday Rewards joins over 40 Airpoints partners nationwide, including Mitre 10, New World,
Liqourland, Smith's City, Pet Direct and more, where members can earn Airpoints Dollars.
For more information on how to start earning Airpoints Dollars through Everyday Rewards from 2
December, visit www.airnz.co.nz/airpoints.

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Air New Zealand and Cathay Pacific welcome New Zealand Ministerial 12 November 2024
approval to extend partnership
Air New Zealand and Cathay Pacific welcome the New Zealand Associate Minister of Transport’s
decision to reauthorise their joint venture alliance for an additional five years.
This approval provides the New Zealand regulatory sign-off necessary to allow both airlines to
continue offering enhanced travel options and connectivity between New Zealand and Hong Kong,
along with access to a wider global network.
Air New Zealand and Cathay Pacific first commenced their alliance in 2013, and over the years, the
partnership has played a key role in growing capacity and tourism between New Zealand and Hong
Kong. This includes up to three daily services during peak season between New Zealand and Hong
Kong, providing greater choices for passengers and stimulating tourism and trade.
Air New Zealand Chief Transformation and Alliances Officer Michael Williams says the partnership
has proven invaluable in connecting New Zealand to Asia and beyond.
“Together, we have built a robust network that not only connects New Zealanders to destinations
around the world, including Hong Kong and the Chinese Mainland, but also ensures convenient
access for global travellers to explore New Zealand’s regions via Hong Kong,” says Mr Williams.
“The re-authorisation of this alliance means we can continue providing better connectivity and more
travel options for our customers, which is particularly important as both markets continue to recover
from the pandemic.”
Frosti Lau, Regional General Manager Southwest Pacific, Cathay Pacific echoes this sentiment:
“We have continued to increase our frequency in New Zealand and are proud to work with Air New
Zealand to bring greater choices to both the local market as well as Hong Kong and the surrounding
region.
“Hong Kong is not only an incredibly diverse destination for travellers, but it is a gateway to connect
New Zealanders to other cities in the lively Greater Bay Area as well as the rest of the world.
Through this alliance, Cathay Pacific and Air New Zealand are making travel for business or leisure
seamless and high quality across the two airlines.”
During peak months, both airlines will operate 18 weekly return services between New Zealand and
Hong Kong, including Cathay Pacific’s four-weekly seasonal service between Christchurch and
Hong Kong, which runs from 30 October 2024 to 29 March 2025.

RTX’s Pratt & Whitney and Air New Zealand Announce US$150 Million 8 November 2024
Expansion at Christchurch Engine Centre
New maintenance, repair and overhaul capabilities for the GTF engine expected in 2026
Pratt & Whitney, an RTX (NYSE: RTX) business, and Air New Zealand hosted a groundbreaking
ceremony for a US$150 million, 14,000 square meter expansion of its Christchurch Engine Centre.
The expansion will add maintenance, repair and overhaul (MRO) capabilities for the Pratt & Whitney
GTF™ engine in New Zealand, with capacity for up to 140 GTF engine overhauls planned annually
by 2032.

8

Construction of the facility expansion begins this month, and the first GTF engine overhaul is
expected in the fourth quarter of 2026. The Christchurch Engine Centre was founded in 1948 by Air
New Zealand. In 2001, the airline and Pratt & Whitney partnered to develop the joint venture,
focusing on the maintenance, repair and overhaul of JT8D then V2500 engines.
Currently the Christchurch Engine Centre employs more than 400 highly skilled staff and has
overhauled more than 1,500 IAE International Aero Engines AG V2500 engines.
“This project between Air New Zealand and global aviation leader Pratt & Whitney marks a
significant investment to New Zealand’s economy, helps expand our aviation industrial capability,
and adds 200 high-value jobs into the Canterbury region,” said Christopher Luxon, Prime Minister
of New Zealand.
“The Christchurch Engine Centre has a proven track record of delivering exceptional performance
and quality with a highly capable workforce,” said Shane Eddy, president, Pratt & Whitney. “With
the Asia-Pacific region projected to experience the highest aviation growth globally over the next
20 years, it is a strategic imperative for us to invest here and partner with Air New Zealand as we
continue to expand the GTF MRO network in support of the growing fleet.”
The GTF engine is the most fuel-efficient and sustainable engine for single aisle aircraft available
currently. GTF engines lower fuel consumption and carbon emissions up to 20% relative to previous
generation aircraft and have a 75% smaller noise footprint. Around the world, GTF engines have
saved airlines 2 billion gallons of fuel and 20 million metric tons of carbon emissions since entry into
service in 2016.
Air New Zealand Chair Dame Therese Walsh said the 14,000 square meter expansion will allow
the airline to service its V2500 engines powering the A320ceo aircraft and PW1100G-JM GTF
engines on the A320/A321neo aircraft right here in Aotearoa.
“The introduction of new GTF repair capability will be completed in 2026, and the Christchurch
Engine Centre will maintain, repair or overhaul both the V2500 and PW1100G-JM engines for many
years to come,” said Walsh.
“As our fleet of Airbus aircraft continues to grow, with another four expected to arrive over the next
three years, the importance of this facility to our airline also grows allowing us to continue to deliver
on our purpose of connecting Kiwis with each other and the world.”
“The investment is a real vote of confidence in the Christchurch Engine Centre and our city. The
creation of 200 new jobs is great news for our local economy and further positions Christchurch as
a world-class technology and aerospace hub,” said Christchurch Mayor Phil Mauger. “I can’t wait to
see the new facility take off.”
Christchurch Engine Centre is committed to Pratt & Whitney’s sustainability vision to protect the
environment along with the health and safety of its employees and the community around it. The
expansion of the facility will continue the journey of this commitment as well as bring in innovations
and new initiatives for a greener business and greener world.