Air New Zealand Investor Update (Op Stats) – March 2025

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Contents
• March 2025 traffic highlights and commentary
• Operating statistics table
• Recent market announcements and media releases


March 2025 Commentary
• Group capacity was down 4.8% in March compared to the same month last year. Long Haul
ASK’s decreased 6.9%, Domestic ASKs decreased 4.1%, and Short-haul international ASKs
decreased 1.1% compared to last year. Capacity reductions in both the month and YTD
periods are driven by reduced aircraft availability from global additional engine maintenance
requirements.
• Group YTD underlying RASK improved 1.0% compared to the prior year.
• Short-haul YTD RASK, which includes the Domestic, Tasman and Pacific islands networks
declined 1.2% compared to last year, driven by lower Domestic demand. The airline notes that
load factors in the prior period were higher due to Easter falling in March last year, as well as
higher concert activity.
• Long-haul YTD RASK improved slightly by 2.4% compared to last year.












9 May 2025

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March 2025 highlights











Group traffic summaryMARCH
FINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,552
1,673(7.2%)12,11912,586(3.0%)
Revenue Passenger Kilometres(m)3,1063,270(5.0%)25,53826,115(1.5%)
Available Seat Kilometres (m)3,7673,956(4.8%)30,56231,949(3.6%)
Passenger Load Factor (%)82.5%
82.7%(0.2 pts)
83.6%81.7%1.9 pts
Year-to-date RASK
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vs 2024vs 2024
Gro up1.1%1.0%
Sho rt Haul(1.0%)(1.2%)
Long Haul2.4%2.4%
% 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



GroupMARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,5521,673(7.2%)12,11912,586(3.0%)
Revenue Passenger Kilometres(m)3,1063,270(5.0%)25,53826,115(1.5%)
Available Seat Kilometres (m)3,7673,956(4.8%)30,56231,949(3.6%)
Passenger Load Factor (%)82.5%82.7%(0.2 pts)83.6%81.7%1.9 pts
Short Haul T otalMARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,3851,501(7.7%)10,67611,134(3.4%)
Revenue Passenger Kilometres(m)1,4781,556(5.0%)11,70411,7800.1%
Available Seat Kilometres (m)1,7181,756(2.2%)13,66413,898(1.0%)
Passenger Load Factor (%)86.1%88.6%(2.5 pts)85.7%84.8%0.9 pts
DomesticMARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)1,0271,124(8.6%)7,7538,223(5.0%)
Revenue Passenger Kilometres(m)541588(8.0%)4,0694,290(4.5%)
Available Seat Kilometres (m)641668(4.1%)4,8625,026(2.6%)
Passenger Load Factor (%)84.4%88.0%(3.6 pts)83.7%85.4%(1.7 pts)
Tasman / PacificMARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)358377(5.0%)2,9232,9111.1%
Revenue Passenger Kilometres(m)937968(3.2%)7,6357,4902.7%
Available Seat Kilometres (m)1,0771,088(1.1%)8,8028,872(0.1%)
Passenger Load Factor (%)87.0%88.9%(1.9 pts)86.7%84.4%2.3 pts
Long Haul T otalMARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)167172(2.8%)1,4431,4520.1%
Revenue Passenger Kilometres(m)1,6281,714(5.0%)13,83414,335(2.8%)
Available Seat Kilometres (m)2,0492,200(6.9%)16,89818,051(5.7%)
Passenger Load Factor (%)79.5%77.9%1.6 pts81.9%79.4%2.5 pts
AsiaMARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)94878.5%8177588.6%
Revenue Passenger Kilometres(m)8327796.8%7,0526,6916.2%
Available Seat Kilometres (m)1,05293712.2%8,5218,0017.3%
Passenger Load Factor (%)79.2%83.2%(4.0 pts)82.8%83.6%(0.8 pts)
Americas MARCHFINANCIAL YTD
FY25FY24
%
1, 2
20252024
%
1, 2
Passengers carried (000)7385(14.2%)626694(9.1%)
Revenue Passenger Kilometres(m)796935(14.8%)6,7827,644(10.6%)
Available Seat Kilometres (m)9971,263(21.0%)8,37710,050(16.0%)
Passenger Load Factor (%)79.9%74.0%5.9 pts81.1%76.3%4.9 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 31 March 2025 to 6 May 2025)
Air New Zealand provides full year earnings guidance 16 April 2025
Air New Zealand has provided a trading update on expected performance for the second half of the 2025
financial year, reflecting a substantial reduction in the compensation it anticipates receiving from engine
manufacturers during the period, despite an increased number of grounded aircraft.
Compensation
At the airline’s interim results announcement on 20 February 2025, the Company noted that it was unable
to provide full-year earnings guidance due to significant uncertainty around the number of grounded
aircraft and related compensation levels. These groundings stem from global maintenance requirements
on the Pratt & Whitney and Rolls-Royce engines that power the airlines Airbus neo and Boeing 787
Dreamliner fleets.
Since that announcement, engine maintenance timeframes provided by the manufacturers remain
unpredictable. As a result, current expectations are that 11 aircraft are grounded, despite Air New
Zealand securing seven additional leased engines and one further owned spare engine to stabilise the
number of grounded narrow body jets.
The airline is engaged in ongoing negotiations with engine manufacturers regarding appropriate levels
of compensation for unserviceable engines, and accurate timeframes for engine returns. These
discussions continue to be complicated, but Air New Zealand is exploring all possible avenues to ensure
a fair outcome.
In the first half, the compensation framework included flexibility that allowed certain engines that were
not able to be used in commercial service to be treated as unserviceable for the purposes of
compensation. This is despite the airline retaining them ‘on-wing’, to allow for things like repositioning of
stored aircraft. That short-term flexibility has now ended, and only engines that are ‘off-wing’ for
maintenance trigger compensation. Accordingly, decisions made by the airline to retain engines ‘on-
wing’ for the same reasons as in the first half, result in lower compensation in the second half. As engine
manufacturer compensation is based on the number of unserviceable engines, rather than the number
of grounded aircraft, compensation received may not directly reflect the total number of aircraft on the
ground.
Given the ongoing uncertainty, the airline currently expects compensation recognised in the second half
to be approximately $35 million to $40 million. This is substantially lower than the $94 million recognised
in the first half, noting that approximately $30 million of the first half compensation related to a one-off
settlement for other periods.
Overall trading conditions
While Air New Zealand is currently benefiting from lower fuel prices, its operations remain configured to
operate around 8 to 10 more jet aircraft than are presently available. Adjusting the business to reflect
fewer aircraft in the short-term introduces considerable complexity, especially as engines begin returning
to service and capacity ramps up again.
The airline notes that recent US tariff announcements have also added uncertainty to the broader
demand environment. While no material changes in bookings or cargo have been observed, the
Company is closely monitoring the situation.
Outlook
Taking the above factors into account, Air New Zealand estimates earnings before taxation for the 2025
financial year to be within the range of $150 million to $190 million.
Included in this range is the $35 million to $40 million in compensation noted above, as well as $20
million of credit breakage expected to be recognised in the second half for unused customer credits

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considered highly unlikely to be redeemed. The range also assumes fuel at US $81 per barrel for the
remainder of the financial year.

Media Releases
(during the period 31 March 2025 to 6 May 2025)
Introducing a new era of travel: Air New Zealand unveils 5 May 2025
fully redesigned 787-9 Dreamliner
• Air New Zealand unveils its first retrofitted 787-9 Dreamliner in Auckland, New Zealand
• Seats are available for purchase from Wednesday 7 May, including the all-new Business Premier
Luxe seats
• The first retrofitted aircraft will take to the skies for the first time on Monday 19 May, flying from
Auckland to Brisbane return
In what is a proud moment in Air New Zealand’s 85-year history, from Wednesday 7 May, customers will
be able to book seats on the airline’s highly anticipated all-new cabin experience.
This world-first retrofitted 787-9 Dreamliner ZK-NZH is in Auckland undergoing final testing before it
takes to the skies for the first time on Monday 19 May, flying Auckland to Brisbane. Later that evening,
the aircraft will complete its first long haul service from Auckland to San Francisco.
Air New Zealand CEO Greg Foran says it’s an incredibly special moment to launch the future of flying
with Air New Zealand.
“This aircraft spent 184 days in Singapore being retrofitted, the result of several years of extensive
research, innovation, and design by our team to deliver a world-class onboard experience.
“This is the first ever full nose-to-tail retrofit of a 787-9 Dreamliner and marks the introduction of our first
new onboard product in over 15 years. We’ve completely reimagined the experience of flying with Air
New Zealand, incorporating elegant design elements, innovative Kiwi touches, and features informed by
feedback from thousands of customers.
“As the national carrier, it’s an immense privilege to showcase the best of New Zealand, and this is
woven into every detail of our cabin design - from the textures you touch to the spaces you relax in,
every element is a nod to our home, Aotearoa.”
The airline’s second 787-9 is up in Singapore undergoing its retrofit, with a total of seven aircraft
expected to be completed by the end of the year. All 14 Boeing 787-9s in Air New Zealand’s fleet will be
updated to the new cabin layout by the end of 2026.
Customers can expect an elevated experience throughout the aircraft, with new seats in every cabin, an
all -new inflight entertainment system, larger inflight entertainment screens, clever stowage options, and
additional privacy in the premium cabins.
Aircraft featuring the new cabin experience will fly predominantly between Auckland and Brisbane, San
Francisco, Rarotonga, and Vancouver, with more routes to follow as more of the retrofits are complete.
Introducing the new cabin experience
Business Premier
Our new Business Premier seats have a new angle and layout, meaning additional privacy and space.
• Sliding privacy screens, wireless charging, and a 24" inflight entertainment screen
• Middle seats with a sliding divider, perfect for travel companions
• Full lie-flat recline with a clever headrest lift for prime movie-watching or mid-flight novels

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Business Premier Luxe
Four all-new seats in the front row of the Business Premier cabin. Business Premier Luxe will be able to
be booked as a paid seat select product when purchasing a Business Premier seat.
It has all the features of Business Premier, along with:
• Full closing door, a larger bed, and additional space with room for two to dine
Premium Economy
Our new Premium Economy gives customer more privacy and thoughtful storage to help make the space
their own.
• All seats have a fixed outer shell, meaning your recline doesn’t impact the person behind you
• Side wings on the seat provide extra privacy
• More storage space keeps your essentials within easy reach
Economy
You don’t need to turn left to experience the future of flying with Air New Zealand.
• 50% bigger inflight entertainment screens, clever little snack trays, and the new Economy Stretch
option to give your legs a holiday too
• Clever stowage options include a small tray table for snacks or your phone, and an elastic holder for
your essentials
Digital Innovation & Inflight Entertainment
You’ll find digital innovation in every cabin.
• 4K HD screens with Bluetooth audio pairing
• Use your phone like a remote, build a watchlist, track your flight, or multitask with Picture-in-Picture
functionality

Air New Zealand announces new 2030 Emissions Guidance in move 1 May 2025
towards greater transparency
Air New Zealand has published its first 2030 Emissions Guidance, and says it expects to reduce net
“well-to-wake” greenhouse gas emissions from jet fuel by 20 to 25 per cent by 2030, from a 2019
baseline. This new approach replaces the airline’s 2030 Science Based Target which it withdrew from
in 2024.
The new 2030 Emissions Guidance aims to provide a regular and transparent assessment of Air New
Zealand’s progress towards its 2050 net-zero carbon emissions target. The Emissions Guidance will be
updated annually in August in the airline’s Climate Statement.
Each update will reflect the airline’s expected net emissions by 2030 based on detailed modelling of its
decarbonisation progress, external market conditions, and global and domestic policy developments.
Chief Sustainability and Corporate Affairs Officer Kiri Hannifin, says Air New Zealand is acutely aware
of aviation’s impact on the climate and nature, and is committed to high levels of transparency in a rapidly
evolving environment.
“Air New Zealand remains committed to net zero carbon emissions by 2050 and we are taking practical
steps towards achieving that ambition. Having a comprehensive and annually updated outlook of our
emissions trajectory to 2030, and a clear understanding of how we can get there, is a critical stepping
stone.

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“Rather than setting an emissions target that remains static, regular emissions guidance will give our
investors and customers an up-to-date and clear view of our expected emissions trajectory, including
the impact from external risks and opportunities. The reality of decarbonising an industry like aviation is
there is uncertainty and are many factors we have limited control over, such as the availability of
sustainable aviation fuel (SAF) at reasonable prices. Many of our assumptions are evolving rapidly.
“We hope there may be opportunities to move faster as new technologies and the SAF industry grows,
so our 2030 emissions guidance could be updated to reflect any upside as well,” says Kiri Hannifin.
In developing the 2030 Emissions Guidance, Air New Zealand has undertaken a thorough analysis of
the airline’s specific circumstances, external environment, and key decarbonisation levers:
• Sustainable aviation fuel (SAF): increasing use as global mandates, supply and affordability scale.
• Fleet and network optimisation: implementing the airline’s fleet and network plan, including continued
fleet renewal to replace older aircraft with more fuel-efficient aircraft.
• Operational efficiency improvements: improving fuel efficiency through technology and best
practice.
• Carbon credits: using carbon credits to meet international regulatory requirements (specifically
CORSIA, the Carbon Offsetting and Reduction Scheme for International Aviation), and to a lesser
extent using high integrity carbon removals.
• There are no anticipated decarbonisation impacts from Next Generation Aircraft in the period to
2030.
The 2030 Emissions Guidance is integrated with the airline’s long-term fleet and network plan through
to 2030 and will be updated in August each year as part of its Climate Statement.
Notes for editors:
• Further detail on Air New Zealand’s 2030 Annual Emissions Guidance as of 1 May 2025 is set out
in the attached 2030 Emissions Guidance linked HERE
• Well-to-wake emissions are the total emissions from jet fuel, including fuel production, distribution
and combustion in flight.
• Air New Zealand removed its 2030 carbon target in July 2024 and withdrew from the Science-Based
Targets Initiative (SBTi) due to uncertainty around a number of factors needed to meet the target.
• Air New Zealand’s science-based target aimed for a 28.9% reduction in emissions intensity by 2030
vs. a 2019 baseline. Intensity targets seek to reduce emissions per unit of flying activity. The 2030
Emissions Guidance focuses on a different metric of net emissions reduction.

Runway Ready: Air New Zealand’s first retrofitted Dreamliner touches down 17 April 2025
18 months of research. 2,500 hours of customer testing. 184 days in Singapore. One exceptional new
onboard experience.
Air New Zealand’s very first retrofitted Boeing 787-9 Dreamliner officially touched down in Auckland
yesterday. The aircraft spent the past 184 days in Singapore receiving the ultimate cabin glow-up as it
was retrofitted with all-new cabin interiors, including the new Business Premier Luxe seat, and
redesigned Business Premier, Premium Economy, and Economy cabins. The aircraft, ZK-NZH, is the
first in the airline’s 787–9 fleet to undergo this world-first, full nose-to-tail retrofit.
Air New Zealand Chief Commercial Officer Jeremy O’Brien says the aircraft’s arrival is an exciting
moment in the airline’s 85-year history.

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“Seeing the first of our 14 Dreamliners to undergo this transformation arrive home is a huge moment for
our people, our customers, and the future of Air New Zealand. We’re so proud to deliver this new
experience for those who fly with us around the world.
“Now the aircraft is back on home soil, it will undergo final preparations including testing of its new inflight
entertainment system, and a full crew ground trial to rehearse onboard service before welcoming
customers on board for the first time in mid-May."
The second 787-9 to be retrofitted with the new interiors is already in Singapore, undergoing work, with
a total of seven aircraft expected to be completed by the end of the year. All 14 Boeing 787-9s will be
updated to the new cabin layout by the end of 2026.
Editor Notes
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 four 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.
We are still working through the flying schedule for this aircraft, and will have more to share shortly on
where it will be operating and when it will be on sale.
Click here for images

Air New Zealand unveils new uniform: A bold celebration 11 April 2025
of Aotearoa, artistry, and creativity
The wait is finally over! Air New Zealand is proud to reveal its highly anticipated new uniform. A collection
that embodies the airline’s profound sense of pride in Aotearoa and strong cultural heritage. The bold
print, colour, and exquisite design showcase the very best of Aotearoa to the world.
Designed by the world-renowned Emilia Wickstead, with bespoke hand painted prints from tā moko artist
Te Rangitu Netana, the uniform marks the beginning of a new era for Air New Zealand. It shines a light
on what makes New Zealand unique to create a collection that is anything but uniform.

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Worn by 6,000 Air New Zealanders around the world, the airline’s uniforms have always been a core
part of its identity. They’re worn with immense pride and are always instantly recognisable. Emilia and
Te Rangitu’s design carries on this strong tradition.
Key pieces in the collection, such as ‘The Fine Print – Dress’, showcase Emilia’s mastery of her craft,
featuring the intricate and meaningful kōwhai print. ‘The Collective Thread – Shirt’ features striking
purapura whetū patterns, designed to be worn by any cabin crew or ground staff member, highlighting
the versatility of the collection.
The Ie Faitaga is to be trialled by Pasifika team members and supports the airline’s commitment to
inclusivity. New designs for pilots include a bold pinstriped suit, with a kiwi feather print lining,
symbolising leadership and prestige.
Air New Zealand Chief Executive Greg Foran says this uniform represents the best of Air New Zealand
and Aotearoa.
“For us, this is more than just a uniform. It is a celebration of our people, our culture, and our values. Air
New Zealand has never been about standing still or blending in. We have a tradition of being bold,
showcasing what makes us unique, and celebrating our team members. Our new uniform encapsulates
everything we stand for – a combination of innovation, rich cultural heritage, and a deep sense of pride
and belonging.”
Designer Emilia Wickstead says the Air New Zealand uniform was a passion project and one that she
has always dreamed of working on.
“Designing the Air New Zealand uniform has been an incredibly personal project for me. At the heart of
it was a deep respect for the heritage and the unique identity of New Zealand’s people and land. It was
essential to me that this uniform tells a meaningful story about Aotearoa. I wanted to create a uniform
that empowers individuals and inspires pride in all who wear it and see it. For me, good design should
always evoke a sense of pride and occasion, and I believe this uniform will do just that.”
As part of this collaboration, Te Rangitu Netana’s meticulously hand-drawn prints bring powerful
narratives to life, reflecting Aotearoa, Air New Zealand, and its people through storytelling woven into
Emilia Wickstead’s design vision.
“Each print is a story, deeply rooted in the traditions and values of Aotearoa,” says Netana. “The patterns
on this uniform are a reflection of the land, the sea, and the connections that bind us all as Kiwi. As a
Māori artist on the world stage, I feel a deep responsibility in ensuring our culture is represented in a
way that is authentic and meaningful. I’m proud that these designs have found a place in Air New
Zealand’s uniform, bringing te ao Māori to designs that show up all over the world.”
A look at the collection
The Air New Zealand uniform collection features a bold and uplifting mix of vibrant colours, creative
prints, and elevated tailoring. Key pieces include:
• The Fine Print – Dress: Featuring the tūī knot neckline and the kōwhai print, inspired by the story
of Ngatoro-i-Rangi, symbolising protection, responsibility, and belonging.
• The Collective Thread – Shirt: A versatile, inclusive design with bold prints and a tūī knot
neckline, designed to be worn by any crew or ground staff member.
• The Wrap Around – Trench: A sleek and stylish piece with a purple pinstripe, offering both
craftsmanship and comfort.

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• The Woven One – Ie Faitaga: A cultural garment to be trialled by Pacific people celebrating the
rich heritage of the Pacific community.
• The Runway Cut – Waistcoat: A new waistcoat for male crew members and ground staff cloaking
the wearer in mana and authority.
Dressing for our future
Air New Zealand is excited to share this new uniform with the world, beginning with the uniform reveal
ahead of onboard wearer trial, commencing in May 2025. Following a period of testing and feedback
from uniform wearers across the airline, the new uniform will be rolled out across Air New Zealand’s
network, with team members proudly wearing it from 2026.