Air New Zealand Investor Update (Op Stats) November 2025

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


November 2025 Commentary
• Group capacity decreased 3.5% in November compared to the same month last year. Long
Haul ASKs fell 12.1%, driven by the timing of scheduled maintenance of 777-300 aircraft ahead
of the peak summer season. Domestic fell 1.6%, while Short Haul International grew 12.2%.
Short Haul growth was driven by the arrival of 2 new A321 aircraft.
• Group YTD underlying RASK improved 1.8% versus the prior year.
• Short Haul YTD RASK, which includes Domestic, Tasman, and Pacific Islands, was 1.9% lower
than last year. Domestic RASK was flat year on year, while Short Haul International RASK was
up 0.6%.
• Long Haul YTD RASK was up 4.4% year-on-year.














19 December 2025

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November 2025 highlights












Group traffic summary
NOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)1,2701,304(2.6%)6,4776,4551.0%
Revenue Passenger Kilometres(m)2,4882,544(2.2%)13,72213,6131.5%
Available Seat Kilometres (m)3,0093,118(3.5%)16,49116,3801.4%
Passenger Load Factor (%)82.6%81.6%1.0 pts83.2%83.1%0.1 pts
Year-to-date RASK
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vs 2025vs 2025
Group2.7%1.8%
Short Haul(1.6%)(1.9%)
Long Haul6.2%4.4%
% change in reported
RASK (incl. FX)
% change in reported
RASK (excl. FX)

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Operating statistics table


GroupNOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)1,2701,304(2.6%)6,4776,4551.0%
Revenue Passenger Kilometres(m)2,4882,544(2.2%)13,72213,6131.5%
Available Seat Kilometres (m)3,0093,118(3.5%)16,49116,3801.4%
Passenger Load Factor (%)82.6%81.6%1.0 pts83.2%83.1%0.1 pts
Short Haul TotalNOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)1,1461,168(1.9%)5,7115,6711.4%
Revenue Passenger Kilometres(m)1,2841,2314.3%6,4806,1625.9%
Available Seat Kilometres (m)1,5011,4037.0%7,6227,2326.1%
Passenger Load Factor (%)85.5%87.7%(2.2 pts)85.0%85.2%(0.2 pts)
DomesticNOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)825871(5.3%)4,0664,135(1.0%)
Revenue Passenger Kilometres(m)435455(4.4%)2,1392,1450.4%
Available Seat Kilometres (m)518527(1.6%)2,5732,592(0.1%)
Passenger Load Factor (%)83.8%86.4%(2.6 pts)83.1%82.8%0.3 pts
Tasman / PacificNOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)3212978.0%1,6451,5367.8%
Revenue Passenger Kilometres(m)8497769.4%4,3414,0178.8%
Available Seat Kilometres (m)98387612.2%5,0494,6409.6%
Passenger Load Factor (%)86.4%88.6%(2.2 pts)86.0%86.6%(0.6 pts)
Long Haul TotalNOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)124136(8.5%)766784(1.6%)
Revenue Passenger Kilometres(m)1,2041,313(8.4%)7,2427,451(2.1%)
Available Seat Kilometres (m)1,5081,715(12.1%)8,8699,148(2.4%)
Passenger Load Factor (%)79.8%76.6%3.2 pts81.7%81.5%0.2 pts
As i aNOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)6676(13.4%)4464441.1%
Revenue Passenger Kilometres(m)574669(14.3%)3,7673,7700.6%
Available Seat Kilometres (m)685873(21.5%)4,4884,585(1.4%)
Passenger Load Factor (%)83.7%76.7%7.0 pts83.9%82.2%1.7 pts
Americas NOVEMBERFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)5860(2.2%)320340(5.2%)
Revenue Passenger Kilometres(m)630644(2.2%)3,4753,681(4.9%)
Available Seat Kilometres (m)823842(2.2%)4,3814,563(3.3%)
Passenger Load Factor (%)76.5%76.5%- 79.3%80.7%(1.4 pts)
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% 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 2024 (28 days) compared with July 2025 (27 days) and June 2025 (36 days) compared with June 2026 (37 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 2 December 2025 to 18 December 2025)
Air New Zealand 2026 Interim Results Webcast Details 16 December 2025

Air New Zealand’s 2026 Interim Results will be announced before NZX trading begins on Thursday
26 February 2026.
A conference call for investors and analysts will be hosted by Nikhil Ravishankar (Chief Executive
Officer) and Richard Thomson (Chief Financial Officer) at 10:00 am NZST on the same day and
can be accessed in the following ways:
1. Live via webcast: Click here for a link to the investor and analyst webcast.

2. Live via telephone (for “listen-only” participants and those who would like to ask a question):

Conference link: Please click here for a link to the conference call.
Please register in advance of the conference using the link provided above. Upon registering,
you will be provided with participant dial-in numbers, Direct Event passcode and unique
registrant ID.
3. Replay via webcast – will be accessible through the results section of the Investor Centre on Air
New Zealand's website: https://www.airnewzealand.co.nz/investor-centre

Media releases
(during the period 2 December 2025 to 18 December 2025)

Air New Zealand and Air Chathams interline partnership 16 December 2025
takes off strengthening regional connectivity
Whakatāne is set to soar even further this summer as Air New Zealand and Air Chathams officially
launch their new interline partnership, giving travellers easier access to and from the Eastern Bay of
Plenty.

Customers can book a single domestic ticket that combines Air Chathams and Air New Zealand services
for travel from Tuesday, 24 March 2026, complete with through check-in for baggage. That means
smoother connections for journeys such as Whakatāne to Queenstown or Christchurch to Whakatāne –
all in one booking.

Air New Zealand Chief Transformation and Alliances Officer Michael Williams says the partnership
marks the beginning of a new chapter for domestic aviation.

“Whakatāne is the heart of the Eastern Bay of Plenty and strong air links are vital for keeping regional
communities connected and thriving. Regional connectivity is also a key driver of New Zealand’s
economy, so partnerships like this help strengthen those links,” says Williams.

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“It takes collaboration between airlines, local government, airports and communities to keep New
Zealand moving. This is just the beginning. We expect to build more partnerships over time as we look
for smarter, more collaborative ways to support connectivity across Aotearoa.”

Air Chathams CEO Duane Emeny says the partnership reflects Air Chathams’ continued commitment
to serving regional Aotearoa.

“For us, the regions are at the heart of what we do,” he says.
“We’ve been proudly connecting communities for more than three decades, and this partnership
strengthens that commitment. By teaming up with Air New Zealand, we can offer our Whakatāne
customers even better access to the rest of the country, while ensuring the region is well connected for
work, travel and everyday life.”

Whakatāne District Council Mayor Nándor Tánczos says the agreement is a welcome step forward for
a region with so much to offer.

“Whakatāne is a place of real warmth, authentic culture and natural beauty, and we’re excited to make
it easier for more visitors to experience that,” he says.

“At the same time, stronger air links mean our own community can travel more easily for business,
education, health and to connect with whānau. This partnership is a positive shift for the district, and
we’re pleased to see Air New Zealand and Air Chathams working together to achieve the benefits the
interline arrangement will unlock.”

With the partnership now underway, both airlines will focus on delivering a smooth experience for
Whakatāne travellers from day one while laying the groundwork for future regional opportunities.



Air New Zealand opens the Lookout Lounge ahead 11 December 2025
of major Auckland lounge redevelopment
Air New Zealand is giving travellers something new to look forward to this summer. The airline is
unveiling The Lookout Lounge, a new space at Auckland International Airport opening tomorrow
(Friday 12 December 2025) ahead of construction of Air New Zealand’s new Koru Lounges next
year.
Located on Level 2, closer to the departure gates, The Lookout Lounge will open daily during peak
travel times (5:00–10:00am and 3.30–9:15pm), giving customers more room to relax and enjoy the
friendly Kiwi service Air New Zealand is known for.
The Lookout Lounge will operate alongside the Koru Lounge during the summer holiday season
and during the construction of the new lounges at Auckland International Airport. Customers will be
welcomed at either lounge depending on availability, with both serving up the same signature Kiwi
hospitality, great food and drinks, and that unmistakable Air New Zealand warmth before take-off.
Air New Zealand General Manager Customer, Alisha Armstrong, says The Lookout Lounge offers
a fresh take on the Koru Lounge experience.
“As we head into our busiest travel season, The Lookout Lounge will give our customers more
space and comfort before they head overseas. It’s a friendly and relaxed environment influenced
by the very best of Aotearoa.”

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Taking inspiration from New Zealand’s Great Walks, The Lookout Lounge nods to the spirit of
exploration and discovery, with natural materials and an outlook that invites adventurers to pause
and take in the view.
Guests can expect a full buffet, a chef station serving made-to-order dishes that change throughout
the day, and a fully serviced bar and barista station, stocked with New Zealand beer and wine, and
Coffee Supreme.
Construction of Air New Zealand’s new Koru Lounges at Auckland International begins in 2026 and
will take place in two phases. The current lounge will remain open with reduced capacity while work
is completed on the Koru Premier Lounge for Koru Platinum (currently Airpoints Elite), Koru Black,
and Business Premier™ customers, due to open in 2027. The current lounge space will then be
redeveloped, with the refreshed Koru lounge expected to open by late 2027.
Notes to editors:
The Lookout Lounge provides 200 additional seats to accommodate customers and operates 5:00–
10:00am and 3:30–9:15pm daily during peak periods on Level 2, International Departures, Auckland
Airport.
Air New Zealand recently unveiled a refresh of the Airpoints programme. From April 2026 the
Airpoints programme will become Koru.

Santa’s Sleigh has nothing on Air New Zealand Cargo: 9 December 2025
6,000 tonnes of festive freight take flight
Move over, Rudolph, Air New Zealand Cargo is taking the reins this Christmas. The airline’s cargo
team is once again playing Santa’s helper, working with Kiwi exporters to deliver the best of
Aotearoa to tables (and stockings) around the world.
This festive season, Air New Zealand Cargo expects to carry just under 6,000 tonnes of freight out
of New Zealand, across December and January. From cherries bound for Asia’s New Year
celebrations to salmon destined for sashimi in Tokyo, and capsicums adding colour to Christmas
feasts everywhere.
Air New Zealand General Manager of Cargo, Anne Dunne, says the team takes pride in spreading
a little Kiwi cheer around the globe.
“This time of year is all about sharing joy and connection, and we’re proud to play a part in that,
delivering the very best of New Zealand to families and celebrations around the world,” says Dunne.
“New Zealand has an incredible reputation for premium fresh produce, and it’s a privilege to connect
our exporters with markets around the world.”
The top three export items soaring sky-high this festive season are capsicums, with around 700
tonnes taking flight, followed by cherries at approximately 615 tonnes, and salmon close behind at
470 tonnes, a trio of Kiwi favourites bringing a taste of summer to tables around the world.

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While leaving things to the last minute at Christmas is rarely a good idea, lobster shipments are a
notable exception. These time-critical deliveries are meticulously planned to arrive fresh for festive
banquets and New Year celebrations across China.
Earlier in the season, premium cuts of New Zealand beef head to the United States, making their
way onto Christmas tables across the Pacific. Together, these exports showcase the precision and
timing behind Air New Zealand Cargo’s operations, ensuring even the most perishable products
reach their destination in perfect condition.
Among the many highlights of the year for the Cargo team, was one particularly adorable flight.
Four little blue penguins took to the skies from Auckland to Christchurch, enroute to their new home
at the West Coast Wildlife Centre in Franz Josef.
The rescued birds, unable to return to the wild due to injury or illness, were given a second chance
as ambassadors for the new West Coast Penguin Encounter which opened in November.
“Whether it’s cherries for good luck, salmon for a celebration, or a few feathered friends hitching a
ride to a new home, we’re proud to deliver a little Kiwi magic to the world,” says Dunne.
This Christmas, Air New Zealand Cargo proves once again that when it comes to festive freight,
Santa’s got competition in the skies.


Air New Zealand boosts 2026 domestic capacity to 2 December 2025
help keep Kiwi travellers connected

Air New Zealand is strengthening its commitment to connecting New Zealanders with each other
and the world, announcing an increase in capacity on key domestic routes from March to October
2026.
The uplift is part of the airline’s long-term focus on delivering for New Zealand by supporting
domestic growth, business connectivity, and tourism.
Air New Zealand General Manager Short Haul and Domestic Lucy Hall says the airline is focused
on ensuring its network meets the needs of its customers.
“We are constantly reviewing our network to make sure we are offering the best possible schedule
and capacity for Kiwi customers. These updates are all about keeping New Zealanders connected,
supporting regional growth, and making it easier for people to travel for work, to visit loved ones, or
to explore more of Aotearoa.”
The airline will increase seats across several of its busiest routes:
• Auckland–Queenstown up 9%
• Auckland–Christchurch up 4%
• Auckland-Rotorua up 7%
• Auckland–Blenheim up 7%
• Christchurch-Hamilton up 17%

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The Auckland–Queenstown route will see significant uplift, growing by 9%, as the airline adds more
flights to meet strong demand. In total, around 50,000 additional seats will be available to and from
Queenstown over the year, giving customers more choice and flexibility when travelling to one of
New Zealand’s most popular destinations.
Christchurch will see an increase in regional capacity, offering around 25,000 more seats than the
same period this year. From 9 February 2026, jet services will operate daily on the Christchurch–
Hamilton route, increasing capacity by 17%. Additional growth is planned on services from
Christchurch to Napier, Nelson, Rotorua, Tauranga and Invercargill, giving customers more options
in and out of the city.
In the North Island, the Auckland–Rotorua route will be upgauged to an ATR aircraft, increasing
capacity by 7% and providing more seats at business-friendly times.
A new weekday schedule includes a 6:50am Rotorua–Auckland departure and a 6:20pm Auckland–
Rotorua return, designed to support same-day travel for business customers. The Wellington–
Rotorua route will also benefit from a new timetable offering morning and afternoon flights at
convenient times, while the Christchurch–Rotorua service will see capacity increase by 4%.
“We heard from the Rotorua community that better flight times for business travel were a priority,
so we’re adjusting the schedule to meet that request. These changes will make it easier for locals
to travel to Auckland for a full day’s work and return home the same evening,” says Hall.
These schedule and capacity changes form part of Air New Zealand’s broader commitment to
deliver for New Zealand by increasing capacity to support customers, communities and the
economy.