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How Air New Zealand makes money — FY2025
Revenue $6.8b · EBITDA $926.0m (13.7% of revenue) · Net profit $126.0m (1.9% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $6.8b | Reported | |
| Operating expenses | −$5.8b | Reported | |
| EBITDA | $926.0m | Derived * | |
| Depreciation & amortisation | −$727.0m | Reported | |
| EBIT | $199.0m | Reported | |
| Interest | — | Not reported | Included in the balancing item. |
| Income tax | −$63.0m | Reported | |
| Interest and other items (net cost) | −$10.0m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $126.0m | Reported |
- * ebitda: $926.0m = EBIT + depreciation & amortisation
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Air New Zealand Annual Report (PDF, NZX)
Air New Zealand board of directors
8 current directors, 100% independent, average tenure 6.0 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Dame Therese Maria Walsh | Chair | Yes | 2016 | 10.5 yrs | — |
| Dean Bracewell | Independent Director | Yes | 2020 | 6.6 yrs | — |
| Larry De Shon | Independent Director | Yes | 2020 | 6.6 yrs | — |
| Claudia Isobel Batten | Independent Director | Yes | 2021 | 5.0 yrs | — |
| Laurissa Cooney | Independent Director | Yes | 2019 | 7.1 yrs | — |
| Alison Rosemary Gerry | Independent Director | Yes | 2021 | 5.0 yrs | — |
| Neal Barclay | Independent Director | Yes | 2025 | 1.5 yrs | — |
| Candace Kinser Reed | Independent Director | Yes | — | — | — |
AIR governance score breakdown
Air New Zealand scores 81/100 (Excellent) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 25/25
- Shareholder rights
- 20/20
- Executive remuneration
- 3/10
AIR dividends
The most recent Air New Zealand dividend on record is 1.25 cents per share, for FY2025 (final), 0% imputed, ex-dividend 11 Sept 2025, paid 25 Sept 2025.
Air New Zealand largest shareholders
Top 10 registered holders of AIR as disclosed for FY2026. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | The Sovereign in Right of New Zealand, acting by and through their Minister of Finance | 51.00% |
| 2 | New Zealand Depository Nominee | 6.00% |
| 3 | HSBC Nominees (New Zealand) Limited | 3.00% |
| 4 | Citibank Nominees (NZ) Ltd | 3.00% |
| 5 | BnP Paribas Nominees NZ Limited (BPSS40) | 3.00% |
| 6 | Citicorp Nominees Pty Limited | 2.00% |
| 7 | BnP Paribas Nominees NZ Limited | 2.00% |
| 8 | JPMORGAN Chase Bank | 2.00% |
| 9 | HSBC Nominees (New Zealand) Limited | 1.00% |
| 10 | J P Morgan Nominees Australia Pty Limited | 0.90% |
AIR government contracts
Air New Zealand has been named as an awarded supplier on 2 New Zealand government contracts published on GETS, most recently on 10 Aug 2021. 2 of them disclose an award value, totalling $87.0M. 1 was shared with other suppliers, and a shared contract is published with its full value.
Most frequent of 2 agencies: Ministry of Transport, Ministry of Business, Innovation and Employment.
| Awarded | Agency | Contract | Value |
|---|---|---|---|
| 10 Aug 2021 | Ministry of Business, Innovation and Employment | MIQ Air Charter Services | $12.0M |
| 9 Jun 2020 | Ministry of Transport | International Air Freight Capacity (IAFC) Scheme(shared) | $75.0M |
Full government procurement analysis on PublicData · All NZX companies with government contracts
Source: MBIE GETS Open Data. An award of $0 or blank is treated as undisclosed.
Recent AIR NZX announcements
The 10 most recent filings by Air New Zealand to the NZX.
- Air NZ to hold investor updateGeneral
- Air New Zealand quarterly trading update - September 2026Quarterly Update
- Disclosure of Director Relevant InterestsInsider/Shareholder Notice
- Results of 2026 Annual Shareholders’ MeetingAGM
- Air NZ 2026 Annual Shareholders' Meeting MaterialsAGM
- Air New Zealand announces 2026 annual resultsFull Year Results
- Air New Zealand 2026 Notice of Annual MeetingAGM
- Air New Zealand updates on DirectorsDirector Appointment
- Amended Air New Zealand Investor Update Op Stats June 2026Operational Update
- Annual Shareholders’ Meeting and Director NominationsAGM
Air New Zealand (AIR) — frequently asked questions
What does Air New Zealand do?
Air New Zealand is New Zealand's national airline and largest aviation company, operating domestic and international passenger and cargo services across the Pacific, Asia, Americas, and Europe. Air New Zealand is listed on the NZX under the ticker AIR, in the Industrials sector.
What is the Air New Zealand (AIR) share price?
Air New Zealand (NZX:AIR) shares closed at $0.38 on 11 November 2026, up 1.33% on the previous close. At that price its market capitalisation was about $1.23 billion, based on 3,233,562,126 shares on issue.
Who are the directors of Air New Zealand?
Air New Zealand has 8 current directors: Dame Therese Maria Walsh (Chair), Dean Bracewell (Independent Director), Larry De Shon (Independent Director), Claudia Isobel Batten (Independent Director), Laurissa Cooney (Independent Director), Alison Rosemary Gerry (Independent Director), Neal Barclay (Independent Director) and Candace Kinser Reed (Independent Director). 8 of the 8 are recorded as independent (100%).
Who is the chair of Air New Zealand?
Dame Therese Maria Walsh chairs the Air New Zealand board, and has been a director since 2016.
Who is the CEO of Air New Zealand?
Nikhil Ravishankar is the Chief Executive Officer of Air New Zealand.
What was Air New Zealand's most recent dividend?
The most recent Air New Zealand dividend on record is 1.25 cents per share for FY2025 (final), 0% imputed, ex-dividend 11 September 2025, paid 25 September 2025.
What is Air New Zealand's dividend yield?
Air New Zealand paid no ordinary dividend with an ex-date in the 12 months to 12 November 2026, so its trailing dividend yield is 0%. The last ordinary dividend on record was 1.25 cents per share, ex-dividend 11 September 2025.
Who are the largest shareholders of Air New Zealand?
The largest registered holder of AIR shares in the FY2026 top-20 register was The Sovereign in Right of New Zealand, acting by and through their Minister of Finance, with 51.00%, followed by New Zealand Depository Nominee (6.00%) and HSBC Nominees (New Zealand) Limited (3.00%). Custodians and nominees on the register hold shares on behalf of other investors.
What is Air New Zealand's governance score?
Air New Zealand has an NZXplorer Governance Risk Score of 81/100 (Excellent) for FY2026, based on 73% data coverage.
When was the last Air New Zealand annual meeting?
The most recent Air New Zealand annual meeting on record was held on 24 September 2026.
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