Air New Zealand Limited (NS)

Overview

At Air New Zealand we provide world-class air passenger and cargo services to, from and within New Zealand. We operate one of the most comprehensive domestic and regional networks in the world, flying to 20 destinations across New Zealand, offering more than 400 flights every day.

Internationally, our strategic focus and competitive advantage lie within the Pacific Rim where our network reach extends from New Zealand into Australia, the Pacific Islands, Asia and North America. Alongside key global alliance partners, including United Airlines, Singapore Airlines, Cathay Pacific and Air China, we connect New Zealand to more than 600 destinations worldwide.

Our network serves more than 16 million passengers every year and is operated by a fleet of more than 100 aircraft and over 11,000 employees globally.

Our Airpoints™ loyalty programme is considered the premier loyalty programme in New Zealand and provides members with an easy and transparent currency - Airpoints Dollars™. Members earn points by travelling with the airline and spending at retail partners. With over four and a half million members, Airpoints provides us with unique data points that help us understand our customers and their travel needs.

Our simplified and modern fleet consists of fuel-efficient aircraft, across a small number of aircraft types, which provides the airline with a competitive cost structure and greater operational efficiencies.

We maintain a disciplined approach to capital allocation supported by our Capital Management Framework, which enables us to balance capital allocation decisions between re-investment in the business, our sustainability ambitions and returns to shareholders over the long-term.

We have a credit rating of Baa1 from Moody's, with a stable outlook, making us one of the top investment-grade rated airlines in the world.

Find out more about Air New Zealand

• Board

• Executive management team

• Corporate governance

• Board committees and charters

• Corporate and social responsibility policies

• Investor centre

Performance

The following information was extracted from Air New Zealand's Full Year results, released on 28 August 2026:

Financial Summary

• Loss before taxation of $336 million

• Net loss after taxation of $242 million

• Total revenue of $7.0 billion, up 3.9% on 2025

• Passenger revenue of $6.1 billion, up 4.8% on 2025

• Operating cash flow of $819 million, compared with $940 million in 2025

• ASK capacity up 1.3% across the network as aircraft returned to service, partly offset by capacity reductions as the airline responded to unprecedented, elevated fuel prices

• Result largely driven by increased fuel prices, the ongoing impact of multi-year engine availability issues, lifecycle maintenance costs and additional maintenance costs on leased engines, and aviation system costs rising at a rate well above inflation

• No final dividend declared, in line with the airline’s Capital Management Framework

Air New Zealand today announced a loss before taxation of $336 million for the 2026 financial year, compared with earnings before taxation of $164 million1 in the prior year. The result is slightly better than the guidance range provided to the market in May 2026. Net loss after taxation was $242 million.

The result was primarily driven by four factors:

• Jet fuel prices: The Middle East conflict increased fuel cost by an estimated $328 million compared to what we expected going into the second half, and by $205 million after hedging, with an estimated $135 million impact on the pre-tax result after fare adjustments and capacity reductions.

• Engine availability: Ongoing Rolls-Royce Trent 1000 and Pratt & Whitney PW1100 engine issues impacted the result by an estimated $190 million2 through lost capacity, additional lease and engine costs, lower fleet utilisation and operating inefficiencies.

• Aviation system costs: New Zealand aviation costs have risen at more than twice the rate of inflation since 2019. Air New Zealand and our customers’ share of these aviation system charges across New Zealand and the offshore ports we fly to, was $1.2 billion in 2026, a price increase of $142 million on 2025. Of this, approximately $720 million was recognised as a cost in our financial statements in 2026, a price increase of approximately $83 million compared to 2025.

• Maintenance: 2026 was a peak aircraft maintenance year, with an increase of $139 million, excluding foreign exchange, compared to 2025, driven by lifecycle maintenance costs and additional maintenance costs on leased engines.