#1FY22 Results Supplementary Presentation Qantas Airways Limited 25 August 2022 ASX: QAN US OTC: QABSY#2Disclaimer This Presentation has been prepared by Qantas Airways Limited (ABN 16 009 661 901) (Qantas). Summary information This Presentation contains summary information about Qantas and its related bodies corporate (Qantas Group) and their activities current as at 25 August 2022, unless otherwise stated. The information in this Presentation does not purport to be complete. It should be read in conjunction with the Qantas Group's Appendix 4E and Preliminary Final Report for the year ended 30 June 2022, along with other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. Not financial product advice This Presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire Qantas shares and has been prepared without taking into account the objectives, financial situation or needs of any individuals. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Qantas is not licensed to provide financial product advice in respect of Qantas shares. Cooling off rights do not apply to the acquisition of Qantas shares. Financial data All dollar values are in Australian dollars (A$) and financial data is presented within the year ended 30 June 2022 unless otherwise stated. This Presentation is unaudited. Notwithstanding this, the Presentation contains disclosures which are extracted or derived from the Annual Financial Report for the full year ended 30 June 2022 which is being audited by the Group's independent Auditor and is expected to be made available in September 2022. This Presentation also makes reference to certain non-International Financial Reporting Standards (non-IFRS) financial information. The non-IFRS financial information is unaudited and has not been reviewed by the Qantas Group's Independent Auditor. Future performance and forward looking statements Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. An investment in Qantas shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Qantas Group, including possible delays in repayment and loss of income and principal invested. Qantas does not guarantee any particular rate of return or the performance of the Qantas Group nor does it guarantee the repayment of capital from Qantas or any particular tax treatment. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, none of Qantas, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this Presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Not an offer This Presentation is not, and should not be considered, an offer or an invitation to acquire Qantas shares or any other financial products. | 2#3Group Performance#4FY22 Key Group financial metrics Pre-COVID FY22 FY21 Comments vs FY19 and FY21 Underlying (Loss)/Profit Before Tax¹ ($M) (1,859) (1,774) Underlying Earnings per Share² (c) (71.2) (69.4) Statutory (Loss)/Profit Before Tax ($M) (1,191) [2,299] FY1911 1,326 Reduced flying, fixed costs, depreciation and COVID-19 lockdowns 57.3 1,192 FY22 includes gain on Mascot land sale Statutory Earnings per Share (c) (45.6) (89.9) 51.5 Underlying EBITDA³ 281 410 Rolling 12 month ROIC4 (%) (31.6) [21.4) Revenue ($M) 9,108 5,934 3,544 Largely impacted by COVID-19 border closures and lockdowns vs FY19 19.2 17,966 38% of FY19 passengers flown in FY22. Increased Freight Revenue Operating cash flow ($M) 2,670 [386] 3,164 Net Debt5 ($B) 3.94 5.89 4.71 Rebuild and recovery of Revenue Received in Advance (RRIA) vs FY21 Net Debt reduction throughout FY22 Unit Revenue (RASK] 9.48 9.72 8.85 Higher proportion mix of domestic flying vs FY19 Total Unit Cost (c/ASK) 13.16 15.76 7.97 Fixed costs including depreciation over lower ASKS vs FY19 Unit Cost (ex-fuel and depreciation] 8 [c/ASK] 6.24 6.72 4.34 Targeting a 10% reduction in FY23 vs FY20 Available Seat Kilometres (ASK) (M) 50,633 29,374 151,430 33% of FY19 Group Capacity in FY22 Revenue Passenger Kilometres 10 (RPK) [M] 34,363 18,557 127,492 Lower ASKS and load factors vs FY19 1. Underlying (LBT)/PBT is a non-statutory measure and is the primary reporting measure used by the Chief Operating Decision-Making bodies, being the Chief Executive Officer, Group Management Committee and the Board of Directors, for the purpose of assessing the performance of the Qantas Group. All items in the FY22 Results Presentation are reported on an Underlying basis unless otherwise stated. Refer to slide 7 of this Presentation for a reconciliation of Underlying to Statutory (LBT)/PBT. 2. Underlying Earnings per Share is calculated as Underlying (LBT)/PBT less tax expense (based on the Group's FY22 effective tax rate 27.8% benefit (FY21: 26.4% benefit) divided by the weighted average number of shares during the year (consistent with the Statutory Earnings per Share calculation). 3. Earnings before interest, tax, depreciation, amortisation and impairment. 4. Return on Invested Capital (ROIC). For a detailed calculation of ROIC please see slide 17. 5. Net Debt under the Group's Financial Framework includes net on balance sheet debt and capitalised aircraft lease liabilities. For a detailed calculation of Net Debt, please see slide 19. 6. Ticketed passenger revenue divided by ASKS. Subject to rounding. 7. Underlying (LBT)/PBT less ticketed passenger revenue per ASK. 8. Underlying (LBT)/PBT less ticketed passenger revenue, fuel and share of profit/(loss) of investments accounted for under the equity method, adjusted for the impact of changes in FX rates, non-cash impact of discount rate changes on provisions, normalised for depreciation and impairments per ASK. 9. Total number of seats available for passengers multiplied by the number of kilometres flown. 10. Total number of passengers carried multiplied by the number of kilometres flown. 11. FY19 has not been restated for the IFRIC Cloud Computing decision. For a detailed summary, please see slides 14 and 15. | 4#5Underlying Income Statement summary $M FY22 FY21 Pre-COVID FY193 Comments vs FY19 and FY21 Net passenger revenue 5,951 3,766 Net freight revenue 1,963 1,316 15,696 Movement largely in line with movement in passengers carried 971 Increase driven by e-commerce trends and international belly space availability Other revenue 1,194 852 1,299 Increase vs FY21 due to growth of Frequent Flyer revenue Total Revenue 9,108 5,934 17,966 Operating expenses (excluding fuel) (6,853) (4,560) (10,599) Increase vs FY21 due to increased flying, as well as restart and readiness costs Fuel (1,848) (835) (3,846) Increase vs FY21 due to greater consumption with increased flying and higher fuel prices Share of net (loss)/profit of investments [126] (129) 23 accounted for under the equity method Driven by Jetstar Japan share of losses as a result of COVID-19 restrictions in Japan Underlying EBITDA 281 410 3,544 Depreciation and amortisation¹ (1,839) (1,883) (1,936) Decrease vs FY19 due to exit of 747-400 fleet and impairment of A380s, offsetting the impact of 787-9 introduction Underlying EBIT² (1,558) (1,473) 1,608 Net finance costs [301] (301) (282) Higher gross debt in FY22 vs FY19, largely offset by reduced cost of debt Underlying (Loss)/Profit Before Tax (1,859) (1,774) 1,326 1. Includes Impairments of ($38) m in FY22 and [$13)m in FY21. 2. Underlying Earnings Before Net Finance Cost and Income Tax Expense (Underlying EBIT). 3. FY19 has not been restated for the IFRIC Cloud Computing decision. 5#6Items not included in Underlying LBT $M Recovery Plan restructuring costs Reversal of impairment of assets and related costs Net gain on disposal of Mascot land and buildings Total items not included in Underlying LBT¹ FY22 Comments Costs incurred to implement restructuring as part of the Recovery Plan that (21) were not previously provided for in FY21 and relating to acquisition of new business 3 686 668 Mascot Land Sale $M Sale proceeds Deferred settlement Transaction costs Net cash proceeds received in FY22 Add: Deferred settlement receivable Less: Carrying value and other costs Net gain on disposal of assets (pre-tax) FY22 Comments 802 (8) (5) 789 8 Deferred settlement booked as receivable (111) Total carrying value of land, buildings and lease improvements and other lease back adjustments 686 1. Items which are identified by Management and reported to the Chief Operating Decision-Making bodies as not representing the underlying performance of the business are not included in Underlying LBT. The determination of these items is made after consideration of their nature and materiality and is applied consistently from period to period. Items not included in Underlying LBT primarily result from revenues and expenses relating to business activities in other reporting periods, transformational/restructuring initiatives, transactions involving investments and impairments of assets and other transactions outside the ordinary course of business. | 6#7Reconciliation to Underlying (Loss)/Profit Before Tax $M FY22 Pre-COVID FY192 Statutory Items not included in Underlying Underlying¹ Statutory Items not included in Underlying Underlying¹ Net passenger revenue Net freight revenue Other revenue Total Revenue Manpower and staff-related 5,951 5,951 15,696 15,696 1,963 1,963 971 971 1.194 1,194 1,299 1,299 9,108 9,108 17,966 I 17,966 3,024 3,024 4,268 (58) 4,210 Aircraft operating variable 2,328 [13] 2,315 4,010 [2] 4,008 Fuel 1,848 1,848 3,846 3,846 Depreciation and amortisation. 1,801 1,801 1,996 (60) 1,936 Share of net loss/(profit) of investments accounted for under the equity method Impairment/[reversal of impairment) of assets and related costs 126 126 [23] [23] 35 3 38 (39) 39 De-designation of fuel and foreign exchange hedges [22] I [22] Redundancy and related costs 5 (1) 4 65 (65) Net gain on disposal of assets Other Total Expenditure EBIT (692) 686 [6] (225) 192 [33] 1,545 (7) 1,538 2,594 [180] 2,414 9,998 668 10,666 16,492 (134) 16,358 (890) (668) (1,558) 1,474 134 1,608 Net finance costs (Loss)/Profit Before Tax 301 (1,191) 301 282 282 (668) (1,859) 1,192 134 1,326 1. Underlying (LBT)/PBT is a non-statutory measure and is the primary reporting measure used by the Chief Operating Decision-Making bodies, being the Chief Executive Officer, Group Management Committee and the Board of Directors, for the purpose of assessing the performance of the Qantas Group. All items in the FY22 Results Presentation are reported on an Underlying basis unless otherwise stated. 2. FY19 has not been restated for the IFRIC Cloud Computing decision. | 7#8Unit Cost breakdown C/ASK Total Unit Cost¹ Excluding: FY22 Comments 13.16 Fuel (3.65) Impact of changes in the discount rate on provisions 0.38 Share of net (loss) of investments accounted for under the equity method (0.25) Ex-Fuel Unit Cost² 9.64 Excluding: Depreciation Impairment Normalised Ex-Fuel Unit Cost (3.32] (0.08) 6.24 FY23 Target = 4.12³, FY20 = 4.583 1. Underlying (LBT)/PBT less ticketed passenger revenue per ASK. 2. Underlying (LBT)/PBT less ticketed passenger revenue, fuel and share of profit/(loss) of investments accounted for under the equity method, adjusted for the impact of changes in FX rates, discount rates on provisions per ASK. 3. FY23 Target and FY20 not normalised for the impact of FX. | 8#9Revenue detail - compared to Pre-COVID/FY19 Net passenger revenue down 62% • Group capacity down 67% due to COVID-related border restrictions Group Unit Revenue up 7% — - Group Domestic¹ Unit Revenue down 18% Group International2 Unit Revenue up 17% Net freight revenue up 102% Constrained belly space capacity shifted high yielding demand to freighters • • IFAM³ related flying Frequent Flyer redemption, marketing, store and other revenue up 4% Redemption activity across Qantas Rewards Store and Qantas Wine remains above pre-COVID levels • • 18.0 Revenue ($B) -49% FY194 9.1 FY22 Spend on Qantas Points Earning Credit Cards return to pre-COVID levels Revenue from other sources down 17% • Decrease in third party services and other revenue due to reduction in global air travel impacting codeshare commissions, contract work for other airlines and Qantas Club membership fees (73%) RPKs (m) 127,492 34,363 (67%) ASKS (m) 151,430 50,633 1. Includes Qantas Domestic and Jetstar Domestic. 2. Group International includes Qantas International, Jetstar International Australian operations, Jetstar New Zealand (including Jetstar Regionals) and Jetstar Asia (Singapore). 3. International Freight Assistance Mechanism. 4. FY19 has not been restated for the IFRIC Cloud Computing decision. | 9#10Expenditure detail - compared to Pre-COVID/FY19 Fuel down 52% Reduced consumption due to COVID-related travel restrictions • Higher AUD jet fuel prices vs FY19 Manpower and staff-related down 28% Decreased due to rightsizing and restructuring as part of the Recovery Plan program Aircraft operating variable (AOV) costs down 42% • Reduction in passenger service charges, route navigation, landing fees, engineering and maintenance costs, passenger expenses, and other variable costs due to decreased flying Depreciation and amortisation down 7% 16.4 Expenditure² ($B) -35% 10.7 • Exit of 747-400 fleet and impairment of A380s reducing depreciation in FY22 partially offset by higher depreciation due to introduction of 787-9 fleet vs FY19 FY19¹ FY22 • Amortisation reduced in FY22 versus FY19 due to the adoption of IFRIC Cloud Computing decision¹; more IT costs recognised directly in operating costs Other expenditure down 29% • Reduced commissions expense due to reduction in activity • Reduction in capacity hire related to overall activity reduction Passengers ('000) ASKS (m) 151,430 (62%) 55,813 21,257 (67%) 50,633 • Partially offset by an increase in share of net losses from associates 1. FY19 has not been restated for the adoption of IFRIC Cloud Computing decision. 2. All expenditure is presented on an Underlying basis which excludes other items not included in Underlying PBT. 10#11$1b Recovery Plan Benefits Breakdown by Segment¹ Loyalty & Other Jetstar Group 2% Qantas International & Freight 43% 9% Freight contributing ~$35m cost benefits Qantas 46% Domestic Breakdown by Category 1,2 Property Aircraft Operating Variable ~4% ~6% Technology ~12% Selling & Marketing ~10% ~9% Other Expenses ~59% Manpower 1. Breakdown is for the full $1b Recovery Plan benefits. 2. Costs of Ground Handling outsourced as part of the transformation initiative are netted off against realised manpower benefit. Benefits dependent on flying activity. | 11#12Cash flow Operating cash flow of $2,670m driven by - Underlying EBITDA profit of $281m • $M FY22 FY21 Operating cash flows 2,670 [386] Investing cash flows (240) (722) - Net free cash flow¹ 2,430 (1,108) Financing cash flows (1,310) [181] • Cash at beginning of year 2,221 3,520 Effects of FX on cash 2 (10) Cash at end of period 3,343 2,221 1. Cash from operating activities less net cash used in investing activities. 2. Revenue Received in Advance. - ― - Favourable net working capital and other movements (predominately RRIA2) of $2,628m Net interest paid of [$239]m Net investing cash flows of ($240)m driven by One-off inflows of $789m relating to the Mascot land sale Restricted gross investing cash outflow to prioritise debt reduction ($1,029)m Financing cash flows of ($1,310)m include - $491m new debt raised since 30 June 2021 — Debt repayments of ($1,441) m of secured and unsecured debt - Net lease principal repayments and other repayments of ($360]m | 12#132H22 movement in cash position 2.123 2,705 526 Predominantly RRIA¹ Net Free Cash Flow $1,878m (116) 35 (690) Predominantly aircraft capitalised maintenance. Includes TripADeal acquisition (1,062) Predominantly lease liability repayments 3,343 [178] 31 Dec 21 Cash Balance Underlying EBITDA Net working capital Interest & other movements Land Sale proceeds Investing Cash outflow (excl. land sale] Net of Debt Raised/[Repaid) Other Financing Outflows² 30 Jun 22 Cash Balance Operating Cash inflow $2,533m Investing Cash outflow ($655)m Net Free Cash Flow positive for 2H22; Balance Sheet in strong position 1. Revenue Received In Advance. 2. Includes the impact of FX on cash balance of $2m reported in the Cash Flow Statement for FY22. Financing Cash outflows ($1,240)m² | 13#14• Impact of adoption of IFRIC Agenda Decision on Cloud Computing Arrangements The adoption of IFRIC Agenda Decision on Cloud Computing Arrangements required restatement of 1H21 and FY21 The decision provides new guidance and requirements for assessing whether costs incurred to implement these arrangements should be capitalised This resulted in the derecognition of certain implementation costs which had been capitalised as intangible assets under AASB 138 Intangible Assets, which are instead expensed under the IFRIC Agenda Decision Restated Underlying EBIT $M 1H21 Impact of 1H21 FY21 Impact of FY21 Reported Adoption Restated Reported Adoption Restated Qantas Domestic (337) 8 (329) (590) 15 (575) Qantas International (291) 12 (279) (575) 27 (548) Jetstar Group (328) 5 [323] (550) 9 (541) Qantas Loyalty 125 125 272 Corporate/Unallocated/ (57) (57) [82] 1 (81) Eliminations Underlying EBIT (888) 25 [863] (1,525) 52 (1,473] I 272 The Group's previous accounting policy had been to capitalise costs related to Cloud Computing Arrangements in line with prevailing accounting standards and interpretations where they meet the relevant criteria for capitalisation Following the adoption of the new guidance - - Implementation costs, including cost to configure and customise the cloud provider's application software, are generally expensed Where the cloud service supplier provides these services If distinct services, generally expensed as incurred If non-distinct (not separable from the cloud computing arrangement itself), generally expensed over contract term Through implementing Cloud Computing Arrangements, if the Group develops software code that significantly enhances existing systems, capitalisation may still occur | 14#15IFRIC Agenda Decision - Restatement of Balance Sheet and Income Statement 1H21 and FY21 Restated Consolidated Balance Sheet SM Intangible assets Deferred tax assets Net assets Accumulated losses Total equity FY21 Impact of Reported Adoption Restated FY21 • Upon adoption, FY21 and 1H21 have been restated 849 [104] 745 675 31 706 516 (73) FY21 intangible assets were reduced by $104m (recognised through retained earnings after tax] Amortisation expense decreased following restatement as a result of lower intangible assets on the Consolidated Balance Sheet 443 - (3,087) [73] (3,160) 1H21 amortisation reduced by $25m - FY21 amortisation reduced by $52m 516 (73) 443 Restated Consolidated Income Statement $M 1H21 Impact of 1H21 FY21 Reported Adoption Restated Reported Adoption Restated FY21 Impact of Depreciation and amortisation (978) 25 (953) (1,929) 52 (1,877) Income tax benefit 386 [7] 379 623 (16) 607 Statutory loss after tax (1,081) 18 (1,063) (1,728) 36 (1,692) | 15#16Invested Capital calculation $M Receivables (current and non-current) As at As at 30 Jun As at 30 Jun 30 Jun 2022 20213 20194 1,107 633 1,178 Inventories 269 279 364 Other assets (current and non-current) 1,170 856 680 Investments accounted for under the equity method 57 57 217 Property, plant and equipment 10,224 10,787 12,776 Intangible assets 778 745 1,225 Assets classified as held for sale 1 1 1 Aircraft financed via leases are adjusted as if they were owned, i.e. all AASB 16 accounting recognition and lease return provision are reversed and replaced with market value assets. that are depreciated in line with other owned aircraft assets Payables (current and non-current] (2,474) (1,857) (2,366) Provisions (current and non-current] (1,895) (1,825) (1,442) The resulting Invested Capital is used to determine Net Debt target range Revenue Received In Advance (current and non-current] (7,929) (5,431) (5,880) Capitalised leased aircraft¹ 1,892 1,751 1,424 Invested Capital 3,200 5,996 8,177 Average Invested Capital² 4,928 6,553 8,631 1. Capitalised leased aircraft are included in the Group's Invested Capital at the AUD market value (referencing AVAC) of the aircraft at the date of commencing operations at the prevailing AUD/USD rate and is notionally depreciated in accordance with the Group's accounting policies. The calculated depreciation expense is referred to as notional depreciation. The carrying value of leased aircraft (AUD market value less accumulated notional depreciation) and an adjustment to exclude aircraft lease return provisions is reported within Invested Capital | 16 as capitalised leased aircraft. 2. Equal to the 12 months average of monthly Invested Capital. 3. Restated for the adoption of IFRIC Cloud Computing decision. 4. FY19 not restated for IFRIC Cloud Computing decision.#17Return on Invested Capital (ROIC) calculation $M FY22 FY215 Underlying EBIT (1,558) (1,473) Add back: Lease depreciation under AASB 16 336 373 Less: Notional depreciation¹ (118) (105) Less: Cash expenses for non-aircraft leases (219) (199) ROIC EBIT (1,559) (1,404) $M FY22 FY215 Net working capital² (9,752) (7,345) Fixed assets³ 11,060 11,590 Capitalised leased aircraft¹ 1,892 1,751 Invested Capital 3,200 5,996 Average Invested Capital4 4,928 6,553 Return on Invested Capital (%) (31.6) (21.4) 1. For calculating ROIC, all statutory aircraft leases balances and provisions relating to the leased aircraft are adjusted to represent the capitalised value of the leased aircraft, as if they were owned. Capitalised leased aircraft are included in the Group's Invested Capital at the AUD market value [referencing AVAC) of the aircraft at the date of commencing operations at the prevailing AUD/USD rate and is notionally depreciated in accordance with the Group's accounting policies. The calculated depreciation expense is referred to as notional depreciation. The carrying value of leased aircraft (AUD market value less accumulated notional depreciation) and an adjustment to exclude aircraft lease return provisions is reported within Invested Capital as capitalised leased aircraft. 2. Net working capital is the net total of the following items disclosed in the Group's Consolidated Balance Sheet: receivables, inventories and other assets reduced by payables, provisions, revenue received in advance and liabilities held for sale. 3. Fixed assets is the sum of the following items disclosed in the Group's Consolidated Balance Sheet: investments accounted for under the equity method, property, plant and equipment, intangible assets, and assets classified as held for sale. 4. Equal to the 12 months average of monthly Invested Capital. 5. Restated for the adoption of IFRIC Cloud Computing decision. | 17#18Net Debt target range • Net Debt target range = 2.0x - 2.5x ROIC EBITDA where ROIC = 10% At average Invested Capital of $4.9b, optimal Net Debt range is $4.2b to $5.2b Invested Capital Avg Invested Capital for trailing 12 months Jun 22 Drivers of Net Debt range $B 4.9 Invested Capital will grow in line with aircraft deliveries including Project Winton and Sunrise 10% ROIC EBIT Invested Capital x 10% 0.49 Notional EBIT increases as Invested Capital grows plus rolling 12 month ROIC depreciation¹ Includes notional depreciation on aircraft operating leases 1.59 Depreciation changes as fleet renewed EBITDA where ROIC = 10% 2.08 Net Debt target range² Net Debt at 2.0x EBITDA where ROIC = 10% 4.2 Net Debt target range moves over time with the above When actual results > 10% ROIC leveraged levels are below 2.0x Net Debt at 2.5x EBITDA where ROIC = 10% 5.2 Group leverage target consistent with investment grade credit metrics 1. Equal to the ROIC depreciation for the 12 months to 30 June 2022 and includes Group Underlying depreciation and amortisation (excluding lease depreciation under AASB 16), and notional depreciation on leased aircraft. 2. The appropriate level of Net Debt reflects the Qantas Group's size, measured by Invested Capital and is premised on maintaining ROIC above 10%. | 18#19Net Debt decreased by $2.0b for the 12 months to June 2022 - Borrowing activity for the period included Net Debt and liquidity position. $M As at 30 Jun 22 As at 30 Jun 21 Change4 Current interest-bearing liabilities on 669 969 300 Balance Sheet Non-current interest-bearing liabilities 5,291 5,861 570 on Balance Sheet Cash at end of period (3,343) [2,221) 1,122 Net on Balance Sheet debt¹ 2,617 4,609 1,992 Capitalised aircraft lease liabilities² 1,320 1,281 (39) - Net Debt³ 3,937 5,890 1,953 1H22 new unsecured borrowings of ($0.5)b Repayment of $0.7b secured amortising debt, $0.3b bonds and pre-payment of $0.45b Corporate Secured Debt Program Increase in cash balance supported by proceeds from the rebuild of Revenue Received in Advance (RRIA) and the sale of Mascot land As at As at $M 30 Jun 22 30 Jun 21 Change4 Cash and cash equivalents at end of period 3,343 2,221 1,122 Committed undrawn facilities of $1.3b • The Group also maintains an unencumbered asset base of >$3.5b Undrawn facilities 1,330 1,575 [245] Total liquidity 4,673 3,796 877 1. Net on Balance Sheet debt includes interest-bearing liabilities reduced by cash and cash equivalents. 2. Capitalised aircraft lease liabilities are measured at fair value at the lease commencement date and remeasured over lease term on a principal and interest basis. Residual value of capitalised aircraft lease liability denominated in foreign currency is translated at the long-term exchange rate. 3. Net Debt under the Group's Financial Framework includes net on Balance Sheet debt and capitalised aircraft lease liabilities. 4. Favourable variance shown | 19 as positive amounts.#20• The Financial Framework considers aircraft leases as part of Net Debt - - Aircraft leases are initially recognised in Net Debt at fair value Principal portions of rentals are treated as debt reduction. Purchase of aircraft leases are treated as refinancing Commencing (or returning) aircraft leases are treated as capital acquisitions / borrowings (or capital disposals / repayments) AASB 16 Leases was adopted at 1 July 2019 and applied retrospectively. Under AASB 16, leases are recognised on the balance sheet and measured as the present value of future lease payments. This differs to the fair value at recognition approach under the Financial Framework The adoption of AASB 16 did not change the Financial Framework that guides the Group's capital decisions Net Debt movement under the Financial Framework $M Opening Net Debt FY22 FY21 (5,890) [4,734) Net cash from operating activities 2,670 (386) Less: Net lease principal repayments under AASB 16 (363) (417) Add: Principal portion of aircraft lease rentals 158 210 Funds From Operations 2,465 (593) ― Net cash from investing activities (240) (722) Addition of leased aircraft (153) Return of leased aircraft 25 29 Lease adjustment for Freighter conversion (30) Net Capital Expenditure (398) (693) Dividend paid to shareholders Payments for share buy-back I Shareholder Distributions Payment for treasury shares Net equity raise funds FX revaluations and other fair value movements Closing Net Debt [2] 58 (112) 72 [3,937) (5,890) I |20#21Financial risk management framework VOLUME Hedging Program Reducing cash flow volatility in the short term through disciplined hedging program to allow for implementation of operational levers SHORT TERM HEDGING [Rolling 24 months) Greater volume of hedging required in short term to mitigate earnings volatility TIME LONG TERM OPERATIONAL LEVERS Business implements strategies to minimise earnings volatility. Timeframe to take effect is longer than hedging Capacity discipline has delivered revenue increases in line with fuel price increases Principles of Financial Risk Management Principles of financial risk management - - - Manage net cash flow impacts Takes into consideration both revenue and cost drivers Greater use of derivatives in the short term and reliance on operational levers in the long term Rolling 24 month hedge horizon Preference for optionality to minimise worst case outcome and allow participation in favourable market moves Remaining financial risks impacting earnings are largely accounting based and include - - Interest rate impact on valuation of accounting provisions FX revaluation of foreign currency non-hedged balance sheet items e.g. lease return provisions accounted for in USD As accounting estimates become cash obligations and fall within 24 month hedge horizon, principles of financial risk management are applied | 21#22Group Fleet as at 30 June 2022 Aircraft Type FY22 FY21 Change A380-800¹ A330-200 A330-300 10 12 [2] 18 18 10 10 737-800 75 75 I 787-9 11 11 Total Qantas 124 126 (2) 717-2002 20 20 Q200/Q300 19 19 Q400 31 31 E1903 12 4 8 F100 18 18 A320-200 11 10 1 - Total QantasLink 111 102 9 A320-2004 59 61 [2] A321-200 6 6 787-8 Total Jetstar 737-300F/737-400F 767-300F A321-200F5 11 11 76 78 (2) 5 5 LO 1 3 I • Group Fleet now includes embedded lease and related financing of Embraer E190s and 747 Atlas Freighters as they have been recognised as debt in accordance with the Financial Framework Group fleet of 322 aircraft as at 30 June 2022 - Excludes 6 x A320-200 from Jetstar Japan that is currently providing additional temporary capacity to Jetstar Australia Movements in FY22 include - - 2 x A380-800s no longer returning to service¹ 8 x E190 expansion via Alliance Airlines capacity hire arrangement (with options up to 18 available) 1 x A320-200 transferred from Jetstar to QantasLink 1 x A320-200 returned from Jetstar Asia to lessor 2 x 747-8F freighters via Atlas Air capacity hire arrangement included in accordance with the Financial Framework 747-8F6 Total Freight7 Total Group 2 11 322 1 3 I 9 315 2 2 7 1. Decision to return 10 x A380s to service announced August 2021. 2. Includes 8 x 717s held as Assets for Sale as at June 2022 3. Capacity hire arrangement with Alliance Airlines. 4. A320-200 fleet includes 7 x A320s from Jetstar Asia (Singapore). 5. Includes Jetstar A321- 200s converted to freighter aircraft. 6. Capacity hire arrangement with Atlas Air. 2 x 747-8F operated as at 30 June 2022. This lease ended July 2022 and has been replaced with 2 x 747-400F. 7. Qantas Group also wet-leases 1 x 737-400F, 1 x 747-400F, 7 x BAe146 and 2 x Saab 340 freighter aircraft (all not included in the table), taking the total freight fleet to 22 aircraft. 8. Financial Framework recognises lease arrangements that serve permanent capacity. 9. Includes purchased and leased aircraft but excludes non-permanent capacity wet-leased aircraft. |22#23Supplementary Segment Information#24Jetstar Group Overview • Jetstar Domestic Low fares leadership with margin premium over competitors driven by low-cost base, scale, network breadth and ancillary revenue advantage Long term presence in local market with 18 years of operational and brand presence. Low fares guarantee underpins business model Arrival of A321LRs supports margin advantage through cost and utilisation benefits Continuing to innovate in customer experience introducing onboard streaming, dynamic retailing and new bundles Significant growth in ancillary revenue 60 Jetstar International¹ Australia outbound - Competitive advantage through brand strength and local partnerships Low-cost base supported by high density configuration, utilisation of fleet and crew base diversity The arrival of 18 x A321LRs to support growth in key markets (e.g. Bali) allowing redeployment of 787s to longer range new markets Jetstar New Zealand Unique market low fares proposition, providing valuable connecting traffic across the Tasman 60 Number of International and NZ Destinations5 Jetstar in Asia Jetstar Japan is positioned for the recovery once Japan's COVID cases reduce, borders reopen and demand returns - JV with Japan Airlines & Tokyo Century Corporation Operated in Japan for 10 years with network of 17 domestic destinations Received first A321LR aircraft in June 2022 High COVID cases continue in Japan and international border restrictions remain in place Jetstar Asia downsized to 7 aircraft during COVID, redeploying fleet in Australia to take advantage of the earlier market recovery 57 Number of 53 53 53 Domestic 15 15 16 6 13. +3 5 Australia Routes² FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 Jetstar Branded Airline Domestic AU Ownership³ 100% Launch Aircraft4 Jetstar Branded Airline Ownership³ Launch Jetstar Branded Airline Ownership³ Aircraft4 2004 48 x A320s International AU 100% 2006 9 x 787-8s7 Jetstar Asia (Singapore) 49% Launch 2004 Aircraft4 7 x A320s 6 x A321s 3 x A320s 2 x 787-8s7 Jetstar Japan 33% 2012 19 x A320s Jetstar NZ 100% 2009 7 x A320s 1 x A321LR Margin premium over competitors driven by low cost base, scale, network agility and ancillary revenue 1. Australia outbound and New Zealand. 2. Includes any route scheduled for regular passenger transport, excluding IFAM & APG and excludes any diversions. 3. Based on voting rights. 4. Represents operational fleet. For Jetstar Domestic, includes access to aircraft for Jetstar Australia Domestic operations (6 from Jetstar Japan). 5. Includes Jetstar Trans-Tasman services commenced in 2005 and Jetstar New Zealand (Domestic) services commenced in 2009. Excludes Jetstar New Zealand (Regional) business exited September 2019. Excludes Melbourne - Zhengzhou charter services that operated in FY18 - FY20 and also excludes IFAM & APG and any diversions. 6. Japan (Narita and Osaka) recommenced in July 2022 with South Korea (Seoul) scheduled for November 2022. 7. As at 30 June 2022. | 24#25Diversification and growth at Qantas Loyalty One of the world's most diverse airline loyalty programs EARN QANTAS PARTNERSHIPS QANTAS SHOPPING QANTAS MONEY INSURANCE [x4] QANTAS WINE Trip aDeal QANTAS MONEY CREDIT CARDS Trip aDeal TRAVEL FREQUENT FLYER BUSINESS REWARDS REWARDS STORE PARTNERSHIPS QANTAS WINE REDEEM ☐ APP & MAC TRAVEL QANTAS WELLBEING HOTELS & HOLIDAYS QANTAS HOTELS POINTS CLUB ENGAGE FLYING TIERS GREEN TIER KEY: QANTAS OWNED BUSINESS QANTAS PARTNER QANTAS HOLIDAYS . Group cash contribution¹ >$1b for 3rd consecutive year; contributing long term value to the Qantas Group 4% growth² in Qantas Frequent Flyer membership; 13% growth² in QBR³ membership with >370,000 SME members4 >600 program partners5 across Qantas Frequent Flyer and Qantas Business Rewards Continuing to diversify Financial Services portfolio in FY22 - NAB Personal Loans; Superhero share trading; and Buy Now Pay Later partnerships launched ~50% YoY growth in Qantas Hotels and Holiday booking activity, following the expansion of the Qantas Holidays brand and improved redemption value Growth across direct to consumer businesses continues versus pre-COVID levels - 40% growth in Health Insurance customers, and Qantas Wine sales; ~10% growth in Reward Store revenue QANTAS INSURANCE QANTAS SHOPPING QANTAS WINE FREQUENT FLYER Trip✈ aDeal Leadership in customer advocacy in airline loyalty programs 1. Sales to external parties between 1 July and 30 June. 2. Compared to June 2021. 3. Qantas Business Rewards. 4. Small and Medium Enterprises as at 30 June 2022. 5. Includes Airline, Retail, Financial Services and Health and Wellness partners. Ex.2011 25#26Accounting for points - a lifecycle overview Qantas Loyalty generates a gross margin on both Issuance and Redemption activity [Not to scale and for illustrative purposes only) Gross margin is only generated on 'external points' [unique compared to other airline loyalty programs) Pre-COVID activity and conditions Fair Value¹ Creating value for our partners Customer acquisition • Customer retention • Increased share of wallet Points Sold to Partners Deferred Revenue Points Businesses (Balance Sheet) Redemption Breakage² Revenue (Balance Sheet] Marketing Revenue (Cash in) Points Issued + Share of gross margin from Consumer Businesses QANTAS MONEY QANTAS SHOPPING Redemption Margin Qantas Group Airlines³ (Non-Cash] Qantas Group Airlines³ [Non-Cash] internal price = ~70% ~40% zero margin Cost of Redemption >600 External Partners (Cash) (Cash out) Points Redeemed QANTAS HOTELS QANTAS WINE QANTAS HOLIDAYS ~60% external price > cost = margin External Providers [Cash) -30% Points Issued Points Redeemed FREQUENT FLYER Trip? aDeal QANTAS INSURANCE 1. Defined per AASB 15, Fair Value includes breakage which has been separated for illustrative purposes. 2. Breakage is recognised at the time of points issuance based on an estimated breakage rate. There is no further recognition of breakage at the time of points expiry. However, the actual rate of breakage is used to inform the estimated breakage rate for initial recognition. 3. Qantas Group operated flights only. |26#272H22 Group and Group Domestic Traffic Statistics vs Pre-COVID 3Q22 Pre-COVID 3Q19 Change (%) Pre-COVID 4Q22 4Q19 Change (%) 2H22 Pre-COVID 2H19 Change (%) Total Qantas Group Operations Passengers carried ('000) 5,772 13,670 [58] 10,087 13,643 (26) 15,859 27,313 [42] Revenue Passenger Kilometres [m] 8,902 31,290 [72] 18.373 31,244 [41] 27,275 62,534 (56) Available Seat Kilometres (m) 13,706 37,380 (63) 23,423 37,196 (37) 37,129 74,576 (50) Revenue Seat Factor (%) 64.9 83.7 (18.8pts) 78.4 84 (5.6pts) 73.5 83.9 (10.4pts) Group Unit Revenue (c/ASK) 8.66 8.85 (2) 10.59 8.66 22 9.88 8.76 13 Group Domestic Available Seat Kilometres (m) 8,762 12,638 [31] 13,259 13,109 1 22,021 25,747 (14) Group Domestic Unit Revenue change (%) (21) (0) [8] Qantas Domestic Passengers carried ('000) 2,943 5,148 [43] 4,952 5,424 [9] 7,894 10,572 [25] Revenue Passenger Kilometres (m) 3,093 6,079 (49) 6,017 6,472 (7) 9,110 12,551 (27) Available Seat Kilometres (m) 5,266 8,053 [35] 8,291 8,499 [2] 13,556 16,552 [18] Revenue Seat Factor (%) 58.7 75.5 (16.8pts) 72.6 76.2 [3.6pts) 67.2 75.8 (8.6pts) Jetstar Domestic Passengers carried ('000) 2,154 3,560 [39] 3,345 3,385 [1] 5,498 6,945 (21) Revenue Passenger Kilometres (m) 2,575 3,998 (36) 4,237 3,950 7 6,812 7,948 [14] Available Seat Kilometres [m] 3,496 4,585 [24] 4,969 4,610 8 8,464 9,195 Revenue Seat Factor (%) 73.7 87.2 (13.5pts) 85.3 85.7 (0.4pts) 80.5 86.4 [8] (5.9pts) 27#282H22 Group International Traffic Statistics vs Pre-COVID Pre-COVID 3Q22 3019 Change (%) 4Q22 Pre-COVID 4019 Change (%) Pre-COVID 2H22 2H19 Change (%) Group International Available Seat Kilometres (m) 4,944 24,742 (80) 10,164 24,087 [58] 15,108 48,829 (69) Group International Unit Revenue change (%) 0 28 16 Qantas International Passengers carried ('000) 308 2,224 (86) 816 2,170 [62] 1,124 4,394 (74) Revenue Passenger Kilometres [m] 2,712 15,008 [82] 5,717 14,756 [61] 8,429 29,764 (72) Available Seat Kilometres (m) 3,879 17,517 (78) 7,063 16,903 (58) 10,942 34,420 (68) Revenue Seat Factor (%) 69.9 85.7 (15.8pts) 80.9 87.3 [6.4pts) 77.0 86.5 (9.5pts) Jetstar International Passengers carried ('000) 282 1,635 (83) 678 1,513 (55) 960 3,148 (70) Revenue Passenger Kilometres [m] 426 4,560 (91) 2,054 4,353 [53] 2,480 8,913 [72] Available Seat Kilometres (m) 731 5,266 (86) 2,620 5,151 (49) 3,351 10,417 (68) Revenue Seat Factor (%) 58.3 86.6 [28.3pts) 78.4 84.5 [6.1pts) 74.0 85.6 (11.6pts) Jetstar Asia Passengers carried ('000) 86 1,103 (92) 296 1,151 (74) 382 2,254 (83) Revenue Passenger Kilometres (m) 96 1,645 [94] 349 1,713 (80) 445 3,358 [87] Available Seat Kilometres (m) 334 1,959 [83] 482 2,033 [76] 816 3,992 (80) Revenue Seat Factor (%) 28.8 84 (55.2pts) 72.3 84.3 (12.0pts) 54.5 84.1 (29.6pts) 28#292H22 Group and Group Domestic Traffic Statistics vs 2H21 3Q22 3Q21 Change (%) 4Q22 4Q21 Change (%) 2H22 2H21 Change (%) Total Qantas Group Operations Passengers carried ('000) 5,772 4,440 30 10,087 6,511 55 15,859 10,951 45 Revenue Passenger Kilometres [m] 8,902 5,033 77 18.373 7,956 131 27.275 12,989 110 Available Seat Kilometres (m) 13,706 8,233 66 23,423 12,305 90 37,129 20,537 81 Revenue Seat Factor (%) 64.9 61.1 3.8pts 78.4 64.6 13.8pts 73.5 63.2 10.3pts Group Unit Revenue (c/ASK) 8.66 9.23 (6) 10.59 9.61 10 9.88 9.46 4 Group Domestic Available Seat Kilometres (m) 8,762 7,717 14 13,259 11,116 19 22,021 18,834 17 Group Domestic Unit Revenue change (%) [2] 19 11 Qantas Domestic Passengers carried ('000) Revenue Passenger Kilometres (m) Available Seat Kilometres (m) Revenue Seat Factor (%) 2,943 2,266 30 4,952 3,515 41 7,894 5,781 37 3,093 2,579 20 6,017 4,272 41 9,110 6,851 33 5,266 4,737 11 8,291 6,995 19 13,556 11,732 16 58.7 54.4 4.3pts 72.6 61.1 11.5pts 67.2 58.4 8.8pts Jetstar Domestic Passengers carried ('000) 2,154 1,822 18 3,345 2,490 34 5,498 4,312 28 Revenue Passenger Kilometres (m) 2,575 2,195 17 4,237 3,104 37 6,812 5,299 29 Available Seat Kilometres [m] 3,496 2,980 17 4,969 4,122 21 8,464 7,102 19 Revenue Seat Factor (%) 73.7 73.7 0.0pts 85.3 75.3 10.0pts 80.5 74.6 5.9pts |29#302H22 Group International Traffic Statistics vs 2H21 3Q22 3Q21 Change (%) 4Q22 4Q21 Change (%) 2H22 2H21 Change (%) Group International Available Seat Kilometres (m) 4,944 516 >100 10,164 1,188 >100 15,108 1,704 >100 Group International Unit Revenue change (%) 61 90 80 Qantas International Passengers carried ('000) 308 9 >100 816 109 >100 1,124 118 >100 Revenue Passenger Kilometres [m] 2,712 16 >100 5,717 249 >100 8,429 266 >100 Available Seat Kilometres (m) 3,879 42 >100 7,063 567 >100 10,942 609 >100 Revenue Seat Factor (%) 69.9 39.2 30.7pts 80.9 43.9 37.0pts 77.0 43.6 33.4pts Jetstar International Passengers carried ('000) 282 322 (12) 678 369 84 960 691 39 Revenue Passenger Kilometres [m] 426 219 95 2,054 294 >100 2,480 513 >100 Available Seat Kilometres (m) 731 299 >100 2,620 405 >100 3,351 704 >100 Revenue Seat Factor (%) 58.3 73.2 (14.9pts) 78.4 72.6 5.8pts 74.0 72.9 1.1pts Jetstar Asia Passengers carried ('000) 86 21 >100 296 28 >100 382 49 >100 Revenue Passenger Kilometres (m) 96 25 >100 349 35 >100 445 60 >100 Available Seat Kilometres (m) 334 175 91 482 216 >100 816 391 >100 Revenue Seat Factor (%) 28.8 14.4 14.4pts 72.3 16.2 56.1pts 54.5 15.3 39.2pts 130#31Qantas Domestic¹ FY 1H 2H FY22 FY19 1H22 1H19 2H22 2H19 Variance% Variance% Variance% Revenue $M 3,448 6,098 [43] 1,127 3,230 (65) 2,321 2,868 (19) Underlying EBITDA SM (27) 1,503 <(100) (265) 857 <(100) 238 646 (63) Underlying EBIT $M (765) 778 <[100] (613) 478 <(100) (152) 300 <(100) Operating Margin % <0 12.8 N/A <0 14.8 N/A <0 10.5 N/A ASKS Σ 21,233 33,866 (37) 7,677 17,314 (56) 13,556 16,552 [18] Seat factor % 60.9 77.8 (16.9pts) 49.6 79.6 (30.0pts) 67.2 75.8 (8.6pts) 1. 1H19, 2H19 and FY19 restated for the impact of the adoption of AASB 16 and the September 2019 IFRIC decision in relation to the accounting treatment of fair value hedges of foreign currency risk on non-financial assets. | 31#32Qantas International and Freight¹ FY 1H 2H FY22 FY19 1H22 1H19 2H22 2H19 Variance% Variance% Variance% Revenue $M 3,706 7,420 (50) 1,317 3,693 (64) 2,389 3,727 [36] Underlying EBITDA $M 448 1,045 (57) 89 477 (81) 359 568 [37] Underlying EBIT $M [238] 323 <(100) [238] 119 <(100) 0 204 (100) Operating Margin % <0 4.4 N/A <0 3.2 N/A TBA 5.5 N/A ASKS Σ 12,187 69,571 [82] 1,245 35,151 (96) 10,942 34,420 [(68) Seat factor % 75.4 86.0 (10.6pts) 62.0 85.5 [23.5pts) 77.0 86.5 (9.5pts) 1. 1H19, 2H19 and FY19 restated for the impact of the adoption of AASB 16 and the September 2019 IFRIC decision in relation to the accounting treatment of fair value hedges of foreign currency risk on non-financial assets. | 32#33Jetstar Group¹ FY 1H 2H FY22 FY19 1H22 1H19 2H22 2H19 Variance% Variance% Variance% Revenue $M 1,440 3,961 (64) 394 2,048 (81) 1,046 1,913 (45) Underlying EBITDA $M [448] 836 <[100] [243] 471 <[100] (205) 365 <[100] Underlying EBIT $M (796) 400 <[100] (417) 253 <(100) (379) 147 <[100] Operating Margin % <0 10.1 N/A <0 12.4 N/A <0 7.7 N/A ASKS Σ 17,213 47,993 [(64) 4,583 24,389 (81) 12,630 23,604 (46) Seat factor 29 % 71.2 86.1 (14.9pts) 55.0 86.6 [31.6pts) 77.1 85.7 (8.6pts) 1. 1H19, 2H19 and FY19 restated for the impact of the adoption of AASB 16 and the September 2019 IFRIC decision in relation to the accounting treatment of fair value hedges of foreign currency risk on non-financial assets. | 33#34Qantas Loyalty FY 1H 2H FY22 FY19 1H22 1H19 2H22 2H19 Variance% Variance% Variance% Revenue¹ SM 1,334 1,654 (19) 485 809 (40) 850 845 1 Underlying EBIT SM 292 376 [22] 127 175 (27) 165 201 (18) Operating Margin² % 21.9 22.7 (0.8pts) 26.2 21.6 4.6pts 19.4 23.8 (4.4pts) QFF Members³ Σ 14.1 12.9 9 13.8 12.6 9 14.1 12.9 9 Points Earn B 118 156 [24] 51 77 [34] 67 79 (16) Points Redeemed4 B 121 135 (11) 43 66 [35] 77 69 12 1. Includes revenue from points sales to external partners, commissions received, revenue generated through Qantas Wine, Qantas Store, Qantas Shopping and points issued and redeemed on Qantas Group and partner airlines. 2. Operating Margin calculated as Underlying segment EBIT divided by total segment revenue. 3. Members at 31 December for corresponding periods. 4. Points Redeemed excludes points refunded on Classic, PPP and Partner Airline rewards. |34#35Glossary Available Seat Kilometres (ASK) - Total number of seats available for passengers, multiplied by the number of kilometres flown Block Hours - The time between the aircraft leaving the departure gate and arriving at the destination gate Capitalised aircraft lease liabilities - Capitalised aircraft lease liabilities are measured at fair value at the lease commencement date and remeasured over lease term on a principal and interest basis. Residual value of capitalised aircraft operating lease liability denominated in foreign currency is translated at the long-term exchange rate DANS Domestic Aviation Network Support DASC Domestic Airport Security Cost Support - EBIT Earnings before interest and tax EBITDA - Earnings before interest, tax, depreciation, amortisation and impairments EPS - Earnings per share. Statutory profit after tax divided by the weighted average number of issued shares Fixed assets - Sum of the following items disclosed in the Group's Consolidated Balance Sheet: investments accounted for under the equity method, property, plant and equipment, intangible assets and assets classified as held for sale FX - Foreign exchange JBA Joint Business Agreement IAS International Aviation Support - IFAM - International Freight Assistance Mechanism Invested Capital - Net assets (excluding cash, debt, other financial assets and liabilities and tax balances) including capitalised aircraft lease assets Net Capital Expenditure (Capex) - Net investing cash flows included in the Consolidated Cash Flow Statement and the impact to Invested Capital from acquiring or returning leased aircraft Net Debt includes net on Balance Sheet debt and capitalised aircraft lease liabilities Net free cash flow - Net cash from operating activities less net cash used in investing activities Net on Balance Sheet debt - Interest-bearing liabilities reduced by cash and cash equivalents Net working capital - Net total of the following items disclosed in the Group's Consolidated Balance Sheet: receivables, inventories and other assets reduced by payables, provisions, revenue received in advance and liabilities classified as held for sale NPS - Net promoter score. Customer advocacy measure Operating Margin - Underlying EBIT divided by Total Revenue LBT Loss before tax QBR Qantas Business Rewards - QFF Qantas Frequent Flyer RANS Regional Airline Network Support - RASK - Ticketed passenger revenue divided by available seat kilometres RDAC Retaining Domestic Airline Capability Return on Invested Capital (ROIC) - ROIC EBIT for the 12 months ended for the reporting period, divided by the 12 months average Invested Capital Revenue Passenger Kilometres (RPK) - Total number of passengers carried, multiplied by the number of kilometres flown RRIA - Revenue received in advance Seat Factor - Revenue passenger kilometres divided by available seat kilometres SME Small to medium enterprise TANS - Tourism Aviation Network Support Ticketed passenger revenue - Uplifted passenger revenue included in Net Passenger Revenue Total Unit Cost - Underlying (LBT)/PBT less ticketed passenger revenue per available seat kilometre (ASK) Unit Revenue - Ticketed passenger revenue per available seat kilometre (ASK) WACC - Weighted average cost of capital calculated on a pre-tax basis | 35