#1FY23 RESULTS PRESENTATION etx QANTAS GROUP Qantas Airways Limited 24 August 2023 ASX: QAN US OTC: QABSY#2Disclaimer Summary information This Presentation contains summary information about Qantas and its related bodies corporate (Qantas Group) and their activities as at 24 August 2023, 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 2023, 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 2023 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 2023 which is being audited by the Group's independent Auditor and is expected to be made available in September 2023. 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. For definitions of non-IFRS financial information refer to the Glossary (see slide 30) and the Appendix 4E and Preliminary Final Report for the year ended 30 June 2023. 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. 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, targets or returns contained in this Presentation nor is any obligation assumed to update such information. Such forecasts, targets or returns are by their nature subject to significant uncertainties and contingencies. Past performance Past performance information 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. RQANTAS GROUP FY23 Results | 2#3FY23 result highlights $2,465m FY23 Underlying Profit Before Tax (PBT) $2.89b Net Debt as at Jun-23 Up to $500m On-market share buy- back announced 96c Statutory EPS • . • • FY23 result driven by strong travel demand and completion of $1b Recovery Plan Qantas Domestic and International achieved FY24 EBIT margin targets, with 2H Loyalty and Jetstar Group performance¹ demonstrating pathway to FY24 targets FY23 Group capacity at 77% of pre-COVID levels², +44ppts higher than FY22 - Group Domestic 103% and Group International 81% as at Jun-232 Three-year Recovery Plan complete, delivering $1b permanent cost benefits. Operating cash flow of $5.1b driven by structural change in earnings and working capital rebuild Net Debt at $2.89b, below Net Debt Target Range of $3.7b - $4.6b Net Debt/EBITDA of 0.6x3 • • • Continued improvement in operations, investing for our customers and rewarding our people. Qantas Domestic OTP outperformed main competitor4 in 11 out of 12 months, Jetstar Domestic OTP and cancellations restored to target levels5 Delivery of 10 next-generation aircraft across Qantas and Jetstar6 Announced commitments to renew Qantas widebody fleet, with deliveries commencing from FY27 Qantas Domestic NPS returning to pre-COVID levels, with stronger recovery in International NPS in 2H23 >2m passengers flown below $200 on Qantas Domestic, Jetstar Group sold ~9m fares below $100 and Loyalty offered up to 50% more Classic Flight Rewards seat availability? $340m³ of benefits in recovery boost payments and RRP shares across ~21,100 employees plus >$20m in staff travel credits Completion of $1b in shareholder distributions during FY23 • Significant enhancement and investment in employee benefits including staff travel and learning and development 1. Segment Underlying EBIT for 2H23. 2. FY23 ASKS compared to FY19 ASKS as a proxy of pre-COVID flying. 3. Net Debt per the Financial Framework divided by EBITDA. 4. Competitor refers to Virgin Australia Domestic for Qantas Domestic. QANTAS GROUP 5. Refer to Jetstar Domestic targets in Investor Day. 6. Includes 8 x A321LRs for Jetstar Australia, 2 x 787-9s for Qantas. 7. Up to 50% more flown Classic redemption segments as a proportion of the total flown segments as Qantas marketed FY23 Results | 3 and operated flights versus the equivalent measure over 2019. 8. Benefits based on 30 June 2023 closing share price of $6.20.#4FY23 performance demonstrates portfolio strength Group Domestic • • Dual brands at the core of the Group's domestic position with leadership position across all key travel segments Group Domestic Operating Margin of 16%, delivered through cost transformation and network optimisation Portfolio Segment EBIT ($B) • Transformed business with new fleet technology unlocking unique network opportunities and extending competitive advantage 1.88 Group International • (including Freight) Group International FY23 Underlying EBIT of $1.06b driven by cost transformation, step-change in freight earnings and strong travel demand es Loyalty Financial & Fleet 0.54 +61% 3.03 World-leading program with strategy to grow earnings through member engagement and an unrivalled coalition of partners¹ (>700) [1.39] • $1.0b free cash flow contribution with FY23 result demonstrating growth potential and earnings diversification benefits (1.51) FY19 FY20 FY21 FY22 FY23 COVID-19 impacted • . Balance Sheet strength is a competitive advantage with Financial Framework prioritising investment, distributions and supporting ambitious sustainability targets Flexible fleet plan with next-generation technology secured to support fleet renewal and growth Domestic International (incl. Freight) Loyalty FY23 Net Debt/EBITDA of 0.6x2, with total sources of liquidity of >$10b³ QANTAS GROUP 1. Includes Airline, Retail, Financial Services and Health and Wellness partners. 2. Net Debt per the Financial Framework divided by EBITDA. 3. Refer to slide 22 for more information on composition of liquidity sources. FY23 Results | 4#5Travel intentions have remained consistently strong 1 2 3 4 Intent to travel remains significantly above pre-COVID levels¹ 2x more plan to fly domestically in the next 12 months +80% plan to fly internationally in the next 12 months This is demonstrated in the Group's revenue intakes² strength Group Domestic at 119% of pre-COVID levels (118% in May233) . Group International 124% of pre-COVID levels (123% in May233) QFF members continuing to prioritise spend on travel4 • Despite reduced spending intentions across most categories, travel continues to remain a priority A high proportion of QFF are medium and high affluence, particularly tiered members5 • Higher affluence consumers continue to spend proportionally more on travel Domestic travel Groceries 3 QFF net spend intentions in the next 6 months4 International travel 31% 26% 10% Entertainment -4% Renovations -8% Alcohol -15% Homewares -16% -18% Beauty -22% Clothing & accessories 4 Affluence distribution for QFF vs Non-QFF members5 7% 22% 47% 51% 57% High Medium Low 46% 43% 21% 6% Non-QFF QFF Tiered Members6 RQANTAS GROUP 1. Travel intentions based on Qantas monthly internal research in July 2023 of travel intentions for next 12 months, n=~1,000. 2. Compared to 2019 as a proxy for pre-COVID. Revenue intakes calculated on rolling 6-week average for the week ending 12 August 2023. 3. As presented on Investor Day 2023 on 30 May 2023. 4. QFF sentiment tracker, n=2,524. Data collected between 1 July 2023 and 31 July 2023. Sample of QFF members from Red Planet panel. Survey question: "How do you intend to change your spending in each of the following areas in the next 6 months". Chart shows net difference of survey results in "% Spend more" vs "% Spend less" for each category. 5. Data from CommBank iQ June 2023. Consumer spend is based on banking transaction data (debit/credit cards, BPAY, direct debit). Affluence is a measure of wealth developed by CommBank iQ based on purchasing preferences. 6. Tiered members defined as Silver and above. FY23 Results | 5#6Fares and costs moderating with restoration of capacity Average Domestic and International fares¹ Unit Cost [C/ASK) ex. fuel and depreciation -22% Transitionary costs -11% 6.2 -11% -12% Indicative only, 4.9 4.6 not to scale -17% QAD JQD QAI JQ12 2Q23 4Q23 FY20 FY22 4.5 FY23 FY24 Passenger fares continue to moderate with restoration of market capacity in line with expectations . Unit cost continue to reduce with restoration of capacity, reversal of transitionary costs and full benefit of $1b Recovery Plan Group capacity [ASKS in billions) +22% 151 144 117 99 89 Group Domestic 66 53 Group International 51 54 Total Group FY19 FY23 FY243 Group Domestic: Australian domestic market capacity largely restored to pre-COVID levels with growth in Jetstar in FY24 Group International: Recovery underpinned by continued recovery in Qantas with 14th 787-9, return of A380s and strong growth in Jetstar with introduction of A321LRs, optimising redeployment of 787-8s CQANTAS GROUP 1. Base fares for economy. 2. Jetstar International includes Jetstar Australia long haul, short haul and Trans-Tasman services. 3. FY24 capacity per guidance table on slide 28. FY23 Results | 6#7Leading domestic on-time performance whilst restoring capacity #1 in FY23 72% • Most reliable major domestic airline¹ 11 out of last 12 months with the best OTP Lowest cancellation rate in FY23 Qantas Domestic on-time performance² 3.4% Qantas Domestic cancellation rate² July 2023 performance³ 71% 66% 59% On-time performance 3.8% 3.3% 5.6% Cancellation rate Qantas Domestic NPS returning to pre-COVID levels Industry hibernation Average pre-COVID Industrial dispute/ grounding Industry restart Engineers dispute Actuals4 ... Forecast 2008 2010 2012 2014 2016 2018 2020 2022 2024 Delivering improved operational performance will: $ Reduce disruption recovery costs Improve customer experience through more seamless travel experiences Enable increased aircraft utilisation delivering additional earnings Jet Virgin Qantas Domestic Jetstar Domestic Virgin Australia RQANTAS GROUP 1. Compared to major domestic competitor airline Virgin Australia. Departures within 15 minutes as per the Australian Government (BITRE) definition. 2. Qantas Domestic performance for FY23. 3. Published BITRE statistics for July 2023. 4. Actuals to July 2023. FY23 Results | 7#8Sharing the benefits of recovery with all our stakeholders Customers Multi-year investments for integrated physical and digital customer experience across both Qantas and Jetstar, e.g. Qantas App including baggage tracking by end of calendar year Delivery of 10 next-generation aircraft across Qantas and Jetstar¹ Enhanced food and beverage offerings network- wide with First Nation and regional Australian producers $100m investment on lounges with 10 new or refurbished lounges within 3 years Up to 50% more Classic Flight Rewards seat availability on Qantas' international routes² • 8-8 8 People $340m³ of benefits in recovery boost payments and RRP shares across ~21,100 employees plus >$20m in staff travel credits Enhanced staff travel benefits including 'always on' 20% off Qantas Fly and Stay Holiday packages and travel insurance discounts4 Significant fleet and related growth plans provide promotional opportunities for our people Investing in training for 7,500 leaders over the next two years and completing ~2m training hours across the group in calendar year 2023 • Shareholders and lenders Three-year Recovery Plan complete, delivering $1.0b permanent cost benefits Balance Sheet strength, Net Debt at $2.89b, materially below Net Det Target Range of $3.7b - $4.6b, Net Debt/EBITDA of 0.6x5 Completed $1.0b in shareholder distributions in FY23, with up to $500m on-market share buy- back announced for 1H24 Top quartile TSR performance across ASX100 and ranked 1st amongst global listed airline peer group through post-COVID recovery6 QANTAS GROUP 1. Includes 8 x A321LRs for Jetstar Australia, 2 x 787-9s for Qantas. 2. Up to 50% more flown Classic redemption segments as a proportion of the total flown segments as Qantas marketed and operated flights versus the equivalent measure over 2019. 3. Benefits based on 30 June 2023 closing share price of $6.20. 4. To launch early calendar year 2024. 5. Net Debt per the Financial Framework divided by EBITDA. 6. Through FY21-FY23. FY23 Results | 8#9New fleet technology driving long-term structural advantage and future earnings Group fleet strategy secured • Group narrowbody fleet renewal (refer to Investor Day) ៨) Project Sunrise growth Existing programs Current fleet 281 A330 CANTAS Retirement starting from FY27 101 A380 QANTAS + Committed fleet from FY27+ 4x 787-9 QANTAS 8x 787-10 Wews QANTAS... 12x A350-10002 QANTAS Retirement starting from FY32 Total committed aircraft only. The Group has purchase right options over the next 10 years to support fleet renewal and growth New widebody commitments (further details in media release) LOANTAS GROUP 1. Current number of aircraft in fleet as at 30 June 2023. 2. Non-ULR (ultra long-range) configuration. Optimal time for widebody fleet renewal - - A330/A380s retiring at the end of their economic life Strong Balance Sheet and transformed cost base Leveraging pre-COVID purchase agreements to secure advantaged delivery slots. and pricing with improved flexibility Order book has increased flexibility; now positioned to deliver fleet renewal and growth over the next 10+ years including purchase right options - - - Smooth profiles for pre-delivery payments with both manufacturers Flexibility to shift the order book across aircraft types Will apply the Financial Framework through the cycle to balance investment and shareholder returns Widebody fleet renewal provides access to next-generation technology - - Opening new market opportunities, diversifying network with more routes and increasing fleet resilience and flexibility Supports Qantas International EBIT growth through transformation benefits from new fuel efficient aircraft and growth in key markets and customer segments Airbus and Boeing providing priority access to SAF offtakes, significantly de-risking 2030 SAF target (see next slide) FY23 Results | 9#10ESG: The Group's progress on our sustainability priorities. CLIMATE QANTAS GROUP FUND Jetstart QANTAS GROUP QANTAS NET✔ ZERO BY 2050 Investor Day takeaways • Launched $400m Qantas Climate Fund to accelerate progress against targets - - US$200 million from jointly funded Qantas/Airbus SAF Partnership with remainder from Qantas Providing direct investments in sustainability projects and technologies Call for Australian Government to introduce a SAF blending mandate and supportive policy to ensure development of a domestic SAF industry • • • две Further progress Significant policy progress with the Australian Government forming Jet Zero Council (including Qantas Group) First investments from Qantas Climate Fund; QLD biofuel production facility using sugar cane and WA Wheatbelt Connect (with Inpex and ANZ) Embedding new integrity-focused carbon offset framework new governance initiatives, minimum sourcing standards and principles, due diligence and ongoing portfolio assurance • 0 Today's announcement Partnering with Airbus and Boeing to deliver on our 2030 targets The agreement has identified a pathway to meet up to 90% of our 2030 SAF target of 10% of the Group's fuel mix, with initial supply to begin in 2028¹ Supply will predominantly be in the US, which has a supportive policy environment that enables a more competitive SAF price compared with other parts of the world QANTAS GROUP Further details of our progress available in our FY23 Sustainability Report - due for release September 2023 1. Based on meeting criteria under Airbus and Boeing deals. For Airbus, this is dependent on 12 firm orders and an investment from Qantas. For Boeing, this is dependent on 12 firm orders and 12 options being exercised by Nov-29. In addition, part of Boeing's commitment is from yet-to-be-identified SAF projects. FY23 Results | 10#11FINANCIAL PERFORMANCE RQANTAS GROUP#12FY23 Key Group financial metrics $2,465m Profit Metrics Underlying profit before tax $1,744m Statutory profit after tax 96c Statutory EPS 13.5% Operating Margin Balance Sheet and Cash Flow metrics $5.09b Operating cash flow $2.67b Net Capital Expenditure $2.89b (target $3.7b - $4.6b) Net Debt 0.6x¹ Net Debt / EBITDA - Key statistics (vs FY22) +132% ASKS +184% RPKS +30% Unit Revenue (23%) Total Unit Cost (22%) Unit Cost (ex-fuel & depreciation) QANTAS GROUP 1. Net Debt per the Financial Framework divided by EBITDA. FY23 Results 12#13FY23 Profit bridge compared to FY22 $m FY22 FY23 ASKS [m] 50,633 +132% 117,258 (1,859) FY22 Underlying LBT 10,972 [583] 318 (2,707) (1,237) Selling & Marketing Capacity Hire Technology and Digital Property Other Other Expense Increase es es es es $ (406) m (216) m $ (89) m $ [7] m $ (161) m es (879) m (1,681) (879) 2,465 39 82 Net Passenger Revenue Net Freight Revenue Other Revenue Fuel Variable Salaries, wages Aircraft Operating Other expenses Depreciation and and other benefits Amortisation Share of losses from Associates FY23 Underlying PBT QANTAS GROUP FY23 Results | 13#14FY23 movement in cash position $m 3,343 4,445 Net Free Cash Flow $2,460m 763 Predominantly RRIA [123]. [2,625] Predominantly aircraft payments and capitalised maintenance (843) (1,000) (789) 3,171 30 Jun 22 Cash Balance Underlying EBITDA Net Working Capital Interest & other movements Investing Cash Outflow Net of Debt Raised/[Repaid) Share buy-backs Other Financing Outflows¹ 30 Jun 23 Cash Balance Operating Cash Inflow $5,085m Investing Cash Outflow ($2,625]m CQANTAS GROUP 1. Other Financing Outflows includes the impact of FX on cash balance of ($4m) reported in the Cash Flow Statement for FY23. Financing Cash Outflows [$2,632]m FY23 Results | 14#15SEGMENT RESULTS AIRBUS A320 RQANTAS GROUP A-XNI O#16Qantas Domestic FY23 FY22 Change Revenue $M 6,980 3,448 >100% Underlying EBIT $M 1,270 (765) >100% Operating Margin 20 % 18.2 <0 N/A ASKS Σ 32,513 21,233 +53% Seat factor % 76.2 60.9 +15.3ppts +6 ppts 2H23 capacity vs 1H23 capacity (as % of pre-COVID¹) Transformed domestic business delivering step-change in earnings • • Underlying EBIT of $1,270m delivered in FY23, achieving 18% Domestic EBIT margin target 2H23 capacity 99% of pre-COVID levels (1H23 93%) Recovery Plan transformation completed, unlocking $472m of structural benefits Structural network changes delivering permanent RASK benefit in addition to current strong demand environment - - Maintaining leading market share positions across corporate and SME [80% and 54% respectively) Continued strength of WA resources market resulting in commitment to 5 x A319 aircraft to Network Aviation Continued improvement in operational performance and customer experience • Market leading OTP and cancellation rate supporting NPS recovery Domestic fleet renewal program commencing with introduction of next generation A220- 300 and A321XLR aircraft from FY24 18% Operating Margin delivering against segment target • 77% 2H23 OTP, outperforming main competitor² in 11 out of 12 months — QantasLink 717s retirement program commenced May 2023 • More than 2 million passengers flown with fares sold below $200 CQANTAS GROUP 1. FY23 ASKS compared to FY19 ASKS as a proxy of pre-COVID flying. 2. Competitor refers to Virgin Australia Domestic for Qantas Domestic. FY23 Results | 16#17Qantas International (including Freight) FY23 FY22 Change Revenue $M 7,749 3,706 >100% • Underlying EBIT $M 906 [238] >100% • • Operating Margin 20 % 11.7 <0 N/A • ASKS Σ 45,187 12,187 >100% • Seat factor % 85.7 75.4 +10.3ppts • +14 2H23 capacity vs 1H23 capacity (as % of pre-COVID¹) • ppts >10% Operating Margin, delivering step-change segment in EBIT 92% Premium cabin seat factor (+2ppts vs FY19) CQANTAS GROUP 1. FY23 ASKS compared to FY19 ASKS as a proxy of pre-COVID flying. Continued restoration of International capacity driving earnings growth • 12% Operating Margin, above FY24 target of 8%, given strength of revenue environment 2H23 capacity 72% of pre-COVID levels (1H23 58%) +10 ppt half on half improvement in International OTP Recovery Plan transformation completed, unlocking $484m of structural benefits Two new 787-9s and 7th reconfigured A380 entered into service in 4Q23 Commencement of new routes including Melbourne-Jakarta, Melbourne-Dallas/Fort Worth, Sydney-Seoul, Sydney-Auckland-New York and Sydney-Bengaluru Return of services including Sydney/Melbourne/Brisbane-Tokyo, Sydney-Santiago, Sydney-Hong Kong and Sydney-San Francisco Commencement of codeshare partnership with Indigo, supporting non-stop Australia-India services Final determination from ACCC supporting continued coordination between Qantas and Emirates for a further five years Resilient Freight performance in line with expected market moderation • Delivered $150m uplift in annual earnings vs pre-COVID period • 4Q23 freight yields continue to hold +150% vs FY19 average FY23 Results | 17#18Jetstar Group Jetstar's Australian domestic network delivered $255m Underlying EBIT, 2H23 $125m FY23 FY22 Change Revenue¹ $M 4,235 1,440 >100% 11% Operating Margin, well positioned to achieve 15% FY24 margin target, given seasonality 2H23 capacity 100% of pre-COVID³ levels (1H23 94%)³ Underlying EBIT $M 404 (796) >100% • FY23 ancillary revenue growth of +37% vs pre-COVID³ Operating Margin 29 % 9.5 <0 N/A Jetstar's international network delivered a $149m Underlying EBIT • $166m FY23 EBIT profit on Jetstar's Australian international business², 11% margin ASKS¹ Σ 39,558 17,213 >100% Seat factor¹ % 86.4 71.2 +15.2ppts DOM INT 97% 73%¹ 82% FY23 Jetstar Group capacity on pre- COVID levels³ 11% 11%2 FY23 Operating Margin 4m 5m³ 9m fares below $100 in FY23 on track for 10m fares below $100 in CY23 • • Launched Sydney-Raratonga with A321LR and announced Melbourne-Fiji and Brisbane-Osaka, Tokyo and Seoul through airport partnership and long-term incentive agreement Jetstar Asia strong profitability with ROIC greater than WACC. Additional 2 aircraft in 1H24 NZ Domestic profitable, but concerns about future airport investment plans ($54m) share of Jetstar Japan statutory loss, including ($12m) adverse FX impacts, with a $30m improvement in underlying result versus FY22. Forecast return to profitability in FY24 Investing in customer experience and operational performance • . Improvements in operational performance in recent months, despite challenges with Air Traffic Control and weather, supporting future reduction in temporary costs New Jetstar App launched in June and commenced roll out of local wireless in-flight entertainment 9 x A321LR7 deliveries supporting improved reliability (99.4% dispatch reliability8), 20% fuel efficiency gains and enhanced customer experience with 50% noise reduction and other benefits 1. Consolidated entities only: Jetstar Australia and New Zealand and Jetstar Asia. 2. Includes Jetstar Australia International long haul, short haul and Trans-Tasman. 3. FY23/1H23/2H23 compared to FY19/1H19/2H19 as a proxy of pre-COVID QANTAS GROUP flying. 4. Base Fare. International fares are across all carriers in Jetstar Group. 5. Ancillary revenue per passenger including Flight Products, but excluding Charter, Freight and brand extensions revenue. 6. Balance Sheet revaluation of USD FY23 Results 18 lease liabilities. 7. 8 x JQ A321LRs and 1 x JJP A321LRs. 8. Mechanical Dispatch reliability at 15 minutes for 3 months ending April 2023#19Qantas Loyalty >$1.0b new bookings³ in FY23 across Hotels, Holidays and Tours; up 90% vs FY22 following the expansion of the Qantas Holidays brand and substantially increasing redemption value to members Record points earned across Financial Services products; spend on Qantas Points earning credit cards recovered to >110% of pre-COVID levels; ~250k new cards acquired [up 65% vs FY22); maintaining ~35% share of total credit card spend 5 Extending customer loyalty beyond flying FY23 FY22 Change Revenue $M 2,189 1,334 +64% Underlying EBIT $M 451 292 +54% Operating Margin % 20.6% 21.9% (1.3)ppts QFF Members Σ 15.2 14.1 +8% Points Earned B 175 118 +48% Points Redeemed¹ B 155 93 +67% >lm New QFF members added in the last 12 months $451m Record Underlying EBIT result >$2b Group cash contribution of gross receipts² in FY23 • • Continued year on year growth in Qantas Insurance policies; 41% growth in total Health Insurance customers vs FY22; >60% increase in Travel Insurance policies sold vs FY22 Operating margin returning to pre-COVID levels as Group capacity recovers - Qantas Loyalty does not generate profit on transactions between itself and Qantas Group airlines Growing the member base through broader and deeper engagement • • QBR members growing by 19% to ~450k – capturing 1 in 5 Australian SMEs +27% growth in members engagement through Qantas Mobile App vs FY22 - ~1.7m members per month during 4Q23 ~2x increase in airline redemption activity vs FY22; returning to 117% of pre-COVID4 levels Doubling of Classic reward seats redeemed on Qantas during FY23 vs FY22, supported by up to 50% more Classic Flight Rewards seat availability7 - increasing the total number of flights booked using Qantas Points in FY23 to >6 million 1. Net points redeemed (in prior years gross points redeemed). 2. Sales to all external parties. 3. Total Transaction Value of bookings made using cash and/or Qantas Points includes TripADeal. 4. Compared to corresponding FY19 period as a commercial fare. 7. Up to 50% more flown Classic redemption segments as a proportion of the total flow segments as Qantas marketed and operated flights vs the equivalent measure over 2019. QANTAS GROUP proxy for Pre-COVID performance. 5. Internal Qantas Loyalty analysis. 6. Commercial fares booked using a mixture of Cash and Points (Points Plus Pay) are transacted between Qantas Loyalty and Group airlines at the value of the FY23 Results 19#20FINANCIAL FRAMEWORK RQANTAS GROUP OCT 24 JAN 25 QA#21Financial Framework drives ongoing discipline and governance • • • 1 Maintain optimal capital structure Net Debt $B 2 ROIC > WACC through the cycle 3 Disciplined allocation of capital Return on Invested Capital % Surplus Capital Uses $B 4.9 3.6 3.7 3.1 2.9 23% 20% 21% 19% 3.0 3.0 2.6 1.0 2.0 2.1 1.0 5.6 5.2 4.9 4.7 1.0 0.6 1.0 2.7 FY16 FY17 FY18 2.9 10% ROIC threshold ++ FY19 FY23 FY16 FY17 FY18 FY19 Post- COVID 2.0 1.5 1.6 1.0 FY16 FY17 FY18 FY19 FY23 FFO Net Capex — Net Debt Target Range Strong Balance Sheet settings Net Debt at $2.89b versus Net Debt Target Range of $3.7b - $4.6b Investment grade credit rating of Baa2 stable [Moody's] • Pre-COVID strong group portfolio earnings. consistently delivered ROIC significantly >10% ROIC to moderate as Invested Capital rebuilds, however structural changes in earnings, fleet and working capital expected to deliver ROIC greater than pre-COVID levels · Shareholder distributions FY23 Net Capex of $2.67b Completed $1.0b of on-market share buy- backs in FY23 Net Debt will be managed back to optimal levels of 2.0x - 2.5x EBITDA where ROIC is 10% Sustainable ROIC greater than pre-COVID Capital allocation to prioritise fleet investment and shareholder distributions RQANTAS GROUP FY23 Results 21#22Maintaining an optimal capital structure Total liquidity sources >$10B ~$3.2B cash balance + ~$1.2B committed undrawn facilities + >$5.6B unencumbered assets Liquidity Total sources of liquidity >$10b comprised of $3.2b cash2, $1.2b committed undrawn facilities³ and >$5.6b4 unencumbered asset base - Unencumbered assets include $4.1b of unencumbered aircraft (~62% of the Group fleet 5), spare engines and other assets Debt maturity profile¹ as at 30 June 2023 ($M) Gross Debt Structure Transactions in 2H23 - Extended tenor by refinancing committed unsecured facilities up to 7 years 400 250 456 350 500 300 419 558 200 • 375 201 206 188 177 166 168 214 25! 27. FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33+ Secured amortising debt Bonds Corporate secured debt program QANTAS GROUP Syndicated loan facility - Drawn - Secured cost effective financing for recent Boeing 787-9 deliveries ― Reduced exposure to expensive operating leases Balance Sheet settings - Minimal refinancing risk across maturity profile - • Flexibility to prepay secured debt and unencumber assets No financial covenants • Moody's (Baa2] "stable" investment grade credit rating 1. Cash debt maturity profile excluding leases. 2. Includes cash and cash equivalents as at 30 June 2023. 3. Includes secured aircraft financing on Boeing 787-9 delivery which was drawn down on 24 July 2023. 4. Includes aircraft valuations based on the Aircraft Value Analysis Company Limited (AVAC) as at 30 June 2023. 5. Based on number of aircraft as at 30 June 2023. FY23 Results | 22#23Robust financial risk management Operational Fuel and FX • FY23 fuel cost at $4.6b - Hedging strategy provided time to implement operational changes for RASK to offset record fuel prices. FY24 fuel and FX hedging remain consistent with long term approach to risk management - - Declining wedge hedge profile - greater volume of hedging in short term to mitigate earnings volatility Preference for options in hedging allowing high level of participation to lower fuel prices 1H24 fuel exposure is 75%¹ hedged through a combination of Brent outright options and collars Capital Expenditure FX - Hedging of USD Fleet Payments • Hedging remains consistent with long term approach to risk management Preference for options to allow for high level of participation 1H24 is 60%¹ hedged through a combination of outright options and collars Interest rates • • Minimal economic impact to rising interest rates due to significant cash holdings providing natural offset to floating rate debt in portfolio On Balance Sheet fixed debt portfolio average interest rate of 3.95% p.a. Carbon cost Carbon cost is being managed in line with broader financial risk management framework '000 bbls FY23 FY22 % Change Qantas Domestic 7,277 4,718 54% Qantas International (ex. Freight) 9,775 2,753 255% Qantas Freight 1,350 2,490 (46)% Jetstar Group 6,329 2,923 117% Total fuel consumption 24,731 12,884 92% QANTAS GROUP 1. Hedge position as at 16 August 2023 for remaining 1H24. FY23 Results | 23#24Disciplined capital allocation to optimise shareholder value • • Structural improvements to earnings will sustain higher levels of fleet investment and ongoing shareholder distributions FY24 Allocating $0.3b to fulfil employee retention and reward schemes on track to vest in August 2023 FY24 Net Capex guidance of $3.0b - $3.2b reflecting - Continued investment in fleet renewal (see slide 25) Non-aircraft capex of $0.4b inclusive of Climate Fund and investment in lounges Shareholder distribution of up to $0.5b for 1H24 via on-market share buy-back Company income tax instalment payments expected to recommence in 2H24 RQANTAS GROUP Future capital allocation to prioritise fleet investments and shareholder distributions • FY25+ Optimisation of balance sheet settings - Net Debt Target Range expected to progressively return to pre-COVID levels by FY25 as Invested Capital rebuilds - Targeting the bottom of the Net Debt Target Range Sustainable ROIC greater than pre-COVID, enabled by structural changes in earnings, fleet and working capital Expected to deliver surplus capital for distribution and investment - Fleet renewal program and Sunrise growth capex. Shareholder distributions delivered via the most optimal channel, with franking credit rebuild expected from FY25 FY23 Results | 24#25New aircraft deliveries and fleet flexibility New aircraft deliveries¹ As outlined at Investor Day, new fleet technology driving long-term advantage New fleet capability unlocks new markets, including expanded point-to-point routes (through redeployment of existing fleet and improved route economics) Fleet renewal also delivers substantial transformation benefits and step-change in cost Fleet and capacity flexibility Delivery profile reflects the latest information as a result of supply challenges (including Pratt and Whitney engines) Ongoing management of aircraft delivery profile and retirement plans (up to 456 aircraft across FY24-FY26) provides flexibility for capacity In addition to new aircraft deliveries (refer to table), the Group has flexibility with A350-1000ULR FY24 FY25 FY26 3 (Project Sunrise) Qantas 787-9 1 A321neo-XLR 3 6 Qlink² A220-300 3 • 4 11 Freight³ A321F 3 2 3 A321neo-XLR 3 • Jetstar A321neo-LR 7 7 1 A320neo4 5 LO Total committed aircraft Total pre-delivery and final delivery payments5 14 21 30 ~US$4.3b over FY24-FY26 Up to 456 retirements across FY24-FY26 - Up to 30 x E190s and 2 x A330s8 through wet leases - Acquisition of 7 x mid-life A319/A320 aircraft Financial Framework and fleet order book • The Financial Framework will continue to guide our capital expenditure • • Fleet order book aligned with Financial Framework and progress towards our sustainability goals - including significant purchase right options from FY27+ Order book flexibility supports various market demand scenarios 1. Target delivery profile, slots and aircraft subject to confirmation. Excludes existing A330 freighter conversions, wet lease operations and mid-life aircraft acquisitions. 2. Qantaslink. 3. Express Freighters Australia. 4. Part of existing Jetstar disposals. 6. Excludes wet lease capacity exits. 7. 18 x E190s currently in operation as at 30 June 2023. 8. To convert to dry lease from late 2025. QANTAS GROUP order prior to domestic fleet renewal announcement in May 2022. 5. In addition to fleet delivery payments, Group Net Capital Expenditure includes capitalised maintenance, non-aircraft capital expenditure and net lease additions and FY23 Results | 25#26OUTLOOK RQANTAS GROUP Modelne#27Outlook Portfolio outlook . The Group is seeing strong trading into 1H24 with the Dual Brand strategy and Loyalty membership base uniquely positioning the Group to navigate macro- economic conditions - — - Travel has remained a priority with intent to travel domestically 2x pre-COVID levels and intent to travel internationally 60-80% above pre-COVID levels during the last 12 months¹ Group Domestic leisure revenue intakes at 132% above pre-COVID levels² Group Domestic business-purpose travel continuing to recover with Qantas Domestic revenue intakes at 107% of pre-COVID levels², underpinned by resource. strength and SME growth Group International continuing to see strength underpinned by leisure, premium cabin demand and some substitution from domestic to international as fares moderate in line with capacity The total international market capacity into Australia expected to restore to pre-COVID levels by 4Q24 Qantas Loyalty on track to deliver FY24 EBIT target of $500 - 600m, six months earlier than anticipated, Underlying EBIT >$500m expected for calendar year 2023 Remain committed to delivering FY24 targets (see slide 29) Group financial outlook • • • • . • 1H24 fuel cost expected to be $2.6b³ at current fuel prices inclusive of hedging The Group expects to recover recent increases in $A Jet fuel price and maintains flexibility to adjust capacity settings further FY24 Depreciation and amortisation is expected to be $1.8b FY24 Net finance costs are expected to be $0.23b Approximately $400m in transitionary costs incurred in FY23 to unwind in FY24 Targeting transformation of >$300m in FY24 to offset CPI Net Debt expected to increase in FY24 but remain below the bottom of the Net Debt Target Range - The Net Debt Target Range is expected to increase as Invested Capital rebuilds 1. Travel intentions based on Qantas monthly internal research in July 2023 of travel intentions for next 12 months, n=~1,000. 2. Compared to 2019 as a proxy for pre-COVID. Revenue intakes calculated on rolling 6-week average for the week QANTAS GROUP ending 12 August 2023. 3. Fuel cost based on forecast consumption of ~14.8 million barrels (including SAF). Assumes 1H24 underlying into-plane market reference price of approximately A$173 per barrel. Expected fuel cost includes SAF cost, and is net of hedging. FY23 Results | 27#28Outlook Guidance Tables Capacity Guidance¹ 1Q24 2Q24 3Q24 4Q24 1H24 2H24 FY24 (as a % of pre-COVID) Group Domestic 104% 103% 104% 102% 103% 103% 103% Qantas Domestic 101% 99% 99% 99% 100% 99% 99% Jetstar Domestic 109% 111% 112% 110% 110% 111% 110% Group International (ex. JSA) 86% 92% 98% 103% 89% 100% 95% Qantas International 79% 87% 92% 95% 83% 93% 88% Jetstar International (ex. JSA)² 112% 110% 118% 130% 111% 124% 117% Jetstar Asia (JSA) 34% 37% 45% 44% 35% 45% 40% Qantas Loyalty Target FY24 Capital Expenditure FY24 Financial Risk Management4 1H24 Points Earned B >180 Net Capital Expenditure $3.0b - $3.2b Points Redeemed³ B >180 % Fuel hedge (Brent Crude price) % FX hedge (Capex5) 75% 60% The statements in the outlook slides, including those above, are predicated on the Group's current assessment of the profile of key external factors that will impact the Group's financial performance, including economic conditions, supply chain settings and public health posture. QANTAS GROUP 1. ASKS compared to corresponding period in FY19 as a proxy of pre-COVID flying. 2. Includes Jetstar Australia International long haul, short haul, Trans-Tasman and New Zealand domestic flying. 3. Points Redeemed excludes points refunded on Classic, PPP (Points Plus Pay) and Partner Airline rewards. 4. Hedge position as at 16 August 2023 for remaining 1H24. 5. Hedging of USD aircraft payments (i.e. Capital Expenditure FX). FY23 Results | 28#29Qantas Group Investment Case - Investor Day 2023 Strong customer value proposition to deliver against target segments. Sunrise to deliver sustained $ earnings increase Qantas and Jetstar fleet renewal unlocks new opportunities and extends competitive advantage KEY BUSINESS TAKEAWAYS Qantas & Jetstar Domestic EBIT margin target FY24+ 18% 15% Affordability of fleet supported by step-change in earnings growth and balance sheet strength Qantas Freight placed to capture incremental growth in Australian eCommerce Qantas Loyalty positioned to continue growth in earnings through increased engagement and points earned/redeemed Climate Action Plan and cost mitigations provide path to reach Sustainability targets while supporting financial outcomes Commitment to employee culture strengthens talent pipeline and employee retention Qantas International EBIT margin target in FY24 and future state 8% 10-12% FY24 Future Jetstar International EBIT margin target in FY24+ 10-12% Qantas Loyalty EBIT target $500m- $600m $800m- $1B FY24 FY30 Sustainability 10% Qantas Group confident in the ability to invest in the business while rewarding shareholders SAF target supported by the Qantas Climate Action Fund SAF by 2030 QANTAS GROUP FY23 Results 29 29#30Glossary Available Seat Kilometres (ASK) - Total number of seats available for passengers, multiplied by the number of kilometres flown Cancellation rate - Measured as number of flights cancelled as a percentage of number of flights scheduled (if cancelled or rescheduled less than 7 days prior to scheduled departure time) Capex - Refer to Net Capital Expenditure (Net Capex] Capitalised aircraft lease liabilities - Residual value of capitalised aircraft lease liabilities 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 - CASK Underlying (LBT)/PBT less ticketed passenger revenue divided by ASKS. For a detailed calculation of CASK, please see slide 8 in the Supplementary Presentation EBIT Earnings before interest and tax - EBIT margin (Operating Margin)- Underlying EBIT divided by Total Revenue EBITDA - Earnings before interest, tax, depreciation, amortisation and impairment ESG Environmental, Social and Governance EPS Refer to Statutory EPS FFO Funds From Operations FX Foreign exchange - Invested Capital - Net assets (excluding cash, debt, other financial assets and liabilities and tax balances) including capitalised aircraft lease assets (which includes an adjustment to exclude aircraft lease return provisions from Invested Capital) Net Capital Expenditure (Net Capex) - Net expenditure of investing cash flows included in the Consolidated Cash Flow Statement and the impact to Invested Capital from acquiring or returning leased aircraft. Refer to slide 15 of the Supplementary Presentation for the calculation of Net Capital Expenditure Net Debt - Under the Group's Financial Framework, includes net on Balance Sheet debt and capitalised aircraft lease liabilities Net Debt Target Range - For a detailed calculation of the Net Debt Target Range, please see slide 13 in the Supplementary Presentation Net Free Cash Flow – Cash from operating activities less net cash outflows from investing activities - NPS Net promoter score. Customer advocacy measure Operating Margin (EBIT margin) - Underlying EBIT divided by Total Revenue OTP - On Time Performance (within 15 minutes of departure time) PBT - Profit Before Tax PPTS - Percentage Points QBR Qantas Business Rewards - QFF - Qantas Frequent Flyer RASK - Ticketed passenger revenue divided by ASKS. For a detailed calculation of RASK, please see slide 8 in the Supplementary Presentation Return on Invested Capital (ROIC) - ROIC EBIT for the 12 months ended for the reporting period, divided by the 12 months average Invested Capital. Refer to slide 11 of the Supplementary Presentation for the calculation of ROIC Revenue Passenger Kilometres (RPK) - Total number of passengers carried, multiplied by the number of kilometres flown RRIA Revenue Received in Advance - RRP Recovery and Retention Plan SAF Sustainable Aviation Fuel Seat Factor (Load factor) - Revenue passenger kilometres divided by ASKS SME Small to medium enterprise - Statutory EPS - Statutory Earnings Per Share are calculated as Statutory Profit after Tax divided by the weighted average number of issued shares, excluding unallocated treasury shares. Measured as cents per share Ticketed passenger revenue - Uplifted passenger revenue included in Net Passenger Revenue Total Unit Cost - Underlying (LBT)/PBT less ticketed passenger revenue per ASK TSR Total Shareholder Returns Underlying (LBT)/PBT - 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. Refer to slide 7 of the Supplementary Presentation for a reconciliation of Underlying PBT to Statutory PBT. Unit Cost (ex Fuel and Depreciation) - Underlying PBT less ticketed passenger revenue, fuel and share of profit/(loss) of investments accounted for under the equity method and non-cash impact of discount rate changes on provisions, excluding depreciation and impairments per ASK Unit Revenue - Ticketed passenger revenue per ASK WACC - Weighted average cost of capital RQANTAS GROUP FY23 Results 30