#1QANTAS 100 Qantas Airways Limited FY21 Results Presentation 26 August 2021 ASX: QAN US OTC: QABSY#2FY21 overview Protecting the Balance Sheet and commencing the recovery . FY21 Underlying EBITDA¹ of $410m, Underlying Loss Before Tax (ULBT)² of ($1.8)b, Statutory Loss Before Tax of ($2.4]b, despite losing $12b of Total Revenue³ • Domestic airlines generated $233m of Underlying EBITDA in 2H21 despite >$500m of lockdown impacts4 Positive Statutory Net Free Cash Flow5 for 2H21 driven by domestic recovery, significant Qantas Loyalty cash flow contribution and record Freight performance¹ Financial resilience • Maintained strong liquidity settings; total liquidity $3.8b6 Debt reduction commenced in 2H21, with Net Debt7 declining from $6.4b in 3Q21 to $5.9b at June 2021 • Outflows of deferred payables, refunds and redundancies totalling $2.8b completed in FY21 • Disciplined capital expenditure of $693m for FY21 Recovery Plan ahead of target • • Delivered $650m in structural cost benefits in FY21, ahead of $600m target; on track for $850m by FY22, and at least $1b by FY23 Enhanced competitive position with ~70% domestic capacity share, leading premium service and low cost carriers, leading Loyalty program and significant structural changes to the cost base; record customer Net Promoter Score (NPS) in FY2110 100 Balance Sheet repair commenced despite challenging operating environment 1. Underlying earnings before interest, tax, depreciation, amortisation and impairments (Underlying EBITDA). 2. Underlying LBT 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 FY21 Results Presentation are reported on an Underlying basis, unless otherwise stated. For a reconciliation from Statutory LBT to Underlying LBT, please see 2 slide 5 of the Supplementary Presentation. 3. Compared to FY19 as a proxy for Pre-COVID performance. 4. Represents Underlying EBITDA impact. 5. Cash from operating activities less net cash used in investing activities. 6. Includes committed undrawn facilities of $1.6b. 7. Net Debt under the Group's Financial Framework includes net on Balance Sheet debt and capitalised aircraft lease liabilities. For a detailed calculation of the Net Debt target range, please see slide 11 in the Supplementary Presentation. 8. Management identified deferred payables at 30 June 2020 through the Group's cash management program. 9. Equal to net investing cash flows included in the Consolidated Cash Flow Statement and the impact to Invested Capital from the disposals/acquisitions of leased aircraft. 10. Record NPS achieved in Jetstar, Qantas Loyalty and QantasLink in FY21.#3Recovery Plan ahead of schedule, Balance Sheet repair commenced Preserving liquidity - 2H20 Acted swiftly to safely hibernate the business, cut costs and preserve liquidity Boosted liquidity; maintained no financial covenants on debt and investment grade credit rating [Baa2] Disciplined capital allocation¹; deferred aircraft deliveries Renegotiated supplier contracts, grounded the majority of the fleet, stood down ~25,000 employees Improved travel credit conditions for customers; introduced 'Fly Well' Cut cash costs by ~75% in response to 82% fall in Group Total Revenue in 4Q20 Changed Loyalty program to drive member engagement, including tier extension Restructuring and Domestic restart - FY21 Delivered $650m of cost benefits in FY21, ahead of target Maintained cash focus and agile network management in addressing highly dynamic environment Generated positive Statutory Net Free Cash Flow in 2H21, allowing Balance Sheet repair to commence, accelerating in 4Q21 Materially completed cash outflows for deferred payables, refunds and redundancies Qantas Loyalty returned to growth² and achieved record customer NPS Enhanced customer confidence through 'Fly Well' and 'Fly Flexible' programs Conducted international repatriation flights and maintained vital freight routes Maintained strong liquidity and retained Baa2 investment grade credit rating Domestic ramp up and International restart - FY22 Recovery Plan activities to deliver cost savings of $850m with >90% initiatives completed or underway Highly leveraged to recovery in travel demand as vaccine roll out progresses with pace Well-positioned to meet expected sharp increase in domestic travel as lockdowns end Ability to respond with a range of fleet types and agile network Planning for disciplined restart of regular long-haul international passenger services Maintaining fleet readiness through IFAM³ and repatriation flights Giving customers confidence to fly, as 'trusted travel advisor' through 'Fly Well' and investment in digital health passport Continued focus on Balance Sheet repair in FY22 Continued Qantas Loyalty growth and Freight strength Expect return of entire workforce by end of FY22 100 1. Cancelled up to $150m off-market share buy back and interim dividend totalling $201m. Reduced capital expenditure by ~$400m. 2. 2H21 Underlying earnings before interest and tax (EBIT) compared to 2H20 and 1H21. 3. International Freight Assistance Mechanism. See supplementary slide 15 for more information. | 3#4Agile management of domestic network addressing highly dynamic demand environment 1 2 • Transformed scheduling process Highly refined level of coordination between commercial planning and operations . Rigorous daily capacity optimisation between Network and Revenue Management across Qantas and Jetstar brands Group Domestic Capacity Profile (Monthly domestic capacity as a percentage of FY192) 100% 92% 88% • Decision making pushed down throughout organisation 77% 75% 3 80% 33% Optimising cash generation Flights published and selling within two hours of border announcements to maximise revenue and win share 60% • 95% cash positive flying in FY21, despite sudden border closures, due to superior cost and risk management 40% 26% 22% 46 new domestic routes announced including 31 launched in FY21¹ 19% 19% 20% 11% 12% 8% Flexible fleet deployment 100 Fleet gauge options allows matching of capacity to demand 63% 54% 52% 0% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 21 AU city in lockdown Monthly ASKS as a % of FY19 Capacity • New Alliance Aviation E190 deal for lower demand frequency markets complementing existing Dash-8 and 717 fleet 737, 787 and A330 aircraft on higher demand frequencies • Agile network management provides flexibility to adjust to demand and border changes 1. Announced 39 new routes for Qantas Domestic and 7 new routes for Jetstar Domestic in FY21. Of those, 27 routes were launched by Qantas Domestic and 4 routes were launched by Jetstar Domestic in FY21, with remaining routes to be launched from FY22. 2. 4Q20 capacity includes the minimum viable network flying which has been historically reported as charter. | 4#5Recovery Plan benefits exceeded the FY21 target, with $650m of structural cost benefits delivered Ways of Working ~65%¹ Improved workforce flexibility and productivity • Efficiencies through head office and management restructuring including consolidating teams Variabilised costs and created operational team efficiencies across the Qantas Group including cabin crew, engineering, ground handling ~9,400 exits in FY21 against the target of at least 8,500 • . . Digitalisation/Supplier ~35%¹ Clear pathway to the $1b target by end of FY23 Efficiencies across the business Streamlined and restructured technology services Restructured sales and distribution model Consolidation of property leases Freight terminals optimisation Supplier savings across various categories of spend (e.g. lounge management, marketing and sponsorship, utilities, engineering supply chain) $1b Target Breakdown by Segment Loyalty & Other Jetstar Group On track for $850m by FY22 9% 2% Qantas Domestic 48% Qantas International & Freight 41% >90% of initiatives complete or initiated² Parallel focus targeting additional transformation to offset ongoing inflation Dual focus on cost restructuring and inflation ensures $1b restructuring program will translate to sustainable earnings uplift 100 1. Percentage of $650m FY21 restructuring cost benefits. 2. Initiatives to achieve $1b in restructuring cost benefits by FY23 as at 30 June 2021. 5#6Recovery Plan scorecard ACHIEVING OUR TARGETS TARGET KEY AREA OF FOCUS METRICS TIMEFRAME Restructuring cost benefits of $0.6b in FY21, $0.8b by FY22, $1.0b by FY23 FY23 Cost savings Increased target to at least 8,500 exits FY21 Group Unit Cost (ex-fuel and depreciation) 10% less than FY20 FY23 Gross debt reduction of $1.75b FY23 Deleverage the Balance Sheet Net Debt/EBITDA <2.5 times FY22 Sustainable positive net free cash flow FY22 onwards Cash flow Flying activity is contribution positive (RASK-Variable cost/ASK >0) From FY21 Fleet management Customer and Brand Qantas Loyalty Employee engagement Capex³ for FY21 ~$0.75b Defer deliveries of A321neos and 787-9 aircraft FY21 June 2020 Retire 6 x 747s; 12 x A380s in long term storage Maintain Customer Advocacy (NPS) premium to domestic competitor December 2020 Ongoing Maintain brand and reputation Ongoing Return to double digit growth5 FY22 Employee sentiment Ongoing AS AT 30 JUNE 2021 Achieved $650m of cost benefits in FY21; Targeting $850m by FY22 ~9,400 exits completed Restructuring in progress Debt reduction commenced in 4Q21 Debt reduction commenced in 4Q21; Restructuring in progress Net Debt² / EBITDA <2.5 times now expected by end of 2022 Statutory net free cash flow positive achieved in 2H21 95% of Group Domestic flights cash flow positive in FY21 Domestic airlines generated positive underlying operating cash flow in FY21 FY21 capex of $693m Complete Complete On track, NPS at historical highs across Qantas, Jetstar and Loyalty On track, Qantas remains most trusted airline in region4 Returned to growth in 2H216 Double digit growth now expected by end of 2022 Impacted by stand downs and restructuring but expected to continue to improve, aligned to Group recovery and international borders reopening 100 1. Compared to Gross Debt level as at 30 June 2020. 2. Net Debt includes on Balance Sheet debt and capitalised aircraft lease liabilities under the Group's Financial Framework. 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 akin to a finance lease. Residual value of capitalised aircraft operating lease liability denominated in foreign currency is translated at the long-term exchange rate. 3. Capital expenditure, net of asset sales. 4. Qantas is the most trusted airline to keep Australians safe, healthy and successfully manage risks associated with COVID and international travel. Survey conducted August 2021. 5. Measured as the percentage growth of Underlying EBIT. 6. 2H21 Underlying earnings before interest and tax (EBIT) compared to 2H20 and 1H21. | 6#7ESG overview and proposition Environmental Our Planet Despite the impacts of COVID-19, the Group is strongly committed to building business resilience to manage the significant physical and transitional risks of a changing climate The Group's Sustainability commitments have three focus areas: 1 2 3 Primarily, reach net zero emissions by 2050 through investment in Sustainable Aviation Fuel, new aircraft technology and participation in carbon markets Reduce waste and single use plastic through its waste reduction program Institutionalise ESG by enhancing Board and Executive accountability through TCFD¹ disclosures and developing an interim emissions reduction target Aligning to the Climate Action 100+ sustainability principles Social Our People • Operating cash positive flying across the Group airlines to bring people back to work sooner Successfully advocated for industry support for our people who were impacted by ongoing stand downs Partnering with government and >300 organisations to provide support and secondary employment opportunities for our people Protecting our people through 'Fly Well' and 'Work Well' programs including taking a leading stance on vaccinations and strengthening focus on employee mental health and wellbeing Our Community Operating repatriation flights to bring Australians home and providing critical freight services Prioritised ethical business activities and human rights through: supplier due diligence; supporting indigenous and small businesses; signatory to the UNGPS²; and our modern slavery statement Governance Our Governance New Group Management Committee role - Chief Sustainability Officer - and sustainability team to accelerate and deepen our commitment to net zero emissions by 2050 along with the implementation of our wider ESG strategy Enhanced safety governance framework, with continued focus on safety of customers and employees as our first priority Monitoring global developments in laws, regulations and business practices to ensure an effective governance framework is in place to protect, create and enhance stakeholder value Proven resilience during COVID-19, reflecting a sound, adaptive risk management framework Leveraging insights of external stakeholders to identify key environmental and social risks, trends and priorities, such as Global Compact Network Australia (GCNA) membership Continued commitment to acting responsibly, respecting our social licence to operate 100 1. Task-force on Climate Related Financial Disclosures. 2. United Nations Guiding Principles on business and human rights. | 7#8Environmental FY21 Environmental progress ESG Focus Area Progress as at 30 June 2021 1 2 Reach net zero emissions by 2050 Reduce waste and single use plastics First airline group to commit to capping net emissions¹ and one of the first to commit to net zero emissions by 2050 Aiming for 1.5 per cent average annual fuel efficiency improvements through fleet renewal and increased operational efficiency Matched customer contributions through Fly Carbon Neutral Program and offered 10 Qantas Points per dollar spent One of the highest uptakes of customer offsetting globally, with all contributions directly funding accredited environmental projects 21 per cent of contributions invested to support indigenous-led environmental regeneration projects Committed to invest $50m towards Sustainable Aviation Fuels (SAF) industry development in Australia Strategic partnership with bp Australia announced in January 2021 to develop production of SAF by 2025 Collaborating with government and industry to design policies that support commercialisation of SAF in Australia FY21 waste reduction targets impacted by operational constraints of COVID-19, including the introduction of 'Fly Well' onboard offering Developing a revised waste reduction strategy that continues to drive elimination of single use plastics and year-on-year reductions in waste diverted to landfill 3 Institutionalise ESG Enhance ESG governance and accountability at Board, Group Management Committee and Senior Management levels Aim to develop updated climate risk scenario analysis as part of Taskforce for Climate-related Disclosure (TCFD) commitments in FY22 Assess and publish an emissions reduction pathway to meet 2050 net zero target and develop an interim target in FY22, including formalisation of an internal carbon price, to be applied by FY23 Progress towards sustainability commitments in FY21, with renewed targets to be set in FY22 100 1. Announced 11 November 2019 and includes Qantas, Jetstar, QantasLink and Qantas Freight. Originally capped at 2020 level, however baseline revised from 2020 to 2019 to better represent Pre-COVID operating conditions. | 8#9QANTAS 100 Financial performance#10FY21 key Group financial metrics Profit metrics Balance Sheet metrics Other statistics (v FY19) $410m Underlying EBITDA ($1,525)m Underlying EBIT¹ loss ($1,826)m Underlying loss before tax² ($2,351)m Statutory loss before tax [$386)m Statutory operating cash flow [$861] m 1H21 / $475m 2H21 $693m Net capital expenditure $2,221m Cash and cash equivalents $3.8b Total liquidity $5.9b Net Debt $6,248m/$5,516m FY21 average Invested Capital/Invested Capital as at 30 June 20213 (81%) ASKs4 (85%) RPKs5 (67%) Group Total Revenue6 (62%) Group Operating Expenses7 100 1. Earnings before interest and tax (EBIT). 2. Underlying LBT 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 FY21 Results Presentation are reported on an Underlying basis unless otherwise stated. Refer to slide 5 of the Supplementary Presentation for a reconciliation of Underlying to Statutory LBT. 3. Refer to slide 9 of the Supplementary Presentation for the invested capital calculations. 4. Available Seat Kilometres. Total number of seats available for passengers, multiplied by the number of kilometres flown. Compared to FY19 as a proxy for Pre-COVID performance. 5. Revenue Passenger Kilometres. Total number of passengers carried, multiplied by the number of kilometres flown. Compared to FY19 as a proxy for Pre-COVID performance. 6. Group Total Revenue compared to FY19 used as a proxy for Pre-COVID performance. 7. Group gross expenditure excluding depreciation and amortisation, impairment/[reversal of impairment) of assets and related costs, share of net loss/(profit) of investments accounted for under the equity method and discount rate changes impact on provisions compared to FY19 as a proxy for Pre-COVID performance. | 10#11FY21 Profit Bridge compared to FY19 Group Total Revenue decline $12.0b 1,326 FY19 Underlying PBT 100 (11,930] Activity-based, rightsizing and restructuring benefits $8.9b Manpower cost benefit $ 483 m Other cost benefits $ 167 m Restructuring benefits $ 650 m 2,240 2,468 14 (13) 96 (152) 1,216 (1,826) Selling & Marketing Computer & comms es es $ $ 696 m 168 m Capacity hire $ 173 m Other items Other Expense Reduction $ 179 m $ 1,216 m 3,011 345 (447) Net Passenger Revenue Net Freight Revenue Other Revenue Fuel Manpower Aircraft Operating Variable Other Expenses Depreciation & Amortisation Impairment of Assets Discount rate changes on provisions FY21 Share of losses from Associates Underlying LBT | 11#12Items not included in Underlying LBT SM Recovery Plan restructuring costs Impairment of assets and related costs Net gain on disposal of assets Net de-designation of fuel and foreign exchange hedges Total items not included in Underlying LBT¹ FY21 Comments 319 257 Redundancies incurred as part of the Recovery Plan not previously provided for in FY20 Including A380 fleet impairment due to fall in AUD market values and retirement of 2 hulls as well as the impairment to the Jetstar Asia fleet (18) Including gain on sale of share of JUHI² assets (33) 525 100 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. 2. Joint User Hydrant Installation. | 12#132H21 Movement in cash position 2,606 115 Term loan Financing Cash Outflows ($652]m¹ Statutory Net Free Cash Flow $267m (557) 1,312 (837) Amortising secured debt repayment ($227)m and Bond repayment [$330]m (210) Includes lease liability repayments Cash flows generated from operations and working capital benefits, excludes Includes redundancy and restructuring costs, refunds and deferred payables² (208) Includes aircraft capitalised maintenance one-offs 31 Dec 20 Cash Balance Unsecured Debt Raised Debt Repayments Other Financing Costs Statutory Operating Cash flow $475m Underlying Operating Cash Flow One-offs Statutory net free cash flow positive for 2H21; Balance Sheet repair has commenced 100 1. Includes the impact of FX, $3m reported in the Cash Flow Statement for 2H21. 2. Management identified deferred payables at 30 June 2020 through the Group's cash management program. 2,221 Investing Cash Flow 30 Jun 21 Cash Balance | 13#14Net Debt and liquidity position. - Net Debt increased by ($1.2) b for the 12 months to June 2021 primarily driven by: Underlying operating cash flow of $2.4b One-off outflows including redundancies of ($2.8]b Capex of ($0.7)b Significant borrowing activity for the period included: FY21 new borrowings of $0.9b made up of $0.7b unsecured and $0.2b secured borrowings Repayment of ($0.4) b secured amortising debt Repayment of ($0.4)b bond which matured in June 2021 Increased committed undrawn facilities of $1.6b The Group also maintains an unencumbered asset base of >$2.5b including aircraft5, land, spare engines and other assets As at 30 SM June 21 As at 30 June 20 VLY $M4 Current interest-bearing liabilities on 969 868 (101) - balance sheet Non-current interest-bearing liabilities on balance sheet 5,861 5,825 (36) - Cash at end of period (2,221) (3,520) (1,299) Net on Balance Sheet debt¹ 4,609 3,173 (1,436) Capitalised aircraft lease liabilities² 1,281 1,561 280 Net Debt³ 5,890 4,734 (1,156) As at 30 SM June 21 As at 30 June 20 VLY $M4 • Cash and cash equivalents at end of period 2,221 3,520 (1,299) Undrawn facilities 1,575 1,000 575 Total liquidity 3,796 4,520 (724) 100 1. Net on Balance Sheet debt includes interest-bearing liabilities and the fair value of hedges related to debt 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 akin to a finance lease. 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. Unfavourable variance shown as negative amounts. 5. Aircraft valuations based on the average of Aircraft Value Analysis Company Limited (AVAC) and AVITAS market values as at 30 June 2021. | 14#15A 100 QANTAS Segment Results#16Qantas Domestic - - - Strong leisure-led recovery delivering a positive Underlying EBITDA Strong demand recovery in 4Q21 with capacity at 86% of Pre-COVID levels¹ by May 2021; seat factor recovery to 64%2 Variabilisation of cost base underpinning ability to respond to border closures Yield premium growth³; average fares maintained4 Corporate and SME recovery ahead of expectations, 34 new accounts won in FY215 Expanded domestic services (27 new routes) with 95% of flights cash flow positive ~$300m in recovery cost benefits delivered in FY21, on track for ~$500m by FY236 Network and fleet optimisation will deliver improved asset utilisation • Pre-COVID FY21 FY20 FY19 Revenue $M 2,745 4,672 6,098 Underlying EBITDA SM 159 907 1,503 Underlying EBIT Operating Margin³ SM (590) 173 778 % <0 3.7 12.8 ASKS Σ 16,951 25,773 33,866 Seat factor % 58.3 75.9 77.8 - 717 and Turboprop base consolidation on the East Coast - E190 activation to capture emerging central Australia and Northern Territory demand - A320 Western Australia deployment increased to 11 to meet strong resource market demand Maintained support of vital transport links and domestic tourism through government sponsored RANS, DANS and TANS Giving customers confidence to book and fly, extension of 'Fly Flexible' program to February 2022; high levels of NPS maintained 100 Extended leading premium position in the domestic market 1. FY19 ASKS as a proxy of Pre-COVID performance. 2. Achieved in April 2021. 3. Compared to main domestic competitor. Based on Qantas internal estimates. 4. February to June 2021 compared to February to June 2019. 5. Acquisition of new Corporate and large SME customers. 6. Cumulative recovery program benefits. 7. Regional Airline Network support (RANS). Domestic Airline Network support (DANS). Tourism Aviation Network support (TANS). 8. Operating Margin calculated as Underlying segment EBIT divided by total segment revenue. | 16#17Qantas International (including Freight) Record Freight profit¹ supported by surging domestic e-commerce trends and strong international yields Freight providing a significant natural hedge to international passenger business, materially covering international airline cash holding costs Pre-COVID FY21 FY20 FY19 Revenue $M 1,598 6,077 7,420 Underlying EBITDA SM 117 846 1,045 Support of Australian exports via International Freight Assistance Mechanism (IFAM) - Ongoing fleet renewal program with 3 x A321 converted freighters by December 2021 Underlying EBIT $M (575) 56 323 - Australian freight market leadership underpinned by long-term customer contracts Operating Margin % <0 0.9 4.4 International passenger business largely grounded, maintaining readiness for restart ASKS Σ 640 50,484 69,571 - Restart of Trans-Tasman flying, averaging ~40% of Pre-COVID levels² in 4Q21, impacted by directional demand and border closures - A380 fleet maintained to ensure readiness Seat factor % N/A 84.1 86.0 A330 and 787 fleets operated 8% of Pre-COVID block hours, supporting IFAM and government repatriation flights in addition to domestic network - ~$250m in recovery cost benefits delivered in FY21, on track for >$400m by FY233 Well-positioned for restart of international operations and to take advantage of international travel bubbles when they emerge - Existing joint business agreements (JBAs) maintained (American, Emirates, China Eastern); proposed JBA with Japan Airlines under regulatory consideration Well-positioned for efficient restart of international operations 100 1. Underlying EBITDA. 2. FY19 Available seat kilometres as a proxy for Pre-COVID performance. 3. Cumulative recovery program benefits. | 17#18Jetstar Group . • Achieved Underlying EBITDA profit¹ driven by 2H21 domestic leisure strength, cost variabilisation and $70m in recovery program benefits delivered $145m AU Domestic Underlying EBITDA with $102m in second half as capacity increased to 77% of Pre-COVID levels2, EBIT profitable in 4Q21 ($143]m Underlying EBITDA loss from AU International, NZ and Jetstar Asia due to ongoing lack of international flying and associated fixed costs ($131)m loss attributable to share of Jetstar Japan statutory loss due to multiple states of emergency and higher fixed costs with fully leased fleet Redeploying capacity to support domestic growth, reduce fixed costs in Asian and international businesses and assist international restart Pre-COVID FY21 FY20 FY19 Revenue6 $M 1,140 3,006 3,961 Underlying EBITDA7 $M 2 485 830 excluding Share of Associates [Losses)/Profits Underlying EBIT $M (550) [26] 400 Operating Margin % <0 <0 10.1 ASKS6 Σ 11.783 35,613 47,993 - 6 x Jetstar Japan and 3 x Jetstar Asia A320s temporarily transferring to Australia 787s utilised domestically as required Seat factor % 71.3 84.3 86.1 Jetstar AU Domestic low fares leadership, high customer satisfaction and flexible response driving leisure demand when borders are open Extended domestic network advantage with 7 new routes³; capacity grew to 102% of Pre-COVID levels² in May 2021 Achieved seat factor of 74% and 33% growth in ancillary revenue per passenger versus Pre-COVID² Record NPS5 driven by strong On-Time Performance (OTP) 100 Low fares leadership uniquely positioned for leisure-led recovery 1. Underlying EBITDA excluding Share of Associates losses. 2. Compared to corresponding FY19 period as a proxy for Pre-COVID performance. 3. Announced 7 new routes in FY21 (4 launched in FY21, 3 to be launched from FY22). 4. FY21 Domestic AU operations. Jetstar Consolidated Seat Factor including AUS International, NZ and Jetstar Asia was 71.3%. 5. Record NPS for Jetstar Domestic. 6. For Jetstar Consolidated Group, does not include Jetstar Japan. 7. Underlying EBITDA including share of associate (losses)/profits was ($129) m for FY21, $426m for FY20 and $836m for FY19. | 18#19Qantas Loyalty • Group cash contribution >$1b of gross receipts¹ in FY21 • Diversified portfolio strategy delivering second half earnings growth² Pre-COVID FY21 FY20 FY19 Revenue8 $M 984 1,224 1,654 - Spend on Qantas Points Earning Credit Cards returned to Pre-COVID levels³ in 4Q21; Maintaining ~35% share of credit card spend Early indicators of renewed credit card demand 500k+ members earning Qantas Points with bp Australia since partnership launch4 Cash Contribution¹ SM 1,006 1,231 977 Underlying EBIT⁹ $M 272 341 376 - Record points redeemed in the Qantas Rewards Store and Qantas Wine; continued growth in Qantas Insurance5 Operating Margin 10 % 27.6 27.9 22.7 QFF Members11 Σ 13.6 13.4 12.9 - Travel related products continue to remain sensitive to border announcements; record domestic flight redemptions in March 2021 indicate strong underlying demand Growth in members and continued strength in member engagement; supported by program generosity, FY21 NPS at record levels Increased availability of Classic flight rewards by up to 50% to the most popular destinations across Australia - Greater flexibility provided to members using flight rewards by waiving change and cancellation fees ― Status accelerator offer for Gold members of other loyalty programs - 20k members registering for the offer, new ways to earn on the ground Relaunched Qantas Points Club increasing travel and lifestyle benefits - making earning points on the ground more rewarding Continued investment in leading digital experiences and new businesses; integration of Qantas Loyalty within existing Qantas App from May 2021 Strong cash generation underpinned by record member engagement 100 1. Sales to all external parties. 2. 2H21 Underlying EBIT compared to 2H20 and 1H21. 3. Compared to corresponding FY19 period as a proxy for Pre-COVID performance. 4. Partnership launched in April 2020. 5. Health, Life, Motor and Home customers in force as at 30 June 2021 compared to 30 | 19 June 2020. 6. As announced 14 July 2020. 7. Qantas Points Club relaunched May 2021. 8. 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. 9. During FY21, Qantas Loyalty reviewed the criteria applied in assessing the capitalisation of intangible assets. Due to the mix of projects undertaken during FY21, an increased proportion of spend has been expensed. This policy will apply for future periods and has not impacted the Net Free Cash Flow result of Qantas Loyalty. 10. Operating Margin calculated as Underlying segment EBIT divided by total segment revenue. 11. Members at 30 June for corresponding period.#20QANTAS 100 Financial Framework#21Financial Framework will continue to guide our capital decisions 1 2 Maintaining an optimal capital structure ROIC² > WACC³ through the cycle Minimise cost of capital by targeting a Net Debt range of $4.5b to $5.6b¹ Maintained strong liquidity and minimal refinancing risk. Recovery plan to optimise Net Debt Deliver ROIC > 10%4 Investing to create competitive advantages and drive value 3 Disciplined allocation of capital Grow invested capital with disciplined investment, return surplus capital Prioritising debt reduction, minimising capex and no shareholder distributions 100 Maintainable EPS5 growth over the cycle Total shareholder returns in the top quartile6 1. Refer to slide 11 of the Supplementary Presentation for calculation of target Net Debt range. 2. Return on Invested Capital (ROIC). Refer to slide 10 of the Supplementary Presentation for the calculation of ROIC. 3. Weighted Average Cost of Capital (WACC), calculated on a pre-tax basis. 4. Target of 10% ROIC allows ROIC to be greater than pre-tax WACC. 5. Earnings Per Share. 6. Target Total Shareholder Returns within the top quartile of the ASX100 and global listed airline peer group as stated in the 2020 Annual Report, with reference to the 2020-2022 LTIP. | 21#22Maintaining an optimal capital structure Debt maturity profile as at 30 June 2021 ($M)¹ 300 250 440 500 350 450 425 685 669 684 300 500 375 183 187 167 155 144 144 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 Secured amortising debt Bonds Capital structure and liquidity . . Net Debt² at $5.9b, prioritising debt reduction Total liquidity of $3.8b including $2.2b cash³ and committed undrawn facilities of $1.6b maturing in FY23 and FY24 Unencumbered asset base >$2.5b4, including 41% of the Group fleet 5, land, spare engines and other assets Debt structure Balance Sheet repair commenced in 2H21 Net Debt at $6.4b in February 2021, reduced to $5.9b at June 2021 Maturing secured debt facilities in FY22 to FY24 will unencumber mid-life aircraft Corporate Secured Debt Program - AUD $300m bond maturing in May 2022 ■Syndicated Loan Facility - Drawn • No financial covenants Maintained Investment Grade credit rating from Moody's (Baa2) Maintained strong liquidity and minimal refinancing risk; Recovery Plan prioritising debt reduction 100 1. Cash debt maturity profile excluding leases. 2. Net Debt includes on Balance Sheet debt and capitalised aircraft lease liabilities under the Group's Financial Framework. Capitalised aircraft lease liabilities are measured at fair value at the lease commencement date and remeasured over lease term on a principal and interest basis akin to a finance lease. Residual value of capitalised aircraft operating lease liability denominated in foreign currency is translated at the long-term exchange rate. 3. Includes cash and cash equivalents as at 30 June 2021. 4. Aircraft valuations based on the average of Aircraft Value Analysis Company Limited (AVAC) and AVITAS market values as at 30 June 2021. 5. Based on number of aircraft as at 30 June 2021. The Group Fleet totalled 311. | 22#23Historical operating cash flow trend Statutory EBITDA ($M)¹ Pre-COVID 3,108 3,334 3,431 1,064 149 FY17 FY18 FY19 FY20 FY21 Statutory Operating cash flow ($M) • Positive statutory EBITDA of $0.15b for FY21 - Includes impact of $0.3b redundancies • - FY21 Statutory operating cash flow of ($386)m; FY21 underlying operating cash flow of $2.4b • ― Significant one-off cash outflows² materially complete Recovery to at least Pre-COVID operating cash flow generation to be enabled by - Growth of domestic operations Pre-COVID 3,413 2,704 3,164 1,083 - Restart of international flying contributing to significant Revenue Received In Advance (RRIA) rebuild - Recovery Plan cost saving benefits (386) FY17 FY18 FY19 FY20 FY21 ― Cash flow benefits due to tax losses Recovery to historically strong operating cash flow generation enabling accelerated Balance Sheet repair 100 1. For comparability, FY17 and FY18 Statutory EBITDA also excludes non-cancellable aircraft operating lease rentals (as these financial years are prior to AASB 16). 2. One-off cash outflows include redundancy and restructuring costs, refunds and deferred payables. Management identified deferred payables at 30 June 2020 through the Group's cash management program. 23#24Robust fuel and FX risk management FY21 actual fuel cost and hedge accounting impacts FY21 fuel cost of $0.8b, down $3.0b from FY19 through 74% reduction in consumption and lower AUD jet fuel price; 2H21 fuel cost of $526m Hedge accounting impact of $33m gain in FY21 relating to revaluation of ineffective hedges de-designated in FY20, excluded from Underlying LBT 3.8 Looking ahead 1H22 fuel cost is expected to be higher than 1H21, in line with higher forecast fuel consumption 1H22 fuel price risk is fully hedged - Majority of hedging in outright options - Outright options in place to cover fuel price risk arising from additional 1H22 flying under an accelerated recovery scenario -Hedging protects against short-term spikes in fuel prices whilst minimising risk of ineffective hedge losses should a change in the operating environment occur 100 Fuel cost ($B) -3.0 0.8 FY19 FY21 Indicative fuel consumption FY21 Freight 25% Qantas Domestic 47% 25% Jetstar Group 3% Qantas International Hedging activity remains consistent with long term approach to risk management | 24#25Disciplined capital allocation. • • Disciplined capital expenditure Net capital expenditure¹ of $693m in FY21, including capitalised maintenance on operational fleet and delivery of the first of three A321-200P2F freighters FY22 capital expenditure² expected to be $800m Capital expenditure ($B] -0.4 -0.9 2.0 1.6 0.7 Shareholder Capital Movements ($B) 4.3 +2.8 1.4 6 Year Equity Shareholder Raise & SPP Distributions FY20F FY20 Actual FY21 Actual Shares on Issue (M) -14% Shareholder capital movements Additional $72m equity³ raised through retail Share Purchase Plan (SPP) adding 22.6m new ordinary shares to supplement institutional placement completed in FY20 2,196 2,062 1,919 1,832 1,808 1,745 1,684 1,626 1,571 1,491 1,863 1,886 1,886 30 31 30 31 30 31 30 31 30 31 30 31 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 30 Conservative capital allocation as focus turns to Balance Sheet repair 100 1. Equal to net investing cash flows included in the Consolidated Cash Flow Statement and the impact to Invested Capital from the disposals/acquisitions of leased aircraft. 2. Net capital expenditure excluding any potential proceeds from the sale of land. 3. Retail Share Purchase Plan completed on 10 August 2020. | 25#26Fleet strategic priorities Qantas Group fleet strategy Right aircraft Recovery phase Deferred delivery of 787-9s and A321neos to meet the Group's requirement Right route • A380s remain in storage Maintain flexibility • Reallocated 6 x A320s to QantasLink fleet to service intra Western Australia resources market • A330s and 787-9s redeployed supporting IFAM¹, repatriation services and domestic flying • • • Maintain competitiveness • Delivery of first A321 converted freighter, with additional two by December 2021 Successfully completed conversion of 11 lease extensions into 'power by the hour' rentals increasing cost variability through the recovery phase Reallocation of Jetstar international aircraft² to optimise domestic capacity in FY22 Up to 18 x E190s on capacity hire arrangement with Alliance Aviation Low fleet utilisation through COVID-19 has deferred timing of maintenance and fleet replacement requirements³ Maintaining flexibility of operational fleet to optimise capitalised maintenance expenditure 100 1. International Freight Assistance Mechanism. See supplementary slide 15 for more information. 2. Includes aircraft from Jetstar's Australian international operations as well as Jetstar Asia and Jetstar Japan. 3. See supplementary slide 17 for more information. 126#27A 100 QANTAS Looking ahead#28Total Population Vaccine supply and uptake suggests 80% threshold to be reached by December 2021 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Aug-2021 Sep-2021 Potential Australia Vaccination Timing¹ Oct-2021 Nov-2021 Dec-2021 Supply Australia's Current Take-up Rate Canada Profile UK Profile 80% Eligible 70% Eligible • • Sufficient vaccine dosages available by early October to achieve 80% of eligible Australians vaccinated; supply ramping up from September 2021 Based on current rate of uptake and global benchmarks, Australia should hit national thresholds² for reopening in December 2021: Phase B threshold of 70% vaccination of eligible population - eased restrictions on vaccinated residents, lockdowns less likely but possible Phase C threshold of 80% vaccination of eligible population highly targeted domestic lockdowns only and trigger for gradual opening of international borders to approved countries. Proportionate quarantine and reduced requirements for inbound vaccinated travellers - Thresholds can be achieved earlier if uptake accelerates to Canadian profile As evidenced globally, vaccination rates can also be influenced further by incentive levers 100 1. International profiles source: https://ourworldindata.org/covid-vaccinations. Australian current take-up rate source: https://covidlive.com.au/vaccinations. Supply is based on Doherty Institute modelling and Australian Federal Government announcements. All data as at 22 August 2021. 2. Thresholds specified in the National Plan to transition Australia's National COVID-19 Response. Announced by the Australian Government on 2 July 2021. 128#29Uptake supports all domestic borders open by 1 December, gradual opening of international from mid December Australia ACT TAS NSW VIC WA SA NT QLD Potential State Vaccination Timings¹ Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 <60% Fully Vaccinated 60%-70% Fully Vaccinated 70% - 80% Fully Vaccinated 100 1. Percentage of eligible population by state to have received two COVID-19 vaccines. Source: https://covidlive.com.au/vaccinations. As at 22 August 2021. • National COVID-19 plan requires all states to hit vaccination targets for restrictions to lift • Based on current rates of vaccine uptake by state, the expectation is that all states hit - Phase B -70% of eligible population vaccinated by mid November 2021 Phase C-80% of eligible population vaccinated by early December 2021 This supports key network planning assumptions - - All domestic borders to be open no later than 1 December 2021 Gradual reopening of international in mid December 2021 | 29#30Domestic market FY22 Outlook Recent state lockdowns and associated border closures are expected to have a significant impact on 1H22 capacity Recovery delayed by five months, domestic lockdowns and border • restrictions expected to ease once 70% of eligible Australians are vaccinated • • Domestic demand was very strong in 4Q21 across both leisure and business travel segments; demand is expected to rebound as border restrictions ease and capacity is restored Strength from resources sector expected to continue throughout 1H22 Domestic travel intention in next 12 months has rebounded strongly at 96% of customers surveyed¹ Revised Group domestic capacity assumptions: Competitive Positioning • Expecting to maintain ~70% domestic capacity share • Extended competitive position for both domestic airlines - - Qantas Domestic Increased frequency, 39 new routes³ and plans to grow to ~100% capacity in 2H222 Increasing Corporate and SME share Strong NPS and superior product offering - Extended margin advantage through cost transformation and revenue premium - QLD border to open from mid September 2021, VIC and NSW borders to open from 1 December 2021 - Capacity 1Q22 % Pre-COVID² 38% 2Q22 53% 2H22 FY22 Jetstar Domestic Increased frequency, 7 new routes³ and plans to grow to ~120% capacity in 2H222 Only true low cost carrier in the Australian market with significant cost advantage 110% 77% - Price leadership and record NPS Group has agility and fleet flexibility to respond to dynamic domestic border fluctuations and will scale capacity as quickly as possible to optimise cash 100 1. Qantas customers intend to fly domestically in the next 12 months. Based on Qantas Group research as at August 2021. 2. ASKS compared to FY19 as a proxy of Pre-COVID flying. 3. New routes announced since 30 June 2020. | 30#31International markets FY22 Outlook • • • - - International border closure and quarantine restrictions expected to ease once 80% of eligible Australians are vaccinated International repatriation and Freight assistance program operating on behalf of the Australian Government to continue, representing ~15% of Pre-COVID block hours for Qantas International in 1H22 Limited cash burn until network restart of $3m per week for 1H22¹ Planning for resumption of international flying from mid December Initial destinations include Los Angeles, Honolulu, London, Singapore, Tokyo, Vancouver and Fiji Other destinations delayed to April 2022 include South Africa, South America and parts of South East Asia • Trans-Tasman bubble expected to resume from mid December International travel intention at its strongest level in 12 months² • Flying to be focused on cash generation and getting our people back to work as soon as possible • Revised Group International capacity assumptions: Competitive Positioning . • • • - - - Australia's only long-haul premium and low cost international airline with extensive transformation improving relative cost position 10 x reconfigured A380s to return to service Five will return earlier than planned, commencing July 2022 to Los Angeles, and London by end of 1H23 Flexibility to return remaining aircraft by January 2024 Resuming Trans-Pacific operations from East Coast 789s to Los Angeles, San Francisco and Dallas; A330s on Brisbane to Los Angeles and San Francisco A380 return creates flexibility for Trans-Pacific capacity to grow above Pre-COVID levels More redemption seats available for frequent flyers Emirates, China Eastern and American Airlines Joint Businesses ready to restart once international travel resumes; proposed JBA with Japan Airlines under regulatory consideration Low fares model together with high density, high utilisation 787-8 enable Jetstar to capitalise on pent-up leisure demand post-COVID Capacity 3Q22 4Q22 2H22 % Pre-COVID³ 30% - 40% 50% - 70% 40% - 55% 100 • Project Sunrise remains a key part of the Qantas International strategy. Selected A350-1000 as preferred aircraft with non-stop flights expected to be even more popular post-pandemic | 31 1. Net cash burn for Jetstar International and Qantas International including Qantas Freight. 2. Internal research of Qantas Customers. Overseas travel excluding New Zealand. As at 4 August 2021. 3. ASKS compared to FY19 as a proxy of Pre-COVID flying. 4. Emirates and China Eastern anti-trust immunity until March 2023, American Airlines anti-trust immunity until November 2025.#32Freight and Loyalty Freight • • • International belly space expected to be negligible through 1H22 and into 2H22 until international capacity stabilises Strong international freight demand to continue, with peak levels expected in the lead up to Christmas Continuing to support International Freight Assistance Mechanism Domestic demand expected to remain strong due to >30% growth in e-commerce¹ and growing customer base Two additional A321 freighters in 1H22 to service long term customers contracts Freight profitability expected to have structurally lifted from pre- pandemic with increased domestic volumes and lower unit cost Loyalty ● - - Continuing to deliver strong cash flow contribution Travel related products continue to remain sensitive to border announcements Rebound in earnings expected as travel demand recovers and redemption opportunities increase Up to 50% more Classic Reward seat availability on domestic, Trans-Tasman and international routes² Demand for Qantas points remains strong; record NPS in FY21; plans to continue to grow member engagement - More opportunities to earn points and status on the ground Extending relationships with coalition partners Multi-year renewals signed with three of the major banks Ongoing investment in digital, program experiences and new businesses Loyalty remains committed to achieving $500-600m Underlying EBIT by FY24 100 1. Online shopping growth in Australia for the 12 months to 30 June 2021. Source: Australia Post 'Inside Australian Online Shopping' report, July 2021. 2. Up to 50% more flown Classic redemption segments as a proportion of the total flown segments on Qantas marketed and operated flights versus the equivalent measure over 2019 on selected routes in Australia from 14 July 2020 until 31 December 2022, all Trans-Tasman routes from 18 April 2021 until 31 December 2022, and all other international routes from when two-way unrestricted travel commences for each route until 31 December 2022. | 32#33Investing in customer, brand and digital Giving customers confidence to book . Record high or near high Net Promotor Scores across all brands and most trusted airline in the region¹ • Domestic Dual Brand strategy powerful with each airlines' continued strength in targeted customer segments - Business and premium leisure: Qantas as the only full-service offering including three-tier lounges, complimentary food and drink, fast, free Wi-Fi and leading Loyalty program Price sensitive business and leisure: Jetstar price leadership maintained despite strong competition Well-positioned for a safe restart of international travel - The most trusted airline to keep Australians COVID-safe and healthy for international travel¹ as 'trusted advisor' Jet⭑ ― Investing in a digital health passport for easy proof of vaccination or negative COVID test, for seamless travel Ongoing digitalisation enhancing customer experience across and beyond the travel journey including improvements to the Qantas App Maintaining confidence to book and fly, as well as retaining customer loyalty - 'Fly Flexible' extended to the end of February 2022, Jetstar flexible 'FareCredit' continues Qantas Frequent Flyer member status-retention support extended and up to 50% more Classic flight redemptions available² 9:41 FLY WELL Hello Gabriel Points 298,700 > Status 3,100 > Plan a trip + FLIGHTS HOTELS 9:41 Hello William Points 193,300 > 10 Status 3,100 > Trip to Auckland Use & Earn Qantas Points VIEW ALL > A COVID 19 TEST RESULTS Your PCR results have been verified for this flight USE POINTS EARN POINTS CREDIT CARDS INSURANCE Deals from Sydney Discover + HOME TRIPS BOOK VIEW BOARDING PASS Sydney to Auckland Sydney to Auckland QF423 Wed. 6 Jan 10:00 Terminal 3 STATUS + 11:25 Terminal 1 BOARDING GATE On time 09:30 3 t 2A i VIEW FLIGHT DETAILS 100 1. Qantas is the most trusted airline to keep Australians safe, healthy and successfully manage risks associated with COVID and international travel. Survey conducted August 2021. 2. Up to 50% more flown Classic redemption segments as a proportion of the total flown segments on Qantas marketed and operated flights versus the equivalent measure over 2019 on selected routes in Australia from 14 July 2020 until 31 December 2022, all Trans-Tasman routes from 18 April 2021 until 31 December 2022, and all other international routes from when two- way unrestricted travel commences for each route until 31 December 2022. | 33#34Outlook FY22 outlook The Group's existing undrawn liquidity facilities, proactive approach to securing funding and the ongoing strong contributions from Qantas Freight, Qantas Loyalty and cash positive flying ensures it has sufficient liquidity for a range of recovery scenarios. Through our improved network planning processes and multi-gauge fleet, we have the agility and flexibility to scale capacity and shift aircraft to capture changing demand patterns. Our clear brand positioning, with leadership in both the premium and price sensitive markets and growing share in Corporate, SME and Leisure markets, will ensure we capitalise on domestic demand. We are on the path to recovery and the latest data on vaccine effectiveness, increased supply and pace of roll out globally and across Australia gives cause for optimism. This along with our restructuring progress and the strong momentum we saw in 4Q21 when borders were open, gives confidence that we are in the final stages of recovery and the overall Recovery Plan remains on track. - Key assumptions: O Domestic and Tasman border closures impact on 1H22 Underlying EBITDA estimated at $1.4b after mitigations QLD border expected to open from mid September 2021, VIC and NSW borders expected to open from December 2021, Trans-Tasman bubble expected to resume mid December 2021 Airline not in the same level of hibernation as 1H21 - Continuing to manage the business to a positive Underlying operating cash flow including a focus on cash positive flying - - Capital expenditure in FY22 is expected in to be $800m³, ~55% weighted to first half Underlying depreciation and amortisation expected to be ~$125m lower than FY21 Restructuring Program expected to achieve $850m ongoing structural cost benefits, $200m incremental benefits in FY22 Net Debt expected to be within target range by the end of FY222 100 1. Net capital expenditure excluding any potential proceeds from the sale of land. 2. Net Debt under the Group's Financial Framework includes net on balance sheet debt and capitalised aircraft lease liabilities. | 34#35Well-positioned for recovery QANTAS Jetstar FREQUENT FLYER QANTAS FREIGHT Group Domestic¹ airlines are well-positioned to benefit from the recovery in domestic travel and changing competitive environment; capacity share ~70%; significant unit cost reduction post restructuring; FY21 Group Domestic Underlying EBITDA of $304m Australia's most valued Loyalty business generating strong cash contribution and has a clear pathway to sustained earnings growth² Freight has benefited from the consumer shift to e-commerce and is also a natural hedge to the international passenger business Operating Segment Underlying EBITDA $4.0b $3.6b $3.2b Group International $2.8b $2.4b $2.0b Group International Group International³ businesses maintained operational readiness for low cost restart and gradual ramp up $1.6b Group Domestic $1.2b Group Domestic $0.8b Strong liquidity position and strengthening operating cash flow allowed Balance Sheet repair to begin $0.4b Group Domestic Loyalty Loyalty Loyalty $0.0b Three-Year Recovery Plan to improve operational cash flows and deliver $1b in ongoing annual savings from FY23. Assessing further opportunities to improve revenue and margins Group -$0.4b International FY19 FY20 FY21 The Group's integrated portfolio of mutually reinforcing businesses are well-positioned for the recovery 100 1. Group Domestic includes Qantas Domestic and Jetstar Domestic. 2. Measured on underlying EBIT. 3. Group International includes Qantas International (including Qantas Freight), Jetstar International Australian operations, Jetstar New Zealand, Jetstar Asia (Singapore) and the contribution from Jetstar Japan. | 35#36Looking forward, we remain committed to the FY24 targets Qantas Domestic Jetstar Domestic Relative margin advantage Relative margin advantage Qantas International Relative competitive advantage Jetstar International Lowest cost position Qantas Loyalty Stable earnings growth Targeting EBIT margin¹ ~18% Targeting EBIT margin ~22% Targeting ROIC >10% Targeting ROIC >15% Targeting $500-600m EBIT 100 1. Underlying segment EBIT divided by total segment revenue. People: Continued improvement in employee engagement Customer: Maintain Net Promoter Score premium to competitor Top quartile shareholder returns | 36#37Disclaimer and ASIC Guidance 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 subsidiaries (Qantas Group) and their activities current as at 26 August 2021, 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 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 individuals. Before making an investment decision prospective 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. Not tax advice Tax implications for individual shareholders will depend on the circumstances of the particular shareholder. All shareholders should therefore seek their own professional advice in relation to their tax position. Neither Qantas nor any of its officers, employees or advisers assumes any liability or responsibility for advising shareholders about the tax consequences of the return of capital and/or share consolidation. Financial data All dollar values are in Australian dollars (A$) and financial data is presented within the twelve months ended 30 June 2021 unless otherwise stated. Future performance 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. Persons should have regard to the risks outlined in this Presentation. 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. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. 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. ASIC GUIDANCE In December 2011 ASIC issued Regulatory Guide 230. To comply with this Guide, Qantas is required to make a clear statement about whether information disclosed in documents other than the financial report has been audited or reviewed in accordance with Australian Auditing Standards. In line with previous years, 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 2021 which is being audited by the Group's independent Auditor and is expected to be made available in September 2021. 100 | 37