Three-Year Recovery Plan

Recovery 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

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