Investor Presentaiton

Disciplined 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

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