Investor Presentaiton

Outlook 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

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