Three-Year Recovery Plan

Robust 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

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