$1b Recovery Plan

FY22 Key Group financial metrics Pre-COVID FY22 FY21 Comments vs FY19 and FY21 Underlying (Loss)/Profit Before Tax¹ ($M) (1,859) (1,774) Underlying Earnings per Share² (c) (71.2) (69.4) Statutory (Loss)/Profit Before Tax ($M) (1,191) [2,299] FY1911 1,326 Reduced flying, fixed costs, depreciation and COVID-19 lockdowns 57.3 1,192 FY22 includes gain on Mascot land sale Statutory Earnings per Share (c) (45.6) (89.9) 51.5 Underlying EBITDA³ 281 410 Rolling 12 month ROIC4 (%) (31.6) [21.4) Revenue ($M) 9,108 5,934 3,544 Largely impacted by COVID-19 border closures and lockdowns vs FY19 19.2 17,966 38% of FY19 passengers flown in FY22. Increased Freight Revenue Operating cash flow ($M) 2,670 [386] 3,164 Net Debt5 ($B) 3.94 5.89 4.71 Rebuild and recovery of Revenue Received in Advance (RRIA) vs FY21 Net Debt reduction throughout FY22 Unit Revenue (RASK] 9.48 9.72 8.85 Higher proportion mix of domestic flying vs FY19 Total Unit Cost (c/ASK) 13.16 15.76 7.97 Fixed costs including depreciation over lower ASKS vs FY19 Unit Cost (ex-fuel and depreciation] 8 [c/ASK] 6.24 6.72 4.34 Targeting a 10% reduction in FY23 vs FY20 Available Seat Kilometres (ASK) (M) 50,633 29,374 151,430 33% of FY19 Group Capacity in FY22 Revenue Passenger Kilometres 10 (RPK) [M] 34,363 18,557 127,492 Lower ASKS and load factors vs FY19 1. Underlying (LBT)/PBT 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 FY22 Results Presentation are reported on an Underlying basis unless otherwise stated. Refer to slide 7 of this Presentation for a reconciliation of Underlying to Statutory (LBT)/PBT. 2. Underlying Earnings per Share is calculated as Underlying (LBT)/PBT less tax expense (based on the Group's FY22 effective tax rate 27.8% benefit (FY21: 26.4% benefit) divided by the weighted average number of shares during the year (consistent with the Statutory Earnings per Share calculation). 3. Earnings before interest, tax, depreciation, amortisation and impairment. 4. Return on Invested Capital (ROIC). For a detailed calculation of ROIC please see slide 17. 5. Net Debt under the Group's Financial Framework includes net on balance sheet debt and capitalised aircraft lease liabilities. For a detailed calculation of Net Debt, please see slide 19. 6. Ticketed passenger revenue divided by ASKS. Subject to rounding. 7. Underlying (LBT)/PBT less ticketed passenger revenue per ASK. 8. Underlying (LBT)/PBT less ticketed passenger revenue, fuel and share of profit/(loss) of investments accounted for under the equity method, adjusted for the impact of changes in FX rates, non-cash impact of discount rate changes on provisions, normalised for depreciation and impairments per ASK. 9. Total number of seats available for passengers multiplied by the number of kilometres flown. 10. Total number of passengers carried multiplied by the number of kilometres flown. 11. FY19 has not been restated for the IFRIC Cloud Computing decision. For a detailed summary, please see slides 14 and 15. | 4

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