Three-Year Recovery Plan

Outlook FY22 outlook The Group's existing undrawn liquidity facilities, proactive approach to securing funding and the ongoing strong contributions from Qantas Freight, Qantas Loyalty and cash positive flying ensures it has sufficient liquidity for a range of recovery scenarios. Through our improved network planning processes and multi-gauge fleet, we have the agility and flexibility to scale capacity and shift aircraft to capture changing demand patterns. Our clear brand positioning, with leadership in both the premium and price sensitive markets and growing share in Corporate, SME and Leisure markets, will ensure we capitalise on domestic demand. We are on the path to recovery and the latest data on vaccine effectiveness, increased supply and pace of roll out globally and across Australia gives cause for optimism. This along with our restructuring progress and the strong momentum we saw in 4Q21 when borders were open, gives confidence that we are in the final stages of recovery and the overall Recovery Plan remains on track. - Key assumptions: O Domestic and Tasman border closures impact on 1H22 Underlying EBITDA estimated at $1.4b after mitigations QLD border expected to open from mid September 2021, VIC and NSW borders expected to open from December 2021, Trans-Tasman bubble expected to resume mid December 2021 Airline not in the same level of hibernation as 1H21 - Continuing to manage the business to a positive Underlying operating cash flow including a focus on cash positive flying - - Capital expenditure in FY22 is expected in to be $800m³, ~55% weighted to first half Underlying depreciation and amortisation expected to be ~$125m lower than FY21 Restructuring Program expected to achieve $850m ongoing structural cost benefits, $200m incremental benefits in FY22 Net Debt expected to be within target range by the end of FY222 100 1. Net capital expenditure excluding any potential proceeds from the sale of land. 2. Net Debt under the Group's Financial Framework includes net on balance sheet debt and capitalised aircraft lease liabilities. | 34

View entire presentation