Investor Presentaiton

Financial Framework drives ongoing discipline and governance • • • 1 Maintain optimal capital structure Net Debt $B 2 ROIC > WACC through the cycle 3 Disciplined allocation of capital Return on Invested Capital % Surplus Capital Uses $B 4.9 3.6 3.7 3.1 2.9 23% 20% 21% 19% 3.0 3.0 2.6 1.0 2.0 2.1 1.0 5.6 5.2 4.9 4.7 1.0 0.6 1.0 2.7 FY16 FY17 FY18 2.9 10% ROIC threshold ++ FY19 FY23 FY16 FY17 FY18 FY19 Post- COVID 2.0 1.5 1.6 1.0 FY16 FY17 FY18 FY19 FY23 FFO Net Capex — Net Debt Target Range Strong Balance Sheet settings Net Debt at $2.89b versus Net Debt Target Range of $3.7b - $4.6b Investment grade credit rating of Baa2 stable [Moody's] • Pre-COVID strong group portfolio earnings. consistently delivered ROIC significantly >10% ROIC to moderate as Invested Capital rebuilds, however structural changes in earnings, fleet and working capital expected to deliver ROIC greater than pre-COVID levels · Shareholder distributions FY23 Net Capex of $2.67b Completed $1.0b of on-market share buy- backs in FY23 Net Debt will be managed back to optimal levels of 2.0x - 2.5x EBITDA where ROIC is 10% Sustainable ROIC greater than pre-COVID Capital allocation to prioritise fleet investment and shareholder distributions RQANTAS GROUP FY23 Results 21

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