$1b Recovery Plan

Qantas International and Freight¹ FY 1H 2H FY22 FY19 1H22 1H19 2H22 2H19 Variance% Variance% Variance% Revenue $M 3,706 7,420 (50) 1,317 3,693 (64) 2,389 3,727 [36] Underlying EBITDA $M 448 1,045 (57) 89 477 (81) 359 568 [37] Underlying EBIT $M [238] 323 <(100) [238] 119 <(100) 0 204 (100) Operating Margin % <0 4.4 N/A <0 3.2 N/A TBA 5.5 N/A ASKS Σ 12,187 69,571 [82] 1,245 35,151 (96) 10,942 34,420 [(68) Seat factor % 75.4 86.0 (10.6pts) 62.0 85.5 [23.5pts) 77.0 86.5 (9.5pts) 1. 1H19, 2H19 and FY19 restated for the impact of the adoption of AASB 16 and the September 2019 IFRIC decision in relation to the accounting treatment of fair value hedges of foreign currency risk on non-financial assets. | 32

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