Air NZ 2025 Annual Meeting Materials

Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC: ANZLY)


MARKET ANNOUNCEMENT

Air New Zealand postal address: Private Bag 92007, Auckland, 1142, New Zealand
Investor Relations email: investor@airnz.co.nz
Investor website: www.airnewzealand.co.nz/investor


25 September 2025

Air New Zealand 2025 Annual Shareholders’ Meeting Materials


Please find attached to this announcement the Chair and CEO address, in addition to
the presentation for Air New Zealand’s 2025 Annual Shareholders’ Meeting which will
be held today at 1pm.

There is no new material information contained within the speeches or the
presentation.

Information on meeting participation is included in the Notice of Meeting. Shareholders
attending online will be able to access the meeting link and Portal Guide from the
Company’s website. A link to the virtual meeting can also be found here.


Ends.



Jennifer Page
General Counsel & Company Secretary
jennifer.page@airnz.co.nz
+64 27 909 0691

For investor relations questions, please contact:
Kim Cootes
Head of Investor Relations
kim.cootes@airnz.co.nz
+64 27 297 0244

---

1


ANNUAL SHAREHOLDERS’ MEETING
THURSDAY 25 SEPTEMBER 2025

CHAIR’S ADDRESS

As we take a moment to reflect on the past year, I want to start by acknowledging the strength and
determination of the Air New Zealand team.

2025 was a year that asked a lot from the Air New Zealand whānau. A year that demanded focus,
resilience and care - and time and time again, our people delivered. Through persistent disruption,
they remained committed to our customers, to each other, and to the success of this airline. I want
to sincerely thank each and every one of them for their efforts.

2025 tested us operationally, commercially, and strategically, but it was also a year where we saw
just how capable this airline is when the pressure is on.

Despite significant engine availability constraints and softer domestic demand, we delivered a result
at the upper end of our guidance range, returned capital to shareholders, and made real headway
on the transformation initiatives and infrastructure investments that will shape our long-term
performance.

For the year ended 30 June 2025, we delivered earnings before taxation of $189 million, and a net
profit after tax of $126 million. That is a result we are proud of, especially in light of the challenges
we faced. It speaks to the underlying strength of the business, the careful, focused decisions made
by our executive team, and the determination of our people to keep delivering in the face of
disruption.

Engine availability remained our most significant operational constraint, with up to 11 aircraft
grounded at times, representing around 20 percent of our jet fleet. That put pressure on our
network, added cost and complexity, and impacted our ability to deliver the scale of flying we had
planned.

While we received $129 million in compensation from engine manufacturers, only $107 million
relates to the 2025 financial year, and this is significantly less than the $280 to $320 million we think
these issues cost us. As such, we estimate earnings before taxation of $185 million could have
been approximately $165 million higher had the fleet operated as intended.

2

Demand on the domestic network remained subdued, particularly in the corporate and government
segments. That softness added further pressure to an already disrupted year.

Inflationary pressure also continued to weigh heavily on the business. Non-fuel operating costs
rose around six percent, or $235 million, driven by compounding structural increases in areas like
landing charges, levies and engineering inputs.

These are not one-off impacts. They are system-wide and, in many cases, non-negotiable. We are
actively managing this pressure - investing in automation and tooling to lift productivity, holding
fixed costs stable as the network grows, and ensuring we have the levers in place to protect
performance

But there were bright spots too.

We saw meaningful gains in digital tooling, operational resilience, and customer experience – which
Greg will speak to in more detail shortly.

Importantly, in a year where commercial aviation was again reminded of the importance of robust
safety systems, Air New Zealand was recognised as the world’s safest airline. That is not a title we
take lightly. It reflects the mindset, systems and discipline that run through every part of our
operation. On behalf of the Board, I want to thank Greg and the team for the way they continue to
prioritise this critical mahi and embed it across the business.

We also reiterated our sustainability commitments, releasing our first 2030 emissions guidance - a
new, more transparent framework that reflects both the practical steps we’re taking now, and the
real-world challenges involved in decarbonising aviation.

And although we operated a smaller network than planned, with capacity down four percent for the
year, we carried more than 16 million customers and made the network work harder and smarter.

We connected New Zealanders and visitors to 20 domestic ports, with over 380 flights a day across
the motu. As we speak here today, there will be more than 50 Air New Zealand aircraft in the sky,
flying to and from over 48 destinations across Aotearoa, the Tasman, the Pacific Islands, Asia, and
North America. And that’s before you factor in the reach of our joint venture partners. Even in a
year of disruption, we’ve kept doing what we do best - connecting people, places and possibilities.

Even as we navigated disruption, we continued to make choices that preserve and strengthen our
long-term position.

3

Our balance sheet remains robust, with liquidity of $1.7 billion and net debt to EBITDA of just 1.1x,
which is stronger than our target range. In July, Moody’s reaffirmed our investment grade credit
rating of Baa1, which places us among the highest rated airlines in the world.

This financial strength allows us to keep investing in the future, whether that’s retrofitting our
Dreamliner fleet, delivering new digital capability for our people and customers, or building
infrastructure like the new engineering hangar at Auckland Airport. These are not short-term
projects. They’re part of a long-term strategy that we continue to believe in, and that is already
delivering results.

It also allows us to return capital to you, our shareholders. The Board was pleased this year to
declare dividends of 2.5 cents per share for our shareholders. Additionally, we returned almost $40
million to shareholders under the on-market buyback we announced in February, as a signal of our
confidence in the fundamentals of the airline and our commitment to disciplined capital
management.

I will close this section of the meeting out by briefly discussing the 2026 outlook statement.

Greg will provide some additional detail on compensation shortly, but the outcome and timing of
compensation discussions with engine manufacturers remains uncertain, making it challenging for
the airline to provide earnings guidance for the 2026 financial year.

In the near-term, that uncertainty, combined with sharp recent increases in aviation sector levies
and other charges - all set against the backdrop of subdued domestic demand, is expected to
adversely impact the airline’s financial performance in the first half.

As such, the airline expects earnings before taxation for the first half of the 2026 financial year to
be similar to or less than that reported in the second half of the 2025 financial year, which was $34
million.

We are well positioned for recovery when the engine challenges and economic conditions start to
alleviate, but these issues continue to have a significant impact on current financial performance.

To close, I want to leave you with this - the challenges we face today are not permanent. With the
right leadership, a clear strategy, and an unwavering focus on our customers, I believe Air New
Zealand is well placed to emerge from this period stronger, smarter, and better connected to the
things that matter most.

4

I’m incredibly proud of the resilience and commitment shown across the airline this year. On behalf
of the Board, I want to thank every member of the Air New Zealand whānau - your dedication
continues to set this airline apart. I also want to thank my fellow directors and you, our shareholders,
for your ongoing support and belief in our future.

With that, I would like to invite Greg to address the meeting.

CHIEF EXECUTIVE OFFICER’S ADDRESS

Kia ora and good afternoon everyone.
Now, you’ve heard Dame Therese describe 2025 as a year of progress despite disruption, and I’d
agree with that.

There’s no sugar-coating the fact that this was a hard year. But we got on with it.

I said this on results day, but having 11 aircraft grounded at times due to global engine maintenance
delays, is a bit like playing a game of rugby with half your forward pack on the bench. It has knock-
on effects across the network, from schedules and productivity to customer experience and
revenue.

But we’ve made real progress in the areas we can control. The transformation programme we laid
out at Investor Day last November delivered around $100 million in incremental EBITDA benefits
this year, which I’ll come back to shortly.

At the same time, we’ve continued to lift our operational capability, improving the customer
experience, strengthening our digital infrastructure, and building more resilience into the operation.

Four fully retrofitted Boeing 787s returned to service, each with modernised cabins and our new
Business Premier Luxe™ product. A new uniform was unveiled, alongside the announcement of
new routes. Key infrastructure projects remain on track and will support future fleet resilience.

5

Our loyalty programme continues to grow strongly, with more than five million members. Plans for
a new international lounge at Auckland Airport were also announced, featuring expanded seating,
elevated dining options and dedicated premium zones for our loyal customers.

Across the network, we remained focused on reliability. Our on-time performance improved
significantly in the second half of the year, up six percentage points and that’s a result of decisions
we made to put some buffer into the schedule, and more effective disrupt handling. You can see
that flow through into customer sentiment, with net promoter and in-flight experience scores
stronger in the back half of the year.

On the commercial side, our next-generation revenue management tools are giving us sharper
insights and are helping us to optimise both yield and load, which is especially important in a
capacity constrained environment.

And on the digital side, we rolled out live chat, automated rebooking functionality, and other
customer self-service tools, all of which have substantially reduced manual interventions,
particularly at key pressure points like the contact centre and airports.

We also equipped 3,000 of our people with AI tooling this year, which will help our team’s problem-
solve faster and lift productivity without adding much in the way of cost.

There’s more to do, but the momentum is encouraging. And it reflects a team that’s continuing to
deliver even when conditions are tough.

This slide gives you a sense of how we’ve navigated the year, in what remains a highly constrained
fleet environment. The second half was particularly challenging and at points, we had up to six
widebodies and five narrowbodies grounded.

6

And as a reminder, this is the position we were in despite the fact we have around 20 leased engines
in the fleet, 16 of which we didn’t have or need prior to the global maintenance delays coming to
light.

Looking ahead, we don’t expect a big step-change in engine availability in the first half of FY26. But
pressure should start to ease from the second half, as the first of our new 787s arrive and we reach
critical mass on retrofits returning to service.

So yes, it’s been a challenging year on the fleet front. But we’ve stayed on the front foot, kept
customers moving, and made smart decisions in a tough environment.

As more aircraft come back online, we’ll start to unlock more scale and that’s important.

At the same time, we’ve continued to invest in New Zealand’s domestic network -adding new
aircraft, improving operational efficiency, and building new partnerships to support regional access.
But the cost of running a sustainable domestic network is rising quickly. While we’ve absorbed
much of that pressure to date, it’s clear the broader system needs to evolve if we’re to protect
access to affordable flying for all New Zealanders.

I would say the two questions I probably get asked most frequently, from teams across the
business, shareholders, media, you name it is “How long will this last?” “When will you be back to
operating without this hanging over you?”

And the honest answer is, we don’t know for sure.

This has proven to be a much deeper and more persistent issue than what we, or frankly, the engine
manufacturers themselves, expected 12 months ago or even more recently at our investor day last
November.

7

We continue to work closely with Rolls-Royce and Pratt & Whitney. Compensation is a big part of
those conversations, but getting a clear picture of when the engines return to service is just as
important. That visibility is what allows us to plan properly.

What we’ve laid out on this slide is our internal planning assumptions, based on what we’re seeing
in the data and our operational experience to date. We’re continuing to share this analysis with both
Rolls and Pratts, and we’re staying close to any updates they can provide us.

As you can see, we’re assuming no material improvement in grounded aircraft numbers for the next
12 months, that applies to both the A321neo fleet and the Trent-powered 787s. And that’s despite
a significant list of actions we have undertaken, and costs we have borne, to reduce the impact of
these issues on our customers.

You can see that we expect to start seeing a gradual recovery from FY27, and into FY28, supported
by the arrival of two new A321neos and five new 787s by the end of FY28. What that means for us
is low single-digit capacity growth in FY26, followed by a more meaningful step-up in FY27 and
FY28 as the engine constraints ease.

We know this isn’t perfect. These charts won’t be exactly right. But they reflect how we are currently
thinking about things and they’re the best foundation we have right now. We hope the improvement
will be better than this, but we have to plan for what we believe, not what we hope for.

We delivered $100 million in benefits through our Kia Mau transformation programme this year, in
line with our expectations, through a mix of revenue growth and cost efficiency. That includes
stronger ancillary revenue from products like seat select and bags, cost savings from tools like Live
Chat and automatic rebooking, and a step-up in operational performance.

8

While FY25 was about proving that transformation can deliver in a disrupted environment, FY26
and beyond is where it becomes a lever for earnings uplift, as capacity slowly comes back online
and we get more headroom to execute at pace.

That’s where the confidence comes from - the transformation programme is delivering, it’s scalable,
and it’s positioned to keep unlocking value over the next three years. Kia Mau is working. It’s helping
to partially offset inflation, but more importantly it’s positioning us for incremental earnings growth
as network scale returns.

It’s also worth spending a moment on the fleet, because while much of the conversation this year
has focused on the aircraft that aren’t flying, we’re equally focused on what comes next.

And we’re in a good place. The retrofit programme on our existing 787 fleet is progressing well,
with four aircraft now back in service. Once that wraps up, we’ll move straight into upgrading the
front end of our 777-300s – enhancing the customer experience while extending the life of these
very capable widebodies.

The only major fleet replacement programme we have through to 2030 is for our new GE-powered
787s, and Boeing remains on track to deliver the first two of these in the current financial year.

What this means is that by the end of 2027, the vast majority of our long-haul fleet will be flying with
refreshed interiors, offering a more consistent, modern experience across the board. We’re
confident that wherever our customers are heading, they’ll be enjoying a world-class product.

We also remain optimistic about long-haul growth over the medium term. That’s why we recently
exercised options to extend our 787 order from eight to ten aircraft - a decision that gives us
headroom for growth and operational flexibility as we scale back up.

9

These new aircraft will be more fuel-efficient, more customer-friendly, and give us the capacity to
meet demand across key long-haul markets. And as more of our existing fleet returns to service,
we’ll be well positioned to grow at pace - with the right tools and the right aircraft to do it.

As Dame Therese has already outlined, our focus remains firmly on the long game.

For me, that comes down to three things: keeping control of what we can, backing our people and
our customers, and making careful, future-focused investments that will stand the test of time.

This slide highlights where that investment is going over the next few years. We’re prioritising three
main areas: modernising our fleet, strengthening core infrastructure such as hangars and ground
equipment, and building out our digital capability. Each of these is essential to ensuring Air New
Zealand is not just fit for today but positioned to thrive well into the future.

We know the near-term won’t be easy. But we’re on the right track, and we’ve got a strategy that’s
already delivering. I couldn’t be prouder of our people and the way they’ve shown up this year and
I want to thank them, and you, our shareholders, for your continued support.

Tēnā koutou, tēnā koutou, tēnā koutou katoa.

---

AIR NEW ZEALAND 2024 ANNUAL RESULTS
1
1
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
ALL INFORMATION IS PRIVATE AND CONFIDENTIAL
2025
ANNUAL
SHAREHOLDERS’
MEETING
25 SEPTEMBER 2025
NZX: AIR / ASX: AIZ / US OTC: ANZLY

AIR NEW ZEALAND 2024 ANNUAL RESULTS
2
2
2
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
This presentation is given on behalf of Air New Zealand Limited (NZX: AIR and
AIR030; ASX: AIZ). The information in this presentation:
•is provided for general purposes only and is not an offer or invitation
for subscription, purchase, or a recommendation of securities in
Air New Zealand
•should be read in conjunction with, and is subject to, Air New Zealand’s
consolidated financial statements for the year ended 30 June 2025, prior
annual and interim reports and Air New Zealand’s market releases on the
NZX and ASX
•is current at the date of this presentation, unless otherwise stated.
Air New Zealand is not under any obligation to update this presentation after
its release, whether as a result of new information, future events
or otherwise
•may contain information from third parties. No representations or warranties
are made as to the accuracy or completeness of such information
•refers to the year ended 30 June 2025 unless otherwise stated
•contains forward-looking statements of future operating or financial
performance. The forward-looking statements are based on management’s
and directors’ current expectations and assumptions regarding Air New
Zealand’s businesses and performance, the economy and other future
conditions, circumstances and results. These statements are susceptible to
uncertainty and changes in circumstances. Air New Zealand’s actual future
results may vary materially from those expressed or implied in its forward-
looking statements and undue reliance should not be placed on any forward-
looking statements
•contains statements relating to past performance which are provided for
illustrative purposes only and should not be relied upon as a reliable
indicator of future performance
•is expressed in New Zealand dollars unless otherwise stated and figures,
including percentage movements, are subject to rounding
Air New Zealand, its directors, employees and/or shareholders shall have no
liability whatsoever to any person for any loss arising from this presentation or
any information supplied in connection with it. Nothing in this presentation
constitutes financial, legal, regulatory, tax or other advice.
Forward looking statements

AIR NEW ZEALAND 2024 ANNUAL RESULTS
3
3
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
Laurissa Cooney
Alison Gerry
Dame Therese Walsh (Chair)Neal BarclayDean Bracewell
3
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
Larry De Shon
Claudia Batten
Board of Directors

AIR NEW ZEALAND 2024 ANNUAL RESULTS
4
4
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
4
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
Online assistance

AIR NEW ZEALAND 2024 ANNUAL RESULTS
5
5
5
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
5
Order of meeting
Chair’s address
CEO’s address
Questions on 2025 performance
Resolutions and voting
General questions

AIR NEW ZEALAND 2024 ANNUAL RESULTS
6
6
6
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
6
Dame Therese Walsh
Chair’s address

AIR NEW ZEALAND 2024 ANNUAL RESULTS
7
7
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
7
ASKs down 4%
With up to 11 jet aircraft grounded at
times due to additional engine
maintenance requirements globally
16m passengers flown
Across the network – down 3%
on 2024
> 5m loyalty members
Up 9% on 2024
2025 Year in review – a year of progress despite disruption
$189m earnings
before taxation
Includes $35m of unused travel
credit breakage
~$165m
1
adverse impact
to 2025 earnings
From aircraft availability challenges,
net of compensation of $129m
$487m cargo revenue
Up 6% on 2024
1.25 cps unimputed
final ordinary dividend
Declared for 2025; resulting in total
2025 dividends declared of 2.5 cps
$38m to shareholders
Via the share buyback, up to
~$60m remaining under the
approved programme
Awarded World’s
Safest Airline
For 2025, rated by
AirlineRatings.com
1
This estimate was calculated based on internal modelling using operational assumptions, including capacity, passenger demand, revenue yield, disruption costs and historical performance across affected routes.

AIR NEW ZEALAND 2024 ANNUAL RESULTS
8
8
8
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
Financed
Unencumbered
2025
Robust liquidity and prudent capital management framework
provide resiliency through this period
Significant debt headroom
leading into increased
capex period
Additional resilience and
optionality with ~$1.8 billion
unencumbered fleet
Liquidity at upper
bounds of $1.2 billion to
$1.5 billion target
Liquidity
target range
Leverage
target range
1.5 – 2.5x
20252025
Cash
Undrawn Debt Facilities
Net Debt / EBITDA
1.1x
$1.7b
$4.9b
$1.8b

AIR NEW ZEALAND 2024 ANNUAL RESULTS
9
9
9
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
The outcome and timing of compensation discussions with engine manufacturers remains
uncertain, making it challenging for the airline to provide earnings guidance for the full year.
In the near-term, that uncertainty, combined with sharp recent increases in aviation sector
levies and other charges, all set against the backdrop of subdued domestic demand, is
expected to adversely impact the airline’s financial performance in the first half.
As such, the airline expects earnings before taxation for the first half of the 2026 financial
year to be similar to or less than that reported in the second half of the 2025 financial year
($34 million).
The airline is well positioned for recovery when the engine challenges and economic
conditions start to alleviate, but these issues continue to have a significant impact on current
financial performance.
2026 outlook

AIR NEW ZEALAND 2024 ANNUAL RESULTS
10
10
10
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
10
Greg Foran
CEO’s address

AIR NEW ZEALAND 2024 ANNUAL RESULTS
11
11
11
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
Key customer metrics
improved 2H vs 1H 2025
1H2HMvmt
On-time
performance
74.5%80.6%+6.1pp
Customer
satisfaction
8384+1pts
Controllable
cancellations
2.7%1.7%+1.0pp
Digital self
service on
contact centre
channels
34%42%+8pp
Unlock operational efficiencies
Win on customer
experience
Maximise revenue
potential
Unlock operational
efficiencies
Investments in the customer proposition and our people
generated positive results this year

AIR NEW ZEALAND 2024 ANNUAL RESULTS
12
12
12
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
But we continue to navigate significant headwinds due to
global engine maintenance delays
7 - 8
Grounded
1
1
Number of aircraft grounded at times due to global additional engine maintenance requirements on the PW1100 engines on our neo fleet and Rolls-Royce engines on our Boeing 787 Dreamliner fleet.
Narrowbody
Widebody
Narrowbody
Widebody
Narrowbody
Widebody
1H 2025
2H 2025
1H 2026E
10 - 11
Grounded
1
9 - 10
Grounded
1
Latest actions to mitigate impact
Two leased Airbus A321neo aircraft (up to 12
year lease) delivered
Investing in four additional short-term leased
Pratt & Whitney engines to enable additional
neo flying – taking total pool of spares to 19
Schedule adjustments to reflect changing
engine availability forecasts
Renegotiating new compensation terms with
both Rolls-Royce and Pratt & Whitney

AIR NEW ZEALAND 2024 ANNUAL RESULTS
13
13
13
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
FY24FY25FY28 ESTIMATEFY27 ESTIMATEFY26 ESTIMATE
Current estimates of aircraft return point to a slower rate
than anticipated 9 to 12 months ago
Available Airbus A320/321ceos/neos
1
New Airbus A321neo deliveries
Available domestic jet fleet profile
Illustrative internal estimates for available fleet impacted by engine issues
Available widebody fleet profile
Available Boeing 787s and 777s
New Boeing 787 deliveries
Short-term leased widebodies
17/20
jet aircraft
16/22
jet aircraft
Estimate
21/22
jet aircraft
20/21
widebody
aircraft
19/24
widebody
aircraft
Estimate
27/28
widebody
aircraft
FY24FY25FY28 ESTIMATEFY27 ESTIMATEFY26 ESTIMATE
1
Chart excludes Air New Zealand’s short-haul international narrowbody jet aircraft.
Forecast periodForecast period

AIR NEW ZEALAND 2024 ANNUAL RESULTS
14
14
14
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
Commercial & Network
Cost efficiencies
Ancillary & Loyalty
Transformation benefits play a critical role in our performance
With initiatives on track to deliver a cumulative $300 to $400 million benefit to
EBITDA performance by 2028
$300m
to
$400m
• NextGen revenue management on
Domestic and Tasman/Pacific Islands
networks, partial benefit on Long-Haul
• Direct ancillary buy-ups
• Contact Centre efficiencies
• Airpoints
TM
store enhancements
• Operations productivity
• Inflight catering system efficiencies
• Cargo digital platform efficiencies
Benefits in 2025 included:

AIR NEW ZEALAND 2024 ANNUAL RESULTS
15
15
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
15
AircraftEngines
Number in
Fleet
Average Age
1
(Years)
Expected Delivery Dates
20262027202820292030
International
777-300ER
GE90
Core fleet: 7
Short term
leased: 3
13.2
13.6
787-9
3
Trent 1000
(GE engines
for 2026
deliveries
onward)
148.823221
A321neo
(short haul)
PW110085.512
A320neo
(short haul)
PW1100 65.3
Domestic
A321neo
(domestic)
PW1100 52.12
A320ceo
(domestic)
V25001711.4
ATR72-600
PW127308.01
Q300
PW1232318.4
TOTAL
1139.6
2
3
New 787 deliveries expected from 2026 to 2029 will be a mix of 787-9 and 787-10 aircraft. Contractual options
were exercised for two 787-10s post 30 June, with expected delivery in 2028 and 2030.
1
Total fleet average age is seat weighted for operating aircraft. This includes aircraft currently grounded due to maintenance delays.
2
This excludes short-term leased aircraft.
Fleet investments are supporting long term growth

AIR NEW ZEALAND 2024 ANNUAL RESULTS
16
16
16
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
We remain confident in the long term and continue to invest
where it matters most

AIR NEW ZEALAND 2024 ANNUAL RESULTS
17
17
17
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
17
Questions on 2025 financial performance

AIR NEW ZEALAND 2024 ANNUAL RESULTS
18
18
18
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
18
Resolution 1
To r e-elect Dame Therese Walsh
Resolution 2
To elect Neal Barclay
Resolutions for voting

AIR NEW ZEALAND 2024 ANNUAL RESULTS
19
19
19
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
19
Proxy votesPostal votes
ForAgainstAbstainDiscretionForAgainstAbstain
Resolution 1:
Re-election of
455,569,91746,619,5292,593,8157,173,4451,683,334,4151,852,287146,215
Dame Therese
Walsh
Resolution 2:
Election of
499,414,2872,499,9922,850,5007,191,9301,683,974,0871,064,412295,057Neal Barclay
Proxies and postal votes received
As at 24 September

AIR NEW ZEALAND 2024 ANNUAL RESULTS
20
20
20
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
20
To re-elect Dame Therese Walsh
Resolution 1

AIR NEW ZEALAND 2024 ANNUAL RESULTS
21
21
21
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
21
To elect Neal Barclay
Resolution 2

AIR NEW ZEALAND 2024 ANNUAL RESULTS
22
22
22
AIR NEW ZEALAND 2025 ANNUAL SHAREHOLDER MEETING
22
General Questions

AIR NEW ZEALAND 2024 ANNUAL RESULTS
23