Air New Zealand Investor Update (Op Stats) March 2026

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Contents
• March 2026 traffic highlights and commentary
• Operating statistics table
• Recent market announcements and media releases

March 2026 Commentary
• Group capacity increased by 4.1% in March year-on-year. Long-haul ASKs rose 2.5%,
while domestic capacity grew 3.4%, supported by two additional A321 aircraft in operation
compared to March last year, when they were parked. Short-haul international capacity
increased 7.6%, driven by the introduction of two new A321 aircraft.
• Group YTD underlying RASK improved 2.7% versus the prior year.
• Short Haul YTD RASK, which includes Domestic, Tasman, and Pacific Islands, was 0.8%
lower than last year. Domestic RASK was up 0.5% year on year, while Tasman and
Pacific Islands RASK was up 1.0%.
• Long Haul YTD RASK was up 3.7% year-on-year. This improvement was primarily driven
by lower capacity on the long-haul network due to ongoing Boeing 787 aircraft-on-ground
(AOG) constraints, while demand remained comparatively resilient.




















4 May 2026

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March 2026 highlights










Group traffic summary
MarchFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)1,6211,5524.3%12,18712,1190.9%
Revenue Passenger Kilometres(m)3,3663,1068.3%25,91025,5381.8%
Available Seat Kilometres (m)3,9213,7674.1%30,87930,5621.4%
Passenger Load Factor (%)85.8%82.5%3.3 pts83.9%83.6%0.3 pts
Year-to-date RASK
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vs 2025vs 2025
Group4.0%2.7%
Short Haul(0.2%)(0.8%)
Long Haul7.5%5.3%
% change in reported
RASK (incl. FX)
% change in reported
RASK (excl. FX)
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Reported RASK (unit passenger revenue per available seat kilometre) is inclusive of foreign currency impact, and
underlying RASK excludes foreign currency impact.
1
% change is based on numbers prior to rounding
2
The percentage movements have been adjusted on a daily weighted average basis. The adjustment takes into account the
difference in days for the accounting month of July 2024 (28 days) compared with July 2025 (27 days) and June 2025 (36 days)
compared with June 2026 (37 days). This is because Air New Zealand operates on a 4,4,5 accounting calendar but closes the
annual accounts on 30 June.

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Operating statistics table


GroupMarchFINANCIAL YTD
FY26FY25
%
1, 2
2026
2025
%
1, 2
Passengers carried (000)
1,6211,5524.3%12,18712,1190.9%
Revenue Passenger Kilometres(m)3,3663,1068.3%25,91025,5381.8%
Available Seat Kilometres (m)3,9213,7674.1%30,87930,562
1.4%
Passenger Load Factor (%)
85.8%82.5%3.3 pts83.9%83.6%0.3 pts
Short Haul Total
MarchFINANCIAL YTD
FY26FY25
%
1, 2
2026
2025
%
1, 2
Passengers carried (000)1,4361,3853.6%10,76010,6761.2%
Revenue Passenger Kilometres(m)1,5651,4785.9%12,24511,7045.0%
Available Seat Kilometres (m)1,8201,7186.0%14,39013,6645.7%
Passenger Load Factor (%)85.9%86.1%(0.2 pts)85.1%85.7%(0.6 pts)
DomesticMarchFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)1,058
1,0273.0%7,6587,753
(0.9%)
Revenue Passenger Kilometres(m)566
5414.6%4,080
4,0690.6%
Available Seat Kilometres (m)6626413.4%
4,8744,8620.6%
Passenger Load Factor (%)85.4%84.4%1.0 pts83.7%83.7%-
Tasman / PacificMarchFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)
3783585.5%3,1022,923
6.5%
Revenue Passenger Kilometres(m)999
9376.6%8,1657,6357.3%
Available Seat Kilometres (m)1,158
1,0777.6%9,516
8,8028.5%
Passenger Load Factor (%)86.3%87.0%(0.7 pts)85.8%86.7%(0.9 pts)
Long Haul TotalMarchFINANCIAL YTD
FY26
FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)18516710.2%1,4271,443
(0.7%)
Revenue Passenger Kilometres(m)1,801
1,62810.5%13,66513,834
(0.9%)
Available Seat Kilometres (m)
2,101
2,0492.5%16,48916,898
(2.1%)
Passenger Load Factor (%)85.7%
79.5%
6.2 pts82.9%81.9%1.0 pts
As i aMarchFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)95940.4%797817
(2.1%)
Revenue Passenger Kilometres(m)827832(0.7%)6,8377,052
(2.7%)
Available Seat Kilometres (m)9491,052(9.8%)7,9988,521(5.8%)
Passenger Load Factor (%)87.1%79.2%7.9 pts85.5%82.8%2.7 pts
Americas MarchFINANCIAL YTD
FY26FY25
%
1, 2
20262025
%
1, 2
Passengers carried (000)9073
22.8%6306261.0%
Revenue Passenger Kilometres(m)97479622.2%6,8286,7821.0%
Available Seat Kilometres (m)1,15299715.5%8,491
8,3771.7%
Passenger Load Factor (%)84.5%79.9%4.6 pts80.4%81.0%(0.6 pts)
1
% change is based on numbers prior to rounding
2
The percentage movements have been adjusted on a daily weighted average basis. The adjustment takes into account the difference in days for the
accounting month of July 2024 (28 days) compared with July 2025 (27 days) and June 2025 (36 days) compared with June 2026 (37 days). This is
because Air New Zealand operates on a 4,4,5 accounting calendar but closes the annual accounts on 30 June.
Air New Zealand operates primarily in one segment, its primary business being the transportation of passengers and cargo on an integrated network of
scheduled airline services to, from and within New Zealand. The following operational data and statistics is additional supplementary information only.

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Market announcements
(during the period 1 April 2026 to 3 May 2026)
Moody’s affirms Air NZ rating at Baa1, outlook downgraded 24 April 2026
Moody’s Ratings (Moody’s) has affirmed the issuer rating and the senior unsecured debt rating for
Air New Zealand at Baa1. The outlook was changed to negative from stable.
At the same time, Moody’s affirmed both the baseline credit assessment of baa3 and the senior
unsecured medium term note programme at (P)Baa1.
For further information, please refer to Moody’s press release dated 24 April 2026 titled “Moody's
Ratings affirms Air New Zealand's Baa1 rating, outlook negative”.
Resignation of Air New Zealand Chief Financial Officer 22 April 2026
Air New Zealand advises that Chief Financial Officer Richard Thomson has resigned from his role
and will leave the airline on 28 August 2026.
Richard rejoined Air New Zealand in March 2021 as Chief Financial Officer, having previously held
senior commercial and finance roles within the airline. During his tenure, he has made a significant
contribution to the recapitalisation of the airline, the post-Covid recovery and response to fleet
availability challenges.
Air New Zealand Chief Executive Officer Nikhil Ravishankar said Richard is an exceptional leader
and a highly respected member of the Executive team.
“Richard has been Chief Financial Officer of Air New Zealand during one of the most significant
periods in our history. He has brought deep financial expertise, strong commercial judgement, and
a calm disciplined approach to the role. Richard is highly respected across Air New Zealand, the
capital markets and the aviation sector and has made a lasting contribution to the airline. I would
like to thank him for his leadership and commitment and wish him all the very best for the future.”
Air New Zealand has commenced a search for a new Chief Financial Officer and will update the
market when that process is complete.
Media releases
(during the period 1 April 2026 to 3 May 2026)
Air New Zealand’s refreshed loyalty programme 22 April 2026
Koru officially takes off
Air New Zealand has launched a refreshed loyalty programme called Koru, marking a significant
shift in how the airline recognises its customers and the role travel plays in their lives.
More than five million members have moved across to Koru. It’s been designed using feedback
from customers and replaces the Airpoints™ programme with a simpler, more rewarding platform
that caters to how people in New Zealand travel and use their loyalty programme.

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Air New Zealand Chief Commercial Officer, Scott Wilkinson says the changes reflect what
customers have been asking for.
“We’ve listened closely to our members. They told us they want a simpler programme with clear,
relevant benefits, and Koru is our response.
“Travel means different things to everyone. For some, it’s returning home to family. For others, it’s
work, time away, or the chance to experience somewhere new. We want people to feel recognised
in a way that reflects that.”
More value, more recognition from day one
Customers will carry across their existing Airpoints and Status Points, with their equivalent Koru tier
mapped into the new Koru programme.
Customers who currently hold Airpoints Gold status will transition to Koru Gold. Koru Gold benefits
include milestone Status Rewards (including Airpoints that can be used towards future travel or in
the Airpoints Store) as well as two Recognition Upgrades each membership year. These upgrades
allow customers to move up one cabin class when they achieve or retain Koru Gold and are valid
for that membership year.
Status Retain, launching later this month, will offer additional support for customers with Koru Gold,
Koru Platinum or Koru Black status who are close to the threshold, helping them maintain their
status if they fall just short.
At the top end, the introduction of Koru Black recognises the airline’s most frequent travellers in a
more personal way. Members at this level will be able to share benefits with friends or family through
Koru Circle, alongside additional upgrades and rewards — acknowledging that frequent travel is
often supported by those around them.
Koru Bronze provides a simple starting point, making it easy for customers to begin earning. With
more than 40 partners across everyday categories like fuel, groceries, retail and financial services,
even small, everyday moments can contribute to future travel.
Across all tiers, Koru has been simplified to make it easier for customers to track their progress and
understand the benefits they are earning.
Looking ahead
Koru also sets the foundation for ongoing improvements, including new partners, more ways to earn
and use Airpoints, and expanded travel experiences over time.
Construction on the new Koru Premier Lounge is due to begin later this year at Auckland
International Airport. Set to become the most spacious lounge in the airline’s network, the footprint
will nearly double and will incorporate two distinct spaces: one for Koru Platinum and Koru Black
customers, and another for Koru Gold, Star Alliance Gold, Koru Silver and Koru Club members.
The future of long-haul travel: Air New Zealand’s Economy Skynest™ 15 April 2026

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Air New Zealand’s world-first Economy Skynest™ will be available to book on flights from 18 May
2026. Skynest will operate onboard the airline’s new Boeing 787-9 Dreamliner aircraft, which are
set to take to the skies from November.
On some of the world’s longest commercial flights to and from New Zealand, Skynest is designed
to make a real difference to the journey. Featuring six lie-flat pods in a bunk-style layout between
the Economy and Premium Economy cabins, it gives customers the opportunity to stretch out, lie
flat and get a few hours’ proper rest in the air.
Air New Zealand Chief Executive, Nikhil Ravishankar, says Skynest is another example of the airline
backing innovation that improves the travel experience and strengthens New Zealand’s connection
to the world.
“For a country as remote as New Zealand, the journey matters. International tourism is an
$18.1 billion NZD industry, but growth depends on travellers’ willingness to spend long hours in the
air to get here.
“Skynest is designed to help make that easier. It reflects the practical innovation New Zealand is
known for and shows how thoughtful design can improve the travel experience. By giving more
people the chance to properly rest on ultra long-haul flights, it helps make travel to and from New
Zealand more manageable.”
Developed over several years and tested with more than 200 customers, each Skynest pod
provides a quiet, private space with a full-length mattress, bedding, ambient lighting, ventilation and
charging ports.
Customers who book an Economy or Premium Economy seat will have the option of adding on a
four-hour session. The sessions have been designed around natural sleep cycles to allow time to
settle, sleep and wake gradually. Initially, two sessions will be offered on each flight.
Air New Zealand trials new digital ID in a step toward more seamless travel 10 April 2026
Air New Zealand has successfully completed a trial of a new digital identity technology designed to
reduce repeated passport checks and make travel more seamless.

Currently, customers are required to show their passport multiple times across their journey including
for check-in, boarding, transit and arrival processes. With airlines, airports, border agencies and partner
airlines all carrying out separate checks, the experience can be time-consuming and fragmented.

To help change that, Air New Zealand is working with partners to test a digital identity that allows
customers to add their passport information in the Air NZ app, securely share verified identity information
at online check-in, and then use that information to support *biometric verification at selected touchpoints
across the journey. The pilot also supported the use of Apple Wallet’s Digital ID.

The technology is designed to make travel easier from the outset. It can prefill passport details, help
customers understand what documents they need for their trip and enable verified information to be
used across multiple journey touchpoints.

Customers would not need to repeatedly present their passport throughout their journey. Instead, at
selected airport touchpoints, a live facial scan could be matched to the passport image securely shared
from the traveller’s digital wallet, reducing the need for repeated document checks.

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The trial also included integration with the New Zealand Traveller Declaration (NZTD), making it easier
for customers to complete the online form.

Privacy and consent are central to the trial, with customers remaining in control of their information,
including when, how and with whom it is shared. Essential security protocols are also maintained
throughout the process.

Air New Zealand Chief Customer and Digital Officer Jeremy O’Brien says the trial marks an important
step toward a simpler, more connected travel experience.

Air New Zealand – Air China Alliance renewed through to 2031 30 March
2026
Air New Zealand customers will continue to benefit from connectivity and choice between New
Zealand and China, with the airline’s partnership with Air China confirmed by the Ministry of
Transport through to 2031.
The decision reflects the Alliance’s role in supporting air links between New Zealand and China, as
well as tourism and trade between the two countries.
Since launching in 2015, more than 480,000 visitors have travelled to New Zealand via Beijing and
Shanghai through the Alliance, contributing an estimated NZD $3 billion to the New Zealand
economy over the past decade. In 2025 alone, the Alliance brought more than 56,000 visitors to
New Zealand, with an estimated economic contribution of NZD $379 million.
Air New Zealand Chief Transformation and Alliances Officer Mike Williams says the reauthorisation
is a positive outcome for customers and New Zealand’s wider economy.
“The Alliance continues to improve access between New Zealand and key destinations across
China, while supporting inbound tourism and business links with one of our largest trading partners.
“This decision reflects the role the partnership plays in strengthening international connectivity
between our two countries.”
Ms. Li Dong, the Co-Chairman of Commercial Committee of Air China, states that deepening
cooperation ensures the long-term commitment to building a solid air bridge between China and
New Zealand.
"Through continuous collaboration in elevating passenger services and experience in a more
sustainable manner, the Alliance partnership is committed to making its utmost contributions to
strengthening the ties and boosting trade, tourism, culture and personnel exchanges between the
two important countries.”
Through the Alliance, customers benefit from more travel options and improved connectivity. During
peak periods such as Chinese New Year, the partnership supports up to 17 return services per
week between New Zealand and China, with Air China operating up to 10 services and Air New
Zealand up to seven.
The Alliance provides access to more than 30 destinations across China through Air China’s
domestic network via Beijing and Shanghai, while also making it easier for visitors from China to
connect onwards through Air New Zealand’s domestic network to destinations across New Zealand.