Air New Zealand (AIR) AGM 2025 summary

Opening remarks and agenda

• Welcomed shareholders in-person and online, emphasizing accessibility and hybrid participation.

• Meeting opened with addresses from the Chair and CEO, followed by a review of 2025 performance, resolutions and voting, and general questions.

• Outlined the meeting's structure: performance review, CEO remarks, Q&A, voting on director elections, and general business.

Board and executive committee updates

• Introduced board members, including new director Neal Barclay and outgoing CEO Greg Foran.

• Announced Nikhil Ravishankar as incoming CEO, highlighting his digital and transformation leadership.

• Board includes Dame Therese Walsh (Chair), Neal Barclay, Claudia Batten, Dean Bracewell, Alison Gerry, Laurissa Cooney, and Larry De Shon.

• Detailed governance succession planning, with future board expansion and chair transition plans.

Financial performance review

• FY25 earnings before tax: NZD 189 million, including NZD 35 million from unused travel credit breakage.

• Engine availability issues grounded up to 20% of jet fleet, costing an estimated NZD 165 million in lost earnings, net of NZD 129 million compensation.

• Passenger numbers were 16 million, down 3% from 2024; cargo revenue rose 6% to NZD 487 million.

• Non-fuel operating costs rose 6% (NZD 235 million) due to structural increases in charges and levies.

• Liquidity at NZD 1.7 billion, above the NZD 1.2–1.5 billion target range, with net debt to EBITDA at 1.1x and Moody’s reaffirmed investment-grade rating.