Air New Zealand (AIR) AGM 2026 summary

Opening remarks and agenda

• Meeting held virtually to reduce costs due to challenging financial results and elevated expenses.

• Meeting opened with addresses from the Chair and CEO, followed by a review of 2026 performance, resolutions and voting, and general questions.

• Introduction of board members and acknowledgment of retiring director Larry De Shon.

• Overview of meeting structure: performance review, CEO address, Q&A, and voting on director elections.

Financial performance review

• FY 2026 saw a loss before tax of NZD 336 million, compared to a profit of NZD 164 million in FY 2025, mainly due to high fuel prices and engine availability issues.

• Passenger revenue rose 4.8% to NZD 6.1 billion, with 16.0 million passengers flown, up 0.6% from 2025, but cost increases outpaced revenue growth.

• Major impacts included NZD 190 million from engine availability issues, NZD 135 million from fuel price increases, and NZD 139 million in higher maintenance costs.

• Transformation initiatives delivered NZD 94 million in EBITDA benefits, with NZD 135 million in annualized savings identified for FY 2027.

• Cash position decreased to NZD 989 million from NZD 1,436 million in 2025.

Board and executive committee updates

• Two new directors with aviation experience, Campbell Wilson and Rob McDonald, nominated for election.

• Dean Bracewell and Laurissa Cooney stood for re-election, both bringing extensive governance and industry experience.

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

• CEO Nikhil Ravishankar addressed strategic priorities and operational improvements.

• Chair succession planning is underway, with Therese Walsh confirming her final term.