Air New Zealand (AIR) Trading update summary

Traffic and operational performance

• Group capacity rose 4.1% year-on-year in March, with long-haul ASKs up 2.5% and domestic capacity up 3.4% due to additional A321 aircraft.

• Short-haul international capacity increased 7.6% with two new A321 aircraft.

• March passenger load factor improved to 85.8%, up 3.3 pts from last year.

• Group YTD underlying RASK improved 2.7% versus prior year; long-haul YTD RASK up 3.7%.

• Total passengers carried in March increased 4.3% year-on-year to 1.62 million.

Financial and credit updates

• Moody's affirmed the Baa1 issuer and senior unsecured debt rating, but downgraded the outlook to negative.

• Year-to-date group RASK (reported, incl. FX) rose 4.0% versus 2025; long-haul RASK up 7.5%.

• Short-haul YTD RASK (excl. FX) was 0.8% lower than last year, while domestic RASK rose 0.5%.

Leadership and organizational changes

• Chief Financial Officer Richard Thomson resigned, effective 28 August 2026, after significant contributions to recapitalization and post-Covid recovery.

• Search for a new CFO has commenced.