Air New Zealand (AIR) Trading update summary

Network-wide performance

• Passengers carried 4,162, down 1.0% on a daily weighted basis YoY; capacity (ASKs) decreased 2.1% and load factor rose 1.8 pts to 84.8%.

• Group RASK increased 14.3%; YTD underlying RASK, excluding FX, improved 12.7%, supported by capacity management and higher average fares amid significantly higher fuel prices.

• Revenue passenger kilometres rose 0.0% on a daily weighted basis YoY.

• Comparisons are daily weighted to account for FY27 Q1’s 96 days versus 90 days in FY26 Q1.

Network performance

• Domestic passengers decreased 2.7% and ASKs fell 2.5%; load factor increased 1.5 pts to 84.4%.

• Short-haul passengers and ASKs each rose 3.7% and 4.2%, respectively; load factor was 85.5%.

• Short-haul growth reflected increased widebody flying, including 11.6% more normalised Boeing 777 and 787 capacity, and new Christchurch–Rarotonga and Queenstown–Brisbane services.

• Long-haul passengers decreased 2.3% and ASKs fell 5.4%; load factor improved 2.8 pts to 84.5%.

• Long-haul capacity reductions reflected fewer Los Angeles departures, down 17% to 204, and a shift to smaller, more fuel-efficient Boeing 787-9 aircraft.

Customer performance

• On-time performance improved 7.2 pts YoY to 85.2%; September performance was 87.3%, ranking third among Asia-Pacific airlines in Cirium’s rankings.

• Controllable cancellations halved YoY to 1.0% of scheduled services; customer satisfaction rose 0.8 pts to 84.9.

• Satisfaction gains reflected service and product improvements, including kiosk rollout, disruption handling, food, crew and in-flight entertainment.