• Air NZ to commence NZ$100M share buy-back programme
• Programme to include on-market and off-market buy-backs
• Shares purchased will be cancelled, reducing shares on issue

Air New Zealand has announced that it will commence a NZ$100 million share buy-back programme from 7 March 2025. The programme will include both on-market and off-market buy-backs. The on-market buy-backs will be conducted through the NZX Main Board and ASX at prevailing market prices over a 12-month period. The off-market buy-backs will involve Air New Zealand acquiring a corresponding number of shares held by the Crown, in order to maintain the Crown's shareholding in the company. The off-market acquisitions will be priced at the volume weighted average price of shares acquired on-market. The maximum number of shares that can be acquired under the on-market and off-market components will be limited to 5% and 15% of the company's shares on issue 12 months prior to the commencement of the buy-back, respectively. All shares purchased under the programme will be cancelled, reducing the total number of Air New Zealand shares on issue. The buy-back programme will not run during any 'blackout' periods, including around the release of the company's full-year and half-year financial results.