• Earnings before taxation of $155 million
• Net profit after taxation of $106 million
• Network capacity down 4 percent, with up to 5 narrowbody and 3 widebody jets grounded
• Unimputed interim ordinary dividend of 1.25 cents per share declared
• Share buy-back of up to $100 million announced

Air New Zealand has announced earnings before taxation of $155 million for the first half of the 2025 financial year, achieving a result at the upper end of the guidance range. Net profit after taxation was $106 million. The result highlights the airline's resilience and adaptability, amid a continuation of significant operational and economic headwinds that have persisted since the second half of the 2024 financial year. Network capacity was down 4 percent, with up to 5 narrowbody and 3 widebody jets grounded due to additional global engine maintenance requirements. Based on the airline's balance sheet strength and the result, shareholders will receive an unimputed interim ordinary dividend of 1.25 cents per share. The Board also announced the commencement of a share buy-back of up to $100 million, reflecting confidence in the airline's long-term outlook. The airline's transformation initiatives are starting to deliver measurable benefits, and the airline expects to achieve the 2025 financial year contribution targets outlined at its recent investor day. However, the 2025 financial year will be the first full 12-month period impacted by global additional engine maintenance requirements, and the airline currently expects performance for the second half of the 2025 financial year to be significantly lower than the first half.

For the second half of the 2025 financial year, Air New Zealand expects to have up to 11 jet aircraft grounded at times as a result of global additional engine maintenance requirements. Given the degree of uncertainty surrounding the number of grounded aircraft across the second half and any associated compensation, the airline is not in a position to provide guidance at this time.

The road ahead is not without obstacles, but Air New Zealand's balance sheet strength, clear strategic priorities, and the skill and commitment of its team position the airline well to navigate the year ahead. By this time next year, the airline expects to have more than half of its Boeing 787 Dreamliner fleet modernised with completely new cabin interiors, and it plans to trial innovations such as digital bag tags and onboard domestic Wi-Fi, alongside the arrival of an all-electric demonstrator aircraft.