• Underlying Profit Before Tax up 11% to $1.39b
• Statutory Profit After Tax up 6% to $923m
• Dividends of $250m base and $150m special declared

The Qantas Group delivered an Underlying Profit Before Tax of $1.39 billion, an increase of 11%, and a Statutory Profit After Tax of $923 million, up 6%, for the half year ended 31 December 2024. The performance was driven by strong demand for travel across all customer segments, with Qantas and Jetstar carrying almost 10% more customers. Qantas Domestic and Jetstar saw increased profitability, while Qantas International also delivered higher earnings. Qantas Loyalty continued its strong performance, with membership growth and increased points earn and redemption. The Group is investing in fleet renewal, with 11 new aircraft arriving in the first half and a further 7 expected in the second half, including the first A321XLR. A significant cabin overhaul program across the Qantas 737 fleet is also underway to improve the customer experience. The Group is focused on delivering consistent operational performance and customer satisfaction improvements. In recognition of the contribution of its people, the Group made a $1,000 thank you payment to 27,000 non-executive employees. The Group's financial strength has enabled the reinstatement of shareholder dividends, with a $250 million base dividend and a $150 million special dividend declared.

The Group expects Group Domestic unit revenue to increase by 3-5% in 2H25 compared to the prior year, while Group International unit revenue is expected to be flat. Net freight revenue in 2H25 is expected to be $10-30 million higher compared to the same period last year. FY25 fuel cost is forecast at approximately $5.22 billion, inclusive of hedging and gross carbon cost of around $70 million. Depreciation and amortisation is expected to be approximately $2.03 billion, and net finance costs $250 million. Transformation savings of around $400 million are targeted in FY25 to offset CPI, and the gross impact of Same Job Same Pay legislation is estimated at $65 million.

The Group expects strong travel demand across its portfolio heading into the second half. It is focused on delivering consistent operational performance and customer satisfaction improvements, while continuing to invest in fleet renewal, cabin upgrades, and initiatives to support its people. The Group's financial strength will enable it to pursue further growth and return capital to shareholders.