• Underlying Profit Before Tax $1.46b, up $71m
• Shareholder returns of $450m including $300m base dividend and up to $150m share buyback
• Continued investment in customer experience and fleet renewal

The Qantas Group has delivered a strong 1H26 result, with Underlying Profit Before Tax of $1.46 billion, up $71 million. The Group's focus continues to be on delivering for customers, employees and shareholders. Qantas Domestic and Jetstar domestic saw sustained growth in travel demand, with the benefits of fleet renewal helping drive a 14% increase in Underlying EBIT for Group Domestic. Group International and Freight also performed well, with strong demand for international travel and investment in the customer experience. Qantas Loyalty continued to deliver strong results, with Underlying EBIT up 12%. The Group is increasing shareholder returns, with a $300 million fully franked base dividend and up to $150 million share buyback. The Group is also investing in its people, with over 5,600 employees supported through leadership development programs and the Qantas Pilot Academy and engineering apprentice program growing. Looking ahead, the Group expects strong travel demand across the portfolio and is targeting transformation of approximately $400 million in FY26 to offset CPI.

Group Domestic unit revenue expected to increase by approximately 3% in 2H26 vs prior year. Group International unit revenue expected to increase by 1-3% in 2H26 vs prior year. Qantas Loyalty expected to grow Underlying EBIT by 10-12% in FY26.

The Group expects strong travel demand across the portfolio. The evolving economic environment in the US will continue to be monitored. The Group remains committed to margin targets for the airline businesses and EBIT target for Qantas Loyalty.