Qantas Group Market Update

• Demand remains resilient despite elevated fuel prices
• Group Domestic and Group International TRASK expected to grow by 8 to 10% in 1H27
• FY27 fuel cost expected to be approximately $3.75 billion

The Qantas Group is experiencing trading conditions consistent with the outlook provided at its FY26 results, despite elevated fuel prices. Demand remains robust as customers prioritize travel. International demand is strong, supported by travel redirection from the Middle East. Domestic leisure demand is also strong. Non-resources corporate and government travel remains stable. Fuel prices are expected to remain elevated through FY27, with the Group's 1H27 fuel cost estimated at approximately $3.75 billion. The Group has extended hedging and is approximately 85% hedged for FY27, predominantly in Brent crude oil. Group Domestic and Group International total unit revenue (TRASK) are expected to grow by 8 to 10% in 1H27. The Group has and will continue to adjust fares and capacity in response to higher fuel costs. Qantas Loyalty is on track to deliver Underlying EBIT growth of 5 to 7% in FY27.

1H27 fuel cost expected at $3.75 billion; FY27 net capital expenditure at lower end of $4.3-$4.6 billion

TRASK expected to grow by 8-10% in 1H27; Qantas Loyalty to deliver Underlying EBIT growth of 5-7% in FY27