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PREMIUM COMPANY PROFILE Qantas Airways Limited 30 June 2024 IBISWORLD.COM 2 Qantas Airways Limited June 2024 Company Details Overview $20.1bn REVENUE Annual Growth 2020–24 2.0% Annual Growth 2020–24 $20.6bn ASSETS Annual Growth 2020–24 0.0% Annual Growth 2020–24 $1.3bn NPAT Annual Growth 2020–24 8.3%

0 EMPLOYEES Annual Growth 2020–24 n/a Annual Growth 2020–24 Description Qantas is a Public Company that generates the majority of its income from the Domestic Airlines industry. In 2024 the company generated total revenue of $20,114,000,000 including sales and other revenue. The exact number of employees for this organisation is not available. The Chief Executive of Qantas is Mr Alan Joyce whose official title is Chief Executive Officer & Managing Director. The Chairman of Qantas is Mr Richard Goyder whose official title is Independent Non-Executive Chairman. Company Snapshot REGISTERED NAME Qantas Airways Limited TRADING NAME Qantas ASX CODE QAN RANK 30 ACN # 009 661 901 ABN # 16 009 661 901 TOP INDUSTRY I4902 - Domestic Airlines TYPE Public Company CEO TITLE Mr Alan Joyce Chief Executive Officer & Managing Director INCORPORATION DATE 18-Jan-1934 ADDRESS 10 Bourke Road MASCOT New South Wales Australia 2020 WEBSITE www.qantas.com.au PHONE NUMBER +61 2 9691 3636 IBISWORLD.COM 3 Qantas Airways Limited June 2024 Industries of Operation Major Player In: Aircraft Manufacturing and Repair Services in Australia(C2394) Domestic Airlines in Australia(I4902) International Airlines in Australia(I4901) Professional Services in Australia(M6900) Other Industries: IBISWORLD.COM 4 Qantas Airways Limited June 2024 SWOT Strengths and weaknesses take into account internal factors, and are based on Qantas’s performance in comparison to its competitors. Opportunities and Threats focus on external influences, and are based on trends and demand in the Domestic Airlines industry and the Retail Trade sector. Strengths

Return on Assets 6.1% Qantas Airways Limited's return on assets is higher than the peer average. Return on Equity 425.5% Qantas Airways Limited's return on equity is higher than the peer average. Weaknesses

Revenue Growth 0.8% Qantas Airways Limited's revenue growth is below the peer average, so the business is not keeping pace with competitors. Current Ratio 0.3 Qantas Airways Limited's current ratio is lower than the peer average, signalling that the balance of current assets and liabilities needs further scrutiny. Opportunities

High & Steady Barriers to Entry Low Imports High Revenue per Employee Medium & Increasing Level of Assistance High Profit vs. Sector Average Threats

High Competition High Customer Class Concentration High Capital Requirements Very high Volatility High Product/Service Concentration IBISWORLD.COM 5 Qantas Airways Limited June 2024 Operating Divisions Segment Name

Revenue AUD000 Profit AUD000 Assets AUD000 Qantas Domestic 6,497,000 1,270,000 n/a Qantas International 7,493,000 906,000 n/a Jetstar Group 4,097,000 404,000 n/a Qantas Loyalty 2,043,000 451,000 n/a Unallocated -176,000 -1,285,000 20,354,000 Total 20,114,000 1,251,000 20,564,000 Operating Divisions The Qantas Group is primarily involved in the air transportation of passengers and freight. The company owns a fleet of aircraft, including dedicated freighter aircraft, and offers services to international and domestic destinations. The company divides its operations into the following brands and businesses:  Qantas - The Qantas brand operates Australian domestic and international flights across a broad network with four travel classes. Qantas Airlines comprises commercial, customer & marketing and operations arms. The Qantas brands are Qantas and QantasLink, a full-service regional airline supporting Qantas' domestic network.  Jetstar - Operating domestic routes within Australia, New Zealand, and Japan as well as international routes. This division encompasses Jetstar, Jetstar Asia and the company's investment in Jetstar Pacific and Jetstar Japan. Jetstar is the group's low-fare airline.  Qantas Freight - Freight comprises Qantas' air cargo and express freight businesses which provide domestic and international air freight services, specialised air freight charter services and road freight services within Australia. Businesses are managed by Qantas Freight Enterprises.  Qantas Frequent Flyer - The group's customer loyalty program, which has more than 12 million members subscribed. IBISWORLD.COM 6 Qantas Airways Limited June 2024 Key Personnel Company Personnel * Appointed to the Board of Directors Chairman Richard Goyder Independent Non-Executive Chairman

* Chief Executive Alan Joyce Chief Executive Officer & Managing Director

* Financial Controller Vanessa Hudson Chief Financial Officer Position Type Full Name Title Salutation Initials Chairman Richard Goyder Independent Non-Executive Chairman

* Mr R Chief Executive Alan Joyce Chief Executive Officer & Managing Director

* Mr A J Financial Controller Vanessa Hudson Chief Financial Officer Ms V Chief Operating Officer Andrew David Chief Executive Officer Qantas Domestic & International Mr A Chief Operating Officer Olivia Wirth Chief Executive Officer, Qantas Loyalty Ms O Chief Operating Officer Stephanie Tully Chief Executive Officer Jetstar Group Ms S Non-Executive Director Maxine Brenner Independent Non-Executive Director

* Ms M N Non-Executive Director Belinda Hutchinson Independent Non-Executive Director

* Ms B J Non-Executive Director Jacqueline Hey Independent Non-Executive Director

* Ms J C Non-Executive Director Todd Sampson Independent Non-Executive Director

* Mr J T Non-Executive Director Michael L'Estrange Independent Non-Executive Director

* Mr M G Non-Executive Director Antony Tyler Independent Non-Executive Director

* Mr A N Company Secretary Andrew Finch Joint Company Secretary Mr A J Company Secretary Benjamin Elliott Joint Company Secretary Mr B W Company Secretary Benjamin Jones Joint Company Secretary Mr B D Legal Officer Andrew Finch General Counsel & Group Executive, Office of the CEO Mr A J Sales Manager Anne-Marie Foundas Head of Commercial - Customer Experience Ms A Sales Manager Markus Svensson Chief Customer Officer Mr M Marketing Manager Andrew McGinnes Group Executive Corporate Affairs Mr A Marketing Manager Petra Perry Chief Marketing Officer Ms P Procurement Manager Robert Harrison Head of Procurement (Commercial & Operations) Mr R M Personnel Manager Robert Marcolina Group Executive Strategy, People & Technology Mr R Computing/IT Manager Robert Marcolina Group Executive Strategy, People & Technology Mr R Computing/IT Manager Sam Charmand Group Chief Information Officer Mr S Other Andrew Parker Chief Sustainability Officer Mr A Other John Gissing Group Executive Associated Airlines & Services Mr J Other Directorships * Appointed to the Board of Directors Chairman Belinda Hutchinson

IBISWORLD.COM 7 Qantas Airways Limited June 2024 University of Sydney Position Type Full Name Company Salutation Initials Non-Executive Director Maxine Brenner Woolworths Group Limited Ms M N Chairman Belinda Hutchinson University of Sydney Ms B J Non-Executive Director Belinda Hutchinson Thales Australia Holdings Pty Ltd Ms B J Non-Executive Director Olivia Wirth Myer Holdings Limited Ms O Chairman Richard Goyder Woodside Energy Group Ltd Mr R Gender Diversity IBISWORLD.COM 8 Qantas Airways Limited June 2024 Financials At a glance $20.1bn REVENUE Annual Growth 2020–24 2.0% Annual Growth 2020–24 $20.6bn ASSETS Annual Growth 2020–24 0.0% Annual Growth 2020–24 $1.3bn NPAT Annual Growth 2020–24 8.3%

0 EMPLOYEES Annual Growth 2020–24 n/a Annual Growth 2020–24 Profit & Loss Statement Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020 Reported Currency AUD AUD AUD AUD AUD Currency Units AUD000 AUD000 AUD000 AUD000 AUD000 Revenue Items Sales Revenue 0.0 18,303,000 7,914,000 5,082,000 13,228,000 Other Revenue 20,114,000 1,651,000 1,899,000 898,000 1,069,000 Total Revenue 20,114,000 19,954,000 9,813,000 5,980,000 14,297,000 Cost of Goods Sold 0.0 - - - - Depreciation 1,773,000 1,762,000 1,801,000 1,877,000 2,045,000 Interest Interest Received 0.0 135,000 13,000 15,000 29,000 Interest Expenses 0.0 298,000 290,000 294,000 271,000 Profit & Loss Share of Profits of Associates - -129,000 -126,000 -129,000 -53,000 EBITDA 3,657,000 4,397,000 887,000 -143,000 -421,000 Income Tax Expense 633,000 728,000 -331,000 -607,000 -744,000 Continuing Operations After Tax 1,251,000 1,744,000 -860,000 -1,692,000 -1,964,000 Outside Equity Interest 0.0 -2,000 0.0 0.0 0.0 Profit Before Tax 1,884,000 2,472,000 -1,191,000 -2,299,000 -2,708,000 NPAT 1,251,000 1,746,000 -860,000 -1,692,000 -1,964,000 Audit Audit Fees - 3,960 3,517 3,545 3,625 Audit Other - 606 563 451 725 Total Audit Fees - 4,566 4,080 3,996 4,350 IBISWORLD.COM 9 Qantas Airways Limited June 2024 Balance Sheet Current Assets 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020 Cash at Bank 1,718,000 3,171,000 3,343,000 2,221,000 3,520,000 Trade Debtors 1,051,000 875,000 988,000 483,000 318,000 Inventory 343,000 290,000 269,000 279,000 306,000 Other Current Assets 867,000 769,000 1,033,000 447,000 808,000 Total Current Assets 3,979,000 5,105,000 5,633,000 3,430,000 4,952,000 Non-Current Assets Receivables - - - 101,000 124,000 Investments - - - 242,000 198,000 Property & Plant Equipment 13,558,000 13,152,000 11,181,000 11,896,000 13,166,000 Intangible Assets 638,000 687,000 778,000 745,000 1,050,000 Other Non-Current Assets 2,389,000 1,410,000 2,061,000 1,393,000 536,000 Total Non-Current Assets 16,585,000 15,249,000 14,020,000 14,377,000 15,074,000 Total Assets 20,564,000 20,354,000 19,653,000 17,807,000 20,026,000 Current Liabilities Trade Creditors 0.0 - 0.0 0.0 0.0 Interest Bearing Debt 571,000 1,380,000 1,053,000 1,352,000 1,392,000 Other Current Liabilities 11,173,000 10,717,000 9,505,000 6,243,000 6,912,000 Total Current Liabilities 11,744,000 12,097,000 10,558,000 7,595,000 8,304,000 Non-Current Liabilities Interest Bearing Debt 2,358,000 5,346,000 6,179,000 6,877,000 7,143,000 Other Non-Current Liabilities 6,168,000 2,901,000 3,106,000 2,892,000 3,053,000 Total Non-Current Liabilities 8,526,000 8,247,000 9,285,000 9,769,000 10,196,000 Total Liabilities 20,270,000 20,344,000 19,843,000 17,364,000 18,500,000 Shareholder's Equity Total Equity 294,000 10,000 -190,000 443,000 1,526,000 Other Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020 Number of Employees 0.0 11,415 11,415 28,957 28,957 Number of Shares on Issue (end of period) - 1,724,454,680 1,886,044,698 1,886,044,698 1,863,491,352 Market Capitalisation (end of period) ('000) - 10,691,619 8,430,620 8,788,968 7,043,997 Earnings per Share (basic)(cents) - 96.0 -45.6 -89.9 -129.6 Earnings per Share (diluted)(cents) - 93.0 -45.6 -89.9 -129.6 Qualified Audit Report No No No No No Modern Slavery Statement n/a n/a n/a Lodged Not Required Internal Auditor In-House Auditor

External Auditor KPMG

Enterprise Value 1,211,000 14,246,619 12,319,620 14,796,968 12,058,997 Book Value 294,000 10,000 -190,000 443,000 1,526,000 IBISWORLD.COM 10 Qantas Airways Limited June 2024 Growth & Ratios Revenue & NPAT Financial Growth Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020 Average Total Revenue Growth (% change) 0.8 103.3 64.1 -58.2 -21.6 2.0 Sales Revenue Growth (% change) n/a 131.3 55.7 -61.6 -20.6 n/a EBITDA (% change) -16.8 395.7 n/a n/a n/a 1.0 IBISWORLD.COM 11 Qantas Airways Limited June 2024 NPAT (% change) -28.4 n/a n/a n/a n/a 8.3 Shareholders' Funds (% change) 2,840.0 n/a n/a -71.0 -49.4 -37.2 Total Assets (% change) 1.0 3.6 10.4 -11.1 -2.5 0.0 Employees (% change) n/a 0.0 -60.6 0.0 -0.3 n/a Financial Ratios Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020 Return on Revenue (ROR) (%) 6.2 8.8 -8.8 -28.3 -13.7 Return on Shareholders' Funds (ROSF) (%) 425.5 17,460.0 n/a -381.9 -128.7 Return on Assets (ROA) (%) 6.1 8.6 -4.4 -9.5 -9.8 Pre-Tax Margin (%) n/a 13.5 -15.1 -45.2 -20.5 Net Profit Margin (%) n/a 9.5 -10.9 -33.3 -14.8 Revenue per Employee ($'000 per person) n/a 1,748.1 859.7 206.5 493.7 NPAT per Employee ($'000 per person) n/a 153.0 -75.3 -58.4 -67.8 Effective Tax Rate (%) 33.6 29.5 27.8 26.4 27.5 Gearing (%) 98.6 100.0 101.0 97.5 92.4 Interest Cover (X) n/a 9.3 -3.1 -6.8 -9.0 Current Ratio (X) 0.3 0.4 0.5 0.5 0.6 IBISWORLD.COM 12 Qantas Airways Limited June 2024 Operating Segments Operating Divisions Segment Name

Revenue AUD000 Profit AUD000 Assets AUD000 Qantas Domestic 6,497,000 1,270,000 n/a Qantas International 7,493,000 906,000 n/a Jetstar Group 4,097,000 404,000 n/a Qantas Loyalty 2,043,000 451,000 n/a Unallocated -176,000 -1,285,000 20,354,000 Total 20,114,000 1,251,000 20,564,000 Operating Divisions The Qantas Group is primarily involved in the air transportation of passengers and freight. The company owns a fleet of aircraft, including dedicated freighter aircraft, and offers services to international and domestic destinations. The company divides its operations into the following brands and businesses:  Qantas - The Qantas brand operates Australian domestic and international flights across a broad network with four travel classes. Qantas Airlines comprises commercial, customer & marketing and operations arms. The Qantas brands are Qantas and QantasLink, a full-service regional airline supporting Qantas' domestic network.  Jetstar - Operating domestic routes within Australia, New Zealand, and Japan as well as international routes. This division encompasses Jetstar, Jetstar Asia and the company's investment in Jetstar Pacific and Jetstar Japan. Jetstar is the group's low-fare airline.  Qantas Freight - Freight comprises Qantas' air cargo and express freight businesses which provide domestic and international air freight services, specialised air freight charter services and road freight services within Australia. Businesses are managed by Qantas Freight Enterprises.  Qantas Frequent Flyer - The group's customer loyalty program, which has more than 12 million members subscribed. IBISWORLD.COM 13 Qantas Airways Limited June 2024 Industries by Operating Segment Jetstar Group Report

Historical Growth Rates 2020/21 - 2024/25 Forecast Growth Rates 2025/26 - 2029/30 I4901 - International Airlines in Australia 3.1% n/a Qantas Domestic Report

Historical Growth Rates 2020/21 - 2024/25 Forecast Growth Rates 2025/26 - 2029/30 I4902 - Domestic Airlines in Australia 8.0% 2.7% Qantas International Report

Historical Growth Rates 2020/21 - 2024/25 Forecast Growth Rates 2025/26 - 2029/30 I4901 - International Airlines in Australia 3.1% n/a Qantas Loyalty Report

Historical Growth Rates 2020/21 - 2024/25 Forecast Growth Rates 2025/26 - 2029/30 M6900 - Professional Services in Australia 2.3% n/a IBISWORLD.COM 14 Qantas Airways Limited June 2024 Geographic Locations Segment Name

Revenue AUD000 Profit AUD000 Assets AUD000 Australia 13,785,000 n/a n/a Overseas 4,518,000 n/a n/a Unallocated 1,651,000 1,746,000 20,354,000 Total 20,114,000 1,251,000 20,564,000 Geographic Locations - Ratios Location Profit as Revenue % Profit as Assets % Australia n/a n/a Overseas n/a n/a Unallocated 105.8% 8.6% Company 6.2% 6.1% Key Ratios Segment Name Profit as Revenue % Profit as Assets % Qantas Domestic 19.6% n/a Qantas International 12.1% n/a Jetstar Group 9.9% n/a Qantas Loyalty 22.1% n/a Unallocated 730.1% -6.3% Company 6.2% 6.1% IBISWORLD.COM 15 Qantas Airways Limited June 2024 Competitor Benchmarking Financial Ratios Ratios Industry Average * Qantas 30-Jun-2024 Compared to Industry Unit Asset Turnover Ratio 0.35 0.00 Lower Times Cash Ratio 0.22 0.15 Lower Times Creditors T/O 18,241,240,000.00 0.00 Lower Days Current Ratio 0.42 0.34 Lower Times Days Stock Held 189,704,775,150.00 125,195,000,000.00 Lower Days Debtors T/O 14.22 19.07 Higher Days Dividend Payout Ratio N/C N/C Lower Percent Dividend Per Share N/C N/C Lower A$ Earnings Per Share 0.36 N/C Lower A$ EBITDA 1,289,553.63 3,657,000.00 Higher A$ 000 Effective Tax Rate 31.36 33.60 Higher Percent Gearing 96.70 98.57 Higher Percent Interest Cover 8.25 N/C Lower Times Inventory Turnover Ratio 0.00 0.00 Lower Times Net Assets Per Share 0.22 N/C Lower A$ Net Profit Margin 13.57 N/C Lower Percent NPAT/Employee 74.82 N/C Lower A$ 000 PPE Turnover Ratio 1.55 1.48 Lower Times Pre-Tax Margin 19.77 N/C Lower Percent Quick Ratio 0.40 0.31 Lower Times Return on Shareholders Funds 164.60 425.51 Higher Percent Return on Total Assets 4.68 6.08 Higher Percent Revenue/Employee 1,566.85 N/C Lower A$ 000 *Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily operating in the Domestic Airlines industry. IBISWORLD.COM 16 Qantas Airways Limited June 2024 Growth Ratios Ratios Industry Average * Qantas 30-Jun-2024 Compared to Industry Unit Asset Growth -0.23 1.03 Higher Percent Dividend Growth Rate N/C N/C Lower Percent Employees Growth -34.42 N/C Higher Percent NPAT Growth 1.54 -28.35 Lower Percent Revenue Growth 13.05 0.80 Lower Percent *Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily operating in the Domestic Airlines industry. Valuation Ratios Ratios Industry Average * Qantas 30-Jun-2024 Compared to Industry Unit Price-to-Earnings (PE) 9.05 N/C Lower Times Price-to-Book (PB) 6.39 N/C Lower Times Enterprise Value/EBITDA 1.94 N/C Lower Times Enterprise Value/Sales 0.89 N/C Lower Times *Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily operating in the Domestic Airlines industry. IBISWORLD.COM 17 Qantas Airways Limited June 2024 Industries of Operation Overview Major Player In: Aircraft Manufacturing and Repair Services in Australia(C2394) Domestic Airlines in Australia(I4902) International Airlines in Australia(I4901) Professional Services in Australia(M6900) Other Industries: C2394 Aircraft Manufacturing and Repair Services in Australia

Industry Overview Industry Size 2023-2024 $3,325m Number of Enterpr ises in Industry 1129 Industry Concentrat ion Level HIGH Industry Turnover Growth Rate 2023-2024 9.6 Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink carriers. IBISWORLD.COM 18 Qantas Airways Limited June 2024 Related Companies (2024) Competitors Revenue ($m) Market Share (%) Boeing Australia 1,513,700,000 45.5207 BAE Systems Australia 893,800,000 26.87878 Airbus Australia 496,600,000 14.93399 Lockheed Martin Australia 196,700,000 5.91526 Raytheon 190,000,000 5.71377 Honeywell 68,700,000 2.06598 I4902 Domestic Airlines in Australia

Industry Overview Industry Size 2023-2024 $17,401m Number of Enterpr ises in Industry 106 Industry Concentrat ion Level HIGH Industry Turnover Growth Rate 2023-2024 8.1 Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink IBISWORLD.COM 19 Qantas Airways Limited June 2024 carriers. Freight revenue soared during supply chain disruptions caused by the COVID-19 pandemic  Global lockdowns and restrictions created significant supply chain issues around the world. Shipping delays and capacity c onstraints were common, with freight prices soaring.  Interstate border restrictions were common at the height of the COVID-19 pandemic. With road transport restricted, deman d for domestic air freight increased.  Rising prices and demand led to a spike in domestic freight revenue in the three years through 2021-22. Over the past two years, easing freight prices and restrictions have led to revenue from domestic freight normalising. Freight revenue soared during the supply chain issues caused by the COVID-19 pandemic  Global lockdowns and restrictions created significant supply chain issues around the world. Shipping delays and capacity c onstraints were common, with freight prices soaring.  Interstate border restrictions were common at the height of the COVID-19 pandemic. With road transport restricted, deman d for domestic air freight increased.  Rising prices and demand led to a spike in domestic freight revenue in the three years through 2021-22. In the current year , easing freight prices and restrictions have led to revenue from domestic freight normalising. Qantas' Jetstar subsidiary has continued to outperform the parent company  Jetstar is the low-cost subsidiary of Qantas.  Jetstar's position as a low-cost airline has benefited from Virgin Australia's shift towards a full-service airline and it has tradi tionally grown faster than the Qantas brand. This trend has continued over the past five years.  High inflation and rising interest rates are expected to lead to a much faster recovery from Jetstar than its parent, Qantas, as consumers and businesses look to restrain costs in 2022-23, leading to Jetstar gaining market share.  Jetstar is the low-cost subsidiary of Qantas. Jetstar's position as a low-cost airline has benefitted from Virgin Australia's shi ft towards a full-service airline, and it has traditionally grown faster than the Qantas brand.  High inflation and rising interest rates are causing a much faster recovery from Jetstar than its parent, Qantas, as consume rs and businesses look to restrain costs, leading to Jetstar gaining market share.  Jetstar added new Airbus A320 flights to Margaret River and Hervey Bay. The new routes will add over 100,000 seats per year to the company's domestic schedule. These new routes will boost tourism and allow Jetstar to adjust capacity to meet demand. Qantas' revenue has rebounded from the adverse effects of travel restrictions  Qantas's revenue declined significantly over the two years through 2020-21 as the COVID-19 pandemic restricted travel vo lumes. As restrictions have eased, revenue has rebounded over the past three years.  The company recorded significantly high profit margins and earnings in 2022-23 because of pent-up travel demand, high ti cket prices and a supply shortage of planes.  However, this pent-up travel demand will be subdued by the cost of living pressures in 2023-24, weighing on earnings gro wth in the year. Qantas is also struggling with low reliability among customers due to its high flight cancellations and delays . Qantas' revenue is set to rebound from travel restrictions  Qantas's revenue declined significantly over the two years through 2020-21 as the COVID-19 pandemic restricted travel vo lumes.  Qantas's revenue decreased at a much slower rate than that of their direct competitor, Virgin Australia, over the period. As a result, Qantas's market share is anticipated to expand over the three years through 2022-23.  As restrictions have eased revenue has rebounded, and company revenue are expected to return to almost pre-pandemic i n the current year. IBISWORLD.COM 20 Qantas Airways Limited June 2024 Related Companies (2024) Competitors Revenue ($m) Market Share (%) Boeing Australia 1,513,700,000 45.5207 BAE Systems Australia 893,800,000 26.87878 Airbus Australia 496,600,000 14.93399 Lockheed Martin Australia 196,700,000 5.91526 Raytheon 190,000,000 5.71377 Honeywell 68,700,000 2.06598 I4901 International Airlines in Australia

Industry Overview Industry Size 2022-2023 $27,855m Number of Enterpr ises in Industry 58 Industry Concentrat ion Level MODERATE Industry Turnover Growth Rate 2022-2023 71.8 Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink IBISWORLD.COM 21 Qantas Airways Limited June 2024 carriers. Aggressive capacity cuts have hurt Qantas' market share  Qantas aggressively cut capacity at the onset of the pandemic, causing revenue generated from passenger transport to be come negligible for an extended period.  As international borders have reopened, Qantas has expanded its international flight capacity slower than many competitor s due to staffing issues and profitability concerns. The company's market share is set to remain slightly below pre-pandemi c levels in 2022-23. Aggressive capacity cuts have hurt Qantas's market share  Qantas aggressively cut capacity following the COVID-19 outbreak, causing revenue generated from passenger transport t o become negligible for an extended period.  As international borders have reopened, Qantas has expanded its international flight capacity slower than many competitor s due to staffing issues and profitability concerns. The company's market share is set to remain slightly below pre-pandemi c levels. Qantas has focused on restoring profitability as travel demand rebounds  Like the wider industry, Qantas made substantial losses over the three years to 2021-22.  Qantas is on track to return to make a profit in the current year, marking the company's road to recovery from its pandemic -induced financial issues. However, a lot of this profitability turnaround is attributable to its domestic services, which are not included in the industry,  Since border restrictions have eased, Qantas has focused on restoring profitability rather than maximising turnover. The co mpany has expanded its capacity carefully, despite the rapid recovery in demand for international air travel, to ensure it ha s operated efficiently.  Like the wider industry, Qantas made substantial losses over the three years through 2021-22.  Qantas is on track to return to making a profit, marking the company's road to recovery from its pandemic-induced financial issues. However, a lot of this profitability turnaround is attributable to its domestic services, which are not included in the in dustry.  Since border restrictions have eased, Qantas has focused on restoring profitability rather than maximising turnover. The co mpany has expanded its capacity carefully, despite the rapid recovery in demand for international air travel, to ensure it ha s operated efficiently. Qantas' freight operations have supported the company's performance in recent years  While international borders were closed, Qantas' international freight operations were the company's primary source of ind ustry-specific revenue. Qantas has a partnership with Australia Post to transport mail and parcels overseas.  Soaring online shopping activity and a significant reduction in available international freight capacity boosted the volume of freight transported by the company while its international passenger flights were grounded.  Qantas Freight was contracted under the International Freight Assistance Mechanism (IFAM) to provide freight services, fu rther boosting its international freight operations during the pandemic. However, this mechanism came to an end in June 2 022. Qantas's freight operations have supported the company's performance in recent years  While international borders were closed, Qantas's international freight operations were the company's primary source of in dustry-specific revenue. Qantas has a partnership with Australia Post to transport mail and parcels overseas.  Soaring online shopping activity and a significant reduction in available international freight capacity boosted the volume of freight transported by the company while its international passenger flights were grounded.  Qantas Freight was contracted under the International Freight Assistance Mechanism to provide freight services, further bo osting its international freight operations during the pandemic. However, this mechanism came to an end in June 2022. IBISWORLD.COM 22 Qantas Airways Limited June 2024 Related Companies (2023) Competitors Revenue ($m) Market Share (%) Boeing Australia 1,513,700,000 45.5207 BAE Systems Australia 893,800,000 26.87878 Airbus Australia 496,600,000 14.93399 Lockheed Martin Australia 196,700,000 5.91526 Raytheon 190,000,000 5.71377 Honeywell 68,700,000 2.06598 M6900 Professional Services in Australia

Industry Overview Industry Size 2022-2023 $263,215m Number of Enterpr ises in Industry 250340 Industry Concentrat ion Level LOW Industry Turnover Growth Rate 2022-2023 -3.4 Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink IBISWORLD.COM 23 Qantas Airways Limited June 2024 carriers. Related Companies (2023) Competitors Revenue ($m) Market Share (%) Boeing Australia 1,513,700,000 45.5207 BAE Systems Australia 893,800,000 26.87878 Airbus Australia 496,600,000 14.93399 Lockheed Martin Australia 196,700,000 5.91526 Raytheon 190,000,000 5.71377 Honeywell 68,700,000 2.06598 IBISWORLD.COM 24 Qantas Airways Limited June 2024 Shareholders Substantial Shareholders Shareholder Name % Held Country of Incorporation Pendal Group Limited 5.2% Australia Largest Shareholders TOP 20 Percentage Held by Top 20 Shareholders 74.4% Held Shareholder Name % Held Country of Incorporation Percentage Held by Top 20 Shareholders 74.4% Not Available IBISWORLD.COM 25 Qantas Airways Limited June 2024 Subsidiaries Associated companies ASSOCIATED COMPANIES Fiji Resorts Limited 21.0% Held ASSOCIATED COMPANIES Hallmark Aviation Services LP 49.0% Held ASSOCIATED COMPANIES Helloworld Travel Limited 12.0% Held Name Country of Incorporation Fiji Resorts Limited Fiji Hallmark Aviation Services LP USA Helloworld Travel Limited Australia Holiday Tours & Travel (GSA) Ltd Thailand Holiday Tours & Travel (Thailand) Limited Thailand Holiday Tours & Travel Vietnam Co Ltd Vietnam HT & T Travel Philippines Inc Philippines Jetstar Japan Co. Ltd Japan PT Holidays Tours & Travel Indonesia Holding company HOLDING COMPANY Qantas Airways Limited 100.0% Held Name Country of Incorporation Qantas Airways Limited Australia IBISWORLD.COM 26 Qantas Airways Limited June 2024 Subsidiaries # OF SUBSIDIARIES 46 Name Country of Incorporation Aal Aviation Limited Australia Australia Aviation Company Beijing Office China Australian Airlines Limited Australia Jetconnect Limited New Zealand Jetstar Asia Holdings Pty Limited Australia Jetstar International Group Australia Pty. Limited Australia Jetstar Services Pty Limited Australia Q H Tours Ltd Australia Qantas Airways Chile Qantas Airways USA Qantas Airways Domestic Pty Limited Australia Qantas Airways Limited (Surabaya) Indonesia Qantas Airways Limited Oficina En Espa±a Spain Qantas Airways Limited, Mascot, Zweigniederlassung Z³rich Switzerland Qantas Airways Ltd Fiji Qantas Airways Ltd United Arab Emirates Qantas Airways Ltd USA Qantas Airways Ltd. Airport Office China Qantas Airways Ltd. Shanghai Representative Office China Qantas Asia Investment Company Pty Ltd Australia Qantas Cabin Crew (Uk) Limited United Kingdom Qantas Domestic Pty Limited Australia IBISWORLD.COM 27 Qantas Airways Limited June 2024 Name Country of Incorporation Qantas Freight Enterprises Limited Australia Qantas Frequent Flyer Limited Australia Qantas Ground Services Pty Limited Australia Qantas Group Accommodation Pty Ltd Australia Qantas Group Flight Training Pty Limited Australia Qantas Information Technology Ltd Australia Qantas Superannuation Limited Australia Qantas Ventures Pty Limited Australia Qf A332 Leasing 1 Pty Limited Australia Qf Boc 2008-1 Pty Limited Australia Qf Cabin Crew Australia Pty Limited Australia Qf Dash 8 Leasing No. 4 Pty Limited Australia Qf Dash 8 Leasing No. 5 Pty Limited Australia Qf Dash 8 Leasing No. 6 Pty Limited Australia Qf Eca 2008-1 Pty Limited Australia Qf Eca A380 2010 No.1 Pty Limited Australia Qf Eca A380 2010 No.3 Pty Limited Australia Qf Eca A380 2011 No.1 Pty Limited Australia Qf Exim B787 No. 1 Pty Limited Australia Qf Exim B787 No. 2 Pty Limited Australia Quantas USA Quantas Airways India Quantas Airways USA Southern Cross Insurances Pte Ltd Singapore Trust TRUST Network Holding Trust 100.0% Held TRUST Network Trust 100.0% Held Name Country of Incorporation Network Holding Trust Australia Network Trust Australia IBISWORLD.COM 28 Qantas Airways Limited June 2024 History Overview Incorporation Date 1934 2022 - August: The ACCC announced concerns regarding Qantas Airways’ proposed acquisition of Alliance Aviation Services Limited due to a lessening of competition regarding air transport services for FIFO workers flying to and from Queensland and Western Australia.

May: Qantas announced it has ordered 12 Airbus A350s for Project Sunrise, and 40 A321XLRs and A220s for the company's domestic fleet. Also in this month, Qantas announced it had entered into a scheme implementation deed to acquire all shares in Alliance Aviation Services Limited.

2021 - October: Qantas announced the sale of surplus land in Mascot to LOGOS Property Group for a consideration of $802 million. February: Qantas signed an agreement with Alliance Aviation Services to lease three E190 aircraft with options for Qantas to call on an additional eleven aircraft depending on market conditions. 2020 - June: Qantas announced a three-year post-COVID recovery plan that includes reducing the workforce by at least 6,000 roles and continuing the stand-down of 15,000 staff, grounding up to 100 aircraft for up to 12 months and the early retirement of its six remaining 747 aircraft. The aim is to reduce costs by $15 billion during the three year period of reduced activity. March: As a response to the Federal Government's Coronavirus recommendations, Qantas Group announced that all Qantas and Jetstar international flights would be suspended from late March and there would be a 60% reduction in domestic flights. Over 150 aircraft would be temporarily grounded and two-thirds of its employees temporarily stood down. 2019 - November: Qantas completed its second ultra-long range test flight. The non-stop flight from London to Sydney took 19 hours and 19 minutes. In October the airline completed its first 19 hour non-stop test flight from New York to Sydney. February: Qantas Airways Limited acquired a 19.9% interest in Alliance Airlines, an air charter services operator based in Queensland. January: Under the Modern Slavery Act 2018 (Cth), Qantas Airways Limited will be required to submit a report by the 31st of December 2020, detailing their actions taken to address to the risk of modern slavery in their operations and supply chains. 2018 - August: Qantas announced plans to offer non-stop flights between the East Coast of Australia to London and New York by 2022. April: Qantas announced the sale of its catering businesses, Q Catering Limited and Snap Fresh Pty Limited, to dnata which is part of the Emirates Group. The sale is subject to approval from the Australian Competition and Consumer Commission and is expected to be completed by the end of the year. March: Qantas launched its non-stop 17 hour flights between Perth and London. 2017 - August: Qantas and Emirates announced plans to continue their alliance for a further five year period. 2016 - December: Qantas announced a new flight route, non-stop from Perth to London. 2015 - November: Qantas entered into a 5 year partnership with China Eastern where both airlines will coordinate flights from Sydney to Shanghai and Melbourne to Shanghai. This partnership will also add further connections to new destinations such as Changchun, Jinan and Wuhan. IBISWORLD.COM 29 Qantas Airways Limited June 2024 March: Qantas Frequent Flyer Limited, a subsidiary of Qantas Airways Limited, acquired a 51% controlling interest in Taylor Fry Holdings Pty Limited, who owns Taylor Fry Pty Limited. Total consideration for the acquisition was $9 million. During the year, Qantas Airways Limited sold the Tour East Group, consisting of multiple subsidiaries within the South East Asia region. Total consideration for the sale of the group was $16.3 million. 2014 - February: Qantas sold its wholly owned subsidiary, Qantas Defence Services Pty Limited to Northrop Grumman Australia. 2013 - March: The Qantas/Emirates partnership was launched with Qantas moving its hub for European flights from Singapore to Dubai. 2012 - November: Qantas Group disposed of its 50% interest in AUX Investments Pty Ltd - parent entity of Australian Air Express Pty Ltd and Star Track Express Holdings Pty Limited. Qantas then purchased 100% of Australian Air Express Pty Ltd from AUX Investments Pty Ltd. September: Qantas announced its new partnership with Emirates. July: The company launched Jetstar Japan, a low-cost domestic carrier operating in Japan. May: Qantas announced that it would split its international and domestic operations into two separate businesses. The transition is expected to be completed by July. 2011 - November: Qantas announced the extension of its A380 network to include the new destination, Hong Kong. Flights from Sydney to Hong Kong will commence from 15 January 2012. July: Qantas announced the Jetstar Group was entering into a joint venture with Japan Airlines Corp (JAL) to launch domestic flights in Japan in 2012. June: Qantas suffered a $224 million loss over the year due to external and operational events; including the natural disasters in Japan, Queensland, New Zealand and Chile. Qantas announced it had sold its 50% shareholding in Harvey Holidays Pty Ltd to Jetset Travelworld for an undisclosed amount. Qantas received approval from the ACCC for a joint venture with American Airlines to coordinate trans-Pacific flights to Australia or New Zealand and the US. 2010 - December: Qantas announced the acquisition of WA-based charter airline Network Aviation for $30 million. August: Qantas sold its DPEX group, part of the freight operating segment in Asia, to Toll. June: Qantas acquired the remaining 33% in Travel Software Solutions Pty Ltd, raising its ownership to 100%. May: Jetset Travelworld Limited entered into a conditional merger agreement with Stella Travel Services Holdings Pty Ltd that remains subject to shareholder approval. The merger received ACCC approval and was finalised September 30, 2010. 2009 - February: The company announced its low-cost Jetstar carrier would commence services on domestic routes in New Zealand. 2008 - December: The Federal Court ordered Qantas to pay $20 million, resulting from an ACCC investigation into Qantas's coordination of fuel surcharges with other airlines. April: The company purchased international air and road freight business, Jets Transport Express. February: Qantas entered into a merger agreement with listed travel agency Jetset. The terms of the agreement resulted in Jetset acquiring Qantas Holidays and Qantas Business Travel units and Qantas acquiring a 58% interest in Jetset. IBISWORLD.COM 30 Qantas Airways Limited June 2024 2007 - February: The Qantas board recommended shareholders accept Airline Partners Australia's offer, but despite extensions, it failed to gain shareholder support and was abandoned in May. 2006 - November: Jetstar commenced long-haul international operations to South East Asia. Also in November, Airline Partners Australia, a consortium led by Macquarie Bank, made a takeover offer for the company. October: Qantas launched Express Freighters Australia, a domestic air freight business. July: Australian Airlines ceased operating under its own brand and continued to operate under the Qantas brand. 2005 - Qantas announced its agreement to merge Jetstar Asia with Singapore-based Valuair. The new company was incorporated in Singapore, with Qantas owning a 44.5% share. 2004 - September: British Airways sold its 18.25% stake in Qantas. Also in September, the New Zealand High Court ruled against a merger between the national carrier Air New Zealand and Qantas. May: Qantas launched low-fare domestic carrier Jetstar. 2003 - December: Qantas and Australia Post jointly acquired the express road freight operator Star Track Express for $750 million. 2002 - October: Qantas launched Australian Airlines, a single class international carrier, operating flights between Cairns and Osaka, Fukuoka, Nagoya, Singapore, Taipei and Hong Kong. 2001 - Qantas began providing domestic flights in New Zealand. 1998 - Qantas purchased an additional stake in Air Pacific from the Fiji government, lifting its overall holding in the company to over 46%. 1997 - Qantas and Air Pacific signed a 10-year commercial agreement to cooperate on aspects of schedule and fleet coordination, engineering, marketing, ground handling, customer service, fuel purchase and freight. 1995 - The company was listed on the ASX in July. 1993 - UK-based airline British Airways acquired 25% of Qantas and the two airlines entered a 10-year commercial agreement. 1992 - Qantas was given regulatory approval to enter the domestic market. Qantas subsequently acquired domestic carrier Australian Airlines for $400 million. 1967 - The company changed its name to Qantas Airways. 1959 - Qantas received its first delivery of a jet engine aircraft, the Boeing 707. IBISWORLD.COM 31 Qantas Airways Limited June 2024 1949 - Trans-Australia Airlines took over Qantas' Queensland and Northern Territory routes and the Royal Flying Doctor Service. 1947 - The Australian Government purchased all Qantas shares. Qantas made its first Sydney to London passenger flight. 1935 - The company's first international passenger flight was from Brisbane to Singapore. 1934 - Qantas Empire Airways Ltd was formed when the company merged with the British company Imperial Airways. The airline began regular mail flights between Australia and the UK in December. 1920 - August: Fergus McMaster, W. Hudson Fysh, W. Arthur Baird and Paul McGinness purchased an Avro aircraft with their newly formed company The Western Queensland Auto Aero Service Ltd, which was soon after renamed Queensland and Northern Territory Aerial Services Ltd and abbreviated to 'QANTAS'. The company was officially registered in Brisbane in November and soon began operating, with joy rides and air taxi services. IBISWorld helps you find the industry information you need – fast. With our trusted research covering thousands of global industries, you’ll get a quick and intelligent overview of any industry so you can get up to speed in minutes. In every report, you’ll find actionable insights, comprehensive data and in-depth analysis to help you make smarter, faster business decisions. If you’re not yet a member of IBISWorld, contact us at (03) 9655 3881 or [email protected] to learn more. DISCLAIMER This product has been supplied by IBISWorld Pty Ltd. 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