Underlying Profit and EPS Growth
Underlying profit before tax of $1.46 billion for the half, up 5% year-on-year (increase of $71 million). Underlying earnings per share $0.68, up 7% versus H1 FY25. Operating margin for the group 12.3%.
Strong Operating Cash Flow and Capital Returns
Operating cash flow of $1.8 billion for the half. Board approved interim shareholder distribution of up to $450 million comprising a fully franked base dividend of $300 million (up $50 million) and an on-market share buyback up to $150 million; $400 million of dividends returned in the half.
Accelerating Fleet Renewal and Investment
Invested $1.8 billion in fleet and projects in the half; 18 aircraft joined the fleet (9 new). FY26 net CapEx guidance $4.1–4.3 billion, FY27 guidance $5.1–5.4 billion reflecting accelerated fleet renewal including first 4 Project Sunrise aircraft.
Jetstar Fleet Benefits Driving Earnings Uplift
Jetstar Domestic earnings up 38% with EBIT margin 22% (above target). New A321LR/A320neo fleet at scale; A321LRs contributed ~60% of Jetstar's earnings uplift through efficiency and higher utilization.
Group Domestic Outperformance
Group Domestic EBIT > $1 billion, up 14% year-on-year with an EBIT margin of 18%. Capacity grew 5% and RASK up 3%, underpinned by leisure and business purpose travel growth.
Loyalty Business Growth and Product Enhancements
Qantas Loyalty underlying EBIT $286 million, up 12% year-on-year. Points earned up ~10% and points redeemed up ~17%. Membership exceeds 18 million and member engagement (earning across 2+ categories) up 8%. Announced major program changes including status-credit rollover and ability to earn status via everyday spending.
Operational & Customer Metrics Improving
Qantas Net Promoter Score rose 5 points and Jetstar NPS rose 4 points. On-time performance Qantas 70% (highest among major domestic carriers) and Jetstar 71%. Frontline workforce increased 4% and multiple customer experience investments announced (lounge refreshes, WiFi rollout, cabin refreshes).
Balance Sheet Positioning
Net debt ended the half at $5.6 billion, at the bottom of the FY26 target range ($5.6–$7.0 billion), supporting capital allocation and shareholder distributions while maintaining the financial framework for low leverage and liquidity.