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AIR · NZX

Air New Zealand (AIR)

Transport & Infrastructure / AirlinesCovered: FY22 - FY269 published briefings

Air New Zealand is an NZX-listed transport & infrastructure / airlines company. Its latest covered result is FY26, with FY22 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 28 August 2026

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AIR latest metrics
MetricValueChange
Revenue$7b↑ +3.9%
Operating profit$470m↓ -49.2%
NPAT-$242m↓ -292.1%
Operating cash flow$819m↓ -12.9%
OCF / Operating profit %174.3%↑ +72.8pp
Net debt-$1.9bn/m
Net debt / Operating profitn/m—
ROE %-14.4%↓ -20.9pp
DPS1.3c↑ +4.0%
PBT-$336m↓ -277.8%

Source: latest published briefing (FY26, released 28 August 2026). Change compares against the prior equivalent period: FY25, released 28 August 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$1.3b

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

Not available

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Not meaningful when recent earnings are negative.

EPS

-0.07

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Recent filing-derived earnings per share.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

n/m

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Enterprise value compared with recent EBITDA.

P/FCF

Not available

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Not meaningful when free cash flow is negative or unavailable.

P/B

0.77x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

3.1%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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Ask about AIR

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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AIR metric history
MetricFY2612 MONTHS28 August 2026HY266 MONTHS26 February 2026FY2512 MONTHS28 August 2025HY256 MONTHS20 February 2025FY2412 MONTHS29 August 2024HY246 MONTHS22 February 2024FY2312 MONTHS24 August 2023HY236 MONTHS23 February 2023FY2212 MONTHS25 August 2022Trend
Revenue$7b$3.4b$6.8b$3.4b$6.8b$3.5b$6.3b$3.1b$2.7b
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Revenue growth %3.9%1.2%0.0%Outside range low revenue growth. 0%; 4-period range 3.9% to 131.5%. Revenue growth: 0.0%, below normal range; 4-period mean 37.7%, range 3.9%-131.5%.-2.0%Outside range low revenue growth. -2%; 3-period range 1.2% to 173.6%. Revenue growth: -2.0%, below normal range; 3-period mean 62.0%, range 1.2%-173.6%.6.7%11.2%131.5%Unprecedented high revenue growth. 131.5%; 4-period range 0% to 8.6%. Revenue growth: 131.5%, unprecedented high; 4-period mean 4.8%, range 0.0%-8.6%.173.6%Outside range high revenue growth. 173.6%; 3-period range -2% to 11.2%. Revenue growth: 173.6%, above normal range; 3-period mean 3.5%, range -2.0%-11.2%.8.6%
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  • HY25 Revenue growth %: Outside range low revenue growth. -2%; 3-period range 1.2% to 173.6%. Revenue growth: -2.0%, below normal range; 3-period mean 62.0%, range 1.2%-173.6%.
  • FY25 Revenue growth %: Outside range low revenue growth. 0%; 4-period range 3.9% to 131.5%. Revenue growth: 0.0%, below normal range; 4-period mean 37.7%, range 3.9%-131.5%.
Operating profit$470m$347m$926m$528m$941m$548m$1.3b$664m-$4m
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Operating profit margin %6.7%10.1%13.7%15.5%13.9%15.8%20.3%21.6%-0.1%
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PBT-$336m-$59m$189m$155m$222m$185m$574m$299m-$810m
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PBT growth %——-14.9%-16.2%-61.3%-38.1%———
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NPAT-$242m-$40m$126m$106m$146m$129m$412m$213m-$591m
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NPAT growth %——-13.7%-17.8%-64.6%-39.4%———
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Operating cash flow$819m$213m$940m$424m$810m$411m$1.9b$972m$550m
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OCF / Operating profit %174.3%61.4%101.5%80.3%86.1%75.0%144.1%146.4%n/m
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FCF pre-lease-$338m—$160m—$19m—$1.3b——
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DPS1.3c—1.3c1.3c1.5c2.0c6.0c0.0c—
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Payout ratio vs NPAT %——65.8%40.3%81.4%52.6%49.2%——
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Annual payout ratio vs EPS %——65.8%—81.4%—49.2%——
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ROE %-14.4%-2.2%Outside range low roe. -2.2%; 3-period range 5.2% to 11.5%. ROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%.6.5%5.2%7.3%6.3%19.8%Outside range high roe. 19.8%; 3-period range -35.2% to 7.3%. ROE: 19.8%, above normal range; 3-period mean -7.1%, range -35.2%-7.3%.11.5%Outside range high roe. 11.5%; 3-period range -2.2% to 6.3%. ROE: 11.5%, above normal range; 3-period mean 3.1%, range -2.2%-6.3%.-35.2%Outside range low roe. -35.2%; 3-period range 6.5% to 19.8%. ROE: -35.2%, below normal range; 3-period mean 11.2%, range 6.5%-19.8%.
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  • HY26 ROE %: Outside range low roe. -2.2%; 3-period range 5.2% to 11.5%. ROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%.
Net debt-$1.9b—-$159m-$154m$114m—-$549m-$419m$50m
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Net debt / Operating profitn/m—n/mn/m0.12x—n/mn/mn/m
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Debtor days22Unprecedented high debtor days. 22d; 4-period range 0d to 1d. Debtor days: 22.4 days, unprecedented high; 4-period mean 0.5 days, range 0.3 days-0.9 days.—0Outside range low debtor days. 0d; 4-period range 0d to 22d. Debtor days: 0.3 days, below normal range; 4-period mean 6.0 days, range 0.4 days-22.4 days.290260251
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  • FY25 Debtor days: Outside range low debtor days. 0d; 4-period range 0d to 22d. Debtor days: 0.3 days, below normal range; 4-period mean 6.0 days, range 0.4 days-22.4 days.
  • FY26 Debtor days: Unprecedented high debtor days. 22d; 4-period range 0d to 1d. Debtor days: 22.4 days, unprecedented high; 4-period mean 0.5 days, range 0.3 days-0.9 days.
Inventory days918987137Outside range low inventory days. 7d; 4-period range 7d to 13d. Inventory days: 6.9 days, below normal range; 4-period mean 9.5 days, range 7.1 days-13.1 days.613Unprecedented high inventory days. 13d; 4-period range 7d to 9d. Inventory days: 13.1 days, unprecedented high; 4-period mean 7.9 days, range 6.9 days-8.9 days.
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Total assets$9.1b$9.1b$8.7b$8.8b$8.5b$8.8b$9.2b$8.8b$8.4b
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Reference: annolyse.ai/companies/air

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • FY23 AIR FY: Unprecedented high revenue growth. 131.5%; 4-period range 0% to 8.6%. Revenue growth: 131.5%, unprecedented high; 4-period mean 4.8%, range 0.0%-8.6%.
  • FY25 AIR FY: Outside range low revenue growth. 0%; 4-period range 3.9% to 131.5%. Revenue growth: 0.0%, below normal range; 4-period mean 37.7%, range 3.9%-131.5%.
  • HY23 AIR HY: Outside range high revenue growth. 173.6%; 3-period range -2% to 11.2%. Revenue growth: 173.6%, above normal range; 3-period mean 3.5%, range -2.0%-11.2%.
  • HY25 AIR HY: Outside range low revenue growth. -2%; 3-period range 1.2% to 173.6%. Revenue growth: -2.0%, below normal range; 3-period mean 62.0%, range 1.2%-173.6%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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  • FY22 AIR FY: Outside range low roe. -35.2%; 3-period range 6.5% to 19.8%. ROE: -35.2%, below normal range; 3-period mean 11.2%, range 6.5%-19.8%.
  • FY23 AIR FY: Outside range high roe. 19.8%; 3-period range -35.2% to 7.3%. ROE: 19.8%, above normal range; 3-period mean -7.1%, range -35.2%-7.3%.
  • HY23 AIR HY: Outside range high roe. 11.5%; 3-period range -2.2% to 6.3%. ROE: 11.5%, above normal range; 3-period mean 3.1%, range -2.2%-6.3%.
  • HY26 AIR HY: Outside range low roe. -2.2%; 3-period range 5.2% to 11.5%. ROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • FY25 AIR FY: Outside range low debtor days. 0d; 4-period range 0d to 22d. Debtor days: 0.3 days, below normal range; 4-period mean 6.0 days, range 0.4 days-22.4 days.
  • FY26 AIR FY: Unprecedented high debtor days. 22d; 4-period range 0d to 1d. Debtor days: 22.4 days, unprecedented high; 4-period mean 0.5 days, range 0.3 days-0.9 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • FY22 AIR FY: Unprecedented high inventory days. 13d; 4-period range 7d to 9d. Inventory days: 13.1 days, unprecedented high; 4-period mean 7.9 days, range 6.9 days-8.9 days.
  • FY23 AIR FY: Outside range low inventory days. 7d; 4-period range 7d to 13d. Inventory days: 6.9 days, below normal range; 4-period mean 9.5 days, range 7.1 days-13.1 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From PBT swung to a NZ$59m loss on 1.2% revenue as capex more than doubled

There are no formal forward-revenue or earnings targets in the disclosure, but management states that, on assumed jet fuel pricing, second-half earnings are expected to be "broadly in line" with the first half. That implies a full-year result anchored around the current loss-making run-rate rather than a snap-back.

The shape context is misleading on its own: HY25 supplied 84.1% of FY25 NPAT (NZ$106.0m of NZ$126.0m), meaning the prior 2H was unusually weak. With 1H26 already a NZ$40.0m loss and management guiding similar in 2H, FY26 is shaping up well below FY25's NZ$126.0m NPAT and will not be rescued by a normal seasonal step-up.

Open questions

Open questions from HY26

  • When do management expect grounded-aircraft and engine-maintenance disruption costs to unwind, and what FY27 cost run-rate does that imply?
  • What drove the NZ$524.0m working-capital release, and how much of it is expected to reverse in 2H?
  • How is the capex profile expected to evolve from here, and at what point does pre-lease FCF return to positive?
  • What net debt and liquidity thresholds inform the Capital Management Framework's decision to withhold a dividend?
  • How is FX hedging positioned given the weaker NZD's role in the result?

This briefing cannot assess whether the engine-maintenance disruption, capex programme, or working-capital position will normalise on the timetable management is implicitly assuming.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

2026 Annual Report

FY26 / financial report

2026 Annual Results Investor Presentation

FY26 / results presentation

2026 Annual Results Market Release

FY26 / results announcement

Prior comparable period

Air NZ 2025 Annual Report

FY25 / financial report

Air NZ 2025 Annual Results Media Release

FY25 / results announcement

Air NZ 2025 Annual Results Presentation

FY25 / results presentation

Interim context

Air NZ 2026 Interim Report

HY26 / financial report

Air NZ 2026 Interim Results Investor Presentation

HY26 / results presentation

Air NZ 2026 Interim Results Market Release

HY26 / results release

Air NZ 2026 Interim Results NZX Appendix

HY26 / results announcement

Release context

Air NZ provide FY25 earnings guidance

FY25 / commentary

Air New Zealand market update

FY26 / commentary

Air New Zealand strategy reset - Te Pae Hou Our Future

FY26 / commentary

Air New Zealand suspends FY2026 guidance

HY26 / commentary

Peer context

Other covered Transport & Infrastructure companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

AIA · FY26

Auckland International Airport

11 published result briefings

NPH · HY26

Napier Port Holdings

11 published result briefings

SPN · FY26

South Port New Zealand

11 published result briefings

IFT · FY26

Infratil

10 published result briefings

Compare AIR, AIA, NPH, SPN →Transport & Infrastructure result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 28 August 2026

Air New Zealand swings to a $336.0m pretax loss on fuel costs

Revenue rose 3.9% but profit before tax swung to a $336.0m loss as fuel costs and a heavier capex programme pushed free cash flow negative.

Read briefing

HY26 · Released 26 February 2026

PBT swung to a NZ$59m loss on 1.2% revenue as capex more than doubled

A NZ$524m working-capital release flattered headline cash but could not stop net debt swinging to NZ$450m from NZ$154m of net cash a year ago.

Read briefing

FY25 · Released 28 August 2025

PBT fell 14.9% on flat revenue as working-capital build doubled the historical

Air New Zealand earned flat revenue of NZ$6.8b but PBT declined 14.9% to NZ$189m, with a NZ$33m working-capital build nearly 2.5 times the historical

Read briefing

HY25 · Released 20 February 2025

Engine grounding drives 17.8% NPAT slide; dividend cut 37.5%

NPAT fell to NZ$106.0m at the top of guidance, but with up to 11 aircraft grounded at times in 2H25 the dividend was reset.

Read briefing

FY24 · Released 29 August 2024

Pre-lease FCF collapsed to NZ$19m as capex rose 31% and OCF halved

NPAT stepped down off the FY23 reopening peak, but the cash squeeze leaves an 81.4% NPAT payout uncovered by free cash flow.

Read briefing

HY24 · Released 22 February 2024

PBT fell 38.1% and capex rose 59.6%, turning FCF negative

Revenue grew 11.2% but earnings normalised from the post-reopening peak as a 2.0cps dividend was declared against negative free cash.

Read briefing
Open all 9 result briefings

Related insights

Compare this company

The latest AIR metrics also appear in these cross-company comparisons.

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 3.80x, +2.70x versus the prior comparable period.

Open insight

Insight

Earnings quality and statutory distortions

This result includes a statutory earnings-quality distortion flag.

Open insight

Insight

Cash conversion quality

This result converted 174.3% of EBITDA to operating cash flow, +72.8pp versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was 3.9% for this reporting period.

Open insight

Get notified when AIR publishes

Get the next Air New Zealand result briefing and five-year history updates by email.