Slides
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FY26 Results 28 August 2026
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FY26 ResultsVirgin Australia 1 This presentation has been prepared by Virgin Australia Holdings Limited (ABN 54 100 686 226) (Virgin Australia) to provide summary information about Virgin Australia and its associated entities (the Group) and their activities. The information contained in this presentation is of a general background nature, does not purport to be complete, is provided as at the date of this presentation and remains subject to change without notice. Except as otherwise required by law, Virgin Australia has no obligation to update or correct this presentation. This presentation should be read in conjunction with Virgin Australia’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. The information contained in this presentation does not constitute investment or financial product advice (nor taxation or legal advice) for investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. Nothing in this presentation constitutes or forms part of any offer, invitation, solicitation or recommendation to buy or sell securities. All references to dollar amounts are references to Australian dollars (AUD) unless otherwise stated. This presentation is unaudited. Notwithstanding this, the presentation contains disclosures which are extracted or derived from the consolidated financial statements in Virgin Australia’s Annual Report year ended 30 June 2026 which have been audited by Virgin Australia’s auditor. This presentation may contain certain non-IFRS financial information that Virgin Australia believes is relevant and appropriate to understanding its business. Non-IFRS financial information is financial information that is presented other than in accordance with relevant accounting standards and may not be directly comparable with other companies’ information. Any non-IFRS information contained in the presentation is unaudited and has not been reviewed by Virgin Australia’s auditor. For definitions of non-IFRS financial information refer to the Glossary (pages 31-32) in this presentation. Reconciliation of the FY26 Group Statutory to Group Underlying Income Statement is available in the Appendix (page 25) of this presentation. Reconciliations of non-IFRS Underlying financial information to Statutory financial information are available in Appendix A in the Annual Report for FY26. This presentation contains certain forward-looking statements, including statements regarding Virgin Australia’s climate transition strategies and climate scenarios, the impact of climate change and sustainability initiatives on Virgin Australia’s business, commitments to achieve certain environmental, health and safety targets and outcomes and other environmental, social and governance (ESG) targets and ambitions. Forward looking statements can generally be identified by the use of words such as “project”, “foresee”, “forecast”, “plan”, “expect”, “aim”, “ambition”, “aspiration”, “potential”, “goal”, “objective”, “target”, “intend”, “see”, “anticipate”, “expect”, “believe”, “trend”, “estimate”, “may”, “could”, “should”, “would”, “need”, “will”, “must”, “commit”, “guidance”, “outlook” or “set to” or similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. With respect to forward-looking statements concerning climate, sustainability and other ESG matters, these are based on management’s current expectations and reflect judgments, assumptions, estimates and other information available as at the date of this report from industry sources, government bodies or other third parties, which have not been independently verified and are subject to inherent measurement uncertainty. This includes uncertainty associated with long-term risk assessments, mitigation pathways that depend on third party infrastructure, market developments and evolving regulatory and technology settings, as well as estimation techniques used in the calculation and reporting of greenhouse gas emissions. As public policy and regulatory frameworks, as well as the tools and methodology used to assess and address climate change and sustainability issues, are developing over time, differing approaches and standards continue to emerge, meaning there is a risk that the data, models and projections used by management in making its assessment of ESG related statements may be incorrect. Accordingly, the information should be interpreted as an input into risk management decision-making, and Virgin Australia’s ESG targets and goals do not represent guarantees or predictions of resulting future financial or operational performance. Forward-looking statements may also be made, verbally or in writing, by members of the Group’s management or Virgin Australia’s Board in connection with this presentation. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. Forward looking statements, opinions, and estimates provided in this presentation involve a number of risks, assumptions and contingencies, many of which are beyond Virgin Australia’s control and which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. It is believed that the expectations reflected in these forward-looking statements, opinions and estimates are reasonable, but there can be no assurance that actual outcomes will not differ materially from these statements. Such forward looking statements, opinions and estimates are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Undue reliance should not be placed on forward looking statements. Virgin Australia makes no representation and gives no assurance or guarantee that the forward- looking statements contained in this report will be realised. An investment in Virgin Australia shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Group. Virgin Australia does not guarantee any particular rate of return or the performance of the Group nor does it guarantee the repayment of capital from Virgin Australia or any particular tax treatment. No representation or warranty, express or implied, is made as to the accuracy, completeness or reliability of the information. To the fullest extent permitted by law, neither Virgin Australia nor any other Group Member nor any of their or its directors, officers, employees and advisers accept any liability for any loss arising from reliance on this presentation or its contents. Disclaimer
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2 Results overview
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FY26 ResultsVirgin Australia 3 Earnings growth and margin expansion in challenging year Stronger commercial and operational outcomes through transformation Targeted investments in Velocity, fleet, AI and people Key messages FY26 results demonstrate our strategy is delivering sustainable earnings growth Application of Capital Allocation Framework enables FY26 dividend of 7.6 cents per share (fully franked) Strategy is working Earnings quality continues to improve Investing to strengthen long-term competitive position
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FY26 ResultsVirgin Australia 4 • Value carrier with targeted customer segment focus • Operates in highly attractive1 Australian market • Stability and future growth from Velocity Performance measured against value creation pillars A simple, focused business • NPS momentum continues • Corporate and SME market share growth • Fleet transitioning to new and efficient MAX aircraft Experiences our guests love • OTP of 77.1% (up 30bps) with >80% in June quarter • Load factor 84.9% • Completion rate of 98.7% - the highest of major Australian airlines2 Operational excellence • Fuel hedging protecting earnings • Strong balance sheet with leverage <1.0x underlying EBITDA • EBIT margins up 60bps on FY25 Exceptional financial performance3 1. Attractive due to vast geography, long distances between capital cities and limited fast transport alternatives. 2. Includes Virgin Australia, Qantas and Jetstar. 3. Measured on an underlying basis which excludes the impact of Significant Items.
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FY26 ResultsVirgin Australia 5 Earnings history Underlying EBIT has increased more than 70% over the past three years with margins improving 320bps, supported by the Transformation Program Underlying EBIT Margin (%) 10.7% 12.1% 14.4% 14.8% 6.8% 7.1% 8.1% 8.9%8.8% 9.7% 11.4% 12.0% 1H 2H FY FY23 FY24 FY25 FY26 Underlying EBIT ($m) 439 519 664 753 270 334 439 490 169 185 225 263 1H 2H FY23 FY24 FY25 FY26
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FY26 ResultsVirgin Australia 6 • Strong customer demand, continued delivery of benefits from Transformation Program and effective hedging program helped offset above inflation cost headwinds • Revenue increased 8.1% to $6.3b • EBIT increased 13.4% to $753m, with EBIT margin increasing 60bps to 12.0% • NPAT reflects the growth in EBIT, moderate increase in net finance costs and a 30% effective tax rate • Statutory NPAT includes the reduction in Significant Items and lower benefit from deferred tax asset recognition • Fully franked dividend of 7.6cps declared with leverage below target range of 1-2x net debt/ underlying EBITDA • ROIC improved to 20.1% on higher EBIT with increasing fleet investment consistent with Capital Allocation Framework 1. All amounts are underlying unless stated otherwise. Underlying results exclude the impact of Significant Items. $753m EBIT up 13.4% on FY25 12.0% EBIT Margin up 60bps on FY25 20.1% ROIC up 140bps on FY25 $501m Statutory NPAT up 4.7% on FY25 0.9x Net Debt to EBITDA Below target range of 1-2x $404m NPAT up 21.9% on FY25 50.9c Diluted EPS up 12.9% on FY25 $6,278m Revenue up 8.1% on FY25 Strategic decisions provided resilience and delivered strong earnings growth in FY26 FY26 Results1 overview
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FY26 ResultsVirgin Australia 7 $616m EBIT up 15.2% on FY25 10.2% EBIT Margin up 60bps on FY25 1.8% ASK growth vs FY25 5.1% CASK growth vs FY25 77.1% On time performance (OTP) up 30bps on FY25 5.9% RASK growth vs FY25 30 Strategic Net Promoter Score (NPS) up 3 on FY25 • FY26 RASK – strong growth of +5.9% reflecting underlying demand and delivery of commercial transformation • June quarter RASK – growth of 6.4%, consistent with guidance • Capacity – disciplined investment with 1.8% ASK growth. Domestic capacity growth was 2.9% in FY26 and flat in the June quarter • EBIT margin – expanded to 10.2% with transformation offsetting significant cost inflation (CASK increased 5.1%) • NPS – continued positive momentum with improvement to 30 • Operations – both OTP and completion rate improved 30bps with highest results in June quarter 1. EBIT and EBIT margin are represented on an underlying basis which excludes the impact of Significant Items. 98.7% Completion rate up 30bps on FY25 Strong market demand as customers continue to prioritise travel Airline segment1 overview
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FY26 ResultsVirgin Australia 8 $143m EBIT up 12% on FY25 29.4% EBIT Margin up 110bps on FY25 9.0% Growth in Active Members vs FY25 Active Members 12.4% External Billings growth vs FY25 $487m Revenue up 8.1% on FY25 800k+ New Members vs FY25 80+ Partners • Underlying Revenue – growth of 8.1% with strong external billings growth of 12.4% • Active members – continue to grow (up 9%), with increased billings from the financial services portfolio • Member engagement – remained strong through increased points earning from new partnerships and annualised impact of relaunched Financial Services products • EBIT margin – benefit from lower redemption levels with temporary impact from Middle East conflict reducing number of available long-haul flights • RBA – interchange fee changes to commence 1 October 2026, Velocity to accelerate investment in growth opportunities, driving a targeted low double digit underlying EBIT growth in FY28 and FY29 1. Revenue, EBIT and EBIT margin are represented on an underlying basis which excludes the impact of Significant Items. Strong external billings and member growth Velocity segment1 overview
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FY26 ResultsVirgin Australia 9 Gross transformation benefits ($m) FY24 FY25 FY26 Total • Over $450m in gross transformation benefits delivered in FY26 • Transformation Program essential to enable Virgin Australia to fight industry-wide cost escalation and deliver margin accretion. Initiatives include: • Commercial (~50% of total): revenue management optimisation, increasing direct sales, B2B2 market share growth • Operational (~40% of total): seat densification, VARA fleet renewal, integrated planning, fuel efficiency • Velocity (~10% of total): data personalisation >$250m >$450m >$1.1bn>$450m 1. Gross transformation benefits are defined as annual recurring EBIT benefits before one time implementation cost and impact of inflation and competition. Costs classified as Significant Items are decreasing. 2. Business to business. Transformation Delivered more than $1.1 billion in gross transformation over past three years with more to come 1 Future benefits from existing and new initiatives enabled by investment in AI Targeting additional >$350m in gross benefits in FY27
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FY26 ResultsVirgin Australia 10 FY26 Financial information
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FY26 ResultsVirgin Australia 11 • Strong underlying result and customer demand, with transformation continuing to deliver EBIT growth and margin expansion • Disciplined capacity management • Depreciation – increased 17.4% from investment in newer, more efficient fleet, driving operational benefits • Net finance costs – moderate increase with higher interest expense on leases (fleet renewal) partly offset by increased interest income • Income tax expense – 30% effective tax rate with all tax losses now fully utilised • EPS – growth of 12.9% reflects dilutionary effect of shares from the IPO Underlying Change FY26 FY25 YOY Underlying Income Statement 1 ($m) Revenue and income 6,277.9 5,809.7 468.2 8.1 % Operating expenditure (5,038.2) (4,730.8) (307.4) (6.5) % EBITDA 1,239.7 1,078.9 160.8 14.9 % Depreciation and amortisation (486.5) (414.5) (72.0) (17.4) % EBIT 753.2 664.4 88.8 13.4 % Net finance costs (174.3) (171.7) (2.6) (1.5) % Net profit before tax 578.9 492.7 86.2 17.5 % Income tax expense (175.3) (161.5) (13.8) (8.5) % Net profit after tax 403.6 331.2 72.4 21.9 % Key Financial Metrics Underlying EBITDA margin 19.7 % 18.6 % 110bps Underlying EBIT margin 12.0 % 11.4 % 60bps Diluted underlying EPS (cents) 50.9 45.1 5.8 12.9 % 1. Reconciliation of the FY26 Group Statutory to Group Underlying Income Statement on page 26. Group underlying results Continued EBIT margin expansion
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FY26 ResultsVirgin Australia 12 Underlying EBIT Margin 11.4% Underlying EBIT Margin 12.0% 664 31 347 6 (309) 16 753 FY25 Underlying EBIT Activity RASK Fuel (rate) Non-Fuel Costs (rate) Velocity EBIT FY26 Underlying EBIT FY26 FY25 YOY Airlines Underlying EBIT($m) 616 535 81 Underlying EBIT margin 10.2 % 9.6 % 60bps Velocity Underlying EBIT($m) 143 127 16 Underlying EBIT margin 29.4 % 28.3 % 110bps Activity vs FY25 Domestic ASK +2.9% SHI ASK (4.5)% Total ASK 1.8% RASK vs FY25 +5.9% NOTE: Numbers may not add due to rounding. 1. Non-fuel costs includes direct costs, overheads, depreciation and amortisation and FX. 2. Gross Transformation benefits >$450m included above. Major items Airports ($121m) D&A ($73m) Labour ($68m) Maintenance $58m +60bps $89m 1 2 Underlying EBIT drivers
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FY26 ResultsVirgin Australia 13 • Labour costs (up 8.3%) – increase reflects transformation investment, growth of the business and inclusion of public company costs • Airport charges (up 15.4%) – continued capital investment by monopoly critical infrastructure, driving up costs • Fuel costs (down 0.1%) – improved burn rate from MAX aircraft and benefit of effective hedging program offset increased refining margins. All in fuel price of $168/bbl • Maintenance (down 3.6%) – benefit from second half lease extensions which lowers heavy maintenance provision, more than offsetting high unit rates • Variable leases costs (down 19.4%) – conversion of wet lease routes to direct flying FY26 FY25 Change YOY Underlying operating expenses ($m) Labour and staff related 1,393.8 1,286.5 (8.3) % Airport charges, navigation and station operations 1,238.3 1,072.9 (15.4) % Fuel and oil 1,090.8 1,091.4 0.1 % Commissions, other marketing and reservations 448.7 417.1 (7.6) % Contract and other maintenance 379.6 393.8 3.6 % Communications and technology 159.5 138.3 (15.3) % Aircraft variable leases 68.2 84.6 19.4 % Other 259.3 246.2 (5.3) % Total operating expenses 5,038.2 4,730.8 (6.5) % Depreciation and amortisation 486.5 414.5 (17.4) % Total expenses 5,524.7 5,145.3 (7.4) % Operating Metrics Passengers carried (m) 1 21.3 20.7 3.2 % ASK (m) 34,318 33,725 1.8 % CASK (cents per ASK) (15.7) (15.0) (5.1) % CASK ex Fuel (cents per ASK) (12.5) (11.7) (7.0) % 1. Percentage increase based on actual passenger numbers. Underlying operating expenses Transformation partly offsetting industry wide headwinds
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FY26 ResultsVirgin Australia 14 1,118 1,300 55 (884) 471 (34) 278 (171) (36) (254) 1,844 Closing group cash FY25 Operating cash flow Interest income Capex spend Proceeds on sale of assets Net payment for other deposits External debt proceeds Interest paid FX revaluation of USD cash Repayment of lease liabilities Closing group cash FY26 Cash flow Capex spend FY26 FY25 YoY Heavy maintenance (399) (396) (3) Non-heavy maintenance (65) (83) 18 Engines & aircrafts (incl. PDPs) (502) (183) (319) Lessor receivables 82 166 (84) Total (884) (496) (388) • Strong operating cash flow of $1,300m inclusive of $159m income tax payments • Capex spend reflects increase in fleet renewal including debt financed aircraft purchases and is consistent with guidance • Asset proceeds includes sale and leaseback (SLB) for six Boeing 737-8 (MAX) aircraft • Additional liquidity provided from loan drawdown during the year • Total cash increase $725m Free cash flow $908m Financing cash flow ($183m)
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FY26 ResultsVirgin Australia 15 30 June 2026 30 June 2025 Change YOY Balance sheet item $m $m $m Interest bearing liabilities Secured aircraft finance facilities 663.5 730.1 66.6 Secured loans 925.3 435.1 (490.2) Unsecured loan – 146.2 146.2 Total interest-bearing liabilities 1,588.8 1,311.4 (277.4) Lease liabilities Aircraft leases 1,284.3 829.2 (455.1) Property leases 122.6 147.8 25.2 Other leases 1.9 7.3 5.4 Total leases 1,408.8 984.3 (424.5) Total debt 2,997.6 2,295.7 (701.9) Cash Cash and cash equivalents 1,375.4 1,035.2 340.2 Term deposits at bank 468.1 83.0 385.1 Total cash, cash equivalents and term deposits 1,843.5 1,118.2 725.3 Total net cash/(debt) (1,154.1) (1,177.5) 23.4 Undrawn corporate debt facility – 500.0 (500.0) Net Debt to Underlying EBITDA 0.9 x 1.1 x 0.2x • Prudent application of Capital Allocation Framework and strong cash generation resulted in leverage of 0.9x which is below target range of 1-2x net debt to underlying EBITDA • Total debt increase reflects fleet investment and precautionary drawdown of revolving debt facility to provide additional liquidity • Interest-bearing liabilities includes debt financed purchase of four new aircraft, while aircraft leases reflects 13 new leased aircraft delivered • Proceeds from sale and leaseback of aircraft used to reduce secured aircraft facilities • Liquidity of $1.6b at 30 June 20261 1. Represents unrestricted cash, cash equivalents and term deposits of $1,557.0m. Group net debt and liquidity Balance sheet remains conservative with leverage under target range
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FY26 ResultsVirgin Australia 16 Virgin Australia narrowbody fleet profile 1 AOC Aircraft 2025 Change June 2026 Change 2027F VA Airlines 2 Boeing 737-800 79 (5) 74 (5) 69 Boeing 737-700 9 – 9 – 9 Boeing 737-8 (MAX) 8 13 21 5 26 VARA Fokker F100 3 (3) – – – Airbus A320 5 (2) 3 (3) – Embraer E190-E2 – 4 4 2 6 Total (excl. wet lease) 104 7 111 (1) 110 A320 leased aircraft held for return (3) Total (excl. wet lease & leased aircraft held for return) 108 110 Domestic wet lease lines 3 11 8 6 Total (incl. Domestic wet lease & excl. leased aircraft held for return) 115 116 116 Average fleet age 4 13.4 years 11.5 years 11.2 years Owned Fleet 32 % 31 % 39 % Leased Fleet 68 % 69 % 61 % • Significant investment in new, efficient aircraft continues with 17 deliveries during FY26 enabling fleet simplification to Boeing 737s and Embraer E190s • VARA fleet renewal on track with Fokker F100s sold and Airbus A320s no longer in operation • Increasing owned aircraft mix to 39% with debt funded purchase of seven aircraft (5x Boeing 737-8 (MAX) and 2x Embraer E190-E2) in FY27 – delivers improved financial returns5 • Young average fleet age of 11.5 years, expected to drop further as fleet replacement continues • Boeing 737-8 (MAX) to account for 25% of 737 fleet by June 2027 which is expected to provide maintenance and fuel savings 1. As at 30 June 2026. Reflects contractual positions and does not include wide body aircraft for the wet lease arrangement with Qatar Airways. Contracted fleet position aligns with the accounting treatment for recognition of aircraft leases to the financial statements. 2. VA Airlines AOC are held by Virgin Australia Airlines Pty Ltd and Virgin Australia International Airlines Pty Ltd. 3. Wet lease lines include Fokker F70, Fokker F100, Embraer E1 and Saab 340 aircraft. 4. Calculation excludes wet lease aircraft and Airbus A320 leased aircraft held for return. 5. Assumes 4x Boeing 737-800 are converted from leased to owned. Fleet profile and order book Transition to more efficient and younger fleet
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FY26 ResultsVirgin Australia 17 Capital Allocation Framework Declaration of inaugural dividend is application of framework in action Capital Allocation Framework Prioritise balance sheet and business as usual requirements Maintain net debt within a long-term ~1.0x - 2.0x underlying EBITDA target Business as usual operations / maintenance capex (incl. existing fleet and ESG ambitions) Excess cash invested into growth opportunities Surplus cash returned to shareholders Group Operating Cash Flow Return excess cash via the most optimal path including share buy-backs or dividends Target ensures longevity and sustainability of the business Investment into business as usual operations and ESG to ensure long-term sustainability Value creating investments to drive long-term shareholder value growth Invest into value-accretive projects, where ROIC > WACC (pre-tax) across the cycle Investment into new fleet and network (including future requirements) Invest into value-accretive capex and growth opportunities Return surplus cash to shareholders Inaugural dividend as a re-listed company - 7.6 cents per share declared fully franked
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FY26 ResultsVirgin Australia 18 FY27 Outlook
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FY26 ResultsVirgin Australia 19 Key assumptions • Capacity: will continue to be managed with discipline, with domestic capacity to reduce by 3% in 1HFY272 • RASK: expected to grow 6-8% in 1HFY27 reflecting strong demand, transformation and disciplined capacity management • Costs: benefits from the Transformation Program and lower maintenance costs expected to partly offset headwinds in airport and labour costs, resulting in CASK (ex fuel) growth for 1HFY27 being less than RASK growth • Fuel: expected cost of ~$700m in 1HFY27 based on the forward curve1 and 3.2m barrels consumed – hedging for remainder of 1HFY271 is 96% (Brent) and 20% (refining margins) • Velocity: continued strong underlying momentum in active member growth and external billings, offset by one-off impact of RBA interchange fee reset and ramp up of investment in 3-year Velocity transformation program, resulting in FY27 underlying EBIT being broadly in line with FY26. This investment is targeted to deliver low double digit underlying EBIT growth for FY28 and FY29 Demand and forward bookings remain strong with consumers continuing to prioritise travel Based on forward fuel curve1, 1HFY27 underlying EBIT expected to be broadly in line with 1HFY26 Other • Capex: expected to be ~$0.9bn to $1.0bn for FY27 with 7x new aircraft to be purchased (5x 737-8 and 2x E190-E2) with leverage expected to remain towards the low end of the 1-2x target range • Significant Items: excluded from FY27 underlying EBIT ~$40m (transformation costs of ~$20m, IPO-related share based payments of ~$20m) and any foreign-exchange movements in aircraft lease liabilities 1. As of 25 August 2026. 2. As measured by domestic ASKs compared to 1HFY26. FY27 Outlook
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FY26 ResultsVirgin Australia 20 Segments Growth Velocity Initiatives Key Transformation Levers Domestic market growth SHI and VARA growth Synergies from expanded airline partnerships Increase share of high value customers Capture greater willingness to pay Upsell ancillary products Deliver operational excellence Enable fleet transformation Optimise cost of sales, cost to serve and overheads Drive deeper loyalty to Virgin Australia Airlines Grow active members and deepen engagement through data personalisation /analytics Expand partner coalition (incl. financial services) Cost InitiativesRevenue Initiatives + Segment GrowthSegment Growth We have a clear plan to deliver continued earnings and margin growth
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FY26 ResultsVirgin Australia 21 Appendix
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FY26 ResultsVirgin Australia 22 Virgin Australia overview and investment thesis 1. Attractive due to vast geography, long distances between capital cities and limited fast transport alternatives. • We are the second largest airline group operating in the highly attractive1 Australian aviation market • Our business has been reinvigorated through a comprehensive strategy reset, refocusing our target customer segment supported by a refreshed, focused customer value proposition, and becoming a simpler, resilient and more focused airline with a disciplined approach • We have a stated ambition of being Australia’s most loved airline – by our people, our guests and our owners • We see continued significant room for growth for Velocity Frequent Flyer – our award-winning loyalty program, and growth opportunities for Virgin Australia Regional Airlines (VARA) • We have world class international airline partners, which is strengthened by Qatar Airways Group’s equity investment and integrated alliance with Virgin Australia • We have a conservative balance sheet, with financial discipline applied throughout the business • We are in the midst of a significant Transformation Program that is expected to continue to drive EBIT margin growth through revenue, cost and Velocity initiatives • We have a clear plan to deliver continued earnings and margin growth
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FY26 ResultsVirgin Australia 23 Velocity FY27 and beyond Investment in FY27 expected to drive long-term EBIT growth Flat EBIT expected in FY27; gains to be tempered by one-off RBA reset and substantial investment in long- term growth FY27 Investing to unlock attractive growth opportunity for value-led Velocity offering in Australian loyalty landscape FY27- FY29 Strong underlying momentum in active member growth and external billings Material new program partnerships including deeper, strategic FS partnerships Building the technology, data and personalisation capabilities to accelerate member engagement across earn categories Selectively growing in adjacent value pools with strong brand fit and growth potential (e.g. Velocity Store, VA Holidays) 1 2 3 4 Investing to unlock attractive growth opportunity for value-led Velocity offering in Australian loyalty landscape One-off reset of FS billings, driven by RBA surcharge and interchange regulatory changes Offset by volume growth in new deeper FS partnership and strong growth expected from Lifestyle Partners Ramping up investments for 3-year Tx program, reaching maturity in FY29
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FY26 ResultsVirgin Australia 24 Maintaining Customer TrustCaring for our People, Guests and CommunitiesProtecting our Natural World Embedding sustainability at the core of our business 1. This target applies to all Virgin Australia domestic and SHI flights. The LHI services operated under wet lease arrangements with Qatar Airways that commenced from June 2025 are excluded from this target. The FY19 baseline was adjusted when the targets were set to reflect the post-administration operation and flight paths – it excludes Tiger Airways Australia, LHI operations/routes, domestic freighters, and Alliance Airlines operations. 2. This target includes all items banned by state governments, as well as problematic and unnecessary single-use plastics. It excludes items required for medical or health and safety reasons. 3. General waste excludes quarantine, aeronautical, liquid and hazardous waste. Safety and wellbeing • Trusted, safe operations. Safety is first and above all else • On track with safety targets and maintaining industry best practice Engaging and developing our people • Inclusive, diverse and collaborative organisation • Our people and customers are at the core • Virgin Flair is visible and celebrated • Motivated and empowered teams with momentum to innovate Cybersecurity and Privacy • Building a resilient, collaborative, compliant, security-minded culture • Building a strong culture of privacy • Responsible use of data • Maintaining customer trust Climate Change • Commitment to target net zero by 2050 • Updated emissions baseline from FY19 to FY24 to reflect the current structure of the business, improved measurement methodology, and the regulatory environment in which it now reports • Updated FY30 target1 to a 27% reduction in net Scope 1 emissions intensity from an FY24 base year, reflecting the current regulatory settings (Safeguard Mechanism) - 6.5% achieved by the end of FY26 • Published first mandatory Sustainability Report in accordance with AASB S2 Waste • Targeted plans to reduce single use plastics2 and general waste3
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FY26 ResultsVirgin Australia 25 FY26 Group Statutory to Group Underlying reconciliation FY26 FY25 Income Statement ($m) Statutory Significant Items Underlying Statutory Significant Items Underlying Revenue and income 6,352.9 (75.0) 6,277.9 5,809.7 – 5,809.7 Operating expenses Labour and staff related (1,473.7) 79.9 (1,393.8) (1,380.1) 93.6 (1,286.5) Fuel and oil (1,090.8) – (1,090.8) (1,091.4) – (1,091.4) Airport charges, navigation and station operations (1,238.4) 0.1 (1,238.3) (1,072.9) – (1,072.9) Commissions, other marketing and reservations (448.5) (0.2) (448.7) (419.0) 1.9 (417.1) Contract and other maintenance (381.6) 2.0 (379.6) (397.7) 3.9 (393.8) Communications and technology (171.0) 11.5 (159.5) (154.4) 16.0 (138.4) Aircraft variable leases (68.2) – (68.2) (84.6) – (84.6) Depreciation & amortisation (492.2) 5.7 (486.5) (424.1) 9.6 (414.5) Other (211.2) (48.1) (259.3) (361.0) 114.9 (246.1) Total expenditure (5,575.6) 50.9 (5,524.7) (5,385.2) 239.9 (5,145.3) Profit before net finance costs and tax (EBIT) 777.3 (24.1) 753.2 424.5 239.9 664.4 EBIT Margin 12.2 % 12.0 % 7.3 % – 11.4 % Net finance costs (174.3) – (174.3) (171.7) – (171.7) Net profit before tax 603.0 (24.1) 578.9 252.8 239.9 492.7 Income tax benefit/ (expense) (101.8) (73.5) (175.3) 225.7 (387.2) (161.5) Net profit after tax 501.2 (97.6) 403.6 478.5 (147.3) 331.2 1. Refer to page 26 for a reconciliation of EBIT and significant items.
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FY26 ResultsVirgin Australia 26 Reconciliation of EBIT and Significant Items ($m) FY26 FY25 Statutory profit before net finance costs and tax (EBIT) 777.3 424.5 Significant Items Expiry of COVID-19 Credits (75.0) – IPO related share-based payments 40.8 16.0 Restructuring and transformation costs 18.0 55.5 IT transformation projects 29.6 54.5 Impairment of assets and accelerated depreciation 5.7 8.5 Foreign exchange revaluation (41.3) 2.5 IPO and transaction costs (5.0) 99.9 Other 3.1 3.0 Total Significant Items (24.1) 239.9 Underlying EBIT 753.2 664.4
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FY26 ResultsVirgin Australia 27 FY26 FY25 Change Key Financial Metrics Underlying revenue and income ($m) 6,023.9 5,576.1 447.8 8.0 % Underlying EBIT ($m) 615.9 534.7 81.2 15.2 % Underlying EBIT margin (%) 10.2 % 9.6 % 60bps n/a Operating metrics Passengers carried (m) 21.3 20.7 0.7 3.2 % Available Seat Kilometres (m) 34,318 33,725 593 1.8 % Load factor (%) 84.9 % 84.9 % — ppts — Revenue per Available Seat Kilometre (RASK, cents per ASK) 17.5 16.5 1.0 5.9 % Cost per Available Seat Kilometre (CASK, cents per ASK) (15.7) (15.0) (0.8) (5.1) % Cost per Available Seat Kilometre ex Fuel (CASK ex fuel, cents per ASK) (12.5) (11.7) (0.8) (7.0) % 1. Percentage increase based on actual passenger numbers. 1 Airlines segment overview
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FY26 ResultsVirgin Australia 28 Velocity segment overview FY26 FY25 Change Key Financial Metrics Underlying revenue and income ($m) 486.6 450.0 36.6 8.1 % Underlying EBIT ($m) 142.9 127.3 15.6 12.3 % Underlying EBIT margin (%) 29.4 % 28.3 % 110bps 3.9 % Operating metrics Velocity Points earned (b) 1 57.2 54.1 3.1 5.7 % Velocity Points redeemed (b) 1 38.6 36.9 1.7 4.6 % 1. Excludes points from family pooling
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FY26 ResultsVirgin Australia 29 Balance Sheet 30 June 2026 30 June 2025 Change Balance sheet item $m $m $m Cash, cash equivalents and term deposits 1,843.5 1,118.2 725.3 Property, plant and equipment 3,376.0 2,712.6 663.4 Other assets 1,021.5 1,041.3 (19.8) Total assets 6,241.0 4,872.1 1,368.9 Unearned revenue and income (1,660.3) (1,663.4) 3.1 Lease liabilities (1,408.8) (984.3) (424.5) Interest-bearing liabilities (1,588.8) (1,311.4) (277.4) Other liabilities (1,810.3) (1,727.6) (82.7) Total liabilities (6,468.2) (5,686.7) (781.5) Net liabilities (227.2) (814.6) 587.4 1. Other liabilities includes provisions and payables
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FY26 ResultsVirgin Australia 30 $m 106 67 133 33 35 65 26 28 30 31 30 87 213 176 136 116 113 105 98 90 87 77 54 19 17 42 646 240 Secured Debt - Other Aircraft Leases Secured Debt - Aircraft FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 — 100 200 300 400 500 600 700 800 900 1. Excludes property and other leases, $125m of repayments due from FY27 through to FY47. Group debt maturity profile as at 30 June 2026 ($m)
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FY26 ResultsVirgin Australia 31 AOC – Air Operator’s Certificate. Ancillary revenue – Revenue generated in association with airline passenger revenue. It includes revenue from services such as baggage and change fees, fees for additional legroom, seat allocation, cabin upgrades, booking fees, in-flight food and beverage sales, lounge access, in-flight wi-fi internet access and third party ancillary sales (including travel insurance, hotels, parking and other partner sales). Available Seat Kilometres (ASK) – Measured as the number of seats multiplied by the distance flown in kilometres for RPT services in the Airlines segment. This is a measure of the Airlines segment RPT capacity, excluding VARA, which does not use ASK as an operating metric. Cost per Available Seat Kilometre (CASK) – Measure of the cost to operate each seat for every kilometre. It is calculated as the Airlines segment underlying revenue and income less underlying EBIT (adjusted for costs recharged to Qatar Airways), divided by ASKs. CASK (excl. fuel) – Is an alternative measure of the cost to operate each seat for every kilometre, excluding the variability of fuel costs. It is calculated as the Airlines segment underlying revenue and income less underlying EBIT (adjusted for costs recharged to Qatar Airways), less fuel costs, divided by ASKs. Charter services – Contracted air services primarily where a commercial or government customer hires a whole aircraft (or a block of seats) for their specific needs. For charter services, customers specify the routes, times and capacity required and these services are not generally open to the public. The Australian domestic charter industry predominantly comprises services provided to resources and energy companies, and government entities for the transport of their employees to and from work sites. EBIT – Profit before net finance costs and tax. EBIT margin - represents EBIT divided by underlying revenue and income and is expressed as a percentage EBITDA – Profit before net finance costs, tax, depreciation and amortisation. EBITDA excludes the cost of leases recognised on- balance sheet in accordance with AASB 16 Leases (for which depreciation and interest expense is incurred) but includes variable lease costs. EPS – Earnings per share. External billings – refers to sales the Velocity Frequent Flyer loyalty program generates from third parties. FX – Foreign Exchange. Load factor – Percentage of ASKs occupied by passengers (RPKs) for RPT services in VA Airlines (i.e. excluding VARA). This is a measure of the utilisation of available seats. Net Debt – Total interest bearing liabilities and lease liabilities, net of total of cash and cash equivalents (including short-term deposits). Management uses this measure to understand its overall credit position. Net working capital – Total balance of current trade and other receivables and inventory less the total balance of current trade and other payables, unearned revenue and provisions. The net working capital of Virgin Australia is typically negative due to unearned revenue generated by both the Airlines (ticket sales in advance of carriage) and Velocity (deferral of a portion of each point’s value when issued). Management uses this measure to provide insight into its short-term liquidity. This measure may be calculated differently to how other companies calculate net working capital (for example, it does not include all current assets and all current liabilities). NPAT – Net profit after tax. On time performance (OTP) – On time performance (OTP) is a VA Airlines metric (i.e. excluding VARA), measured as domestic flights that departed on time as a percentage of all departures operated on any domestic sector. A flight departure is considered on time if it departed the gate within 15 minutes after the scheduled departure time shown in the airline’s schedule. Passengers carried – Passengers carried is the total number of passengers flown by VA Airlines (i.e. excluding VARA) on RPT services on Australian domestic and short-haul international routes. Points earned – Number of Velocity Frequent Flyer Points issued to members. Points redeemed – Number of Velocity Frequent Flyer Points redeemed by members for available rewards. Glossary
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FY26 ResultsVirgin Australia 32 PPTS – Percentage Points. Revenue per Available Seat Kilometre (RASK) – Airlines segment underlying revenue and income, excluding recharge revenue from Qatar Airways, divided by ASKs. Revenue Passenger Kilometres (RPKs) – Number of seats occupied by passengers multiplied by the distance flown in kilometres for RPT services in the Airlines segment. RPKs is a measure used in calculating yield and load factor. RPKs are a key indicator of demand. RPT – Regular public transport, meaning scheduled passenger transport services operated for the public on fixed routes and timetables (in contrast to charter services). SHI – Short haul international, meaning short international flights usually between neighbouring or nearby countries and typically operated using narrow-body aircraft. Significant Items – Income received and expenses incurred that are considered transformational in nature or are outside of Virgin Australia’s normal operating activities together with foreign exchange revaluation gains or losses on USD denominated aircraft lease liabilities. Due to the nature of these items, management believes it is useful to exclude them when measuring Virgin Australia’s underlying operating performance. SME – Small to medium enterprise. Strategic Net Promoter Score (NPS) – Based on a monthly market survey commissioned by Virgin Australia and conducted by a third party. Approximately 1,000 Australian travellers are asked to rate their likelihood to recommend each domestic airline they have flown with in the prior 12 months. Underlying – Virgin Australia uses certain measures to manage and report on its business that are not recognised under Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS). These measures are referred to as 'non-IFRS financial information' under ASIC Regulatory Guide 230 'Disclosing non-IFRS financial information'. Non-IFRS financial measures are intended to supplement the financial information calculated in accordance with AAS or IFRS and not as a substitute for that information. These non-IFRS measures do not have a prescribed definition under AAS or IFRS and the method that Virgin Australia uses to calculate them may be different to methods adopted by other companies to calculate similarly titled measures. Management uses these non-IFRS financial measures to evaluate the performance and profitability of the overall business, to make operational and investment decisions and for comparison with its business plan and operating budgets and the allocation of resources. Underlying results exclude the impact of Significant items. Velocity or Velocity Frequent Flyer – Virgin Australia’s loyalty program. Wet lease – A leasing arrangement where an airline (the lessor) provides an aircraft along with crew, maintenance and insurance services to another airline (the lessee), for consideration. Under a wet lease the aircraft operates under the lessor’s Air Operator Certificate (AOC), and the lessor retains operational control of the flight. Yield – Airline segment RPT passenger ticket revenue divided by RPKs. Glossary
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FY26 ResultsVirgin Australia 33 Authorised for release by the Virgin Australia Disclosure Committee on 28 August 2026 For further information: Investors Chris Vagg General Manager, Investor Relations +61 409 406 128 investor.relations@virginaustralia.com For further information: Media Virgin Australia Group Corporate Affairs 1800 142 467 corporateaffairs@virginaustralia.com Virgin Australia Holdings Limited ABN 54 100 686 226 Level 11, 275 Grey Street South Brisbane, QLD 4101 Australia +61 7 3295 3000 virginaustralia.com