Air New Zealand (AIR) AGM 2025 summary

Opening remarks and agenda

• Welcomed shareholders in Auckland and online, emphasizing accessibility and hybrid participation; outlined the meeting's agenda and voting procedures.

• Meeting opened with addresses from the Chair and CEO, followed by a review of 2025 performance, resolutions and voting, and general questions.

• Introduced board members, executive team, and external advisors; acknowledged CEO transition from Greg Foran to Nikhil Ravishankar.

Financial performance review

• Delivered earnings before tax of NZD 189 million for FY25, including NZD 35 million from unused travel credit breakage, despite engine constraints and subdued domestic demand.

• Net profit after tax was NZD 126 million; passenger numbers were 16 million, down 3% from 2024; cargo revenue rose 6% to NZD 487 million.

• Received NZD 129 million in engine manufacturer compensation, but actual costs from engine issues estimated at NZD 280–320 million; aircraft availability challenges had a NZD 165 million adverse impact on earnings.

• Non-fuel operating costs rose 6% (NZD 235 million) due to structural increases in charges and levies.

• Maintained strong liquidity (NZD 1.7 billion), above the NZD 1.2–1.5 billion target range, and low net debt to EBITDA (1.1x); Moody’s reaffirmed investment-grade rating.

Board and executive committee updates

• CEO Greg Foran recognized for leadership through crises; Nikhil Ravishankar introduced as incoming CEO, credited for digital and loyalty program advancements.

• Neal Barclay welcomed as new director, bringing experience in sustainability and transformation.

• Board includes Dame Therese Walsh (Chair), Neal Barclay, Claudia Batten, Dean Bracewell, Alison Gerry, Laurissa Cooney, and Larry De Shon.

• Chair Dame Therese Walsh sought re-election for a final term, highlighting governance succession planning.