Qantas

Qantas Annual Report 2021 Financial Snapshot 02 Five-year History 03 Keeping the Spirit of Australia flying 04 Chairman s Message 06 CEO s Message 08 Board of Directors 10 Review of Operations 14 Condensed Corporate Governance Statement 29 Directors Report 31 Financial Report 65 Shareholder Information 141 Financial Calendar and Additional Information 142 Cover image: Qantas employees who operated flights to repatriate Australians and to carry essential freight during the ANNUAL REPORT 2021 Contents011 Refer to the Review of Operations section in the Qantas Annual Report 2021 for definitions and explanations of non-statutory measures. Unless otherwise stated, amounts are reported on an underlying DOMESTIC F LY ING C A SH POSITIVE30%INCREASE IN FREQUENT FLYER DOMESTIC FLIGHT REDEMPTIONS IN 2H21 COMPARED WITH PRE-COVID LEVELS46 NEW DOMESTIC ROUTES ANNOUNCED SINCE THE PANDEMIC BEGAN($ ) billionUNDERLYING LOSS BEFORE TAX$267 million NET FREE CASH FLOW 2H21$650 millionANNUALISED STRUCTURAL COST BENEFITS DELIVERED $ billionTOTAL LIQUIDITY($ ) billionSTATUTORY LOSS

2 2019 has been restated for the impact of the adoption of AASB 16 Leases and the IFRIC agenda decision in relation to fair value hedges. 2018 has been restated for the impact of AASB 15 Revenue from Contracts with Customers, however 2017 continues to be reported under previous accounting standards.

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