AIR NEW ZEALAND LIMITED (AIZ)
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AIZ - AIR NEW ZEALAND LIMITED

FNArena Sector : Transportation & Logistics

Year End: June

GICS Industry Group : Transportation

Debt/EBITDA: 3.2

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$0.36 02 Apr 2026	0.000 OPEN $0.37	0.000 HIGH $0.37	287,021 LOW $0.36

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$0.36

02 Apr
2026

0.000

OPEN

$0.37

0.000

HIGH

$0.37

287,021

LOW

$0.36

OTHER COMPANIES IN THE SAME SECTOR
ACE . AQZ . AVD . AZJ . BWN . BXB . CLX . ERD . FRW . KLS . KSC . LAU . NTD . QAN . QUB . SPZ . SST . THL . VGN . WTC .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY26 Forecast	FY27 Forecast
EPS (cps)	- 5.1	xxx
DPS (cps)	0.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	N/A	xxx
Dividend Yield	0.0%	xxx
Div Pay Ratio(%)	N/A	xxx

Title	FY26 Forecast	FY27 Forecast
EPS (cps)	- 4.7	xxx
DPS (cps)	0.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	N/A	xxx
Dividend Yield	0.0%	xxx
Div Pay Ratio(%)	N/A	xxx

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	3.8	- 5.7	xxx
DPS (cps)	xxx	2.5	0.0	xxx
EPS Growth	xxx	- 11.6%	N/A	xxx
DPS Growth	xxx	- 28.6%	N/A	xxx
Div Pay Ratio(%)	xxx	65.8%	N/A	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 2.87%

Last ex-div: 11/09 - (franking ex-div 0.96c)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2026 FactSet UK Limited. All rights reserved

Title	2020	2021	2022	2023	2024	2025
EPS Basic	xxx	xxx	xxx	xxx	xxx	3.4
DPS All	xxx	xxx	xxx	xxx	xxx	2.3
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	6,161.6 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	54.5
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	857.4 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	1.87 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2020	2021	2022	2023	2024	2025
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	6.32 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	3.01 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	1.45 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	6.32 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	3.59 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	61.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2020	2021	2022	2023	2024	2025
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	740 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	1,889 M
Total Debt	xxx	xxx	xxx	xxx	xxx	2,629 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	1,330 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.99

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2020	2021	2022	2023	2024	2025
Capex	xxx	xxx	xxx	xxx	xxx	711.5 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	11.55 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	5,311 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	691 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	445 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

-1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	26/03/2026	5	Underperform	-	-	Air New Zealand has higher fuel prices added to its cost challenges which Macquarie suspects will put pressure on the recovery. The airline has made initial capacity adjustments, mostly to domestic and trans-Tasman routes for coming months, and will further review the schedule to consolidate demand into fewer frequencies. Commentary explains earnings pressure in the second half will come from the spike in unhedged crack spreads and a lagged recovery through pricing. The airline will prioritise flying on the most fuel-efficient aircraft as it works through its network optimisation, yet the broker suggests this will be a tough ask. Macquarie now forecasts a pre-tax loss of -NZ$268m in FY26. Underperform. Target is reduced to NZ$0.42 from NZ$0.51. FORECAST Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.06 cents. Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.71 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

26/03/2026

Underperform

Air New Zealand has higher fuel prices added to its cost challenges which Macquarie suspects will put pressure on the recovery.

The airline has made initial capacity adjustments, mostly to domestic and trans-Tasman routes for coming months, and will further review the schedule to consolidate demand into fewer frequencies.

Commentary explains earnings pressure in the second half will come from the spike in unhedged crack spreads and a lagged recovery through pricing.

The airline will prioritise flying on the most fuel-efficient aircraft as it works through its network optimisation, yet the broker suggests this will be a tough ask.

Macquarie now forecasts a pre-tax loss of -NZ$268m in FY26. Underperform. Target is reduced to NZ$0.42 from NZ$0.51.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.06 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.71 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	16/03/2026	5	Sell	-	-	Air New Zealand has suspended its 2H26 earnings guidance following a sharp surge in jet fuel prices linked to the escalation of conflict in the Middle East. The airline had previously guided to a 2H26 profit belore tax loss broadly in line with or modestly below the 1H26 loss of -NZ$59m, based on an assumed jet fuel price of US$85/bbl, but jet fuel prices have recently averaged about US$175/bbl. While the airline has hedged around 83% of estimated 2H26 fuel requirements, Jarden highlights the hedges only cover the Brent crude component, leaving exposure to the jet fuel crack spread, which has spiked sharply. Daily fuel costs may have doubled to around -NZ$8-9m, compounding existing pressures from engine issues, rising competition, cost inflation and a stretched balance sheet. Sell rating and NZ$0.47 target price retained. FORECAST Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.71 cents. Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.04 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

16/03/2026

Sell

Air New Zealand has suspended its 2H26 earnings guidance following a sharp surge in jet fuel prices linked to the escalation of conflict in the Middle East.

The airline had previously guided to a 2H26 profit belore tax loss broadly in line with or modestly below the 1H26 loss of -NZ$59m, based on an assumed jet fuel price of US$85/bbl, but jet fuel prices have recently averaged about US$175/bbl.

While the airline has hedged around 83% of estimated 2H26 fuel requirements, Jarden highlights the hedges only cover the Brent crude component, leaving exposure to the jet fuel crack spread, which has spiked sharply.

Daily fuel costs may have doubled to around -NZ$8-9m, compounding existing pressures from engine issues, rising competition, cost inflation and a stretched balance sheet. Sell rating and NZ$0.47 target price retained.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.71 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.04 cents.

Access Extra Coverage Research History >

AIZ STOCK CHART

FNArena News on AIZ

1	Rudi’s View: Strategists Touting Opportunities Apr 02 2026 - Rudi's View

2	Australian Broker Call Extra Edition – Mar 16, 2026 Mar 16 2026 - Daily Market Reports

3	In Case You Missed It – BC Extra Upgrades & Downgrades – 13-03-26 Mar 13 2026 - Weekly Reports

4	Australian Broker Call Extra Edition – Mar 10, 2026 Mar 10 2026 - Daily Market Reports

5	Weekly Ratings, Targets, Forecast Changes – 27-02-26 Mar 02 2026 - Weekly Reports

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Dividend Yield Today On Last Actual Payout :	5.74
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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AIR NEW ZEALAND LIMITED (AIZ)
Share Price Analysis and Chart