Air New Zealand reported a NZ$336 million ($199.85 million) loss before taxation for the year ended June 30, its largest annual loss in three years, compared with a NZ$189 million profit a year earlier. The result was narrower than Visible Alpha’s NZ$356.5 million pretax-loss forecast. The airline said higher fuel prices linked to the Middle East conflict increased its fuel bill by an estimated NZ$205 million after hedging (contracts used to limit price risk), while engine availability issues reduced profitability by an estimated NZ$190 million. Air New Zealand did not declare a final dividend and said it was not yet able to provide earnings guidance for 2027, describing the year ahead as one of transition and recovery.