Qantas Airways: Sunrise showcase shows the early road to international recovery ahead

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Qantas Airways: Sunrise showcase shows the early road to international recovery ahead

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Qantas Airways

Sunrise showcase shows the early road to

international recovery ahead

Maintain Rating: BUY | PO: 11.60 AUD | Price: 9.99 AUD

Incrementally positive on Qantas international inflection 18 June 2026

We came away from Qantas’ Project Sunrise showcase (at Toulouse, France)

incrementally positive on its ability to deliver on its international profit recovery. Qantas Equity

appears focused on a dual hub international strategy targeting growing premium travel Nathan Gee, CFA >>

demand trends to deliver an inflection of international profits ahead. Project Sunrise Research Analyst

Merrill Lynch (Singapore)

continues to target A$400mn of EBIT with good support from premiumization and nathan.gee@bofa.com

aircraft redeployment shifts but with some risks around cargo and main cabin unit Amy Han >>

revenues on the Sunrise flights. We maintain our Buy on Qantas with near term upside Research Analyst

Merrill Lynch (Hong Kong)

set to be supported by post-war margin recovery in 1H27 with strong international amy.han@bofa.com

pricing power, while we see medium term upside from a successful turnaround on Hiro Nakakura, CFA >>

international through re-fleeting. Research Analyst

Still targeting A$400mn EBIT lift from Sunrise hiro.nakakura@bofa.com

Project Sunrise is Qantas’ ultra long haul project involving 12 A350-1000 ULR aircraft

capable of flying non-stop from Sydney to London or New York. Qantas continues to

target A$400mn of EBIT from Project Sunrise with around a third of this boost from the Stock Data

30% unit revenue premium expected on Sunrise flights. Qantas sees another one-third Price (Common / ADR) 9.99 AUD / 34.73 USD