Key highlights

  • Qantas (ASX:QAN) expects first-half FY27 domestic and international unit revenue growth of about 8–10% and FY27 net capex of $4.3–4.6 billion.
  • Auckland International Airport (ASX:AIA) expects passenger volumes to be relatively flat in FY27.
  • Brambles (ASX:BXB) guided to FY27 Underlying Profit growth of 2–6% and free cash flow of US$800–950 million.

Airlines, airports and supply chain logistics companies are linked by movements of people and goods, and their outlook statements depend on fuel, travel demand and consumer volumes. This article reviews the forward-looking commentary of Qantas Airways Limited (ASX:QAN), Auckland International Airport Limited (ASX:AIA) and Brambles Limited (ASX:BXB) following their FY26 results.

The theme is the next chapter for each company: fleet and capacity plans, expected passenger volumes and pallet pooling guidance.

Qantas Airways Limited (ASX:QAN)

Qantas reported Underlying Profit Before Tax of $2.06 billion, with a $420 million net impact from the Middle East conflict, including a $610 million rise in the fuel bill. The final dividend was 19.8 cents per share and Group net capex was $4.0 billion.

On the outlook, the company said travel demand remains resilient, with international demand supported by customers redirecting travel away from the Middle East. It expects Group Domestic and Group International unit revenue to increase by about 8–10% in the first half of FY27, expects jet fuel prices to remain elevated and is highly hedged in Brent crude. Net capex for FY27 is expected to be between $4.3 billion and $4.6 billion. Its fleet renewal, including the first Project Sunrise A350-1000ULR due in April, is expected to lift Qantas International’s operating margin to 10–12%.

Auckland International Airport Limited (ASX:AIA)

Auckland Airport reported 19.04 million passenger movements, revenue of NZ$1,036 million, operating EBITDAFI of NZ$724 million and net underlying profit after tax of NZ$309 million. Airlines reduced seat capacity by 6% from planned levels in the final four months of the year.

For FY27, the airport said it is optimistic about the year ahead but expects passenger volumes to be relatively flat. The final dividend was 6.75 cents per share, and the company is continuing infrastructure investment, including projects aimed at reducing natural gas use.

Brambles Limited (ASX:BXB)

Brambles reported Underlying Profit of US$1,494.4 million, up 4%, free cash flow of US$1,048.2 million and a total FY26 dividend of 46.15 US cents, up 16%. US repair capacity constraints reduced earnings by about US$90 million.

FY27 guidance is for sales revenue growth of 2–4% at constant currency, Underlying Profit growth of 2–6% and free cash flow before dividends of US$800–950 million. The company expects profit to be weighted to the second half, with a mid-to-high single digit decline in the first half, and expects to resolve the US repair capacity constraints by the end of 1H27.

General risks to keep in mind

Transport and logistics companies are exposed to fuel prices, demand shifts, aircraft and equipment supply, labour costs, currency and geopolitical events. Airlines can see unit revenue and costs move quickly with events that disrupt travel, and airports depend on airline capacity decisions. Pooling and logistics businesses depend on consumer volumes, asset repair capacity and customer contracts. Guidance can be revised if fuel, volumes or supply chain conditions change.

What investors might be watching

  • Qantas’s first-half unit revenue outcome against its 8–10% expectation and how fuel costs evolve.
  • Delivery of new aircraft, including the first A350-1000ULR in April.
  • Auckland Airport’s airline capacity decisions and trans-Tasman and Asian traffic through FY27.
  • Brambles’ resolution of US repair capacity constraints by the end of 1H27.
  • Fuel prices and consumer demand, which influence all three businesses.

How the next period could unfold

Qantas has given first-half unit revenue and capex expectations, Auckland Airport expects flat passenger volumes, and Brambles has guided to modest profit growth weighted to the second half. The next set of results will show whether those expectations hold.