Qantas Loyalty's revenue increased 18% to Au$2.6 billion with an operating margin of 20% delivering underlying EBIT of Au$511 million (with a 2030 EBIT target of $1 billion). Points earned rose 15% and points redeemed rose 10%. Qantas's profit (down 28.3% to $1.25 billion) was driven partially by a deliberate reduction in margin on international travel as well as investment in its loyalty program.