H2 is weak but not that weak. You have three periods of school holidays in the half also. Seems to be a bit weird and certainly has me asking some questions if I was an investor. They acknowledged increased headcount costs, so perhaps it’s just a once off. We won’t likely see another H2 before a float.
Jetstar Domestic recorded about 50% of its profit in the half, Qantas was about 30% in the second half.
Any float would clearly be based on a H1. With the bridging loan due in May 2025, this half is likely the half. Finance Audit in Jan, Roadshows in Feb, public in May.