Air New Zealand is facing a significant financial challenge as its fuel bill increases by approximately US$2 million each day. This surge is attributed to the ongoing conflict in the Middle East. According to a recent analysis by Craigs Investment Partners, the airline's pre-tax losses are projected to surpass $400 million by the end of June. The report also suggests that the airline's debt-to-earnings ratio could reach levels seen during the Covid-19 pandemic. While the situation is concerning, a capital raise is not considered imminent at this time. The analysis was released on May 5, 2026.