It reported a $454 million loss for the year ended June because the Covid-19 pandemic clipped its wings.
Air New Zealand's international flights dropped from more than 30,000 in 2019, to under 10,000 last year.
Overall passenger numbers fell from 17.6 million to 8.4 million.
It brought in more than 10 million items of PPE gear to help with the Covid-19 response, while its cleaning staff used over 45,000 litres of disinfectant on aircraft.
Chief executive Greg Foran said returning to normal levels of air travel would be complex.