Emirates Group recorded a profit before tax of AED4.1 billion (US$1.1 billion) in the first half of its 2026-27 financial year, maintaining profitability despite disruptions to air travel across the Gulf and a doubling of global jet fuel prices.
The Group reported revenue of AED66.2 billion (US$18 billion) for the six months to September 30, 2026, down 12% from AED75.4 billion (US$20.6 billion) a year earlier. Profit after tax stood at AED3.6 billion (US$1 billion), while earnings before interest, taxes, depreciation and amortisation (EBITDA) reached AED12.5 billion (US$3.4 billion).
Chairman and Chief Executive of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, said sustained customer demand and cargo operations had helped the business remain profitable despite the difficult operating conditions.
He said the conflict had disrupted flight operations and travel patterns, while higher fuel prices had added to the cost of running the airline.
“Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED4.1 billion (US$1.1 billion). Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy,” he said.
The Group ended September with cash reserves of AED54.1 billion (US$14.7 billion), compared with AED59.6 billion (US$16.2 billion) at the end of March. The funds have supported its operating requirements, aircraft pre-delivery payments and debt obligations.
Fuel was a major source of cost pressure for the airline. Although Emirates reduced fuel consumption as flight operations declined, its fuel expenses before hedging gains rose by 60% compared with the same period last year.
However, gains of AED7.1 billion from its fuel price risk management strategy helped limit the net increase in fuel costs to 13%.
Passenger numbers fell 22% to 21.8 million during the period, while the average passenger seat factor declined from 79.5% to 72%.
By September 30, Emirates had restored 91% of its pre-disruption network, serving 150 airports in 78 countries and territories through its Dubai hub.
Its cargo business performed better, with Emirates SkyCargo transporting 1.2 million tonnes, broadly in line with the previous year. Cargo revenue, however, increased by 52%, as disruptions to maritime transport and reduced airfreight capacity drove demand for air cargo.
The Group also continued its fleet and infrastructure investments. Emirates received nine new A350 aircraft and completed cabin refurbishment on 12 aircraft during the six months. Its Starlink installation programme covered 57 aircraft by the end of September.
It is also developing a US$5.1 billion engineering and maintenance facility at Al Maktoum International Airport, with completion expected in the mid-2030s.
At dnata, the Group’s airport services, catering and travel subsidiary, revenue declined by 7% to AED11 billion (US$3 billion), while profit before tax fell 51% to AED410 million (US$112 million). Its international operations helped offset weaker activity in the UAE and other Gulf markets.
The subsidiary secured a seven-year ground-handling licence at Amsterdam Schiphol Airport and continued investments in cargo and logistics facilities, including a new facility in Dubai South.
Sheikh Ahmed said the Group would maintain its investment programme while keeping a close watch on fuel prices and geopolitical developments.
He said its financial reserves and established operations would support the business through the remaining challenges of the financial year.
