Emirates Group registers Dhs4.1 billion half-year profit despite regional woes

The Emirates Group on Thursday announced its half-year financial results, posting a profit before tax of Dhs4.1 billion ($ 1.1 billion) for the first six months of 2026-27, a remarkable performance against the disruption and high fuel prices caused by the ongoing conflict in the Gulf region.

After accounting for income tax charges, the Group’s profit after tax is Dhs3.6 billion (US$ 1.0 billion), down 66% from last year.

Illustrating its strong operating performance, the Group achieved an EBITDA of Dhs 12.5 billion (US$ 3.4 billion), 41% lower than the Dhs 21.1 billion (US$ 5.7 billion) reported for the same period last year where the Group had set a new record for profit and revenue.

Group revenue was Dhs 66.2 billion (US$ 18.0 billion) for the first six months of 2026-27, down 12% from Dhs 75.4 billion (US$ 20.6 billion) last year.

The Group closed the first half year of 2026-27 with a cash position of Dhs 54.1 billion (US$ 14.7 billion) on 30 September 2026, compared to Dhs 59.6 billion (US$ 16.2 billion) on 31 March 2026. The Group has been able to tap on its own strong cash reserves to support business needs, including pre-delivery payments for aircraft and servicing existing debt obligations. The Group also paid the remaining Dhs 2 billion (US$ 545 million) in dividend to its owner, the Investment Corporation of Dubai (ICD), of the Dhs 3.5 billion (US$ 953 million) declared for the financial year 2025-26.

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: "It has been a demanding six months, and once again our business model and our people stood up to the test. Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of Dhs 4.1 billion (US$ 1.1 billion). Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against the same period last year, impacting our costs and profitability.

"I’d like to thank the UAE government for its decisive response and its co-ordination of all stakeholders to enable the safe resumption of air transport in the aftermath of military activity across the Gulf region. The government’s measures have also led to the easing of travel advisories to and through the UAE. This has allowed us to restore our operations with confidence and to keep serving our customers and communities.

"Throughout this time, we have not paused our investments. Emirates and dnata continue to commit significant resources to expand our fleet, enhance our products and services, and develop capabilities that will shape the future of our business. This is how we stay ahead and stay resilient to external challenges.” Sheikh Ahmed added: "We enter the second half of our 2026-27 financial year with measured optimism. While keeping a close watch on costs and geopolitical developments, we remain focused on delivering what Emirates and dnata are known for - safety, quality, and customer satisfaction. We’ve weathered challenges before, and with our strong cash position and solid foundation built up over the years, the Group is well-placed to navigate the headwinds of volatility and high fuel prices.” Compared to 31 March 2026, the Emirates Group’s employee base dropped by 2% to an overall count of 128,237 on 30 September 2026. However, both Emirates and dnata maintain ongoing recruitment drives to support business requirements.

The first six months of 2026-27 brought significant challenges to Emirates’ operations as intermittent airspace restrictions and closures across the region tested the airline’s operational agility, while government travel advisories reshaped consumer choices and travel flows.

During this period, Emirates focused on restoring its network and connectivity options through its Dubai hub. At 30 September, Emirates was operating 91% of its pre-disruption network, with its passenger and cargo network spanning 150 airports in 78 countries and territories.

The airline also launched a series of initiatives to boost customer confidence, including an industry-first comprehensive travel cover that is unrestricted by government travel advisories, free date changes on booked tickets, and generous refund policies.

Between 1 April and 30 September, Emirates expanded its inventory of Premium Economy seats and brought its latest cabin products to customers in even more markets, as it received delivery of 9 new A350 aircraft and completed the full cabin refurbishment of 12 aircraft (9 A380s, 3 Boeing 777s). Emirates’ retrofit programme, one of the world’s largest known such projects, represents a planned investment of over US$ 7.0 billion to bring Emirates’ latest cabin products across its fleet. The airline’s Starlink installation programme also continued at pace, equipping 36 more aircraft with high-speed Wi-Fi in the sky during the first six months of the year, and bringing Emirates’ total Starlink-installed fleet to 57 aircraft as of 30 September.

To support its future fleet requirements, in May, Emirates broke ground on its US$ 5.1 billion engineering and Maintenance, Repair, and Overhaul (MRO) facility at Al Maktoum International Airport, with completion expected in the mid-2030s.

Leading from the front even in testing times, Emirates launched two industry-first cabin products to rave customer reviews: the U-dream headrest built into Economy Class seats, and electronically controlled privacy dividers in Premium Economy. These innovations have raised the bar for Economy and Premium Economy travel, redefining comfort and privacy for customers in these cabin classes.

On the ground, Emirates inaugurated the first of its new concept lounges in Munich, Frankfurt and Manchester, featuring the airline’s latest interior design palette and elevated services for premium customers and frequent flyers. Emirates also opened new travel stores bringing its total retail footprint over 30 stores, offering customers more personal and experiential service touchpoints.

Emirates continued its efforts to make travel more inclusive with the roll-out of Travel Rehearsals at 15 more stations across the UK, Australia, Portugal, the Philippines, Madagascar and the Maldives in the first half of 2026-27. This successful programme, which has now run in 47 stations, supports young travellers with autism and their families, helping them build confidence and reduce travel anxiety via exposure to real-time airport and flight simulations.

The airline also continued to make a positive impact on communities, working with partners to deliver CSR programmes across key markets. In the first half of the year, initiatives included: the opening of a renovated community tennis court in Miami as part of the Force for Good programme with the USTA Foundation; a refreshed youth technology and gaming room in New York City with NBA Cares; a new natural play area with the London Wildlife Trust as part of the Championing Nature programme with Wimbledon; and the launch of the Emirates Nourishment Programme to deliver 400,000 breakfasts annually to underprivileged kids across South Africa in partnership with EPCR and the Kolisi Foundation.

During the first half of 2026-27, Emirates extended its successful and long-running sponsorship deals with Arsenal Football Club (until 2033), and with Real Madrid (until 2031), representing multi-year investments in global brand visibility and partnerships with two of the world’s most prominent clubs in football.

Overall capacity during the first six months of the year decreased by 10% to 28.2 billion Available Tonne Kilometres (ATKM) due to a reduced flying schedule. Capacity measured in Available Seat Kilometres (ASKM), decreased by 17%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was down by 25% with an average Passenger Seat Factor of 72.0%, compared with 79.5% during the same period last year. Emirates carried 21.8 million passengers between 1 April and 30 September 2026, down 22% from the same period last year.

Emirates SkyCargo transported 1.2 million tonnes in the first six months of the year, down by 1% compared to the same period last year. However, cargo revenue increased by 52% as the regional conflict reduced available airfreight capacity while concurrently pushing shippers to seek airfreight options due to marine transport disruptions.

In the first half of 2026-27, Emirates SkyCargo added capacity from 5 new Boeing 777 freighters delivered, and the deployment of its first passenger-to-freighter converted aircraft. The cargo division expanded its freighter network with two new destinations, Almaty and Zhengzhou; introduced dedicated freighter services to over 15 existing Emirates destinations; and increased frequencies to several key markets including in the Far East.

WAM