Emirates Group reported a 66% decline in half-year profit before tax to AED 4.1 billion (US$1.1 billion) for the first six months of its 2026-27 financial year, as disruptions linked to the Gulf conflict and higher fuel prices affected its airline and aviation services businesses.
Announced in Dubai on 5 November 2026, the results showed Group revenue falling 12% to AED 66.2 billion (US$18.0 billion), compared with AED 75.4 billion a year earlier.
Profit after tax stood at AED 3.6 billion (US$1.0 billion), also down 66%, while earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 41% to AED 12.5 billion.
The results cover the six months ended 30 September 2026, during which regional airspace restrictions, travel advisories and higher aviation fuel costs affected operations. Emirates said global jet fuel prices doubled compared with the corresponding period last year.
Despite the decline, the Group remained profitable, supported by passenger demand, cargo revenue and its cash reserves.
Announced in Dubai on 5 November 2026, the results showed Group revenue falling 12% to AED 66.2 billion (US$18.0 billion), compared with AED 75.4 billion a year earlier.
Profit after tax stood at AED 3.6 billion (US$1.0 billion), also down 66%, while earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 41% to AED 12.5 billion.
The results cover the six months ended 30 September 2026, during which regional airspace restrictions, travel advisories and higher aviation fuel costs affected operations. Emirates said global jet fuel prices doubled compared with the corresponding period last year.
Despite the decline, the Group remained profitable, supported by passenger demand, cargo revenue and its cash reserves.
 |
| His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said the business remained resilient despite regional disruption and higher fuel costs. Photo: Emirates Group. |
Emirates Group Maintains AED 54.1 Billion Cash Position
The Group ended September 2026 with AED 54.1 billion (US$14.7 billion) in cash, compared with AED 59.6 billion at the end of March 2026.
Its reserves supported ongoing business requirements, including aircraft pre-delivery payments and debt servicing. The Group also paid the remaining AED 2 billion dividend to its owner, the Investment Corporation of Dubai, from the AED 3.5 billion declared for the previous financial year.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, acknowledged the challenges faced during the reporting period.
"It has been a demanding six months, and once again our business model and our people stood up to the test. Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 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."
He also credited the UAE government's response to regional military activity for enabling the resumption of air transport and easing travel advisories.
Looking ahead, he said the Group would continue monitoring costs and geopolitical developments while maintaining investment in its operations.
"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."
The Group employed 128,237 people as of 30 September 2026, a reduction of 2% compared with March, although recruitment continued in areas supporting business requirements.
Emirates Airline Profit Drops 68% as Passenger Traffic Declines
At the airline level, Emirates recorded profit before tax of AED 3.7 billion (US$1.0 billion), down 68% from AED 11.4 billion in the corresponding period last year.
Airline revenue, including other operating income, declined 13% to AED 56.9 billion (US$15.5 billion), while profit after tax fell 66% to AED 3.3 billion.
Emirates carried 21.8 million passengers between 1 April and 30 September 2026, representing a 22% year-on-year decline.
Its average passenger seat factor decreased to 72.0%, compared with 79.5% a year earlier. Available seat capacity, measured in available seat kilometres, fell 17%, while revenue passenger kilometres declined 25%.
The airline attributed the reduced activity partly to intermittent airspace closures and restrictions across the region, alongside government travel advisories that affected passenger travel patterns.
By 30 September, Emirates had restored operations to 91% of its pre-disruption network, serving 150 airports across 78 countries and territories.
Fuel costs remained a major financial pressure. Although Emirates reduced fuel uplift by 12% because of lower flight activity, its fuel expenditure before hedging gains increased 60%.
The airline reported AED 7.1 billion in fuel hedging gains, which limited the net increase in fuel costs to 13%. Fuel represented 34% of its operating costs.
Emirates SkyCargo Revenue Increases 52%
Cargo operations provided an important contribution to the airline's results.
Emirates SkyCargo transported 1.2 million tonnes of cargo during the six-month period, down 1% compared with the previous year. However, cargo revenue increased 52%.
The airline attributed the increase to reduced available airfreight capacity during the regional conflict and additional demand for air transport following disruptions to maritime shipping.
Emirates SkyCargo also expanded capacity with five new Boeing 777 freighters and its first passenger-to-freighter converted aircraft.
Its freighter network added Almaty and Zhengzhou, while dedicated services and flight frequencies were increased across several existing destinations.
Emirates Adds Nine A350 Aircraft and Expands Premium Economy
Despite the difficult operating environment, Emirates continued investing in its fleet, passenger experience and infrastructure.
During the first half of 2026-27, the airline received nine Airbus A350 aircraft and completed cabin refurbishment work on 12 aircraft, comprising nine Airbus A380s and three Boeing 777s.
Its wider cabin retrofit programme represents a planned investment exceeding US$7 billion, aimed at introducing updated cabin products across more aircraft.
Emirates also installed Starlink high-speed Wi-Fi on 36 additional aircraft, bringing the number equipped with the technology to 57 as of 30 September 2026.
Other developments included new-concept airport lounges in Munich, Frankfurt and Manchester, as well as the expansion of its retail network to more than 30 travel stores.
The airline also broke ground in May on a planned US$5.1 billion engineering and maintenance, repair and overhaul facility at Al Maktoum International Airport, with completion expected in the mid-2030s.
dnata Profit Falls 51% to AED 410 Million
The Group's aviation services business, dnata, reported a 51% decline in profit before tax to AED 410 million (US$112 million) for the first half of 2026-27.
Revenue, including other operating income, fell 7% to AED 11.0 billion (US$3.0 billion), while profit after tax decreased 56% to AED 309 million.
Its airport operations generated AED 5.4 billion in revenue, down 3%, as international business partly offset reduced activity in the UAE.
Across its operations, dnata handled 414,012 aircraft turns, an 8% decrease, and 1.49 million tonnes of cargo, down 6%.
Flight catering and retail revenue increased 1% to AED 4.2 billion, although meal volumes declined 10% to 54 million.
Meanwhile, the travel division recorded revenue of AED 1.4 billion, down 31%, partly reflecting the divestment of UK travel businesses.
dnata continued investing in cargo infrastructure, technology and new facilities, including developments in Dubai, Australia, Azerbaijan and Europe.
Emirates Operates 21 Weekly Flights Between Kuala Lumpur and Dubai
In Malaysia, Emirates continues to operate 21 weekly flights between Kuala Lumpur International Airport (KLIA) and Dubai, connecting passengers to destinations across its international network.
The airline has served Malaysia since 1996 and introduced Airbus A380 services to Kuala Lumpur in 2012.
Through its codeshare agreement with Batik Air, Emirates customers can also connect to five domestic destinations: Penang, Langkawi, Johor Bahru, Kota Kinabalu and Kuching, alongside three regional Southeast Asian points via Kuala Lumpur.
For the remainder of the 2026-27 financial year, Emirates Group said it would focus on managing fuel costs and regional uncertainty while continuing planned investments in its fleet, products and operational capabilities.
The Group ended September 2026 with AED 54.1 billion (US$14.7 billion) in cash, compared with AED 59.6 billion at the end of March 2026.
Its reserves supported ongoing business requirements, including aircraft pre-delivery payments and debt servicing. The Group also paid the remaining AED 2 billion dividend to its owner, the Investment Corporation of Dubai, from the AED 3.5 billion declared for the previous financial year.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, acknowledged the challenges faced during the reporting period.
"It has been a demanding six months, and once again our business model and our people stood up to the test. Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 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."
He also credited the UAE government's response to regional military activity for enabling the resumption of air transport and easing travel advisories.
Looking ahead, he said the Group would continue monitoring costs and geopolitical developments while maintaining investment in its operations.
"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."
The Group employed 128,237 people as of 30 September 2026, a reduction of 2% compared with March, although recruitment continued in areas supporting business requirements.
Emirates Airline Profit Drops 68% as Passenger Traffic Declines
At the airline level, Emirates recorded profit before tax of AED 3.7 billion (US$1.0 billion), down 68% from AED 11.4 billion in the corresponding period last year.
Airline revenue, including other operating income, declined 13% to AED 56.9 billion (US$15.5 billion), while profit after tax fell 66% to AED 3.3 billion.
Emirates carried 21.8 million passengers between 1 April and 30 September 2026, representing a 22% year-on-year decline.
Its average passenger seat factor decreased to 72.0%, compared with 79.5% a year earlier. Available seat capacity, measured in available seat kilometres, fell 17%, while revenue passenger kilometres declined 25%.
The airline attributed the reduced activity partly to intermittent airspace closures and restrictions across the region, alongside government travel advisories that affected passenger travel patterns.
By 30 September, Emirates had restored operations to 91% of its pre-disruption network, serving 150 airports across 78 countries and territories.
Fuel costs remained a major financial pressure. Although Emirates reduced fuel uplift by 12% because of lower flight activity, its fuel expenditure before hedging gains increased 60%.
The airline reported AED 7.1 billion in fuel hedging gains, which limited the net increase in fuel costs to 13%. Fuel represented 34% of its operating costs.
Emirates SkyCargo Revenue Increases 52%
Cargo operations provided an important contribution to the airline's results.
Emirates SkyCargo transported 1.2 million tonnes of cargo during the six-month period, down 1% compared with the previous year. However, cargo revenue increased 52%.
The airline attributed the increase to reduced available airfreight capacity during the regional conflict and additional demand for air transport following disruptions to maritime shipping.
Emirates SkyCargo also expanded capacity with five new Boeing 777 freighters and its first passenger-to-freighter converted aircraft.
Its freighter network added Almaty and Zhengzhou, while dedicated services and flight frequencies were increased across several existing destinations.
Emirates Adds Nine A350 Aircraft and Expands Premium Economy
Despite the difficult operating environment, Emirates continued investing in its fleet, passenger experience and infrastructure.
During the first half of 2026-27, the airline received nine Airbus A350 aircraft and completed cabin refurbishment work on 12 aircraft, comprising nine Airbus A380s and three Boeing 777s.
Its wider cabin retrofit programme represents a planned investment exceeding US$7 billion, aimed at introducing updated cabin products across more aircraft.
Emirates also installed Starlink high-speed Wi-Fi on 36 additional aircraft, bringing the number equipped with the technology to 57 as of 30 September 2026.
Other developments included new-concept airport lounges in Munich, Frankfurt and Manchester, as well as the expansion of its retail network to more than 30 travel stores.
The airline also broke ground in May on a planned US$5.1 billion engineering and maintenance, repair and overhaul facility at Al Maktoum International Airport, with completion expected in the mid-2030s.
dnata Profit Falls 51% to AED 410 Million
The Group's aviation services business, dnata, reported a 51% decline in profit before tax to AED 410 million (US$112 million) for the first half of 2026-27.
Revenue, including other operating income, fell 7% to AED 11.0 billion (US$3.0 billion), while profit after tax decreased 56% to AED 309 million.
Its airport operations generated AED 5.4 billion in revenue, down 3%, as international business partly offset reduced activity in the UAE.
Across its operations, dnata handled 414,012 aircraft turns, an 8% decrease, and 1.49 million tonnes of cargo, down 6%.
Flight catering and retail revenue increased 1% to AED 4.2 billion, although meal volumes declined 10% to 54 million.
Meanwhile, the travel division recorded revenue of AED 1.4 billion, down 31%, partly reflecting the divestment of UK travel businesses.
dnata continued investing in cargo infrastructure, technology and new facilities, including developments in Dubai, Australia, Azerbaijan and Europe.
Emirates Operates 21 Weekly Flights Between Kuala Lumpur and Dubai
In Malaysia, Emirates continues to operate 21 weekly flights between Kuala Lumpur International Airport (KLIA) and Dubai, connecting passengers to destinations across its international network.
The airline has served Malaysia since 1996 and introduced Airbus A380 services to Kuala Lumpur in 2012.
Through its codeshare agreement with Batik Air, Emirates customers can also connect to five domestic destinations: Penang, Langkawi, Johor Bahru, Kota Kinabalu and Kuching, alongside three regional Southeast Asian points via Kuala Lumpur.
For the remainder of the 2026-27 financial year, Emirates Group said it would focus on managing fuel costs and regional uncertainty while continuing planned investments in its fleet, products and operational capabilities.
