Emirates Group Achieves Record AED12.2 Billion Half-Year Profit

The aviation and services conglomerate Emirates Group reported a profit before tax of AED 12.2 billion for the first six months of its 2025-26 fiscal year, marking its fourth consecutive half-year of record profitability. Group revenue rose 4 per cent to AED 75.4 billion, while profit after tax reached AED 10.6 billion, up 13 per cent from the same period last year.

The robust outcome was buoyed by the airline division Emirates Airline, which posted revenue of AED 65.6 billion, up 6 per cent, and a profit before tax of AED 11.4 billion, representing a 17 per cent increase. Passenger traffic reached 27.8 million, up 4 per cent, while capacity measured in Available Seat Kilometres increased 5 per cent, resulting in a load factor of 79.5 per cent. The company pressed ahead with its retrofit programme, delivering five new Airbus A350 aircraft and refreshing 23 aircraft including six A380s and 17 Boeing 777s.

The group’s cargo arm Emirates SkyCargo carried 1.25 million tonnes of freight, up 4 per cent, although cargo yields slid 6 per cent amid softer demand in some segments. Ground-handling and services subsidiary dnata recorded profit before tax of AED 843 million, up 17 per cent, and revenue of AED 11.7 billion, up 13 per cent.

Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum attributed the strong performance to sustained global demand for air transport and travel services, saying the group remains well positioned to scale its business model alongside its home hub’s evolution. He pointed to the strengthened cash position of AED 56.0 billion as of 30 September 2025, improving from AED 53.4 billion at the end of March, which enables reinvestment in new aircraft deliveries and debt servicing.

Network expansion featured prominently during the six-month period, with the airline adding four new destinations — Danang, Siem Reap, Shenzhen and Hangzhou — and deploying an additional 28 weekly scheduled flights to cities including Antananarivo, Johannesburg, Muscat, Rome, Riyadh and Taipei. The network covered 153 airports in 81 countries and territories as of 30 September.

Aircraft capacity expanded by 5 per cent to 31.3 billion Available Tonne Kilometres, reflecting not only growth in passenger services but also bolstered freighter operations as three new Boeing 777 freighters joined the cargo fleet. The airport and services ecosystem around the hub continues to deepen, reinforcing the group’s strategic role in regional connectivity.

While the figures show strength, several challenges warrant attention. The drop in cargo yields signals pressure in freight markets, likely due to softer global trade and competitive capacity. Fuel costs remain a major cost driver and though the airline’s fleet modernisation programme may mitigate consumption, volatility in global energy markets remains a risk. Supply-chain constraints and delivery delays of new aircraft continue to loom as headwinds for expansion plans.

Analysts say the group’s investments in premium cabins and route connectivity could yield higher average yields going forward, yet note that competitiveness in the aviation industry is intensifying, especially as other hubs and carriers ramp up capacity. The group’s leverage on its home hub infrastructure, traffic corridors and integrated services gives it a strategic edge, but execution risks and macroeconomic sensitivities are still present.