Emirates Group reported a profit after tax of AED 3.6 billion ($1 billion) for the first half of its 2026-27 financial year despite the ongoing Gulf conflict, airspace disruptions and soaring jet fuel prices, although earnings fell 66 per cent compared with the same period last year.
The Group posted a profit before tax of AED 4.1 billion ($1.1 billion) for the six months ended September 30, 2026, while earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 41 per cent to AED 12.5 billion ($3.4 billion), compared with AED 21.1 billion ($5.7 billion) in the corresponding period last year, when the Group recorded its highest profit and revenue.
Group revenue declined 12 per cent to AED 66.2 billion ($18 billion), compared with AED 75.4 billion ($20.6 billion) a year earlier.
The results reflect the impact of military activity across the Gulf, which led to airspace restrictions, changes in travel flows and higher fuel costs, even as the airline’s overall operating costs declined.
Emirates Group cash reserves decline to AED 54.1 billion
The Group’s cash position stood at AED 54.1 billion ($14.7 billion) on September 30, 2026, compared with AED 59.6 billion ($16.2 billion) on March 31, 2026.
The Group used its cash reserves to meet business requirements, including pre-delivery payments for aircraft and debt servicing.
During the period, it also paid the remaining AED 2 billion ($545 million) dividend to its owner, the Investment Corporation of Dubai (ICD), out of the AED 3.5 billion ($953 million) declared for the 2025-26 financial year.
“It has been a demanding six months, and once again our business model and our people stood up to the test. Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 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. 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 bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said in a statement.
He said Emirates and dnata had continued investing in aircraft, products, services and operational capabilities despite the disruption.
“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,” he added.
The Emirates Group’s workforce declined 2 per cent from March 31, 2026 to 128,237 employees as of September 30, 2026. Emirates and dnata continued recruitment to meet business requirements.
Emirates restores 91 per cent of network after Gulf airspace disruption
Emirates airline faced restrictions and closures of airspace across the region during the first six months of 2026-27, while government travel advisories influenced passenger bookings and travel flows.
The airline focused on restoring its network through Dubai, with operations reaching 91 per cent of its pre-disruption network by 30 September 2026. Its passenger and cargo network covered 150 airports across 78 countries and territories.
To support customer bookings, Emirates introduced travel cover without restrictions linked to government travel advisories, free changes to travel dates on booked tickets and refund policies. The airline also continued its fleet expansion and cabin refurbishment programme.
Between April 1 and September 30, Emirates received nine Airbus A350 aircraft and completed cabin refurbishments on 12 aircraft, comprising nine Airbus A380s and three Boeing 777s.
The deliveries and refurbishments increased the availability of Premium Economy seating and introduced the airline’s cabin products across more routes.
Emirates’ fleet retrofit programme represents a planned investment of more than $7 billion to install its cabin products across the fleet.
The airline also equipped another 36 aircraft with Starlink satellite internet during the six-month period, taking the number of aircraft fitted with the system to 57 as of September 30.
In May, Emirates broke ground on its $5.1 billion engineering and maintenance, repair and overhaul (MRO) facility at Al Maktoum International Airport. Completion is expected in the mid-2030s.
Emirates introduces cabin products and expands airport lounges
During the reporting period, Emirates introduced two cabin products: the U-dream headrest integrated into Economy Class seats and electronically controlled privacy dividers in Premium Economy.
The airline said both products had received customer feedback and were designed to improve comfort and privacy in their respective cabins. Emirates also inaugurated lounges featuring its interior design and service offering in Munich, Frankfurt and Manchester.
The airline opened travel stores, taking its retail network to more than 30 locations. The stores offer customers face-to-face booking and travel services.
Emirates expanded its Travel Rehearsals programme to 15 more stations across the UK, Australia, Portugal, the Philippines, Madagascar and the Maldives.
The programme, which supports children and young travellers with autism and their families through airport and flight simulations, has now been conducted at 47 stations. It aims to build travel confidence and reduce anxiety before journeys. The airline also continued community initiatives through partnerships in several markets.
In Miami, Emirates worked with the USTA Foundation to renovate a community tennis court under its Force for Good programme. In New York City, it collaborated with NBA Cares to refurbish a youth technology and gaming room.
In London, Emirates partnered with the London Wildlife Trust to develop a natural play area under its Championing Nature programme with Wimbledon.
The airline also launched the Emirates Nourishment Programme in South Africa in partnership with European Professional Club Rugby (EPCR) and the Kolisi Foundation. The initiative aims to provide 400,000 breakfasts annually to children from households facing financial hardship.
During the period, Emirates extended its sponsorship agreement with Arsenal Football Club until 2033 and renewed its partnership with Real Madrid until 2031.
The agreements represent commitments to brand exposure through partnerships with the two football clubs.
Emirates passenger numbers fall 22 per cent to 21.8 million
Emirates carried 21.8 million passengers between April 1 and September 30, 2026, a decline of 22 per cent compared with the corresponding period last year.
The airline’s capacity, measured in Available Tonne Kilometres (ATKM), decreased 10 per cent to 28.2 billion as a result of reductions in its flight schedule.
Passenger capacity, measured in Available Seat Kilometres (ASKM), fell 17 per cent, while passenger traffic, measured in Revenue Passenger Kilometres (RPKM), declined 25 per cent.
The passenger seat factor, which measures the proportion of seats occupied, fell to 72 per cent from 79.5 per cent in the corresponding period last year.
The fall in passenger traffic was accompanied by changes to the airline’s operations as it worked to restore connectivity following the regional disruption.
Emirates SkyCargo revenue rises 52 per cent despite decline in freight volumes
Emirates SkyCargo recorded a 52 per cent increase in cargo revenue during the first half of 2026-27, despite transporting 1 per cent less freight than in the corresponding period last year. The cargo division transported 1.2 million tonnes during the six months.
The revenue increase followed a reduction in available airfreight capacity caused by the Gulf conflict, while disruption to maritime transport prompted shippers to seek air cargo services.
Emirates SkyCargo expanded its capacity with the delivery of five Boeing 777 freighters and the deployment of its first passenger-to-freighter converted aircraft.
The division added Almaty and Zhengzhou to its freighter network, introduced dedicated freighter services to more than 15 destinations already served by Emirates and increased flight frequencies to markets including those in the Far East.
The cargo business contributed to the airline’s revenue during a period in which passenger operations were affected by airspace restrictions and changes in travel demand.
Emirates airline pre-tax profit falls to AED 3.7 billion
Emirates airline reported a profit before tax of AED 3.7 billion ($1 billion) for the first half of 2026-27, compared with AED 11.4 billion ($3.1 billion) in the corresponding period last year. Profit after tax fell 66 per cent to AED 3.3 billion ($903 million).
The airline’s revenue, including other operating income, declined 13 per cent to AED 56.9 billion ($15.5 billion), compared with AED 65.6 billion ($17.9 billion) last year.
Emirates attributed its revenue performance to demand across its markets, particularly for its premium cabins, and contributions from cargo operations. Operating costs, including fuel, fell 2 per cent as the airline reduced its operations.
However, despite a 12 per cent decline in fuel uplift due to the reduction in flying, fuel costs before hedging gains increased 60 per cent compared with the previous corresponding half-year.
Emirates recorded gains of AED 7.1 billion from its fuel price risk management strategy, offsetting part of the increase in fuel prices. The gains reduced the net increase in fuel costs to 13 per cent.
Fuel accounted for 34 per cent of the airline’s operating costs, remaining its largest cost component. Emirates’ EBITDA declined 41 per cent to AED 11.5 billion ($3.1 billion), compared with AED 19.7 billion ($5.4 billion) in the corresponding period last year.
Emirates Flight Catering and Leisure Retail report revenue declines
Emirates Flight Catering recorded a 51 per cent decline in revenue from external customers to AED 273 million ($74 million). The business uplifted 4.5 million airline meals during the first half, a fall of 41 per cent, reflecting the reduction in air traffic at Dubai’s airport.
Emirates Leisure Retail/MMI also reported a decline in revenue, falling 13 per cent to AED 1.2 billion. The reduction was attributed to a fall in tourist traffic to the UAE during the reporting period.
dnata revenue falls 7 per cent to AED 11 billion
dnata reported revenue, including other operating income, of AED 11 billion ($3 billion) in the first half of 2026-27, down 7 per cent from AED 11.7 billion ($3.2 billion) in the corresponding period last year.
The company’s profit before tax fell 51 per cent to AED 410 million ($112 million), while profit after tax declined 56 per cent to AED 309 million ($84 million).
dnata’s EBITDA decreased 31 per cent to AED 939 million ($256 million), compared with AED 1.4 billion ($372 million) a year earlier.
Its airport operations, catering and retail, and travel services businesses were affected by the Gulf conflict, particularly in the UAE and across the region. However, dnata’s operations outside the Gulf helped offset part of the impact from reductions in airline and travel traffic.
During the six-month period, dnata signed contracts and agreements across its network. These included a cargo partnership with Silk Way Group in Singapore and inflight catering agreements with Cathay Pacific across airports in the UK and the US.
dnata Airport Operations also secured a seven-year ground handling licence at Amsterdam Schiphol Airport, extending its presence at the European aviation hub.
dnata invests in cargo facilities, automation and tourism
dnata continued investment in airport services, cargo handling, catering, tourism and technology during the first half of the financial year.
In Dubai, the company opened an integrated command centre to support cargo operations and committed AED 8 million to expand The Fort – Lisaili, a desert tourism destination operated by Arabian Adventures. It also invested in technology and equipment across its operations, including automated aircraft approach systems in Dubai, an aircraft catering simulator in Dublin and autonomous tractor trials in Europe and Asia.
In Australia, dnata announced an AU$32 million investment to develop a cargo facility at Western Sydney International Airport (WSI). Construction of its catering facility at the same airport remained on schedule for an opening in 2027.
The company also commissioned an AED 100 million ($27 million) logistics facility in Dubai South.
Its investment plans included AED 37 million for a development in Alat, Azerbaijan, as well as cargo operations projects at East Midlands Airport and Zurich Airport.
In its travel business, dnata integrated Imagine Cruising and Travelbag, bringing their operations together to combine portfolios, share resources and support growth outside the UAE.
dnata airport operations revenue reaches AED 5.4 billion
dnata’s airport operations remained its largest revenue contributor, generating AED 5.4 billion ($1.5 billion) during the six-month period. Revenue from the division fell 3 per cent compared with the corresponding period last year.
The company said its operations outside the UAE helped offset the reduction in airline activity at its UAE hub. Across dnata’s airport operations, the number of aircraft turns handled declined 8 per cent to 414,012.
Cargo volumes handled fell 6 per cent to 1.49 million tonnes. The results reflected reductions in air traffic and cargo handling activity during the reporting period.
dnata catering and retail revenue rises 1 per cent to AED 4.2 billion
dnata’s catering and retail operations generated AED 4.2 billion ($1.1 billion) in revenue, an increase of 1 per cent compared with the corresponding period last year.
The growth was supported by its inflight retail business, including operations with easyJet and Aer Lingus. However, the number of meals uplifted declined 10 per cent to 54 million.
dnata attributed the fall primarily to the loss of contracts in its UK operations.
