Emirates Group hits new half-year profit record for 2025-26

The Emirates Group reported a new record for the first half of 2025-26, posting profit before tax of AED 12.2 billion (US$ 3.3 billion), up 17% year-on-year, on revenue of AED 75.4 billion (US$ 20.6 billion), up 4%. Emirates airline delivered a record half-year profit before tax of AED 11.4 billion (US$ 3.1 billion), up 17%, with revenue rising 6% to AED 65.6 billion (US$ 17.9 billion). dnata also set records, with profit before tax of AED 843 million (US$ 230 million), up 17%, and revenue of AED 11.7 billion (US$ 3.2 billion), up 13%.

Group highlights

• Profit after tax: AED 10.6 billion (US$ 2.9 billion), up 13%.
• EBITDA: AED 21.1 billion (US$ 5.7 billion), 3% higher year-on-year.
• Cash position: AED 56.0 billion (US$ 15.2 billion) as of 30 September 2025, versus AED 53.4 billion (US$ 14.6 billion) on 31 March 2025.
• Dividend: Remaining AED 2 billion (US$ 545 million) paid of the AED 6 billion (US$ 1.6 billion) declared in 2024-25.
• Workforce: 124,927 employees as of 30 September 2025, up 3% since March, reflecting ongoing recruitment at Emirates and dnata.

Leadership attributed the strong performance to resilient global travel demand, growing customer preference for premium products, and sustained investment in product, technology, operations, and people. The Group expects demand to remain robust through the second half, with Emirates’ incoming A350s and dnata’s new facilities supporting capacity and revenue growth.

Emirates airline

Network and connectivity expanded through the Dubai hub. In H1 2025-26, Emirates launched services to Danang, Siem Reap, Shenzhen, and Hangzhou. By 30 September, the airline served 153 airports across 81 countries and territories, and added 28 weekly flights across Antananarivo, Johannesburg, Muscat, Rome, Riyadh, and Taipei. New codeshare and interline partnerships were signed with Air Seychelles, Condor, and Aurigny.

Fleet and product enhancements continued. Between 1 April and 30 September, Emirates received five A350s, growing Business Class and Premium Economy seat inventory. Twenty-three aircraft (6 A380s, 17 Boeing 777s) emerged from the US$ 5 billion retrofit program, bringing refreshed cabins to more markets. Premium Economy was available on routes to 61 cities by 30 September. On the ground, the dedicated “Emirates First” private check-in area opened at Dubai Airport, and new concept travel stores launched in Accra, Bangkok, Geneva, Jakarta, Mauritius, Osaka, Seoul, and Singapore.

On sustainability, Emirates uplifted sustainable aviation fuel where viable, including at 37 airports, and joined the Aviation Circularity Consortium to advance circularity and decarbonization pathways across aviation supply chains.

Brand visibility was strengthened with multi-year sponsorships, including partnerships with FC Bayern München, Real Madrid Basketball, the Investec Champions Cup and EPCR Challenge Cup, the ATP Tour (extended to 2030), and Olympique Lyonnais (shirt sponsorship extended to 2030).

Operational and financial performance

• Capacity (ATKM): +5% to 31.3 billion; ASKM: +5%; RPKM: +4%.
• Passenger seat factor: 79.5% (vs. 80.0% a year earlier).
• Passengers carried: 27.8 million, up 4% year-on-year.
• Emirates SkyCargo: 1.25 million tonnes carried, up 4%; yields down 6% amid softer demand in some segments and tariff concerns.
• Freighter capacity: three new Boeing 777 freighters delivered; launch of Emirates Courier Express for door-to-door express shipping.
• Profit before tax: AED 11.4 billion (US$ 3.1 billion), up from AED 9.7 billion (US$ 2.6 billion).
• Profit after tax: AED 9.9 billion (US$ 2.7 billion), up 13%.
• Revenue: AED 65.6 billion (US$ 17.9 billion), up from AED 62.2 billion (US$ 16.9 billion), driven by broad-based demand and premium cabin uptake.
• Operating costs: +4% in line with operations; fuel accounted for 30% of total operating costs.
• EBITDA: AED 19.7 billion (US$ 5.4 billion), up 3% year-on-year.

Ancillary businesses also grew. Emirates Flight Catering’s revenue from external customers rose 13% to AED 555 million (US$ 151 million), with 7.7 million meals uplifted for 116 airlines (+2%). Emirates Leisure Retail acquired the remaining 25% of Air Ventures LLC in the US, taking full ownership.

dnata

dnata delivered strong growth across cargo and ground handling, catering and retail, and travel services. The company added and expanded major international contracts and continued to invest for scale and sustainability.

• Investment plans: 800 new ground support equipment units across the network in 2025 (US$ 110 million) to enhance performance and lower emissions.
• New initiatives: launch of the marhaba airport hospitality brand in the UK; a €3 million minority stake in WonderMiles to strengthen NDC-enabled corporate travel; disposal of its 75% stake in Super Bus (UAE sightseeing); and a three-year founding partnership with Dubai Basketball.

Operational and financial performance

• Revenue: AED 11.7 billion (US$ 3.2 billion), up 13%, a new half-year record.
• Profit before tax: AED 843 million (US$ 230 million), up 17%.
• Profit after tax: AED 697 million (US$ 190 million), up 22%.
• EBITDA: AED 1.4 billion (US$ 372 million), up 5%.
• Airport operations revenue: AED 5.5 billion (US$ 1.5 billion), +15%, supported by growth in Italy, Australia, the UK, and the UAE; aircraft turns handled rose 15% to 450,903; cargo volumes up 3% to 1.59 million tonnes.
• Flight catering and retail revenue: AED 4.1 billion (US$ 1.1 billion), +11%, with strong retail growth, higher production in Australia and the UK, and revised contract terms; meals uplifted slightly decreased 1% to 60.0 million.
• Travel division revenue: AED 2.0 billion (US$ 538 million), +11%; underlying TTV rose 9% to AED 5.0 billion (US$ 1.4 billion).

With sustained demand, expanding capacity, and ongoing investment in product, technology, and infrastructure, the Emirates Group enters the second half of 2025-26 positioned to build on its record first-half performance.