MANILA, PHILIPPINES — The Emirates Group announced its half-year financial results, posting a profit before tax of AED 4.1 billion (US$ 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 AED 3.6 billion (US$ 1.0 billion), down 66% from last year.
Group revenue was AED 66.2 billion (US$ 18.0 billion) for the first six months of 2026-27, down 12% from AED 75.4 billion (US$ 20.6 billion) last year.
The Group closed the first half year of 2026-27 with a cash position of AED 54.1 billion (US$ 14.7 billion) on 30 September 2026, compared to AED 59.6 billion (US$ 16.2 billion) on 31 March 2026.
His Highness (HH) 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 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 coordination 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.”
HH 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 percent to an overall count of 128,237 on 30 September 2026. However, both Emirates and dnata maintain ongoing recruitment drives to support business requirements.
Emirates airline
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 percent 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 nine new A350 aircraft and completed the full cabin refurbishment of 12 aircraft (nine A380s, three 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.
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.
Emirates continued its efforts to make travel more inclusive with the roll-out of Travel Rehearsals at 15 more stations, including the Philippines, 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.
Overall capacity during the first six months of the year decreased by 10 percent to 28.2 billion Available Tonne Kilometres (ATKM) due to a reduced flying schedule. Capacity measured in Available Seat Kilometres (ASKM), decreased by 17 percent, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was down by 25 percent with an average Passenger Seat Factor of 72.0 percent, compared with 79.5 percent during the same period last year. Emirates carried 21.8 million passengers between 1 April and 30 September 2026, down 22 percent from the same period last year.
Emirates SkyCargo transported 1.2 million tonnes in the first six months of the year, down by 1 percent compared to the same period last year. However, cargo revenue increased by 52 percent 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 five 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.
Emirates profit before tax for the first half of 2026-27 reached AED 3.7 billion (US$ 1.0 billion), compared to its record performance of AED 11.4 billion (US$ 3.1 billion) for the same period last year. Emirates profit after tax is AED 3.3 billion (US$ 903 million), down 66 percent.
Emirates revenue, including other operating income, of AED 56.9 billion (US$ 15.5 billion) was down 13 percent compared with AED 65.6 billion (US$ 17.9 billion) last year. The airline’s revenue performance can be attributed to enduring travel demand across its markets, particularly for Emirates’ premium cabins, and a solid contribution from the airline’s cargo business.
dnata
In the first half of 2026-27, dnata continued to win customers with its safe and high-quality services across its global operations, signing multi-year agreements, including a cargo partnership with Silk Way Group in Singapore and inflight catering contracts with Cathay Pacific across several airports in the UK and the USA.
dnata continued to make strategic investments to grow its capabilities and enhance its customer offering. In the first six months this year, dnata opened a new integrated command centre to support its growing cargo operations in Dubai.
dnata’s revenue, including other operating income, reached AED 11.0 billion (US$ 3.0 billion) down by 7 percent compared to AED 11.7 billion (US$ 3.2 billion) generated in the same period last year.
Overall profit before tax for dnata was AED 410 million (US$ 112 million), down by 51 percent from the same period last year. dnata’s profit after tax was AED 309 million (US$ 84 million), down 56 percent from last year.
