Emirates Group First-Half Profit Falls 66% on Fuel and Regional Disruptions
Profit before tax fell to $1.1 billion as revenue dropped 12%, Emirates airline carried 22% fewer passengers and fuel costs doubled before hedging.
Emirates Group reported profit before tax of $1.1 billion (AED 4.1 billion) for the first half of FY2026–27, down 66% year on year. Net profit also fell 66% to $1 billion (AED 3.6 billion). Revenue dropped 12% to $18 billion (AED 66.2 billion), from $20.6 billion (AED 75.4 billion) a year earlier, and EBITDA fell 41% to $3.4 billion (AED 12.5 billion). The Dubai-based group released the results on Thursday.
Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline & Group, blamed regional disruptions and high fuel prices. He said global jet fuel costs doubled year on year. He said the UAE government’s coordinated response helped restore air transport operations after military activity across the Gulf.
The decline shows how quickly fuel and airspace shocks can move through a group that normally uses Dubai as a global connecting hub. Emirates kept flying, but with fewer passengers and a smaller network for part of the period, while cargo revenue moved the other way.
At Emirates airline, profit before tax fell 68% to $1 billion (AED 3.7 billion). Revenue fell 13% to $15.5 billion (AED 56.9 billion). The airline carried 21.8 million passengers between April 1 and September 30, down 22% year on year. Average passenger seat factor fell to 72% from 79.5%.
Emirates burned 12% less fuel, but fuel costs before hedging rose 60%. Hedging gains of $1.9 billion (AED 7.1 billion) held the net increase to 13%. Fuel represented 34% of the airline’s operating costs.
Emirates SkyCargo carried about 1.2 million tonnes of freight, down 1%, while revenue rose 52%. The group said the cargo increase was supported by reduced global airfreight capacity and demand linked to disruptions in maritime transport.
By September 30, Emirates had restored 91% of its pre-disruption network and served 150 airports in 78 countries and territories.
Group cash assets stood at $14.7 billion (AED 54.1 billion) at September 30, down from $16.2 billion (AED 59.6 billion) at the end of March 2026. The group paid the remaining $545 million (AED 2 billion) of its dividend to owner Investment Corporation of Dubai. The total dividend declared for FY2025–26 was $953 million (AED 3.5 billion).
dnata’s profit before tax fell 51% to $112 million (AED 410 million), and revenue fell 7% to $3 billion (AED 11 billion). The group said lower activity in parts of its UAE and UK operations drove the decline. dnata handled 414,012 aircraft movements, down 8%, and cargo volumes fell 6% to 1.49 million tonnes. Its flight catering and retail division generated $1.1 billion (AED 4.2 billion) in revenue, up 1%, helped by inflight retail.
Emirates received nine Airbus A350s in the half and completed cabin refurbishment on 12 aircraft, nine A380s and three Boeing 777s. The retrofit programme is a planned investment exceeding $7 billion. Starlink was installed on 36 more aircraft, taking the Starlink-equipped fleet to 57.
In May 2026, Emirates began construction of a $5.1 billion engineering and maintenance facility at Al Maktoum International Airport. The facility is expected to be completed in the mid-2030s.
Sheikh Ahmed ranked first in a 2026 ranking of the top 100 travel and tourism leaders. Emirates Group said it plans further aircraft deliveries, cabin upgrades and infrastructure investment in the second half of FY2026–27. It is monitoring fuel prices and regional developments.
