Emirates Group posts AED4.1 billion half-year profit despite regional conflict and higher fuel costs

DUBAI: The Emirates Group today announced its half-year financial results, posting a profit before tax of AED4.1 billion ($1.1 billion) for the first six months of 2026-27, despite disruption and higher fuel prices caused by the ongoing conflict in the Gulf region. After accounting for income tax, the Group's profit after tax stood at AED3.6 billion ($1.0 billion), down 66% from last year. The Group achieved EBITDA of AED12.5 billion ($3.4 billion), 41% lower than the AED21.1 billion ($5.7 billion) reported in the same period last year, when it set a new record for profit and revenue. Group revenue for the first six months of 2026-27 was AED66.2 billion ($18.0 billion), down 12% from AED75.4 billion ($20.6 billion) a year earlier. The Group closed the first half of 2026-27 with a cash position of AED54.1 billion ($14.7 billion) as of September 30, 2026, compared with AED59.6 billion ($16.2 billion) on March 31, 2026. The Group used its strong cash reserves to support business requirements, including pre-delivery payments for aircraft and servicing debt obligations. It also paid the remaining AED2 billion ($545 million) dividend to its owner, the Investment Corporation of Dubai (ICD), from the AED3.5 billion ($953 million) declared for the 2025-26 financial year. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of 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 delivered a profit before tax of AED4.1 billion ($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 compared with the same period last year, impacting our costs and profitability. "I'd like to thank the UAE government for its decisive response and coordination of all stakeholders to enable the safe resumption of air transport following 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 operations with confidence and continue serving our customers and communities. "Throughout this period, we have not paused our investments. Emirates and dnata continue to commit significant resources to expanding our fleet, enhancing products and services, and developing capabilities that will shape the future of our business. This is how we stay ahead and remain 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 foundations, the Group is well placed to navigate the headwinds of volatility and high fuel prices." Compared with March 31, 2026, the Emirates Group's workforce declined by 2% to 128,237 employees as of September 30, 2026. However, both Emirates and dnata continue recruitment to support business requirements. Emirates airline The first six months of 2026-27 brought significant challenges to Emirates' operations. Intermittent airspace restrictions and closures across the region tested the airline's operational agility, while government travel advisories reshaped travel patterns and consumer behaviour. During the period, Emirates focused on restoring its network and connectivity through Dubai. As of September 30, the airline was operating 91% of its pre-disruption network, serving 150 airports in 78 countries and territories across its passenger and cargo network. During the first half of 2026-27, Emirates extended sponsorship agreements with Arsenal Football Club until 2033 and Real Madrid until 2031. The airline also launched initiatives to boost customer confidence, including comprehensive travel cover unrestricted by government travel advisories, free date changes and flexible refund policies. Between April 1 and September 30, Emirates expanded its Premium Economy offering and introduced its latest cabin products to more markets. The airline received nine new A350 aircraft and completed the refurbishment of 12 aircraft, including nine A380s and three Boeing 777s. Its retrofit programme, one of the world's largest, represents a planned investment of more than $7 billion. Emirates also equipped 36 more aircraft with Starlink connectivity, taking the total Starlink-enabled fleet to 57 aircraft by 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, with completion expected in the mid-2030s. The airline also introduced two new cabin products: the U-dream headrest in Economy Class