Emirates Group remained profitable in the first half of the 2026–2027 financial year despite the impact of the regional war, flight restrictions and a sharp rise in fuel prices. However, its net profit fell 66 per cent year on year to Dh3.6 billion.

According to financial results released on Thursday, November 5, 2026, Emirates Group recorded a pre-tax profit of Dh4.1 billion in the first six months of the current financial year, from April 1 to September 30. Post-tax profit stood at Dh3.6 billion, down 66 per cent from the same period last year.

Emirates Group revenue also fell 12 per cent, from Dh75.4 billion last year to Dh66.2 billion.

Despite the significant decline in profit and revenue, the group continued operating and remained profitable amid higher operating costs and disruption to the regional flight network.

Regional war’s impact on the UAE aviation industry

Since the regional war involving the United States and Israel against Iran began, the aviation industry across Gulf Cooperation Council countries has faced airspace restrictions, flight diversions and higher operating costs.

Airlines have been forced to use longer routes, consume more fuel and pay higher insurance premiums. Passenger concerns about regional security have also affected travel decisions and demand for flights.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said the group’s business model and the performance of its employees had once again been tested under challenging conditions over the past six months.

He said Emirates Group had recorded a pre-tax profit of Dh4.1 billion despite unprecedented regional challenges and the sharp rise in fuel prices.

He said customer demand had remained resilient, while the strong performance of the cargo division helped sustain the group’s revenue and liquidity. This came as global jet fuel prices doubled from the same period last year, affecting costs and profitability.

Sheikh Ahmed also praised the UAE Government’s efforts to manage the crisis and safely resume air transport following military activity in the region.

He said government coordination with relevant authorities and measures that led to reduced travel advisories for the UAE and transit through the country had enabled airlines to resume operations with greater confidence and continue serving passengers.

Emirates Group revenue falls 12 per cent as cash reserves decline

Emirates Group revenue reached Dh66.2 billion in the first six months of the 2026–2027 financial year, down 12 per cent from Dh75.4 billion in the same period last year.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 41 per cent, from Dh21.1 billion to Dh12.5 billion.

The group reported a cash balance of Dh54.1 billion at the end of September 2026, compared with Dh59.6 billion at the end of March that year.

Emirates Group said its cash reserves had enabled it to meet the funding requirements of ongoing operations, including advance payments for new aircraft and the repayment of debt obligations.

The group also paid the remaining Dh2 billion of the Dh3.5 billion dividend approved for the 2025–2026 financial year to its owner, the Investment Corporation of Dubai (ICD).

Emirates airline profit falls 66 per cent

Emirates airline recorded a pre-tax profit of Dh3.7 billion in the first half of the current financial year, compared with a record Dh11.4 billion in the same period last year.

This represented a decline of about 68 per cent in the airline’s pre-tax profit.

Emirates airline’s post-tax profit fell 66 per cent to Dh3.3 billion.

Revenue, including other operating income, declined to Dh56.9 billion, down 13 per cent from Dh65.6 billion last year.

However, demand for travel remained strong across Emirates’ markets, particularly in premium cabins, while cargo operations continued to make a significant contribution to revenue.

Aircraft fuel costs rise 60 per cent

Emirates airline’s operating costs, including fuel, were 2 per cent lower than last year as flight activity declined.

Despite a 12 per cent reduction in fuel uplift due to restricted flight operations, fuel costs before gains from price-risk hedging rose 60 per cent from the same period last year.

However, Emirates’ fuel price risk management strategy generated gains of Dh7.1 billion, offsetting a significant portion of the increase in costs.

As a result, the net increase in fuel costs was limited to 13 per cent.

Fuel remained Emirates airline’s largest operating expense, accounting for 34 per cent of total costs.

The airline’s EBITDA also fell 41 per cent year on year, from Dh19.7 billion to Dh11.5 billion.

Emirates restores flight network to 91 per cent of pre-crisis level

According to Emirates airline’s financial report, the carrier had restored operations across 91 per cent of its pre-disruption flight network by September 30, 2026.

At the end of the reporting period, its passenger and cargo network covered 150 airports across 78 countries and territories.

Between April 1 and September 30, Emirates received nine new Airbus A350 aircraft and completed full cabin refurbishments on 12 aircraft, comprising nine Airbus A380s and three Boeing 777s.

The airline continued investing in passenger services by expanding premium economy seating capacity and introducing new cabin products in more markets.

During the first six months of the financial year, a further 36 aircraft were equipped with Starlink high-speed in-flight internet, bringing the total number fitted with the system to 57 by the end of September.

Emirates passenger numbers fall 22 per cent

Emirates carried 21.8 million passengers in the first six months of the current financial year, down 22 per cent from the same period last year.

The airline’s overall transport capacity, measured in available tonne kilometres (ATKM), fell 10 per cent to 28.2 billion.

Seat capacity, measured in available seat kilometres, declined 17 per cent, while passenger traffic, measured in revenue passenger kilometres, fell 25 per cent.

Emirates’ average passenger seat factor stood at 72 per cent, compared with 79.5 per cent in the same period last year.

The declines in capacity and passenger numbers came as intermittent airspace restrictions, reduced flight schedules and government travel advisories affected the airline’s operations during the first half of the financial year.

Emirates cargo revenue rises 52 per cent

Emirates SkyCargo, the airline’s cargo division, carried 1.2 million tonnes of freight in the first half of the current financial year, down 1 per cent from the same period last year.

However, the division’s revenue rose 52 per cent.

According to Emirates Group, reduced airfreight capacity following the regional war and disruption to maritime shipping routes increased demand for transporting goods by air.

Emirates SkyCargo also expanded its fleet capacity by taking delivery of five new Boeing 777 freighters and deploying its first passenger aircraft converted into a freighter.

The expansion of cargo operations helped offset some of the pressure from lower passenger revenue and higher operating costs.

dnata net profit falls 56 per cent

dnata, an Emirates Group subsidiary, also recorded lower revenue and profitability in the first six months of the current financial year.

Revenue, including other operating income, reached Dh11 billion, down 7 per cent from Dh11.7 billion in the same period last year.

dnata’s pre-tax profit fell 51 per cent to Dh410 million, while post-tax profit declined 56 per cent to Dh309 million.

The company’s EBITDA fell 31 per cent, from about Dh1.4 billion to Dh939 million.

Airport operations remained dnata’s largest source of revenue, generating Dh5.4 billion during the period, 3 per cent less than last year.

The expansion of dnata’s international operations partly offset the impact of reduced activity by customer airlines at the company’s UAE base.

Emirates Group workforce falls to 128,000

Emirates Group’s workforce stood at 128,237 at the end of September 2026, down 2 per cent from the end of March that year.

The decline came as the group continued with its fleet expansion, aircraft refurbishment and operational infrastructure investment programmes.

The group said Emirates airline and dnata would continue recruiting to meet their operational requirements.

Outlook improves for Emirates airline in 2027

Saj Ahmad, chief analyst at London-based StrategicAero Research, said Emirates airline’s continued profitability amid the regional war and widespread operational disruption demonstrated its ability to manage crises beyond its control.

He said the 66 per cent decline in net profit was not unexpected, given the sharp increase in fuel costs, the age of part of the Airbus A380 fleet and the absence of fuel-efficient Boeing 777X aircraft from the airline’s fleet.

He added that revenue growth in the cargo division, which he said ranked Emirates as the world’s fourth-largest cargo airline, had helped ease pressure on profitability.

The analyst expressed hope that an end to the regional war would allow Emirates to restore its full flight network.

He also offered a positive outlook for 2027, noting that Ramadan was about 12 weeks away and that flight activity could ease slightly during the second half of the financial year.

He said the Boeing 777X certification process was nearing its final stages, with the first aircraft expected to be delivered to Emirates in the second quarter of 2027.

The delivery of more Airbus A350-900 aircraft could also reduce the airline’s operating costs by improving fuel efficiency.

Saj Ahmad also cited the 2027 Dubai Airshow as a positive factor for the UAE aviation industry. He said an end to regional hostilities could increase passenger traffic through Dubai International Airport, reduce fuel costs and potentially lead to more affordable airfares.

Emirates Group cautiously optimistic about second half

Sheikh Ahmed bin Saeed Al Maktoum said Emirates Group was entering the second half of the 2026–2027 financial year with “cautious optimism”.

He said the group would continue to closely monitor geopolitical developments and operating costs.

He said Emirates Group had weathered numerous crises in the past and was well positioned to manage market volatility and persistently high fuel prices, supported by substantial cash reserves, strong infrastructure and years of operational experience.

The Emirates Group chairman also said long-term investments in fleet expansion, customer service improvements and future capacity had not been halted, adding that the group continued to plan for growth opportunities in the global aviation industry.