Dubai’s Emirates Group breaks half-year profit record with Dh12.2 billion gain
Emirates airline and dnata both report double-digit growth in first-half profits
DUBAI – The Emirates Group announced another record-breaking financial performance for the first half of 2025–26, with profit before tax soaring to Dh12.2 billion ($3.3 billion), up 17% from the same period last year.
The figure marks the fourth consecutive year of record half-year profitability for the Group, which continues to lead the global aviation sector.
After accounting for taxes, the Group’s profit after tax stood at Dh10.6 billion ($2.9 billion), reflecting a 13% increase year on year. Revenue rose by 4% to Dh75.4 billion ($20.6 billion), supported by resilient demand across markets and strong customer appetite for premium travel experiences.
The Group’s earnings before interest, tax, depreciation and amortisation (EBITDA) reached Dh21.1 billion ($5.7 billion), up 3% from last year’s Dh20.4 billion ($5.6 billion), underscoring solid operational efficiency. Its cash position climbed to a record Dh56.0 billion ($15.2 billion) as of 30 September 2025, compared with Dh53.4 billion ($14.6 billion) six months earlier.
The Group has continued to fund operations and aircraft purchases from its reserves while servicing existing debts and distributing the remaining Dh2 billion ($545 million) of a total Dh6 billion ($1.6 billion) dividend declared for 2024-25.
Strong results and strategic growth
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said the record figures underscored Emirates’ position as the world’s most profitable airline for the reporting period.
“The Group has once again delivered an outstanding performance, surpassing our half-year results of last year to achieve a new record profit for H1 2025-26,” Sheikh Ahmed said. He attributed the results to unflagging travel demand and growing customer preference for the Group’s premium products and services.
Sheikh Ahmed added that Emirates and dnata’s sustained investment in innovation, technology, and people continued to strengthen their global reputation. “Our strong profitability enables us to make further investments and scale up our proven business models in alignment with Dubai’s growth as a global hub for talent, business, and tourism,” he noted.
Despite geopolitical challenges and economic uncertainty in some regions, demand for air transport remains buoyant. The Group anticipates continued resilience for the remainder of the fiscal year, bolstered by Emirates’ new A350 fleet deliveries and dnata’s upcoming facilities.
To support rising operations, the Group’s workforce expanded by 3% since March 2025, reaching 124,927 employees by the end of September. Recruitment efforts remain ongoing across both Emirates and dnata to meet growing operational needs.
Emirates airline expansion
During the first half of 2025–26, Emirates strengthened its global footprint by launching new services to Danang, Siem Reap, Shenzhen, and Hangzhou. As of 30 September, its network covered 153 airports across 81 countries and territories.
The airline added 28 weekly flights to key destinations including Antananarivo, Johannesburg, Muscat, Rome, Riyadh, and Taipei. It also expanded partnerships with three new codeshare and interline partners – Air Seychelles, Condor, and Aurigny – offering customers greater connection options.
Between April and September, Emirates received five new A350 aircraft, enhancing its Business Class and Premium Economy capacity. In parallel, 23 aircraft (six A380s and 17 Boeing 777s) completed refurbishment under its $5 billion retrofit programme, equipping them with refreshed interiors and expanding access to Premium Economy, now available on routes to 61 cities.
On the ground, Emirates introduced “Emirates First” at Dubai International Airport, a private check-in area designed for First Class passengers and Platinum Skywards members. The airline also accelerated the rollout of its global retail strategy with new concept travel stores launched in Accra, Bangkok, Geneva, Jakarta, Mauritius, Osaka, Seoul, and Singapore.
Emirates continued its sustainability push, uplifting sustainable aviation fuel (SAF) where feasible at 37 airports and joining the Aviation Circularity Consortium to promote a circular economy in aviation.
Sponsorships and operational highlights
Emirates made significant investments in brand partnerships during the first half, securing high-profile sponsorships as Platinum Partner of FC Bayern Munich and Official Main Sponsor of Real Madrid Basketball. The airline also became Premium Partner and Official Airline Partner of the Investec Champions Cup and European Professional Club Rugby Challenge Cup.
Additionally, Emirates extended its ATP Tour partnership until 2030 and renewed its Olympique Lyonnais shirt sponsorship through the same year, reinforcing its global visibility in sports.
The airline’s overall capacity increased by 5% to 31.3 billion Available Tonne Kilometres (ATKM). Passenger traffic, measured in Revenue Passenger Kilometres (RPKM), rose 4%, with an average seat factor of 79.5%. Emirates carried 27.8 million passengers between April and September, a 4% year-on-year increase.
Emirates SkyCargo transported 1.25 million tonnes of freight, also up 4%. While cargo yields declined 6% due to softened market demand, the division expanded its capacity with three new Boeing 777 freighters and launched Emirates Courier Express, a door-to-door express shipping service for businesses.
Emirates’ profit before tax climbed 17% to Dh11.4 billion ($3.1 billion), compared with Dh9.7 billion ($2.6 billion) in the previous year, maintaining its leadership as the world’s most profitable airline. Profit after tax reached Dh9.9 billion ($2.7 billion), up 13%.
Revenue, including other income, increased 6% to Dh65.6 billion ($17.9 billion). Operating costs rose by 4% in line with network growth, with fuel accounting for 30% of total expenditure. Emirates’ EBITDA stood at Dh19.7 billion ($5.4 billion), up 3% from last year.
Emirates Flight Catering reported revenue growth of 13% to Dh555 million ($151 million), providing 7.7 million meals to 116 airlines. Meanwhile, Emirates Leisure Retail gained full ownership of Air Ventures LLC in the US, strengthening its airport retail and food and beverage portfolio.
dnata achieves record revenue
dnata also posted record figures for the first half of 2025–26, achieving a profit before tax of Dh843 million ($230 million), up 17%, and revenue of Dh11.7 billion ($3.2 billion), up 13%. Profit after tax climbed 22% to Dh697 million ($190 million), supported by growth across its airport services, catering and retail, and travel operations.
The company’s EBITDA reached Dh1.4 billion ($372 million), 5% higher than last year. dnata’s airport operations remained the top revenue contributor at Dh5.5 billion ($1.5 billion), an increase of 15%, driven by expanding operations in Italy, Australia, the UK, and the UAE. The number of aircraft handled rose 15% to 450,903, while cargo volumes increased 3% to 1.59 million tonnes.
Its catering and retail division generated Dh4.1 billion ($1.1 billion) in revenue, up 11%, supported by contract renewals and expanded production in Australia and the UK. The total number of meals produced reached 60 million. dnata Travel recorded revenue of Dh2.0 billion ($538 million), up 11%, with total transaction value rising to Dh5.0 billion ($1.4 billion).
dnata also made several strategic investments, including a $110 million procurement of 800 new ground support equipment units to improve efficiency and reduce emissions. It launched its marhaba hospitality brand in the UK, acquired a minority stake in booking platform WonderMiles, and divested its 75% share in UAE tour operator Super Bus.
Further strengthening its brand, dnata signed a three-year sponsorship as Founding Partner of Dubai Basketball – the city’s first professional basketball franchise.
With sustained expansion and profitability across divisions, dnata’s record half-year revenue marked the first time the company crossed the $3 billion threshold for the period, underscoring its strong global position within aviation services.