Emirates Group reported a sharp drop in profit for the first half of 2026/27. Revenue fell 12% and Emirates airline carried 22% fewer passengers.
Emirates Group reported a pre-tax profit of approximately €1 billion for the first six months of its 2026/27 financial year, down 66% from the same period last year.
Group revenue fell 12% to approximately €16.1 billion. The figures cover 1 April to 30 September 2026.
Emirates attributed much of the downturn to disruption to aviation in the Gulf region and high fuel prices.
Fewer passengers and higher fuel costs
Emirates airline carried 21.8 million passengers during the half-year, a fall of 22% year on year.
Airline revenue was down 13% to approximately €13.8 billion, while pre-tax profit fell 68% to around €900 million.
Although lower flight activity reduced fuel consumption, fuel costs before the effect of hedging increased by 60%.
The airline offset a substantial part of the price rise through contracts arranged earlier to protect against fuel-price fluctuations.
Cargo performance holds up
Cargo operations performed more strongly. Emirates SkyCargo carried approximately 1.2 million tonnes of freight, broadly unchanged from a year earlier.
Cargo revenue nevertheless rose 52%. Restricted air-cargo capacity and disruption to maritime transport helped support higher freight yields.
Network largely restored
Emirates gradually restored its network after the regional disruption. By the end of September, 91% of its pre-disruption network was operating again.
The airline served 150 airports across 78 countries and territories at that point.
Despite the weaker profit, Emirates continues to invest in aircraft, cabin products and services. The group held approximately €13.1 billion in cash and other liquid assets at the end of September.
Credits
Sources
Emirates Group — half-year results 2026/27, 5 November 2026
Photo: Zima Savolainen-Schtakleff / Wikimedia Commons, CC BY-SA 4.0. Cropped to 16:9.
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