Emirates Group Posts AED 4.1bn Half-Year Profit After Gulf Conflict and Fuel Spike

The Emirates Group on Thursday, November 5, 2026, published first-half 2026-27 accounts covering the six months to 30 September. Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates airline and Group, said the period covered unprecedented regional challenges and high fuel prices, and thanked the UAE government for coordinating a return to flying after military activity in the Gulf.

Emirates airline profit before tax was AED 3.7 billion (US$1.0 billion). dnata profit before tax was AED 410 million (US$112 million). Group cash was AED 54.1 billion (US$14.7 billion) on 30 September, and the Group paid the remaining AED 2 billion dividend to the Investment Corporation of Dubai from the 2025-26 declaration.

Key details

• Group revenue: AED 66.2 billion (US$18.0 billion), down 12%. Group EBITDA: AED 12.5 billion, down 41%.
• Emirates revenue including other operating income: AED 56.9 billion, down 13%. Emirates profit after tax: AED 3.3 billion.
• dnata revenue: AED 11.0 billion, down 7%. dnata profit after tax: AED 309 million.
• Network at 30 September: 91% of the pre-disruption map, 150 airports in 78 countries. Passengers: 21.8 million, down 22%. Seat factor: 72.0% versus 79.5%.
• Fuel before hedges up 60%; AED 7.1 billion of hedge gains cut the net fuel-cost rise to 13%. Fuel was 34% of Emirates operating cost.

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 against the same period last year.

Why it matters

Global jet fuel prices doubled versus the same half last year while the passenger network was still only 91% rebuilt. Cargo tonnes were almost flat at 1.2 million, so the profit drop is a fuel-and-airspace story more than a freight-volume collapse.