Emirates profit falls 66% in first half as Iran war and jet fuel costs bite

Profit and revenue

Emirates Group reported a 66% fall in profit for the first half of its 2026-27 financial year, covering April to September 2026. The results were released on Thursday, 5 November. Published after-tax profit figures range from 3.3 billion to 3.6 billion dirhams depending on the report, while pre-tax profit is given as 4.1 billion dirhams. Group revenue dropped 12% to 66.2 billion dirhams, and the airline's revenue fell 13% to 56.9 billion dirhams. Group EBITDA reached 12.5 billion dirhams, 41% below the previous year.

War, airspace closures and passenger traffic

The results reflect the war that the United States and Israel have waged against Iran, which began with strikes on 28 February. Repeated airspace closures across the Middle East forced airlines to cancel or divert flights, and government travel warnings also changed where travellers chose to fly. Emirates carried 21.8 million passengers between April and September 2026, 22% fewer than a year earlier. Its passenger load factor fell from 79.5% to 72%. By 30 September the airline was flying 91% of its pre-disruption network, linking 150 airports in 78 countries and territories. Recent Houthi offensives against targets in Saudi Arabia have further clouded the outlook for a return to normal operations.

Prior-year first half79.5%

First half 2026-2772%

Prior-year first half

79.5 %

First half 2026-27

72 %

Data from the article text

Cargo and subsidiaries

Cargo was the relative bright spot in the half. Emirates SkyCargo moved 1.2 million tonnes, 1% less than a year earlier, yet its revenue rose 52%. The company linked that gain to reduced air freight capacity and disruption to sea shipping. Emirates also took delivery of nine new Airbus A350 aircraft during the period. Dnata, which provides services at Dubai airport, saw its net profit fall 56% to $84 million.

Fuel costs and hedging

Fuel is the largest single operating cost, making up 34% of the total. Emirates burned 12% less fuel as flying fell, but its fuel cost before hedging gains rose 60%. Hedging contracts signed earlier held the net increase to 13%. Overall operating costs fell 2% because of restricted flying. Global kerosene prices had doubled compared with the same period a year earlier, and jet fuel prices have roughly doubled since the war began.

Management response

Ahmed bin Saeed Al Maktoum, the group's president and chief executive, described the six months as demanding and said the group's business model had passed the test. He said customer demand had stayed firm and that cargo operations had made a solid contribution. According to the company, that helped keep revenue and cash at healthy levels even though kerosene prices had doubled. He said the fuel cost pressure had weighed on both costs and profitability.

Cash, dividend and staff

Group cash stood at 54.1 billion dirhams on 30 September, down from 59.6 billion dirhams on 31 March. The group paid the remaining 2 billion dirhams of a dividend owed to its owner, Investment Corporation of Dubai, out of 3.5 billion dirhams declared for 2025-26. Headcount fell 2% to 128,237 employees over the period.

2026-03-3159.6

2026-09-3054.1

2026-03-31

59.6 billion dirhams

2026-09-30

54.1 billion dirhams

Data from the article text