Emirates Group’s profit before tax fell 66% to AED 4.1 billion (US$1.1 billion) in the first half of its 2026–27 financial year, as regional conflict disrupted operations and higher fuel costs weighed on results. Revenue for the six months to 30 September declined 12% to AED 66.2 billion. The Dubai-based group comprises Emirates airline and ground-services provider dnata.
Emirates airline recorded a 68% fall in profit before tax to AED 3.7 billion, while revenue dropped 13% to AED 56.9 billion. It carried 21.8 million passengers, down 22% year on year. At the half-year end, the airline had restored 91% of its pre-disruption network, serving 150 airports in 78 countries and territories. Intermittent airspace restrictions and closures, along with government travel advisories, reshaped travel flows.
Fuel costs before hedging rose 60%, despite a 12% reduction in fuel uplift. AED 7.1 billion in fuel-risk-management gains limited the net increase in fuel costs to 13%; fuel accounted for 34% of the airline’s operating costs. Emirates SkyCargo revenue rose 52%, which the group linked to reduced airfreight capacity and disruption to marine transport.
dnata’s profit before tax fell 51% to AED 410 million, with revenue down 7% to AED 11.0 billion. The company cited lower volumes in some UAE and UK businesses. Group cash stood at AED 54.1 billion on 30 September, compared with AED 59.6 billion on 31 March. The group described its outlook for the second half as measuredly optimistic, while monitoring costs and geopolitical developments.