{"version":"1.9","identifier":"9b85e0d9-b8c4-4c0e-959e-cc45efb8d0b6","language":"en-US","title":"Emirates Group net profit falls 66% to $1 billion as fuel costs and disruption hit earnings","layout":{"columns":7,"width":1024,"margin":32,"gutter":20},"componentLayouts":{"text":{"columnStart":0,"columnSpan":7,"maximumContentWidth":720,"margin":{"top":12,"bottom":12}},"photo":{"columnStart":0,"columnSpan":7,"margin":{"top":20,"bottom":20}}},"componentTextStyles":{"default":{"fontName":"HelveticaNeue","fontSize":18,"lineHeight":29,"textColor":"#171717"},"headline":{"fontName":"HelveticaNeue-Bold","fontSize":36,"lineHeight":42,"conditional":[{"conditions":{"maxViewportWidth":480},"fontSize":28,"lineHeight":34}]},"intro":{"fontName":"HelveticaNeue","fontSize":20,"lineHeight":28,"textColor":"#555555"},"caption":{"fontName":"HelveticaNeue","fontSize":13,"lineHeight":19,"textColor":"#666666"},"byline":{"fontName":"HelveticaNeue","fontSize":13,"lineHeight":20,"textColor":"#666666"},"body":{"fontName":"HelveticaNeue","fontSize":18,"lineHeight":29,"paragraphSpacingAfter":14,"linkStyle":{"textColor":"#00704a"}}},"metadata":{"canonicalURL":"https://www.loungefrog.com/news/emirates-group-half-year-profit-falls-66-percent-november-2026","datePublished":"2026-11-05T22:41:28.570765Z","dateModified":"2026-11-05T22:50:24.331389Z","authors":["Patrick Karsh"],"excerpt":"Emirates Group's April–September 2026 net profit dropped sharply as regional disruption and fuel costs weighed on results.","thumbnailURL":"https://pub-fac99da959e344fe99d810d309cef7df.r2.dev/photos/article/9b85e0d9-b8c4-4c0e-959e-cc45efb8d0b6/82f536c69d142c8b5a1cd14dd58580ec.jpg","keywords":["airline"],"generatorName":"Frog News","generatorVersion":"1.0"},"components":[{"role":"title","text":"Emirates Group net profit falls 66% to $1 billion as fuel costs and disruption hit earnings","textStyle":"headline","layout":"text"},{"role":"intro","text":"Emirates Group's April–September 2026 net profit dropped sharply as regional disruption and fuel costs weighed on results.","textStyle":"intro","layout":"text"},{"role":"byline","text":"By Patrick Karsh · Published November 5, 2026","textStyle":"byline","layout":"text"},{"role":"photo","URL":"https://pub-fac99da959e344fe99d810d309cef7df.r2.dev/photos/article/9b85e0d9-b8c4-4c0e-959e-cc45efb8d0b6/82f536c69d142c8b5a1cd14dd58580ec.jpg","caption":"Emirates A380 and dnata ground equipment, in the official half-year results media kit. · Emirates Group","accessibilityCaption":"Emirates A380 and dnata ground equipment, in the official half-year results media kit.","layout":"photo"},{"role":"caption","text":"Emirates A380 and dnata ground equipment, in the official half-year results media kit. · Emirates Group","textStyle":"caption","layout":"text"},{"role":"body","format":"markdown","text":"Emirates Group reported net profit of AED 3.6 billion, or about US$1.0 billion, for April–September 2026, down 66% year over year. Revenue fell 12% to AED 66.2 billion. The [November 5 results](https://www.theemiratesgroup.com/media-centre/emirates-group-announces-half-year-profit-for-2026-27-despite-full-six-month-impact-of-regional-conflict-and-high-fuel-costs/) cover the first half of its 2026–27 financial year.\n\nThe Group includes Emirates airline and dnata. The airline alone earned US$903 million after tax; Group profit before tax was US$1.1 billion. The company attributed the decline to regional disruption and higher fuel costs.\n\n## The six-month comparison\n\nLast year's [official half-year financial highlights](https://www.theemiratesgroup.com/media-centre/download/9f43a4f4-0c53-4f7c-89f5-78ca602f99e3/emiratesgrouphalf-yearresults2025-26fastfacts.pdf) provide the comparison below. Both columns cover April through September; the figures are in UAE dirhams.","textStyle":"body","layout":"text"},{"role":"htmltable","html":"
MeasureApril–September 2025April–September 2026
Group net profitAED 10.6 billionAED 3.6 billion
Group revenueAED 75.4 billionAED 66.2 billion
Emirates passengers27.8 million21.8 million
Emirates seat occupancy79.5%72.0%
","layout":"text"},{"role":"body","format":"markdown","text":"Sources: [2025 highlights](https://www.theemiratesgroup.com/media-centre/download/9f43a4f4-0c53-4f7c-89f5-78ca602f99e3/emiratesgrouphalf-yearresults2025-26fastfacts.pdf) and [2026 results](https://www.theemiratesgroup.com/media-centre/emirates-group-announces-half-year-profit-for-2026-27-despite-full-six-month-impact-of-regional-conflict-and-high-fuel-costs/). Net profit means profit after tax.\n\n**Emirates Group half-year net profit**\n\nAED billions; April–September in each year, after tax","textStyle":"body","layout":"text"},{"role":"htmltable","html":"
YearNet profit
202510.6
20263.6
","layout":"text"},{"role":"body","format":"markdown","text":"Source: [Emirates Group 2025 highlights](https://www.theemiratesgroup.com/media-centre/download/9f43a4f4-0c53-4f7c-89f5-78ca602f99e3/emiratesgrouphalf-yearresults2025-26fastfacts.pdf), [Emirates Group 2026 results](https://www.theemiratesgroup.com/media-centre/emirates-group-announces-half-year-profit-for-2026-27-despite-full-six-month-impact-of-regional-conflict-and-high-fuel-costs/)\n\nThe earlier reporting period set a high benchmark. Emirates Group's 2025 release recorded growth in revenue, net profit and earnings before interest, taxes, depreciation and amortization, known as EBITDA. Its net profit margin was 14%, meaning that roughly 14 dirhams of each 100 dirhams in revenue became after-tax profit. Those historical figures help explain the scale of this year's reversal.\n\nPassenger count and seat occupancy measure different things. The count records how many people flew. Seat occupancy measures the share of available passenger capacity used, weighted by distance. A lower count can reflect a smaller schedule; lower occupancy also points to less traffic relative to the capacity offered.\n\n## Fuel pressure reached beyond the flying schedule\n\nThe airline's fuel costs rose 60% before hedging. Gains of AED 7.1 billion limited the net increase to 13%, Emirates said. [Source: Emirates Group](https://www.theemiratesgroup.com/media-centre/emirates-group-announces-half-year-profit-for-2026-27-despite-full-six-month-impact-of-regional-conflict-and-high-fuel-costs/).\n\nFuel hedging uses financial arrangements to reduce exposure to price swings. It can soften a cost shock without removing it. The gap between the reported increase before hedging and the increase afterward shows why the distinction is important when comparing airline costs.\n\nThere was an early warning in the [Group's annual results published in May](https://www.rns-pdf.londonstockexchange.com/rns/4068D_2-2026-5-7.pdf). Those figures covered the year through March 31, 2026. Management said military activity disrupted Gulf aviation on February 28, near the end of that reporting period. The annual announcement therefore captured a much shorter initial disruption than the six months covered by the new release.\n\nAt that year-end, the Group reported AED 59.6 billion in cash assets and annual net profit of AED 21.0 billion. It also said its fuel hedging extended through 2028–29 and that aircraft deliveries and cabin upgrades would continue. Those were the starting conditions for the current financial year, rather than a promise about the eventual half-year outcome.\n\nOur [October report on Emirates and Qatar Airways' recovery](https://www.loungefrog.com/news/emirates-qatar-airways-iran-war-impact-october-2026) covered executive comments about trading conditions. A strong week or a recovery in the schedule can coexist with weaker results across an earlier six-month period. Travelers should keep the reporting dates in view when comparing those accounts.\n\n## What passengers should check\n\nFor an upcoming booking, the most useful details remain the operating flight, the aircraft and the fare conditions. A financial result alone cannot tell a traveler which seat will be installed on a particular departure or what an individual ticket will cost.\n\nThere are concrete product changes to check. In its [October 30 Durban announcement](https://www.emirates.com/media-centre/emirates-expands-premium-economy-to-durban-with-deployment-of-a350/), Emirates scheduled the A350 for daily flights EK775 and EK776 from March 1, 2027, introducing Premium Economy on that route. Our [Durban A350 guide](https://www.loungefrog.com/news/emirates-a350-durban-premium-economy-march-2027) explains the change. A traveler comparing departures around that date should check the cabin shown for the actual flight.\n\nLounge eligibility needs a separate check. Emirates' [published lounge rules](https://www.emirates.com/us/english/experience/our-lounges/paid-lounge-access/) list Premium Economy and Business Class Special under paid access in Dubai. Business Class Saver, Flex and Flex Plus include Business Class lounge access. Skywards status can provide a separate entitlement, subject to the stated conditions.\n\nThe same rules page currently says the First Class lounge in Dubai's Concourse C is closed and directs customers to Concourse B. That is a specific facility notice, rather than evidence that the financial results changed lounge benefits.\n\nCheck the airline's current notices and your booking before departure. Use Lounge Frog's [Emirates guide](https://www.loungefrog.com/airlines/ek) and [Dubai airport directory](https://www.loungefrog.com/airports/dxb) to plan the airport part of the trip. The earnings release provides a view of business performance; the ticket and operating notices provide the details needed for the journey.","textStyle":"body","layout":"text"}]}