Cathay Pacific Airways Limited (“Cathay”) reported a HK$6.24 billion profit attributable to shareholders for the six months ended 30 June 2026, up 71.0% from the same period in 2025. Group revenue climbed 25.3% to HK$68.06 billion, driven by a broad‐based recovery in passenger and cargo operations.

Revenue composition • Passenger services: HK$43.20 billion, +26.3% year-on-year, on 15.3% RPK growth and a 9.4% rise in passenger yield to 66.1 cents. • Cargo services: HK$13.81 billion, +23.9%, supported by an 18.1% increase in cargo yield to HK$3.06. • Other services and recoveries: HK$5.04 billion, +15.4%.

Profit drivers and costs • Operating profit before non-recurring items rose 11.3% to HK$5.08 billion. • Total operating expenses advanced 27.0% to HK$61.47 billion, with net fuel costs up 59.1% to HK$21.30 billion amid higher jet-fuel prices; cost per ATK (with fuel) increased 18.0% to HK$3.87. • A HK$1.43 billion non-cash gain from the dilution of Cathay’s stake in Air China to 12.85% was partly offset by a HK$0.48 billion non-recurring loss, lifting reported profit.

Balance-sheet metrics • Funds attributable to shareholders: HK$58.02 billion, −3.5% versus end-2025. • Net borrowings: HK$47.27 billion, +1.0%; net debt/equity ratio at 0.81 times. • Available unrestricted liquidity: HK$23.58 billion. • Capital commitments total HK$143.38 billion, including 105 aircraft on order.

Segment performance • HK Express: passenger revenue +37.8% to HK$4.14 billion; loss before finance and tax narrowed to HK$73 million (H1 2025: HK$524 million loss). • Air Hong Kong: profit before finance and tax HK$481 million (H1 2025: HK$474 million). • Associates contributed HK$410 million profit (H1 2025: HK$181 million loss), largely reflecting Air China’s improved results.

Capital actions • Completed HK$6.97 billion off-market buyback of Qatar Airways’ entire Cathay stake in February. • Issued HK$2.88 billion inaugural Hong Kong dollar bonds in April.

Dividend A first interim dividend of HK$0.26 per share will be paid on 8 October 2026, up 30% from the prior year’s interim payout.

Operational indicators • Passenger load factor improved to 87.5% (+2.7 ppt). • Cargo load factor edged up to 59.2% (+0.6 ppt). • Group fleet stood at 235 aircraft with an average age of 12.3 years at period end.

Outlook Management targets a full-year 2026 passenger capacity increase of approximately 10% and anticipates a solid cargo peak season, while monitoring fuel price volatility and geopolitical risks.