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Cathay Pacific Airways (0293) investor relations material

Cathay Pacific Airways H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary6 Aug, 2025

Executive summary

  • Attributable profit for the first half of 2025 was HK$3,651 million, up 1.1% year-over-year, with basic EPS at HK56.7 cents and an interim dividend of HK20 cents per share; revenue rose 9.5% to HK$54,309 million, driven by strong passenger growth and stable cargo.

  • Achieved third consecutive profitable interim period, with robust passenger volumes, consistent cargo performance, and lower fuel prices.

  • Expanded network to over 100 global destinations, launching or announcing 19 new routes in 2025, with all available aircraft fully resourced and operational.

  • Announced major fleet expansion, exercising purchase rights for 14 additional Boeing 777-9 aircraft, with over 100 new aircraft to be delivered in coming years.

  • Continued investment in customer experience, including new cabin products, lounge upgrades, digitalization, and major industry awards such as Skytrax Top 3 and Cargo Operator of the Year.

Financial highlights

  • Revenue increased 9.5% year-over-year to HK$54,309 million, with group attributable profit at HK$3,651 million and earnings per share up 8.2% to HK56.7 cents.

  • Interim dividend of HK20 cents per share declared, totaling HK$1,288 million, matching last year's interim dividend.

  • Available unrestricted liquidity increased 12.7% to HK$21,504 million; net borrowings decreased 2.8% to HK$56,342 million.

  • Cost per ATK (without fuel) decreased 0.9% year-over-year to HK$2.30; cost per ATK (with fuel) down 4.1% to HK$3.28.

  • Strong operating cash flow enabled early debt repayment and continued investment.

Outlook and guidance

  • Robust travel demand expected to continue, with further network and frequency expansion and ongoing customer experience enhancements.

  • Cargo market remains uncertain due to global economic, tariff, and regulatory issues, but agility and digital innovation are priorities.

  • HK Express faces short-term challenges but is expected to return to profitability as new routes mature and efficiencies improve.

  • Over HK$100 billion committed to investments in fleet, products, and digital innovation.

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Frequently asked questions

Cathay Pacific Airways Limited, commonly known as Cathay Pacific, is the flagship airline of Hong Kong, with its head office and main hub situated at Hong Kong International Airport. Established on 24 September 1946 by Australian Sydney H. de Kantzow and American Roy C. Farrell, Cathay Pacific has grown to become a leading international airline, offering scheduled passenger and cargo services. The company is headquartered in Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.

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