Beijing Capital International Airport Company (694) H1 2026 earnings summary

Executive summary

• Achieved a turnaround to profitability in H1 2026, with net profit of RMB16.8 million versus a net loss of RMB163.9 million in H1 2025, driven by higher revenues, increased passenger throughput, and cost controls.

• Total revenue rose 2.3% year-over-year to RMB2.82 billion, with both aeronautical and non-aeronautical segments contributing to growth.

• Operating expenses decreased 3.1% year-over-year, reflecting effective cost management and efficiency improvements.

• Passenger throughput increased 4.7% year-over-year, led by strong international and Hong Kong, Macau & Taiwan routes, despite a slight decline in domestic air traffic.

• No interim dividend declared for H1 2026.

Financial highlights

• EBITDA increased 30.4% year-over-year to RMB897.2 million.

• Passenger throughput reached 35.76 million (+4.7%), with international traffic up 10.5% and Hong Kong, Macau & Taiwan up 14.7%.

• Cargo and mail throughput rose 1.1% year-over-year to 754,410 tonnes.

• Net cash generated from operating activities was RMB1.38 billion, up from RMB983 million in H1 2025.

• Net finance costs decreased 7.9% year-over-year to RMB124.3 million.

Outlook and guidance

• Management expects continued challenges from external uncertainties, including high jet fuel prices, fuel price volatility, and temporary disruptions from hub renovations.

• Plans to leverage policy support, expand international routes, and enhance service quality to drive growth in H2 2026.

• Strategic focus on achieving full-year profitability, developing new non-aeronautical business formats, and targeting high-value long-haul routes.