Cathay Pacific Airways (0293) H1 2025 earnings summary

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.