Fuel Hedges Kept Emirates Profitable as Earnings Fell Two-Thirds

Photo Credit: An Emirates Airbus A380-800. Vincenzo Pace / Vincenzo Pace Emirates airline’s first-half net profit fell 66% to AED 3.3 billion ($899 million), with the result resting on AED 7.1 billion ($1.93 billion) in fuel hedging-derived gains. At open-market fuel prices, the airline would have lost money after the U.S.-Iran war closed regional airspace and caused jet fuel costs to soar. The Dubai-based carrier’s revenue fell 13% to AED 56.9 billion ($15.5 billion) in the half, despite what it described as strong cargo performance and enduring travel demand across its markets. “It has been a demanding six months,” Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO, said in a statement on Thursday, citing “unprecedented regional challenges and high fuel prices.” The first six months of fiscal 2026–27, to end-September, posed significant challenges to its operations due to air