Cathay reported an attributable profit of HK$3.7 billion in the first half of 2025, a similar level to the first half of 2024. The Group’s first-half result was attributable to increased passenger capacity and volumes albeit at lower yields, a resilient cargo business and lower fuel costs.

Cathay Cargo’s revenue in the first half of 2025 increased by 2.2% to HK$11,141 million. Available freight tonne kilometres (AFTK) increased by 8.1%. Traffic, measured in revenue freight tonne kilometres (RFTK), increased by 5.9%. Total tonnage increased by 11.4% to 801 thousand tonnes. Load factor was 58.6% compared with 59.9% in the first half of 2024, and yield decreased by 3.4% to HK$2.59. Despite the uncertainties caused by tariffs and changes to the de minimis exemption, our cargo business demonstrated resilience. We have been able to leverage our global network and redeploy capacity to take advantage of areas where the markets are still strong, helping us to continue contributing to the cargo tonnage throughput at Hong Kong International Airport.

The improved results were mainly attributable to enhancements in Air China’s yield management and cost control and Air China Cargo’s business expansion. Regarding Cathay Cargo, uncertainty in the market environment remains and the airline will stay vigilant and agile, while continuing to serve demand where it arises. In parallel, they will continue to strengthen our special solutions, digital capabilities and sustainability leadership to position us for future growth.