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Emirates well-hedged against fuel prices until 2028-29, says Sheikh Ahmed
Emirates chief says the first 11 months of 2025-26 were very positive on the back of strong demand, resulting in healthy margins and the airline surpassing its targets
- PUBLISHED: Thu 7 May 2026, 10:00 AM UPDATED: Thu 7 May 2026, 12:48 PM
Emirates airline is well-hedged against higher oil prices until 2028-29, as jet fuel prices have risen significantly due to the Middle East conflict, said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group.
“Right now, military activities between the US, Israel and Iran are paused under a ceasefire agreement. We hope for a clear resolution to the hostilities soon and a return to market stability. But in the meantime, we are not sitting on our hands. From a fuel perspective, Emirates is well-hedged until 2028-29, and we have worked with our suppliers to secure the volumes required to support our current operations and our scaling up to pre-disruption levels,” he said in the companys annual results released on Thursday.
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Jet fuel prices have skyrocketed after oil supplies were disrupted due to the US-Israel-Iran conflict and the closure of the Strait of Hormuz. Jet fuel prices have more than doubled since the regional war began on February 28.
Sheikh Ahmed said in the annual results that the company enjoys strong cash reserves and that its aircraft delivery and retrofit programme will continue despite regional tensions.
“The Emirates Group enters 2026-27 with very strong cash reserves, which enable us to progress with our plans to strengthen our business without knee-jerk cost-control measures. Our aircraft deliveries and retrofit programme will continue apace, as will our planned investments in new facilities and equipment,” he said, adding that Emirates and dnata will stay focused on offering industry-leading products and customer experiences.
On February 28, the US and Israel launched attacks against Iran, targeting its military and senior political leadership. Iran fired missiles and drones at the UAE and other Gulf countries, resulting in disruptions to inbound and outbound flights across the Gulf region.
“Our fundamentals are strong. The Emirates Group’s proven business model is unchanged. Dubai’s place at the nexus of global commerce, trade and travel flows is unchanged. Our ambition to be the best in the world, and to be of service to the world, is unchanged,” he added.
Last month, Brand Finance said Emirates’ brand value grew 27 per cent to $10.6 billion, and as it retained its third position, reflecting the airline’s strong commercial performance driven by sustained global travel demand and growing preference for premium cabins, which continue to support higher yields. “Operationally, the airline has strengthened its position through continued fleet,” it said.
Emirates also remained the world’s most profitable airline as it announced a record Dh22.8 billion profit before tax.
Surpassing targets before the war
Sheikh Ahmed added that Emirates Group and the airline were performing exceptionally well prior to the outbreak of the regional military conflict, surpassing their targets.
“For the first 11 months of 2025-26, the picture across the Group was very positive. Strong demand for our products and services was driving revenue, and we were achieving healthy margins, thanks to our sustained investments in product, people, technology and brand. Month after month, we were surpassing our targets,” he said in a statement on the annual 2025-2026 financial results.
“Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity,” he said, adding that the regional war “massively disrupted global commercial air traffic in the Gulf region, including in the UAE.”
Operating at lower capacity
Sheikh Ahmed added that Emirates airline is still operating at lower passenger capacity than in the pre-disruption period due to the regional military conflict.
“We are fortunate to be based in Dubai, where years of infrastructure investments and a cohesive aviation ecosystem have enabled the government to quickly secure safe corridors for commercial flights. Emirates and dnata have since gradually restored operations at DXB. Although we are still operating at lower passenger capacity than before the disruption, cargo operations have ramped up to support the movement of essential goods into and through the UAE,” Sheikh Ahmed said in the company’s 2025-2026 annual results.
Earlier this month, the airline said it had restored 96 per cent of its global network following disruptions caused by the regional conflict.
As of May 4, the airline was operating to 137 destinations across 72 countries, with more than 1,300 weekly frequencies, representing 75 per cent of pre-disruption capacity.
