Etihad Airways Delivers Record AED 2.6 Billion (U.S $ 698 Million) Profit in 2025, Marking Strongest Performance in the Airline's History

• Passenger numbers increased 21 per cent year-on-year to 22.4 million, positioning Etihad as the fastest growing global full service network carrier in the world
• Profit after tax increased by 47 per cent year-on-year to AED 2.6 billion (U.S $ 698 million)
• Operating fleet expanded to 127 aircraft, the largest in Etihad's history, following 29 aircraft added to its fleet during the year
• Record customer satisfaction and more than 25 major international awards reflected Etihad's continued investment in customer experience=

Abu Dhabi, UAE – Etihad Airways today reported its strongest full-year financial and operational performance on record, marking its fourth consecutive year of profitability. The result reflects a year of rapid network and fleet expansion, strong demand across global markets, and the airline's ability to scale its operations while improving customer satisfaction.  

Financial and operational highlights

Etihad carried 22.4 million passengers, supported by a 21 per cent capacity increase year-on-year, with available seat kilometres (ASK) reaching 111.5 billion. Demand remained strong across the network, with the passenger load factor rising to 88.3 per cent (+2pp year-on-year), demonstrating the execution capability of Etihad's teams.

This growth translated into a strong revenue performance, with total revenue increasing by 21 per cent year-on-year to AED 30.7 billion (U.S. $ 8.4 billion), driven by expansion across both passenger and cargo businesses.

Passenger revenue rose by 24 per cent year-on-year to AED 25.8 billion (U.S. $ 7.0 billion), reflecting increased capacity, sustained demand, improved load factor and stronger yields.

Cargo revenue increased by 8 per cent to AED 4.5 billion (U.S. $ 1.2 billion), supported by higher capacity and volumes, with cargo volumes rising 9 per cent to more than 700 thousand leg tonnes. Growth in the passenger fleet also supported cargo performance through increased belly-hold capacity, reinforcing Etihad's integrated passenger and cargo operating model. As a result of this expanded capacity and its joint venture with SF Express, Etihad became the largest cargo operator between mainland China and the Middle East, operating over 100 monthly cargo services.

Operating performance strengthened further, with EBITDA increasing by 37 per cent year-on-year to AED 6.3 billion (U.S. $ 1.7 billion), translating into an EBITDA margin of 20 per cent (+2pp year-on-year). The strong operating performance and unit cost discipline resulted in a profit after tax of AED 2.6 billion (U.S. $ 698 million), up 47 per cent year-on-year, with profit margin improving to 8.4 per cent (+1.5pp year-on-year).  This is equivalent to more than double the industry average net profit margin of 3.9 per cent, according to IATA's December 2025 estimates.

Strong profitability continued to translate into robust cash generation, with cash flow from operations reaching almost AED 8.0 billion (more than U.S. $ 2 billion), enabling Etihad to fully fund its Capex requirement for the year, while deleveraging the balance sheet.

The Group's strengthened financial position and strategy were further recognised in December 2025, with a second consecutive credit rating upgrade from Fitch to AA-, the highest publicly available rating among global airline peers.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: “2025 has been a defining year for Etihad, delivering our strongest performance across every key metric and marking our fourth consecutive year of profitability. These results confirm that our strategy is working – growing sustainably, strengthening our financial position, and continuing to deliver a high-quality experience for our guests.

“I would like to sincerely thank our guests for choosing Etihad and trusting us with their journeys, and to thank our people across the airline for their commitment, professionalism and pride in what they do. Their passion for delivering extraordinary experiences has been central to our success during a year of significant growth, and to our ability to welcome more people to Abu Dhabi.

“With a stronger financial position, a growing fleet and a clear sense of purpose, we are well positioned to continue building on this momentum – giving flight to ambition for our guests, our people and to Abu Dhabi.”

Supporting UAE and Abu Dhabi

Etihad continued to grow point-to-point and stopover traffic to Abu Dhabi in 2025, with point-to-point traffic increasing by 900 thousand passengers year-on-year to 5.5 million, up from 4.6 million in 2024. The airline's stopover programme welcomed 170,000 visitors, more than double the 80,000 recorded in 2024. This growth further strengthens Etihad's contribution to Abu Dhabi's tourism sector, driving increased international arrivals and overnight stays through network expansion.

His Excellency Mohammed Ali Al Shorafa, Chairman of Etihad Airways, said: “Etihad's record 2025 performance reflects the strength of its long-term strategy and the quality of execution delivered by its leadership and people. As the national airline of the UAE, Etihad plays a central role in advancing Abu Dhabi's global connectivity, tourism growth and economic diversification, supporting the emirate's long-term ambitions.”

Etihad's growth in 2025 accounted for approximately 50 per cent of total passenger growth in the UAE, based on projected airline traffic performance across the country, underlining the airline's central role in supporting Abu Dhabi's tourism, trade and broader economic ambitions.

This contribution was driven by the largest expansion year in Etihad's history. With 29 aircraft added during the year, the operating fleet grew to 127 aircraft, enabling increased frequency, expanded capacity and a broader global reach to and from Abu Dhabi.

Supported by this fleet growth, Etihad increased its network from 94 to 110 destinations, while total landings rose from 90 thousand to more than 105 thousand. Expansion focused on opening new international markets and increasing direct access to Abu Dhabi across Europe, Asia, Africa and North America.

New routes were launched from key inbound source markets including Atlanta, Prague, Warsaw, Addis Ababa, Phnom Penh, Hanoi and Hong Kong, further enhancing Abu Dhabi's global connectivity and visitor flows.

Guest experience

Throughout 2025, Etihad continued to elevate the guest experience alongside rapid network and fleet expansion, ensuring that growth was delivered without compromising service quality or product consistency. Investment across First and Business cabins included fully lie-flat seating on the A321LR, enhanced onboard dining, upgraded amenity kits, and refreshed lounge and ground experiences, supporting a consistent premium offering as capacity scaled.

On the ground, the airline expanded its First proposition to more routes, introducing personalised concierge services, private chauffeur transfers, dedicated check-in and premium airport experiences, reinforcing a seamless door-to-door journey.

These investments were complemented by the February brand refresh and launch of a new website and mobile app, enhancing digital self-service and the end-to-end customer journey. As a result, overall Net Promoter Score increased by 10 per cent year-on-year, with improvements across all cabins and major touchpoints, reflecting measurable improvements in comfort, reliability and digital engagement.

Awards and recognition

Etihad finished 2025 on an award high, winning more than 25 international awards across customer experience, safety and operational performance. Notable recognitions included being named World's Leading Airline Customer Experience and World's Leading Airline Economy Class at the World Travel Awards, achieving Five Star Global Airline status from APEX, ranking among the top global airlines in the AirHelp Score, and becoming the first airline in the region to receive the Seven-Star Plus Safety Rating from Airline Ratings. In January 2026, Etihad was also ranked number one among the world's safest full-service airlines by AirlineRatings, reflecting its continued commitment to safety as the foundation of its operations.

People

Etihad continued to invest in its people throughout 2025, supporting growth across both frontline and corporate roles while strengthening leadership capability and operational depth. During the year, the airline welcomed more than 3,200 new joiners and promoted around 2,200 employees.

Frontline hiring remained a priority, with around 1,600 cabin crew and almost 400 pilots joining the airline in 2025, supporting capacity growth while maintaining service quality and operational resilience. At the same time, Etihad continued to recognise and develop talent internally, delivering around 1,500 cabin crew promotions and nearly 150 pilot promotions during the year.

Etihad's workforce in 2025 represented 152 nationalities, reflecting the airline's diverse, global operating footprint. Alongside this, the airline maintained a strong focus on UAE National talent development, including cadet pilot intakes and future leadership programmes, ensuring Emirati talent continues to play a growing role in Etihad's long-term success.

Alongside this, Etihad also took important steps in 2025 to support its next phase of growth through major aircraft orders announced in May and November, enhancing its long-term fleet pipeline and providing greater flexibility to support future growth, network expansion and product development.

Highlights

• Profit after tax reached AED 2.6 billion (U.S.$ 698 million), up 47 per cent year-on-year, with a profit margin of 8.4 per cent
• Total revenue grew by 21 per cent year-on-year to AED 30.7 billion (U.S.$ 8.4 billion), driven by strong performance across both passenger and cargo businesses
• Passenger revenue increased by 24 per cent year-on-year to AED 25.8 billion (U.S.$ 7.0 billion), supported by rapid capacity growth, network expansion and strong demand
• Cargo revenue rose by 8 per cent year-on-year to AED 4.5 billion (U.S.$ 1.2 billion), driven by increased capacity and volumes
• EBITDA increased by 37 per cent year-on-year to AED 6.3 billion (U.S.$ 1.7 billion), with EBITDA margin improving to 20 per cent (+2pp year-on-year)
• Strong operating performance delivered robust cash generation, with cash flow from operations reaching almost AED 8.0 billion (more than U.S.$ 2 billion), up more than 30 per cent year-on-year
• Customer satisfaction reached new highs in 2025, supported by the rollout of the A321LR, continued product investment and an enhanced end-to-end customer experience
• Capacity and volumes expanded significantly, with ASK increasing by 21 per cent year-on-year and passengers carried rising by 21 per cent year-on-year to 22.4 million, supported by a passenger load factor of 88.3 per cent (+2pp year-on-year)
• Fleet expansion drove the operating fleet to 127 aircraft, the largest in Etihad's history, following 29 aircraft additions during the year, including A321LR, A350, B787 deliveries and A380 reactivations
• Network continued to strengthen, with a network of 110 destinations, reflecting continued expansion across key international markets

Rounded figures.

[1] IFRS18 adopted starting from FY 2025. FY 2024 restated accordingly.

[2] Including seasonal and cargo routes, as well as destinations scheduled to begin operation within the next 12 months. Of these, 91 were operated in the month of December 2025.

[3] As of the closing month of the period. Including short-term aircraft, crew, maintenance and insurance ('ACMI') leases, FY 2024 figure restated accordingly. Operating fleet includes freighters.