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80 * YEARS TOGETHER CATHAY PACIFIC **** 000000000000000000 2026 INTERIM RESULTS | ANALYST BRIEFING 5 AUGUST 2026
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Disclaimer This document has been prepared by Cathay Pacific Airways Limited (the “Company”, and together with its subsidiaries, the “Group”) solely for information purposes and certain information has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or any verbal or written communication in connection with the contents contained herein. Neither the Company nor any of its affiliates, directors, officers, employees, agents, advisers or representatives shall have any responsibility or liability whatsoever, as a result of negligence, omission, error or otherwise, for any loss howsoever arising in relation to any information presented or contained in this document or otherwise arising in connection with this presentation. The information presented or contained in this document is subject to change without notice and shall only be considered current as of the date of this presentation. This document may contain certain forward-looking statements that reflect the Company’s beliefs, plans or expectations about the future or future events. These forward‐looking statements are based on a number of assumptions, current estimates and projections, and are therefore subject to inherent risks, uncertainties and other factors beyond the Company’s control. The actual results or outcomes of events may differ materially and/or adversely due to a number of factors, including changes in the economies and industries in which the Group operates (in particular in Hong Kong and the Chinese Mainland), macro-economic and geopolitical uncertainties, changes in the competitive environment, foreign exchange rates, interest rates and commodity prices, and the Group’s ability to identify and manage risks to which it is subject. Nothing contained in these forward-looking statements is, or shall be, relied upon as any assurance or representation as to the future or as a representation or warranty otherwise. Neither the Company nor its directors, officers, employees, agents, affiliates, advisers or representatives assume any responsibility to update these forward‐looking statements or to adapt them to future events or developments or to provide supplemental information in relation thereto or to correct any inaccuracies. This document is for information purposes only and does not constitute or form any part of, and should not be construed as, an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation, whether in Hong Kong, the United States, or elsewhere. This document does not constitute, and should not be construed as, any recommendation or form the basis for any investment decisions regarding any securities of the Company. Potential investors and shareholders of the Company should exercise caution when investing in or dealing in the securities of the Company. 2
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▪ 2026 Group interim results highlights ▪ Business performance highlights ▪ Outlook and Strategy ▪ Summary ▪ Q&A ▪ Appendix Agenda 3 I N V E S T O R R E L A T I O N S S I T E L a v i n i a L a u Chief Customer and Commercial Officer R e b e c c a S h a r p e Chief Financial Officer
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2026 GROUP INTERIM RESULTS HIGHLIGHTS
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1H 2026 VS 1H 2025 at a glance R E V E N U E HK $ 6 8 . 1 B N H K $ 5 4 . 3 B N G R O U P AT T R I B U TA B L E P R O F I T HK $ 6 . 2 B N H K $ 3 . 7 B N AVA I L A B L E U N R E S T R I C T E D L I Q U I D I T Y H K $ 2 3 . 6 B N HK$ 2 5 . 0 BN* D I V I D E N D P E R O R D I N A R Y S H A R E HK ¢26 HK¢ 20 E A R N I N G S P E R O R D I N A R Y S H A R E Basic HK ¢ 9 9 . 5 H K ¢ 5 6 . 7 ▲ 2 5 . 3 % G E A R I N G 0 . 6 5 0 . 6 0 * ▲ 3 0 . 0 % ▲ 7 1 . 0 % ▼ 5 . 5 % ▲ 7 5 . 5 % *Comparative figures from end of 2025 ▲ 0 . 0 5
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6 HK$ million 1H 2025 1H 2026 Cathay Group’s profit before associates and non - recurring items 3,832 4,880 Non-recurring items - 953 Cathay Group’s profit before associates and after non - recurring items 3,832 5,833 Share of associates' result (181) 410 Group attributable profit 3,651 6,243 Group Profit HK$ billion Strong financial performance in 1H 2026 3 . 7 6 . 2 3.8 4.9 1H 2025 1H 2026 Non-recurring items Associates Cathay Group before associates
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Group attributable profit – 1H 2026 vs 1H 2025 7 3.7 6.2 1H 2025 profit 2026 non- recurring items Passenger revenue - capacity Passenger revenue - yield Cargo revenue - capacity Cargo revenue - yield Net fuel cost Operating costs Other services and recoveries, tax and associates 1H 2026 profit HK$ billion 1.0 Operating costs increased as capacity increased Fuel price increased due to Middle East situation in Q2 1.2 0.5 2.4 (8.6) (4.1) 4.6 5.5
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. 8 60 80 100 120 140 160 180 200 220 240 260 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 J e t f u e l p r i c e US$/BBL 40 50 60 70 80 0% 15% 30% 45% 60% 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 Hedge Cover % Average Brent Strike Price (USD) F u e l h e d g i n g a t 3 0 J u n 2 0 2 6 US$/BBL Fuel costs increased due to elevated jet fuel prices in Q2 2026 Fuel cost 1H 2025 1H 2026 Variance Group gross fuel cost HK$ million 14,436 24,102 +67.0% Group fuel hedging (gains)/ losses HK$ million 218 (878) +ve Group fuel cost HK$ million 14,654 23,224 +58.5% Group into-plane fuel price US$/BBL 95.10 138.31 45% higher Group fuel consumption per million ATK BBL 1,321 1,345 2% higher Our fuel hedging policy remains unchanged, continuing to reduce exposure to fuel price risk by hedging a percentage of expected fuel consumption
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Operating cost and cost per ATK 9 C o s t p e r AT K 2.30 2.42 0.98 1.45 3.28 3.87 1H 2025 1H 2026 Cost per ATK (without fuel) Fuel cost per ATK HK$ 32 36 13 21 1H 2025 1H 2026 Other operating cost Fuel Cost To t a l o p e r a t i n g c o s t HK$ billion 57 45 Note: Represents Cathay Pacific Airways Limited (The Company) which includes Cathay Pacific and Cathay Cargo.
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10 Includes outstanding loans and borrowings, lease liabilities, and interest rate swaps which are hedge accounted for 1.48 1.09 1H 2025 1H 2026 N e t f i n a n c i n g c h a r g e s (HK$ billion) I n t e r e s t r a t e p r o f i l e Borrowings (after derivatives) Net financing charges and interest rate profile 60% 52% 54% 40% 48% 46% Jun 2025 Dec 2025 Jun 2026 Floating Fixed 26% lower YoY - 26%
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11 25.0 23.6 12.0 3.1 (1.4) (2.6) 11.3 (7.8) (3.9) (7.0) (5.1) 1 Jan 2026 available unrestricted liquidity Cash generated from operations (ex. working capital) Net working capital movements Interest and tax Net investing activities Loans drawn and refinancing Loan and lease repayments Dividends paid Shares repurchase Net decrease in committed undrawn facilities 30 Jun 2026 available unrestricted liquidity HK$ billion Outflow - financing activities HK$7.4bn Inflow - operating activities HK$13.7bn Strong operating cash performance in 1H 2026 Note: Available unrestricted liquidity includes cash pooling arrangements where overdraft balances are netted off.
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12 ▪ On 24 February 2026, the Company bought back 643 million shares or 9.56% of issued shares from Qatar Airways at HK$10.8374 per share or approximately HK$7 billion in total. These treasury shares were subsequently cancelled on 26 March 2026. ▪ A capital reduction of approximately HK$7 billion was approved by Shareholders on 13 May 2026 and became effective on 22 June 2026. The capital reduction offset the reduction in the distributable reserves of the Company arising from the Share Buy-back. ▪ The Share Buy-back achieved an orderly exit for Qatar Airways and minimised any potential significant market volatility which may be caused by the disposal of Qatar Airways’ Shares in the market. ▪ The Share Buy-back also enhances earnings per share for Shareholders. Share Buy -Back from Qatar Airways
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13 Issuance of our first Hong Kong dollar public bond ▪ The Company successfully completed a three-year fixed-rate Hong Kong dollar bond issuance in April which was initially sized at HK$2.080 billion and subsequently increased to HK$2.880 billion amid strong demand. ▪ This marks the Company’s first fundraising in the Hong Kong dollar public bond market and represents the largest Hong Kong dollar public bond issuance by a Hong Kong-based non-public sector company. ▪ The issuance is another step in further diversifying our funding sources, strengthening our financial resilience and supporting the Group’s long-term investment plans. ▪ It is a reflection of our continued commitment to our home city, Hong Kong – by participating in and supporting the development of its financial markets.
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8.9 11.9 15.6 12.6 13.1 8.0 30 Jun 2025 31 Dec 2025 30 Jun 2026 Liquid funds Undrawn facilities Liquidity and gearing profile 44.8 36.4 37.5 0.87 0.60 0.65 0.0 0.3 0.6 0.9 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 30 Jun 2025 31 Dec 2025 30 Jun 2026 Adjusted net debt* Adjusted gearing^ Net debt and gearing HK$ billion *: Adjusted net debt excludes operating lease liabilities ^: Adjusted gearing is calculated in line with debt covenants, which is set at a limit of 2.0 times 14 Available unrestricted liquidity HK$ billion 25.0bn 23.6bn 21.5bn In February 2026, the Company bought back shares from Qatar Airways at HK$10.8374 per share or approximately HK$7 billion in total. In April 2026, the Company completed its first HKD bond issuance of HK$2.88 billion.
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BUSINESS PERFORMANCE HIGHLIGHTS
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N E W R E C O R D SET Cathay Pacific set a new record on 14 February 2026 by carrying more than 100,700 passengers. D E S T I N A T I O N S L A U N C H E D AND A N N O U N C E D Seattle launched in March 2026. Almaty targeted launch in Q1 2027. Cathay Pacific R E I M A G I N E D L O U N G E E X P E R I E N C E Reopening of The Wing, First flagship lounge sets a new benchmark for Cathay Pacific’s signature design at its home hub and beyond.
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C AT H AY PA C I F I C PA S S E N G E R R E V E N U E +26.3% HK$43.2BN AVA I L A B L E S E AT K I L O M E T R E S ( A S K ) +11.8% 74.7BN R E V E N U E PA S S E N G E R S C A R R I E D +17.5% 16.0MN PA S S E N G E R L O A D FA C T O R +2.7%pt 87.5% PA S S E N G E R Y I E L D +9.4% HK¢66.1 Cathay Pacific - 1H 2026 vs 1H 2025 17 ▪ Revenue increased driven by ongoing strong underlying demand throughout the first half, amplified by increased connecting traffic through Hong Kong in the second quarter as travelers looked to other hubs due to the Middle East (ME) situation. ▪ We leveraged our network to strengthen HKIA’s hub status, carrying more transit passengers, bringing more people to Hong Kong to support our economy, and generating more sales from overseas markets. We also invested in attracting more premium customers.
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84.8% 85.6% 87.5% 1H 2025 2H 2025 1H 2026 60.4 60.5 66.1 1H 2025 2H 2025 1H 2026 18 66,792 73,889 74,662 1H 2025 2H 2025 1H 2026 L O A D F A C T O R % of ASK Y I E L D HK¢ / RPK Capacity continued to increase from 2025 levels with more passenger flights. Load factor of 1H is highest on record since 2005 driven by strong demand and increased transit traffic. Yield increased as we carried more premium cabin passengers and passengers diverted from ME hubs. Robust passenger volume C A P A C I T Y ASK’m
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Cathay Cargo G R O W I N G T H E H K G H U B & G B A Supporting Hong Kong’s position as the world’s leading air cargo hub by leveraging our global network. Continue to develop intermodal connectivity in support of long-term hub development. A D J U S T I N G I N L I N E W I T H C U S T O M E R N E E D S Maintained strong customer focus and dynamically adjusted capacity to align with customers’ growing demand for AI infrastructure and technology-related movements. D R I V I N G O U R D I G I T A L I S A T I O N & A I J O U R N E Y Digitalising the customer journey end-to-end – Manage Booking to give freight forwarders direct control over booking modifications, strong shipment visibility (ONE RECORD), and AI-enabled productivity.
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C AT H AY C A R G O R E V E N U E +23.9% HK$13.8BN AVA I L A B L E F R E I G H T T O N N E K I L O M E T R E S ( A F T K ) +4.0% 7.6BN C A R G O C A R R I E D +8.5% 0.9MN tonnes C A R G O L O A D FA C T O R +0.6%pt 59.2% Cathay Cargo – 1H 2026 vs 1H 2025 20 C A R G O Y I E L D +18.1% HK$3.06 ▪ The growth in cargo capacity was driven primarily by the increase of belly capacity. ▪ Both cargo revenue and tonnage grew solidly, supported by robust demand and global network strength. ▪ Strong demand was fueled by AI infrastructure and technology-related cargo across the network.
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21 7,336 8,037 7,626 1H 2025 2H 2025 1H 2026 C A P A C I T Y AFTK’m L O A D F A C T O R % of AFTK 58.6% 58.9% 59.2% 1H 2025 2H 2025 1H 2026 Y I E L D HK$ / RFTK 2.59 2.77 3.06 1H 2025 2H 2025 1H 2026 Capacity continued to grow compared with 1H 2025 Load factor remained solid Cargo business performed consistently Cargo yields increased amid strong market demand
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Lifestyle ENHANCED M E M B E R S H I P P R O G R A M M E Redesigning programme mechanics and features to give members a smoother, simpler and better experience starting 2027. C A T H A Y S H O P : B E Y O N D T R A V E L Expanding our reach with a new Cathay Shop at HKIA, while continuing to grow our range of delightful collectibles, brand cross- over collaborations and the best of entertainment at Kai Tak and beyond. S U S T A I N E D M I L E A G E S T R E N G T H Enhancing the Earn network by expanding payment and lifestyle partnerships, delivering great value to our members.
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N E W R E C O R D SET We achieved a new single-day record on 20 February 2026 by carrying more than 30,000 passengers for the very first time. R E G I O N A L F O O T P R I N T Covering the Chinese Mainland, Northeast Asia and Southeast Asia – serving 34 scheduled destinations as of 30 June 2026. G R O W I N G C A P A C I T Y Available Seat Kilometres (ASK) grew by 7%. Carried 4.2 million passengers in 1H 2026. HK Express
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H K E X P R E S S R E V E N U E +37.7% HK$4.4BN L O S S B E F O R E N E T F I N A N C E C H A R G E S & TA X AT I O N Loss (HK$0.1BN) PA S S E N G E R Y I E L D +25.7% HK¢54.3 HK Express – 1H 2026 vs 1H 2025 24 ▪ Improved financial performance with a significant narrowing of losses in 1H 2026. Performance in second quarter was affected by higher jet fuel prices. ▪ Robust leisure travel demand in Hong Kong and the region has boosted revenue. ▪ Performance of destinations launched in 2025 has steadily improved, contributing to a more optimised network in 1H 2026. AVA I L A B L E S E AT K I L O M E T R E S ( A S K ) +7.0% 9.4BN PA S S E N G E R L O A D F A C T O R +2.0%pt 80.9%
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S C A L I N G C I R C U L A R I T Y S O L U T I O N S & I N N O V A T I O N Expanded inflight water bottle recycling to 10 airports beyond Hong Kong, with six further launches planned in July 2026, including an industry-first recycling pathway for international flights at two US airports. Completed trials of an AI-enabled meal tracking solution to improve meal planning and reduce food waste. 25 Sustainability Leadership S A F P A R T N E R S H I P Expanded our agreements with DHL Express and DHL Global Forwarding, securing over 13,440 tonnes of SAF for 2026—more than four times the volume committed in 2025—equating to approximately 41,710 tonnes of lifecycle CO₂ emissions reduced. C I R C U L A R E C O N O M Y C L I M AT E A C T I O N Top 5% of FTSE4Good Travel & Leisure companies in 2026; constituent since 2009.
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OUTLOOK AND STRATEGY
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2H 2026 OUTLOOK
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28 ▪ Group passenger capacity is expected to grow by around 10% in 2026. ▪ Summer demand going into Q3 is looking strong. We remain cautiously optimistic for the rest of the year, subject to developments in the Middle East situation and other macroeconomic factors. ▪ While jet fuel prices have come down from their peak in Q2, they have recently been increasing again following escalation of tensions in the Middle East. We expect the impact of elevated jet fuel prices will continue for the rest of the year. Travel
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29 ▪ We remain cautiously optimistic about the upcoming peak season, supported by continued demand for AI and technology-related cargo and resilient regional flows. ▪ We plan to add freighter services on trunk routes in line with the expected demand surge, while expanding regional lift through additional services operated by Air Hong Kong. ▪ On sustainability, cargo customers continue to show interest in our Corporate SAF Programme. ▪ Through these initiatives, we remain committed to strengthening Hong Kong’s position as the world’s leading air cargo hub Cargo
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LONG -TERM STRATEGY
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Confidential and Proprietary Information © Cathay Pacific Airways Limited and its subsidiaries 31 Sustain Continue to grow our business profitably while navigating uncertainty with agility Elevate Continue to invest in our customer experience and the Hong Kong aviation hub 80 th Anniversary: A New Chapter
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Confidential and Proprietary Information © Cathay Pacific Airways Limited and its subsidiaries 32 Around HK $150 billion already committed 150 new aircraft joining our fleet* 150 destinations* C u r r e n t T a r g e t + Additional investments Our ambition for the next 10 years * If market conditions are favourable
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A 3 2 0 / 1 n e o A 3 3 0 - 900 33 Expanding and modernising our fleet A 3 5 0 F 777 - 9 + 32 aircraft + 30 aircraft + 35 aircraft + 8 aircraf t
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Elevating our customer experience in the air 34 777 - 9 34 777 - 3 0 0 E R A 3 3 0 - 300 A 3 2 1 n e o L e s s S e a t s , M o r e L e g r o o m N e w F i r s t C l a s s A r i a S t u d i o & N e w E c o n o m y A r i a S u i t e & N e w P r e m i u m E c o n o m y
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And on the ground 35 N E W Y O R K H O N G K O N G 35 T h e W i n g , B u s i n e s s T O K Y O N a r i t a J o h n F. K e n n e d y
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36 Building on our areas of excellence S a f e t y & O p e r a t i o n a l E x c e l l e n c e D i g i t a l S u s t a i n a b i l i t y
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Vision: To become our customers’ most loved service brand 37 World’s best premium airline World’s best air cargo carrier Asia’s best low cost carrier World’s best premium travel lifestyle brand
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SUMMARY
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Growing for the future F I N A N C I A L S Strong financial performance in 1H 2026 30% increase in 2026 first interim dividend per share to ordinary shareholders compared with 2025 first interim dividend Strong balance sheet and healthy liquidity in 1H 2026 F L E E T & N E T W O R K Current group fleet size: 235 New aircraft delivery orders: ▪ 2026: 8 ▪ 2027+: 97 10% passenger capacity growth in 2026, also contributing to increased cargo capacity A M B I T I O N Already committed around HK$150 billion in investments into our fleet, cabin and lounge products, and digital innovation Target to have 150 new aircraft joining our fleet and reach 150 destinations in the next 10 years, if the market conditions are favourable
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Q & A
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APPENDIX
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43 1H 2025 1H 2026 % Var Cathay Pacific passenger revenue HK$ million 34,208 43,203 +26.3% Available seat kilometres (ASK) Million 66,792 74,662 +11.8% Revenue passenger kilometres (RPK) Million 56,651 65,334 +15.3% Revenue passengers carried '000 13,627 16,006 +17.5% Passenger load factor % 84.8 87.5 +2.7%pt Passenger yield HK cents 60.4 66.1 +9.4% Passenger revenue per ASK HK cents 51.2 57.9 +13.1% Cathay Pacific
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44 1H 2025 1H 2026 % Var Cathay Cargo revenue HK$ million 11,141 13,806 +23.9% Available freight tonne kilometres (AFTK) Million 7,336 7,626 +4.0% Revenue freight tonne kilometres (RFTK) Million 4,302 4,514 +4.9% Cargo carried '000 tonnes 801 869 +8.5% Cargo load factor % 58.6 59.2 +0.6%pt Cargo yield HK$ 2.59 3.06 +18.1% Cargo revenue per AFTK HK$ 1.52 1.81 +19.1% Cathay Cargo
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45 Financial performance 1H 2025 1H 2026 % Var Total Revenue HK$ million 3,171 4,367 +37.7% Loss before net finance charges and taxation HK$ million (524) (73) -86.1% Operating statistics 1H 2025 1H 2026 % Var Available seat kilometres (ASK) Million 8,810 9,426 +7.0% Revenue passenger kilometres (RPK) Million 6,947 7,623 +9.7% Passenger load factor % 78.9 80.9 +2.0%pt Passenger yield HK cents 43.2 54.3 +25.7% HK Express
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HK$ million 1H 2025 1H 2026 % Var Employees 7,444 8,134 +9.3% Inflight service and passenger expenses 2,548 3,104 +21.8% Landing, parking and route expenses 7,249 8,530 +17.7% Aircraft maintenance 3,679 4,932 +34.1% Depreciation, amortisation and rentals 5,298 5,544 +4.6% Other items 4,268 4,482 +5.0% Net finance charges 1,066 948 -11.1% Total cost (without fuel) 31,552 35,674 +13.1% Cost per ATK (without fuel) HK$2.30 HK$2.42 +5.2% Per -unit cost (without fuel) of the Company 46 Note: Represents Cathay Pacific Airways Limited (The Company) which includes Cathay Pacific and Cathay Cargo.
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47 ▪ As a result of the completion of an issuance of A shares as announced by Air China on 9 June 2026, the Cathay Group recognised a gain on deemed partial disposal of an associate of approximately HK$1.4 billion in the first half of 2026. ▪ This arises from the resulting dilution of the Group’s equity interest in Air China from 15.09% to 12.85%. Gain on deemed partial disposal of Air China
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Air Hong Kong recorded profit at a similar level to 1H 2025. 48 Our shares of Air China and Air China Cargo’s results are based on their financial statements drawn up three months in arrears. The period from 1 October 2025to 31 March 2026 was included in our 2026 interim results (adjusted for any significant events or transactions between 1 Apriland 30 June 2026). Improved results from associates were mainly driven by Air China, driven by higher capacity deployment, stronger revenue generation, improved yield quality and disciplined cost control, partly offset by elevated jet fuel prices. Results from our airline services subsidiaries improved in 1H 2026. Other subsidiaries and major associates
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49 Digital Innovation: Transforming into a digital leader + HK$3 billion every year dedicated to technological research and development, and digital innovation to enhance our operational efficiency and customer experience. Investments Data analytics and AI Expanded use of AI by launching 100+ machine learning models to optimise operations. Technological Innovation First external customer for Cathay Technologies, which oversees the commercialisation of digital products developed in-house. Cyber Security and IT Infrastructure Our efforts towards ISO 27001 certification underscore our focus on strong cyber security and brand credibility. Digital Talent Development Digital and IT offices in Guangzhou and Qianhai, Shenzhen.
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Customers’ most loved service brand: Winning global accolades C a t h a y P a c i f i c 2nd in World’s Best Full-Service Airlines, Airline Ratings World’s Best Business Class, Airline Ratings World’s Best Airline-Branded Lounges, Airline Ratings Top 3 World’s Best Airlines, Skytrax World’s Best Economy Class, Skytrax World’s Best Inflight Entertainment, Skytrax C a t h a y C a r g o World’s Best Airline-Branded Cargo Operations, Airline Ratings Cargo Operator of the Year, Air Transport World (ATW) H K E x p r e s s World’s Best Low-Cost Carrier, Airline Ratings