CONTENTS
MANAGEMENT DISCUSSION AND ANALYSIS
3 Financial and Operational Highlights
5 Chair's Statement
6 Chief Executive Officer's Review and Outlook
9 Review of Operations
33 Financial Review
CORPORATE GOVERNANCE
38 Directors and Officers
42 Directors' Report
53 Corporate Governance Report
71 Risk Management
FINANCIAL STATEMENTS
78 Independent Auditor's Report
83 Consolidated Statement of Profit or Loss
84 Consolidated Statement of Other Comprehensive Income
85 Consolidated Statement of Financial Position
86 Consolidated Statement of Cash Flows
87 Consolidated Statement of Changes in Equity
88 Notes to the Financial Statements
138 Material Subsidiaries and Associates
140 Material Accounting Policies
150 Statistics
155 Glossary
156 Corporate and Shareholder Information
156 Disclaimer
Traditional Chinese and Simplified Chinese translations of this Annual Report are available upon request from the Company's Registrars.
CATHAY PA CIFIC AIRWAYS LIMITED
Cathay Pacific Airways Limited (the "Company") was founded in Hong Kong in 1946. It has been deeply committed to
its home base for eight decades and remains so, making substantial investments to develop Hong Kong as one of the world's leading international aviation centres. The Company and its subsidiaries ("Cathay", the "Cathay Group" or the "Group") offer products and services across four principal lines of business - Cathay Pacific, Cathay Cargo, Lifestyle and Hong Kong Express Airways Limited ("HK Express").
As at 31st December 2025, Cathay Pacific and HK Express combined offered scheduled passenger services to more than 100 destinations worldwide, including 24 in the Chinese Mainland. Furthermore, the Group serves an additional 176 passenger destinations through codeshare agreements.
Cathay Pacific is a founding member of the oneworld global alliance, whose combined network serves more than 900 destinations worldwide.
As at 31st December 2025, Cathay Cargo offered scheduled freighter services to 41 destinations worldwide, in addition to utilising belly capacity on the Group's passenger flights. AHK Air Hong Kong Limited ("Air Hong Kong") offered scheduled and charter freighter services to 17 destinations.
The Group had 237 aircraft as at 31st December 2025 and has 103 new passenger and freighter aircraft on order.
The Company had 179 passenger and cargo aircraft as at 31st December 2025. HK Express, a low-cost airline based in Hong Kong offering scheduled services within Asia, is a wholly owned subsidiary of the Company and had 44 aircraft as at 31st December 2025. Air Hong Kong, an express all-cargo carrier offering scheduled and charter services in Asia, is a wholly owned subsidiary of the Company operating 14 aircraft as at 31st December 2025.
The Group's other businesses include its catering, laundry, ground-handling and cargo terminal companies.
As at 31st December 2025, the Company owned 15.09% of Air China Limited ("Air China"), the national flag carrier and a leading provider of passenger, cargo and other airline-related services in the Chinese Mainland.
As at 31st December 2025, the Group owned an equity interest totalling 21.01% of Air China Cargo Co., Ltd. ("Air China Cargo"), which is a leading provider of air cargo services in the Chinese Mainland.
The Cathay Group's corporate headquarters are located at Hong Kong International Airport. As at 31st December
2025, the Cathay Group employed more than 33,000 people worldwide, of whom around 28,000 were employed in Hong Kong. Shares of the Company are listed on The Stock Exchange of Hong Kong Limited, as are the shares of its substantial shareholders Swire Pacific Limited ("Swire Pacific") and Air China.
Cathay Pacific Airways Limited Annual Report 2025 2
FINANCIAL AND OPER ATIONAL HIGHLIGHTS
GROUP FINANCIAL STATISTICS | ||||
2025 | 2024 | Change | ||
Results | ||||
Revenue | HK$ million | 116,766 | 104,371 | +11.9% |
Profit attributable to the shareholders of the Cathay Group | HK$ million | 10,828 | 9,888 | +9.5% |
Earnings per ordinary share - Basic | HK cents | 165.5 | 149.2 | +10.9% |
- Diluted | HK cents | 161.8 | 133.2 | +21.5% |
Dividend per ordinary share | HK$ | 0.84 | 0.69 | +21.7% |
Profit margin | % | 9.3 | 9.5 | -0.2%pt |
Financial position | ||||
Funds attributable to the shareholders of the Cathay Group | HK$ million | 60,110 | 52,500 | +14.5% |
Net borrowings(a) | HK$ million | 46,812 | 57,941 | -19.2% |
Available unrestricted liquidity | HK$ million | 25,435 | 19,073 | +33.4% |
Ordinary shareholders' funds per ordinary share | HK$ | 8.9 | 8.2 | +8.5% |
Net debt/equity ratio(a) | Times | 0.78 | 1.10 | -0.32 times |
OPERATING STATISTICS | ||||
2025 | 2024 | Change | ||
The Company | ||||
Available tonne kilometres (ATK) | Million | 28,773 | 24,836 | +15.9% |
Revenue tonne kilometres (RTK) | Million | 20,461 | 17,362 | +17.8% |
Cost per ATK (with fuel)(b) | HK$ | 3.32 | 3.40 | -2.4% |
Fuel consumption per million ATK | Barrels | 1,327 | 1,289 | +2.9% |
Fuel consumption per million RTK | Barrels | 1,865 | 1,844 | +1.1% |
Cost per ATK (without fuel)(b) | HK$ | 2.32 | 2.36 | -1.7% |
ATK per HK$'000 staff cost | Unit | 1,788 | 1,853 | -3.5% |
ATK per employee | '000 | 1,133 | 1,081 | +4.8% |
Aircraft utilisation | Hours per day | 11.3 | 9.4 | +20.2% |
Average age of fleet | Years | 12.8 | 11.8 | +1.0 year |
GHG emissions | Million tonnes of CO2e | 15.3 | 12.8 | +19.5% |
GHG emissions per ATK | Grammes of CO2e | 532 | 517 | +2.9% |
Total recordable injury frequency rate Cathay Pacific | No. of injuries/200,000 hours worked | 6.0 | 10.3 | -41.7% |
Available seat kilometres (ASK) | Million | 140,681 | 111,789 | +25.8% |
Revenue passenger kilometres (RPK) | Million | 119,875 | 93,016 | +28.9% |
Passenger revenue per ASK | HK cents | 51.5 | 56.0 | -8.0% |
Revenue passengers carried | '000 | 28,871 | 22,827 | +26.5% |
Passenger load factor | % | 85.2 | 83.2 | +2.0%pt |
Passenger yield | HK cents | 60.4 | 67.3 | -10.3% |
On-time performance (passenger) Cathay Cargo | % | 75.3 | 72.9 | +2.4%pt |
Available freight tonne kilometres (AFTK) | Million | 15,373 | 14,193 | +8.3% |
Revenue freight tonne kilometres (RFTK) | Million | 9,037 | 8,503 | +6.3% |
Cargo revenue per AFTK | HK$ | 1.58 | 1.69 | -6.5% |
Cargo carried | '000 tonnes | 1,677 | 1,532 | +9.5% |
Cargo load factor | % | 58.8 | 59.9 | -1.1%pt |
Cargo yield HK Express | HK$ | 2.69 | 2.82 | -4.6% |
Available seat kilometres (ASK) | Million | 18,157 | 13,764 | +31.9% |
Revenue passenger kilometres (RPK) | Million | 14,446 | 11,481 | +25.8% |
Passenger revenue per ASK | HK cents | 35.2 | 43.5 | -19.1% |
Revenue passengers carried | '000 | 7,912 | 6,100 | +29.7% |
Passenger load factor | % | 79.6 | 83.4 | -3.8%pt |
Passenger yield | HK cents | 44.2 | 52.2 | -15.3% |
On-time performance | % | 84.3 | 79.1 | +5.2%pt |
Average age of fleet | Years | 7.3 | 7.1 | +0.2 year |
Adjusted net borrowings and the net debt/equity ratio excluding leases without asset transfer components are HK$36,352 million (2024: HK$47,097 million) and 0.60 (2024: 0.90) respectively.
Cost per ATK represents total operating costs divided by ATK for the period.
FINANCIAL AND OPER ATIONAL HIGHLIGHTS
FLEET PROFILE(a)
Number at
31st December 2025
Leased(b)
Orders(c)(i)
Expiry of leases without asset transfer(b)
Aircraft type
Owned
With asset transfer
Without asset transfer
Total
Average
age
'26 '27
'28 and beyond
Total
'26 '27 '28 '29 '30
'31 and beyond
The Company (Passenger aircraft):
A321/A320-
200neo 5 6 5 16 3.1 3(d)8(d)3(d) 14 5
A330-300 | 41 | 1 | 1 | 43 | 17.3 | 1 | |||
A330-900 | 30 | 30 | |||||||
A350-900 | 20 | 8 | 2 | 30 | 7.7 | 2 | |||
A350-1000 | 11 | 7 | 18 | 6.1 | |||||
777-300 | 17 | 17 | 24.2 | ||||||
777-300ER | 26 | 9 | 35 | 13.2 | 9 |
777-9 9 26(e) 35
The Company (Freighter):
A350F 6 6
747-400ERF | 6 | 6 | 17.0 | ||||||||||
747-8F | 14 | 14 | 12.9 | ||||||||||
Total of the Company | 140 | 22 | 17 | 179 | 12.8 | 3 | 17 | 65 | 85 | - - | 3 | - - | 14 |
HK Express: | |||||||||||||
A320-200 3(f)3 6 17.8 2 1
A320-200neo 10 10 6.8 2(d)(g)2(d)(g)4(d)(g) 8 2 2 1 5
A321-200 2(f) 10 A321-200neo 7(f)9(f) | 12 16 | 10.5 1.3 | 2 3(d)(g) 6(d)(g) 1(d)(g) 10 | 8 | |||||||||||
Total | 12 | 9 | 23 | 44 | 7.3 | 5 | 8 | 5 | 18 | 2 | - | 4 | 3 | 1 | 13 |
Air Hong Kong(h): | |||||||||||||||
A330-243F | 4 | 4 | 11.9 | 2 | 2 | ||||||||||
A330-300P2F | 10 | 10 | 14.2 | 3 | 4 | 3 | |||||||||
Total | - | - | 14 | 14 | 13.6 | - | - | - | - | 5 | - | 4 | 3 | 2 | - |
Grand total | 152 | 31 | 54 | 237 | 11.8 | 8 | 25 | 70 | 103 | 7 | - | 11 | 6 | 3 | 27 |
The table does not reflect aircraft movements after 31st December 2025.
Leases without asset transfer components are accounted for in a similar manner to leases with asset transfer components under accounting standards. The majority of leases without asset transfer components in the above table are within the scope of HKFRS 16 Leases ("HKFRS 16").
The Group believes that based on its available unrestricted liquidity as at 31st December 2025, as well as its ready access to both loan and debt capital markets, it will have sufficient financing capacity to fund this material investment in the fleet.
Final number subject to reallocation between the Company and HK Express.
The Group exercised purchase right to acquire 14 Boeing 777-9 aircraft in August 2025.
The aircraft are sub-leased to HK Express.
Final split between Airbus A320-200neo and A321-200neo is subject to adjustment in accordance with future operational requirements.
The contractual arrangements relating to the freighters operated by Air Hong Kong do not constitute leases in accordance with HKFRS 16.
The Group also has the right to acquire 89 additional aircraft.
CHAIR' S STATEMENT
I am pleased to report that 2025 marked our third consecutive year of solid financial performance. This is an excellent achievement that reflects the commitment of our teams
and provides us with a solid foundation from which we can continue to sustainably grow our business for our customers, our people, our shareholders and Hong Kong.
The past three years of solid profits have enabled us to strengthen our balance sheet and complete a number of buybacks, including of the preference shares, warrants, convertible bonds and, most recently, Qatar Airways' shareholding in Cathay. These buybacks reflect our confidence in our long-term business prospects.
Also facilitated by our strengthened balance sheet is our commitment of well over HK$100 billion in investments into our fleet, cabin and lounge products and digital innovation, to elevate the customer experience and strengthen the Hong Kong international aviation hub. In August 2025, we exercised purchase rights for an additional 14 Boeing 777-9 aircraft, bringing our total commitment to 35 such aircraft. Overall,
we have more than 100 new narrowbody, regional widebody, long-haul widebody and large freighter aircraft in our delivery pipeline as part of our all-encompassing plan to renew and expand our fleet.
FINANCIAL RESULTS
The Cathay Group, including airlines, subsidiaries and associates, reported an attributable profit of HK$10,828 million in 2025 (2024: HK$9,888 million). The earnings per ordinary share in 2025 were HK165.5 cents (2024: HK149.2 cents). The financial result was driven by increased capacity, solid passenger load factors and resilient cargo demand.
This was partially offset by passenger yield normalisation and losses made by HK Express.
Our airlines and subsidiaries reported an attributable profit of HK$9,996 million for the full year of 2025 (2024: HK$8,849 million). The net results from associates, the majority of which are recognised three months in arrears, were a full-year profit of HK$447 million (2024: HK$288 million).
The attributable profit for 2025 included a non-recurring gain of approximately HK$878 million under Other Income, arising from a settlement agreement from an aircraft
parts management joint venture with Hong Kong Aircraft Engineering Company Limited (HAECO).
Our full-year result has allowed us to announce a second interim dividend payment to ordinary shareholders of HK$0.64 per ordinary share. This will be paid on 7th May 2026 to ordinary shareholders registered at the close of business on the record date, 2nd April 2026. Ordinary shares of the Company will be traded ex-dividend as from 31st March 2026.
Together with the first interim dividend that had already been paid, a total of HK$0.84 per share or HK$5,228 million will have been paid in ordinary share dividends in respect of 2025.
The Company's dividend policy for ordinary shareholders is to distribute approximately half of its consolidated profit after tax, excluding non-cash exceptional items. This is subject
to consideration of other factors, such as the strength of the Company's own statement of financial position, the Company's own profits, trading conditions and the prevailing and forecast economic environment.
LOOKING AHEAD
This year marks 80 years since Cathay's founding in 1946. We are immensely proud to have grown side by side with our home hub, Hong Kong, over the past eight decades. As we celebrate "80 Years Together", we look forward to continuing to connect Hong Kong and the Chinese Mainland with the world.
The prevailing global geopolitical environment is volatile, causing unexpected shifts in passenger and cargo traffic flows as well as jet fuel prices. Ongoing supply chain disruption and cost inflation continue to impact delivery of new aircraft, cabin products and parts. However, we have built a strong foundation which has made Cathay resilient, efficient and adaptable. This has put us in the best possible position to withstand current market turbulence, and we will remain agile as we continue to face external challenges.
We expect to grow passenger capacity by around 10% in 2026 as we add frequencies and destinations to our network, which will also contribute to increased cargo capacity. We remain highly confident in our future at the very centre of the Hong Kong international aviation hub.
APPRECIATION
I would like to extend my sincere appreciation to our teams, our customers and our shareholders whose invaluable support over the past three years has been essential to achieving our results and milestones. More than anything, it is the dedication and commitment of our people to providing exceptional service for our customers that places Cathay in the best position possible for long-term success.
Patrick Healy
Chair
Hong Kong, 11th March 2026
CHIEF EXECUTIVE OFFICER' S REVIEW AND OUTLOOK
REBUILDING QUANTITATIVELY AND QUALITATIVELY
The past three years have been a period of rapid rebuilding for the Cathay Group. Throughout this time, we have continued to add more destinations to our network, increase flights
on popular routes, elevate the customer experience, and contribute to the passenger and cargo throughput at Hong Kong International Airport.
Having fully rebuilt our flights earlier in 2025, we launched services to 20 destinations last year as a Group, bringing our passenger network to more than 100 destinations worldwide. Our team also continued to grow, reaching more than 33,000 people by the end of 2025.
I am especially pleased that we have been recognised in multiple renowned industry awards and rankings over the past year. These recognitions are a credit to our team and reflect our ongoing commitment to raising the bar for our customers and strengthening Hong Kong's status as a world-class international aviation hub.
INVESTING FOR OUR CUSTOMERS AND HONG KONG
As part of our commitment to elevating the customer experience and strengthening the Hong Kong international aviation hub, we have committed well over HK$100 billion into our fleet, cabin and lounge products and digital innovation.
Last year, Cathay Pacific continued to deploy more Boeing 777-300ER aircraft retrofitted with our award-winning Aria Suite, new Premium Economy and refreshed Economy cabins to more long-haul routes. Meanwhile, HK Express took delivery of four new narrowbody aircraft.
On the ground, we welcomed customers back to two of our newly redesigned flagship lounges - The Bridge at Hong Kong International Airport and the Cathay Pacific Lounge at Beijing Capital International Airport. These redesigned spaces form part of our wider lounge enhancement strategy in Hong Kong and other key cities in our network.
PERFORMANCE OF OUR FOUR BUSINESS LINES
Cathay Pacific's passenger revenue increased by 15.8% to HK$72,454 million compared with 2024. Available seat
kilometres (ASK) increased by 25.8%, while traffic, measured in revenue passenger kilometres (RPK) increased by 28.9%. Cathay Pacific carried a total of 28.9 million passengers in
2025, an average of 79,100 per day, which was 26.5% more than in 2024. Load factor was 85.2% compared with 83.2% in 2024, and yield decreased by 10.3% to HK60.4 cents.
Beyond adding more destinations and elevating the customer experience, we also focused on adding frequencies on Cathay Pacific's existing routes, most notably our Riyadh
and Dallas-Fort Worth services, which increased to daily frequencies in response to customer demand.
Cathay Cargo's revenue in 2025 increased by 1.2% to HK$24,279 million. Available freight tonne kilometres (AFTK) increased by 8.3%, owing to our increased passenger flight schedule providing more belly space for cargo. Traffic, measured in revenue freight tonne kilometres (RFTK), increased by 6.3%. Total tonnage increased by 9.5% to 1.7 million tonnes. Load factor was 58.8% compared with 59.9% in 2024, and yield decreased by 4.6% to HK$2.69.
Despite considerable uncertainty caused by changes in global trade and supply chains, our cargo business demonstrated resilience and delivered a robust performance in 2025. By remaining vigilant and agile, we have been able to direct
our capacity to serve demand where it was strongest. We also continued to focus on providing excellent service to our customers and on our special solutions, both of which demonstrate our "We Know How" brand promise.
We continued to grow Cathay Lifestyle business along with our active Cathay membership base. Last year, we announced a number of changes to our membership programme that will make for a smoother, simpler and better experience for our members once they take effect from January 2027. Other areas of the business will also continue to be developed, such as payment, insurance and lifestyle partnerships, as well as Cathay Holidays and the Cathay Shop.
Overall costs for Cathay before subsidiaries and associates increased compared with 2024 due to the increase in capacity. Non-fuel costs for 2025 increased by 13.8% to HK$66,828 million compared with 2024. Net fuel costs increased by HK$2,899 million (or 11.2%) compared with 2024.
Our wholly owned low-cost carrier HK Express's passenger revenue increased by 6.7% to HK$6,394 million compared with 2024. Available seat kilometres (ASK) increased
by 31.9%, while traffic, measured in revenue passenger kilometres (RPK) increased by 25.8%. HK Express carried a total of 7.9 million passengers in 2025, an average of 21,700 per day, which was 29.7% more than in 2024. Load factor was 79.6% compared with 83.4% in 2024, and yield decreased by 15.3% to HK44.2 cents.
CHIEF EXECUTIVE OFFICER' S REVIEW AND OUTLOOK
HK Express reported a loss before net finance charges and taxation of HK$996 million for 2025 (2024: HK$204 million loss). Short-term factors affected its earnings, including changes in customer preferences for travel destinations, launching multiple new routes that will take time to mature, and some of its aircraft remaining grounded due to industry-wide Pratt & Whitney engine issues that continued without improvement.
PERFORMANCE OF OTHER SUBSIDIARIES AND ASSOCIATES
Air Hong Kong reported a profit before net finance charges and taxation of HK$954 million for 2025 (2024: HK$957 million). Its results have been consistently solid.
Results from our airline services subsidiaries improved in 2025 compared with 2024, as more capacity was added to the market.
Results from associates, recognised three months in arrears, improved compared with 2024. This was primarily driven
by improved financial results for Air China Cargo due to the increased scale of its freighter fleet and solid performance in air cargo services, cargo terminal services and integrated logistics solutions.
OUTLOOK
After our successful rebuild over the past three years, all our available aircraft are fully resourced and flying. Following
record-high levels in recent years, our recruitment and training are now in a steady state in line with our growth plans. We will take delivery of eight new narrowbody aircraft in 2026 and expect to grow our passenger capacity at a rate of around 10% in 2026.
For HK Express, we are taking a long-term view and a path to sustained profitability can be expected based on the low-cost carrier business model, as it continues to grow and increase its efficiencies in the coming years. We have been taking measures to elevate the resilience of the business and are starting to see some positive impact, with the first two months of 2026 getting off to an encouraging start.
For Cathay Pacific, our focus will be on increasing frequencies on our existing routes as well as adding new destinations such as Seattle at the end of March. We will also be introducing an all-new flat-bed Business class cabin product - Aria Studio -offering direct aisle access, as well as a new Economy cabin, onboard our regional Airbus A330-300s at the end of this year. This will be followed by a new, world-leading First class experience arriving on our Boeing 777-9s in 2027.
We have also listened to our customers' feedback and will be enhancing our existing offerings. Onboard our narrowbody Airbus A321neo aircraft, we will be reducing the number
of seats in the Economy cabins, providing each seat with additional space and reinforcing our commitment to delivering the most comfortable and enjoyable experience for our customers.
On the ground, our flagship Hong Kong lounge The Wing, First will reopen soon following an extensive redesign. Thereafter, we will celebrate the opening of our first ever Cathay Pacific lounge in New York later this year.
For Cathay Cargo, we have had a solid start in the first two months of 2026. We shall continue to adjust to changing market dynamics through close dialogue with our customers and we will remain agile, leveraging our strong global network to deploy capacity to meet demand, while continuing to focus on further developing our core strengths.
GRATITUDE
I would like to say thank you to our team and our customers for their continued support over the years. At the heart of Cathay is our team's commitment to delivering world-class service to our customers, as we continue to strive towards becoming our customers' most loved service brand.
Recognising our team for work well done is a core part of our culture at Cathay and we are pleased to be providing them with a total of around 11 weeks of eligible pay in the form of a discretionary bonus and profit sharing in respect of 2025, in addition to a salary increase introduced at the beginning of 2026.
As Cathay celebrates "80 Years Together", we are excited to mark this occasion with our team, customers and the community. The special events and activities taking place throughout 2026 celebrate our deep roots in Hong Kong, being proudly part of China, and 80 years of connecting the world.
Ronald Lam
Chief Executive Officer
Hong Kong, 11th March 2026
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REVIEW OF OPER ATIONS
Cathay Pacific
CATHAY PACIFIC
Cathay Pacific is the Group's premium, full-service airline and the home carrier of Hong Kong. Cathay Pacific's strategic vision is to be the world's best premium airline, underpinned by our purpose to move people forward in life.
In 2025, Cathay Pacific maintained its focus on adding more flights and destinations, and enhancing the customer experience both in the air and on the ground. The airline
launched passenger services to eight destinations including Adelaide, Brussels, Changsha, Dallas-Fort Worth, Hyderabad,
Munich, Rome and Urumqi, while increasing frequencies on many other routes across its global network. Customer experience enhancements continued throughout the year, including the reopening of The Bridge at Hong Kong
International Airport (HKIA) and the newly redesigned lounge at Beijing Capital International Airport. These were complemented by new dining collaborations and other service enhancements that further elevated our customers'
journeys. Cathay Pacific's commitment to excellence was also recognised globally, including being named among the top three world's best airlines in the 2025 Skytrax World Airline Awards.
Passenger revenue increased by 15.8% to HK$72,454 million in 2025 compared with 2024, while revenue passenger kilometre (RPK) traffic increased by 28.9%. Cathay Pacific carried 28.9 million passengers in 2025, an average of 79,100 passengers per day and 26.5% more than in 2024. Available seat kilometres (ASK), increased by 25.8%. Load factor increased by 2.0 percentage points to 85.2%, while yield decreased by 10.3% to HK60.4 cents.
Passenger revenue and yield trend Passenger capacity, load factor and efficiency
HK$ million HK$
Million
HK cents
40,000
120
80,000 80
30,000 90 60,000 60
20,000 60 40,000 40
10,000 30 20,000 20
0 0
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25
0 0
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25
Passenger revenue Passenger yieldAvailable seat kilometres (ASK)
Load factor (as a proportion of ASK) Passenger revenue per ASK
AVAILABLE SEAT KILOMETRES (ASK), LOAD FACTOR AND YIELD CHANGE BY REGION FOR CATHAY PACIFIC PASSENGER SERVICES FOR 2025 WERE AS FOLLOWS:
ASK (million) Load factor (%) Yield
2025 | 2024 | Change | 2025 | 2024 | Change | Change | ||||
Americas | 42,203 | 31,020 | +36.1% | 87.5 | 88.3 | -0.8%pt | -16.9% | |||
Southeast Asia and Oceania | 36,013 | 30,527 | +18.0% | 82.8 | 79.8 | +3.0%pt | -6.4% | |||
Europe | 26,040 | 20,565 | +26.6% | 89.2 | 89.0 | +0.2%pt | -0.6% | |||
North Asia | 25,773 | 22,196 | +16.1% | 80.2 | 76.4 | +3.8%pt | -11.4% | |||
South Asia, Middle East and Africa | 10,652 | 7,481 | +42.4% | 86.6 | 80.4 | +6.2%pt | -8.2% | |||
Overall | 140,681 | 111,789 | +25.8% | 85.2 | 83.2 | +2.0%pt | -10.3% |
MARKETS
HOME MARKET - HONG KONG AND GREATER BAY AREA (GBA)
We continued to add more flights and intermodal transport options to provide greater choice for our customers travelling to and from Hong Kong and the wider Greater Bay Area.
We saw a solid increase in traffic from the Greater Bay Area utilising our codeshare ferry services and bonded shuttle buses to and from the SkyPier Terminal at HKIA, particularly during exhibitions, trade shows and mega events. To enhance the travel experience, we offered convenient one-stop upstream check-in services for passengers at the Canton Fair.
In November 2025, we completed the rollout of Cathay Pacific's dedicated check-in counters across all six ferry ports, further enhancing the well-established network of more than 50 ferry services operating between the SkyPier Terminal and the wider Greater Bay Area.
AMERICAS
In April 2025, we launched direct flights to Dallas-Fort Worth International Airport for the first time, which increased from four flights per week to daily from October 2025 in response to strong demand.
In September 2025, we announced the launch of non-stop flights to Seattle starting 30th March 2026, further expanding our network in the important North America market.
As at 31st December 2025, Cathay Pacific's scheduled passenger services covered eight destinations in the Americas.
SOUTHEAST ASIA AND OCEANIA
Local holidays across Southeast Asia, such as Lebaran, Songkran and Vesak, drove strong travel demand, with popular destinations extending beyond Hong Kong to various Northeast Asian markets.
Our direct flights to Brisbane and Perth increased to double-daily from October 2025.
In November 2025, we resumed our seasonal service between Hong Kong and Adelaide with three return flights per week. This, along with our Christchurch seasonal service, was well received by customers, supported by solid transit traffic.
As at 31st December 2025, Cathay Pacific's scheduled passenger services covered 21 destinations in Southeast Asia and Oceania.
EUROPE
We continued to strengthen our European network with the addition of three new routes. In June 2025, Cathay Pacific returned to Rome with a summer seasonal service and launched direct passenger flights to Munich for the first time. This was followed by direct flights to Brussels in August 2025.
For the 2025 summer season, we increased frequencies on several key routes, including increasing our Manchester and Milan services to daily and adding an extra weekly flight to our seasonal Barcelona service.
As at 31st December 2025, Cathay Pacific's scheduled passenger services covered 12 destinations in Europe.
REVIEW OF OPER ATIONS
Cathay Pacific
NORTH ASIA
We continued to enhance connectivity between Hong Kong and the Chinese Mainland with more flights and destinations.
In April 2025, we launched passenger services to Urumqi, connecting our home city with an important Belt and Road hub in Northwestern China.
In November 2025, we welcomed the launch of our direct daily flights to Changsha, further expanding our Chinese Mainland network.
For the 2025 winter season, we increased frequencies on some of our key Chinese Mainland routes including an additional daily flight to Beijing, Chengdu and Guangzhou, and an additional weekly flight to Shanghai Hongqiao.
As at 31st December 2025, Cathay Pacific's scheduled passenger services covered 28 destinations in North Asia.
SOUTH ASIA, MIDDLE EAST AND AFRICA
In March 2025, we resumed our non-stop service between Hong Kong and Hyderabad, further enhancing our India network.
We increased frequency of our Hong Kong-Riyadh service from four return flights per week to daily from October 2025 amidst robust demand.
As at 31st December 2025, Cathay Pacific's scheduled passenger services covered 11 destinations in South Asia, the Middle East and Africa.
CUSTOMER EXPERIENCE ENHANCEMENTS
In 2025, we continued to elevate the dining experience for our customers in the air and on the ground. This included: collaborating with Michelin-starred Cantonese restaurant Yat Tung Heen on new menus for our Premium Economy and Economy passengers; partnering with acclaimed restaurant Mott 32 to bring customers an elevated
dining experience at our First class lounges at HKIA; and introducing our "Chinese Classics" dining offerings for Business class passengers on selected flights from Hong Kong to the Chinese Mainland, complementing our "Hong Kong Flavours" and "International Favourites" options.
As part of our global lounge enhancement plan, in May 2025 we reopened The Bridge at HKIA following a redesign of the lounge, and converted The Deck into an interim First class lounge. These enhancements ensure that customers continue to enjoy a premium lounge experience in Hong Kong during the renovations of The Wing, First - which will reopen in the second quarter of 2026 - followed by The Wing, Business in 2027.
In August 2025, we were delighted to welcome our members and customers back to our newly redesigned flagship lounge at Beijing Capital International Airport, providing them with an elevated experience before their flights. This lounge complements our other lounges in the Chinese Mainland, including at Shanghai Pudong International Airport and the Shekou Cruise Home Port in Shenzhen.
In December 2025, we reopened our lounge at Paris Charles de Gaulle Airport with refreshed interiors.
We also look forward to opening our first-ever dedicated lounge in New York in summer 2026 after we move to John F. Kennedy International Airport's state-of-the-art Terminal 6 building.
Our Boeing 777-300ER retrofit programme continues, bringing our new Aria Suite Business class, new Premium Economy and refreshed Economy cabins to more routes. These new cabins are currently available on flights between Hong Kong and Frankfurt, London Heathrow, Melbourne, Milan, San Francisco, Sydney and Vancouver, as well as selected regional destinations. Customers can look forward to these cabins coming to more long-haul routes in 2026, including Los Angeles launching in the summer season.
We remain on track to deliver a brand-new cabin and
flat-bed Business class product onboard selected regional Airbus A330-300 aircraft in 2026 and beyond. For our other regional A330-300 and Boeing 777-300 aircraft, we rolled out refinements to the design of our current regional Business class seats in 2025, featuring an updated look and features.
In August 2025, Cathay Pacific achieved a new customer experience milestone becoming one of the very few airlines worldwide to offer both 100% seatback inflight entertainment and 100% high-speed inflight connectivity across its entire fleet.
In 2025, Cathay Pacific extended complimentary Wi-Fi to Cathay Gold members travelling in all cabins and Cathay members travelling in Premium Economy. Complimentary Wi-Fi is already offered to First and Business class passengers, and Cathay Diamond members.
Since 1st December 2025, we have introduced group boarding across all our flights globally to reduce gate and cabin congestion, help our cabin crew manage boarding more efficiently, and deliver a smoother customer experience.
AWARDS
Cathay Pacific was named among the top three world's best airlines in the 2025 Skytrax World Airline Awards, in addition to being named World's Best Economy Class Airline and winning World's Best Inflight Entertainment, among other achievements.
Cathay Pacific was named among the top five best premium airlines in the world for 2025 by Airline Ratings. The airline was also recognised as a winner in Airline Ratings' 2025 Sustainability Awards and received a 7-Star PLUS safety rating, the highest accolade in Airline Ratings' globally recognised safety ranking system. The airline was also named among the world's top two safest full-service airlines for 2026 by Airline Ratings.
Cathay Pacific's Aria Suite Business class seat won a Red Dot Design Award for its exceptional level of comfort, and the Cabin Design (Business & First Class) Award at the International Yacht & Aviation Awards 2025 for its seamless blend of innovation and human-centric design.
At the Crystal Cabin Awards 2025, Cathay Pacific was named winner of the Passenger Comfort category with its new Aria Suite introducing a groundbreaking system that unifies the inflight entertainment and cabin environment control, and winner of the Judges' Choice: Airline Innovation category for its innovative Gallery in the Skies art concept.
Cathay Pacific won two accolades at TheDesignAir Awards 2025 - Design Airline of the year 2025 and Design Airline of the Year, Asia - for the airline' continued efforts in championing the customer experience and delivering a residentially inspired passenger experience.
Cathay Pacific's Aria Suite, developed in collaboration with JPA Design, was honoured with the Collaboration Excellence Award at the Red Cabin Trinity Awards 2025.
Cathay Pacific's inflight entertainment graphical user interface was recognised by two of the top global design awards for products and experience, receiving the Gold Award at the German Design Awards 2025 and a Red Dot Design Award for its combination of cutting-edge design and technology.
Cathay Pacific received three iF Design Awards - two for its Inflight Entertainment System Design and Experience, and one for the Aria Suite.
Cathay Pacific was named Best in Asia-Pacific for Premium Economy, Inflight Food & Beverage, and Airline Lounge in the Business Traveller Awards 2025.
Cathay won the Grand Award for the third consecutive year at the HKACE Customer Service Excellence Awards. Collectively, the Cathay Group received 15 awards from HKACE, recognising the excellent service standards set by our cabin crew, customer care, airport, subsidiary and Cathay Academy teams.
REVIEW OF OPER ATIONS
Cathay Cargo
CATHAY CARGO
Cathay Cargo is the largest cargo operator at HKIA. Our strategic vision is to become the world's best air cargo carrier, underpinned by our purpose to deliver cargo that matters to the world.
Cargo revenue in 2025 was HK$24,279 million, an increase of 1.2% compared with 2024. Capacity, measured in available freight tonne kilometres (AFTK), increased by 8.3% in 2025
compared with 2024. Revenue freight tonne kilometres (RFTK) traffic increased by 6.3%. Total tonnage increased by 9.5%
to 1,677 thousand tonnes. Cargo yield decreased by 4.6% to HK$2.69, while load factor averaged 58.8% (2024: 59.9%).
Cargo revenue and yield trend Cargo capacity, load factor and efficiency
HK$ million HK$
Million
HK$
24,000 7 10,000 5
21,000
6 8,000 4
18,000
15,000
12,000
9,000
5
6,000 3
4
4,000 2
3
2 2,000 1
6,000
1
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25
0 0
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25
Cargo revenue Cargo yield
Available freight tonne kilometres (AFTK) Load factor
Cargo revenue per AFTKAVAILABLE FREIGHT TONNE KILOMETRES (AFTK), LOAD FACTOR AND YIELD CHANGE FOR 2025 WERE AS FOLLOWS:
AFTK (million) Load factor (%) Yield
2025
2024
Change
2025
2024
Change
Change
Cathay Cargo
15,373
14,193
+8.3%
58.8
59.9
-1.1%pt
-4.6%
HOME MARKET - HONG KONG AND GREATER BAY AREA (GBA)
As the largest cargo carrier at HKIA, Cathay Cargo was proud to be a key contributor to it being named the world's busiest cargo airport for the 14th time since 2010.
We offered over 100 return freighter flights a week to more than 40 destinations, in addition to utilising belly space
on the Cathay Group's passenger flights to over 100 destinations worldwide from our Hong Kong hub.
Despite challenges arising from geopolitical tensions, particularly trade tariffs between China and the United States and the removal of the de minimis exemption for shipments entering the United States, overall market demand in 2025 remained resilient.
Overall tonnage from Hong Kong and the wider GBA recorded year-on-year growth, driven by healthy network demand, particularly on key lanes.
E-commerce continued to be a significant driver of demand for capacity, though we observed some slowdown in demand for e-commerce from the United States after the removal of the de minimis exemption. We experienced robust demand for high-tech and AI-related components and products.
Volumes on intermodal services - including air-sea and air-land - grew steadily. Notably, inbound perishable cargo rose significantly in the fourth quarter of 2025, supported by the innovative Air-Land Fresh Lane solution via the Hong Kong-Zhuhai-Macao Bridge.
AMERICAS
As at 31st December 2025, we operated freighters to 12 destinations in the Americas, in addition to utilising belly space on Cathay Pacific's passenger flights.
We ramped up freighter frequencies on transpacific routes from late August 2025 to meet growing demand during the air cargo peak season.
Special solutions, notably Cathay Fresh, Cathay Pharma and Cathay Dangerous Goods, and cargo connecting to a Cathay flight via other non-Cathay flights and
transportation solutions, were key contributors to demand from the Americas.
We saw notable growth in live seafood shipments from Miami and Toronto to Hong Kong.
SOUTHEAST ASIA AND OCEANIA
As at 31st December 2025, we operated freighters to nine destinations in Southeast Asia and Oceania, in addition
to utilising belly space on the Cathay Group's passenger flights.
Cargo volumes from the region continued to grow, driven by strong exports to the Americas and Hong Kong, with electronics, garments and spare parts from Malaysia, Singapore, Thailand and Vietnam driving capacity demand.
Our Cathay Fresh solution recorded steady growth, particularly fresh produce from Indonesia and Thailand.
We leveraged our Cathay Expert and Cathay Secure solutions to transport a number of terracotta figures and over 200 artefacts from Xi'an to Perth via Hong Kong in June 2025.
REVIEW OF OPER ATIONS
Cathay Cargo
EUROPE
As at 31st December 2025, we operated freighters to five destinations in Europe, in addition to utilising belly space on Cathay Pacific's passenger flights.
Overall demand remained solid, particularly for general cargo to Hong Kong.
We added a seasonal freighter service to Madrid from mid-October to mid-December 2025 to meet rising demand during the traditional cargo peak.
Perishables, particularly foodstuffs from the United Kingdom, and fresh salmon through the Netherlands gateway to Hong Kong, Japan and the Taiwan region, were a core growth driver of our Cathay Fresh solution from Europe.
We saw a surge in demand for our Cathay Expert solution, driven by semi-conductor equipment, components and materials from France, Germany and Italy to Hong Kong and Japan.
In February 2025, we transported around 70 elite horses that participated in the Longines International Horse Show from Liège and London to Hong Kong, demonstrating the care and expertise of our Cathay Live Animal solution.
NORTH ASIA
As at 31st December 2025, we operated freighters to nine destinations in North Asia, in addition to utilising belly space on the Cathay Group's passenger flights.
Export momentum from the Chinese Mainland remained strong, led by general cargo and high-tech electronics.
Machinery movement continued to drive special cargo growth from the Taiwan region.
In September 2025, we leveraged our Cathay Secure solution to transport 250 Egyptian artefacts from Shanghai to Hong Kong.
SOUTH ASIA, MIDDLE EAST AND AFRICA
As at 31st December 2025, we operated freighters to six destinations in South Asia, the Middle East and Africa, in addition to utilising belly space on Cathay Pacific's passenger flights.
Exports from India remained stable, and we also saw encouraging momentum from Nepal, Sri Lanka and South Africa, which contributed to the region's overall tonnage growth.
Traffic to Hong Kong increased, driven by strong demand for high-tech electronics from India through our Cathay Secure solution.
Our Cathay Fresh and Cathay Live Animal solutions saw solid growth, driven by shipments of fresh produce and live seafood to Hong Kong, the Taiwan region and North America.
AREAS OF FOCUS
CARGO COMMERCIAL
Given uncertainties due to tariffs and restrictive trade policies, we continued to closely monitor market developments, adjust our freighter capacity and adapt our sales focus to support our customers.
We enhanced the technology-enabled sales systems and tools our commercial teams use, providing them with better insights and analytics capabilities.
We relaunched our Cathay Fresh, Cathay Live Animal and Cathay Dangerous Goods solutions to ensure our differentiated offerings stay ahead in the market, raise
customer awareness and reinforce our brand positioning.
Cathay Cargo became the first air cargo carrier to use the Air-Land Fresh Lane initiated by the governments of Guangdong and the Hong Kong SAR, enabling seamless imports of fruit, and live and chilled seafood across the Hong Kong-Zhuhai-Macao Bridge and into the wider Greater Bay Area via a new temperature-controlled customs facility in Zhuhai.
SERVICE AND OPERATIONAL EXCELLENCE
We made steady progress in strengthening our proactive approach to safety and compliance. This includes working with industry partners to improve governance, such
as launching our inaugural Cargo Security Awareness Campaign and renewing our IATA CEIV Lithium Batteries certification.
We improved our hub efficiency at HKIA through targeted digitalisation and automation, including enhanced confirmation and approval workflows and smarter resource scheduling to cut special cargo approval processes from days to hours and improve turnaround times.
CARGO DIGITAL
We continued to elevate our digital customer experience through enhancements to our website, where customers can check availability and prices, make bookings, track shipments and access various other customer services all in one place. In March 2025, we enhanced our online
booking platform with new features including smart filtering options and access to booking summaries, booking details and extended booking history. In September 2025, we refreshed the post-login experience for better customer onboarding and account management.
We also bolstered our service and operations through digital tools. We worked to digitalise our heavyweight shipment calculation and approval processes, optimising efficiency for oversized cargo handling. Furthermore, we expanded the Cargo Connect app globally beyond Hong Kong, enabling real-time coordination and streamlining service delivery for frontline teams.
Cathay Cargo became the first carrier to introduce
real-time customs clearance updates to customers using our digital platforms and IATA ONE Record API links, bringing greater visibility and efficiency to the air cargo shipment journey.
AWARDS
Cathay Cargo was awarded Cargo Operator of the Year at Air Transport World's (ATW) 51st annual Airline Industry
Achievement Awards in 2025, for the second time in three years.
Cathay Cargo was also named Airline of the Year - Asia at the World Air Cargo Awards 2025, hosted by Air Cargo Week.
Cathay Cargo was recognised at the 2025 Changi Airline Awards as one of the Top 5 Airlines by Cargo Carriage and Absolute Cargo Growth. These honours reflect the strong e-commerce demand and added belly capacity from Singapore, a key regional hub supported by our scheduled freighters.
Cathay Cargo was named Sustainable Cargo Airline of the Year 2025 at the Freightweek Sustainability Awards,
recognising our progress in advancing sustainability across the air cargo industry, and the dedication of our people and partners who embed environmental responsibility into everyday operations.
REVIEW OF OPER ATIONS
Lifestyle
LIFESTYLE
Cathay's Lifestyle vision is to become a leading premium travel lifestyle brand by building deep, engaging relationships with customers, offering them curated travel lifestyle products and experiences throughout their lifetime. Through the Lifestyle business, we interact with customers beyond their journeys, foster loyalty, and leverage relationships for additional value. This includes Asia Miles, our established mileage business, and new product sales businesses such as hotels, retail, experiences and insurance. Both streams provide access to the Cathay membership programme and Asia Miles, allowing members to earn and use miles for full or partial payment.
CATHAY MEMBERSHIP PROGRAMME
MEMBERSHIP
In 2025, our overall Cathay membership base grew by 27%.
In October 2025, we announced an evolvement of our membership programme to deliver a smoother, simpler and better experience. Key updates include smoother status progression, a standardised membership cycle and status points rollover. These changes will take effect on 1st January 2027, with a transition period starting 1st January 2026 to give members a full year in advance to prepare with ease.
We launched the "Cathay Members - Rewards in the Air" campaign in October 2025 to boost brand awareness and engagement, attracting over 90,000 registered members by connecting air and ground experiences across digital and offline touchpoints.
In the Chinese Mainland, we launched the first always-on one-click member sign-up function on Qunar OTA, making it easier for Cathay Pacific customers to sign up during the booking process. In August 2025, we also hosted
our first NBA superstar meet-and-greet in Chengdu for our members and partners, strengthening our suite of exclusive experiences.
We expanded omnichannel recruitment across direct, OTA and offline travel touchpoints in the Chinese Mainland, increasing member penetration and supporting a highly active and loyal member base for continued growth.
FLIGHT AWARDS
We continued investing in flight awards, with passengers carried on award seats in 2025 surpassing both
pre-pandemic and 2024 levels.
The Cathay Pacific Standard Award chart was updated with effect from 15 April 2025, and we will continue to review the award chart to ensure competitiveness and programme sustainability.
The Asia Miles Upgrade Availability checker, launched in May 2025, allows members to search online for upgrade availability on Cathay Pacific direct flights up to 180 days in advance, improving the ease of identifying redemption upgrade opportunities.
HK Express remains a key air redemption partner, offering Miles Plus Cash and miles-only options. Several miles-only and mega sale campaigns in 2025 enabled members to redeem HK Express flights to popular destinations for as few as 1,000 miles.
MILEAGE SALES
PAYMENT
Our partnership with Standard Chartered continued to deliver strong results across Asia Pacific, achieving an industry-leading average spend per card. Targeted
acquisition campaigns and exclusive offers - including complimentary flight tickets, curated experiences, priority concert access and dining benefits - drove sustained growth in card acquisitions and engagement.
Standard Chartered remains Cathay's exclusive banking partner in Hong Kong, reflecting a long-standing relationship focused on delivering exceptional value to members and high-value customers.
In partnership with Mastercard, we expanded our global co-brand footprint, relaunching credit card products in the United States with Synchrony Financial and in Macao with Banco Nacional Ultramarino. We also introduced a
new co-branded card with CIMB Niaga in Indonesia, further strengthening our Southeast Asia presence and our financial partnership ecosystem worldwide.
Points conversion partnerships continued to be a strong contributor, demonstrating the appeal of Asia Miles as a highly desirable global reward currency.
Our FinTech partnerships deepened through collaborations with Mox Bank in Hong Kong and Neo Financial in Canada, enabling us to reach new customer segments and expand our presence in digital banking.
In the Chinese Mainland, co-brand card and points conversion partnerships remained major revenue drivers. In 2025, we launched a partnership with China Industrial Bank to expand access to premium banking customers and relaunched our direct partnership with Ping An, enhancing the miles conversion rate by 25%.
MILEAGE PARTNERSHIPS
As of December 2025, our Card Linked Earn ecosystem included over 100 partner brands, with Shell joining as our exclusive fuel partner in March 2025.
We partnered with Uber Taxi to reward everyday rides, including airport trips, giving members a seamless way to earn miles while on the move.
In the Chinese Mainland, we expanded Asia Miles-earning opportunities across digital and offline channels - including online travel platforms and retail, dining and wellness partners - and deepened our partnership with the Swire group to offer miles at Delta Healthcare.
In the Greater Bay Area, we grew lifestyle partnerships by extending earn-and-burn opportunities at premium retail malls and wellness and healthcare providers in Shenzhen.
We strengthened the digital experience in the Chinese Mainland with the Milesback WeChat Mini-programme, enabling miles earning at merchants such as DiDi, Meituan and JD. In December 2025, we also launched a Cathay dining platform offering miles earning and redemption at partner restaurants.
PRODUCT SALES
CATHAY HOLIDAYS
In 2025, we expanded the Expedia-powered Cathay Holidays platform to customers in Canada, Australia, the United Kingdom and the United States, extending our reach to nine key markets and unlocking access to nearly one million hotels and experiences to support ancillary revenue growth.
In September 2025, we introduced Miles and Miles Plus Cash payment options for hotels, driving higher bookings and strengthening our competitiveness by adding new Asia Miles redemption options.
REVIEW OF OPER ATIONS
Lifestyle
In February 2025, we launched hotel cross-sell at key customer touchpoints, increasing standalone hotel revenue from direct flight bookings.
Flash Holidays campaigns featuring last-minute deals and early-bird offers boosted bookings from Hong Kong
members to destinations such as Bangkok, Hangzhou, Ho Chi Minh City and Xiamen, reinforcing Cathay Holidays' contribution to Cathay's core business.
We expanded family travel offerings with enhanced Magic in the Air packages with Hong Kong Disneyland, exclusive musical trips to Singapore for Beauty and the Beast and The Phantom of the Opera, and summer getaways to Chengdu and Taipei featuring luxury stays and outdoor experiences.
CATHAY SHOP
In 2025, Cathay Shop expanded into collectibles and lifestyle products, launching Cathay Pacific aircraft blind boxes and a nostalgic aviation chess game. Both proved highly popular with younger customers and aviation enthusiasts, driving repeat engagement and strengthening brand affinity.
Cathay Shop's upcycled collection transforms retired aircraft materials into premium lifestyle products, including A330 aviation tags, floor cushions made from retired seat fabrics and a display tray crafted from meal tray tables.
Cathay Shop collaborated with leading brands to create exclusive co-branded experiences inspired by Hong Kong's food and beverage culture, such as the Cathay × Coffee Academics Coffee Kit and the Cathay × Perfume Tree Gin Set.
Building on Cathay Pacific's industry-leading inflight entertainment, Cathay Shop sponsored major concerts and events - including performances by Jay Chou, JJ Lin, Jacky Cheung and Terence Lam - giving members exclusive access and strengthening cultural relevance.
Distribution expanded through new partnerships, including Commercial Press at Kai Tak Sports Park in Hong Kong and duty-free outlets in Taipei and Kaohsiung airports, unlocking new revenue streams beyond direct channels.
In the Chinese Mainland, Cathay merchandise, especially blind boxes, remained popular among aviation enthusiasts. In November 2025, we also introduced lifestyle experiences available for redemption in the wider Greater Bay Area to strengthen the mileage business.
INSURANCE
Our insurance business saw significant growth in 2025, supported by increased airline network traffic, higher membership penetration, improved customer experience and product expansion.
Travel insurance remained the largest contributor to policies and premiums. Single-trip plan attachment rates reached a record high through ongoing experimentation and price testing, and we built a sizeable annual multi-trip (AMT) plan portfolio.
In December 2025, we introduced automatic mileage crediting for all travel insurance policies purchased via our partner-powered platform, giving members a seamless mileage-earning experience.
We launched a partnership with Zurich Insurance (Hong Kong) in March 2025 to offer a broader range of general insurance solutions while enabling them to earn Asia Miles. We also introduced embedded insurance on Cathay Shop, including screen protection for electronic devices and event cancellation cover.
Our partnerships with Zurich Insurance (Hong Kong) and Cigna were both shortlisted for the Best Partnership Project Award (General Insurance) at the Hong Kong Insurance Awards 2025.
We launched a new insurance storefront on our website, offering a full suite of products, including travel, medical, home and domestic helper, motor and personal accident, to better safeguard members' wellbeing.
RETAIL MEDIA
In the first quarter of 2025, we launched a partnership with The Macallan through direct sales, marking our first omni-channel media collaboration across premium touchpoints. Activations included branded inflight entertainment content, exclusive Aria Suite tastings,
pop-ups and masterclasses at The Pier, First, storytelling through our Cathay magazine and the Inspiration content hub, and direct sales on Cathay Shop - all receiving positive customer and partner feedback.
In the second quarter of 2025, we established a media partnership with L'ÉCOLE by Van Cleef & Arpels, leveraging magazine and digital channels while marking a key step
in re-engaging luxury advertisers and broadening our advertiser base.
In 2025, we onboarded 16 new advertisers, including four luxury brands across the hotel, spirits, jewellery and watch categories.
REVIEW OF OPER ATIONS
Review of the Performance and Operations of Key Subsidiaries and Associates
REVIEW OF THE PERFORMANCE AND OPERATIONS OF KEY SUBSIDIARIES AND ASSOCIATES
Profits from subsidiaries in 2025 were HK$433 million (2024: losses of HK$199 million), and the share of profits from associates in 2025 was HK$447 million (2024: HK$288 million). Set out below is a review of the performance and operations of material subsidiaries and associates.
HONG KONG EXPRESS AIRWAYS LIMITED ("HK EXPRESS")
HK Express is Hong Kong's only low-cost carrier, dedicated to providing affordable travel services to leisure travel destinations in Asia. In 2025, HK Express launched passenger services to 12 destinations, continuing its growth momentum.
As at 31st December 2025, HK Express operated scheduled flights to 37 destinations. In 2025, HK Express carried 7.9 million passengers, an increase of 29.7% compared with 2024. The average flown load factor was 79.6%, a decrease of 3.8 percentage points. Available seat kilometres amounted to 18.2 million.
MARKETS
HOME MARKET - HONG KONG AND THE GREATER BAY AREA (GBA)
HK Express achieved a new milestone in August 2025 by recording its highest monthly seat capacity and number of passengers carried in its history.
NORTH ASIA
HK Express launched passenger services to Sendai in January, Ishigaki and Komatsu in April, Changzhou and Yiwu in May, Cheongju, Daegu and Miyako (Shimojishima) in June, and Guiyang in July 2025. As part of the airline's ongoing review of its route network to best align with market demand while operating efficiently, HK Express suspended its services to Cheongju, Miyako (Shimojishima) and Shizuoka from October 2025, and to Hualien from January 2026.
As at 31st December 2025, HK Express operated flights serving more destinations in Japan, South Korea and the Taiwan region than any other Hong Kong-based carrier.
With the launch of Changzhou, Yiwu and Guiyang, its Chinese Mainland network expanded to six destinations as at 31st December 2025.
As at 31st December 2025, HK Express operated 328 return flights per week to 25 destinations in North Asia.
SOUTHEAST ASIA
HK Express launched flights to Nha Trang in April, Kuala Lumpur (Subang) in August, and Kota Kinabalu in
November 2025. As part of the airline's ongoing review of its route network to best align with market demand while operating efficiently, HK Express suspended its services to Nha Trang from January 2026.
As at 31st December 2025, HK Express served the most destinations in Malaysia, Thailand and Vietnam amongst all Hong Kong-based carriers.
As at 31st December 2025, HK Express operated more than 156 return flights per week serving 12 destinations in Southeast Asia.
CUSTOMER EXPERIENCE ENHANCEMENTS
In 2025, HK Express focused on enhancing the customer experience by building on past initiatives and introducing new offerings:
HK Express revamped its website and mobile app, optimising key features such as online ticket purchases, the "Manage My Booking" tool, and online check-in. These upgrades deliver a seamless, efficient, and customer-centric digital experience.
HK Express enhanced its service offerings to deliver greater flexibility and value. U First was rebranded as HK Express Priority+, offering priority check-in, priority boarding and complimentary flight delay protection for a smooth travel experience. HK Express Flexi allows customers a one-time itinerary change to modify plans with ease.
HK Express continued to elevate the customer experience through initiatives such as Inflight Experience Packs, enabling cabin crew to deliver personalised touches onboard. In addition, surprise-and-delight activations
were curated for customers travelling on special days such as Mother's Day, Father's Day and HK Express's Anniversary, where they received exclusive souvenirs and a complimentary Polaroid photo service as mementos.
These activations were well received, having engaged over 452,000 customers.
HK Express partnered with Tsui Wah Restaurant, one of Hong Kong's most iconic cha chaan teng brands, to bring authentic local flavours to its winter inflight menu, featuring two signature Tsui Wah dishes onboard. In addition, two co-branded restaurants in Zhuhai and Zhongshan will further extend the experience on the ground in the future. Alongside its summer partnership with another local favourite, TamJai SamGor Mixian, HK Express continues to connect travel with Hong Kong's cultural heritage, giving customers a taste of home in the skies.
HK Express extended its sea-land-air Intermodal Pass service beyond Zhuhai to include Macao, enabling customers from the wider Greater Bay Area to travel via cross-border ferry or coach to Hong Kong International Airport, where they can seamlessly connect to HK Express's extensive network across Asia.
HK Express introduced HK Express Holidays in August 2025, a one-stop travel booking platform developed in collaboration with Expedia. This new service offers
customers value-packed "Fly + Stay" packages, enabling savings when booking flights and accommodation together. The initial rollout covered Hong Kong, the Chinese Mainland and Japan, with plans to expand to more destinations.
PASSENGER FLEET
HK Express took delivery of four Airbus A321neo aircraft in 2025.
At 31st December 2025, HK Express had an all-Airbus narrowbody fleet of 44 aircraft, including six Airbus
A320-200 aircraft, 12 Airbus A321-200 aircraft, 10 Airbus A320-200neo aircraft and 16 Airbus A321-200neo aircraft. The fleet had an average age of 7.3 years.
The modern fleet enables HK Express to seize new opportunities within the region and contributes to strengthening Hong Kong's position as Asia's leading international aviation hub.
AWARDS
HK Express achieved significant recognitions in 2025, underscoring its dedication to excellence across operations, customer experience and employee engagement:
HK Express was ranked fourth among the World's Best Low-Cost Carriers for 2025 by Airline Ratings and was in the top three of Skytrax's World's Most Improved Airlines 2025, showcasing its continued efforts to enhance service quality.
HK Express was named the World's Safest Low-Cost Airline for 2025 and 2026 by Airline Ratings. It also became the first low-cost carrier to be awarded the 7-Star PLUS safety rating by Airline Ratings, the highest accolade in its internationally respected safety ranking system.
HK Express received multiple accolades at the Employee Experience Awards 2025, including a Silver Award for
Best Employer Branding, a Silver Award for Best Employee Communication Strategy, and a Bronze Award for Best Talent Sourcing & Attraction Strategy. These awards highlight the airline's commitment to fostering a supportive, innovative and engaging workplace culture.
OPERATING RESULTS OF HK EXPRESS
For the year ended 31st December
2025
2024
HK$M
HK$M
Change
Revenue
Passenger services
6,394
5,994
+6.7%
Cargo services
66
41
+61.0%
Other services and recoveries
318
290
+9.7%
Total revenue
6,778
6,325
+7.2%
Expenses
Staff
(1,373)
(1,138)
+20.7%
Inflight service and passenger expenses
(74)
(54)
+37.0%
Landing, parking and route expenses
(1,629)
(1,179)
+38.2%
Fuel
(1,948)
(1,621)
+20.2%
Aircraft maintenance
(971)
(746)
+30.2%
Aircraft depreciation and rentals
(1,175)
(1,049)
+12.0%
Other depreciation, amortisation and rentals
(35)
(146)
-76.0%
Others
(569)
(596)
-4.5%
Operating expenses
(7,774)
(6,529)
+19.1%
Loss before net finance charges and taxation
(996)
(204)
+388.2%
AHK AIR HONG KONG LIMITED ("AIR HONG KONG")
Air Hong Kong principally operates express cargo services for DHL Express.
At 31st December 2025, Air Hong Kong operated an all-Airbus A330 fleet comprising four dry-leased
A330-243F freighters and 10 dry-leased A330-300P2F converted freighters.
Air Hong Kong completed its re-fleeting programme in June 2025 to replace its previous A300-600F freighters with larger and more fuel-efficient A330F freighters.
Air Hong Kong operated scheduled and charter flights to 17 major cities in Asia, Australia and Europe including Bangkok, Beijing, Cebu, Chengdu, Ho Chi Minh City, Jakarta, Leipzig, Manila, Nagoya, Osaka, Penang, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo in 2025.
Air Hong Kong started uplifting sustainable aviation fuel (SAF) on selected flights in 2025 through a partnership with DHL Express, which purchased 2,400 tonnes of SAF from the Cathay Group.
In 2025, available freight tonne kilometres (AFTK) were 853 million, a decrease of 4.6% compared with 2024.
Air Hong Kong recorded a profit before net finance charges and taxation of HK$954 million in 2025 (2024: HK$957 million).
MATERIAL AIRLINE SERVICES SUBSIDIARIES
CATHAY PACIFIC CATERING SERVICES (H.K.) LIMITED ("CATHAY DINING") AND KITCHENS OUTSIDE HONG KONG
Cathay Dining operates the principal flight kitchen in Hong Kong providing flight-catering services to 45 international airlines in Hong Kong.
It produced 29.7 million airline meals and handled 69,100 flights in 2025, representing a daily average of 81,349 meals and 189 flights, an increase of 26% and 20%, respectively, from 2024.
The financial results of Cathay Dining as well as flight kitchens outside Hong Kong in 2025 improved compared with 2024.
Cathay Dining introduced a redesigned food segregation and warewash system in 2025, becoming the first airline caterer in Hong Kong to support the recycling of inbound food waste. Cathay Dining has increased its food waste recycling capacity by 200%, with the collected food waste transferred to the Organic Resources Recovery Centre (O • PARK) for anaerobic digestion and electricity generation. The new system is expected to achieve notable utility savings, including up to a 70% reduction
in electricity consumption and a nearly 60% reduction in water use compared to the old system. In recognition of these advancements, Cathay Dining received the ESG Environmental Innovative Technology Award at the TVB ESG Awards 2025.
Cathay Dining was awarded the HKIA Safety Excellence Award - Merit by the Airport Safety Recognition Scheme 2024/25. In addition, four employees won individual awards in the "Best Safety Supervisor" and "Good Safety Suggestion" categories.
Cathay Dining was also recognised at the Occupational Health Award & Workplace Mental Health Award 2025-26, receiving awards for fostering a joyful, healthy workplace and for being a mental health-friendly organisation.
CATHAY PACIFIC SERVICES LIMITED ("CATHAY CARGO TERMINAL")
Cathay Pacific Services Limited (operating as Cathay Cargo Terminal) manages and operates the Cathay Cargo Terminal at HKIA. As at 31st December 2025, Cathay Cargo Terminal provided cargo-handling services for the Cathay Group and 10 other scheduled airlines, excluding chartered customers.
Cathay Cargo Terminal handled 1.7 million tonnes of cargo in 2025, an 8% increase from 2024.
The financial results in 2025 improved compared with 2024.
Safety is of paramount importance at Cathay Cargo Terminal. The terminal was recognised with the Safety Performance Award (All Industries) - Outstanding, Safety Management System Award (All Industries) - Certificate of Attainment, and Safety Culture Award - Certificate of Attainment at the 24th Hong Kong Occupational Safety and Health Awards. In addition, Cathay Cargo Terminal received the HKIA Safety Excellence Award - Gold at the Airport Safety Recognition Scheme 2024/25.
Cathay Cargo Terminal became the first ground-handling organisation in Asia to successfully achieve IATA Security Management System (SeMS) certification, attaining Operating Status - the highest possible tier
for a first-time SeMS certification. IATA SeMS provides a structured framework for proactively managing regulatory compliance, security risks, threats and vulnerabilities. Cathay Cargo Terminal was commended for demonstrating well-defined security policies, active
leadership involvement, and robust regulatory compliance mechanisms.
In addition to commencing a pilot scheme to use Hydrotreated Vegetable Oil (HVO) fuel to reduce emissions from Ground Service Equipment (GSE) vehicles, Cathay Cargo Terminal completed a proof-of-concept for Autonomous Electric Tractor (AET) operations, becoming the first operator at HKIA to transport commercial cargo from inside a cargo terminal to the West Cargo Apron -HKIA's furthest apron zone - via an autonomous electric vehicle.
Cathay Cargo Terminal received the Grand Award of Environmental, Social & Governance (ESG) Initiatives -Excellent at the Hong Kong Institute of Human Resource Management (HKIHRM) HR Excellence Awards 2024/25. This accolade recognises Cathay Cargo Terminal's contributions and commitment to cultivating a genuine ESG strategy and culture in the workplace.
HONG KONG AIRPORT SERVICES LIMITED ("HAS BY CATHAY")
HAS by Cathay provides ramp - and passenger - handling services at HKIA to 27 airlines, including Cathay Pacific and HK Express.
In 2025, the number of flights handled under both ramp -and passenger - handling businesses increased by 16% and 14%, respectively, against 2024.
The financial results in 2025 improved compared with 2024.
Throughout 2025, HAS by Cathay consistently met and exceeded the Critical Key Performance Indicators set by the Airport Authority Hong Kong.
HAS by Cathay is proud to be one of the first operators at Terminal 2 of HKIA, providing shuttle bus services between key airport locations and the terminal.
HAS by Cathay continues to uphold and advance safety standards by expanding the adoption of the Seatbelt Reminder Monitoring System and the Accident Risk Management Solution.
Since pioneering the use of Hydrotreated Vegetable Oil (HVO) in its ramp-handling operations, HAS by Cathay has progressively scaled its implementation.
HAS by Cathay earned multiple awards and accolades in 2025. At HKIA's Customer Service Excellence Programme, HAS by Cathay received the Best Check-In Service
Award for Check-in Efficiency and the Cross-Company Excellence Award, while more than 60 of its employees were recognised with Individual Excellence Awards.
Additionally, HAS by Cathay was named the Best Ground Handler in Hong Kong by the Hong Kong Commercial Times, reaffirming its commitment to service and operational excellence.
At the annual Customer Service Excellence Awards hosted by the Hong Kong Association for Customer Service Excellence, HAS by Cathay's baggage services team was honoured with the Team Award (Merit), while an employee from its passenger services team received the Individual Award (Bronze).
HAS by Cathay also introduced its premium service team, offering dedicated and personalised services for high-tier travellers across multiple airlines.
VOGUE LAUNDRY SERVICE LIMITED ("VLS")
VLS provides a comprehensive range of professional services in laundry and dry cleaning of commercial linen, uniform and guest garments.
It operates a commercial laundry plant in Yuen Long Industrial Park and runs six valet shops in Hong Kong serving retail customers.
VLS processed 87 million items of laundry in 2025 compared with 77 million items in 2024. The financial results for 2025 improved compared with 2024.
MATERIAL ASSOCIATES
AIR CHINA LIMITED ("AIR CHINA")
Air China, in which the Cathay Group had a 15.09% interest at 31st December 2025, is the national flag carrier and leading provider of passenger, cargo and other airline-related services in the Chinese Mainland. We are represented on the Board of Directors of Air China and equity account for our share of Air China's results.
Our share of Air China's results is based on its financial statements drawn up three months in arrears.
Consequently, our 2025 annual results include Air China's results for the 12 months ended 30th September 2025.
For the 12 months ended 30th September 2025, Air China's financial results declined compared to those for the 12 months ended 30th September 2024.
At 31st December 2025, the net book value and market value of the 2,634 million shares of Air China held by the Cathay Group was HK$10,290 million (constituting 5.8% of the Cathay Group's total assets) and HK$18,620 million respectively.
No dividend was received from Air China during the period.
Additional information on Air China, including its performance and prospects, can be found in its public domain.
AIR CHINA CARGO CO., LTD. ("AIR CHINA CARGO")
Air China Cargo, in which the Cathay Group owns an interest totalling 21.01%, is the leading provider of air cargo services in the Chinese Mainland. It has its headquarters in Beijing. Its main operating base is in Shanghai Pudong.
Air China Cargo exercised its over-allotment right in 2025 after being listed in December 2024 to cater for excess market demand, raising additional capital of HK$487 million in February 2025 and increasing the public float to 12.44%. As a result, the Group's ownership was further diluted from 21.36% to 21.01%.
Our share of Air China Cargo's results is based on its financial statements drawn up three months in arrears. Consequently, our 2025 annual results include Air China Cargo's results for the 12 months ended 30th September 2025.
For the 12 months ended 30th September 2025, Air China Cargo's financial results improved compared to those for the 12 months ended 30th September 2024.
The Group received a dividend of HK$181 million from Air China Cargo as at 31st December 2025.
Additional information on Air China Cargo, including its performance and prospects, can be found in its public domain.
The Group intends to continue to hold its material associates for the foreseeable future.
REVIEW OF OPER ATIONS
Our Areas of Leadership
OUR AREAS OF LEADERSHIP
Cathay has three areas of leadership that form a key part of our corporate strategy. These three areas - safety and operational excellence, transforming into a digital leader, and becoming a leader in sustainability - are where we are
especially focused on building new capabilities for the future.
SAFETY AND OPERATIONAL EXCELLENCE
SAFETY EXCELLENCE
At Cathay, safety is a deep commitment we make to each other, to our customers and to our business partners. Our purpose at Cathay is to move people forward in life, and to achieve this we ensure their travel experience and work environment is safe, healthy and secure. Safety is intrinsic to everything we do; it informs every operational decision we take, and every choice we make. Safety excellence is a cornerstone of our success. Our strategy supports and reinforces our position as one of the global leaders in the sphere of safety and operational excellence.
Leadership commitment - Our leadership team is committed to maintaining a strong safety culture. They lead by example and ensure safety is embedded in all our business practices. This includes undergoing regular training in our Safety Management System (SMS) and actively promoting their commitment to safety.
Our approach to safety - Cathay is firmly committed to providing our customers and our people with the highest standards of safety. Our SMS is a structured framework designed to manage safety within our organisation, seeking not only to learn from mistakes, but also to understand why things go right. It encompasses a set of processes and practices to systematically ensure the highest level
of safety performance through proactive reporting and feedback loops. By integrating operational, technical and human resource management, our SMS aims to create
a proactive safety culture to minimise hazards and risks throughout our businesses.
Safety policy - Our safety policy is our blueprint for making sure that safety excellence is and will remain a cornerstone of our success. Our policy extends a duty of care to all businesses we work with, including contractors and individuals under the Group's supervision.
People safety focus - As an integral part of our company strategy, in 2025 we launched "Safety in Our Every Move" to highlight how each of our employees plays a part in making safety excellence the standard. The focus covers ground transport safety, work-above-ground safety, heat stress safety, slip/trip/fall safety, workplace and workstation safety, mental well-being, fire safety, and workplace hygiene. Together, these themes emphasise our continued focus on the safety and well-being of all our people and partners.
Safety governance - The Cathay Group SMS has been developed to ensure that we proactively manage risks and have procedures in place to react appropriately should an incident occur. Safety performance indicators are actively monitored on a monthly basis by Safety Action Groups (SAG) and the Airline Safety Review Committee (ASRC), which is chaired by our Chief Executive Officer, and all events and incidents are investigated thoroughly. The implementation of our SMS is evaluated and assessed regularly by the Hong Kong Civil Aviation Department (HKCAD).
Compliance with company and regulatory requirements - Cathay is committed to complying with all applicable regulations and standards. We monitor changes to ensure our policies and practices remain up-to-date, effective and industry leading. Our robust quality programme is deeply integrated into our operation, ensuring safety excellence is designed into
all our processes and all aspects of our business, driving compliance, competency, consistency and continuous improvement.
IATA Operational Safety Audit (IOSA) - IOSA is the global standard for assessing the operational management and control systems of an airline. As an IATA member,
we are IOSA registered and must remain so to maintain IATA membership. Our operations underwent a successful IOSA audit in November 2024, which renewed our
IATA registration for 24 months. At this audit, Cathay successfully completed the new IATA Risk-Based IOSA (RBI), marking a notable shift in the oversight of the IOSA programme. The RBI aims to enhance safety risk management, including assessing an airline's safety
maturity. When it comes to safety, Cathay continues to set high internal standards for continual improvement in safety and operational excellence.
OPERATIONAL EXCELLENCE
Our approach to operational excellence - Cathay aims to deliver operational excellence built on efficiency and reliability. We take a fully integrated approach to planning our operations that combines commercial and operational considerations to ensure that we deliver, and in the case of disruptions, recover our operations to provide outcomes that are better for our customers, people and business.
In addition to this integrated approach, we also leverage digital tools to enhance our ability to efficiently and reliably deliver the flying schedule and support our people with tools for better operational decision-making. We also continue to invest in performance foundations, including initiating programmes to replace Maintenance and Engineering as well as Crew Operations Systems.
Operational efficiency - In December 2025, we announced that the Operations Planning function would combine with the Integrated Operations Centre with effect from 1st January 2026, creating a larger, unified function known as Integrated Operations. Under this new department, we bring together the planning of pilot, cabin crew and airport resources, as well as aircraft availability, with the responsibility for reliably delivering the schedule on the day of operations. This change aims to unleash further synergies by creating a tighter feedback loop between planning and delivery, and to enable greater optimisation in the deployment of our resources.
Operational reliability - Resilience is built into our flying schedule from the moment we plan our resources to the moment we deliver the schedule on the day of operations. Our Integrated Operations function is in the
midst of implementing a digital roadmap that includes the development of a new digital twin that would simulate how our flight schedules behave on a given day and enable
the team to build additional resilience into the schedule design and increase the reliability of our operations. When moving from planning to execution, Integrated Operations continues to harness the power of data and new enhanced digital capabilities to better manage issues for our customers and business to deliver the flight schedule. Our decision-support tools, Pathfinder and Sentry, leverage a common underlying data logic layer to further optimise our schedule to better prepare for or recover from disruptions. Sentry was fully deployed when Super Typhoon Ragasa led to the suspension of operations at Hong Kong International Airport, enabling us to swiftly rebuild our flight schedule whilst minimising disruption impact on our customers.
Our integrated approach to planning and delivery, coupled with evolving digital capabilities, has led to improvements in our on-time performance.
DIGITAL
Our vision is to transform Cathay into a digital leader renowned for our strong digital culture and capabilities, whilst keeping our people and customers at the heart of how we use technology. Every year, more than HK$3 billion is dedicated to technological research and development, and digital innovation to enhance our operational efficiency and customer experience. In 2025, significant progress was achieved in the areas of data analytics and AI, innovation, cyber security, and digital talent development.
Data analytics and AI - We expanded our use of AI by launching more than 100 machine learning models to optimise operations, including simulating aircraft movements under the Three-Runway System and
managing flight recovery during typhoons. New tools such as an enterprise data catalogue and a digital curriculum are helping to build data skills and foster a digital culture. Our enterprise AI Retrieval Augmented Generation (RAG) capability now improves sharing and management of internal knowledge, policies and practices. Microsoft Copilot, an enterprise AI productivity tool, is available to all ground employees to optimise our people's productivity and uplift our capabilities. In application development, AI and automation boost productivity from design through software development to testing and deployment.
Technological innovation - Cathay's digital leadership journey took another step forward with the establishment of Cathay Technologies, a new subsidiary created with the goal of bringing Cathay's innovative digital solutions to the wider aviation industry. As part of the Cathay Group, Cathay Technologies oversees the commercialisation of digital products developed in-house by the Group, making them available to the aviation market and helping to drive
innovation within the sector. Cathay Technologies' flagship product is the Electronic Flight Folder (EFF), which was first designed and developed in-house in 2019 by Cathay's own aviation professionals. Cathay Technologies also entered into a strategic partnership with the Hong Kong Science and Technologies Park (HKSTP) on its Co-Acceleration Programme Fund, which empowers budding startups in Hong Kong and the rest of the Greater Bay Area.
Cyber security and IT infrastructure - We are committed to protecting the information of our people, customers and partners. Our efforts towards ISO 27001 certification underscore our focus on strong cyber security and brand credibility. Most of our applications now run in the cloud, improving reliability, sustainability and AI innovation. We have modernised networks across over 100 global offices, ensuring scalable, secured and resilient infrastructure. In 2025, we introduced passkeys to further strengthen our Identity and Access Management capabilities and enhance the customer experience, delivering a secure, convenient and user-friendly authentication experience across our digital platforms.
Digital talent development - To leverage AI and technology in our services, we are expanding our team across the wider Greater Bay Area. Following the opening of our Digital and IT offices in Guangzhou (October 2024) and Qianhai, Shenzhen (July 2025), Qianhai now hosts Cathay's largest office in the Chinese Mainland featuring an "Innovation Space" for research and product showcases. Our Digital and IT Graduate Trainee Programme, which launched in 2014, has onboarded over 160 graduates.
The trainee programme expanded regionally in 2024, drawing a record of over 2,000 applicants in 2025 - a 48% year-on-year increase. Complementing the graduate programme, our Digital & IT Internship Programme continues to serve as an important talent pipeline. In November 2025, the eighth Cathay Hackathon attracted 2,100 applicants, including our employees and students from the wider Greater Bay Area, furthering our goal
of fostering open innovation in collaboration with the community.
SUSTAINABILITY
Sustainability is at the core of Cathay's purpose - to move people forward in life. We understand that achieving this purpose in a more sustainable and responsible manner for current and future generations requires collective efforts. Through deep collaboration across the value chain, from customers and business partners to regulators as well as our people, we aim to lead by example and reach new heights in building a more sustainable future.
In line with this ethos, we have set the following key sustainability targets:
Achieving net-zero carbon emissions in our operations by 2050.
Improving our net carbon intensity by 12% from the 2019 level by 2030, reducing it from 761 gCO2/RTK to 670 gCO2/RTK.
Using sustainable aviation fuel (SAF) for 10% of fuel consumption on Cathay Pacific operating flights by 2030.
Reducing the use of passenger-facing single-use plastics (SUP) items(a)on Cathay Pacific flights from an average of
7.7 pieces per passenger in 2019 to 1.5 pieces by 2025.
Not having more than 65% of the same gender in senior positions(b)by 2025 and 70% at the Board level by 2027.
For the SUP target due by 2025, we reduced the average number of passenger-facing single-use plastic items to
1.7 pieces per passenger. With the depletion and ongoing replacement of existing stocks, we expect to reach the target of 1.5 pieces by mid-2026. In relation to gender representation, the percentage of the same gender in senior positions and at the Board level in 2025 was 32% and 24%, respectively. Despite a 3% target gap at senior positions, we have made continuous progress since setting the target in 2021 and our Executive Team has achieved a 50/50 gender split.
Among sustainability-related risks, climate change has been identified as financially material to the Group in the medium to long term, prior to the implementation of planned mitigation measures. Further information on this assessment, as well
as details of our sustainability goals, strategy, progress and performance, can be found in our Sustainability Report 2025, published in April 2026 and available at: https:// https://www.cathaypacific.com/cx/en_HK/about-us/sustainability/ sustainability-reports.html.
As an associate in the Swire Pacific group, our sustainability strategy aligns with the core pillars of Swire Pacific's SD 2050 Strategy.
PERFORMANCE UPDATES - CATHAY GROUP | ||||
2025 | 2024 | Change | ||
Environment | ||||
Total Scope 1 and 2 emissions Million tonnes of CO e | 16.8 | 14.1 | +19.1% | |
Net carbon intensity Grammes of CO e per RTK | 746 | 740 | +0.8% | |
Percentage of SAF in annual jet fuel consumption % | 0.68 | 0.15 | +0.53%pt | |
Passenger-facing SUP items(a) Pieces per passenger People | 1.7 | 2.6 | -34.6% | |
Total workforce | Number | 33,369 | 30,110 | +10.8% |
By location | ||||
Hong Kong | % | 87 | 87 | - |
Chinese Mainland | % | 3 | 2 | +1.0%pt |
Others | % | 10 | 11 | -1.0%pt |
By employment type | ||||
Flight crew | % | 13 | 12 | +1.0%pt |
Cabin crew | % | 39 | 38 | +1.0%pt |
Ground staff Gender diversity | % | 48 | 50 | -2.0%pt |
Workforce composition - female | % | 53 | 52 | +1.0%pt |
Workforce composition - male | % | 47 | 48 | -1.0%pt |
Representation in senior positions(b)- female | % | 32 | 30 | +2.0%pt |
Representation in senior positions(b)- male | % | 68 | 70 | -2.0%pt |
Representation on the Board of Directors - female | % | 24 | 24 | - |
Representation on the Board of Directors - male | % | 76 | 76 | - |
2
2
Notes:
On-board Cathay Pacific flights only. Items include passenger-facing SUP water bottles, utensils, amenity items, and packaging, but exclude those for medical and sanitation purposes, and pre-packaged food and beverage items other than water bottles.
Senior positions refer to the job levels of General Managers and Directors at the Group.
ENVIRONMENT
On the environmental front, climate change and circular economy are our priority areas. As a pioneer and early adopter of SAF, we continue to lead the charge in accelerating the regional collaboration, development and deployment of SAF. We also work to transition towards more sustainable use of resources and circular solutions by setting a clear roadmap for SUP and waste reduction. Through these endeavours, we affirm our commitment to sustainability leadership.
The following are some of the 2025 key initiatives in our environmental efforts:
Cathay proudly joined forces as one of the launch investors of the US$150 million oneworld Breakthrough Energy Ventures (BEV) Fund driving the acceleration of next-generation SAF technologies. Our investment and active participation in the fund reinforce a firm commitment to making SAF more accessible and cost-competitive in support of the industry's long-term decarbonisation needs.
Cathay committed to a SAF co-investment partnership with Airbus of up to US$70 million in support of more mature SAF opportunities to scale up near to medium-term availability in Asia and globally. Investing in the SAF supply chain is key to channelling the necessary capital to accelerate SAF production capability towards 2030 and beyond.
Cathay achieved substantial growth in the Corporate SAF Programme with a record commitment to SAF usage following last year's success. Participating partners have together committed to using about 17,400 tonnes of SAF, representing an increase of nearly 180% compared to 2024. This is equivalent to a reduction of approximately 54,600 tonnes of carbon dioxide equivalent emissions on a lifecycle basis.
Building on the successful introduction of a first-of-its-kind recycling and sorting workflow for plastic bottles at HKIA, we have expanded our inflight recycling programme to eight overseas airports, which supports our efforts to enhance the inflight recycling rate of plastic bottles. We recycled over 35,000 kg of plastic bottles in 2025 through this initiative.
Cathay Pacific transitioned to package inflight headsets in Economy Class with recycled paper, removing approximately 14 million plastic wraps per year.
Cathay Dining launched an innovative warewash system, becoming the first airline caterer in Hong Kong and one of the few worldwide to support the recycling of inbound food waste. This new system features an advanced food
waste segregation design, enhancing food waste recycling capacity by 200%.
SOCIAL
Ensuring the safety of our operations, people and customers is of utmost importance to us. We value our people as one of our greatest assets and are committed to providing
them with an inclusive and supportive working environment. This enables us to attract, develop and retain a strong talent pipeline. Cathay has a longstanding commitment
to supporting the communities in which we operate. We engage in various community initiatives focused on youth development, sports as well as arts and culture.
OUR PEOPLE
At 31st December 2025, the Group employed more than 33,000 people worldwide, with around 28,000 employed in Hong Kong.
Cathay continued to attract talent in Hong Kong, the Chinese Mainland and beyond, offering different job roles to support our continued growth including cabin crew, pilots, cadet pilots, IT specialists, engineering professionals, and other customer-facing roles.
We refreshed our signature employee recognition programme as The Betsy Awards to celebrate the legacy of Cathay and the extraordinary achievements of our people as one team. A total of 18 teams were recognised through 21 awards for their exemplary demonstration of Cathay's culture values and excellence in our strategic areas of leadership.
We refined our diversity and inclusion strategy as Belonging@Cathay to bring diversity, equity, inclusion and belonging together for a workplace that our people feel safe, accepted and empowered to contribute their best.
We regularly review our people policies and Employee Value Propositions in alignment with legislation, industry practices and market conditions, as well as taking into account individual and collective performance to ensure that our employee remuneration remains competitive and fair.
OUR COMMUNITY
Cathay unveiled a refreshed format for our flagship I Can Fly programme focused on Education, Discovery and Exploration. Through a series of activities held across the year we have been able to engage over 1,550 students.
Cathay has been named the exclusive Founding Travel Partner of the Kai Tak Sports Park (KTSP) in Hong Kong. This landmark collaboration underscores our commitment to promoting sports, arts and culture in our home city, reinforcing Hong Kong's position as a global hub for
world-class sporting and cultural events.
Cathay has been the long-time title sponsor of the Cathay/ HSBC Hong Kong Sevens. This year, to commemorate the Sevens' debut at the KTSP and the 100th anniversary of the former Kai Tak Airport, we staged a special flypast on the last day of the Sevens to mark our return to Kai Tak.
Cathay and Feeding Hong Kong celebrated over a decade of partnership through a surplus food rescue programme turning an environmental problem into a social solution. Under this programme, surplus food items from inbound Cathay Pacific flights are collected and repurposed to support underprivileged members of the community. Since its launch in 2014, over 2,200 tonnes of food have been collected and redistributed to people in need, benefitting 260,000 individuals over the past decade.
Cathay entered into a strategic partnership with the Hong Kong Youth Aviation Academy. Multiple initiatives were organised, including the Cathay Pacific HKYAA Annual Aviation Programme, which aimed at inspiring and
engaging aviation enthusiasts through interactive learning and teamwork.
We partnered with the Soong Ching Ling Foundation to launch a new Cathay Young Explorers programme designed to empower young people with meaningful insights into the Chinese Mainland through immersive cultural experiences and aviation-themed learning.
GOVERNANCE
Cathay is committed to maintaining and developing robust corporate governance practices and this is further described in the Corporate Governance Report section of this annual report.
SELECTED AWARDS AND RECOGNITIONS IN 2025
Cathay Pacific was named Eco-Airline of the Year in the 51st annual Air Transport World (ATW) Airline Industry Achievement Awards in 2025, the first airline in Asia to receive this recognition.
Cathay Pacific was recognised in the 2025 Sustainability Awards by Airline Ratings, being named a winner in the "Full Service Carriers" category for our broad range
of sustainability initiatives across inflight and cargo operations.
Cathay received the Hong Kong Sustainability Awards 2025 - Distinction Award from the Hong Kong Management Association, recognising our excellent achievements in the economic, social, and environmental aspects of sustainability.
Cathay's Corporate SAF Programme was selected as a "Sustainable Development Annual Best Award 2025
Outstanding Case" under the EY Sustainability Excellence Awards. We were the only winner from the aviation industry among participating companies in the Chinese Mainland.
Cathay Cargo was named Sustainable Cargo Airline of the Year by Freightweek. This global recognition celebrates our progress in driving sustainability across the air cargo industry.
Cathay Pacific was honoured to receive the Strategic Employer Brand Excellence Award at the 2025 Randstad Employer Brand Awards. This recognition is a testament to our significant progress in Randstad's annual employer brand research report, affirming our commitment to building a workplace that inspires excellence, promotes innovation, and embraces inclusivity.
Cathay Pacific received the Excellence in Human Resource Management Team Award in the Employer Excellence 2025 selection by 51Job, one of the leading recognitions in the Chinese Mainland focused on human resource management.
We have received the Caring Company recognition from the Hong Kong Council of Social Service every year since 2003 for our good corporate citizenship.
FINANCIAL REVIEW
The Cathay Group's attributable profit to the shareholders was HK$10,828 million for 2025 (2024: HK$9,888 million). The Company reported a profit after tax of HK$9,948 million for 2025 (2024: HK$9,799 million). Profits from subsidiaries in 2025 were HK$433 million (2024: losses of HK$199 million), and the share of profits from associates in 2025 was HK$447 million (2024: HK$288 million).
REVENUE
Cathay Group
The Company
2025
HK$M
2024
HK$M
Change
2025
HK$M
2024
HK$M
Change
Passenger services
78,848
68,589
+15.0%
72,454
62,595
+15.8%
Cargo services
27,572
27,417
+0.6%
24,279
24,000
+1.2%
Other services and recoveries
10,346
8,365
+23.7%
10,262
8,142
+26.0%
Total revenue
116,766
104,371
+11.9%
106,995
94,737
+12.9%
Revenue
The Company's passengers and cargo carried
HK$ million
Passengers in '000
Cargo in '000 tonnes
150,000
16,000
1,200
120,000
12,000
900
90,000
8,000
600
60,000
4,000
30,000
0 0
300
0
2021 2022 2023 2024 2025
1H21
2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
2H25
Other services and recoveries Cargo services
Passenger services
Passengers carried Cargo carriedTHE COMPANY
Passenger revenue increased by 15.8% to HK$72,454 million. The number of revenue passengers carried increased by 26.5% to 28.9 million. Revenue passenger kilometres increased by 28.9%.
The passenger load factor increased by 2.0 percentage points to 85.2%. Available seat kilometres increased by 25.8%.
Passenger yield decreased by 10.3% to HK60.4 cents.
Cargo revenue increased by 1.2% to HK$24,279 million with a 8.3% increase in available freight tonne kilometers.
The cargo load factor decreased by 1.1 percentage points and cargo yield decreased by 4.6% to HK$2.69.
The annualised effect on revenue of changes in yield and load factor (on basis of all other factors remaining constant) is set out opposite:
HK$M
+ 1 percentage point in passenger load factor 850
+ 1 percentage point in cargo load factor 413
+ HK¢1 in passenger yield 1,199
+ HK¢1 in cargo yield 90
Group total operating expenses Group fuel price and consumption
19% Staff
3% Net Finance charges
Depreciation,
12% amortisation
Infight service and
and rentals
5% passenger
expenses
9% maintenance
Aircraft
Landing, parking and
16% route
expenses
30% Fuel, including
hedging gains
6% Others
US$ per barrel (jet fuel)
150
Barrels in million
50
120 40
90 30
60 20
30 10
0 0
2021 2022 2023 2024 2025
Into wing price - before hedging Into wing price - after hedging Uplifted volumeOPERATING EXPENSES
Cathay Group
The Company
2025
2024
2025
2024
HK$M
HK$M
Change
HK$M
HK$M
Change
Staff
20,080
16,840
+19.2%
16,114
13,406
+20.2%
Inflight service and passenger expenses
5,668
4,175
+35.8%
5,597
4,122
+35.8%
Landing, parking and route expenses
17,203
14,023
+22.7%
15,435
12,688
+21.7%
Fuel, including hedging losses/(gains)
31,344
28,260
+10.9%
28,715
25,816
+11.2%
Aircraft maintenance
9,877
8,498
+16.2%
8,508
7,367
+15.5%
Aircraft depreciation and rentals
9,285
9,801
-5.3%
8,582
9,229
-7.0%
Other depreciation, amortisation and rentals
2,819
2,709
+4.1%
2,100
1,912
+9.8%
Others
6,417
6,888
-6.8%
8,163
8,031
+1.6%
Operating expenses
102,693
91,194
+12.6%
93,214
82,571
+12.9%
Net finance charges
2,677
3,056
-12.4%
2,329
1,952
+19.3%
Total operating expenses
105,370
94,250
+11.8%
95,543
84,523
+13.0%
The Group's and the Company's total operating expenses increased by 11.8% and 13.0% respectively.
The Company's ATK increased 15.9% from 24,836 million to 28,773 million.
The cost per ATK (with fuel) of the Company decreased from HK$3.40 to HK$3.32, a decrease of 2.4%.
The cost per ATK (without fuel) of the Company decreased from HK$2.36 to HK$2.32, a decrease of 1.7%.
OPERATING RESULTS ANALYSIS
1st half
2nd half
Full year
1st half
2nd half
Full year
2025
2025
2025
2024
2024
2024
HK$M
HK$M
HK$M
HK$M
HK$M
HK$M
The Company's profit before non-recurring items
and taxation 4,776
6,676
11,452
4,391
5,823
10,214
Taxation (746)
(768)
(1,514)
(519)
(647)
(1,166)
The Company's profit after taxation and before
non-recurring items 4,030
5,908
9,938
3,872
5,176
9,048
Subsidiaries' results (198)
256
58
(26)
(173)
(199)
The Company and subsidiaries' profit after
taxation and before non-recurring items 3,832
6,164
9,996
3,846
5,003
8,849
Share of associates' results (181)
628
447
(342)
630
288
Profit attributable to the shareholders of the Cathay
Group after taxation and before non-recurring items 3,651
6,792
10,443
3,504
5,633
9,137
Gains on deemed partial disposals of associates (note a) -
-
-
90
488
578
Net reversal of impairment and other gains or charges
(note b) -
385
385
19
154
173
Profit attributable to the shareholders of
the Cathay Group 3,651
7,177
10,828
3,613
6,275
9,888
Underlying profit attributable to the shareholders of
the Cathay Group (note c) 3,651
5,914
9,565
3,504
5,633
9,137
Notes:
Please refer to note 2 to the financial statements for details.
HK$375 million impairment reversal on previously impaired laundry and catering plants and HK$10 million fair value gain on unlisted investment.
The underlying profit was calculated excluding deemed partial disposal gains of nil (2024: HK$578 million), a total of HK$385 million (2024: HK$173 million) in net reversal of impairment and other gains or charges, and income recognised under "Other services and recoveries" arising from the early termination of a service contract with HAECO ITM Limited involving engineering assets of HK$878 million (2024: nil).
The movement in the Company's profit before non-recurring items and taxation can be analysed as follows:
The Company's profit in 2024 before non-recurring items and taxation
Increase of revenue:
HK$M
10,214
Passenger and cargo revenue 10,138 - Passenger revenue increased as a result of 25.8% increase in capacity, and traffic, partially offset by a 10.3% reduction in yield.
- Cargo revenue increased due to 8.3% increase in capacity in freighter and passenger fleet belly space, partially offset by a 4.6% decrease in yield.
Other services and recoveries 2,120 - Increased due to higher passenger volumes, more mileage sales and a one-off income of HK$878 million.
(Increase)/decrease of costs:
Staff (2,708) - Increased due to higher headcount due to increased operating capacity, as well as salary increments.
Inflight service and passenger expenses (1,475) - Increased due to higher passenger volumes.
Landing, parking and route expenses (2,747) - Increased due to operating additional capacity.
Fuel, including hedging losses/(gains) (2,899) - Increased mainly due to higher fuel consumption as capacity
increased, partially offset by lower average fuel price.
Aircraft maintenance (1,141) - Higher due to increased aircraft flying hours.
Owning the assets (includes aircraft and other depreciation, rentals and net finance charges)
82 - Decreased mainly due to early repayment of loans and more favourable rates following three rate cuts in 2025.
Other items (132) - Sales commissions and distribution expenses increased on more traffic. Marketing expenses increased on new destinations.
The Company's profit in 2025 before non-recurring items and taxation
11,452
FUEL EXPENDITURE AND HEDGING
A breakdown of the Group's fuel cost is shown below:
2025 HK$M | 2024 HK$M | |
Gross fuel cost | 30,637 | 28,295 |
Fuel hedging losses/(gains) | 707 | (35) |
Net fuel cost | 31,344 | 28,260 |
Fuel consumption in 2025 was 41.7 million barrels (2024: 35.1 million barrels), an increase of 18.8% due to additional flight capacity.
The Group's policy is to reduce exposure to fuel price risk by hedging a percentage of its expected fuel consumption. The Group uses fuel derivatives which are economically equivalent to forward contracts to achieve its desired hedging position. The chart indicates the estimated percentage of projected consumption by quarter in 2026 and 2027 covered by hedging transactions at various Brent strike prices, as well as the average strike price for each period.
The Group does not speculate on oil prices but uses hedging to manage short to medium term volatility in oil prices and therefore its fuel costs. Hedging is not risk free.
Projected fuel hedging cover
(at 31st December 2025)
% US$
40 80
DIVIDENDS
Dividends proposed for the year amount to HK$5,228 million.
Dividend per ordinary share HK$0.84 for 2025 (2024: HK$0.69).
ASSETS
Total assets at 31st December 2025 were HK$177,051 million.
Property, plant and equipment comprised HK$106,371 million in respect of aircraft and related equipment, HK$9,995 million in respect of land and buildings and HK$1,490 million in respect of other equipment. During the year, additions to property, plant and equipment and intangible assets were HK$10,991 million and HK$577 million respectively.
BORROWINGS AND CAPITAL
Borrowings (being loans and other borrowings, and lease liabilities) decreased by 13.7% to HK$59,101 million. Excluding leases without asset transfer components, borrowings decreased by 15.6% to HK$48,641 million, which are fully repayable by 2035, with 48% at fixed rates of interest after taking into account derivative transactions. Borrowings are predominately denominated in United States dollars and Hong Kong dollars and the maturity profile of these borrowings has not changed materially from the information set out in the 2024 Annual Report.
30 60
20 40
10 20
Total assets
13%
Long -term receivables and investment
Intangible assets
8%
0 0
1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27
Hedge cover Average strike price6%
Current assets
13%
Properties and other equipment
60% Aircraft and related
equipment
Borrowings in key currencies Net debt and equity
HK$ million HK$ million Times
40,000
30,000
80,000
60,000
1.4
1.2
20,000
40,000
1.0
10,000
0
HKD JPY USD
20,000
0
2021 2022 2023 2024 2025
0.8
0.6
Available unrestricted liquidity at 31st December 2025 totalled HK$25,435 million, comprising liquid funds of HK$12,289 million and committed undrawn facilities of HK$13,149 million, less pledged funds of HK$3 million. Liquid funds are predominately denominated in United States dollars and Hong Kong dollars.
Net borrowings (after deducting liquid funds) decreased by 19.2% to HK$46,812 million. Excluding lease liabilities without asset transfer components, net borrowings decreased by 22.8% to HK$36,352 million.
Funds attributable to the shareholders of the Cathay Group Net borrowings
Net debt/equity ratio (see Borrowings and capital above)Interest rate profile: borrowings (after derivatives)
%
80
60
40
20
0
100
Funds attributable to the shareholders of the Cathay Group increased by 14.5% to HK$60,110 million. This was due to the Group's attributable profit of HK$10,828 million and partially offset by decreases in other comprehensive income of HK$842 million, dividends distributed to ordinary shareholders of HK$4,491 million, convertible bonds of HK$2,282 million converted into ordinary shares and changes in convertible bonds reserve of HK$167 million.
Excluding lease liabilities without asset transfer components, the net debt/equity ratio decreased from
0.90 times to 0.60 times (against borrowing covenants of 2.0). Taking into account the effect of adopting HKFRS 16 on net borrowings, the net debt/equity ratio was 0.78 at 31st December 2025 (31st December 2024: 1.10 times).
Fixed Floating2021 2022 2023 2024 2025
DIRECTOR S AND OFFICER S
EXECUTIVE DIRECTORS
HEALY, Patrick#, aged 60, has been Chair and a Director of the Company since 6th November 2019 and has served as a Director for 6 years and 4 months. His current term of office commenced on 10th May 2023 and will retire as Chair and as a Director of the Company with effect from the conclusion
of the annual general meeting of the Company to be held on 13th May 2026 ("2026 Annual General Meeting"). He will also cease to be a Director of other Swire group companies on the same date. He is also Chair of Swire Coca-Cola Limited and
a Director of John Swire & Sons (H.K.) Limited, Swire Pacific Limited and Air China Limited. He was a Director of Swire Properties Limited from January 2015 to August 2021. He joined the Swire group in 1988 and has worked with the group in the Hong Kong SAR, Germany and the Chinese Mainland.
LAM, Siu Por Ronald#^, aged 53, has been a Director of the Company since 19th August 2019 and Chief Executive Officer since 1st January 2023. He has served as a Director for 6 years and 6 months. His current term of office commenced on 10th May 2023 and will expire at the conclusion of the 2026 Annual General Meeting. He was Chief Customer and Commercial Officer of the Company from August 2019 to December 2022. He was Director and General Manager, Hong Kong Operations of Hong Kong Aircraft Engineering Company Limited from July 2013 to May 2017 and Director Commercial and Cargo of the Company from June 2017 to July 2019. He is Chair of Hong Kong Express Airways Limited and a Director of John Swire & Sons (H.K.) Limited. He was a Director of Air China Cargo Co., Ltd. from September 2021 to June 2025.
He joined the Swire group in 1996 and has worked with the Company in the Hong Kong SAR, Japan and Sri Lanka.
LAU, Hoi Zee Lavinia, aged 55, has been Chief Customer and Commercial Officer and a Director of the Company since 1st January 2023. She has served as a Director for 3 years and 2 months. Her current term of office commenced on 10th May 2023 and will expire at the conclusion of the 2026 Annual General Meeting. She is a Director of Hong Kong Express Airways Limited. She was Director Customer Travel of the Company from August 2021 to December 2022, Director Commercial of the Company from July 2019 to July 2021, General Manager Planning from August 2015 to July 2019, and General Manager Sales, Pearl River Delta and the Hong Kong SAR from July 2012 to August 2015. She joined the Swire group in 1992.
MCGOWAN, Alexander James John, aged 53, has been Chief Operations and Service Delivery Officer and a Director of the Company since 1st April 2023. He has served as
a Director for 2 years and 11 months. His current term of office commenced on 10th May 2023 and will expire at the conclusion of the 2026 Annual General Meeting. He is a Director of Hong Kong Express Airways Limited. He was Director Service Delivery of the Company from September 2020 to March 2023, and General Manager Aircrew, Flight
Operations of the Company from July 2018 to August 2020. He joined the Company in 2005 and has led a number of departments across the airline. Before joining the Company, he had worked for an international airline based in London and a technology start-up in Seattle.
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Cathay Pacific Airways Ltd. published this content on April 09, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 09, 2026 at 16:05 UTC.
