Group 1 - Cathay Group reported a strong start in January 2026, with over 3.3 million passengers carried by Cathay Pacific and HK Express, an 11% increase compared to January 2025 [1] - Cathay Cargo's freight volume exceeded 130,000 tons in January 2026, reflecting a 5% year-on-year growth [1] - On February 14, 2026, Cathay Pacific achieved a historic milestone with a single-day passenger count surpassing 100,000, carrying 100,747 passengers [1] Group 2 - HK Express carried over 710,000 passengers in January 2026, an 8% increase from January 2025, with available seat kilometers rising by 13% [2] - On February 20, 2026, HK Express set a new record by carrying over 30,000 passengers in a single day [2]

Core Viewpoint - Cathay Pacific Airways is experiencing a significant increase in passenger and cargo volumes for January 2026 compared to January 2025, driven by strong demand from overseas students and holiday travelers [1] Passenger Business - Cathay Pacific's passenger capacity is expected to increase by 11% year-on-year in January 2026, with available seat kilometers rising by 14% [1] - The demand for passenger travel remains robust, particularly due to the return of travelers after the year-end holidays and a notable recovery in business travel, with front cabin load factors performing better than in January 2025 [1] - The airline is seeing a significant increase in transfer passenger traffic as flight frequencies are increased, reinforcing Hong Kong's position as an international aviation hub [1] - There is a strong demand for leisure travel during the Lunar New Year holiday, and expectations for overall travel demand remain high leading into the Easter holiday [1] Cargo Business - Cathay Pacific's cargo volume is projected to increase by 5% year-on-year in January 2026, with available cargo ton kilometers rising by 3% [1] - The cargo business started the year relatively slowly after a peak in the previous year but continues to show year-on-year growth [1] - Specific cargo solutions, such as the transport of cherries and seafood from Oceania and pharmaceuticals from Europe and Central America, are driving demand for specialized cargo services [1] - The airline is also involved in transporting elite horses for the Longines Hong Kong International Horse Show, showcasing its expertise in animal transport [1] - Market demand is expected to gradually recover after a slowdown during the Lunar New Year holiday period [1] Hong Kong Express - Hong Kong Express recorded over 710,000 passengers in January 2026, an 8% increase compared to January 2025, with available seat kilometers increasing by 13% [1] - The growth in passenger numbers is primarily supported by strong load factors on routes to South Korea and Thailand [1] - The airline achieved a new record on February 20, carrying over 30,000 passengers in a single day [1]

Core Insights - Cathay Pacific Group reported a significant increase in passenger and cargo volumes for December 2025, with a total of over 36 million passengers carried, representing a 27% year-on-year growth [1] - The cargo volume exceeded 1.6 million tons for the year, marking an increase of over 9% compared to 2024 [1] Passenger Traffic - In December 2025, Cathay Pacific and HK Express together carried over 125,000 passengers on December 27, setting a new single-day record, which was further surpassed on January 3, 2026, with over 126,000 passengers [1] - The passenger capacity, measured in available seat kilometers, increased by over 25% compared to 2024 [1] - December 2025 passenger volume increased by 22% year-on-year, with available seat kilometers rising by 23% [1] - The influx of students returning from North America, Oceania, and the UK contributed to stable inbound passenger flow, along with increased visitors from Northeast Asia, Thailand, and India during the year-end holiday [1] Cargo Traffic - In December 2025, cargo volume increased by 6% year-on-year, with available cargo ton kilometers rising by 8% [2] - The overall cargo volume for 2025 saw an increase of over 9% compared to 2024 [2] - Despite a slight decline of 3% from November, December's cargo volume remained strong, driven by demand for fresh produce transported via dedicated express lines [2] - The performance of special cargo services in Northeast Asia was robust, primarily due to the demand for transporting mechanical components [2] HK Express Performance - HK Express carried over 780,000 passengers in December 2025, a 24% increase compared to December 2024, with available seat kilometers increasing by 19% [2] - The total passenger volume for HK Express in 2025 increased by 30% compared to the previous year [2]

Core Viewpoint - Cathay Pacific is experiencing significant growth in passenger and cargo volumes, with projections indicating a strong demand for travel and freight services in 2025, driven by increased capacity and a robust recovery in travel demand post-pandemic [1][2]. Passenger Capacity and Growth - Cathay Pacific's passenger capacity in December 2025 is expected to increase by 22% compared to December 2024, with available seat kilometers rising by 23% [1] - The total passenger volume for 2025 is projected to grow by 27% year-on-year, exceeding 36 million passengers [1] - Hong Kong Express is also seeing growth, with December 2025 passenger numbers expected to exceed 780,000, a 24% increase from December 2024, and an overall annual increase of 30% [1] Cargo Volume and Performance - Cathay Pacific's cargo volume in December 2025 is anticipated to rise by 6% compared to December 2024, with available cargo ton kilometers increasing by 8% [1] - The total cargo volume for 2025 is expected to exceed 1.6 million tons, reflecting a growth of over 9% from 2024 [1] Market Demand and Trends - The demand for inbound travelers is stable, particularly from students returning from North America, Oceania, and the UK, as well as visitors from Northeast Asia, Thailand, and India during the holiday season [1] - Outbound travel demand is notably strong during the holiday peak, especially to Northeast and Southeast Asia, with mainland China emerging as a popular destination for Hong Kong travelers [1] Future Outlook and Safety Recognition - Following the holiday season, flight bookings for the Lunar New Year are steadily increasing, with a focus on leveraging key events in Hong Kong and the region to drive travel demand [2] - Cathay Pacific has been recognized by Airline Ratings as one of the top two safest airlines globally for 2026 in the traditional full-service category, underscoring its commitment to operational safety [2] - Hong Kong Express has also been awarded as the world's safest low-cost airline for two consecutive years, reflecting its high safety standards [2] Special Events and Customer Experience - In 2026, Cathay Pacific plans to celebrate its 80th anniversary with a series of special events, aiming to enhance customer experience and solidify its position as a leading international aviation hub [2]

Core Viewpoint - Cathay Pacific is experiencing significant growth in passenger and cargo capacity, with projections indicating a strong demand for travel and freight services in 2025 compared to 2024 [1][2] Passenger Capacity - Cathay Pacific's passenger capacity in December 2025 is expected to increase by 22% year-on-year, with available seat kilometers rising by 23% [1] - The total passenger volume for 2025 is projected to grow by 27% compared to 2024, reaching over 36 million passengers [1] - Hong Kong Express is also seeing growth, with December 2025 passenger numbers expected to exceed 780,000, a 24% increase from December 2024 [1] Cargo Capacity - Cathay Pacific's cargo volume in December 2025 is anticipated to rise by 6% year-on-year, with available cargo ton kilometers increasing by 8% [1] - The total cargo volume for 2025 is expected to exceed 1.6 million tons, reflecting a growth of over 9% compared to 2024 [1] Market Demand - The demand for inbound travelers is stable, particularly from students returning from North America, Oceania, and the UK, as well as visitors from Northeast Asia, Thailand, and India during the year-end holiday [1] - Outbound travel demand is notably strong during the holiday peak, especially to Northeast and Southeast Asia, with mainland China emerging as a popular destination for Hong Kong travelers [1] Future Outlook - Following the year-end holiday, flight bookings for the Lunar New Year are steadily increasing, with a focus on leveraging key events in Hong Kong and the region to drive travel demand leading up to Easter [2] - Cathay Pacific has been recognized as one of the top two safest airlines globally for 2026, reflecting its commitment to operational safety [2] - Hong Kong Express has also been awarded as the safest low-cost airline globally for two consecutive years, underscoring its high safety standards [2] - The company plans to celebrate its 80th anniversary in 2026 with special events aimed at enhancing customer experience and reinforcing Hong Kong's status as a leading international aviation hub [2]

Group 1 - Cathay Pacific's passenger volume in November 2025 increased by 26% compared to November 2024, with available seat kilometers rising by 22%. Year-to-date passenger volume for the first eleven months of 2025 increased by 27% compared to the same period in 2024 [1] - The load factor reached 87%, marking a two-year monthly high, driven by strong demand on Northeast Asia routes, particularly from Hong Kong, Europe, and Southeast Asia [1] - Cargo volume for Cathay Pacific in November 2025 increased by 10% year-on-year, with available cargo ton kilometers rising by 7%. Year-to-date cargo volume for the first ten months of 2025 also saw a 10% increase compared to the previous year [1] Group 2 - Hong Kong Express recorded a passenger volume of nearly 640,000 in November 2025, a 27% increase from November 2024, with available seat kilometers increasing by 18%. Year-to-date passenger volume for the first eleven months of 2025 increased by 30% compared to the previous year [2] - The load factor exceeded 83%, an increase of nearly 6 percentage points compared to the same month in 2024. However, demand for Japan routes has slowed due to various factors, resulting in losses that partially offset positive trends [2] - The group anticipates that the second half of the year will be driven by increased capacity, stable passenger load factors, and resilient cargo demand, with overall financial performance expected to surpass last year's robust results [2]

Core Viewpoint - Cathay Pacific Airways reported significant growth in passenger and cargo volumes for November 2025 compared to the same month in 2024, indicating a strong recovery in demand across various markets [1] Passenger Traffic - In November 2025, Cathay Pacific's passenger volume reached 2.5304 million, a 26% increase year-on-year, with available seat kilometers rising by 22% [1] - For the first 11 months of 2025, total passenger numbers were 26.1308 million, reflecting a 27% increase compared to the same period in 2024 [1] - Hong Kong Express recorded nearly 640,000 passengers in November 2025, a 27% increase year-on-year, with available seat kilometers up by 18% [1] - The overall passenger load factor reached 87%, the highest for a single month in two years, driven by strong demand from Northeast Asia, Europe, and Southeast Asia [1] Cargo Traffic - Cathay Pacific's cargo operations transported 157,500 metric tons in November 2025, a 10% increase from November 2024, with available cargo ton kilometers increasing by 7% [1] - For the first 11 months of 2025, cargo volume also increased by 10% compared to the previous year [1] - The company noted robust export demand from Hong Kong and mainland China, as well as growth in Southeast Asia, South Asia, the Middle East, and Africa [1] Financial Performance - The group achieved approximately HKD 900 million in other income in the second half of the year from a non-recurring gain related to a settlement agreement with a supplier [1] - Historically, the second half of the year has been a strong period for the group, and the overall financial performance for 2025 is expected to surpass last year's solid results [1]

Core Viewpoint - Cathay Pacific Airways reported significant growth in passenger and cargo volumes for November 2025 compared to the same month in 2024, indicating a strong recovery in demand and optimistic outlook for future travel seasons [1] Passenger Traffic - In November 2025, Cathay Pacific's passenger volume reached 2.5304 million, a 26% increase year-on-year, with available seat kilometers up by 22% [1] - For the first 11 months of 2025, total passenger numbers were 26.1308 million, reflecting a 27% increase compared to the same period in 2024 [1] - Hong Kong Express recorded nearly 640,000 passengers in November 2025, a 27% increase year-on-year, with available seat kilometers increasing by 18% [1] - The overall passenger load factor reached 87%, the highest for a single month in two years, driven by strong demand from Northeast Asia, Europe, and Southeast Asia [1] Cargo Traffic - Cathay Pacific's cargo operations transported 157,500 metric tons in November 2025, a 10% increase from November 2024, with available cargo ton kilometers rising by 7% [1] - For the first 11 months of 2025, cargo volume also increased by 10% compared to the previous year [1] - The company noted robust demand for specialized cargo services, particularly in Northeast Asia and South America, indicating a strong air freight peak season expected to last until December [1] Financial Performance - The group achieved approximately HKD 900 million in other income in the second half of the year from a non-recurring gain related to a settlement agreement with a supplier [1] - Historically, the second half of the year has been a strong performance period for the group, and the overall financial performance for 2025 is expected to surpass last year's solid results [1]

Group 1 - The core viewpoint of the articles highlights the robust growth in both passenger and cargo operations for Cathay Pacific Group, with significant increases in passenger numbers and cargo volume in October 2025 [1][2] Group 2 - In October 2025, Cathay Pacific and HK Express collectively carried over 3.2 million passengers, representing a month-on-month increase of 21% [1] - Cathay Pacific's passenger volume increased by 29% year-on-year in October, with a cumulative increase of 27% for the first ten months, achieving a passenger load factor of 86%, the highest for the same month in recent years [1] - HK Express carried over 680,000 passengers in October, marking a year-on-year growth of 32%, with a cumulative increase of 31% for the first ten months [1] - Cathay Pacific's cargo volume exceeded 150,000 tons in October, with a month-on-month increase of 12%, and a year-on-year growth of 6% [1] - The "Cathay Fresh Cargo" and "Cathay Priority Cargo" services performed well, driven by demand for fresh produce from Southeast Asia and Oceania, as well as seasonal cargo needs in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 3 - Cathay Pacific has expanded its route network, launching daily flights to Changsha and seasonal flights to Adelaide, with HK Express planning to add daily flights to Kota Kinabalu [1] - The group plans to operate approximately 330 pairs of domestic routes, nearly 100 pairs of Oceania routes, and over 430 pairs of Southeast Asia routes during the winter travel peak [1] Group 4 - Cathay's Customer and Business President, Ronald Lam, indicated strong bookings for the Christmas travel season, with expected increases in passenger flow to North America and Europe [2] - The demand for cargo is anticipated to remain high during the remaining peak season [2] - HK Express will closely monitor travel demand in Japan and continue to optimize its network layout [2]

Core Insights - Cathay Pacific's passenger and cargo operations showed steady performance in October 2025, with over 3.2 million passengers carried, a month-on-month increase of 21% [1] - Cargo volume exceeded 150,000 tons in October, reflecting a month-on-month growth of 12% [1] - The airline is expanding its global route network, launching new services to Changsha and Adelaide, and increasing flight frequencies to mainland China and Southeast Asia [1] Passenger Operations - In October 2025, passenger volume increased by 29% compared to the same month in 2024, with available seat kilometers rising by 26% year-on-year [1] - The load factor reached 86%, the highest for the month in recent years, driven by strong demand during the National Day and Mid-Autumn Festival holidays [2] - Forward bookings for the Christmas travel season remain robust, with expectations of increased inbound travelers from North America, the UK, and other European regions [2] Cargo Operations - Cargo volume in October 2025 increased by 6% year-on-year, with available cargo ton kilometers up by 8% [2] - The demand for the "Cathay Fresh Cargo" service remains strong, particularly for fresh produce from Southeast Asia and Oceania, as well as for salmon shipments from South America to mainland China [2] - The company anticipates sustained strong demand in the remaining peak cargo season, especially on major cargo routes [3] Hong Kong Express - Hong Kong Express carried over 680,000 passengers in October 2025, a 32% increase compared to the same month in 2024, with available seat kilometers increasing by 34% [3] - The load factor for Hong Kong Express was nearly in line with the previous year's level, supported by strong demand during the National Day holiday [3] - The airline will closely monitor travel demand to Japan while focusing on enhancing overall network demand [3]