The Cathay Group posted solid passenger and cargo growth in November 2025, underpinned by network expansion, strong load factors and resilient freight demand, and expects its full-year financial result to exceed last year’s performance.
Cathay Pacific carried 26% more passengers year on year, with capacity up 22% and a load factor of 87%, the highest in two years. Demand was particularly strong on Northeast Asia routes, while seasonal services to Adelaide and Christchurch performed well. For the first 11 months of 2025, passenger numbers rose 27%.
Cathay Cargo reported a 10% year-on-year increase in tonnage, supported by exports from Hong Kong and the Chinese Mainland and strong performance across Southeast Asia, South Asia, the Middle East and Africa. Cargo demand is expected to remain robust through December.
HK Express carried nearly 640,000 passengers in November, up 27% year on year, with load factor improving to over 83%. Passenger numbers for the first 11 months rose 30%, although the airline continues to face financial pressure, mainly linked to weaker demand to Japan.
Overall, the Group benefits from increased capacity, strong year-end travel demand and a healthy cargo peak. A non-recurring gain of around HK$0.9 billion will also support second-half results, reinforcing expectations that Cathay’s 2025 full-year performance will surpass 2024.