High Fuel Costs and Reduced Capacity Pressure Near-Term Earnings

As Hong Kong’s flagship carrier, Cathay Pacific operates an extensive global network, leveraging its dominant position at a leading international aviation hub. With no domestic market, it is fully reliant on international traffic. In 2025, the South Asia, Middle East, and Africa market contributed 42% of Cathay’s passenger capacity, followed by North America with 36% and Europe with 27%.