Etihad Airways 

Founded in 2003, the Abu Dhabi-based national airline is chaired by Mohammed Ali Al Shorafa and led by chief executive Antonoaldo Neves. Under its current leadership, Etihad has sought to rebuild around stronger unit economics and a more focused network after an earlier period of aggressive international investment and restructuring.

Etihad Airways has moved decisively from restructuring into expansion, entering a new phase in which profitability, cash generation and disciplined network growth are being pursued alongside rapid increases in fleet capacity.

The strategy produced the airline’s strongest annual performance on record in 2025. Total revenue increased 21 per cent to Dhs30.7bn, driven by growth across passenger and cargo operations. Profit after tax rose 47 per cent to Dhs2.6bn, producing a profit margin of 8.4 per cent, while EBITDA increased 37 per cent to Dhs6.3bn.

Operating cash flow reached almost Dhs8bn, up more than 30 per cent year on year.

The operational expansion was equally significant. Etihad carried 22.4 million passengers during 2025, up 21 per cent, while passenger load factor improved to 88.3 per cent. Its operating fleet reached 127 aircraft after 29 aircraft were added during the year, the largest fleet in the airline’s history. The network expanded to 110 destinations.

Fleet additions included Airbus A321LRs, A350s and Boeing 787s, while additional Airbus A380s returned to service.

Cargo also strengthened. Cargo revenue increased 8 per cent to Dhs4.5bn, with volumes rising 9 per cent to more than 700,000 leg tonnes. Expanded capacity and the airline’s partnership with SF Express helped Etihad become the largest cargo operator between mainland China and the Middle East by monthly cargo services.

Etihad’s current expansion differs materially from its earlier growth cycle. The airline is adding destinations and aircraft from a stronger earnings and cash-flow base rather than prioritising scale alone. Its next challenge is to preserve that discipline while inducting aircraft and opening routes at pace. The 2025 results suggest the turnaround phase is largely behind it; the focus now is whether Etihad can convert rapid capacity growth into sustained profitability.