The Cathay Group has officially revealed its commercial performance traffic figures for May 2026, showcasing strong double-digit growth year on year across its passenger and cargo sectors. Despite the ongoing financial challenges presented by elevated global jet fuel prices, the aviation group sustained a positive trajectory. Combined operations from mainline carrier Cathay Pacific (CX) and low-cost subsidiary HK Express (UO) yielded a total of over 3.3 million passengers carried throughout the month, marking a 14% increase compared to May 2025. On the logistics front, Cathay Cargo managed more than 150,000 tonnes of freight, capturing an 11% year-on-year improvement.
Mainline operator Cathay Pacific drove a significant portion of this growth, logging a 17% increase in passenger volume for May 2026 against the previous year. This performance outpaced a 10% capacity expansion in Available Seat Kilometres. The airline attributed its strong early May performance to heavy regional traffic as travelers returned from Golden Week holidays. Later in the month, local demand spiked in Hong Kong due to the Buddha’s Birthday long weekend. Geopolitical conditions in the Middle East also prompted international travelers to seek alternative transit hubs, routing extra connecting traffic through Hong Kong and lifting the carrier’s network-wide passenger load factor to 87%. Over the first five months of 2026, Cathay Pacific’s passenger count rose 19% compared to the same stretch in 2025, with business and premium leisure demand driving high occupancy in premium cabins.
Cathay Cargo expanded its operations with an 11% tonnage increase in May 2026 over May 2025, while its capacity in Available Freight Tonne Kilometres climbed 6%. Freight demand was propelled by robust trade volumes moving between mainland China and Southeast Asia. Specialized cargo services yielded impressive gains, with the Cathay Expert stream boosted by regional and transpacific shipments of semiconductors and servers, while the Cathay Pharma platform expanded due to medicine exports from Europe to mainland China. Total year-to-date cargo tonnage for the first five months of 2026 rose 8% over the prior year. To bolster future capacity, the group finalized an order for two more Airbus A350F freighter aircraft, expanding its total commitments to eight. It will also add a leased Airbus A330P2F converted freighter to be flown by Air Hong Kong (LD).
Low-cost subsidiary HK Express carried more than 670,000 passengers in May 2026, climbing 5% year on year as capacity in Available Seat Kilometres grew 4%. The budget carrier enjoyed prolonged demand across its Southeast Asian network well past the Easter holiday period, with Thailand and the Philippines emerging as favored choices. Flight operations to Beijing Daxing International Airport stood out, maintaining an exceptional load factor above 90%. For the first five months of 2026, HK Express saw a 12% rise in its overall passenger metrics over 2025.
Financially, the Cathay Group anticipates recognizing a non-operating deemed disposal gain of approximately HK$1.4 billion during the first half of 2026. This financial accounting adjustment stems from the dilution of Cathay’s equity stake in Air China Limited from 15.09% to 12.85%, following an A-share issuance finalized by Air China on June 9, 2026. Looking toward the upcoming peak summer season, the group remains highly optimistic as long-haul bookings hold strong and short-haul vacation reservations continue to pick up speed.