CATHAY PAC AIR (00293) announced that its passenger volume in November 2025 reached 2.53 million, marking a 26% year-on-year increase, while available seat kilometers (ASK) rose 22% annually. For the first 11 months of 2025, the airline carried 26.13 million passengers, up 27% compared to the same period in 2024.
Cargo operations also showed growth, with CATHAY PAC AIR transporting 157,500 metric tons of goods in November 2025, a 10% YoY increase, and available cargo ton kilometers (ACTK) rising 7% annually. Cumulative cargo volume for the January-November period similarly grew 10% YoY.
Hong Kong Express, a subsidiary, reported nearly 640,000 passengers in November 2025, up 27% YoY, with ASK increasing 18%. Over the 11-month period, its passenger volume surged 30% YoY.
Despite the absence of extended holidays in Hong Kong during November, passenger demand remained robust, achieving an 87% load factor—a two-year monthly high. Strong demand was driven by Northeast Asian routes, particularly from Hong Kong, Europe, and Southeast Asia. Seasonal flights to Adelaide and Christchurch also performed well, supported by steady transit traffic. The airline expressed optimism for the upcoming Christmas travel peak, with Northeast Asia being the top choice for local travelers. Demand for Lunar New Year holidays is also expected to be strong, especially from Hong Kong and mainland China.
On the cargo front, stable export demand from Hong Kong and mainland China, coupled with growth in Southeast Asia, South Asia, the Middle East, and Africa routes, contributed to monthly and yearly cargo expansion. Specialized solutions like "CATHAY Priority" saw robust demand in Northeast Asia, while "CATHAY Special Cargo" and "CATHAY Fresh" services gained traction in Northeast Asia and South America. The airline anticipates a robust air cargo peak season extending into December, though demand is expected to moderate mid-month. Adjustments to freighter schedules will be made accordingly, but key cargo routes are projected to remain stable.
Hong Kong Express maintained passenger growth in November, with an 83% load factor—up nearly 6 percentage points YoY. Forward bookings across its network for December remain healthy.
Additionally, the group recorded approximately HKD 900 million in other income during the second half of 2025, stemming from a one-time gain related to a supplier settlement agreement. Historically, the second half outperforms for CATHAY PAC AIR, and 2025 is no exception. Overall, the group expects its full-year financial performance to surpass 2024's solid results.
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