22nd December 2025 – (Hong Kong) The Cathay Group has released its traffic statistics for November 2025, indicating sustained strength across both passenger and cargo operations.
Chief Customer and Commercial Officer, Lavinia Lau, said the Group continued to expand its global reach during the month. Cathay Pacific commenced daily services to Changsha and a seasonal route to Adelaide, while HK Express launched daily flights to Kota Kinabalu in Sabah. In total, the Group has opened routes to 20 destinations this year, taking its network to 103 worldwide and further reinforcing Hong Kong’s status as an international aviation hub.
Cathay Pacific carried 26% more passengers in November 2025 than a year earlier, with Available Seat Kilometres rising 22%. Over the first 11 months of 2025, passenger numbers increased by 27% year on year. Lau noted that volumes remained robust despite the absence of major holidays in Hong Kong, with a monthly load factor of 87%—the highest in two years. Demand on North‑east Asia routes was particularly strong, supported by travellers from Hong Kong as well as key markets in Europe and South‑east Asia. Seasonal services to Adelaide and Christchurch also performed well, buoyed by steady transit traffic. She added that Christmas bookings are healthy, led by North‑east Asia, and that Lunar New Year demand looks promising from both Hong Kong and the Chinese mainland.
Cathay Cargo recorded a 10% year‑on‑year uplift in tonnage in November 2025, with Available Freight Tonne Kilometres up 7%. For the January–November period, total tonnage rose 10% compared with the same interval in 2024. Lau said cargo continued to post month‑on‑month and year‑on‑year growth, driven by solid exports from Hong Kong and the Chinese mainland, alongside gains on South‑east Asia and South Asia, Middle East and Africa routes. Specialist products performed strongly, with Cathay Priority sustaining demand into North‑east Asia, and Cathay Expert and Cathay Fresh seeing increased volumes within North‑east Asia and from South America. She said the robust peak season is expected to extend into December, with some scaling back of the freighter schedule from mid‑month as overall demand eases, while core trade lanes should remain firm.
HK Express carried close to 640,000 passengers in November 2025, up 27% year on year, with ASKs increasing 18%. For the first 11 months of 2025, passenger numbers rose 30% versus the prior year. Lau said HK Express maintained growth in November, with load factor improving by nearly six percentage points from November 2024 to above 83%, and advance bookings for December remaining healthy.
The Group expects a strong second‑half financial performance underpinned by higher capacity, solid load factors and resilient cargo demand, partially offset by losses at HK Express linked to factors weighing on travel demand to Japan. Contributions from associates—mostly recognised on a three‑month lag—are anticipated to improve in the second half versus the first. The period’s results also include approximately HK$0.9 billion in Other Income from a non‑recurring gain related to a supplier settlement.
For the 2025 full year, the second half has again outperformed the first, consistent with historical patterns and last year’s experience. The Group expects its consolidated full‑year result to surpass 2024’s strong performance.
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