Gokongwei-owned Cebu Air, Inc. (operator of Cebu Pacific) reported a net loss of PHP5.49 billion in the second quarter this year, bringing its net loss in the first half of 2026 to PHP5.9 billion, reversing the company’s net income from the previous year on surging jet fuel prices and foreign exchange losses.
Michael Szucs, Chief Executive Officer of Cebu Pacific, said fuel prices drove fuel expense to more than double year-on-year, coupled with foreign exchange losses. With that CEB registered a second quarter operating loss of PHP2.7 billion, and a net loss of PHP5.5 billion.
“The second quarter was one of the most challenging operating environments we have faced post-pandemic, driven by an unprecedented spike in fuel prices,” said Szucs.
“Despite these external pressures, demand for affordable air travel remained resilient, revenue continued to grow, and we further strengthened our market leadership. As industry capacity becomes more rational and market conditions improve, we remain confident in Cebu Pacific’s long-term growth opportunity and our ability to deliver sustainable value for our shareholders.”
In terms of revenue, the Philippines’ leading carrier, generated PHP68.6 billion in revenue in the first half of the year, an 8 percent increase from the same period last year.
The budget airline reported that its revenue grew to PHP47.2 billion, a 7 percent increase, while ancillary and cargo revenue increased 11 percent and 13 percent, respectively.
The airline also carried nearly 14.5 million passengers during the first half, up 4 percent year-on-year, reflecting continued demand across its domestic and international networks, which grew 5 percent and 2 percent, respectively.
Cebu Pacific further strengthened its market leadership during the period.
Based on the Company’s internal estimates, CEB’s domestic market share expanded to 60 percent in the second quarter from 55 percent a year ago.
Operational performance also improved, with on-time performance rising to 84.2 percent, placing Cebu Pacific among the most punctual carriers in the Asia-Pacific region, according to aviation analytics firm, Cirium.
Cebu Pacific posted a first half EBITDA of PHP10.5 billion and operating income of PHP300 million, despite the sharp increase in global fuel prices during the second quarter.
Including financing costs, core pre-tax loss amounted to PHP3.4 billion. Including the impact of foreign exchange translation losses, net loss in the first half amounted to PHP5.9 billion.
For the second quarter, CEB reported total revenue of PHP35.2 billion, an increase of 7 percent year-on-year, as demand remained resilient amid calibrated fare adjustments across the network.
Passenger revenue also grew 7 percent to PHP24.7 billion, while ancillary and cargo revenue increased 4 percent and 18 percent, respectively.
