Airlines502026 The annual report on the most valuable and strongest airline brands AboutBrand Finance Bridging the gap between Brand Finance was set up in 1996with the aim of 'bridging the gap betweenmarketing and finance'. For 30 years, we Quantifying the We put thousands of the world’s biggestbrands to the test every year. Rankingbrands across all sectors and countries, Unique combination The world'sleading brandvaluation Our teams have experienceacross a wide range of disciplinesfrom marketing and market research, Priding ourselveson technical credibility Brand Finance, a chartered accountancyfirm regulated by the Institute of CharteredAccountants in England and Wales, is thefirst brand valuation consultancy to join theInternational Valuation Standards Council. For business enquiries, please contact:enquiries@brandfinance.com For media enquiries, please contact: press@brandfinance.com +44 207 389 9400www.brandfinance.com Contents Sector Overview 6 Valuation Analysis9 Most Valuable Airline Brands 202610Fastest Growing Brand Value:Vietjet14 Brand Strength Analysis15 Airports Brand Value & Strength Analysis18 Sustainability Analysis21 Brand Spotlight23 Malaysia Airlines24Captain Nasaruddin A.Bakar, President & Group CEOSaudia27Khaled Tash, Saudia Group, Chief Marketing OfficerTurkish Airlines30Professor Murat Şeker, Chairman of the Board of Directorsand the Executive CommitteeVietJet33Nguyen Thanh Son, Chief Executive Officer Insights36Low-cost carriers move from support act to growth engine37Savio D’Souza, Global Sector Head of Airlines, Brand FinanceGroup brand value: Scale, structure and strategic trade-offs41Prashanth Jayasekera, Associate Director, Brand FinanceBeyond balance sheets: The next challenge for airline brands44Brand Finance Brand Value Ranking (USDm)49 Airlines49Airports50 Methodology51 Our Services57 Internationaltravel lifts top50 airlines brandvalue by 11% to +$18.6 billion:Deltaremains the world’smost valuable airline brand +ANAnamed strongest airline brand;Japan Airlinesrises to third +Vietjetmore than doubles its brand valueto become the fastest growing airline brand +Paris AeroportdethronesHeathrow Airportas most valuable airport brand +Changi Airportstands unrivalled as thestrongest airport brand globally Foreword This year marks Brand Finance’s 30thanniversary. Throughout our history as acompany, there has been one enduring truism: brands operate in a world shapedby continual change. Rapid advancements in AI, geopolitical fragmentation, economic uncertainty,and rising expectations of corporate behaviour have all placed new pressureson organisations. While the challenges have evolved, the importance of building Looking back to 1996, the global brand landscape was dominated by traditionalconsumer names. Since then, the rise of technology and digital services, the movefrom products to ecosystems, the increasing prominence of B2B brands, and the David HaighChairman & CEO,Brand Finance Today, the commercial contribution of a strong brand is well recognised. It drivesdemand, supports premium pricing, attracts and retains talent, increases resilienceduring uncertainty, and provides confidence to investors. Despite this awareness,many organisations still struggle to quantify brand value or explain its role in business At Brand Finance, our mission for 30 years has been to close that gap. By bringingtogether robust valuation methodologies and in-depth research, we help leadersunderstand the financial impact of their brand and make better-informed decisions.Whether you are looking to strengthen brand performance, evaluate marketing As you explore this year’s findings, I encourage you to consider how the insightscan support clearer decision-making within your organisation. Strong brands arebuilt through informed choices and consistent investment, and our team is ready SectorOverview SectorOverview The airline sector enters 2026 from a positionof renewed strength, even as it faces a backdropof heightened geopolitical uncertainty in the MiddleEast. Ongoing conflicts in the region is contributing performance, with global passenger demandremaining strong, particularly across internationaland long-haul travel. Record-high load factors pointto tighter capacity discipline and more efficient asset Yet, this is not unfamiliar territory for theindustry. In recent years, airlines have navigatedsevere external shocks, from the collapse indemand during the COVID-19 pandemic to periodsof geopolitical tension and fuel price spikes, Profitability is stabilising across most majormarkets, with especially strong growth in Asia-Pacific,Europe, and parts of Africa, signalling a broad-based Crucially, this growth is being driven less byvolume expansion and more by improved revenuequality. Airlines have sustained pricing power throughdisciplined capacity management, particularly onconstrained long-haul routes, enabling higher yields Against this context, the secto