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Icelandair Group
Icelandair Group (ICEAIR) investor relations material
Icelandair Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved record revenue of USD 1.7 billion in 2025, up 11% year-over-year, with over 5 million passengers carried for the first time and a record-high load factor.
Transformation initiatives delivered over USD 70 million in annual impact, with more than 230 implemented and over 500 identified.
Operational efficiency improved, including a 2% reduction in full-time equivalents and strong on-time performance among Europe's best.
External challenges such as geopolitical factors, currency depreciation, and rising emission and salary costs negatively impacted profitability.
Financial highlights
Total operating income reached USD 1,740.9 million, with passenger revenue up 17% to USD 1.5 billion.
EBIT loss narrowed to USD 17 million, and net loss improved to USD 9.5 million, a USD 10.6 million year-over-year improvement.
Net cash from operations increased to USD 305 million, with liquidity at year-end of USD 458 million and an equity ratio of 15%.
EBITDA was USD 156.6 million, up from USD 139.9 million year-over-year.
Net finance cost improved to USD 6.7 million from USD 11.3 million in 2024.
Outlook and guidance
Profitability is expected to improve in 2026, with a return to profit anticipated, driven by stronger passenger network performance and continued transformation benefits.
Unit revenue growth is forecast to outpace unit cost increases, supported by a strong hub position and rebalanced summer schedule.
Capacity planned to increase by 2% in 2026, focusing on markets to and from Iceland, with growth mainly from European destinations and off-peak seasons.
No narrow EBIT guidance provided due to industry volatility, but the long-term target remains an 8% EBIT margin through the cycle.
January 2026 started strong, with yields up 7% and passenger numbers up 14% year-over-year.
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Next Icelandair Group earnings date
Q1 202628 Apr, 2026
Icelandair Group
Next Icelandair Group earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Icelandair Group hf. operates primarily in the airline and tourism industries. Through its subsidiaries, the company engages in passenger and cargo operations, providing air-freight and cargo services. Additionally, it offers aircraft leasing, crew, maintenance, insurance, and capacity solutions for other airlines and tour operators. Icelandair Group also provides airport ground handling services and functions as a tour operator, serving markets in North America, Europe, Scandinavia, and internationally. The company is headquartered in Reykjavik, Iceland, and its shares are listed on the Nasdaq Iceland.
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