El Al Isreal Airlines (ELAL) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached $774M, up 4.8% year-over-year; net profit was $96M, a 19% increase, driven by strong passenger demand despite security challenges and increased competition as foreign airlines resumed operations at Ben Gurion Airport.

• EBITDAR for Q1 2025 was $213M, up 9% year-over-year; EBITDA reached $190.9M.

• Passenger traffic at Ben Gurion Airport increased 63% year-over-year in Q1 2025, with El Al's own passenger numbers up 16%.

• Foreign airlines resumed operations at Ben Gurion Airport gradually, with some still not returning or operating at partial capacity.

• Cargo revenues declined 18.5% due to easing demand and return of foreign carriers.

Financial highlights

• Revenue: $774M (+5% YoY); Net profit: $96M (+19% YoY); EBITDAR: $213M (+9% YoY); EBITDA: $190.9M.

• Load factor improved by 2% to 94%; RASK up 2% to $10.43; CASK down 2% to $9.62.

• Available funds increased to $1,675M; gross debt reduced by $326M; net financial debt turned negative (net cash position of $230.3M).

• Basic EPS: $0.191; Diluted EPS: $0.171.

• Operating income: $126.6M (up $6.4M YoY).

Outlook and guidance

• Fleet expansion includes arrival of 17th Dreamliner, return of 6th 777, and purchase of 3 leased 737s.

• Flexible commercial policy and continued focus on customer loyalty and partnerships.

• Q2 2025 expected to maintain high load factors and RASK, with demand supported by limited foreign airline capacity and ongoing security-related disruptions.

• Passenger traffic forecasts remain sensitive to security instability, with a 17% gap in airport activity projected post-event.

• Forward-looking information is subject to significant uncertainty due to security situation, supply chain issues, and third-party dependencies.