El Al Isreal Airlines (ELAL) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 results with revenue slightly above $1 billion, up 44% year-over-year, and net profit of $187.4 million, more than doubling EBITDA compared to the prior year.

• Load factor reached 93.8–94%, reflecting strong demand and network optimization amid reduced foreign airline operations.

• Market share at Ben Gurion Airport rose to 41.2% in Q3 2024, with a surge to 81% in Israel during late 2023 as foreign carriers reduced service.

• Navigated a challenging year marked by the ongoing war in Israel, global aviation disruptions, and significant reductions in market size and competition.

• Strategic fleet expansion and renewal plans are underway, with major aircraft orders and upgrades to meet future demand.

Financial highlights

• Q3 2024 net profit: $187.4 million (Q3 2023: $52.5 million); nine-month net profit: $415 million.

• Q3 2024 revenues: $1,003.5 million; nine-month revenues: $2,581 million.

• EBITDA/EBITDAR for Q3 2024 exceeded $336 million, more than double the prior year.

• Net debt dropped to $375.6 million, with net debt/EBITDA ratio improved to 0.4.

• Cash and deposits at period end reached $1.25–1.5 billion, up sharply from the prior year.

Outlook and guidance

• Booking trends remain strong, with continued excess demand over supply and high future bookings.

• Q4 2024 is expected to deliver strong results versus last year, though ASK is forecast to decrease due to winter season and capacity constraints.

• Strategic plan targets 22–29% fleet expansion by 2028, though supply chain delays may push completion beyond that date.

• Ongoing war and security conditions introduce significant uncertainty to forecasts.

• Global air travel demand is at record highs, but supply constraints and pilot shortages are expected to persist.