El Al Isreal Airlines (ELAL) Q3 2025 earnings summary

Executive summary

• Q3 2025 net profit rose 8% year-over-year to $203M, with total revenue up 7% to $1,074M and profit before tax up 8% to $265M.

• Strong demand for flights continued in Q3 2025, with rapid recovery after airspace reopened post-military operation in June, leading to high load factors and increased seat capacity year-over-year.

• Passenger traffic is gradually returning to normal, though overall Q3 2024 traffic was still 24% below Q3 2023 levels.

• Market share improved, with a notable recovery in passenger numbers and bookings.

• The company expanded its fleet, launched new domestic routes, and continued strategic investments in technology and loyalty programs.

Financial highlights

• Q3 2025 EBITDAR was $357M, down 1% year-over-year; EBITDA was $324.6M; operating profit was $260.7M (down 3.4% YoY).

• Load factor reached 95.3%, up 1.5% from the previous year; RASK increased by 4.2% and ASK by 3.3% YoY.

• Net debt as of September 2025 was $534M (net cash position), with cash and financial assets totaling $1,828M.

• Q3 2025 free cash flow after debt service was $229.1M.

• Nine-month net profit was $364.1M, down from $415.3M YoY due to a $100M negative impact from the June operation.

Outlook and guidance

• Business plan targets over $4B in revenue by 2030, with 8-10% from ancillary and non-flight services.

• Projected EBITDA for 2030 is $704-742M, with free cash flow after debt service expected at $240-278M.

• Foreign airlines are returning gradually in Q4 2025, with continued high demand and occupancy expected, though at a lower intensity than Q4 2024.

• The company expects ongoing recovery in 2026, with gradual normalization of seat supply at Ben Gurion Airport.

• Forecasts are subject to significant uncertainty due to geopolitical and economic factors.