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Icelandair Group (ICEAIR) investor relations material

Icelandair Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Q3 revenue reached a record $585.3 million, up year-over-year despite fare pressure in the transatlantic market and cost headwinds.

  • Net profit for Q3 was $57.3 million, down from the previous year, with EBIT at $74 million and a margin of 13%.

  • Strong liquidity at $503 million, improving by $107 million year-over-year.

  • Transformation program delivered $50 million in impact year-to-date, with over 200 initiatives implemented and targeting $100 million annualized by end of 2025.

  • Route network flexibility and efficiency gains offset weakness in transatlantic and via markets, with 1.7 million passengers carried in Q3.

Financial highlights

  • Total revenue increased 6% year-over-year, driven by strong demand to and from Iceland.

  • Passenger revenue up 5% to $522 million; cargo revenue up 7%; leasing revenue strong with a 21% EBIT margin.

  • Operating costs rose 9% to $464.6 million, mainly due to negative currency effects and inflation.

  • Fuel costs decreased 5% due to lower prices and improved fleet efficiency.

  • Depreciation rose, reflecting more leased aircraft; net finance expenses increased year-over-year.

Outlook and guidance

  • Full-year 2025 EBIT expected to be negative $10–20 million, reflecting ongoing cost pressures and currency headwinds.

  • Modest 2% capacity growth planned for 2026, focused on shoulder and low seasons and to/from Iceland markets.

  • Transformation program expected to deliver $100 million annually.

  • Booking trends for coming months have improved since Q2, with October bookings stronger than last year.

  • Cargo and leasing outlook remains positive.

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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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