El Al Isreal Airlines (ELAL) Q1 2025 earnings summary

Executive summary

• Q1 revenue was $773.7M, up 4.8% YoY; net profit rose 18.7% to $95.6M and EBITDAR increased to $213.0M from $195.7M.

• Ben Gurion Airport passenger traffic rose 63.2% YoY to 3.584M; passenger volume carried increased 16% to 1.581M, while market share fell to 44.1% from 62.0%.

Financial highlights

• Operating income rose to $126.6M from $120.2M; pretax income was $120.1M versus $99.8M, and net profit was $95.6M versus $80.5M.

• Passenger revenue increased 7.5% to $689.3M; cargo revenue declined 18.5% to $61.7M, while operating revenue rose 4.8%.

• EBITDA was $190.9M versus $185.0M; operating cash flow was $350.4M versus $376.0M.

• Cash and readily available deposits reached $1,674.5M, versus $723.4M a year earlier; gross financial debt including leases was $1,444.2M.

Outlook and guidance

• After May flight suspensions, passenger forecasts showed a 17% activity gap versus forecasts made before the event; foreign airlines postponed returns to Ben Gurion Airport.

• Q2 seat capacity at Ben Gurion was expected to remain limited relative to demand, with a high load factor and RASK similar to Q2 2024.

• March–May ticket sales were forecast at $1,173M gross and $1,024M net of refunds and vouchers; 56% related to future periods and the figures are not revenue.

• Strategic and business plans were updated through 2030, including a loyalty-program target of ~4.2M members.