Icelandair Group (ICEAIR) Q4 2024 earnings summary

Executive summary

• Achieved record passenger numbers at 4.7 million, with a 9% increase and top ranking in Icelandic customer satisfaction index.

• Strong operational turnaround in Q4 2024, with EBIT improving by USD 18.2 million year-over-year and net loss reduced by USD 7.2 million.

• Cargo operations returned to profitability, and leasing segment grew revenue by one-third, securing new clients in Asia and Scandinavia.

• The ONE transformation program delivered over USD 20 million in annual impact, targeting USD 70 million by end of 2025.

• Delivered first Airbus A321LR and consolidated offices, marking a fleet modernization milestone.

Financial highlights

• Q4 2024 revenue increased 10% year-over-year to USD 349 million, with passenger revenue at USD 277 million.

• EBIT for Q4 2024 was -USD 32.1 million, a significant improvement from -USD 50.3 million in Q4 2023.

• Net loss for Q4 2024 was -USD 30.6 million, improving from -USD 37.8 million year-over-year.

• Full-year 2024 revenue reached USD 1,570.6 million, up from USD 1,523.6 million year-over-year.

• Year-end liquidity stood at USD 347 million, with cash and marketable securities at USD 255 million.

Outlook and guidance

• 2025 revenue expected at USD 1.7 billion, with EBIT guidance of USD 40–60 million, up from negative USD 40 million in 2024.

• All business segments (route network, cargo, leasing) expected to deliver positive EBIT in 2025.

• Passenger network growth planned at 8%, with four new destinations and a fleet of 42 aircraft, including four new A321LRs.

• Largest-ever flight schedule covering 62 destinations planned for 2025.

• Transformation program targets USD 70 million annual run-rate improvement by year-end.