Icelandair Group — Earnings Release 2024

Mar 6, 2024

Strong passenger loads and on-time performance in February

Route Network	Feb 24	Feb 23	Chg (%)	YTD 24	YTD 23	Chg (%)
Number of Passengers:	234,243	200,067	17%	459,411	410,077	12%
To	96,320	98,329	-2%	167,159	175,845	-5%
From	46,862	42,282	11%	91,837	87,179	5%
Via	70,338	40,692	73%	161,823	110,068	47%
Within	20,724	18,765	10%	38,592	36,985	4%
ASK (million)	851	690	23%	1,798	1,487	21%
RPK (million)	652	527	24%	1,309	1,122	17%
Load Factor	76.6%	76.5%	0.2 ppt	72.8%	75.4%	-2.6 ppt
OTP (Arrivals)	84.6%	72.0%	12.6 ppt	82.1%	75.0%	7.1 ppt
Stage length (KM)	2,754	2,635	4%	2,809	2,698	4%
Cargo & Leasing
Sold BH - Leasing	1,622	1,289	26%	2,836	2,340	21%
FTK (thousand) - cargo	13,760	13,849	-1%	26,369	27,683	-5%
CO2 Emissions
Total CO2* tons	58,606	53,662	9%	121,196	112,557	8%
CO2 per OTK	0.77	0.79	-3%	0.82	0.81	1%

Passenger mix
Absolut figures in thousands

Within
To
From
Via

225 thousand
passengers
carried in January

Passengers and load factor 12 month rolling

Route network highlights
Monthly change year on year

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3

Glossary

Icelandair route network serves four passenger markets²:

To
Passenger visiting Iceland

From
Passengers originating in Iceland visiting destinations outside of Iceland

Via
Passengers traveling across the Atlantic connecting in Iceland

Within
Passengers traveling solely within Iceland

ASK
Available seat kilometers, the total number of seats available on scheduled flights multiplied by the number of kilometers the seats were flown

RPK
Revenue passenger kilometers, the number of revenue passengers carried on scheduled flights multiplied by the number of kilometers the seats were flown

LF
Passenger load factor, calculated by dividing RPK by ASK

OTP
Arrival on time performance, flights arriving within 15 minutes of scheduled arrival time. OTP is calculated by diving arrivals that arrive within 15 minutes of scheduled arrival time with the total number of arrivals

Stage length
The distance flown from takeoff to landing in a single leg

BH
Block hours - the time computed from the moment the blocks are removed from the wheels of the aircraft until they are replaced at the next point of landing

FTK
Freight Tonne Kilometers – the equivalent of RPK for freight – one FTK is one metric tonne of revenue load, carried one kilometer

OTK
CO2 emitted by moving one payload tonne one kilometer for all international flights

² Passengers are from 2024 split between markets by point of commencement, compared to point of sale in the past, 2023 comparison figures have been updated