Icelandair Group — Earnings Release 2025

Feb 6, 2025

Icelandair carried 264 thousand passengers in January 2025 Record load factor in January 2025

Route Network1	Jan 25	Jan 24	Chg (%)	YID 25	YTD 24	Chg (%)
Number of Passengers:	264,126	225,168	17%	264,126	225,168	17%
To	76,950	70,839	9%	76,950	70,839	9%
From	50,799	44,975	13%	50,799	44,975	13%
Via	117,873	91,485	29%	117,873	91,485	29%
Within	18,504	17,868	4%	18,504	17,868	4%
ASK (million)	1,023	947	8%	1,023	947	8%
RPK (million)	788	657	20%	788	657	20%
Yield (US cents)	8.1	8.3	-26%	8.1	8.3	-2.6%
Load Factor	77.1%	69.4%	7.7 ppt	77-1%	69.4%	7.7 ppt
OTP (Arrivals)	77.6%	79.8%	-2.2 ppt	77.6%	79.8%	-2.2 ppt
Stage length (KM)	2,896	2,861	1%	2,896	2,861	1%
Cargo & Leasing
Sold BH - Leasing	2,377	1,214	96%	2,377	1,214	96%
FTK (thousand) - cargo	12,778	12,609	1%	12,178	12,609	1%
CO2 Emissions
Total CO2 tons	69,237	65,390	6%	68,126	65,390	4%
CO2 per OTK	0.78	0.88	-11%	0.78	0.88	-11%

Capacity (ASK) +8%

Monthly change year on year

Passengers and load factor 12 month rolling Route network highlights

+20%

Load Factor 77%

Glossary

Icelandair route network serves four passenger markets¹ :

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

Yield

Passenger ticket revenue in addition to excess baggage, cabin upgrade and seat selection revenue divided by RPK. The measure, together with load factor development, provides indication of the revenue generation within the route network but does not represent total revenue as the measure excludes cargo revenue, other ancillary revenue and accounting adjustments that when combined represent the revenue recognized on the income statement in each reporting period.

OTK

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

Total CO2 tons Carbon emissions from all flights