Icelandair Group — Earnings Release 2025

May 6, 2025

25% capacity growth and strong demand in the markets to and from Iceland

Route Network1	Apr 25	Apr 24	Chg (%)	YTD 25	YTD 24	Chg (%)
Number of Passengers:	381,247	307,406	24%	1,208,967	1,064,369	14%
To	108,780	83,487	30%	403,040	367,833	10%
From	71,096	51,815	37%	230,366	201,136	15%
Via	180,596	149,669	21%	496,857	412,051	21%
Within	20,775	22,435	-7%	78,704	83,349	-6%
ASK (million)	1,407	1,122	25%	4,462	3,981	12%
RPK (million)	1,139	908	25%	3,591	3,100	16%
Yield (US cents)	8.1	8.0	0%	8.1	8.4	-4%
Load Factor	81.0%	81.0%	0.0 ppt	80.5%	77.9%	2.6 ppt
OTP (Arrivals)	91.3%	88.3%	3.0 ppt	84.1%	85.5%	-1.4 ppt
Stage length (KM)	2,988	2,920	2%	2,924	2,859	2%
Cargo & Leasing
Sold BH - Leasing	2,490	1,366	82%	8,763	5,429	61%
FTK (thousand) - cargo	10,806	9,654	12%	49,312	49,056	1%
CO2 Emissions
Total CO2 tons	93,443	75,878	23%	298,112	274,105	9%
CO2 per OTK	0.71	0.73	-4%	0.72	0.76	-6%

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.

ОТК

TCELANDAIR:" T

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

Total CO2 tons Carbon emissions from all flights