English Icelandic
Published: 2023-10-19 18:39:26 CEST
Icelandair Group hf.
Interim report (Q1 and Q3)

Icelandair: The highest revenue quarter ever - Profit of USD 85 million in Q3 2023

• Profit of USD 84.5 million, up by USD 26.6 million year-on-year
• EBIT of USD 112.0 million compared to USD 92.7 million last year
• Total revenue of USD 560.4 million, the highest in history in one quarter, and increased by 17%
• Record Q3 unit revenue (RASK) of 9.3 US cents, increasing by 1% between years; passenger
unit revenue increased more, by 3%
• Cargo operation had a negative impact on EBIT by USD 6.7 million
• 1.5 million passengers carried
• 16% increase in the market to Iceland
• Equity ratio increases to 21% compared with 19% at the beginning of the year
• Strong liquidity position of USD 423.7 million
• EBIT ratio for the full year 2023 forecasted 3.3 - 4.3%


„We are pleased to deliver such strong results in our largest and most important quarter. Profits were driven by strong revenue generation in our passenger network resulting in the strongest revenue in one quarter in our history. Our route network operations were robust in the quarter with improved on-time performance. Our flight schedule was also the largest ever in terms of trips. We transported 1.5 million passengers to 49 destinations in Europe and North America. We recruited around 1,000 employees for the high season, bringing the total number of employees to around 4,400 during the summer. Our cargo business continued to be challenging and negatively impacted our financial performance. We are taking actions to improve the operation, including adjusting capacity to demand. However, the results of our leasing operation continued to be favorable. The outlook in our passenger network is good and the booking status throughout the year and into next year is stronger than at the same time last year. We see continued strong demand in the tourist market to Iceland, especially from North America. Rapid growth has characterized our operations in the past years with our flight schedule almost tripling in the past two years. We are expecting moderate growth next year and therefore see opportunities to improve operational efficiency. We will increase our capacity by around 10% next year and will add frequency to existing destinations as well as add some new and exciting ones that will be announced soon. With our strong financial position, clear strategy and focus, extensive sales network and strong airline partnerships, we are well positioned for the future. I would like to thank our customers for continuing to choose Icelandair and our employees for their great work this summer. I look forward to our continued pursuits together.“

An investor presentation will be webcast in relation to the publication of the results at 8:30 GMT on
Friday, 20 October, at https://icelandairgroup.is. Bogi Nils Bogason, President & CEO of Icelandair
Group, and Ivar S. Kristinsson, CFO, will present the Company’s results and answer questions. The
presentation and Q&A will take place in English. The presentation will be available after the meeting
on the Icelandair Group website: https://icelandairgroup.is and under Company News on

Contact information
Investors: Iris Hulda Thorisdottir, Director Investor Relations. E-mail: iris@icelandair.is
Media: Asdis Petursdottir, Director Communications. E-mail: asdis@icelandair.is


Interim Financial Statements of Icelandair Group hf. Q3 2023.pdf
Pressrelease Q3 2023_ English.pdf