·       10% revenue growth between years, total revenue in Q4 2024 USD 349 million
·       EBIT improvement of USD 18 million, EBIT in Q4 negative USD 32 million
·       Unit revenue up 1.5% driven by higher load factor in Q4 2024
·       Unit cost in Q4 2024 down 3% due to focus on operational efficiencies and lower fuel costs
·       Record number of passengers in Q4, the market to Iceland recovering
·       Net loss in 2024 amounted to USD 20 million compared to net profit of USD 11 million in 2023
·       Strong performance in the Leasing business, Cargo operations back to positive EBIT in 2024
·       4.7 million passengers transported in 2024 – a 9% increase compared to 2023
·       On-time performance improved significantly, increased by 5.6 percentage points
·       First Airbus aircraft in Icelandair's history added to the fleet in December
·       Healthy cash flow from operation of USD 221 million for the full year improving by USD 6 million
·       Total liquidity of USD 347 million at year-end
·       EBIT in 2025 projected USD 40-60 million
 
Bogi Nils Bogason, President & CEO
“We achieved significant improvement in our financial results in Q4 in all business units. Unit revenue development is turning around, and we managed to mitigate the impact of cost increases in the environment by driving operational efficiencies. The results for the full year were in line with the guidance we published in October, and we expect the positive financial development that we saw in Q4 to continue in the coming months. The prospects for 2025 are promising with our current booking status stronger than last year. We are planning an 8% increase in capacity, focused on off peak seasons, which will both improve resource utilization and provide customers with more travel options than ever before.

In 2024, our route network operations were robust, reflected by decreased unit cost, high customer satisfaction and outstanding on-time performance, where we continuously ranked among the most punctual airlines in Europe over the summer months. We also achieved great turnaround in our cargo operation during the year and our leasing business continued to deliver strong results.

To ensure profitability and long-term success, we launched a comprehensive transformation journey in 2024. At the end of the year, we had already implemented operational improvements that will deliver over USD 20 million in run-rate annual impact when fully materialized. We expect the transformation to deliver a total of USD 70 million in annual impact by the end of 2025 as additional improvements will be implemented throughout the year.

We can say that the year 2024 marked a new beginning for Icelandair when we took delivery of our first ever Airbus aircraft and moved to our new headquarters in Iceland. I want to thank our great team for their hard work, our shareholders for their continued support and our customers for choosing Icelandair. We have set ambitious goals of improved performance in 2025 and onwards. I am confident that our current focus will further strengthen our position, improve profitability and allow us to fully capitalize on emerging opportunities both in the short and long term.”