Icelandair delivers USD 4 Million profit in the second quarter of 2022

• EBIT USD 1.2 million improving by USD 63.4 million year-on-year despite fuel price more than doubling
• Operating income USD 328.9 million up by USD 251.4 million
• Passenger revenue driving the increase in operating income
• Continued recovery in capacity; 76% of 2019 production levels vs 58% in Q1 2022
• Load factor significantly improving year-on-year; 78.5% vs 47.3%
• Almost one thousand employees recruited during the quarter
• Strong cashflow from operations (USD 121.7 million)
• Record liquid funds available at end of June USD 463 million
• Committed to taking delivery of six more efficient B737 MAX aircraft, supporting further growth and sustainability targets
• The second half of the year expected to be profitable with Q3 performance significantly stronger than last year

Bogi Nils Bogason, President & CEO

“Turning a profit in the second quarter is a major milestone on our road to financial sustainability. Utilizing the flexibility of our network and robust infrastructure has allowed us to rapidly increase capacity in line with high demand, achieving improved load factor and higher yields, despite various external factors affecting our business, such as fuel price more than doubling between years. This kind of a turnaround does not happen by itself. It is the outcome of relentless effort by our people, whose teamwork and dedication has been remarkable during this challenging time. I would like to thank them for all their hard work.

Our ramp-up has continued into July with more destinations, frequent flights to our most popular destinations and diverse departure times throughout each day. Like the rest of the industry, we have been faced with various challenges, such as employee shortage at airport operators in Europe and North America that has caused flight disruptions, as well as supply chain issues that have delayed the return of aircraft out of maintenance. We are, however, in a good position to respond to such disruptions with our extensive flight schedule and frequency of flights that enables us to get our passengers quickly and efficiently to their destinations. In addition, our employees have also taken various innovative actions to minimize the impact on our customers.

The outlook for Q3 is good with strong bookings. We expect our flight schedule to reach around 83% of 2019 levels in Q3 and around 90% of 2019 in Q4 2022, despite the on-going geopolitical and economic uncertainty. It is good to see such strong demand to Iceland and the transatlantic market recovering well. The outlook is also good in our cargo and leasing businesses. As we have seen in the past and what the pandemic and the subsequent ramp-up phase have clearly demonstrated is that we have a robust business model and an excellent team of employees. We will continue to work hard on unleashing the opportunities we see for Icelandair going forward.”

Webcast 25 July 2022

An investor presentation will be webcast in relation to the publication of the results at 15:30 GMT on Monday, 25 July 2022, at 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:

Contact information

Investors: Íris Hulda Þórisdóttir, Director of Investor Relations. E-mail:

Media: Ásdís Pétursdóttir, Director of Communications. E-mail:

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