Q2 2026 Icelandair Group hf Earnings Call Transcript
Key Points
- Icelandair Group hf (OISE:ICEAIR) achieved record revenue of $496 million, a 7% increase year-over-year.
- The company maintained a strong load factor of 84%, indicating efficient capacity utilization.
- Passenger revenue reached a record $421 million, despite slightly lower capacity, showcasing effective pricing and market strategies.
- Liquidity remained robust at $604 million, providing a strong financial position to navigate market volatility.
- The ONE transformation program delivered a $29 million impact in the quarter, contributing to operational efficiency and cost reduction.
- Fuel costs increased significantly by $41 million, impacting overall profitability.
- EBIT was negative at $30 million, primarily due to elevated fuel prices.
- The company faced a currency loss of $2.6 million, contrasting with a gain in the previous year.
- Salary expenses rose by 7% due to wage increases and unfavorable FX developments.
- The unrest in the Middle East negatively impacted performance across all business segments.
Good morning, and welcome to our presentation of the second quarter. My name is Bogi Bogason, CEO of Icelandair. And here with me is our CFO, Ivar Kristinsson. As usual, we go through a presentation. And following that, we will have a Q&A session. And please send us your questions to the e-mail address, [email protected].
But let me begin with key highlights from the quarter. We delivered strong results in many areas. Revenue reached a record of $496 million, up by 7% between years. Load factor was 84%, and we maintained a strong position as the leading hub carrier in Iceland with 67% of seats out of Keflavik Airport.
Operational performance remained robust with almost 83% on-time performance, and we continue to improve efficiency and sustainability with CO2 emission per OTK, down 5% between years. And the ONE transformation program continued to deliver with $29 million of actual impact in the quarter.
And turning to the financial highlights. Passenger revenue reached a
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