• Annual revenue amounted to approximately USD 3,476 million
• EBITDAR amounted to approximately USD 947 million
• Net profit for 2025 amounted to approximately USD 410 million
• The company's equity amounted to approximately USD 1,048 million as of December 31, 2025
• Backlog amounted to USD 927 million at the end of 2025

2025 Financial Results at a Glance

In 2025, the company's revenue amounted to USD 3,476 million, an increase of approximately 1% compared to the previous year (USD 3,432 million). Quarterly revenue amounted to USD 852 million, on par with the corresponding quarter of the previous year.

Available Seat Kilometers (ASK) increased by approximately 3% in 2025 compared to the previous year. This is due to continued capacity expansion and fleet growth. In the quarter, ASK increased by approximately 5% compared to the corresponding quarter of the previous year.

Passenger Load Factor (LF %) in 2025 was approximately 94%, on par with the previous year. In the quarter, the passenger load factor was 93% compared to 96% in the corresponding quarter of 2024. We note that the load factor is high compared to typical operating periods. However, it is low compared to the corresponding quarter of the previous year, when the load factor was exceptionally high.

Revenue per Available Seat Kilometer (RASK) remained unchanged in 2025 compared to the previous year. Compared to the same period last year, RASK decreased by 2% in the quarter, mainly due to the lower load factor.

The backlog for the end of 2025 amounted to USD 927 million. This value is based on prepaid revenue from flight tickets and voucher sales and represents 27% of the projected revenue for 2025.

EBITDAR (cash flow operating profit) in 2025 amounted to USD 947 million, a decrease of approximately 15% compared to the previous year (USD 1,112 million). This is mainly due to the impact of "Operation Rising Lion" as well as an increase in the company's production costs, partly due to the appreciation of the NIS against the US dollar. In the quarter, EBITDAR decreased by approximately 28% compared to the corresponding quarter of the previous year, to USD 199 million. This decrease is due to a lower load factor, a decrease in cargo revenue, and an increase in production costs, primarily driven by the appreciation of the NIS against the US dollar.

Net financing expenses in 2025 amounted to approximately USD 4 million, compared to USD 95 million in the previous year. Financial income in the quarter amounted to USD 2.5 million, compared to financial expenses of USD 28 million in the corresponding quarter of the previous year. This represents an improvement of USD 30.5 million. The decrease in net financing expenses is mainly due to increased interest income from deposits given the group's significantly increased liquidity balances and the ongoing reduction of financial debt.

Net profit in 2025 amounted to USD 410 million, approximately 25% lower than the previous year's figure (USD 545 million). This decrease is mainly due to the impact of "Operation Rising Lion" as well as an increase in the company's production costs. The latter is partly due to the appreciation of the NIS against the dollar. Furthermore, the decrease was influenced by an increase in one-time expenses of USD 30 million. Net profit in the quarter amounted to USD 46 million, compared to USD 130 million in the corresponding quarter of the previous year – a decrease of approximately 65%. This decrease is due to lower operating profit, partially offset by lower financing expenses and higher one-time expenses.

Cash flow from operating activities in the company amounted to USD 1,046 million, compared to USD 1,445 million in 2024. In the current quarter, it amounted to USD 223 million, compared to USD 354 million in the corresponding quarter of the previous year.

The company's equity as of December 31, 2025, amounted to USD 1,048 million, compared to USD 527 million as of December 31, 2024. This increase is due to the net profit of USD 410 million achieved during the year, as well as an increase of USD 114 million from the exercise of warrants and share-based compensation. After the reporting date, the company distributed a dividend of USD 102 million.

Financial debt as of December 31, 2025, amounted to USD 1,276 million. Liquid assets, including available deposits, amounted to USD 1,961 million. This reflects a net cash surplus over debt of USD 685 million.

The number of members of the Matmid frequent flyer program as of December 31, 2025, was 3.55 million. This represents an increase of 285,000 members compared to the previous year. The number of members holding a "Fly Card" credit card increased by 71,000 to 518,000. The identified purchase rate of club members in 2025 was approximately 54 percent, exceeding the 50 percent of 2024.

Levy Halevy, CEO of EL AL, says: “We look ahead to 2026, which is expected to be characterized by the return of foreign companies to Ben Gurion Airport and an increase in passenger traffic. In recent years, EL AL has accumulated significant assets that will enable the company to implement its strategic plan. This plan focuses on creating a unique and differentiated customer experience and exploring investments in synergistic areas. We continue to work on increasing capacity while expanding the route network. We recently announced nine new destinations, including three long-haul routes. This will make our upcoming summer flight schedule the most extensive in EL AL's history.”

Gil Feldman, CFO of EL AL, says: “The year 2025 was also marked by instability at Ben Gurion Airport, as the fighting in the Gaza Strip and 'Operation Rising Lion' continued. In the fourth quarter, foreign airlines gradually returned, and at the same time, we saw an increase in passenger traffic at Ben Gurion Airport. Throughout the year, we continued our efforts to expand capacity and the aircraft fleet to best meet the demand for the company's services. We concluded the fourth quarter with a net profit of USD 46 million and the year with a net profit of USD 410 million. We have significantly strengthened the company's financial position, increased surplus liquidity relative to gross financial debt, and distributed a dividend to shareholders for the first time since 2017. We continue to work intensively to grow the company and achieve the strategic goals we have set.”

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About EL AL Israel Airlines

EL AL Israel Airlines Ltd. (“the Company” or “EL AL”) and its subsidiaries (“the Group”) are primarily engaged in passenger and cargo transportation and scheduled and charter flights (via Sundor International Airlines Ltd.). In addition, the Group is active in ancillary areas such as duty-free sales, in-flight catering, aviation security, and aircraft maintenance. Furthermore, the Group operates a loyalty program and collaborates with financial institutions on a branded credit card project (via EL AL Frequent Flyer Ltd.). Through Cockpit Innovation Ltd., it focuses on entrepreneurship and innovation. For more information, visit: www.elal.com/de

EL AL Press Contact 

BZ.COMM GmbH
Steffen Hager | Sven Meyer
Hanauer Landstrasse 136 | 60314 Frankfurt am Main
T: +49 69 256 28 88 0 | E: ELAL@bz-comm.de 
www.bz-comm.de