Etihad Airways reports results for Q1 2025.

Highlights

• Profit after tax reached AED 685 million (USD 187 million), up 30 per cent year-on-year, with profit margin at 10 per cent (+1pp year-on-year)
• Customer satisfaction improved year-on-year, supported by enhancements to the onboard experience, airport services, and on-time performance
• Capacity continued to expand with ASK growing by 14 per cent year-on-year due to additional airplanes (+9 year-on-year) and higher aircraft utilisation
• Carried 5.0 million passengers, a 16 per cent increase year-on-year, with load factor improving to 87%, up 1 pp year-on-year
• Strong network with 80 destinations operated in March 2025 and 16 new destinations to be launched in 2025
• Total Revenue grew 15 per cent year-on-year, reaching AED 6.6 billion (USD 1.8 billion), driven by both passenger and cargo business
• Passenger revenue reached AED 5.5 billion (USD 1.5 billion), supported by increasing volumes
• Cargo revenue rose 8 per cent year-on-year, despite a 4 per cent drop in volumes, supported by higher yields
• Strong revenue and cost efficiencies boosted EBITDA by 32 per cent year-on-year to AED 1.4 billion (USD 379 million), with EBITDA margin at 21 per cent (+3pp year-on-year)
• Strong cash generation with cash flow from operation at AED 1.8 billion (USD 500 million), an increase of 11 per cent year-on-year
• Net leverage at 1.1x (from 1.9x in March 2024), supported by debt repayments and strong cash generation.