Icelandair Group Annual Report 2020

Icelandair Group at a glance

Icelandair Group operates in the international airline sector. With Iceland as its hub and home, its core business is built around Icelandair’s route network and the unique geographical location of the country which serves as a connecting hub between Europe and North America. Icelandair Group also operates an airfreight and logistics business through Icelandair Cargo, domestic airlines services through Air Iceland Connect, aircraft leasing and consulting services through its subsidiary Loftleidir Icelandic, as well as the tour operators Iceland Travel and VITA.

The COVID-19 pandemic had a significant impact on Icelandair Group's operations and financial performance. This is clearly reflected in its key figures and comparisons with the previous year.

$ 434m


2019: $ 1,505m



2019: 4,690k

$ 331m

Total liquidity

2019: $ 302m

$ 1.0bn


2019: $ 1.7bn



2019: 51


Freight tonne

2019: 44k


Full time employees

2019: 4,715


Equity ratio

2019: 29%

$ 376m

Net loss

2019: $ 58m

Our markets

The impact of the COVID-19 pandemic and related travel restrictions explain the considerable drop in passenger numbers in 2020. Icelandair's focus during the year was on keeping vital air routes open to and from Iceland. Due to the closure of the US and external Schengen borders, the via market decreased significantly in 2020.

Serving four key markets

The tourist market with Iceland as the destination

The Icelandic domestic market

The international market between Europe and North America

The domestic airline operations within Iceland

Icelandair Group brands

Our international flight operations

Our domestic flight operator

Our aircraft leasing and consulting business

Our airfreight and logistics operator

Travel agency focusing on trips from Iceland

A leading travel company focusing on trips to Iceland