Icelandair Group
Annual and Sustainability
Report 2021

Icelandair at a glance

With Iceland as its hub and home, the heart of Icelandair’s business model is its international route network and the unique location of Iceland which serves as a connecting hub between Europe and North America. Icelandair serves four markets – to, from, via and within Iceland – and also runs both cargo and aircraft leasing services that complement and further strengthen its core network operations.

Our unique approach

Icelandair’s vision is to bring the spirit of Iceland to the world and its mission is to offer smooth and enjoyable journeys to, from, via and within Iceland, our hub and home. Iceland’s unique geographical position provides Icelandair with significant strategic advantages. The running of the 24-hour hub through the heart of the network at Keflavik Airport provides Icelandair with great flexibility to adapt its market emphasis to different conditions and the capability to serve a broad range of transatlantic markets with high aircraft utilization on a cost-efficient narrow-body fleet.

$ 585m


2020: $ 434m



2020: 891k

$ 435m

Total liquidity

2020: $ 331m

$ 1.2bn


2020: $ 1.0bn



2020: 46


Freight tonne

2020: 36k


Full time employees

2020: 2,621


Equity ratio

2020: 23%

$ 105m

Net loss

2020: $ 376m

45 / 55

Gender ratio

2020: 48 / 52


KgCO2 emissions per OTK

2020: 1.30

$ 126m

Tax footprint

2020: 128.5m

Our markets

The year 2021 was a year of ramp-up and recovery. The total number of Icelandair passengers was 1.5 million, an increase of 64% compared to 2020. In the latter part of the year, the number of passengers increased significantly in comparison to the first half of the year.

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

About this report

This is Icelandair’s first Annual and Sustainability report consisting of financial, operating and sustainability information for the year 2021. The report includes the Consolidated Financial Statements of the parent company Icelandair Group hf. that have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and the report also meets Icelandic disclosure requirements. This report covers the activities of Icelandair Group for the financial year 1 January to 31 December 2021.

The Icelandair business model is built around Icelandair's route network and the unique geographical location of Iceland, which serves as a connecting hub between Europe and North America. Icelandair Group is the parent company of several subsidiaries. The Company's strategic initiatives support its vision of “Bringing the spirit of Iceland to the world” and its mission of offering smooth and enjoyable journeys to, from and within Iceland – the Company's hub and home.

Icelandair Group hf. is listed on the Icelandic Stock Exchange (Nasdaq Iceland), and is the holding company, under the ticker symbol ICEAIR.

Icelandair supports the United Nations’ Sustainable Development Goals (SDGs) and has selected relevant SDGs for specific focus and alignment with the Company’s sustainability strategy. This report addresses all the material aspects that reflect Icelandair’s significant economic, environmental and social impacts. The sustainability information set forth is presented in accordance with Nasdaq's ESG Reporting Guide 2.0. In terms of environmental management, and to ensure traceability, a digital data collection is done with Klappir – Green Solutions software. To meets the sustainability information needs of its stakeholders, and in line with best practice, the Company is reviewing to use the Global Reporting Initiative (GRI) standards for the next reporting cycle.

We welcome any comments, suggestions or questions you may have regarding this report. Please send an email to