In the first quarter of 2025, Etihad Airways achieved record financial results and the highest customer satisfaction rates, continuing last year’s progress with significant advancements in revenue, operational efficiency, and fleet growth.
Profit after tax amounted to AED 685 million (U.S.$ 187 million), reflecting a 30 percent year-on-year increase due to strong passenger demand and operational efficiencies. Total revenue experienced a 15 percent growth compared to Q1 2024, bolstered by both passenger and cargo operations.
Etihad remains a leader in passenger growth in the region, transporting 5.0 million guests in Q1 2025—a 16 percent increase compared to the previous year—and sustaining robust momentum into Q2. Having carried nearly 20 million passengers over the past 12 months, Etihad stands as the fastest-growing airline in the region.
Customer satisfaction hit an all-time high in Q1 2025, showing a 20 percent increase compared to the previous year. Improvements were noted across crucial touchpoints such as check-in, boarding, inflight service, food and beverages, Wi-Fi, and the revamped website and mobile app. Additionally, the quarter featured the introduction of new lounge and inflight menus, as well as enhanced service standards.
The fleet kept growing to enhance guest experiences. An additional A380 re-entered service this quarter, providing First Apartments and The Residence. In April, Etihad welcomed another A350-1000, with plans for another Boeing 787 Dreamliner soon. These new planes offer ultra-fast Wi-Fi and upgraded inflight entertainment systems.
Etihad has enhanced its premium services by expanding First Class availability to more routes and preparing new ground and inflight services set to launch in August. In April, the airline unveiled its new A321LR cabin, making it the first in the region to offer First Class on a single-aisle aircraft. This cabin includes exclusive private First suites and lie-flat Business seats, providing widebody comfort on medium-haul routes. The upgraded First Class experience will feature a new concierge service, private chauffeur transfers, dedicated check-in, meet-and-assist services, and baggage-free travel options in Abu Dhabi.
Antonoaldo Neves, Chief Executive Officer of Etihad Airways
“We are proud to deliver a record-breaking quarter – both in profitability and in guest satisfaction,” said Antonoaldo Neves, Chief Executive Officer of Etihad Airways.
“Achieving our highest-ever Q1 profit of AED 685 million and our best-ever customer satisfaction scores reflects the strength of our business and the dedication of our people.
“We’re executing a clear strategy: grow sustainably, operate efficiently, and never lose focus on delivering remarkable experiences to our guests. From continued refinements to our onboard offering to improved airport services and the debut of our A321LR with a market-leading narrowbody product, we’re raising the bar in every part of the journey.
“Our network continues to expand with 16 new routes announced for 2025 and additional aircraft joining our fleet. As we grow, we remain disciplined and focused on quality, efficiency, and creating value for our customers and stakeholders.”
Passenger revenue increased by 16 percent to AED 5.5 billion (U.S. $1.5 billion), fueled by enhanced capacity, ongoing network expansion, and more frequent flights. The rise in passenger volume was supported by a 14 percent year-on-year increase in Available Seat Kilometres (ASK) and an improved passenger load factor of 87 percent (+1 percentage point year-on-year). Fleet expansion progressed rapidly, with 98 aircraft operational by the end of the quarter, including the return of Etihad’s sixth A380. The operating fleet continued to grow in April with the addition of an A350-1000.
As of March 2025, Etihad served 80 destinations, adding 16 new routes this year to enhance growth and expand access to major global markets. An increase in cargo yield contributed to an 8 percent rise in cargo revenue compared to the previous year, even with a 4 percent volume decline.
The robust operational performance is evident in the EBITDA, which increased by 32 percent year-over-year, totaling AED 1.4 billion (U.S.$ 379 million), thereby raising the EBITDA margin to 21 percent (+3 percentage points compared to the same timeframe in 2024). In addition, net leverage enhanced to 1.1x, a decrease from 1.9x in March 2024, thanks to scheduled debt repayments and strong cash generation. Operating cash flow climbed to AED 1.8 billion (U.S.$ 500 million), marking an 11 percent year-over-year growth.
Highlights
Profit after tax reached AED 685 million (U.S.$ 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 aircraft (+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 (U.S.$ 1.8 billion), driven by both passenger and cargo business
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 (U.S.$ 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 (U.S.$ 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
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