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"value": "4. Use of estimates and judgements In preparing these Consolidated Financial Statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Assumptions and estimation uncertainties Information on assumptions and estimation uncertainties that have a risk of resulting in a material adjustment in the year ending 31 December 2025 is included in the following notes: Note 18 - Impairment testNote 21 - Income taxes (tax asset)Note 32 - Deferred incomeNote 34 - Financial instruments and fair valueMeasurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair value, for both financial and non-financial assets and liabilities. The Group has established a control framework with respect to the measurement of fair values. The Director of Treasury and Risk Management has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The Risk Committee regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following note: Note 34 - Financial instruments and fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__19": {
"value": "4. Use of estimates and judgements In preparing these Consolidated Financial Statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Assumptions and estimation uncertainties Information on assumptions and estimation uncertainties that have a risk of resulting in a material adjustment in the year ending 31 December 2025 is included in the following notes: Note 18 - Impairment testNote 21 - Income taxes (tax asset)Note 32 - Deferred incomeNote 34 - Financial instruments and fair valueMeasurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair value, for both financial and non-financial assets and liabilities. The Group has established a control framework with respect to the measurement of fair values. The Director of Treasury and Risk Management has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The Risk Committee regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following note: Note 34 - Financial instruments and fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__21": {
"value": "Assumptions and estimation uncertainties Information on assumptions and estimation uncertainties that have a risk of resulting in a material adjustment in the year ending 31 December 2025 is included in the following notes: Note 18 - Impairment testNote 21 - Income taxes (tax asset)",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__22": {
"value": "5. Changes in accounting policies A number of new standards are effective for annual periods beginning after 1 January 2026 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these Consolidated Financial Statements and they are not considered to have significant impact on the Consolidated Financial Statements, excluding IFRS 18, which addresses presentation and disclosure in financial statements and will change the presentation of the financial statements. The effects of the standard have not been assessed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "6. Operating segments Segment information is presented in the Consolidated Financial Statements in respect of the Group's business segments, which are the primary basis of segment reporting. The business segment reporting format reflects the Group's management and internal reporting structure and is divided into three segments; Route network, Cargo operation and Leasing operation. The management of Icelandair Group assesses performance based on segment revenue and profit or loss and makes resource allocation decisions for the segment based on various performance metrics. The objective in making resource allocation decisions is to optimize consolidated financial results. Inter-segment pricing is determined on an arm's length basis. Route network The Route network business unit is the main reporting segment, which provides passenger air travel to, from, via and within Iceland by the entities Icelandair ehf. and Flugf\u00e9lag \u00cdslands ehf. The segment also consist of the parent company Icelandair Group hf., the holding company, and other entities such as Iceeignir ehf., a real estate entity, ICECAP Insurance PCC Ltd., a captive insurance entity, CAE Icelandair Flight Training ehf., which operates flight simulators and FERIA ehf., a travel agency, are platform functions of the business that primarily support the Group entities in this segment and are therefore classified within this segment. Cargo operation The Cargo operation, provided by the entity Icelandair Cargo ehf., offers air-freight services to, from, via and within Iceland by utilizing the capacity within the aircraft of the Icelandair passenger network as well as with their own freighter. Leasing operation The Leasing operation, provided by the entity Loftlei\u00f0ir-Icelandic ehf., offers aircraft leasing and consulting services to international passenger airlines and tour operators. RouteCargoLeasingnetworkoperationoperationEliminationsTotalReporting segments for the year 2025External revenue ..............................................1,547,379 81,862 111,645 0 1,740,886 Inter-segment revenue .....................................67,733 2,372 369 ( 70,474 )0 Total segment revenue ....................................1,615,112 84,234 112,014 ( 70,474 )1,740,886 External operating cost ....................................1,502,635 )( 43,354 )( 38,323 )( 0 1,584,312 )( Internal operating cost ......................................2,741 )( 32,485 )( 35,248 )( 70,474 0 Total operating cost ..........................................1,505,376 )( 75,839 )( 73,571 )( 70,474 1,584,312 )( Depreciation and amortization .........................151,817 )( 3,972 )( 18,024 )( 0 173,813 )( Segment EBIT ..................................................( 42,081 )4,423 20,419 0 ( 17,239 )Net finance cost ...............................................7,143 )( 2,258 )( 2,675 0 6,726 )( Share of gain of associates ..............................3,605 0 0 0 3,605 Reportable segment profit before tax ...............49,224 )( 2,165 23,094 0 23,965 )( Income tax ........................................................16,146 433 )( 4,880 )( 10,833 (Loss) profit ......................................................( 29,473 )1,732 18,214 0 ( 9,527 )Capital expenditures ........................................120,832 1,550 26,421 ( 21,002 )127,801 Reporting segments for the year 2024External revenue ..............................................1,396,995 79,286 94,326 0 1,570,607 Inter-segment revenue .....................................64,060 3,110 1,256 ( 68,426 )0 Total segment revenue ....................................1,461,055 82,396 95,582 ( 68,426 )1,570,607 External operating cost ....................................1,355,153 )( 42,671 )( 32,927 )( 0 1,430,751 )( Internal operating cost ......................................( 3,758 )( 34,513 )( 30,155 )68,426 0 Total operating cost ..........................................( 1,358,911 )( 77,184 )( 63,082 )68,426 ( 1,430,751 )Depreciation and amortization .........................133,757 )( 4,415 )( 15,895 )( 0 154,067 )( Segment EBIT ..................................................31,613 )( 797 16,605 0 14,211 )( Net finance cost ...............................................( 9,299 )( 2,418 )448 0 ( 11,269 )Share of loss of associates ..............................673 0 0 0 673 Income tax ........................................................7,845 328 3,535 )( 0 4,638 Profit (loss) .......................................................( 32,394 )( 1,293 )13,518 0 ( 20,169 )Capital expenditures ........................................103,169 8,576 16,303 ( 5,759 )122,289 The geographic segment analyses the Group's revenue as the majority of the Group's clients are outside of Iceland. The vast majority of the Group's non-current assets are located in Iceland. In presenting the following information the Group's revenues have been based on point of sale. NorthGeographic segments for the year 2025 America Europe Iceland Other Total Passenger revenue ..........................................799,177 349,807 271,345 32,797 1,453,126 Cargo revenue .................................................4,642 31,830 43,258 0 79,730 Leasing revenue ..............................................24,475 7,788 5,563 73,426 111,252 Other operating revenue ..................................2,830 5,396 88,241 311 96,778 Total revenue ...................................................831,124 394,821 408,406 106,534 1,740,886 Total revenue % ...............................................48% 23% 23% 5% 100%Geographic segments for year 2024Passenger revenue ..........................................768,548 315,370 212,013 29,152 1,325,083 Cargo revenue .................................................5,693 32,591 38,452 0 76,736 Leasing revenue ...............................................26,389 4,698 4,509 58,136 93,731 Other operating revenue ..................................2,195 4,185 68,436 241 75,057 Total revenue ...................................................802,825 356,844 323,410 87,529 1,570,607 Total revenue % ...............................................51%23%21%5%100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__23": {
"value": "6. Operating segments Segment information is presented in the Consolidated Financial Statements in respect of the Group's business segments, which are the primary basis of segment reporting. The business segment reporting format reflects the Group's management and internal reporting structure and is divided into three segments; Route network, Cargo operation and Leasing operation. The management of Icelandair Group assesses performance based on segment revenue and profit or loss and makes resource allocation decisions for the segment based on various performance metrics. The objective in making resource allocation decisions is to optimize consolidated financial results. Inter-segment pricing is determined on an arm's length basis. Route network The Route network business unit is the main reporting segment, which provides passenger air travel to, from, via and within Iceland by the entities Icelandair ehf. and Flugf\u00e9lag \u00cdslands ehf. The segment also consist of the parent company Icelandair Group hf., the holding company, and other entities such as Iceeignir ehf., a real estate entity, ICECAP Insurance PCC Ltd., a captive insurance entity, CAE Icelandair Flight Training ehf., which operates flight simulators and FERIA ehf., a travel agency, are platform functions of the business that primarily support the Group entities in this segment and are therefore classified within this segment. Cargo operation The Cargo operation, provided by the entity Icelandair Cargo ehf., offers air-freight services to, from, via and within Iceland by utilizing the capacity within the aircraft of the Icelandair passenger network as well as with their own freighter. Leasing operation The Leasing operation, provided by the entity Loftlei\u00f0ir-Icelandic ehf., offers aircraft leasing and consulting services to international passenger airlines and tour operators. RouteCargoLeasingnetworkoperationoperationEliminationsTotalReporting segments for the year 2025External revenue ..............................................1,547,379 81,862 111,645 0 1,740,886 Inter-segment revenue .....................................67,733 2,372 369 ( 70,474 )0 Total segment revenue ....................................1,615,112 84,234 112,014 ( 70,474 )1,740,886 External operating cost ....................................1,502,635 )( 43,354 )( 38,323 )( 0 1,584,312 )( Internal operating cost ......................................2,741 )( 32,485 )( 35,248 )( 70,474 0 Total operating cost ..........................................1,505,376 )( 75,839 )( 73,571 )( 70,474 1,584,312 )( Depreciation and amortization .........................151,817 )( 3,972 )( 18,024 )( 0 173,813 )( Segment EBIT ..................................................( 42,081 )4,423 20,419 0 ( 17,239 )Net finance cost ...............................................7,143 )( 2,258 )( 2,675 0 6,726 )( Share of gain of associates ..............................3,605 0 0 0 3,605 Reportable segment profit before tax ...............49,224 )( 2,165 23,094 0 23,965 )( Income tax ........................................................16,146 433 )( 4,880 )( 10,833 (Loss) profit ......................................................( 29,473 )1,732 18,214 0 ( 9,527 )Capital expenditures ........................................120,832 1,550 26,421 ( 21,002 )127,801 Reporting segments for the year 2024External revenue ..............................................1,396,995 79,286 94,326 0 1,570,607 Inter-segment revenue .....................................64,060 3,110 1,256 ( 68,426 )0 Total segment revenue ....................................1,461,055 82,396 95,582 ( 68,426 )1,570,607 External operating cost ....................................1,355,153 )( 42,671 )( 32,927 )( 0 1,430,751 )( Internal operating cost ......................................( 3,758 )( 34,513 )( 30,155 )68,426 0 Total operating cost ..........................................( 1,358,911 )( 77,184 )( 63,082 )68,426 ( 1,430,751 )Depreciation and amortization .........................133,757 )( 4,415 )( 15,895 )( 0 154,067 )( Segment EBIT ..................................................31,613 )( 797 16,605 0 14,211 )( Net finance cost ...............................................( 9,299 )( 2,418 )448 0 ( 11,269 )Share of loss of associates ..............................673 0 0 0 673 Income tax ........................................................7,845 328 3,535 )( 0 4,638 Profit (loss) .......................................................( 32,394 )( 1,293 )13,518 0 ( 20,169 )Capital expenditures ........................................103,169 8,576 16,303 ( 5,759 )122,289 The geographic segment analyses the Group's revenue as the majority of the Group's clients are outside of Iceland. The vast majority of the Group's non-current assets are located in Iceland. In presenting the following information the Group's revenues have been based on point of sale. NorthGeographic segments for the year 2025 America Europe Iceland Other Total Passenger revenue ..........................................799,177 349,807 271,345 32,797 1,453,126 Cargo revenue .................................................4,642 31,830 43,258 0 79,730 Leasing revenue ..............................................24,475 7,788 5,563 73,426 111,252 Other operating revenue ..................................2,830 5,396 88,241 311 96,778 Total revenue ...................................................831,124 394,821 408,406 106,534 1,740,886 Total revenue % ...............................................48% 23% 23% 5% 100%Geographic segments for year 2024Passenger revenue ..........................................768,548 315,370 212,013 29,152 1,325,083 Cargo revenue .................................................5,693 32,591 38,452 0 76,736 Leasing revenue ...............................................26,389 4,698 4,509 58,136 93,731 Other operating revenue ..................................2,195 4,185 68,436 241 75,057 Total revenue ...................................................802,825 356,844 323,410 87,529 1,570,607 Total revenue % ...............................................51%23%21%5%100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "7. Operating income Passenger revenue is specified as follows: 2025 2024ReclassifiedPassenger revenue ................................................................................................................1,423,394 1,298,963 Ancillary revenue ....................................................................................................................29,732 26,120 Passenger revenue ................................................................................................................1,453,126 1,325,083 Other operating revenue is specified as follows: Revenue from tourism ............................................................................................................47,705 40,162 Sale at airports .......................................................................................................................5,486 4,909 Aircraft handling .....................................................................................................................10,537 8,810 Gain on sale of operating assets ............................................................................................10,109 1,298 Other operating revenue ........................................................................................................22,941 19,878 Total other operating revenue ................................................................................................96,778 75,057",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "8. Operating expenses Salaries and salary-related expenses are specified as follows:Salaries ..................................................................................................................................357,697 321,352 Contributions to pension funds ...............................................................................................59,807 51,287 Other salary-related expenses ...............................................................................................37,895 33,391 Total salaries and salary-related expenses ............................................................................455,399 406,030 Average number of full time equivalents ................................................................................3,520 3,575 Full time equivalents at period end ........................................................................................3,276 3,166 Gender ratio for employees (male/female) .............................................................................55/45 53/47 Aircraft fuel is specified as follows:Aircraft fuel .............................................................................................................................312,078 330,411 Emissions Trading System (ETS) ..........................................................................................35,078 20,238 Corsia Carbon Credits ............................................................................................................3,597 1,098 Sustainable Aviation Fuel charges (SAF) ..............................................................................4,399 0 Fuel hedges ...........................................................................................................................5,195 8,453 Total Aircraft fuel cost ............................................................................................................360,347 360,200 Other aviation expenses are specified as follows:20252024Aircraft and engine lease .......................................................................................................4,914 4,492 Aircraft handling, landing and navigation ...............................................................................184,270 165,402 Aircraft maintenance expenses ..............................................................................................152,120 122,246 Total other aviation expenses ................................................................................................341,304 292,140 Other operating expenses are specified as follows:Travel and other employee expenses ....................................................................................83,756 71,662 Tourism expenses ..................................................................................................................35,830 30,725 IT expenses ............................................................................................................................39,434 35,961 Advertising .............................................................................................................................25,626 24,103 Booking fees and commission expenses ...............................................................................75,941 68,848 Customer services .................................................................................................................104,767 89,228 Operating cost of real estate and fixtures ..............................................................................8,774 9,544 Allowance for bad debt ...........................................................................................................278 1,416 Other operating expenses ......................................................................................................52,856 40,894 Total other operating expenses ..............................................................................................427,262 372,381",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__26": {
"value": "8. Operating expenses Salaries and salary-related expenses are specified as follows:Salaries ..................................................................................................................................357,697 321,352 Contributions to pension funds ...............................................................................................59,807 51,287 Other salary-related expenses ...............................................................................................37,895 33,391 Total salaries and salary-related expenses ............................................................................455,399 406,030 Average number of full time equivalents ................................................................................3,520 3,575 Full time equivalents at period end ........................................................................................3,276 3,166 Gender ratio for employees (male/female) .............................................................................55/45 53/47 Aircraft fuel is specified as follows:Aircraft fuel .............................................................................................................................312,078 330,411 Emissions Trading System (ETS) ..........................................................................................35,078 20,238 Corsia Carbon Credits ............................................................................................................3,597 1,098 Sustainable Aviation Fuel charges (SAF) ..............................................................................4,399 0 Fuel hedges ...........................................................................................................................5,195 8,453 Total Aircraft fuel cost ............................................................................................................360,347 360,200 Other aviation expenses are specified as follows:20252024Aircraft and engine lease .......................................................................................................4,914 4,492 Aircraft handling, landing and navigation ...............................................................................184,270 165,402 Aircraft maintenance expenses ..............................................................................................152,120 122,246 Total other aviation expenses ................................................................................................341,304 292,140 Other operating expenses are specified as follows:Travel and other employee expenses ....................................................................................83,756 71,662 Tourism expenses ..................................................................................................................35,830 30,725 IT expenses ............................................................................................................................39,434 35,961 Advertising .............................................................................................................................25,626 24,103 Booking fees and commission expenses ...............................................................................75,941 68,848 Customer services .................................................................................................................104,767 89,228 Operating cost of real estate and fixtures ..............................................................................8,774 9,544 Allowance for bad debt ...........................................................................................................278 1,416 Other operating expenses ......................................................................................................52,856 40,894 Total other operating expenses ..............................................................................................427,262 372,381",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "9. Auditor's fee 2025202420252024Auditor's fee is specified as follows:Group auditors Other auditors Audit ........................................................................................516 460 44 45 Permitted tax services, other assurance and training ..............53 29 0 0 569 489 44 45",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "10. Depreciation and amortization The depreciation and amortization charge in profit or loss is specified as follows:20252024Depreciation of operating assets, see note 12 .......................................................................101,055 96,511 Depreciation of right-of-use assets, see note 16 ....................................................................71,456 56,970 Amortization of intangible assets, see note 17 .......................................................................1,302 586 Depreciation and amortization recognized in profit or loss ....................................................173,813 154,067",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__31": {
"value": "11. Finance income and (finance cost) Finance income and (finance cost) are specified as follows: Interest income on cash and cash equivalents and marketable securities ............................27,710 23,847 Interest income on lease receivables .....................................................................................1,786 2,353 Other interest income .............................................................................................................5,258 5,301 Net currency exchange gain ..................................................................................................6,919 0 Finance income total ..............................................................................................................41,673 31,501 Interest expenses on loans and borrowings ...........................................................................10,753 )( 15,484 )( Interest on lease liabilities ......................................................................................................30,243 )( 22,435 )( Other interest expenses .........................................................................................................7,403 )( 3,142 )( Net currency exchange loss ...................................................................................................0 1,709 )( Finance cost total ...................................................................................................................( 48,399 )( 42,770 )Net finance cost .....................................................................................................................6,726 )( 11,269 )( ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "11. Finance income and (finance cost) Finance income and (finance cost) are specified as follows: Interest income on cash and cash equivalents and marketable securities ............................27,710 23,847 Interest income on lease receivables .....................................................................................1,786 2,353 Other interest income .............................................................................................................5,258 5,301 Net currency exchange gain ..................................................................................................6,919 0 Finance income total ..............................................................................................................41,673 31,501 Interest expenses on loans and borrowings ...........................................................................10,753 )( 15,484 )( Interest on lease liabilities ......................................................................................................30,243 )( 22,435 )( Other interest expenses .........................................................................................................7,403 )( 3,142 )( Net currency exchange loss ...................................................................................................0 1,709 )( Finance cost total ...................................................................................................................( 48,399 )( 42,770 )Net finance cost .....................................................................................................................6,726 )( 11,269 )( ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__32-1": {
"value": "12. Operating assets Operating assets are specified as follows:Aircraft Other and flight property and equipment Buildings equipment Total CostBalance at 1 January 2024 ......................................................949,446 108,100 85,356 1,142,902 Additions ..................................................................................74,478 24,082 11,897 110,457 Sales and disposals ................................................................74,649 )( 0 2,938 )( 77,587 )( Effects of movements in exchange rates .................................89 )( 1,971 )( 92 )( 2,152 )( Balance at 31 December 2024 ................................................949,186 130,211 94,223 1,173,620 Additions ..................................................................................79,110 3,222 20,472 102,804 Sales and disposals ................................................................60,425 )( 1,945 )( 6,461 )( 68,831 )( Effects of movements in exchange rates .................................0 13,447 586 14,033 Balance at 31 December 2025 ................................................967,871 144,935 108,820 1,221,626 Depreciation and impairmentBalance at 1 January 2024 ......................................................514,361 29,977 43,454 587,792 Depreciation ............................................................................85,170 3,189 8,152 96,511 Sales and disposals ................................................................67,046 )( 0 2,919 )( 69,965 )( Effects of movements in exchange rates .................................50 )( 527 )( 31 )( 608 )( Balance at 31 December 2024 ................................................532,435 32,639 48,656 613,730 Depreciation ............................................................................86,889 4,272 9,894 101,055 Sales and disposals ................................................................54,762 )( 739 )( 4,889 )( 60,390 )( Effects of movements in exchange rates .................................0 3,452 235 3,687 Balance at 31 December 2025 ................................................564,562 39,624 53,896 658,082 Carrying amountsAt 1 January 2024 ...................................................................435,085 78,123 41,902 555,110 At 31 December 2024 ..............................................................416,751 97,572 45,567 559,890 At 31 December 2025 ..............................................................403,309 105,311 54,924 563,544 Depreciation ratios ..................................................................1-20% 2-6% 5-33%Acquisition of operating assets in 2025 amounted to USD 102.8 million (2024: USD 110.5 million) thereof overhaul of own engines and aircraft spare parts in the amount of USD 63.5 million (2024: USD 61.2 million).14. Insurance value of aircraft and flight equipment The insurance value and carrying amount of the Group's aircraft and related equipment at year-end is specified as follows: Carrying amounts Insurance value 2025 2024 2025 2024Boeing - 22 / 23 aircraft ...........................................................531,009 589,130 337,935 352,803 Other - 6 / 7 aircraft .................................................................45,000 64,000 20,199 25,601 Flight equipment ......................................................................90,655 96,980 45,175 38,347 Total aircraft and flight equipment ...........................................666,664 750,110 403,309 416,75115. Insurance value of buildings and other operating assets The principal buildings owned by the Group are the following: Maintenance Staff Office Other Under hangars apartments buildings buildings construction Total2025Official assessment value .......... 61,010 7,654 46,814 23,302 0 138,780 Insurance value .........................101,471 14,507 101,931 33,517 0 251,426 Carrying amounts ......................20,897 2,454 72,243 7,865 1,852 105,311 Square meters ........................... 31,814 4,549 26,853 12,574 1,000 76,790 2024Official assessment value .......... 43,099 8,324 27,772 14,771 0 93,966 Insurance value ......................... 89,099 18,488 90,553 29,060 0 227,200 Carrying amounts ...................... 20,074 3,550 66,351 7,597 0 97,572 Square meters ........................... 31,814 6,813 21,530 12,124 0 72,281 The official valuation of the Group\u2019s leased land for buildings as at 31 December 2025 amounted to USD 24.3 million (2024: USD 19.0 million). The insurance value of the Group's other operating assets and equipment amounted to USD 74.6 million at year-end 2025 (2024: USD 70.0 million). The carrying amount at the same time was USD 54.1 million (2024: USD 45.2 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__33-1": {
"value": "13. Mortgages and commitments The Group's operating assets, aircraft and spare parts are mortgaged to its secure debt. The Group\u2019s total long-term debt amounted to USD 172.9 million at year-end 2025 (2024: USD 197.2 million). The Group owned in total 28 aircraft, including 11 Boeing 757, five Boeing 767, six Boeing 737's and six DHC Dash 8's. at year-end, 11 of which were unencumbered.35. Capital commitments In 2023, the Group finalized a purchase agreement for up to 25 A321XLR aircraft from Airbus and engine agreements thereto with engine manufacturer Pratt & Whitney. The order consists of 13 A321XLR\u2019s and includes purchase rights for additional aircraft. The deliveries will commence in 2029. In addition, the Group has concluded long-term agreements for nine new A321LR aircraft, five with SMBC Aviation Capital Limited, two with CDB Aviation and two with CALC. Of these nine new A321LR\u2019s, first one was delivered in Q4-2024, three were delivered in 2025 and the remaining five are scheduled for delivery to the Route network as demonstrated in the table in note 29.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__36-1": {
"value": "16. Right of use assets Right of use assets are specified as follows: Land & Aircraft Real Estate Other TotalBalance at 1 January 2024 ......................................................339,043 8,688 789 348,520 Adjustments .............................................................................2,999 902 )( 198 )( 1,899 Adjustments for indexed leases ...............................................922 )( 280 35 607 )( New or renewed leases ...........................................................111,917 640 681 113,238 Depreciation ............................................................................52,545 )( 3,885 )( 540 )( 56,970 )( Currency translation adjustment ..............................................0 ( 47 )2 ( 45 )Balance at 31 December 2024 ................................................400,492 4,774 769 406,035 Adjustments .............................................................................1,964 0 116 )( 1,848 Adjustments for indexed leases ...............................................( 1,904 )163 21 ( 1,720 )New or renewed leases ...........................................................147,224 854 308 148,386 Depreciation ............................................................................( 68,883 )( 2,122 )( 451 )( 71,456 )Currency translation adjustment ..............................................0 50 3 )( 47 Balance at 31 December 2025 ................................................478,893 3,719 528 483,140 The leasing contracts are in note 29.29. Lease liabilities This note provides information of the Group's lease liabilities, which are measured at amortized cost, and changes during the year. For more information on the Group's exposure to interest rate, foreign currency and liquidity risk, see note 33. Lease liabilities are specified as follows:20252024Balance at 1 January .............................................................................................................465,104 386,250 Adjustments ...........................................................................................................................( 129 )( 1,802 )Adjustments for indexed leases .............................................................................................1,720 )( 601 )( New or renewed leases ..........................................................................................................148,386 141,501 Payment of lease liabilities .....................................................................................................( 102,683 )( 82,941 )Interest of lease liabilities .......................................................................................................30,335 22,529 Currency translation adjustment ............................................................................................264 168 Balance at 31 December ........................................................................................................539,557 465,104 Current maturities ...................................................................................................................( 77,987 )( 66,302 )Total non-current lease liabilities ............................................................................................461,570 398,802 AverageLand & RateAircraftReal EstateOtherTotalLease liabilities in USD ....................................5.86% 534,251 76 15 534,342 Lease liabilities in ISK, indexed ........................5.71% 0 3,168 560 3,728 Lease liabilities in other currency .....................5.51%0 820 667 1,487 Total lease liabilities .........................................534,251 4,064 1,242 539,557 Repayments of lease liabilities are specified as folllows:20252024Repayments in 2025 .............................................................................................................. - 66,302 Repayments in 2026 ..............................................................................................................77,987 66,620 Repayments in 2027 ..............................................................................................................76,532 63,642 Repayments in 2028 ..............................................................................................................70,851 59,218 Repayments in 2029 ..............................................................................................................70,384 60,250 Repayments in 2030 ..............................................................................................................68,464 58,606 Subsequent repayments ........................................................................................................175,339 90,466 Total lease liabilities ...............................................................................................................539,557 465,104 Further lease commitments are in place for five A321LR aircraft scheduled for delivery to the Route network as demonstrated in the table below. The delivery of the one aircraft scheduled in Q2 2026 will delay, but revised delivery month from Airbus is still pending. The total lease liability for these five aircraft is estimated to be around USD 237 million. Q1 2026Q2 2026Q4 2026TotalA321LR ....................................................................................2 1 2 5",
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"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__37": {
"value": "17. Intangible assets and goodwill Intangible assets and goodwill are specified as follows:Trademarks Other Goodwill and slots intangibles Total CostBalance at 1 January 2024 ......................................................55,728 34,565 2,377 92,670 Additions ..................................................................................0 0 1,593 1,593 Disposals .................................................................................0 0 471 )( 471 )( Balance at 31 December 2024 ................................................55,728 34,565 3,499 93,792 Additions ..................................................................................0 0 2,726 2,726 Disposals .................................................................................0 0 ( 1,540 )( 1,540 )Balance at 31 December 2025 ................................................55,728 34,565 4,685 94,978 Trademarks Other Amortization and impairment lossesGoodwill and slots intangibles Total Balance at 1 January 2024 ......................................................33,308 2,605 1,380 37,293 Amortization .............................................................................0 0 586 586 Disposals .................................................................................0 0 471 )( 471 )( Balance at 1 January 2024 ......................................................33,308 2,605 1,495 37,408 Amortization .............................................................................0 0 1,302 1,302 Disposals .................................................................................0 0 1,540 )( 1,540 )( Effects of movements in exchange rates .................................0 0 2 )( 2 )( Balance at 31 December 2025 ................................................33,308 2,605 1,255 37,168 Carrying amountsAt 1 January 2024 ...................................................................22,420 31,960 997 55,377 At 31 December 2024 ..............................................................22,420 31,960 2,004 56,385 At 31 December 2025 ..............................................................22,420 31,960 3,430 57,811",
"dimensions": {
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"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__38": {
"value": "18. Impairment test Goodwill and other intangible assets that have indefinite life are tested for impairment annually and additionally at each reporting date if there is an indication of impairment. These assets were recognized at fair value on their acquisition dates. Goodwill and other intangible assets with indefinite life are specified as follows: 2025 2024Goodwill .................................................................................................................................22,420 22,420 Trademarks and airport slots .................................................................................................31,960 31,960 Total .......................................................................................................................................54,380 54,380 For the purpose of impairment testing, goodwill is allocated to the units which represent the level within the Group at which the goodwill is monitored for internal management purposes. The aggregate carrying amounts of goodwill allocated to each cash generating unit (CGU) are as follows: Goodwill Trademarks and slots2025202420252024Passenger and cargo operations ............................................0 0 31,960 31,960 Other Group entities ................................................................22,420 22,420 0 0 Total .........................................................................................22,420 22,420 31,960 31,960 The recoverable amounts of cash-generating units was based on their value in use and was determined by discounting the future cash flow generated from the continuing use of the CGU. Icelandair prepared a 5-year high level financial plan based on long-term targets that Icelandair has set regarding profitability and growth. Cash flows were projected based on actual operating results and a 5-year business plan. Cash flows were extrapolated for determining the residual value using a constant nominal growth rate which was consistent with the long-term average growth rate for the industry. Management believes that this forecast period was justified due to the long-term nature of the business. There are still some uncertainties that the Group's operations face such as economic uncertainty and inflationary pressures in our main markets, FX developments, salary development in Iceland and increasing emissions cost. A weighted USA and EU CPI forecast from IMF was used as a base for inflationary increases. The renewal of aircraft in the fleet will have a positive effect on some cost items. The values assigned to the key assumptions represent management's assessment of future trends in the airline and transportation industries and are based on both external sources and internal historical data. Value in use was based on the following key assumptions: Passenger andOther Groupcargo operationsentities*2025Long-term growth rate ............................................................................................................3.0% 2.5%Revenue growth: Weighted average 2025/2024 .............................................................................................9.2% 14.4% 2026- 2030 ..........................................................................................................................7.1% 4.8%Budgeted EBIT growth 2026-2030 .........................................................................................45.7% 2.5%WACC ....................................................................................................................................10.6% 13.6%Debt leverage .........................................................................................................................67.1% 67.7%Pre-tax interest rate for debt ..................................................................................................7.3% 7.6%2024Long-term growth rate ............................................................................................................3.0% 2.5%Revenue growth: Weighted average 2024/2023 .............................................................................................1.2% 36.7% 2025- 2029 ..........................................................................................................................8.4% 6.8%Budgeted EBIT growth 2025-2029 .........................................................................................39.5% 2.0%WACC ....................................................................................................................................10.6% 13.5%Debt leverage .........................................................................................................................68.1% 68.6%Pre-tax interest rate for debt ..................................................................................................7.3% 7.6%* Weighted average of underlying CGU.The recoverable amounts of the cash-generating units at year-end were estimated to be higher than carrying amounts and no impairment was required. Reasonable change in main assumptions would not lead to impairment.",
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"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__39": {
"value": "19. Investment in associates The Group has interests in a number of associates. The carrying amount and share of profit of the associates is as follows: Share ofShare ofOwnershipCarryingprofit/loss inCarryingprofit/loss inamount associates amount associates20252024EBK ehf. ...........................................................25% 1,506 266 1,338 386 \u00cdTF 1 slhf. .........................................................29% 9,094 2,537 7,244 336 Lindarvatn ehf. .................................................50% 26,185 801 22,989 50 )( Other investments ...................................................................210 1 170 1 Total investments in associates ..............................................36,995 3,605 31,741 673 EBK ehf. operates jet fuel tank storage facilities, serving fuel to suppliers and airlines at Keflav\u00edk airport. Landsbr\u00e9f \u2013 Icelandic Tourism Fund I slhf. (\u00cdTF1 slhf.) is a fund managed by Landsbr\u00e9f. The Fund's purpose was to invest in Icelandic companies focusing on entertainment and leisure activities for foreign tourists, with focus on projects that have full-year operational potential. The original lifespan of the Fund was originally until year-end 2023 but has been extended until year-end 2027. The aim of the Fund is to return proceeds from its investments to shareholders as soon as they are realized. Lindarvatn ehf. is the owner of a property at Thorvaldsensstr\u00e6ti in downtown Reykjav\u00edk and other properties located near Austurv\u00f6llur which have been rebuilt as a hotel which was opened in December 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__42": {
"value": "20. Non-current receivables and deposits Non-current receivables consist of notes, deposits for aircraft and engine lease agreements and various other travel-related security fees. 2025 2024Non-current receivables and deposits are specified as follows:Loans, effective interest rates ................................................................................................1,356 1,673 Lease receivables, interest rates 7% .....................................................................................23,061 33,083 Security deposits ....................................................................................................................20,399 18,149 Prepayments on aircraft purchases .......................................................................................36,459 32,955 81,275 85,860 Current maturities ...................................................................................................................( 9,316 )( 9,366 )Non-current receivables and deposits total ............................................................................71,959 76,494 Contractual repayments mature as follows:Maturities in 2025 ................................................................................................................... - 9,366 Maturities in 2026 ...................................................................................................................9,316 9,559 Maturities in 2027 ...................................................................................................................6,369 7,141 Maturities in 2028 ...................................................................................................................5,662 5,560 Maturities in 2029 ...................................................................................................................23,850 23,934 Maturities in 2030 ...................................................................................................................8,237 6,517 Subsequent ...........................................................................................................................27,841 23,783 Total non-current receivables and deposits, including current maturities .............................81,275 85,860 Non-current receivables and deposits denominated in currencies other than the functional currency comprise USD 5.7 million (2024: USD 5.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__41": {
"value": "20. Non-current receivables and deposits Non-current receivables consist of notes, deposits for aircraft and engine lease agreements and various other travel-related security fees. 2025 2024Non-current receivables and deposits are specified as follows:Loans, effective interest rates ................................................................................................1,356 1,673 Lease receivables, interest rates 7% .....................................................................................23,061 33,083 Security deposits ....................................................................................................................20,399 18,149 Prepayments on aircraft purchases .......................................................................................36,459 32,955 81,275 85,860 Current maturities ...................................................................................................................( 9,316 )( 9,366 )Non-current receivables and deposits total ............................................................................71,959 76,494 Contractual repayments mature as follows:Maturities in 2025 ................................................................................................................... - 9,366 Maturities in 2026 ...................................................................................................................9,316 9,559 Maturities in 2027 ...................................................................................................................6,369 7,141 Maturities in 2028 ...................................................................................................................5,662 5,560 Maturities in 2029 ...................................................................................................................23,850 23,934 Maturities in 2030 ...................................................................................................................8,237 6,517 Subsequent ...........................................................................................................................27,841 23,783 Total non-current receivables and deposits, including current maturities .............................81,275 85,860 Non-current receivables and deposits denominated in currencies other than the functional currency comprise USD 5.7 million (2024: USD 5.6 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__40-1": {
"value": "20. Non-current receivables and deposits Non-current receivables consist of notes, deposits for aircraft and engine lease agreements and various other travel-related security fees. 2025 2024Non-current receivables and deposits are specified as follows:Loans, effective interest rates ................................................................................................1,356 1,673 Lease receivables, interest rates 7% .....................................................................................23,061 33,083 Security deposits ....................................................................................................................20,399 18,149 Prepayments on aircraft purchases .......................................................................................36,459 32,955 81,275 85,860 Current maturities ...................................................................................................................( 9,316 )( 9,366 )Non-current receivables and deposits total ............................................................................71,959 76,494 Contractual repayments mature as follows:Maturities in 2025 ................................................................................................................... - 9,366 Maturities in 2026 ...................................................................................................................9,316 9,559 Maturities in 2027 ...................................................................................................................6,369 7,141 Maturities in 2028 ...................................................................................................................5,662 5,560 Maturities in 2029 ...................................................................................................................23,850 23,934 Maturities in 2030 ...................................................................................................................8,237 6,517 Subsequent ...........................................................................................................................27,841 23,783 Total non-current receivables and deposits, including current maturities .............................81,275 85,860 Non-current receivables and deposits denominated in currencies other than the functional currency comprise USD 5.7 million (2024: USD 5.6 million).23. Marketable securities At year-end marketable securities amounted to USD 170 million (2024: USD 105 million). The increase is due to higher allocation of funds to the asset class given favorable yields on locally issued commercial papers. Marketable securities consist of term deposits, government, bank and corporate bonds and bills, and unit shares in local mutual funds that are valued at their year-end market price. No restrictions apply to the securities\u2019 redemption.l. Carbon-related assets and obligationsCarbon-related assets and liabilitiesAs an operating company emits CO\u2082-equivalent, it accumulates obligations under the ETS, CORSIA or voluntarycarbon-offset schemes. When the operating company purchases ETS allowances, CORSIA emission units or voluntarycarbon-offset units, these are recognized at cost within Carbon-related assets. Carbon-related assets are not revalued oramortized but are assessed for impairment whenever indicators arise that their carrying amount may not be recoverable.For obligations arising where the operating company has acquired sufficient emission allowances or units to offset the relatedemissions, the obligation is measured at the weighted-average cost of the corresponding carbon-related assets. Whereallowances or units have not yet been purchased, the obligation is recognized at the market price of the required instrumentsat the balance sheet date. As the obligation is recognized, a corresponding amount is recorded in the Income Statementwithin Fuel costs and emission charges (Emissions Trading Systems (ETS), Corsia Carbon Credits and Sustainable AviationFuel (SAF)).The Group\u2019s emissions obligations, recognized as Carbon contracts within Trade and other payables, are extinguished whenthe associated emission certificates are surrendered or retired to the relevant authorities. ETS allowances are typicallysurrendered within 12 months after the balance sheet date, whereas CORSIA units are retired once every three years, withthe first retirement for the 2024\u20132026 compliance period expected in 2028, unless earlier retirement is agreed with therespective authorities.",
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"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__45": {
"value": "21. Income taxes (i)Amounts recognized in profit or loss20252024Deferred tax expenseOrigination and reversal of temporary differences .................................................................3,746 )( 4,356 )( Exchange rate difference .......................................................................................................( 7,087 )( 282 )Total tax expense recognized in profit or loss ........................................................................( 10,833 )( 4,638 )(ii)Amounts recognized in other comprehensive incomeEffective portion of changes in fair value of cash flow hedges ...............................................475 774 Exchange rate difference .......................................................................................................1,342 213 )( Total tax recognized in other comprehensive income ............................................................1,817 561 20252024(iii)Reconciliation of effective tax rateLoss before tax ........................................................................20,360 )( 24,807 )( Income tax according to current tax rate .................................20.0% 4,072 )( 21.0% 5,209 )( Non-deductible expenses ........................................................0.5% 94 0.4% 111 Share of loss of associates .....................................................3.5%)( 721 )( 0.6%)( 141 )( Exchange rate difference - tax loss carry-forwards .................37.2%)( 7,565 )( 5.0% 1,228 Exchange rate difference - other .............................................2.3% 478 ( 6.1%)( 1,510 )Other items ..............................................................................4.7% 953 3.6% 883 Effective tax rate ......................................................................53.2% 10,833 )( 18.7% 4,638 )( (iv)Recognized deferred tax assetDeferred tax assets are specified as follows:20252024Deferred tax assets 1 January ...............................................................................................63,794 59,728 Deferred tax recognized in profit or loss ................................................................................10,833 4,638 Income tax recognized in other comprehensive income ........................................................1,817 )( 561 )( Exchange rate difference .......................................................................................................700 11 )( Deferred tax assets 31 December .........................................................................................73,510 63,794 (v)Deferred tax liabilitiesDeferred tax liabilities are attributable to the following:Assets Liabilities Net202520242025202420252024Operating assets ....................... 0 0 13,929 )( 24,843 )( 13,929 )( 24,843 )( Intangible assets ....................... 0 0 226 )( 128 )( 226 )( 128 )( Derivatives ................................. 0 396 79 )( 0 79 )( 396 Trade receivables ...................... 1,479 1,522 0 0 1,479 1,522 Right-of-use assets .................... 0 0 120,101 )( 108,543 )( 120,101 )( 108,543 )( Lease claims ............................. 0 0 14,671 )( 15,801 )( 14,671 )( 15,801 )( Lease liabilities .......................... 143,981 129,148 0 0 143,981 129,148 Tax loss carry-forwards ............. 78,203 81,580 0 0 78,203 81,580 Other items ................................ 0 463 1,147 )( 0 1,147 )( 463 Total ........................................... 223,663 213,109 150,153 )( 149,315 )( 73,510 63,794 (vi)Movements in deferred tax balance during the yearRecognizedin other com-RecognizedExchangeprehensivein profitrate income20251 Januaryor lossdifferenceand equity31 DecemberOperating assets ..............................................( 24,843 )11,074 ( 160 )( 13,929 )Intangible assets ..............................................( 128 )( 98 )( 226 )Derivatives .......................................................396 475 )( 79 )( Trade receivables .............................................1,522 45 )( 2 1,479 Right-of-use assets ..........................................( 108,544 )( 11,557 )( 120,101 )Lease claim ......................................................( 15,801 )1,130 ( 14,671 )Lease liabilities .................................................129,149 14,832 143,981 Tax loss carry-forwards ....................................81,580 3,762 )( 385 78,203 Other items .......................................................463 741 )( 473 1,342 )( 1,147 )( 63,794 10,833 700 ( 1,817 )73,510 2024Operating assets ..............................................30,753 )( 5,882 28 24,843 )( Intangible assets ..............................................70 )( 58 )( 128 )( Derivatives .......................................................1,170 774 )( 396 Trade receivables .............................................1,425 97 1,522 Right-of-use assets ..........................................91,472 )( 17,071 )( 1 )( 108,544 )( Lease claim ......................................................12,979 )( 2,822 )( 15,801 )( Lease liabilities .................................................108,360 20,788 1 129,149 Tax loss carry-forwards ....................................84,152 2,511 )( 61 )( 81,580 Other items .......................................................( 105 )333 22 213 463 59,728 4,638 11 )( 561 )( 63,794 Tax loss carry-forwards are specified as follows:20252024Tax loss from 2018 expire 2028 .............................................................................................38,048 64,408 Tax loss from 2019 expire 2029 .............................................................................................48,102 43,595 Tax loss from 2020 expire 2030 .............................................................................................193,830 175,665 Tax loss from 2021 expire 2031 .............................................................................................96,387 87,354 Tax loss from 2024 expire 2034 .............................................................................................14,648 36,875 Tax loss carry-forwards total ..................................................................................................391,015 407,897 Based on a five-year forecast, the Group expects to fully utilize its carry forward tax loss. The long-term outlook for the Company has improved, providing stronger support for the Company\u2019s profitability assumptions and the recoverability of deferred tax assets. In addition to the route network, the company also models future profitability for its Leasing and Cargo segments, for which the company expects prospects to remain positive as in the last few years.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__44": {
"value": "21. Income taxes (i)Amounts recognized in profit or loss20252024Deferred tax expenseOrigination and reversal of temporary differences .................................................................3,746 )( 4,356 )( Exchange rate difference .......................................................................................................( 7,087 )( 282 )Total tax expense recognized in profit or loss ........................................................................( 10,833 )( 4,638 )(ii)Amounts recognized in other comprehensive incomeEffective portion of changes in fair value of cash flow hedges ...............................................475 774 Exchange rate difference .......................................................................................................1,342 213 )( Total tax recognized in other comprehensive income ............................................................1,817 561 20252024(iii)Reconciliation of effective tax rateLoss before tax ........................................................................20,360 )( 24,807 )( Income tax according to current tax rate .................................20.0% 4,072 )( 21.0% 5,209 )( Non-deductible expenses ........................................................0.5% 94 0.4% 111 Share of loss of associates .....................................................3.5%)( 721 )( 0.6%)( 141 )( Exchange rate difference - tax loss carry-forwards .................37.2%)( 7,565 )( 5.0% 1,228 Exchange rate difference - other .............................................2.3% 478 ( 6.1%)( 1,510 )Other items ..............................................................................4.7% 953 3.6% 883 Effective tax rate ......................................................................53.2% 10,833 )( 18.7% 4,638 )( (iv)Recognized deferred tax assetDeferred tax assets are specified as follows:20252024Deferred tax assets 1 January ...............................................................................................63,794 59,728 Deferred tax recognized in profit or loss ................................................................................10,833 4,638 Income tax recognized in other comprehensive income ........................................................1,817 )( 561 )( Exchange rate difference .......................................................................................................700 11 )( Deferred tax assets 31 December .........................................................................................73,510 63,794 (v)Deferred tax liabilitiesDeferred tax liabilities are attributable to the following:Assets Liabilities Net202520242025202420252024Operating assets ....................... 0 0 13,929 )( 24,843 )( 13,929 )( 24,843 )( Intangible assets ....................... 0 0 226 )( 128 )( 226 )( 128 )( Derivatives ................................. 0 396 79 )( 0 79 )( 396 Trade receivables ...................... 1,479 1,522 0 0 1,479 1,522 Right-of-use assets .................... 0 0 120,101 )( 108,543 )( 120,101 )( 108,543 )( Lease claims ............................. 0 0 14,671 )( 15,801 )( 14,671 )( 15,801 )( Lease liabilities .......................... 143,981 129,148 0 0 143,981 129,148 Tax loss carry-forwards ............. 78,203 81,580 0 0 78,203 81,580 Other items ................................ 0 463 1,147 )( 0 1,147 )( 463 Total ........................................... 223,663 213,109 150,153 )( 149,315 )( 73,510 63,794 (vi)Movements in deferred tax balance during the yearRecognizedin other com-RecognizedExchangeprehensivein profitrate income20251 Januaryor lossdifferenceand equity31 DecemberOperating assets ..............................................( 24,843 )11,074 ( 160 )( 13,929 )Intangible assets ..............................................( 128 )( 98 )( 226 )Derivatives .......................................................396 475 )( 79 )( Trade receivables .............................................1,522 45 )( 2 1,479 Right-of-use assets ..........................................( 108,544 )( 11,557 )( 120,101 )Lease claim ......................................................( 15,801 )1,130 ( 14,671 )Lease liabilities .................................................129,149 14,832 143,981 Tax loss carry-forwards ....................................81,580 3,762 )( 385 78,203 Other items .......................................................463 741 )( 473 1,342 )( 1,147 )( 63,794 10,833 700 ( 1,817 )73,510 2024Operating assets ..............................................30,753 )( 5,882 28 24,843 )( Intangible assets ..............................................70 )( 58 )( 128 )( Derivatives .......................................................1,170 774 )( 396 Trade receivables .............................................1,425 97 1,522 Right-of-use assets ..........................................91,472 )( 17,071 )( 1 )( 108,544 )( Lease claim ......................................................12,979 )( 2,822 )( 15,801 )( Lease liabilities .................................................108,360 20,788 1 129,149 Tax loss carry-forwards ....................................84,152 2,511 )( 61 )( 81,580 Other items .......................................................( 105 )333 22 213 463 59,728 4,638 11 )( 561 )( 63,794 Tax loss carry-forwards are specified as follows:20252024Tax loss from 2018 expire 2028 .............................................................................................38,048 64,408 Tax loss from 2019 expire 2029 .............................................................................................48,102 43,595 Tax loss from 2020 expire 2030 .............................................................................................193,830 175,665 Tax loss from 2021 expire 2031 .............................................................................................96,387 87,354 Tax loss from 2024 expire 2034 .............................................................................................14,648 36,875 Tax loss carry-forwards total ..................................................................................................391,015 407,897 Based on a five-year forecast, the Group expects to fully utilize its carry forward tax loss. The long-term outlook for the Company has improved, providing stronger support for the Company\u2019s profitability assumptions and the recoverability of deferred tax assets. In addition to the route network, the company also models future profitability for its Leasing and Cargo segments, for which the company expects prospects to remain positive as in the last few years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "21. Income taxes (i)Amounts recognized in profit or loss20252024Deferred tax expenseOrigination and reversal of temporary differences .................................................................3,746 )( 4,356 )( Exchange rate difference .......................................................................................................( 7,087 )( 282 )Total tax expense recognized in profit or loss ........................................................................( 10,833 )( 4,638 )(ii)Amounts recognized in other comprehensive incomeEffective portion of changes in fair value of cash flow hedges ...............................................475 774 Exchange rate difference .......................................................................................................1,342 213 )( Total tax recognized in other comprehensive income ............................................................1,817 561 20252024(iii)Reconciliation of effective tax rateLoss before tax ........................................................................20,360 )( 24,807 )( Income tax according to current tax rate .................................20.0% 4,072 )( 21.0% 5,209 )( Non-deductible expenses ........................................................0.5% 94 0.4% 111 Share of loss of associates .....................................................3.5%)( 721 )( 0.6%)( 141 )( Exchange rate difference - tax loss carry-forwards .................37.2%)( 7,565 )( 5.0% 1,228 Exchange rate difference - other .............................................2.3% 478 ( 6.1%)( 1,510 )Other items ..............................................................................4.7% 953 3.6% 883 Effective tax rate ......................................................................53.2% 10,833 )( 18.7% 4,638 )( (iv)Recognized deferred tax assetDeferred tax assets are specified as follows:20252024Deferred tax assets 1 January ...............................................................................................63,794 59,728 Deferred tax recognized in profit or loss ................................................................................10,833 4,638 Income tax recognized in other comprehensive income ........................................................1,817 )( 561 )( Exchange rate difference .......................................................................................................700 11 )( Deferred tax assets 31 December .........................................................................................73,510 63,794 (v)Deferred tax liabilitiesDeferred tax liabilities are attributable to the following:Assets Liabilities Net202520242025202420252024Operating assets ....................... 0 0 13,929 )( 24,843 )( 13,929 )( 24,843 )( Intangible assets ....................... 0 0 226 )( 128 )( 226 )( 128 )( Derivatives ................................. 0 396 79 )( 0 79 )( 396 Trade receivables ...................... 1,479 1,522 0 0 1,479 1,522 Right-of-use assets .................... 0 0 120,101 )( 108,543 )( 120,101 )( 108,543 )( Lease claims ............................. 0 0 14,671 )( 15,801 )( 14,671 )( 15,801 )( Lease liabilities .......................... 143,981 129,148 0 0 143,981 129,148 Tax loss carry-forwards ............. 78,203 81,580 0 0 78,203 81,580 Other items ................................ 0 463 1,147 )( 0 1,147 )( 463 Total ........................................... 223,663 213,109 150,153 )( 149,315 )( 73,510 63,794 (vi)Movements in deferred tax balance during the yearRecognizedin other com-RecognizedExchangeprehensivein profitrate income20251 Januaryor lossdifferenceand equity31 DecemberOperating assets ..............................................( 24,843 )11,074 ( 160 )( 13,929 )Intangible assets ..............................................( 128 )( 98 )( 226 )Derivatives .......................................................396 475 )( 79 )( Trade receivables .............................................1,522 45 )( 2 1,479 Right-of-use assets ..........................................( 108,544 )( 11,557 )( 120,101 )Lease claim ......................................................( 15,801 )1,130 ( 14,671 )Lease liabilities .................................................129,149 14,832 143,981 Tax loss carry-forwards ....................................81,580 3,762 )( 385 78,203 Other items .......................................................463 741 )( 473 1,342 )( 1,147 )( 63,794 10,833 700 ( 1,817 )73,510 2024Operating assets ..............................................30,753 )( 5,882 28 24,843 )( Intangible assets ..............................................70 )( 58 )( 128 )( Derivatives .......................................................1,170 774 )( 396 Trade receivables .............................................1,425 97 1,522 Right-of-use assets ..........................................91,472 )( 17,071 )( 1 )( 108,544 )( Lease claim ......................................................12,979 )( 2,822 )( 15,801 )( Lease liabilities .................................................108,360 20,788 1 129,149 Tax loss carry-forwards ....................................84,152 2,511 )( 61 )( 81,580 Other items .......................................................( 105 )333 22 213 463 59,728 4,638 11 )( 561 )( 63,794 Tax loss carry-forwards are specified as follows:20252024Tax loss from 2018 expire 2028 .............................................................................................38,048 64,408 Tax loss from 2019 expire 2029 .............................................................................................48,102 43,595 Tax loss from 2020 expire 2030 .............................................................................................193,830 175,665 Tax loss from 2021 expire 2031 .............................................................................................96,387 87,354 Tax loss from 2024 expire 2034 .............................................................................................14,648 36,875 Tax loss carry-forwards total ..................................................................................................391,015 407,897 Based on a five-year forecast, the Group expects to fully utilize its carry forward tax loss. The long-term outlook for the Company has improved, providing stronger support for the Company\u2019s profitability assumptions and the recoverability of deferred tax assets. In addition to the route network, the company also models future profitability for its Leasing and Cargo segments, for which the company expects prospects to remain positive as in the last few years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "22. Inventories Inventories are specified as follows:20252024Spare parts .............................................................................................................................26,937 22,816 Other inventories ....................................................................................................................1,201 1,672 Inventories total ......................................................................................................................28,138 24,488",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "24. Trade and other receivables Trade and other receivables are specified as follows:20252024Trade receivables ...................................................................................................................75,780 72,597 Prepayments ..........................................................................................................................37,695 25,227 Restricted cash ......................................................................................................................15,807 34,250 Lease receivables ..................................................................................................................7,915 8,664 Current maturities of non-current receivables and deposits ...................................................9,316 9,366 Carbon-related asset ..............................................................................................................23,077 19,130 Other receivables ...................................................................................................................9,245 9,445 Trade and other receivables total ...........................................................................................178,835 178,679 At year-end trade receivables are presented net of an allowance for doubtful accounts of USD 7.2 million (2024: USD 7.4 million). The prepayments consist mainly of prepaid contractual obligations, insurance premiums, software licenses and leases. Restricted cash is held in bank accounts pledged against credit card acquirers, airport operators and tourism guarantees. Due to improved terms with credit card acquirers USD 20 million of restricted cash was released to the Company in Q4 2025. Carbon-related assets arise from the Group\u2019s participation in the EU, Swiss and UK Emissions Trading Systems/Schemes. They represent allowances purchased or allocated to meet compliance obligations in the year following the balance sheet date. Comparative information has been reclassified accordingly. See Notes 2c and 33c for further details. The Group's exposure to credit and currency risks and impairment losses related to trade and other receivables is disclosed in note 33.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "25. Cash and cash equivalents Cash and cash equivalents are specified as follows:20252024Securities and fixed term bank deposits ................................................................................17,971 8,763 Bank deposits .........................................................................................................................177,495 141,472 Cash and cash equivalents total ............................................................................................195,466 150,235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__49": {
"value": "25. Cash and cash equivalents Cash and cash equivalents are specified as follows:20252024Securities and fixed term bank deposits ................................................................................17,971 8,763 Bank deposits .........................................................................................................................177,495 141,472 Cash and cash equivalents total ............................................................................................195,466 150,235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__51": {
"value": "26. Equity Share capital The Company's share capital amounts to ISK 41,120,247 thousand according to its Articles of Association. Each share carries one vote at shareholders' meetings. The shares are freely transferable unless otherwise stipulated by law. All shareholders hold equal rights to dividend payments as declared from time to time. The Company held no treasury shares at year-end 2025. Share premium Share premium represents excess of payment above the nominal value (ISK 1 per share) that shareholders have paid for shares sold by the Company. According to the Icelandic Companies Act, 25% of the nominal value of share capital must be held in reserve. The balance of the share premium account can be used to offset losses not covered by other reserves or to offset stock splits. Reserves The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The translation reserve comprises all currency differences arising from the translation of the Financial Statements of subsidiaries having functional currencies other than the Group as well as from the translation of liabilities that hedge net investment. According to the Icelandic Financial Statements Act, companies must retain, in a separate equity account, recognized share in profit of subsidiaries and associates in excess of dividend received or declared. Stock options The Company has in place a Stock Options program for its Executive Committee and Director-level employees. All granted options accrue 3% annual interest and will be adjusted for any future dividends. At year end a total of 1,265.2 million options to buy 1 share have been issued in relation to the Program. Outstanding stock option at year end is 1,127.9 million shares with an issue price of ISK 1.39 - ISK 2.15 and total strike price 1,910.5 million. The total number of employees participating in the Program is 51. The estimated cost of the Stock Option Program for the Company is approximately USD 2.7 million until 2027, based on the Black-Scholes model, thereof USD 2.2 million has been expensed. Dividend No dividend was paid to shareholders in 2025 and 2024. The Board of Directors proposes no dividend payment to shareholders in 2026 for the year 2025 as it is not permitted by law due to accumulated deficit at year-end. For the longer term the dividend policy is as follows: \u201cThe Company's goal is to declare 20-40% of annual net profit as dividend. The final decision on dividend payments will be based on the financial position of the Company, operating capital requirements and market conditions.\u201d",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__52": {
"value": "Reserves The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The translation reserve comprises all currency differences arising from the translation of the Financial Statements of subsidiaries having functional currencies other than the Group as well as from the translation of liabilities that hedge net investment. According to the Icelandic Financial Statements Act, companies must retain, in a separate equity account, recognized share in profit of subsidiaries and associates in excess of dividend received or declared.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__53": {
"value": "Dividend No dividend was paid to shareholders in 2025 and 2024. The Board of Directors proposes no dividend payment to shareholders in 2026 for the year 2025 as it is not permitted by law due to accumulated deficit at year-end. For the longer term the dividend policy is as follows: \u201cThe Company's goal is to declare 20-40% of annual net profit as dividend. The final decision on dividend payments will be based on the financial position of the Company, operating capital requirements and market conditions.\u201d",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__54": {
"value": "27. Earnings per share Earnings per share is calculated by dividing net profit or loss attributable to equity holders of the Parent Company by the weighted average number of outstanding shares during the year. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potential dilutive shares. Earnings per share are following: 20252024Loss for the year attributable to equity holders of the parent company .................................9,330 )( 20,560 )( Weighted average number of shares for the year ..................................................................41,120,247 41,120,247 Weighted average number of shares for the year including stock options ............................42,242,388 41,809,038 Basic and diluted earnings per share in US cent per share ...................................................0.02 )( 0.05 )( ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__55": {
"value": "28. Loans and borrowings This note provides information on contractual terms of the Group's interest-bearing loans and borrowings, which are measured at amortized cost, and changes during the year. For more information on the Group's exposure to interest rate, foreign currency and liquidity risk, see note 33. Non-current interest bearing debt Total Total interest-bearing debt 1 January 2024 ...........................................................................252,330 252,330 Repayment of borrowings ......................................................................................................44,978 )( 44,978 )( Cash flows related to financing activities ...............................................................................44,978 )( 44,978 )( Accrued interest added to the loans ......................................................................................400 400 Financing activities without cash flows ...................................................................................400 400 Currency exchange difference ...............................................................................................( 2,672 )( 2,672 )Expensed borrowing cost recognized in finance cost ............................................................674 674 Other liability related changes ................................................................................................1,998 )( 1,998 )( Total interest-bearing debt 31 December 2024 ......................................................................205,754 205,754 Total interest-bearing debt 1 January 2025 ...........................................................................205,754 205,754 Repayment of borrowings ......................................................................................................53,693 )( 53,693 )( Cash flows related to financing activities ...............................................................................53,693 )( 53,693 )( New borrowings ......................................................................................................................19,438 19,438 Accrued interest added to the loans ......................................................................................403 403 Financing activities without cash flows ...................................................................................19,841 19,841 Currency exchange difference ...............................................................................................4,782 4,782 Expensed borrowing cost recognized in effective interests ....................................................682 682 Other liability related changes ................................................................................................5,464 5,464 Total interest-bearing debt 31 December 2025 ......................................................................177,366 177,366 Loans and borrowings are specified as follows:20252024Non-current loans and borrowings:Secured bank loans ...............................................................................................................172,930 197,210 Unsecured loans ....................................................................................................................4,436 8,544 Total loans and borrowings ....................................................................................................177,366 205,754 Current maturities ...................................................................................................................39,123 )( 41,046 )( Total non-current loans and borrowings .................................................................................138,243 164,708 Current loans and borrowings:Current maturities of non-current liabilities .............................................................................39,123 41,046 Total current loans and borrowings ........................................................................................39,123 41,046 Total loans and borrowings ....................................................................................................177,366 205,754 Terms and debt repayment schedule:Nominalinterest Year of Total remaining balanceCurrency rates year maturity2025 2024Secured bank loans .........................................USD 5.05% 2026-2031 131,727 166,123 Secured bank loans .........................................EUR 1.29% 2028 41,203 31,087 Unsecured loans ..............................................ISK4.13% 2026-20304,436 8,544 Total interest bearing liabilities ...............................................................................................177,366 205,754 The Company has three committed credit lines in place with local banks in total amount of USD 92 million. The lines were undrawn at year-end 2025. Repayments of loans and borrowings are specified as follows:20252024Repayments in 2025 .............................................................................................................. - 41,046 Repayments in 2026 ..............................................................................................................39,123 37,911 Repayments in 2027 ..............................................................................................................17,875 20,485 Repayments in 2028 ..............................................................................................................51,935 54,971 Repayments in 2029 ..............................................................................................................14,934 9,699 Repayments in 2030 ..............................................................................................................21,193 9,328 Subsequent repayments ........................................................................................................32,306 32,314 Total loans and borrowings ....................................................................................................177,366 205,754 The Company was granted a concession to minimum a equity ratio covenant in a long-term funding agreement with a local bank in 2025. The ratio should be no less than 10% at the end of each reporting period. The carrying amount of the loan in question was USD 24.6 million at 31 December 2025. The Company expects to be granted the same concession if needed in 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__57": {
"value": "30. Provisions and other liabilities Provisions and other liabilities correspond to accrued engine overhaul cost of leased aircraft and security deposits from lease contracts to be realized after they mature. Provisions and other liabilities are specified as follows: 20252024Provisions and other liabilities ................................................................................................155,034 116,561 Current portion, classified in trade and other payables ..........................................................( 8,225 )( 17,013 )Total provisions and other liabilities .......................................................................................146,809 99,548 Provisions and other liabilities are scheduled to be repaid as follows:Repayments in 2025 .............................................................................................................. - 17,013 Repayments in 2026 ..............................................................................................................8,225 3,107 Repayments in 2027 ..............................................................................................................3,043 4,291 Repayments in 2028 ..............................................................................................................30,465 22,151 Repayments in 2029 ..............................................................................................................11,765 3,431 Repayments in 2030 ..............................................................................................................29,973 18,979 Subsequent ...........................................................................................................................71,563 47,589 Total provisions and other liabilities, including current maturities .........................................155,034 116,561",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "31. Trade and other payables Trade and other payables are specified as follows:ReclassifiedTrade payables ......................................................................................................................58,992 49,734 Current portion of engine overhauls and security deposits from lease contracts ...................8,225 17,013 Carbon obligations .................................................................................................................55,625 35,433 Other payables .......................................................................................................................195,870 157,876 Total trade and other payables ..............................................................................................318,712 260,056 Carbon-related obligations relate to the Group\u2019s obligations under the EU, Swiss and UK Emissions Trading Systems/Schemes and the global CORSIA scheme for CO\u2082-equivalent emissions from flight operations. These obligations are expected to be settled with the relevant authorities in the year following the balance sheet date. Comparative information has been reclassified accordingly. See Notes 2c and 33c for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "32. Deferred income Sold unused tickets, fair value of unredeemed frequent flyer points and other prepayments are presented as deferred income in the Consolidated Statement of Financial Position. Deferred income is specified as follows:Sold unused tickets and vouchers .........................................................................................323,136 295,981 Frequent flyer points ..............................................................................................................37,686 28,781 Other prepayments ................................................................................................................30,476 26,813 Total deferred income ............................................................................................................391,298 351,575 The amount allocated to sold unused tickets and vouchers is the book value of fares and fuel surcharges that the Group has collected and is liable for to passengers. Thereof sold tickets with future travel dates amounted to USD 304.3 million (2024: USD 274.2 million) and vouchers amounted to USD 18.8 million (2024: USD 21.8 million). The amount allocated to frequent flyer points is estimated by reference to the fair value of the discounted services for which they could be redeemed, since the fair value of the points themselves is not directly observable. The fair value of the discounted services for which the points, granted through a customer loyalty program, can be redeemed takes into account the expected redemption rate and the timing of such expected redemptions. That amount is recognized as deferred income. Other prepayments consist mainly of prepayments for packages and charter flights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "33. Financial risk management Overview The Group has exposure to the following financial risks: - Credit risk - Liquidity risk - Market risk This note presents information about the Group's exposure to each of the risks above, the Group's objectives, policies, and processes for measuring and managing risk, and the Group's management of capital. Further quantitative disclosures are included throughout these Consolidated Financial Statements. Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's Risk Management Committee is responsible for developing and monitoring the Group's risk management policies. The Committee reports regularly to the Board of Directors on its activities. The Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group Audit Committee oversees how management monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. In addition to the formal oversight performed by the Audit Committee, the Company has in place internal audit processes which act to monitor management controls and procedures, the results of which are reported to the Audit Committee. a. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations arises principally from the Group's cash and cash equivalents, which are kept with local and international banks with acceptable credit ratings and secondly from marketable securities which consist of bonds and bills issued by Government treasuries, high rated banks and financially strong corporates. Finally, there is some exposure from customers receivables. Exposure to credit risk The carrying amounts of financial assets represent the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as follows: Note 2025 2024Non-current receivables and deposits ............................................................20 71,959 76,494 Trade and other receivables ...........................................................................24 141,140 153,452 Derivatives used for hedging ..........................................................................34 3,967 4,416 Marketable securities ......................................................................................23 170,369 104,562 Cash and cash equivalents .............................................................................25 195,466 150,235 582,901 489,159 Trade and other receivables and marketable securities The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of customers and counterparties. Credit risk is linked to trade receivables, agreements with financial institutions related to hedging and counterparties in marketable securities. The relative spread of trade receivables across counterparties is crucial for credit risk exposure. The Group is aware of potential losses related to credit risk exposure and chooses its counterparties subject to business experience and securities issuers subject to credit ratings and financial strength. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main components of this allowance are specific loss components that relate to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets. At year-end 2025, the maximum exposure to credit risk for trade and other receivables and marketable securities by type of financial instrument was as follows: 20252024ReclassifiedCredit cards ............................................................................................................................31,477 21,147 Trade receivables ...................................................................................................................44,303 51,450 75,780 72,597 Marketable securities .............................................................................................................170,369 104,562 Other receivables ...................................................................................................................103,055 106,082 Trade and other receivables, see note 24 ..............................................................................349,204 283,241 Impairment losses The aging of trade receivables and credit cards at the reporting date was as follows: Allowance for Allowance forGross impairment Gross impairment2025202520242024Not past due ............................................................................59,526 209 )( 38,238 92 )( Past due 1-30 days ..................................................................3,418 63 )( 8,640 57 )( Past due 31-120 days ..............................................................12,154 ( 456 )20,835 ( 220 )Past due 121-365 days ............................................................5,912 ( 4,712 )6,046 ( 1,683 )More than one year .................................................................1,949 ( 1,739 )6,236 ( 5,346 )Total .........................................................................................82,959 ( 7,179 )79,995 ( 7,398 )Changes in the allowance for impairment in respect of trade receivables during the year were as follows: 2025 2024Balance at 1 January .............................................................................................................7,398 6,918 Impairment loss allowance, increase (decrease) ...................................................................278 1,416 Amounts written off ................................................................................................................511 )( 933 )( Exchange rate difference .......................................................................................................14 3 )( Balance at 31 December ........................................................................................................7,179 7,398 A significant part of the balance relates to customers that have a good track record with the Group. But based on historical default rates and expected credit loss in the future, management believes that minimal impairment allowance is necessary in respect of trade receivables not past due or past due by 30 days or less. The allowance account in respect of trade receivables is used to record impairment losses. If the Group believes that no recovery is possible the gross carrying amount of the financial asset is written off. Guarantees The Group's policy is to provide financial guarantees only to wholly owned subsidiaries. b. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities, settled by delivering cash or another financial asset at their due date. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. Exposure to liquidity risk The Group aims to maintain the level of its cash and cash equivalents and marketable securities equal to the estimated amount of three months' average fixed operating cost, where 30% can be in the form of undrawn lines of credit. At year-end the Group's cash and cash equivalents amounted to USD 195.5 million, and USD 170.4 million of marketable securities with trusted counterparties, totaling USD 365.8 million. The Group's management monitors its cash flow requirements by using a rolling forecast. Liquidity is managed based on projected cash flows in different currencies. Following are the contractual maturities of financial liabilities at the reporting date, including estimated interest payments: Carrying Contractual Within 12 More than 31 December 2025amount cash flows months 1-2 years 2-5 years 5 years Non-derivative financial liabilities:Unsecured bank loans ...............4,436 4,652 3,067 547 1,038 0 Secured loans ............................172,930 202,821 44,653 23,211 100,838 34,120 Lease liability ............................. 539,557 669,535 107,112 101,299 259,218 201,906 Payables and prepayments ....... 465,521 473,746 326,937 3,043 42,230 101,536 1,182,444 1,350,754 481,769 128,099 403,324 337,562 Derivative financial liabilities:Commodity derivatives ..............( 3,570 )( 3,570 )( 1,603 )( 1,967 )0 0 Currency contracts .................... 3,720 5,023 5,023 0 0 0 - Outflow ................................... 100,265 )( 101,372 )( 101,372 )( 0 0 0 - Inflow ...................................... 103,726 106,396 106,396 0 0 0 Interest rate swaps .................... 247 260 152 94 14 0 397 1,713 3,572 1,873 )( 14 0 31 December 2024Non-derivative financial liabilities:Unsecured bank loans ...............8,544 8,983 5,270 2,283 1,430 0 Secured loans ............................197,210 235,975 49,162 41,582 98,706 46,525 Lease liability .............................465,104 595,314 99,363 96,274 239,001 160,676 Payables and prepayments ....... 340,755 357,768 258,220 3,107 26,442 69,999 1,011,613 1,198,040 412,015 143,246 365,579 277,200 Derivative financial liabilities:Commodity derivatives ..............( 6,393 )( 6,503 )( 6,814 )311 0 0 Margin accounts ........................778 778 778 0 0 0 Currency contracts ....................4,045 7,223 7,223 0 0 0 - Outflow ................................... 147,081 )( 150,207 )( 150,207 )( 0 0 0 - Inflow ...................................... 151,126 157,430 157,430 0 0 0 Interest rate swaps ....................371 397 177 208 12 0 ( 1,199 )1,895 1,364 519 12 0 Undrawn committed credit lines at year-end 2025 amounted to USD 92.0 million (2024: USD 92.0 million). c. Market risk Market risk emerges from changes in market prices, such as foreign exchange rates, interest rates, carbon prices and fuel prices, as those changes will affect the Group's cash flows or the value of its holdings in financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing returns. The Company holds some of its financial assets in terms of deposits, government bonds and rated banks securities as well as short-term bills issued by financially strong local corporates. These investments fall within the agreed risk management policy. The Group uses spot and forward trading, swaps and options to manage market risks. All such transactions are carried out within the guidelines set by the Board of Directors. The Group seeks to apply hedge accounting in order to manage volatility in profit or loss. Climate risk Climate change poses a financial risk to airlines. The potential for new regulations and taxes aimed at reducing carbon emissions, as well as the increasing costs associated with transitioning to low-carbon fuels, can have a material impact on the Company\u2019s financial performance. 2024 was the first year of CORSIA phase I compliance and 2025 was the first year of SAF compliance. These are addition to the increasing financial burden of ETS. Climate-related physical risks, such as extreme weather events, also have the potential to disrupt operations and damage infrastructure. Additionally, the industry in general faces reputational risks as consumers become more conscious of the environmental impact of their travel choices. To mitigate these financial risks, Group has implemented strategies to reduce carbon emissions. Carbon risk The Group is required to procure three types of emission allowances in relation to its operations: European Carbon Emission Allowance Futures (EUAs), UK Allowances (UKAs) and Swiss General Unit Allowance (CHUAs). Carbon emission is calculated in a fixed proportion to the fuel consumption of flights operated within the European continent. Group mitigates risk associated with carbon emission allowances through opportunistic monthly spot and forward purchases of allowances to mirror the net shortfall of allowances taking into consideration the Group\u2019s free allowances. Earning returns on the stock of procured units is a challenge as the Emissions Trading System (ETS) accounts doesn\u2018t offer interest. Yet some steps have been taken to this end by lending them to counterparties and selling EUA call options covered with forward agreements. Unlike financial derivatives associated with IFRS 9 and Hedge Accounting, such as those instruments covering the market risk of fuel, currency and interest, forward carbon contracts are not regarded as derivative financial liabilities. This is due to the underlying exposure being a commitment to purchasing goods, i.e. \"non-cash receipt\" of carbon allowances Therefore the forward contracts are future commitments to buy such goods at fixed forward prices to match the expensed item. In fact, they are kept on the Financial Position amongst Trade and other payables. Further, the acquired stock position of allowances through spot and forward trading is netted against the expensed actual emission of carbon and the market value of the contracts is disregarded as it is netted against the expensed commitment. The prices of all types of allowances have risen substantially in recent years making procurement of emission allowances a significant and growing cost item. Group enjoys a free allowance of ETS units which covered approx. 27% of the Group\u2019s total emission allowance needs in 2025. In 2024 the EU announced a plan to accelerate the amortization rate of the 2012 free allowance allocated to airlines which will phase them out by 2026. Thus, airlines will be more dependent on carbon trading in near future which will bring the consequential added costs and volatility of procurement to their production earlier and at a faster pace than planned. Another recent aspect of carbon risk is CORSIA which is an international emission trading system based on an agreement by ICAO members to offset carbon emissions according to compliance benchmarks set up in phases. 2024 was the first year of Phase I, which succeeds the Pilot Phase of which Group was also a participant. No benchmark was breached during the Pilot Phase but some costs of necessary procurement of verified carbon credits are expected in 2026 to be surrendered by the end of year 2027. Flights committed to the ETS are exempt so the new legislation effects most importantly Group flights to North America. Impact on financial reporting Carbon-related assets are presented as part of Trade and other receivable in note 24 and Carbon-related obligation are presented as part of Trade and other payables in note 31. 20252024Carbon-related assets:ETS ........................................................................................................................................23,077 19,130 Corsia .....................................................................................................................................0 0 23,077 19,130 Carbon-related obligations:ETS ........................................................................................................................................50,931 34,335 Corsia .....................................................................................................................................4,694 1,098 55,625 35,433 Fuel risk The Group is exposed to fuel price risk. The Group's fuel price risk management strategy aims to provide the airline with protection against sudden and significant increases in oil prices while ensuring that the airline is not competitively disadvantaged in the event of a substantial price fall. The Group strategy is to hedge between 20% and 50% of estimated fuel consumption 6 months forward, 0-40% 7-12 months forward and 0-20% 13-18 months forward. The hedging policy allows for both swaps and options traded with approved counterparties and within approved limits. Sensitivity analysis The following table demonstrates the sensitivity of the financial instruments in place at year-end to a reasonably possible change in fuel prices, with all other variables held constant, on equity: Effect on equity20252024Increase in fuel prices by 10% ...............................................................................................11,582 11,421 Decrease in fuel prices by 10% ..............................................................................................11,582 )( 11,421 )( At year-end 2025 all open hedge positions were effective. Changes in their market value are therefore confined to equity until settlement. Currency risk The Group is exposed to risk associated with cash flow and financial position items that are denominated in currencies other than the functional currencies of Group entities. The Group seeks to reduce the risk arising from such a currency mismatch in the cash flow by netting receivables and payments in each individual currency and by internal trading within the Group. The shortfall of ISK is financed by a surplus of European and American currencies. The Group also maintains a relatively high ISK balance on the Statement of Financial Position to offset currency mismatches and to serve as a reserve for future ISK-denominated payments. Lastly the ISK historically a high interest currency offering better yields on ISK holdings. Exposure to currency risk The Group's exposure to currency risk in major currencies is as follows: 2025ISKEURGBPDKKNOK/SEKCADReceivables / payables, net .......( 77,116 )( 25,939 )( 3,438 )555 ( 541 )2,694 Marketable securities .................170,369 0 0 0 0 0 Cash and cash equivalents ....... 55,201 33,400 5,935 988 1,089 2,077 Secured bank loans ...................0 ( 41,141 )0 0 0 0 Unsecured loans ........................ 2,114 )( 0 0 0 0 0 Long-term Subordinated loan .... 89,039 0 0 0 0 0 Lease receivables ......................0 0 0 0 0 0 Lease liabilities .......................... 133,961 )( 0 733 )( 216 )( 0 0 Carry forward tax loss ................ 78,203 0 0 0 0 0 Currency contracts ....................105,038 ( 12,732 )( 25,337 )0 ( 20,589 )0 Net statement of financial position ......................284,659 ( 46,412 )( 23,573 )1,327 ( 20,041 )4,771 Next 12 months forecast sales ..........................315,142 234,481 112,551 28,138 65,655 106,923 Next 12 months forecast purchases ..................( 616,622 )( 197,929 )( 58,620 )( 16,283 )( 9,770 )( 34,195 ) Capex thereof ..........................( 6,000 )0 0 0 0 0 Currency exposure .................... 16,821 )( 9,860 )( 30,358 13,181 35,844 77,499 2024Receivables / payables, net ....... 52,068 )( 7,465 )( 7,579 )( 676 )( 2,033 )( 2,151 Marketable securities ................. 104,562 0 0 0 0 0 Cash and cash equivalents ....... 36,526 14,552 3,949 921 2,654 5,125 Secured bank loans ................... 0 31,074 )( 0 0 0 0 Unsecured loans ........................ 5,754 )( 0 0 0 0 0 Long-term Subordinated loan .... 75,066 0 0 0 0 0 Lease receivables ...................... 0 0 89 0 0 0 Lease liabilities .......................... 128,328 )( 105 )( 195 )( 59 )( 0 0 Carry forward tax loss ................ 70,892 0 0 0 0 0 Currency contracts .................... 157,685 9,894 )( 20,066 )( 6,284 )( 10,342 )( 19,828 )( Net statement of financial position ......................258,581 ( 33,986 )( 23,802 )( 6,098 )( 9,721 )( 12,552 )Next 12 months forecast sales ..........................239,762 205,742 89,101 24,300 51,841 93,961 Next 12 months forecast purchases ..................( 536,167 )( 185,095 )( 51,403 )( 17,134 )( 14,279 )( 21,418 ) Capex thereof ..........................( 15,000 )0 0 0 0 0 Currency exposure .................... 37,824 )( 13,339 )( 13,896 1,068 27,841 59,991 The following significant exchange rates of USD applied during the year: Average rateYear-end spot rate2025202420252024ISK ...........................................................................................0.00780.00720.00800.0072EUR ........................................................................................1.12751.08211.17551.0415GBP .........................................................................................1.31591.27831.34601.2541CAD .........................................................................................0.71460.73030.73000.6957DKK .........................................................................................0.15100.14510.15740.1396SEK .........................................................................................0.10190.09470.10860.0909Sensitivity analysis A 10% appreciation of the USD against the following currencies at 31 December would have increased (decreased) post-tax equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and omits the impact of deferred tax assets at the reporting date. TotalDirectly inProfit oreffect on2025equity loss equityISK ..................................................................................................................15,526 )( 7,247 )( 22,773 )( EUR ................................................................................................................1,019 2,694 3,713 GBP ................................................................................................................2,027 141 )( 1,886 DKK ................................................................................................................0 106 )( 106 )( NOK/SEK ........................................................................................................1,647 44 )( 1,603 CAD ................................................................................................................0 382 )( 382 )( 2024ISK ..................................................................................................................18,620 )( 2,066 )( 20,686 )( EUR ................................................................................................................792 1,927 2,719 GBP ................................................................................................................1,605 299 1,904 DKK ................................................................................................................503 15 )( 488 NOK/SEK ........................................................................................................827 50 )( 778 CAD ................................................................................................................1,586 582 )( 1,004 A 10% weakening of the USD against the above currencies would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. Interest rate risk Interest rate risk is the potential that a change in market interest rates will reduce the value of a bond or other fixed rate instruments. The fair value of fixed rate instruments and the cash flow of variable rate instruments will fluctuate with changes in market interest rates. At the reporting date the interest rate profile of the Group\u00b4s interest bearing financial instruments was as follows: 20252024Fixed rate instrumentsCommodity derivatives and forward exchange contracts (Carrying amount) .........................150 ( 2,611 )Interest rate swaps (Notional amount) ...................................................................................( 8,570 )( 11,195 )( 8,420 )( 13,806 )Variable rate instrumentsFinancial assets (Carrying amount) .......................................................................................365,835 254,797 Financial liabilities (Carrying amount) ....................................................................................( 177,366 )( 205,754 )188,469 49,043 Fair value sensitivity analysis for fixed rate instruments The Group designates derivatives for the purpose of fuel, carbon, currency and interest rate hedging as instruments under a fair value hedge accounting model. As such, market rates affect the mark to market of the derivatives and the market value of fixed rate financial assets. In addition, interest rate changes affect the fixed rate instruments carrying amount through equity. A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign exchange rates, remain constant. 100 bp 100 bp increase decrease 31 December 2025Commodity derivatives and currency contracts .....................................................................( 1 )1 Interest rate swaps .................................................................................................................102 ( 104 )Fair value sensitivity (net) ......................................................................................................101 103 )( 31 December 2024Commodity derivatives and currency contracts .....................................................................17 17 )( Interest rate swaps .................................................................................................................220 228 )( Fair value sensitivity (net) ......................................................................................................237 245 )( Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. 100 bp 100 bp increase decrease 31 December 2025Variable rate instruments .......................................................................................................1,508 1,508 )( Cash flow sensitivity (net) ......................................................................................................1,508 1,508 )( 31 December 2024Variable rate instruments .......................................................................................................392 392 )( Cash flow sensitivity (net) ......................................................................................................392 392 )( Hedge accounting The Hedge Accounting Standards of IFRS 9 require hedge instruments to fulfill certain criteria so that the market value of open hedge positions can be allocated to equity as hedge reserves until settlement day. One of these qualifications is the requirement of effectiveness of the financial instrument against the identified exposure. The exposure in terms of cash flows has to be considered highly likely on the basis of a robust forecast of operations. All outstanding hedge contracts are effective. Following table shows effective and ineffective hedges: 31 December 20251-6 months 7-12 months > 13 months TotalFuel ........................................................................................( 1,090 )( 1,193 )( 1,287 )( 3,570 )Currency ..................................................................................3,862 142 )( 0 3,720 Interest rate swap ....................................................................81 66 100 247 Total derivatives ......................................................................2,853 1,269 )( 1,187 )( 397 Tax ...........................................................................................( 571 )254 237 ( 79 )Derivatives used for hedging, Equity .......................................2,282 1,015 )( 950 )( 317 Ineffective derivatives, P&L ....................................................0 0 0 0",
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"value": "a. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations arises principally from the Group's cash and cash equivalents, which are kept with local and international banks with acceptable credit ratings and secondly from marketable securities which consist of bonds and bills issued by Government treasuries, high rated banks and financially strong corporates. Finally, there is some exposure from customers receivables. Exposure to credit risk The carrying amounts of financial assets represent the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as follows: Note 2025 2024Non-current receivables and deposits ............................................................20 71,959 76,494 Trade and other receivables ...........................................................................24 141,140 153,452 Derivatives used for hedging ..........................................................................34 3,967 4,416 Marketable securities ......................................................................................23 170,369 104,562 Cash and cash equivalents .............................................................................25 195,466 150,235 582,901 489,159 Trade and other receivables and marketable securities The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of customers and counterparties. Credit risk is linked to trade receivables, agreements with financial institutions related to hedging and counterparties in marketable securities. The relative spread of trade receivables across counterparties is crucial for credit risk exposure. The Group is aware of potential losses related to credit risk exposure and chooses its counterparties subject to business experience and securities issuers subject to credit ratings and financial strength. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main components of this allowance are specific loss components that relate to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets. At year-end 2025, the maximum exposure to credit risk for trade and other receivables and marketable securities by type of financial instrument was as follows: 20252024ReclassifiedCredit cards ............................................................................................................................31,477 21,147 Trade receivables ...................................................................................................................44,303 51,450 75,780 72,597 Marketable securities .............................................................................................................170,369 104,562 Other receivables ...................................................................................................................103,055 106,082 Trade and other receivables, see note 24 ..............................................................................349,204 283,241 Impairment losses The aging of trade receivables and credit cards at the reporting date was as follows: Allowance for Allowance forGross impairment Gross impairment2025202520242024Not past due ............................................................................59,526 209 )( 38,238 92 )( Past due 1-30 days ..................................................................3,418 63 )( 8,640 57 )( Past due 31-120 days ..............................................................12,154 ( 456 )20,835 ( 220 )Past due 121-365 days ............................................................5,912 ( 4,712 )6,046 ( 1,683 )More than one year .................................................................1,949 ( 1,739 )6,236 ( 5,346 )Total .........................................................................................82,959 ( 7,179 )79,995 ( 7,398 )Changes in the allowance for impairment in respect of trade receivables during the year were as follows: 2025 2024Balance at 1 January .............................................................................................................7,398 6,918 Impairment loss allowance, increase (decrease) ...................................................................278 1,416 Amounts written off ................................................................................................................511 )( 933 )( Exchange rate difference .......................................................................................................14 3 )( Balance at 31 December ........................................................................................................7,179 7,398 A significant part of the balance relates to customers that have a good track record with the Group. But based on historical default rates and expected credit loss in the future, management believes that minimal impairment allowance is necessary in respect of trade receivables not past due or past due by 30 days or less. The allowance account in respect of trade receivables is used to record impairment losses. If the Group believes that no recovery is possible the gross carrying amount of the financial asset is written off. Guarantees The Group's policy is to provide financial guarantees only to wholly owned subsidiaries.",
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"f1__s8__6__62": {
"value": "b. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities, settled by delivering cash or another financial asset at their due date. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. Exposure to liquidity risk The Group aims to maintain the level of its cash and cash equivalents and marketable securities equal to the estimated amount of three months' average fixed operating cost, where 30% can be in the form of undrawn lines of credit. At year-end the Group's cash and cash equivalents amounted to USD 195.5 million, and USD 170.4 million of marketable securities with trusted counterparties, totaling USD 365.8 million. The Group's management monitors its cash flow requirements by using a rolling forecast. Liquidity is managed based on projected cash flows in different currencies. Following are the contractual maturities of financial liabilities at the reporting date, including estimated interest payments: Carrying Contractual Within 12 More than 31 December 2025amount cash flows months 1-2 years 2-5 years 5 years Non-derivative financial liabilities:Unsecured bank loans ...............4,436 4,652 3,067 547 1,038 0 Secured loans ............................172,930 202,821 44,653 23,211 100,838 34,120 Lease liability ............................. 539,557 669,535 107,112 101,299 259,218 201,906 Payables and prepayments ....... 465,521 473,746 326,937 3,043 42,230 101,536 1,182,444 1,350,754 481,769 128,099 403,324 337,562 Derivative financial liabilities:Commodity derivatives ..............( 3,570 )( 3,570 )( 1,603 )( 1,967 )0 0 Currency contracts .................... 3,720 5,023 5,023 0 0 0 - Outflow ................................... 100,265 )( 101,372 )( 101,372 )( 0 0 0 - Inflow ...................................... 103,726 106,396 106,396 0 0 0 Interest rate swaps .................... 247 260 152 94 14 0 397 1,713 3,572 1,873 )( 14 0 31 December 2024Non-derivative financial liabilities:Unsecured bank loans ...............8,544 8,983 5,270 2,283 1,430 0 Secured loans ............................197,210 235,975 49,162 41,582 98,706 46,525 Lease liability .............................465,104 595,314 99,363 96,274 239,001 160,676 Payables and prepayments ....... 340,755 357,768 258,220 3,107 26,442 69,999 1,011,613 1,198,040 412,015 143,246 365,579 277,200 Derivative financial liabilities:Commodity derivatives ..............( 6,393 )( 6,503 )( 6,814 )311 0 0 Margin accounts ........................778 778 778 0 0 0 Currency contracts ....................4,045 7,223 7,223 0 0 0 - Outflow ................................... 147,081 )( 150,207 )( 150,207 )( 0 0 0 - Inflow ...................................... 151,126 157,430 157,430 0 0 0 Interest rate swaps ....................371 397 177 208 12 0 ( 1,199 )1,895 1,364 519 12 0 Undrawn committed credit lines at year-end 2025 amounted to USD 92.0 million (2024: USD 92.0 million).",
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"f1__s8__6__63": {
"value": "c. Market risk Market risk emerges from changes in market prices, such as foreign exchange rates, interest rates, carbon prices and fuel prices, as those changes will affect the Group's cash flows or the value of its holdings in financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing returns. The Company holds some of its financial assets in terms of deposits, government bonds and rated banks securities as well as short-term bills issued by financially strong local corporates. These investments fall within the agreed risk management policy. The Group uses spot and forward trading, swaps and options to manage market risks. All such transactions are carried out within the guidelines set by the Board of Directors. The Group seeks to apply hedge accounting in order to manage volatility in profit or loss. Climate risk Climate change poses a financial risk to airlines. The potential for new regulations and taxes aimed at reducing carbon emissions, as well as the increasing costs associated with transitioning to low-carbon fuels, can have a material impact on the Company\u2019s financial performance. 2024 was the first year of CORSIA phase I compliance and 2025 was the first year of SAF compliance. These are addition to the increasing financial burden of ETS. Climate-related physical risks, such as extreme weather events, also have the potential to disrupt operations and damage infrastructure. Additionally, the industry in general faces reputational risks as consumers become more conscious of the environmental impact of their travel choices. To mitigate these financial risks, Group has implemented strategies to reduce carbon emissions. Carbon risk The Group is required to procure three types of emission allowances in relation to its operations: European Carbon Emission Allowance Futures (EUAs), UK Allowances (UKAs) and Swiss General Unit Allowance (CHUAs). Carbon emission is calculated in a fixed proportion to the fuel consumption of flights operated within the European continent. Group mitigates risk associated with carbon emission allowances through opportunistic monthly spot and forward purchases of allowances to mirror the net shortfall of allowances taking into consideration the Group\u2019s free allowances. Earning returns on the stock of procured units is a challenge as the Emissions Trading System (ETS) accounts doesn\u2018t offer interest. Yet some steps have been taken to this end by lending them to counterparties and selling EUA call options covered with forward agreements. Unlike financial derivatives associated with IFRS 9 and Hedge Accounting, such as those instruments covering the market risk of fuel, currency and interest, forward carbon contracts are not regarded as derivative financial liabilities. This is due to the underlying exposure being a commitment to purchasing goods, i.e. \"non-cash receipt\" of carbon allowances Therefore the forward contracts are future commitments to buy such goods at fixed forward prices to match the expensed item. In fact, they are kept on the Financial Position amongst Trade and other payables. Further, the acquired stock position of allowances through spot and forward trading is netted against the expensed actual emission of carbon and the market value of the contracts is disregarded as it is netted against the expensed commitment. The prices of all types of allowances have risen substantially in recent years making procurement of emission allowances a significant and growing cost item. Group enjoys a free allowance of ETS units which covered approx. 27% of the Group\u2019s total emission allowance needs in 2025. In 2024 the EU announced a plan to accelerate the amortization rate of the 2012 free allowance allocated to airlines which will phase them out by 2026. Thus, airlines will be more dependent on carbon trading in near future which will bring the consequential added costs and volatility of procurement to their production earlier and at a faster pace than planned. Another recent aspect of carbon risk is CORSIA which is an international emission trading system based on an agreement by ICAO members to offset carbon emissions according to compliance benchmarks set up in phases. 2024 was the first year of Phase I, which succeeds the Pilot Phase of which Group was also a participant. No benchmark was breached during the Pilot Phase but some costs of necessary procurement of verified carbon credits are expected in 2026 to be surrendered by the end of year 2027. Flights committed to the ETS are exempt so the new legislation effects most importantly Group flights to North America. Impact on financial reporting Carbon-related assets are presented as part of Trade and other receivable in note 24 and Carbon-related obligation are presented as part of Trade and other payables in note 31. 20252024Carbon-related assets:ETS ........................................................................................................................................23,077 19,130 Corsia .....................................................................................................................................0 0 23,077 19,130 Carbon-related obligations:ETS ........................................................................................................................................50,931 34,335 Corsia .....................................................................................................................................4,694 1,098 55,625 35,433 Fuel risk The Group is exposed to fuel price risk. The Group's fuel price risk management strategy aims to provide the airline with protection against sudden and significant increases in oil prices while ensuring that the airline is not competitively disadvantaged in the event of a substantial price fall. The Group strategy is to hedge between 20% and 50% of estimated fuel consumption 6 months forward, 0-40% 7-12 months forward and 0-20% 13-18 months forward. The hedging policy allows for both swaps and options traded with approved counterparties and within approved limits. Sensitivity analysis The following table demonstrates the sensitivity of the financial instruments in place at year-end to a reasonably possible change in fuel prices, with all other variables held constant, on equity: Effect on equity20252024Increase in fuel prices by 10% ...............................................................................................11,582 11,421 Decrease in fuel prices by 10% ..............................................................................................11,582 )( 11,421 )( At year-end 2025 all open hedge positions were effective. Changes in their market value are therefore confined to equity until settlement. Currency risk The Group is exposed to risk associated with cash flow and financial position items that are denominated in currencies other than the functional currencies of Group entities. The Group seeks to reduce the risk arising from such a currency mismatch in the cash flow by netting receivables and payments in each individual currency and by internal trading within the Group. The shortfall of ISK is financed by a surplus of European and American currencies. The Group also maintains a relatively high ISK balance on the Statement of Financial Position to offset currency mismatches and to serve as a reserve for future ISK-denominated payments. Lastly the ISK historically a high interest currency offering better yields on ISK holdings. Exposure to currency risk The Group's exposure to currency risk in major currencies is as follows: 2025ISKEURGBPDKKNOK/SEKCADReceivables / payables, net .......( 77,116 )( 25,939 )( 3,438 )555 ( 541 )2,694 Marketable securities .................170,369 0 0 0 0 0 Cash and cash equivalents ....... 55,201 33,400 5,935 988 1,089 2,077 Secured bank loans ...................0 ( 41,141 )0 0 0 0 Unsecured loans ........................ 2,114 )( 0 0 0 0 0 Long-term Subordinated loan .... 89,039 0 0 0 0 0 Lease receivables ......................0 0 0 0 0 0 Lease liabilities .......................... 133,961 )( 0 733 )( 216 )( 0 0 Carry forward tax loss ................ 78,203 0 0 0 0 0 Currency contracts ....................105,038 ( 12,732 )( 25,337 )0 ( 20,589 )0 Net statement of financial position ......................284,659 ( 46,412 )( 23,573 )1,327 ( 20,041 )4,771 Next 12 months forecast sales ..........................315,142 234,481 112,551 28,138 65,655 106,923 Next 12 months forecast purchases ..................( 616,622 )( 197,929 )( 58,620 )( 16,283 )( 9,770 )( 34,195 ) Capex thereof ..........................( 6,000 )0 0 0 0 0 Currency exposure .................... 16,821 )( 9,860 )( 30,358 13,181 35,844 77,499 2024Receivables / payables, net ....... 52,068 )( 7,465 )( 7,579 )( 676 )( 2,033 )( 2,151 Marketable securities ................. 104,562 0 0 0 0 0 Cash and cash equivalents ....... 36,526 14,552 3,949 921 2,654 5,125 Secured bank loans ................... 0 31,074 )( 0 0 0 0 Unsecured loans ........................ 5,754 )( 0 0 0 0 0 Long-term Subordinated loan .... 75,066 0 0 0 0 0 Lease receivables ...................... 0 0 89 0 0 0 Lease liabilities .......................... 128,328 )( 105 )( 195 )( 59 )( 0 0 Carry forward tax loss ................ 70,892 0 0 0 0 0 Currency contracts .................... 157,685 9,894 )( 20,066 )( 6,284 )( 10,342 )( 19,828 )( Net statement of financial position ......................258,581 ( 33,986 )( 23,802 )( 6,098 )( 9,721 )( 12,552 )Next 12 months forecast sales ..........................239,762 205,742 89,101 24,300 51,841 93,961 Next 12 months forecast purchases ..................( 536,167 )( 185,095 )( 51,403 )( 17,134 )( 14,279 )( 21,418 ) Capex thereof ..........................( 15,000 )0 0 0 0 0 Currency exposure .................... 37,824 )( 13,339 )( 13,896 1,068 27,841 59,991 The following significant exchange rates of USD applied during the year: Average rateYear-end spot rate2025202420252024ISK ...........................................................................................0.00780.00720.00800.0072EUR ........................................................................................1.12751.08211.17551.0415GBP .........................................................................................1.31591.27831.34601.2541CAD .........................................................................................0.71460.73030.73000.6957DKK .........................................................................................0.15100.14510.15740.1396SEK .........................................................................................0.10190.09470.10860.0909Sensitivity analysis A 10% appreciation of the USD against the following currencies at 31 December would have increased (decreased) post-tax equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and omits the impact of deferred tax assets at the reporting date. TotalDirectly inProfit oreffect on2025equity loss equityISK ..................................................................................................................15,526 )( 7,247 )( 22,773 )( EUR ................................................................................................................1,019 2,694 3,713 GBP ................................................................................................................2,027 141 )( 1,886 DKK ................................................................................................................0 106 )( 106 )( NOK/SEK ........................................................................................................1,647 44 )( 1,603 CAD ................................................................................................................0 382 )( 382 )( 2024ISK ..................................................................................................................18,620 )( 2,066 )( 20,686 )( EUR ................................................................................................................792 1,927 2,719 GBP ................................................................................................................1,605 299 1,904 DKK ................................................................................................................503 15 )( 488 NOK/SEK ........................................................................................................827 50 )( 778 CAD ................................................................................................................1,586 582 )( 1,004 A 10% weakening of the USD against the above currencies would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. Interest rate risk Interest rate risk is the potential that a change in market interest rates will reduce the value of a bond or other fixed rate instruments. The fair value of fixed rate instruments and the cash flow of variable rate instruments will fluctuate with changes in market interest rates. At the reporting date the interest rate profile of the Group\u00b4s interest bearing financial instruments was as follows: 20252024Fixed rate instrumentsCommodity derivatives and forward exchange contracts (Carrying amount) .........................150 ( 2,611 )Interest rate swaps (Notional amount) ...................................................................................( 8,570 )( 11,195 )( 8,420 )( 13,806 )Variable rate instrumentsFinancial assets (Carrying amount) .......................................................................................365,835 254,797 Financial liabilities (Carrying amount) ....................................................................................( 177,366 )( 205,754 )188,469 49,043 Fair value sensitivity analysis for fixed rate instruments The Group designates derivatives for the purpose of fuel, carbon, currency and interest rate hedging as instruments under a fair value hedge accounting model. As such, market rates affect the mark to market of the derivatives and the market value of fixed rate financial assets. In addition, interest rate changes affect the fixed rate instruments carrying amount through equity. A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign exchange rates, remain constant. 100 bp 100 bp increase decrease 31 December 2025Commodity derivatives and currency contracts .....................................................................( 1 )1 Interest rate swaps .................................................................................................................102 ( 104 )Fair value sensitivity (net) ......................................................................................................101 103 )( 31 December 2024Commodity derivatives and currency contracts .....................................................................17 17 )( Interest rate swaps .................................................................................................................220 228 )( Fair value sensitivity (net) ......................................................................................................237 245 )( Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. 100 bp 100 bp increase decrease 31 December 2025Variable rate instruments .......................................................................................................1,508 1,508 )( Cash flow sensitivity (net) ......................................................................................................1,508 1,508 )( 31 December 2024Variable rate instruments .......................................................................................................392 392 )( Cash flow sensitivity (net) ......................................................................................................392 392 )( Hedge accounting",
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"value": "Hedge accounting The Hedge Accounting Standards of IFRS 9 require hedge instruments to fulfill certain criteria so that the market value of open hedge positions can be allocated to equity as hedge reserves until settlement day. One of these qualifications is the requirement of effectiveness of the financial instrument against the identified exposure. The exposure in terms of cash flows has to be considered highly likely on the basis of a robust forecast of operations. All outstanding hedge contracts are effective. Following table shows effective and ineffective hedges: 31 December 20251-6 months 7-12 months > 13 months TotalFuel ........................................................................................( 1,090 )( 1,193 )( 1,287 )( 3,570 )Currency ..................................................................................3,862 142 )( 0 3,720 Interest rate swap ....................................................................81 66 100 247 Total derivatives ......................................................................2,853 1,269 )( 1,187 )( 397 Tax ...........................................................................................( 571 )254 237 ( 79 )Derivatives used for hedging, Equity .......................................2,282 1,015 )( 950 )( 317 Ineffective derivatives, P&L ....................................................0 0 0 0",
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"value": "34. Financial instruments and fair value The fair value of financial assets and liabilities, together with the carrying amounts shown in the Statement of Financial Position, are as follows. The table does not include information for financial assets and liabilities measured at fair value if the carrying amount is a reasonable approximation of fair value: Carrying Carrying amount Fair value amount Fair value 2025202520242024Derivatives used for hedging ...................................................397 397 ( 1,199 )( 1,199 )Unsecured loans .....................................................................( 4,436 )( 2,305 )( 8,544 )( 8,182 )Secured loans .........................................................................( 172,930 )( 181,390 )( 197,210 )( 202,186 )Lease liabilities ........................................................................( 461,570 )( 461,570 )( 465,104 )( 465,104 )Total .........................................................................................638,539 )( 644,868 )( 672,057 )( 676,671 )( Fair value hierarchy The table below analyses the fair value of assets and liabilities and their levels in the fair value hierarchy: 31 December 2025Level 1Level 2Level 3TotalFinancial assetsDerivatives used for hedging ...................................................3,967 3,967 0 3,967 0 3,967 Financial liabilitiesUnsecured loans .....................................................................2,305 )( 2,305 )( Secured loans .........................................................................181,390 )( 181,390 )( Lease liabilities ........................................................................461,570 )( 461,570 )( Derivatives used for hedging ...................................................3,570 )( 3,570 )( 0 3,570 )( 645,265 )( 648,835 )( 31 December 2024Financial assetsDerivatives used for hedging ...................................................4,416 4,416 0 4,416 0 4,416 Financial liabilitiesUnsecured loans .....................................................................8,182 )( 8,182 )( Secured loans .........................................................................202,186 )( 202,186 )( Lease liabilities ........................................................................465,104 )( 465,104 )( Derivatives used for hedging ...................................................( 5,615 )( 5,615 )0 ( 5,615 )( 675,472 )( 681,087 )The basis for determining the levels is disclosed in note 4. Non-derivative financial liabilities Fair value, as determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at market rates as at the reporting date. In respect of the liability component of convertible notes, the market rate of interest is determined by reference to similar liabilities that do not have a conversion option. Derivatives The fair value of forward exchange contracts is based on their quoted price, if available. If a quoted price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract. This methodology is also used when valuating commodity forwards and swaps. The fair value of interest rate swaps is based on broker quotes. If not available, the fair value is based on the discounted cash flow difference of the contractual fixed interest payment and the floating interest receivable. Fair value reflects the credit risk of the instrument and includes adjustments to take account of the credit risk of the Group entities and counterparties when appropriate.",
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"value": "34. Financial instruments and fair value The fair value of financial assets and liabilities, together with the carrying amounts shown in the Statement of Financial Position, are as follows. The table does not include information for financial assets and liabilities measured at fair value if the carrying amount is a reasonable approximation of fair value: Carrying Carrying amount Fair value amount Fair value 2025202520242024Derivatives used for hedging ...................................................397 397 ( 1,199 )( 1,199 )Unsecured loans .....................................................................( 4,436 )( 2,305 )( 8,544 )( 8,182 )Secured loans .........................................................................( 172,930 )( 181,390 )( 197,210 )( 202,186 )Lease liabilities ........................................................................( 461,570 )( 461,570 )( 465,104 )( 465,104 )Total .........................................................................................638,539 )( 644,868 )( 672,057 )( 676,671 )( Fair value hierarchy The table below analyses the fair value of assets and liabilities and their levels in the fair value hierarchy: 31 December 2025Level 1Level 2Level 3TotalFinancial assetsDerivatives used for hedging ...................................................3,967 3,967 0 3,967 0 3,967 Financial liabilitiesUnsecured loans .....................................................................2,305 )( 2,305 )( Secured loans .........................................................................181,390 )( 181,390 )( Lease liabilities ........................................................................461,570 )( 461,570 )( Derivatives used for hedging ...................................................3,570 )( 3,570 )( 0 3,570 )( 645,265 )( 648,835 )( 31 December 2024Financial assetsDerivatives used for hedging ...................................................4,416 4,416 0 4,416 0 4,416 Financial liabilitiesUnsecured loans .....................................................................8,182 )( 8,182 )( Secured loans .........................................................................202,186 )( 202,186 )( Lease liabilities ........................................................................465,104 )( 465,104 )( Derivatives used for hedging ...................................................( 5,615 )( 5,615 )0 ( 5,615 )( 675,472 )( 681,087 )The basis for determining the levels is disclosed in note 4. Non-derivative financial liabilities Fair value, as determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at market rates as at the reporting date. In respect of the liability component of convertible notes, the market rate of interest is determined by reference to similar liabilities that do not have a conversion option. Derivatives The fair value of forward exchange contracts is based on their quoted price, if available. If a quoted price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract. This methodology is also used when valuating commodity forwards and swaps. The fair value of interest rate swaps is based on broker quotes. If not available, the fair value is based on the discounted cash flow difference of the contractual fixed interest payment and the floating interest receivable. Fair value reflects the credit risk of the instrument and includes adjustments to take account of the credit risk of the Group entities and counterparties when appropriate.",
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"value": "Derivatives The fair value of forward exchange contracts is based on their quoted price, if available. If a quoted price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract. This methodology is also used when valuating commodity forwards and swaps. The fair value of interest rate swaps is based on broker quotes. If not available, the fair value is based on the discounted cash flow difference of the contractual fixed interest payment and the floating interest receivable. Fair value reflects the credit risk of the instrument and includes adjustments to take account of the credit risk of the Group entities and counterparties when appropriate.",
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"value": "35. Capital commitments In 2023, the Group finalized a purchase agreement for up to 25 A321XLR aircraft from Airbus and engine agreements thereto with engine manufacturer Pratt & Whitney. The order consists of 13 A321XLR\u2019s and includes purchase rights for additional aircraft. The deliveries will commence in 2029. In addition, the Group has concluded long-term agreements for nine new A321LR aircraft, five with SMBC Aviation Capital Limited, two with CDB Aviation and two with CALC. Of these nine new A321LR\u2019s, first one was delivered in Q4-2024, three were delivered in 2025 and the remaining five are scheduled for delivery to the Route network as demonstrated in the table in note 29.",
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"value": "36. Related parties Identity of related parties The Group has a related party relationship with its shareholders with significant influence, subsidiaries, associates, and with its directors and executive officers. All the transactions with related parties are on arm\u2019s length basis and are on similar terms than transactions carried out with independent parties. Transactions with management and key personnel Salaries and benefits of management for their service to Group companies and the number of shares in the Company held by management are specified below. Incentive Number of Stock payments shares options Salaries Pension for held at held at and contri- previous year-end year-end in benefits bution year thousands* thousands 2025Board of Directors:Gu\u00f0mundur Hafsteinsson, Chairman ...............88.8 10.2 8,555 Nina Jonsson, Vice Chairman ..........................79.4 9.1 John F. Thomas ...............................................63.0 7.2 3,395 Matthew Evans .................................................49.0 5.6 Svafa Gr\u00f6nfeldt ................................................49.0 5.8 12,500 Executive Committee:Bogi Nils Bogason Group CEO ........................512.5 95.5 72.1 23,625 72,100 Eight members of Executive Committee** .......2,139.5 406.5 298.9 32,324 271,100 Executive Committee (male / female) ..............7/2 2024Board of Directors:Gu\u00f0mundur Hafsteinsson, Chairman ...............79.2 9.1 8,555 Nina Jonsson, Vice Chairman ..........................70.5 8.1 John F. Thomas ...............................................56.5 6.5 3,395 Matthew Evans .................................................43.5 5.0 Svafa Gr\u00f6nfeldt ................................................43.5 5.0 12,500 Executive Committee:Bogi Nils Bogason Group CEO ........................452.7 80.9 42.4 23,625 44,200 Seven members of Executive Committee ........1,874.0 337.8 149.2 32,574 170,600 Executive Committee (male / female) .............. 5/3* Including financially related** Number of executives were seven for the first nine months of the year 2025.At the Company's Annual General Meeting in 2022 it was approved to implement a share-based incentive program for the senior leadership team and other selected key employees. In 2025, 486,600,000 stock options were granted to a total of 51 employees based on the program. Transactions with associates and subsidiaries The Group's purchases and sales to associates and subsidies were immaterial for the year 2025. Transactions with shareholders There are no shareholders with significant influence at year-end 2025. Companies which members of the Board and Executive Committee members control have been identified as being thirteen. These companies have been identified as related. Transactions with them were immaterial in 2025.",
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"value": "Transactions with management and key personnel Salaries and benefits of management for their service to Group companies and the number of shares in the Company held by management are specified below. Incentive Number of Stock payments shares options Salaries Pension for held at held at and contri- previous year-end year-end in benefits bution year thousands* thousands 2025Board of Directors:Gu\u00f0mundur Hafsteinsson, Chairman ...............88.8 10.2 8,555 Nina Jonsson, Vice Chairman ..........................79.4 9.1 John F. Thomas ...............................................63.0 7.2 3,395 Matthew Evans .................................................49.0 5.6 Svafa Gr\u00f6nfeldt ................................................49.0 5.8 12,500 Executive Committee:Bogi Nils Bogason Group CEO ........................512.5 95.5 72.1 23,625 72,100 Eight members of Executive Committee** .......2,139.5 406.5 298.9 32,324 271,100 Executive Committee (male / female) ..............7/2 2024Board of Directors:Gu\u00f0mundur Hafsteinsson, Chairman ...............79.2 9.1 8,555 Nina Jonsson, Vice Chairman ..........................70.5 8.1 John F. Thomas ...............................................56.5 6.5 3,395 Matthew Evans .................................................43.5 5.0 Svafa Gr\u00f6nfeldt ................................................43.5 5.0 12,500 Executive Committee:Bogi Nils Bogason Group CEO ........................452.7 80.9 42.4 23,625 44,200 Seven members of Executive Committee ........1,874.0 337.8 149.2 32,574 170,600 Executive Committee (male / female) .............. 5/3",
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"value": "Transactions with management and key personnel Salaries and benefits of management for their service to Group companies and the number of shares in the Company held by management are specified below. Incentive Number of Stock payments shares options Salaries Pension for held at held at and contri- previous year-end year-end in benefits bution year thousands* thousands 2025Board of Directors:Gu\u00f0mundur Hafsteinsson, Chairman ...............88.8 10.2 8,555 Nina Jonsson, Vice Chairman ..........................79.4 9.1 John F. Thomas ...............................................63.0 7.2 3,395 Matthew Evans .................................................49.0 5.6 Svafa Gr\u00f6nfeldt ................................................49.0 5.8 12,500 Executive Committee:Bogi Nils Bogason Group CEO ........................512.5 95.5 72.1 23,625 72,100 Eight members of Executive Committee** .......2,139.5 406.5 298.9 32,324 271,100 Executive Committee (male / female) ..............7/2 2024Board of Directors:Gu\u00f0mundur Hafsteinsson, Chairman ...............79.2 9.1 8,555 Nina Jonsson, Vice Chairman ..........................70.5 8.1 John F. Thomas ...............................................56.5 6.5 3,395 Matthew Evans .................................................43.5 5.0 Svafa Gr\u00f6nfeldt ................................................43.5 5.0 12,500 Executive Committee:Bogi Nils Bogason Group CEO ........................452.7 80.9 42.4 23,625 44,200 Seven members of Executive Committee ........1,874.0 337.8 149.2 32,574 170,600 Executive Committee (male / female) .............. 5/3",
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"value": "37. Litigations and claims Icelandair has initiated legal proceedings against ISAVIA, seeking a judicial declaration of liability for damages arising from the air traffic controllers\u2019 strike in December 2023. The case was initially dismissed by the District Court; however, that decision was appealed to the Court of Appeal, which remanded the matter to the District Court, where it now awaits a ruling on the subject matter of the case.",
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"value": "38. Group entities The Company held the following significant subsidiaries at year-end 2025 which are all included in the Consolidated Financial Statements: Ownership interest2025 2024 ICECAP Insurance PCC Ltd. ...............................................................................100% 100% Iceeignir ehf. ........................................................................................................100% 100% Icelandair ehf. .....................................................................................................100% 100% CAE Icelandair Flight Training ehf. ...............................................................67% 67% Flugf\u00e9lag \u00cdslands ehf. .....................................................................................100% 100% Icelandair Cargo ehf. ......................................................................................100% 100% FERIA ehf. ...........................................................................................................100% 100% Loftlei\u00f0ir - Icelandic ehf. .....................................................................................100% 100%The subsidiaries further own seven minor operating companies that are also included in the Consolidated Financial Statements.",
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"value": "39. Ratios The Group's primary ratios at year-end are specified as follows:20252024Current ratio ............................................................................................................0.69 0.63Equity ratio ..............................................................................................................0.15 0.16Intrinsic value of share capital .................................................................................0.92 0.87",
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"f1__s8__6__76": {
"value": "40. Investment and financing without cash flow effect Many investing and financing activities do not have a direct impact on current cash flows although they do affect the capital and asset structure of the Group and should be excluded from the statements of cash flows. The exclusion of non-cash transactions from the Statement of Cash Flows as these items do not involve cash flows in the current period. Investment and financing without cash flow effect: 20252024Acquisition of right-of-use assets .................................................................16( 148,386 )( 113,238 )New or renewed leases ................................................................................29148,386 141,501 Non-current receivables ...............................................................................0 28,263 )( Investment in associates ..............................................................................0 ( 22,917 )Trade and other receivables ........................................................................0 22,917",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__77": {
"value": "41. Significant accounting policies The accounting policies set out in this note have been applied consistently to all periods presented in these Consolidated Financial Statements and have been applied consistently by Group entities. a. Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Financial Statements of subsidiaries are included in the consolidated statements from the date on which control commences until the date on which control ceases. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Investment in associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Interests in associates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group's share of the profit or loss and other comprehensive income of associates, until the date on which significant influence ceases. b. Currency exchange Currency transactions Transactions in currencies other than functional currencies (foreign currencies) are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognized in profit or loss, except for differences arising on a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective or qualifying cash flow hedges to the extent the hedge is effective, which are recognized in other comprehensive income. Subsidiaries with other functional currencies Assets and liabilities of foreign operations and subsidiaries with functional currencies other than USD, including goodwill and fair value adjustments arising on acquisitions, are translated to USD at exchange rates at the reporting date. Income and expenses are translated to USD at exchange rates at the dates of the transactions. Currency differences arising on translation are recognized in other comprehensive income. When an operation is disposed of, in part or in full, the relevant amount in the currency translation reserve within equity is transferred to profit or loss as part of the profit or loss on disposal. Currency differences are recognized in other comprehensive income, and presented in the translation reserve in equity. However, if the operation is not a wholly owned subsidiary, then the relevant proportion of the translation difference is allocated to the non-controlling interests. c. Operating income Transport revenue Passenger ticket sales are recognized as revenue when transportation has been provided. Sold refundable documents not used within six months after expected transport are recognized as revenue. Non-refundable documents are recognized as revenue two months after expected transport if not used. Revenue from mail and cargo transportation is recognized when transportation has been provided. Customer loyalty programs For customer loyalty programs, the fair value of the consideration received or receivable in respect of the initial sale is allocated between the award credits (frequent flyer points) and other components of the sale. Awards can also be generated through transportation services supplied by the Group. Through transportation services the amount allocated to the points is estimated by reference to the fair value of the services for which they could be redeemed, since the fair value of the points themselves is not directly observable. The fair value of the services is calculated taking into account the expected redemption rate and timing of the redemptions. The amounts are deferred and revenue is recognized only when the points are redeemed and the Group has fulfilled its obligations to provide the services. The amount of revenue recognized in those circumstances is based on the number of points that have been redeemed in exchange for services, relative to the total number of points that is expected to be redeemed. Aircraft and aircrew lease Revenue from aircraft and aircrew lease is recognized in profit or loss when the service has been provided and IFRS 16 Lease standard does not apply. Other operating revenue Revenue includes revenue from tourism, sales at airports and hotels, maintenance service sold and other revenue. Revenue is recognized in profit or loss when the service has been provided or sale completed by delivery of products. Gain on sale of operating assets is recognized in profit or loss when the risks and rewards of ownership are transferred to the buyer. d. Employee benefits Short-term employee benefits Short-term employee benefits are expensed when the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Defined contribution plans Obligations for contributions to defined contribution plans are expensed when the related service is provided. e. Leases At inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right of controlling the use of identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of lease in IFRS 16. As a lessee The Group recognizes a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives receivable. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right of use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment leases, if any and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u00b4s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; - amounts expected to be payable under a residual value guarantee; and - the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u00b4s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable by the Group only and not by the lessors. The Group assesses whether such an option is reasonably certain to be exercised at the lease commencement date. A reassessment is made in case of a significant event or significant changes in circumstances within the Group\u2019s control. A sales and leaseback transaction is one where the Group sells and asset and immediately reacquires the use of the asset by entering into a lease agreement. Any profit from the sale is deferred and amortized over the lease term. Short-term leases and leases of low value The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value asset and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of 'other revenue. Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from IFRS 16 except for the classification of the sub-lease entered into during current reporting period that resulted in a finance lease classification. f. Finance income and finance cost Finance income comprises interest income on funds invested, dividend income, foreign currency gains, and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Dividend income is recognized in profit or loss on the date that the Group's right to receive payment is established. Finance cost comprises interest expense on borrowings, unwinding of discounts on provisions, foreign currency losses, impairment losses recognized on financial assets, and losses on hedging instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition of a qualifying asset are recognized in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether currency movements are in a net gain or net loss position. g. Taxes Income tax comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is expected tax payable on taxable income for the year using tax rates enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that do not affect accounting, or taxable profit or differences relating to investment in subsidiaries. Global minimum tax (Pillar II) The OECD introduced Global Anti-Base Erosion (GloBE) Rules for a new global minimum tax framework (Pillar Two) at the end of 2021. In December 2022, the EU Minimum Tax Directive entered into force, implementing a global minimum tax rate of 15% for multinational enterprises and large-scale domestic groups. The Directive has been applicable within the EU starting from 2024. Iceland has announced its intention to implement Pillar Two rules but has not yet enacted legislation as of 31 December 2025. The Group is within the scope of Pillar Two rules. In relation to its subsidiary ICECAP Insurance PCC Ltd. domiciled in Guernsey, where legislation has been enacted for fiscal years beginning on or after 1 January 2025. IASB amendments to IAS 12 issued in May 2023 provide a temporary exception from recognizing deferred taxes related to Pillar Two. The Group applies this exception except where legislation is enacted and tax is expected to be payable. h. Operating assets Recognition and measurement Items of operating assets are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of operating assets have different useful lives, they are accounted for as separate items (major components) of operating assets. Any gain and loss on disposal of an item of operating assets (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. Aircraft and flight equipment Aircraft and flight equipment, e.g. aircraft engines and aircraft spare parts, are measured at cost less accumulated depreciation and accumulated impairment losses. When an aircraft is acquired the purchase price is divided between the aircraft itself and engines. Aircraft is depreciated over the estimated useful life of the relevant aircraft until a residual value is met. Engines are depreciated according to actual usage based on cycles flown. When an engine is overhauled the cost of the overhaul is capitalized and the remainder of the cost of the previous overhaul that has not already been depreciated, if any, is expensed in full. Subsequent expenditure Subsequent expenditure is capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Items of operating assets are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component unless other systematic method is considered appropriate. Leased assets are depreciated over the shorter of the lease term or their useful lives. The estimated useful lives for the current and comparative periods are as follows: Useful lifeAircraft and flight equipment ............................................................................................................3-17 yearsEngines ............................................................................................................................................Cycles flownBuildings ..........................................................................................................................................17-50 yearsOther property and equipment .........................................................................................................3-20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. i. Intangible assets and goodwill Goodwill and other intangible assets with indefinite useful lives All business combinations are accounted for by applying the purchase method. Goodwill represents amounts arising on acquisition of subsidiaries. In respect of business acquisitions goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. Goodwill, trademarks and airport slots with indefinite useful lives are stated at cost less accumulated impairment losses. Other intangible assets Other intangible assets acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative years are as follows: Useful lifeSoftware ...........................................................................................................................................3 yearsOther intangible assets ....................................................................................................................6-10 yearsAmortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. j. Inventories Goods for resale and supplies are measured at the lower of cost and net realizable value. The cost of inventories is based on first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. k. Financial instruments Non-derivative financial assets Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and financial assets measured at amortized cost. Financial assets at fair value through profit or loss Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at fair value through profit or loss comprise marketable securities actively managed by the Group's treasury department to address short-term liquidity needs. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Financial assets measured at amortized cost comprise cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Non-derivative financial liabilities The Company initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when the underlying contractual obligations are discharged, cancelled, settled or otherwise extinguished, or when the liability expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities other than derivatives comprise loans and borrowings and trade and other payables. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency, fuel price and interest rate risk exposures(see note 34). Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or lossas incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generallyrecognized in profit or loss. The Group holds no trading derivatives.On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between thehedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedgetransaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedgingrelationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoingbasis, whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective hedged items during the period for which the hedge is designated, and whether the actual results ofeach hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should behighly probable to occur and should present an exposure to variations in cash flows that ultimately could affect reported profitor loss.Cash flow hedges When a derivative is designated as a cash flow hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases the amount accumulated in equity is reclassified to profit or loss in the same period during which the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the hedged future cash flows is no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. Other non-trading derivatives When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognized immediately in profit or loss. Warrants are free standing financial instruments that are legally detachable and separately exercisable from the underlying shares. Pursuant to the requirements of IAS 32 Financial instruments: Presentation, the warrants are classified as financial liabilities because their exercise price is denominated in ISK, the Company's functional currency is USD and the Company did not offer the warrants pro rata to all of its existing shareholders. The outstanding warrants are recognized as warrant liabilities in the Consolidated Statement of Financial Position and are measured at their fair value on their issuing date and are subsequently measured at each reporting period with changes in fair value being recorded as a component of Change in fair value in the Consolidated Income Statement and other Comprehensive Income according to IFRS 13, Fair Value Measurement. l. Carbon-related assets and obligationsCarbon-related assets and liabilitiesAs an operating company emits CO\u2082-equivalent, it accumulates obligations under the ETS, CORSIA or voluntarycarbon-offset schemes. When the operating company purchases ETS allowances, CORSIA emission units or voluntarycarbon-offset units, these are recognized at cost within Carbon-related assets. Carbon-related assets are not revalued oramortized but are assessed for impairment whenever indicators arise that their carrying amount may not be recoverable.For obligations arising where the operating company has acquired sufficient emission allowances or units to offset the relatedemissions, the obligation is measured at the weighted-average cost of the corresponding carbon-related assets. Whereallowances or units have not yet been purchased, the obligation is recognized at the market price of the required instrumentsat the balance sheet date. As the obligation is recognized, a corresponding amount is recorded in the Income Statementwithin Fuel costs and emission charges (Emissions Trading Systems (ETS), Corsia Carbon Credits and Sustainable AviationFuel (SAF)).The Group\u2019s emissions obligations, recognized as Carbon contracts within Trade and other payables, are extinguished whenthe associated emission certificates are surrendered or retired to the relevant authorities. ETS allowances are typicallysurrendered within 12 months after the balance sheet date, whereas CORSIA units are retired once every three years, withthe first retirement for the 2024\u20132026 compliance period expected in 2028, unless earlier retirement is agreed with therespective authorities.m. Share capitalOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognizedas a deduction from equity, net of any tax effects.Repurchase and reissue of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium. n. ImpairmentNon-derivative financial assetsA financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether thereis objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a resultof one or more events that have occurred after the initial recognition of the asset, and that loss event had an impact on theestimated future cash flows of that asset which can be estimated reliably.Objective evidence that financial assets are impaired includes:- Default or delinquency by a debtor;- Restructuring of an amount due to the Group on terms that the Group would not consider otherwise;- Indications that a debtor or issuer will enter bankruptcy;- Adverse changes in the payment status of borrowers or issuers;- The disappearance of an active market for a security because of financial difficulties; or- Observable data indicating that there is a measurable decrease in the expected cash flows from a group of financialassets.An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognized. When an event occurring after the impairment recognized causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Non-financial assets The carrying amounts of the Group's non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. Goodwill and indefinite-lived intangibles assets are tested annually for impairment. An impairment loss is recognized if the carrying amount of an asset or cash-generating unit (CGU) exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessingvalue in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose ofimpairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets thatgenerates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Subjectto an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has beenallocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwillis monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUsthat are expected to benefit from the synergies of the combination.Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated first toreduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amountsof other assets in the CGU (group of CGUs) on a pro rata basis.An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimatedrecoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reducethe carrying amount of other assets in the unit (group of units) on a pro rata basis.The Group's corporate assets do not generate separate cash inflows and are utilized by more than one CGU. Corporateassets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of theCGU to which the corporate asset is allocated.An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extentthat the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciationor amortization, if no impairment loss had been recognized.o. ProvisionsA provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can beestimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisionsare determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments ofthe time value of money and the risks specific to the liability.Overhaul commitments relating to aircraft under operating leases With respect to the Group\u00b4s operating lease agreements, where the Group has a commitment to maintain the aircraft, provision is made during the lease term for the obligation based on estimated future cost of major airframe and certain engine maintenance checks by making appropriate charges to the profit or loss calculated by reference to the number of hours or cycles operated. Provisions are entered into the statement of financial position among non-current and current payables, as applicable. p. Deferred incomeSold unused tickets, fair value of unutilized frequent flyer points and other prepayments are presented as deferred incomein the statement of financial position.Icelandair's frequent flyer program Frequent flyer points earned or sold are accounted for as a liability on a fair value basis of the services that can be purchased for the points. The points are recognized as revenue when they are utilized or when they expire. q. Deferred tax assetA deferred tax asset is recognized for unused tax losses and deductible temporary differences, to the extent that it is probablethat future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reportingdate and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, usingtax rates enacted at the reporting date.r. Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for treasury shares held, for the effects of all dilutive potential ordinary shares. s. Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The major revenue-earning assets of the Group is the aircraft fleet, the majority of which is registered in Iceland. Since the Group's aircraft fleet is employed flexibly across its route network, there is no suitable basis of allocating such assets and related liabilities to geographical segments. Inter-segment pricing is determined on an arm's length basis. Segment results, reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly investments and related revenue, loans and borrowings and related expenses, corporate assets and head office expenses, and income tax assets and liabilities",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__78": {
"value": "a. Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Financial Statements of subsidiaries are included in the consolidated statements from the date on which control commences until the date on which control ceases. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Investment in associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Interests in associates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group's share of the profit or loss and other comprehensive income of associates, until the date on which significant influence ceases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__79": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Financial Statements of subsidiaries are included in the consolidated statements from the date on which control commences until the date on which control ceases. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__80": {
"value": "Investment in associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Interests in associates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group's share of the profit or loss and other comprehensive income of associates, until the date on which significant influence ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__81": {
"value": "b. Currency exchange Currency transactions Transactions in currencies other than functional currencies (foreign currencies) are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognized in profit or loss, except for differences arising on a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective or qualifying cash flow hedges to the extent the hedge is effective, which are recognized in other comprehensive income. Subsidiaries with other functional currencies Assets and liabilities of foreign operations and subsidiaries with functional currencies other than USD, including goodwill and fair value adjustments arising on acquisitions, are translated to USD at exchange rates at the reporting date. Income and expenses are translated to USD at exchange rates at the dates of the transactions. Currency differences arising on translation are recognized in other comprehensive income. When an operation is disposed of, in part or in full, the relevant amount in the currency translation reserve within equity is transferred to profit or loss as part of the profit or loss on disposal. Currency differences are recognized in other comprehensive income, and presented in the translation reserve in equity. However, if the operation is not a wholly owned subsidiary, then the relevant proportion of the translation difference is allocated to the non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__82": {
"value": "c. Operating income Transport revenue Passenger ticket sales are recognized as revenue when transportation has been provided. Sold refundable documents not used within six months after expected transport are recognized as revenue. Non-refundable documents are recognized as revenue two months after expected transport if not used. Revenue from mail and cargo transportation is recognized when transportation has been provided. Customer loyalty programs For customer loyalty programs, the fair value of the consideration received or receivable in respect of the initial sale is allocated between the award credits (frequent flyer points) and other components of the sale. Awards can also be generated through transportation services supplied by the Group. Through transportation services the amount allocated to the points is estimated by reference to the fair value of the services for which they could be redeemed, since the fair value of the points themselves is not directly observable. The fair value of the services is calculated taking into account the expected redemption rate and timing of the redemptions. The amounts are deferred and revenue is recognized only when the points are redeemed and the Group has fulfilled its obligations to provide the services. The amount of revenue recognized in those circumstances is based on the number of points that have been redeemed in exchange for services, relative to the total number of points that is expected to be redeemed. Aircraft and aircrew lease Revenue from aircraft and aircrew lease is recognized in profit or loss when the service has been provided and IFRS 16 Lease standard does not apply. Other operating revenue Revenue includes revenue from tourism, sales at airports and hotels, maintenance service sold and other revenue. Revenue is recognized in profit or loss when the service has been provided or sale completed by delivery of products. Gain on sale of operating assets is recognized in profit or loss when the risks and rewards of ownership are transferred to the buyer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__83": {
"value": "d. Employee benefits Short-term employee benefits Short-term employee benefits are expensed when the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Defined contribution plans Obligations for contributions to defined contribution plans are expensed when the related service is provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__84": {
"value": "e. Leases At inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right of controlling the use of identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of lease in IFRS 16. As a lessee The Group recognizes a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives receivable. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right of use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment leases, if any and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u00b4s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; - amounts expected to be payable under a residual value guarantee; and - the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u00b4s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable by the Group only and not by the lessors. The Group assesses whether such an option is reasonably certain to be exercised at the lease commencement date. A reassessment is made in case of a significant event or significant changes in circumstances within the Group\u2019s control. A sales and leaseback transaction is one where the Group sells and asset and immediately reacquires the use of the asset by entering into a lease agreement. Any profit from the sale is deferred and amortized over the lease term. Short-term leases and leases of low value The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value asset and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of 'other revenue. Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from IFRS 16 except for the classification of the sub-lease entered into during current reporting period that resulted in a finance lease classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__85": {
"value": "f. Finance income and finance cost Finance income comprises interest income on funds invested, dividend income, foreign currency gains, and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Dividend income is recognized in profit or loss on the date that the Group's right to receive payment is established. Finance cost comprises interest expense on borrowings, unwinding of discounts on provisions, foreign currency losses, impairment losses recognized on financial assets, and losses on hedging instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition of a qualifying asset are recognized in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether currency movements are in a net gain or net loss position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__86": {
"value": "g. Taxes Income tax comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is expected tax payable on taxable income for the year using tax rates enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that do not affect accounting, or taxable profit or differences relating to investment in subsidiaries. Global minimum tax (Pillar II) The OECD introduced Global Anti-Base Erosion (GloBE) Rules for a new global minimum tax framework (Pillar Two) at the end of 2021. In December 2022, the EU Minimum Tax Directive entered into force, implementing a global minimum tax rate of 15% for multinational enterprises and large-scale domestic groups. The Directive has been applicable within the EU starting from 2024. Iceland has announced its intention to implement Pillar Two rules but has not yet enacted legislation as of 31 December 2025. The Group is within the scope of Pillar Two rules. In relation to its subsidiary ICECAP Insurance PCC Ltd. domiciled in Guernsey, where legislation has been enacted for fiscal years beginning on or after 1 January 2025. IASB amendments to IAS 12 issued in May 2023 provide a temporary exception from recognizing deferred taxes related to Pillar Two. The Group applies this exception except where legislation is enacted and tax is expected to be payable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__88": {
"value": "h. Operating assets Recognition and measurement Items of operating assets are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of operating assets have different useful lives, they are accounted for as separate items (major components) of operating assets. Any gain and loss on disposal of an item of operating assets (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. Aircraft and flight equipment Aircraft and flight equipment, e.g. aircraft engines and aircraft spare parts, are measured at cost less accumulated depreciation and accumulated impairment losses. When an aircraft is acquired the purchase price is divided between the aircraft itself and engines. Aircraft is depreciated over the estimated useful life of the relevant aircraft until a residual value is met. Engines are depreciated according to actual usage based on cycles flown. When an engine is overhauled the cost of the overhaul is capitalized and the remainder of the cost of the previous overhaul that has not already been depreciated, if any, is expensed in full. Subsequent expenditure Subsequent expenditure is capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Items of operating assets are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component unless other systematic method is considered appropriate. Leased assets are depreciated over the shorter of the lease term or their useful lives. The estimated useful lives for the current and comparative periods are as follows: Useful lifeAircraft and flight equipment ............................................................................................................3-17 yearsEngines ............................................................................................................................................Cycles flownBuildings ..........................................................................................................................................17-50 yearsOther property and equipment .........................................................................................................3-20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__87": {
"value": "h. Operating assets Recognition and measurement Items of operating assets are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of operating assets have different useful lives, they are accounted for as separate items (major components) of operating assets. Any gain and loss on disposal of an item of operating assets (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. Aircraft and flight equipment Aircraft and flight equipment, e.g. aircraft engines and aircraft spare parts, are measured at cost less accumulated depreciation and accumulated impairment losses. When an aircraft is acquired the purchase price is divided between the aircraft itself and engines. Aircraft is depreciated over the estimated useful life of the relevant aircraft until a residual value is met. Engines are depreciated according to actual usage based on cycles flown. When an engine is overhauled the cost of the overhaul is capitalized and the remainder of the cost of the previous overhaul that has not already been depreciated, if any, is expensed in full. Subsequent expenditure Subsequent expenditure is capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Items of operating assets are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component unless other systematic method is considered appropriate. Leased assets are depreciated over the shorter of the lease term or their useful lives. The estimated useful lives for the current and comparative periods are as follows: Useful lifeAircraft and flight equipment ............................................................................................................3-17 yearsEngines ............................................................................................................................................Cycles flownBuildings ..........................................................................................................................................17-50 yearsOther property and equipment .........................................................................................................3-20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__89": {
"value": "i. Intangible assets and goodwill Goodwill and other intangible assets with indefinite useful lives All business combinations are accounted for by applying the purchase method. Goodwill represents amounts arising on acquisition of subsidiaries. In respect of business acquisitions goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. Goodwill, trademarks and airport slots with indefinite useful lives are stated at cost less accumulated impairment losses. Other intangible assets Other intangible assets acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative years are as follows: Useful lifeSoftware ...........................................................................................................................................3 yearsOther intangible assets ....................................................................................................................6-10 yearsAmortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__90": {
"value": "j. Inventories Goods for resale and supplies are measured at the lower of cost and net realizable value. The cost of inventories is based on first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__92": {
"value": "k. Financial instruments Non-derivative financial assets Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and financial assets measured at amortized cost. Financial assets at fair value through profit or loss Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at fair value through profit or loss comprise marketable securities actively managed by the Group's treasury department to address short-term liquidity needs. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Financial assets measured at amortized cost comprise cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Non-derivative financial liabilities The Company initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when the underlying contractual obligations are discharged, cancelled, settled or otherwise extinguished, or when the liability expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities other than derivatives comprise loans and borrowings and trade and other payables. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency, fuel price and interest rate risk exposures(see note 34). Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or lossas incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generallyrecognized in profit or loss. The Group holds no trading derivatives.On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between thehedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedgetransaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedgingrelationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoingbasis, whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective hedged items during the period for which the hedge is designated, and whether the actual results ofeach hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should behighly probable to occur and should present an exposure to variations in cash flows that ultimately could affect reported profitor loss.Cash flow hedges When a derivative is designated as a cash flow hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases the amount accumulated in equity is reclassified to profit or loss in the same period during which the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the hedged future cash flows is no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. Other non-trading derivatives When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognized immediately in profit or loss. Warrants are free standing financial instruments that are legally detachable and separately exercisable from the underlying shares. Pursuant to the requirements of IAS 32 Financial instruments: Presentation, the warrants are classified as financial liabilities because their exercise price is denominated in ISK, the Company's functional currency is USD and the Company did not offer the warrants pro rata to all of its existing shareholders. The outstanding warrants are recognized as warrant liabilities in the Consolidated Statement of Financial Position and are measured at their fair value on their issuing date and are subsequently measured at each reporting period with changes in fair value being recorded as a component of Change in fair value in the Consolidated Income Statement and other Comprehensive Income according to IFRS 13, Fair Value Measurement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__91": {
"value": "k. Financial instruments Non-derivative financial assets Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and financial assets measured at amortized cost. Financial assets at fair value through profit or loss Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at fair value through profit or loss comprise marketable securities actively managed by the Group's treasury department to address short-term liquidity needs. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Financial assets measured at amortized cost comprise cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Non-derivative financial liabilities The Company initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when the underlying contractual obligations are discharged, cancelled, settled or otherwise extinguished, or when the liability expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities other than derivatives comprise loans and borrowings and trade and other payables. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency, fuel price and interest rate risk exposures(see note 34). Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or lossas incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generallyrecognized in profit or loss. The Group holds no trading derivatives.On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between thehedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedgetransaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedgingrelationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoingbasis, whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective hedged items during the period for which the hedge is designated, and whether the actual results ofeach hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should behighly probable to occur and should present an exposure to variations in cash flows that ultimately could affect reported profitor loss.Cash flow hedges When a derivative is designated as a cash flow hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases the amount accumulated in equity is reclassified to profit or loss in the same period during which the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the hedged future cash flows is no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. Other non-trading derivatives When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognized immediately in profit or loss. Warrants are free standing financial instruments that are legally detachable and separately exercisable from the underlying shares. Pursuant to the requirements of IAS 32 Financial instruments: Presentation, the warrants are classified as financial liabilities because their exercise price is denominated in ISK, the Company's functional currency is USD and the Company did not offer the warrants pro rata to all of its existing shareholders. The outstanding warrants are recognized as warrant liabilities in the Consolidated Statement of Financial Position and are measured at their fair value on their issuing date and are subsequently measured at each reporting period with changes in fair value being recorded as a component of Change in fair value in the Consolidated Income Statement and other Comprehensive Income according to IFRS 13, Fair Value Measurement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__95": {
"value": "Non-derivative financial assets Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and financial assets measured at amortized cost. Financial assets at fair value through profit or loss Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at fair value through profit or loss comprise marketable securities actively managed by the Group's treasury department to address short-term liquidity needs. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Financial assets measured at amortized cost comprise cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__94": {
"value": "Non-derivative financial assets Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and financial assets measured at amortized cost. Financial assets at fair value through profit or loss Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at fair value through profit or loss comprise marketable securities actively managed by the Group's treasury department to address short-term liquidity needs. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Financial assets measured at amortized cost comprise cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__93": {
"value": "Non-derivative financial assets Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and financial assets measured at amortized cost. Financial assets at fair value through profit or loss Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at fair value through profit or loss comprise marketable securities actively managed by the Group's treasury department to address short-term liquidity needs. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Financial assets measured at amortized cost comprise cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__97": {
"value": "Non-derivative financial liabilities The Company initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when the underlying contractual obligations are discharged, cancelled, settled or otherwise extinguished, or when the liability expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities other than derivatives comprise loans and borrowings and trade and other payables. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__96": {
"value": "Non-derivative financial liabilities The Company initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when the underlying contractual obligations are discharged, cancelled, settled or otherwise extinguished, or when the liability expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities other than derivatives comprise loans and borrowings and trade and other payables. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__98-1": {
"value": "Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency, fuel price and interest rate risk exposures(see note 34). Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or lossas incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generallyrecognized in profit or loss. The Group holds no trading derivatives.On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between thehedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedgetransaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedgingrelationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoingbasis, whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective hedged items during the period for which the hedge is designated, and whether the actual results ofeach hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should behighly probable to occur and should present an exposure to variations in cash flows that ultimately could affect reported profitor loss.Cash flow hedges When a derivative is designated as a cash flow hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases the amount accumulated in equity is reclassified to profit or loss in the same period during which the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the hedged future cash flows is no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of foreign exchange gains and losses is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.Other non-trading derivatives When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognized immediately in profit or loss. Warrants are free standing financial instruments that are legally detachable and separately exercisable from the underlying shares. Pursuant to the requirements of IAS 32 Financial instruments: Presentation, the warrants are classified as financial liabilities because their exercise price is denominated in ISK, the Company's functional currency is USD and the Company did not offer the warrants pro rata to all of its existing shareholders. The outstanding warrants are recognized as warrant liabilities in the Consolidated Statement of Financial Position and are measured at their fair value on their issuing date and are subsequently measured at each reporting period with changes in fair value being recorded as a component of Change in fair value in the Consolidated Income Statement and other Comprehensive Income according to IFRS 13, Fair Value Measurement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__101": {
"value": "m. Share capitalOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognizedas a deduction from equity, net of any tax effects.Repurchase and reissue of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__102": {
"value": "n. ImpairmentNon-derivative financial assetsA financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether thereis objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a resultof one or more events that have occurred after the initial recognition of the asset, and that loss event had an impact on theestimated future cash flows of that asset which can be estimated reliably.Objective evidence that financial assets are impaired includes:- Default or delinquency by a debtor;- Restructuring of an amount due to the Group on terms that the Group would not consider otherwise;- Indications that a debtor or issuer will enter bankruptcy;- Adverse changes in the payment status of borrowers or issuers;- The disappearance of an active market for a security because of financial difficulties; or- Observable data indicating that there is a measurable decrease in the expected cash flows from a group of financialassets.An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognized. When an event occurring after the impairment recognized causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Non-financial assets The carrying amounts of the Group's non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. Goodwill and indefinite-lived intangibles assets are tested annually for impairment. An impairment loss is recognized if the carrying amount of an asset or cash-generating unit (CGU) exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessingvalue in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose ofimpairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets thatgenerates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Subjectto an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has beenallocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwillis monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUsthat are expected to benefit from the synergies of the combination.Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated first toreduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amountsof other assets in the CGU (group of CGUs) on a pro rata basis.An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimatedrecoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reducethe carrying amount of other assets in the unit (group of units) on a pro rata basis.The Group's corporate assets do not generate separate cash inflows and are utilized by more than one CGU. Corporateassets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of theCGU to which the corporate asset is allocated.An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extentthat the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciationor amortization, if no impairment loss had been recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__103": {
"value": "o. ProvisionsA provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can beestimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisionsare determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments ofthe time value of money and the risks specific to the liability.Overhaul commitments relating to aircraft under operating leases With respect to the Group\u00b4s operating lease agreements, where the Group has a commitment to maintain the aircraft, provision is made during the lease term for the obligation based on estimated future cost of major airframe and certain engine maintenance checks by making appropriate charges to the profit or loss calculated by reference to the number of hours or cycles operated. Provisions are entered into the statement of financial position among non-current and current payables, as applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__104": {
"value": "q. Deferred tax assetA deferred tax asset is recognized for unused tax losses and deductible temporary differences, to the extent that it is probablethat future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reportingdate and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, usingtax rates enacted at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__105": {
"value": "r. Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for treasury shares held, for the effects of all dilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__106": {
"value": "s. Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The major revenue-earning assets of the Group is the aircraft fleet, the majority of which is registered in Iceland. Since the Group's aircraft fleet is employed flexibly across its route network, there is no suitable basis of allocating such assets and related liabilities to geographical segments. Inter-segment pricing is determined on an arm's length basis. Segment results, reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly investments and related revenue, loans and borrowings and related expenses, corporate assets and head office expenses, and income tax assets and liabilities",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__107": {
"value": "42. Standards issued but not yet effective A number of new standards are effective for annual periods beginning after 1 January 2025 and earlier application is permitted. However, the Group has not early adopted the following new or amended standards in preparing these Consolidated Financial Statements. The following amended standards and interpretations are not expected to have a significant impact on the Group's Consolidated Financial Statements, excluding IFRS 18, which addresses the presentation and disclosure of financial statements and is expected to alter their presentation. The effects of the standard have not yet been assessed. - Presentation and Disclosure in Financial Statements (IFRS 18). - Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). - Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__108": {
"value": "43. Significant events after period end There are no significant events after the end of the reporting period to report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300UMI5MBLZSXGL15",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}