Etihad Airways’ Q1 Profit After Tax Reach $187 Million

Building on last year’s momentum with further notable improvements across revenue, operational efficiency, and fleet expansion, the UAE’s national carrier Etihad Airways on Wednesday announced a record-breaking financial performance and highest-ever customer satisfaction performance in the first quarter of 2025.

Supported by both passenger and cargo business, the company’s profit after tax reached $187 million, marking a 30% increase y-o-y, driven by robust passenger demand and operational efficiencies and the total revenue saw a 15% rise compared with the corresponding period of last year.

Etihad continues to lead the region in passenger growth, carrying 5 million guests in Q1 of 2025, a 16% y-o-y increase and maintaining strong momentum into the second quarter of this year. With nearly 20 million passengers carried over the last 12 months, Etihad is the fastest-growing airline in the region.

Customer satisfaction reached a record high in Q1 of 2025, with scores improving by 20% y-o-y.

Etihad Airways CEO Antonoaldo Neves said that they were proud to deliver a record-breaking quarter – both in profitability and in guest satisfaction. Achieving the company’s our highest-ever Q1 profit and the best-ever customer satisfaction scores reflects the strength of the company’s business and the dedication of our people, he said.

“We are executing a clear strategy: grow sustainably, operate efficiently, and never lose focus on delivering remarkable experiences to our guests. From continued refinements to our onboard offering to improved airport services and the debut of our A321LR with a market-leading narrow-body product, we are raising the bar in every part of the journey,” he noted.

The network continues to expand with 16 new routes announced for 2025 and additional aircraft joining Etihad Airways fleet, he added.

The passenger revenue grew by 16%, reaching $1.5 billion, driven by increased capacity, continued network expansion and increased flight frequencies. The passenger growth was also boosted by a 14% rise y-o-y in Available Seat Kilometres (ASK) and an improved passenger load factor of 87 percent (+1 pp year-on-year).

Fleet expansion accelerated, with 98 aircraft in operation by the end of the quarter, including the reintroduction of Etihad’s sixth A380. The operating fleet further grew in the month of April with the delivery of an additional A350-1000.

Etihad operated 80 destinations as of March 2025, with 16 new routes launching this year to support continued growth and broaden access to key global markets.

Cargo Yield

Improved cargo yield led to cargo revenue growth of 8 percent year-on-year, despite a 4 percent reduction in volumes.

The strong operational performance is reflected in the EBITDA, which rose by 32% y-o-y, reaching $379 million, boosting the EBITDA margin to 21% (+3 pp compared to the same period of 2024).

Further strengthening financial resilience, net leverage improved to 1.1x, down from 1.9x in March 2024, driven by scheduled debt repayments and strong cash generation. Cash flow from operations reached $500 million, reflecting an 11% increase y-o-y, the company said.