El Al posts first quarterly loss since 2023

EL Al Israel Airlines (TASE: ELAL), headed by Levy Halevy, released its first quarter financials this morning. The airline’s results were badly affected by Operation Roaring Lion against Iran and by the rise in the price of fuel. The company posted a loss of $68.9 million for the quarter, its first quarterly loss since the first quarter of 2023. In the first quarter of 2025, El Al posted a profit of $92.8 million.

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El Al puts the damage from Operation Roaring Lion, which lasted nearly six weeks and led to the closure of the skies, at $145 million, of which $90 million was in the first quarter. In other words, the airline’s second quarter results will also be hit, to the tune of some $55 million. Its ASK (available seat kilometers) shrank by 20% in the first quarter of this year in comparison with the corresponding quarter, and occupancy fell to 83%. Average revenue per seat also fell, by 14%.

The rise in the price of jet fuel and the appreciation of the shekel against the US dollar also hurt the company’s operating profit. Revenue in the first quarter was $562.4 million, 27% less than in the corresponding quarter. The company’s EBITDAR was almost completely wiped out, sinking to $16 million, which compares with $213 million in the corresponding quarter.

On the positive side, El Al reports that at the end of April bookings amounted to $1.2 billion, and that it will raise the number of seats on offer in the summer season by 6-10%. In April it sold tickets to the tune of $560 million, which it says is a monthly record.

At the end of the first quarter, El Al had shareholders’ equity of $1 billion.

Published by Globes, Israel business news – en.globes.co.il – on May 20, 2026.

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