Etihad Airways has delivered record-breaking financial performance and highest-ever customer satisfaction performance in the first quarter of 2025.
The Abu Dhabi-based UAE flag carrier said it is building on last year’s momentum with further notable improvements across revenue, operational efficiency, and fleet expansion.
Profit after tax reached AED 685 million (AU$289 million), marking a 30 per cent increase year-on-year, driven by robust passenger demand and operational efficiencies. Total revenue saw a 15 per cent rise compared to Q1 2024, supported by both passenger and cargo business.
Etihad continues to lead the region in passenger growth, carrying 5.0 million guests in Q1 2025 – a 16 per cent year-on-year increase – and maintaining strong momentum into Q2. With nearly 20 million passengers carried over the last 12 months, Etihad is the fastest-growing airline in the region.
Customer satisfaction report
The carrier reported customer satisfaction reached a record high in Q1 2025, with scores improving by 20 per cent year-on-year. Gains were recorded across key touchpoints, including check-in, boarding, inflight service, food and beverage, Wi-Fi, and the updated website and mobile app. The quarter also saw the launch of new lounge and inflight menus, alongside upgraded service standards.
The fleet continued to expand to support the guest experience. One additional A380 returned to service during the quarter, offering First Apartments and The Residence. In April, Etihad took delivery of another A350-1000, with another Boeing 787 Dreamliner to follow. These new aircraft feature ultra-high-speed Wi-Fi and updated inflight entertainment systems.
Etihad also advanced its premium offering, expanding First Class to more routes and preparing new ground and inflight services for rollout from August. In April, the airline introduced its new A321LR cabin, becoming the first in the region to offer First Class on a single-aisle aircraft. The cabin features exclusive private First suites and lie-flat Business seats, bringing widebody comfort to medium-haul routes. The broader first-class experience will include a new concierge service, private chauffeur transfers, dedicated check-in, meet-and-assist service, and baggage-free travel options in Abu Dhabi.
“We are proud to deliver a record-breaking quarter – both in profitability and in guest satisfaction,” Etihad Airways CEO Antonoaldo Neves said. “Achieving our highest-ever Q1 profit of AED 685 million and our best-ever customer satisfaction scores reflects the strength of our business and the dedication of our people.
“We’re executing a clear strategy: grow sustainably, operate efficiently, and never lose focus on delivering remarkable experiences to our guests. From continued refinements to our onboard offering to improved airport services and the debut of our A321LR with a market-leading narrowbody product, we’re raising the bar in every part of the journey.
“Our network continues to expand with 16 new routes announced for 2025 and additional aircraft joining our fleet. As we grow, we remain disciplined and focused on quality, efficiency, and creating value for our customers and stakeholders.”
Passenger revenue and growth up
Passenger revenue grew by 16 per cent reaching AED 5.5 billion, driven by increased capacity, continued network expansion and increased flight frequencies.
Passenger growth was boosted by a 14 per cent rise year-on-year in Available Seat Kilometres (ASK) and an improved passenger load factor of 87 per cent (+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 revenue growth up
Improved cargo yield led to cargo revenue growth of 8 per cent year-on-year, despite a 4 per cent reduction in volumes.
The strong operational performance is reflected in the EBITDA, which rose by 32 per cent year-on-year, reaching AED 1.4 billion, boosting the EBITDA margin to 21 per cent (+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 AED 1.8 billion, reflecting an 11 per cent increase year-on-year.
Highlights
- Profit after tax reached AED 685 million, up 30 per cent year-on-year, with profit margin at 10 per cent (+1pp year-on-year)
- Customer satisfaction improved year-on-year, supported by enhancements to the onboard experience, airport services, and on-time performance
- Capacity continued to expand with ASK growing by 14 per cent year-on-year due to additional aircraft (+9 year-on-year) and higher aircraft utilisation
- Carried 5.0 million passengers, a 16 per cent increase year-on-year, with load factor improving to 87 per cent, up 1 pp year-on-year
- Strong network with 80 destinations operated in March 2025 and 16 new destinations to be launched in 2025
- Total Revenue grew 15 per cent year-on-year, reaching AED 6.6 billion, driven by both passenger and cargo business
- Passenger revenue reached AED 5.5 billion, supported by increasing volumes
- Cargo revenue rose 8 per cent year-on-year, despite a 4 per cent drop in volumes, supported by higher yields
- Strong revenue and cost efficiencies boosted EBITDA by 32 per cent year-on-year to AED 1.4 billion, with EBITDA margin at 21 per cent (+3pp year-on-year)
- Strong cash generation with cash flow from operation at AED 1.8 billion, an increase of 11 per cent year-on-year
- Net leverage at 1.1x (from 1.9x in March 2024), supported by debt repayments and strong cash generation
