Isavia’s first-half 2026 earnings fell sharply as the Icelandic airport operator reported lower revenue, EBITDA and net profit, reflecting weaker traffic at Keflavík Airport and the impact of changes to its commercial model. Revenue declined to 20.295 billion Icelandic krona, while net profit fell to 441 million krona from about 1.13 billion krona a year earlier.
EBITDA dropped to 3.338 billion krona from 4.245 billion krona in the same period last year. Isavia linked the weaker result to the transfer of duty-free operations at Keflavík to a new operator in May 2025 and to reduced passenger volumes after Play’s bankruptcy. Passenger numbers at Keflavík totalled about 3.4 million in the first six months of the year, roughly 8% below the previous year.
Keflavík remains Iceland’s main international gateway, so the decline in traffic fed directly into the operator’s half-year performance. The weaker passenger trend also weighed on the airport’s commercial income at a time when Isavia continued investing in its infrastructure, with capital expenditure still running in the billions of krona.