Icelandair carried 131,000 international passengers in November, an increase of 25% year-on-year.
Capacity on international routes rose by 31%, while load factor fell by 1 percentage point to 75.9%.
Passenger numbers on regional services and flights to Greenland - which are served by Icelandair Group subsidiary Air Iceland - fell 4% to 25,700 against a decrease in capacity of 11%.
Regional load factor grew by 5.6 percentage points to 72.4%.
In the cargo business, throughput for the group increased by 6% against a capacity increase of 12%.