Norse Atlantic ASA
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Norse Atlantic ASA (NORSE) investor relations material

Norse Atlantic ASA Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved 27% year-over-year revenue growth in Q4 2025, driven by strong passenger growth, higher average fares, and a strategic shift to a dual ACMI/own network model, reducing risk and increasing revenue stability.

  • Maintained a 96% load factor for the fifth consecutive quarter, reflecting robust demand.

  • New CEO appointed in December, emphasizing operational simplification, network optimization, and cost focus to drive margin expansion and profitability.

  • Project Falcon launched to accelerate turnaround, enhance agility, and drive cost efficiency.

Financial highlights

  • Q4 2025 revenue was $156.3 million, up from $123.1 million in Q4 2024; FY 2025 revenue reached $734 million.

  • Q4 2025 EBITDAR was -$3.1 million; FY 2025 EBITDAR was $56.5 million.

  • Q4 2025 EBIT was -$22 million; FY 2025 EBIT was -$20.1 million, a significant improvement from -$97 million in FY 2024.

  • Net loss after tax was $33.3 million in Q4 2025; FY 2025 net loss was $61 million.

  • Passenger numbers grew from 1.4 million to 1.8 million year-over-year, with revenue per passenger up 10% to $379.

Outlook and guidance

  • Full year 2026 guidance targets EBITDAR of $130–$150 million and EBIT/profit before tax of $20–$40 million.

  • Bookings for 1H 2026 show Q1 seat prices averaging 40% higher year-over-year and Q2 10% higher, with strong TRASK growth expected.

  • Management confident in delivering profitability in 2026, citing momentum from recent strategic changes and ongoing cost reduction initiatives.

  • Capacity may shift toward high-growth, less competitive markets such as Southeast Asia.

Impact of 6+6 fleet split on risk/revenue
Update on US IRS overdue tax payment plan
Rationale for shifting capacity to SE Asia
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Frequently asked questions

Norse Atlantic ASA is a Norway-based holding company, primarily engaged in the airline industry through its subsidiaries, including Norse Atlantic Airways AS and Norse Atlantic UK LTD. The company specializes in offering long-haul, low-cost flights, primarily connecting Europe and the United States. Norse Atlantic's strategy focuses on making intercontinental travel more accessible through affordable fares. It operates a fleet of Boeing 787 Dreamliners, serving key destinations such as New York, Los Angeles, Fort Lauderdale, Orlando, Oslo, London, Berlin, and Paris. The company is headquartered in Arendal, Norway, and its shares are listed on the Oslo Stock Exchange.

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