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Norse Atlantic ASA (NORSE) investor relations material
Norse Atlantic ASA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 load factor of 97% and 36% year-over-year passenger growth, with a 27% increase in passenger revenue and first-ever positive Q2 operational profit of $4.4M.
Transitioned to a dual business model, expanding ACMI/charter operations and securing long-term contracts with Indigo and P&O Cruises, reducing market risk and supporting future revenue.
Revenue increased to $202M in Q2, with strong forward bookings and high load factors above 90%.
Net loss for Q2 was around $5.5M–$6M, but operational profit turned positive; end of quarter cash balance at $24M.
Awarded best long-haul value airline in Northern Europe by Skytrax in 2025.
Financial highlights
Q2 2025 revenue reached $202.6M, up 23% year-over-year; EBITDAR was $23.1M, up $20M year-over-year.
EBIT turned positive at $4.4M, reversing a loss of $22.3M in Q2 2024.
Last twelve months revenue rose to $673M, and EBITDAR to $61M from -$12M.
Cash flow from operations in the last twelve months was $110M, with Q2 operating cash flow of $27.5M; available liquidity at quarter-end was $44M, including $24M cash.
Revenue per passenger was $372, slightly down year-over-year due to lower ancillary revenue.
Outlook and guidance
Forward bookings and pre-sales for winter are significantly above last year, supporting positive momentum.
Planning to increase production by 24% in Q2 next year, targeting 16 hours daily aircraft utilization.
Aiming for full-year 2025 profitability, subject to stable demand and fuel prices.
Cost and efficiency initiatives expected to yield annual savings of $40M from 2026.
Five additional aircraft to be transferred to Indigo for ACMI operations by early 2026, reducing market risk.
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