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Norse Atlantic ASA (NORSE) investor relations material
Norse Atlantic ASA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Achieved record revenue and passenger numbers in Q3 2025, with load factor above 90% for four consecutive quarters, reflecting a successful data-driven commercial strategy and transition to a dual ACMI/own network model.
Transatlantic market softness led to lower ticket prices, impacting revenue per passenger.
Non-recurring costs from a maintenance incident and backdated personnel salaries affected profitability.
Financial position was strengthened through a $30 million convertible bond issue and an $11 million equity raise.
Financial highlights
Q3 2025 operating revenue was $249.8M, up from $222.0M in Q3 2024; passenger revenue was $210.5M, other revenue $39.3M (including $20.1M insurance claims).
EBITDAR was $21.4M, EBIT at $2.7M; net loss after tax was $7.8M.
Operating expenses rose to $228.4M, including $9M in non-recurring items and $20.1M reimbursed by insurance.
Personnel costs rose 22% YoY due to wage increases, CBA negotiations, and IndiGo training.
Free cash and cash equivalents at period end were $11.7M, with total cash at $26M.
Outlook and guidance
Will not achieve 2025 profitability ambition due to market softness and non-recurring expenses.
Completion of the dual strategy business model (ACMI and own network) is expected early next year, with ACMI and charter contracts providing stable, year-round revenue.
Cost reductions and efficiency gains are projected to reach $40M annually from 2026.
Booking trends and route optimization indicate positive effects for future quarters.
Quantify dual strategy's 2026 cash flow impact
Update on US IRS overdue tax payment plan
What is the Q4 fleet uptime impact from engine damage?
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Next Norse Atlantic ASA earnings date
Q4 202526 Feb, 2026
Next Norse Atlantic ASA earnings date
Q4 202526 Feb, 2026
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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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