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Investor Relations14 Oct 2025
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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.Q2 2025 earnings summary19 Aug, 2025
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.
How will ACMI impact fuel price exposure?
Explain the decline in passenger revenue.
Detail cost reductions expected from 2026.
Explain the IndiGo agreement's upside.
Assess impact of crew base alignment.
Detail plans for 2025 production capacity.
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Next Norse Atlantic ASA earnings date
Q3 202526 Nov, 2025
Next Norse Atlantic ASA earnings date
Q3 202526 Nov, 2025
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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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