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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.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.
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