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Norwegian Air Shuttle (NAS) investor relations material
Norwegian Air Shuttle Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 results with NOK 1,250 million EBIT, strong revenue and passenger growth, and a 12.2% operating margin.
Completed Widerøe acquisition, strengthening the network and contributing 19% of group revenue.
Full repayment of NOK 5.8 billion legacy debt, marking the end of post-restructuring and enabling dividend payments.
Initiated first-ever dividend of NOK 0.90 per share to be paid in August, reflecting a 7% yield.
Robust operational performance with high punctuality, regularity, and customer satisfaction.
Financial highlights
Q2 revenue up 10% year-over-year to NOK 10.3 billion, with Widerøe contributing NOK 2 billion.
EBIT at NOK 1,250 million; Norwegian contributed NOK 1,021 million, Widerøe NOK 229 million.
EBT reached NOK 1,055 million, up NOK 577 million year-over-year; net profit NOK 932 million.
Operating margin improved to 12.2% from 6.4% last year.
Liquidity at record NOK 13.8 billion; net interest-bearing debt at NOK 4,897 million.
Outlook and guidance
Bookings and yields for July–October are up, with more tickets sold and higher yields expected.
FY 2025 capacity growth expected at 3%, with Q3 at 2% and Q4 at -3% year-over-year.
Unit cost ex-fuel for 2025 expected to rise low to mid-single digits.
Programme X targets recurring profit improvement of over NOK 1 billion by 2026.
No risk of labor strikes during peak season; labor negotiations scheduled for fall.
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