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Norwegian Air Shuttle
Norwegian Air Shuttle (NAS) investor relations material
Norwegian Air Shuttle Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved record full-year EBIT of NOK 3,732 million and EBIT margin of 9.9%, with strong operational improvements and cost control; Q4 EBIT was NOK 21 million, a significant turnaround from the prior year.
Net profit for 2025 reached NOK 2,708 million, up from NOK 1,355 million in 2024, with both Norwegian and Widerøe contributing positively.
Passenger growth continued, with 6.2 million passengers in Q4 and load factor rising to 86% (+2pp), reflecting improved customer satisfaction and operational excellence.
NPS score improved to 50.1 in 2025, indicating strong customer loyalty.
First of 80 Boeing 737 MAX 8 aircraft delivered, supporting fleet modernization and future growth.
Financial highlights
Full-year group revenue increased to NOK 37,646 million, up 7% year-over-year; Q4 2025 revenue was NOK 8.5 billion, with Widerøe contributing NOK 2 billion.
EBITDAR for 2025 was NOK 7,887 million, with a margin of 21.0%.
Full-year unit revenue held at NOK 0.5, in line with guidance; unit cost ex. fuel for 2025 was NOK 0.50, unchanged from 2024.
Net interest-bearing debt increased to NOK 9,491 million at year-end, mainly due to new aircraft deliveries.
Liquidity position at year-end was NOK 10.1 billion, with an equity ratio of 18.2%.
Outlook and guidance
Capacity expected to grow 2–3% in 2026, with Q1 production down 3–5% and ramp-up in subsequent quarters; Q2 capacity up 6% year-over-year.
Underlying unit cost excluding fuel projected to increase by a low single-digit percentage in 2026, with CASK guidance of NOK 0.52.
Bookings and load factors ahead of last year, with 250,000 more tickets sold for the upcoming period.
Program X expected to deliver recurring profit improvement exceeding NOK 1.25 billion annually by end of 2026.
How does Program X counter 2026 unit cost increase?
Future MAX 8 deliveries impact on net debt
Financial impact if EU ETS appeal fails
Fleet ownership strategy for 2026-2031
Key drivers of Program X's >NOK 1.25B impact
Interlining strategy with non-group airlines
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Next Norwegian Air Shuttle earnings date
Q1 202628 Apr, 2026
Norwegian Air Shuttle
Next Norwegian Air Shuttle earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Norwegian Air Shuttle is a low-cost airline based in Norway, offering short- and long-haul flights across Europe and selected international destinations. The airline operates a fleet of narrow-body aircraft and focuses on providing affordable travel options with a digital-first customer experience. Norwegian Air Shuttle is headquartered in Fornebu, Norway, and its shares are listed on the Oslo Børs.
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