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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.
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Q2 2025 earnings summary11 Jul, 2025

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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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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