Norse Atlantic ASA (NORSE) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw record unit revenues driven by network high-grading, but profitability was impacted by high fuel costs and lower aircraft utilization.

• Strategic review advanced, attracting multiple parties and strong international interest for a potential sale, merger, or partnership.

• Liquidity was strengthened through a $100 million rights issue and a $52 million senior secured financing agreement maturing in May 2027.

• Project Falcon cost reduction program underway, targeting $50 million in annual savings from 2027.

Financial highlights

• Q2 2026 revenue was $132 million, down 35% year-over-year, with a shift from Own Network to ACMI & Charter.

• EBITDAR was negative $8.4 million, compared to $23.1 million in Q2 2025; EBIT was negative $27.3 million, down from $4.4 million profit.

• Passenger revenue fell 56% YoY to $82.4 million, while Charter/ACMI revenue increased over six-fold to $45 million.

• Net loss for Q2 was $70.6 million, compared to $5.9 million loss in Q2 2025.

• Free cash and cash equivalents at period end were $67.1 million, up from $17.6 million at end of 2025.

Outlook and guidance

• Commercial momentum remains strong with fares for Q3 and Q4 2026 more than 15% higher YoY.

• Discontinuation of ACMI agreement with IndiGo from November 2026 will return five aircraft for redeployment.

• Additional capacity planned for Europe/Thailand and Europe/New York/Orlando for winter 2026/27.

• Strategic review may result in a sale, merger, or partnership, with a target to conclude by year-end 2026.

• Full impact of Project Falcon cost reductions expected in 2027.