Norse Atlantic ASA (NORSE) Q4 2025 earnings summary

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.