Norwegian Air Shuttle (NAS) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 profitability, with EBIT of NOK 1,250 million and a 12.2% operating margin, marking a strong financial turnaround and the first-ever dividend declaration.

• Completed the acquisition and integration of Widerøe, contributing 19% of group revenue and enhancing network connectivity.

• Passenger numbers rose to 7.6 million, with both Norwegian and Widerøe segments showing growth and record traffic.

• Successfully repaid all government and restructuring-related debt, enabling a robust capital structure and dividend payments.

• Robust operational performance with high punctuality, regularity, and customer satisfaction.

Financial highlights

• Group revenue increased 10% year-on-year to NOK 10.3 billion, with Widerøe contributing NOK 2 billion.

• EBIT of NOK 1,250 million, EBT of NOK 1,055 million, and net profit of NOK 932 million, nearly doubling year-on-year.

• Operating margin rose to 12.2% from 6.4% year-on-year.

• Load factor up 3 percentage points to 85.2% for Norwegian and 3.7 points to 73.9% for Widerøe.

• Record liquidity at NOK 13.8 billion, with net interest-bearing debt at NOK 4,897 million.

Outlook and guidance

• Bookings and yields for July–October are up, with 10% more tickets sold versus last year.

• Full-year 2025 production (ASK) forecasted at 37,500 million seat kilometres, a 3% increase from 2024.

• Unit cost excluding fuel for 2025 guided to a low to mid-single digit increase.

• Ongoing cost initiatives and synergies from Widerøe expected to drive recurring profit improvement of over NOK 1 billion by 2026.

• Continued focus on profitable route additions and cost management initiatives.