Norwegian Air Shuttle (NAS) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBIT excluding other losses was NOK 213 million, but reported EBIT was negative NOK 603 million due to a NOK 733 million non-recurring EU ETS loss and higher fuel costs.

• Widerøe achieved record monthly passenger numbers, contributing NOK 2.1 billion in revenue and NOK 193 million in EBIT, with 94.2% punctuality.

• Group revenue reached NOK 10.4 billion, up 1% year-over-year, with capacity up 5% and passenger growth of 3%.

• Acquisition of Nordic Leisure Travel Group (NLTG) for SEK 3.5 billion cash and 300 million shares (plus up to 30 million additional shares), aiming to close in H2/Q4 2026, expected to unlock significant synergies and expand offerings.

• Net profit for the group was NOK -555 million, impacted by the EU ETS loss and NOK 837 million higher fuel costs.

Financial highlights

• Group EBIT excluding other losses: NOK 213 million; reported EBIT: NOK -603 million; net profit: NOK -555 million.

• Revenue: NOK 10.4 billion (NOK 8.4 billion from Norwegian, NOK 2 billion from Widerøe).

• Fuel costs increased by 33% year-over-year, adding NOK 837 million in expenses.

• CASK (unit cost excluding fuel) down 5% year-over-year.

• Liquidity position stable at NOK 13.7 billion; cash and equivalents at NOK 11.0 billion at quarter end.

Outlook and guidance

• Bookings rebounded in mid-June, with strong sales for September and October; summer and autumn bookings ahead of last year.

• Capacity up 5% in Q3, 6% in July; full-year 2026 growth expected at 3%.

• CASK guidance ex-fuel projected to remain flat versus prior year.

• Program X cost savings on track, delivering NOK 321 million in the quarter, targeting over NOK 1.25 billion for 2026.