Norwegian Air Shuttle (NAS) Q3 2025 earnings summary

Executive summary

• Achieved record-high quarterly EBIT of NOK 3,071 million and EBT of NOK 2,891 million, with a 25.1% operating margin, reflecting significant year-over-year improvement.

• Passenger growth of 9% year-over-year, with Norwegian and Widerøe both reporting record traffic and high operational performance.

• First-ever dividend of NOK 0.90 per share paid to nearly 75,000 shareholders, totaling NOK 950 million, alongside repayment of legacy bonds.

• Fleet renewal ongoing, with a firm order for 80 Boeing 737 MAX 8s after exercising options for 30 additional aircraft.

• Integration and synergy realization between Norwegian and Widerøe, including network alignment and loyalty program expansion.

Financial highlights

• Group revenue reached NOK 12.3 billion, up 6% year-over-year, with Widerøe contributing NOK 2.1 billion.

• Group EBITDA was NOK 3.071 billion, with Norwegian contributing NOK 2.8 billion and Widerøe NOK 274 million.

• Net profit for the quarter was NOK 2,549 million after a tax expense of NOK 342 million.

• Unit cost excluding fuel down 6% year-over-year to NOK 0.42.

• Liquidity position at NOK 10.5 billion, with cash ending at NOK 7.9 billion after dividend and bond repayments.

Outlook and guidance

• Capacity growth for 2025 and 2026 expected at 3% per year, with Q4 2025 capacity down 3% year-over-year.

• Unit cost guidance for 2025 is flat compared to 2024, despite rising airport, ATC, and fuel costs.

• Program X is on track to deliver over NOK 1 billion in sustainable profitability improvements by 2026.

• Booked revenue and yield for the winter season are ahead of last year, with 60,000 more tickets sold year-over-year.