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 an operating margin of 25.1%, reflecting significant year-over-year improvement.

• Passenger growth of 9% year-over-year, with Norwegian carrying 7.3 million and Widerøe 1.1 million passengers, both segments showing strong operational performance and high punctuality.

• First-ever dividend of NOK 0.90 per share (NOK 950 million total) paid and legacy bond repaid, strengthening shareholder returns and the balance sheet.

• Exercised option for 30 additional Boeing 737 MAX 8s, expanding the firm order to 80, with ongoing fleet renewal and 17 owned aircraft at quarter-end.

• Program X and other cost initiatives are delivering improved unit costs and profitability.

Financial highlights

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

• Group EBITDA of NOK 3.071 billion, up from NOK 2.1 billion last year; EBITDAR reached NOK 3,986 million.

• Net profit for the quarter was NOK 2,549 million after tax, up NOK 545 million year-over-year.

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

• Passenger numbers reached 7.6 million for Norwegian and 1.1 million for Widerøe, with load factors and yields both increasing.

Outlook and guidance

• Positive winter season outlook, with higher load and yield for all months from November to March compared to last year.

• Capacity to be reduced by 5% for the winter season and 3% in Q4, with a 3% increase planned for 2025 and 2026.

• Unit cost excluding fuel is guided to remain flat for 2025 compared to 2024, assuming current FX rates.

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