Norwegian Air Shuttle (NAS) Q4 2024 earnings summary

Executive summary

• Achieved full-year EBIT of NOK 1,873 million, the second highest in company history, despite a Q4 EBIT loss of NOK 93 million due to negative currency effects and non-recurring FX losses.

• Q4 revenue rose 39% year-over-year to NOK 8.2 billion, with Widerøe contributing NOK 1.8 billion.

• Passenger numbers reached 6.2 million in Q4, up 32% year-over-year, with full-year passenger growth of 10% to 26.4 million; Widerøe carried 3.8 million passengers, a record for the airline.

• Liquidity position at quarter-end was NOK 10.9 billion, including NOK 1 billion in fixed-income fund investments.

• Board proposes NOK 0.60 per share distribution for 2024, subject to AGM and debt conditions.

Financial highlights

• Q4 group EBIT was negative NOK 93 million, with net loss NOK 223 million; full-year EBIT reached NOK 1,873 million and net profit after tax NOK 1,355 million.

• Q4 group revenue was NOK 8.2 billion (+39% YoY); full-year revenue NOK 35.3 billion.

• Widerøe contributed NOK 499 million to full-year EBIT and NOK 1.8 billion in Q4 revenue.

• Cash and liquid investments at year-end totaled NOK 11 billion.

• Equity ratio at 19.3%, up from previous quarter.

Outlook and guidance

• Capacity growth is expected to slow to 4% in 2025, with Q1 2025 growth forecast at 15-17% before moderating.

• Unit cost ex-fuel is expected to increase by a single-digit percentage in 2025.

• No EBIT guidance provided for 2025.

• Fleet expected to reach 88-96 aircraft by year-end 2025, with 11-13 new deliveries.

• Positive outlook supported by strong booking trends and tighter supply-demand in Europe.