Norwegian Air Shuttle (NAS) Q4 2025 earnings summary

Executive summary

• Achieved record full-year EBIT of NOK 3,732 million and EBIT margin of 9.9%, with strong operational improvements and cost control; Q4 EBIT was NOK 21 million, a significant turnaround from the prior year.

• Net profit for 2025 reached NOK 2,708 million, up from NOK 1,355 million in 2024, with both Norwegian and Widerøe contributing positively.

• Passenger growth continued, with 6.2 million passengers in Q4 and load factor rising to 86% (+2pp), reflecting improved customer satisfaction and operational excellence.

• NPS score improved to 50.1 in 2025, indicating strong customer loyalty.

• First of 80 Boeing 737 MAX 8 aircraft delivered, supporting fleet modernization and future growth.

Financial highlights

• Full-year group revenue increased to NOK 37,646 million, up 7% year-over-year; Q4 2025 revenue was NOK 8.5 billion, with Widerøe contributing NOK 2 billion.

• EBITDAR for 2025 was NOK 7,887 million, with a margin of 21.0%.

• Full-year unit revenue held at NOK 0.5, in line with guidance; unit cost ex. fuel for 2025 was NOK 0.50, unchanged from 2024.

• Net interest-bearing debt increased to NOK 9,491 million at year-end, mainly due to new aircraft deliveries.

• Liquidity position at year-end was NOK 10.1 billion, with an equity ratio of 18.2%.

Outlook and guidance

• Capacity expected to grow 2–3% in 2026, with Q1 production down 3–5% and ramp-up in subsequent quarters; Q2 capacity up 6% year-over-year.

• Underlying unit cost excluding fuel projected to increase by a low single-digit percentage in 2026, with CASK guidance of NOK 0.52.

• Bookings and load factors ahead of last year, with 250,000 more tickets sold for the upcoming period.

• Program X expected to deliver recurring profit improvement exceeding NOK 1.25 billion annually by end of 2026.