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 Norwegian contributing NOK 3,159 million and Widerøe NOK 585 million in 2025.

• Q4 2025 EBIT was NOK 21 million, a significant improvement from negative NOK 93 million in Q4 2024.

• Passenger growth, improved punctuality, regularity, and customer satisfaction, with NPS rising to 50.1.

• First dividend distributed in 2025, with a proposed payout of NOK 0.80 per share, totaling NOK 844 million and a payout ratio of 31%, subject to AGM approval.

• Delivery of first Boeing 737 MAX 8 from an order of 80, supporting fleet modernization.

Financial highlights

• Full-year group revenue reached NOK 37,646 million, up 7% year-over-year; Q4 revenue was NOK 8,522 million, up 4% YoY.

• Full-year net profit was NOK 2,708 million, up from NOK 1,355 million in 2024.

• EBITDAR for 2025 was NOK 7,887 million; EBITDAR margin at 21.0%.

• Liquidity position at year-end was NOK 10.1 billion; equity ratio 18.2%.

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

Outlook and guidance

• Capacity expected to grow 3% for Norwegian and 4% for Widerøe in 2026, with Q1 production down 3–5% YoY and ramp-up in later quarters.

• Underlying unit cost excluding fuel projected to increase by a low single-digit percentage in 2026.

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

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