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Norwegian Air Shuttle (NAS) investor relations material
Norwegian Air Shuttle Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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