Last Update 17 Feb 26
Q4 2025 Performance &
1. Operating Result (EBIT)
• Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement. However, this figure was significantly below market expectations.
2. Year-over-Year Improvement
• Passenger volumes increased in Q4 for both Norwegian and its regional subsidiary Widerøe.
• Operational performance (regularity/punctuality) improved versus Q4 2024.
3. Unit Costs (CASK)
• Management reiterated its full-year guidance of flat unit costs (CASK) for 2025 relative to 2024, meaning no expansion in unit cost excluding fuel at the full year level. However, CASK in Q4 was slightly higher than Q4 of the prior year.
• External reporting confirms higher unit costs in Q4 (+6% YoY) due to elevated airport and air traffic control charges.
Full-Year 2025 Highlights
4. Record Annual Financials
• The Group achieved record full-year results in 2025, with a strong overall operating profit and historically solid margins. External reporting characterizes full-year margins as very strong and significantly better than prior years.
5. Passenger & Load Metrics
• Total passengers in Q4 ~6.2 million, with continuing trend of passenger growth across networks.
• Load factor in Q4 improved to ~86% — signaling efficient capacity utilisation (higher than prior year).
Capital Allocation & Dividend Policy
6. Dividend Proposal
• Following strong annual performance, management proposed the first historic dividend for 2025 — indicative of confidence in cash flows and capital return capacity. The proposal is subject to shareholder approval.
Operational & Fleet Strategy
7. Capacity Outlook (2026)
• Norwegian projects modest capacity growth for 2026:
• ~3% ASK growth for the main airline
• ~4% ASK growth for regional operator Widerøe
• This reflects a controlled expansion strategy rather than aggressive growth.
8. Fleet Renewal
• Continued deployment of more fuel-efficient aircraft (e.g., Boeing 737 MAX series) supports long-term cost improvements and competitive positioning. 
9. Cost Reduction Initiatives
• Management referenced ongoing cost discipline programs aimed at sustainable unit cost control (e.g., “Pr
ogram X” delivering recurring cost benefits).
I have held the stock of this company for 5 years
My target is 200 NOK.
$NAS.OL (Norwegian Air ShuttleQ2 figures: Profitability soars, inaugural dividend declared Norwegian announced its first dividend since restructuring, with NOK 0.90 per share (approval 10July2025, ex-dividend date 12August 2025, payment date 20August 2025 ) The airline reported a profit before tax of NOK 1,055 million, a significant improvement from the NOK -611 million EBIT reported in Q1. Revenue growth was particularly impressive, with unit revenue up 10% year-over-year despite modest capacity growth of just 1%. Ancillary revenue reached NOK 205 per passenger, up 5% compared to Q2 2024. The balance sheet remains robust with a liquidity position of NOK 13.8 billion, providing financial flexibility for strategic initiatives Norwegian reported strong traffic figures for Q2 2025, carrying 7.6 million passengers, a 4% increase year-over-year The company highlighted its successful summer season ramp-up with zero cancellations, contributing to record high Q2 unit revenue. On-time performance remained strong at 86% for Norwegian and 89.3% for Widerøe operations Corporate travel continues to show growth in 2025, with Norwegian citing its on-time performance, frequency, and regularity as key factors attracting business travelers. The company also announced a new contract with the Swedish state/Kammarkollegiet, further strengthening its position in the corporate market. Looking ahead, Norwegian provided guidance for the remainder of 2025. For the full year, the company expects capacity growth of 3% with unit cost increases. For Q3 2025, capacity growth is projected at 2%, while Q4 2025 is expected to see a capacity reduction of 3%.
DNB Carnegie raises its price target on $NAS.OL (Norwegian Air Shuttle) to 18 kroner per share, from 17 kroner, and reiterates a buy recommendation, according to an analysis on Wednesday. In its analysis, the brokerage has increased its estimate for adjusted operating profit in 2025-2026 by 17 and 8 percent, following better-than-expected traffic figures in June and the purchase of three aircraft that the company has leased.
$NAS.OL (Norwegian Air Shuttle) to Purchase Three Boeing 737-800 Aircraft The airline is expanding its fleet with the purchase of these new aircraft. Earlier this year, Norwegian had purchased ten $BA (Boeing) 737-800 aircraft, as per an announcement on March 3. The company has already completed the long-term financing for that particular purchase. The company is expected to close the transaction in the third quarter of this year. The deal is a cash deal with Norwegian working to gain long-term financing for the deal. After the purchase is completed, the airline expects to record a recurring gain of around 260 million Norwegian kroner or around 21.8 million euros. In addition to this, it also expects to save around 25 million Norwegian kroner or around 2.6 million euros, in financing costs.
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