Aviation Intelligence Database · Airline profile
Airline profile
Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and the gap between unit revenue and unit cost, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.
Fleet & orders
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
How to read this page
Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. The first 14 rows are the metrics used in the Airline Comparison tool.
- Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
- Operating margin is operating result ÷ revenue unless the company defines its own margin (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Text version of the Norse Atlantic Airways data on this page
Norse Atlantic Airways data snapshot
- Scope: Norse Atlantic ASA (consolidated)
- Region: Europe
- Business model: Long-haul low-cost carrier
- Financial year end: 31 Dec
- Reporting currency: USD
- Latest period: Q2 2026
- Last updated: 2026-09-26
Latest read
Norse cut own-network flying 64% in Q2 2026 as fuel costs nearly doubled, pushing own-network TRASK to a record 6.15 US cents. That was not enough: revenue fell to $132m, EBIT was −$27.3m, and the first-half net loss reached $94.6m. A rights issue and new secured debt fund the runway while a strategic review that may end in a sale, merger or partnership runs to year-end.
Reported metrics by period
- FY2025 (FY2025 · calendar year): Passengers: 1.84m (1.49m own network + 0.35m ACMI & charter); Revenue: $705.3m (Total income $734.0m incl. $28.7m lease-modification gain); Operating profit / result: −$20.1m EBIT; Operating margin: −2.8% (EBIT ÷ revenue); EBITDA / EBITDAR: $56.5m EBITDAR; Net profit: −$61.9m net loss; Load factor: 94% (Own network); Capacity / ASK: 12.0bn ASK (Own network; 14.8bn incl. ACMI); RASK / yield: 4.93 US¢ TRASK (Own network); CASK ex-fuel: 3.39 US¢ CASK ex-fuel (Own network); Cash / liquidity: $17.6m cash (31 Dec 2025); Fleet size: 12 (Leased Boeing 787-9); Net debt / cash / leverage: $818m net debt incl. leases ($779.3m leases + $56.4m interest-bearing debt − $17.6m cash); Fleet growth / guidance: 12 aircraft in 2026: 6 own network, 6 ACMI (Plan at Q4 2025; EBITDAR guidance of $130–150m later withdrawn); Fuel hedging: Unhedged (No fuel hedging arrangements at year-end).
- H1 2026 (H1 2026 · six months ended 30 Jun): Revenue: $292.3m (−11% vs total income); Operating profit / result: −$40.4m EBIT; Operating margin: −13.8% (EBIT ÷ revenue); EBITDA / EBITDAR: −$2.6m EBITDAR; Net profit: −$94.6m net loss (Incl. $32.9m non-cash bond-conversion charge); Passengers: 0.75m (410k own network + 341k ACMI & charter); Load factor: 96% (Own network); Capacity / ASK: 3.3bn ASK (Own network); RASK / yield: 5.98 US¢ TRASK (Own network); CASK ex-fuel: 4.99 US¢ CASK ex-fuel (Own network).
- Q2 2026 (Q2 2026 · quarter ended 30 Jun): Passengers: 345.6k (184k own network + 161k ACMI & charter); Revenue: $132.0m (Q2 2025: $202.6m); Operating profit / result: −$27.3m EBIT (Q2 2025: +$4.4m); Operating margin: −20.7% (EBIT ÷ revenue); EBITDA / EBITDAR: −$8.4m EBITDAR; Net profit: −$70.6m net loss (Incl. $32.9m non-cash bond-conversion charge); Load factor: 97% (Total; own network 94%); Capacity / ASK: 1.41bn ASK (Own network, −64% YoY; 3.15bn incl. ACMI); RASK / yield: 6.15 US¢ TRASK (Own network, +23% YoY); CASK ex-fuel: 5.37 US¢ CASK ex-fuel (Own network, +57% YoY); Cash / liquidity: $67.1m cash (30 Jun 2026; $52m secured financing signed in August); Net debt / cash / leverage: $729m net debt incl. leases ($745.5m leases + $50.7m interest-bearing debt − $67.1m cash); Fleet size: 12 (Leased Boeing 787-9); Fleet growth / guidance: No 2026 guidance (Guidance suspended; strategic review targets year-end 2026); Fuel hedging: Unhedged (No fuel hedging arrangements).
Own-network unit economics
US cents per ASK; own network only, excludes ACMI & charter.
| Metric | Q2 2026 | Q2 2025 | FY2025 |
|---|---|---|---|
| ASK (m) | 1,411 | 3,909 | 12,014 |
| Load factor | 94% | 96% | 94% |
| Revenue per passenger | $447 | $372 | $378 |
| TRASK | 6.15 | 5.01 | 4.93 |
| CASK ex-fuel | 5.37 | 3.41 | 3.39 |
| CASK | 8.23 | 4.85 | 4.97 |
Group results
USD million.
| Period | Revenue | EBITDAR | EBIT | Net result | Cash at period end | Lease liabilities |
|---|---|---|---|---|---|---|
| FY2025 | 705.3 | 56.5 | (20.1) | (61.9) | 17.6 | 779.3 |
| H1 2026 | 292.3 | (2.6) | (40.4) | (94.6) | 67.1 | 745.5 |
| Q2 2026 | 132.0 | (8.4) | (27.3) | (70.6) | 67.1 | 745.5 |
Outlook
Norse gives no financial guidance for 2026. It says the strategic review may result in a sale, merger or partnership and targets completion by year-end.
- Outcome of the strategic review and any offer terms.
- Redeployment of the five 787s returning from IndiGo in November.
- Liquidity after the $52m 15% secured facility maturing May 2027.
- Project Falcon savings and non-fuel CASK.
- Winter demand on Europe–Thailand and transatlantic routes.