AIRLINE METRICS · NORWEGIAN AIR SHUTTLE ASA
Norwegian
Reported results, operating metrics and fleet data for Norwegian Air Shuttle and the consolidated Norwegian Group.
Latest: Q2 2026 · three months to 30 June 2026Latest read
The quarter combined solid operations and lower ex-fuel unit cost with weaker reported earnings. Norwegian attributed the gap mainly to the Supreme Court decision on its 2020 EU ETS obligation, higher fuel costs and Easter timing. Excluding other losses, EBIT was positive at NOK 213 million and the margin was 2%.
Five-year reported results
NOK million unless stated otherwise.
| Year | Revenue | EBITDAR | EBIT | Net result |
|---|---|---|---|---|
| 2021 | 5,068 | -1,516 | -2,786 | 1,871 |
| 2022 | 18,869 | 1,254 | 1,502 | 1,005 |
| 2023 | 25,539 | 5,754 | 2,232 | 1,737 |
| 2024* | 35,317 | 6,907 | 1,873 | 1,355 |
| 2025* | 37,646 | 7,887 | 3,732 | 2,708 |
Comparability: Widerøe has been consolidated from 12 January 2024. The 2024 and 2025 group figures therefore include Widerøe; earlier years are Norwegian-only. EBITDAR is shown using the company’s definition.
Scale and profitability
| Year | Passengers | Operating margin | Reporting scope |
|---|---|---|---|
| 2023 | 20.6m | 8.7% | Norwegian |
| 2024 | 26.4m | 5.3% | Group |
| 2025 | 27.3m | 9.9% | Group |
Q2 2026 operating dashboard
| Metric | Q2 2026 | Context |
|---|---|---|
| Passengers | 7.8m | 6.7m Norwegian; 1.1m Widerøe |
| Reported EBIT | NOK -603m | Affected by other losses, fuel and Easter timing |
| EBIT excluding other losses | NOK 213m | 2% adjusted operating margin |
| Norwegian ASK | +5% | Year on year |
| Norwegian load factor | 82.5% | Down 2.7 percentage points |
| Norwegian punctuality / regularity | 86.4% / 99.6% | Operational performance |
| Ex-fuel unit cost | -5% | Year on year |
Fleet and capacity
Group aircraft at Q2 end
Norwegian aircraft, including 36 737 MAX 8s
Widerøe aircraft
What to watch
- Earnings quality: track reported EBIT alongside the company’s reconciliation excluding other losses.
- Load factor and yield: capacity growth must translate into improved aircraft utilisation and revenue quality.
- Fuel and EU ETS: both were material drivers of Q2’s reported result.
- Fleet mix: the rising share of owned and newer 737 MAX 8 aircraft affects fuel efficiency, depreciation and financing.
- Group perimeter: compare pre-2024 history carefully because Widerøe changed the consolidated base.
Sources and methodology
Figures use company-reported results. Rounding may create small differences. “Adjusted” labels are used only where Norwegian provides the reconciliation.
Reports and presentations · 2025 Annual Report · Q2 2026 results
Last updated: 8 September 2026 · Financial years shown by calendar year.
Revenue bridge
Q2 2026 versus Q2 2025; NOK million unless stated.
| Group revenue | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Passenger revenue | 8,732 | 8,664 | +0.8% |
| Ancillary passenger revenue | 1,429 | 1,370 | +4.3% |
| Other revenue | 248 | 255 | -2.7% |
| Total operating revenue | 10,408 | 10,289 | +1.2% |
Yield and unit economics
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Group yield | NOK 1.07 | NOK 1.08 | -0.9% |
| Group unit revenue | NOK 0.88 | NOK 0.91 | -3.3% |
| Norwegian ancillary revenue / passenger | NOK 208 | NOK 205 | +1.5% |
| Group ancillary revenue / passenger | NOK 184 | NOK 181 | +1.7% |
Cost bridge
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Norwegian unit cost | NOK 0.76 | NOK 0.72 | +6% |
| Norwegian ex-fuel unit cost | NOK 0.48 | NOK 0.50 | -5% |
| Group aviation fuel expense | NOK 3,434m | NOK 2,576m | +33% |
| Aircraft lease, depreciation & amortisation | NOK 1,156m | NOK 1,359m | -14.9% |
Cash flow and leverage
Calculated
Cash after asset spend equals reported operating cash flow less purchases, proceeds and prepayments for tangible assets. It is calculated from company figures and is not a company-defined free-cash-flow measure.
Fleet productivity
| Norwegian fleet metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Period-end fleet | 95 | 90 | +5.6% |
| Average aircraft utilised | 92 | 86 | +7.0% |
| Block hours / aircraft / day | 11.5 | 11.7 | -1.7% |
| Owned versus leased split | Not separately disclosed | — | No estimate used |
Guidance versus actual
| 2026 metric | Previous outlook | Latest outlook / result | Status |
|---|---|---|---|
| Norwegian full-year ASK | ~+3% | ~+3% | Maintained |
| Norwegian Q3 ASK | Not specified | ~+5% | New guidance |
| Underlying ex-fuel unit cost | Low-single-digit increase | Flat versus 2025 | Improved |
| Program X annual profit improvement | NOK 1.25bn+ | NOK 1.25bn+ | Target by end-2026 |