Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q3 2025 Earnings Presentation
22 slides from Norwegian Air Shuttle Asa's earnings presentation, Oct 22, 2025
Slide 1: Presentation of third quarter 2025
Presentation of third quarter 2025 22 October 2025
Slide 2: Highlights for Q3 2025
Highlights for Q3 2025
Slide 3: Q3 profit before tax (EBT) NOK 2,891 million
Q3 profit before tax (EBT) Exercise of aircraft NOK 2,891 million purchase option ● group operating profit (EBIT) NOK 3,071 million ● purchase of 30 additional Boeing 737 MAX-8 – Norwegian EBIT NOK 2,797 million – latest modern tech. with reduced emissions – Widerøe EBIT NOK 274 million Preferred tr
Slide 4: Third quarter 2025
Third quarter 2025 7.6 million (+3% YoY) Passengers in third quarter 2025 (group) Load factor (change YoY) Load factor (change YoY) Punctuality Punctuality 11.7 596 77.8% 91.8% billion seat Regularity Regularity million seat kilometres (+2% YoY) kilometres (+3% YoY) Norwegian capacity (ASK) 99.3% 98
Slide 5: Norwegian – record Q3 traffic
Norwegian – record Q3 traffic Norwegian Traffic – PAX per month, load factor and yield 92.3% Delivering record traffic during peak season 90.0 % 88.4% • capacity growth (ASK) 2% YoY • 1.17 record high Q3 unit revenue 4,000 1.09 86.5% 85.9% – load factor 88.3%, marginally higher YoY 84.7% 1.0 7 – yie
Slide 6: Widerøe – passenger records
Widerøe – passenger records 10 0.0% Widerøe Traffic – PAX per month and load factor 95.0% 90.0 % Record quarterly traffic 81.4% 85.0% 81.1% • 1,125,000 passengers – up 9% YoY and highest ever 80.0% 77.6% • stable load with increase in traffic 500 • September record high monthly passengers 73.4% 71.8
Slide 7: Norwegian – load and yield ahead with reduced winter capacity
Norwegian – load and yield ahead with reduced winter capacity 7-day rolling sales figures (PAX) – All markets1) Booked revenue – winter season (Nov. – Mar.) 2.5E+09 2E+09 2023 2024 1.5E+09 2025 2024 1E+09 2025 500000000 0 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 May Jun Jul Aug Sep Oct
Slide 8: Financial results for Q3 2025
Financial results for Q3 2025
Slide 9: Quarterly financial highlights
Revenue • group revenue NOK 12.3 billion – up 6% vs. last year – Widerøe contribution NOK 2.1bn • traffic records across group – Norwegian capacity (ASK) growth 2% – total unit revenue up 4% YoY with marginally higher load factor – Widerøe delivering Q3 passenger records Quarterly result • group EBI
Slide 10: Revenues – record Q3 traffic
Revenues – record Q3 traffic Quarterly total operating revenue (NOK million) Norwegian Q3 traffic 12,252 • capacity growth (ASK) 2% vs. Q3 2024 • Unit revenue up 4% from last year – load factor marginally higher +529 2,005 (+5%) 38 -6 10,247 Widerøe with strong contribution 9,718 329 • growth in pas
Slide 11: Operating profit (EBIT) – significant improvement YoY
Operating profit (EBIT) – significant improvement YoY Quarterly EBIT (NOK million) Significant improvement in traffic YoY • record unit revenue +856 3,071 2,797 274 Countering cost inflation 528 • additional cost for ETS and SAF counter to lower fuel price 81 • pressure from industry specific cost i
Slide 12: Group P&L
Group P&L Chng. NOK million Q3 2025 Q3 2024 (YoY) Passenger revenue 10,444 9,759 Ancillary passenger revenue 1,549 1,558 Other revenue 259 277 Total operating revenue 12,252 11,594 +6% → improved unit revenue and Widerøe growth Personnel expenses 2,132 2,044 Aviation fuel 2,918 2,938 → NOK 137m incr
Slide 13: Robust balance sheet
Robust balance sheet 30 Sep 30 Jun Chng. NOK million Net interest-bearing debt 2025 2025 (QoQ) Intangible assets 1,965 2,356 30 Sep 30 Jun Chng. Tangible assets 24,186 21,891 +2,295 → delivery of five leased aircraft NOK million 2025 2025 (QoQ) Total non-current assets 26,734 24,682 Cash & equiv. 7,
Slide 14: Cash flow in quarter
Cash flow in quarter Quarterly cash flow (NOK million) Opening balance 12,738 (30 Jun 2025) Working capital effect • reduced forward bookings and normalised holdback Ticket pre-payment • lower prepayment with seasonality -2,904 Excess liquidity Operating activities excl. • placed on deposits and mon
Slide 15: The way forward
The way forward
Slide 16: Widerøe in Bergen
Widerøe in Bergen – successful expansion Bergen connectivity • attractive destination for inbound tourism – group with c. 60% of total Bergen market • large choice of direct destinations across Europe and Norway 16
Slide 17: Billund route launch and Best European Airline award
Billund airport route launch: • 10 new international routes from Billund • bringing tourists to Denmark and Legoland • attractive European destinations for West Denmark – direct – not connect “Best European Airline” at Danish Travel Awards Det er deijlig å være Norwegian won “Best European Airline”
Slide 18: Executing on long-term fleet strategy
Executing on long-term fleet strategy Exercising purchase options Norwegian fleet estimate • order now for 80 Boeing 737 MAX 8 aircraft – exercised option for 30 aircraft in Q3 on top of previous 50 firm aircraft order 104 – attractive pricing 100 – adjusting certain delivery dates to align with lea
Slide 19: Program X
Program X to deliver by year-end 2026: • underlying recurring profit improvement in excess of NOK 1 billion p.a.* • sustained increase in EBIT margin (%) *) baseline 2024 for Norwegian (excl. Widerøe) at constant FX and jet fuel What we have done so far in 2025: • fleet control through acquisition o
Slide 20: Outlook
FY 2025 Q4 2025 FY 2026 Outlook Capacity growth1) c. 3% c. -3% c. 3% FY 2025 Norwegian unit cost excl. fuel2) Unchanged vs. prior year $ 1) available seat kilometres (ASK) for Norwegian vs. same period previous year 2) vs. 2024 assuming current foreign exchange rates 20 Photo: Dimos Bstakis @norwegi
Slide 21: norwegian x
norwegian x
Slide 22: Disclaimer
Disclaimer Certain statements included in this presentation contain forward-looking statements, such as statements of future expectations. Although the statements provided are based on the best reasonable assumptions of management of Norwegian Air Shuttle ASA (“Norwegian”), the statements are based
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