Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q2 2025 Earnings Presentation
22 slides from Norwegian Air Shuttle Asa's earnings presentation, Jul 11, 2025
Slide 1: Presentation of second quarter 2025
Presentation of second quarter 2025 11 July 2025
Slide 2: Laying the basis for a sustainable profitable airline
Group revenue (NOK billion) – laying the basis for a sustainable profitable airline High customer value at low cost of delivery • leading in Europe on OTP with close to zero cancellations • strong customer satisfaction and brand recognition – capturing market share for corporate travel – Norwegian R
Slide 3: At the end of the first leg, starting on the second
– at the end of the first leg, starting on the second Credit repayment timeline (excl. lease payments, interest and loan amortisations) Sum 2021 2022 2023 2024 2025 Q1 – Q3 2025 Q3 onwards • emergence from • NOK 30m Retained • NOK 351m RCB • NOK 68m RCB • NOK 900m conv. • payment of inaugural recons
Slide 4: Highlights for Q2 2025
Highlights for Q2 2025
Slide 5: Q2 profit before tax NOK 1,055 million
Q2 profit before tax (EBT) Long-term fleet decisions NOK 1,055 million with sound economics ● group operating profit (EBIT) NOK 1,250 million ● transaction to acquire 11 spare engines – Norwegian EBIT NOK 1,021 million – latest technology CFM LEAP-1B – Widerøe EBIT NOK 229 million Preferred travel p
Slide 6: Second quarter 2025
Second quarter 2025 7.6 million (+4% YoY) Passengers in second quarter 2025 (group) Load factor (change YoY) Load factor (change YoY) Punctuality Punctuality 10.5 559 86.0% 89.3% billion seat Regularity Regularity million seat kilometres (+1% YoY) kilometres (+3% YoY) Norwegian capacity (ASK) 99.7%
Slide 7: Norwegian – record Q2 traffic
Norwegian – record Q2 traffic Norwegian Traffic – PAX per month, load factor and yield 88.4% 90.0 % 86.8% Successful ramp-up to summer season 3,50 0 84.7% • close to zero cancellations 85.0% 83.5% 83.5% 1.00 82.4% 82.2% 3,000 0.93 82.0% 81.0% 0.92 0.97 Strong quarterly traffic • capacity growth (ASK
Slide 8: Widerøe – setting passenger records
Widerøe – setting passenger records 10 0.0% 95.0% Widerøe Traffic – PAX per month and load factor 90.0 % 85.0% Record traffic in quarter 81.1% • 1,078,000 passengers – up 8% YoY and highest ever 80.0% • load factor increased to 74% 500 73.7% 73.3% • June record high monthly passengers and revenue 71
Slide 9: Norwegian – robust booking momentum
Norwegian – robust booking momentum 7-day rolling sales figures (PAX) – All markets1) Booked revenue – Travel July to October2) 7,000,000,000 6,000,000,000 2019 2023 5,000,000,000 2024 2025 4,000,000,000 3,000,000,000 2024 2025 2,000,000,000 1,000,000,000 0 Mar-2025 Apr-2025 May-2025 Jun-2025 Jul-20
Slide 10: Corporate travel – continued growth in 2025
Corporate travel – continued growth in 2025 Corporates choosing Norwegian Norwegian corporate passengers • Avinor reports corporate travel in Norway still below 2019 – domestic corp. travel down 11%, abroad down 15%* • from corporates and travel agents we speak to: – 50% or higher share of travel wi
Slide 11: Financial results for Q2 2025
Financial results for Q2 2025
Slide 12: Quarterly financial highlights
Revenue • group revenue NOK 10.3 billion – up 10% vs. last year – Widerøe contribution NOK 2.0bn with strong traffic • Norwegian record high Q2 unit revenue – capacity (ASK) growth down to 1% – total unit revenue up 10% YoY, 3 p.p. increase in load factor – ancillary revenue NOK 205 per pax, up 5% Y
Slide 13: Revenues – record strong Q2 traffic
Revenues – record strong Q2 traffic Quarterly total operating revenue (NOK million) Norwegian Q2 traffic • capacity growth (ASK) 1% vs. Q2 2024 • Unit revenue up 10% from last year – load factor up 2.8% Easter timing • Easter falling in Q2 this year vs. in Q1 last year – reversal of negative Q1 effe
Slide 14: Operating profit (EBIT) – significant improvement
Operating profit (EBIT) – significant improvement Quarterly EBIT (NOK million) Significant improvement in traffic YoY • Improved unit revenue and Easter timing Countering cost inflation • significant cost increase for ATC and airport charges following tariff changes at year-end • unit cost excl. fue
Slide 15: Group P&L
Group P&L Chng. NOK million Q2 2025 Q2 2024 (YoY) Passenger revenue 8,664 7,820 Ancillary passenger revenue 1,370 1,257 Other revenue 255 270 Total operating revenue 10,289 9,347 +10% Improved load factor and yield Personnel expenses 2,096 2,079 Aviation fuel 2,576 2,593 NOK 105m increase with reduc
Slide 16: Robust balance sheet
Robust balance sheet 30 Jun. 31 Mar. Chng. NOK million Net interest-bearing debt 2025 2025 (QoQ) Intangible assets 2,356 2,421 30 Jun. 31 Mar. Chng. Tangible assets 21,891 21,095 +796 delivery of three leased NOK million 2025 2025 (QoQ) Total non-current assets 24,682 23,980 aircraft Cash & equiv. 1
Slide 17: Cash flow in quarter
Cash flow in quarter Quarterly cash flow (NOK million) Bookings elevated with seasonality • positive working capital effect with normalised and i e re ay en low holdback era ing a ivi ies ex l • Strong operating cash-flow Excess liquidity i e re ay en in quarter • placed on deposits and money-market
Slide 18: The way forward
The way forward
Slide 19: Executing on long-term fleet strategy
Executing on long-term fleet strategy Boeing deliveries developing positively • three aircraft on lease delivered in Q2 Norwegian fleet estimate until 2026 – six aircraft delivered ytd., up from two last year – recent deliveries ahead of revised schedule • order for 50 Boeing 737 MAX 8 aircraft 94 -
Slide 20: Program X
Program X to deliver by 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 of air
Slide 21: Outlook
FY 2025 Q3 Q4 Outlook Capacity growth1) c. 3% c. 2% c. -3% FY 2025 Norwegian unit cost excl. fuel2) Low to mid single-digit % increase $ 1) available seat kilometres (ASK) vs. same period 2024 2) vs. 2024 assuming current foreign exchange rates 21
Slide 22: norwegian x
norwegian x
Norwegian Air Shuttle New — Q2 2025 Earnings Presentation on 6ix