Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q1 2025 Earnings Presentation
22 slides from Norwegian Air Shuttle Asa's earnings presentation, May 8, 2025
Slide 1: Presentation of first quarter 2025
Presentation of first quarter 2025 8 May 2025
Slide 2: Q1 operating result and outlook
Q1 operating result (EBIT) Securing attractive aircraft neg. NOK 611 million for Norwegian ● seasonally weakest quarter of year ● purchase of 10 leased Boeing 737-800 – negative Easter effect vs. last year – non-recurring gain NOK 589m ● positive impact from purchase of leased aircraft Preferred tra
Slide 3: Number of passengers in first quarter
Number of passengers in first quarter (group) 5.1 million (+7% YoY) Load factor 82.5% (-2 p.p.) 69.8% (+3 p.p.) (change YoY) Norwegian capacity (ASK) Q1 2025 7.2bn +16% (YoY) Q1 2024 6.2bn Q1 operating performance (Norwegian) Punctuality Regularity • operational performance improving through Q1 and
Slide 4: Norwegian ramp-up from March onwards
Norwegian ramp-up from March onwards 90.0 % Norwegian Traffic – PAX per month, load factor and yield 86.8% Q1 traffic impacted by Easter timing 3,50 0 84.7% • capacity (ASK) up 16% YoY 85.0% 83.6% – PAX 4.2m – up 5% YoY 82.4% 82.2% 82.0% 1.0 0 • more longer sectors – avg. stage length +10% 3,000 0.9
Slide 5: Widerøe – continuous passenger growth
Widerøe – continuous passenger growth 10 0.0% 95.0% 90.0 % Widerøe Traffic – PAX per month and load factor Q1 traffic performance 85.0% 80.0% • 911,000 passengers – up 17% YoY • load factor increased to 70% 500 73.7% 73.3% – improving load on both commercial and PSO networks 71.7% 71.8% 75.0% 70.1%
Slide 6: Norwegian – robust bookings into summer season
Norwegian – robust bookings into summer season 7-day rolling sales figures (PAX) – All markets1) Booked revenue – Travel May to August2) 6,000,000,000 2019 5,000,000,000 2023 4,000,000,000 2024 2025 3,000,000,000 2024 2,000,000,000 2025 1,000,000,000 0 Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Ja
Slide 7: Reitan Retail new partner & co-owner
- Reitan Retail new partner & co-owner Leading retailer Reitan joins Spenn • brands incl. REMA 1000, Narvesen, 7-11 and Uno-X – serving c. 2 million customers every day • Spenn to be equally owned by Reitan, Strawberry and Norwegian – subject regulatory approval, expected during summer Spenn – the l
Slide 8: Financial results for Q1 2025
Financial results for Q1 2025
Slide 9: Quarterly financial highlights
Quarterly financial highlights Revenue • group revenue NOK 6.6 billion – up 7% vs. last year – Widerøe contribution NOK 1.8bn • Norwegian capacity (ASK) up 16% – total unit revenue down 11% YoY following 10% increase in avg. stage length and Easter timing – ancillary revenue NOK 190 per pax, up 10%
Slide 10: Revenues – impacted by Easter timing
Revenues – impacted by Easter timing Quarterly total operating revenue (NOK million) Capacity, and PAX increase in quarter • Norwegian capacity (ASK) up 16% vs. Q1 2024 • 10% longer avg. sector – negative for yield Easter timing effect • Easter falling in Q2 this year vs. in Q1 last year – impacting
Slide 11: Operating profit (EBIT) – countering cost pressures
Operating profit (EBIT) – countering cost pressures Quarterly EBIT (NOK million) Easter timing effect • revenue effect estimated in excess of NOK 400m Cost inflation countered by scale and initiatives • significant cost increase for ATC and airport charges following tariff changes at year-end • unit
Slide 12: Group P&L
Group P&L Chng. NOK million Q1 2025 Q1 2024 (YoY) Passenger revenue 5,473 5,126 Ancillary passenger revenue 829 731 Other revenue 280 288 Total operating revenue 6,582 6,144 +7% higher production offset by Easter timing Personnel expenses 2,124 1,774 +20% additional flying FTEs with 16% ASK growth a
Slide 13: Robust balance sheet
Robust balance sheet 31 Mar. 31 Dec. Chng. NOK million Net interest-bearing debt 2025 2024 (QoQ) Intangible assets 2,421 2,429 31 Mar. 31 Dec. Chng. Tangible assets 21,095 19,403 +1,692 purchase of leased aircraft NOK million 2025 2024 (QoQ) Total non-current assets 23,980 22,346 and three aircraft
Slide 14: Cash flow in quarter
Cash flow in quarter Quarterly cash flow (NOK million) Bookings higher with seasonality • working capital effect with normalised and low • seasonally higher bookings holdback y • positive Easter timing effect x Excess liquidity y • placed on deposits and money-market funds • cash balance not inc. NO
Slide 15: The way forward
The way forward
Slide 16: Fleet secured for summer 2025 season
Fleet secured for summer 2025 season Boeing with Q1 delivery ramp-up Norwegian fleet estimate until 2026 • three new aircraft delivered to Norwegian in Q1 – in 2024, Boeing delivered only two aircraft to Norwegian 94 - 96 ~ • fourth aircraft is expected in May • order for 50 Boeing 737 MAX 8 aircraf
Slide 17: Program X delivering long-term profitability improvements
Program X delivering long-term profitability improvements Program X to deliver by end 2026: What we have done by Q1 2025 On-time performance (OTP) with record-strong Easter • continuous operational improvement cycles Monthly OTP (15 min. dep.) • optimised turnaround and block times • Easter OTP at 9
Slide 18: Outlook & summary
Outlook & summary
Slide 19: Outlook
Outlook FY 2025 Q2 Q3 Q4 Capacity growth1) c. 3% c. 1% c. 2% c. -3% FY 2025 Norwegian unit cost excl. fuel2) Mid single-digit % increase vs. 2024 $ 1) Available seat kilometres (ASK) vs. same period 2024 2) Assuming current foreign exchange rates 19
Slide 20: First quarter performance and outlook
First quarter performance • strong capacity growth and unfavourable Easter timing • gains from aircraft purchase and NOK strenghtening • unit cost down 11% YoY, supported by aircraft purchase • liquidity position NOK 10.5 billion – in process of securing long-term financing for 10 aircraft Leading a
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 b b b N w “N w ” s are based on a number of assumptions and forecasts that, by their nature, involve risks and uncertainties. No assuranc
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