Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q4 2025 Earnings Presentation
22 slides from Norwegian Air Shuttle Asa's earnings presentation, Feb 13, 2026
Slide 1: Presentation of fourth quarter 2025
Presentation of fourth quarter 2025 13 February 2026
Slide 2: Highlights for Q4 2025
Highlights for Q4 2025
Slide 3: Q4 operating profit (EBIT) NOK 21 million
Q4 operating profit (EBIT) Received first aircraft NOK 21 million from 80 Boeing order ● significant results improvement YoY ● delivery of first 737 MAX 8 from direct order ● passenger growth in Norwegian and Widerøe ● aircraft order with 79 deliveries through 2031 ● operational improvements across
Slide 4: Fourth quarter 2025
Fourth quarter 2025 6.2 million (+0.4% YoY) Passengers in fourth quarter 2025 (group) Load factor (chg. YoY) Load factor (chg. YoY) Punctuality (chg. YoY) Punctuality (chg. YoY) 8.2 0.52 83.2% 84.4% (+5 p.p.) (+7 p.p.) billion seat Regularity (chg. YoY) Regularity (chg. YoY) billion seat kilometres
Slide 5: Norwegian – optimising capacity during winter
Norwegian – optimising capacity during winter Norwegian Traffic – PAX per month, load factor and yield 92.3% Capacity reduced in winter season 4,000 1.09 • adjusting to seasonal variations in demand 87.2% 1.0 8 86.5% 85.9% 85.4% 85.8% 84.8% Q4 with improved performance 3,50 0 0.98 • Q4 capacity (ASK
Slide 6: Widerøe – passenger growth through 2025
Widerøe – passenger growth through 2025 Widerøe Traffic – PAX per month and load factor 81.4% 77.6% Improved operational performance 5.03 5.18 • strong operations despite winter weather conditions 4.84 73.4% 73.4% 4.91 5.00 – Q4 punctuality 84.4%, up 7 p.p. YoY 70.3% – Q4 regularity 95.5%, up 3 p.p.
Slide 7: Norwegian – successful New Year’s sales campaign
Norwegian – successful New Year’s sales campaign 7-day rolling sales figures (PAX) – All markets*) Booked revenue – Travel February to June 5,000,000,000 4,500,000,000 previous year-2 4,000,000,000 3,500,000,000 previous year 3,000,000,000 2,500,000,000 2025/26 previous year 2,000,000,000 1,500,000,
Slide 8: Customers: Loyal and engaged
Norwegian NPS (Net Promoter Score) – 50 score indicates a strong, loyal and engaged customer base What matters most to our customers Customers: Punctuality Help/service Helpful staff arrive on time get help when needed friendly and service-minded Loyal and Key customer initiatives • operational impr
Slide 9: Corporate travel – Norwegian solidifying position across Nordics
Corporate travel – Norwegian solidifying position across Nordics Corporates choosing Norwegian Norwegian corporate revenue per year • Avinor reports 2025 corporate travel in Norway still below 2019 – corporate travel 16% below 2019* – corporate travel 2% below 2024* • Norwegian growth in corporate p
Slide 10: Financial results for Q4 2025
Financial results for Q4 2025
Slide 11: Quarterly financial highlights
Revenue • group revenue NOK 8.5 billion – up 4% vs. last year – Widerøe contribution NOK 2.0bn • robust traffic across group – Norwegian capacity (ASK) reduced 3% YoY – total unit revenue up 6% YoY with higher load factor and yield – Widerøe delivering 2% passenger growth Profits • quarterly group o
Slide 12: Revenues – improved Q4 unit revenue
Revenues – improved Q4 unit revenue Quarterly total operating revenue (NOK million) Norwegian Q4 traffic • capacity (ASK) down 3% vs. Q4 2024 • unit revenue up 6% from last year – higher load factor Significant Widerøe contribution • growth in passengers 2% • 23% share of group operating revenue olu
Slide 13: Quarterly group P&L
Quarterly group P&L Chng. NOK million Q4 2025 Q4 2024 (YoY) Passenger revenue 7,160 6,916 Ancillary passenger revenue 1,046 1,016 Other revenue 317 300 Total operating revenue 8,522 8,232 +4% → improved unit revenue Personnel expenses 2,292 2,062 Aviation fuel 2,112 2,176 -3% → NOK 85m increase due
Slide 14: Full-year group P&L – record strong for company
Full-year group P&L – record strong for company Full-year Full-year Chng. NOK million 2025 2024 (YoY) Passenger revenue 31,742 29,621 Ancillary passenger revenue 4,794 4,561 Other revenue 1,110 1,134 Total operating revenue 37,646 35,317 +7% → improved unit revenue and passenger growth Personnel exp
Slide 15: Robust balance sheet
Robust balance sheet 31 Dec. 30 Sep. Chng. NOK million Net interest-bearing debt 2025 2025 (QoQ) Intangible assets 2,259 1,965 31 Dec. 30 Sep. Chng. Tangible assets 24,791 24,186 +605 → delivery of two aircraft in Q4 NOK million 2025 2025 (QoQ) Total non-current assets 27,519 26,734 Cash & equiv. 7,
Slide 16: Cash flow in quarter
Cash flow in quarter Quarterly cash flow (NOK million) Excess liquidity • placed on deposits and money-market funds i et prepayment • lower prepayment with seasonality • cash balance not including financial investment: – NOK 1,094m in fixed-income fund investments – NOK 1,532m deposit against outsta
Slide 17: The way forward
The way forward
Slide 18: Fleet: Secured for summer 2026
Fleet: Start of aircraft delivery from direct order • first of 80 ordered Boeing 737 MAX 8 aircraft delivered in October – latest technology aircraft with more than 14% reduction in fuel burn Secured for • fleet set for summer 2026 – one more aircraft for delivery due this spring summer 2026 Fleet o
Slide 19: Program X – building on improvements realised in 2025
Program X – building on improvements realised in 2025 Profitability improvements (NOK million) Ongoing initiatives on track for 2026 – realised and forecasted – recurring only c. 900 >1,250 recurring effects non-recurring effects Program X to deliver by year-end 2026: • underlying recurring profit i
Slide 20: Outlook
Outlook FY 2026 Q1 Q2 Q3 Q4 Capacity growth*) c. 3% c. -5% c. 6% c. 5% c. 2% FY 2026 Low single-digit % increase Norwegian underlying unit cost excl. fuel**) vs. prior year $ *) available seat kilometres (ASK) for Norwegian vs. same period previous year **) vs. 2025 assuming current foreign exchange
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 provi e are base on the best reasonable assumptions of management of Norwegian Air huttle A A (“Norwegian”) the statements are based on a
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