Norse Atlantic As (NRSAF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the quarterly presentation from North Atlantic ASA. Today we are presenting from our headquarters here in Arendelle. And with me I have our CFO, Anders Jormoss, and I'm the CEO, Bjorn Larsen. Just a quick look on the headlines for this quarter. It has been a quarter of great improvements in many fields. And we can start off with a load factor that is record high. We have a 95% load factor across the quarter. And that goes for both our scheduled flying and our chargers. We have an increased number of passengers from 304,000 to... correction from 201,000 to 304,000. So it's a 51% increase year on year. We have an average revenue increase by 23% in terms of our own network. And that excludes the gain of $28 million, but includes the charters, great increase on charters. And we do have good sales and good forward outlooks for our upcoming summer. So all the parameters has been possible. for us this quarter. We achieved a revenue of 125.3. That includes $28.7 million of one-offs from re-delivery of 3-8s we had. So it's up from $78 million last year. We have an EBITDA of positive $15 million, a net profit, which is a loss of 14.9 versus a $62.8 million loss same quarter last year. So all in all, it's a very good quarter for North Atlantic and in line with our previous outlook. We have executed on our commercial strategy, which is to shift part of our business into a charter operation during the next few years. It's a strong charter market, and we wanted to secure revenues for a significant portion of the fleet. So we have successfully completed now the signing of six long-term leases to the Indian airline Indigo, which is one of the leading airlines in the world. and we have started that contract with the first aircraft delivered in March. That ...