Norse Atlantic As (NRSAF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Norse Atlantic Q2 presentation 2025. My name is Bjorn Larsson. I'm the CEO and founder of Norse, and I'm also joined with our CFO, Anders Hjulmarsson. Following the presentation, we will have a Q&A session, and you can put your questions into the chat at this point, or whenever you want, and then we're going to take them up as we get to the end of the presentation. There we go. So starting with a few headlines, we have been through a massive transformation the last six months. Those of you who have followed us know that we in November announced that we are going to transform the business model. We're going to be a more optimistic carrier that will fly our own network as well as more charter whenever the time is right for that. And we're going to redo our cost space by having people, our crew, great crew flying to and from or based at the locations where they are flying to and from. And on top of that, we have introduced state of the art in-house developed technology that helps us improve revenues and manage our flights in a very, very different way than we did in the past. So we are now halfway through the the transformation and you will see that we already see massive results of the efforts that we have done. Very quickly on numbers, this is the first Q2 that we have ever presented a positive operational result of $4.4 million. So it's a good improvement from last year, an improvement of more than $26 million. We also have a good revenue uplift from $164 to $202 million. So we're seeing that the revenue side is... is very much on the right move, and we still have a lot of potential for extra revenue, as the total production capacity was not at its max in Q2 for a number of reasons, which I'll come back to. But you'll see a part of the numbers which is iso...