Norwegian Air Shuttle New (NWARF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the first quarter 2025 presentation for the Norwegian Group. My name is Jasper Haldeteit and I am the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Gary Carlson, and our CFO, Hans-Jürgen Wibstad. It will be followed by a Q&A from the audience and the web. Please go ahead, Gary. Thank you, Jesper. Good morning to all of you. Also good morning to everybody listening in online. I know it's quite a few of you. It's a beautiful day. It's May. It's nice weather outside. I just saw that we had 91% on time yesterday. So things are working. We're well into the summer season. But let's talk a little bit about the first quarter. The first quarter is, as we all know, the weakest quarter in the year. It's the low season. It's always good to get out of the low season, and we are out of the low season. But it ended with a negative EBIT of 611 million Norwegian kroner. We spent the time wisely in the quarter and purchased 10 aircraft. That is 10 aircraft we are already flying. We have actually been flying these aircraft since they were new. And we are using our strong financial position to do these acquisitions. And we are booking a gain of 590 million NOK in a quarter. But more importantly, we are also reducing the cost on these aircraft on a recurring basis for the years to come with approximately 200 million NOK a year. Due to the purchase of these aircraft, the cost is also down 11% year on year. Vidru, which I will come back to in more detail, had a challenging quarter operationally. A lot of bad weather that has a consequence on the coast side. We'll come back to that. They're continuing to have a strong financial position. Ten and a half billion in liquidity, and that is after we have purchased the 10 air...