Norwegian Air Shuttle New (NWARF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the first course of 2026 presentation for the Norwegian group. My name is Jesper Hotteveit and I'm the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Gerrit Karlsson, and our CFO, Arne Jørgensen. The presentation will be followed by a Q&A from the audience and the web. Please go ahead, Gerrit. Thank you, Jesper. Good morning to everyone. Also good morning to the ones listening in online. It's a beautiful morning in Oslo. The sun is shining. The low season is behind us and we are looking forward to a summer season that is going to be hectic and we are going to fly a lot and the demand is looking very promising. But let's start by having a look at the first quarter of this year. EBITS negative of 220 million. This is a significant improvement from the same quarter last year. Very happy to see that Program X is really starting to deliver. 196 million in this quarter. And I will come back to a little bit more details on Program X a little bit later. Very strong traffic growth in the quarter. It's a record first quarter load factor. in Norwegian at 87.6%. We have a volatile macro situation, not at least on the fuel side, but at the same time in Norwegian we are 45% hedged, and we have seen tailwinds on the FX, meaning that the Norwegian Krone on the relative has gotten stronger. Also, very helpful that the ETS quota prices has come down. from the low 90 euros a ton to down at the 60s for the quarter, which is obviously helping. So the underlying cost excluding fuel is 2% up. I will come back to the guiding for the full year a little bit later. Vidrø, talking about operational excellence, is delivering great. quarter when it comes to the daily operation on both functionality, on-time performance, improv...