Norwegian Air Shuttle New (NWARF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the second quarter presentation for the Norwegian Group. My name is Jesper Hatletveit and I am the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Geir Karlsen, and our CFO, Hans-Joergen Wibstad. The presentation will be followed by a Q&A from the audience and the web. Please go ahead, Geir. Thank you very much, Jesper. Good morning to everyone. Also good morning to the ones listening in from the web and online. I'd like to start with saying that this quarter was coming out a little bit weaker than what we expected. And I will come back to the details on it. But excluding other losses, we delivered 213 million in EBITs. The traffic numbers, the number of passengers is growing, especially with Vidre, where Vidre had a record month historically, with more than 400,000 passengers in a month. We had the ether effect, as we all know. We also had the Iran situation, where we saw a peak in the oil prices, and the oil prices are up 33% year on year. And we also lost a so-called EU ETS case, and we are booking a loss of 733 million in the quarter. That was a disappointment, and we don't really understand the conclusion. Part of that is, you know, the whole thing is non-recurring, obviously, and only part of it is cash as well. On the positive side, we are reducing the cost with 5% year over year. Operational excellence is important. Norwegian punctuality 86.4, Vibøre impressive 94.2. We are cancelling very few flights, as always, and we were rated as the most punctual airline in May in Norwegian. So, to 500 routes. Why connect when you can fly direct? It's still the case. We are the airline with most divers from the Nordics to Europe. NPS score I will come back to in more detail, but very high figures. Very...