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-leading load factor. Commercial momentum strengthened significantly during the
quarter with record unit revenue (TRASK) in own network into 2026.
The shift to a balanced dual ACMI and own network model was successfully
completed in January, supporting sustained margin expansion on a low-cost
platform with a balanced risk profile.
Q4 and FY 2025 headlines:
· 27% revenue increase YoY on strong passenger growth and higher average fares
in own network
· 96% load factor, fifth consecutive quarter above 90%
· 19% reduction in unit cost (CASK ex. fuel) on ACMI transition and adjusting
for non-recurring items
· Completed transition to de-risked dual ACMI charter/own network strategy
· Significant shift in commercial momentum from late fourth quarter with
record unit revenue in own network (TRASK) into early 2026
· Network high grading and continuous cost improvements to support sustained
margin expansion
· FY 2025 EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization
and Rent) of USD 56.5 million, up from USD -0.1 million in 2024
Outlook:
For full year 2026, Norse expects to report an EBITDAR in the range of USD 130
-150 million and a profit before tax in the range of USD 20-40 million. The 2026
outlook reflects the planned flight program, ticket sales to date, continuous
optimization of pricing and load in own network, ongoing and new cost
initiatives, and estimated fuel costs based on the Brent crude oil price average
year-to-date and forward curve.
CEO Eivind Roald comments:
"2026 marks a new chapter for Norse Atlantic with the completion of the
transition to a balanced dual ACMI and own network model with reduced risk, more
stable revenue, higher flexibility and increased exposure to high-demand routes.
Our ambition is clear: to provide a market-leading affordable long-haul travel
product. A great customer experience is the foundation for delivering strong
margin expansion on our low-cost platform with a balanced risk profile and
accelerating shareholder value creation.
Since becoming CEO in late November, my focus has been on implementing the new
business model and on operational simplification to improve speed and
responsiveness to market demand. This includes adjusting our network design to
better handle irregularities and investing in technology and capabilities to
efficiently deliver more consistent customer experience.
We have taken decisive steps to create a more focused own network targeting long
-haul routes with strong demand and high fare potential. The “Winter Sun”
program between Europe and Asia and Africa illustrates this disciplined network
high-grading strategy.
The early results are encouraging. In December, we had a 6% increase in network
unit revenue (TRASK) and a 14% increase in production (ASK) compared to the same
month a year ago, reflecting higher ticket prices and cargo revenue. The
momentum in January is even stronger with a 21% year-on-year increase in unit
revenue and 23% increase in production, and we see the positive trend continuing
through February.
Norse has a solid foundation for success with highly favorable long-term
aircraft leases, an attractive product yielding 96% load factor for 2025 and
high customer ratings for our service-minded crew. The strong improvements in
recent months confirm that people are willing to pay more for our product on the
right routes.
Our low-cost operations control center in Riga is ready to scale as we optimize
the route mix for higher profitability. The winter program to Thailand is a
great example of how this high grading creates value. We will accelerate
commercial efforts to increase prices and ancillary revenue, while also
maximizing our cargo potential.
We have taken measures to balance aircraft utilization to increase
predictability and avoid unnecessary cancellations due to maintenance
requirements. We aim to become significantly more efficient in customer handling
when such irregularities occur.
This is part of redefining Norse as an “Airline on Demand”, responding more
quickly to changes in market trends and demand. We will be flexible and offer
charters/ACMI if that is the most profitable option, we will open and close
routes more quickly to maximize profitability. Further we are strengthening our
brand and product positioning to increase our total yield as part of our
intensified focus on revenue management."
For further information, please see attached fourth quarter 2025 report and
presentation.
Webcast:
The company will host an online presentation of the financial results on
Thursday February 26, at 09:00 AM CET. The presentation will be hosted by CEO
Eivind Roald and CFO Anders Hall Jomaas. To join the live presentation, please
use the following link: Norse Webcast Q4 2025
Investor contact: Anders Hall Jomaas, CFO anders.jomaas@flynorse.com
Media contact: Bård Nordhagen, CCCO baard.nordhagen@flynorse.com
About Norse Atlantic ASA
Norse Atlantic Airways is an airline committed to offering affordable fares on
direct, long-haul flights to popular destinations, along with specialized
charter and ACMI services for tailored travel needs, and extensive cargo
operations. Founded by major shareholder Bjørn Tore Larsen in March 2021, Norse
Atlantic operates a modern fleet of fuel-efficient Boeing 787 Dreamliners, which
seat 338 passengers and offer Premium and Economy Class, serving a network of
destinations across North America, Europe, Africa, and Asia. The company’s first
flight took off from Oslo to New York on 14 June 2022.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR Article 17 and the Norwegian Securities Trading Act section 5
-12. This stock exchange announcement was published by Anders Hall Jomaas on the
time and date provided.
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