Vis børsmeldingen
quarter of 2026. Despite the challenging market environment, commercial
performance in the high-graded own network remained strong with record-high unit
revenues, while the overall profitability was impacted by elevated fuel prices,
lower aircraft utilization and operational disruptions. At the same time, Norse
continued to strengthen its commercial operations and financial platform, while
advancing the strategic review into a formal process following strong interest.
Q2 2026 headlines:
*Network high-grading drives record high unit revenues, with TRASK up 23% to
6.15 US cents
*Revenue of USD 132 million, reflecting lower production and significantly
increased Charter & ACMI activity
*Fuel costs and lower aircraft utilization impact profitability - EBITDAR of
negative USD 8.4 million
*Continue to execute the Project Falcon USD 50 million cost reduction program
*Strengthening liquidity with rights issue and senior secured financing
agreement
*Second quarter net loss reflecting non-cash impact related to the early
conversion of convertible bonds as part of recapitalization
*Strategic review progressing with strong interest
CEO Eivind Roald comments:
"The second quarter demonstrated Norse Atlantic’s ability to adapt as an Airline
on Demand in a challenging environment for the airline industry. We are of
course not satisfied with the financial results, but I believe we have taken
important steps to strengthen our commercial operations and financial platform.
High jet fuel prices and geopolitical disruptions impacted profitability across
the sector in the first half of 2026, with airlines trimming capacity to adapt
to changing market conditions.
We also adjusted network capacity amid elevated fuel prices, delivered record
high quarterly unit revenue and implemented cost reductions. We have in addition
strengthened our balance sheet and progressed the strategic review that has
attracted strong international interest.
Despite the industry headwinds, I’m very pleased to see that Norse continues to
deliver an excellent product to our passengers, strong operational performance
and significant commercial momentum. Second-quarter unit revenue in Norse’s own
network increased 23% year-over-year on higher fares and a load factor of 94%.
However, a 26% drop in network production from the preceding quarter, combined
with elevated fuel prices, weighed on network earnings. We continue to manage
capacity based on profitability, including cancelling the Los Angeles summer
program.
Our ACMI and charter operations were also affected by the challenging operating
environment with fewer block hours than planned and with longer flight durations
and industry-wide engine challenges increasing costs. Despite this, segment
revenue increased more than six-fold and delivered positive EBITDAR.
As announced in July, the IndiGo agreement will end later this year with the
returning aircraft providing more flexibility to optimize our fleet deployment
across our two business segments.
The record high network unit revenue reflects our targeted approach to match
network capacity and demand. We plan to further strengthen our ability to
capture new market opportunities, while pursuing a more flexible and selective
charter/ACMI approach with a clear focus on profitability.
Fully transitioning to an Airline on Demand across both segments opens new
strategic paths for Norse. This is recognized by potential partners. Therefore,
the strategic review has advanced into a more formal process, with multiple
parties having signed NDAs, which may result in a sale, merger or partnership.
We work diligently to ensure that Norse has adequate financial resources to
navigate the challenging market conditions. Our rights issue in June enabled a
significant repayment of outstanding debt, while our Project Falcon aims to
deliver USD 50 million of annual cost savings from 2027. To strengthen the
liquidity in a period with persistently high fuel prices and reduced activity,
we have entered into a USD 52 million senior secured financing agreement with
maturity in 2027.
The improved financial and fleet flexibility position Norse as a leaner and more
agile airline, focused on allocating capacity where we see the strongest
returns, improving profitability and creating long-term shareholder value."
For further information, please see second quarter and first half 2026 report
and presentation attached.
Webcast: An online presentation of the second quarter and first half 2026
financial results will be available at 08:00 AM CEST, using the following link:
Norse Atlantic Webcast Q2 2026
Investor contact: Anders Hall Jomaas, CFO anders.jomaas@flynorse.com
Media contact: media@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. Norse Atlantic operates a modern fleet of 12 fuel-efficient Boeing
787 Dreamliners, serving a network of destinations across North America, Europe,
Africa and Asia.
This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act
Kilde