Norwegian Air Shuttle ASA
NAS
ISIN NO0010196140 / Valor 1750814
Norwegian Air Shuttle ASA
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About company
Norwegian Air Shuttle ASA, commonly referred to as Norwegian, is a significant player in the aviation industry, primarily operating in the low-cost airline sector. With its headquarters located at Fornebu, just outside Oslo, Norway, the company oversees a group that includes several subsidiaries across Scandinavia, Ireland, and the UK. Norwegian has established itself as a key airline in Europe, offering both domestic flights within Scandinavian countries and international flights to various destinations. The airline is known for its cost-effective travel options, aiming to provide affordable air travel to a broad customer base. While the company focuses on passenger transportation, it also extends its services to include cargo transport, leveraging its extensive network of flights. Over the years, Norwegian has grown to become a recognizable brand in the airline industry, known for its efficiency, competitive pricing, and customer service.
Summarized from source with an LLMView SourceSector: IndustrialsLatest Results (10.12.2025):
Norwegian Air Shuttle ASA – Second quarter 2025: the group reported strong summer-season results with Group EBIT of NOK 1,250 million (12.2% margin) and profit before tax (EBT) of NOK 1,055 million, materially ahead of last year. Passenger volumes increased to 7.6 million, liquidity rose to about NOK 13.8 billion, and the Board announced a NOK 0.90 per-share dividend to be paid in August.
Profit & margins
Q2 2025 Group EBIT: NOK 1,250m (operating margin 12.2%). Profit before tax (EBT) was NOK 1,054.5m (≈NOK 1,055m), up ~NOK 577m year‑on‑year. Net profit was NOK 931.5m.
Revenue & operating performance
Group operating revenue Q2: NOK 10,289m (≈ +10% YoY). EBITDAR was NOK 2,609.5m. Norwegian unit revenue and yields improved versus Q2 2024; load factor for Norwegian was 85.2% (up 2.8 pp) and for Widerøe 73.9% (up 3.7 pp).
Traffic & fleet
The group carried 7.6 million passengers in Q2 (6.5m Norwegian, 1.1m Widerøe). Fleet at quarter‑end: 141 aircraft (90 Norwegian — 28 latest‑technology 737 MAX 8 — and 51 Widerøe).
Cash, liquidity & cash flow
Liquidity increased to about NOK 13.8bn (cash & equivalents NOK 12,737.6m plus short‑term investments). Operating cash flow for Q2 was positive NOK 3,184m; H1 operating cash flow NOK 6,446m.
Capital structure & debt
Net interest‑bearing debt approx. NOK 4,897m at quarter‑end. Equity was NOK 5,914m and the equity ratio ~13.4%. The company completed financing for 10 previously leased 737‑800s.
Capital actions & dividend
The Board approved a NOK 0.90 per‑share dividend to be paid in August (to be primarily funded from dividend funds). Norwegian repurchased NOK 640m of convertible perpetual subordinated bonds and exercised options to redeem outstanding convertible perpetual subordinated bonds (bonds now redeemed in full).
Costs, hedging & guidance
Unit cost (including lease/depr.) Q2 was NOK 0.72; unit cost excl. fuel expected to rise low‑to‑mid single digits for Norwegian in 2025 vs 2024 (assuming current FX). Fuel hedges: Norwegian ~70% hedged for the remainder of 2025 (25% for 2026); Widerøe ~60% for 2025 (45% for 2026). USD cash‑flow purchases: Norwegian ~45% and Widerøe ~50% for the remainder of 2025.
Outlook
Norwegian forecasts FY 2025 production (ASK) ~37,500 million seat‑km (≈ +3% vs 2024); Q3 production growth ~2%. Company cites robust bookings, ongoing Program X cost/revenue initiatives and Widerøe synergies as supports to performance.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
1823 M
Market cap (USD)
2,739,948
Daily traded volume (Shares)
11.375 / 11.05
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
Est EPS (USD)
Ratings & reviews
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