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 (23.01.2026):
Norwegian Air Shuttle ASA — second quarter 2025: The Group delivered strong Q2 2025 financial results with group operating profit (EBIT) of NOK 1,250 million (operating margin 12.2%), profit before tax (EBT) of NOK 1,055 million and net profit of NOK 931.5 million. Traffic and load factors improved (7.6 million passengers in the quarter), liquidity and operating cash flow strengthened, and the Board declared a NOK 0.90 per share dividend to be paid in August.
Key profitability figures
Q2 2025 group EBIT NOK 1,250m (12.2% margin); EBT NOK 1,054.5m (up NOK 577m YoY); net profit NOK 931.5m. Group EBITDAR was NOK 2,609.5m.
Revenue and traffic
Group operating revenue NOK 10,289m (Q2). Total passengers 7.56m (Norwegian 6.48m; Widerøe 1.08m). Norwegian RPK +5% YoY; load factor Norwegian 85.2% (up 2.8 pp), Widerøe load factor 73.9% (up 3.7 pp).
Cash, liquidity and cash flow
Cash and cash equivalents NOK 12,738m at 30 June 2025; company also reports liquidity up to NOK 13.8bn. Operating cash flow in Q2 was positive NOK 3,184m (H1: NOK 6,446m).
Capital structure and dividends
The Board decided a NOK 0.90 per share dividend to be paid in August (to be funded primarily from dividend funds for 2022–2023). The group completed buy-backs and redemptions of convertible/perpetual subordinated bonds during the period and reported that convertible perpetual subordinated bonds have been redeemed in full following these transactions.
Debt, equity and fleet
Net interest-bearing debt NOK 4,897m. Equity NOK 5,914m (equity ratio 13.4%). Total fleet 141 aircraft (Norwegian 90 — 28 are 737 MAX 8; Widerøe 51). Norwegian took delivery of three aircraft in the quarter and bought 10 previously leased 737‑800s (financing completed).
Costs, fuel and hedging
Q2 fuel expense NOK 2,576m (≈34% of operating expenses excl. lease/depr/amort). Unit cost NOK 0.72; unit cost excl. fuel NOK 0.50. Fuel and FX hedges: Norwegian ~70% of 2025 jet fuel hedged and ~25% for 2026; Widerøe ~60% for 2025 and ~45% for 2026. Norwegian has hedged ~45% of USD cash-flow needs for remainder of 2025; Widerøe ~50%.
Operational performance
Punctuality (Norwegian) 86.0% (improved 5.2 pp YoY); regularity 99.7%. Widerøe punctuality 89.3%, regularity 96.7%. Group operated close to 350 routes for summer 2025, adding leisure capacity.
Outlook and guidance
Group sees encouraging booking trends. Norwegian forecasts full‑year 2025 production (ASK) ≈37,500 million seat‑km (≈+3% vs 2024); Q3 production growth ~2%. Unit cost excl. fuel for Norwegian expected to rise low– to mid‑single‑digit % in 2025 assuming current FX.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
1739 M
Market cap (USD)
6,961,547
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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