Update shared on 17 Feb 2026
1. Operating Result (EBIT)
• Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement. However, this figure was significantly below market expectations.
2. Year-over-Year Improvement
• Passenger volumes increased in Q4 for both Norwegian and its regional subsidiary Widerøe.
• Operational performance (regularity/punctuality) improved versus Q4 2024.
3. Unit Costs (CASK)
• Management reiterated its full-year guidance of flat unit costs (CASK) for 2025 relative to 2024, meaning no expansion in unit cost excluding fuel at the full year level. However, CASK in Q4 was slightly higher than Q4 of the prior year.
• External reporting confirms higher unit costs in Q4 (+6% YoY) due to elevated airport and air traffic control charges.
Full-Year 2025 Highlights
4. Record Annual Financials
• The Group achieved record full-year results in 2025, with a strong overall operating profit and historically solid margins. External reporting characterizes full-year margins as very strong and significantly better than prior years.
5. Passenger & Load Metrics
• Total passengers in Q4 ~6.2 million, with continuing trend of passenger growth across networks.
• Load factor in Q4 improved to ~86% — signaling efficient capacity utilisation (higher than prior year).
Capital Allocation & Dividend Policy
6. Dividend Proposal
• Following strong annual performance, management proposed the first historic dividend for 2025 — indicative of confidence in cash flows and capital return capacity. The proposal is subject to shareholder approval.
Operational & Fleet Strategy
7. Capacity Outlook (2026)
• Norwegian projects modest capacity growth for 2026:
• ~3% ASK growth for the main airline
• ~4% ASK growth for regional operator Widerøe
• This reflects a controlled expansion strategy rather than aggressive growth.
8. Fleet Renewal
• Continued deployment of more fuel-efficient aircraft (e.g., Boeing 737 MAX series) supports long-term cost improvements and competitive positioning. 
9. Cost Reduction Initiatives
• Management referenced ongoing cost discipline programs aimed at sustainable unit cost control (e.g., “Pr
ogram X” delivering recurring cost benefits).
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