Norwegian Air Shuttle reports strong second-quarter results

Norwegian Air Shuttle (Norwegian) has delivered an operating profit (EBIT) of NOK 651 million in the second quarter, which was characterised by strong operational performance amidst ramping-up into the busy summer travel season. Furthermore, the airline and Strawberry’s new loyalty company announced that Avida has been selected as the preferred financial partner. Together with Norwegian’s recently announced agreement to acquire Widerøe, these new partnerships will contribute to offering even better and seamless travel experiences.

For the second quarter of 2023, Norwegian delivered an operating profit (EBIT) of NOK 651 million. Profit before tax (EBT) amounted to NOK 538 million. The liquidity position improved through the quarter with cash and cash equivalents exceeding NOK 9.3 billion. At quarter-end, the carrier’s fleet comprised 81 aircraft.

The airline had 5.6 million passengers in the quarter, up from 5.0 million passengers in the second quarter of 2022. Production (ASK) was 8.7 billion seat kilometres, while passenger traffic (RPK) was 7.3 billion seat kilometres. Production was up 44% from the previous quarter as it ramped up capacity ahead of the busy summer travel season. The quarterly load factor was 84.4%, up from 81.2% in the same period last year.

In April, Norwegian announced a landmark partnership with Norsk e-Fuel to build the world’s first full scale e-fuel plant in Mosjøen, Norway. The plant will produce sustainable aviation fuels (SAF). The partnership is estimated to secure approximately 20% of Norwegian’s total demand for SAF by 2030. In addition, Norwegian will invest more than NOK 50 million for a minority equity stake in the company. (£1.00 = NOK13.46 at time of publication).