Norwegian Group reports strong Q3 2024 with record passenger growth

The Norwegian Group has reported a strong third quarter in 2024, achieving an operating profit (EBIT) of NOK 2,128 million, reflecting an 18.4% operating margin. The group saw increased capacity and improved load factors, supported by Widerøe’s milestone of carrying over one million passengers in a single quarter.

The quarter’s financial highlights include a pre-tax profit (EBT) of NOK 2,004 million and a stable liquidity position of NOK 11.5 billion, up NOK 2.1 billion year-over-year. At the quarter’s end, the Norwegian fleet stood at 86 aircraft, with 22 state-of-the-art 737 MAX 8 models, while Widerøe operated 49 aircraft.

Norwegian CEO Geir Karlsen expressed satisfaction with the quarter’s results, noting improved load factors and unit revenues despite a 10% capacity increase for Norwegian. The addition of new leisure routes, including destinations like Dubai and Egypt, has shown positive booking momentum for Q4, with strong demand for both leisure and business travel across the group.

Passenger traffic increased notably, with 8.2 million passengers in Q3, including 7.2 million for Norwegian and one million for Widerøe. Norwegian’s production (ASK) rose 10% to 11.5 billion seat kilometres, and Widerøe’s load factor increased by 4.6 percentage points to 78%. Norwegian’s load factor reached 88%, despite a decrease in punctuality due to European air traffic constraints.

Looking ahead, the group anticipates a slower growth rate in 2025 due to expected Boeing delivery delays linked to strike action. Fleet projections for summer 2025 estimate around 90 aircraft. Karlsen reaffirmed Norwegian’s commitment to operational efficiency and synergy development with Widerøe while expanding the network with new routes and destinations. (US$1.00 = 10.99 Norwegian Krone at time of publication).