Passenger growth and fleet expansion drive Norwegian’s Q1 results

The first quarter of 2025 saw continued robust passenger growth across both Norwegian and Widerøe, with the Group reporting operational improvements driven by cost-efficiency measures and strategic fleet investments.

Norwegian recorded an operating loss (EBIT) of NOK 611 million for the first quarter, a year-on-year improvement of NOK 152 million. The financial result was also positively influenced by a stronger Norwegian krone (NOK) against the US dollar (USD) during the period. Notably, the quarter’s performance benefited from the purchase of ten Boeing 737-800 aircraft that had previously been under lease. This acquisition not only contributed to short-term gains but is also expected to deliver ongoing savings and enhanced operational flexibility.

At the end of the quarter, Norwegian’s liquidity stood at NOK 10.5 billion, following the aircraft acquisition which was financed through the Group’s existing cash reserves. The Norwegian Group fleet, including Widerøe, totalled 140 aircraft, with 89 operated by Norwegian and 51 by Widerøe.

Geir Karlsen, CEO of Norwegian, commented, “We continue on a positive trajectory in the year’s first quarter, and it is encouraging to see that our initiatives are yielding results on the cost side. The acquisition of ten previously leased aircraft impacts our results this quarter positively and provides recurring savings and more flexibility going forward. Widerøe is on a positive heading and delivered daily passenger records twice in April.”

During the quarter, the Norwegian Group carried 5.1 million passengers — 4.2 million flew with Norwegian and 0.9 million with Widerøe. Capacity for Norwegian, measured in available seat kilometres (ASK), increased by 16%, while Widerøe’s capacity rose by 4%. Norwegian reported a load factor of 82.5%, a 2.3 percentage point decline from the same quarter last year, largely due to the early Easter holiday and significant capacity growth. Punctuality remained solid, with 81.9% of Norwegian flights and 79.3% of Widerøe flights departing within 15 minutes of schedule. (US$1.00 = NOK 10.36 at time of publication).