Norwegian Air Shuttle ASA
XBER:NWC
Norwegian Air Shuttle ASA
Norwegian Air Shuttle ASA engages in the provision of aviation, other transport, and travel-related activities. The company is headquartered in Lysaker, Akershus. The company went IPO on 2003-12-18. The firm operates scheduled services with additional charter services. Its route portfolio stretches across Europe into North Africa and the Middle East, as well as long-haul routes to the United States and Southeast Asia. The firm has around 450 routes to more than 140 destinations on sale. The firm has approximately 260 undelivered aircraft on firm order. Its fleet combines various types of aircraft, including B788, A32Oneo, B737 Max 8, B738 and B738 S&LB, among others. The company is the parent company of the Norwegian Group and operates through subsidiaries, including Norwegian Air Shuttle Sweden AB, Call Norwegian AS, Arctic Aviation Assets Ltd and Norwegian Air UK Ltd, among others.
Norwegian Air Shuttle ASA engages in the provision of aviation, other transport, and travel-related activities. The company is headquartered in Lysaker, Akershus. The company went IPO on 2003-12-18. The firm operates scheduled services with additional charter services. Its route portfolio stretches across Europe into North Africa and the Middle East, as well as long-haul routes to the United States and Southeast Asia. The firm has around 450 routes to more than 140 destinations on sale. The firm has approximately 260 undelivered aircraft on firm order. Its fleet combines various types of aircraft, including B788, A32Oneo, B737 Max 8, B738 and B738 S&LB, among others. The company is the parent company of the Norwegian Group and operates through subsidiaries, including Norwegian Air Shuttle Sweden AB, Call Norwegian AS, Arctic Aviation Assets Ltd and Norwegian Air UK Ltd, among others.
Record Profitability: Norwegian reported its best year ever in 2025, with EBIT of NOK 3.159 billion for Norwegian and NOK 585 million for Widerøe, leading to a strong EBIT margin of 9.9%.
Revenue Growth: Group revenue reached NOK 8.5 billion in Q4, up 4% year-on-year, driven by both load factor improvements and higher yields.
Dividend Commitment: Management announced a proposed dividend of NOK 0.8 per share for 2025 (to be paid in 2026), a 33% increase from last year, representing a 31% payout ratio.
Cost Control: Full-year unit costs (CASK) came in flat, as guided. For 2026, management expects a low single-digit increase from a base of NOK 0.52, adjusted for nonrecurring items.
Operational Excellence: Both regularity and punctuality improved significantly, while NPS rose to 50.1, reflecting higher customer loyalty.
Strong Booking Trends: Capacity was deliberately reduced 3% in Q4 to match demand, but bookings and load factor are up heading into 2026, with 250,000 more tickets sold versus last year.
Fleet Expansion: The group took delivery of the first of 80 new Boeing 737 MAX 8s; 79 remain for delivery by 2031. Fleet ownership increased from 4 to 17 aircraft.
Balance Sheet Strength: Liquidity stands at NOK 10.1 billion and the equity ratio is 18.2%. The company is debt-free except for aircraft financing.
