Third quarter 2025: Avinor on the path to financial balance

26 Nov 2025 12:30 CET

Passenger numbers are rising, load factors are at record highs, and financial
results are improving. However, the road back to financial balance after the
pandemic remains demanding.

“It is encouraging to see passengers gradually returning – this strengthens the
foundation of the Avinor model with an economically sustainable and
self-financed aviation network. We are delivering safe and stable operations,
working purposefully to increase revenues, and keeping costs under control”,
says CEO Abraham Foss at Avinor.

More passengers and record-high load factors
40,3 million passengers travelled through Avinor’s airports during the first
nine months of 2025; an increase of 3,6 percent compared with the same period
last year. Passenger volumes are now at 98 percent of pre-pandemic levels.

Load factors at Avinor airports have been the highest ever recorded. So far in
2025, the load factor has been 74,7 percent. This means aviation is being
operated more efficiently, with lower emissions per passenger – and better
financial performance per departure.

“Passenger growth has a positive impact on Avinor’s economy and enables us to
finance small airports through revenues from the larger ones. This is how Avinor
can keep 43 airports open across the country. The largest airports — Oslo,
Bergen and Trondheim — have all experienced growth, while the strongest growth
came from regional airports.”

Strengthening operations while investing heavily
Avinor’s operating results have improved throughout the year. In the first nine
months of 2025, total operating revenues were NOK 10 500 million, with
underlying growth of 15,4 percent. Adjusted operating profit was NOK 4 148
million, an increase of NOK 1064 million from the same period in 2024.

Nine-month cash flow before financing was positive at NOK 779 million, compared
with minus NOK 213 million for the same period in 2024.

Adjusted operating costs for the first nine months were 5,6 percent higher than
in the same period last year. This is mainly due to general price and wage
increases, and partly due to increased traffic activity.

“A significant portion of our costs are fixed and necessary to maintain safe
operations. We can improve efficiency within the given framework, but we cannot
change regulatory requirements. Therefore, we continuously adapt where we can,”
says Foss.

Avinor’s activities are also marked by a comprehensive investment portfolio,
Foss continues: “So far in 2025, we have invested NOK 2,8 billion, primarily in
upgrading the baggage handling system at Oslo Airport and in government-mandated
projects related to renewal of systems for airspace control and monitoring. In
addition, new airports are under construction in Bodø and Mo i Rana, along with
upgrades at Tromsø, Evenes and Andøya airports.”

On the path to financial balance
Avinor expects moderate traffic growth ahead. International traffic to Norway is
expected to grow, while domestic traffic is levelling off. It is important that
Norway — and particularly Oslo Airport as the national hub — is perceived as
competitive compared with neighbouring countries.

Airport fees in Norway were held unchanged for several years to protect the
aviation sector after the pandemic, while overall societal costs increased
sharply. Therefore, the Ministry of Transport has approved a real increase in
airport charges corresponding to NOK 650 million from 2026.

Avinor is actively working to increase commercial revenues, including the
further development of tax-free offerings. This is an important part of
strengthening the group’s long-term revenue base.

"Avinor is improving efficiency where possible and has a long-term development
agenda to increase productivity. At the same time, large parts of our operations
are strictly regulated, and in the coming years, increased investments are
necessary to catch up on several years of maintenance backlog on airport
infrastructure. The room for major short-term cost reductions is limited," Foss
points out.

“We will continue to deliver on our societal mission in the years ahead, with
adapted framework conditions and long-term self-financing capacity aligned with
our responsibilities. This demonstrates that the Avinor model works well,”
concludes Abraham Foss.

Contact:
Abraham Foss, CEO, +47 479 01 111
Petter Johannessen, CFO, +47 400 03 003
Hilde Vedum, Finance Director, +47 995 00 534

More information:
Access the news on Oslo Bors NewsWeb site

660591_Avinor Q3-2025 eng.pdf