Norwegian Group delivers significantly improved first quarter results

28 Apr 2026 07:00 CEST

The Norwegian Group today reported its first quarter results for 2026,
delivering a strong performance in the seasonally weakest quarter of the year.
Highlights include a record-high load factor for a first quarter for Norwegian
of 87.6 percent, a significantly lower operating loss and an increase in the
group's liquidity position to NOK 14.2 billion.

The figures demonstrate the group's ability to deliver financial results
underpinned by a focus on cost control and robust operational performance in an
uncertain macroeconomic environment. The operating result (EBIT) was negative
NOK 220 million, compared to negative NOK 611 million for the same period last
year. Profit before tax (EBT) amounted to negative NOK 459 million for the
quarter. The results were positively impacted by a strengthened Norwegian krone,
in addition to gains related to jet fuel hedges and the reduced price of EU ETS
allowances.

“While we are pleased to see that overall demand remains encouraging, we are
navigating a complex and unpredictable market with both economic and political
uncertainty. Despite this, we delivered a positive development in the first
quarter, with stable and reliable flight operations and good cost control,” said
Geir Karlsen, CEO of Norwegian.

The Norwegian Group had 5.2 million passengers in the first quarter, with 4.2
million for Norwegian and 0.9 million for Widerøe. Capacity (ASK) for Norwegian
decreased by 6 percent, while Widerøe capacity decreased by 2 percent. Actual
passenger traffic (RPK) for Norwegian remained stable compared to the same
period last year, while it decreased by 1 percent for Widerøe. The quarterly
load factor for Norwegian was 87.6 percent, up 5.2 percentage points from the
same period last year, whereas Widerøe had a load factor of 70.2 percent.

Punctuality for Norwegian was 78.8 percent for the quarter and 87.2 percent for
Widerøe. The Norwegian Group fleet comprised 145 aircraft at quarter-end, with
95 aircraft in the Norwegian fleet and 50 in the Widerøe fleet.

The group’s loyalty program, Norwegian Reward, continued to attract new members.
During the quarter, the program surpassed 8.5 million members.

“We are heading into the summer season with good momentum, driven by a continued
positive booking trend across key parts of our network. The trust our customers
show us, recently confirmed when we were named ‘Best Domestic Airline’ in
Norway, is something we are very grateful for. We will continue to earn that
trust by delivering the best possible operational performance and customer
experience,” said Geir Karlsen.

As part of a government tender, Norwegian launched Denmark's first domestic
route using 40 percent sustainable aviation fuel during the quarter. Other
events include the cancellation of flights to destinations in the Middle East
due to the security situation in the region. Furthermore, Norwegian has appealed
a ruling by the Borgarting Court of Appeal regarding the company’s EU ETS
obligations for 2020 to the Supreme Court of Norway.

For detailed information, please see attached report and presentation.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian, Tel: +47 906 64 401


Fornebu, 28 April 2026
Norwegian Air Shuttle ASA


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Jesper M. Hatletveit, VP Investor Relations at
Norwegian Air Shuttle ASA, on 28 April 2026 at 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

671581_Norwegian Q1 2026 Presentation.pdf
671581_Norwegian Q1 2026 Report.pdf