Norwegian Group reports second quarter results

14 Jul 2026 07:00 CEST

The Norwegian Group today reported its results for the second quarter. While the
financial results are weaker than last year, the group demonstrated its strong
focus on cost control and customer satisfaction. Norwegian and Widerøe delivered
operational performance as a top-ranked European airline amidst capacity ramp-up
into the peak summer season.

For the second quarter of 2026, the Norwegian Group delivered an operating
result (EBIT) of negative NOK 603 million. The results this quarter were
impacted by the Supreme Court decision concerning the EU ETS obligation for
2020, the heightened fuel costs, and the timing of Easter. Adjusting for other
losses, the operating result was NOK 213 million with a corresponding operating
margin of 2 percent. Unit cost excluding fuel in the quarter was reduced
compared to the same period last year. The liquidity position remains strong at
NOK 13.7 billion at quarter-end.

“The second quarter was characterised by good operational performance and a
continued focus on costs. While the financial results were weaker than expected
this quarter for several reasons, our cost focus initiatives are continuing to
deliver, and cost excluding fuel is down 5 percent compared to last year.
Norwegian was also ranked as the top European airline on punctuality in May. We
are well positioned for the coming months and are seeing a more favourable
booking momentum going forward,” says Geir Karlsen, CEO of Norwegian.

The Norwegian Group had 7.8 million passengers in the second quarter, of which
6.7 million were passengers of Norwegian and 1.1 million of Widerøe. Capacity
(ASK) for Norwegian increased by 5 percent in the quarter, while Widerøe
capacity increased by 3 percent. The quarterly load factor for Norwegian was
82.5 percent, down 2.7 percentage points from the same period last year, in part
due to the earlier timing of Easter this year. Widerøe’s load factor was 72.8
percent. Punctuality and regularity showed significant improvements at both
airlines. Punctuality improved to 86.4 percent for Norwegian and 94.2 percent
for Widerøe, while regularity was 99.6 percent and 98.3 percent, respectively.
In May, Cirium named Norwegian Europe's most punctual airline, and the second
most punctual in April, demonstrating outstanding operational efficiency ahead
of the peak summer season.

NLTG acquisition and Spenn growing
In June, the group announced a landmark agreement to acquire Nordic Leisure
Travel Group (NLTG), the leading tour operator in the Nordics, for a
consideration of SEK 7.94 billion. Norwegian's shareholders approved the
transaction on 8 July 2026, and the acquisition is currently awaiting EU
competition clearance, with closing targeted for late second half of 2026.
Additionally, the joint loyalty points platform Spenn expanded in June to
include REMA 1000, which allows customers to earn Spenn on their everyday
grocery shopping. The partnership with Reitan Retail brings substantial daily
transactions to the platform.

"This quarter has marked a major strategic development for the group. We are
pleased that our shareholders approved the acquisition of Nordic Leisure Travel
Group on 8 July, bringing us closer to finalising this significant transaction.
Furthermore, bringing REMA 1000 live with Spenn is a big milestone, and we look
forward to the continued growth of the platform" says Geir Karlsen, CEO of
Norwegian.

Looking ahead to the second half of 2026, Norwegian is encouraged by the recent
pick-up in the booking momentum, with ticket sales tracking ahead of the same
time last year. Capacity ramp-up is proceeding as planned, with Norwegian's
production (ASK) for the third quarter forecasted to increase by 5 percent
compared to the same period last year, while full-year production is expected to
increase by approximately 3 percent. For Widerøe, overall production (ASK) for
2026 is expected to increase by 2 percent.

The Norwegian Group fleet comprised 145 aircraft at quarter-end, with 95
aircraft in the Norwegian fleet (including 36 latest-technology Boeing 737 MAX 8
aircraft) and 50 in the Widerøe fleet.

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, 14 July 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 14 July 2026 at 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

678122_Norwegian Q2 2026 Report.pdf
678122_Norwegian Q2 2026 Presentation.pdf