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Annual Report 2025
Contents

Letter from the CEO |
Letter from the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3

Board of Directors' Report |
Key events in 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6
Group overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10
Financial review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23

Sustainability statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24
General information (ESRS 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25
Environmental information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 47
Social information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 69
Governance information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 95

Board and Management |
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 109
Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 111

Corporate Governance |
Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 114

Financial Statements |
Consolidated Financial Statements 2025 . . . . . . . . . . . . . . . | 121
Notes to the consolidated financial statements . . . . . . . . . | 125
Financial Statements of the parent company 2025 . . . . . . | 168
Notes to the parent company financial statements . . . . . . | 172
Declaration from the Board of Directors and CEO . . . . . . . | 189

Appendix |
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 194
Analytical information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 196
Key operational figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 197
Historic, current and planned fleet . . . . . . . . . . . . . . . . . . . . . | 198

Norwegian Annual Report 2025 |  | 3

Letter from the CEO | Board of Directors’ Report | Sustainability statement | Board and Management | Corporate Governance | Financial statements | Appendix |  |

Letter from the CEO
Record results and a
clear direction
2025 proved to be a strong year for the Norwegian Group, marked by
the best financial results in our history, continued solid operational
performance, and strategic advancements across the group. It was a
year where we demonstrated our ability to navigate a changing market
and create value for our customers, shareholders, and the communities
we serve.
Our financial performance in 2025 set a new record for the company,
with the Norwegian Group delivering an operating profit (EBIT) of NOK
3,732 million, the highest in the company's history. Our operating margin
reached 9.9 percent, also a record for the company. Profit before tax
(EBT) for the full year stood at NOK 3,016 million, with a net profit of NOK
2,708 million. This strong performance enables the Board to propose a
dividend of NOK 0.80 per share for 2025, totalling NOK 844 million. Our
total operating revenue for the full year reached NOK 37,646 million,
showcasing robust demand and effective revenue management.
Solid operations and satisfied customers
Solid operational performance was fundamental to our success. The
Norwegian Group welcomed a total of 27.3 million passengers in 2025.
Norwegian, as a standalone airline, had 23.12 million passengers, while
Widerøe had 4.13 million passengers. We continued to build on our
reputation for punctuality, with Norwegian being named one of the top
ten most punctual airlines in Europe for the full year 2025 – despite
operating in a region with demanding winter weather conditions. In
specific months, such as May, Norwegian ranked as the fourth most
punctual European airline. Our fleet renewal continued at pace, with the
Norwegian fleet comprising 95 aircraft by year-end 2025, including 35
modern and fuel-efficient Boeing 737 MAX 8 aircraft, designed for
enhanced comfort, efficiency, and lower emissions. Widerøe’s fleet
maintained 51 aircraft, contributing to a total group fleet of 146 aircraft.
Our focus on customer satisfaction is reflected in our Net Promoter
Score (NPS) of 50, a clear sign of a loyal and engaged customer base.
Norwegian's acquisition of 13 previously leased Boeing 737-800 aircraft
contributed to accounting gains in 2025 and recurring cost savings,
further strengthening our financial position. We also exercised our
option to purchase 30 additional Boeing 737 MAX 8 aircraft, adding to
the previous 50 aircraft order, reinforcing our commitment to a modern
and fuel-efficient fleet.
Driving profitable growth
Our strategic initiatives continued to yield positive results. The “Program
X” profitability initiative, introduced in late 2024, has been instrumental
in driving cost efficiencies and profitability gains, and is on track to
deliver over NOK 1.25 billion in recurring underlying profit improvement
by the end of 2026. The strengthening of the NOK against the USD also
positively impacted unit costs in 2025. Our unit cost excluding fuel for
Norwegian remained at NOK 0.50, unchanged from 2024 despite
industry-specific cost increases, but also lowered by gains related to
purchase of aircraft previously on lease to Norwegian.
We expanded our network and strengthened our offerings across the
Nordics and Europe. For the winter season 2025-2026, we operated 159
routes to 82 destinations, continuing popular routes from the Nordics to
winter sun destinations and key European cities. Direct flights between
Tromsø and Rovaniemi to major European cities were continued, further
boosting tourism to northern Norway and Finland. Norwegian’s summer
2025 programme featured nearly 350 routes, including 17 new routes to
attractive leisure destinations.
A responsible partner
We remain firmly committed to sustainability, with a strong focus on our
ongoing efforts to reduce greenhouse gas emissions. In a demonstration
of our focus on sustainability, we won the tender from the Danish state
to operate the country's first-ever route using 40 percent Sustainable
Aviation Fuel (SAF). Our ambitious targets include reducing Norwegian’s
carbon intensity by 45 percent by 2030 (compared to 2010 levels) and
Widerøe’s absolute emissions by 17 percent by 2030 (compared to 2019
levels), with an aspiration for Widerøe to be fossil-free by 2043.

Norwegian Annual Report 2025 |  | 4

Letter from the CEO | Board of Directors’ Report | Sustainability statement | Board and Management | Corporate Governance | Financial statements | Appendix |  |

We recognise our role in promoting economic growth and connectivity.
A socioeconomic impact report from global engineering firm Ramboll,
commissioned by Norwegian and released in October 2025, highlighted
our significant contributions. In 2024, our operations supported
approximately 19,000 jobs and generated EUR 1.7 billion in direct and
indirect value across the Nordics. Beyond our direct operations,
Norwegian's connectivity facilitated tens of thousands of jobs and
contributed over EUR 12 billion in value to the region.
This role as critical infrastructure extends beyond the economy: it is a
matter of national preparedness. A robust and reliable aviation sector is
essential for maintaining supply chains, enabling medical transport, and
ensuring connectivity in times of crisis. Our ability to uphold this societal
responsibility depends on a sound financial foundation. The
socioeconomic impact report underscores that our services are not just
about travel, but about building regional ties, enabling trade, and
supporting communities. It therefore necessitates a balanced approach
to policy and regulation, where fees and taxes do not undermine the
financial strength required to maintain a resilient, year-round route
network for the benefit of all.
Building strong relations
Strengthening key partnerships is also a priority. We extended our long-
standing partnership with UNICEF for another four years through 2028.
Since the partnership began in 2007, our customers, employees, and the
company have collectively raised NOK 69 million for UNICEF's vital work.
In another important development, our customer offering was enhanced
as Reitan Retail joined as an owner of Spenn, the loyalty platform for
consumer brands established by Norwegian and Strawberry.
While 2025 was a year of strong performance, we also faced persistent
industry-wide challenges, including the uncertain macroeconomic
environment, volatile energy prices, fluctuations in foreign exchange
rates, and ongoing geopolitical tensions. Despite these headwinds, our
agility and focused team enabled us to achieve these strong results.
A stable and predictable framework for our employees is a priority.
During the year, we successfully negotiated several new collective
bargaining agreements with our unions, securing fair conditions for our
pilots, cabin crew, and technicians across the group. This provides a
solid foundation for our future operations.
Looking ahead
As we have moved into 2026, we remain optimistic about the
opportunities before us. Our Norwegian fleet is projected at around 95
aircraft for the upcoming summer season, with an overall production
(ASK) growth of 3 percent from 2025. Widerøe’s production is expected
to increase by approximately 4 percent. The “Program X” initiatives will
continue to drive further gains, ensuring our focus on profitability and
cost control. We are committed to continuing our fleet modernisation
programme, with the 80 new Boeing 737 MAX 8 aircraft to be phased in
until 2031. This will enable us to significantly reduce our carbon footprint,
enhance customer experience with features like larger windows,
improved lighting, and significantly lower noise levels than the previous
model, while also offering longer range and greater flexibility for our
route network.
The increase in geopolitical tensions in the Middle East following the
recent military escalation is a cause of concern, partly due to the
increased cost of jet fuel. We are monitoring the situation closely.
Our strategic focus for 2026 and beyond will be to capitalise on our
strong financial platform, our highly skilled organisation, and our
improved route networks to solidify our position as a leading airline
group in the Nordics. We will continue to prioritise innovation, customer
experience, and environmental sustainability, ensuring we remain the
preferred travel partner for our customers.
My greatest appreciation goes to our team of colleagues, whose
teamwork and dedication to operational excellence are decisive in
enabling us to consistently deliver reliable and safe services. My thanks
also go to our loyal customers and supportive shareholders for
contributing to a truly historic year for the group. Together, we are well-
positioned to continue our growth and deliver even greater results in the
years to come.
Board of
Directors’
Report

Key events in 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6
Group overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10
Financial review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15
Sustainability statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24

Norwegian Annual Report 2025 |  | 6

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Key events in 2025
2025 was a record year for the Norwegian Group, demonstrating the
group’s ability to deliver strong financial results underpinned by a focus
on cost control, robust operational performance and prudent capital
management of the group’s capital structure. Norwegian was
recognised as one of the top carriers in Europe for punctuality and
regularity by Cirium. An attractive and growing network, strong
operational performance, and dedicated colleagues ensured that the
group delivered growth in the number of passengers and captured
market shares during the year. The group delivered an operating profit
of NOK 3,732 million in 2025 with a corresponding operating margin of
9.9 percent, both a record high in company history.
The liquidity position was solid. In 2025, the company paid its first-ever
dividend, distributing NOK 0.90 per share to its nearly 75,000
shareholders in August. The Norwegian Group’s fleet comprised of 146
aircraft at year-end, of which 95 aircraft constituted the Norwegian
fleet and 51 were Widerøe aircraft. A total of 35 of the Norwegian
aircraft were latest technology 737 MAX 8 aircraft, up from 22 in the
previous year.
Total operating revenue for the Norwegian Group was NOK 37,646
million, an increase of 7 percent from 2024. Group operating profit (EBIT)
was NOK 3,732 million, up from NOK 1,873 million in 2024. The operating
result was positively impacted by gains related to the purchase of 13
previously leased Boeing 737-800 aircraft and balance sheet translation
effects related to the strengthening of NOK against USD. Norwegian and
Widerøe contributed with an EBIT of NOK 3,159 million and NOK 585
million, respectively. The group operating margin was 9.9 percent. Profit
before tax (EBT) amounted to NOK 3,016 million, up from NOK 1,355
million in 2024, while net profit after tax amounted to NOK 2,708 million,
up from NOK 1,355 million in 2024. Basic earnings per share was NOK
2.60, compared to NOK 1.26 in 2024. Unit cost excluding fuel for
Norwegian was NOK 0.50, unchanged from 2024. Unit cost was in 2025
impacted by non-recurring gains of NOK 858 million related to the
purchase of aircraft previously on lease to Norwegian. Adjusting for
these gains, the full-year unit cost excluding fuel was NOK 0.52, an
increase of 5 percent from 2024.
Group EBIT margin:
9.9%
The liquidity position was solid at NOK 10.1 billion at year-end 2025,
including NOK 2.6 billion in funds classified as financial investments. The
strong liquidity position enabled the group to repay corporate debt, buy-
back of subordinated convertible debt and deliver a first-ever dividend
to shareholders. The liquidity position decreased NOK 0.8 billion
compared to year-end 2024.
The Norwegian Group had 27.3 million passengers in 2025, an increase
of 3 percent from 26.4 million passengers in 2024.
Norwegian had 23.1 million passengers in 2025, up 2 percent from 22.6
million in 2024. The capacity, measured by available seat kilometres
(ASK), was 37.6 billion kilometres in 2025, a 3 percent increase from the
previous year. Passenger traffic, measured by revenue passenger
kilometres (RPK), was 32.3 billion kilometres. The load factor was 85.8
percent, up from 85.0 percent in the previous year. Punctuality, share of
flights departing on schedule, was 82.1 percent, an increase of 4
percentage points from the previous year, while regularity, share of
scheduled flights taking place, was 99.5 percent. Carbon efficiency for
Norwegian, measured by grams of CO2 emissions per revenue
passenger kilometre (RPK), was 70.5 grams in 2025, a 2 percent
improvement from last year.
Widerøe had 4.1 million passengers in 2025, up 9 percent from 2024, and
a record high number in the 90-year history of the regional carrier. The
capacity, measured by available seat kilometres (ASK), was 2.1 billion
kilometres in 2025, a 3 percent increase from the previous year.
Passenger traffic, measured by revenue passenger kilometres (RPK),
amounted to 1.6 billion kilometres. The load factor was 73.2 percent, up
from 72.3 percent in the previous year. Punctuality, shares of flights
departing on schedule, was 86.3 percent, an improvement of 1
percentage point from the previous year, while regularity, share of
scheduled flights taking place, was 96.3 percent.

Norwegian Annual Report 2025 |  | 7

Letter from the CEO | Board of Directors’ Report | Sustainability statement | Board and Management | Corporate Governance | Financial statements | Appendix |  |

For Norwegian, the average number of aircraft in operation in 2025 was
82, up from 79 aircraft in 2024. The first quarter had a planned lower
utilisation, with an average of 68 aircraft in operation, aligned with the
seasonally lower demand, while the utilisation was the highest during the
third quarter with an average of 90 aircraft in operation. Each aircraft was
on average utilised 10.9 block hours per day during the year, down from
11.1 hours per day in 2024.
Total passengers in 2025 for Group:
27.3m
In March, Norwegian entered into an agreement to purchase 10 Boeing
737-800 NG aircraft that were previously on lease to the airline. A related
non-recurring gain of NOK 589 million was recognised, with the
transaction also generating recurring cost savings net of financing costs
of an average of approximately NOK 200 million per year. The purchase
was financed through long-term financing completed during the second
quarter.
In March, Norwegian extended its partnership agreement with UNICEF, a
partnership that has been in place since 2007 and raised a total of more
than NOK 65 million. On the same day the parties extended the
partnership, a Norwegian aircraft departed from Copenhagen carrying
emergency aid to Sierra Leone, marking Norwegian’s ‘most important
flight of the year’.
In April, it was announced that Reitan Retail, a leading retail company in
the Nordics and Baltics serving around 2 million customers per day, will
become a partner and co-owner of Spenn, the joint platform for loyalty
programmes.
“Loyalty Program of the Year”
-Freddie Awards
The Norwegian Reward loyalty programme was awarded four awards at
the internationally recognised Freddie Awards for frequent flyers in May,
including the “Program of the Year” category.
In May, Norwegian announced that it would exercise its call option to
redeem all outstanding convertible perpetual subordinated bonds,
totalling NOK 1,501 million, and that the company would launch an offer
to repurchase up to 50 percent of these bonds.
In June, Norwegian announced that it had entered into an agreement
with CFM International to purchase 11 LEAP-1B spare engines with
deliveries scheduled for 2027 and 2028. The transaction is well aligned
with Norwegian’s long-term fleet strategy, adding operational resilience
with improved utilisation.
In July, Norwegian exercised its defeasance option for the NOK 3,156
million zero-coupon retained claims bonds. This relieved the company
from certain general covenants, including the restriction on dividend
payments. Subsequently, the Board of Directors approved the company's
first-ever dividend of NOK 0.90 per share, which was paid in August. The
dividend was primarily funded from the dividend fund set aside for 2022
and 2023, while the dividend for 2024 was allocated in full to the
repurchase of the convertible bonds in May.
Also in July, Norwegian announced it would acquire three additional
Boeing 737-800 NG aircraft that were previously on lease to the airline. A
related non-recurring gain of NOK 269 million was recognised.
In September, Norwegian announced that it would expand its existing
Boeing aircraft order by exercising the option to purchase 30 additional
Boeing 737 MAX 8 aircraft, bringing the total order to 80 aircraft. In
connection with the option exercise, Norwegian and Boeing agreed to
adjust certain delivery dates, with the final aircraft delivery postponed to
2031. The expanded order underlines Norwegian’s growth ambitions,
while the updated delivery schedule ensures an efficient and balanced
renewal of Norwegian’s fleet, closely aligned with lease expiries and
expected market developments.
Widerøe and Norwegian announced in September that following
Widerøe's exit from the loyalty programme EuroBonus, the airline would
join the Norwegian Reward loyalty programme, giving the members the
opportunity to earn Spenn on flights across the group.
“Best European Airline”
-Danish Travel Awards
Norwegian was in October named best European airline in the Danish
Travel Awards 2025.
Norwegian took delivery of the first Boeing 737 MAX 8 from its direct
order of 80 aircraft in October. During 2025, a total of 13 new aircraft
were delivered to Norwegian from Boeing. The number of aircraft
deliveries was significantly higher compared to only two new aircraft
received during 2024.

Norwegian Annual Report 2025 |  | 8

Letter from the CEO | Board of Directors’ Report | Sustainability statement | Board and Management | Corporate Governance | Financial statements | Appendix |  |

Also in October, Norwegian won the tender to operate Denmark's first
domestic route using 40 percent sustainable aviation fuel (SAF), which
will cover approximately 3,500 domestic flights between Aalborg and
Copenhagen.
Norwegian, in collaboration with global engineering firm Ramboll,
released an economic impact report titled "Study of Norwegian's
Socioeconomic impact in the Nordic Region" in October. In 2024, the
group’s operations supported approximately 19,000 jobs and generated
EUR 1.7 billion in direct and indirect value across the Nordics. Beyond
direct operations, the group’s connectivity facilitated tens of thousands
of jobs and contributed over EUR 12 billion in value to the region.
Norwegian launched Program X a comprehensive profitability
improvement programme. Initiatives implemented under Program X
have generated estimated recurring profitability improvement of NOK
400 million by the end of 2025 and are due to deliver annual recurring
underlying profit improvement in excess of NOK 1.25 billion by the end of
2026, and a sustained increase in EBIT margin.
“Top Ten Punctual Airline in Europe”
-Cirium
Cirium, the global aviation analytics provider named Norwegian the ninth
most punctual European airline in 2025. Among the airlines named in the
ranking, Norwegian had the second highest regularity.

Norwegian Annual Report 2025 |  | 9

Letter from the CEO | Board of Directors’ Report | Sustainability statement | Board and Management | Corporate Governance | Financial statements | Appendix |  |

Timeline of key events in 2025
Norwegian Reward was awarded
four awards at the Freddie
Awards in May, including the
“Program of the Year” category.
In March, Norwegian completed a
purchase of 10 aircraft previously on
lease to the airline.
In June, Norwegian entered into
agreement with CFM International to
purchase 11 LEAP-1B spare engines
with deliveries for 2027 and 2028.
In July, Norwegian completed a
purchase of three aircraft
previously on lease to the airline.
In April, it was announced that Reitan
Retail will become partner and co-
owner of Spenn, the joint platform for
loyalty programmes.
Also in March, Norwegian extended
its long-running partnership with
UNICEF.
In August, Norwegian paid its first-
ever dividend, distributing NOK
0.90 per share to its shareholders.
In September, Norwegian
exercised its option to purchase
30 additional Boeing 737 MAX 8
aircraft, bringing the airline's
firm order to 80 aircraft.
In October, Norwegian took delivery of
the first Boeing 737 MAX 8 from its direct
order of 80 aircraft.
Also in October, Norwegian
released an economic impact
report in collaboration with global
engineering firm Ramboll.
In November, Dag Mejdell was
elected as the company's new
Board Chair.
Also in October, Norwegian won the
tender to operate Denmark's first
domestic route using 40 percent SAF.
Also in September, it was
announced that Widerøe would
join the Norwegian Reward
loyalty programme.

Norwegian Annual Report 2025 |  | 10

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Group overview
The Norwegian Group (“the group”) consists of the parent company
Norwegian Air Shuttle ASA (“Norwegian” or “the company”) which is
headquartered at Fornebu, Norway, just outside of Oslo, and Widerøe AS
(“Widerøe”) following the acquisition of Widerøe in January 2024. Both
Norwegian and Widerøe have subsidiaries that operate in accordance
with the local requirements in their respective operating regions.
The group holds a leading position in the Nordic market for air travel.
The group operates short-haul point-to-point domestic and cross-
border flights within the Nordics, and flights from the Nordics to key
destinations in Europe and closely adjacent countries. Widerøe has a
leading position for regional air travel, including public service obligation
(PSO) routes and commercial routes, between small- and medium-sized
airports across Norway. At year-end 2025, the Norwegian Group had
8,992 employees at its headquarters, support offices, and operational
bases across Norway, Sweden, Denmark, Finland, Spain, Latvia and
Ireland. Of these employees, 5,364 were employed by Norwegian, and
3,628 were employed by Widerøe. Figures include apprentices and
temporary employees in administrative positions.
Business strategy
Norwegian has long been recognised as an industry leader in low-cost
travel, winning numerous awards during its over 20 years in operation.
Norwegian built on its strong foundation when renewing its strategy in
2021, refocusing on the core Nordic market, and operating a European
short-haul network with a one-type narrow-body aircraft on routes with
proven historic profitability. The Norwegian Group’s overall business
objective is to be the preferred airline within its core market, to generate
attractive returns for its shareholders, and to add lasting value to all
stakeholders.
Norwegian meets its customers’ needs by offering affordable fares for
all, across a broad range of routes in and across the Nordics and Europe.
Strong operational performance, and the award-winning Norwegian
Reward loyalty programme, are key foundations in delivering an
attractive offering to customers who choose to fly with Norwegian, for
leisure and business travel needs. The company’s vision is to be the
most loved and trusted airline in Europe. Widerøe supports the group’s
strong customer proposition, through the enabling of seamless travel
across an improved route network offering.
Strong Nordic-focused network
Norwegian’s network is an optimised short-haul network, developed and
refined since 2002, with a core Nordic footprint. In recent years,
Norwegian has optimised its route portfolio to a network of close to 350
routes, with the majority having performed well historically. The network
also ensures that the Norwegian Group maintains the strong presence
and connectivity, that customers value highly.
Norwegian is a leading carrier for leisure-oriented traffic in the Nordics
and has in recent years also been growing its market share within the
corporate travel market. Within the Nordics, the company is the largest
airline group measured on capacity in Norway, and the second largest in
Denmark, Sweden, and Finland. The route network is designed to
maintain and further strengthen this position. Furthermore, the network
is also designed to improve operational efficiency, partly achieved by
prioritising routes to the most popular destinations with significant
traffic flows. Importantly, sufficient scale allows the Norwegian Group to
maintain a cost advantage versus its closest peers, and potential new
entrants. The group also links highly complementary route networks
between Norwegian and Widerøe, enabling an improved offering, with
more travel options within Norway, the Nordics, and beyond.
Competitive cost base
Norwegian’s foundation is a low-cost operating model. This model
features low complexity, high reliability, and a right-sized and
competitive cost base. It enables the company to provide affordable
fares while delivering returns to shareholders, with the company aiming
to further leverage and strengthen its cost advantage going forward. In
addition to a clear strategic priority in further improving cost-efficiency,
and reinforcing cost control, efficiency gains are realised from improved
asset and resource utilisation, concentrated network, and reduced
overhead. This model allows Norwegian to compete effectively on price
versus legacy carriers, on scale versus new entrants, and with a superior
quality offering to that offered by ultra-low-cost carrier (ULCCs) airlines.
Maintaining and improving on its competitiveness, by striving every day
for increased cost-efficiency, in combination with a customer offering of
high quality, is key to Norwegian’s DNA.

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Program X
In 2025, Norwegian launched Program X, a profitability improvement
programme. Implementation of comprehensive cost and revenue
initiatives under Program X has enabled Norwegian to counter industry
specific cost inflation and has generated recurring profitability
improvements of approximately NOK 400 million on a run-rate basis as
of year-end 2025. At the end of 2026, when all initiatives have been
implemented, Program X is due to deliver recurring underlying profit
improvement in excess of NOK 1.25 billion annually, and a sustained
increase in EBIT margin.
Key intangible resources
The Norwegian Group has valuable intangible resources, such as
attractive customer offering, a high-performing organisation, and well-
considered sustainability strategy, all of which enhance the company’s
competitiveness, profitability, and long-term success.
Attractive customer offering
Norwegian continues to leverage its brand value and customer
satisfaction to be the preferred option for those who seek affordable air
travel without compromising on quality. The combination of a
competitive cost base and strong customer value offering has been, and
will continue to be, Norwegian’s winning formula.
Norwegian and Widerøe strives to deliver value across the entire
customer journey. From the very start of the journey by being top-of-
mind and first choice, followed by a hassle-free booking experience with
a broad set of booking alternatives that fit with the customer’s choice. In
addition, the airlines strives for a smooth check-in and boarding
processes, pleasant in-flight experiences with excellent customer
service, and on-time arrivals and regularity close to 100 percent.
Cirium, the global aviation consultancy, named Norwegian as one of
Europe’s top 10 most punctual airlines in 2025.
Norwegian regularity in 2025:
99.5%
The Norwegian Group will continue to develop and leverage the unique
and award-winning Norwegian Reward programme, to create customer
value and enhanced customer loyalty. The programme has over four
million members in the Nordics. The launch of Spenn, a digital loyalty
currency in partnership with Strawberry and Reitan, is a key initiative in
achieving this. Spenn simplifies the earning and use of points across
both existing and upcoming loyalty programmes. Additionally, the
introduction of Norwegian Reward benefits and the Norwegian Rewards
Priority programme will further enhance the company’s customer value
proposition and drive customer loyalty.
High-performing organisation
The group has a strong focus on achieving increased labour efficiency
through a crew-friendly network that allows for a right-sized base
structure, which in turn enables high utilisation and low operational
costs. Through a more streamlined organisation and flexible agreements,
the group is well positioned to manage seasonal fluctuations in demand.
The workforce is experienced and highly dedicated. Both Norwegian and
Widerøe crews consistently receive high scores in customer experience
surveys. Going forward, the group will continue to build a strong
employer brand that will attract and retain top talent vital for future
success.
The group has a strong organisation and governance structure, with an
experienced and dedicated Executive Management team and senior
management, building on key performers and new talent. To support the
organisation, a modernised and flexible IT platform enables boosted
productivity through select IT investments, development of business
centres, and rigorous supply chain management.
Strategy and sustainability
The Norwegian Group’s strategy increasingly emphasises sustainable
operations, aligning long-term profitability with environmental
responsibilities. Norwegian is continuously adopting innovative solutions
to reduce carbon footprint while enhancing operational efficiency. A key
aspect of this strategy is the transition to renewable energy sources and
low-carbon fuels. Sustainable Aviation Fuel (SAF) is one example where
Norwegian and Widerøe have a key role in reducing aviation’s
environmental impact by offering a cleaner alternative to traditional jet
fuels. The group is advancing its SAF footprint through dedicated
supply-chain collaborations that enable large-scale SAF use for the
Norwegian Armed Forces and support operating the Danish domestic
route, which will operate with a 40 percent SAF blend from 2026.
Investment in Norsk e-Fuel, a key player in the transition to renewable
aviation and sustainable fuels, is one example of how the group is taking
a leading role in contributing to decarbonisation in the aviation industry.
By integrating such solutions into Norwegian’s business strategy, it not
only addresses climate change but also position the company as a
leader in a future where sustainability is a key driver for success.
The Norwegian Group continues to set and work towards these
environmental, social and governance (ESG) performance goals. The
group has an ongoing focus on climate and environmental impact
mitigation, including looking after people in its own workforce and value
chain, in addition to ensuring effective and robust governance of
sustainability matters for all stakeholders.
Mission, vision & values
Norwegian launched its mission, vision, and values in 2022, in
conjunction with the company’s 20-year anniversary. More than 150
colleagues contributed with their input on what Norwegian truly cares
about, and what is needed to capture the opportunities that lie ahead.
The vision, mission, and values are based on this input.
Norwegian Vision: The most loved and trusted airline in Europe
Norwegian Mission: Together, we fly above and beyond to serve people
the Norwegian way
Norwegian Values:
• A caring heart
• In it together
• Courageously inventive
• Passionately Norwegian
Corporate structure
The Norwegian Group consists of the parent company, Norwegian Air
Shuttle ASA, and Widerøe AS, together with affiliated subsidiaries. The

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group has directly or indirectly owned subsidiaries in Norway, Sweden,
Denmark, Finland, Ireland, Spain, Latvia, and the United Kingdom.
The Norwegian Group has structured its operations and different
functions into several entities, to create an organisational structure that
maintains Norwegian’s flexibility and adaptability, aligned with the
company’s strategy. The airlines, Norwegian and Widerøe, are
considered two separate operating segments but benefit from scale and
centres of excellence where it is deemed valuable. Widerøe retains its
own management team and organisational structure, with a head office
in Bodø, Norway. Each entity within the group offers permanent
employment, with terms and conditions in accordance with local
markets, laws, and regulations.
The group is organised into four functional business areas:
• Commercial
• Operations
• Widerøe
• Support Functions
Commercial
The Commercial division is responsible for key aspects of revenue
generation at Norwegian, including network planning, revenue
management, and brand and loyalty activities. This business area
manages sales for corporate, leisure, cargo, and charter contracts. It is
also responsible for value creation through in-flight retail and ancillary
product offerings, and the Norwegian Reward loyalty programme.
Furthermore, the division oversees distribution initiatives including
engagement with customers across digital and physical touchpoints.
The Commercial division aims to enhance the group’s overall
performance by crafting a network strategy for the Norwegian Group
and working closely with the Widerøe network team to optimise aircraft
allocation and manage routes for commercial, cargo, and charter
operations. Additionally, a key focus is developing the customer value
proposition through improved distribution, ancillary services, inflight
products, and stronger brand and loyalty initiatives.
Operations
At year-end 2025, Norwegian had two airline operators, one in Norway
and one in Sweden, each holding a unique national air operator’s
certificate (AOC). The AOCs exist to give Norwegian broad market
access, aligned with the company’s business plan and strategy.
Norwegian’s commercial airline activities are operated through local
bases in the following countries: Norway, Sweden, Denmark, Finland,
Spain, and Latvia.
Red Handling carries out ground handling services in Spain, and at Oslo
and Copenhagen Airport. Red Handling Spain SL provides ground
handling services at Alicante Airport (ALC) and Málaga Airport (AGP),
while Red Handling Norway and Red Handling Denmark solely provides
customer-facing services at Oslo Airport (OSL) and Copenhagen Airport
(CPH). At other airports, ground handling services are provided by either
third-party providers or by Widerøe Ground Handling (WGH).
Widerøe
At year-end 2025 Widerøe, through Widerøe Flyveselskap AS, held one
air operators’ certificate (AOC), issued, supervised and controlled by the
Civil Aviation Authority Norway (Luftfartstilsynet).
Widerøe operates out of five bases in Norway, Tromsø, Bodø, Oslo, Torp,
and Bergen. All bases except Torp have a combination of Short Take Off
and Landing (STOL) operations, and commercial and regional operations.
Widerøe’s support functions are primarily based out of Bodø, Norway.
At year-end 2025, Widerøe had 51 aircraft in the fleet, 30 De Havilland
DH8-Classic, 18 De Havilland DH8-400 and three Embraer E2 jets.
Widerøe operated close to 120,000 flights in 2025, to more than 50
destinations in Norway, Scandinavia, and Europe.
Widerøe Ground Handling (WGH) operates at 41 airports across Norway,
employing approximately 1,900 people. WGH is primarily a supplier to
Widerøe and Norwegian, but also serves external customers at most
airports.