Norse Atlantic Airways AS: Norse Atlantic ASA: Business transition on track, Q3 impacted by market softness and non-recurring costs
Arendal, Norway, 26 November 2025 - Norse Atlantic ASA today reports a record revenue and 11% passenger growth for the third quarter of 2025 driven by a 95% load factor. Financial performance in the quarter was impacted by a softening market on Transatlantic routes and non-recurring costs. Execution of the strategic priorities launched 12 months ago is progressing to plan, laying the foundation for a long-term profitable long-haul airline providing affordable travel.
Q3 2025 headlines (comparative figures for Q3 2024):
- Record revenue and passengers carried
- Load factor above 90% for four straight quarters
- Transition to dual strategy progressing on plan
- Transatlantic market softness reflected in ticket prices
- Maintenance incident and other non-recurring costs impacting profitability
- Financial position and shareholder base strengthened via convertible bond and equity issue
CEO, Founder and major shareholder, Bjørn Tore Larsen:
A year ago, we set a new course for Norse Atlantic based on a data-driven commercial strategy, a plan to realize operational efficiencies and a transition to a dual ACMI and own network model with reduced risk, more stable revenues and high-grading of the routes we fly.
Since then, we have delivered four consecutive quarters with load factors above 90%, record passenger volumes and improved financial performance.
Nevertheless, we still have challenges to address and room to improve amid tough competition on core Transatlantic routes, negative operational events and cost inflation affecting across the airline industry.
Our fleet of 12 modern, efficient Boeing 787-9 Dreamliners form a strong base for delivering those improvements as Norse Atlantic transitions to the dual strategy model with ACMI charters reducing market risk and complementing own scheduled network.
We are progressing to plan with five aircraft delivered to IndiGo at end-November, with the final one set for transfer in early 2026. Then, we will have a balanced portfolio with six aircraft on ACMI charters and six in own scheduled network. The predictable ACMI revenue and cash flow will strengthen our strategic and financial position as we optimize our own network, flying routes with maximum passenger and fare potential.
This is already reflected in our winter program, where we increase the number of routes from Europe to Asia and Africa to tap into seasonally stronger demand. Our operations are further complemented by charter flights for P&O Cruises, transporting cruise passengers from the UK to the Caribbean from November through to March.
Next summer, we have a focused program between Europe and the U.S., based on routes with proven strong demand and higher ticket prices. We also look forward flying football fans to and from 2026 FIFA World Cup.
We are now fully focused on implementing our dual strategy business model in line with our ambition of delivering material cash flow and long-term value creation for our shareholders.
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For further information please see attached third quarter 2025 report and presentation.
For further inquiries, please contact:
Investors: Anders Hall Jomaas, CFO, anders.jomaas@flynorse.com
Media contacts: Bård Nordhagen, CCCO, baard.nordhagen@flynorse.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5 -12. This stock exchange announcement was published by Anders Hall Jomaas on the time and date provided.