The Norwegian Group recorded an operating loss (EBIT) of 611 million Norwegian crowns ($58.9 million) during the first quarter of year, narrowing losses by 152 million crowns ($14.6 million) from the year prior, stating that results were positively impacted by a stronger Norwegian crown against the US dollar.
The group’s operating revenue rose 7% on the same period of the year prior to 6.58bn crowns ($634.6 million), compared to 6.14bn crowns ($592.2 million) that was recorded during the first quarter of 2024. Norwegian’s standalone revenue rose to 4.83bn crowns ($465.8 million), with Widerøe contributing 1.84bn crowns ($177.4 million) to the total.
Profit before tax narrowed to a loss of 756.5 million crowns ($72.9 million), down from 903.4 million crowns ($87.1 million) that was recorded during the same three-month period of last year.
The airline said that results were also positively impacted by” efficiency gains and initiatives”, implemented during the quarter. This includes the purchase of ten previously leased Boeing 737-800 aircraft. Norwegian’s liquidity position was 10.5bn crowns ($969.1 million) at quarter-end, following this aircraft acquisition which was initially financed with the group’s available cash. Final stages of raising financing for these aircraft at very attractive terms.
Fuel price stayed roughly the same throughout the quarter.
“We continue on a positive trajectory in the year’s first quarter, and it is encouraging to see that our initiatives are yielding results on the cost side,” commented Geir Karlsen, CEO of Norwegian. “The acquisition of ten previously leased aircraft impacts our results this quarter positively and provides recurring savings and more flexibility going forward. Widerøe is on a positive heading and delivered daily passenger records twice in April.”
In the first quarter of 2025, the airline group carried 5.1 million passengers, of which 4.2 million were passengers of Norwegian and 900,000 were passengers of Widerøe. For Norwegian, capacity was up 16%, while Widerøe’s capacity increased by 4%.
On aircraft deliveries, Karlsen stated during the airline’s first quarter results presentation that Norwegian has already taken delivery of three Boeing aircraft so far this year, with the carrier expecting the arrival of one more Boeing aircraft later this month.
He also noted that the airline will start to take the delivery its order of 50 Boeing aircraft, that was first announced in May 2023. The order comes with options for 30 additional 737 MAX aircraft, with Karlsen stating that as it currently stands, the airline will be exercising options for these additional jets.
“The delivery schedule has moved slightly to the left, meaning we may receive these aircraft a little bit earlier than expected,” he added.
The airline said it is keeping a close watch on potential trade tariffs that could impact the airline but stressed that no measures have been introduced so far.
Speaking on the matter, Karlsen said it was "still too early to say" how any future developments might affect the airline directly. “There are currently no tariffs in place, but the risk remains. We’re staying on top of the situation and will adjust accordingly if needed.”