Jesper Hatletveit
Vice President of Investor Relations

Good morning, and welcome to the Fourth Quarter 2025 presentation for the Norwegian Group. My name is Jesper Hatletveit and I’m the VP of Investor Relations here at Norwegian. Today’s presentation will be held by our CEO, Geir Karlsen; and our CFO, Hans-Joergen Wibstad. The presentation will be followed by Q&A from the audience and the web. Please go ahead, Geir.

Geir Karlsen
Chief Executive Officer

Thank you, Jesper. Good morning. Good morning to all of you following this also online. It is a beautiful morning in Oslo. It’s the winter holiday coming up. I heard on the news on the way in here that 80,000 people is leaving Oslo today. And I know that quite a few of them are flying with Norwegian. So, it’s a good day.

Going to the highlights for the quarter and also a little bit on the full year of 2025. EBIT of NOK 21 million. That is an improvement from last year. We have seen passenger growth in both airlines in the quarter. And we are continuing to do well on what we call operational excellence, where we are seeing an improved regularity and punctuality for both airlines compared to the same quarter last year.

On unit costs, as many of you know and remember, we have been guiding a flat CASK for 2025 as a whole, and that’s also where we ended up. That means that the Q4 CASK is slightly up, but for the year, we are sticking to what

SportWest chief executive Troy Kirkham says those within the sport and recreation industry in WA are doing all they can to retain quality staff and maximise facility rationalisation. 

With cost-of-living pressures and FIFO employment rising, Mr Kirkham told Business News talent retention was imperative in order for it to remain competitive.

“We are really trying to make sure that we are retaining key individuals, administrators and volunteers, within the sector,” he said. 

“That’s always a big challenge. Particularly in WA when you’re in a mining state, where some of the salaries you can get for FIFO (work).

“It’s one of those things we really need to be mindful of as an industry that we’re still retaining the people that we need to retain within the sector.”

However, a document due to be released soon could aid this process.

“We’ve got a remuneration and benefits report that we do every couple of years,” Mr Kirkham said. 

“We’re just in the final stages of finalising that now with CCIWA, so that’ll be a good one for the industry as well about where the benchmarking is around salaries and benefits for the industry.”

During last year’s SportWest annual WA Sport Industry Conference, the ability for AI to play a greater role in assisting with tasks and potentially reducing both volunteer burnout and workload was discussed in great detail.

Mr Kirkham said it was a hot topic throughout the sector. 

“It’s definitely one that I know a lot of the sports are asking us a lot of questions about as well,” he said.

“They’re looking to get educated and make sure that they stay at the forefront of AI advancements.

“So that’s definitely something that I know the industry is keen to explore and we’ll continue to support them on that.”  

The importance of facility rationalisation has increased over the past decade, due to not only to a rise in population, but also greater focus in providing quality facilities for both male and female players at junior and senior level.

“Some of the big challenges which sit there are still infrastructure,” Mr Kirkham said.

“Making sure we have the right infrastructure in place or rationalising the infrastructure and using it in the right way – not falling into models of delivery that are almost within the past.”

Later this month, SportWest will also host the 2025 WA Sport Awards at Crown Perth, with the event having been held for almost seven decades.

“It’s the preeminent sport awards within WA – and the fact that it recognises everyone from grassroots club level right through to our international and Olympian performers week-in, week-out… it’s one of those awards where you almost pinch yourself because you’re involved with it,” Mr Kirkham said.

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The net profit of Rs 301.73 crore in October-December — the third quarter of the current 2025-26 financial year — compared to Rs 88.1 crore earnings in the same period of the previous fiscal, the company said in a statement.

In an investor presentation, EIL said while pre-tax earnings from consultancy business were largely unchanged at Rs 104.3 crore, those from executing turnkey contracts saw a surge to Rs 273.68 crore in Q3 from Rs 18.92 crore a year back.

Turnover rose to 59 per cent to Rs 1,194 crore as revenue from the turnkey business doubled.

For the nine months ended December 31, 2025, net profit more than doubled to Rs 487 crore, while revenue from operations increased 45 per cent to Rs 2,951 crore.

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The company’s order book stood at Rs 12,538 crore at the end of the third quarter, comprising 60 per cent consultancy and 40 per cent turnkey projects, EIL said.
With new mega assignments secured subsequently, the order book has expanded to around Rs 15,670 crore — an all-time high — providing strong revenue visibility going forward.EIL is a leading public sector engineering consultancy and EPC company that provides design, engineering, procurement, construction and project management services across sectors, including oil and gas, petrochemicals, refineries, pipelines, infrastructure, fertilizers, water and waste management, and renewable energy.

The company undertakes consultancy assignments as well as turnkey projects in India and overseas.

In the investor presentation, EIL said it has invested Rs 491 crore for the 26 per cent stake it has picked in the Rs 6,388 crore Ramagundam fertilizer project.

Other partners in the project include National Fertilizer Ltd (26 per cent), Fertilizer Corporation of India Ltd (11 per cent), GAIL (14.3 per cent) and the Telangana government (11 per cent). The remaining 11.7 per cent is with HTAS Consortium (comprising HT Ramagundam A/S, IFU and Danish Agribusiness Fund, Denmark).

EIL has also taken a minority 4.37 per cent stake in Numaligarh Refinery in Assam for Rs 838.42 crore.

It fell short of the 0.2 per cent forecast as the services sector registered zero growth

The UK economy experienced modest growth in the fourth quarter of 2025, falling marginally short of predictions as an anticipated lift from the services sector failed to materialise.

Latest data from the Office for National Statistics (ONS) revealed the economy grew a lacklustre 0.1 per cent in the three months to December 2025.

A poll of City economists by Bloomberg had forecast 0.2 per cent growth for the fourth quarter.

This occurred as the services sector, which is frequently regarded as the powerhouse of the economy owing to its substantial contribution of over 80 per cent to GDP, registered no growth during the period.

Production output rose 1.2 per cent whilst construction contracted 2.1 per cent, as reported by City AM.

“The economy continued to grow slowly in the last three months of the year, with the growth rate unchanged from the previous quarter,” Liz McKeown, director of economic statistics at the ONS, said.

“The often-dominant services sector showed no growth, with the main driver instead coming from manufacturing.”

McKeown added construction recorded its weakest performance in more than four years.

A rise in activity was anticipated by economists following numerous surveys in the final quarter which indicated businesses had suspended their investment plans until uncertainty surrounding the public finances was resolved. Reeves had been anticipated to confront a severe fiscal shortfall following a productivity downgrade.

However, the Office for Budget Responsibility’s economic forecast subsequently revealed a spike in tax revenues – driven primarily by inflation – which more than compensated for the £16bn downgrade.

Nevertheless, Reeves imposed tax increases totalling £26bn in the Budget, although businesses managed to mitigate some of their gravest concerns.

The elimination of certain fiscal uncertainty was predicted by economists to have triggered a boost in activity following the November Budget.

An Institute of Directors (IoD) survey preceding the Budget demonstrated private sector confidence had tumbled to its lowest level since the industry body began gathering data a decade earlier as tax speculation intensified.

Economists have raised concerns about a late-year growth surge with Oxford Economics highlighting that any improvement would represent “payback” for declining output during preceding months.

“This appears to be noisy data rather than there being any strong underlying narrative,” Oxford Economics UK economists Andrew Goodwin and Edward Allenby said.

The Bank of England also delivered Reeves a setback during the Monetary Policy Committee’s most recent meeting where they reduced their growth projection for 2026 to 0.9 per cent from 1.2 per cent.

This coincided with a revised growth estimate for 2025 of 1.4 per cent, down from the earlier 1.5 per cent. Simon French, chief economist at Panmure Liberum, stated: “2026 won’t be a vintage year for UK economic performance by historical standards.

“The composition of economic growth remains overly reliant on public sector spending, and housing wealth.”

Africa emerged as the world’s fastest-growing solar market in 2025, even as global growth slowed, according to a new report from the Africa Solar Industry Association.

The continent’s installed solar capacity rose 17% this year, driven largely by imports of Chinese-made solar panels.

Globally, solar capacity increased 23% to 618 gigawatts (GW) in 2025. While that is still strong growth, it marks a slowdown from the 44% jump seen in 2024.

In contrast, Africa’s steady rise shows a shift in where renewable energy momentum is building.

“Africa’s growth is driven by changing policies and enabling conditions in a number of countries,” said John Van Zuylen, CEO of the Africa Solar Industry Association.

Speaking at the Inter Solar Africa summit in Nairobi, he added, “Solar energy has moved beyond a handful of early adopters to become a broader continental priority. What we are seeing is not temporary. It is policies aligning with market dynamics.”

According to AP News, Chinese companies have played a key role. “Chinese companies are the main drivers in Africa’s green transition,” said Cynthia Angweya-Muhati, acting CEO of the Kenya Renewable Energy Association.

She noted they are investing heavily in supply chains across the continent’s green energy system.

Still, not all imported equipment is yet in use. Since 2017, nearly 64 gigawatts peak (GWp) of solar equipment has been shipped to Africa, but only 23.4 GWp is currently working. A gigawatt peak measures the highest possible power output under ideal conditions.

Solar Boom Spreads Across Africa Beyond South Africa

Solar demand is spreading beyond traditional leaders. South Africa once accounted for about half of all solar panel imports to Africa. Now, its share has fallen below one-third as other nations ramp up purchases.

In 2025, 20 African countries set new records for solar imports, and 25 countries each imported at least 100 megawatts, Yahoo reported.

Nigeria overtook Egypt as the second-largest importer, as homes and businesses turned to solar and battery systems instead of diesel generators.

Algeria’s imports jumped more than 30 times compared to the previous year, with Zambia and Botswana also seeing strong growth.

Battery prices have dropped sharply, falling to $112 per kilowatt-hour in 2025 from $144 in 2023. Lower costs allow families and companies to use solar power day and night. “This ever-decreasing price of storage has game-changing implications for Africa,” Van Zuylen said.

Despite progress, policy uncertainty remains a challenge. “The problem is not the opportunity. It’s visibility,” said Amos Wemanya, senior analyst at Powershift Africa.

“If a government announces a plan, companies need to trust that it will remain in place.”

Originally published on vcpost.com