Norwegian Air Shuttle ASA (NWARF) Q4 2025 Earnings Call Transcript

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