Norse Atlantic Airways Reports Fourth Quarter 2025 Net Loss of $33.3 Million
- Joe Breitfeller
- Feb 26
- 3 min read
Norse Atlantic Airways has reported a fourth quarter 2025 net loss of ($33.3) million on a 27 percent year-over-year increase in revenue to $156.3 million.
On Thursday (February 26, 2026), Norse Atlantic Airways announced their fourth quarter financial results for the period ending December 31, 2025. The carrier reported a fourth quarter net loss of ($33.3) million on a 27 percent year-over-year increase in revenue to $156.3 million. Norse’s fourth quarter total revenue per available seat kilometer (TRASK) for their own network was 4.10 cents, while cost per available seat mile (CASK) was 4.69 cents. Costs excluding fuel (CASK-ex) totaled 3.61 cents, down 19 percent versus the same period last year. The company’s shift to a balanced dual aircraft, crew, maintenance and insurance (ACMI) and scheduled network model was successfully completed in January, supporting sustained margin expansion on a low-cost platform with a balanced risk profile.
In Thursday’s announcement, Norse Atlantic Airways’ CEO, Eivind Roald, said,
“2026 marks a new chapter for Norse Atlantic with the completion of the transition to a balanced dual ACMI and own network model with reduced risk, more stable revenue, higher flexibility and increased exposure to high-demand routes. Our ambition is clear: to provide a market-leading affordable long-haul travel product. A great customer experience is the foundation for delivering strong margin expansion on our low-cost platform with a balanced risk profile and accelerating shareholder value creation.
“Since becoming CEO in late November, my focus has been on implementing the new business model and on operational simplification to improve speed and responsiveness to market demand. This includes adjusting our network design to better handle irregularities and investing in technology and capabilities to efficiently deliver more consistent customer experience. We have taken decisive steps to create a more focused own network targeting long-haul routes with strong demand and high fare potential. The ‘Winter Sun’ program between Europe and Asia and Africa illustrates this disciplined network high-grading strategy.
“The early results are encouraging. In December, we had a 6% increase in network unit revenue (TRASK) and a 14% increase in production (ASK) compared to the same month a year ago, reflecting higher ticket prices and cargo revenue. The momentum in January is even stronger with a 21% year-on-year increase in unit revenue and 23% increase in production, and we see the positive trend continuing through February. Norse has a solid foundation for success with highly favorable long-term aircraft leases, an attractive product yielding 96% load factor for 2025 and high customer ratings for our service-minded crew. The strong improvements in recent months confirm that people are willing to pay more for our product on the right routes.
“Our low-cost operations control center in Riga is ready to scale as we optimize the route mix for higher profitability. The winter program to Thailand is a great example of how this high grading creates value. We will accelerate commercial efforts to increase prices and ancillary revenue, while also maximizing our cargo potential. We have taken measures to balance aircraft utilization to increase predictability and avoid unnecessary cancellations due to maintenance requirements. We aim to become significantly more efficient in customer handling when such irregularities occur.
“This is part of redefining Norse as an ‘Airline on Demand,’ responding more quickly to changes in market trends and demand. We will be flexible and offer charters/ACMI if that is the most profitable option, we will open and close routes more quickly to maximize profitability. Further we are strengthening our brand and product positioning to increase our total yield as part of our intensified focus on revenue management.”
Norse Atlantic Airways is committed to offering affordable fares on direct, long-haul flights to popular destinations, along with specialized charter and ACMI services for tailored travel needs, and extensive cargo operations. Founded by major shareholder Bjørn Tore Larsen in March 2021, Norse operates a modern fleet of fuel-efficient Boeing 787 Dreamliners, which seat 338 guests and offer Premium and Economy Class, serving a network of destinations across North America, Europe, Africa, and Asia. The airline’s first flight took off from Oslo to New York on June 14, 2022.
Source: Norse Atlantic Airways