Norwegian Group Reports First Quarter 2025 Net Loss of $72.5 Million

Norwegian Group has reported a first quarter 2025 net loss of NOK 756.5 (US $72.5 million) on a 7.0 year-over-year increase in revenue to NOK 6.58 billion ($630.6 million).  At March 31, 2025, the company had cash and equivalents totaling NOK 10.5 billion (US $1.0 billion).

Norwegian Group Reports First Quarter 2025 Financial Results - Courtesy Norwegian Group

On Thursday (May 8, 2025), Norwegian Group reported their first quarter financial results for the period ending March 31, 2025.  The company reported a first quarter net loss of NOK 756.5 million (US 72.5 million) on a year-over-year increase in revenue of 7.0 percent to NOK 6.58 billion (US $630.6 million).  At the end of the quarter, Norwegian had cash and cash equivalents totaling NOK 10.5 billion (US $1.0 billion).  During the first quarter, Norwegian acquired ten previously leased Boeing 737-800 aircraft  Norwegian Group’s fleet, including Widerøe, included a total of 140 aircraft, of which 89 aircraft belonged to Norwegian and 51 belonging to Widerøe.

In Thursday’s announcement, Norwegian’s CEO, Geir Karlsen, said,

“The positive trend continues during the first quarter of the year and it is pleasing to see that the measures we have taken are yielding results on the cost side.  The acquisition of ten previously leased aircraft has a positive impact on the quarterly result and provides further savings and more flexibility in the fleet.  Widerøe has developed positively during the quarter and set a new record for the number of passengers in a single day, not just once but twice in April.

“The summer program is in full swing.  We have increased capacity and all the colleagues needed for the hectic high season are in place.  In other words, we are ready for a good summer and can already see that customers want to travel.  The booking trend looks good for both Norwegian and Widerøe, and the number of flight tickets sold for June is already significantly higher than last year.”

During Q1 2025, Norwegian Group carried 5.1 million passengers, with an average load factor of 82.5 percent, down 2.3 percent compared to the same period last year, largely attributable to an increase in capacity and the fact that Easter fell in April this year.  Norwegian estimates that their fleet will consist of 88 aircraft during this year’s peak season, and also expects a 3.0 percent increase in capacity in 2025 compared to last year.

Norwegian Group's First Quarter 2025 Financial Highlights - Courtesy Norwegian Air Shuttle

Norwegian Air Shuttle was established in September 2002 with four domestic routes and has since carried over 300 million passengers.  The airline Group, including Widerøe, is the largest  in Norway and currently employs approximately 8,200 team members.  Most employees are based in Norway in Oslo, Trondheim, Bergen and Stavanger, or at the company’s head office at Fornebu in Bærum.  The carrier also has offices in Riga and Barcelona, as well as bases in Alicante and Malaga. 

The Group’s fleet, including Widerøe, now totals 135 aircraft, with 86 Boeing 737-800 and 737-8 MAX jets in the Norwegian fleet, and 46 De Havilland Canada Dash-8 and three Embraer E190-E2s in Widerøe’s fleet.  Widerøe Ground Handling also serves 41 Norwegian airports.  Norwegian currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations.  Norwegian aims to reduce CO2 emissions by 45 percent by 2030.

Source: Norwegian Air Shuttle/Mynewsdesk