Norwegian Group narrows losses and boosts load factor in strong Q1 performance

Norwegian Air Shuttle reported significantly improved first-quarter results for 2026, reducing losses and achieving a record load factor for the traditionally weaker winter period.

The group posted an operating loss (EBIT) of NOK 220 million, sharply improved from NOK 611 million a year earlier. Pre-tax losses also narrowed to NOK 459 million, supported by currency gains, fuel hedging and lower EU emissions costs.

Record demand and solid operations

Norwegian carried 5.2 million passengers in the quarter, including 4.2 million on Norwegian and 0.9 million on Widerøe. Despite a reduction in capacity, demand remained stable, driving a record first-quarter load factor of 87.6% for Norwegian—up more than five percentage points year-on-year.

Operational performance remained steady, with punctuality reaching 78.8% for Norwegian and 87.2% for Widerøe. The group ended the quarter with a fleet of 145 aircraft.

Stronger financial position

Liquidity increased to NOK 14.2 billion, reflecting improved financial resilience amid ongoing macroeconomic and geopolitical uncertainty.

CEO Geir Karlsen said the airline is entering the summer season with positive booking momentum, despite a “complex and unpredictable market.”

Strategic and operational developments

During the quarter, Norwegian:

• Cancelled flights to parts of the Middle East due to security concerns
• Launched Denmark’s first domestic route using 40% sustainable aviation fuel
• Continued growth of its loyalty programme, which surpassed 8.5 million members

The results underline the airline’s focus on cost control and operational efficiency, positioning it for a stronger performance heading into the peak summer travel season.