Norwegian reports strong results in the second quarter 2023

The airline Norwegian achieved a robust operational performance in Q2 2023, reporting an operating profit (EBIT) of NOK 651 million (approx. EUR 60 million). The quarter saw improved liquidity, with cash exceeding NOK 9.3 billion.

The company’s fleet comprised 81 aircraft at quarter-end. Norwegian transported 5.6 million passengers, a rise from 5.0 million the previous year, and achieved a load factor of 84.4%. The CEO, Geir Karlsen, credited the operational success to dedicated staff and “the Norwegian way” of flying. Punctuality and regularity also improved.

Notably, Norwegian forged significant partnerships for sustainable growth. A collaboration with Norsk e-Fuel aims to build a full-scale e-fuel plant to produce sustainable aviation fuels. Another partnership with Strawberry established a joint loyalty company, with Avida Finans AB as the preferred financial partner, aiming to offer financial services to over 7 million members. Norwegian’s acquisition of Widerøe, a regional carrier, is expected to enhance customer connectivity and end-to-end experience, with the transaction anticipated to close by Q4 2023.

The company’s capital structure is a priority, reflecting its successful transformation post-reconstruction. The Board of Directors aims to align the structure with the evolving trading landscape and potentially enable dividend distribution. The NAS13 bond’s call option will be exercised as part of this process.