Norwegian Posts Operating Profit of NOK 2,728 Million, Beating Third-Quarter Forecasts
Key Facts
Norwegian Group reported an operating profit of NOK 2,728 million in the third quarter on October 28, 2026, exceeding analysts’ forecasts of NOK 2.3 billion, according to Reuters. The operating margin was 21.4%, while profit before tax was NOK 2,520 million, according to the group’s statement. However, operating profit was below NOK 3,071 million in the same period of 2025, putting the forecast beat in the context of an annual decline. Revenue, by contrast, rose 4.0% to NOK 12,739 million, compared with NOK 12,252 million a year earlier. Reuters attributed the result’s outperformance of estimates to strong demand, despite higher jet fuel costs.
Reuters reported operating profit of NOK 2.7 billion, against forecasts of NOK 2.3 billion in a company poll of analysts. The group’s statement gives the more precise figure of NOK 2,728 million, showing that the result beat estimates but did not deliver year-on-year growth in operating profit. The profit fell from NOK 3,071 million in the third quarter of 2025, despite an increase in revenue over the period. The comparison shows revenue and operating profitability moving in different directions during the quarter: the former grew while the latter declined. Profit before tax was NOK 2,520 million, with an operating margin of 21.4%.
The group carried 8.75 million passengers during the quarter, including 7.64 million at Norwegian and 1.1 million at Widerøe, according to the company’s statement. Capacity, measured in available seat kilometres (ASK), increased by 5% at Norwegian and 2% at Widerøe. Norwegian’s load factor reached 88.5%, up 0.2 percentage points from the third quarter of the previous year. Widerøe recorded a load factor of 76.1%. The figures show capacity expansion at both airlines, alongside a slight year-on-year increase in Norwegian’s load factor, while Widerøe’s remained lower in the same quarter.
Norwegian’s on-time departure rate improved to 80.7%, up 2.9 percentage points from the previous year, while Widerøe’s rate was 93.5%, according to the group’s statement. The company attributed some of the decline in flight punctuality to a strike by air traffic controllers in Norway in August. Chief Executive Geir Karlsen said Widerøe had maintained its punctuality performance for five consecutive months. He added that Norwegian ranked among the top five European airlines on this measure in August and September. The company also announced in September that it had added five new tiers to its Norwegian Reward program, after membership surpassed 10 million.
The group ended the quarter with liquidity of NOK 11.2 billion, up NOK 0.7 billion from the end of the third quarter of 2025, according to Norwegian’s statement. The company said the increase followed repayment of its last outstanding bond in September. The group had a fleet of 148 aircraft at quarter-end, comprising 98 at Norwegian and 50 at Widerøe. Norwegian took delivery of three new aircraft during the three months. The data place liquidity alongside the size of the fleet, without changing the fact that operating profit declined year on year.
Karlsen said that "booking trends remain encouraging, and the number of tickets sold is much higher than in the same period last year," despite uncertainty in the macroeconomic climate. Norwegian plans to cut monthly capacity by between 25% and 40% compared with October 2026, while expecting winter production to be marginally higher than in the same period a year earlier. For the full year, the company is targeting production growth (ASK) of about 2% at both Norwegian and Widerøe. It also expects Norwegian’s underlying unit cost, excluding fuel, to remain unchanged from 2025. Program X initiatives aim to deliver recurring annual improvement in underlying earnings of more than NOK 1.25 billion by the end of 2026.
Norwegian said its review of the acquisition of Nordic Leisure Travel Group was proceeding as planned, with completion targeted before the end of 2026, subject to European competition approval. The timeline is part of the company’s plans for the coming period, alongside its production and cost guidance for the current year. The group plans to publish October traffic figures on November 5, 2026. Its fourth-quarter 2026 results announcement is scheduled for February 11, 2027. The upcoming traffic figures will provide the next operating indicator of bookings and activity following the summer season, according to the company’s schedule.