Norwegian Group reports second quarter results

The Norwegian Group today reported its results for the second quarter. While the financial results are weaker than last year, the group demonstrated its strong focus on cost control and customer satisfaction. Norwegian and Widerøe delivered operational performance as a top-ranked European airline amidst capacity ramp-up into the peak summer season.

For the second quarter of 2026, the Norwegian Group delivered an operating result (EBIT) of negative NOK 603 million. The results this quarter were impacted by the Supreme Court decision concerning the EU ETS obligation for 2020, the heightened fuel costs, and the timing of Easter. Adjusting for other losses, the operating result was NOK 213 million with a corresponding operating margin of 2 percent. Unit cost excluding fuel in the quarter was reduced compared to the same period last year. The liquidity position remains strong at NOK 13.7 billion at quarter-end.

“The second quarter was characterised by good operational performance and a continued focus on costs. While the financial results were weaker than expected this quarter for several reasons, our cost focus initiatives are continuing to deliver, and cost excluding fuel is down 5 percent compared to last year. Norwegian was also ranked as the top European airline on punctuality in May. We are well positioned for the coming months and are seeing a more favourable booking momentum going forward,” says Geir Karlsen, CEO of Norwegian.

The Norwegian Group had 7.8 million passengers in the second quarter, of which 6.7 million were passengers of Norwegian and 1.1 million of Widerøe. Capacity (ASK) for Norwegian increased by 5 percent in the quarter, while Widerøe capacity increased by 3 percent. The quarterly load factor for Norwegian was 82.5 percent, down 2.7 percentage points from the same period last year, in part due to the earlier timing of Easter this year. Widerøe’s load factor was 72.8 percent.

Punctuality and regularity showed significant improvements at both airlines. Punctuality improved to 86.4 percent for Norwegian and 94.2 percent for Widerøe, while regularity was 99.6 percent and 98.3 percent, respectively. In May, Cirium named Norwegian Europe’s most punctual airline, and the second most punctual in April, demonstrating outstanding operational efficiency ahead of the peak summer season.

NLTG acquisition and Spenn growing

In June, the group announced a landmark agreement to acquire Nordic Leisure Travel Group (NLTG), the leading tour operator in the Nordics, for a consideration of SEK 7.94 billion. Norwegian’s shareholders approved the transaction on 8 July 2026, and the acquisition is currently awaiting EU competition clearance, with closing targeted for late second half of 2026. Additionally, the joint loyalty points platform Spenn expanded in June to include REMA 1000, which allows customers to earn Spenn on their everyday grocery shopping. The partnership with Reitan Retail brings substantial daily transactions to the platform.

“This quarter has marked a major strategic development for the group. We are pleased that our shareholders approved the acquisition of Nordic Leisure Travel Group on 8 July, bringing us closer to finalising this significant transaction. Furthermore, bringing REMA 1000 live with Spenn is a big milestone, and we look forward to the continued growth of the platform” says Geir Karlsen, CEO of Norwegian.

Looking ahead to the second half of 2026, Norwegian is encouraged by the recent pick-up in the booking momentum, with ticket sales tracking ahead of the same time last year. Capacity ramp-up is proceeding as planned, with Norwegian’s production (ASK) for the third quarter forecasted to increase by 5 percent compared to the same period last year, while full-year production is expected to increase by approximately 3 percent. For Widerøe, overall production (ASK) for 2026 is expected to increase by 2 percent.

The Norwegian Group fleet comprised 145 aircraft at quarter-end, with 95 aircraft in the Norwegian fleet (including 36 latest-technology Boeing 737 MAX 8 aircraft) and 50 in the Widerøe fleet.