Norwegian Group Posts Strong Q1 Results Despite Uncertainty

Norwegian Group has posted a significant improvement in its first-quarter results, narrowing its operating loss to NOK 220 million from NOK 611 million in the same period last year — a turnaround the company attributes to tight cost control, solid operations, and some favourable external factors including a stronger Norwegian krone, fuel hedging gains, and lower EU carbon quota prices.

Pre-tax loss for the quarter came in at NOK 459 million. While still in the red — Q1 is traditionally the weakest quarter for European airlines — the direction of travel is clearly improving.

The group carried 5.2 million passengers in the quarter, with Norwegian accounting for 4.2 million and regional subsidiary Widerøe handling 0.9 million. Norwegian's capacity, measured in available seat kilometres, was down 6 percent year-on-year, while Widerøe's dropped 2 percent. Despite the capacity cuts, Norwegian's load factor climbed to 87.6 percent — up 5.2 percentage points from a year ago — suggesting the airline is filling a higher share of its available seats. Widerøe's load factor stood at 70.2 percent.

On punctuality, Norwegian recorded 78.8 percent on-time performance, while Widerøe came in at 87.2 percent. The group's combined fleet stood at 145 aircraft at the end of the quarter — 95 for Norwegian and 50 for Widerøe.

Norwegian Reward, the group's loyalty programme, passed the 8.5 million member mark during the quarter, continuing its steady growth.

The quarter also brought some notable operational developments. Norwegian launched Denmark's first domestic route using 40 percent sustainable aviation fuel, as part of a government tender. The airline also suspended flights to Middle East destinations due to the security situation in the region, and appealed a court ruling on its EU emissions trading obligations for 2020 to Norway's Supreme Court.

CEO Geir Karlsen said the group is heading into the summer season with momentum, pointing to a positive booking trend across key parts of its network. Norwegian was also recently named Norway's best domestic airline — recognition Karlsen said the company intends to keep earning through reliable service and strong customer experience.