Norse Atlantic ASA

Q4 2025 revenue was $156 million, up from $123 million in Q4 2024. EBITDAR was negative $3.1 million and EBIT was negative $22 million; the quarter also included a $33 million loss. For the full year 2025, revenue was $734 million and EBITDAR was $56.5 million, versus $0 in 2024; EBIT was negative $20 million, compared with almost minus $100 million in 2024. Load factor was 96% in Q4, passenger numbers rose from 339,000 to more than 400,000, and average revenue per passenger increased from $343 to $379. Management said December was profitable, with December TRASK up 6% and January TRASK up 20%; for February month-to-date they see about 20% year-over-year TRASK growth, and March is tracking up 20% to 30%. For 2026, management guided to full-year EBITDAR of $130 million to $150 million and EBIT of $20 million to $40 million.

Eivind Roald framed Norse as a company with a strong foundation but clear execution gaps that he intends to fix. He emphasized a turnaround that started in December and said the strategic focus is now on margin, network optimization, more flexible crew arrangements, lower SG&A, and better communication with customers. He repeatedly said the company should prioritize the most profitable use of aircraft, whether that is branded flying, ACMI, ad hoc charters, or cruise-related capacity.

Anders Jomaas highlighted higher utilization, record-high load factors, and a shift in business mix toward ACMI as key drivers. He said Q4 seat-kilometers were up 44%, the network/ACMI mix moved from 80:20 to 62:38, CASK fell from 4.5 to 3.6, and margin increased from 0.3 to 0.5, which he described as a 70% increase in margins. He also cited Q4 revenue of $156 million, personnel expenses of $43 million, free cash at quarter-end of $18 million, credit card receivables of $72 million, and equity of negative $260 million, with $175 million of that tied to noncash lease effects.

Analysts asked whether Norse is becoming more of a capacity provider than a branded airline; management said the focus is on where margin is highest, including ACMI, cruise capacity, or other outsourced flying, because profitability is the priority. On FIFA World Cup demand, management said interest is strong and ad hoc charter requests are plentiful, but decisions will be made day by day. When asked why 2026 could be sustainable-profitable, management pointed to the December turnaround, stronger TRASK trends into March, the 6-aircraft IndiGo outsourcing deal, and ongoing cost actions.