Press release - 27 April 2017 06:00

Norwegian reports passenger growth and a negative result in a seasonally weak first quarter

Norwegian today reported its first quarter results for 2017 with a result of -1.5 billion NOK. Despite strong passenger growth, higher fuel costs, tough competition and a stronger NOK contributed to the negative result. This year’s Easter led to a shift of income over to April, as last year’s Easter was in March. The company launched 39 new routes this quarter.

The net result was -1,492 million NOK, compared to -800 million NOK the same quarter previous year. The airline carried 6.7 million passengers in the first quarter, an increase of 14 per cent.Norwegian’s strongest growth was in the U.S., Spain and France. In the Nordics, the passenger growth was 6 per cent. The capacity growth was 24 per cent and the load factor was 84 per cent – marginally down in a quarter traditionally characterized by less demand and travel.

Norwegian’s global growth strategy will provide economies of scale and lower unit costs. During the first quarter, unit costs excluding fuel fell by 4 per cent and debt was cut by 1 billion NOK. Cash and cash equivalents at the end of the quarter was 4.8 billion NOK.

Norwegian CEO Bjørn Kjos said:“In this quarter, we particularly see the effects of higher fuel costs combined with a strengthened krone against the British pound, euro and Swedish krona, which accounts for almost half of our sales. In addition, the figures are affected by the fact that Easter was not in the first quarter, like last year. At the same time, we are filling aircraft and attracting more passengers both in new and more established markets. Our long-haul operation is now well established, proving that customers want affordable fares and new aircraft on intercontinental routes.”

Norwegian launched 39 new routes during the first quarter, including routes between the U.S. and Ireland, Northern Ireland, Scotland and Norway. During the first quarter of 2017, Norwegian took delivery of seven brand new Boeing 737-800 aircraft, as well as one Boeing 787-9 Dreamliner. In April the company announced three new intercontinental destinations from London Gatwick to Singapore, Denver and Seattle.

For detailed information, please see pdf attached.

Media Contacts:
Deputy Chief Communications Officer: Lasse Sandaker-Nielsen +47 4545 6012

Vice President Investor Relations: Tore Østby +47 9954 6400

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Norwegian.com

The Norwegian group is a leading Nordic aviation company, headquartered at Fornebu outside Oslo, Norway. The company has over 8,200 employees and owns two of the prominent airlines in the Nordics: Norwegian Air Shuttle and Widerøe’s Flyveselskap. Widerøe was acquired by Norwegian in 2024, aiming to facilitate seamless air travel across the two airline’s networks.

Norwegian Air Shuttle, the largest Norwegian airline with around 4,700 employees, operates an extensive route network connecting Nordic countries to key European destinations. In 2023, Norwegian carried over 20 million passengers and maintained a fleet of 87 Boeing 737-800 and 737 MAX 8 aircraft.

Widerøe’s Flyveselskap, Norway’s oldest airline, is Scandinavia’s largest regional carrier. The airline has more than 3,500 employees. Mainly operating the short-runway airports in rural Norway, Widerøe operates several state contract routes (PSO routes) in addition to its own commercial network. In 2023, the airline had 3.3 million passengers and a fleet of 48 aircraft, including 45 Bombardier Dash 8’s and three Embraer E190-E2's. Widerøe Ground Handling provides ground handling services at 41 Norwegian airports.

The Norwegian group has sustainability as a key priority and has committed to significantly reducing carbon emissions from its operations. Among numerous initiatives, the most noteworthy is the investment in production and use of fossil-free aviation fuel (SAF). Norwegian strives to become the sustainable choice for its passengers, actively contributing to the transformation of the aviation industry.

​Norwegian reports passenger growth and a negative result in a seasonally weak first quarter