Norse Atlantic has today reported strong revenue growth for the first quarter of 2025, driven by a record 95% load factor reflective of the new commercial strategy and execution of the planned transition to the dual ACMI charter and own scheduled network operating model.
The carrier’s load factor for Q1 2025 represents a 51% year-on-year increase.
Norse Atlantic reported that revenue per passenger in its own network is up 5% compared to Q1 2024 and PRASK (passenger revenue per available seat kilometre) is up 27%.
It also recorded a 23% increase in revenue excluding a US$28.7mn aircraft redelivery gain.
Meanwhile, the carrier said it has seen the successful delivery of its ACMI strategy.
CEO Bjørn Tore Larsen said: “2025 has started on a positive note with a world-leading load factor of 95%, significant volume growth and increased revenue per passenger compared to the first quarter of 2024.
“The improvements across all key performance indicators are a function of Norse Atlantic Airways’ new commercial strategy implemented in 2024 and continuous focus on operational efficiencies.
“This is reflected in improved year-over-year financial performance during a seasonally low quarter for the airline industry.
“Our progress and aim to deliver full year 2025 profitability are supported by the commercial strategy delivering increased load factor, the transition to a dual-leg ACMI and own network model, and ongoing cost and efficiency initiatives.”
He added that, following completion of the planned redelivery of three B787-8 aircraft, Norse Atlantic now has a uniform fleet of 12 modern, efficient and in-demand B787-9 aircraft.
Larsen said this fleet forms a strong base for further improvements based on the airline’s dual leg model with ACMI charters, reducing its market risk and complementing operations in its own scheduled network.
“The LOI for longer-term ACMI engagements with IndiGo, India’s leading and one of the world’s largest airlines, for up to six aircraft have become firm contracts,” said the chief executive.
“The contracts reinforce our partnership with one of the world’s leading airlines and strengthen our strategic and financial position in a volatile market.”
He added: “They also support efficiency gains through maximum utilisation of the aircraft fleet, combining demand from both ACMI and own scheduled network.”
One aircraft commenced operations for Indigo in March, and the rest will follow during the second half and into early 2026, subject to regulatory approvals.
This leaves Norse with 11 aircraft operating its own scheduled network during the summer ahead, whereas the longer-term fleet in own scheduled network will comprise six aircraft.
“We believe this represents a good balance between securing year-round fixed revenue from ACMI and maximising the possibilities in our scheduled network,” said Larsen.
“Momentum into the upcoming busy summer months is good with bookings to date confirming the positive trend in load factor and passenger revenues.
“We will continue to deliver our affordable, value-for-money product to our customers worldwide.”
