Norse Atlantic Airways has reported a sharp rise in revenue and stronger financial performance for the second quarter of 2025, driven by record passenger demand and efficiency gains.
The Oslo-based long-haul carrier achieved a world-leading load factor of 97% in the April–June period, with passenger numbers rising 36% year-on-year.
Passenger revenue increased 27% compared with the same quarter in 2024, while the airline posted earnings before interest and tax (EBIT) of $4m.
Unit revenues (PRASK) grew 8%, supported by an 18% increase in available seat kilometres (ASK) across Norse’s own network. Despite these gains, the company recorded a net loss of $6m, ending the quarter with a cash balance of $24m.
Norse said it had successfully advanced its ACMI (aircraft, crew, maintenance and insurance) leasing strategy and secured a renewal of its charter partnership with P&O Cruises for the next two winter seasons. Forward bookings for the coming months were described as “well above” the same point last year.
The airline, which focuses on affordable long-haul travel, was also named Skytrax’s best long-haul airline in the value segment for Northern Europe.
Bjørn Tore Larsen, chief executive: “The positive momentum from the start of the year has continued into the summer with record load factor and strong passenger growth, yielding a 27% increase in passenger revenue and our first-ever second-quarter operating profit.
“The progress reflects successful execution of Norse Atlantic Airway’s commercial strategy implemented in 2024 and focus on operational efficiencies.
“We consistently deliver a world-leading load factor of 97% in the second quarter, up 15 percentage points from last year, and 96% for the first half. This shows the impact of our data driven commercial model in an industry where a load factor above 90% is a strong result.
“While we continue to reduce unit costs year-over-year, there was a slight decline in average passenger revenue in the quarter which is mainly related to airfare bundles adjustments.
“Our fleet of 12 modern, efficient Boeing 787-9 Dreamliners form a strong base for further improvements as Norse Atlantic transition to the dual leg model with ACMI charters reducing our market risk and complementing our own scheduled network.
“In the second quarter, we operated 11 aircraft in our own network and one on a long-term ACMI with Indigo. In the coming months, five additional aircraft will be transferred to Indigo, India’s leading and one of the world’s largest airlines, for ACMI operations, subject to regulatory approvals.
“From early 2026, the fleet in own scheduled network will comprise six aircraft. This will strengthen our strategic and financial position with predictable ACMI revenue and cash flow in a volatile market while optimizing own network, flying routes with maximum passenger and fare potential.
“Going into the 2025 summer season, there has been some softness in the Transatlantic market. At the same time, we see strong demand for our Asia and Africa fall/winter program.
“Momentum into the third-quarter high season is good with bookings to date confirming the positive trend in load factor and passenger revenues.
“We are pleased to have renewed the charter agreement with P&O Cruises for next two winter seasons, flying cruise passenger from the UK to the Caribbean in the November to March period.
“To round off, since the start of operations, Norse has carried 3.6 million passengers as of end-June 2025, delivering affordable, value-for money air travel to customers worldwide since our inaugural flight three years ago”.
