Norse Atlantic Q3 2025: record revenue despite transatlantic market softness

Norse Atlantic ASA announced record revenue and 11% passenger growth for Q3 2025, achieving a 95% load factor for the fourth consecutive quarter. Despite a softening transatlantic market and non-recurring costs, the airline's transition to a dual ACMI and own network model remains on track, aiming for reduced risk and more stable revenues. Q3 2025 financial highlights include adjusted revenue of $229.7m, EBITDAR of $21.4m, and EBIT of $2.7m, with 1,842 flights completed and 573,433 passengers carried.

The company's strategic shift involves five of six aircraft delivered to IndiGo for long-term ACMI contracts by end-November, with the final one due in early 2026. This creates a balanced portfolio of six aircraft in ACMI charters and six in its own scheduled network. This dual strategy ensures high utilization and earnings predictability, complemented by winter charter flights for P&O Cruises and a focused summer program for Europe-U.S. routes. Non-recurring costs of approximately $9m, including around $5m not covered by insurance for engine damage and backdated pay following CBA negotiations, impacted Q3 profitability.

Norse Atlantic's financial position was strengthened through a convertible bond and equity issue. Subsequent to the quarter, the company completed a NOK 113.7m private placement in October 2025, issuing 14,780,242 new shares and further broadening its international shareholder base. The improved operational efficiency and network high-grading are expected to drive long-term value creation.