The Norwegian Group posts record results for 2025 and increases dividend | News
For 2025, the Norwegian group achieved an operating profit (EBIT) of NOK 3.732 million, the highest in the company’s history. The fourth quarter resulted in an operating profit (EBIT) of NOK 21 million, an improvement from a negative result in the same period in 2024. The Board of Directors will propose a dividend of NOK 0.80 per share for 2025, totaling NOK 844 million, subject to approval by the annual general meeting.
The Norwegian group had 6.2 million passengers in the fourth quarter, of which 5.2 million with Norwegian and 1.0 million with Widerøe. Compared to the same period last year, this means an increase in the number of passengers for both companies. Norwegian (ASK) production was cut by three percent in the quarter to adjust for seasonally lower demand, while Widerøe’s production increased by two percent. Norwegian achieved a load factor of 86.0 percent, an increase of 1.8 percentage points compared to the same period in 2024. For Widerøe the load factor was 70.5 percent.
For the full year 2025, the Norwegian group had a total of 27.3 million passengers, up from 26.4 million in 2024. The operating margin for the year was 9.9 percent, a record high for the group.
“I am pleased to report the best annual result in Norwegian’s history, a result to which Widerøe has also contributed. This shows that our customers value our product and the service we provide. The strong performance allows us to pay a dividend to our shareholders, while also continuing to invest in the future, including in one of the most modern aircraft fleets in Europe,” said Geir Karlsen, CEO of Norwegian.
Punctuality for Norwegian, measured in the proportion of flights departing within 15 minutes of their scheduled time, was 83.2 percent in the quarter, a significant improvement from 78.4 percent last year. For Widerøe, punctuality was 84.4 percent. The regularity, the share of scheduled flights that took place, was 99.6 and 96.5 percent for Norwegian and Widerøe respectively.
Increased shareholder dividend
During the quarter, the Group marked several important milestones. In October, Norwegian took delivery of the first aircraft from its order for 80 new Boeing 737 MAX 8 aircraft, which will create one of the most modern and fuel-efficient fleets in Europe in the coming years. In addition, Norwegian launched ten new routes from Billund in Denmark, and won the tender to operate Denmark’s first domestic route using 40 percent sustainable aviation fuel (SAF).
The Board of Directors will propose to the General Meeting to pay a dividend of NOK 0.80 per share for the 2025 financial year. This corresponds to a total amount of NOK 844 million and a payout ratio of 31 percent.
Norwegian expects to have a fleet of 95 aircraft for the 2026 summer season and forecasts production growth (ASK) of approximately 3 percent for the year. For Widerøe, production growth is estimated at 4 percent. In 2025, Norwegian has successfully countered rising costs in the sector through its ‘Program X’ efficiency initiatives. In 2026, the program is expected to deliver further gains, with Norwegian’s underlying unit costs, excluding fuel, forecast to increase by a low single digit percentage.
“We are well positioned to benefit from the increased interest in travel to the Nordic countries. This year we will continue our efforts to strengthen our product offering, reduce costs and improve efficiency. The closer cooperation between Norwegian and Widerøe, especially through the joint loyalty program and growing route network, will further strengthen our position as the airline of choice in the Nordic countries,” said Geir Karlsen.
