Norwegian Posts Record Quarterly Profit, Keeps Door Open To MAX 10

Norwegian has reported its strongest-ever quarterly profit, driven by robust summer demand, tight cost control and disciplined fleet renewal, while confirming plans to evaluate the Boeing 737-10 for potential future deliveries.

The Oslo-based carrier reported a third quarter operating profit (EBIT) of NOK3.07 billion ($305 million) and profit before tax (EBT) of NOK2.89 billion, up from NOK2 billion a year earlier. Group revenue in the three months to Sept. 30 rose 5.6% to NOK2.3 billion, reflecting passenger and yield growth across both Norwegian and its regional subsidiary Wideroe.

“This is an historic high quarterly EBIT and EBT for the group,” CEO Geir Karlsen said during an investor presentation Oct. 22. “Program X is really starting to deliver. We have done quite a few things on the fleet side, and we now see the effects.”

Program X is Norwegian’s profitability and efficiency initiative, targeting recurring underlying profit improvements of more than NOK1 billion by the end of 2026. It includes measures such as aircraft ownership optimization, digitalization and network alignment with Wideroe.

In the third quarter, the group achieved an operating margin of 25.1%, up from 18.4% a year ago, while unit cost excluding fuel fell 6% year on year to NOK0.42. Norwegian paid its first-ever dividend in August, distributing NOK0.90 per share to about 75,000 shareholders, and repaid the last of its pandemic-era bonds, moves Karlsen said leave the group “fit for purpose.”

Norwegian took five new 737-8s and purchased three previously leased 737-800s during the quarter. In September, it also exercised purchase options for 30 additional 737-8s, bringing its firm order to 80 aircraft for delivery through 2031.

“By exercising the Boeing purchase option, we maintain flexibility while reinforcing our commitment to one of Europe’s most modern and fuel-efficient fleets,” Karlsen said.

He added that Norwegian opted for the 737-8, given delays certifying the 737-10. “For now, we have chosen the MAX 8 but, depending on how things develop on the MAX 10, we can always revisit that decision and potentially convert some of the MAX 8s into MAX 10s,” he said.

At quarter-end, Norwegian operated 95 aircraft—33 737-8s and 62 737-800s—while Wideroe’s fleet stood at 51 turboprops and jets. The group carried 8.4 million passengers, up 3% year-on-year, with Norwegian posting an 88.3% load factor and Wideroe achieving 91.8% punctuality.

Karlsen said Norwegian enters the winter season “comfortable,” with capacity trimmed 5% from last year to match seasonal demand and more tickets already sold than at the same time in 2024.