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Norwegian Group Reports Best Year Ever in 2025: Record 9.9% Operating Margin and Increased Dividends

Dergam Mousa

Norwegian Group closed 2025 with the best results in its history, consolidating a fiscal year defined by capacity discipline, operational improvements, and a clear strategy focused on efficiency. Boasting a record operating margin of 9.9%, an increase in annual traffic to 27.3 million passengers, and a boost in the proposed dividend, the Scandinavian holding company reinforces its position as one of the most solid players in the Nordic market.

Performance results include both Norwegian Air Shuttle and its regional subsidiary, Widerøe, which contributed significantly to the consolidated outcome.

Traffic and Capacity: Tactical Quarterly Adjustments, Sustained Annual Growth

During the fourth quarter, the Group transported 6.2 million passengers, distributed as follows:

Both airlines recorded an increase in passenger numbers compared to the same period the previous year.

In terms of capacity, Norwegian implemented a 3% reduction in ASK (Available Seat Kilometers) to adapt to lower seasonal demand. In contrast, Widerøe increased its capacity by 2%.

The result was a robust commercial performance:

For the full year, the Group reached 27.3 million passengers in 2025, compared to 26.4 million in 2024, confirming a trajectory of moderate but consistent growth.

→ Norwegian to Connect Barcelona and Gran Canaria with Billund (Denmark) in Summer 2026

Historic Profitability and Financial Discipline

The most significant figure of the year is the 9.9% operating margin, the highest in the Group’s history.

“I am pleased to announce the best annual results in Norwegian’s history, to which Widerøe has also contributed,” stated Geir Karlsen, CEO of the Group. According to the executive, the performance reflects the value customers place on the product and allows the company to maintain a balanced policy between shareholder returns and fleet investment.

The Board of Directors will propose a dividend of 0.80 Norwegian Krone (NOK) per share to the Annual General Meeting, equivalent to:

Operations: Substantial Improvements in Punctuality and Regularity

Operational improvement was a pillar of the quarter.

Punctuality (Departures within 15 minutes):

Regularity (Scheduled flight completion):

Fleet Renewal: Delivery of 80 Boeing 737 MAX 8 Begins

A strategic milestone of the quarter was the delivery of the first aircraft from an order of 80 new Boeing 737 MAX 8s.

According to the company, this program will allow Norwegian to consolidate “one of the most modern and fuel-efficient fleets in Europe”. Modernization is key to reducing unit costs, as well as ensuring long-term sustainability and competitiveness.

For the 2026 summer season, Norwegian expects to operate 95 aircraft and estimates a 3% ASK capacity growth for the year. For Widerøe, the projected production growth is 4%.

Structural Efficiency: Impact of “Program X”

In an environment of rising industry costs, Norwegian managed to offset increases through efficiency initiatives grouped under “Program X”.

For 2026, the company anticipates that the program will generate additional benefits, although it forecasts a low-single-digit increase in underlying unit costs (excluding fuel). Cost discipline will be decisive in sustaining a margin near 10% in an increasingly competitive market.

Network Expansion and Commitment to SAF in Denmark

During the quarter, Norwegian launched ten new routes from Billund (Denmark) and won the tender to operate the first Danish domestic route using 40% Sustainable Aviation Fuel (SAF). This move strengthens its positioning in the Nordic countries and aligns with regional environmental goals.

No Immediate Plans to Incorporate Starlink Connectivity

In statements to Reuters, Karlsen noted that Norwegian does not plan to incorporate Starlink Wi-Fi connectivity at this time. The airline maintains a paid service with another provider, in line with its low-cost model.

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