Norwegian Air Shuttle ASA Q2 2026 Earnings Recap

Norwegian’s stock fell 4.8% after earnings as investors reacted negatively to softer-than-expected unit revenue and a disappointing EBIT performance pressured by higher fuel costs and a substantial non-recurring loss related to an EU ETS legal case.

Key Takeaways

• Reported EBIT of NOK 213 million, below internal expectations due to weaker unit revenue and cost challenges.
• Recorded a NOK 733 million loss from an adverse EU ETS ruling, adding a significant one-time hit.
• Passenger growth was positive, with 7.8 million flown in the quarter (+3%), led by record traffic at Widerøe (404,000 passengers in one month).
• Capacity increased 5%, but load factors declined slightly reflecting softer market demand during April to June.
• Fuel prices surged 33% YoY due to geopolitical issues, pressuring costs despite some ticket price increases that failed to fully stick.