Norwegian Made a Fortune This Summer, Then Planned a Much Smaller Winter

Norwegian Group, the parent of Norwegian Air Shuttle and the regional carrier Widerøe, reported an operating profit of NOK 2.728 billion for July through September, a 21.4 percent operating margin. The two airlines carried 8.75 million passengers between them, 7.64 million of them on Norwegian itself. Norwegian’s load factor reached 88.5 percent, up 0.2 points on a year earlier, and its on-time departures improved to 80.7 percent.

The picture changes once the summer peak fades. The company expects monthly capacity over the winter to run 25 to 40 percent below its October 2026 level. That is the normal seasonal pattern for a carrier built around Scandinavian leisure and holiday routes, and Norwegian says the winter programme is still slightly larger than the same period last year. Chief executive Geir Karlsen said advance bookings are well ahead of last year while acknowledging economic uncertainty.

Behind the headline numbers sits a tidier balance sheet. Liquidity ended the quarter at NOK 11.2 billion, about NOK 700 million above a year earlier, after Norwegian repaid its last outstanding bond in September. The group ended September with 148 aircraft, 98 at Norwegian and 50 at Widerøe, including 39 Boeing 737 MAX 8s after three deliveries during the quarter. Its Norwegian Reward programme also passed 10 million members.

One deal is still pending. Norwegian plans to acquire Nordic Leisure Travel Group and is targeting a year-end closing, which still depends on clearance from EU competition authorities. For travelers, the practical takeaway is simple: expect thinner schedules on many Norwegian routes from November onward, especially outside peak holiday weeks, so check your flight times before relying on a particular departure.

Sources: Travel PR News, Norwegian Group press release