Norwegian Air beats profit forecasts on strong summer demand

ANDRIEVSKII.CH | October 28, 2026

Norwegian Air Shuttle reported third-quarter operating profit of NOK 2.7 billion ($289.4 million), exceeding analysts’ expectations of NOK 2.3 billion. Strong summer travel demand supported earnings despite elevated jet fuel costs.

The airline expects capacity to grow by 2% this year and around 5% in 2027, when its fleet is set to reach about 100 aircraft. However, higher fuel prices and uncertainty linked to the Middle East have prompted it to cut planned capacity for the first quarter of 2027 by more than 5%.

Booking trends remain encouraging, with ticket sales and load factors ahead of last year. Unit costs rose 8% year on year to NOK 0.69.

Andrievskii verdict

We are pleased to see Norwegian Air Shuttle delivering solid earnings. Despite fuel-related risks, the airline sector appears broadly resilient: demand remains strong, while rising ticket prices support cash flow and the outlook for future results. A potential positive surprise could provide further upside: a de-escalation of military conflicts, which could bring lower fuel prices.

Disclaimer: This publication is provided for informational purposes only and does not constitute personalised investment advice or a recommendation to buy or sell securities. Investments in financial instruments involve risks, including the potential loss of capital.

Aleksei Andrievskii | Advisory Board Member, Bendura Bank AG | Liechtenstein