Expectations already flying high

Sep figures; Neutral

Group sales NOK 3.5bn, +1% vs. cons. Limited outlook comments, but do state "encouraging" momentum

Aug sales in-line

Group sales NOK 3.77bn, basically in-line. Limited outlook comments, but do say "solid bookings"

Sales 1% below on lower load

Group sales NOK 4.76bn, 1% below us. We reiterate that Q3 EBIT est looks +10% too high

Cabin crew, prepare for dividend

EBIT 2% better and divi

Clean EBIT 2% higher on slihtly higher sales. Divi, "robust" demand, cost guidance down primarily on sales gain

Q2e looks fine - up to HOLD

June 5% better

Group sales NOK 3.9bn, +4.9% vs us and cons on better yield/ load

Improvement, but likely falling short

May as expeced

Group sales NOK 3.1bn, spot on us and cons (NAS 0.1% better, Widerøe 2% below)

Expectations running too hot

Great deal - bond buyback

NAS calls the convertible bond and contemplates a 50% buyback. Pos: Reduced share overhang + nr of shares down ~7%.

Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook

While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.

Summer late rush, profits set to flush

Q1 below on higher cost

Clean EBIT below on higher cost (mainly fuel).

Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics

We consider this a slightly positive report for Norwegian Air Shuttle, including figures more or less in line with expectations, with a marginally lower yield offset by a higher load, and positive outlook comments with regard to summer bookings. We expect only minor changes to consensus 2025e adj. EBITDA, and believe a neutral to slightly positive share price reaction is warranted.

Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics p...

April’s traffic statistics are due at 08:00 CET on 7 May. We are positive ahead of the report, expecting a strong yield recovery supported by Easter timing effects and easing capacity growth. We reiterate our BUY and have raised our target price to NOK17 (15) on positive estimate changes on our revised fuel and USDNOK assumptions.

Norwegian Air Shuttle (Buy, TP: NOK15.00) - March traffic statistics

We consider this a slightly soft report for Norwegian Air Shuttle, with a slightly weaker load and yield for Norwegian Air only partly offset by strong performance from Widerøe. We expect consensus 2025e adj. EBITDA to come down by c1% on the back of the report and believe a neutral to slightly negative share price reaction is warranted.