Norwegian Air Shuttle - Hoping for more-06/04/2026

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Norwegian Air Shuttle - Hoping for more-06/04/2026

Norwegian Air Shuttle

NEWSFLASH | 4 JUN 2026

Hoping for more

May capacity growth of 5% leaves NAS on track to meet its Q2 guidance. The aggressive price hikes are well known by now,

and they delivered yield growth largely in line with expectations at 5% (a 3pp negative FX impact), but the 2pp drop in load

factor (to 81.5%) against comps that were not especially demanding leaned negative in our view. We understand load

softened fairly evenly across the network, though with somewhat greater pressure on the Norwegian routes. Demand is still

described as 'good', with tickets selling out at a quick pace, wording that is, at the very least, not discouraging. Widerøe's

yield growth of 1% and load factor gain of 1.2pp came in very much in line with expectations. Q2 estimates (and expectations)

were certainly reset lower following yesterday's reaction, but we still suspect the market was hoping for a bit more, given

expectations of a soft June print (negative yield growth incoming). Worth noting too that the shares should pick up some

support from falling oil prices today.

Traf2c 2gures – Norwegian

ASK (bn) Load factor (%)

12 100 %

90 %

80 %

4 70 %

60 %

- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

High-Low High-Low Avg. (2010-2019) 2025 2026

RPK (bn) PAX (mill)

10.0 4.0

8.0

3.0

6.0

2.0

4.0

1.0

0.0 0.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Yield (NOK) Average ticket price (NOK)

1.6 1,600

1.4

1.2 1,200

0.8 800

0.6

0.4 400

0.2

0.0 -

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