DAVY VIEW

Norwegian has delivered Q4 EBIT of NOK21m (consensus: NOK201m). Consensus missed significantly driven by other losses of NOK92m consisting of negative non-recurring effects related to the balance sheet translation following the weakening of the Norwegian krone (NOK). On a full-year basis, the group achieved FY25 headline EBT of NOK3016m (consensus: NOK3211m). Unit cost ex fuel was flat year-on-year (yoy), (+4% adjusting for non-recurring gains of NOK858m related to the purchase of aircraft previously on lease). For 2026, the company guides capacity ASKs +3% and unit cost ex-fuel up low-single-digit percent yoy. Davy 2026 EBT of NOK2755m, consensus NOK2675m; yoy movements were driven by non-recurrence of one off gains related to the repurchase of lease aircraft in 2025.