Q1 2025 Norse Atlantic ASA Earnings Call Transcript
Key Points
- Norse Atlantic ASA (NRSAF) achieved a record-high load factor of 95% for the quarter.
- The company reported a 51% year-on-year increase in the number of passengers, rising from 201,000 to 304,000.
- Revenue increased by 23% in the company's own network, excluding a $28 million gain, with significant growth in the charter segment.
- Norse Atlantic ASA successfully signed six long-term leases with IndiGo, securing profitability for 50% of its fleet.
- The company reported a positive EBITDAR of $15 million, a significant improvement from the previous year's loss.
- Despite improvements, Norse Atlantic ASA reported a net loss of $14.9 million for the quarter.
- The company is facing a volatile market with pressure on prices and capacity issues.
- Punctuality has been affected by air traffic control issues, airport congestion, and weather conditions.
- The book equity is negative $225 million, reflecting accumulated non-cash lease accounting costs.
- There is a double cost base due to building new functions, impacting cost reduction efforts in the short term.
Good morning, and welcome to the quarterly presentation from Norse Atlantic ASA. Today, we are presenting from our headquarters here in Arendal. And with me I have our CFO, Anders Jomaas, and I'm the CEO, Bjorn Larsen.
Just a quick look on the headlines for this quarter. It has been a quarter of great improvements in many fields, and we can start off with a load factor that is record high. We have a 95% load factor across the quarter, and that goes for both our scheduled flying and our charters. We have an increase in number of passengers from 304,000 to -- correction from 201,000 to 304,000. So it's a 51% increase year-on-year.
We have an average revenue increase by 23% in terms of our own network, and that excludes the gain of $28 million, but includes the charters, great increase on charters. And we do have good sales and good forward outlooks for our upcoming summer. So all the parameters has been positive for us this quarter. We achieved a revenue of $125.3 million. That includes $28.7 million of one-offs from redelivery of
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