Norse Atlantic reports revenue of $132 million for the second quarter of 2026. At the same time, the airline achieved record unit revenue on its own route network, but high fuel prices, lower aircraft utilization and operational disruptions pressured profitability.
Norse Atlantic continues to adapt its operations to a challenging market environment. In the second quarter, the company's TRASK, total revenue per available seat kilometer on its own route network, increased by 23 percent compared to the previous year to a record high of 6.15 US cents.
The cabin factor in the company's own network amounted to 94 percent and higher ticket prices contributed to the development.
At the same time, production in the route network decreased by 26 percent compared to the previous quarter. High jet fuel prices and lower fleet utilization contributed to EBITDAR of minus USD 8.4 million.
– We are of course not satisfied with the financial result, but I believe we have taken important steps to strengthen our commercial operations and financial platform, says Norse Atlantic's CEO Eivind Roald.
Setting up the Los Angeles program
Norse has reduced capacity to prioritize routes where profitability is considered to be the best. As part of this, the company has canceled its summer program to Los Angeles.
At the same time, the charter and ACMI operations have grown strongly. Revenue in the segment increased more than six-fold and the operations delivered positive EBITDAR, despite fewer flight hours than planned and higher costs.
The agreement with IndiGo will end later this year. When the aircraft return to Norse, it will give the company greater flexibility in distributing capacity between its own scheduled network and charter and ACMI operations.
Will save 50 million dollars a year
Norse is also continuing the Project Falcon cost reduction program, which aims to deliver annual savings of $50 million from 2027.
Following a rights issue in June, the company has been able to repay a significant portion of its debt. Norse has also entered into a secured financing agreement of USD 52 million due 2027 to strengthen liquidity.
May lead to sale or merger
The strategic review that Norse previously initiated has now entered a more formal phase. According to the company, there is strong international interest and several potential parties have signed confidentiality agreements.
According to Norse, the process could result in a sale, merger or partnership.
”A full transition to our ”Airline on Demand’ model in both segments opens up new strategic avenues for Norse. This has been noted by potential partners,” says Eivind Roald.
