NWARF - Norwegian Air Shuttle ASA (NWARF) Q2 2024 Earnings Call Transcript

2024-07-12 15:43:06 ET

Norwegian Air Shuttle ASA (NWARF)

Q2 2024 Earnings Conference Call

July 12, 2024, 2:30 AM ET

Company Participants

Jesper Hatletveit - Vice President, Investor Relations

Geir Karlsen - Chief Executive Officer

Hans-Jorgen Wibstad - Chief Financial Officer

Conference Call Participants

Hans Jorgen Elnaes - Winair

Presentation

Jesper Hatletveit

Good morning and welcome to the Second Quarter 2024 Presentation for the Norwegian Group. My name is Jesper Hatletveit and I am the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Geir Karlsen, and our CFO, Hans-Jorgen Wibstad. It'll be followed by a Q&A from the audience and the web.

Please go ahead, Geir.

Geir Karlsen

Thank you. Welcome, everybody. Seems like it's a quiet Oslo Sentrum in the morning on a Friday in July, but I know that some are following this online.

So let's head on. The second quarter ended with earnings before tax of NOK477 million; EBIT, NOK593 million, split on NOK391 on Norwegian and NOK202 million from Wideroe. We are continuing to strengthen the liquidity position and we have set aside, as we all know, NOK823 million in a dividend fund that we hope to pay out to our dear shareholders as soon as possible.

It is a fight against increasing costs in Norwegian. It has been for a while and we are very happy to say that we on -- compared to the second quarter last year, we actually reduced the CASK with 2% year-on-year. We have close to 300 -- or 450 routes for sale during this summer.

We are continuing to focus on on-time performance as well as regularity. Very happy to see that we are the most punctual European airline in May, rated by Cirium. We are also having a high focus on the satisfaction by our customers and we have reached record high levels this quarter with an NPS of 53.

But we have seen a quarter -- the second quarter that has had some softening in demand. We have put a lot of capacity into the market, 19% compared to the same quarter last year, 66% more than what we flew in the first quarter of this year. And this has been done in a market that has seen some softening....

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