Norwegian Air Shuttle ASA (NWARF) Q1 2025 Earnings Call Transcript

2025-05-10 16:25:26 ET

Norwegian Air Shuttle ASA (NWARF)

Q1 2025 Results Conference Call

May 8, 2025 02:30 AM ET

Company Participants

Jesper Hatletveit - Investor Relations

Geir Karlsen - Chief Executive Officer

Hans-Jørgen Wibstad - Chief Financial Officer

Presentation

Jesper Hatletveit

Good morning, and welcome to the First Quarter 2025 Presentation for the Norwegian Group. My name is Jesper Hatletveit, and I'm the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Geir Karlsen; and our CFO, Hans-Jørgen Wibstad. They will be followed by a Q&A from the audience and the web. Please go ahead, Geir.

Geir Karlsen

Thank you, Jesper. Good morning to all of you. Also, good morning to everybody listening into -- on online. I know it's quite a few of you. It's a beautiful day.

It's May. It's a nice weather outside. I just saw that we had 91% on-time yesterday. So things are working. We're well into the summer season. But let's talk a little bit about the first quarter. The first quarter is, as we all know, the weakest quarter in the year. It's the low season. It's always good to get out of the low season, and we are out of the low season, but it ended with a negative EBIT of NOK611 million. We spent the time wisely in the quarter and purchased 10 aircraft.

That is 10 aircraft we are already flying. We have actually been flying these aircraft since they were new. And we are using our strong financial position to do these acquisitions, and we are booking a gain of NOK590 million in the quarter. But more importantly, we are also reducing the cost on these aircraft on a recurring basis for the years to come with approximately NOK200 million a year. Due to the purchase of these aircraft, the CASK is also down 11% year-on-year....

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