Norwegian Air Shuttle ASA NAS
Oslo Børs · Industrials · Airlines
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Annual accounts for Norwegian Air Shuttle
| NOK million | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 18,869 | 25,539 | 35,316 | 37,646 |
| EBITDA | 4,208 | 6,186 | 7,297 | 8,518 |
| Net income | 920 | 1,611 | 1,213 | 2,646 |
| Balance sheet | ||||
| Equity | 4,203 | 5,773 | 7,241 | 7,668 |
| Total debt | 10,085 | 14,027 | 16,077 | 19,551 |
| Cash | 6,606 | 8,471 | 8,775 | 6,318 |
| Net debt | 3,479 | 5,557 | 7,302 | 13,233 |
| Ratios and per share | ||||
| EBITDA margin | 22.3% | 24.2% | 20.7% | 22.6% |
| Profit margin | 4.9% | 6.3% | 3.4% | 7.0% |
| Return on equity | 21.9% | 27.9% | 16.8% | 34.5% |
| Earnings/share (NOK) | 0.99 | 1.67 | 1.26 | 2.51 |
| Book value/share (NOK) | 4.52 | 6.00 | 7.51 | 7.29 |
| Shares outstanding (M) | 930 | 962 | 964 | 1,052 |
From the annual statements (Yahoo Finance), in the currency the company reports in. Per-share figures use the shares at the year end. Charts and annual figures →
Quarterly figures from the reports
BetaFrom the company's own reports: 13 reports read by AI, every figure checked against the report's page and arithmetic.
Source: the Q3 2026 report, page 12, published 2026-10-28.
| Quarter | Revenue | Operating profit | Profit | EPS | Adj. EPS | Source |
|---|---|---|---|---|---|---|
| Q3 2026 | 12,739 | 2,728 | 1,838 | 1.75 | … | Q3 2026, p. 12 |
| Q2 2026 | 10,408 | −603 | −555 | −0.53 | … | Second quarter 2026, p. 12 |
| Q4 2025 | 8,522 | 21 | −16 | −0.02 | … | Fourth quarter 2025, p. 22 |
| Q3 2025 | 12,252 | 3,071 | 2,549 | 2.42 | … | Q3 2025, p. 22 |
| Q2 2025 | 10,289 | 1,250 | 932 | 0.91 | … | Second quarter 2025, p. 12 |
| Q1 2025 | 6,582 | −611 | −756 | 6.00 | … | Q1 2025, p. 12 |
| Q4 2024 | 8,232 | −93 | −223 | −0.27 | … | Fourth quarter 2024, p. 12 |
| Q3 2024 | 11,594 | 2,128 | 2,004 | 2.04 | … | Q3 2024, p. 12 |
| Q2 2024 | 9,347 | 593 | 477 | 0.46 | … | Second quarter 2024, p. 12 |
| Q1 2024 | 6,144 | −763 | −904 | −0.97 | … | Q1 2024, p. 12 |
| Q4 2023 | 5,917 | 328 | 153 | 0.13 | … | Q4 2023, p. 11 |
| Q3 2023 | 8,776 | 2,170 | 2,039 | 2.09 | … | Q3 2023, p. 11 |
Amounts in NOK million, EPS in NOK. Each quarter as first reported, as a backtest would have seen it. Adjusted EPS (without one-off items) is shown once the one-off items have been checked against the companies' own adjusted figures.
One-off items in the reports
- 2026-09-30 Gains from the sale of tangible assets (in Other losses (gains)): +43.0 NOK million (Q3 2026, p. 20)
- 2026-09-30 Currency gains on translation of USD-denominated operating liabilities (in Other losses (gains)): +292.0 NOK million (Q3 2026, p. 20)
- 2026-06-30 Non-recurring loss from final resolution of the EU ETS legal matter (ETS penalty and obligation to surrender 372,818 emission allowances for 2020): −733.0 NOK million (Q3 2026, p. 20)
- 2026-06-30 non-recurring gain related to the purchase of one Boeing 737-800 aircraft that was previously on lease to Norwegian: +95.0 NOK million (Second quarter 2026, p. 6)
- 2026-06-30 non-recurring loss related to EU ETS obligation for 2020: −733.0 NOK million (Second quarter 2026, p. 2)
- 2025-12-31 negative non-recurring effects related to the balance sheet translation of USD and SEK denominated operating liabilities: −92.0 NOK million (Fourth quarter 2025, p. 6)
- 2025-09-30 reduction in the line “Aircraft lease, depreciation and amortisation” due to compensation related to the delayed delivery of aircraft to Norwegian: +269.0 NOK million (Q3 2025, p. 6)
- 2025-09-30 positive non-recurring effects related to the balance sheet translation of USD denominated operating liabilities following the strengthening of the NOK against the USD during the quarter: +80.0 NOK million (Q3 2025, p. 6)
Found by AI and still being validated: hover for the report's own words.
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Extracted by an AI model from the reports and can be wrong. Not investment advice.
Key figures
| P/E | 5.1 |
| P/B | 1.8 |
| EV / EBITDA | 3.2 |
| Net debt / EBITDA | 1.6 |
| Return on equity | 34.5% |
| Profit margin | 7.0% |
| Beta 1Y | −0.63 |
| Revenue growth 1Y | +6.6% |
| Revenue CAGR 3Y | +25.9% |
| Earnings/share CAGR 3Y | +36.5% |
| ROE avg. 3Y | 26.4% |
Ratios use the latest annual report that was public 90 days after the year end.
Dividends per share (NOK)
| 2026 | 0.80 |
| 2025 | 0.90 |
Not investment advice. Figures may contain errors from the data source.