The carrier said soft demand for transatlantic flights and increased expenses meant it would fall into the red again. Norse lost $135.5 million in 2024 and $168.8 million in 2023.
Announcing its third quarter results for the months of July, August and September, it said: “The company started 2025 with the ambition of delivering full year profitability subject to stable customer demand. The softer transatlantic demand in the second half and non-recurring operational expenses mean this ambition will not be realised.”
Despite this, Norse said it was optimistic for 2026 when half its fleet of 12 Boeing 787s will be leased to India’s IndiGo. Norse also has a contract with for P&O Cruises this winter and next.
Norse added its decision to launch of flights from Gatwick to Bangkok and Cape Town had proved popular and brought increased ticket prices during the winter season.
During the third quarter, Norse’s average base fare was $324 – only $2 higher year-on-year – while ancillary sales fell from $84 per passenger to $72. “The reduction reflects lower ancillary revenue due to repackaging of airfare bundles and general pricing pressure experienced in the transatlantic market during the quarter," it said by way of explanation.
Norse flew its aircraft 95% full during the summer peak but during Q3 made a pre-tax loss of $7.8 million on revenue of $229.7 million. The result was impacted by a $25 million cost of repairing engines damaged during ground testing, of which $20 million was recovered, plus increased employee costs.
Norse issued NOK 113.7 (£8.4 million)in new shares last month and placed bonds worth $30 million in September to raise capital.
