Norse Atlantic reports record load factor as new model drives strong Q1 performance
May 23, 2025
Norse Atlantic Airways has posted its best-ever first-quarter load factor as the low-cost long-haul carrier’s transition to a dual-model operating structure combining scheduled services and ACMI charter work begins to pay off.
In its Q1 2025 update, the Norwegian-based airline said passenger load factor reached a record 95% during the three-month period, underpinned by a 51% year-on-year increase in passengers flown and continued momentum from its commercial overhaul introduced last year.
The average revenue per passenger on Norse’s own routes rose by 5% compared to Q1 2024, with passenger revenue per available seat kilometre (PRASK) climbing 27%. Excluding a $28.7 million one-off gain from aircraft redeliveries, total revenue still rose 23% year-on-year, demonstrating robust underlying growth.
“2025 has started on a positive note with a world-leading load factor of 95%, significant volume growth and increased revenue per passenger compared to the first quarter of 2024,” said CEO and founder Bjørn Tore Larsen.
“The improvements across all key performance indicators are a function of Norse Atlantic Airways’ new commercial strategy implemented in 2024 and continuous focus on operational efficiencies.”
Larsen highlighted that the airline’s progress and outlook for full-year profitability are supported by a shift to balance scheduled operations with ACMI charter work.
Having completed the redelivery of three Boeing 787-8s, Norse now operates a fleet of 12 Boeing 787-9s.
A key part of the ACMI strategy involves Norse’s growing relationship with IndiGo, India’s largest airline. What began as a letter of intent for up to six aircraft has now been formalised into binding contracts. “The contracts reinforce our partnership with one of the world’s leading airlines and strengthen our strategic and financial position in a volatile market,” Larsen said.
One aircraft began flying for IndiGo in March, with the remaining units set to join the Indian carrier’s operations in the second half of 2025 and into early 2026, pending regulatory approvals.
This summer, Norse expects to deploy 11 of its aircraft across its scheduled transatlantic network. Once all ACMI leases are in effect, its own network will operate with six aircraft. Larsen described this mix as “a good balance between securing year-round fixed revenue from ACMI and maximising the possibilities in our scheduled network.”
The airline also reported strong forward bookings, with early sales for the summer travel season tracking ahead of the same period last year, indicating continued momentum in both load factors and passenger revenue.
