Norwegian’s traffic figures for November were in line with ARCe expectations. While traffic growth was moderate, this was offset by an improved load factor Y/Y. Widerøe reported lower-than-expected growth (ASK -2%), but a stronger-than-anticipated yield contributed positively to overall performance. We expect only limited revisions to our estimates following the traffic update, and view a neutral share price reaction as warranted.
04 Dec 2025
Arctic FLASH: Norwegian - November 2025 traffic figures
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Arctic FLASH: Norwegian - November 2025 traffic figures
- Published:
04 Dec 2025 -
Author:
Jeppe Baardseth | Hans-Erik Jacobsen -
Pages:
11 -
Norwegian’s traffic figures for November were in line with ARCe expectations. While traffic growth was moderate, this was offset by an improved load factor Y/Y. Widerøe reported lower-than-expected growth (ASK -2%), but a stronger-than-anticipated yield contributed positively to overall performance. We expect only limited revisions to our estimates following the traffic update, and view a neutral share price reaction as warranted.