Norse Atlantic Airways Closes Q4 2024 with Record 92% Load Factor
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Norse Atlantic Airways ended the fourth quarter of 2024 with a record 92% load factor, marking an increase of 22 percentage points compared to the same period last year. According to the company, this result is attributed to its new commercial strategy implemented throughout the year.
Financial Performance
According to the airline's financial report, quarterly revenue reached $123.1 million, a 30% increase compared to Q4 2023. Passenger numbers surged 46% to 337,564, driven by improved load factors, a 15% increase in available seat kilometers (ASK), and 21% more flights operated.
Operationally, Norse Atlantic completed 99.7% of scheduled flights. Despite reporting a net loss of $35 million, the airline highlighted a $30 million improvement over the same period in 2023 and achieved its first profitable month in December.
Annual Results
Norse Atlantic's total revenue for 2024 reached $588.1 million, a 33.8% increase from 2023, reducing annual losses to €135.5 million, a 20% improvement.
In 2024, the airline operated 5,402 flights (+35%), transporting 1.46 million passengers (+49%). Capacity (ASK) increased 42.1%, while demand (RPK) grew 60.4%, resulting in an 84% load factor—10 percentage points higher than in 2023.
Cost Reductions and ACMI Growth
As part of its diversification strategy, Norse Atlantic expanded its aircraft, crew, maintenance, and insurance (ACMI) leasing and charter operations as a complementary business to its scheduled network.
In February, the airline returned two Boeing 787-8s to its lessor and expects to return a third by the end of Q1 2025. "These returns, involving aircraft that Norse never operated, will generate a positive accounting impact," the company stated.
Additionally, Norse Atlantic secured ACMI leasing contracts with IndiGo, India's largest airline and one of the world's biggest carriers. Four Norse aircraft will operate under this arrangement, subject to regulatory approval. The first aircraft will begin flying in March, with the remaining three entering service in the second half of the year.
Under this new strategy, the airline plans to operate 11 aircraft on its scheduled network for the Northern Hemisphere summer, with a long-term fleet distribution of eight aircraft for own operations and four under ACMI contracts.
"We believe this distribution strikes the right balance between securing year-round fixed revenue and maximizing opportunities within our scheduled network," said Bjørn Tore Larsen, Norse Atlantic's CEO, founder, and majority shareholder.
Norse Atlantic’s Network – February 2025
• Oslo - Miami: 1 weekly flight
• Oslo - Bangkok: 3 weekly flights
• London-Gatwick - Miami: 2 weekly flights
• London-Gatwick - Orlando: 3 weekly flights
• London-Gatwick - Las Vegas: 3 weekly flights
• London-Gatwick - New York-JFK: 4 weekly flights
• London-Gatwick - Cape Town: 3 weekly flights
• Berlin - Miami: 2 weekly flights
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