Norwegian blames $61M loss on fuel cost spike and Supreme Court ruling

Norwegian Air Shuttle has blamed a $61.9 million (NOK 603 million) quarter loss on the global fuel cost spike and a ruling by the Supreme Court of Norway.

On July 14, 2026, Norwegian’s quarter two figures showed its operating profit had taken a major hit since last year when EBIT stood at $128.5 million (NOK 1,250 million).

Norwegian’s net profit also fell from $98.5 million (NOK 932 million) in Q2 2025 to $57 million (NOK 555 million) loss in Q2 2026. Total operating revenue rose by 1%.

“The results this quarter were impacted by the Supreme Court decision concerning the EU ETS obligation for 2020, the heightened fuel costs, and the timing of Easter,” said a spokesperson for Norwegian.

Norwegian said the surge in fuel prices saw the cost increase by 33% in Q2 2026 and the EU ETS 2020 obligation and negative FX revaluation effects resulted in a $75.3 million (NOK 733 million) hit.

Norwegian Striking a more positive note, capacity (ASK) for Norwegian increased by 5% in the quarter, while Widerøe capacity increased by 3%.

The quarterly load factor for Norwegian was 82.5%, down 2.7% points from the same period last year, in part due to the earlier timing of Easter this year.

“While the financial results were weaker than expected this quarter for several reasons, our cost focus initiatives are continuing to deliver, and cost excluding fuel is down 5 percent compared to last year. Norwegian was also ranked as the top European airline on punctuality in May,” Geir Karlsen, CEO of Norwegian, said.

He added: “We are well positioned for the coming months and are seeing a more favorable booking momentum going forward.”

Looking to the future Norwegian said it was “encouraged by the recent pick-up in the booking momentum”.

“Capacity ramp-up is proceeding as planned, with Norwegian’s production (ASK) for the third quarter forecasted to increase by 5 percent compared to the same period last year, while full-year production is expected to increase by approximately 3 percent,” Norwegian added.

World Cup bet with British Airways

The company also mentioned its recent World Cup bet with British Airways which went viral and won high praise for the marketing strategy.

Norwegian said it resulted in significant brand exposure with a 36% increase in followers on its social media channels.

The social media posts around the friendly bet gained 1.5 million likes and reactions with over 500 articles written about the wager.

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