Norse Discloses Unit Revenue Performance In January
•February 6, 2026
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Why It Matters
The strong revenue and capacity gains underscore the viability of the low‑cost long‑haul model and boost confidence in Norse’s partnership with IndiGo, while leadership changes hint at a more data‑driven growth strategy.
Key Takeaways
- •TRASK rose 21% YoY, first disclosed unit revenue metric
- •Passenger count up 36% YoY, reaching 151,237
- •ACMI block hours jumped 172% YoY, indicating leasing growth
- •Load factor hit 97.2%, highest network performance
- •New CEO Eivind Roald drives transparency and growth strategy
Pulse Analysis
Norse Atlantic’s decision to disclose TRASK marks a notable shift toward greater financial clarity in the ultra‑low‑cost long‑haul segment. By reporting a 21% year‑on‑year increase, the airline provides investors and analysts with a direct measure of unit revenue efficiency, complementing traditional passenger and capacity metrics. This transparency helps benchmark Norse against peers and signals confidence in its pricing power, especially as it continues to fill seats on high‑margin routes between Europe and Asia.
The surge in ACMI activity, highlighted by a 172% rise in block hours and a 128% jump in ASKs and RPKs, reflects Norse’s strategic deepening of its lease relationship with IndiGo. Leveraging its fleet of Boeing 787‑9s, Norse supplies capacity to the Indian carrier amid regional airspace constraints, turning excess aircraft into a lucrative revenue stream. This dual‑model approach—combining scheduled low‑cost flights with contract leasing—mitigates demand volatility and enhances overall asset utilization, a critical advantage in a post‑pandemic market where airlines seek diversified income sources.
Leadership change adds another layer of significance. New CEO Eivind Roald, formerly SAS’s chief commercial officer, brings a data‑centric mindset that aligns with the recent transparency push. His background suggests a focus on network optimization, revenue management, and strategic partnerships, all aimed at sustaining the impressive 97.2% load factor and expanding the airline’s footprint. As Norse prepares modest schedule adjustments for February, the combination of robust unit revenue growth, expanding ACMI contracts, and seasoned executive direction positions the carrier to capitalize on the resurgence in long‑haul demand while navigating competitive pressures from legacy and emerging low‑cost players.
Norse Discloses Unit Revenue Performance In January
In a slight change to its monthly operating reports, Norse Atlantic Airways has begun disclosing its total revenue per available seat kilometer (TRASK) performance for January, which was up double digits compared to January 2025.
On February 6, 2026, Norse issued its latest monthly operating report, detailing that it carried 151,237 total passengers, up 36% year-on-year (YoY). Its capacity on its own scheduled network, measured in ASKs, rose 23%, while revenue passenger kilometers (RPKs) increased 31%.
Meanwhile, ASKs and RPKs on its charter and aircraft, crew, maintenance, and insurance (ACMI) flights were both up 128%, with the airline damp leasing half of its 12 Boeing 787-9s to IndiGo, the India-based low-cost carrier.
During the first month of 2026, Norse’s ACMI block hours increased from 835 to 2,274, a 172% YoY increase.
On flights it had operated on its own network, the average load factor was an impressive 97.2%, up 6% YoY. TRASK was also up 21% YoY and 22.9% above the unit revenues it achieved in Q3 2025.
In January, its regularly operated flights from Europe included departures from London Gatwick Airport (LGW), Manchester Airport (MAN), Oslo Gardermoen Airport (OSL), and Stockholm Arlanda Airport (ARN).
From the two Scandinavian airports, Norse offered direct connections to two Thai airports, Bangkok Suvarnabhumi Airport (BKK) and Phuket International Airport (HKT). From MAN, its only direct flight was to BKK during the month, while Norse’s network from LGW included Cape Town International Airport (CPT), BKK, New York John F. Kennedy International Airport (JFK), and Orlando International Airport (MCO).
Up until January 11, it also flew between Rome Fiumicino Airport (FCO) and JFK, Cirium’s Diio Mi showed.
In February, its own network will not change much, except for one daily frequency being removed from LGW-JFK and added to the LGW-MCO route.
At the same time, in February, IndiGo said that external challenges related to airspace closures in Iran and Pakistan, with the latter’s ban applying only to India-registered or operated aircraft, forced it to adjust its European flights, which were operated with Norse’s 787-9s.
IndiGo will axe the Mumbai Chhatrapati Shivaji Maharaj International Airport (BOM) to Copenhagen Airport (CPH) route from February 17, potentially only temporarily, and reduce frequencies on flights to MAN and London Heathrow Airport (LHR).
Neither the Indian airline nor Norse gave any indication that the agreement to lease six 787-9s would be amended, at least for the time being. Norse has yet to report its Q4 2025 financial results.
Nevertheless, the low-cost long-haul carrier had not published its unit revenue numbers in the few months leading up to January. The change could have been made by the airline’s new leadership, with Eivind Roald becoming the new President and Chief Executive Officer (CEO) of Norse on November 28, 2025.
Roald, a former Chief Commercial Officer (CCO) at SAS, replaced Bjørn Tore Larsen, who was not only the CEO of Norse but also the airline’s founder. Larsen remains with the company as the Chairman of the Board.
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