Norse Atlantic has turned in its first operating profit for the second quarter, a figure of $4.4 million, as positive momentum from the beginning of the year continued into the summer.

The airline generated an average load factor of 97% as passenger numbers rose by 36%.

Norse posted a pre-tax loss of $5.5 million for the three months to 30 June, and a net loss of $5.9 million.

But it says the positive trends in passenger revenues and load factor are carrying into the third quarter and, while it has observed “some softness” in the transatlantic market, there is “strong demand” for its autumn and winter programmes to Asia and Africa.

It adds that it is “aiming to deliver” full-year profitability for 2025.

Chief executive Bjorn Tore Larsen says the financial performance “reflects successful execution” of a revised business strategy implemented by the airline last year, with the load factor illustrating the “impact of our data-driven commercial model”.

“What we see in the crystal ball is quite positive,” he adds.

The carrier – which has 12 Boeing 787-9s – has been focusing on profitable routes and is halving the fleet allocated to its own network, in order to offset seasonal fluctuations by wet-leasing the remaining capacity.

Six of its 787s are set to be leased to Indian carrier IndiGo. One has been operating for IndiGo over the second quarter and the remaining five will be introduced on a staggered basis from September to early 2026.

The lease will provide “predictable” revenues and cash-flow while enabling Norse to optimise its own network by concentrating on routes with maximum passenger and fare potential, says Larsen.

He stresses that the airline is not intending to increase its fleet under the new model.

“It’s way too expensive to buy or charter aircraft,” he says. “We think it’s much more important to make money with the aircraft we have than to plan any expansion.”

Norse’s second-quarter revenues reached $202 million, up 23%, including $187 million generated through passenger income and $6.1 million from charter and wet-lease.

Larsen says the carrier is aiming to refinance shareholder loans, with “significantly” lower interest, through a new $30 million two-year unsecured convertible bond, and has embarked on investor discussions.

Completion of the proposed issue is conditional on approval from an extraordinary general meeting to be held on 9 September. Norse says its two largest shareholders have committed to voting in favour.