Scandinavian low-cost carrier Norwegian has cited the options it has to grow its fleet by more than current projections in the coming years amid a positive demand outlook.
Speaking as he outlined the group’s fourth-quarter and full-year earnings on 13 February, Norwegian chief executive Geir Karlsen highlighted the group’s flexibility regarding the extension of aircraft leases, saying: “That’s an optionality we like.”
Those options exist around Norwegian’s leased 737-800s, he says, which are gradually leaving the fleet as more 737 Max 8s arrive.
“We still have quite a few 737NGs – most of them are leased, ” Karlsen says.
“Looking at the growth for the coming years… we have the flexibility of potentially extending the leased aircraft, if we should wish, so we could grow more aggressively.”
Norwegian expects to operate 95 aircraft his summer, including 36 737 Max 8s and 59 737-800s, and the fleet is projected to grow to 104 jets in summer 2028, featuring 65 Max 8s and 39 737-800s.
Karlsen further notes that having purchased 13 of its leased Boeing 737-800s in 2025, Norwegian remains in the market for similar deals.
“If opportunities come up on a similar basis we are more than welcoming that,” Karlsen states while reiterating the economic advantages Norwegian sees in owning more of its fleet.
Norwegian’s current fleet includes its first 737 Max 8 delivered from a direct order for 80 examples from Boeing, which was handed over to the carrier in October last year. That example is Norwegian’s first to feature its refreshed logo.
Among the opportunities for growth in its key markets, Norwegian is seeking to highlight the advantages of flying direct using its point-to-point network, as main rival SAS focuses on hub operations at Copenhagen, Karlsen says.
Norwegian achieved its best-ever operating profit of NKr3.73 billion ($389 million) in 2025, having swung to a NKr21 million profit in the fourth quarter. Its full-year net profit of NKr2.81 billion was around double that achieved in 2024, amid a “focus on cost control and robust operational performance”.
