Norwegian Air - In-line Q1; increasing sales momentum into summer

Davy Research
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Norwegian has released in-line Q1 financials with an operating loss of NOK 849m (consensus: NOK -852m). Most notably, it is seeing increased sales momentum into summer and fares “significantly up” from 2019, helping to partially offset the higher fuel bill. The full-year capacity guide (28bn ASKs) has been reiterated.