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Norwegian Reborn:
Another Chance — October 2023

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Norwegian Air Shuttle was severely financially challenged even before the onset of the Covid-19 pandemic. The crisis pushed it into bankruptcy in late 2020 which allowed it to completely restructure its fleet, network and balance sheet, and redesign its operating model and strategy. It has emerged as a leaner and simpler airline. In a recent research report, Barclays' veteran analyst, Andrew Lobbenberg, highlighted the attractive position posed by its reincarnation.

Operating profits Net result Revenues 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 -22.0 -24.0 0 10 20 30 40 50 Operating profits Net result Revenues
Source: company reports, forecasts Barclays

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