Norse Atlantic has posted sharply lower first-quarter losses as it booked one-off gains from the return of some aircraft to their lessor and the wet-lease out of another, as well as experiencing an upturn in demand for its own services. Operating losses shrank from $53.4 million to $5.2 million, resulting in a net loss of $14.9 million. Total revenue nearly doubled to $125 million, although passenger revenue only grew modestly from $58.2 million to $62.1 million. Norse returned three Boeing 787-8s early to AerCap in the period which had previously been dry-leased to Air Europa, resulting in a $28.7 million accounting gain. It also booked $28.8 million from a deal with P&O Cruises and a placement of one 787-9 on an ACMI contract with Indigo from March. Combined, the two one-off gains accounted for the bulk of the improvement in revenue. Following the return of the three 787-8s to their lessors, Norse is left with a fleet of 12 787-9s. It has agreements to place five more aircraft with Indigo through the second half of 2025 and into early 2026 as part of its "dual leg" business model designed to reduce market risk and complement its own scheduled operations. However, the carrier also recorded a 22-percentage-point increase in load factor to 95% and a 51% increase in passenger numbers to just over 300,000, with the number of flights operated rising by more than a fifth. The carrier operates services from several European destinations, principally London, Paris and Oslo, to US cities such as Miami and New York. Recently it has announced a move into Asian leisure routes with the start of winter Bangkok services for 2025/26. That means that for this year's peak summer season, Norse will operate 11 aircraft on its own routes, but that will shrink to just six aircraft for next summer. The year "has started on a positive note with a world leading load factor of 95%, significant volume growth and increased revenue per passenger compared to the first quarter of 2024", states chief executive and major shareholder Bjorn Tore Larsen. "The improvements across all key performance indicators are a function of Norse Atlantic Airways’ new commercial strategy implemented in 2024 and continuous focus on operational efficiencies. This is reflected in improved year-over-year financial performance during a seasonally low quarter for the airline industry." Norse retains pandemic-era lease terms for its aircraft with an average period remaining of 10.5 years. "The lease agreements are highly favourable compared to current market rates for the aircraft type and have no price or inflationary adjustments, providing Norse with a significant long-term cost advantage," it states. It adds that a new data-driven commercial strategy, introduced last year, has been a "key driver" of its higher load factor which is extending into the second quarter. It has also launched a series of cost-saving initiatives, including moving some operations from Norway to Latvia, which it expects will save it $40 million annually from 2026. Lacking a fuel-hedging strategy, the airline is also likely to benefit from a fall in global oil prices that has driven down fuel costs. "Shorter-term, pre-sales on routes out for sale is continuing to trend well above the pre-sales realised at the same time the previous year, supported by the improved marketing and sales model," the carrier explains. "Norse Atlantic is on track for building a sustainable and profitable airline. Supported by the commercial strategy, the dual-leg ACMI and own network model, and cost and efficiency initiatives, the company is aiming to deliver full-year 2025 profitability subject to no major shifts in customer demand and fuel prices."

IndiGo's net profit for its fiscal fourth quarter ended 31 March increased by 62% and the airline has received its first international investment-grade rating from Moody's. The Indian low-cost carrier's fourth-quarter profit rose to Rs30.7 billion ($359 million) from Rs18.9 billion in the same period a year earlier. Revenue increased by a quarter, to Rs222 billion, driven by strong demand. Expenses climbed to Rs199 billion from Rs167 billion. In the final quarter of its fiscal year, IndiGo's ASK capacity grew 21% while traffic, measured in RPKs, was up 22.5%. Load factor rose by 1.1 percentage points to 87.4%. Yield increased by Rs5.32 and EBITDAR rose 58%, to Rs69.5 billion. IndiGo was awarded its first international investment-grade rating on 21 May, with Moody's assigning the company a 'Baa3' long-term issuer rating. The rating reflects the IndiGo's "dominant market position in India's domestic airline sector, cost-competitive operations, strong financial metrics and excellent liquidity", says Moody's. The ratings agency expects IndiGo's revenue in FY2026 to increase by 9.5-9.5%, with the carrier facing "near-term headwinds from geopolitical developments", but it anticipates a more significant 12-14% revenue growth in FY2027-28. For the full year to 31 March, IndiGo's revenue rose 17.3% to Rs808 billion. Net profit dipped slightly to Rs72.6 billion, versus Rs81.7 billion the previous year, while EBITDAR increased to Rs213 billion from Rs175 billion. Full-year capacity and traffic grew 13.1%, with load factor remaining flat at 86%. "As we build on this momentum, we will continue to focus on cost leadership and further internationalisation with the start of our European operations," says IndiGo chief executive Pieter Elbers. "I am very pleased that the trust and continued support of our shareholders during the challenging Covid period and beyond can now be rewarded with a recommended dividend of 10 rupees per share." As of 31 March, IndiGo had a total cash balance of Rs482 billion, of which Rs332 billion was free cash and Rs150 billion was restricted. Total debt stood at Rs668 billion. IndiGo's fleet was comprised of 434 aircraft at the end of its fiscal year.

The US Bankruptcy Court for the Southern District of New York has approved Gol's Chapter 11 plan of reorganisation. The Brazilian carrier says that with confirmation secured at a 20 May hearing at the US bankruptcy court, it "remains on track to emerge from its restructuring process in early June 2025". Gol on 25 January 2024 had filed for Chapter 11 bankruptcy protection in the USA. It disclosed on 16 May 2025 that it had secured the necessary binding commitments for its $1.9 billion in Chapter 11 exit financing. It said on 20 May that during its Chapter 11 restructuring process it has secured $1 billion in debtor-in-possession financing, negotiated concession packages totalling $1.1 billion from lessors covering all aircraft in its fleet, and reached an agreement with Boeing on modifications of purchase contracts, among other financing and cost-reduction moves. "Having secured confirmation of its plan, Gol is now focused on completing the final steps necessary to complete its exit from the Chapter 11 process, including its shareholders' meeting to approve the capital increase contemplated under the plan, which will take place on May 30 2025," Gol says. It adds that parent Abra Group will remain the carrier's largest indirect shareholder following implementation of the reorganisation plan. Abra and Brazil-based Azul on 15 January 2025 signed a non-binding memorandum of understanding that opened the door to a possible business combination of Gol and Azul. Abra told Cirium on 15 May that "the priority for the Abra Group has been Gol's financial restructuring and its exit from Chapter 11, as a well-capitalised, standalone company".