Norwegian’s March traffic figures came in slightly ahead of our expectations. Capacity declined as anticipated, while both yield and load factor outperformed ARCe. Q1 passenger revenue reached NOK 6.6bn, in line with expectations. Higher March fuel costs point to some downside risk to EBITDA, although the typical one-month lag in jet fuel prices suggests March may be largely unaffected. We reiterate Buy, TP NOK 19.5.
