Third quarter: Avinor on the path to financial balance

More passengers and record-high load factors 

40,3 million passengers travelled through Avinor’s airports during the first nine months of 2025; an increase of 3,6 percent compared with the same period last year. Passenger volumes are now at 98 percent of pre-pandemic levels. 

Load factors at Avinor airports have been the highest ever recorded. So far in 2025, the load factor has been 74,7 percent. This means aviation is being operated more efficiently, with lower emissions per passenger – and better financial performance per departure. 

“Passenger growth has a positive impact on Avinor’s economy and enables us to finance small airports through revenues from the larger ones. This is how Avinor can keep 43 airports open across the country. The largest airports — Oslo, Bergen and Trondheim — have all experienced growth, while the strongest growth came from regional airports.” 

Strengthening operations while investing heavily 

Avinor’s operating results have improved throughout the year. In the first nine months of 2025, total operating revenues were NOK 10 500 million, with underlying growth of 15,4 percent. Adjusted operating profit was NOK 4 148 million, an increase of NOK 1064 million from the same period in 2024. 

Nine-month cash flow before financing was positive at NOK 779 million, compared with minus NOK 213 million for the same period in 2024. 

Adjusted operating costs for the first nine months were 5,6 percent higher than in the same period last year. This is mainly due to general price and wage increases, and partly due to increased traffic activity. 

“A significant portion of our costs are fixed and necessary to maintain safe operations. We can improve efficiency within the given framework, but we cannot change regulatory requirements. Therefore, we continuously adapt where we can,” says Foss. 

Avinor’s activities are also marked by a comprehensive investment portfolio, Foss continues: 

“So far in 2025, we have invested NOK 2,8 billion, primarily in upgrading the baggage handling system at Oslo Airport and in government-mandated projects related to renewal of systems for airspace control and monitoring. In addition, new airports are under construction in Bodø and Mo i Rana, along with upgrades at Tromsø, Evenes and Andøya airports.” 

On the path to financial balance 

Avinor expects moderate traffic growth ahead. International traffic to Norway is expected to grow, while domestic traffic is levelling off. It is important that Norway — and particularly Oslo Airport as the national hub — is perceived as competitive compared with neighbouring countries. 

Airport fees in Norway were held unchanged for several years to protect the aviation sector after the pandemic, while overall societal costs increased sharply. Therefore, the Ministry of Transport has approved a real increase in airport charges corresponding to NOK 650 million from 2026. 

Avinor is actively working to increase commercial revenues, including the further development of tax-free offerings. This is an important part of strengthening the group’s long-term revenue base. 

"Avinor is improving efficiency where possible and has a long-term development agenda to increase productivity. At the same time, large parts of our operations are strictly regulated, and in the coming years, increased investments are necessary to catch up on several years of maintenance backlog on airport infrastructure. The room for major short-term cost reductions is limited," Foss points out.  

“We will continue to deliver on our societal mission in the years ahead, with adapted framework conditions and long-term self-financing capacity aligned with our responsibilities. This demonstrates that the Avinor model works well,” concludes Abraham Foss.