Press Release
4 March 2024
NAC announces net income of $72 million in first full year post-restructuring

Nordic Aviation Capital (NAC) is pleased to announce its annual financials for the year ended December 31, 2023.

Selected financial and business highlights below:

  • Net income: $72 million.
  • Total available liquidity: $856 million, total assets: $3.8 billion at year-end.
  • Net debt: $1.85 billion, book equity: $736 million at year-end.
  • Owned 270 aircraft and had purchase commitments for 36 fuel-efficient, new technology aircraft.
  • Upsized warehouse credit facility from $400 to $650 million, with new banking partners joining the facility.
  • Initiated a debt buyback program, purchased back $105.5 million.
  • Sold 60 aircraft (primarily E1s and Q400s).
  • Acquired 13 narrowbody aircraft and 2 spare engines.
  • Deal activity involved 177 transactions.
  • Initiated SAF-powered customer delivery flights in partnership with TotalEnergies.
  • Published inaugural ESG report.

Norman C.T. Liu, President & CEO of NAC, said: “2023 was an excellent year in terms of financial results, reshaping the portfolio, and delivering on the capability of NAC’s world class platform. I look forward to continued progress in 2024 as we continue to execute our strategy and maximize shareholder value”.

Jennifer Creevey, EVP & CFO, said: “NAC delivered robust full-year results for 2023. The Company reported a strong net income for the period and maintains a solid liquidity position going into 2024.”