Travel Retail Norway's tax-free shops double profit but board calls results unsatisfactory

Travel Retail Norway, which runs tax-free and Travel Value stores at Oslo Gardermoen, Bergen Flesland, Trondheim Værnes and Stavanger Sola, posted a rise in operating profit and more than doubled its net profit for 2025. Overall revenue grew only slightly as passenger numbers and store visitors increased, but many customers chose lower-priced items, curbing sales growth. Tobacco became the leading revenue driver, while alcohol and perfume sales declined.

The board highlighted cost control and improved currency hedging as contributors to the better results but still deemed the profit level inadequate relative to recent capital spending. It also mentioned the March 2025 introduction of VAT-able goods as a potential growth avenue. With one outlet tax-free contract set to expire in 2027, Avinor’s 2025 information request will trigger a new tender in 2026, requiring the company to compete to retain its airport concessions. Nonetheless, the board expressed optimism about commercial conditions for the coming year.