Norwegian Air Shuttle ASA

Earnings Release • Dec 4, 2025

Norwegian Air Shuttle TRAFFIC FIGURES NOVEMBER 2025

In November, Norwegian's capacity was 6% lower than November last year and 31% lower compared to the previous month. The load factor was 85.5%, up 3.0 p.p. from the same period last year. On average, Norwegian operated 75 aircraft during November.

Compared to the same period last year:

ASK: 2,404m

Total capacity (ASK) decreased 6%

Total passenger traffic (RPK) decreased 2%

70 grams per RPK, 5.0% lower CO²

Load Factor

81.1% 85.5%

Load factor this month increased 3.0 p.p.

Total number of passengers was 1,515,923, a decrease of 1%

TRAFFIC DEVELOPMENT

November	Nov-25	Nov-24	Change
ASK (million)	2,404	2,556	-6 %
RPK (million)	2,055	2,107	-2 %
Load factor	85.5 %	82.4 %	3.0 p.p.
Passengers	1,515,923	1,529,926	-1 %
Traffic 12-month rolling	Nov-25	Nov-24	Change
ASK (million)	37,757	36,053	5 %
RPK (million)	32,344	30,675	5 %
Load factor	85.7 %	85.1 %	0.6 p.p.

PASSENGER REVENUES (ESTIMATE)

November	Nov-25	Nov-24	Change
Yield – total	0.84	0.80	4 %
Unit revenue – total	0.71	0.66	8 %

OPERATING PERFORMANCE

November	Nov-25	Nov-24	Change
Regularity	99.7	99.1	0.5
	%	%	p.p.
Punctuality	82.3	81.0	1.3
	%	%	p.p.
CO2	69.9	73.5	-5.0 %
per RPK	g	g

OPERATING PERFORMANCE

Avg. flying distance 1,271 km, 2% decrease from last year

Scheduled flights that operated this month

Flights that departed on time this month

FUEL HEDGE POSITIONS

Norwegian has hedged jet fuel for the following volume and price as per month-end:

	Volume (mt)	Price (USD/mt)
Q4 2025	105,600	727
1H 2026	121,750	695
2H 2026	114,200	675
2027	96,500	666

Widerøe's Flyveselskap TRAFFIC FIGURES NOVEMBER 2025

In November, Widerøe's capacity was 2% lower than November last year and 18% lower compared to the previous month. The load factor was 70.3%, down 1.4 p.p. from the same period last year.

Compared to the same period last year:

ASK: 161m

Total capacity (ASK) decreased 2%

Total passenger traffic (RPK) decreased 4%

31 kg per seat, 2.3% lower CO²

Load Factor

68.6% 70.3%

Load factor this month decreased 1.4 p.p.

Total number of passengers was 323,734, a decrease of 1%

TRAFFIC DEVELOPMENT

November	Nov-25	Nov-24	Change
ASK (million)	161	165	-2 %
RPK (million)	113	118	-4 %
Load factor	70.3 %	71.7 %	-1.4 p.p.
Passengers	323,734	327,798	-1 %
Traffic 12-month rolling	Nov-25	Nov-24	Change
ASK (million)	2,137	2,079	3 %
RPK (million)	1,573	1,499	5 %
Load factor	73.6 %	72.1 %	1.5 p.p.

PASSENGER REVENUES (ESTIMATE)

November	Nov-25	Nov-24	Change
Yield – total	5.03	4.68	8 %
Unit revenue – total	3.54	3.35	5 %

OPERATING PERFORMANCE

November	Nov-25	Nov-24	Change
Regularity	94.0 %	92.1 %	1.9 p.p.
Punctuality	79.8 %	77.4 %	2.4 p.p.
CO2 per seat	31 kg	32 kg	-2.3 %

OPERATING PERFORMANCE

Avg. flying distance 265 km, unchanged from last year

Scheduled flights that operated this month

Flights that departed on time this month

FUEL HEDGE POSITIONS

Widerøe has hedged jet fuel for the following volume and price as per month-end:

	Volume (mt)	Price (NOK/mt)
Q4 2025	10,600	8,219
H1 2026	19,950	7,563
H2 2026	20,050	7,756
2027	23,600	7,790
2028	12,750	7,285

DESCRIPTION

ASK Available seat kilometres. Number of available passenger seats multiplied by flight distance

CO2 per RPK Amount of CO² emissions divided by RPK

CO2 per seat Amount of CO² emissions divided by available seats

Load Factor RPK divided by ASK. A measure of utilisation of available seats

Punctuality Share of flights departing on schedule

Regularity Share of scheduled flights taking place

RPK Revenue passenger kilometres. Number of sold seats multiplied by flight distance

Yield – total revenue Passenger ticket revenue and flight related ancillary revenue divided by RPK. A measure of average passenger revenue per kilometre.

Includes compensation for PSO routes for Widerøe Flyveselskap

Unit revenue – total Passenger ticket revenue and flight related ancillary revenue divided by ASK. A measure of average passenger revenue per available seat kilometre.

Includes compensation for PSO routes for Widerøe Flyveselskap