Flyr AS — Earnings Release 2021

Nov 11, 2021

Flyr Q3 2021 results: Solid momentum - on schedule for next phase

Flyr Q3 2021 results: Solid momentum - on schedule for next phase

Flyr's first quarter with full operations was characterized by start-up and

expansion investments and by lower customer demand than expected due to COVID

-19. However, following the reopening of society in late September, demand and

revenue increased significantly at the end of the quarter.

Highlights

. Strong growth in demand and improving visibility following the full reopening

of society in late September leading to a loadfactor of 61% in October

. Flexible organisation enabling an agile approach to route management

. Continuous expansion of new routes for sale, concentrating on international

leisure routes which has demonstrated high demand

. Implemented a modern IT platform delivering a frictionless customer journey

and high cost efficiency

. Industry leading customer satisfaction

.  Aircraft order in place for building an environmentally efficient fleet

. Raising NOK 250 million in new equity in a fully underwritten rights issue,

reestablishing financial buffer

Flyr's third quarter results reflect that the company is in a start-up phase.

The company has been fully staffed with administrative resources and is

continuously investing in the operational and technical infrastructure, enabling

the introduction of new products and functionalities as well as the expansion

and entry into the market. During the quarter, the company launched new domestic

routes in Norway as well as routes to popular European leisure destinations and

attractive Ski destination in the Alps.

Commenting on the third quarter, CEO Tonje Wikstrøm Frislid says:

"The quarter is characterized by investments and costs related to start-up and

expansion as well as enthusiastic and dedicated employees and great feedback

from customers and partners.

Indeed, the pandemic is still a challenge for our industry and affected demand

during the majority of the quarter. However, we have seen positive booking

trends during the last part of the quarter.  The fully integrated multiplatform

web-based booking-system is delivering as promised, our brand name recognition

is growing and not least, our on-time performance has been top-notch. We look

forward to the next step of the journey and to welcoming new and returning

guests on board our flights,"

Flyr's total revenue for the third quarter 2021 was NOK 40 million, of which NOK

1 million was ancillary revenues. Yield was NOK 0.44, with a load factor of

38,2% in the quarter, impacted by low travel demand particularly in August and

September due to Covid-19. However, demand showed an increasing trend towards

the end of quarter following the reopening of society in late September, and

yield in October was NOK 0,61.

Outlook

Flyr was established during the Covid-19 pandemic with the aim to build a

sustainable and profitable business model by adapting and scaling production to

meet the needs of the market. Expansion plans and the route network will be

adjusted continuously depending on the pandemic situation.

Load factor in October was 61 %, indicating that the demand in the market is

slowly improving, and that Flyr has managed to position our product well in the

market.

The airline is currently operating four aircraft on domestic routes in Norway

and European routes, primarily to leisure destinations. The company plans to

have five aircraft in operation by the end of the year, with the ambition to

increase the production capacity to 12 - 18 aircraft at year end 2022.

The company is well positioned to develop in line with plans. Going forward we

will ensure flexible and cost-efficient deployment of operations, targeting 38

FTE per aircraft and a CASK ex. fuel of NOK 0,41 - 0,43 in 2H 2022.

Presentation

CEO Tonje Wikstrøm Frislid and CFO Brede Huser will present the Company's

results at 8:30 am CET at Felix Conference Centre at Aker Brygge, Bryggetorget

3, Oslo and invites investors, analysts, media and other stakeholders to join

the event.

The presentation and the subsequent Q&A will be in English. The presentation

will also be available via webcast. Questions may be asked in person or in

writing during the webcast.

Please use the following link to access the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20211111_5/

The complete third quarter 2021 report and presentation is attached, and is also

available at

https://flyr.com/investors

For further information please contact:

Brede Huser, Chief Financial Officer

Phone: +47 99 16 99 74

Email: brede.huser@flyr.com

About Flyr

Flyr is a low-cost carrier (LCC) with a demand driven and sustainable business

model, with focus on serving the Norwegian market with domestic and

international flights from its base at Oslo Airport. Flyr AS is listed at

Euronext Growth under the ticker FLYR. To learn more, please visit www.flyr.com.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.