Flyr AS — Earnings Release 2021

Nov 8, 2021

Flyr: Q3 2021 trading update

Flyr: Q3 2021 trading update

Flyr has today announced that it intends to conduct an equity issue that has

been fully underwritten by an underwriting syndicate. In connection with this

Flyr today also wish to provide the market with an update on its operations in

the third quarter. An updated company presentation is also made available to

investors and the market; see www.flyr.com/investor.

Flyr had revenues of NOK 39.6 million, a negative EBITDA of NOK 142,8 million

and a negative result before taxes of NOK 162.3 million in the third quarter

2021 with an average of 15 -16 flights per day in the quarter.

While revenues in August and September were significantly lower than expected

due to the general delay in the demand growth that was caused by the Covid-19

Delta variant, there has been a substantial pick up in travel activity since the

reopening of society. The number of daily flights is now in the 20-25 range and

aircraft number four was set into production in mid-October.

Hence, load factor development has been positive since the end of the third

quarter with a substantial increase after reopening. The load factor for October

was 61 per cent, while the load factor for the third quarter was 38 per cent.

The unit revenue in October (PASK) was NOK 0,37 compared to NOK 0.17 in the

third quarter.

The total cash burn until the end of the third quarter was NOK 248 million since

startup, of which NOK 94 million was spent before first flight.  NOK 152 million

was spent in the third quarter which was Flyr's first quarter in operation.

With a total cash position on 30 September of NOK 363 million and an equity

ratio of 42.5 per cent, Flyr is comfortably funded to continue its planned

expansion of flight operations. Through the equity issue, Flyr will strengthen

its financial buffers to ensure an optimal traffic expansion in a reopening

market.

"Our target market, the Norwegian private/leisure market, is returning in full.

The fully integrated multiplatform web-based booking-system is delivering as

promised, our brand name recognition is clearly growing and regularity and

punctuality has been top notch. We have every reason to look forward to the next

step of our journey", comments CEO Tonje Wikstrøm Frislid.

Flyr will publish its complete financial report for the third quarter on

Thursday November 11, 2021.

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 Norwegian based low-cost carrier with a demand driven business model

and a primary focus on the Norwegian market. The company targets a modern,

digital and efficient setup to ensure high operational efficiency through

simplicity, optimized resource utilization and smart use of technology. 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. This stock exchange release was

published by Brede Huser, CFO, on 8. November at 08.15 CEST.