Flyr AS — Earnings Release 2022

Dec 7, 2022

Flyr reports a load factor of 77 percent in November - on track with planned cash burn reductions

Flyr reports a load factor of 77 percent in November - on track with planned cash burn reductions

November was characterized by an adjusted route offering from Flyr in order to

meet changes in demand in the low season. A total of 57,500 guests travelled

with Flyr this month and the load factor was 77 percent. The Company operated

all scheduled flights this month, consequently delivering 100 percent

regularity.

"We are very pleased with a load factor in line with our updated plan to become

a financially sustainable airline. Going forward, we will deliver an average

annual load factor between 80 and 90 percent, which means load factors in the

70s in low season and more than 90 percent in high season," said CEO Brede Huser

in Flyr.

"We are on track with our plan to reduce cash burn this winter and at the same

time we experience a good response to our ticket sales. We already see the

benefits of being available in Berg Hansen's travel portal, even though our

current product is not well enough tailored to business travelers. If the

positive development continues, we can increase the number of domestic routes in

Norway on weekdays sooner than planned," said Huser.

Free middle seat for greater comfort

For travelers wanting more space during the flight, Flyr offers a vacant middle

seat in rows 1 to 6 for a small surcharge. This means that the commercial load

factor is somewhat higher than what the Company reports. In November, the

Company had an average of 179 seats for sale on each flight, while the load

factor is based on an available capacity of 189 seats. Adjusted for available

middle seats, the load factor was 82 percent.

Flyr had on average 5-6 aircraft in operation in November. The yield was NOK

0.48, and the unit revenue (PASK) was NOK 0.39. The average distance on the

Company's flights in November was 1,991 km compared with 1,262 km in October,

and 148 percent longer than the same period in 2021. Decrease in average revenue

(yield and PASK) is driven by the fact that the Company now operates more longer

-sector routes, including to Las Palmas, Malaga and Alicante.

Through March, Flyr will operate 5-6 aircraft on routes to several popular

European destinations, including Alicante, Malaga, Las Palmas, Barcelona, Rome,

Paris, Nice, Berlin and Brussels, as well as to ski destinations Milano,

Salzburg and Geneva. The Company will also offer flights from Oslo to Bergen and

Trondheim, as well as "Christmas routes" between several cities in Norway in

December. Demand for Christmas routes has been very positive, and Flyr is

increasing the number of flights so that even more people can travel home for

Christmas.

"Many people are cheering us on, both guests and business partners, and we want

to show that the Company is here to stay so that both leisure and business

travelers have an option which ensures a combination of affordable prices and a

good product. Throughout the winter, we will offer routes to the most popular

holiday destinations in Southern Europe and weekend flights between the largest

cities in Norway. We look forward to welcoming all our guests on board the

newest and most emission-friendly fleet in the Nordics," said Huser.

For further information please contact:

Brede Huser, CEO / CFO

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 considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements according

to section 5-12 of the Norwegian Securities Trading Act. The information was

prepared by Brede Huser, CEO/CFO at Flyr AS, on 7 December 2022 at 08:00 CET.