Flyr AS — Earnings Release 2022

Nov 3, 2022

Flyr reports third quarter results with a load factor of 80 percent and 667,000 guests

Flyr reports third quarter results with a load factor of 80 percent and 667,000 guests

The third quarter of 2022 was characterized by overall strong travel demand and

a 40 percent increase in number of guests from the previous quarter to 667,000.

The company's brand awareness is gradually increasing, and the cost-efficiency

continues to be industry leading. However, demand for domestic flights in Norway

decreased from mid-August.

"We are very pleased with the response in the market and the increasing demand

for our customer-friendly flights to exciting destinations. This quarter we had

the pleasure of welcoming as many as 667,000 guest on board, which is the

highest ever in a single quarter. The strong demand on routes to European

destinations demonstrates that Flyr has become a preferred airline for many

leisure travelers in Norway. We look forward to seeing many new and returning

guests on our flights this winter, not least to sunny destinations such as

Alicante, Malaga, and Gran Canaria," said CEO Tonje Wikstrøm Frislid.

"At the same time, it has taken longer than expected to build loyalty among

business travelers on domestic routes in Norway. Development of solutions for

distribution through travel agencies has also taken too long, as our brand-new

digital solutions and the industry's more traditional systems have proven more

difficult to connect than expected," Wikstrøm Frislid said.

Highlights third quarter 2022

· 667,000 guests, an increase of 40 percent compared to the previous quarter

· Load factor of 80 percent

· On-time performance of 74.1 percent and a regularity of 98.8 percent

· Operating result (EBIT) of NOK -231.7 million

· Revenue of NOK 610.4 million, an increase of 80 percent compared to the

previous quarter

· Q3 earnings impacted by macroeconomic uncertainty and high jet fuel prices,

as well as reduced demand for domestic routes

· High customer satisfaction and positive customer feedback

· Two brand-new Boeing 737-8 aircraft entered the fleet

· 36 FTEs per aircraft, which is better than any of its competitors

Challenging and unpredictable market going forward

Flyr announced in early October that the Company will take forceful actions to

reduce cash burn during the demanding winter season ahead. The expected decrease

in consumer spending, as well as the continued high jet-fuel prices, force the

company to temporarily adjust its route offering and furlough about 50 percent

of its workforce. Several popular European destinations will remain on offer,

while domestic routes in Norway will be reduced to a minimum.

"Despite challenging market conditions and other external factors, we have been

very well received in the market. Overwhelmingly positive customer feedback

demonstrates that Flyr represents something new to the airline industry,

offering a simple and user-friendly digital booking process and taking good care

of the customer through the entire journey," said Wikstrøm Frislid.

Presentation:

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

results today, at 8:30 a.m. CET at the Company's offices in Nedre Vollgate 5,

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

event.

The presentation will also be available via webcast. Questions may be asked in

person or in writing during the webcast.

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

transcript of the presentation will be made available at www.flyr.com after the

presentation.

Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20221103_3/

The complete third quarter 2022 report and presentation is attached hereto and

is also available at www.flyr.com.

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 considered to be inside information pursuant to the EU

Market Abuse Regulation and 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 of Flyr AS, on the time and date

provided.