Flyr AS — Earnings Release 2022

Aug 26, 2022

Flyr reports Q2 2022 results

Flyr reports Q2 2022 results

The second quarter of 2022 was characterized by summer season ramp-up and a

strong market response to the holiday traffic. With more than 735,000 customers

from April to July and 1.2 million on board since launch, Flyr is now well

positioned with significantly increased brand awareness and cost-efficiency

targets on track.

Highlights

· Successful start of summer season, with more than 735,000 guests on board

from April to July

· Summer season ramp-up impacted Q2 earnings, with an operating result (EBIT)

of NOK -279.5 million

· High customer satisfaction and positive customer feedback

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

· Equity raise of NOK 250 million, re-establishing financial buffer

"We are very pleased with the response from the traveling public and the

increasing demand for our customer-friendly flights to exciting destinations.

With 1.2 million guests on board since launch, Flyr is now well positioned with

significantly increased brand awareness and cost-efficiency targets on track.

The positive feedback from our guests is encouraging and a testament that our

company culture and the Nordic model are well received. We look forward to

welcoming new and returning guests in the coming weeks and months, not least on

our domestic routes in Norway", said CEO Tonje Wikstrøm Frislid.

"The quarter has also been characterized by summer ramp-up, including capacity

growth and new route launches. We increased production from 4 aircraft in winter

to 10 aircraft in summer, launched 44 routes to 38 destinations and recruited

and onboarded 150 new colleagues, which obviously impacted our costs", said

Wikstrøm Frislid.

Expanding route offering in Norway

To succeed as a start-up commercial airline in a tough competitive market and

the current macro-economic situation, flexibility in scaling production to the

demand is crucial. Going into the fall and winter, Flyr will improve its offer

on domestic routes in Norway to meet demand from both leisure and business

travelers. In addition, its route offering will continue to include popular

destinations such as European cities and holiday getaways in Spain, Portugal,

France and Italy.

Presentation:

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

results today, at 8:30 a.m. CEST at Auditoriet, Haakon VIIs gate 2, 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:

Please use the following link to access the

webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20220826_4/

The complete second 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 26 August 2022 at 07:00

CEST.