Flyr AS — Earnings Release 2022

May 5, 2022

Flyr: Q1 2022 trading update

Flyr: Q1 2022 trading update

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

first quarter. A presentation made available to investors and the market is

attached to this notice and is available on the company website www.flyr.com.

First quarter of 2022 was Flyr's third quarter with operations. Total revenue in

the quarter was NOK 82.1 million, of which NOK 3.9 million was ancillary

revenues. Total revenue decreased with 5% from the fourth quarter, caused by the

downscaling of production due to the government-imposed restrictions following

the Omicron outbreak.  EBITDA was NOK -179,8 million and net loss in the first

quarter was NOK 210,7 million, with an average of 16-20 flights per day in the

quarter.

Flyr's operations during the first quarter of 2022 was heavily impacted by the

development in the Omicron wave and the government-imposed restrictions that was

in effect in January and into February. In January, the company significantly

adjusted its route portfolio and postponed the start-up of several new

destinations, including selected ski-destinations in Europe.

In February, operations gradually resumed to planned levels, despite that the

war in Ukraine negatively influenced the demand in the short term. In March, the

bookings and demand for air travel was steadily increasing, and the number of

guests during the quarter has been increasing, with record high number of guests

in March.

A total of 164,180 guests travelled with Flyr in the quarter, which was a

decrease of 6% from fourth quarter. Load factor for the quarter was 58.4% vs.

54.1% in last quarter, illustrating the company's ability to execute on

flexibility in operations to adapt to market conditions.

Number of guests, load factor and production continued to increase into April,

when a total of 122.700 guest travelled with Flyr, an increase of 46% from

March. Total ASK in April was 224.6 million and the load factor was 61.6% with a

yield of NOK 0.62. Flyr is currently experiencing an increasing momentum in

bookings with record high ticket sales and seeing strong yields for mid-summer.

Net cash flow in the first quarter was NOK 62 million. Cash flow from operations

was NOK -143.3 million, and the net proceeds from the completion of the rights

issue in January was NOK 242 million.

Total equity at the end of the quarter was NOK 195.3 million, equaling an equity

ratio of 11.8%, a reduction of 7.3 %-points since year end 2021.

The total cash position on 31 March was NOK 272 million.

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

Wednesday May 25th, 2022.

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 5 May 2022 at 16.30 CEST.