Flyr AS — Earnings Release 2021

Feb 17, 2022

Flyr Q4 2021 results: Operations developing according to plan

Flyr Q4 2021 results: Operations developing according to plan

Fourth quarter 2021 was characterised by the Omicron wave of the Covid-19

pandemic impacting demand for air travel significantly. Despite the challenging

market conditions, Flyr continued the building and development of the company to

become an efficient and flexible low-cost carrier.

Highlights

· Operations developing according to plan

· Two new aircraft received, increasing the fleet to 5 aircraft in operation

by end of the quarter

· Load factor strongly impacted by Covid Omicron wave and government-imposed

restrictions.

· Adjusting route offering to adapt to market development and minimising

financial effects of the pandemic

· Proven concept with robust and flexible operations and high customer

satisfaction

· Signed aircraft order for 6 new 737-8 aircraft to be delivered during 2022,

with option for further 4 aircraft. Positioned for building an environmentally

efficient fleet

· Raised NOK 250 million in new equity, re-establishing financial buffer

· Improving load factor into 2022 and preparing operations for market recovery

· 44 routes to 38 destinations planned for the summer program

Entering 2022, all administrative and organisational functions are in place, the

fully integrated booking-system is delivering on promises, the company's brand

name recognition is growing, and the company's on-time performance has been

excellent.

Commenting on the fourth quarter, CEO Tonje Wikstrøm Frislid says:

"Flyr is progressing according to plan, and we have been very well received in

the market. We are very happy with the development and after a period heavily

influenced by Omicron and government- imposed restrictions, we are now prepared

for the summer season where we will offer 44 routes to 38 destinations."

Adapting to the volatile market conditions, the company has swiftly adjusted

production and offering, proving the organisations inherent flexibility.

The company's strategy of demand driven growth remains, targeting domestic

routes and selected European leisure destinations. Since commencement of first

flights on June 30[th], 2021, Flyr expanded its fleet with four aircraft,

utilizing favorable terms securing capacity to fulfill the company's long-term

ambitions.

Presentation:

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

results at 8:30 a.m. CET at Felix Conference Centre at Aker Brygge, Bryggetorget

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

the event.

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.

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

person or in writing during the webcast.

Link to webcast:

Please use the following link to access the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20220217_9/

The complete fourth quarter 2021 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 subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.