Norse Atlantic ASA

Earnings Release • Aug 31, 2023

Norse Atlantic Airways Q2 2023 report -Strong growth in revenue and strong momentum going into Q3

Norse Atlantic Airways Q2 2023 report -Strong growth in revenue and strong momentum going into Q3

. Revenue increased by 152% quarter-on-quarter ("QoQ") to USD 100.1 million

. 204,564 passengers carried, up 86% QoQ

. Revenue per passenger increased 89% QoQ to USD 422

. Available Seat Kilometres (ASK) up by 51% QoQ due to planned ramp-up as Norse

brought more aircraft into production

. Positive EBITDAR of USD 2.2 million, the first positive EBITDAR on a quarterly

basis since inception of the Company

. Intra-quarter Norse recorded its first profitable month (June) and continued

positive momentum

into Q3

. Load factors showed strong development during the quarter, with monthly

average load factors of 67%, 72% and 82% in April, May and June respectively.

The positive development continued post quarter end with an average load factor

of 85% in July

. USD 19.0 million cash generated from operations in the quarter, an increase of

USD 39.8 million QoQ

. Total cash held at quarter end of USD 59.1 million

. As communicated in November 2022 in relation to a private placement at the

time, Norse made good on its promise to shareholders that it would perform a

repair offering, which it completed during the quarter, raising NOK 150 million

gross (USD 14.1 million)

. Norse upgraded to Euronext Expand at Oslo Stock Exchange, a regulated market,

during the quarter

. Heavy increase in production through Q3 compared to Q2 with all Norse aircraft

generating revenue for the first time from 1st July 2023

CEO, Founder and largest shareholder, Bjørn Tore Larsen:

"Q2 marked a significant period of ramping-up as we inaugurated new destinations

in the US and Europe. Additionally, more of our fleet of fuel efficient Boeing

787 Dreamliners were brought into production. By the end of Q2 the airline had

more than doubled capacity, with June being our first month of increased

production, and notably our first month generating bottom-line profits.

Q3 is expected to be our first financial quarter generating a profit. The move

to profitability is driven primarily by having all 15 aircraft generating

revenue for the first time, from 1st July; 10 of which are operating for Norse

and five generating revenue through sublease income.

A milestone was passed during Q3 as we surpassed one million booked passengers.

By providing affordable air fares on competitive and established routes to key

primary airports and destinations, we allow more people to explore the world and

enjoy the experience of long-haul travel whether for leisure or business. Norse

will be the first truly low-cost profitable long-haul airline".

For further information please see Q1 2023 report and company update

presentation attached.

Contacts:

Investor contacts: Anders Jomaas, CFO, Anders.Jomaas@flynorse.com

Media contacts: Philip Allport, Senior Vice President Communications,

media@flynorse.com

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act and the Euronext Growth Rule Book part

II.

Norse Atlantic Airways is an airline that offers affordable fares on long-haul

flights, primarily between Europe and the United States. The company was founded

by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet

of 15 modern, fuel-efficient and more environmentally friendly Boeing 787

Dreamliners that serve destinations including New York, Los Angeles, Fort

Lauderdale, Miami, Orlando, Washington, San Francisco, Boston, Bangkok, Jamaica,

Oslo, London, Berlin, Rome and Paris. The company's first flight took off from

Oslo to New York on June 14, 2022.