Norse Atlantic ASA

Earnings Release • Feb 28, 2024

Norse Atlantic ASA: Q4 2023 Successful completion of first full year of operations, with continued growth and positive year on year figures

Norse Atlantic ASA: Q4 2023 Successful completion of first full year of operations, with continued growth and positive year on year figures

· Revenue increased by 104% to USD 94.8 million in Q4 2023 compared to Q4 2022

· 230,489 passengers carried in Q4 2023, up 70% compared to Q4 2022

· Revenue per passenger increased 42% to USD 340 in Q4 2023 compared to Q4

2022

· ASK up by 81% in Q4 2023 compared to Q4 2022 as Norse brought more aircraft

into production

· Load factor increased by 12 percentage points to 70% in Q4 2023 compared to

Q4 2022

· Great operational performance as 100% of planned flights were completed

during the quarter

· Total cash held at end of quarter at USD 54.8 million

· Generally, a heavy increase in production through second half of the year

compared to the first half, with all Norse aircraft generating revenue since 1st

July 2023

· Carrying close to one million passengers across 4,000 flights over the full

year

· Improved service program allowing for greater fare potential introduced in

Premium class

· Strong CASK numbers proving that long-haul low-cost is working - more to

prove on revenue side

· New equity capital secured during quarter in a gross amount equalling USD 55

million

· Strategic review identifying interesting strategic options to be pursued

into next phase - Seabury Securities appointed to support the company as an

investment banker

Norse sees positive signs for the summer season as sales year to date are up

approximately 80% compared to the same period previous year. Furthermore,

charter revenues booked and under negotiation far exceeds charter revenues

achieved in 2023, and we now see a clear path to profitability on a year-round

basis.

On 23 January 2024, the Company announced that it has formally appointed Seabury

Securities as investment banker to support Norse in the execution of some of the

strategic options identified under Seabury's assignment as strategic advisor

that was announced in November 2023.

Several options are being pursued, and in addition to possible investments from

strategic investors, also commercial partnership options are of interest. Not

all options are mutually exclusive, and therefore, potentially more than one

initiative could be led into a final closing.

Bjorn Tore Larsen, CEO and Found Norse Atlantic Airways said: "Q4 marked the

completion of Norse's first full year of operations, in which the Company

carried almost one million passengers across 4,000 flights. Our robust

operational excellence was clearly demonstrated as more than 99.5% of all

scheduled flights were completed as scheduled despite growth in both the summer

and winter schedules compared to the previous year. In 2023, Norse achieved

strong CASK numbers and demonstrated its ability to drive ancillary sales to

become one of the industry's leading airlines in ancillary revenue. In Q3, Norse

delivered its first quarter of net profit demonstrating the validity of long

-haul low-cost. In Q4 the Company introduced an improved service program and

amenities for customers travelling in its Norse Premium cabin, allowing for an

improved fare potential going forward. Seabury Securities were engaged by the

Company to explore its strategic options, and in January Seabury were engaged

for phase two allowing for these options to be pursued further.

When planning ahead for the winter and summer seasons in 2024 Norse has

capitalized on lessons learnt in 2023. Among our priorities will be careful

route selection, capturing unreleased fare potential, increasing load factor and

developing further business opportunities within cargo and charter operations.

The Company will also gradually develop its seasonal strategies as focus during

the winter season will turn more and more towards pursuing opportunities in the

charter market as a supplement to own scheduled flights. During the summer

season the main focus will remain to serve Norse's own network."

For further information please see Q4 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, Orlando,

Jamaica, Barbados, Bangkok, Miami, Oslo, Athens, London, Berlin, Rome and Paris.

The company's first flight took off from Oslo to New York on June 14, 2022.