Norse Atlantic ASA

Earnings Release • Feb 26, 2025

Norse Atlantic ASA: Load factors at record heights and dual ACMI/network strategy being realized as major long-term ACMI contracts are materializing

Norse Atlantic ASA: Load factors at record heights and dual ACMI/network strategy being realized as major long-term ACMI contracts are materializing

Q4 2024 headlines (comparatives for numbers being Q4 2023):

· Revenue increased by 30% to USD 123.1 million

· Loss reduced by USD 30 million, month of December stand-alone profitable

· 337,564 passengers carried, increased by 46%

· ASK increased by 15% to 2,599 million

· Load factor increased by 22 percentage points to record high 92%

· Revenue of USD 343 per passenger during quarter, compared to USD 349 last

year

· Number of flights operated during quarter was 1,196, up by 21%

· Strong operational performance as 99.7% of planned flights completed during

the quarter

· CASK ex fuel at 4.46 compared to 4.94 last year, a reduction of 10 %

· Total cash held at end of quarter was USD 22.9 million

· Revised business strategy being realized as major long-term ACMI contract is

materializing, and cost reductions on the way

CEO, Founder and major shareholder, Bjørn Tore Larsen:

"During the fourth quarter we achieved a load factor of 92%, a 22-percentage

point improvement compared to the fourth quarter of the previous year. The 92%

load factor represents the highest load factor achieved in any quarter of the

Company's history. The performance also comes in combination with a significant

volume growth compared to last year, and while maintaining revenue per passenger

at fair levels.

The improved load factors is the result of our new commercial strategy which was

implemented during 2024.Total revenue for the quarter came in at USD 123.1

million, 30% above the fourth quarter last year. Revenue per passenger for the

quarter shows USD 343, which is slightly down from USD 349 last year. The

breakdown of revenue per passenger shows a shift from ancillary toward air

fares, reflecting a smaller re-packaging of our product bundles.

We recorded a 46% increase in passengers carried during the quarter, driven by

the improved load factor and a 15% increase in ASK and 21% in number of flights.

Operational performance remained respectable in the quarter, with 99.7%

percentage of the planned flights completed.

Although overall the quarter saw a net loss of USD 35 million, this was a

reduction of USD 30 million compared to the same quarter last year, while intra

-quarter the Company recorded a profit for the standalone month of December.

During February, the Company completed redelivery of two 787-8 aircraft to the

Lessor, with the third 787-8 expected to be redelivered before the end of Q1

2025. As previously announced, these redeliveries for aircraft that Norse never

has operated, will result in a significant positive accounting impact.

We have developed ACMI and charter into a separate business area complementary

to the operations in our own scheduled network. Following the announced LOI for

a longer-term ACMI engagement, Norse now has entered into firm contracts for the

leases of four aircraft with well reputed IndiGo, being India's largest, and

also one of the world's largest airlines. Execution of the contracts is subject

to regulatory approval, one aircraft commencing in March, and the remainder

tentatively commencing during second half of 2025.

The new ACMI contracts leaves Norse with a fleet of 11 aircraft operating its

own scheduled network during the summer ahead, whereas the longer-term fleet

allocation under secured contracts will be eight aircraft in own scheduled

network and four aircraft on longer-term ACMI. We believe this represents a good

balance between securing year-round fixed revenue from ACMI and maximizing the

possibilities in our scheduled network.

For further information please see attached Q4 2024 Report and Q4 2024

Presentation.

A video presentation of the Q4 2024 results can be found

here: https://channel.royalcast.com/landingpage/hegnarmedia/20250226_2/

For further inquiries, please contact:

Investors: Anders Hall Jomaas, CFO, anders.jomaas@flynorse.com

Media: Christina Carare, Communications Manager, christina.carare@flynorse.com

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation (MAR) and is subject to the disclosure requirements

pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5

-12.

This stock exchange announcement was published by Anders Hall Jomaas on the time

and date provided.