Norse Atlantic ASA

Earnings Release • May 21, 2025

Norse Atlantic ASA: Strong revenue growth driven by new commercial strategy and dual ACMI/network model

Norse Atlantic ASA: Strong revenue growth driven by new commercial strategy and dual ACMI/network model

Arendal, Norway, 21 May 2025 - Norse Atlantic ASA today reports strong revenue

growth for the first quarter of 2025 driven by a record 95% load factor

reflective of the new commercial strategy and execution of the planned

transition to the dual ACMI charter and own scheduled network operating model.

Q1 2025 headlines (comparative figures for Q1 2024):

· Record load factor of 95%, 51% YoY increase in passengers flown

· Average revenue per passenger in own network up 5% YoY and PRASK up 27%

· 23% increase in revenue excluding USD 28.7 million aircraft redelivery gain

· Successful delivery on ACMI strategy

· Pre-sales trending well above same time last year

CEO, Founder and major shareholder, Bjørn Tore Larsen:

2025 has started on a positive note with a world-leading load factor of 95%,

significant volume growth and increased revenue per passenger compared to the

first quarter of 2024.

The improvements across all key performance indicators are a function of Norse

Atlantic Airways' new commercial strategy implemented in 2024 and continuous

focus on operational efficiencies. This is reflected in improved year-over-year

financial performance during a seasonally low quarter for the airline industry.

Our progress and aim to deliver full year 2025 profitability are supported by

the commercial strategy delivering increased load factor, the transition to a

dual-leg ACMI and own network model, and ongoing cost and efficiency

initiatives.

Following completion of the planned redelivery of three 787-8 aircraft, we now

have a uniform fleet of 12 modern, efficient and in-demand 787-9 aircraft. These

form a strong base for further improvements based on our dual leg model with

ACMI charters reducing our market risk and complementing operations in own

scheduled network.

The LOI for longer-term ACMI engagements with IndiGo, India's leading and one of

the world's largest airlines, for up to six aircraft have become firm contracts.

The contracts reinforce our partnership with one of the world's leading airlines

and strengthen our strategic and financial position in a volatile market. They

also support efficiency gains through maximum utilization of the aircraft fleet,

combining demand from both ACMI and own scheduled network. One aircraft

commenced operations for Indigo in March, and the rest will follow during the

second half and into early 2026, subject to regulatory approvals.

This leaves Norse with 11 aircraft operating its own scheduled network during

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

comprise six aircraft. We believe this represents a good balance between

securing year-round fixed revenue from ACMI and maximizing the possibilities in

our scheduled network.

Momentum into the upcoming busy summer months is good with bookings to date

confirming the positive trend in load factor and passenger revenues.

We will continue to deliver our affordable, value-for-money product to our

customers worldwide.

****

For further information please see attached first quarter 2025 Report and

Presentation.

Norse Atlantic is pleased to invite to an online presentation today at 09:00 AM

CEST. To join the live presentation, please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250521_1/

A recording of the presentation will also be accessible on the Investor

Relations page.

For further inquiries, please contact:

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

Media contacts: Bård Nordhagen, CCO, baard.nordhagen@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.