Norse Atlantic ASA

Earnings Release • Jun 4, 2025

Strong Passenger Growth and All-Time-High Load Factor

In May, Norse Atlantic Airways recorded an all-time-high load factor of 96%, representing a 15 % points increase from 81% in the same month the previous year. The load factor of scheduled network was 95%, compared to 79% in May 2024. The Company operated 584 flights and transported 182,854 passengers across its network and ACMI/charter operations, a 41% increase in passenger numbers. 81% of the flights departed within 15 minutes of their scheduled departure time, down 5%-points year-over-year due to continued Air Traffic Control (ATC) delays and airport congestions. ACMI/charter services increased to 64 flights operated in May 2025, compared to 55 flights in May 2024.

KEY FIGURES MAY 2025 *compared year on year	Load Factor 96% 15 p.p.	ASK (millions) 1,367 18%	RPK (millions) 1,306 40%
Passengers 182,854 41%	Flights 584 14%	Completion 100.0% 1.0 p.p.	Punctuality 81% - 5 p.p.

ASK (Available Seat Kilometers): Number of available passenger seats multiplied by flight distance. | Completion: Percentage of scheduled flights that operated. | LF (Load Factor): A measure of how efficiently seats are filled, found by dividing RPK by ASK.| Punctuality: Aircraft departed within 15 minutes of the scheduled departure time. Indicates on-time performance.| RPK (Revenue Passenger Kilometers): Number of sold seats multiplied by flight distance.