Norse Atlantic ASA

Earnings Release • Aug 19, 2025

Norse Atlantic ASA: Stronger financial performance driven by record load factor and passenger growth

Norse Atlantic ASA: Stronger financial performance driven by record load factor and passenger growth

Arendal, Norway, 19 August 2025 - Norse Atlantic ASA today reports a strong

increase in revenue and improved financial results for the second quarter of

2025 driven by a record 97% load factor and 36% passenger growth, reflecting the

successful execution of Norse Atlantic Airway's data driven commercial strategy

and focus on operational efficiencies.

Q2 2025 headlines (comparative figures for Q2 2024):

· 27% increase in passenger revenue, EBIT of USD 4 million

· World-leading load factor of 97% and 36% passenger growth YoY

· PRASK up 8% and own network ASK up 18%

· Net loss of USD 6 million and end of quarter cash balance of USD 24 million

· Successful delivery on ACMI strategy

· P&O charter agreement renewed for next two winter seasons

· Forward bookings trending well above same time last year

· Awarded best long-haul airline in value segment for Northern Europe by

Skytrax

CEO, Founder and major shareholder, Bjørn Tore Larsen:

The positive momentum from the start of the year has continued into the summer

with record load factor and strong passenger growth, yielding a 27% increase in

passenger revenue and our first-ever second-quarter operating profit.

The progress reflects successful execution of Norse Atlantic Airway's commercial

strategy implemented in 2024 and focus on operational efficiencies.

We consistently deliver a world-leading load factor of 97% in the second

quarter, up 15 percentage points from last year, and 96% for the first half.

This shows the impact of our data driven commercial model in an industry where a

load factor above 90% is a strong result.

While we continue to reduce unit costs year-over-year, there was a slight

decline in average passenger revenue in the quarter which is mainly related to

airfare bundles adjustments.

Our fleet of 12 modern, efficient Boeing 787-9 Dreamliners form a strong base

for further improvements as Norse Atlantic transition to the dual leg model with

ACMI charters reducing our market risk and complementing our own scheduled

network.

In the second quarter, we operated 11 aircraft in our own network and one on a

long-term ACMI with Indigo. In the coming months, five additional aircraft will

be transferred to Indigo, India's leading and one of the world's largest

airlines, for ACMI operations, subject to regulatory approvals.

From early 2026, the fleet in own scheduled network will comprise six aircraft.

This will strengthen our strategic and financial position with predictable ACMI

revenue and cash flow in a volatile market while optimizing own network, flying

routes with maximum passenger and fare potential.

Going into the 2025 summer season, there has been some softness in the

Transatlantic market. At the same time, we see strong demand for our Asia and

Africa fall/winter program.

Momentum into the third-quarter high season is good with bookings to date

confirming the positive trend in load factor and passenger revenues. We are

pleased to have renewed the charter agreement with P&O Cruises for next two

winter seasons, flying cruise passenger from the UK to the Caribbean in the

November to March period.

To round off, since the start of operations, Norse has carried 3.6 million

passengers as of end-June 2025, delivering affordable, value-for money air

travel to customers worldwide since our inaugural flight three years ago.

****

For further information please see attached second quarter and first half year

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/20250819_9/

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.