This presentation and its appendices (the "Presentation") has been produced by Norse Atlantic ASA (the "Company", and together with its direct and indirect subsidiaries, the "Group").

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Disclaimer

Low-cost, long-haul works

Load factors and

yield increasing

Load factor 83%

Net profit USD 16 mill excl. non-cash lease*

CASK USD 3.63 in Q3

From 10 aircraft to 12 in 2024 to 15 in 2025

Strong performance on new routes

Considering capital raise supported by largest shareholders

* Net profit USD 1.6 million reported would be USD 16 million excluding non-cash lease accounting costs. Total equity would have been USD 50 mill at 30 September

Q3: Best in class CASK and ancillary revenues

Revenue management and profitable growth

Highlights from summer and Q3 2023

100% completion from late April through to early September
In September 99.4% completed
More than 70% of flights arrived ontime

100.0%
99.0%
98.0%
97.0%
96.0%
95.0%

% of flights completed and arriving on time

Strong operational performance

Larger scale and improved pricing

Record number of passengers and load factor

Increasing ticket prices and ancillary sales

Higher revenues and lower costs

•

1) CASK defined as CASK ex. fuel 2) RASK defined as PRASK: Passenger revenue (airfare and ancillary) per available seat kilometer

Ancillary sales are increasing

Ancillary revenue per passenger \$

• Bundles are ancillary items included in the original ticket price of Classic and Flextra fares and are showed as ticket revenue in our financials

Norse's fare model provides pricing flexibility to passengers
Ancillary revenue consists of:
- ⚬ Upgrades to Premium cabin
- ⚬ Extra baggage
- ⚬ Seat selection
- ⚬ Food and beverages
- ⚬ 3ʳᵈ party sales commissions
Continuously adding services (travel insurance added Q3)

The importance of fuel-efficient aircraft

Jet fuel price at record heights1) Fuel consumption vs. best-in class long-haul competitors

Aircraft	First flight	Seats	Sector	Fuel per seat
Norse Boeing 787-9	2019	338	9,208 km	2.08 L/100km3
Boeing 787-10	2017	337	10,240 km	2.27 L/100km2
Boeing 787-9 (standard)	2013	304	9,208 km	2.31 L/100km3
Airbus A350-900	2013	315	9,208 km	2.39 L/100km3
Boeing 777-9X	2020	395	13,300 km	2.42 L/100km4
Airbus A330-900	2017	300	8,610 km	2.48 L/100km3
Airbus A350-1000	2016	367	10,243 km	2.58 L/100km2
Airbus A330-800	2017	248	8,610 km	2.75 L/100km3
Boeing 787-8	2011	243	8,610 km	2.77 L/100km3
Boeing 747-8	2011	467	11,000 km	2.82 L/100km5
Boeing 777-300ER	2003	382	10,199 km	2.90 L/100km2
Boeing 777-200ER	1996	301	11,000 km	3.08 L/100km6
Airbus A330-300	1992	274	10,275 km	3.11 L/100km2
Boeing 747-400	1988	487	10,147 km	3.16 L/100km2
Airbus A380	2005	544	11,000 km	3.16 L/100km4

Aircraft
Norse Boeing 787-9
Boeing 787-10
Boeing 787-9 (standard)
Airbus A350-900
Boeing 777-9X
Airbus A330-900
Airbus A350-1000
Airbus A330-800
Boeing 787-8
Boeing 747-8
Boeing 777-300ER
Boeing 777-200ER
Airbus A330-300
Boeing 747-400
Airbus A380

¹⁾ Source: Factset, 2) Aircraft Commerce, 3) Airways News, 4) Leeham News, 5) Boeing, 6) Aspire Aviation. 7) Median aircraft as per table on the right being 2.75L/100km seats.

Norse aircraft estimated to save fuel cost of USD 0.57 per ASK compared to the median widebody aircraft7)
Fuel cost saving equivalent to 10% of total cost
Fuel saving for Q3 alone corresponds to USD 15m, 24m liters, or 53 million tonnes CO²

Transatlantic cargo market – high volumes, declining prices

Source: WorldACD. Note that volume is aggregate of volume Europe-North America and North America-Europe.

Since July 2021, cargo volumes are down 2%
Prices Europe to North America are down 49% and 21% return
USD 16 million lower cargo revenue in 2023 YTD compared to expectations
Signs of improving cargo market in Q4 and for the winter

Increased working capital

The challenge of being a new airline

Financing and strategy update

Following adverse working capital movements and an accelerated payment plan with a key supplier, Norse will explore additional fundraising of up to USD 45 million
Pareto Securities and SpareBank 1 Markets are engaged as advisers
B T Larsen & Co and Scorpio Holding Limited, the two largest shareholders, have both expressed strong interest in supporting a fundraising for at least their pro rata shareholding
Scorpio Holdings Limited has accepted an invitation to be represented on the company's board of directors, and is expected to assume one board seat; additionally, it is expected that there would be one additional independent board seat such that the board will comprise a total of five directors
Management has been approached by several airlines seeking to invest in Norse
The company will be appointing a corporate advisor with expertise in the airline sector to support it in the development and assessment of strategic alternatives

Activity and revenue doubled	• Q3 revenue more than doubled from Q2 to USD 205 million • Number of passengers, ASK and RPK also more than doubled compared to Q2 • 1,547 of 1,550 planned flights were completed (99.8%)
Low-cost confirmed, challenged by fuel prices	• Ramping up activity while keeping costs under control • CASK gradually decreasing – Norse showing the lowest CASK in the Transatlantic market • Fuel prices however going to higher levels and adding pressure on profitability
Record load factors and fares	• Record-high load factors (83%) and fares during summer peak season • Seasonal softening from September
Ancillary revenue continue to increase	• Successful focus on ancillary revenues (USD 131 per passenger) • Business model confirmed as passengers add on services based on own preferences
Profitable summer	• Q3 was the first profitable quarter in the Company's history • EBITDAR from USD 2 million in Q2 to USD 41 million in Q3 • High working capital build-up of USD 32 million

ASK: Available Seat Kilometer, CASK: Cost Available Seat Kilometer, RPK: Revenue Passenger Kilometer, EBITDAR: Earnings Before Interest, Taxes, Deprecation, Amortization and Rent

Q3 highlights

USD thousands	3 months Q3 2023	3 months Q2 2023	3 months Q1 2023	12 months FY 2022
Revenue	204,796	100,101	39,757	104,269
Personnel expenses	27,508	23,590	19,353	44,462
Fuel, oil & emissions	64,561	25,945	21,896	61,793
Other OPEX	61,206	38,119	24,121	42,706
SG&A	10,469	10,230	7,314	15,630
EBITDAR	41,052	2,218	(32,926)	(60,323)
Variable aircraft rentals	9,290	7,755	8,725	27,263
Depreciation & amortization	21,453	20,655	20,813	58,517
EBIT	10,309	(26,202)	(62,464)	(146,104)
Net finance cost	(8,714)	(8,784)	(8,408)	(28,871)
EBT	1,595	(35,130)	(70,873)	(174,974)

Income Statement

First quarter of profit as capacity and revenue increase largely during summer season

-

• Q3 2023 revenue up 105% versus prior quarter due to; ⚬ 109% increased capacity (ASK) ⚬ 4% increased revenue per passenger ⚬ Load factor up to average of 83% over quarter, compared to 75% the previous quarter

• Fuel expenses up 149%, above the 109% ASK increase due to higher fuel prices

• Variable aircraft rentals represents cash paid under Power By the Hour (PBH) aircraft lease terms

• USD 14 million non-cash aircraft lease accounting cost under depreciations and net finance cost for Q3 (USD 50 million year-to-date)

Cash Flow Statement

USD thousands	3 months Q3 2023	3 months Q2 2023	3 months Q1 2023	12 months FY 2022
Operating cash flows before WC1) movements	34,479	(4,672)	(39,590)	(90,862)
WC1) movements	(32,409)	23,667	18,819	22,223
Operating cash flows	2,070	18,996	(20,771)	(68,639)
Investing cash flows	(2,924)	(1,357)	1,256	(24,956)
Financing cash flows	(15,767)	(9,724)	(8,530)	22,589
Currency effects	177	(932)	366	1,463
Net change in free cash	(16,444)	6,983	(27,679)	(69,543)
Free cash at period end	27,570	44,013	37,030	64,709
Restricted cash held	15,000	15,056	5,000	5,000
Total cash	42,570	59,070	42,030	69,709

-

• Q3 2023 total cash decrease of \$16 million mainly driven by outflow from financing activities as operations and investing cash flows were neutral

• Cash balances declined due to working capital seasonality. Cash inflow was strong during Q2's peak in forward sales cash collection for summer season, but lower in Q3 as transitioning to fall shoulder season

• \$43 million total cash held at end Q3 2023

Balance Sheet

Statement of financial position

USD thousands	30 SEP 23	30 JUN 23	31 DEC 22
Non-current assets	930,589	949,004	973,037
Total current assets	176,838	197,514	117,202
Total assets	1,107,428	1,146,518	1,090,239
Total equity	(80,385)	(82,157)	10,535
Non-current liabilities	954,391	967,693	971,284
Current liabilities	233,421	260,981	108,421
Total equity & liabilities	1,107,428	1,146,518	1,090,240

Excluding non-cash lease accounting costs, Q3 net profit would have been USD 16 mill and Total equity USD 50 mill

• \$890 million aircraft right-of-use asset ⚬ 15 Boeing 787 Dreamliners on leases with average remaining life 10.5 years ⚬ Corresponding lease liability of \$962 million

• \$20 million refundable aircraft lease deposits carried at \$16 million

• \$100 million receivables from credit card companies for booked tickets

• \$60 million liabilities to passengers for fares booked, not yet flown

• Book equity reflects \$130 million accumulated non-cash aircraft lease accounting cost since

-
-
inception
leases

• Value adjusted equity position in excess of \$300 million, including NPV value of the aircraft

Adjusted Financials

Book Financials adjusted with effects of leases

USD millions	30 SEP 23
Total Book Equity	(80)
Accumulated non-cash lease expenses	131
NPV of favorable leases	>300
Adjusted Equity	>351

USD millions	3 months Q3 2023	9 months YTD Q3 2023
Book EBT	1.6	(104.4)
Non-cash aircraft lease accounting cost	13.8	49.8
Adjusted EBT	15.4	(54.6)

• Lease accounting generally implies a "frontloading" of expenses above cash expenditures in the early phase of a lease

• Paying flexible Power By the Hour (PBH) leases first two years of leases gives rise to "double" expenses; both fixed and variable lease expenses being recognized

• As at end Q3 2023, the Company has recorded \$131 million of non-cash lease

-

- expenses

• The Company estimates the net present value of its favorable aircraft leases to be at least \$300 million

• Norse has additional assets that are not recognized or estimated, including airport slots, permits such as Aircraft Operating Certificates, brand and other items

Global air passengers, RPKs, bn per month Comments

Market recovery post-COVID continues

• The market has rebounded to 2019 levels

• Lagging recovery in Asia has led to temporary capacity reallocation to Transatlantic market

• Economic uncertainty indicates softer demand winter 23/24. We expect customers to focus on low-cost airlines

• Longer-term recovery expected to continue

Sharpening the strategy

43 inches in Premium Economy Eurowings: 38 / Singapore Airlines: 38 / Air New Zealand: 41 / Cathay Pacific:40)

Launch of upgraded premium product in Q4

"Norse is making enough room to stretch on a long-haul European lowcost carrier possible yet again. The ample legroom and generous recline also come coupled with two meal services, premium boarding, priority check-in services, seat selection, and two checked-in baggage, up to 23 kilograms each. A carry-on of 10 kilograms is also allowed."

Simple Flying: The 5 Best Premium Economy Cabins in The World 23 October 2023; simpleflying.com

Launch of upgraded service concept to fully deliver yield potential of our leading Premium product

Higher yields as routes mature

74%

RASK Increase Year over Year Q3 2023 vs Q3 2022

Routes show high growth in their second year of operations – several second-year routes give higher unit revenue growth opportunities in 2024
Markets launched in our first year of flying, 2022, show above average unit revenue growth this year
77% of Q3 2023 Norse capacity were new markets, providing opportunity for above average unit revenue growth next year
Increased brand recognition and market penetration provide higher revenue opportunities

Connecting key long-haul destinations

S23 W23 S24

15 Boeing 787 Dreamliners leased1)
10.5 years average remaining lease term at fixed low cost with no inflationary or other adjustments
We estimate our lease rates to have an NPV of more than USD 300 million
Available aircraft used for sublease and ACMI2)/charter (wet-leases and charter) to manage seasonality
5 aircraft currently on profitable subleases
Strong growth in ACMI inquiries for the 2023/2024 winter season

Dreamliners are in demand

Aircraft employment strategy S23-S24

Summary and Outlook

Strategy and business case validated	• Low and decreasing unit costs (CASK) • High load factors with increasing fare levels through summer season
Increased activity	• Production doubled in Q3 compared to Q2 • All 15 aircraft in the fleet operative and generating revenue
Revenue growing	• Revenue levels in Q3 more than doubled compared to Q2 • Successful focus on ancillary revenues is key to profitability
Flexibility	• Focus on winter 2023/2024 route selection, turning focus to flying «from cold to hot» • Excess fleet capacity allows for attractive ACMI and charters
Financing & Strategy	• Consider raising new capital, supported by the two largest shareholders • Industrial interest necessitates a review of strategic options to maximize values

Building a profitable long-haul low-cost transatlantic airline

Monthly break-down over last five quarters

Key Operational Numbers

	Jul22	Aug22	Sep22	Oct22	Nov22	Dec22	Jan23	Feb23	Mar23	Apr23	May23	Jun23	Jul23	Aug23	Sep23
Number of aircraft in fleet	13	13	13	14	14	15	15	15	15	15	15	15	15	15	15
Number of aircraft subleased out	4	4	4	4	4	5	5	5	5	5	5	5	5	5	5
ASK (millions)	248	505	663	567	293	384	397	344	390	449	511	750	1,215	1,207	1,152
RPK (millions)	212	349	373	338	145	233	206	172	234	300	371	619	1,034	1,036	896
Load factor	86%	69%	56%	60%	50%	61%	52%	50%	60%	67%	73%	83%	85%	86%	78%
Number of passengers (thousand)	32	59	63	61	30	44	35	33	42	49	57	97	151	151	133
Number of flights	110	254	338	307	190	228	229	203	223	218	243	351	524	520	503

Contact: Investors: [email protected] Media: [email protected]

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Norse Atlantic ASA

3683_rns_2023-10-31_aad95779-1fbd-4681-924a-dff1acd99fc6.pdf