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Disclaimer

Charter/ACMI grown ten-fold compared to Q2 2023

Cargo moving sideways as volume is up, yields still low Strong growth in number of passengers and load factor Airfares impacted by softer Transatlantic market

Highlights from the quarter

• Completion at 99.5% for the quarter

• Punctuality at 80% for the quarter

% of flights completed and arriving on time

Operational performance remains strong

Strong growth YoY

Quarter LF 82% +7% points YoY Quarter Pax 406' +201' YoY

Airfares softened, while ancillary remained strong

Relentless cost focus drives unit cost down

Notes: CASK defined as CASK ex. fuel, PRASK: Total passenger revenue per available seat kilometer in own network

Ancillary remains best in class

Ancillary revenue per passenger USD

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

Significant increase in charter

YoY: Year on Year, Q2 2024 compared to Q2 2023

• Quarterly revenue up by 970% YoY

• No of flights up by 729% YoY

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 ACMI/charter revenue Number of flights

Revenue (USD million) Number of flights

USD thousands	3 months Q2 2024	3 months Q2 2023	6 months YTD 2024	6 months YTD 2023	12 months FY 2023
Revenue	164,760	100,101	243,002	139,859	439,436
Personnel expenses	32,221	23,590	60,073	42,943	99,759
Fuel, oil & emissions	53,558	25,945	85,002	47,840	152,527
Other OPEX	60,800	38,119	98,624	62,239	167,645
SG&A	15,023	10,230	23,519	17,544	37,486
EBITDAR	3,159	2,218	(24,217)	(30,708)	(17,980)
Variable aircraft rentals	3,532	7,755	7,770	16,480	33,139
Depreciation & amortization	21,916	20,665	43,724	41,478	84,103
EBIT	(22,290)	(26,202)	(75,711)	(88,666)	(135,223)
Net finance cost	9,395	8,784	18,784	17,193	33,379
EBT	(31,684)	(34,986)	(94,495)	(105,859)	(168,602)

Income Statement

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

Q2 2024 revenue up 65% YoY, driven by;
- ⚬ 105% increased capacity (ASK)
- ⚬ Load factor up to average of 82% over quarter, compared to 75% in Q2 2023
- ⚬ Revenue per pax down by 11% due to softening Transatlantic market
USD 6 million non-cash aircraft lease accounting cost during quarter (USD 14 million YTD)

Cash Flow Statement

USD thousands	3 months Q2 2024	3 months Q2 2023	6 months YTD 2024	6 months YTD 2023	12 months FY 2023
Operating cash flows before WC1) movements	2,015	(4,672)	(28,197)	(44,261)	(39,054)
WC1) movements	(1,454)	23,667	31,909	42,487	18,496
Operating cash flows	561	18,996	3,712	(1,775)	(20,558)
Investing cash flows	(5,999)	(1,357)	(14,883)	(101)	(7,332)
Financing cash flows	(3,797)	(9,723)	(19,069)	(18.254)	1,524
Currency effects	54	(932)	376	(566)	586
Net change in free cash	(9,181)	6,984	(29,684)	(20,695)	(25,780)
Free cash at period end	9,466	44,014	9,466	44,014	38,929
Restricted cash held	14,200	15,056	14,200	15,056	15,901
Total cash	23,666	59,070	23,666	59,070	54,830

Neutral cash to/from operations during period
End of quarter cash at USD 24 million, prior to cash release from credit card companies

Balance Sheet

Statement of financial position

USD thousands	30 JUN 24	30 JUN 23	31 DEC 23
Total non-current assets	907,636	949,004	935,505
Credit receivables card	153 454 ,	116 675 ,	60 214 ,
receivables/current Other assets	32 874 ,	21 770 ,	32 587 ,
equivalents Cash and cash	23 666 ,	59 070 ,	54 830 ,
Total current assets	209,994	197,514	147,945
Total assets	1,117,630	1,146,518	1,083,136
Total equity	(178,196)	(82,157)	(89,697)
Total non-current liabilities	928,791	967,693	960,060
Deferred passenger revenue	123 918 ,	117 256 ,	52 394 ,
Other liabilities current	243 117 ,	143 726 ,	160 379 ,
Total current liabilities	367,035	260,981	212,773
Total equity & liabilities	1,117,630	1,146,518	1,083,136

USD 153 million receivables from credit card companies for booked tickets
Book equity reflects USD 155 million accumulated non-cash aircraft lease accounting cost since inception

than last year

Second half of 2024

Monetizing on assets in a strong market

Three currently subleased 787-8 to be returned to lessor during fall 2024
Leaving Norse with a more uniform, flexible, and cost-efficient fleet
Significant positive effects on cash and P&L
Commercial terms agreed, completion of formal documentation in process

Successful strategic shift

Norse has the best-in-class aircraft in a market that is short on capacity
Strong charter demand at profitable rates
Ongoing negotiations with several airlines for multi-year charter contracts
De-risking the business through more secured revenue and less fuel price exposure
Focusing network on most profitable routes and making significant cost reductions

	Apr23	May23	Jun23	Jul23	Aug23	Sep23	Oct23	Nov23	Dec23	Jan24	Feb24	Mar24	Apr24	May24	Jun24
Number of aircraft in fleet	15	15	15	15	15	15	15	15	15	15	15	15	15	15	15
Number of aircraft subleased out	5	5	5	5	5	5	5	5	5	5	5	4	4	3	3
ASK (millions)	449	511	750	1,215	1,207	1,152	900	557	800	711	485	752	866	1,154	1,481
RPK (millions)	300	371	619	1,034	1,036	896	676	339	564	456	350	615	680	933	1,255
Load factor	67%	73%	83%	85%	86%	78%	75%	61%	71%	64%	72%	82%	79%	81%	85%
Number of passengers (thousand)	49	57	97	151	151	133	102	49	79	65	51	86	99	130	178
Number of flights	218	243	351	524	520	503	403	242	343	313	225	324	398	513	620

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

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Norse Atlantic ASA

3683_rns_2024-08-28_54fca816-99a0-4e1d-9fb6-caa30114cd4c.pdf