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Disclaimer

Highlights from first quarter

201,000 passengers across 862 flights

Revenue increased 97% YoY, revenue per passenger up 30% YoY

Load factor of 73% - up from 54% Q1 2023

Increase in passenger numbers and Load Factor

Airfare and ancillary sales growing

YoY: Year on Year, Q1 2024 compared to Q1 2023

Ancillary level increasing

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

Norse's fare model offers value and choice

Notes: CASK defined as CASK ex. fuel RASK defined as TRASK: Total revenue per available seat kilometer

YoY: Year on Year, Q1 2024 compared to Q1 2023

% of flights completed and arriving on time

A15: Arrival within 15 minutes of scheduled time

Strong operational performance

100% completion rate through Q1

Improved on-time performance through fall, weather-related dip during winter

USD thousands	3 months Q1 2024	3 months Q1 2023	12 months FY 2023
Revenue	78,242	39,757	439,436
Personnel expenses	27,853	19,353	99,759
Fuel, oil & emissions	31,445	21,896	152,527
Other OPEX	37,824	24,120	167,645
SG&A	8,497	7,315	37,689
EBITDAR	(27,376)	(32,926)	(17,980)
Variable aircraft rentals	4,238	8,725	33,139
Depreciation & amortization	21,808	20,813	84,103
EBIT	(53,421)	(62,464)	(135,223)
Net finance cost	9,389	8,409	33,379
EBT	(62,811)	(70,873)	(168,602)

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Income Statement

• Q1 2024 revenue up 97% YoY due to; ⚬ 72% increased capacity (ASK) ⚬ 30% increased revenue per passenger ⚬ Load factor up to average of 73% over quarter, compared to 54% in the same quarter last year

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

• USD 8.5 million non-cash aircraft lease accounting cost under depreciation and net finance cost for the quarter (USD 60 million for the full year 2023)

USD thousands	3 months Q1 2024	3 months Q1 2023	12 months FY 2023
Operating cash flows before WC1) movements	(30,211)	(41,967)	(44,610)
WC1) movements	33,363	21,197	24,051
Operating cash flows	3,151	(20,771)	(20,559)
Investing cash flows	(8,884)	1,256	(7,332)
Financing cash flows	(15,271)	(8,530)	1,925
Currency effects	322	366	586
Net change in free cash	(20,683)	(27,678)	(25,779)
Free cash at period end	18,647	37,030	39,330
Restricted cash held	14,600	5,000	15,500
Total cash	33,247	42,030	54,830

Net cash outflow during first quarter's seasonal low
Net proceeds of USD 5.8 million from January repair share offering
USD 33 million total cash held at end of Q1 2023
Revolving credit facility of USD 20 million secured post quarter end

Cash Flow Statement

USD thousands	31 MAR 24	31 MAR 23	31 DEC 23
Total non-current assets	923,446	952,147	935,505
Credit receivables card	112 095 ,	66 746 ,	60 214 ,
Other receivables/current assets	40 439 ,	22 207 ,	32 587 ,
Cash and cash equivalents	33 247 ,	42 030 ,	54 830 ,
Total current assets	185,781	130,984	147,945
Total assets	1,109,227	1,083,131	1,083,136
Total equity	(146,488)	(60,337)	(89,697)
Total non-current liabilities	944,147	965,875	960,060
Deferred passenger revenue	104 665 ,	63 889 ,	52 394 ,
Other liabilities current	206 904 ,	113 705 ,	160 379 ,
Total current liabilities	311,568	177,594	212,773
Total equity & liabilities	1,109,227	1,083,131	1,083,136

USD112 million receivables from credit card companies for booked tickets
USD 105 million liabilities to passengers for fares booked, not yet flown
Book equity reflects USD 149 million accumulated non-cash aircraft lease accounting cost since inception
Value adjusted equity positive including NPV value of the aircraft leases and more

Balance Sheet

Statement of financial position

An opportunistic strategy leading to a sustainable year-round business model

Building a profitable long-haul low-cost airline

Aiming to achieve full year profitability in 2024.

1) YTD 30 April 2024 compared to YTD 30 April 2023

Jan23 Feb23 Mar23 Apr23 May23 Jun23 Jul23 Aug23 Sep23 Oct23 Nov23 Dec23 Jan24 Feb24 Mar24 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	5	5	5	4
ASK (millions)	397	344	390	449	511	750	1,215	1,207	1,152	900	557	800	711	485	752
RPK (millions)	206	172	234	300	371	619	1,034	1,036	896	676	339	564	456	350	615
Load factor	52%	50%	60%	67%	73%	83%	85%	86%	78%	75%	61%	71%	64%	72%	82%
Number of passengers (thousand)	35	33	42	49	57	97	151	151	133	102	49	79	65	51	86
Number of flights	229	203	223	218	243	351	524	520	503	403	242	343	313	225	324

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

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Norse Atlantic ASA

3683_rns_2024-05-14_0aba89af-67da-4cc8-a4d8-8bcdc0f441ef.pdf