Norse Atlantic ASA

Investor Presentation • May 21, 2025

21 May 2025

Disclaimer

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").

This Presentation has been prepared for information purposes only, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell or a solicitation of an offer to subscribe for or purchase, or a recommendation regarding, any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever.

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Q1 2025 headlines

• Record load factor of 95%
• Increase of 51% YoY in passengers flown
• Average revenue per passenger in own network up 5% YoY and PRASK up 27%
• 23% increase in revenue excluding USD 28.7 million aircraft redelivery gain
• Summer pre-sales trending well above same time last year
• Successful delivery on ACMI strategy

(USD million) Revenue¹EBITDAR Net profit

125.3 15.0 (14.9)

78.2 (27.4) (62.8)

No of flights No of passengers Load factor

1,052 304,588 95%

862 201,462 73%

Strategy execution

ACMI/Network strategy Commercial overhaul Cost-efficiency

• Firm contracts with IndiGo for six aircraft
• Secures profitability on 50% of fleet, reduces market and fuel risk

• High-grading of own network

• World-leading load factor YTD

• FY 2025 well ahead of last year, gross sales up 23% YTD, number of tickets sold up 14% and average ticket net price up 4%
• Uniform 787-9 fleet
• Improving crew utilization and base structure
• On track for 50% reduction in SG&A

Long-term charters improve financial predictability

• First aircraft commenced ACMI¹charter operations with IndiGo in March after signing contract in February
  • − Three aircraft signed in Q1 for 2H 2025 start-up
  • − Two aircraft signed in May, start-up latest January 2026
  • − Commercial terms as previously communicated
• Reinforces partnership with one of the world's leading airlines

Capacity allocation (approximate # of aircraft end of period)

Promising 2025 bookings

Cost efficiencies according to plan

LTM²CASK excluding fuel

• 4.65 US cent per ASK
• Expected total annualized run-rate cost savings of USD 40 million
• Improved crew efficiency and reduced cost as base structure will be adjusted to new network and ACMI contracts
• 50% SG&A run-rate reduction targeted
• Comes on top of long-term cost focus reflected in lower CASK¹ over time

• 1) Cost per available seat kilometer
• 2) LTM: Last 12 months rolling

Trending up on key value drivers

Q1 completion at 100%

110%

Punctuality (D15) Completion

% of flights completed and departing on time

9 Note: D15: Departure within 15 minutes of scheduled time., OTP: On-time completion

World-leading load factor and strong passenger growth

10

Revenue per pax increased by 5% YoY

USD per passenger

Significant improvement in PRASK and CASK

Income statement

• Underlying Q1 revenue up 23% YoY
• 15% increased capacity (ASK)
• Load factor of 95%, up from 73% in Q1 2024
• USD 28.7 million in accounting gain from redelivered aircraft included in Q1 2025 revenue
  -

• Revenue per passenger up by 5% YoY to USD 339

− Cash effect recognized in 2024

USD thousands	3 months Q1 2025	3 months Q1 2024	12 months FY 2024
Revenue	125,298	78,242	588,106
Personnel expenses	33,840	27,853	131,701
Fuel, oil & emissions	26,903	31,445	183,617
Other OPEX	39,102	37,824	225,985
SG&A	10,447	8,497	47,683
EBITDAR	15,007	(27,376)	(858)
Variable aircraft rentals	-	4,238	8,239
Depreciation & amortization	20,233	21,808	87,920
EBIT	(5,225)	(53,421)	(97,017)
Net finance cost	9,636	9,389	38,057
EBT	(14,862)	(62,811)	(135,075)

Cash Flow Statement

• Positive cash flow from operations

• Negative cash flow from financing related to service of lease liabilities
• End of quarter cash at USD 25 million, up from USD 23 million at year-end 2024
• Available liquidity USD 31.3 million including USD 6.3 million undrawn revolving credit facility

USD thousands	3 months Q1 2025	3 months Q1 2024	12 months FY 2024
Operating cash flows before WC1) movements	(11,678)	(30,211)	(877)
Working capital movements	41,728	33,363	56,517
Operating cash flows	30,050	3,151	55,640
Investing cash flows	(3,594)	(8,884)	(24,411)
Financing cash flows	(22,889)	(15,271)	(60,745)
Currency effects	374	322	(160)
Net change in free cash	3,940	(20,683)	(29,675)
Free cash at period end	13,595	18,647	9,655
Restricted cash held	11,400	14,600	13,200
Total cash	24,995	33,247	22,855

Balance sheet

• Current assets include:
  • − USD 139 million receivables from credit card companies for booked tickets
  • − USD 182 million deferred passenger revenue
  • − USD 66 million current portion of lease payments
  • − USD 23 million shareholder loan

• Current liabilities include:
  -
  -
  -
  • Book equity reflects USD 168 million accumulated non-cash lease accounting cost since inception

USD thousands	31 Mar 25	31 Mar 24	31 Dec 24
Total non-current assets	806,746	923,446	876,353
Credit card receivables	138,791	112,095	100,245
Other receivables/current assets	28,796	40,439	31,737
Cash and cash equivalents	24,995	33,247	22,855
Total current assets	192,582	185,781	154,837
Total assets	999,328	1,109,227	1,031,190
Total equity	(225,369)	(146,488)	(210,568)
Total non-current liabilities	824,656	944,147	921,891
Deferred passenger revenue	181,647	104,665	101,289
Other current liabilities	218,934	206,904	218,464
Total current liabilities	400,041	311,568	319,868
Total equity & liabilities	999,328	1,109,227	1,031,190

Summary and outlook

• World-leading load factor and strong growth in Q1
• Executing on strategy with secured revenue and reduced risk and costs
• Aiming to deliver full-year 2025 profitability

Thank You For Flying With Us

Contact: Investors: investor.relations@flynorse.com Media: media@flynorse.com

¹⁷ Q1 2025 Results Presentation

Key operational numbers

	Jan24	Feb24	Mar24	Apr24	May24	Jun24	Jul24	Aug24	Sep24	Oct24	Nov24	Dec24	Jan25	Feb25	Mar25
Number of aircraft in fleet	15	15	15	15	15	15	15	15	15	15	15	15	15	12	12
Number of aircraft subleased out	5	5	4	4	3	3	3	3	3	3	3	3	3	1	0
ASK (millions)	711	485	752	866	1,154	1,481	1,520	1,570	1,184	929	757	914	810	642	783
RPK (millions)	456	350	615	680	933	1,255	1,256	1,364	1,049	833	694	859	763	612	748
Load factor	64%	72%	82%	79%	81%	85%	83%	87%	89%	90%	92%	94%	94%	95%	95%
Number of passengers (thousand)	65	51	86	99	130	178	177	191	147	119	95	124	112	84	109
Number of flights	313	225	324	398	513	620	639	661	513	410	352	434	377	301	374

Monthly break-down over last five quarters