Norwegian Air Shuttle ASA

Earnings Release • Feb 6, 2025

Norwegian Air Shuttle TRAFFIC FIGURES JANUARY 2025

In January, Norwegian's capacity was 23% higher than January last year and 10% lower compared to the previous month. The load factor was 82.1%, down 1 p.p. from the same period last year. On average, Norwegian operated 72 aircraft during January.

Compared to the same period last year:

ASK: 2,247m Total capacity (ASK) increased 23%

RPK: 1,844m Total passenger traffic (RPK) increased 22%

74 grams per RPK, 1% less CO²

Load Factor

Load factor this month decreased 1.0 p.p.

Total number of passengers was 1,273,809, an increase of 12%

TRAFFIC DEVELOPMENT

January	Jan-25	Jan-24	Change
ASK (million)	2, 247	1,820	23 %
RPK (million)	1,844	1,513	22 %
Load factor	82.1 %	83.1 %	-1.0 p.p.
Passengers	1,273,809	1,141,446	12 %
Traffic 12-month rolling	Jan-25	Jan-24	Change
ASK (million)	36,531	32,273	15 %
RPK (million)	31,039	27,447	14 %
Load factor	84.9 %	85.0 %	-0.2 p.p.
Passengers	22,630,745	20,632,885	10 %

PASSENGER REVENUES (ESTIMATE)

January	Jan-25	Jan-24	Change
Yield – total	0.80	0.82	-3 %
Unit revenue – total	0.66	0.68	-4 %

OPERATING PERFORMANCE

January	Jan-25	Jan-24	Change
Regularity	98.6	98.8	-0.2
	%	%	p.p.
Punctuality	71.3	73.9	-2.6
	%	%	p.p.
CO2	74	75	-0.5
per RPK	g	g	%

OPERATING PERFORMANCE

Scheduled flights that operated this month

FUEL HEDGE POSITIONS

Norwegian has hedged jet fuel for the following volume and price as per month-end:

	Volume (mt)	Price (USD/mt)
Q1 2025	74,250	787
Q2 2025	102,650	776
2H 2025	185,500	762
2026	51,550	763

Widerøe's Flyveselskap TRAFFIC FIGURES JANUARY 2025

In January, Widerøe's capacity was 4% higher than January last year and 4% higher compared to the previous month. The load factor was 68.4%, up 6 p.p. from the same period last year.

Compared to the same period last year:

Total capacity (ASK) increased 4% ASK: 158m

Total passenger traffic (RPK) increased 14%

32 kg per seat, 1.1% higher CO²

Load Factor

RPK: 108m

Load factor this month increased 6.1 p.p.

Total number of passengers was 294,066, an increase of 19%

TRAFFIC DEVELOPMENT

January	Jan-25	Jan-24	Change
ASK (million)	158	152	4 %
RPK (million)	108	94	14 %
Load factor	68.4 %	62.3 %	6.1 p.p.
Passengers	294, 066	246, 695	19 %
Traffic 12-month rolling	Jan-25	Jan-24	Change
ASK (million)	2,089	2,069	1 %
RPK (million)	1,518	1,404	8 %
Load factor	72.7 %	67.9 %	4.8 p.p.
Passengers	3,847,454	3,445,245	12 %

PASSENGER REVENUES (ESTIMATE)

January	Jan-25	Jan-24	Change
Yield – total	4.70	4.39	7 %
Unit revenue – total	3.22	2.74	18 %

OPERATING PERFORMANCE

January	Jan-25	Jan-24	Change
Regularity	93.1 %	91.1 %	2.0 p.p.
Punctuality	74.7 %	72.7 %	2.0 p.p.
CO2 per seat	31.6 kg	31.3 kg	1.1 %

OPERATING PERFORMANCE

FUEL HEDGE POSITIONS

Widerøe has hedged jet fuel for the following volume and price as per month-end:

	Volume (mt)	Price (NOK/mt)
Q1 2025	8,650	7,760
Q2 2025	10,000	8,379
H2 2025	21,450	8,287
2026	22,600	8,154
2027	14,850	8,216

ITEM	DESCRIPTION
ASK	Available seat kilometres. Number of available passenger seats multiplied by flight distance
CO2 per RPK	Amount of CO2 emissions divided by RPK
CO2 per seat	Amount of CO2 emissions divided by available seats
Load Factor	RPK divided by ASK. A measure of utilisation of available seats
Punctuality	Share of flights departing on schedule
Regularity	Share of scheduled flights taking place
RPK	Revenue passenger kilometres. Number of sold seats multiplied by flight distance
Yield – total revenue	Passenger ticket revenue and flight related ancillary revenue divided by RPK. A measure of average passenger revenue per kilometre. Includes compensation for PSO routes for Widerøe Flyveselskap
Unit revenue – total	Passenger ticket revenue and flight related ancillary revenue divided by ASK. A measure of average passenger revenue per available seat kilometre. Includes compensation for PSO routes for Widerøe Flyveselskap