Norwegian Air Shuttle ASA

Earnings Release • Mar 6, 2025

Norwegian Air Shuttle TRAFFIC FIGURES FEBRUARY 2025

In February, Norwegian's capacity was 14% higher than February last year and 1% lower compared to the previous month. The load factor was 84.8%, down 1.2 p.p. from the same period last year. On average, Norwegian operated 74 aircraft during February.

Compared to the same period last year:

ASK: 2,219m

Total capacity (ASK) increased 14%

RPK: 1,881m Total passenger traffic (RPK) increased 12%

71 grams per RPK, 2% less CO²

Load Factor

Load factor this month decreased 1.2 p.p.

Total number of passengers was 1,294,243, an increase of 1%

TRAFFIC DEVELOPMENT

February	Feb-25	Feb-24	Change
ASK (million)	2, 219	1,951	14 %
RPK (million)	1,881	1,677	12 %
Load factor	84.8 %	86.0 %	-1.2 p.p.
Passengers	1,294,243	1,283,629	1 %
Traffic 12-month rolling	Feb-25	Feb-24	Change
ASK (million)	37,226	32,398	15 %
RPK (million)	31,573	27,595	14 %
Load factor	84.8 %	85.2 %	-0.4 p.p.
Passengers	22,775,909	20,742,814	10 %

PASSENGER REVENUES (ESTIMATE)

February	Feb-25	Feb-24	Change
Yield – total	0.80	0.85	-5 %
Unit revenue – total	0.68	0.73	-6 %

OPERATING PERFORMANCE

February	Feb-25	Feb-24	Change
Regularity	99.5	99.4	0.1
	%	%	p.p.
Punctuality	84.7	81.0	3.7
	%	%	p.p.
CO2	71	73	-2.0 %
per RPK	g	g

OPERATING PERFORMANCE

that operated this

FUEL HEDGE POSITIONS

99.5%

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

	Volume (mt)	Price (USD/mt)
Q1 2025	76,650	785
Q2 2025	111,850	770
2H 2025	205,200	757
2026	90,050	735
2027	4,300	692

Widerøe's Flyveselskap TRAFFIC FIGURES FEBRUARY 2025

In February, Widerøe's capacity was 0.5% lower than February last year and 6% lower compared to the previous month. The load factor was 70.1%, up 3 p.p. from the same period last year.

Compared to the same period last year:

ASK: 149m

Total capacity (ASK) decreased 0.5%

RPK: 104m Total passenger traffic (RPK) increased 4%

32 kg per seat, 0.8% lower CO²

Load Factor

Load factor this month increased 2.9 p.p.

Total number of passengers was 288,304, an increase of 12%

TRAFFIC DEVELOPMENT

February	Feb-25	Feb-24	Change
ASK (million)	149	149	-0.5 %
RPK (million)	104	100	3.8 %
Load factor	70.1 %	67.2 %	2.9 p.p.
Passengers	288,304	257,816	11.8 %
Traffic 12-month rolling	Feb-25	Feb-24	Change
ASK (million)	2,088	2,080	0.4 %
RPK (million)	1,522	1,415	7.6 %
Load factor	72.9 %	68.0 %	4.9 p.p.
Passengers	3,877,942	3,465, 579	12 %

PASSENGER REVENUES (ESTIMATE)

February	Feb-25	Feb-24	Change
Yield – total	4.74	4.23	12 %
Unit revenue – total	3.32	2.84	17 %

OPERATING PERFORMANCE

February	Feb-25	Feb-24	Change
Regularity	96.0 %	93.4 %	2.6 p.p.
Punctuality	82.6 %	77.8 %	4.8 p.p.
CO2 per seat	31.7 kg	32.0 kg	-0.8 %

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	24,100	8,147
2027	15,600	8,201

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