Norwegian Air Shuttle ASA

Earnings Release • Jun 5, 2025

Norwegian Air Shuttle TRAFFIC FIGURES MAY 2025

In May, Norwegian's capacity was 3% higher than May last year and 11% higher compared to the previous month. The load factor was 83.6%, up 1.5 p.p. from the same period last year. On average, Norwegian operated 86 aircraft during May.

Compared to the same period last year:

ASK: 3,560m

Total capacity (ASK) increased 3%

RPK: 2,975m Total passenger traffic (RPK) increased 5%

72 grams per RPK, 1.6% lower CO²

Load Factor

Load factor this month increased 1.5 p.p.

Total number of passengers was 2,178,172, an increase of 2%

TRAFFIC DEVELOPMENT

May	May-25	May-24	Change
ASK (million)	3, 560	3,466	3 %
RPK (million)	2,975	2,846	5 %
Load factor	83.6 %	82.1 %	1.5 p.p.
Passengers	2,178,172	2,144,321	2 %
Traffic 12-month rolling	May-25	May-24	Change
ASK (million)	37,687	33,541	12 %
RPK (million)	32,002	28,485	12 %
Load factor	84.9 %	84.9 %	0.0 p.p.
Passengers	22,884,704	21,248,756	8 %

PASSENGER REVENUES (ESTIMATE)

May	May-25	May-24	Change
Yield – total	0.84	0.86	-2 %
Unit revenue – total	0.70	0.71	-0.3 %

OPERATING PERFORMANCE

May	May-25	May-24	Change
Regularity	99.7	99.5	0.2
	%	%	p.p.
Punctuality	88.4	86.1	2.3
	%	%	p.p.
CO2	72	74	-1.6 %
per RPK	g	g

OPERATING PERFORMANCE

FUEL HEDGE POSITIONS

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

	Volume (mt)	Price (USD/mt)
Q2 2025	138,650	745
Q3 2025	161,950	731
Q4 2025	105,600	727
2026	172,800	692
2027	13,950	667

Widerøe's Flyveselskap TRAFFIC FIGURES MAY 2025

In May, Widerøe's capacity was 8% higher than May last year and 11% higher compared to the previous month. The load factor was 68.6%, down 0.8 p.p. from the same period last year.

Compared to the same period last year:

Total capacity (ASK) increased 8% RPK: ASK: 193m

Total passenger traffic (RPK) increased 7%

32 kg per seat, 3.6% higher CO²

Load Factor

132m

Load factor this month decreased 0.8 p.p.

Total number of passengers was 349,345, an increase of 5%

TRAFFIC DEVELOPMENT

May	May-25	May-24	Change
ASK (million)	193	179	8 %
RPK (million)	132	124	7 %
Load factor	68.6 %	69.4 %	-0.8 p.p.
Passengers	349,345	333,514	5 %
Traffic 12-month rolling	May-25	May-24	Change
ASK (million)	2,113	2,088	1 %
RPK (million)	1,552	1,450	7 %
Load factor	73.5 %	69.4 %	4.0 p.p.
Passengers	3,964,448	3,553,765	12 %

PASSENGER REVENUES (ESTIMATE)

May	May-25	May-24	Change
Yield – total	4.43	4.46	-1 %
Unit revenue – total	3.04	3.09	-2 %

OPERATING PERFORMANCE

May	May-25	May-24	Change
Regularity	97.8 %	97.1 %	0.7 p.p.
Punctuality	92.9 %	93.7 %	-0.8 p.p
CO2 per seat	32 kg	31 kg	3.6 %

OPERATING PERFORMANCE

month

FUEL HEDGE POSITIONS

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

	Volume (mt)	Price (NOK/mt)
Q2 2025	10,000	8,379
Q3 2025	10,850	8,354
Q4 2025	10,600	8,219
2026	29,700	7,925
2027	18,400	8,034
2028	5,500	7,558

Widerøe AS

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