Norwegian Air Shuttle ASA

Investor Presentation • Oct 22, 2025

Presentation of third quarter 2025

22 October 2025

Highlights for Q3 2025

Q3 profit before tax (EBT) NOK 2,891 million

• group operating profit (EBIT) NOK 3,071 million
• Norwegian EBIT NOK 2,797 million
• Widerøe EBIT NOK 274 million
• significant results improvement – operating margin 25.1% vs 18.4% last year
• historic high quarterly EBT and EBIT
• unit cost excl. fuel down 6% YoY
• Program X incl. successful fleet initiatives, recurring and non-recurring
• improving macro with lower USDNOK

Strong Widerøe contribution

• delivering passenger records in Q3 – delivering 9% passenger growth
• operational excellence with strong OTP – regularity significantly improved
• strong contribution to group results
• EBIT up NOK 82m YoY
• commercial segment strong performance
• Widerøe now part of Norwegian Reward

Preferred travel partner – direct, not connect

• 370 Norwegian routes on sale across attractive network
• over 100 Widerøe routes
• operational excellence with few cancellations – ranked among top European airlines
• strong customer satisfaction vs. peers – Net Promoter Score (NPS) close to 50
• most direct routes from Nordics to Europe
• capturing corporate market share
• Spenn expanding with attractive offering
• Danish Travel Awards best European airline

Exercise of aircraft purchase option

• purchase of 30 additional Boeing 737 MAX-8
• latest modern tech. with reduced emissions
• firm order increased to 80 aircraft
• adjusting delivery dates until 2031
• fleet renewal in line with lease expiries and market development
• first aircraft from order due shortly
• received five Boeing aircraft during Q3

Balance sheet fit-for-purpose

• inaugural dividend paid out in August – NOK 0.90 per share to c. 75,000 shareholders
• paying down on final legacy bond
• 1.5bn repayment plus outstanding deposit
• gov. contribution with positive nominal return
• owning larger share of own fleet
• three aircraft purchased and financed in Q3

Third quarter 2025

Load factor (change YoY)

Passengers in third quarter 2025 (group)

Load factor (change YoY)

Norwegian capacity (ASK)

Widerøe capacity (ASK)

Norwegian – record Q3 traffic

Norwegian Traffic – PAX per month, load factor and yield

Delivering record traffic during peak season

• capacity growth (ASK) 2% YoY
• record high Q3 unit revenue
• load factor 88.3%, marginally higher YoY
• yield up 3% YoY

Robust performance post summer

• September load up +1 p.p. YoY
• solid demand for autumn holidays

Widerøe – passenger records

Widerøe Traffic – PAX per month and load factor

Record quarterly traffic

• 1,125,000 passengers up 9% YoY and highest ever
• stable load with increase in traffic
• September record high monthly passengers

Increasing interline traffic with Norwegian

annual interlining traffic flows up close to 30%

Significant results contribution

• results supported by strong operations
  regularity 98.2%, significantly improved vs. last year
• EBIT NOK 274 million up NOK 82m YoY

Widerøe now part of Norwegian Reward

• earn Spenn and use benefits on flights across group
• Norwegian Reward Priority frequent flyer offering
  ongoing top-tier status match for Strawberry and EuroBonus

Norwegian – load and yield ahead with reduced winter capacity

7-day rolling sales figures (PAX) –All markets1)

Optimised winter season capacity

• capacity (ASK) down c. 5% vs. last year for months ahead
• improving underlying performance in low-season

Visibility from Q1 onwards

• limited as per normal this time of year

Booked revenue – winter season (Nov. – Mar.)

Booked load ahead vs. last year

• Norwegian 60,000 more tickets sold vs. last year at corresponding date for winter season travel

Norwegian yield on sold tickets up YoY for winter season

Revenue

• group revenue NOK 12.3 billion up 6% vs. last year
• Widerøe contribution NOK 2.1bn
• traffic records across group
• Norwegian capacity (ASK) growth 2%
• total unit revenue up 4% YoY with marginally higher load factor
• Widerøe delivering Q3 passenger records

Quarterly result

• group EBIT NOK 3,071 million, significant improvement YoY
• highest quarterly operating result in company history
• operating margin 25.1%
• Norwegian EBIT NOK 2,797m
• Widerøe EBIT NOK 274m
• aircraft fleet initiatives yielding positive results effect
• gains for purchase of three leased aircraft and delay compensation
• Norwegian unit cost ex. fuel NOK 0.42 – down 6% YoY
• countering cost inflation, e.g. maintenance components and ATC and airport tariffs

Balance sheet fit for purpose

• liquidity position NOK 10.5 billion
• decreased following bond repayment and dividend
• NIBD impacted with five leased aircraft addition
• company-first dividend paid in August
• NOK 0.90 per share distributed to c. 75,000 shareholders
• repayment of legacy bonds
• Retained Claims Bonds NOK 1.5bn repayment and deposit for remaining amount
• relieved of dividend and share buyback restriction

Revenues – record Q3 traffic

• capacity growth (ASK) 2% vs. Q3 2024
• Unit revenue up 4% from last year – load factor marginally higher

Widerøe with strong contribution

• growth in passengers 9%
• September monthly passenger record
• 17% share of group operating revenue

Operating profit (EBIT) – significant improvement YoY

Quarterly EBIT (NOK million)

Significant improvement in traffic YoY

record unit revenue

Countering cost inflation

• additional cost for ETS and SAF counter to lower fuel price
• pressure from industry specific cost inflation
• Q3 unit cost excl. fuel down 6% YoY and down 3% ytd.

Gains from fleet initiatives

• NOK 269m gain from purchase of three leased aircraft
• delay compensation

Widerøe significant results contribution

EBIT NOK 274 million, up 82m YoY

^{*) 12-}month core inflation weighted by respective currency's share of operating expenses excl. fuel . Actual tariff increases applied for Airport and ATC charges.

**) other losses/(gains)

Group P&L

NOK million	Q3 2025	Q3 2024	Chng. (YoY)
Passenger revenue	10,444	9,759
Ancillary passenger revenue	1,549	1,558
Other revenue	259	277
Total operating revenue	12,252	11,594	+6%	→ improved unit revenue and Widerøe growth
Personnel expenses	2,132	2,044
Aviation fuel	2,918	2,938		→ NOK 137m increase with reduced ETS allowances and increased SAF mandate
Airport and ATC charges	1,244	1,078	+15%	→ increased ATC and airport charges from year-end
Handling charges	810	780
Technical maintenance expenses	320	331
Other operating expenses	923	841
EBITDAR excl other losses/(gains)	3,906	3,581
Other losses/(gains)	-80	4	-83
EBITDAR	3,986	3,578
Aircraft lease, depreciation and amortization	915	1,445	-530	→ aircraft purchase, higher share of owned aircraft, FX and delay compensation
Operating profit (EBIT)	3,071	2,133	938	→ significant improvement YoY
Net financial items	-196	-124		→ larger fleet and higher share of owned aircraft
Profit before tax (EBT)	2,891	2,004
Income tax expense (income)	342	0	0	→ eff. tax rate 12% due to exp. utilisation of unrecognised tax assets
Net profit (loss)	2,549	2,004	545

Robust balance sheet

NOK million	30 Sep 2025	30 Jun 2025	Chng. (QoQ)
Intangible assets	1,965	2,356
Tangible assets	24,186	21,891	+2,295	→ delivery of five leased aircraft
Total non-current assets	26,734	24,682
Receivables	4,152	5,184		→ deposit for outstanding bond
Financial investments	2,655	1,052	+1,603
Cash and cash equivalents	7,857	12,738	-4,881	→ bond repayment, dividend
Total current assets	15,224	19,508		and predelivery payments
Assets	41,958	44,190
Equity	7,685	5,914
Non-current debt	15,140	15,248	-107	→ aircraft additions and bond
Other non-current liabilities	4,391	5,045		repayment
Total non-current liabilities	19,531	20,293
Air traffic settlement liabilities	5,428	8,563	-37%	→ bookings lower with season,
Current debt	3,734	3,439		up 4% YoY
Other current liabilities	5,580	5,981
Total current liabilities	14,742	17,983
Liabilities	34,273	38,276
Equity and liabilities	41,958	44,190
Equity ratio (%)	18.3	13.4	4.9 p.p.

Net interest-bearing debt
NOK million	30 Sep 2025	30 Jun 2025	Chng. (QoQ)
Cash & equiv.	7,857	12,738	-4,881
Financial Investments	2,655	1,052	+1,603
Aircraft financing	17,303	15,806	+1,497
Other IB debt	209	88
Retained Claims Bonds	1,362	2,793	-1,431
NIBD	8,362	4,897	+3,465

• NOK 0.90 per share dividend paid in August

– inaugural company dividend for c. 75,000 shareholders

• NIBD higher this quarter

• dividend paid out plus Boeing PDP payments
• five leased Boeing 737 MAX-8 aircraft entering fleet
• acquisition of three leased aircraft

• legacy bond repayment

• repayment and deposit for last remaining covid bond
• relieved of dividend and buyback restrictions

Cash flow in quarter

Quarterly cash flow (NOK million)

Working capital effect

• reduced forward bookings and normalised holdback

Excess liquidity

• placed on deposits and money-market funds
• cash balance not including financial investment:
• NOK 1,077m in fixed-income fund investments
• NOK 1,578m deposit against outstanding bond
• rate-of-return above 5%

Boeing prepayment – significant portion already paid in

• prepayment to date NOK 3.5bn – up NOK 468m from previous quarter
• net remaining payments before 2028 sub NOK 0.5bn

The way forward

Bergen connectivity

• attractive destination for inbound tourism – group with c. 60% of total Bergen market
• large choice of direct destinations across Europe and Norway

Avgang	Dep	arture 🥏	09:50
Time Fligh	ht Gate	Destination	טכ:כטי
10:05 *** SK2	865 E27	København	Gate closed
10:20 *** SK4	162 818	Trondheim	Go to gate
10:25 DY1	476 E29	Paris Charles de	Boarding
10:30 # SK2	60 B17	Oslo
10:30 AY2	665 E25	Gøteborg
10:30 WF:	1364 B16	via Trondheim
10:40 WF:	104 D32	Flore
10:45 KL1	164 E26	Amsterdam	New time 10:55
10:50 AY8	104 E28	via Stockholm
10:50 WF	527 819	Stavanger
10:50 WF	568 813	Kristiansund
10:50 WF	587 B20	Kristiansand
10:50 WF:	1007 B14	Haugesund
10:50 WF:	1858 E31	Hamburg
10:55 WF	411 B15	Sandefjord
11:00 D85	5333 E27	Alicante
11:05 WF	372 F24	Dublin
11:10 WF	454 D32	Alesund
	5035 E29	Malaga
	140 818	Stavanger
11:50 LS4		Leeds/Bradford
	5527	Barcelona
12:00 DY6	517	Oslo

Billund airport route launch:

• 10 new international routes from Billund
• · bringing tourists to Denmark and Legoland
• attractive European destinations for West Denmark
• direct not connect

"Best European Airline" at Danish Travel Awards

Norwegian won "Best European Airline" award, voted by passengers

Norwegian won the Danish SAF tender

On 8 October the Danish Government announced that Norwegian won the SAF blending tender on the Aalborg to Copenhagen route

Quick facts:

• appr. 3,500 flights from Aalborg to Copenhagen
• expected to save about 6,700 tonnes CO2 (fuel lifecycle)
• first ever government tender offer of this type in the EU

Executing on long-term fleet strategy

Exercising purchase options

• order now for 80 Boeing 737 MAX 8 aircraft
• exercised option for 30 aircraft in Q3 on top of previous 50 firm aircraft order
• attractive pricing
• adjusting certain delivery dates to align with lease expiries and market growth
• first aircraft from own orderbook delivering shortly

Boeing delivering on time

• five aircraft from lessors delivered in Q3
• in total 13 aircraft to be delivered this year, up from two last year
• recent deliveries ahead of revised schedule

Utilising balance sheet for smart fleet decisions

• purchased three Boeing 737-800 leased aircraft in Q3
• non-recurring gain NOK 269 million plus recurring cost savings
• long-term financing at attractive terms completed
• lowering ownership cost
• Norwegian experiencing high demands for financings
• balancing cost of capital vs. cash flow

Fleet optionality

• evaluating additional lease extensions
• depending on market development and profitable growth opportunities

Norwegian fleet estimate

Program X to deliver by year-end 2026:

• underlying recurring profit improvement in excess of NOK 1 billion p.a.*
• sustained increase in EBIT margin (%)

*) baseline 2024 for Norwegian (excl. Widerøe) at constant FX and jet fuel

What we have done so far in 2025:

• fleet control through acquisition of aircraft and spare engines
• operational improvement with 3.2 p.p. higher ytd. arrival punctuality
• new distribution platform enabling Widerøe interlining
• realisation of additional Widerøe synergies - merging of office support functions incl. customer care, IT and communications

Result – on track to deliver on target:

• reducing cost pressure across group value chain
• 40% of achieved initiatives this year are recurring

Examples of what we are doing:

• operations asset performance – fuel savings – crew efficiency optimiser
• cost reductions overhead rightsizing – efficiency via automation
• commercial interlining – partnerships

Outlook

	FY 2025	Q4 2025	FY 2026
Capacity growth1)	c. 3%	c3%	c. 3%

FY 2025

Norwegian unit cost excl. fuel2) Unchanged vs. prior year

norwegian

Disclaimer

Certain statements included in this presentation contain forward-looking statements, such as statements of future expectations. Although the statements provided are based on the best reasonable assumptions of management of Norwegian Air Shuttle ASA ("Norwegian"), the statements are based on a number of assumptions and forecasts that, by their nature, involve risks and uncertainties. No assurances can be given that the expectations provided in the forwardlooking statements will prove to be correct.

Various factors may cause the actual results of Norwegian to differ materially from those projected in forward-looking statements. These factors include, but are not limited to, (a) general economic conditions, (b) changes in the competitive climate, (c) fluctuations in the price of jet fuel, (d) fluctuations in currency exchange rates, (e) industrial actions, (f) contingencies and legal claims, and (g) legislative, regulatory and political factors.

Norwegian cautions readers of this presentation not to place undue reliance on the forward-looking statements in making an investment decision. Norwegian assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.