Norwegian Air Shuttle ASA

Quarterly Report • May 8, 2025

5.1 million passengers

Norwegian Air Shuttle ASA

First quarter 2025 financial report

• Quarterly result (EBT) negative NOK 756 million – NOK 147m improvement YoY
• Purchase of 10 aircraft previously on lease – non-recurring gain of NOK 589m
• NIBD down to NOK 5.1bn – aircraft purchase initially financed with cash
• Robust booking momentum – summer season bookings up vs. last year

The Norwegian Group limits operating loss (EBIT) to NOK 611 million in seasonally weakest quarter of the year

The Norwegian Group today reported its first quarter results for 2025. The figures demonstrate the group's ability to deliver good financial results in a winter period with seasonally lower demand.

For the first quarter of 2025, the group recorded a negative operating result (EBIT) of NOK 611 million. The quarterly results were positively impacted by non-recurring effects related to the purchase of 10 Boeing 737-800 aircraft that were previously on lease to Norwegian and balance sheet translation effects of NOK 227 million primarily related to the strengthening of NOK against USD during the quarter. Additionally, the results were impacted by higher ATC and airport charges from year-end. Compared to the same period last year, the results were negatively impacted by the timing of Easter which in 2024 occurred during the first quarter. The liquidity position decreased to NOK 10.5 billion at quarter-end, following the acquisition of the 10 aircraft which initially are financed with the group's available cash. The Norwegian fleet comprised 89 aircraft at quarter-end, of which 25 aircraft were latest technology 737 MAX 8 aircraft. The Widerøe fleet comprised 51 aircraft.

The Norwegian Group had 5.1 million passengers in the quarter, of which 4.2 million were passengers of Norwegian and 0.9 million of Widerøe. Compared to the same period last year, the number of passengers increased by 182,000 and 130,000 for Norwegian and Widerøe, respectively. Production (ASK) for Norwegian increased by 16 percent in the first quarter, while Widerøe production increased by 4 percent. The quarterly load factor for Norwegian was 82.5 percent, down 2.3 percentage points from the same period last year, partly due to the timing of Easter. For Widerøe, the quarterly load factor was 69.8 percent, an improvement of 3.1 percentage points.

For Norwegian, punctuality measured by share of flights departing on schedule was 81.9 percent in the quarter, while it was 79.3 percent for Widerøe. Regularity was 99.2 percent and 94.8 percent respectively. Operational performance for both airlines was negatively impacted by adverse winter weather in the first half of the quarter.

30 March marked the start for the 2025 summer season, entailing a significant ramp-up for Norwegian with close to 20 new routes and added frequencies to both existing and new leisure destinations.

Norwegian entered into an agreement to purchase 10 Boeing 737-800 aircraft during the quarter, aircraft that were previously on lease to the airline. A related non-recurring gain of NOK 589 million was recognised during the quarter. Additionally, the transaction is expected to generate recurring cost savings net of financing costs of an average of approximately NOK 200 million per year. The purchase was initially financed through available cash on hand, with Norwegian currently in the process of securing long-term financing for all 10 aircraft.

The Norwegian Group was awarded a score of B in the renowned CDP climate ranking for 2024, an unchanged score from the previous year. The score is an important recognition of Norwegian's ongoing commitment to reduce greenhouse gas emissions.

In March, Norwegian extended its partnership agreement with UNICEF, a partnership that has been in place since 2007 and raised a total of more than NOK 65 million. On the same day the parties extended the partnership, a Norwegian aircraft departed from Copenhagen carrying emergency aid to Sierra Leone, marking Norwegian's 'most important flight of the year'.

Looking ahead to a successful 2025

Norwegian is proceeding well with its capacity ramp-up into the busy summer travel season of 2025. The airline forecasts a fleet of 88 aircraft for the peak summer season and a full-year production growth of approximately 3 percent. Current booking trend for the summer season is robust and encouraging with more tickets sold this year than at the same period last year. Norwegian is progressing well with its profitability initiatives being implemented under Program X, initiatives that are due to deliver recurring underlying profit improvement in excess of NOK 1 billion by the end of 2026. For Widerøe, there is currently a strong emphasis on operational performance improvements following a challenging first quarter.

Customers of Norwegian and Widerøe value the group's operational performance and the attractive and growing route network. The collaboration with Widerøe and the linking of highly complementary route networks will further ensure that the airlines remain preferred travel partners throughout the Nordics. Reitan Retail is due to become the new partner and co-owner of Spenn, the joint platform for loyalty programmes, providing additional value to the group's attractive loyalty offering.

Group consolidated key financial figures

		Q1 2025			Q1 2024				Full year 2024
(unaudited in NOK million)	Group	Norwegian	Widerøe	Group	Norwegian	Widerøe Change		Group	Norwegian	Widerøe
Operating revenue	6,582.0	4,834.2	1,840.9	6,144.4	4,653.5	1,525.8	7 %	35,316.8	28,344.4	7,241.4
EBITDAR	61.1	-68.8	129.9	301.1	178.1	123.1	-80 %	6,906.6	5,735.8	1,170.8
EBITDAR excl other losses/(gains)	-165.9	-314.8	150.9	427.1	306.7	120.9	NM	7,197.1	6,022.8	1,175.0
Operating profit (EBIT)	-610.9	-568.2	-42.8	-762.6	-739.6	-23.0	-20 %	1,872.6	1,373.3	499.3
EBIT excl other losses/(gains)	-837.9	-814.2	-21.7	-636.6	-611.0	-25.2	32 %	2,163.1	1,660.2	503.5
Profit (loss) before tax (EBT)	-756.5	-736.6	-19.9	-903.4	-830.5	-72.9	-16 %	1,355.4	989.4	366.1
Net profit (loss)	-756.5	-736.6	-19.9	-903.5	-830.6	-72.9	-16 %	1,355.1	989.1	366.1
EBITDAR margin	0.9 %	-1.4 %	7.1 %	4.9 %	3.8 %	8.1 %		19.6 %	20.2 %	16.2 %
EBIT margin	-9.3 %	-11.8 %	-2.3 %	-12.4 %	-15.9 %	-1.5 %		5.3 %	4.8 %	6.9 %
EBT margin	-11.5 %	-15.2 %	-1.1 %	-14.7 %	-17.8 %	-4.8 %		3.8 %	3.5 %	5.1 %
Net profit margin	-11.5 %	-15.2 %	-1.1 %	-14.7 %	-17.8 %	-4.8 %		3.8 %	3.5 %	5.1 %
Book equity per share (NOK)	6.4			5.6			13 %	7.5
Equity ratio (%)	15.7 %			14.3 %			1.4 pp	19.3 %
Cash and cash equivalents	9,420.7			10,434.4			-10 %	9,868.4
Net interest-bearing debt	5,080.1			5,810.3			-13 %	5,197.2

Traffic figures and ratios

		Q1 2025			Q1 2024				Full year 2024
(unaudited ratios in NOK)	Group	Norwegian	Widerøe	Group	Norwegian	Widerøe Change		Group	Norwegian	Widerøe
Yield - total	1.00	0.79	4.77	1.05	0.87	4.26	-5 %	1.05	0.90	4.22
Unit revenue - total	0.82	0.65	3.33	0.88	0.73	2.84	-6 %	0.89	0.76	3.05
Unit cost		0.78			0.85				0.73
Unit cost excl fuel		0.54			0.61				0.50
Ancillary revenue per passenger	164	190	42	154	173	55	6 %	173	195	42
ASK (million)	7,710	7,235	475	6,669	6,213	456	16 %	38,614	36,531	2,083
RPK (million)	6,297	5,966	331	5,569	5,265	304	13 %	32,544	31,039	1,505
Passengers (million)	5.06	4.15	0.91	4.75	3.97	0.78	7 %	26.43	22.63	3.80
Load factor	81.7 %	82.5 %	69.8 %	83.5 %	84.7 %	66.7 %	-2.2 %	84.3 %	85.0 %	72.3 %
Average sector length (km)	803	1,319	262	740	1,202	263	9 %	857	1,292	276
Number of aircraft	140	89	51	135	87	48	4 %	135	86	49
Fuel consumption (1,000 mt)	154	139	15	136	122	14	13 %	770	706	64
CO2 per RPK		73			73				72
CO2 per seat			32			31				32

Group financial review

The Norwegian Group ("the group") consists of Norwegian Air Shuttle ASA ("Norwegian") and Widerøe AS ("Widerøe"), together with affiliated subsidiaries. Following Norwegian's completed acquisition of Widerøe, consolidated financials include Widerøe from 12 January 2024.

The Norwegian Group is experiencing generally positive demand trends across key markets ahead of the summer travel season. Demand for the first quarter has been below that of previous quarters, in accordance with expected seasonality. Compared to the same period last year, demand was impacted by the timing of Easter which in 2024 occurred during the first quarter of 2024. The first quarter results are affected by macroeconomic factors, predominantly relating to significant movements in the value of the NOK against the USD and EUR.

EBITDAR for the group was NOK 61 million in the first quarter of 2025, compared to NOK 301 million in the first quarter of 2024. EBITDAR excl. other losses/(gains) was negative NOK 166 million, down from positive NOK 427 million in the same period last year. Other losses/(gains) amounted to a net gain of NOK 227 million in the quarter and primarily consisted of positive non-recurring effects related to the balance sheet translation of USD denominated operating liabilities following the strengthening of the NOK against the USD during the quarter.

Operating profit (EBIT) for the group was negative NOK 611 million, compared to negative NOK 763 million in the same period last year and was positively impacted by the purchase of 10 leased aircraft during the quarter. The group operating margin was negative 9.3 percent, compared to negative 12.4 percent in the same period last year. Operating profit (EBIT) excl. other losses/(gains) was negative NOK 838 million, compared to negative NOK 637 million in the same period last year.

Profit before tax (EBT) for the group was negative NOK 756 million, compared to negative NOK 903 million in the same period last year.

Revenue

Total operating revenue for the group in the first quarter of 2025 increased to NOK 6,582 million, compared to NOK 6,144 million in the first quarter of 2024. Passenger revenue was NOK 5,473 million, compared to NOK 5,126 million in the same period last year, and includes revenue from the Norwegian government related to Widerøe's public service obligation (PSO) routes. Ancillary passenger revenue was NOK 829 million, compared to NOK 731 million in the same period last year. Other revenue primarily relates to the sale of ground handling services to thirdparties, transport of freight, commission from in-flight sales and revenue from the loyalty programme 'Norwegian Reward' and amounted to NOK 280 million in the quarter, down from NOK 288 million in the same period last year.

Operational expenses

Total operating expenses excluding aircraft lease, depreciation and amortisation for the group amounted to NOK 6,521 million in the first quarter of 2025, compared to NOK 5,843 million in the first quarter of 2024. Total operating expenses adjusted for other losses/(gains) amounted to NOK 6,748 million. Expenses for aviation fuel amounted to NOK 1,968 million, compared to NOK 1,670 million in the same period last year. Expenses for aviation fuel corresponded to 30 percent of total operating expenses excluding aircraft lease, depreciation and amortisation, up from 29 percent in the same period last year. Increased ATC and airport charges from 2025 had a particular negative impact on total operating expenses for the group as compared with the same period in 2024.

Lease and rental expenses

Aircraft lease, depreciation and amortisation for the group amounted to NOK 672 million in the first quarter of 2025, compared to NOK 1,064 million in the first quarter of 2024. Aircraft lease, depreciation and amortisation was positively impacted by a non-recurring gain amounting to NOK 589 million related to the purchase of 10 Boeing 737-800 aircraft that were previously on lease to Norwegian. The gain reflects the purchase price the company achieved and the corresponding reduction of existing lease liabilities

Financial items

Net financial items for the group amounted to negative NOK 139 million in the first quarter of 2025, compared to negative NOK 141 million in the first quarter of 2024. Interest expenses amounting to NOK 292 million for the quarter included NOK 196 million in interest expenses on lease liabilities recognised according to IFRS 16. Other financial income (expense) amounted to a net gain of NOK 81 million in the quarter.

Norwegian segment

This segment includes Norwegian with affiliated subsidiaries and excludes Widerøe with its affiliated subsidiaries.

Traffic development

Passenger demand for air travel with Norwegian in the first quarter of 2025 decreased from the previous quarter, in accordance with expected seasonality. Compared to the first quarter of 2024, passenger demand grew with increased production, while yield and load factor decreased, predominately a result of increased average stage length and the timing of Easter which in 2024 occurred during the first quarter. Capacity measured by available seat kilometres (ASK) increased by 16 percent compared to the same period last year as the company operated new routes and added frequencies to leisure routes to both warmer destinations and to winter holiday destinations in northern Norway and Finland.

For the first quarter of 2025, Norwegian had 4.2 million passengers, 182,000 more passengers than in the first quarter of 2024. Production (ASK) for the quarter was 7,235 million kilometres, up 16 percent from the same period last year. Passenger traffic measured by revenue passenger kilometres (RPK) was 5,966 million kilometres, up 13 percent from the same period last year. The quarterly load factor was 82.5 percent, down 2.3 percentage points from the same period last year. The average sector length was 1,319 kilometres, an increase of 10 percent compared to the same period last year. The increase in the average sector length had a negative impact on yield and unit revenue this quarter.

At the end of first quarter 2025, Norwegian's fleet comprised 89 aircraft, all Boeing 737 aircraft of which 25 were latest technology 737 MAX 8 aircraft. During the quarter, three new aircraft were delivered to Norwegian and no aircraft were redelivered to lessors. 74 aircraft were on average utilised during the quarter. Each aircraft was on average utilised 9.6 block hours per day, up from 9.1 block hours per day in the same period last year.

Operating performance

Punctuality, share of Norwegian's flights departing on schedule, was 81.9 percent in the first quarter of 2025, an improvement from 81.1 percent in the first quarter of 2024. Regularity, share of flights taking place, was 99.2 percent this quarter, down from 99.3 percent in the same period last year. Cirium, the global aviation analytics provider named Norwegian Air Shuttle (DY) Europe's seventh most punctual airline in March.

Norwegian financial review

EBITDAR for Norwegian was negative NOK 69 million in the first quarter of 2025, compared to positive NOK 178 million in the first quarter of 2024. EBITDAR excl. other losses/(gains) was negative NOK 315 million, compared to positive NOK 307 million in the same period last year. Other losses/(gains) amounted to a net gain of NOK 246 million in the quarter and primarily consisted of positive non-recurring effects related to the balance sheet translation of USD denominated operating liabilities following the strengthening of the NOK against the USD during the quarter. Operating profit (EBIT) was negative NOK 568 million, compared to negative NOK 740 million in the same period last year and was impacted positively by the purchase of 10 aircraft previously on lease. Profit before tax (EBT) was negative NOK 737 million, compared to negative NOK 831 million in the same period last year.

Total operating revenue for Norwegian increased to NOK 4,834 million from NOK 4,654 million in the same period last year. Passenger revenue was NOK 3,933 million, while ancillary passenger revenue was NOK 790 million. Other revenue primarily relates to commission from in-flight sales and revenue from the loyalty programme 'Norwegian Reward' and amounted to NOK 111 million, compared to NOK 92 million in the same period last year.

Unit revenue including flight related ancillary revenue was NOK 0.65 in the quarter, down from NOK 0.73 in the same period last year. Yield including flight related ancillary revenues was NOK 0.79, compared to NOK 0.87 in the same period last year. Yield and unit revenue development was negatively impacted by the 10 percent increase in average sector length this quarter and the timing of Easter which in 2024 occurred during the first quarter. Ancillary revenue per passenger was NOK 190 in the quarter, compared to NOK 173 in the same period last year.

Total operating expenses excluding aircraft lease, depreciation and amortisation for Norwegian was NOK 4,903 million in the quarter, compared to NOK 4,475 million in the same period last year. Total operating expenses adjusted for losses/(gains) amounted to NOK 5,149 million. Expenses for aviation fuel amounted to NOK 1,740 million, corresponding to 35 percent of total operating expenses excluding aircraft lease, depreciation and amortisation. Increased ATC and airport charges from 2025 had a negative impact on total operating expenses.

Aircraft lease, depreciation and amortisation was NOK 499 million in the quarter, compared to NOK 918 million in the same period last year. Aircraft lease, depreciation and amortisation was in the quarter impacted by a non-recurring gain amounting to NOK 589 million related to the purchase of 10 Boeing 737-800 aircraft that were previously on lease to Norwegian.

Unit cost, which excludes other losses/(gains) and includes aircraft lease, depreciation and amortisation, amounted to NOK 0.78 in the quarter, a reduction of 8 percent from the same period last year. Unit cost excluding fuel amounted to NOK 0.54, a decrease of 11 percent from the first quarter of 2024 and was impacted by the non-recurring gain related to the purchase of 10 aircraft previously on lease.

Net financial items amounted to negative NOK 162 million in the quarter, compared to negative NOK 91 million in the same period last year. Interest expenses amounting to NOK 268 million for the quarter included NOK 187 million in interest expenses on lease liabilities recognised according to IFRS 16. Other financial income (expense) amounted to a net gain of NOK 36 million in the quarter.

Widerøe segment

This segment solely relates to Widerøe with affiliated subsidiaries.

Traffic development

Passenger demand for Widerøe in the first quarter of 2025 developed significantly positive from the same period last year. The number of passengers increased by 17 percent, while the load factor increased by more than 3 percentage points.

Widerøe had 911,000 passengers in the quarter, up 130,000 passengers from the first quarter of 2024. Production (ASK) for the quarter was 475 million kilometres, an increase of 4 percent from the same period last year. Passenger traffic (RPK) was 331 million kilometres, up 9 percent from the same period last year. The quarterly load factor was 69.8 percent, up 3.1 percentage points from the same period last year. The increase in load factor was a result of improved load factor on Widerøe's commercial and PSO route networks.

At the end of first quarter 2025, the total Widerøe fleet comprised 51 aircraft, 48 De Havilland Dash 8 turboprop aircraft and three Embraer E190-E2 jets.

Operating performance

Punctuality, share of Widerøe's flights departing on schedule, was 79.3 percent in the first quarter of 2025, compared to 80.0 percent in the first quarter of 2024. Regularity, share of flights taking place, was 94.8 percent this quarter, compared to 94.0 percent in the same period last year. Operating performance this quarter was significantly affected by severe winter weather conditions across Norway and increased activity for aircraft maintenance.

Widerøe financial review

EBITDAR for Widerøe was NOK 130 million in the first quarter of 2025, compared to NOK 123 million in the first quarter of 2024. Operating profit (EBIT) was negative NOK 43 million, compared to negative NOK 23 million in the same period last year. Profit before tax (EBT) was negative NOK 20 million, compared to negative 73 million in the same period last year.

Total operating revenue for Widerøe increased to NOK 1,841 million from NOK 1,526 million in the same period last year. Passenger revenue was NOK 1,541 million, compared to NOK 1,252 in the same period last year and includes government revenues from PSO operations. Ancillary passenger revenue was NOK 38 million, compared to NOK 43 million in the same period last year. Other revenue was NOK 262 million, compared to NOK 231 million in the same period last year and is predominately comprised of the sale of ground handling services to thirdparties and Norwegian, transport of freight, in addition to sale of wet-lease airline services to other airlines.

Unit revenue including compensation for PSO operations and flight related ancillary revenue was NOK 3.33, up from NOK 2.84 in the same period last year. Yield including compensation for PSO operations and flight related ancillary revenue was NOK 4.77, up from NOK 4.26 in the same period last year.

Total operating expenses excluding aircraft lease, depreciation and amortisation for Widerøe was NOK 1,711 million in the quarter, compared to NOK 1,403 million in the same period last year. Expenses for aviation fuel amounted to NOK 227 million. Weakened operating performance caused by severe winter weather, combined with increased activity for aircraft maintenance this quarter, had a negative impact on total operating expenses this quarter through increased personnel expenses, handling charges and technical maintenance expenses.

Aircraft lease, depreciation and amortisation amounted to NOK 173 million in the quarter, compared to NOK 146 million in the same period last year.

Net financial items amounted to positive NOK 23 million in the quarter, compared to negative NOK 50 million in the same period last year. Interest expenses amounting to NOK 24 million for the quarter included NOK 9 million in interest expenses on lease liabilities recognised according to IFRS 16. Other financial income (expense) amounted to a net gain of NOK 45 million in the quarter and primarily related to non-recurring effects due to the balance sheet translation to NOK of USD denominated lease liabilities.

Group financial position and liquidity

The majority of aircraft assets for the Norwegian Group are accounted for in USD, creating a natural hedge against USD denominated financing when translated into NOK.

Net interest-bearing debt at the end of the first quarter of 2025 amounted to NOK 5,080 million, compared to NOK 5,810 million at the end of the first quarter of 2024. Compared to the previous quarter, net interest-bearing debt decreased by NOK 117 million. Included in net-interest bearing debt is the zero coupon Retained Claims Bonds, amounting to NOK 2,880 million at the end of the quarter. A total of 140 aircraft were accounted for in the balance sheet through leased and owned aircraft, of which 89 aircraft related to Norwegian's fleet and 51 to the Widerøe fleet.

Equity amounted to NOK 6,150 million at the end of the quarter, down from NOK 5,443 million at the end of the same period last year.

Non-current assets

Total non-current assets amounted to NOK 23,980 million at the end of the first quarter of 2025, compared to NOK 22,129 million at the end of the first quarter of 2024 and NOK 22,346 million at the end of the previous quarter.

Intangible assets amounted to NOK 2,421 million at the end of the quarter and included NOK 1,842 million in deferred tax assets.

Tangible assets amounted to NOK 21,095 million at the end of the quarter, compared to NOK 19,097 million at the end of the same period last year and NOK 19,403 million at the end of the previous quarter, and was predominately comprised of owned aircraft, right-of-use assets for leased aircraft and prepayments for ordered aircraft. Compared to the previous quarter, tangible assets primarily increased due to the purchase of 10 Boeing 737- 800 aircraft previously on lease to Norwegian and the addition of three new 737 MAX 8 aircraft on lease, increases that were countered by the strengthening of NOK against USD during the quarter. Prepayments for ordered aircraft amounted to NOK 3,250 million and relate to the purchase order of 50 Boeing 737 MAX 8 aircraft due to be delivered from 2025.

Current assets

Total current assets amounted to NOK 15,274 million at the end of the first quarter of 2025, compared to NOK 15,936 million at the end of the first quarter of 2024 and NOK 15,254 million at the end of the previous quarter.

Cash and cash equivalents amounted to NOK 9,421 million at the end of the first quarter, corresponding to a decrease of NOK 1,014 million from the end of the same period last year. Compared to the previous quarter, cash and cash equivalents reduced by NOK 448 million, predominantly a result of the purchase of 10 Boeing 737-800 aircraft that were previously on lease to Norwegian and that were initially funded by the company's available cash. Included in cash and cash equivalents is NOK 860 million in a dividend fund for later distribution. Please refer to Note 9 in this report for further information.

Non-current liabilities

Total non-current liabilities amounted to NOK 15,828 million at the end of the first quarter of 2025, compared to NOK 18,409 million at the end of the first quarter of 2024 and NOK 17,234 million at the end of the previous quarter.

Non-current lease liabilities amounted to NOK 9,083 million at the of end the first quarter of 2025, compared to NOK 9,656 million at the end of the same period last year and NOK 9,301 million at the end of the previous quarter.

Current liabilities

Total current liabilities amounted to NOK 17,276 million at the end of the first quarter of 2025, compared to NOK 14,212 million at the first quarter of 2024 and NOK 13,125 million at the end of the previous quarter.

Air traffic settlement liabilities amounted to NOK 8,312 million at the end of the quarter, up from NOK 7,398 million at the end of the same period last year and were positively impacted by the timing of Easter this year. Air traffic settlement liabilities were up NOK 4,169 million from NOK 4,143 million at the end of the previous quarter in accordance with projected seasonality.

Other current liabilities amounted to NOK 5,441 million at the end of the quarter, of which CashPoint liabilities amounted to NOK 473 million.

Equity

Equity at the end of the first quarter of 2025 amounted to NOK 6,150 million, compared to NOK 5,443 million at the end of first quarter of 2024 and NOK 7,241 million at the end of the previous quarter. The corresponding equity ratio was 15.7 percent, an increase of 1.4 percentage points compared to the same period last year.

Group cash flow

Cash and cash equivalents amounted to NOK 9,421 million at the end of first quarter 2025, a decrease of NOK 1,014 million from the end of the first quarter 2024. Compared to the previous quarter, cash and cash equivalents decreased by NOK 448 million, primarily due to the purchase of 10 Boeing 737-800 aircraft initially financed through the group's available cash at hand.

Cash flow from operating activities

Cash flow from operating activities in the first quarter of 2025 amounted to positive NOK 3,262 million, compared to positive NOK 3,082 million in the first quarter of 2024. Air traffic settlement liabilities increased by NOK 4,169 million during the quarter while receivables increased by NOK 470 million. Air traffic settlement liabilities increased in accordance with expected seasonality and was positively impacted by the timing of Easter when compared to the same period last year. Other adjustments amounted to negative NOK 285 million during the quarter. Other adjustments primarily relate to finance items, changes in other assets, other liabilities and non-cash effects included in profit before tax.

Cash flow from investing activities

Cash flow from investing activities in the first quarter of 2025 quarter amounted to negative NOK 3,005 million and was predominantly comprised of the purchase of 10 Boeing 737-800 aircraft that were previously on lease to Norwegian. In the first quarter of 2024, cash flow from investing activities amounted to negative NOK 1,335 million.

Cash flow from financing activities

Cash flow from financing activities in the first quarter of 2025 amounted to negative NOK 677 million, compared to negative NOK 827 million in the first quarter of 2024.

Risk and uncertainties

The Norwegian Group is exposed to several risk factors such as market risk, operational risk, financial risk, liquidity risk and climate-related risks. Future demand for air travel is dependent on sustained consumer and business confidence in key markets. Demand for air travel is subject to strong seasonal variations. Adverse effects in relation to the onset of pandemics or unforeseen security events may impact the group's operations.

The current macroeconomic environment is uncertain with volatile energy and fuel prices, inflationary pressure, fluctuations in foreign exchange rates, the ongoing war in Ukraine, geopolitical tensions in the Middle East as well as potential impacts of disruptions in the global supply chain. The emerging trade tensions between the US and key trading partners, including China and the EU, have led to increased uncertainty in the global economic environment. Such factors may have a significant impact on the group's business, price of materials and aircraft, in addition to the group's financial results. The company has reduced its exposure to fluctuations in fuel prices through derivative contracts. Norwegian has hedged approximately 70 percent of estimated jet fuel consumption for the remainder of 2025 and 25 percent for 2026, while Widerøe has hedged close to 60 percent for the remainder of 2025 and approximately 40 percent for 2026. The group has also reduced its exposure against currency fluctuations with Norwegian having purchased 25 percent of its USD cash flow requirements for the remainder of 2025 and Widerøe having purchased 50 percent for the same period.

In the event of industrial actions, operations may be affected, causing disruptions for customers and affect the company's financial performance.

For additional explanations regarding risks and uncertainties, please refer to the following sections in the company's Annual Report 2024: Financial risk and risk Management section and the going concern section of the Board of Director's report, Note 2: Financial risk and Note 27.: Provision. Note 13 to this interim report includes updates to contingencies and legal claims.

Outlook

Current booking trends and an improved supply-and-demand balance in the European market for air travel support an overall encouraging outlook for the Norwegian Group. Implementation of comprehensive cost and revenue initiatives under Program X will, in addition to the realisation of synergies between Norwegian and Widerøe, support the group's financial performance in 2025.

Unit costs are expected to be impacted by reduced growth in production, in addition to industry-specific inflationary pressure. Unit cost excluding fuel is for Norwegian in 2025 expected to increase by a mid-single-digit percentage compared to 2024, assuming current foreign exchange rates. The year-on-year production growth for the second quarter 2025 is forecasted at 1 percent. For the full-year of 2025, Norwegian is forecasting an overall production (ASK) of approximately 37,500 million seat kilometres, corresponding to a growth of 3 percent from 2024. This compares to a production growth of 13 percent in the previous year. The reduction in production growth is due to aircraft delivery delays from aircraft manufacturer Boeing with the Norwegian fleet currently projected at 88 aircraft for the summer of 2025. For the summer program ahead, Norwegian is operating close to 350 routes, of which 17 are new routes to attractive leisure destinations.

With strong brand loyalty, a highly skilled organisation and a solid financial platform, the group is well-positioned to tackle potential short-term fluctuations in demand and to solidify its position as a leading airline group in the Nordics. Widerøe will support the Group's strong customer proposition and outlook through the enabling of seamless travel across an improved route network offering.

Condensed interim financial statements

Consolidated income statement

		Q1	Q1	Full Year
(unaudited in NOK million)	Note	2025	2024	2024
Passenger revenue		5,473.4	5,126.0	29,621.2
Ancillary passenger revenue		828.8	730.9	4,561.4
Other revenue		279.8	287.5	1,134.3
Total operating revenue	3	6,582.0	6,144.4	35,316.8
Personnel expenses		2,124.4	1,774.1	7,958.5
Aviation fuel		1,967.5	1,669.6	9,376.8
Airport and ATC charges		823.5	605.1	3,464.9
Handling charges		571.7	486.7	2,587.9
Technical maintenance expenses		339.9	277.9	1,170.2
Other operating expenses		920.9	903.9	3,561.4
Other losses/(gains)		-227.0	126.0	290.5
Total operating expenses excl lease, depr. and amort.		6,520.9	5,843.2	28,410.3
Operating profit excl lease, depr. and amort. (EBITDAR)		61.1	301.1	6,906.6
Aircraft lease, depreciation and amortisation		672.0	1,063.8	5,034.0
Operating profit (EBIT)		-610.9	-762.6	1,872.6
Financial items
Interest income		71.1	84.3	367.6
Interest expense		291.8	278.9	1,135.0
Other financial income (expense)		81.3	53.8	259.3
Net financial items		-139.3	-140.8	-508.1
Share of net loss/(profit) of joint venture		6.2	0.0	9.0
Profit (loss) before tax (EBT)		-756.5	-903.4	1,355.4
Income tax expense (income)		0.0	0.1	0.3
Net profit (loss)		-756.5	-903.5	1,355.1
Net profit (loss) attributable to:
Owners of the parent company		-756.5	-903.5	1,355.1
Basic earnings per share (NOK)	6	-0.82	-0.97	1.26
Diluted earnings per share (NOK)	6	-0.82	-0.97	1.20

Consolidated statement of comprehensive income

	Q1	Q1	Full Year
(unaudited in NOK million)	2025	2024	2024
Net profit (loss) for the period	-756.5	-903.5	1,355.1
Actuarial gains and losses	0.0	0.0	-45.3
Currency translation differences	-286.7	167.4	330.8
Gains/(losses) on cash flow hedges	-90.2	477.7	-35.7
Hedging (gains)/losses reclassified to profit or loss	41.8	-72.0	-0.3
Total comprehensive income for the period	-1,091.6	-330.5	1,604.7
Total comprehensive income attributable to:
Owners of the company	-1,091.6	-330.5	1,604.7
Consolidated statement of financial position

	31 MAR	31 MAR	31 DEC
(unaudited in NOK million) Note	2025	2024	2024
ASSETS
Intangible assets	2,421.3	2,591.5	2,428.9
Tangible assets 7	21,095.3	19,096.6	19,403.1
Other non-current assets	463.3	440.5	514.2
Total non-current assets	23,979.9	22,128.6	22,346.3
Inventory	522.7	504.0	501.6
Receivables and other current assets	4,294.8	4,997.7	3,872.1
Financial investments	1,035.4	0.0	1,011.8
Cash and cash equivalents 9	9,420.7	10,434.4	9,868.4
Total current assets	15,273.7	15,936.1	15,253.8
TOTAL ASSETS	39,253.6	38,064.7	37,600.1
EQUITY AND LIABILITIES
Shareholders' equity 10	6,150.2	5,443.4	7,240.7
Total equity	6,150.2	5,443.4	7,240.7
Non-current debt 8	12,013.3	14,211.6	12,248.7
Other non-current liabilities	3,814.4	4,197.6	4,985.2
Total non-current liabilities	15,827.7	18,409.1	17,233.9
Air traffic settlement liabilities	8,312.2	7,398.5	4,142.9
Current debt 8	3,522.9	2,033.1	3,828.6
Other current liabilities	5,440.6	4,780.5	5,153.9
Total current liabilities	17,275.7	14,212.1	13,125.4
TOTAL LIABILITIES	33,103.3	32,621.2	30,359.3
TOTAL EQUITY AND LIABILITIES	39,253.6	38,064.7	37,600.1

Consolidated statement of cash flow

	Q1	Q1	Full Year
(unaudited in NOK million)	2025	2024	2024
OPERATING ACTIVITIES
Profit before tax	-756.5	-903.4	1,355.4
Paid taxes	-24.7	-2.2	-72.2
Depreciation, amortisation and impairment	627.7	1,045.4	4,806.8
Changes in air traffic settlement liabilities	4,169.3	3,912.1	656.6
Changes in receivables	-469.6	-1,035.3	-134.2
Other adjustments	-284.5	65.9	333.5
Net cash flows from operating activities	3,261.6	3,082.5	6,946.0
INVESTING ACTIVITIES
Purchases, proceeds and prepayment of tangible assets	-2,995.0	-303.2	-1,093.3
Purchase of subsidiaries, net of cash acquired	0.0	-1,000.0	-1,020.0
Other investing activities	-9.9	-31.8	-1,101.5
Net cash flows from investing activities	-3,005.0	-1,335.1	-3,214.8
FINANCING ACTIVITIES
Loan proceeds	92.7	45.6	191.7
Principal repayments	-543.4	-670.9	-2,558.9
Financing costs paid	-226.3	-201.3	-1,029.8
Net cash flows from financing activities	-677.1	-826.6	-3,397.1
Net change in cash and cash equivalents	-420.4	920.8	334.1
Foreign exchange effect on cash	-27.3	35.7	56.4
Cash and cash equivalents at beginning of period	9,868.4	9,477.9	9,477.9
Cash and cash equivalents at end of period	9,420.7	10,434.4	9,868.4

Consolidated statement of changes in equity

	Q1	Q1	Full Year
(unaudited in NOK million)	2025	2024	2024
Equity - Beginning of period	7,240.7	5,772.6	5,772.6
Total comprehensive income for the period	-1,091.6	-330.5	1,604.7
Share issue	0.0	19.5	19.5
Perpetual bonds issue and conversions	0.0	-19.5	-19.5
Interest payment on perpetual bonds	0.0	0.0	-141.3
Equity change on employee options	1.1	1.3	4.8
Equity - End of period	6,150.2	5,443.4	7,240.7

Notes to the condensed interim financial statements

Note 1 Accounting principles

The condensed consolidated interim financial statements comprise Norwegian Air Shuttle ASA and its subsidiaries (the company). Norwegian Air Shuttle ASA is a limited liability company incorporated in Norway. The consolidated financial statements of the company for the year ended 31 December 2024 are available at www.norwegian.com.

These unaudited condensed consolidated interim financial statements have been prepared in accordance with the rules and regulations of Oslo Stock Exchange and International Accounting Standard (IAS) 34 Interim Financial Reporting. They do not include all the information required for full annual consolidated financial statements and should be read in conjunction with the consolidated financial statements for the company for the year ended 31 December 2024.

The accounting policies applied by the company in these condensed consolidated financial statements are the same as those applied by the company in its consolidated financial statements for the year ended 31 December 2024.

Certain amounts have been reclassified in 2025 compared to the classification presented in 2024. The reclassification affects "Airport and ATC Charges", "Technical maintenance expense" and "Other operating expenses" in the Consolidated income statement. The amounts for 2024 have been reclassified to be comparable.

Judgments, estimates and assumptions

The preparation of condensed consolidated interim financial statements is in accordance with IFRS and applying the chosen accounting policies require management to make judgments, estimates and assumptions which affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical figures and various other factors which are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the company's accounting policies and the key sources of estimation uncertainty, were the same as those that applied to the consolidated financial statements for the period ended 31 December 2024.

The going concern basis of accounting is adopted in preparing these interim financial statements. Refer to the Risk and Uncertainties section of this Interim Report for further information.

Impairment

The company assesses whether there are any indications that its assets may be impaired at the end of each reporting period. There are no impairment indicators during the reporting period.

Note 2 Risk

Sensitivity Analysis

(unaudited in NOK million)	Effect on costs
1% increase in jet fuel price	23
1% increase in USD against NOK	107

The sensitivity analysis for changes in the jet fuel price is based on expected consumption for the 12-month period from quarter-end after cash flow hedging effects. The sensitivity analysis for changes in USD against NOK is based on total operating expenses including interest expense for the 12-month period from quarterend and incorporates jet fuel and currency cash flow hedging effects, but does not include other losses/(gains) which includes balance sheet translation effects of operating liabilities due to changes in foreign exchange rates. Exposure to currencies other than USD is substantially offset through revenues in the same currencies.

Note 3 Revenue

Passenger revenue comprises only ticket revenue, while ancillary passenger revenue is other passenger related revenue such as optional extras. Other revenue primarily relates to revenue from handling services, commission from in-flight sales and revenue

from the loyalty programme 'Norwegian Reward'. Passenger related revenue per country is based on the starting point of customer journeys.

Operating revenue by country

	Q1	Q1		Full year
(unaudited in NOK million)	2025	2024	Change	2024
Norway	3,813.8	3,496.8	9 %	17,891.9
Spain	886.3	885.6	0 %	4,619.1
Denmark	475.6	515.3	-8 %	3,198.8
Sweden	454.8	428.9	6 %	2,796.8
United Kingdom	178.4	181.1	-2 %	1,100.7
Finland	175.1	173.3	1 %	904.5
Italy	73.3	65.5	12 %	791.3
Germany	68.7	68.0	1 %	428.1
France	61.2	59.7	3 %	675.0
Poland	59.6	57.1	4 %	364.2
Other	335.2	213.2	57 %	2,546.5
Total operating revenue	6,582.0	6,144.4	7 %	35,316.8
Total outside of Norway	2,768.2	2,647.5	5 %	17,424.9

Note 4 Segment information

The Executive Management team reviews the company's internal reporting to assess performance and allocate resources. Executive Management has determined the group's operating segments based on these reports.

Executive Management considers the airlines Norwegian and Widerøe as two separate operating segments.

Performance is measured by Executive Management based on the operating segments' earnings before interest, tax, aircraft lease, depreciation and amortisation (EBITDAR).

The table below includes separate financial information for the group and its two operating segments. Financial information for the group and Widerøe would be approximately the same if Widerøe had been acquired on 1 January 2024.

		Q1 2025				Q1 2024			Q/Q		Full year 2024
(unaudited in NOK million )		Group Norwegian		Widerøe Elimination		Group Norwegian		Widerøe Elimination Change			Group Norwegian		Widerøe Elimination
Passenger revenue	5,473.4	3,932.8	1,540.6	0.0	5,126.0	3,873.8	1,252.1	0.0	7 %	29,621.2	23,421.1	6,200.1	0.0
Ancillary passenger revenue	828.8	790.4	38.4	0.0	730.9	688.1	42.8	0.0	13 %	4,561.4	4,403.0	158.4	0.0
Other revenue	279.8	111.0	261.8	-93.0	287.5	91.6	230.8	-34.9	-3 %	1,134.3	520.2	883.0	-268.9
Total operating revenue	6,582.0	4,834.2	1,840.9	-93.0	6,144.4	4,653.5	1,525.8	-34.9	7 %	35,316.8	28,344.4	7,241.4	-268.9
Personnel expenses	2,124.4	1,298.4	825.9	0.0	1,774.1	1,069.7	704.4	0.0	20 %	7,958.5	4,975.1	2,983.4	0.0
Aviation fuel	1,967.5	1,740.4	227.1	0.0	1,669.6	1,474.9	194.7	0.0	18 %	9,376.8	8,447.7	929.1	0.0
Airport and ATC charges	823.5	723.9	99.6	0.0	605.1	532.8	72.3	0.0	36 %	3,464.9	3,129.0	335.9	0.0
Handling charges	571.7	502.0	123.7	-54.0	486.7	432.2	77.7	-23.3	17 %	2,587.9	2,377.8	415.2	-205.2
Technical maintenance expenses	339.9	243.6	99.3	-3.0	277.9	187.1	90.7	0.0	22 %	1,170.2	797.6	373.1	-0.6
Other operating expenses	920.9	640.6	314.4	-34.0	903.9	650.0	265.0	-11.1	2 %	3,561.4	2,594.3	1,029.6	-62.5
Other losses/(gains)	-227.0	-246.0	21.1	-2.0	126.0	128.6	-2.2	-0.5 NM		290.5	286.9	4.3	-0.7
Total operating expenses excl lease, depr. and amort.	6,520.9	4,902.9	1,711.0	-93.0	5,843.2	4,475.4	1,402.7	-34.9	12 %	28,410.3	22,608.5	6,070.7	-268.9
EBITDAR	61.1	-68.8	129.9	0.0	301.1	178.1	123.1	0.0	-80 %	6,906.6	5,735.8	1,170.8	0.0
Aircraft lease, depreciation and amortisation	672.0	499.4	172.6	0.0	1,063.8	917.7	146.1	0.0	-37 %	5,034.0	4,362.5	671.5	0.0
Operating profit (EBIT)	-610.9	-568.2	-42.8	0.0	-762.6	-739.6	-23.0	0.0	20 %	1,872.6	1,373.3	499.3	0.0
Interest income	71.1	69.2	1.9	0.0	84.3	81.7	2.5	0.0	-16 %	367.6	357.6	10.0	0.0
Interest expense	291.8	267.6	24.2	0.0	278.9	250.7	28.2	0.0	5 %	1,135.0	1,031.7	103.4	0.0
Other financial income (expense)	81.3	36.2	45.1	0.0	53.8	78.1	-24.2	0.0	51 %	259.3	299.2	-39.8	0.0
Net financial items	-139.3	-162.2	22.9	0.0	-140.8	-90.9	-49.9	0.0	1 %	-508.1	-374.9	-133.2	0.0
Share of net loss/(profit) of joint venture	6.2	6.2	0.0	0.0	0.0	0.0	0.0	0.0		9.0	9.0	0.0	0.0
Profit (loss) before tax (EBT)	-756.5	-736.6	-19.9	0.0	-903.4	-830.5	-72.9	0.0	16 %	1,355.4	989.4	366.1	0.0
Income tax expense (income)	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	-94 %	0.3	0.3	0.0	0.0
Net profit (loss)	-756.5	-736.6	-19.9	0.0	-903.5	-830.6	-72.9	0.0	16 %	1,355.1	989.1	366.1	0.0

Note 5 Information on related party transactions

For detailed information on related party transactions, please refer to Note 30 to the consolidated financial statements for 2024. There have been no significant transactions with related parties during the first quarter of 2025.

Note 6 Earnings per share

	Q1	Q1	Full year
(unaudited in NOK million)	2025	2024	2024
Profit attributable to the owners of the company before PIK interest	-756.5	-903.5	1,355.1
Payment-in-kind interest on perpetual bonds recognized in equity	-36.4	-32.6	-141.9
Profit attributable to the owners of the company after PIK interest	-792.9	-936.1	1,213.3
Basic earnings per share (NOK)	-0.82	-0.97	1.26
Diluted earnings per share (NOK)*	-0.82	-0.97	1.20
Specification of weighted average number of shares
used in calulation of basic and diluted EPS
Ordinary shares for basic EPS	963,880,462	962,251,349	963,475,409
Perpetual bonds for diluted EPS	-	-	163,360,699
Share options	-	-	205,563
Weighted average number of ordinary shares diluted	963,880,462	962,251,349	1,127,041,671
Antidilutive instruments that might become dilutive in
future periods not included in calculation of the
diluted earnings per share for the period
Perpetual bonds	162,518,750	164,470,081	-
Share options	4,486,580	4,486,580	4,281,017

*Shares which might become dilutive in future periods are only included in the calculation of diluted earnings per share in case they would reduce basic earnings per share for the period if they had been issued at the beginning of the period. Potentially dilutive shares which would increase basic earnings per share if they had been outstanding at the beginning of the period are considered antidilutive. They are not included in the calculation of diluted earnings per share for the period.

Note 7 Tangible assets

	31 MAR	31 MAR	31 DEC
(unaudited in NOK million)	2025	2024	2024
Predelivery payments	3,250.3	3,391.5	3,496.8
Owned aircraft, parts and installations on leased aircraft	6,777.5	3,763.6	4,239.3
Right-of-use assets aircraft and parts	9,740.8	10,701.2	10,302.4
Aircraft, parts and installations	16,518.3	14,464.8	14,541.8
Other tangible assets owned	742.6	701.0	754.0
Right-of-use assets other	584.2	539.2	610.5
Other tangible assets	1,326.8	1,240.2	1,364.5
Total tangible assets	21,095.3	19,096.6	19,403.1
Total right-of-use assets	10,324.9	11,240.4	10,913.0

Norwegian Air Shuttle ASA has in the first quarter of 2025 entered into an agreement to purchase 10 Boeing 737-800 aircraft that previously were on lease to the airline. On completion of the transaction, Norwegian recorded a non-recurring gain of NOK 589 million presented as a reduction in the line "Aircraft lease, depreciation and amortisation". The gain reflects the purchase price the company achieved and the corresponding reduction of existing net lease balances including maintenance accrual on leased aircraft The new aircraft were recognised at fair value at the acquisition date.

Note 8 Borrowings

	31 MAR	31 MAR	31 DEC
(unaudited in NOK million)	2025	2024	2024
Retained claims bonds	1,397.6	2,683.7	1,364.7
Aircraft financing	1,530.2	1,870.3	1,580.9
Lease liabilities	9,083.4	9,655.6	9,301.1
Other non-current debt	2.0	2.0	2.0
Non-current debt	12,013.3	14,211.6	12,248.7
Retained claims bonds	1,482.4	0.0	1,449.5
Aircraft financing	111.8	112.2	119.1
Lease liabilities	1,745.8	1,826.7	2,023.5
Other current debt	182.9	94.2	236.5
Current debt	3,522.9	2,033.1	3,828.6
Total borrowings	15,536.2	16,244.7	16,077.3

Note 9 Dividend funds

An extraordinary general meeting in December 2023 authorised the Board to distribute dividends of up to NOK 0.25 per share for 2022. In May 2024, the general meeting authorised a dividend of NOK 0.60 per share for 2023. The Board of Directors intends to propose a profit distribution of NOK 0.60 per share for 2024 at the 2025 Annual General Meeting, to be paid out either through dividend or buy-back of shares or convertible bonds. The proposed distribution corresponds to an aggregated amount of NOK 580 million and a payout ratio of 48 percent.

Distribution of dividends for 2022, 2023, and 2024 is subject to approval from holders of the company's debt instruments. Until such approval is obtained, the company has set aside the amount and invested it in several money market funds, all with investment grade ratings. The total amount, including accrued yield/interests, was NOK 860 million at the end of the first quarter of 2025. The amount is included in the line-item Cash and cash equivalents in the Consolidated statement of financial position as of 31 March 2025.

Note 10 Shareholder information

20 largest shareholders at 28 February 2025:

Name	Country	Number of shares	Percent
1 Geveran Trading Company, Ltd.	Cyprus	140,063,236	14.5 %
2 Folketrygdfondet	Norway	88,643,143	9.2 %
3 DNB Asset Management AS	Norway	42,293,435	4.4 %
4 Ballyfin Aviation Limited	Ireland	31,472,703	3.3 %
5 Nordea Funds Oy	Finland	26,976,626	2.8 %
6 Nordnet Bank AB.	Norway	26,721,671	2.8 %
7 Silver Point Capital, L.P.	United States	24,092,031	2.5 %
8 KLP Fondsforvaltning AS	Norway	16,706,139	1.7 %
9 Avanza Bank AB	Sweden	16,059,126	1.7 %
10 Keskinäinen eläkevakuutusyhtiö Varma	Finland	15,045,382	1.6 %
11 American Century Investment Management, Inc.	United States	14,066,295	1.5 %
12 Holmen Fondsforvaltning AS	Norway	12,200,000	1.3 %
13 Handelsbanken Kapitalförvaltning AB	Sweden	10,265,524	1.1 %
14 Brumm AS	Norway	10,096,560	1.0 %
15 Sundt AS	Norway	9,405,914	1.0 %
16 BlackRock Institutional Trust Company, N.A.	United States	8,679,485	0.9 %
17 Deutsche WertpapierService Bank AG	Germany	7,756,942	0.8 %
18 Eika Kapitalforvaltning AS	Norway	7,582,566	0.8 %
19 UBS AG London	United Kingdom	7,157,299	0.7 %
20 Svelland Capital (UK) Ltd	United Kingdom	6,514,324	0.7 %
Top 20 shareholders		521,798,401	54.1 %
Other shareholders		442,082,061	45.9 %
Total number of shares		963,880,462	100.0 %

Norwegian Air Shuttle ASA had a total of 963,880,462 shares outstanding and 77,272 shareholders as of 28 February 2025.

Note 11 Fair value estimation

	31 MAR	31 MAR	31 DEC	31 DEC
(unaudited in NOK million)	2025	2025	2024	2024
	Carrying		Carrying
	amount	Fair value	amount	Fair value
Financial assets at fair value through profit or loss	1,073.6	1,073.6	1,049.9	1,049.9
Financial assets at fair value through OCI	35.1	35.1	75.7	75.7
Financial assets at amortized cost	12,251.2	12,251.2	12,410.1	12,410.1
Total financial assets	13,359.9	13,359.9	13,535.7	13,535.7
Financial liabilities at fair value through OCI	277.8	277.8	271.5	271.5
Financial liabilities at amortized cost	19,954.0	19,915.5	19,934.2	19,887.6
Total financial liabilities	20,231.7	20,193.2	20,205.7	20,159.1

The company's financial assets and liabilities are measured at fair value in the statement of financial position based on the fair value measurement levels below:

Level 1

The fair value of financial instruments traded in active markets is based on quoted market prices of the reporting date. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regular occurring market transactions on an arm's length basis. The group had two financial instruments in this category at 31 March 2025 and 31 December 2024, Norwegian Block Exchange and financial investments in money market funds.

Level 2

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity

specific estimates. Financial instruments in level 2 include forward contracts classified as derivatives. The fair value of forward commodity contracts is determined using mark to market values from financial institutions. Spot prices in the mark to market calculations are based on mid-prices as set by the financial institutions at the reporting date.

Level 3

If one or more of the significant inputs are not based on observable market data, specific valuation techniques are applied. The group had two financial instruments in this category as per 31 March 2025 and 31 December 2024, investments in Norsk e-Fuel AS and Pilot Flight Academy. No changes in fair value have been recognised for these investments after initial recognition.

The following table presents financial assets and liabilities measured at fair value:

	31 MAR 2025		31 DEC 2024
(unaudited in NOK million)	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets
Derivative financial assets, non-current	-	35.1	-	-	35.4	-
Derivative financial assets, current	-	(0.0)	-	-	40.3	-
Total financial assets at fair value through OCI	-	35.1	-	-	75.7	-
Investment financial assets, non-current	3.7	-	34.5	3.7	-	34.5
Investment financial assets, current	1,035.4	-	-	1,011.8	-	-
Total financial assets at fair value through profit or loss	1,039.1	-	34.5	1,015.5	-	34.5
Financial liabilities
Derivative financial liabilities, non-current	-	82.3	-	-	38.5	-
Derivative financial liabilities, current	-	195.5	-	-	233.0	-
Total financial liabilities at fair value through OCI	-	277.8	-	-	271.5	-

Note 12 Contingencies and legal claims

On 21 September 2021, the Norwegian Environment Agency concluded in an administrative ruling that the cram down of claims in the Examinership and Reconstruction does not apply to the company's obligation to surrender emission allowances under EU ETS (see Section 9.6.2 "Environmental regulations") for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 314 million at the end of 2024. The Reconstructor determined that the Reconstruction applies to the company's obligation to surrender emission allowances as a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the company was unable to comply with the Norwegian Environment Agency's demand of the company surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the company. The company appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency's decision. The company, supported by its advisors and the Reconstructor, are of the view that the company's obligation to surrender emission allowances for emissions pre-dating 18 November 2020 can be settled by paying dividend of 5 percent introduced under the Reconstruction and the decision to impose a penalty of NOK 400 million is invalid. On this basis, the company filed a statement of claim to Oslo District Court on 9 January 2023.

In June 2023, Oslo District Court decided to submit the case to the EFTA Court for consultation on the EU/EEA law implications of the matter. The EFTA Court provided an advisory opinion in August 2024, stating that "Article 12(2a) of Directive 2003/87/EC ["EU ETS Directive"] of the European Parliament and of the Council establishing a system for greenhouse gas emissions allowance trading within the Union must be interpreted as precluding national legislation from providing that the obligation to surrender emissions allowances may be settled by dividend in a compulsory debt settlement in connection with the restructuring of an insolvent company". The company takes note of the advisory opinion; however, the company is of the opinion that the EFTA Court's assessments and conclusion are not a correct interpretation of the EU ETS Directive.

Effective 21 March 2024, regulation 23 December 2004 concerning mandatory quotas and the trading of emission allowances for greenhouse gases (the Allowance Regulation) (Nw.: klimakvoteforskriften) implementing Regulation (EU) 2023/2904 require "compliance status A" in the EU greenhouse gas emission trading registry for transfers of free allowances. Currently, NAS holds "compliance status B" as the group's obligation to surrender 372,000 emission allowances for 2020 emissions was settled through dividends in accordance with the reconstruction plan which was approved by Oslo City Court and

Note 13 Events after the reporting period

On 29 April 2025, Norwegian announced that Reitan Retail will become one of three owners of Spenn, the joint platform for loyalty programmes originally founded by Strawberry and Norwegian. The agreement is subject to regulatory approval, which is expected during the summer of 2025.

effective as of 26 May 2021. As earlier disclosed, the Norwegian Environment Agency contends that the obligation to surrender allowances cannot be settled in accordance with the reconstruction plan and has appealed a ruling which has adjudicated in favour of Norwegian. NAS believes that the obligation to surrender emissions allowances for 2020 emissions has been finally settled and that NAS therefore should be awarded free allowances.

The liability for allowances related to CO2 emissions in 2024 is measured based on the assumption that Norwegian will receive free allowances for 2024. The liability per 31 December 2024 would be higher by and NOK 464 million in total if NAS expected not to receive free allowances in 2024. Fuel cost would accordingly be higher by NOK 464 million for the full-year of 2024.

The liability for allowances related to CO2 emissions in 2025 is measured based on the same assumption that Norwegian will receive free allowances for 2025. The liability per 31 March 2025 would be higher by NOK 51 million in total if NAS expected not to receive free allowances in 2025. Fuel cost would accordingly be higher by NOK 51 million for first quarter of 2025.

The legal issue concerning treatment of emission allowances in insolvency has never been tried in court before. As a consequence of the Reconstruction, the amount corresponding to the contemplated market value of such allowances was crammed down and the company has a provision of NOK 15 million at the end of 2024. The company has paid the ETS penalty fee in 2023 and will seek a return of this amount plus interest following a final conclusion.

On 20 December 2024, the Oslo District Court ruled that Norwegian was entitled to fulfil its EU ETS obligations for 2020 by offering dividend corresponding to the allowance obligations, and that the penalty for the failure to meet the EU ETS obligations for 2020 was unlawful. Thus, Norwegian is entitled to a full refund of the penalty amount, including interest amounting to NOK 96 million at the end of the first quarter of 2025, if the decision becomes final and enforceable. In addition, Norwegian was awarded compensation for legal costs amounting to NOK 10 million.

On 29 January 2025, Norwegian was notified that the Ministry of Climate and Environment have filed an appeal to the Court of Appeal to challenge the decision of the Oslo District Court. The hearing of the appeal is expected to be held in the beginning of 2026.

There are no other significant additions or changes to the information regarding contingencies or legal claims presented in Note 27 to the consolidated financial statements for 2024.

There have been no other events subsequent to the reporting period that might have a significant effect on the financial report for the first quarter of 2025.

Definitions

Alternative performance measures

Norwegian Air Shuttle's financial information is prepared in accordance with International Financial Reporting Standards (IFRS). In addition, the company presents alternative performance measures (APM). The APMs are regularly reviewed by management and their aim is to enhance stakeholders'

understanding of the company's performance. APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described in the table below.

Measure	Description	Reason for including
Operating profit (EBIT)	Earnings before net financial items and income tax expense (income)	Enables comparability of profitability regardless of capital structure or tax situation
EBIT excl. other losses/(gains)	Earnings before net financial items and income tax expense (income), adjusted for other losses/(gains)-net	Enables comparability of profitability regardless of capital structure or tax situation, excluding effects for certain volatile operating expenses
EBIT margin	EBIT divided by total operating revenue	Enables comparability of profitability relative to operating revenue
EBITDAR	Earnings before net financial items, income tax expense (income), depreciation, amortisation, impairment and aircraft leasing expenses	A measure of operating performance that enables comparison between airlines as it is not affected by the method used to finance aircraft
EBITDAR excl. other losses/(gains) / Underlying operating result before ownership costs	Earnings before net financial items, income tax expense (income), depreciation, amortisation and impairment, aircraft leasing expenses and share of profit (loss) from associated companies, adjusted for other losses/(gains)-net	A measure of operating performance that enables comparison between airlines as it is not affected by the method used to finance aircraft, excluding effects for certain volatile operating expenses
EBITDAR margin	EBITDAR divided by total operating revenue	Enables comparability of profitability relative to operating revenue
Profit (loss) before tax (EBT)	Earnings before income tax expense (income)	Enables comparability of profitability regardless of capital structure or tax situation
EBT excl. other losses/(gains) and impairment	Earnings before income tax expense (income), adjusted for other gains/(losses) and impairment costs	Enables comparability of profitability regardless of one-off impairment losses, excluding effects for certain volatile operating expenses
EBT margin	EBT divided by total operating revenue	Enables comparability of profitability relative to operating revenue
Net interest-bearing debt	Non-current debt plus current debt less cash and cash equivalents and current financial investments	Measurement of the ability to pay all debt with available cash and cash equivalents and current financial investments, if all debt matured on the day of the calculation. It is therefore a measure of the risk related to the company's capital structure
Other losses/(gains)	Gains and losses from translation of working capital in foreign currency and net gain or loss from sale of fixed assets	Included as a specification to operating expenses to separate certain volatile effects from other operating expenses
Operating expenses excl. leasing, depreciation and amortisation	Total operating expenses not including aircraft lease expense, depreciation, amortisation and impairment	A measure of operating expenses that enables comparison between airlines as it is not affected by the method used to finance aircraft
Operating expenses excl. other losses /(gains), depreciation and lease	Total operating expenses not including other losses/(gains) depreciation, amortisation, impairment and lease expenses	A measure of operating expenses that is not affected by other losses/(gains), depreciation, amortisation, impairment and lease expenses

Alternative performance measures - Reconciliations

	Q1	Q1	Full Year
(unaudited in NOK million)	2025	2024	2024
Operating profit (EBIT) to EBIT excl other losses/(gains)
Operating profit (EBIT)	-610.9	-762.6	1,872.6
- Other losses/(gains)*	-227.0	126.0	290.5
EBIT excl other losses/(gains)	-837.9	-636.6	2,163.1
EBITDAR to EBITDAR excl other losses/(gains)
EBITDAR	61.1	301.1	6,906.6
- Other losses/(gains)*	-227.0	126.0	290.5
EBITDAR excl other losses/(gains)	-165.9	427.1	7,197.1
Net profit (EBT) to EBT excl other losses/(gains) and impairment
Profit (loss) before tax (EBT)	-756.5	-903.4	1,355.4
- Other losses/(gains)*	-227.0	126.0	290.5
EBT excl other losses/(gains) and impairment	-983.5	-777.4	1,646.0
Net interest bearing debt
Cash and cash equivalents	9,420.7	10,434.4	9,868.4
Financial investments - current **	1,035.4	0.0	1,011.8
Aircraft financing	12,471.2	13,464.9	13,024.7
Other interest-bearing debt	184.9	96.2	238.5
Retained claims bonds	2,880.0	2,683.7	2,814.1
Net interest-bearing debt	5,080.1	5,810.3	5,197.2

*Other losses /(gains) is defined in table above and is a part of operating expenses, see consolidated income statement. **Financial investments infixedincomefundswith a higher expected return

23

Other definitions

Item	Description
Aircraft lease expenses	Variable lease and rental expenses not capitalized as part of right-of-use assets on aircraft, including both dry leases and wet-leases
Ancillary revenue per passenger	Ancillary passenger revenue divided by number of passengers
ASK / Production	Available seat kilometres. Number of available passenger seats multiplied by flight distance
Average sector length	Total flown distance divided by number of flights
Book equity per share	Total equity divided by number of shares outstanding
CO2 per RPK	Amount of CO2 emissions divided by RPK
CO2 per seat	Amount of CO2 emissions divided by available passenger seats
Constant currency	A currency exchange rate that excludes the impact of exchange rate fluctuations from comparable period, e.g. 2023 as comparable period
Equity ratio	Book equity divided by total assets
Fuel consumption	Aviation fuel consumed, presented in metric tons
Load factor	RPK divided by ASK. Describes the utilization of available seats
Number of aircraft	Fleet of aircraft owned and leased at the end of the reporting period, excluding aircraft on wet-lease
Passengers	Number of passengers, including no-show
RPK	Revenue passenger kilometres. Number of sold seats multiplied by flight distance
Unit cost	Total operating expenses, excluding impairment and other losses/(gains)-net, divided by ASK
Unit cost excluding fuel	Total operating expenses, excluding impairment, other losses/(gains)-net and aviation fuel expenses, divided by ASK
Unit revenue - ticket	Passenger ticket revenue divided by ASK
Unit revenue - total	Passenger ticket revenue and flight related ancillary revenue divided by ASK
Yield - ticket	Passenger ticket revenue divided by RPK. A measure of average fare per kilometre
Yield - total	Passenger ticket revenue and flight related ancillary revenue divided by RPK. A measure of average passenger revenue per kilometre

Norwegian Air Shuttle ASA

Mailing address P.O. Box 115

Telephone +47 67 59 30 00 Internet norwegian.com

NO–1330 Fornebu Visiting address Oksenøyveien 3, Fornebu Organisation number NO 965 920 358 MVA

Board of directors Group management

Katrine Gundersen Director, employee representative Henrik Fjeld Chief Operations Officer Eric Holm Director, employee representative Jeanette Bø-Alnes Chief Performance Officer

Svein Harald Øygard Chair Geir Karlsen Chief Executive Officer Lars Rahbæk Boilesen Director Hans-Jørgen Wibstad Chief Financial Officer Karina Deacon Director Magnus Thome Maursund Chief Commercial Officer Stephen Kavanagh Director Guro H. Poulsen Chief People Officer

Tore Jenssen CEO Widerøe

Katherine Jane Sherry Director Anne-Sissel Skånvik Chief Communications Customer & Public Affairs Officer Torstein Hiorth Soland Director, employee representative Knut Olav Irgens Høeg Chief IT & Business Services Officer

Investor relations

Jesper M. Hatletveit investor.relations@norwegian.com VP Investor Relations norwegian.com/us/about/company/investor-relations/

Financial calendar 2025

8 May Q1 2025 Results 14 May Annual General Meeting 5 June Monthly traffic data May 4 July Monthly traffic data June 11 July Q2 2025 Results 6 August Monthly traffic data July 4 September Monthly traffic data August 6 October Monthly traffic data September 22 October Q3 2025 Results 6 November Monthly traffic data October 4 December Monthly traffic data November