Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q1 2025 Earnings Presentation
18 slides from Norse Atlantic Asa's earnings presentation, May 21, 2025
Slide 1: Q1 2025 Presentation
Q1 2025 Presentation 21 May 2025
Slide 2: Disclaimer
Disclaimer This presentation and its appendices (the "Presentation") has been produced by Norse Atlantic ASA (the "Company", and together with its direct and indirect subsidiaries, the "Group"). This Presentation has been prepared for information purposes only, and does not constitute or form part o
Slide 3: Q1 2025 headlines
Q1 2025 headlines (USD million) • Record load factor of 95% Revenue1 EBITDAR Net profit • Increase of 51% YoY in passengers flown 125.3 15.0 (14.9) • Average revenue per passenger in own network up 5% YoY and PRASK up 27% 78.2 (27.4) (62.8) • 23% increase in revenue excluding USD 28.7 million No of
Slide 4: Strategy execution
Strategy execution ACMI/Network strategy Commercial overhaul Cost-efficiency • Firm contracts with IndiGo for six aircraft • World-leading load factor YTD • Uniform 787-9 fleet • Secures profitability on 50% of fleet, reduces • FY 2025 well ahead of last year, gross sales • Improving crew utilizatio
Slide 5: Long-term charters improve financial predictability
Long-term charters improve financial predictability Capacity allocation (approximate # of aircraft end of period) • First aircraft commenced ACMI1 charter operations with IndiGo in March after signing contract in February 1 1 2 − Three aircraft signed in Q1 for 2H 2025 start-up − Two aircraft signed
Slide 6: Promising 2025 bookings
Promising 2025 bookings Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 Q4 2025 vs Q4 2024 LF N days out by quarter LF N days out by quarter LF N days out by quarter +18 pp +13 pp +3 pp PRASK1 N days out by quarter PRASK1 N days out by quarter PRASK1 N days out by quarter +14 % +35 % +46 % 6 Note: Data as per
Slide 7: Cost efficiencies according to plan
Cost efficiencies according to plan LTM2 CASK excluding fuel • Expected total annualized run-rate cost savings of USD 40 US cent per ASK million - 14% • Improved crew efficiency and reduced cost as base structure will be adjusted to new network and ACMI contracts 4.65 4.21 4.15 • 50% SG&A run-rate r
Slide 8: Trending up on key value drivers
Trending up on key value drivers LTM1 Revenue LTM EBITDAR LTM Cash flow from operations USD million USD million USD million 700 50 100 600 635 40 42 80 588 83 560 30 500 543 60 478 20 400 56 10 40 300 0 -1 20 200 -12 -10 -12 15 3 0 100 -20 -26 -15 0 -30 -20 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1
Slide 9: Q1 completion at 100%
Q1 completion at 100% % of flights completed and departing on time 110% 100% 90% 80% 70% 60% 50% • Q1 punctuality at 71% 40% 30% • Continued impact of air traffic 20% control and flow management restrictions, as well as airport- 10% related challenges 0% jan.24 feb.24 mar.24 apr.24 mai.24 jun.24 jul
Slide 10: World-leading load factor and strong passenger growth
World-leading load factor and strong passenger growth 95% load factor in Q1 2025 51% passenger growth in Q1 2025 + 22pp + 51% 100% 200,000 90% 180,000 80% 160,000 70% 140,000 60% 120,000 50% 100,000 40% 80,000 30% 60,000 20% 40,000 10% 20,000 0% 0 10
Slide 11: Revenue per pax increased by 5% YoY
Revenue per pax increased by 5% YoY USD per passenger 450 + 5% 406 400 380 84 350 343 339 324 84 300 74 69 74 250 200 322 150 296 269 270 250 100 50 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Avg airfare Avg ancillary 11
Slide 12: Significant improvement in PRASK and CASK
Significant improvement in PRASK and CASK Load factor main driver of improved PRASK CASK continues to improve YoY US cent per ASK US cent per ASK + 27% - 10% 5.14 4.92 4.63 4.44 4.36 4.46 4.15 3.81 3.55 3.27 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 12 Note: CAS
Slide 13: Income statement
Income statement 3 months 3 months 12 months USD thousands Q1 2025 Q1 2024 FY 2024 Revenue 125,298 78,242 588,106 Personnel expenses 33,840 27,853 131,701 • Underlying Q1 revenue up 23% YoY Fuel, oil & emissions 26,903 31,445 183,617 • 15% increased capacity (ASK) Other OPEX 39,102 37,824 225,985 •
Slide 14: Cash Flow Statement
Cash Flow Statement 3 months 3 months 12 months USD thousands Q1 2025 Q1 2024 FY 2024 Operating cash flows before WC1) movements (11,678) (30,211) (877) Working capital movements 41,728 33,363 56,517 • Positive cash flow from operations Operating cash flows 30,050 3,151 55,640 • Negative cash flow f
Slide 15: Balance sheet
Balance sheet USD thousands 31 Mar 25 31 Mar 24 31 Dec 24 Total non-current assets 806,746 923,446 876,353 Credit card receivables 138,791 112,095 100,245 • Current assets include: Other receivables/current assets 28,796 40,439 31,737 − USD 139 million receivables from credit card companies for book
Slide 16: Summary and outlook
Summary and outlook • World-leading load factor and strong growth in Q1 • Executing on strategy with secured revenue and reduced risk and costs • Aiming to deliver full-year 2025 profitability 16
Slide 17: Thank You For Flying With Us
Thank You For Flying With Us Flynorse.com Explore Contact: Investors: investor.relations@flynorse.com Media: media@flynorse.com 17 Q1 2025 Results Presentation
Slide 18: Key operational numbers
Key operational numbers Monthly break-down over last five quarters Jan24 Feb24 Mar24 Apr24 May24 Jun24 Jul24 Aug24 Sep24 Oct24 Nov24 Dec24 Jan25 Feb25 Mar25 Number of aircraft in 15 15 15 15 15 15 15 15 15 15 15 15 15 12 12 fleet Number of aircraft 5 5 4 4 3 3 3 3 3 3 3 3 3 1 0 subleased out ASK (mi