Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q1 2026 Earnings Presentation
22 slides from Norwegian Air Shuttle Asa's earnings presentation, Apr 28, 2026
Slide 1: Presentation of first quarter 2026
Presentation of first quarter 2026 28 April 2026
Slide 2: Highlights for Q1 2026
Highlights for Q1 2026
Slide 3: Q1 operating result (EBIT) negative NOK 220 million
Q1 operating result (EBIT) Robust balance sheet amidst negative NOK 220 million increased uncertainty ● significant results improvement YoY ● liquidity position increased to NOK 14.2bn – operating margin minus 3% ● net interest-bearing debt reduced to NOK 4.4bn – program X delivering NOK 196m in qua
Slide 4: First quarter 2026
First quarter 2026 5.2 million (+2.1% YoY) Passengers in first quarter 2026 (group) Load factor (chg. YoY) Load factor (chg. YoY) Punctuality (chg. YoY) Punctuality (chg. YoY) 6.8 0.47 78.8% 87.2% (-3 p.p.) (+8 p.p.) billion seat Regularity (chg. YoY) Regularity (chg. YoY) billion seat kilometres (-
Slide 5: Norwegian – strong winter traffic
Norwegian – strong winter traffic Norwegian Traffic – PAX per month, load factor and yield Capacity reduced in winter season 90.0 4,000% 89.4% • adjusting to seasonal variations in demand 87.2% 87.7% 1.0 8 • Q1 capacity (ASK) down 6% YoY 86.5% 85.9% 85.4% 85.7% 3,50 0 0.98 84.8% Q1 with improved per
Slide 6: Widerøe – strong traffic performance in Q1
Widerøe – strong traffic performance in Q1 Widerøe Traffic – PAX per month and load factor Traffic improving through Q1 77.6% • significant load factor improvement in Feb-March 73.4% 73.4% – Q1 load factor 70.2%, up 0.4 p.p. YoY 72.5% 73.8% – 930,000 passengers, up 2% YoY 70.3% 500 67.2% 396 64.2% S
Slide 7: Norwegian – bookings remain encouraging into summer
Norwegian – bookings remain encouraging into summer 7-day rolling sales figures (PAX) – All markets*) Booked revenue – Travel May to August sales peak ytd. 6,000,000,000 5,000,000,000 4,000,000,000 3,000,000,000 Easter effect 2024 2025 2,000,000,000 2025 2026 1,000,000,000 2026 0 Jan Feb Mar Apr May
Slide 8: Macro environment: navigating through uncertainty
Escalating tensions in the Middle East • macro volatility and closure of Hormuz Straight following Iran attacks • jet fuel price has spiked significantly – Persian gulf historically large supplier of jet to Europe Limited operations to Middle East • select flights in winter season to Dubai – all com
Slide 9: Financial results for Q1 2026
Financial results for Q1 2026
Slide 10: Quarterly financial highlights
Revenue • group revenue NOK 6.9 billion – up 5% vs. last year – group capacity (ASK) reduced 6% – Widerøe contribution NOK 1.9bn • traffic improving across group – Norwegian optimising winter capacity – ASK down 6% YoY – total unit revenue up 13% YoY with higher load factor and yield – Widerøe deliv
Slide 11: Revenues – improved unit revenue during winter
Revenues – improved unit revenue during winter Quarterly total operating revenue (NOK million) Norwegian Q1 traffic • capacity (ASK) down 6% vs. Q1 2025 • unit revenue up 13% from last year – higher load factor and yield • positive impact from early Easter timing effect – effect to be reversed in Q2
Slide 12: Operating profit (EBIT) – improving underlying performance
Operating profit (EBIT) – improving underlying performance Quarterly EBIT (NOK million) Favourable macro effects in quarter • NOK strengthening against USD and EUR +310 • jet fuel hedge gains partly offset by higher fuel price • EU ETS price moving lower Non-recurring effects taken out • Q1 2025 inc
Slide 13: Quarterly group P&L
Quarterly group P&L Chng. NOK million Q1 2026 Q1 2025 (YoY) Passenger revenue 5,778 5,473 Ancillary passenger revenue 866 829 Other revenue 260 280 Total operating revenue 6,904 6,582 +5% → improved unit revenue Personnel expenses 2,238 2,124 +5% Aviation fuel 1,533 1,968 -22% → impacted by hedge ga
Slide 14: Robust balance cushioning against macro uncertainty
Robust balance cushioning against macro uncertainty 31 Mar. 31 Dec. Chng. NOK million Net interest-bearing debt 2026 2025 (QoQ) Intangible assets 2,338 2,259 31 Mar. 31 Dec. Chng. Tangible assets 23,847 24,791 -944 → downpayment and FX effects NOK million 2026 2025 (QoQ) Total non-current assets 26,
Slide 15: Strong cash flow in quarter
Strong cash flow in quarter Quarterly cash flow (NOK million) Bookings higher with seasonality • working capital effect with low holdback icke prepaymen • seasonally higher bookings Excess liquidity pera ing ac i i ies e cl • placed on deposits and money-market funds icke pre paymen • incl. positive
Slide 16: The way forward
The way forward
Slide 17: Fleet: Secured for summer 2026
Fleet: Aircraft deliveries according to plan • second of 80 ordered Boeing 737 MAX 8 aircraft delivered in April – Boeing delivering according to updated schedule Secured for • fleet set for summer 2026 – all required aircraft already in operation summer 2026 Fleet optionality • evaluating additiona
Slide 18: Widerøe: forward as a group
Increased demand for attractive network Widerøe: • passenger demand increasing through Q1 following 2025 records • operational excellence key for customers - improving on both punctuality and regularity across network forward as a group • Q2 bookings well ahead YoY Delivering on group synergies • si
Slide 19: Program X – building on improvements already realised
Program X – building on improvements already realised Profitability improvements (NOK million) Ongoing initiatives on track for 2026 – realised and forecasted – recurring only c. 900 >1,250 recurring effects non-recurring effects Program X to deliver by year-end 2026: Key initiatives delivered NOK 1
Slide 20: Outlook
Outlook FY 2026 Q2 Q3 Q4 Capacity growth*) c. 3% c. 5% c. 5% c. 5% FY 2026 Low single-digit % increase Norwegian underlying unit cost excl. fuel**) vs. prior year $ *) available seat kilometres (ASK) for Norwegian vs. same period previous year **) vs. 2025 assuming current foreign exchange rates as
Slide 21: norwegian x
norwegian x
Slide 22: Disclaimer
Disclaimer Certain statements included in this presentation contain forward-looking statements, such as statements of future expectations. Although the statements pro ided are based on he bes reasonable assump ions o managemen o Norwegian Air hu le A A “Norwegian” he s a emen s are based on a number
Norwegian Air Shuttle New — Q1 2026 Earnings Presentation on 6ix