Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q2 2026 Earnings Presentation
25 slides from Norwegian Air Shuttle Asa's earnings presentation, Jul 14, 2026
Slide 1: Presentation of second quarter 2026
Presentation of second quarter 2026 14 July 2026
Slide 2: Highlights for Q2 2026
Highlights for Q2 2026
Slide 3: Q2 EBIT NOK 213 million excl. other losses; Robust balance sheet
Q2 EBIT NOK 213 million Robust balance sheet excl. other losses ● liquidity position NOK 13.7bn ● traffic growth across group ● balance sheet enabling attractive financing – Widerøe with all-time high monthly passengers and fleet decisions – negative impact from Easter timing and other factors Prefe
Slide 4: Second quarter 2026
Second quarter 2026 7.8 million (+3% YoY) Passengers in second quarter 2026 (group) Load factor (chg. YoY) Load factor (chg. YoY) Punctuality (chg. YoY) Punctuality (chg. YoY) 11.0 0.58 86.4% 94.2% (+0.4 p.p.) (+5 p.p.) billion seat Regularity (chg. YoY) Regularity (chg. YoY) billion seat kilometres
Slide 5: Norwegian – continued passenger growth
Norwegian – continued passenger growth Norwegian Traffic – PAX per month, load factor and yield 89.4% 90.0 % 87.7% Capacity ramp-up in second quarter 87.2% • group capacity (ASK) up 5% YoY 85.7% 4,000 85.4% • passenger growth 3% 84.8% 1.0 8 85.0% 83.6% 3,50 0 0.98 82.5% 81.5% 0.96 0.98 Q2 unit reven
Slide 6: Widerøe – new passenger record
Widerøe – new passenger record Widerøe Traffic – PAX per month and load factor Increasing passenger demand 78.1% • quarterly passenger increase to 1.1 million – passengers up 2% YoY 73.4% 73.8% – monthly record in June with 404,000 passengers 72.5% 500 70.3% 70.1% 69.7% 389 67.2% 404 * Significant o
Slide 7: Norwegian – recent improving booking momentum
Norwegian – recent improving booking momentum 7-day rolling sales figures (PAX) – All markets1 Booked revenue – Travel July to October 8,000,000,000 7,000,000,000 6,000,000,000 5,000,000,000 4,000,000,000 2024 2025 3,000,000,000 2025 2026 2,000,000,000 2026 1,000,000,000 0 Mar Apr May Jun Jul Mar Ap
Slide 8: Attractive corporate offering with strong OTP and loyalty
Attractive corporate offering with strong OTP and loyalty Retaining strong corporate position Norwegian corporate revenue1 • Avinor reports corporate travel in Norway still below 2019 – Norwegian growth in corporate passengers and revenue in 2025 and 2026 • feedback from corporates: – 50% or higher
Slide 9: Customers: Loyal and trusting
Norwegian NPS (Net Promoter Score) – 50 score indicates a strong, loyal and engaged customer base What matters most to our customers Customers: Punctuality arrive on time Help/service get help when needed Helpful staff friendly and service-minded Loyal and Key customer initiatives trusting • operati
Slide 10: Financial results for Q2 2026
Financial results for Q2 2026
Slide 11: Quarterly financial highlights
Revenue • group revenue NOK 10.4 billion – up 1% vs. last year – Widerøe contribution NOK 2.1bn • passenger traffic growth across group – capacity ramp-up into summer season with Q2 ASK growth 5% – negative effect from early Easter timing – Widerøe delivering monthly passenger record in June Quarter
Slide 12: Revenues in Q2
Revenues in Q2 Quarterly total operating revenue (NOK million) Norwegian Q2 traffic • capacity (ASK) up 5% vs. Q2 2025 • unit revenue down 5% from last year – reduced load factor, in part due to Easter timing effect – yield also reduced with negative impact from NOK , strengthening Significant Wider
Slide 13: Operating profit (EBIT) – impacted by fuel and non-recurring effects
Operating profit (EBIT) – impacted by fuel and non-recurring effects Quarterly EBIT (NOK million) Jet fuel price spike • group fuel costs +33% YoY -1,818 • fuel price exposure cushioned by hedge position Other operating costs • increasing in accordance with YoY capacity increase Other losses signifi
Slide 14: Quarterly group P&L
Quarterly group P&L Chng. NOK million Q2 2026 Q2 2025 (YoY) Passenger revenue 8,732 8,664 Ancillary passenger revenue 1,429 1,370 Other revenue 248 255 Total operating revenue 10,408 10,289 +1% → passenger growth Personnel expenses 2,256 2,096 Aviation fuel 3,434 2,576 +33% → significant spike in je
Slide 15: Robust balance sheet
Robust balance sheet 30 Jun. 31 Mar. Chng. NOK million Net interest-bearing debt 2026 2026 (QoQ) Intangible assets 2,523 2,338 30 Jun. 31 Mar. Chng. Tangible assets 24,444 23,847 +598 → aircraft delivery and FX effects NOK million 2026 2026 (QoQ) Total non-current assets 27,550 26,915 Cash & equiv.
Slide 16: Solid quarterly cash flow incl. dividend payment
Solid quarterly cash flow incl. dividend payment Quarterly cash flow (NOK million) Bookings high due to seasonality • positive working capital effect with low holdback Tic et prepayment • stable ticket debt from previous quarter Excess liquidity perating activities e cl • placed on deposits and mone
Slide 17: The way forward
The way forward
Slide 18: Leading Nordic Hotels and Leisure Travel Company
Leading Nordic Hotels and Leisure Travel Company Fleet • • 1.3 million hotel guests, SEK 17 billion revenue, concept hotels, 12 aircraft and market-leading digital platform award-winning brands 26 own unique concept hotels main profit engine • third-party hotels with 4,500 curated hotels – largest p
Slide 19: The acquisition is expected to unlock substantial synergies
The acquisition is expected to unlock substantial synergies Key acquisition details Synergies providing meaningful profit uplift from 2027 Consideration for NLTG • SEK 3.5 billion in cash plus 300 million in newly issued NAS shares – potentially up to 30m additional shares contingent on share price
Slide 20: Aircraft deliveries according to plan
Aircraft deliveries according to plan Fleet • second of 80 ordered Boeing 737 MAX 8 aircraft delivered in April – first aircraft from order to be owned by Norwegian – Boeing delivering according to updated schedule Fleet optionality • evaluating additional lease extensions – dependent on market deve
Slide 21: 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. 100 c. 900 c. 600 >1,250 c. 400 recurring effects non-recurring effects Program X to deliver by year-end 2026: Key initia
Slide 22: Outlook
Outlook FY 2026 Q3 Q4 Capacity growth1 c. 3% c. 5% c. 4% FY 2026 Norwegian underlying unit cost excl. fuel2 Unchanged vs. prior year $ 1 Available seat kilometres (ASK) for Norwegian vs. same period previous year 2 Vs. 2025 assuming current foreign exchange rates as of 14 July 2026. Unit cost excl.
Slide 23: How a small bet “won” the World Cup
How a small bet “won” the World Cup Wednesday last week we challenged British Airways to a simple wager on the England ’ 24 hours, and vice versa. The results >1.5m >150m >500 likes and reactions reach worldwide media articles (own channels) Effect ● significant brand exposure during World Cup ● 36
Slide 24: norwegian x
norwegian x
Slide 25: Disclaimer
Disclaimer Introduction: This Presentation has been prepared by Norwegian Air Shuttle ASA (the "Company", and together with its consolidated subsidiaries, the "Group"). The Presentation is intended for information purposes only and does not itself constitute, and should not in itself be construed as
Norwegian Air Shuttle New — Q2 2026 Earnings Presentation on 6ix