Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q3 2025 Earnings Presentation
25 slides from Norse Atlantic Asa's earnings presentation, Nov 26, 2025
Slide 1: Q3 2025 Presentation
Q3 2025 Presentation 26 November 2025
Slide 2: Disclaimer
Disclaimer This presentation and its appendices (the "Presentation") has been produced by Norse Atlantic ASA (the "Company", and togethe r w ith its direct and indirect subsidiaries, the "Group"). This Presentation has been prepared for information purposes only, and does not constitute or form part
Slide 3: Q3 2025 headlines
Q3 2025 headlines • Record revenue and passengers carried Revenue adj. 1 EBITDAR EBIT • Load factor above 90% for four straight quarters USD million • Transition to dual strategy progressing on plan 229.7 21.4 2.7 • Transatlantic market softness reflected in ticket 222.0 26.7 4.6 prices • Maintenanc
Slide 4: Good relative development in soft transatlantic market
Good relative development in soft transatlantic market US international passenger traffic 2 Q3 2025 YoY change vs. Transatlantic peer - group 1 Year - on - year growth in RPK/ASK and load factor Change in PRASK reported Load factor Unadjusted for FX %- points change %- points %- points 9.0 6 90 88 4
Slide 5: Maintenance incident impacting financials and operations
Maintenance incident impacting financials and operations • Engine damage during on - ground testing as part of planned maintenance • USD 20 million insurance claim proceeds and repair costs included in Q3 other revenue and technical maintenance expense ‒ No impact on EBITDAR ‒ Further insurance proc
Slide 6: Executing on strategic priorities
Executing on strategic priorities > ACMI 1 + own network > Refining commercial > Cost - efficiency business model transition strategy • ACMI - roll - out on track with 5 of 6 aircraft • Load factor exceeding 90% in four straight • Uniform 787 - 9 fleet delivered to IndiGo quarters and strong passeng
Slide 7: Dual strategy for high utilization and earnings predictability
Dual strategy for high utilization and earnings predictability Continuous high utilization of fleet from 2026 and onwards Dual strategy business model Capacity split (ASK 1 million) De - risked, stable cash flow from charter/ACMI (B2B) 50%+ Ensuring high Long - term ACMI agreement for six aircraft 5
Slide 8: ACMI transition progressing on plan
(Nov 24th, 2025 @ 15:03): New image ACMI transition progressing on plan Aircraft operating for IndiGo and monthly usage 500 7 Average >400 hours per month 6 400 6.0 5 5.0 5.0 300 4.5 4 200 3 2.9 2 100 1.3 1 1.0 1.0 0 0 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 # AC in operation
Slide 9: Keeping the most profitable routes in own network
Keeping the most profitable routes in own network Contribution per aircraft in network 2025 season (winter + summer) 1 Average contribution • Higher production per aircraft and revenue per passenger in own network • Replacing lower - margin legacy routes with stable and positive charter/ACMI contrib
Slide 10: Higher aircraft utilization driving improved unit metrics
Higher aircraft utilization driving improved unit metrics Actual production and long - term aircraft utilization target ASK LTM 1 • Aircraft capacity utilization is currently at ~77% of target Production capacity with average 16 hours per day per AC capacity (Q3 2025 LTM) Upside from higher • The du
Slide 11: Four consecutive quarters with load factor above 90%
Four consecutive quarters with load factor above 90% Load factor Passengers +9 pp +11% 100% 600 000 90% 500 000 80% 70% 400 000 60% 50% 300 000 40% 200 000 30% 20% 100 000 10% 0% 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 11
Slide 12: Network high-grading yielding positive effects
Network high - grading yielding positive effects Q4 2025 vs Q4 2024 “Winter - sun” Europe - Asia/S Africa Average fare 1 N days out Average ticket prices +23% booked to date (Oct ’25 – Apr ’26) + 14% Load factor build 2 : Ahead YoY Quarter capacity 3 : + 15% YoY Q1 2026 vs Q1 2025 Average fare 1 N d
Slide 13: Q3 2025 Results
Q3 2025 Results Note 13
Slide 14: Long-term value drivers
Long - term value drivers LTM 1 Revenue LTM 1 EBITDAR LTM Cash Flow USD million USD million USD million 110 673 680 85 635 83 588 560 XO - items 61 56 56 42 15 -1 - 26 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1 Q1 2025 re
Slide 15: Long-term margin expansion continues
Long - term margin expansion continues Load factor drives improved PRASK 1 Higher production drives down CASK 2, 3 Focusing on key margin enablers US cent per ASK LTM US cent per ASK LTM +10% - 8% 4.15 • Improving average ticket pricing ‒ Continuous refining of commercial strategy 4.68 4.67 4.07 ‒ A
Slide 16: EBIT impacted by non-recurring items
EBIT impacted by non - recurring items Q3 includes around USD 9 million non - recurring costs EBIT development year - on - year (USD million) • USD ~5 million in non - recurring costs not covered by insurance related to the engine damage during maintenance ‒ Insurance claim proceeds covering repairs
Slide 17: CASK development masks positive underlying trend
CASK development masks positive underlying trend CASK ex fuel – development in key components (y - o- y) Comment on per unit costs: US cent per ASK • Negative FX impact ‒ Majority of personnel cost increase from FX 0.06 ‒ About 4% impact on other cost items 0.10 • Non - recurring costs 0.14 ‒ 8% neg
Slide 18: Income statement
Income statement 3 months 3 months 9 months 9 months 12 months • Q3 revenue up 3% YoY adjusted for USD thousands Q3 2025 Q3 2024 Q3 2025 Q3 2024 FY 2024 insurance claims ‒ 10% increased capacity (ASK) YoY Operating revenue 228,720 220,595 526,383 458,642 580,075 ‒ 95% load factor vs. 86% in Q3 2024
Slide 19: Cash flow statement
Cash flow statement 3 months 3 months 9 months 9 months 12 months USD thousands • Positive cash flow from operations Q3 2025 Q3 2024 Q3 2025 Q3 2024 FY 2024 1 movements • Working capital build reflecting Operating cash flows before WC 24,400 28,171 37,578 (25) (877) seasonal pattern and ACMI/Charter
Slide 20: Balance sheet
Balance sheet USD thousands 30 Sep 25 30 Jun 25 30 Sept 24 31 Dec 24 • Current assets include USD 84 million Total non - current assets 783,246 794,170 890,595 876,353 receivables from credit card companies for booked tickets Credit card receivables 83,769 141,338 124,939 100,245 Other receivables/c
Slide 21: Summary and outlook
Summary and outlook • Record passengers carried with load factor above 90% for four consecutive quarters • Transition to du al strategy progressing to plan • Network high - grading yielding positive effects 21
Slide 22: Appendix
Appendix Note 22
Slide 23: Completion and punctuality
Completion and punctuality % of flights completed and departing on time 110% Flight completion steady at around 100% 100% 90% 80% 70% 60% 50% 40% Punctuality continues to be affected by external factors such as air traffic control delays and 30% airport congestions 20% 10% 0% Punctuality (D15) Compl
Slide 24: Key operational statistics
Key operational statistics Monthly breakdown over the last five quarters Jul24 Aug24 Sep24 Oct24 Nov24 Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Number of aircraft in fleet 15 15 15 15 15 15 15 12 12 12 12 12 12 12 12 12 Number of aircraft subleased out 3 3 3 3 3 3 3 1 0 0 0
Slide 25: Thank you for flying with us
DRAFT VERSION | Work in progress Thank you for flying with us Explore flynorse.com Explore