Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q4 2025 Earnings Presentation
26 slides from Norse Atlantic Asa's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 Presentation 26 February 2026
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: New CEO's perspectives – why I signed up
New CEO’s perspectives – why I signed up > Strong foundation > Need for improvements • Attractive long-term lease agreements (2032-38) • Clear business idea on what should be our future differentiator • Competitive product – 96% load factor in 2025 • Optimize network structure (destinations and util
Slide 4: Q4 2025 - headlines
Q4 2025 - headlines • 27% revenue increase YoY with strong passenger growth Revenue1,2 EBITDAR EBIT USD million and higher average fares in own network • 96% load factor, fifth consecutive quarter above 90% 156.3 (3.1) (22.0) 123.1 (3.3) (25.9) • EBITDAR and EBIT includes USD 1.6 million of net non-
Slide 5: FY 2025 - headlines
FY 2025 - headlines • Significant improvement on all operational parameters Revenue1 EBITDAR EBIT USD million • Transition to de-risked dual model with Charter/ACMI and own network 734.0 56.5 (20.1) 588.1 (0.1) (97.0) • Material shift in commercial momentum from late Q4 with record unit revenue in o
Slide 6: Passing the turning-point in December
Passing the turning-point in December 2025 measures yielding positive results +14% +22% production own network passenger growth Dec’25 vs. Dec’24 (ASK) Dec’25 vs. Dec’24 Focus on accelerating change and improvements Drive sustainable profitability and shareholder value creation +6% ~50% unit revenue
Slide 7: Own Network with clear inflection point during Q4 2025
Own Network with clear inflection point during Q4 2025 % Change in TRASK own network YoY • Network high-grading showing clear results • Strong “Winter Sun” program and focused Transatlantic routes 20% • Strengthening momentum from cargo 7% • Network production up 17% in the 6% same period (Nov’25 –
Slide 8: Successfully completing ACMI transition
Successfully completing ACMI transition Aircraft operating for IndiGo and P&O Cruises 0.4 0.4 0.4 0.2 6.0 5.0 5.0 4.5 2.9 1.0 1.0 1.3 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 IndiGo P&O Monthly block hours for IndiGo per aircraft 500 400 Minimum guaranteed 350 BH/m per AC 300
Slide 9: Q4 2025 Results
Q4 2025 Results (NORSE
Slide 10: Q4 2025 – key figures
Q4 2025 – key figures Revenues (USD million) EBITDAR (USD million) EBIT (USD million) 156 -3.3 -3.1 123 95 -22.0 -25.9 -28.3 -56.9 Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 Flights (#) Passengers (‘000) Load Factor (%) 1,478 408 96% 1,196 92% 339 988 70% 230 Q4 2023 Q4
Slide 11: Full year 2025 – key figures
Full year 2025 – key figures Revenues (USD million) EBITDAR (USD million) EBIT (USD million) 734 56.5 588 439 -20 -0.9 -97 -18.0 2023 2024 2025 -135 2023 2024 2025 2023 2024 2025 Flights (#) Passengers (‘000) Load Factor (%) 1,839 6,103 5,402 96% 1,460 84% 74% 4,002 980 2023 2024 2025 2023 2024 2025
Slide 12: Long-term margin expansion continues
Long-term margin expansion continues Load factor drives improved ACMI drives down Group Production continues to rise Margin enablers Group TRASK 1 CASK 2, 3 US cent per ASK LTM US cent per ASK LTM Available Seat Kilometers (mill) • Highly successful winter program +3% +20% • Increasing production an
Slide 13: Revenue per passenger up, cargo revenues increasing
Revenue per passenger up, cargo revenues increasing Revenue per passenger up 10% YoY Cargo revenues up 27% YoY on higher pricing USD per passenger USD million 379 8.7 343 62 74 • 40% non-US flights in Q4 2025 vs. 12% 6.6 in Q4 2024 • High passenger demand and pricing for • 37% increase in rate per t
Slide 14: Higher unit margin on profitable ACMI operations and improved network earnings
Higher unit margin on profitable ACMI operations and improved network earnings 70% higher unit margin YoY Changing ASK composition US cent per Group ASK • Group TRASK1 reflect charter/ACMI revenues +44% 3,738 Group ASK being predominantly fixed 0.3 • Group CASK2 reflect lower ACMI operational cost b
Slide 15: CASK developing in the right direction
CASK developing in the right direction Group CASK ex fuel 1 – development in key components (y-o-y) Comment on per unit costs: US cent per ASK • Personnel costs ‒ Reduction due to ACMI transition -19% ‒ Higher overtime compensation in own network during December 4.46 0.18 0.14 0.25 ‒ Negative effect
Slide 16: Income statement
Income statement 3 months 3 months 12 months 12 months • Q4 revenue up 27% YoY USD thousands Q4 2025 Q4 2024 FY 2025 FY 2024 ‒ 44% increased capacity (ASK) Revenue 156,331 123,118 734,042 588,106 ‒ 20% passenger growth ‒ Includes USD 2.9 million insurance Personnel expenses 43,472 34,790 160,840 131
Slide 17: Cash flow statement
Cash flow statement 3 months 3 months 12 months 12 months USD thousands • Negative cash flow from Q4 2025 Q4 2024 FY 2025 FY 2024 operations in Q4 2025 Operating cash flows before WC1 movements (6,515) 27,318 13,963 48,019 • Working capital reduction Working capital movements 11,657 (7,432) 56,402 7
Slide 18: Balance sheet
Balance sheet USD thousands 31 Dec 25 30 Sep 25 31 Dec 24 • Working actively with credit card Total non-current assets 771,974 783,246 876,353 acquirers to reduce cash hold back from ticket sales Credit card receivables 72,137 83,769 100,245 Other receivables/current assets 50,126 42,509 31,737 • No
Slide 19: Outlook
Outlook 19 Note
Slide 20: The vision, focus and strategy to make Norse profitable
The vision, focus and strategy to make Norse profitable Launched project Falcon to develop an "Airline on Demand“ a more agile and cost-efficient Norse > Maximizing revenue > Minimizing cost • Positioned for more ad hoc charter and/or long-term • Assess base set-up to match future demand ACMI if pro
Slide 21: 1H 2026 bookings confirming positive momentum
1H 2026 bookings confirming positive momentum 1 Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 Stronger momentum in TRASK • 40% higher fares for Q1 on booked position • Close to 10% higher fares for Q2 on booked • Month-to-date February TRASK in Own per 23 Feb position per 23 Feb Network up 25% YoY • Strong
Slide 22: Full year 2026 outlook
Full year 2026 outlook Per end February 2026 Passenger revenue own network Optimising network, pricing and load to increase TRASK Charter/ACMI Continued use of ACMI aircraft above minimum block hours Cargo/other Continuing trend from last 12 months Total revenue Driven by own network success combine
Slide 23: Conclusion
Conclusion • Norse reached its turning-point in Q4 2025 • Significantly better performance on all KPIs with proof points from January and February 2026 • Project Falcon launched to accelerate the turnaround and strengthen the investment case 23
Slide 24: Appendix
Appendix 24 Note
Slide 25: Key operational statistics
Key operational statistics Monthly breakdown over the last five quarters Oct24 Nov24 Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Number of aircraft in fleet 15 15 15 15 12 12 12 12 12 12 12 12 12 12 12 12 Number of aircraft subleased out 3 3 3 3 1 0 0 0 0 0 0
Slide 26: Thank you for flying with us
DRAFT VERSION | Work in progress Thank you for flying with us Explore flynorse.com Explore