Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q1 2026 Earnings Presentation
25 slides from Norse Atlantic Asa's earnings presentation, May 21, 2026
Slide 1: Q1 2026 Presentation
Q1 2026 Presentation 21 May 2026
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: Q1 2026 – 66% revenue increase and improved profitability
Q1 2026 – 66% revenue increase and improved profitability • Strong commercial momentum and continued improvement in underlying profitability Revenue EBITDAR EBIT USD million USD million USD million • 5% lower unit costs (CASK ex. fuel), supported by ACMI and efficiency measures 160.3 5.8 (13.1) • In
Slide 4: Dual strategy showing its merits
Dual strategy showing its merits Own network Charter/ACMI Network TRASK 1 Network EBITDAR ACMI block hours Charter/ACMI EBITDAR US cents USD mill ‘000 USD mill +34% +2.7x +13m 5.9 16 5.9 - 10 4.4 - 18 +8m 2.2 3 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Q1 '25 Q1 '26 • Route high - grading delivering
Slide 5: On track for profitability before war broke out
On track for profitability before war broke out Jet fuel price, USD/ bbl Positioning for when markets normalize • Norse was trading in line with previous guidance of USD Still at highly 250 elevated levels 20 - 40 million profit for 2026 until end February • Iran war triggering unprecedented spike i
Slide 6: Accelerated cost-savings and balance sheet reset
Accelerated cost - savings and balance sheet reset A leaner and more flexible cost base Strengthen financial flexibility and robustness • Accelerating Project Falcon with up to USD 50 million of • Fully guaranteed and subscribed USD 110 million rights issue cost reductions 1, nearly half to be reali
Slide 7: Launch of strategic review to monetize attractive assets
Launch of strategic review to monetize attractive assets • Interest from potential strategic partners to explore Widebody aircraft market balance 1 structural opportunities # of aircraft 2036 demand • Norse is in an attractive position ‒ Highly attractive lease rates from the cyclical trough with 9
Slide 8: Q1 2026 Results
Q12026 Results (NORSE
Slide 9: Q1 2026 – key figures
Q1 2026 – key figures Revenue (USD million) 1 1 1 EBITDAR (USD million) EBIT (USD million) 160 5.8 - 13.1 97 78 - 33.9 - 13.7 - 53.4 - 27.4 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Flights (#) Passengers (‘000) Load Factor (%) 1,330 405 95% 98% 1,052 862 305 73% 201 Q1
Slide 10: Continued improvement in underlying profitability
Continued improvement in underlying profitability Network performance - EBITDAR Charter/ACMI performance - EBITDAR USD million USD million 30 25 USD ~9m due to fuel price spike 20 from end Feb - 20 20 +19 - 12 10 +45 0 15 - 18 0 - 10 10 -10 - 18 16 5 -20 USD ~2m on extra traffic in March 4 -30 0 Q1
Slide 11: Network performing on all parameters
Network performing on all parameters Pricing drives improved Network TRASK 1 CASK 2 down on cost improvements and scale Production continues to rise US cent per ASK US cent per ASK Available Seat Kilometers (mill) +34% - 5% +29% 5.86 4.97 1,917 4.71 4.39 1,498 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025
Slide 12: Record revenue per passenger from network high-grading
Record revenue per passenger from network high - grading Complete network overhaul Revenue per passenger up 41% YoY Cargo Route allocation (ASK) USD per passenger USD million Nearly 80% of capacity allocated to “Winter - sun” Highly positive impact on fares, with additional Strong demand for high -
Slide 13: Charter/ACMI with substantial uplift
Charter/ACMI with substantial uplift Charter/ACMI revenue Charter/ACMI EBITDAR Charter/ACMI production Comment USD million USD million Available Seat Kilometers (mill) • Full operations for IndiGo with six aircraft from end January +2.3x +65% 47.4 +2.7x • Operations for P&O Cruises 16.0 1,684 contin
Slide 14: Income statement
Income statement 3 months Adjusted Reported 12 months • Adjusted Q1 revenue up 66% YoY USD thousands Adjustments Q1 2026 Q1 2025 Q1 2025 FY 2025 ‒ 74% increase in passenger revenue Revenue 160,315 96,572 28,726 125,298 734,042 ‒ 65% increase in Charter/ACMI Personnel expenses 41,686 33,840 - 33,840
Slide 15: Cash flow statement
Cash flow statement 3 months 3 months 12 months USD thousands • Positive cash flow from operations Q1 2026 Q1 2025 FY 2025 Operating cash flows before WC 1 movements 22,702 68,679 27,793 • Lower working capital draw reflecting ACMI/Charter transition Working capital movements (6,046) (38,630) 41,497
Slide 16: Balance sheet
Balance sheet USD thousands 31 Mar 26 31 Dec 25 31 Mar 25 • Stable credit card receivables Total non - current assets 756,896 771,974 806,746 reflecting Charter/ACMI transition Credit card receivables 83,693 72,137 138,791 • Non - current liabilities include aircraft Other receivables/current assets
Slide 17: Outlook
Outlook Note 17
Slide 18: Airline on Demand: A more agile Norse creating more value
Airline on Demand: A more agile Norse creating more value • Respond fast to changes in market trends • Open and close routes quickly to maximize profitability • Offer charters/ACMI if that is the most profitable option • Operating other airlines’ aircraft • New collaboration with travel companies 18
Slide 19: 2026 bookings tracking ahead of last year
2026 bookings tracking ahead of last year Q2 2026 vs Q2 2025 Q3 2026 vs Q3 2025 • More than 20% higher fares for Q2 on booked position per 19 May • More than 10% higher prices for Q3 on booked position per 19 May • Capacity allocation to network down more than 60% YoY • Capacity allocation to networ
Slide 20: An Airline on Demand in practice
An Airline on Demand in practice Adapting capacity to market conditions Up to two aircraft available for alternative demand during summer • Extra rotations London - Bangkok in March to rapidly tap into diverted traffic flows following Middle East hostilities • Capacity trimmed in April and May shoul
Slide 21: Summary and outlook
Summary and outlook • Strong commercial momentum and continued improvement in underlying profitability and operations • Capacity adjustments and accelerated Project Falcon cost reductions • S trengthening financial position • Making Norse more flexible and agile to respond to market demand • Strateg
Slide 22: Appendix
Appendix Note 22
Slide 23: Key operational statistics
Key operational statistics Monthly breakdown over the last five quarters Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 Apr26 Number of aircraft in fleet 15 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Number of aircraft subleased out 3 1 0 0 0 0 0 0 0 0 0
Slide 24: Segment reporting
Segment reporting 3 months 3 months • Adjusted Q1 revenue up 66% YoY USD thousands Q1 2026 Q1 2025 ‒ 66% in own network Revenue - Own Network 112,893 67,812 ‒ 65 % for Charter/ACMI operations Revenue - Charter/ACMI 47,422 28,761 • Adjusted EBITDAR up USD 19 million Revenue - Other - 28,726 ‒ Own net
Slide 25: Thank you for flying with us
Thank you for flying with us Explore flynorse.com Explore