Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q2 2025 Earnings Presentation
20 slides from Norse Atlantic Asa's earnings presentation, Aug 19, 2025
Slide 1: Q2 2025 Presentation
Q2 2025 € NORSE Presentation 19 August 2025
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: Q2 2025 headlines
Q2 2025 headlines * 27% increase in passenger revenue, EBIT of USD 4 million + World-leading load factor of 97% and 36% passenger growth YoY * PRASK up 8% and own network ASK up 18% * Net loss of USD 6 million and end of quarter cash balance of USD 24 million * Successful delivery on ACMI strategy +
Slide 4: Consistently delivering load factor above 90%
Consistently delivering load factor above 90% Record load factor in Q2 Driving strong passenger growth +15 pp +36% a o—_—e 100% 200 000 90% 180000 & —— 80% 160 000 70% 140 000 60% 120 000 50% 100 000 40% 80 000 30% 60 000 20% 40 000 10% 20000 e e
Slide 5: Revenue per passenger slightly down YoY
Revenue per passenger slightly down YoY Composition of revenue per passenger Main drivers USD per passenger * Slight change in revenue mix towards airfares reflecting repackaging of product 406 bundles to include carry-on baggage from Q4 2024 380 372 . . + Softer prices on Transatlantic routes compa
Slide 6: Strong uplift in key metrics last months
Strong uplift in key metrics last 12 months LTM' Revenue LTM EBITDAR LTM Cash flow from operations USD million USD million USD million +24% 110 635 83 588 543 500 56 42 15 Q2 2024 = 3.2024 Q4 2024 = Q12025 2.2025 Q2 2024 = Q3. 2024 © Q42024 = 1.20252. 2025 Q22024 = 3.2024 = Q42024 = Q12025 2.2025 6
Slide 7: Dual strategy business model with upside
Dual strategy business model with upside Upside through high-graded own long-haul network (B2C) 50% Q Norse Value drivers High-graded route network with 12-15 destinations High-volume city pairs with high load factor potential Transatlantic summer and winter Europe to Asia and South Africa in winter
Slide 8: Keeping the most profitable routes from 2026 and onwards
Keeping the most profitable routes from 2026 and onwards Contribution per aircraft in network 2025 season (winter + summer)! Route high-grading to drive network profitability + Higher production per aircraft and revenue per passenger in own network + Replacing lower-margin routes with stable and pos
Slide 9: Aircraft utilization set to rise significantly
Aircraft utilization set to rise significantly Actual production with significant upside to target aircraft utilization + Current capacity utilization is ~75% ‘000 ASK LTM i 18000 Production capacity with average 16 flight hours per day per AC : of target capacity (Q2 2025 LTM) 93% weg ge . utilizat
Slide 10: Revenue up, cost down
Revenue up, cost down Load factor drives improved PRASK' Higher production drives down CASK2 Targeting USD 40 million annualized US cent per ASK LTM US cent per ASK LTM cost savings from 2026 os “es Structural sim| + More efficient crew base structure 4.21 + Reduced operational complexity 4415 457 S
Slide 11: Q2 2025 Results
Q2 2025 Results (NORSE
Slide 12: Improving key metrics
Improving key metrics Load factor drives improved PRASK' US cent per ASK +8% 4.92 478 4.36 4.15 Q2 2024 Q3 2024 Q4 2024 Qt 2025 Q2 2025 12 1PRASK: Total passenger revenue per available seat kilometer (ASK) in own network 2 CASK: Total operating expenses, excluding fuel costs, impairment, other losse
Slide 13: Income statement
Income statement 3 months 3 months 6 months 6 months 12 months USD thousands 22025 Q2 2024 H1 2025 H12024 FY 2024 Revenue 202,582 164,760 327,880! 243,002 588,106 Personnel expenses 38,608 32,221 72,448 60,073 131,701 Fuel, oil & emissions 56,418 53,558 83,321 85,002 183,617 Other OPEX 73,663 60,800
Slide 14: Cash flow statement
Cash flow statement USD thousands 3 months 3months 6 months 6months 12 months Q22025 Q2 2024 H12025 H1 2024 FY 2024 Operating cash flows before WC'movements 24,856 2,015 13,177 (28,197) (877) Working capital movements 2,619 (1,454) 44,347 31,909 56,517 Operating cash flows 27,474 561 57,524 3,712 55
Slide 15: Balance sheet
Balance sheet USD thousands. 30 Jun 25 31Mar25 30 Jun24 31 Dec 24 Total non-current assets 794,170 806,746 907,636 876,353 Credit card receivables 141,338 138,791 153,454 100,245 Other receivables/current assets 37,964 28,796 32,874 31,737 Cash and cash equivalents 23,645 24,995 23,666 22,855 Total
Slide 16: Outlook and summary
Outlook and summary * World-leading load factor and strong growth in Q2 * Executing strategy with secured revenue and reduced risk and costs * Aiming to deliver full-year 2025 profitability 16
Slide 17: Appendix
Appendix
Slide 18: Key operational statistics
Key operational statistics Monthly breakdown over the last five quarters Apr24 May24 Jun24 = Jul24.- Aug24_- Sep24 Oct24_Nov24 Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 —Jul25 Number of aircraft in fleet 15 15 15 15 15 15 15 15 15 15 12 12 12 12 12 12 Number of aircraft subleased out 4 3 3 3 3 3 3 3
Slide 19: Illustrative earnings potential in dual strategy business model
Illustrative earnings potential in dual strategy business model’ Approximate 12-month run-rate from Q2 2026 and onwards Key input assump' USD million Scenario1 Scenario2 Scenario 3 Scenario1 Scenario2 Scenario 3 Passenger revenue own network 415 450 490 Load factor own network 92%3 94% 96% Charter/A
Slide 20: Explore
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