Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Merger or Acquisition (June 2026)
31 slides from Norwegian Air Shuttle Asa's merger presentation, Jun 16, 2026
Slide 1: Investor Presentation: Acquisition of Nordic Leisure Travel Group (NLTG)
Norwegian Air Shuttle ASA Investor Presentation Acquisition of Nordic Leisure Travel Group (NLTG) 16 June 2026
Slide 2: Important Information and Disclaimer
Important Information and 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
Slide 3: Important Information and Disclaimer cont.
Important Information and Disclaimer cont. NLTG financial information: Certain financial information relating to NLTG has been derived from unaudited management accounts prepared by NLTG in accordance with Swedish Generally Accepted Accounting Principles ("SGAAP"). Such information has not been audi
Slide 4: Agenda
Agenda Introduction Norwegian in Brief Transaction Rationale NLTG in Brief Concluding Remarks Appendix 4
Slide 5: Norwegian acquires Nordic Leisure Travel Group (NLTG)
Norwegian acquires Nordic Leisure Travel Group (NLTG) – the preferred choice for Airline and Hotel & Leisure Travel Experiences 1 2 3 Acquiring a complementary leading …with a clear strategic logic… …at compelling terms Nordic leisure travel business… Norwegian acquires NLTG With NLTG, the group can
Slide 6: NLTG is a leading Nordic Hotels and Leisure Travel Experience Company
NLTG is a leading Nordic Hotels and Leisure Travel Experience Company – 1.3 million1 guests annually, 26 own unique concept hotels, 12 aircraft and a market-leading digital platform 1 Tour operators 2 Hotel & Resorts 3 Airline Network & Destinations Own brands Concept hotels Sunclass #1 Leisure Trav
Slide 7: Combining Norwegian's network and NLTG's hotelier experience
Combining Norwegian’s network and NLTG’s hotelier experience – for a better, more flexible and lower-cost leisure journey delivered through a market-leading digital platform Airlines Hotels & Leisure Travel Experiences + ~160 27m+ 490+ 26 1.3m 4,500+ aircraft passengers routes concept hotels guests/
Slide 8: Main terms
Main terms • SEK 3.5 billion in cash plus 300 million in newly issued NAS shares Consideration • Potentially up to 30 million additional shares • Contingent on the 20-trading-day VWAP from 16 Nov. 2026 to 11 Dec. 2026 Potential additional shares • 1 million shares for each additional 0.1 NOK VWAP ex
Slide 9: Norwegian in Brief
Introduction Norwegian in Brief Transaction Rationale NLTG in Brief Concluding Remarks Appendix 9
Slide 10: Norwegian Group overview
Route map S26 Norwegian Group overview – Norwegian and Widerøe are highly complementary airlines – operational excellence with strong value proposition 390 routes 23.1 mil PAX 102 routes 4.1 mil PAX 134 destinations 5,400 emp. 56 destinations 2,900 emp. 95 aircraft 50 aircraft 10
Slide 11: Successful strategy delivering strong financial growth since 2021
Fleet Expansion (AC#) Strong Passenger Growth (PAXm) 146 26.4 27.3 135 3.8 4.1 Successful strategy 49 51 17.8 20.6 delivering strong financial 87 70 growth since 2021 51 86 95 22.6 23.1 6.2 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Sustained Revenue Growth1 (NOKbn) Improved profitability (EB
Slide 12: Norwegian and Widerøe with strong offering to all travellers
Norwegian and Widerøe with strong offering to all travellers – growing demand among corporates and frequent travellers Corporates choosing Norwegian Norwegian corporate revenue per year1 • Avinor reports 2025 corporate travel in Norway still below 2019 – Norwegian growth in corporate passengers and
Slide 13: Transaction Rationale
Introduction Norwegian in Brief Transaction Rationale NLTG in Brief Concluding Remarks Appendix
Slide 14: Leverage a leading Nordic airline to feed successful hotel operations
Leverage a leading Nordic airline to feed successful hotel operations – a vertically integrated travel platform – capture larger share of wallet going forward • Norwegian flies 7 million passengers to and from Southern Europe each year • More flexible and valuable travel experience with access to un
Slide 15: A better deal for the Nordic holiday traveller
A better deal for the Nordic holiday traveller – the Nordic holiday guests are the real winners of the acquisition More flexible air travel to the hotel platform – enabling faster growth of new hotels, more accessibility and more tailored experiences Norwegian destinations Leisure Airline Leisure Ai
Slide 16: NLTG anticipates growth in profitability for 2027
Key drivers for growth and profitability improvement • underlying market growth and upgrades • hotel expansion with 5 new operated hotels – Sunwing Kos, new adult only concept LiveEz and 3 managed hotels in Greece • optimised flight program – Improved aircraft utilization and leverage of new fuel-ef
Slide 17: The acquisition is expected to unlock substantial synergies
The acquisition is expected to unlock substantial synergies – being earnings-accretive for Norwegian shareholders already from 2027, improving further from 2028 Meaningful profit uplift in 2027 and 2028 Source of synergies Network • optimised combined flight programme across Sunclass and Norwegian •
Slide 18: NLTG in Brief
Introduction Norwegian in Brief Transaction Rationale NLTG in Brief Concluding Remarks Appendix 18
Slide 19: NLTG is the leading Nordic hotel and leisure travel experience provider
NLTG is the leading Nordic hotel and leisure travel experience provider – a long heritage, built on brands with 60+ years of history Company in brief Key financials1 (SGAAP adj.) The premier leisure travel experience group in the Nordics – selling package holidays to consumers under across all four
Slide 20: Proven, long-term profitability in the business model
Proven, long-term profitability in the business model – long track-record of profitability with trajectory towards historical margin levels Revenue (SEKm) 16,799 16,995 EBITA1 (SGAAP) margin 16,272 15,700 15,036 14,396 14,133 13,400 13,500 12,500 12,700 12,700 12,000 10.7% Covid 19 11,500 10.1% 9.0%
Slide 21: 26 own unique concept hotels are the main profit engine
26 own unique concept hotels are the main profit engine – Concept hotels account for ~25% of volume and ~60% of tour operator gross profit Current portfolio FY24/25 volume FY 24/25 gross profit 9 hotels 3 hotels 12 hotels 2 hotels Strategy plan • Expansion of own unique concept hotels is a key strat
Slide 22: Core sun-and-beach markets
Core sun-and-beach markets – large today, structurally bigger tomorrow Spain – overnight visitors (millions) Other key NLTG markets Greece Leisure demand forecast to double 38m 141 by 2035; total tourism spending ~+5% p.a. visitors (2025) 97 Cyprus Leisure tourism forecast to grow 68 5m ~2.5× by 203
Slide 23: The Nordic outbound leisure channel is very attractive
The Nordic outbound leisure channel is very attractive – travels are characterised by high spend and long stays Nordic arrivals into Spain — ’25-35 CAGR (%) by source market Key metrics of NLTG’s concept hotels are ~100% filled by Nordic guests (Swedish, 9.8% Nordic share Norwegian, Danish, Finnish)
Slide 24: Financial highlights for NLTG
Financial highlights for NLTG – see appendix for additional details P&L adjusted (SGAAP)1 Key comments Adjustments from reported NLTG figures SEK million LTM per Mar’26 • bonding fees reclassified as operating expenses Total operating revenue 16,995 • elimination of gains/costs related to sale of pr
Slide 25: Concluding Remarks
Introduction Norwegian in Brief Transaction Rationale NLTG in Brief Concluding Remarks Appendix 25
Slide 26: Creating the Nordics' preferred choice for leisure and business travel
Creating the Nordics’ preferred choice for leisure and business travel – strategically compelling, financially value-creating, and well-timed An integrated Nordic travel company with close to NOK 60 billion in revenue • combining leading existing low-cost airline network (27m passengers) with the pr
Slide 27: Appendix
Introduction Norwegian in Brief Transaction Rationale NLTG in Brief Concluding Remarks Appendix 27
Slide 28: Four distinct source markets
Four distinct source markets – Denmark has the highest holiday/leisure travel propensity, while Norway has the highest spend per trip in NLTG core markets Sweden Denmark Norway Finland Pop: 10.5m Pop: 5.9m Pop: 5.5m Pop: 5.6m Holiday trips Holiday trips Holiday trips Holiday trips 9.6m 8.3m 5.7m 4.8
Slide 29: Historic financial highlights for NLTG
Historic financial highlights for NLTG P&L adjusted (SGAAP)1 Projected IFRS effects3 LTM per LTM per OPEX SEK million FY23/24 FY24/25 Dec’25 Mar’26 Total operating revenue 16,272 16,799 16,741 16,995 • reduced by SEK 1.6-1.7bn as SGAAP lease, depreciation and amortisation cost is removed EBITDA 679
Slide 30: NLTG balance sheet
NLTG balance sheet Balance sheet (SGAAP)1 Net interest-bearing debt (NIBD)2 SGAAP IFRS IFRS SEK million 31 December 2025 SEK million Dec’25 effects Dec’25 Intangible assets 2,113 Non-current debt - 4,755 4,755 Deferred tax assets 578 Current debt - 589 589 Other non-current assets 1,717 Other IB deb
Slide 31: norwegian x
norwegian x
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