Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q4 2024 Earnings Presentation
19 slides from Norse Atlantic Asa's earnings presentation, Feb 26, 2025
Slide 1: Q4 2024 Presentation
Q4 2024 Presentation 26 February 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: Highlights from the Quarter
Highlights from the Quarter 1 Load factor of 92%, +22p.p. YoY and best quarter ever 2 ASK +15% YoY, no. of passengers +46% YoY 3 Revenue up 30% to USD 123 million, PRASK +23% YoY 4 Net loss USD 35 million, a USD 30 million YoY improvement – December with a net profit 5 End of quarter cash USD 23 mil
Slide 4: Strategic Update
» Strategic Update
Slide 5: Highlights from Strategic Update
Highlights from Strategic Update 1 Firm contracts with IndiGo for four aircraft on longer-term ACMI 2025 sales and load factor build well ahead of last year, sales so far this year up 56%, 2 number of tickets sold up 38% and average ticket price up 13% 3 Cost-efficiency initiatives developing accord
Slide 6: Firm contracts with IndiGo for four aircraft on longer-term ACMI
Firm contracts with IndiGo for four aircraft on longer-term ACMI • Contract for one aircraft on ACMI as announced 6 February – commencing in March • Contracts for additional three aircraft on ACMI entered into 25 February – commencing second half of 2025 • Commercial terms in line with previously co
Slide 7: 2025 bookings looks promising with first three quarters trending above 2024
2025 bookings looks promising with first three quarters all trending above 2024 on load factor and fares per ASK Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 LF N days out by quarter LF N days out by quarter LF N days out by quarter +23%-p +21%-p +11%-p PRASK1 N days out by quarter PRASK
Slide 8: Cost-efficiency initiatives developing according to plan
Cost-efficiency initiatives developing according to plan • Aiming to reduce SG&A run-rate with 50 % • Improved crew costs as base structure is adjusted to new network and contracts • Total cost savings at run-rate expected at USD 40 million annualized • Improvement taking effect gradually from Q2 ’2
Slide 9: Q4 Update
= Q4 Update
Slide 10: Completion remains strong, OTP weaker
Completion remains strong, OTP weaker Completion % of flights completed and departing on time Punctuality (D15) 100,0 % 100% • Completion at 99.7% 90,0 % 90% for the quarter • Punctuality D15 at 70% 80,0 % 80% 70,0 % 70% for the quarter, ending 60,0 % 60% on a low note in December - negative 50,0 %
Slide 11: Strong growth while improving load factor
Strong growth while improving load factor Quarter LF 92% +22% points YoY Shift of revenue from ancillary to Quarter Pax 338’ +46% YoY fares from product re-bundling USD per Passengers Load factor passenger - 2% $450 250 000 100% 90% $400 $84 200 000 80% $350 $84 70% $87 $74 $300 $74 150 000 60% $250
Slide 12: Significant improvement in CASK and RASK
Significant improvement in CASK and RASK CASK continues to improve YoY… …while improved load factor USD cent per ASK USD cent per ASK drives PRASK improvement 6,0 6,0 - 10% + 23% 5,0 5,0 4,0 4,0 3,0 3,0 4,94 5,14 4,92 4,46 4,44 4,36 2,0 3,81 2,0 3,55 3,56 3,27 1,0 1,0 0,0 0,0 Q4 2023 Q1 2024 Q2 2024
Slide 13: Ancillary remains best in class
Ancillary remains best in class Ancillary revenue per passenger USD • Norse’s fare model provides pricing flexibility to - 1% $140 $133 passengers $130 $120 $118 $120 $116 • Ancillary revenue consists of: ⚬ Upgrades to Premium cabin $46 $49 $32 ⚬ Extra baggage $100 $42 $44 ⚬ Seat selection ⚬ Food an
Slide 14: Income Statement
Income Statement First quarter of profit as capacity and revenue increase largely during summer season 3 months 3 months 12 months 12 months USD thousands Q4 2024 Q4 2023 FY 2024 FY 2023 • Q4 2024 revenue up 30% YoY, Revenue 439,436 123,118 94,782 588,106 driven by: Personnel expenses 34,790 29,308
Slide 15: Cash Flow Statement
Cash Flow Statement 3 months 3 months 12 months 12 months USD thousands Q4 2024 Q4 2023 FY 2024 FY 2023 Operating cash flows before (851) (34,827) (877) (44,609) WC1) movements • Positive cash from operations WC1) movements 20,737 13,973 56,517 24,051 during period Operating cash flows 19,886 (20,85
Slide 16: Balance Sheet
Balance Sheet Statement of financial position USD thousands 31 DEC 24 31 DEC 23 Total non-current assets 876,353 935,505 Current assets include: • USD 100 million receivables from credit Credit card receivables 100,245 60,214 card companies for booked tickets Other receivables/current assets 31,737
Slide 17: Contact
Contact: Investors: investor.relations@flynorse.com Media: media@flynorse.com
Slide 18: Appendix
» Appendix
Slide 19: Key Operational Numbers
Key Operational Numbers Monthly break-down over last five quarters Oct23 Nov23 Dec23 Jan24 Feb24 Mar24 Apr24 May24 Jun24 Jul24 Aug24 Sep24 Oct24 Nov24 Dec24 Number of aircraft 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 in fleet Number of aircraft 5 5 5 5 5 4 4 3 3 3 3 3 3 3 3 subleased out ASK (mi