Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q2 2026 Earnings Presentation
29 slides from Norse Atlantic Asa's earnings presentation, Aug 20, 2026
Slide 1: Q2 2026 Presentation
Q2 2026 Presentation 20 August 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: Navigating volatility with record unit revenues and continued focus on taking out costs
Navigating volatility with record unit revenues and continued focus on taking out costs • Network high - grading drives record high unit revenues Revenue EBITDAR EBIT • Fuel costs and lower aircraft utilization impact profitability USD million USD million USD million • Continue to execute the Projec
Slide 4: A challenging quarter for the airline industry
A challenging quarter for the airline industry 4
Slide 5: Fuel costs and lower production impacted profitability
Fuel costs and lower production impacted profitability Capacity reductions lowered network earnings Disruptions reduced ACMI contribution ASK (million) per aircraft in own network IndiGo block hours (BH) per aircraft per month Capacity cut to offset Planned Q2 usage in high fuel costs April 420 BH 3
Slide 6: Continuous focus on building a long-term profitable airline
Continuous focus on building a long - term profitable airline Strengthening commercial operations and financial platform Executing Project Falcon cost program • Strong commercial traction with record - high TRASK in high - graded • Nearly all identified initiatives currently in process own network •
Slide 7: Increased commercial flexibility as Airline on Demand
Increased commercial flexibility as Airline on Demand Aircraft deployment plan # aircraft • Agreed to discontinue IndiGo ACMI agreement with all aircraft 12 redelivered by 1 November 2026 • Progressing ACMI discussions for up to five aircraft with several 10 Aircraft for airlines deployment 2 Confir
Slide 8: Attractive Boeing 787-9 fleet with structural advantages
Attractive Boeing 787 - 9 fleet with structural advantages Structural widebody shortage… …in an under - supplied market… Widebody aircraft order backlog 1 Long - haul demand and supply CAGR 2025 - 2035E 2 Boeing 787 Airbus A330/350 5.3% ~12 years 1,043 to deliver the 3.2% existing orderbook at 1,156
Slide 9: Access to long-haul capacity a competitive edge in a constrained market
Access to long - haul capacity a competitive edge in a constrained market Widebody demand is expected to outpace supply 5.2k • Structurally constrained widebody supply with production well below WB supply WB demand pre - COVID levels despite full recovery in passenger demand 5.1k • Supply chain bott
Slide 10: Strategic review advancing with strong interest
Alt 2 Strategic review advancing with strong interest • IndiGo redelivery makes Norse a more attractive partner with full operational and strategic control of fleet • Multiple parties have signed NDAs and entered the process, including after the formal initiation in July • Direct engagement ongoing
Slide 11: Q2 2026 Results
Q2 2026 Results ( NORSE
Slide 12: Q2 2026 – key figures
Q2 2026 – key figures Revenue (USD million) EBITDAR (USD million) EBIT (USD million) 4.4 203 23.1 165 132 3.2 - 22.3 - 27.3 - 8.4 Q2 2024 Q2 2025 Q2 2026 Q2 2024 Q2 2025 Q2 2026 Q2 2024 Q2 2025 Q2 2026 Flights (#) Passengers (‘000) Load Factor (%) 553 97% 97% 1,731 1,531 1,331 408 346 82% Q2 2024 Q2
Slide 13: Fuel prices and lower production impact profitability
Fuel prices and lower production impact profitability Network performance - EBITDAR Charter/ACMI performance - EBITDAR USD million USD million 30 45 40 10 21 35 -10 - 20 +39 - 29 30 -30 +16 25 -50 20 - 109 +54 15 -70 10 -90 12 5 -110 0 2 Q2 2025 Revenue Non-fuel costs Fuel costs Q2 2026 Q2 2025 Reve
Slide 14: Record high unit revenue offset by fixed costs
Record high unit revenue offset by fixed costs Unit revenues at record levels… …while a sharp drop in production… …raises cost per unit of production Network TRASK 1 Network Available Seat Kilometers (mill) Network CASK 2 +57% +24% - 64% 5.4 6.2 3,909 5.0 3.4 1,411 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2
Slide 15: Commercial momentum remains strong
Commercial momentum remains strong Revenue per passenger going up Cargo revenues per flight on an upward trend USD per passenger USD ‘000 per flight 7.4 5.6 447 3.2 380 372 Q2 2024 Q2 2025 Q2 2026 Q2 2024 Q2 2025 Q2 2026 • Network high - grading in the past year has strengthened the ability to • Car
Slide 16: Full ACMI operations with some headwinds
Full ACMI operations with some headwinds 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 vs one aircraft one +7.8x year ago +7.4x 45.0 +5.1x • Charter activity yielding ~
Slide 17: Challenging markets require continued financing efforts
Challenging markets require continued financing efforts Strengthening the financial platform Cash flow waterfall to end of Q2 • June rights issue provided USD ~100 million in net proceeds to Norse after fees USD million and currency effects (FX) ‒ USD ~50 million paid to overdraft, lessors and suppl
Slide 18: Income statement
Income statement 3 months 3 months 6 months 6 months 12 months • Q2 revenue down 35% YoY USD thousands Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 ‒ 56% decrease in passenger revenue Revenue 132,016 202,582 292,331 327,880 1 734,042 1 ‒ Charter/ACMI revenue up 7.4x Personnel expenses 36,292 38,608 77,97
Slide 19: Cash flow statement
Cash flow statement 3 months 3 months 6 months 6 months 12 months USD thousands • Negative cash flow from Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 operations Operating cash flows before WC 1 movements (19,803) 2,900 27,793 6,150 74,829 • Increase in working capital Working capital movements (9,295) 2
Slide 20: Balance sheet
Balance sheet USD thousands 30 Jun 26 31 Mar 26 31 Dec 25 30 Jun 25 • Lower credit card receivables Total non - current assets 741,536 756,896 771,974 794,170 reflecting lower production Credit card receivables 71,427 83,693 72,137 141,338 • Non - current liabilities include aircraft Other receivabl
Slide 21: Outlook
Outlook Note 21
Slide 22: Clear strategic levers for value creation
Clear strategic levers for value creation Fuel - efficient Airline on Type - rated Industry - leading Low - cost Dreamliner fleet Demand strategy crew base maintenance operations Highly attractive long - E xceptional in- house term leases (2032 - 38) >50% ~300 capabilities 24/7 of fleet on high - gr
Slide 23: Middle East conflict is challenging, but bright spots exist
Middle East conflict is challenging, but bright spots exist Unresolved conflict with mixed effects Jet fuel price still elevated Jet fuel price, USD/ bbl 1 • Negative: 250 ‒ Jet fuel prices remain volatile at elevated levels ‒ Flight pattern disruptions continue to drive up costs ‒ Declining travel
Slide 24: Commercial momentum continues to be positive
Commercial momentum continues to be positive Network Q3 2026 vs Q3 2025 Network Q4 2026 vs Q4 2025 Airline on demand • Fares more than 15% higher for Q3 per 18 August • Fares more than 15% higher for Q4 per 18 August • Increased capacity allocated Europe/Thailand winter - sun program from Q4’26 – di
Slide 25: Summary and outlook
Summary and outlook • Q2 impacted by fuel cost and lower utilization • Continued cost focus • Increased commercial flexibility • Strengthening liquidity • Strategic review progressing with strong interest 25
Slide 26: Appendix
Appendix Note 26
Slide 27: Key operational statistics
Key operational statistics Monthly breakdown over the last five quarters Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 Apr26 May26 Jun26 Jul26 Number of aircraft in fleet 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 ASK (millions) 1,175 1,367 1,564 1,676 1,684 1,346 1,22
Slide 28: Segment reporting
Segment reporting 3 months 3 months 6 months 6 months 12 months • Q2 revenue down 35% YoY USD thousands Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 ‒ Down 56% in own network Revenue - Own Network 87,000 196,471 199,893 264,283 592,425 ‒ Up 6.4x for Charter/ACMI operations Revenue - Charter/ACMI 45,016 6
Slide 29: Thank you for flying with us
Thank you for flying with us Explore flynorse.com Explore