Slides
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28 October 2026 Presentation of third quarter 2026
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Highlights for Q3 2026
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Strong Q3 profit before tax (EBT) NOK 2,520 million ● group operating profit (EBIT) NOK 2,728 million – Norwegian EBIT NOK 2,487m – Widerøe EBIT NOK 242 m ● operating margin 21.4% ● underlying result close to unchanged YoY – Q3 last year result included gains from aircraft purchase and delay compensation ● delivering on cost performance – Norwegian unit cost FY 2026 forecast flat YoY Operational excellence ● strong operational improvements across group – Norwegian punctuality 80.7% – Widerøe punctuality 93.5% ● close to zero cancellations – impact from August ATC strike in Norway ● Widerøe with market-leading regional punctuality Preferred travel partner – direct, not connect ● over 380 Norwegian routes on sale across attractive network – almost 100 Widerøe routes ● strong customer satisfaction vs. peers – Net Promoter Score (NPS) LTM above 50 ● most direct routes from Nordics to Europe ● capturing corporate market share ● Norwegian Reward launching attractive new tier levels & passing 10 million members 3 Balance sheet fit-for-purpose ● liquidity position NOK 11.2 billion – up 0.7bn YoY after final repayment of legacy debt ● attractive fleet financing opportunities – delivery of three new Boeing 737 MAX-8 ● Equity ratio increased to 20.6% ● strong balance sheet supporting NLTG acquisition Acquisition of Nordic Leisure Travel Group (NL TG) ● leading hotel and leisure travel experiences company in Nordics – award-winning brands Ving, Spies and Tjäreborg ● complementary parties to capture synergies ● regulatory approvals progressing – closing targeted by end of Q4 2026
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Passengers in third quarter 2026 (group) Third quarter 2026 Load factor (chg. YoY) 8.8 million (+4% YoY) Load factor (chg. YoY) Norwegian capacity (ASK) 12.3 billion seat kilometres (+5% YoY) Widerøe capacity (ASK) 0.61 billion seat kilometres (+2% YoY) 80.7% (+3 p.p.) Punctuality (chg. YoY) 99.3% (-0.1 p.p.) Regularity (chg. YoY) 93.5% (+2 p.p.) Punctuality (chg. YoY) 97.9% (-0.4 p.p.) Regularity (chg. YoY) 4
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2,244 1,514 1,451 1,239 1,319 1,677 2,013 2,250 2,400 2,698 2,497 2,447 0.98 0.84 0.88 0.82 0.83 0.86 0.88 0.89 0.96 1.06 0.91 0.91 0.48 0.58 0.68 0.78 0.88 0.98 1.0 8 0 500 1,0 00 1,500 2,000 2 ,50 0 3,000 3 ,50 0 4,000 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Norwegian – robust passenger growth Traffic significantly improved from July • strong recovery from demand softness in Q2 shoulder season Improved Q3 load amidst capacity growth • Q3 capacity growth (ASK) 5% YoY • load factor 88.5%, +0.2 p.p. YoY • yield reduced by stronger NOK vs. LY Norwegian Traffic – PAX per month, load factor and yield Passengers (1,000) Passengers last year Load Factor Yield – total revenue 5 87.2% 85.4% 84.8% 85.7% 89.4% 87.7% 82.5% 81.5% 83.6% 91.9% 86.1% 87.1% 65.0% 70.0 % 75.0% 80.0% 85.0% 90.0 %
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389 324 304 282 298 351 336 364 404 360 359 394 0 10 0 200 300 400 500 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Widerøe – strong operational performance Significant operational improvement • punctuality 94.5% in September Stable passenger demand • Q3 capacity (ASK) up 2% YoY • passengers and load factor marginally lower YoY Strong contribution to group • quarterly EBIT NOK 242 million • Norwegian interlining traffic ytd. up 21% • reallocation of capacity to Norwegian during summer 2027 6 Widerøe Traffic – PAX per month and load factor Passengers (1,000) Passengers last year Load Factor Record * * 73.4% 70.3% 67.2% 64.2% 72.5% 73.8% 70.1% 69.7% 78.1% 80.8% 75.8% 71.8%
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Widerøe – strong operational performance – quarterly punctuality (dep. 15 min.) Why operational excellence is so important Recognition for Widerøe and Norwegian • Cirium July report on Widerøe’s strong regional punctuality – punctuality is key for all of Widerøe’s passengers – highlights targeted efforts behind exceptional operational results in challenging environment • Widerøe named Europe’s best regional airline – highlighted role in regional connectivity, and investments in innovation and people • Norwegian ranked among Europe’s most punctual airlines – top five OTP performance in August and September Q1 2026 Q2 2026Q4 2025Q3 2025 Q3 2026 93.5%91.8% 84.4% 87.2% 94.2% Customers arrive on time Network enables effective interlining Cost avoidance reducing EU261 costs and improving efficiency World-class punctuality 7
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0 50 000 00 00 1E +09 1. 5E +09 2E +09 2. 5E +09 3E +09 May Jun Jul Aug Sep OctMay Jun Jul Aug Sep Oct Norwegian – booking momentum improved from July onwards 7-day rolling sales figures (PAX) –All markets1 2024 2025 2026 Booked revenue – winter season (Nov. 2026 – Mar. 2027) Optimised winter season capacity • winter months capacity (ASK) down 25-40% vs. Oct. 2026 • Q1 2027 capacity reduced by above 5% compared to original plan – Dubai flights cancelled – adjustments to high fuel prices Booking momentum improving • rolling bookings significantly above last year from start of July Ticket sales significantly ahead for all months • c. 290,000 more tickets sold vs. corresponding date last year for winter period travel Ticket sales somewhat frontloaded, but with potential for yielding up closer to departure • fares for winter experiencing some price pressure • yield reduced due to NOK strengthening vs. last year 2025 2026 8 1 Travel anytime, anywhere as of 26 October 2026
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9 Norwegian Reward with new tiers • Norwegian Reward – attractive benefits for frequent flyers – choose from benefits including fast track, seat reservation and baggage • easy to understand – 5 member levels: Member, Traveller, Bronze, Silver, and Gold – easier to understand for customers, while keeping the award -winning flexibility – attractive status match opportunities coming soon… Surpassed 10 million Norwegian Reward members • Widerøe passengers enjoying Reward benefits • Spenn – the loyalty currency combining simplicity and choice – frequent flyers choosing to stay at Strawberry hotels – successful launch campaign with REMA 1000 in August and September • Christmas Calendar from Norwegian Reward finally returning! Norwegian Reward just tiered up
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Financial results for Q3 2026
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Quarterly financial highlights Revenue • group revenue NOK 12.7 billion – up 4% vs. last year – Widerøe contribution NOK 2.1bn • group delivering passenger traffic growth – capacity ramp-up into peak summer season with Q3 ASK growth 5% YoY – Norwegian delivering load factor improvement with capacity growth Quarterly results • group EBIT NOK 2,728 million – positive impact from NOK 336m in net other gains due to FX translation effects – Widerøe EBIT NOK 242m – group net profit NOK 1,838m • underlying result close to unchanged vs last year – Q3 2025 results included gains from aircraft purchase and delay compensation • strong cost performance – Norwegian unit cost ex. fuel NOK 0.46 – up 4 percent adj. for aircraft purchase gains – unit cost last year also reduced by non-recurring gains for aircraft delay compensation Robust financial position • liquidity position improved to NOK 11.2 billion – up 0.7bn YoY – after 1.5bn final repayment of Retained Claims Bonds • 3 brand new 737 MAX 8 aircraft delivered during quarter – two sale-leaseback transactions, while retaining ownership of one aircraft • balance sheet supporting acquisition of NLTG – planned bond issuance of SEK ~2.5bn 11
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Growing Q3 revenues Quarterly total operating revenue (NOK million) Group operating revenue up 4% Revenue supported by capacity growth • group capacity (ASK) up 5% YoY • Norwegian unit revenue down 1% from last year – marginally higher load factor – yield reduced with negative impact from NOK strengthening Significant Widerøe contribution • passenger traffic stable compared to last year • 17% share of group operating revenue Yield decrease Group Q3 2026 Chg. other revenue Norwegian Q3 2025 Norwegian Q3 2026 Widerøe & elimination Load factor +0.2 p.p. Volume (ASK) +5.3% 10,247 10,700 12,739 +4% 540 -108 19 2 2,038 12
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Operating profit (EBIT) – strong Q3 results Quarterly EBIT (NOK million) Fuel and other operating costs • up with higher production • fuel cost dampened by hedge effects and stronger NOK Other losses/gains improved from last year • positive FX translation effects from strengthening NOK Significant non-recurring gains last year • Q3 2025 dep., amor. and lease reduced NOK 269m gain from aircraft purchase, plus delay compensation • wet-lease costs significantly reduced YoY 13 Fuel Other losses (gains) WiderøeRevenue Other operating costs Group Q3 2026 Norwegian Q3 2025 Norwegian Q3 2026 Dep., amor. & lease 2,797 2,487 2,728 -310 453 -227 -347 244 -432 242
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NOK million Q3 2026 Q3 2025 Chng. (YoY) Passenger revenue 10,723 10,444 Ancillary passenger revenue 1,751 1,549 Other revenue 265 259 Total operating revenue 12,739 12,252 +4% Personnel expenses 2,319 2,132 Aviation fuel 3,134 2,918 +7% Airport and ATC charges 1,354 1,244 Handling charges 817 810 Technical maintenance expenses 374 320 Other operating expenses 961 923 EBITDAR excl other losses (gains) 3,779 3,906 -127 Other losses (gains) -336 -80 -256 EBITDAR 4,115 3,986 Aircraft lease, depreciation and amortisation 1,387 915 +472 Operating profit (EBIT) 2,728 3,071 -343 Net financial items -207 -196 Profit before tax (EBT) 2,520 2,891 -371 Income tax expense (income) 682 342 Net profit (loss) 1,838 2,549 -711 Quarterly group P&L → passenger growth → jet fuel price increase countered by hedge effects and stronger NOK → balance sheet translation effects from NOK strengthening → gains last year from aircraft purchase and delay compensation → income tax expenses primarily non-cash due to deferred tax assets 14 → underlying earnings close to stable YoY
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Robust balance sheet – final repayment of bond debt Net interest-bearing debt • liquidity position NOK 11.2 billion – NOK 0.7bn improvement vs. last year – realisation of 1.1bn short-term investment portfolio • final repayment of legacy bonds in September – total repayment of NOK 3.9bn in bonds last 18 months • delivery of three new aircraft from Boeing – two sale-leaseback transactions – retaining ownership of one delivered aircraft NOK million 30 Sep. 2026 30 Jun. 2026 Chng. (QoQ) Intangible assets 1,914 2,523 Tangible assets 24,871 24,444 +427 Total non-current assets 27,423 27,550 Receivables 5,377 5,040 Financial investments 37 2,659 -2,622 Cash and cash equivalents 11,222 11,041 +181 Total current assets 17,323 19,423 Assets 44,746 46,973 Equity 9,209 6,660 +2,549 Non-current debt 14,897 15,024 Other non-current liabilities 4,812 5,702 Total non-current liabilities 19,709 20,726 Air traffic settlement liabilities 5,878 8,621 -32% Current debt 2,423 3,941 -1,518 Other current liabilities 7,527 7,024 Total current liabilities 15,827 19,586 Liabilities 35,537 40,312 -12% Equity and liabilities 44,746 46,973 Equity ratio (%) 20.6 14.2 6.4 p.p. NOK million 30 Sep. 2026 30 Jun. 2026 Chng. (QoQ) Cash & equiv. 11,222 11,041 +181 Financial Investments 37 2,659 -2,622 Aircraft financing 17,300 17,303 Other IB debt 20 201 Retained Claims Bonds 0 1,460 -1,460 NIBD 6,061 5,264 +796→ impact from result and market value of jet fuel hedges → aircraft deliveries and FX effects 15 → seasonal reduction, up 8% YoY → up 2.3 p.p. from last year → final bond repayment and realisation of short-term inv. → final redemption of bond
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Cash flow in quarter Working capital effect • forward bookings seasonally lower, but up YoY Excess liquidity • held in deposits and money-market funds • rate of return above 5% Boeing prepayment – significant portion already paid in • aircraft prepayment to date NOK 3.6bn • net remaining payments before 2028 below NOK 0.5bn Opening balance 30 Jun. 2026 Ticket prepayment Investing activities Financing activities Foreign exchange effect Closing balance 30 Sep. 2026 Operating activities excl. ticket pre-payment 11,041 11,222 181 -2,646 3,382 1,584 -2,114 -25 Quarterly cash flow (NOK million) • final repayment of corporate bond • lower prepayment with seasonality 16 • ownership of one delivered new aircraft • realisation of bond deposit and short-term investment portfolio • strong underlying operating cash flow
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The way forward
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Acquiring a leading Nordic Hotel and Leisure Travel Company • 1.3 million hotel guests and SEK 17 billion in revenue – proven business model with a track record of long-term profitability • 26 unique concept hotels are the main profit engine – concept hotels are ~25% volume, but ~60% of tour operator gross profit – 4,500 curated third-party hotels • award-winning brands Key transaction details • consideration SEK 3.5 billion in cash plus 300 million newly issued NAS shares1 • Altor, Strawberry and TDR to become significant shareholders – Altor and Strawberry to be proposed for board representation • synergies supporting profit uplift from 2027 – sources incl. optimised network, procurement, integrated packaging and new concept hotels Closing targeted by end of Q4 2026 • EGM shareholder approval obtained in July • regulatory approval process ongoing, incl. EU competition clearance Nordic Leisure Travel Group (NL TG) 18 1 Potentially up to 30m additional shares contingent on share price in Q4 2026
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Aircraft deliveries according to plan • first five of 80 ordered Boeing 737 MAX 8 aircraft delivered – incl. aircraft to be owned by Norwegian – Boeing delivering according to updated schedule – mix of sale-and-leaseback transactions and retained ownership – two aircraft to be delivered during Q4 Fleet optionality • evaluating additional lease extensions – dependent on market development and profitable growth opportunities • considering opportunities to increase fleet ownership – balancing cost of capital vs. cash flow Norwegian fleet estimate Current Summer 2027 Summer 2028 98 100 103 64 59 39 51 49 39 737-800 NG 737 MAX 8 19 Fleet
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Program X will have delivered by year-end 2026: • underlying recurring profit improvement in excess of NOK 1.25bn p.a.1 – compared with the initial forecast of more than NOK 1.0bn • sustained increase in EBIT margin (%) Program X – foundation for sustainably strong profitability Profitability improvements (NOK million) – realised and forecast Initiatives being implemented in 2026 – recurring only 2025 2026 Accumulated from 2027 >1,250 c. 900 recurring effects non-recurring effects 1 Baseline 2024 for Norwegian (excl. Widerøe) at constant FX and jet fuel Other initiatives 2% Group synergies 20% Cost control, data driven insights & new technologies 24% Interlining & New Distribution Platform (NDP) revenue opportunities 32% Increase owned fleet 22% 20 Program X to conclude by year-end • initiatives successfully implemented across costs, revenue and operations • strong organisational focus on financial results and cost savings • provides robust platform for profitability in years ahead – ways of working that support continued improvements and cost discipline c. 100 c. 400 c. 600
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Outlook FY 2026 Norwegian underlying unit cost excl. fuel2 Unchanged vs. prior year FY 2026 Q4 2026 FY 2027 Capacity growth1 c. 2% c. 2% c. 5% $ 1 Available seat kilometres (ASK) for Norwegian vs. same period previous year 2 Vs. 2025 assuming current foreign exchange rates as of 28 October 2026. Unit cost excl. fuel for 2025 and 2026 adjusted for NOK 858 million and NOK 95 million in non-recurring gains related to the purchase of aircraft previously on lease to Norwegian.Adjusting for these gains, the full-year unit cost excl. fuel for 2025 would have been NOK 0.52. 21
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22 Dreams take flight UNICEF Art in the air During weeks 40 and 41, all children aboard our flights could draw for UNICEF. For each drawing collected, Norwegian donates 25 NOK to UNICEF. We collected more than 14,000 drawings. Selected drawings will feature on a one-of-a-kind tail fin to be launched in early 2027. Widerøe’s dream flight Flight in September, where a dedicated Widerøe aircraft flew 58 children from Barnekreftforeningen and their families from Bergen to Legoland. The entire trip, including flight crew, security staff, and coordination, was operated completely by off-duty employees donating their time. The annual initiative provides a worry-free day of joy and a vital break from hospital routines for families affected by childhood cancer. Upcoming “Fill a plane” with UNICEF On 3 November, Norwegian and UNICEF are joining forces for their eighth "Fill a Plane" mission, taking off from Copenhagen to Malawi. The aircraft will carry crucial life-saving supplies and passionate Norwegian volunteers. It will also deliver unique puzzles made from the children's drawings collected during our Art in the Air campaign, carrying a message of hope and solidarity directly from our flights to those in need.
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