Interim report
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Norwegian Air Shuttle ASA Third quarter 2026 financial report ■ Quarterly group result (EBT) NOK 2,520 million ■ Best-in-class operations - Widerøe and Norwegian recognised for strong punctuality ■ Liquidity position improved to NOK 11.2 billion - repayment of final corporate bond in September ■ Booking momentum accelerating through quarter - uncertain macro outlook with elevated fuel prices
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Norwegian Group delivers quarterly operating profit (EBIT) of NOK 2,728 million with operating margin of 21.4 percent Group Revenue NOK million 12,252 8,522 6,904 10,408 12,739 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 The Norwegian Group today reported its results for the third quarter of 2026. The figures demonstrate the group's ability to deliver strong financial results underpinned by focus on cost control and robust operational performance in the busiest travel season of the year. For the third quarter of 2026, the group delivered an operating result (EBIT) of NOK 2,728 million, corresponding to an operating margin of 21.4 percent. Profit before tax (EBT) amounted to NOK 2,520 million for the quarter. The liquidity position improved to NOK 11.2 billion, up NOK 0.7 billion from the end of the third quarter of 2025, after the final repayment of the Retained Claims Bonds during the quarter. The Norwegian fleet comprised 98 aircraft, of which 39 aircraft were latest technology 737 MAX 8 aircraft following three aircraft deliveries during the quarter. The Widerøe fleet comprised 50 aircraft. The Norwegian Group had 8.8 million passengers in the third quarter, of which 7.6 million were passengers of Norwegian and 1.1 million of Widerøe. Compared to the same period last year, the number of passengers increased by 359,000 for Norwegian and decreased by 13,000 for Widerøe. Production (ASK) for Norwegian increased by 5 percent in the third quarter, while Widerøe production increased by 2 percent. The quarterly load factor for Norwegian was 88.5 percent, up 0.2 percentage points from the same period last year. For Widerøe, the quarterly load factor was 76.1 percent, a decrease of 1.3 percentage points. Punctuality, flights departing on schedule was 80.7 percent for Norwegian in the quarter, an improvement of 2.9 percentage points from last year, while it was 93.5 percent for Widerøe, an improvement of 1.7 percentage points. Regularity was 99.3 percent and 97.9 percent, respectively, with regularity at both airlines negatively impacted by the air traffic controller strike in Norway in August. Cirium, the global aviation analytics provider, named Norwegian among the five most punctual European airlines in both August and September, while highlighting Widerøe for its strong regional punctuality in an article published in July. In September, Norwegian Reward introduced five new status levels, simplifying how frequent flyers track and earn benefits with Norwegian and Widerøe. The update unlocks tailored benefits for every level, supporting the award-winning loyalty programme as it surpassed ten million members. Following the announcement in June of the agreement to acquire Nordic Leisure Travel Group (NLTG), the leading hotel and leisure travel experiences company in the Nordics, the Norwegian Group has progressed as planned in the process of obtaining regulatory approvals, notably EU competition clearance. The acquisition is targeted to close by the end of the fourth quarter of 2026. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 2 Group ASK million 12,306 8,759 7,285 11,595 12,942 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Group EBIT NOK million 3,071 21 (220) (603) 2,728 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Well prepared for the upcoming winter travel period For the upcoming winter season, Norwegian has reduced monthly capacity by between 25 and 40 percent, compared to the month of October 2026 to account for seasonal variations in demand. Production for the winter season is forecasted to increase marginally compared to the same period last year. Following the recent increase in jet fuel prices and cancellation of winter season flights to Dubai, Norwegian has reduced its production for the first quarter of 2027 by more than 5 percent from the original planned capacity. The current macroeconomic backdrop is uncertain following the military escalation in the Middle East, which has led to increased volatility in international capital markets and higher prices for jet fuel. Current booking trends, however, remain encouraging with the number of sold tickets significantly higher than at the same time last year. Customers of Norwegian and Widerøe value the group's operational performance and its attractive, growing route network. The collaboration with Widerøe through the linking of complementary route networks, and Spenn, the joint platform for loyalty programmes, further ensures that the group remains the preferred travel partner throughout the Nordics. The highly complementary acquisition of NLTG will add hotel and leisure travel experiences to the portfolio, delivering enhanced customer value and creating a unique end-to-end Nordic travel provider, subject to regulatory approvals. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 3
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Group consolidated key financial figures Q3 2026 Q3 2025 Full Year 2025 (unaudited in NOK million) Group Norwegian Widerøe Group Norwegian Widerøe Group Norwegian Widerøe Operating revenue 12,739 10,700 2,118 12,252 10,247 2,090 37,646 30,092 7,903 EBITDAR 4,115 3,661 454 3,986 3,539 447 7,887 6,586 1,314 EBITDAR excl. other losses (gains) 3,779 3,339 440 3,906 3,461 449 7,478 6,170 1,307 Operating profit (EBIT) 2,728 2,487 242 3,071 2,797 274 3,732 3,159 585 EBIT excl. other losses (gains) 2,392 2,165 227 2,991 2,719 276 3,323 2,743 579 Profit (loss) before tax (EBT) 2,520 2,302 218 2,891 2,639 252 3,016 2,500 528 Net profit (loss) 1,838 1,620 218 2,549 2,297 252 2,708 2,197 524 EBITDAR margin 32.3 % 34.2 % 21.4 % 32.5 % 34.5 % 21.4 % 21.0 % 21.9 % 16.6 % EBIT margin 21.4 % 23.2 % 11.4 % 25.1 % 27.3 % 13.1 % 9.9 % 10.5 % 7.4 % EBT margin 19.8 % 21.5 % 10.3 % 23.6 % 25.8 % 12.1 % 8.0 % 8.3 % 6.7 % Net profit margin 14.4 % 15.1 % 10.3 % 20.8 % 22.4 % 12.1 % 7.2 % 7.3 % 6.6 % Book equity per share (NOK) 8.7 7.3 7.3 Equity ratio (%) 20.6 % 18.3 % 18.2 % Cash and cash equivalents 11,222 7,857 7,434 Net interest-bearing debt 6,061 8,362 9,491 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 4
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Traffic figures and ratios Q3 2026 Q3 2025 Full Year 2025 (unaudited ratios in NOK) Group Norwegian Widerøe Group Norwegian Widerøe Group Norwegian Widerøe Yield - total 1.10 0.97 4.14 1.11 0.98 4.08 1.08 0.91 4.46 Unit revenue - total 0.96 0.86 3.15 0.97 0.86 3.16 0.92 0.78 3.26 Unit cost 0.69 0.64 0.73 Unit cost excl fuel 0.46 0.42 0.50 Ancillary revenue per passenger 200 224 38 184 207 40 176 200 40 ASK (million) 12,942 12,335 606 12,306 11,710 596 39,786 37,640 2,147 RPK (million) 11,376 10,915 461 10,805 10,343 461 33,876 32,305 1,570 Passengers (million) 8.75 7.64 1.11 8.41 7.28 1.12 27.25 23.12 4.13 Load factor 87.9 % 88.5 % 76.1 % 87.8 % 88.3 % 77.5 % 85.1 % 85.8 % 73.2 % Regularity 99.3 % 97.9 % 99.3 % 98.2 % 99.5 % 96.6 % Punctuality 80.7 % 93.5 % 77.8 % 91.8 % 81.8 % 86.8 % Average sector length (km) 950 1,373 289 934 1,369 285 863 1,322 275 Number of aircraft 148 98 50 146 95 51 146 95 51 Fuel consumption (1,000 mt) 251 234 17 243 226 17 786 722 64 CO2 per RPK 67 69 70 CO2 per seat 32 32 32 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 5
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Group financial review The Norwegian Group ("the group") consists of the parent company Norwegian Air Shuttle ASA ("Norwegian") and Widerøe AS ("Widerøe"), together with affiliated subsidiaries. The Norwegian Group experienced strong demand trends across core markets during the peak summer season and throughout the third quarter of 2026. Norwegian delivered continued capacity growth accompanied by a marginal increase in load factor, while Widerøe recorded a small decline in passenger traffic compared to the third quarter of 2025. The third quarter results were affected by macroeconomic factors, primarily related to significant movements in the price of jet fuel and in the value of the NOK against the USD. EBITDAR for the group was NOK 4,115 million in the third quarter of 2026, compared to NOK 3,986 million in the third quarter of 2025. EBITDAR excl. other losses (gains) was NOK 3,779 million, compared to NOK 3,906 million in the same period last year. Other losses (gains) amounted to a net gain of NOK 336 million in the quarter and primarily consisted of positive non- recurring effects related to the balance sheet translation of USD- denominated operating liabilities following the strengthening of the NOK against the USD during the quarter. Operating profit (EBIT) for the group in the third quarter of 2026 was NOK 2,728 million, compared to NOK 3,071 million in the same period last year. Operating profit (EBIT) for the same period last year was positively impacted by a non-recurring gain amounting to NOK 269 million related to the purchase of three Boeing 737-800 aircraft that were previously on lease to Norwegian. The group operating margin was 21.4 percent, compared to 25.1 percent in the same period last year. Operating profit (EBIT) excl. other losses (gains) was NOK 2,392 million, compared to NOK 2,991 million in the same period last year. Profit before tax (EBT) for the group in the third quarter of 2026 was NOK 2,520 million, compared to NOK 2,891 million in the same period last year. Net profit for the group was NOK 1,838 million, compared to NOK 2,549 million in the same period last year. Revenue Total operating revenue for the group in the third quarter of 2026 increased to NOK 12,739 million, compared to NOK 12,252 million in the third quarter of 2025. Passenger revenue was NOK 10,723 million, compared to NOK 10,444 million in the same period last year, and includes revenue from the Norwegian government related to Widerøe's public service obligation (PSO) routes. Ancillary passenger revenue was NOK 1,751 million, compared to NOK 1,549 million in the same period last year. Other revenue primarily relates to the sale of ground handling services to third parties, transport of freight, commission from in-flight sales and revenue from the loyalty programme ‘Norwegian Reward’ and amounted to NOK 265 million in the quarter, compared to NOK 259 million in the same period last year. Operating expenses Total operating expenses excluding aircraft lease, depreciation and amortisation for the group amounted to NOK 8,623 million in the third quarter of 2026, compared to NOK 8,266 million in the third quarter of 2025. Total operating expenses adjusted for other losses (gains) amounted to NOK 8,959 million, compared to NOK 8,346 million in the same period last year. Expenses for aviation fuel amounted to NOK 3,134 million, compared to NOK 2,918 million in the same period last year, and corresponded to 35 percent of total operating expenses excluding other losses (gains) and aircraft lease, depreciation and amortisation, unchanged from the same period last year. Lease and rental expenses Aircraft lease, depreciation and amortisation for the group amounted to NOK 1,387 million in the third quarter of 2026, compared to NOK 915 million in the third quarter of 2025. Aircraft lease, depreciation and amortisation was in the third quarter of 2025 impacted by a non-recurring gain amounting to NOK 269 million related to the purchase of three Boeing 737-800 aircraft that were previously on lease to Norwegian, and compensation related to the delayed delivery of aircraft. Financial items Net financial items for the group amounted to negative NOK 207 million in the third quarter of 2026, compared to negative NOK 196 million in the third quarter of 2025. Interest expenses amounting to NOK 316 million for the quarter included NOK 209 million in interest expenses on lease liabilities recognised according to IFRS 16. Other financial income (expense) amounted to a net gain of NOK 7 million in the quarter. Tax Income tax expense amounted to NOK 682 million in the third quarter of 2026, compared to NOK 342 million in the third quarter of 2025, and primarily comprised tax without cash effect. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 6
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Norwegian segment This segment includes Norwegian with affiliated subsidiaries and excludes Widerøe with its affiliated subsidiaries. Traffic development Passenger demand for air travel with Norwegian grew significantly across markets into the peak summer travel season, prompting an increase in the number of passengers. Compared to the third quarter of 2025, capacity measured by available seat kilometres (ASK) increased by 5 percent,. The number of passengers also increased by 5 percent. The load factor increased marginally compared to the same period last year. For the third quarter of 2026, Norwegian had 7.6 million passengers, 359,000 more passengers compared to the third quarter of 2025. Production (ASK) for the quarter was 12,335 million kilometres, up 5 percent from the same period last year. Passenger traffic measured by revenue passenger kilometres (RPK) was 10,915 million kilometres, up 6 percent from the same period last year. The quarterly load factor was 88.5 percent, up 0.2 percentage points from the same period last year. The average sector length was 1,373 kilometres, an increase of 0.3 percent from the same period last year. At the end of the third quarter of 2026, Norwegian’s fleet comprised 98 aircraft, all Boeing 737 aircraft of which 39 were the latest-technology 737 MAX 8 aircraft. During the quarter, three new Boeing 737 MAX 8 aircraft were delivered to Norwegian, while no aircraft were redelivered to lessors. 94 aircraft were on average utilised during the quarter, up from 90 aircraft in the same period last year. Each aircraft was on average utilised 12.3 block hours per day, up from 12.2 block hours in the same period last year. Operating performance Punctuality, share of Norwegian’s flights departing on schedule, was 80.7 percent in the third quarter of 2026, an improvement from 77.8 percent in the third quarter of 2025. Regularity, share of flights taking place, was 99.3 percent in the quarter, and was negatively impacted by the air traffic controller strike in Norway in August. Regularity was unchanged from the same period last year. Cirium, the global aviation analytics provider, named Norwegian among the five most punctual European airlines in both August and September. Norwegian financial review EBITDAR for Norwegian was NOK 3,661 million in the third quarter of 2026, compared to NOK 3,539 million in the third quarter of 2025. EBITDAR excl. other losses (gains) was NOK 3,339 million, compared to NOK 3,461 million in the same period last year. Other losses (gains) amounted to a net gain of NOK 322 million in the quarter and primarily consisted of positive non- recurring effects related to the balance sheet translation of USD- denominated operating liabilities following the strengthening of the NOK against the USD during the quarter. Operating profit (EBIT) was NOK 2,487 million, compared to NOK 2,797 million in the same period last year. Operating profit (EBIT) for the same period last year was positively impacted by a non-recurring gain amounting to NOK 269 million related to the purchase of three Boeing 737-800 aircraft that were previously on lease to Norwegian. Profit before tax (EBT) was NOK 2,302 million, compared to NOK 2,639 million in the same period last year. Total operating revenue for Norwegian increased to NOK 10,700 million from NOK 10,247 million in the same period last year. Passenger revenue was NOK 8,855 million, up from NOK 8,609 million in the same period last year, while ancillary passenger revenue increased to NOK 1,709 million from NOK 1,504 million. Other revenue primarily relates to commission from in-flight sales and revenue from the loyalty programme ‘Norwegian Reward’ and amounted to NOK 136 million, compared to NOK 134 million in the same period last year. Unit revenue including flight-related ancillary revenue was NOK 0.86 in the quarter, unchanged from the same period last year. Yield including flight- related ancillary revenues was NOK 0.97, compared to NOK 0.98 in the same period last year. Both unit revenue and yield were negatively impacted by the strengthening of the NOK against other currencies in which sales are denominated compared to the same period last year. Ancillary revenue per passenger was NOK 224 in the quarter, compared to NOK 207 in the same period last year. Total operating expenses excluding aircraft lease, depreciation and amortisation for Norwegian was NOK 7,039 million in the quarter, compared to NOK 6,708 million in the same period last year. Expenses for aviation fuel amounted to NOK 2,873 million, corresponding to 39 percent of total operating expenses excluding other losses (gains) and aircraft lease, depreciation and amortisation, compared to 39 percent in the same period last year. Aircraft lease, depreciation and amortisation were NOK 1,174 million in the quarter, compared to NOK 742 million in the same period last year. Aircraft lease, depreciation and amortisation was in the same period last year reduced by a non-recurring gain amounting to NOK 269 million related to the purchase of three Boeing 737-800 aircraft that were previously on lease to Norwegian, and compensation related to the delayed delivery of aircraft. Unit cost, which excludes other losses (gains) and includes aircraft lease, depreciation and amortisation, amounted to NOK 0.69 in the quarter, an increase of 8 percent from the same period last year. Unit cost excluding fuel amounted to NOK 0.46, an increase of 10 percent from NOK 0.42 in the same period last year. Unit cost was in the third quarter of 2025 impacted by the non-recurring gain of NOK 269 million related to the purchase of three aircraft previously on lease. Adjusting for this gain, unit cost and unit cost excluding fuel increased 4 percent compared to the same period last year. Net financial items amounted to negative NOK 184 million in the quarter, compared to negative NOK 173 million in the same period last year. Interest expenses amounting to NOK 298 million for the quarter included NOK 203 million in interest expenses on lease liabilities recognised according to IFRS 16. Other financial income (expense) amounted to a net gain of NOK 14 million in the quarter. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 7
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Widerøe segment This segment solely relates to Widerøe with affiliated subsidiaries. Traffic development Passenger demand for Widerøe in the third quarter of 2026 reduced marginally from the same period last year with the number of passengers down by 1 percent. Widerøe had 1,112,000 passengers in the quarter, down by 13,000 passengers from the third quarter of 2025. Production (ASK) for the quarter was 606 million kilometres, an increase of 2 percent from the same period last year. Passenger traffic (RPK) was 461 million kilometres, unchanged from the same period last year. The quarterly load factor was 76.1 percent, down 1.3 percentage points from the same period last year. The average sector length was 289 kilometres, an increase of 1 percent compared to the same period last year. At the end of the third quarter of 2026, the total Widerøe fleet comprised 50 aircraft, 47 de Havilland Dash 8 turboprop aircraft and three Embraer E190-E2 jets. Operating performance Punctuality, share of Widerøe’s flights departing on schedule, was 93.5 percent in the third quarter of 2026, an improvement from 91.8 percent in the third quarter of 2025. Regularity, share of flights taking place, was 97.9 percent this quarter, down from 98.2 percent percent in the same period last year. Regularity was in the quarter negatively impacted by the air traffic controller strike in Norway in August. In an article published in July, Cirium highlighted Widerøe for its strong regional punctuality, praising the airline's targeted efforts to achieve exceptional operational results in a challenging environment. Widerøe financial review EBITDAR for Widerøe was NOK 454 million in the third quarter of 2026, compared to NOK 447 million in the third quarter of 2025. Operating profit (EBIT) was NOK 242 million, compared to NOK 274 million in the same period last year. Profit before tax (EBT) was NOK 218 million, compared to NOK 252 million in the same period last year. Total operating revenue for Widerøe increased to NOK 2,118 million from NOK 2,090 million in the same period last year. Passenger revenue was NOK 1,868 million, compared to NOK 1,835 million in the same period last year and includes government revenues from PSO operations. Ancillary passenger revenue was NOK 42 million, compared to NOK 45 million in the same period last year. Other revenue was NOK 208 million, compared to NOK 209 million in the same period last year, and is predominantly comprised of the sale of ground handling services to third parties and Norwegian, in addition to transport of freight. Unit revenue including compensation for PSO operations and flight-related ancillary revenue was NOK 3.15, down from NOK 3.16 in the same period last year. Yield including compensation for PSO operations and flight- related ancillary revenue was NOK 4.14, up from NOK 4.08 in the same period last year. Total operating expenses excluding aircraft lease, depreciation and amortisation for Widerøe was NOK 1,664 million in the quarter, compared to NOK 1,643 million in the same period last year. Expenses for aviation fuel amounted to NOK 261 million, compared to NOK 272 million in the same period last year. Aircraft lease, depreciation and amortisation amounted to NOK 213 million in the quarter, compared to NOK 173 million in the same period last year.The increase from the same period last year was predominately a result of investments in aircraft lifetime extensions and spare parts. Net financial items amounted to negative NOK 24 million in the quarter, compared to negative NOK 23 million in the same period last year. Interest expenses amounting to NOK 17 million for the quarter included NOK 7 million in interest expenses on lease liabilities recognised according to IFRS 16. Other financial income (expense) amounted to a net loss of NOK 8 million. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 8
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Group financial position and liquidity The majority of aircraft assets for the Norwegian Group are accounted for in USD, creating a natural hedge against USD-denominated financing when translated into NOK. Net interest-bearing debt at the end of the third quarter of 2026 amounted to NOK 6,061 million, compared to NOK 8,362 million at the end of the third quarter of 2025. Compared to the previous quarter, net interest-bearing debt increased by NOK 796 million, predominantly a result of the delivery of new aircraft during the quarter, recognised in the balance sheet through aircraft financing and lease obligations. The zero- coupon Retained Claims Bonds was fully repaid during the quarter in the amount of NOK 1,495 million. A total of 148 aircraft were accounted for in the balance sheet at the end of the quarter through leased and owned aircraft, of which 98 aircraft related to Norwegian's fleet and 50 to the Widerøe fleet. During the quarter, three new Boeing 737 MAX 8 aircraft were delivered to Norwegian of which two were sold to lessors through sale-and- leaseback transactions, while Norwegian retained ownership of one. Equity amounted to NOK 9,209 million at the end of the quarter, up from NOK 7,685 million at the end of the same period last year. Non-current assets Total non-current assets amounted to NOK 27,423 million at the end of the third quarter of 2026, compared to NOK 26,734 million at the end of the third quarter of 2025 and NOK 27,550 million at the end of the previous quarter. Intangible assets amounted to NOK 1,914 million at the end of the quarter and included NOK 1,337 million in deferred tax assets. Tangible assets amounted to NOK 24,871 million at the end of the quarter, compared to NOK 24,186 million at the end of the third quarter of 2025 and NOK 24,444 million at the end of the previous quarter, and was predominantly comprised of owned aircraft, right-of-use assets for leased aircraft and prepayments for ordered aircraft and spare engines. Prepayments for ordered aircraft and spare engines amounted to NOK 3,474 million and primarily relate to the remaining purchase order of 75 Boeing 737 MAX 8 aircraft to be delivered by 2031. Current assets Total current assets amounted to NOK 17,323 million at the end of the third quarter of 2026, compared to NOK 15,224 million at the end of the third quarter of 2025 and NOK 19,423 million at the end of the previous quarter. Cash and cash equivalents amounted to NOK 11,222 million at the end of the quarter, corresponding to an increase of NOK 3,365 million from the end of the third quarter of 2025. Compared to the end of the previous quarter, cash and cash equivalents increased by NOK 181 million. Short-term investments in fixed income funds were realised this quarter, resulting in NOK 1,137 million being transferred from financial investments to cash and cash equivalents. Deposit for outstanding bond, amounting to NOK 1,495 million and classified as financial investments, was also realised during the quarter following the full redemption of the Retained Claims Bonds. Non-current liabilities Total non-current liabilities amounted to NOK 19,709 million at the end of the third quarter of 2026, compared to NOK 19,531 million at the end of the third quarter of 2025 and NOK 20,726 million at the end of the previous quarter. Non-current lease liabilities amounted to NOK 10,824 million at the end of the quarter, compared to NOK 11,439 million at the end of the third quarter of 2025 and NOK 11,004 million at the end of the previous quarter. Current liabilities Total current liabilities amounted to NOK 15,827 million at the end of the third quarter of 2026, compared to NOK 14,742 million at the end of the third quarter of 2025 and NOK 19,586 million at the end of the previous quarter. Air traffic settlement liabilities amounted to NOK 5,878 million at the end of the quarter, compared to NOK 5,428 million at the end of the third quarter of 2025 and NOK 8,621 million at the end of the previous quarter. Other current liabilities amounted to NOK 7,527 million at the end of the quarter, compared to NOK 5,580 million at the end of the third quarter of 2025 and NOK 7,024 million at the end of the previous quarter. Equity Equity at the end of the third quarter of 2026 amounted to NOK 9,209 million, compared to NOK 7,685 million at the end of the third quarter of 2025 and NOK 6,660 million at the end of the previous quarter. The increase in equity during the quarter was predominantly a result of the positive net profit this quarter and positive development in the market value of jet fuel hedge positions, recognised in total comprehensive income. The equity ratio was 20.6 percent at the end of the quarter, an increase of 2.3 percentage points compared to the end of the third quarter of 2025. Compared to the end of the previous quarter, the equity ratio increased by 6.4 percentage points. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 9
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Group cash flow Cash and cash equivalents amounted to NOK 11,222 million at the end of the third quarter of 2026, an increase of NOK 3,365 million from the end of the third quarter of 2025. Compared to the previous quarter, cash and cash equivalents increased by NOK 181 million. Cash flow from operating activities Cash flow from operating activities in the third quarter of 2026 amounted to positive NOK 736 million, compared to positive NOK 826 million in the third quarter of 2025. Air traffic settlement liabilities decreased by NOK 2,744 million during the quarter, while receivables decreased by NOK 482 million. Other adjustments amounted to negative NOK 860 million during the quarter. Other adjustments primarily relate to financial items, changes in other assets, other liabilities and non-cash effects included in profit before tax. Cash flow from investing activities Cash flow from investing activities in the third quarter of 2026 amounted to positive NOK 1,584 million, of which positive NOK 2,622 million related to the realisation of financial investments and negative NOK 1,038 million primarily related to the purchase of one Boeing 737 MAX 8 aircraft and aircraft maintenance events. In the third quarter of 2025, cash flow from investing activities amounted to negative NOK 2,859 million. Cash flow from financing activities Cash flow from financing activities in the third quarter of 2026 amounted to negative NOK 2,114 million and included loan proceeds related to the purchase of one Boeing 737 MAX 8 aircraft and the full redemption of the Retained Claims Bonds amounting to negative NOK 1,495 million. In the third quarter of 2025, cash flow from financing activities amounted to negative NOK 2,829 million which included the principal repayment of the Retained Claims Bonds and payment of NOK 950 million in dividends. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 10
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Risks and uncertainties The Norwegian Group is exposed to various risk factors such as market risk, operational risk, financial risk, liquidity risk and climate-related risks. Future demand for air travel is dependent on sustained consumer and business confidence in key markets. Demand for air travel is subject to strong seasonal variations. Adverse effects in relation to the onset of pandemics or unforeseen security events may impact the group's operations. The current macroeconomic environment is uncertain with volatile energy and fuel prices, inflationary pressure, fluctuations in foreign exchange rates, the ongoing war in Ukraine, heightened geopolitical tensions globally, trade tensions between the US and key trading partners, as well as potential impacts of disruptions in the global supply chain. Such factors may have a significant impact on the group’s business, price of materials and aircraft, in addition to the group’s financial results. The military escalation in the Middle East has, together with the blockade of the Strait of Hormuz, led to increased volatility in international capital markets and higher prices for jet fuel. The group has reduced its exposure to fluctuations in fuel prices through derivative contracts by hedging approximately 55 percent of the estimated jet fuel consumption for the remainder of 2026 and approximately 25 percent for 2027. The group has also reduced its exposure to currency fluctuations through forward purchase of close to 50 percent of its expected USD cash flow for the remainder of 2026 and 15 percent of 2027. In the event of industrial action, operations may be affected, causing disruptions for customers and affecting the group’s financial performance. For additional explanations regarding risks and uncertainties, please refer to the following sections in the group's Annual Report 2025: Financial risk and risk management section and the going concern section of the Board of Directors' report, Note 2: Financial risk and Note 27: Provisions. Note 14 to this interim report includes updates to contingencies and legal claims. Outlook For Norwegian, production (ASK) for the fourth quarter of 2026 is forecasted to increase by 2 percent compared to the same period last year, while production is forecasted to increase by 2 percent for the full year of 2026. Production (ASK) for Widerøe in 2026 is projected to increase by 2 percent. The Norwegian fleet is projected at around 100 aircraft for the summer of 2027, while overall production (ASK) for the full year is expected to increase by approximately 5 percent compared to 2026. For Widerøe, production (ASK) is forecasted to decrease by approximately 3 percent, a decrease primarily driven by reduced average sector length and planned reallocation of capacity to Norwegian. Following the recent increase in jet fuel prices and cancellation of winter season flights to Dubai, Norwegian has reduced its production for the first quarter of 2027 by more than 5 percent from the original planned capacity. Current booking trends are encouraging with the number of sold tickets and booked load factor above the same time last year. The current macroeconomic climate is uncertain following the military escalation in the Middle East, which has resulted in increased volatility in international capital markets and significantly higher prices for jet fuel. Norwegian has been able to counter industry-specific cost inflation through initiatives launched under Program X. The programme is forecasted to provide further gains towards the end of 2026. Underlying unit cost excluding fuel for Norwegian, i.e. adjusting for gains related to the purchase of leased aircraft, is expected to be unchanged in 2026 compared to 2025*, assuming current foreign exchange rates. With strong brand loyalty, a highly skilled organisation and a solid financial platform, the group is well-positioned to tackle potential short-term fluctuations in demand and to solidify its position as a leading airline group in the Nordics. The anticipated acquisition of NLTG, the leading hotel and leisure travel experiences company in the Nordics, will add package travel and hotels to the group, creating a stronger and unique end-to-end Nordic travel provider. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 11 * Unit cost excl. fuel for 2025 and 2026 adjusted for non-recurring gains of NOK 858 million and NOK 95 million related to the purchase of aircraft previously on lease to Norwegian. Adjusting for these gains, the full-year unit cost excluding fuel for 2025 would have been NOK 0.52.
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Condensed interim financial statements Consolidated income statement Passenger revenue 10,723 10,444 25,232 24,582 31,742 Ancillary passenger revenue 1,751 1,549 4,046 3,748 4,794 Other revenue 265 259 772 793 1,110 Total operating revenue 3 12,739 12,252 30,050 29,123 37,646 Personnel expenses 2,319 2,132 6,812 6,353 8,645 Aviation fuel 3,134 2,918 8,101 7,461 9,573 Airport and ATC charges 1,354 1,244 3,327 3,302 4,204 Handling charges 817 810 2,058 2,086 2,692 Technical maintenance expenses 374 320 1,028 981 1,316 Other operating expenses 961 923 2,955 2,785 3,738 Other losses (gains) 4 (336) (80) 197 (501) (409) Total operating expenses excl. lease, depr. and amort. 8,623 8,266 24,478 22,467 29,759 Operating profit excl. lease, depr. and amort. (EBITDAR) 4,115 3,986 5,572 6,657 7,887 Aircraft lease, depreciation and amortisation 8 1,387 915 3,667 2,946 4,155 Operating profit (EBIT) 2,728 3,071 1,905 3,711 3,732 Interest income 102 96 288 238 304 Interest expense 316 349 956 934 1,271 Other financial income (expense) 7 58 76 170 249 Net financial items (207) (196) (592) (526) (717) Share of net loss (profit) of joint venture 1 (16) 12 (5) (1) Profit (loss) before tax (EBT) 2,520 2,891 1,301 3,189 3,016 Income tax expense (income) 682 342 379 465 308 Net profit (loss) 1,838 2,549 922 2,724 2,708 Net profit (loss) attributable to: Owners of the parent company 1,838 2,549 922 2,724 2,708 Basic earnings per share (NOK) 6 1.75 2.42 0.88 2.65 2.60 Diluted earnings per share (NOK) 6 1.75 2.41 0.88 2.48 2.49 (unaudited in NOK million) Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full Year 2025 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 12
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Consolidated statement of comprehensive income (unaudited in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full Year 2025 Net profit (loss) for the period 1,838 2,549 922 2,724 2,708 Actuarial gains and losses – – – – (53) Currency translation differences (258) (44) (488) (461) (390) Gains (losses) on cash flow hedges 1,640 120 3,307 (258) (348) Hedging (gains) losses reclassified to profit or loss (689) 94 (1,378) 285 344 Total comprehensive income for the period 2,532 2,718 2,362 2,290 2,261 Total comprehensive income attributable to: Owners of the company 2,532 2,718 2,362 2,290 2,261 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 13
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Consolidated statement of financial position (unaudited in NOK million) Note 30 September 2026 30 September 2025 31 December 2025 Intangible assets 1,914 1,965 2,259 Tangible assets 8 24,871 24,186 24,791 Other non-current assets 638 583 469 Total non-current assets 27,423 26,734 27,519 Inventory 686 560 566 Receivables and other current assets 5,377 4,152 3,887 Financial investments 37 2,655 2,625 Cash and cash equivalents 11,222 7,857 7,434 Total current assets 17,323 15,224 14,513 Total assets 44,746 41,958 42,031 Shareholders' equity 11 9,209 7,685 7,668 Total equity 9,209 7,685 7,668 Non-current debt 9 14,897 15,140 15,712 Other non-current liabilities 4,812 4,391 4,623 Total non-current liabilities 19,709 19,531 20,335 Air traffic settlement liabilities 5,878 5,428 4,396 Current debt 9 2,423 3,734 3,839 Other current liabilities 7,527 5,580 5,793 Total current liabilities 15,827 14,742 14,028 Total liabilities 35,537 34,273 34,364 Total equity and liabilities 44,746 41,958 42,031 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 14
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Consolidated statement of cash flow (unaudited in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full Year 2025 OPERATING ACTIVITIES Profit before tax 2,520 2,891 1,301 3,189 3,016 Paid taxes (24) (3) (52) (28) (35) Depreciation, amortisation and impairment 1,362 1,061 3,695 2,992 4,231 Changes in air traffic settlement liabilities (2,744) (3,135) 1,482 1,285 253 Changes in receivables 482 1,047 14 (262) (25) Other adjustments (860) (1,035) 1,265 96 400 Net cash flows from operating activities 736 826 7,704 7,272 7,840 INVESTING ACTIVITIES Purchases, proceeds and prepayment of tangible assets (1,038) (1,271) (2,382) (4,488) (4,880) Other investing activities 2,622 (1,587) 2,581 (1,611) (1,574) Net cash flows from investing activities 1,584 (2,859) 198 (6,099) (6,454) FINANCING ACTIVITIES Loan proceeds 444 612 1,117 3,184 3,402 Principal repayments (2,281) (2,203) (3,458) (4,578) (5,094) Financing costs paid (277) (288) (840) (774) (1,062) Paid dividend – (950) (841) (950) (950) Purchase of treasury shares – – (30) – (48) Net cash flows from financing activities (2,114) (2,829) (4,052) (3,117) (3,751) Net change in cash and cash equivalents 206 (4,862) 3,851 (1,945) (2,366) Foreign exchange effect on cash (25) (19) (63) (66) (68) Cash and cash equivalents at beginning of period 11,041 12,738 7,434 9,868 9,868 Cash and cash equivalents at end of period 11,222 7,857 11,222 7,857 7,434 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 15
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Consolidated statement of changes in equity (unaudited in NOK million) YTD 2026 YTD 2025 Full Year 2025 Equity - Beginning of period 7,668 7,241 7,241 Total comprehensive income for the period 2,362 2,290 2,261 Share issue – 833 833 Purchase of treasury shares (30) – (48) Perpetual bonds conversions – (833) (833) Interest payment on perpetual bonds – (62) (62) Buy-back perpetual bonds – (838) (838) Equity change on employee options 16 4 9 Paid dividend (841) (950) (950) Other changes 35 – 56 Equity - End of period 9,209 7,685 7,668 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 16
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Notes to the condensed interim financial statements Note 1 Accounting principles The condensed consolidated interim financial statements comprise Norwegian Air Shuttle ASA and its subsidiaries (the group). Norwegian Air Shuttle ASA is a limited liability company incorporated in Norway. The consolidated financial statements of the group for the year ended 31 December 2025 are available at www.norwegian.com. These unaudited condensed consolidated interim financial statements have been prepared in accordance with the rules and regulations of Oslo Stock Exchange and International Accounting Standard (IAS) 34 Interim Financial Reporting. They do not include all the information required for full annual consolidated financial statements and should be read in conjunction with the consolidated financial statements for the group for the year ended 31 December 2025. The accounting policies applied by the group in these condensed consolidated financial statements are the same as those applied by the group in its consolidated financial statements for the year ended 31 December 2025. The condensed consolidated interim financial statements for the third quarter of 2026 were approved by the Board of Directors on 27 October 2026. Judgments, estimates and assumptions The condensed consolidated interim financial statements are prepared in accordance with IFRS. Applying the chosen accounting policies requires management to make judgments, estimates and assumptions which affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical figures and various other factors which are believed to be reasonable under the circumstances. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the group’s accounting policies and the key sources of estimation uncertainty, were the same as those that applied to the consolidated financial statements for the period ended 31 December 2025. The going concern basis of accounting is adopted in preparing these interim financial statements. Refer to the Risk and Uncertainties section of this Interim Report for further information. Impairment The group assesses whether there are any indications that its assets may be impaired at the end of each reporting period. There are no impairment indicators during or at the end of the reporting period. New and amended standards not yet adopted: IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18, which replaces IAS 1 Presentation of Financial Statements, will apply to annual reporting periods beginning on or after 1 January 2027. The standard introduces several significant new requirements: • The group must classify all income and expenses within the statement of profit or loss into five categories: operating, investing, financing, discontinued operations, and income tax. They must also present a newly defined subtotal for operating profit. These changes do not affect the group's net profit. • Management-defined performance measures (MPMs) must be disclosed together in a single note within the financial statements. • Additional guidance has been introduced to improve consistency in how information is grouped within the financial statements. Furthermore, the group must use the operating profit subtotal as the starting point for preparing the statement of cash flows under the indirect method when presenting operating cash flows. The group continues to assess the implications of the new standard on the presentation and disclosures in its financial statements from 2027 onwards. This assessment focuses on potential changes to the structure of the group’s statement of profit or loss, the statement of cash flows, and the expanded disclosure requirements relating to MPMs. The group is also reviewing how information will be grouped in the financial statements, including the treatment of items that are currently classified as “other”. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 17
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Note 2 Risk Sensitivity analysis (unaudited NOK million) Effect on cost 10 % increase in jet fuel price 677 5 % increase in USD against NOK 647 The sensitivity analysis for changes in the jet fuel price is based on expected consumption for the 12-month period from quarter-end after cash flow hedging effects. The sensitivity analysis for changes in USD against NOK is based on total operating expenses including interest expense for the 12-month period from quarter-end and incorporates jet fuel and currency cash flow hedging effects, but does not include other losses (gains) related to balance sheet translation effects of operating liabilities due to changes in foreign exchange rates. Exposure to currencies other than USD is substantially offset through revenues in the same currencies. The sensitivity analysis is based on currency and fuel rates as of 30 September 2026. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 18
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Note 3 Revenue Passenger revenue comprises of ticket revenue and revenue from Public service obligation (PSO) contracts, while ancillary passenger revenue is other passenger related revenue such as optional extras. Included in Other revenue primarily relates to revenue from handling services, commission from in-flight sales and revenue from the loyalty programme ‘Norwegian Reward’. Passenger related revenue per country is based on the starting point of customer journeys. Revenue from Public service obligation (PSO) contracts includes only service revenue generated from operating the routes specified under those agreements. Total operating revenue by country (unaudited NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Full Year 2025 Norway 5,653 5,448 4 % 14,855 14,388 3 % 18,788 Spain 1,565 1,559 – % 3,654 3,622 1 % 4,784 Denmark 1,192 1,123 6 % 2,669 2,616 2 % 3,301 Sweden 1,095 1,014 8 % 2,680 2,480 8 % 3,231 Italy 472 436 8 % 806 748 8 % 903 United Kingdom 426 421 1 % 949 916 4 % 1,209 France 401 374 7 % 695 652 7 % 773 Finland 257 251 2 % 684 687 – % 952 Greece 250 254 (2) % 339 350 (3) % 411 Germany 186 163 14 % 404 361 12 % 472 Other 1,242 1,208 3 % 2,315 2,303 1 % 2,823 Total operating revenue 12,739 12,252 4 % 30,050 29,123 3 % 37,646 Total outside of Norway 7,085 6,804 4 % 15,196 14,735 3 % 18,858 Revenue from Public service obligation (PSO) contracts (unaudited NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Full Year 2025 Norway 582 557 4 % 1,749 1,655 6 % 2,250 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 19
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Note 4 Other losses (gains) Other losses (gains) of NOK 336 million for the third quarter of 2026 consists of currency gains of NOK 292 million related to the translation of USD denominated operating liabilities following the strengthening of the NOK against the USD during the quarter, in addition to gains from the sale of tangible assets of NOK 43 million. For the first nine months of 2026, Other losses (gains) includes currency gains of NOK 490 million following the strengthening of the NOK against the USD, in addition to a non-recurring loss of NOK 733 million recognised in the second quarter of 2026 following the final resolution of the EU ETS legal matter. The loss relates to the ETS penalty and the obligation to surrender 372,818 outstanding EU ETS emission allowances for 2020. As the item relates to a legacy legal and regulatory matter and is non-recurring in nature, it has been classified as Other losses (gains) in the consolidated income statement. Note 5 Segment information The Executive Management team reviews the group's internal reporting to assess performance and allocate resources. Executive Management has determined the group's operating segments based on these reports. Executive Management considers the airlines Norwegian and Widerøe as two separate operating segments. Performance is measured by Executive Management based on the operating segments' earnings before interest, tax, aircraft lease, depreciation and amortisation (EBITDAR) as well as earnings before interest and tax (EBIT). The following table includes separate financial information for the group and its two operating segments. Revenue from Public service obligation (PSO) contracts as presented in Note 3 is included in Passenger revenue for the group and Widerøe for all periods presented. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 20
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Q3 2026 Q3 2025 (unaudited in NOK million) Group Norwegian Widerøe Elimination Group Norwegian Widerøe Elimination Passenger revenue 10,723.0 8,855.2 1,867.7 – 10,444.2 8,608.7 1,835.4 – Ancillary passenger revenue 1,751 1,709 42 – 1,549 1,504 45 – Other revenue 265 136 208 (80) 259 134 209 (85) Total operating revenue 12,739 10,700 2,118 (80) 12,252 10,247 2,090 (85) Personnel expenses 2,319 1,488 831 – 2,132 1,349 783 – Aviation fuel 3,134 2,873 261 – 2,918 2,646 272 – Airport and ATC charges 1,354 1,223 132 – 1,244 1,128 116 – Handling charges 817 788 92 (64) 810 768 102 (60) Technical maintenance expenses 374 257 122 (5) 320 200 125 (4) Other operating expenses 961 732 240 (11) 923 696 244 (16) Other losses (gains) (336) (322) (15) – (80) (78) 2 (4) Total operating expenses excl. lease, depr. and amort. 8,623 7,039 1,664 (80) 8,266 6,708 1,643 (85) EBITDAR 4,115 3,661 454 – 3,986 3,539 447 – Aircraft lease, depreciation and amortisation 1,387 1,174 213 – 915 742 173 – Operating profit (EBIT) 2,728 2,487 242 – 3,071 2,797 274 – – – – Interest income 102 101 1 – 96 93 2 – Interest expense 316 298 17 – 349 329 20 – Other financial income (expense) 7 14 (8) – 58 63 (5) – Net financial items (207) (184) (24) – (196) (173) (23) – – – – Share of net loss (profit) of joint venture 1 1 – – (16) (16) – – – – – Profit (loss) before tax (EBT) 2,520 2,302 218 – 2,891 2,639 252 – Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 21
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YTD 2026 YTD 2025 Full Year (unaudited in NOK million) Group Norwegian Widerøe Elimination Group Norwegian Widerøe Elimination Group Norwegian Widerøe Elimination Passenger revenue 25,232 19,931 5,301 – 24,582 19,448 5,134 – 31,742 24,905 6,837 – Ancillary passenger revenue 4,046 3,924 121 – 3,748 3,623 126 – 4,794 4,630 163 – Other revenue 772 364 654 (246) 793 373 672 (252) 1,110 556 902 (349) Total operating revenue 30,050 24,219 6,077 (246) 29,123 23,443 5,932 (252) 37,646 30,092 7,903 (349) Personnel expenses 6,812 4,348 2,464 – 6,353 4,000 2,352 – 8,645 5,470 3,175 – Aviation fuel 8,101 7,360 741 – 7,461 6,705 756 – 9,573 8,571 1,003 – Airport and ATC charges 3,327 2,961 366 – 3,302 2,977 325 – 4,204 3,774 430 – Handling charges 2,058 1,971 267 (181) 2,086 1,927 332 (173) 2,692 2,490 434 (232) Technical maintenance expenses 1,028 671 372 (16) 981 646 347 (12) 1,316 870 465 (19) Other operating expenses 2,955 2,207 796 (48) 2,785 2,032 822 (69) 3,738 2,747 1,090 (98) Other losses (gains) 197 210 (12) (1) (501) (522) 20 1 (409) (416) (7) 13 Total operating expenses excl lease, depr. and amort. 24,478 19,729 4,995 (246) 22,467 17,765 4,954 (252) 29,759 23,506 6,589 (336) EBITDAR 5,572 4,490 1,082 – 6,657 5,679 978 – 7,887 6,586 1,314 (12) Aircraft lease, depreciation and amortisation 3,667 3,059 609 – 2,946 2,429 517 – 4,155 3,427 728 – Operating profit (EBIT) 1,905 1,432 473 – 3,711 3,250 461 – 3,732 3,159 585 (12) Interest income 288 282 6 – 238 230 7 – 304 295 9 – Interest expense 956 902 54 – 934 867 67 – 1,271 1,186 85 – Other financial income (expense) 76 105 (28) – 170 123 47 – 249 231 19 – Net financial items (592) (515) (76) – (526) (513) (13) – (717) (660) (57) – Share of net loss (profit) of joint venture 12 12 – – (5) (5) – – (1) (1) – – Profit (loss) before tax (EBT) 1,301 904 397 – 3,189 2,741 448 – 3,016 2,500 528 (12) Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 22
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Note 6 Earnings per share (unaudited in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full Year 2025 Profit attributable to the owners of the company before PIK interest 1,838 2,549 922 2,724 2,708 Payment-in-kind interest on perpetual bonds recognised in equity – – – (62) (62) Profit attributable to the owners of the company after PIK interest 1,838 2,549 922 2,662 2,646 Basic earnings per share (NOK) 1.75 2.42 0.88 2.65 2.60 Diluted earnings per share (NOK)* 1.75 2.41 0.88 2.48 2.49 Specification of weighted average number of shares used in calculation of basic and diluted EPS Weighted number of shares outstanding 1,055,238,919 1,055,238,919 1,055,238,919 1,006,411,902 1,018,718,986 Weighted number of treasury shares (2,746,966) – (3,222,222) – (324,658) Ordinary shares for basic EPS 1,052,491,953 1,055,238,919 1,052,016,697 1,006,411,902 1,018,394,328 Perpetual bonds for diluted EPS – – – 89,844,567 67,198,813 Share options 221,271 906,256 533,929 292,491 450,857 Weighted average number of ordinary shares diluted 1,052,713,224 1,056,145,175 1,052,550,626 1,096,548,960 1,086,043,998 Antidilutive instruments that might become dilutive in future periods not included in calculation of the diluted earnings per share for the period Share options 7,579,094 6,894,109 7,266,436 7,507,874 7,349,508 *Shares which might become dilutive in future periods are only included in the calculation of diluted earnings per share in case they would reduce basic earnings per share for the period if they had been issued at the beginning of the period. Potentially dilutive shares which would increase basic earnings per share if they had been outstanding at the beginning of the period are considered antidilutive. They are not included in the calculation of diluted earnings per share for the period. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 23
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Note 7 Quarterly data (unaudited in NOK million) Q1 2026 Q2 2026 Q3 2026 YTD 2026 Passenger revenue 5,778 8,732 10,723 25,232 Ancillary passenger revenue 866 1,429 1,751 4,046 Other revenue 260 248 265 772 Total operating revenue 6,904 10,408 12,739 30,050 Personnel expenses 2,238 2,256 2,319 6,812 Aviation fuel 1,533 3,434 3,134 8,101 Airport and ATC charges 735 1,237 1,354 3,327 Handling charges 534 707 817 2,058 Technical maintenance expenses 331 322 374 1,028 Other operating expenses 911 1,083 961 2,955 Other losses (gains) (284) 817 (336) 197 Total operating expenses excl. lease, depr. and amort. 5,999 9,855 8,623 24,478 Operating profit excl. lease, depr. and amort. (EBITDAR) 904 553 4,115 5,572 Aircraft lease, depreciation and amortisation 1,125 1,156 1,387 3,667 Operating profit (EBIT) (220) (603) 2,728 1,905 Interest income 79 108 102 288 Interest expense 326 315 316 956 Other financial income (expense) 16 54 7 76 Net financial items (231) (153) (207) (592) Share of net loss (profit) of joint venture 7 4 1 12 Profit (loss) before tax (EBT) (459) (761) 2,520 1,301 Income tax expense (income) (97) (206) 682 379 Net profit (loss) (362) (555) 1,838 922 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 24
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Note 8 Tangible assets 30 September 30 September 31 December (unaudited in NOK million) 2026 2025 2025 Predelivery payments 3,474 3,578 3,554 Owned aircraft, parts and installations on leased aircraft 8,564 7,071 7,289 Right-of-use assets aircraft and parts 11,610 12,254 12,644 Aircraft, parts and installations 20,173 19,325 19,933 Other tangible assets owned 738 743 727 Right-of-use assets other 486 541 577 Other tangible assets 1,224 1,283 1,304 Total tangible assets 24,871 24,186 24,791 Total right-of-use assets 12,095 12,795 13,221 Norwegian Air Shuttle ASA has in the second quarter of 2026 entered into an agreement to purchase one Boeing 737-800 aircraft that previously was on lease to the airline. On completion of the transaction, Norwegian recorded a non-recurring gain of NOK 95 million presented as a reduction in the line “Aircraft lease, depreciation and amortisation”. The gain reflects the purchase price the group achieved and the corresponding reduction of existing net lease balances including maintenance provisions related to the leased aircraft. The new aircraft was recognised at fair value at the acquisition date. Note 9 Borrowings 30 September 30 September 31 December (unaudited in NOK million) 2026 2025 2025 Aircraft financing 4,071 3,660 3,630 Lease liabilities 10,824 11,439 11,930 Other non-current debt 2 42 152 Non-current debt 14,897 15,140 15,712 Retained claims bonds – 1,362 1,394 Aircraft financing 617 490 505 Lease liabilities 1,788 1,715 1,774 Other current debt 18 167 166 Current debt 2,423 3,734 3,839 Total borrowings 17,320 18,874 19,551 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 25
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Note 10 Fair value estimation 30 September 30 September 31 December 31 December (unaudited in NOK million) 2026 2026 2025 2025 Carrying Carrying amount Fair value amount Fair value Financial assets at fair value through profit or loss 66 66 1,122 1,122 Derivatives designated as hedging instruments 1,727 1,727 29 29 Financial assets at amortised cost 14,331 14,331 11,814 11,814 Total financial assets 16,123 16,123 12,965 12,965 Derivatives designated as hedging instruments 62 62 230 230 Financial liabilities at amortised cost 24,135 24,120 24,246 24,225 Total financial liabilities 24,197 24,183 24,476 24,456 The group's financial assets and liabilities are measured at fair value in the statement of financial position based on the fair value measurement levels below: Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices of the reporting date. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regularly occurring market transactions on an arm's-length basis. The group had one financial instrument in this category at 30 September 2026, financial investments in money market funds. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Financial instruments in level 2 include forward contracts classified as derivatives. The fair value of forward commodity contracts is determined using mark-to-market values from financial institutions. Spot prices in the mark-to-market calculations are based on mid-prices as set by the financial institutions at the reporting date. Level 3 If one or more of the significant inputs are not based on observable market data, specific valuation techniques are applied. The group had one financial instrument in this category as per 30 September 2026 and 31 December 2025, an investment in Norsk e-Fuel AS. There were no transfers between fair value hierarchy levels during the period. The group’s level 3 financial instruments are not material to the Consolidated Financial Statements, and reasonably possible changes in key u n o b s e r v a b l e i n p u t s , i n c l u d i n g d i s c o u n t r a t e s a n d l o n g ‑ t e r m g r o w t h a s s u m p t i o n s , w o u l d n o t h a v e a s i g n i f i c a n t effect on their fair value. The following table presents financial assets and liabilities measured at fair value: 30 September 2026 31 December 2025 (unaudited in NOK million) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Derivative financial assets, non-current – 192 – – – – Derivative financial assets, current – 1,535 – – 29 – Derivatives designated as hedging instruments – 1,727 – – 29 – Investment financial assets, non- current – – 28 – – 28 Investment financial assets, current 37 – – 1,094 – – Total financial assets at fair value through profit or loss 37 – 28 1,094 – 28 Financial liabilities Derivative financial liabilities, non- current – – – – 63 – Derivative financial liabilities, current – 62 – – 167 – Derivatives designated as hedging instruments – 62 – – 230 – Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 26
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Note 11 Shareholder information Norwegian Air Shuttle ASA had a total of 1,055,238,919 shares outstanding and 78,158 shareholders as of 30 September 2026. 20 largest shareholders at 30 September 2026: Name Country Number of shares Percent 1 Geveran Trading Company, Ltd. Cyprus 140,063,236 13.3 % 2 Folketrygdfondet Norway 99,180,582 9.4 % 3 DNB Asset Management AS Norway 50,055,701 4.7 % 4 Goldman Sachs Asset Management, L.P. United States 33,746,210 3.2 % 5 Salt Capital AS Norway 22,690,106 2.2 % 6 Nordnet Bank AB. Norway 22,413,153 2.1 % 7 KLP Kapitalforvaltning AS Norway 22,103,543 2.1 % 8 American Century Investment Management, Inc. United States 19,660,084 1.9 % 9 Vanguard Capital Management, LLC United States 17,028,067 1.6 % 10 BlackRock Institutional Trust Company, N.A. United States 15,068,185 1.4 % 11 Holmen Fondsforvaltning AS Norway 15,000,000 1.4 % 12 Eika Kapitalforvaltning AS Norway 13,880,441 1.3 % 13 Avanza Bank AB Sweden 11,672,713 1.1 % 14 Barclays Capital United Kingdom 10,322,178 1.0 % 15 Brumm AS Norway 10,146,560 1.0 % 16 Nordea Funds Oy Finland 9,368,907 0.9 % 17 Storebrand Asset Management AS Norway 9,048,164 0.9 % 18 HSBC Bank Plc United Kingdom 7,040,563 0.7 % 19 Kontrari AS Norway 7,000,000 0.7 % 20 Alfred Berg Kapitalforvaltning AS Norway 6,926,189 0.7 % Top 20 shareholders 542,414,582 51.4 % Other shareholders 512,824,337 48.6 % Total number of shares 1,055,238,919 100 % Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 27
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Note 12 Information on related party transactions For detailed information on related party transactions, please refer to Note 30 to the consolidated financial statements for 2025. There have been no significant transactions with related parties during the first nine months of 2026. Note 13 Commitments The group has purchase commitments related to aircraft and aircraft engines at the end of September 2026 with an estimated contractual amount, including estimated cost escalation, of NOK 43,010 million. The amount of the total commitments is subject to changes in USD/NOK currency rates, delivery schedules and other adjustments of the purchase price. The group has no aircraft lease agreements for future deliveries at the end of 30 September 2026. Capital commitments at 30 September 2026: Q3 2026 (unaudited in NOK million) Purchase commitments Leases not yet commenced Total 2026 (Q4) 1,093 – 1,093 2027 8,295 – 8,295 2028 7,874 – 7,874 2029 7,113 – 7,113 2030 11,822 – 11,822 2031 and beyond 6,813 – 6,813 Total 43,010 – 43,010 Note 14 Contingencies and legal claims Following the decision of the Supreme Court not to admit the EU ETS case for consideration, Norwegian recognised a non-recurring loss of NOK 733 million during the second quarter of 2026, related to the previously imposed penalty of approximately NOK 400 million and the 372,818 outstanding EU ETS emission allowances for 2020 to be surrendered. The imposed penalty of approximately NOK 400 million was settled in 2023. Following the settlement of the remaining EU ETS emission allowances for 2020 during the third quarter of 2026, no further liabilities or contingencies persist regarding this legacy legal dispute. As of 30 September 2026, the group is not involved in any ongoing legal processes, disputes, or litigations that are expected to have a material adverse impact on the group's financial position or results. There are no other significant additions, provisions, or changes to the information regarding contingencies and legal claims compared to the information presented in Note 27 to the consolidated financial statements in the 2025 Annual Report and updated in the interim reports for the second quarter of 2026. Note 15 Events after the reporting period On 8 October 2026, the group announced that its Chief Financial Officer, Hans-Jørgen Wibstad, resigned from his position with effect from 31 October 2026. There have been no events subsequent to the reporting period that might have a significant effect on the financial report for the third quarter of 2026. Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 28
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Alternative performance measures Definitions Norwegian Air Shuttle’s financial information is prepared in accordance with International Financial Reporting Standards (IFRS). In addition, the group presents alternative performance measures (APM). The APMs are regularly reviewed by management and their aim is to enhance stakeholders’ understanding of the group’s performance. APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described in the table below. Measure Description Reason for including Operating profit (EBIT) Earnings before net financial items and income tax expense (income) Enables comparability of profitability regardless of capital structure or tax situation EBIT excl. other losses (gains) Earnings before net financial items and income tax expense (income), adjusted for other losses (gains)-net Enables comparability of profitability regardless of capital structure or tax situation, excluding effects for certain volatile operating expenses EBIT margin EBIT divided by total operating revenue Enables comparability of profitability relative to operating revenue EBITDAR Earnings before net financial items, income tax expense (income), depreciation, amortisation and impairment, aircraft leasing expenses and share of profit (loss) from associated companies A measure of operating performance that enables comparison between airlines as it is not affected by the method used to finance aircraft EBITDAR excl. other losses (gains) / Underlying operating result before ownership costs Earnings before net financial items, income tax expense (income), depreciation, amortisation and impairment, aircraft leasing expenses and share of profit (loss) from associated companies, adjusted for other losses (gains)-net A measure of operating performance that enables comparison between airlines as it is not affected by the method used to finance aircraft, excluding effects for certain volatile operating expenses EBITDAR margin EBITDAR divided by total operating revenue Enables comparability of profitability relative to operating revenue Profit (loss) before tax (EBT) Earnings before income tax expense (income) Enables comparability of profitability regardless of tax situation EBT excl. other losses (gains) and impairment Earnings before income tax expense (income), adjusted for other gains (losses) and impairment costs Enables comparability of profitability regardless of one-off impairment losses, excluding effects for certain volatile operating expenses EBT margin EBT divided by total operating revenue Enables comparability of profitability relative to operating revenue Net interest-bearing debt Non-current debt plus current debt less cash and cash equivalents and current financial investments Measurement of the ability to pay all debt with available cash and cash equivalents and current financial investments, if all debt matured on the day of the calculation. It is a measure of the risk related to the group’s capital structure Other losses (gains) Gains and losses from translation of working capital in foreign currency, net gain or loss from sale of fixed assets, and significant non-operating, non-recurring items such as final settlement losses, write-offs, or provisions arising from material legal and regulatory legacy disputes Included as a specification to operating expenses to separate certain volatile operating expenses Operating expenses excl. leasing, depreciation and amortisation Total operating expenses not including aircraft lease expense, depreciation, amortisation and impairment A measure of operating expenses that enables comparison between airlines as it is not affected by the method used to finance aircraft Operating expenses excl. other losses (gains), depreciation and lease Total operating expenses not including other losses (gains) depreciation, amortisation, impairment and lease expenses A measure of operating expenses that is not affected by other losses (gains), depreciation, amortisation, impairment and lease expenses Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 29
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Alternative performance measures (unaudited in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full Year 2025 Operating profit (EBIT) to EBIT excl. other losses (gains) Operating profit (EBIT) 2,728 3,071 1,905 3,711 3,732 Other losses (gains) (336) (80) 197 (501) (409) EBIT excl. other losses (gains) 2,392 2,991 2,102 3,210 3,323 EBITDAR to EBITDAR excl. other losses (gains) EBITDAR 4,115 3,986 5,572 6,657 7,887 Other losses (gains)* (336) (80) 197 (501) (409) EBITDAR excl. other losses (gains) 3,779 3,906 5,769 6,156 7,478 Net profit (EBT) to EBT excl. other losses (gains) and impairment Profit (loss) before tax (EBT) 2,520 2,891 1,301 3,189 3,016 Other losses (gains) (336) (80) 197 (501) (409) EBT excl. other losses (gains) and impairment 2,184 2,811 1,498 2,688 2,607 Net interest-bearing debt Cash and cash equivalents 11,222 7,857 7,434 Financial investments - current† 37 2,655 2,625 Aircraft financing and lease liabilities 17,300 17,303 17,839 Other interest-bearing debt 20 209 318 Retained claims bonds – 1,362 1,394 Net interest-bearing debt 6,061 8,362 9,491 Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 30 * Other losses (gains) is defined in table above and is a part of operating expenses, see consolidated income statement † Financial investments in fixed income funds with a higher expected return and deposit for Retained Claims Bonds
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Other definitions Item Description Aircraft lease expenses Variable lease and rental expenses not capitalised as part of right-of-use assets on aircraft, including both dry leases and wet-leases Ancillary revenue per passenger Ancillary passenger revenue divided by number of passengers ASK / Production Available seat kilometres. Number of available passenger seats multiplied by flight distance Average sector length Total flown distance divided by number of flights Book equity per share Total equity divided by number of shares outstanding CO2 per RPK Amount of CO2 emissions divided by RPK CO2 per seat Amount of CO2 emissions divided by available passenger seats Constant currency A currency exchange rate that excludes the impact of exchange rate fluctuations from comparable period, e.g. 2025 as comparable period Equity ratio Book equity divided by total assets Fuel consumption Aviation fuel consumed, presented in metric tonnes Load factor RPK divided by ASK. Describes the utilisation of available seats Number of aircraft Fleet of aircraft owned and leased at the end of the reporting period, excluding aircraft on wet-lease Passengers Number of passengers, including no-show RPK Revenue passenger kilometres. Number of sold seats multiplied by flight distance Unit cost Total operating expenses, including aircraft lease, depreciation and amortisation, excluding impairment and other losses (gains)-net, divided by ASK Unit cost excluding fuel Total operating expenses, including aircraft lease, depreciation and amortisation, excluding impairment, other losses (gains)-net and aviation fuel expenses, divided by ASK Unit revenue - ticket Passenger ticket revenue divided by ASK Unit revenue - total Passenger ticket revenue and flight-related ancillary revenue divided by ASK Yield - ticket Passenger ticket revenue divided by RPK. A measure of average fare per kilometre Yield - total Passenger ticket revenue and flight-related ancillary revenue divided by RPK. A measure of average passenger revenue per kilometre Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 31
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Additional information Board of Directors Dag Mejdell Chair Karina Deacon Director Stephen Kavanagh Director Sofia Arhall Director Torstein Hiorth Soland Director, employee representative Katrine Gundersen Director, employee representative Trond Moe Director, employee representative Group management Geir Karlsen Chief Executive Officer Hans-Jørgen Wibstad Chief Financial Officer Magnus Thome Maursund Chief Commercial Officer Guro H. Poulsen Chief People Officer Anne-Sissel Skånvik Chief Communications Customer & Corporate Affairs Officer Knut Olav Irgens Høeg Chief IT & Business Services Officer Henrik Fjeld Chief Operations Officer Jeanette Bø-Alnes Chief Performance Officer Tore Jenssen CEO Widerøe Investor Relations Jesper M. Hatletveit investor.relations@norwegian.com VP Investor Relations norwegian.com/us/about/investor-relations/ Financial calendar 2026 28 October Q3 2026 Results 5 November Monthly traffic data October 4 December Monthly traffic data November Financial calendar 2027 7 January Monthly traffic data December 4 February Monthly traffic data January 11 February Q4 2026 Results 4 March Monthly traffic data February 19 March Annual report 2026 6 April Monthly traffic data March 30 April Q1 2027 Results 5 May Annual General Meeting 7 May Monthly traffic data April 4 June Monthly traffic data May 6 July Monthly traffic data June 14 July Q2 2027 Results Third quarter 2026 financial report Highlights Financial review and outlook Interim financial statement Supplementary disclosures 32
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Norwegian Air Shuttle ASA Mailing address P.O. Box 115 NO-1330 Fornebu Visiting address Oksenøyveien 3, Fornebu Telephone +47 67 59 30 00 Website norwegian.com Organisation number NO 965 920 358 MVA