Slides
Page 1
Q4 2025 Presentation 26 February 2026
Page 2
Profilfarger This presentation and its appendices (the "Presentation") has been produced by Norse Atlantic ASA (the "Company", and together with its direct and indirect subsidiaries, the "Group"). This Presentation has been prepared for information purposes only, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell or a solicitation of an offer to subscribe for or purchase, or a recommendation regarding, any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. No representation, warranty or undertaking, express or implied, is made by the Company or its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Group's profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the major markets for the Group and its lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "believe", "aim", "expect", "anticipate", "intend", "estimate", "will", "may", "continue", "should" and similar expressions. Forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this Presentation by such forward-looking statements. This Presentation is current as of the date hereof. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The distribution of this Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. This Presentation does not constitute an offer of, or an invitation to purchase, any securities. By accepting these materials, each recipient represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. 2 Disclaimer
Page 3
Profilfarger 3 New CEO’s perspectives – why I signed up Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 4.7m passengers carried since inaugural flight #1 Low-Cost Long-Haul airline in Northern Europe > Strong foundation > Need for improvements • Attractive long-term lease agreements (2032-38) • Competitive product – 96% load factor in 2025 • Balanced model with 50% of the fleet on ACMI – reduced fuel risk • Service-minded crew – high satisfaction score • Industry-leading ancillary sales • Low-cost operations control center in Riga ready to be scaled • Clear business idea on what should be our future differentiator • Optimize network structure (destinations and utilization) • Accelerating commercial initiatives, incl. ancillary products • Ensure flexible crew agreements to capitalize on market changes without increasing operational costs • Simplified structure and clearer accountability for faster and more firm decisions cross the organization • Improve customer communication with irregularities/cancellation • Reduce cost across functions
Page 4
Profilfarger • 27% revenue increase YoY with strong passenger growth and higher average fares in own network • 96% load factor, fifth consecutive quarter above 90% • EBITDAR and EBIT includes USD 1.6 million of net non- recurring costs related to the engine maintenance incident in Q3 2025 • 19% reduction in unit cost (CASK ex. fuel) on ACMI transition and efficiency gains Revenue1,2 USD million EBITDAR EBIT 156.3 (3.1) (22.0) 123.1 (3.3) (25.9) Flights Passengers Load factor 1,478 407,942 96% 1,196 338,564 92% 1 - Comparative figures for Q4 20244 Q4 2025 - headlines
Page 5
Profilfarger • Significant improvement on all operational parameters • Transition to de-risked dual model with Charter/ACMI and own network • Material shift in commercial momentum from late Q4 with record unit revenue in own network (TRASK) into early 2026 • Network high grading and continuous cost improvements to support sustained margin expansion • EBITDAR and EBIT includes USD 7.8 million of net non- recurring costs related to the engine maintenance incident, as well as training costs ahead of IndiGo operations • Revenue1 USD million EBITDAR EBIT 734.0 56.5 (20.1) 588.1 (0.1) (97.0) Flights Passengers Load factor 6,103 1,839,049 96% 5,402 1,461,245 84% 1 - Comparative figures for 20245 FY 2025 - headlines
Page 6
Profilfarger Note6 Passing the turning -point in December 2025 measures yielding positive results Focus on accelerating change and improvements Drive sustainable profitability and shareholder value creation +14% production own network Dec’25 vs. Dec’24 (ASK) +22% passenger growth Dec’25 vs. Dec’24 +6% unit revenue own network Dec’25 vs. Dec’24 (TRASK) ~50% of fleet on long-term ACMI from end-Jan
Page 7
Profilfarger 3% -1% -1% -1% 7% 6% 20% Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 7 Own Network with clear inflection point during Q4 2025 % Change in TRASK own network YoY • Network high-grading showing clear results • Strong “Winter Sun” program and focused Transatlantic routes • Strengthening momentum from cargo • Network production up 17% in the same period (Nov’25 – Jan ’26) • Booking levels going forward show positive year-on-year trend 1February TRASK as of [15/02/26]
Page 8
Profilfarger 0 100 200 300 400 500 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Aircraft operating for IndiGo and P&O Cruises 8 Successfully completing ACMI transition Monthly block hours for IndiGo per aircraft 1.0 1.0 1.3 2.9 4.5 5.0 5.0 6.0 0.2 0.4 0.4 0.4 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 IndiGo P&O Minimum guaranteed 350 BH/m per AC
Page 9
Profilfarger Q4 2025 Results Note9
Page 10
Profilfarger 1Comparative figures for Q4 202410 Q4 2025 – key figures -28.3 -3.3 -3.1 Q4 2023 Q4 2024 Q4 2025 Revenues (USD million) 95 123 156 Q4 2023 Q4 2024 Q4 2025 -56.9 -25.9 -22.0 Q4 2023 Q4 2024 Q4 2025 EBIT (USD million)EBITDAR (USD million) 230 339 408 Q4 2023 Q4 2024 Q4 2025 Flights (#) 988 1,196 1,478 Q4 2023 Q4 2024 Q4 2025 70% 92% 96% Q4 2023 Q4 2024 Q4 2025 Load Factor (%)Passengers (‘000)
Page 11
Profilfarger 1Comparative figures for Q4 202411 Full year 2025 – key figures -18.0 -0.9 56.5 2023 2024 2025 Revenues (USD million) 439 588 734 2023 2024 2025 -135 -97 -20 2023 2024 2025 EBIT (USD million)EBITDAR (USD million) 980 1,460 1,839 2023 2024 2025 Flights (#) 4,002 5,402 6,103 2023 2024 2025 74% 84% 96% 2023 2024 2025 Load Factor (%)Passengers (‘000)
Page 12
Profilfarger 4.07 3.67 FY 2024 FY 2025 4.77 4.94 3.5 3.7 3.9 4.1 4.3 4.5 4.7 4.9 FY 2024 FY 2025 US cent per ASK LTM • Highly successful winter program • Increasing production and high load factors • ACMI costs below network operations • Reduced overhead costs Load factor drives improved Group TRASK 1 ACMI drives down Group CASK2, 3 Production continues to rise Margin enablers 1 TRASK: Operating revenue per available seat kilometer (ASK) in across own network and ACMI 2 CASK: Total operating expenses, excluding fuel costs, impairment, other losses/(gains) -net, divided by ASK 3 Adjusted for USD 20m and USD 3m in costs covered by insurance claim in Q3 2025 and Q4 2025, respectively 12 Long-term margin expansion continues US cent per ASK LTM +3% -10% 12.3 14.8 FY 2024 FY 2025 Available Seat Kilometers (mill) +20%
Page 13
Profilfarger • 40% non-US flights in Q4 2025 vs. 12% in Q4 2024 • High passenger demand and pricing for “Winter-sun” program • Focus on transatlantic city-pairs with better-yielding routes • Lower ancillary revenues reflecting different ticket bundling for the current winter program vs one year ago Revenue per passenger up 10% YoY Cargo revenues up 27% YoY on higher pricing 13 Revenue per passenger up, cargo revenues increasing 269 317 74 62 Q4 2024 Q4 2025 Avg. Airfares Avg. Ancillary USD per passenger 343 379 6.6 8.7 Q4 2024 Q4 2025 • 37% increase in rate per ton • 5% decrease in volume • Strong demand for high-value cargo from Europe to South-East Asia USD million
Page 14
Profilfarger 4.1 3.6 0.5 TRASK CASK Margin • Group TRASK1 reflect charter/ACMI revenues being predominantly fixed • Group CASK2 reflect lower ACMI operational cost base excluding ‒ Cabin crew ‒ Fuel ‒ Airport charges and handling 70% higher unit margin YoY Changing ASK composition 1) Group TRASK includes total operating revenue across network and charter/ACMI 2) Ex fuel, adjusted for USD 20 million and USD 3 million in costs covered by insurance claim in Q3 2025 and Q4 2025, respective ly 14 Higher unit margin on profitable ACMI operations and improved network earnings US cent per Group ASK 20% 38% 80% 62% 2,599 3,738 Q4 2024 Q4 2025 Own Network Charter/ACMI +44% Group ASK 4.7 4.5 0.3 TRASK CASK Margin Q4 2024 Q4 2025 CASK2 CASK2TRASK1TRASK1
Page 15
Profilfarger 4.46 3.61 0.18 0.14 0.25 0.21 0.36 CASK Q4'24 CASK Q4'25 Comment on per unit costs: • Personnel costs ‒ Reduction due to ACMI transition ‒ Higher overtime compensation in own network during December ‒ Negative effect from lower USD • Maintenance costs ‒ Increase related to follow-on costs from engine maintenance incident described in Q3 2025 report (USD 4.5 million) ‒ Price increase for spares and repairs • Realizing efficiency gains ‒ ACMI-driven reduction in other flight- related costs ‒ SG&A continues to go down 1Excluding USD 2.9 million covered by insurance claims15 CASK developing in the right direction -19% Group CASK ex fuel 1 – development in key components (y -o-y) Technical maintenance1 +19% per ASK Engine maintenance Personnel -13% per ASK ACMI effect Other opex -23% per ASK Efficiency and ACMI effect SG&A -47% per ASK Cost and scale D&A -42% per ASK Redelivery of 3 aircraft Q1 2025 US cent per ASK
Page 16
Profilfarger • Q4 revenue up 27% YoY ‒ 44% increased capacity (ASK) ‒ 20% passenger growth ‒ Includes USD 2.9 million insurance proceeds • Personnel costs ‒ Higher production (more and longer flights) and FX effects ‒ General wage increase, backdated pay and significant overtime during December • Fuel costs ‒ 11% higher production in own network YoY and 7% change in fuel price YoY • Other OPEX ‒ Includes technical maintenance costs of USD 34 million, including USD 4.5 million related to engine maintenance incident 16 Income statement USD thousands 3 months Q4 2025 3 months Q4 2024 12 months FY 2025 12 months FY 2024 Revenue 156,331 123,118 734,042 588,106 Personnel expenses 43,472 34,790 160,840 131,701 Fuel, oil & emissions 40,475 33,102 188,988 183,617 Other OPEX 66,916 47,267 290,252 225,985 SG&A 8,530 11,278 37,485 47,683 EBITDAR (3,062) (3,319) 56,478 (858) Variable aircraft rentals - 287 - 8,239 Depreciation & amortization 18,912 22,314 76,572 87,920 EBIT (21,974) (25,920) (20,094) (97,017) Net finance cost 11,180 8,515 41,199 38,057 EBT (33,154) (34,435) (61,293) (135,075)
Page 17
Profilfarger • Negative cash flow from operations in Q4 2025 • Working capital reduction reflecting ACMI/Charter transition • Net proceeds from share issue reflected in financing cash flow • Free cash end of quarter of USD 18 million, up from USD 10 million at end-2024 17 Cash flow statement USD thousands 3 months Q4 2025 3 months Q4 2024 12 months FY 2025 12 months FY 2024 Operating cash flows before WC 1 movements (6,515) 27,318 13,963 48,019 Working capital movements 11,657 (7,432) 56,402 7,621 Operating cash flows 5,142 19,886 70,365 55,640 Investing cash flows (6,649) (5,512) (20,874) (24,411) Financing cash flows 7,515 (16,166) (42,704) (60,745) Currency effects (167) (752) 613 (160) Net change in free cash 5,841 (2,494) 7,900 (29,675) Free cash at period end 17,554 9,655 17,554 9,655 Restricted cash held 0 13,200 0 13,200 Total cash 17,554 22,855 17,554 22,855 1 WC: Working capital
Page 18
Profilfarger • Working actively with credit card acquirers to reduce cash hold back from ticket sales • Non-current liabilities include ‒ USD 711 million aircraft lease liabilities ‒ USD 29 million convertible bond • Current liabilities include ‒ USD 79 million deferred passenger revenue ‒ USD 7 million shareholder loan ‒ USD 68 million current portion of lease payments ‒ USD 20 million bank overdraft facility • Book equity reflects USD 175 million accumulated non-cash lease accounting cost since inception 18 Balance sheet USD thousands 31 Dec 25 30 Sep 25 31 Dec 24 Total non-current assets 771,974 783,246 876,353 Credit card receivables 72,137 83,769 100,245 Other receivables/current assets 50,126 42,509 31,737 Cash and cash equivalents 17,554 25,514 22,855 Total current assets 139,317 151,792 154,837 Total assets 911,791 935,038 1,031,190 Total equity (260,011) (237,830) (210,568) Total non-current liabilities 816,366 834,937 921,891 Deferred passenger revenue 79,225 84,189 101,289 Other current liabilities 276,212 253,782 218,578 Total current liabilities 355,437 337,971 319,868 Total equity & liabilities 911,791 935,038 1,031,190
Page 19
Profilfarger Outlook Note19
Page 20
Profilfarger Note20 Launched project Falcon to develop an "Airline on Demand“ a more agile and cost-efficient Norse > Maximizing revenue > Minimizing cost • Positioned for more ad hoc charter and/or long-term ACMI if profitability accretive • Consider collaboration with tour operators • Open and close routes faster – agile approach • Clarify premium product to increase total yield • Increased focus on revenue management – not selling out high yield months too early • Balance utilization and capacity vs. delivery predictability for customers • Assess base set-up to match future demand • Renegotiate crew agreements to enable a more flexible and cost-effective platform • Reduce SG&A costs • Increase use of tech/AI (e.g. within customer care) • Strengthen competence in several functions • Optimize internal vs. outsourced functions • Review and renegotiate all supplier agreements • More efficient maintenance planning to reduce related cost “Decisions already taken and measures under consideration” The vision, focus and strategy to make Norse profitable
Page 21
Profilfarger • Month-to-date February TRASK in Own Network up 25% YoY • Estimate for March 2026 shows a similar trend, based on Q1 bookings to date • 40% higher fares for Q1 on booked position per 23 Feb • Strong effect of successful Winter Sun program 1 – All data as of 23/02/202621 1H 2026 bookings confirming positive momentum 1 Q1 2026 vs Q1 2025 • Close to 10% higher fares for Q2 on booked position per 23 Feb • Fare development currently according to projections Q2 2026 vs Q2 2025 6% 20% 25% Dec-25 Jan-26 Feb-26 Mar-26e % Change in TRASK own network YoY Stronger momentum in TRASK 20% 30%
Page 22
Profilfarger Per end February 2026 22 Full year 2026 outlook Passenger revenue own network Optimising network, pricing and load to increase TRASK Charter/ACMI Continued use of ACMI aircraft above minimum block hours Cargo/other Continuing trend from last 12 months Total revenue Driven by own network success combined with stable Charter/ACMI and cargo contribution Cash costs excluding fuel, network Optimizing base structure, operational platform and SG&A, including AI deployment Cash costs excluding fuel, charter/ACMI Derisked, stable cost base Fuel costs Based on Brent Crude average year to date plus forward curve EBITDAR USD 130-150 million based on successful revenue and cost optimisation strategy Depreciation Stable run-rate Net financials Focus on optimising debt structure and terms EBT USD 20-40 million
Page 23
Profilfarger • Norse reached its turning-point in Q4 2025 • Significantly better performance on all KPIs with proof points from January and February 2026 • Project Falcon launched to accelerate the turnaround and strengthen the investment case 23 Conclusion
Page 24
Profilfarger Appendix Note24
Page 25
Profilfarger Oct24 Nov24 Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Number of aircraft in fleet 15 15 15 15 12 12 12 12 12 12 12 12 12 12 12 12 Number of aircraft subleased out 3 3 3 3 1 0 0 0 0 0 0 0 0 0 0 0 ASK (millions) 929 757 914 810 642 783 1,175 1,367 1,564 1,676 1,684 1,346 1,226 1149 1363 1282 RPK (millions) 833 694 859 763 612 748 1,120 1,306 1,542 1,577 1,599 1,282 1,129 1114 1332 1263 Load factor 90% 92% 94% 94% 95% 95% 95% 96% 99% 94% 95% 95% 92% 97% 98% 99% Number of passengers (thousand) 119 95 124 112 84 109 156 183 214 204 208 162 133 124 151 151 Number of flights 410 352 434 377 301 374 499 584 648 658 650 525 485 459 534 499 25 Key operational statistics Monthly breakdown over the last five quarters
Page 26
flynorse.com Explore Explore Thank you for flying with us DRAFT VERSION | Work in progress