Flyr reports third quarter results with a load factor of 80 percent and 667,000 guests

03 Nov 2022 07:03 CET

The third quarter of 2022 was characterized by overall strong travel demand and
a 40 percent increase in number of guests from the previous quarter to 667,000.
The company's brand awareness is gradually increasing, and the cost-efficiency
continues to be industry leading. However, demand for domestic flights in Norway
decreased from mid-August.

"We are very pleased with the response in the market and the increasing demand
for our customer-friendly flights to exciting destinations. This quarter we had
the pleasure of welcoming as many as 667,000 guest on board, which is the
highest ever in a single quarter. The strong demand on routes to European
destinations demonstrates that Flyr has become a preferred airline for many
leisure travelers in Norway. We look forward to seeing many new and returning
guests on our flights this winter, not least to sunny destinations such as
Alicante, Malaga, and Gran Canaria," said CEO Tonje Wikstrøm Frislid.

"At the same time, it has taken longer than expected to build loyalty among
business travelers on domestic routes in Norway. Development of solutions for
distribution through travel agencies has also taken too long, as our brand-new
digital solutions and the industry's more traditional systems have proven more
difficult to connect than expected," Wikstrøm Frislid said.

Highlights third quarter 2022

· 667,000 guests, an increase of 40 percent compared to the previous quarter
· Load factor of 80 percent
· On-time performance of 74.1 percent and a regularity of 98.8 percent
· Operating result (EBIT) of NOK -231.7 million
· Revenue of NOK 610.4 million, an increase of 80 percent compared to the
previous quarter
· Q3 earnings impacted by macroeconomic uncertainty and high jet fuel prices,
as well as reduced demand for domestic routes
· High customer satisfaction and positive customer feedback
· Two brand-new Boeing 737-8 aircraft entered the fleet
· 36 FTEs per aircraft, which is better than any of its competitors

Challenging and unpredictable market going forward

Flyr announced in early October that the Company will take forceful actions to
reduce cash burn during the demanding winter season ahead. The expected decrease
in consumer spending, as well as the continued high jet-fuel prices, force the
company to temporarily adjust its route offering and furlough about 50 percent
of its workforce. Several popular European destinations will remain on offer,
while domestic routes in Norway will be reduced to a minimum.

"Despite challenging market conditions and other external factors, we have been
very well received in the market. Overwhelmingly positive customer feedback
demonstrates that Flyr represents something new to the airline industry,
offering a simple and user-friendly digital booking process and taking good care
of the customer through the entire journey," said Wikstrøm Frislid.

Presentation:

CEO Tonje Wikstrøm Frislid and CFO Brede Huser will present the Company's
results today, at 8:30 a.m. CET at the Company's offices in Nedre Vollgate 5,
Oslo, and invites investors, analysts, media and other stakeholders to join the
event.

The presentation will also be available via webcast. Questions may be asked in
person or in writing during the webcast.

The presentation and the subsequent Q&A will be in Norwegian. An English
transcript of the presentation will be made available at www.flyr.com after the
presentation.

Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20221103_3/

The complete third quarter 2022 report and presentation is attached hereto and
is also available at www.flyr.com.

For further information please contact:

Brede Huser, Chief Financial Officer

Phone: +47 99 16 99 74

Email: brede.huser@flyr.com

About Flyr

Flyr is a low-cost carrier (LCC) with a demand driven and sustainable business
model, with focus on serving the Norwegian market with domestic and
international flights from its base at Oslo Airport. Flyr AS is listed at
Euronext Growth under the ticker FLYR. To learn more, please visit www.flyr.com.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
release was published by Brede Huser, CFO of Flyr AS, on the time and date
provided.

More information:
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574605_Flyr_Q3_2022_presentation.pdf
574605_Flyr_AS_Q3_2022_Report.pdf