Flyr reports a load factor of 77 percent in November - on track with planned cash burn reductions

07 Dec 2022 08:00 CET

November was characterized by an adjusted route offering from Flyr in order to
meet changes in demand in the low season. A total of 57,500 guests travelled
with Flyr this month and the load factor was 77 percent. The Company operated
all scheduled flights this month, consequently delivering 100 percent
regularity.

"We are very pleased with a load factor in line with our updated plan to become
a financially sustainable airline. Going forward, we will deliver an average
annual load factor between 80 and 90 percent, which means load factors in the
70s in low season and more than 90 percent in high season," said CEO Brede Huser
in Flyr.

"We are on track with our plan to reduce cash burn this winter and at the same
time we experience a good response to our ticket sales. We already see the
benefits of being available in Berg Hansen's travel portal, even though our
current product is not well enough tailored to business travelers. If the
positive development continues, we can increase the number of domestic routes in
Norway on weekdays sooner than planned," said Huser.

Free middle seat for greater comfort

For travelers wanting more space during the flight, Flyr offers a vacant middle
seat in rows 1 to 6 for a small surcharge. This means that the commercial load
factor is somewhat higher than what the Company reports. In November, the
Company had an average of 179 seats for sale on each flight, while the load
factor is based on an available capacity of 189 seats. Adjusted for available
middle seats, the load factor was 82 percent.

Flyr had on average 5-6 aircraft in operation in November. The yield was NOK
0.48, and the unit revenue (PASK) was NOK 0.39. The average distance on the
Company's flights in November was 1,991 km compared with 1,262 km in October,
and 148 percent longer than the same period in 2021. Decrease in average revenue
(yield and PASK) is driven by the fact that the Company now operates more longer
-sector routes, including to Las Palmas, Malaga and Alicante.

Through March, Flyr will operate 5-6 aircraft on routes to several popular
European destinations, including Alicante, Malaga, Las Palmas, Barcelona, Rome,
Paris, Nice, Berlin and Brussels, as well as to ski destinations Milano,
Salzburg and Geneva. The Company will also offer flights from Oslo to Bergen and
Trondheim, as well as "Christmas routes" between several cities in Norway in
December. Demand for Christmas routes has been very positive, and Flyr is
increasing the number of flights so that even more people can travel home for
Christmas.

"Many people are cheering us on, both guests and business partners, and we want
to show that the Company is here to stay so that both leisure and business
travelers have an option which ensures a combination of affordable prices and a
good product. Throughout the winter, we will offer routes to the most popular
holiday destinations in Southern Europe and weekend flights between the largest
cities in Norway. We look forward to welcoming all our guests on board the
newest and most emission-friendly fleet in the Nordics," said Huser.

For further information please contact:

Brede Huser, CEO / CFO

Email: brede.huser@flyr.com

About Flyr

Flyr is a Norwegian based low-cost carrier with a demand driven business model
and a primary focus on the Norwegian market. The company targets a modern,
digital, and efficient setup to ensure high operational efficiency through
simplicity, optimized resource utilization and smart use of technology. 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 according
to section 5-12 of the Norwegian Securities Trading Act. The information was
prepared by Brede Huser, CEO/CFO at Flyr AS, on 7 December 2022 at 08:00 CET.

More information:
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577520_Traffic_figures_November_2022.pdf