Norwegian reports an operating profit (EBIT) of NOK 1,502 million for 2022

16 Feb 2023 07:00 CET

Norwegian has reported its results for the fourth quarter of 2022 and the
preliminary full-year results for 2022. For the full-year of 2022, Norwegian
delivered an operating profit (EBIT) of NOK 1,502 million. The airline limits
losses before tax (EBT) to NOK 80 million in a quarter characterised by
seasonally softer demand, demonstrating Norwegian's ability to adjust capacity
and conserve liquidity when moving from the busy summer season and into the
quieter winter trading period.

For the fourth quarter of 2022, the company delivered an operating loss of NOK
39 million. Profit before tax (EBT) amounted to negative NOK 80 million in the
quarter. Continued liquidity discipline led the company to conclude the year
with a cash position of NOK 7.8 billion. At year-end, the Norwegian fleet
comprised of 70 aircraft.

"We now close a chapter on 2022, a year where our operations have performed
well, in spite of sweeping industry challenges across European airports. For the
full year, we delivered an operating profit (EBIT) of NOK 1,502 million despite
record-high fuel prices and a strong US dollar," said Geir Karlsen, CEO of
Norwegian.

In the fourth quarter of 2022, Norwegian had 4.6 million passengers, up from 3.1
million in the fourth quarter of 2021. Production (ASK) was 6.9 billion seat
kilometres, while passenger traffic (RPK) was 5.7 billion seat kilometres. The
load factor increased to 81.4 percent from 77.0 percent in the same period last
year.

Most punctual Nordic airline
Punctuality was impacted by challenging weather conditions at several European
airports. In the fourth quarter the share of flights departing on schedule was
82.3 percent, down from 87.8 percent in the same period last year, but a
significant improvement from 73.6 percent in the previous quarter. Regularity,
the share of scheduled flights taking place, was 99.4 percent. Cirium, the
global aviation consultancy, named Norwegian the most punctual airline in the
Nordics and one of the most punctual airlines in Europe for 2022.

“Being the most punctual Nordic airline in 2022 is a true testament to the
efforts of our many dedicated colleagues and an important reason for why an
increasing number of customers choose to fly Norwegian, both for their leisure
and corporate travels. Our New Year’s sale campaign has exceeded all
expectations with more than one million seats sold in only 14 days, a strong
sign of the exciting year we have ahead of us," said Karlsen.

Looking ahead to a successful 2023
Looking ahead, Norwegian is well positioned to further solidify the position as
a leading Nordic airline in 2023. Norwegian has more than 300 routes for sale
across the Nordics and to attractive European destinations. With strong brand
loyalty, a solid organisation and robust financial situation, Norwegian is well
positioned to tackle short-term fluctuations in demand and to solidify its
position as a leading Nordic airline.

To meet the anticipated strong demand going forward, the company has signed a
Letter of Intent (LOI) for six Boeing 737 MAX 8 aircraft on lease from Air Lease
Corporation (ALC) to be delivered ahead of the summer 2023 season. These leases
will help to counteract delays from Boeing for other aircraft that were
originally due for delivery this spring. For the upcoming summer season, the
company expects to operate a total fleet of 81 aircraft.

For detailed information, please see attached report and presentation.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47
906 64 401


Fornebu, 16 February 2023
Norwegian Air Shuttle ASA


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 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Jesper M. Hatletveit, VP Investor Relations at
Norwegian Air Shuttle ASA, on 16 February 2023 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

582582_Norwegian Q4 2022 Presentation.pdf
582582_Norwegian Q4 2022 Report.pdf