Norse Atlantic Airways: Trading update and presentation for investor update 2 July 2024

02 Jul 2024 08:00 CEST

2 July 2024: Reference is made to the stock exchange announcement by Norse
Atlantic ASA ("Norse" or the "Company") on 22 June 2024 regarding the Company's
update on the process for execution of strategic options, and the Company's
invitation of 26 June 2024 to an investor update to be held today, 2 July 2024
at 12:00 CEST, covering the strategic process, Q2 operations, and business
outlook for 2024 and 2025.

Summary of Presentation:

- Referring to the announcement on 22 June 2024, stating that one strategic
investment option that was in advanced stage of discussions was terminated with
no formal agreement reached, the Company informs that the potential investor
involved was considering the opportunity to enter the long-haul market through
an investment in and collaboration with Norse. The structure of Norse, both
operationally and its low cost base, represented an attractive opportunity for a
strategic investment that would facilitate both companies working more closely
together for the benefit of their operations and their customers. Terms of the
investment were in principle agreed with the potential investor's management. To
Norse's understanding, the investor's board made the strategic decision not to
enter the long-haul market and consequently did not approve the transaction.

- June traffic figures reflect a major increase in capacity year-over-year and
strong improvement in load factor. Each of the last months has shown significant
improvement in traffic figures compared to previous year. Capacity (million ASK)
is up 105% from Q2 2023 to Q2 2024, while passengers (million RPK) is up 122%.
Load factor up from 75% in Q2 2023 to 82% in Q2 2024.

- Bookings for July and August 2024 have been satisfactory compared to last
year, however later bookings this summer. Bookings closer to travel date in turn
translating into later cash inflows from sales.

- Q2 2024 is below expectations due to lower-than-expected fare levels, despite
high load factors and strong ancillary revenues. Q3 2024 and H2 2024 are
expected to be profitable. However, the combination of one strategic investment
option in advanced stage of discussions having ended with no formal agreement
reached, tail-heavy summer bookings curve while awaiting credit card receivables
being collected, and the softening market conditions affecting the Company's
revenues, has negatively impacted the Company's near-term liquidity and cash
balance situation, and various working capital initiatives are therefore
ongoing.

The presentation to be used at today's investor update is enclosed to this
announcement. [Metrics used in this announcement are defined in the
presentation.]

Contacts:

Investors: CFO, Anders Hall Jomaas,  anders.jomaas@flynorse.com

Media: SVP Communications, Philip Allport, philip.allport@flynorse.com

About Norse Atlantic ASA:

Norse Atlantic Airways is an airline that offers affordable fares on long-haul
flights, primarily between Europe and the United States. The Company was founded
by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet
of 15 modern, fuel-efficient and more environmentally friendly Boeing 787
Dreamliners that serve destinations including New York, Las Vegas, Los Angeles,
Orlando, Miami, Cape Town, Bangkok, Oslo, Athens, London, Berlin, Rome and
Paris. The Company's first flight took off from Oslo to New York on June 14,
2022.

Disclosure regulation:

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. The information was
submitted for publication by Philip Allport of Norse Atlantic ASA on 2 July 2024
at 0800 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

622914_Norse_Investor_Update_2_July_2024.pdf