The Norwegian Group with increased capacity and passenger growth in the second quarter

12 Jul 2024 07:00 CEST

The Norwegian Group delivered an operating profit (EBIT) of NOK 593 million in
the second quarter of 2024. The quarter was characterised by strong capacity and
passenger growth, but also slightly lower demand impacting ticket prices. In the
quarter, the company performed well operationally, with improved cost level and
strong cash flow.

For the second quarter of 2024, the Norwegian Group had an operating profit
(EBIT) of NOK 593 million, corresponding to an operating margin of 6.3 percent.
Profit before tax (EBT) amounted to NOK 477 million for the quarter. The
liquidity position improved to NOK 11.5 billion at the end of the quarter, up
1.1 billion from the previous quarter. The Norwegian fleet comprised 86 aircraft
at quarter-end, of which 22 aircraft were latest technology 737 MAX 8 aircraft.
The Widerøe fleet comprised 49 aircraft.

“We have delivered good operations in the second quarter amidst a hectic ramp-up
into the summer season, and I am glad that Norwegian in May once again was named
Europe’s most punctual airline. Both Norwegian and Widerøe are delivering strong
passenger growth. With an increasing number of routes, frequencies and
destinations, we look forward to welcoming passengers on board,” said Geir
Karlsen, CEO of Norwegian.

In the second quarter, the Norwegian Group had 7.3 million passengers, of which
6.3 million were passengers of Norwegian and 1.0 million of Widerøe. Compared to
the same period last year, the number of passengers increased by 680,000 and
122,000 for Norwegian and Widerøe respectively. For Norwegian, production (ASK)
increased by 19 percent to 10.3 billion seat kilometres, while for Widerøe the
production increased by 2 percent. The quarterly load factor for Norwegian was
82.4 percent, down two percentage points from the same period last year. For
Widerøe, the quarterly load factor was 70.2 percent, an improvement of more than
five percentage points from last year. The second quarter of 2024 marked the
first quarter in which Widerøe is operating under the new public service
obligation (PSO) tender contracts that came into effect from 1 April.

"Thanks to the outstanding effort of the entire Norwegian team, we can look back
at one of the best quarters in our 21-year history. I am very satisfied that our
financial results are strong. We have also delivered an operational performance
as one of the absolute top airlines in Europe with a remarkably low number of
cancellations and strong on-time performance. Positive feedback from customers
shows that Norwegian is the airline they can trust, which is something everyone
at Norwegian has worked towards. We were also able to serve all customers the
Norwegian way, solely relying on our own crew and aircraft to ensure that they
got the Norwegian experience throughout the whole journey. I am confident that
we are well prepared to enter into the quieter winter trading period with
reduced capacity among other actions," said Geir Karlsen, CEO of Norwegian.

Punctuality, the share of flights departing 15 minutes within schedule, was 80.8
and 91.4 percent for Norwegian and Widerøe respectively. Regularity, the share
of flights taking place, was 99.2 and 97.4 percent. Cirium, the global aviation
consultancy, named Norwegian Air Shuttle (DY) Europe’s most on-time airline in
May and the third most punctual low-cost carrier globally.

Norwegian has launched a total of 27 new and exciting routes for the winter
programme ahead. The new routes include Dubai, Agadir and Hurghada, in addition
to routes from European cities to the popular winter holiday destinations Tromsø
and Harstad/Narvik.

Customers of Norwegian and Widerøe highly value the group's attractive and
growing route network. The acquisition of Widerøe and the linking of highly
complementary route networks, will further ensure that the airlines remain
preferred travel partners throughout the Nordics. Overall production for
Norwegian in 2024 is forecasted to grow by approximately 12 percent compared to
the previous year. Growth is projected to slow down for the upcoming year due to
aircraft delivery delays from Boeing. For the summer of 2025, the Norwegian
fleet is currently forecasted to increase to above 90 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, 12 July 2024
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 12 July 2024 at 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

623523_Norwegian Q2 2024 Report.pdf
623523_Norwegian Q2 2024 Presentation.pdf