Norwegian Air Shuttle ASA (NAS) – Norwegian full-year results impacted by weakening NOK during the fourth quarter

13 Jan 2025 08:00 CET

Reference is made to the Norwegian Group’s results announcement for the third
quarter of 2024 on 25 October 2024, in which the company provided a results
outlook forecasting a group operating profit (EBIT) of NOK 2.1 to 2.4 billion
for the full-year of 2024 assuming an average USDNOK exchange rate of 10.70 for
the full year. The company also forecasted that unit cost excluding fuel,
measured in NOK, would increase by a low-single digit percentage compared to
2023. The year-end USDNOK exchange rate was 11.35.

The company is now forecasting a group operating profit (EBIT) for the full-year
of 2024 of approximately NOK 1,850 million. The deterioration is predominately
the result of balance sheet adjustments relating the weakening of the NOK
against the USD during the fourth quarter. Other losses/gains amounted to a net
loss of approximately NOK 200 million in the fourth quarter and was driven by
non-recurring effects related to the translation to NOK of future
USD-denominated operating liabilities recorded on the balance sheet as of 31
December 2024. Other losses/gains for the full-year of 2024 amounted to a net
loss of approximately NOK 290 million, compared to a net loss of NOK 35 million
for 2023. In addition, the weakening of the NOK against the USD has resulted in
increased costs for operating expenses, aircraft lease and depreciation in the
fourth quarter of approximately NOK 75 million, compared to when the company
announced its previous results outlook.

Unit cost excluding fuel, measured in NOK, is forecasted to increase within the
previous guidance at 4 percent compared to the previous year.

The company will publish its results for the fourth quarter and full-year 2024
on Friday 13 February 2025.


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


Fornebu, 13 January 2025
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 13 January 2025 at 08:00 CET

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