Norse Atlantic ASA: Strong revenue growth driven by new commercial strategy and dual ACMI/network model

21 May 2025 07:00 CEST

Arendal, Norway, 21 May 2025 - Norse Atlantic ASA today reports strong revenue
growth for the first quarter of 2025 driven by a record 95% load factor
reflective of the new commercial strategy and execution of the planned
transition to the dual ACMI charter and own scheduled network operating model.

Q1 2025 headlines (comparative figures for Q1 2024):

· Record load factor of 95%, 51% YoY increase in passengers flown
· Average revenue per passenger in own network up 5% YoY and PRASK up 27%
· 23% increase in revenue excluding USD 28.7 million aircraft redelivery gain
· Successful delivery on ACMI strategy
· Pre-sales trending well above same time last year

CEO, Founder and major shareholder, Bjørn Tore Larsen:

2025 has started on a positive note with a world-leading load factor of 95%,
significant volume growth and increased revenue per passenger compared to the
first quarter of 2024.

The improvements across all key performance indicators are a function of Norse
Atlantic Airways' new commercial strategy implemented in 2024 and continuous
focus on operational efficiencies. This is reflected in improved year-over-year
financial performance during a seasonally low quarter for the airline industry.
Our progress and aim to deliver full year 2025 profitability are supported by
the commercial strategy delivering increased load factor, the transition to a
dual-leg ACMI and own network model, and ongoing cost and efficiency
initiatives.

Following completion of the planned redelivery of three 787-8 aircraft, we now
have a uniform fleet of 12 modern, efficient and in-demand 787-9 aircraft. These
form a strong base for further improvements based on our dual leg model with
ACMI charters reducing our market risk and complementing operations in own
scheduled network.

The LOI for longer-term ACMI engagements with IndiGo, India's leading and one of
the world's largest airlines, for up to six aircraft have become firm contracts.
The contracts reinforce our partnership with one of the world's leading airlines
and strengthen our strategic and financial position in a volatile market. They
also support efficiency gains through maximum utilization of the aircraft fleet,
combining demand from both ACMI and own scheduled network. One aircraft
commenced operations for Indigo in March, and the rest will follow during the
second half and into early 2026, subject to regulatory approvals.

This leaves Norse with 11 aircraft operating its own scheduled network during
the summer ahead, whereas the longer-term fleet in own scheduled network will
comprise six aircraft. We believe this represents a good balance between
securing year-round fixed revenue from ACMI and maximizing the possibilities in
our scheduled network.

Momentum into the upcoming busy summer months is good with bookings to date
confirming the positive trend in load factor and passenger revenues.

We will continue to deliver our affordable, value-for-money product to our
customers worldwide.

****

For further information please see attached first quarter 2025 Report and
Presentation.

Norse Atlantic is pleased to invite to an online presentation today at 09:00 AM
CEST. To join the live presentation, please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250521_1/

A recording of the presentation will also be accessible on the Investor
Relations page.

For further inquiries, please contact:

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

Media contacts: Bård Nordhagen, CCO, baard.nordhagen@flynorse.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5
-12. This stock exchange announcement was published by Anders Hall Jomaas on the
time and date provided.

More information:
Access the news on Oslo Bors NewsWeb site

646975_Norse_2025_Q1_Presentation.pdf
646975_Norse_2025_Q1_Report.pdf