First half 2025: Continues to strengthen earnings

27 Aug 2025 12:30 CEST

"Earnings continue to strengthen from the first quarter and also apply to the
half-year as a whole. The main reason is a combination of higher tax revenues
and an increase in traffic, at the same time as Avinor is continuously working
to cut costs," says CEO Abraham Foss.

However, a significant part of the Group's cost base is relatively fixed,
regulated and necessary to maintain safe and stable operations as envisaged in
its social mission, as well as to carry out tasks imposed by the authorities.

The Group's result improved in the first half of 2025 compared to the first half
of 2024. Total operating revenues for the first half of the year amounted to NOK
6,564 million, and the Group had an underlying growth of 15.8 per cent (adjusted
for other income). Adjustment of airport charges with effect from February 2025
has resulted in higher tax revenues. In addition, traffic growth of 4.1 percent
contributes positively.

Total operating expenses for the first half of the year amounted to NOK 4,459
million, and the Group had an underlying increase in operating expenses of 6.4
per cent (adjusted for other costs). This is mainly explained by general price
and wage growth, as well as increased project activity. Adjusted EBITDA was NOK
2,072 million in the first half of 2025, which was an increase of NOK 626
million from the first half of 2024. Underlying operating costs are lower than
wage and price inflation.

Traffic growth strongest at regional airports
25.3 million passengers travelled via Avinor's airports in the first half of
2025, an increase of 4.1 per cent compared to the first half of 2024. For the
second quarter in isolation, 13.9 million passengers travelled through the
airports, an increase of 2.6 per cent compared to the second quarter of 2024.

The growth in the first half of the year for domestic and international traffic
was 3.3 and 5.1 per cent respectively. International traffic accounted for 40.9
per cent of the total number of passengers in the first half of 2025, compared
to 40.5 per cent in the first half of 2024.

The number of aircraft movements in the first half of 2025 was 2.2 per cent
higher than in the first half of 2024. The increase in international aircraft
movements was 1.8 per cent, while domestic and offshore aircraft movements
increased by 1.8 and 8.8 per cent respectively. The strongest growth comes from
the regional airports, with an increase of 9.5 per cent.

In May, Oslo Airport was named the world's most punctual airport in a ranking of
the major international airports, according to the computer company Ciricum,
which compiles a monthly overview of the punctuality of airlines and airports.
91.22 per cent of the departures were on time. "This is a result of good,
efficient ground operations, in close cooperation with airlines and handling
companies," says Abraham Foss.

Close follow-up of priorities in the project portfolio
The Group has several large ongoing investment projects. In particular,
investments to upgrade the baggage handling facility at Oslo Airport and
government-mandated projects related to the renewal of systems for control and
surveillance of airspace contribute to high investments. In addition, there is a
continuous high focus on the construction of new airports in Bodø and Mo i Rana,
as well as upgrades of the airports Tromsø, Evenes and Andøya.

The changed geopolitical situation with new requirements for the national total
defence in general, and the Norwegian Armed Forces in particular, may lead to
ongoing changes in premises that represent a risk of increased costs for the
development projects that have interfaces with the Armed Forces.

Norwegian aviation must be competitive and is facing a period of major
investments in order to also meet the transition to sustainable aviation. Avinor
and the Civil Aviation Authority established Norway as an international test
arena for zero- and low-emission aviation in April 2024, as a measure to speed
up the phasing in of new, emission-free technology. In August this year, the
first electric test route opened in Stavanger, a cargo route that will fly
between Stavanger and Bergen from Stavanger Airport, marking a milestone on the
road to emission-free aviation.

Contact:
Abraham Foss, CEO, +47 479 01 111
Petter Johannessen, CFO, +47 400 03 003
Hilde Vedum, Finance Director, +47 995 00 534

More information:
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653957_Avinor Q2-2025 eng.pdf