Norse Atlantic ASA: Business transition on track, Q3 impacted by market softness and non-recurring costs

26 Nov 2025 07:00 CET

Arendal, Norway, 26 November 2025 - Norse Atlantic ASA today reports a record
revenue and 11% passenger growth for the third quarter of 2025 driven by a 95%
load factor. Financial performance in the quarter was impacted by a softening
market on Transatlantic routes and non-recurring costs. Execution of the
strategic priorities launched 12 months ago is progressing to plan, laying the
foundation for a long-term profitable long-haul airline providing affordable
travel.

Q3 2025 headlines (comparative figures for Q3 2024):

· Record revenue and passengers carried
· Load factor above 90% for four straight quarters
· Transition to dual strategy progressing on plan
· Transatlantic market softness reflected in ticket prices
· Maintenance incident and other non-recurring costs impacting profitability
· Financial position and shareholder base strengthened via convertible bond
and equity issue

CEO, Founder and major shareholder, Bjørn Tore Larsen:

A year ago, we set a new course for Norse Atlantic based on a data-driven
commercial strategy, a plan to realize operational efficiencies and a transition
to a dual ACMI and own network model with reduced risk, more stable revenues and
high-grading of the routes we fly.

Since then, we have delivered four consecutive quarters with load factors above
90%, record passenger volumes and improved financial performance.

Nevertheless, we still have challenges to address and room to improve amid tough
competition on core Transatlantic routes, negative operational events and cost
inflation affecting across the airline industry.

Our fleet of 12 modern, efficient Boeing 787-9 Dreamliners form a strong base
for delivering those improvements as Norse Atlantic transitions to the dual
strategy model with ACMI charters reducing market risk and complementing own
scheduled network.

We are progressing to plan with five aircraft delivered to IndiGo at end
-November, with the final one set for transfer in early 2026. Then, we will have
a balanced portfolio with six aircraft on ACMI charters and six in own scheduled
network. The predictable ACMI revenue and cash flow will strengthen our
strategic and financial position as we optimize our own network, flying routes
with maximum passenger and fare potential.

This is already reflected in our winter program, where we increase the number of
routes from Europe to Asia and Africa to tap into seasonally stronger demand.
Our operations are further complemented by charter flights for P&O Cruises,
transporting cruise passengers from the UK to the Caribbean from November
through to March.

Next summer, we have a focused program between Europe and the U.S., based on
routes with proven strong demand and higher ticket prices. We also look forward
flying football fans to and from 2026 FIFA World Cup.

We are now fully focused on implementing our dual strategy business model in
line with our ambition of delivering material cash flow and long-term value
creation for our shareholders.
****

For further information please see attached third quarter 2025 report and
presentation.

For further inquiries, please contact:

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

Media contacts: Bård Nordhagen, CCCO, 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

660564_Norse_2025_Q3_Report.pdf
660564_Norse_2025_Q3_Presentation.pdf