Norwegian will appeal EU ETS ruling to the Supreme Court

12 Mar 2026 17:50 CET

Norwegian Air Shuttle ASA will appeal today’s judgement from the Borgarting
Court of Appeal concerning the EU ETS obligations for 2020. The Court of
Appeal’s decision overturned the Oslo District Court’s ruling in Norwegian’s
favour.

Reference is made to the stock exchange announcement dated 29 January 2025 in
which Norwegian Air Shuttle ASA (“Norwegian”) was notified that the Ministry of
Climate and Environment had filed an appeal to the Court of Appeal to challenge
the decision from the Oslo District Court which ruled that Norwegian was fully
entitled to fulfil its EU ETS obligations by offering dividend corresponding to
the allowance obligations and that that the penalty for the failure to meet the
EU ETS obligations for 2020 was unlawful. Further reference is made to the stock
exchange announcement on 20 December 2024 regarding the ruling of the Oslo
District Court.

The Borgarting Court of Appeal has today rendered its decision in the
proceedings. The court upheld the Ministry’s appeal, finding that Norwegian was
obliged to fulfil its EU ETS obligations for 2020 in full, irrespective of the
reconstruction. The court also ruled that the penalty imposed for the failure to
meet the EU ETS obligations for 2020 was valid. The judgement from the Court of
Appeal does not align with the judgement of the Oslo District Court, nor with
the views of other stakeholders and experts.

“We are disappointed and surprised that the court of appeal has reached a
different conclusion than the Oslo District Court. We maintain our conviction
that we were legally unable to fulfil our EU ETS obligations in full during the
reconstruction process. We disagree with the court's interpretation of the law
in this case and will appeal the decision,” said Hans-Jørgen Wibstad, CFO in
Norwegian.

When Norwegian was informed about the potential penalty in 2021, the
Reconstructor in Norway, Håvard Wiker, was in dialogue with both the Norwegian
Environmental Agency and the Attorney General of Civil Affairs. In this
dialogue, the Reconstructor clarified that Norwegian was under reconstruction
and legally prevented from fulfilling its EU ETS obligations, and that doing so
could entail criminal liability. In the parallel Irish examinership process, the
Irish High Court ruled, in accordance with the view of the Irish Examiner, that
EU ETS obligations were subject to cram down.

The judgement from the Borgarting Court of Appeal is not final. As announced in
the stock exchange release on 2 March 2023, Norwegian paid the penalty amount of
close to NOK 400 million to avoid enforcement and reserved its rights to claim
return of this amount plus interest following a final conclusion. Norwegian does
not expect to make any additional provisions following the verdict from the
Court of Appeal. For more information, please see notes regarding Contingencies
and Legal Claims in the latest Quarterly Report and the Annual Report of 2024.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle, Tel: +47 906
64 401
Esben Tuman, Media Relations at Norwegian Air Shuttle, Tel: +47 905 08 400


Fornebu, 12 March 2026
Norwegian Air Shuttle ASA


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site