Norse Atlantic ASA accelerates the Project Falcon program to bring 50M USD in cost reductions.

07 May 2026 14:00 CEST

Arendal, Norway, 7 May 2026: Norse Atlantic ASA ("Norse Atlantic" or the
"Company") accelerates the implementation of the Company's cost reduction
program, Project Falcon, to improve efficiency, simplify operations and
reduce costs. Falcon is expected to deliver annualized cost savings of upwards
to USD 50 million compared to the 2025 baseline, in line with the upper end
of the previously communicated range. Significant reductions are expected to be
realized in 2026 and the program is critical to position the Company for future
profitable operations.

As a part of Falcon, Norse Atlantic will reduce its administrative workforce by
approximately 75 positions, equivalent to around 35% of administrative staff,
and consolidate selected office functions. The Company will also relocate its
head office to Oslo, to support closer commercial and operational integration,
and subsequently close the Arendal office. The Falcon measures also include crew
furloughs, temporary pay cuts for non-flying crew, more flexible base structure
and simplified agreements with airborne personnel. Furthermore, Norse Atlantic
will rationalize its IT and partner systems.

By simplifying the organization, increasing flexibility and reducing structural
cost, the Company proactively positions to navigate the present volatile markets
and geo-political uncertainty.

"Norse Atlantic has started 2026 with strong commercial momentum, delivering
record unit revenue and high load factors on the back of an attractive
product and a service-minded crew. At the same time, geopolitical tension has
affected jet fuel prices and traffic flows, requiring Norse Atlantic to
accelerate Project Falcon to strengthen our financial resilience and pave the
way towards profitability" said Eivind Roald, CEO of Norse Atlantic.

"Announcing cost cutting measures, including redundancies to committed
colleagues, is a hard decision to make. I want to sincerely thank all our Norse
employees for their dedication, resilience and the role they have played in
building the Company."

Contacts

Investors: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com
Media: Bård Nordhagen, CCCO, baard.nordhagen@flynorse.com

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