Norse Atlantic ASA: Q1 2024 demonstrating substantial year-on-year improvements while preparing for growth into busy summer season

• Revenue increased by 97% to USD 78.2 million in Q1 2024 compared to Q1 2023

• 201,462 passengers carried in Q1 2024, up 83% compared to Q1 2023

• ASK up by 72% in Q1 2024 compared to Q1 2023

• Load factor increased by 19 percentage points to 73% in Q1 2024 compared to Q1 2023

• Strong operational performance as 100% of planned flights were completed during the quarter

• Record high number of ACMI and charter operations, totalling 107 flights during the quarter

• CASK numbers improving, CASK ex fuel being down by 28% in Q1 2024 compared to Q1 2023

• Total cash held at end of quarter at USD 33.2 million

• Subsequent to the quarter end, a USD 20 million revolving credit facility was secured from Norse’s two largest shareholders for the purpose of providing a liquidity buffer prior to moving into the more cash generative summer season

• Strategic options continue to be developed and explored in collaboration with advisors Seabury Securities

“The first quarter has shown major improvement on all metrics compared to the first quarter of the previous year. ASK was up about 72% year-on-year, and load factors increased by 19 percentage points with improved revenues per passenger. Norse Atlantic continued to demonstrate robust operational excellence as 100 % of the quarter’s scheduled planned flights were completed as planned.

This winter we have developed seasonal strategies, with more emphasis on holiday destinations and charters. Norse Atlantic managed a record high of 107 charter flights during the quarter. We will refine this strategy further for next winter, with several longer-term contracts secured or under negotiation.

We are looking forward to the busiest summer season so far in Norse Atlantic´s short history. During the summer the fleet of aircraft operated in Norse’s own network increases from 10 to 12 aircraft, representing a capacity growth of 20%.

Norse will continue to focus on careful and profitable growth. We are happy to see that our footprint in the market has increased as the network expands to include Athens this summer, Las Vegas from the fall, and a new continent as Cape Town joins the network in the winter. Our goal is to see CASK continuously decreasing year-on- year for each quarter. Norse remains steadfast in its commitment to achieve the lowest CASK in the Transatlantic market. Norse is on a path towards year-round profitability, and a successful summer 2024 is the next important stepping-stone on that journey,” said Bjorn Tore Larsen, CEO and Founder Norse Atlantic Airways.

For further information please see attached Q1 2024 report and Q1 2024 presentation.

A video presentation of the Q1 2024 results can be found here:  https://norse.videosync.fi/2024-q1-results

Contacts:

Investor contacts: Anders Hall Jomaas, CFO, Anders.Jomaas@flynorse.com

Media contacts: Philip Allport, Senior Vice President Communications, media@flynorse.com

This information is subject to the disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act and the Euronext Growth Rule Book part II.

Norse Atlantic Airways is an airline that offers affordable fares on long-haul flights, primarily between Europe and the United States. The company was founded by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that serve destinations including New York, Los Angeles, Orlando, Las Vegas, Cape Town, Bangkok, Miami, Oslo, Athens, London, Berlin, Rome and Paris. The company's first flight took off from Oslo to New York on June 14, 2022.