Norse Atlantic ASA: Q4 2023 Successful completion of first full year of operations, with continued growth and positive year on year figures

• Revenue increased by 104% to USD 94.8 million in Q4 2023 compared to Q4 2022
• 230,489 passengers carried in Q4 2023, up 70% compared to Q4 2022
• Revenue per passenger increased 42% to USD 340 in Q4 2023 compared to Q4 2022
• ASK up by 81% in Q4 2023 compared to Q4 2022 as Norse brought more aircraft into production
• Load factor increased by 12 percentage points to 70% in Q4 2023 compared to Q4 2022
• Great operational performance as 100% of planned flights were completed during the quarter
• Total cash held at end of quarter at USD 54.8 million
• Generally, a heavy increase in production through second half of the year compared to the first half, with all Norse aircraft generating revenue since 1st July 2023
• Carrying close to one million passengers across 4,000 flights over the full year
• Improved service program allowing for greater fare potential introduced in Premium class
• Strong CASK numbers proving that long-haul low-cost is working – more to prove on revenue side
• New equity capital secured during quarter in a gross amount equalling USD 55 million
• Strategic review identifying interesting strategic options to be pursued into next phase – Seabury Securities appointed to support the company as an investment banker

Norse sees positive signs for the summer season as sales year to date are up approximately 80% compared to the same period previous year. Furthermore, charter revenues booked and under negotiation far exceeds charter revenues achieved in 2023, and we now see a clear path to profitability on a year-round basis.

On 23 January 2024, the Company announced that it has formally appointed Seabury Securities as investment banker to support Norse in the execution of some of the strategic options identified under Seabury’s assignment as strategic advisor that was announced in November 2023.

Several options are being pursued, and in addition to possible investments from strategic investors, also commercial partnership options are of interest. Not all options are mutually exclusive, and therefore, potentially more than one initiative could be led into a final closing.

Bjorn Tore Larsen, CEO and Found Norse Atlantic Airways said: “Q4 marked the completion of Norse’s first full year of operations, in which the Company carried almost one million passengers across 4,000 flights. Our robust operational excellence was clearly demonstrated as more than 99.5% of all scheduled flights were completed as scheduled despite growth in both the summer and winter schedules compared to the previous year. In 2023, Norse achieved strong CASK numbers and demonstrated its ability to drive ancillary sales to become one of the industry’s leading airlines in ancillary revenue. In Q3, Norse delivered its first quarter of net profit demonstrating the validity of long-haul low-cost. In Q4 the Company introduced an improved service program and amenities for customers travelling in its Norse Premium cabin, allowing for an improved fare potential going forward. Seabury Securities were engaged by the Company to explore its strategic options, and in January Seabury were engaged for phase two allowing for these options to be pursued further.

When planning ahead for the winter and summer seasons in 2024 Norse has capitalized on lessons learnt in 2023. Among our priorities will be careful route selection, capturing unreleased fare potential, increasing load factor and developing further business opportunities within cargo and charter operations. The Company will also gradually develop its seasonal strategies as focus during the winter season will turn more and more towards pursuing opportunities in the charter market as a supplement to own scheduled flights. During the summer season the main focus will remain to serve Norse’s own network.”

For further information please see Q4 2023 report and company update presentation attached.

Contacts:

Investor contacts: Anders 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, Jamaica, Barbados, 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.