Slides
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22 October 2025 Presentation of third quarter 2025
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Highlights for Q3 2025
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Q3 profit before tax (EBT) NOK 2,891 million ● group operating profit (EBIT) NOK 3,071 million – Norwegian EBIT NOK 2,797 million – Widerøe EBIT NOK 274 million ● significant results improvement – operating margin 25.1% vs 18.4% last year ● historic high quarterly EBT and EBIT ● unit cost excl. fuel down 6% YoY – Program X incl. successful fleet initiatives, recurring and non-recurring – improving macro with lower USDNOK Exercise of aircraft purchase option ● purchase of 30 additional Boeing 737 MAX-8 – latest modern tech. with reduced emissions – firm order increased to 80 aircraft ● adjusting delivery dates until 2031 – fleet renewal in line with lease expiries and market development – first aircraft from order due shortly ● received five Boeing aircraft during Q3 Strong Widerøe contribution ● delivering passenger records in Q3 – delivering 9% passenger growth ● operational excellence with strong OTP – regularity significantly improved ● strong contribution to group results – EBIT up NOK 82m YoY – commercial segment strong performance ● Widerøe now part of Norwegian Reward Balance sheet fit-for-purpose ● inaugural dividend paid out in August – NOK 0.90 per share to c. 75,000 shareholders ● paying down on final legacy bond – 1.5bn repayment plus outstanding deposit – gov. contribution with positive nominal return ● owning larger share of own fleet – three aircraft purchased and financed in Q3 Preferred travel partner – direct, not connect ● 370 Norwegian routes on sale across attractive network – over 100 Widerøe routes ● operational excellence with few cancellations – ranked among top European airlines ● strong customer satisfaction vs. peers – Net Promoter Score (NPS) close to 50 ● most direct routes from Nordics to Europe ● capturing corporate market share ● Spenn expanding with attractive offering ● Danish Travel Awards best European airline 3
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Passengers in third quarter 2025 (group) Third quarter 2025 Load factor (change YoY) 7.6 million (+3% YoY) Load factor (change YoY) Norwegian capacity (ASK) 11.7 billion seat kilometres (+2% YoY) Widerøe capacity (ASK) 596 million seat kilometres (+3% YoY) 77.8% Punctuality 99.3% Regularity 91.8% Punctuality 98.2% Regularity 4
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1,272 1,293 1,587 1,929 2,177 2,372 2,563 2,418 2,3020.80 0.80 0.79 0.92 0.84 1.00 1.09 0.92 0.91 0.37 0.47 0.57 0.67 0.77 0.87 0.97 1.0 7 1.17 0 500 1,0 00 1,500 2,000 2 ,50 0 3,000 3 ,50 0 4,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Norwegian – record Q3 traffic Delivering record traffic during peak season • capacity growth (ASK) 2% YoY • record high Q3 unit revenue – load factor 88.3%, marginally higher YoY – yield up 3% YoY Robust performance post summer • September load up +1 p.p. YoY • solid demand for autumn holidays Norwegian Traffic – PAX per month, load factor and yield Passengers (1,000) Passengers last year Load Factor Yield – total revenue 5 82.0% 84.7% 81.0% 83.5% 83.5% 88.4% 92.3% 85.9% 86.5% 65.0% 70.0 % 75.0% 80.0% 85.0% 90.0 %
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294 288 328 334 349 394 363 367 396 0 10 0 200 300 400 500 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Widerøe Traffic – PAX per month and load factor Passengers (1,000) Passengers last year Load Facto r Record Widerøe – passenger records Record quarterly traffic • 1,125,000 passengers – up 9% YoY and highest ever • stable load with increase in traffic • September record high monthly passengers Increasing interline traffic with Norwegian • annual interlining traffic flows up close to 30% Significant results contribution • results supported by strong operations – regularity 98.2%, significantly improved vs. last year • EBIT NOK 274 million – up NOK 82m YoY Widerøe now part of Norwegian Reward • earn Spenn and use benefits on flights across group • Norwegian Reward Priority frequent flyer offering – ongoing top-tier status match for Strawberry and EuroBonus 6 * * * 68.4% 70.1% 70.7% 71.8% 68.6% 81.1% 81.4% 77.6% 73.4% 50.0% 5 5.0 % 60.0 % 65.0% 70.0 % 75.0% 80.0% 85.0% 90.0 % 95.0% 10 0.0%
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0 50 000 00 00 1E +09 1. 5E +09 2E +09 2. 5E +09 May Jun Jul Aug Sep OctMay-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Norwegian – load and yield ahead with reduced winter capacity 7-day rolling sales figures (PAX) – All markets1) 2023 2024 2025 Booked revenue – winter season (Nov. –Mar.) Optimised winter season capacity • capacity (ASK) down c. 5% vs. last year for months ahead • improving underlying performance in low-season Visibility from Q1 onwards • limited as per normal this time of year Booked load ahead vs. last year • Norwegian 60,000 more tickets sold vs. last year at corresponding date for winter season travel Norwegian yield on sold tickets up YoY for winter season 1) travel anytime, anywhere as of 19 October 2025 2024 2025 7
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Financial results for Q3 2025
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Quarterly financial highlights Revenue • group revenue NOK 12.3 billion – up 6% vs. last year – Widerøe contribution NOK 2.1bn • traffic records across group – Norwegian capacity (ASK) growth 2% – total unit revenue up 4% YoY with marginally higher load factor – Widerøe delivering Q3 passenger records Quarterly result • group EBIT NOK 3,071 million, significant improvement YoY – highest quarterly operating result in company history – operating margin 25.1% – Norwegian EBIT NOK 2,797m – Widerøe EBIT NOK 274m • aircraft fleet initiatives yielding positive results effect – gains for purchase of three leased aircraft and delay compensation • Norwegian unit cost ex. fuel NOK 0.42 – down 6% YoY – countering cost inflation, e.g. maintenance components and ATC and airport tariffs Balance sheet fit for purpose • liquidity position NOK 10.5 billion – decreased following bond repayment and dividend – NIBD impacted with five leased aircraft addition • company-first dividend paid in August – NOK 0.90 per share distributed to c. 75,000 shareholders • repayment of legacy bonds – Retained Claims Bonds NOK 1.5bn repayment and deposit for remaining amount – relieved of dividend and share buyback restriction 9
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Revenues – record Q3 traffic Quarterly total operating revenue (NOK million) Norwegian Q3 traffic • capacity growth (ASK) 2% vs. Q3 2024 • Unit revenue up 4% from last year – load factor marginally higher Widerøe with strong contribution • growth in passengers 9% • September monthly passenger record • 17% share of group operating revenue Yield change Group Q3 2025 Volume (ASK) +2% Chg. other revenue Norwegian Q3 2024 Norwegian Q3 2025 Widerøe & elimination Load factor +0.3 p.p. 9,718 10,247 12,252 168 329 38 -6 2,005+529 (+5%) 10
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OLG** Widerøe Group Q3 2025 EBITDAR volume effect Fuel price (incl. ETS) Unit rev. & other rev. Norwegian Q3 2025 Norwegian Q3 2024 Dep., amor. & lease Inflation, FX and scale* 1,941 2,797 3,071 54 361 81 -244 76 528 274 +856 Operating profit (EBIT) – significant improvement YoY Quarterly EBIT (NOK million) Significant improvement in traffic YoY • record unit revenue Countering cost inflation • additional cost for ETS and SAF counter to lower fuel price • pressure from industry specific cost inflation • Q3 unit cost excl. fuel down 6% YoY and down 3% ytd. Gains from fleet initiatives • NOK 269m gain from purchase of three leased aircraft • delay compensation Widerøe significant results contribution • EBIT NOK 274 million, up 82m YoY *) 12-month core inflation weighted by respective currency’s share of operating expenses excl. fuel . Actual tariff increases applied for Airport and ATC charges. **) other losses/(gains) 11
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NOK million Q3 2025 Q3 2024 Chng. (YoY) Passenger revenue 10,444 9,759 Ancillary passenger revenue 1,549 1,558 Other revenue 259 277 Total operating revenue 12,252 11,594 +6% Personnel expenses 2,132 2,044 Aviation fuel 2,918 2,938 Airport and ATC charges 1,244 1,078 +15% Handling charges 810 780 Technical maintenance expenses 320 331 Other operating expenses 923 841 EBITDAR excl other losses/(gains) 3,906 3,581 Other losses/(gains) -80 4 -83 EBITDAR 3,986 3,578 Aircraft lease, depreciation and amortization 915 1,445 -530 Operating profit (EBIT) 3,071 2,133 938 Net financial items -196 -124 Profit before tax (EBT) 2,891 2,004 Income tax expense (income) 342 0 0 Net profit (loss) 2,549 2,004 545 Group P&L 12 → improved unit revenue and Widerøe growth → NOK 137m increase with reduced ETS allowances and increased SAF mandate → increased ATC and airport charges from year-end → significant improvement YoY → eff. tax rate 12% due to exp. utilisation of unrecognised tax assets → aircraft purchase, higher share of owned aircraft, FX and delay compensation → larger fleet and higher share of owned aircraft
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Robust balance sheet Net interest-bearing debt • NOK 0.90 per share dividend paid in August – inaugural company dividend for c. 75,000 shareholders • NIBD higher this quarter – dividend paid out plus Boeing PDP payments – five leased Boeing 737 MAX-8 aircraft entering fleet – acquisition of three leased aircraft • legacy bond repayment – repayment and deposit for last remaining covid bond – relieved of dividend and buyback restrictions NOK million 30 Sep 2025 30 Jun 2025 Chng. (QoQ) Intangible assets 1,965 2,356 Tangible assets 24,186 21,891 +2,295 Total non-current assets 26,734 24,682 Receivables 4,152 5,184 Financial investments 2,655 1,052 +1,603 Cash and cash equivalents 7,857 12,738 -4,881 Total current assets 15,224 19,508 Assets 41,958 44,190 Equity 7,685 5,914 Non-current debt 15,140 15,248 -107 Other non-current liabilities 4,391 5,045 Total non-current liabilities 19,531 20,293 Air traffic settlement liabilities 5,428 8,563 -37% Current debt 3,734 3,439 Other current liabilities 5,580 5,981 Total current liabilities 14,742 17,983 Liabilities 34,273 38,276 Equity and liabilities 41,958 44,190 Equity ratio (%) 18.3 13.4 4.9 p.p. NOK million 30 Sep 2025 30 Jun 2025 Chng. (QoQ) Cash & equiv. 7,857 12,738 -4,881 Financial Investments 2,655 1,052 +1,603 Aircraft financing 17,303 15,806 +1,497 Other IB debt 209 88 Retained Claims Bonds 1,362 2,793 -1,431 NIBD 8,362 4,897 +3,465 13 → deposit for outstanding bond → bond repayment, dividend and predelivery payments → bookings lower with season, up 4% YoY → aircraft additions and bond repayment → delivery of five leased aircraft
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Cash flow in quarter Working capital effect • reduced forward bookings and normalised holdback Excess liquidity • placed on deposits and money-market funds • cash balance not including financial investment: – NOK 1,077m in fixed-income fund investments – NOK 1,578m deposit against outstanding bond • rate-of-return above 5% Boeing prepayment – significant portion already paid in • prepayment to date NOK 3.5bn – up NOK 468m from previous quarter • net remaining payments before 2028 sub NOK 0.5bn Ticket pre-payment Investing activities Financing activities Foreign exchange effect Opening balance (30 Jun 2025) Operating activities excl. ticket pre-payment Closing balance (30 Sep 2025) 12,738 7,857 -2,904 3,730 -2,859 -2,829 -19 -4,881 Quarterly cash flow (NOK million) • payment of bond, leases and dividend • financing of three purchased aircraft • strong underlying operating cash-flow 14 • lower prepayment with seasonality • purchase of three leased aircraft and PDP • deposit for outstanding bond
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The way forward
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Widerøe in Bergen – successful expansion 16 Bergen connectivity • attractive destination for inbound tourism – group with c. 60% of total Bergen market • large choice of direct destinations across Europe and Norway
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Det er deijlig å være – i Danmark Norwegian won the Danish SAF tender On 8 October the Danish Government announced that Norwegian won the SAF blending tender on the Aalborg to Copenhagen route Quick facts: • appr. 3,500 flights from Aalborg to Copenhagen • expected to save about 6,700 tonnes CO2 (fuel lifecycle) • first ever government tender offer of this type in the EU “Best European Airline” at Danish Travel Awards Norwegian won “Best European Airline” award, voted by passengers Billund airport route launch: • 10 new international routes from Billund • bringing tourists to Denmark and Legoland • attractive European destinations for West Denmark – direct – not connect
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Exercising purchase options • order now for 80 Boeing 737 MAX 8 aircraft – exercised option for 30 aircraft in Q3 on top of previous 50 firm aircraft order – attractive pricing – adjusting certain delivery dates to align with lease expiries and market growth – first aircraft from own orderbook delivering shortly Boeing delivering on time • five aircraft from lessors delivered in Q3 – in total 13 aircraft to be delivered this year, up from two last year – recent deliveries ahead of revised schedule Utilising balance sheet for smart fleet decisions • purchased three Boeing 737-800 leased aircraft in Q3 – non-recurring gain NOK 269 million plus recurring cost savings – long-term financing at attractive terms completed • lowering ownership cost – Norwegian experiencing high demands for financings – balancing cost of capital vs. cash flow Fleet optionality • evaluating additional lease extensions – depending on market development and profitable growth opportunities Executing on long-term fleet strategy Summer 2025 Summer 2026 Summer 2027 Summer 2028 90 96 100 104 65 62 28 59 37 53 47 39 Norwegian fleet estimate 18 737-800 NG 737 MAX 8
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Program X: Delivering sustainable profitability Program X to deliver by year-end 2026: • underlying recurring profit improvement in excess of NOK 1 billion p.a.* • sustained increase in EBIT margin (%) *) baseline 2024 for Norwegian (excl. Widerøe) at constant FX and jet fuel What we have done so far in 2025: • fleet control through acquisition of aircraft and spare engines • operational improvement with 3.2 p.p. higher ytd. arrival punctuality • new distribution platform enabling Widerøe interlining • realisation of additional Widerøe synergies - merging of office support functions incl. customer care, IT and communications Result – on track to deliver on target: • reducing cost pressure across group value chain • 40% of achieved initiatives this year are recurring Examples of what we are doing: • operations asset performance – fuel savings – crew efficiency optimiser • cost reductions overhead rightsizing – efficiency via automation • commercial interlining – partnerships 19
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Outlook FY 2025 Norwegian unit cost excl. fuel2) Unchanged vs. prior year FY 2025 Q4 2025 FY 2026 Capacity growth1) c. 3% c. -3% c. 3% $ 1) available seat kilometres (ASK) for Norwegian vs. same period previous year 2) vs. 2024 assuming current foreign exchange rates 20 Photo: Dimos Bstakis @norwegian_aviation
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Disclaimer Certain statements included in this presentation contain forward-looking statements, such as statements of future expectations. Although the statements provided are based on the best reasonable assumptions of management of Norwegian Air Shuttle ASA (“Norwegian”), the statements are based on a number of assumptions and forecasts that, by their nature, involve risks and uncertainties. No assurances can be given that the expectations provided in the forward- looking statements will prove to be correct. Various factors may cause the actual results of Norwegian to differ materially from those projected in forward-looking statements. These factors include, but are not limited to, (a) general economic conditions, (b) changes in the competitive climate, (c) fluctuations in the price ofjet fuel, (d) fluctuations in currency exchange rates, (e) industrial actions, (f) contingencies and legal claims, and (g) legislative, regulatory and political factors. Norwegian cautions readers of this presentation not to place undue reliance on the forward-looking statements in making an investment decision. Norwegian assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 22