Norwegian Air Shuttle (NAS) investor relations material

Executive summary

• Q3 revenue was NOK 12,739m, up 4% YoY; EBIT was NOK 2,728m, EBT NOK 2,520m and net profit NOK 1,838m.

• Underlying earnings were close to flat YoY after adjusting for prior-year aircraft-purchase gains and Boeing delay compensation.

• Passenger traffic reached 8.75m, up 4% YoY, with stronger punctuality and high load factors.

• Liquidity was NOK 11.2bn, up NOK 0.7bn YoY, after repayment of the final Retained Claims Bonds.

Financial highlights

• Revenue increased to NOK 12,739m from NOK 12,252m; volume added NOK 540m while lower yields reduced revenue by NOK 108m.

• EBIT was NOK 2,728m versus NOK 3,071m; Q3 2025 included NOK 472m in aircraft-purchase gains and Boeing delay compensation.

• EBITDAR excluding other gains was NOK 3,779m versus NOK 3,906m; underlying EBIT was close to the prior year.

• EBT was NOK 2,520m versus NOK 2,891m; net profit was NOK 1,838m versus NOK 2,549m, and basic EPS was NOK 1.75 versus NOK 2.42.

• Unit cost excluding fuel was NOK 0.46, up 4% adjusted for prior-year aircraft-purchase and delay-compensation gains.

Outlook and guidance

• FY 2026 capacity growth is forecast at 2%, including 2% in Q4; FY 2027 growth is planned at ~5%.

• FY 2026 underlying unit cost excluding fuel is forecast unchanged YoY; Q3 underlying CASK was up 4%.

• Winter monthly capacity is planned 25%–40% below October levels; Q1 2027 capacity was cut by more than 5% from plan, including cancelled Dubai flights.

• FY 2027 ASK growth is expected at 3%–4% in the first three quarters, with a larger increase planned in Q4.

• Winter bookings were ahead YoY in every month, with 290,000 more tickets sold than on the comparable date last year.