Norse Atlantic ASA (NORSE) Investor presentation summary

Strategic process

• Multiple strategic investment discussions held since late 2023, with one advanced option discontinued after the investor's board decided not to enter the long-haul market.

• Ongoing pursuit of cooperation and partnership options, though none are currently in advanced stages.

Q2 operations

• June 2024 saw a significant year-over-year increase in capacity (ASK up 95%) and passengers (up 84%), with load factor rising to 85%.

• Q2 capacity up 105% and passengers up 122% compared to Q2 2023; load factor improved from 75% to 82%.

• Revenue per passenger was lower than expected due to increased market capacity and softer fare levels, with fares down 10-20% in April and May.

• Bookings for summer 2024 are occurring closer to departure dates, resulting in later cash inflows.

• Q2 performance was below expectations, but high load factors and strong ancillary revenues were achieved; cost control remained on budget.

Financial and operational outlook

• Q3 and H2 2024 are expected to be profitable, with 2025 also forecasted to be profitable.

• Credit card receivables totaled USD 155 million at quarter end, including USD 41 million for flights already flown.

• Q2 results will be announced on 28 August.