Norwegian Air Shuttle (NAS) Investor presentation summary

Financial performance and growth

• Achieved strong financial growth since 2021, with revenue rising from NOK 18.9bn in 2021 to NOK 37.6bn in 2025 and EBIT improving from NOK -2.8bn to NOK 3.7bn over the same period.

• Passenger numbers increased from 17.8 million in 2021 to 27.3 million in 2025, reflecting robust demand.

• Load factor for 2025 reached 85.8%, up 1 percentage point year-over-year, with punctuality and regularity also improving.

• Capacity measured in available seat kilometres (ASK) grew 3% year-over-year in 2025.

• Q4 2025 saw improved performance with a 3% reduction in capacity, higher load factor, and a 4% increase in yield.

Network, fleet, and operational strategy

• Operates an extensive European network with 370 routes and 128 destinations, supported by 95 aircraft and 5,200 employees.

• Fleet expansion includes delivery of the first of 80 Boeing 737 MAX 8 aircraft, offering over 14% reduction in fuel burn.

• Fleet set for summer 2026 with further deliveries and potential lease extensions under evaluation.

• Winter capacity is optimized to match seasonal demand, supporting profitability.

• Operational excellence is demonstrated by high punctuality, regularity, and a Net Promoter Score of 50.

Strategic initiatives and synergies

• Acquisition of Widerøe brings operational synergies, unified corporate offerings, and increased market share, representing 70% of Norway's 2024 growth.

• Program X targets recurring profit improvements exceeding NOK 1.25bn annually by end-2026, with initiatives in fleet ownership, distribution, and cost control.

• Spenn loyalty platform has 2.2 million earners and 19.7 million transactions, with major Nordic partners and growing brand awareness.

• New Distribution Platform launching in 2025/26 to enhance flexibility and interlining potential.