Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Norwegian Air Shuttle New — Q3 2026 Earnings Presentation
24 slides from Norwegian Air Shuttle Asa's earnings presentation, Oct 28, 2026
Slide 1: Presentation of third quarter 2026
Presentation of third quarter 2026 28 October 2026
Slide 2: Highlights for Q3 2026
Highlights for Q3 2026
Slide 3: Strong Q3 profit before tax (EBT) NOK 2,520 million
Strong Q3 profit before tax Balance sheet (EBT) NOK 2,520 million fit-for-purpose ● group operating profit (EBIT) NOK 2,728 million ● liquidity position NOK 11.2 billion – Norwegian EBIT NOK 2,487m – up 0.7bn YoY after final repayment of legacy debt – Widerøe EBIT NOK 242 m Preferred travel partner
Slide 4: Third quarter 2026
Third quarter 2026 8.8 million (+4% YoY) Passengers in third quarter 2026 (group) Load factor (chg. YoY) Load factor (chg. YoY) Punctuality (chg. YoY) Punctuality (chg. YoY) 12.3 0.61 80.7% 93.5% (+3 p.p.) (+2 p.p.) billion seat Regularity (chg. YoY) Regularity (chg. YoY) billion seat kilometres (+5
Slide 5: Norwegian – robust passenger growth
Norwegian – robust passenger growth Norwegian Traffic – PAX per month, load factor and yield 91.9% 90.0 % 89.4% Traffic significantly improved from July 87.2% 87.7% • strong recovery from demand softness in Q2 shoulder season 4,000 1.06 87.1% 85.7% 86.1% 85.4% 1.0 8 84.8% 83.6% Improved Q3 load amid
Slide 6: Widerøe – strong operational performance
Widerøe – strong operational performance Widerøe Traffic – PAX per month and load factor Significant operational improvement 80.8% • punctuality 94.5% in September 78.1% 75.8% 73.4% 73.8% 72.5% Stable passenger demand 500 71.8% 70.3% 70.1% 69.7% • 400 389 67.2% 64.2% 404 * 394 • Q3 capacity (ASK) up
Slide 7: World-class punctuality
Widerøe – strong operational performance – quarterly punctuality (dep. 15 min.) 94.2% 93.5% 91.8% 87.2% 84.4% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Why operational excellence is so important Customers Network Cost avoidance arrive on time enables effective reducing EU261 costs interlining and impr
Slide 8: Norwegian – booking momentum improved from July onwards
Norwegian – booking momentum improved from July onwards 7-day rolling sales figures (PAX) – All markets1 Booked revenue – winter season (Nov. 2026 – Mar. 2027) 3E+09 2.5E+09 2E+09 1.5E+09 2024 2025 2025 1E+09 2026 2026 500000000 0 May Jun Jul Aug Sep Oct May Jun Jul Aug Sep Oct Optimised winter seas
Slide 9: Norwegian Reward just tiered up
Norwegian Reward with new tiers • Norwegian Reward – attractive benefits for frequent flyers – choose from benefits including fast track, seat reservation and baggage • easy to understand – 5 member levels: Member, Traveller, Bronze, Silver, and Gold – easier to understand for customers, while keepi
Slide 10: Financial results for Q3 2026
Financial results for Q3 2026
Slide 11: Quarterly financial highlights
Revenue • group revenue NOK 12.7 billion – up 4% vs. last year – Widerøe contribution NOK 2.1bn • group delivering passenger traffic growth – capacity ramp-up into peak summer season with Q3 ASK growth 5% YoY – Norwegian delivering load factor improvement with capacity growth Quarterly results • gro
Slide 12: Growing Q3 revenues
Growing Q3 revenues Quarterly total operating revenue (NOK million) Group operating revenue up 4% 12,739 Revenue supported by capacity growth • group capacity (ASK) up 5% YoY +4% 2,038 • Norwegian unit revenue down 1% from last year – marginally higher load factor 10,700 – yield reduced with negativ
Slide 13: Operating profit (EBIT) – strong Q3 results
Operating profit (EBIT) – strong Q3 results Quarterly EBIT (NOK million) Fuel and other operating costs • up with higher production • fuel cost dampened by hedge effects and stronger NOK -310 -227 2,797 453 -347 2,728 Other losses/gains improved from last year 244 -432 • positive FX translation effe
Slide 14: Quarterly group P&L
Quarterly group P&L Chng. NOK million Q3 2026 Q3 2025 (YoY) Passenger revenue 10,723 10,444 Ancillary passenger revenue 1,751 1,549 Other revenue 265 259 Total operating revenue 12,739 12,252 +4% → passenger growth Personnel expenses 2,319 2,132 Aviation fuel 3,134 2,918 +7% → jet fuel price increas
Slide 15: Robust balance sheet – final repayment of bond debt
Robust balance sheet – final repayment of bond debt 30 Sep. 30 Jun. Chng. NOK million Net interest-bearing debt 2026 2026 (QoQ) Intangible assets 1,914 2,523 30 Sep. 30 Jun. Chng. Tangible assets 24,871 24,444 +427 → aircraft deliveries and FX effects NOK million 2026 2026 (QoQ) Total non-current as
Slide 16: Cash flow in quarter
Cash flow in quarter Quarterly cash flow (NOK million) Opening balance 30 Jun. 2026 11,041 Working capital effect • forward bookings seasonally lower, but up YoY Ticket prepayment • lower prepayment with seasonality -2,646 Excess liquidity Operating activities excl. • held in deposits and money-mark
Slide 17: The way forward
The way forward
Slide 18: Nordic Leisure Travel Group (NLTG)
Acquiring a leading Nordic Hotel and Leisure Travel Company • 1.3 million hotel guests and SEK 17 billion in revenue – proven business model with a track record of long-term profitability • 26 unique concept hotels are the main profit engine – concept hotels are ~25% volume, but ~60% of tour operato
Slide 19: Aircraft deliveries according to plan
Aircraft deliveries according to plan Fleet • first five of 80 ordered Boeing 737 MAX 8 aircraft delivered – incl. aircraft to be owned by Norwegian – Boeing delivering according to updated schedule – mix of sale-and-leaseback transactions and retained ownership – two aircraft to be delivered during
Slide 20: Program X – foundation for sustainably strong profitability
Program X – foundation for sustainably strong profitability Profitability improvements (NOK million) Initiatives being implemented in 2026 – realised and forecast – recurring only Other initiatives Increase owned fleet Group synergies c. 100 2% c. 900 22% 20% c. 600 >1,250 24% c. 400 32% Cost contro
Slide 21: Outlook
Outlook FY 2026 Q4 2026 FY 2027 Capacity growth1 c. 2% c. 2% c. 5% FY 2026 Norwegian underlying unit cost excl. fuel2 Unchanged vs. prior year $ 1 Available seat kilometres (ASK) for Norwegian vs. same period previous year 2 Vs. 2025 assuming current foreign exchange rates as of 28 October 2026. Uni
Slide 22: Dreams take flight
UNICEF Art in the air During weeks 40 and 41, all children aboard our flights could draw for UNICEF. For each drawing collected, Norwegian donates 25 NOK to UNICEF. We collected more than 14,000 drawings. Selected drawings will feature on a one-of-a-kind tail fin to be launched in early 2027. Widerø
Slide 23: norwegian x
norwegian x
Slide 24: Disclaimer
Disclaimer Introduction: This Presentation has been prepared by Norwegian Air Shuttle ASA (the "Company", and together with its consolidated subsidiaries, the "Group"). The Presentation is intended for information purposes only and does not itself constitute, and should not in itself be construed as
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