Norwegian Group delivers significantly improved first quarter results

The Norwegian Group today reported its first quarter results for 2026, delivering a strong performance in the seasonally weakest quarter of the year. Highlights include a record-high load factor for a first quarter for Norwegian of 87.6 percent, a significantly lower operating loss and an increase in the group's liquidity position to NOK 14.2 billion.

The figures demonstrate the group's ability to deliver financial results underpinned by a focus on cost control and robust operational performance in an uncertain macroeconomic environment. The operating result (EBIT) was negative NOK 220 million, compared to negative NOK 611 million for the same period last year. Profit before tax (EBT) amounted to negative NOK 459 million for the quarter. The results were positively impacted by a strengthened Norwegian krone, in addition to gains related to jet fuel hedges and the reduced price of EU ETS allowances.

“While we are pleased to see that overall demand remains encouraging, we are navigating a complex and unpredictable market with both economic and political uncertainty. Despite this, we delivered a positive development in the first quarter, with stable and reliable flight operations and good cost control,” said Geir Karlsen, CEO of Norwegian.

The Norwegian Group had 5.2 million passengers in the first quarter, with 4.2 million for Norwegian and 0.9 million for Widerøe. Capacity (ASK) for Norwegian decreased by 6 percent, while Widerøe capacity decreased by 2 percent. Actual passenger traffic (RPK) for Norwegian remained stable compared to the same period last year, while it decreased by 1 percent for Widerøe. The quarterly load factor for Norwegian was 87.6 percent, up 5.2 percentage points from the same period last year, whereas Widerøe had a load factor of 70.2 percent.

Punctuality for Norwegian was 78.8 percent for the quarter and 87.2 percent for Widerøe. The Norwegian Group fleet comprised 145 aircraft at quarter-end, with 95 aircraft in the Norwegian fleet and 50 in the Widerøe fleet.

The group’s loyalty program, Norwegian Reward, continued to attract new members. During the quarter, the program surpassed 8.5 million members.

“We are heading into the summer season with good momentum, driven by a continued positive booking trend across key parts of our network. The trust our customers show us, recently confirmed when we were named ‘Best Domestic Airline’ in Norway, is something we are very grateful for. We will continue to earn that trust by delivering the best possible operational performance and customer experience,” said Geir Karlsen.

As part of a government tender, Norwegian launched Denmark's first domestic route using 40 percent sustainable aviation fuel during the quarter. Other events include the cancellation of flights to destinations in the Middle East due to the security situation in the region. Furthermore, Norwegian has appealed a ruling by the Borgarting Court of Appeal regarding the company’s EU ETS obligations for 2020 to the Supreme Court of Norway.

For detailed information, please see attached report and presentation.

For further information, please contact: Jesper M. Hatletveit, Investor Relations at Norwegian, Tel: +47 906 64 401

Fornebu, 28 April 2026 Norwegian Air Shuttle ASA

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jesper M. Hatletveit, VP Investor Relations at Norwegian Air Shuttle ASA, on 28 April 2026 at 07:00 CEST.