Norse Atlantic ASA accelerates the Project Falcon program to bring 50M USD in cost reductions.

Arendal, Norway, 7 May 2026: Norse Atlantic ASA ("Norse Atlantic" or the "Company") accelerates the implementation of the Company's cost reduction program, Project Falcon, to improve efficiency, simplify operations and reduce costs. Falcon is expected to deliver annualized cost savings of upwards to USD 50 million compared to the 2025 baseline, in line with the upper end of the previously communicated range. Significant reductions are expected to be realized in 2026 and the program is critical to position the Company for future profitable operations.

As a part of Falcon, Norse Atlantic will reduce its administrative workforce by approximately 75 positions, equivalent to around 35% of administrative staff, and consolidate selected office functions. The Company will also relocate its head office to Oslo, to support closer commercial and operational integration, and subsequently close the Arendal office. The Falcon measures also include crew furloughs, temporary pay cuts for non-flying crew, more flexible base structure and simplified agreements with airborne personnel. Furthermore, Norse Atlantic will rationalize its IT and partner systems.

By simplifying the organization, increasing flexibility and reducing structural cost, the Company proactively positions to navigate the present volatile markets and geo-political uncertainty.

"Norse Atlantic has started 2026 with strong commercial momentum, delivering record unit revenue and high load factors on the back of an attractive product and a service-minded crew. At the same time, geopolitical tension has affected jet fuel prices and traffic flows, requiring Norse Atlantic to accelerate Project Falcon to strengthen our financial resilience and pave the way towards profitability" said Eivind Roald, CEO of Norse Atlantic.

"Announcing cost cutting measures, including redundancies to committed colleagues, is a hard decision to make. I want to sincerely thank all our Norse employees for their dedication, resilience and the role they have played in building the Company."

Contacts

Investors: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com Media: Bård Nordhagen, CCCO, baard.nordhagen@flynorse.com