Norse Atlantic ASA: New long-term incentive program and granting of share options to primary insiders

Arendal, 23 September 2026: Reference is made to the annual general meeting held in Norse Atlantic ASA (the "Company" or "Norse") on 25 June 2026, where the board of directors of the Company (the "Board") was granted an authorisation to increase the share capital in connection with share option programs in the Company. Reference is further made to the Company's stock exchange announcement made on 8 May 2023 regarding the establishment of a long-term share option program (the "Original Incentive Program").

The Board has resolved to (i) cancel the Original Incentive Program and all outstanding share options granted thereunder, and (ii) establish a new share option program (the "New Incentive Program") for members of the Company's senior management and selected key employees, which comprises a total of 127 643 988 share options (the "Share Options" and each a "Share Option"). The New Incentive Program is designed to ensure that share-based incentives remain a meaningful component of the compensation structure, strengthen the ownership culture in the group, and align the interests of executive employees with those of the shareholders.

Each Share Option granted under the New Incentive Program carries the right to acquire one share in the Company at a strike price of NOK 0.50 per share. The share options will vest over a period of four years, in equal parts (25%) yearly, and will lapse 2 years after the expiry of the vesting period.

96,067,000 Share Options have been granted to primary insiders under the New Incentive Program:

-  Eivind Roald (Chief Executive Officer) has been granted 42,995,000 Share Options. Following the grant, Eivind holds 6,000,000 shares through CR Holding AS and 42,995,000 Share Options in Norse.

-  Anders Hall Jomaas (Chief Financial Officer) has been granted 20,154,000 Share Options. Following the grant, Anders holds 1,791,327 shares and 20,154,000 Share Options in Norse.

-  Kristin Berthelsen (Deputy CEO) has been granted 20,154,000 Share Options. Following the grant, Kristin holds 90,000 shares through her wholly owned company Alltid Alt AS and 20,154,000 Share Options in Norse.

-  Thom-Arne Norheim (Chief Operating Officer) has been granted 9,405,000 Share Options. Following the grant, Thom-Arne holds 0 shares and 9,405,000 Share Options in Norse.

-  Frode Berg (General Counsel) has been granted 3,359,000 Share Options. Following the grant, Frode holds 0 shares and 3,359,000 Share Options in Norse.

Please see the enclosed forms for further details about the individual transactions.

Contacts

Investors and media: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com

About Norse Atlantic ASA

Norse Atlantic ASA is an airline committed to offering affordable fares on direct, long-haul flights to popular destinations, along with specialized charter and ACMI services for tailored travel needs and extensive cargo operations. Norse Atlantic operates a modern fleet of 12 fuel-efficient Boeing 787 Dreamliners, serving a network of destinations across North America, Europe, Africa and Asia.

This information is subject to the disclosure requirements in Article 19 of Regulation EU 596/2014 (the EU Market Abuse Regulation) and Section 5-12 of the Norwegian Securities Trading Act.