For 2024, the Norwegian Group delivered an operating profit (EBIT) of NOK 1,873
million, the second highest in company history. The fourth quarter resulted in a
negative operating result (EBIT) of NOK 93 million, impacted by the weakening
NOK against USD. The year included a highly successful acquisition of Widerøe,
as well as a significant capacity growth throughout the year.

The Norwegian Group had 6.2 million passengers in the quarter, of which 5.2
million were passengers of Norwegian and 1.0 million of Widerøe. Compared to the
same period in 2023, the number of passengers increased by 480,000 for Norwegian
and 126,000 for Widerøe. In the fourth quarter, Norwegian's capacity (ASK)
increased by 19 percent, while Widerøe's capacity increased by four percent.
Despite increasing capacity extensively throughout the last quarter, Norwegian
still managed to deliver a load factor of 84.2 percent, only 0.2 percentage
points down from the same period in 2023. Widerøe increased its load factor by
almost five percentage points to 72.9 percent. For the full year of 2024,
Norwegian had 22.6 million passengers, up ten percent from 2023. Widerøe had 3.8
million passengers in 2024, setting a new passenger record for the regional
carrier in its 90-year history.

"Overall, we are pleased with the hard work across the Group and are encouraged
by the year-on-year growth in passenger numbers. This demonstrates the strong
demand for our product and the appreciation our new and returning customers have
for travelling with Norwegian. The increase in our business segment is
encouraging, and we look forward to continuing to integrate Widerøe's product
offering to further enhance this segment. In addition, I am glad to see Boeing's
production progress, having received three new 737 MAX 8 this year," said Geir
Karlsen, CEO of Norwegian. 

The fourth quarter featured a major event in aviation sustainability. On 17
October, the largest voluntary biofuel agreement in Norwegian aviation history
took place with the ceremonial first refuelling of the defence sector's business
trips with Norwegian. In December, the advocacy group Transport & Environment
ranked Norwegian among the top three airlines globally for its commitment to
sustainable aviation fuel. 

Norwegian's punctuality, measured by the share of flights departing on schedule,
was 78.4 percent in the quarter, while it was 77.5 percent for Widerøe.
Regularity was 99.1 percent and 92.6 percent for Norwegian and Widerøe
respectively. Operational performance for both airlines was negatively affected
by adverse winter weather and operational issues.

Looking ahead to 2025

Norwegian projects that its fleet will be at 88 aircraft for the peak summer
2025 season, with a forecasted low single-digit growth in production for the
year.

"The upside of the weak local currency is that it brings about increased tourism
to the Nordics. Norwegian and Widerøe are uniquely positioned to capitalise on
this. In 2025, we will therefore continue our work to improve our product
offering, and strengthen our efforts to reduce costs and increase efficiency,"
said Geir Karlsen.

The Board of Directors intends to propose to the Annual General Meeting of 2025
a distribution of profits of NOK 0.60 per share for 2024, to be paid out either
through dividend or buy-back of shares. The proposed distribution corresponds to
an aggregate amount of NOK 580 million and a payout ratio of 48 percent.
Distribution of profits for 2024 is subject to certain conditions in the
company's debt instruments. 

In the fourth quarter, the Oslo District Court ruled fully in Norwegian's favour
regarding its 2020 EU ETS obligations. The court found that Norwegian is
entitled to fulfil these obligations by offering a dividend and that the penalty
of almost NOK 400 million was unlawful. Norwegian is entitled to a full refund
of the penalty amount plus interest if the decision becomes final.  The Ministry
of Climate and Environment has appealed the ruling.  

For detailed information, please see attached report and presentation.


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


Fornebu, 13 February 2025
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 13 February 2025 at 07:00 CET/CEST.