Norwegian recorded an operating loss (EBIT) of NOK 763 million for the group in
the first quarter of 2024. The results were significantly improved compared to
first quarter 2023, even though this quarter was impacted by a weaker Norwegian
krone. Norwegian's liquidity position improved to NOK 10.4 billion in a quarter
which includes the successful acquisition of Widerøe.

For the first quarter of 2024, the Norwegian Group had an operating loss (EBIT)
of NOK 763 million, compared to an operating loss of NOK 916 million in the same
quarter last year. Operating profit was negatively impacted by currency
revaluation effects resulting in a net loss of NOK 126 million for other
losses/(gains) this quarter. Norwegian's liquidity position improved through the
first quarter to NOK 10.4 billion, including cash settlement for the Widerøe
acquisition. The Norwegian Group fleet, including Widerøe, comprised a total of
136 aircraft, 87 aircraft for Norwegian and 49 for Widerøe.

"The significant improvement compared to 2023 is a clear sign that our many
initiatives, both on revenues and costs, have the desired effect and move us in
the right direction. Furthermore, we have increased our capacity for the season
ahead with new routes and frequencies and are very much looking forward to
welcoming a busy summer flying passengers to attractive destinations all over
Europe," said Geir Karlsen, CEO of Norwegian.

In the first quarter of 2024, Norwegian Group had 4.8 million passengers. 4.0
million were passengers of Norwegian and 0.8 million of Widerøe. For Norwegian,
the capacity was up 3 percent from last year and down 13 percent from the
previous quarter as capacity was adjusted to match the seasonally lower demand.
The quarterly load factor was up four percentage points for both airlines, at 85
and 67 percent for Norwegian and Widerøe respectively. Winter weather and storms
significantly affected operating performance for both airlines. Punctuality, the
share of flights departing within 15 minutes of schedule, was 81.1 percent for
Norwegian and 80.0 percent for Widerøe. 

Widerøe acquisition moving the Group forward

Norwegian completed the acquisition of Widerøe on 12 January 2024, becoming the
sole owner of the regional carrier. This quarter marked the last quarter that
Widerøe operated under the previous Public Service Obligation (PSO) tender
contracts. From 1 April, the new PSO tender came into effect, a tender which
entails a 50 percent reduction in maximum prices and a six percent increase in
capacity for Widerøe. 

"Together with the Widerøe organisation, we are exploring how the acquisition
can help create a much better offering for existing and new customers. This
includes looking for opportunities to create more seamless travel from regional
Norway to international destinations. We will create significant synergies
together, both commercially and for operational efficiency, and have already
capitalised on initial opportunities. Furthermore, we are eager to see how the
new PSO tender will affect the rest of the year," said Geir Karlsen, CEO of
Norwegian. 

Looking ahead to 2024 and the summer season

31 March marked the start of the 2024 summer season, which initiates a
significant ramp-up for Norwegian with new routes, destinations, and the opening
of new bases at Riga and Palma de Mallorca. The important Easter travel week
fell earlier this year, providing an extra demand boost during March. Norwegian
flew all international flights during Easter, with zero cancellations, bringing
passengers from all over Europe to their holiday destinations.

The Norwegian fleet is forecasted to remain at 87 aircraft through the peak
summer season, while the overall production for 2024 is forecasted to grow by
approximately 12 percent compared to the previous year.


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, 25 April 2024
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 25 April 2024 at 07:00 CEST.