Eivind Roald
President & CEO

Welcome, everyone, and thank you for joining the Norse Atlantic Q1 2026 presentation. This quarter has been challenging for the entire global aviation industry. The war in the Middle East, which began on February 28, has created significant challenges for all airlines worldwide, not least due to a sharp rise in the price of jet fuel. Against this backdrop, we will take you through the results for the quarter, the operational improvements and how we are positioning Norse to become even more agile and deliver profitable operations when markets normalize.

Despite the significant change in March as a result of the war, we at Norse, demonstrating that our transition to becoming a profitable company is on the right track.

The commercial momentum from December continued into the quarter with record unit revenues, a 99% load factor and improved underlying profitability. Revenue increased by 66%, driven by route high-grading, stronger pricing and half of the fleet on ACMI from end of January, which, combined with efficiency measures resulted in a positive EBITDAR of $5.8 million, up from negative $13.7 million in the first quarter last year. The Winter-sun program with flights between Europe and Asia and South Africa performed really well, and our own network was on path to profitability before the fuel price spike.

Network EBITDAR improved from negative $18 million in first quarter 2025 to negative $10 million this quarter, and would have delivered around breakeven on normalized fuel prices. On ACMI, we saw significant increase in block hours, leading to an EBITDAR in the Charter and ACMI segment of $16 million, up from $3 million last year. The commercial momentum from December continued into 2026, and