Norwegian Air Shuttle-Acquiring NLTG – plenty of synergies to go for-06/16/2026

Research evidence excerpt

Norwegian Air Shuttle-Acquiring NLTG – plenty of synergies to go for-06/16/2026

Norwegian Air Shuttle

NEWSFLASH | 16 JUN 2026

Acquiring NLTG – plenty of synergies to go for

NAS has agreed to acquire Nordic Leisure Travel Group (NLTG) to build one robust Nordic travel and leisure giant, with

Norwegian bringing a broad European network and NLTG adding a high-quality hotel portfolio and leisure exposure that

both sides should bene%t meaningfully from. For Norwegian, the cross-selling opportunity looks signi%cant – converting its

existing passenger base into holiday-package and hotel customers and unlocking incremental revenue per passenger. In

the very short term, the biggest synergy is likely to come from NLTG better utilising its fleet within the Norwegian network,

something we have already seen work well with Widerøe. And while the headline EV/EBITDA of 8x (LTM %gures) looks pricy

at %rst glance against NAS at ~4x, assuming the 2–3% revenue growth and 2pp margin uptick from synergies that multiple

quickly drifts towards 6x, and should NLTG return to its historical EBITA margins of 9–10% – which we suspect is exactly

what NAS is aiming for – it edges closer to 4–4.5x. This clearly hinges on a successful realization of the growth and margin

synergies, but the strategic rationale looks sound to us.

Please note that Pareto Securities is acting as a %nancial advisor for Norwegian Air Shuttle

Marcus Gavelli

+47 24 02 81 12, marcus.gavelli@paretosec.com

Phillihp Bjerke

+47 22 87 88 46, phillihp.bjerke@paretosec.com

For disclosures on relevant de nitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein.