Norwegian Air Shuttle-Slightly softer than feared – looking like a one-off-07/06/2026

Research evidence excerpt

Norwegian Air Shuttle-Slightly softer than feared – looking like a one-off-07/06/2026

Norwegian Air Shuttle

NEWSFLASH | 6 JUL 2026

Slightly softer than feared – looking like a one-off

June capacity growth of 8% y/y came in a touch ahead of guidance, and the sequential pick-up in growth clearly coloured

the rest of the report. The yield decline of 4% was broadly in line with our expectations – and would be neutral on flat FX –

but the 4.8pp drop in load factor was marginally softer. Capacity growth explains part of that, though we also understand

demand to have disappointed on southbound routes, with some negative drag from the World Cup. Intra-Scandinavian

routes remain the standout performers. Despite the softer June print, the demand outlook for July stays upbeat, with returns

on beach destinations improving the most. We estimate Q2 revenue of NOK ~10.6bn versus consensus at NOK ~10.9bn, and

would expect 2026e EPS to come down by some ~2%. With the June 8gures increasingly looking like a one-off, and Q3–

Q4’26 yield and load expected to return to growth, we would use any weakness today as a buying opportunity.

Please note that Pareto Securities is acting as nancial advisor for Norwegian Air Shuttle in connection with the Acquisition

of Nordic Leisure Travel Group AB

Traf8c 8gures – Norwegian

ASK (bn) Load factor (%)

12 100 %

90 %

80 %

4 70 %

60 %

- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

High-Low High-Low Avg. (2010-2019) 2025 2026

RPK (bn) PAX (mill)

10.0 4.0

8.0

3.0

6.0

2.0

4.0

1.0

0.0 0.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Yield (NOK) Average ticket price (NOK)

1.6 1,600

1.4

1.2 1,200

0.8 800

0.6

0.4 400

0.2

0.0 -