Norse Atlantic-Strong commercial momentum – US demand accelerating-07/08/2026

Research evidence excerpt

Norse Atlantic-Strong commercial momentum – US demand accelerating-07/08/2026

Norse Atlantic

NEWSFLASH | 8 JUL 2026

Strong commercial momentum – US demand accelerating

June's 65% capacity decline was again largely a function of Norse adjusting to surging fuel prices, where cancellations of

LA routes were one of the key deltas y/y. Most of the network is at this point focused toward LGW–New York/Orlando and

New York to Athens/Rome, and we understand the latter to remain the top performer. While the stellar load factor of 96%

must be seen against the ASK decline, the 20% growth in revenue per passenger continues to highlight the success of the

ongoing high-grading. As a response to strong demand, Norse now sees an opportunity to redirect more capacity towards

US routes from July onwards, and the surge in ticket prices from Norway to the US of late suggests a decent impact on

TRASK. Also positive to see all six aircraft working for IndiGo at full utilization. With jet fuel prices now seen dropping

towards USD 900/t through H2'26, and nothing yet suggesting anything other than strong commercial momentum for Norse,

cash break-even still looks very much within reach over the next 2-3 quarters.

Please note that Pareto Securities acted as Joint Manager and Joint Bookrunner in the recent rights issue

Traf:c :gures

ASK (m) Growth (%) PAX (k) Growth (%)

2,000 80% 300 100%

80% 60% 1,600

60%

40% 200

1,200 40%

20% 20%

800 0% 0% 100

-20% 400 -20%

-40%

- -40% 0 -60%

Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26

ASK Growth y/y PAX Growth y/y

RPK (m) Growth (%) Load factor (%)

98 %

2,000 100% 100% 94 %

80% 90%1,600

60% 80%

70%

20% 800

0%

-20% 50%

- -40% 40%

RPK Growth y/y

Marcus Gavelli

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