Issues for debate post 2Q FY26 results

Research evidence excerpt

Issues for debate post 2Q FY26 results

Equity Research

European Transportation

15 July 2026

Norwegian Air Shuttle AS

Issues for debate post 2Q FY26

results

This report provides a set of issues for investors to discuss NAS.OL/NAS NO OVERWEIGHT

with Norwegian Air's management after its 2Q FY26 results on European Transportation NEUTRAL

14 July 2026. Key issues include revenue and cost trends, Price Target NOK 20.00

Price (14-Jul-26) NOK 13.10

Program X, fleet planning, capital allocation and NLTG Potential Upside/Downside +52.7%

acquisition. Source: Bloomberg, Barclays Research

European TransportationWhat's the debate? This report provides a set of issues for investors to discuss with Norwegian

Andrew Lobbenberg

Air's management after its 2Q FY26 results on 14 July 2026.

+44 (0)20 3555 0639

andrew.lobbenberg@barclays.comTop of the agenda: Q2 unit revenue softness vs recovering bookings, fuel/ETS one-offs,

Barclays, UK

lower CASKx guidance, Program X delivery, NLTG integration and capital allocation.

Management highlighted positive booking curves, higher yields and stronger load factors into Emilie Fung

summer and 3% capacity growth for 2026 and the profitability improvement ambition +44 (0)20 3555 2335

emilie.fung@barclays.comembedded in Program X. FY26 underlying unit cost ex fuel is now guided unchanged vs 2025

compared to the previous LSD increase. Program X delivered NOK321mn in Q2 and remains

targeted to deliver more than NOK1.25bn annual recurring underlying profit improvement by Rahul Singh

year-end 2026. The new strategic debate is the planned acquisition of Nordic Leisure Travel +91 (0)22 6175 2529

rahul.xb.singh@barclays.comGroup, with closing targeted for Q4 2026. The debate is how future costs evolve given the

balance of one-off and ongoing factors.