DAVY VIEW

Norwegian Air has revised its full year 2024 operating profit (EBIT) guidance to approximately NOK1,850m (down from guidance at the Q3 results forecasting a group operating profit (EBIT) of NOK2.1-2.4bn). The deterioration is predominately the result of balance sheet adjustments relating to the weakening of the NOK against the USD during the fourth quarter. Previous guidance assumed an average USD/NOK exchange rate of 10.70 for the full year. The year end USD/NOK exchange rate was 11.35. Other losses/gains amounted to a net loss of c.NOK200m in Q4 and this was driven by non-recurring effects related to the translation to NOK of future USD-denominated operating liabilities recorded on the balance sheet as of December 31st 2024. The company will publish its results for the fourth quarter and full year 2024 on Thursday, February 13th 2025.