Good morning, and welcome to the fourth quarter 2025 presentation for the Norwegian Group. My name is Jesper Hatletveit, and I am the VP of Investor Relations here at Norwegian.

Today's presentation will be held by our CEO, Geir Karlsen, and our CFO, Hans-Jørgen Wibstad. The presentation will be followed by a Q&A from the audience and the web.

Please go ahead, Geir.

Thank you, Jesper. Good morning.

Good morning to all of you following this also online. It is a beautiful morning in Oslo.

It's the winter holiday coming up. I heard on the news on the way in here that 80,000 people is leaving OSL today.

I know that quite a few of them are flying with Norwegian, it's a good day. Going to the highlights for the quarter and also a little bit on the full year of 2025.

EBIT of 21 million. That is an improvement from last year.

We have seen passenger growth in both airlines in the quarter. We are continuing to do well on what we call operational excellence, where we are seeing an improved regularity and punctuality for both airlines compared to the same quarter last year.

On unit cost, as many of you know and remember, we have been guiding a flat CASK for 2025 as a whole, and that's also where we ended up. That means that the Q4 CASK is slightly up, but for the year, we are sticking to what we have been guiding over the last couple of quarters.

2025 as a whole, very good year, with an EBIT of 3 billion NOK in combination between the two airlines, EBIT of 3.159 billion in Norwegian and 585 million in Widerøe. That converts into an EBIT margin of 9.9%, which is historically strong for this company.

We are continuing to grow our network. In 2026, we will fly close to 500 routes between the two airlines.

We are continuing to be among the best airlines in Europe when it comes to punctuality, and we have very few cancellations, thereby the regularity is absolutely top-notch regardless of who you compare us to. I'm going to share a little bit of information on the NPS score, where we are also doing fine, and we are, after all, the airline with most direct routes from the Nordics to Europe.

We are continuing to do well on the corporate side of the market. I will share some details on that as well.

Spenn is starting to show results, and we are looking very much forward to bringing the Reitan Retail Group into Spenn during the next weeks and few months. Also nice to have taken delivery of the first of 80 aircraft that we have on direct order with Boeing.

We took delivery on the first one in October. That means that we have 79 remaining deliveries that will take place from now until 2031.

This is aircraft that is brand new. They burn quite less fuel than the 737 NGs, 14 to 15%, and we are seeing a huge appetite from the leasing and financing community in order to finance these aircraft at terms that we look upon as very attractive.

We are, as mentioned many times, planning to own a significant share of this fleet ourselves, because it reduces the ownership costs for the years to come. Dividend is had news, I can see this morning.

We started to pay dividend in 2025. The liquidity position at the end of the year, 10 billion.

The liquidity position today is higher. We ended the year with an equity ratio of 18.2%, and we also spent quite a lot of time in 2025 to work on the balance sheet.

As remember, we acquired 13 aircraft that were currently leased to Norwegian, and by that, we booked a profit, and we also are looking forward to having a recurring reduced ownership costs on these aircraft as long as we keep them. We also repaid the corporate debt in 2025, and we distributed our first dividend.

For 2025, with a payout in 2026, we would like to pay 0.8 NOK per share in dividend. That converts into a payout ratio of 31%, and this is, of course, subject to an approval by the upcoming AGM taking place in May.

I'm sure Hans-Jørgen will share a little bit more on that. A little bit statistics: 6.2 million passengers in the quarter, 0.4% up year-on-year.

Very happy to see the load factor in especially Norwegian, 86%, 2% up, and also very happy to see the punctuality and regularity in both airlines, I would say massively up compared to the same quarter last year, and this shows that the efforts that we are putting in place on these area is starting really to have an effect. Now it's all about making sure that we can continue this strong performance in the quarters to come.

Very happy about that. This is a chart that we have been showing you for quite a few quarters.

This shows the seasonality that we are exposed to in Norwegian. It also shows that we are adjusting capacity between the seasons, and we did actually in the fourth quarter of 2025 reduce the capacity with 3%.

That is because we thought that we were then more aligned with the market as we saw it, and I think we did quite well. We saw a load factor, as mentioned, coming up to 86%, and we also saw the yield coming up with 4%.

This trend has also continued into January, where we have seen a load up 4% and with a significant higher unit revenue. All in all, we are happy with the last months including January.

I'll come back to the period in front of us. Also for Widerøe, again, very happy with the operational performance, very strong quarter, more than 1 million passengers, up 2%, and very happy to see that Widerøe in the fourth quarter is definitely contributing to the result for the fourth quarter, delivering an EBIT of 124 million.

Also worth mentioning that Widerøe had a fantastic 2025 with their best result ever. Looking forward, to the left, 7-days rolling sales figures on passengers.

As you can see on the red line, we are ahead of the curve compared to 2024. That said, you know that we have reduced the capacity in the first quarter compared to the first quarter last year, and then we are going to ramp up into the second quarter, increasing the capacity with 6%.

Have that in mind when you're looking at the curves, but we are very happy with the New Year's sales campaign, and the bookings are continuing to look promising into the rest of the low season and into the second quarter. Looking at the revenue on the right-hand side, this is travel from February to June.

As you can see there as well, we are ahead on the red curve there, we are ahead compared to the previous years, and we are ahead, if you look at March and April as one because of the Easter effect, we could say that during the next months in total, we are up both on load and on yield. That looks very promising, also heading into the last portion of the low season and into the spring and the summer season.

As per today, we have sold 250,000 tickets more than the same period last year. Yes, I know that we have a 6% capacity increase in Q2, but the load is up more than 6% heading into the second quarter.

It's looking promising for the months to come and into the high season. A little bit on the NPS score.

As you can see, the NPS score has moved from 38.5 to 50.1 in 2025. NPS of 50 is a really strong factor.

NPS is really a tool we use to measure customer loyalty, and this shows that we have a strong, loyal, and engaged customer base. We are spending a lot of time communicating with our customers.

We know exactly what matters the most for our customers. On top of the list is punctuality, as I have mentioned, we are doing well in both airlines, I would say.

Another one that is extremely important is our ability to help our customers when things go wrong, and unfortunately, sometimes things go wrong, and we have done massively improvements on that area as well during the last couple of years. Now it starts to have an effect on the NPS score.

Of course, helpful staff, service-minded, friendly. We have a fantastic staff in Norwegian, that applies both to our great colleagues flying in the air and as well as our colleagues on ground.

Customer initiatives, obviously, punctuality, where we are doing great, and we have, as mentioned many, many times, very high regularity, we have close to zero cancellations. On the reward side, we are also performing well.

Spenn is starting to show results, and I think you should anticipate that we will come with news on the reward side during the next weeks and months that I think will be attractive to our dear customers. As well, on customer care, we are doing quite much better today than last year and the year before, and that is also starting to show results, not at least into the NPS.

Corporate: corporate is actually a little bit interesting because it shows, if you look at the Avinor figures, it shows that the corporate market is definitely not back compared to the pre-pandemic levels, 60% below still. A little bit interesting as well is that 2025 is actually showing a reduction in corporate travels according to Avinor by 2%.

However, if we look at the Norwegian figures, we are up in 2025 both on number of passengers and the revenue. That shows that we are continuing to take market share.

The chart on the right-hand side shows that we are up 8% on revenue, and that includes both an increase in yield towards these passengers as well as an increase in number of passengers. It includes both.

When we are talking to the big corporates, more and more of these corporates are now saying that they're flying more than 50% of their travels with Norwegian, and they're also mentioning the importance of, as mentioned many times today, punctuality and regularity. We are also doing a bet in Sweden.

The Swedish market is moving, I would say, in the right direction. Also happy to share that we signed a four-year contract with Swedish government through Kammarkollegiet that started up in September 2025, and looking at the performance on that contract as per today, it looks promising.

Initiatives ahead that we haven't taken out any effects of yet is the so-called new distribution platform that we are launching these days. This will also give us the ability to do interlining, proper interlining, and the first airline coming up is obviously Widerøe, but it gives us also the ability to interline with others if we should wish so.

Hopefully, we can get live with that as soon as absolutely possible. The corporate market is showing progress.

We are continuing to take market share, and this is a focus area for both airlines in the months and quarters ahead, because we think it is an attractive part of the market. It's high-yielding, and it can also take down the variations between the different seasons.

Hans-Jørgen.

Thank you, Geir. Good morning, everyone.

Nice to see you here, and also the ones on web. I will go through the financial results for the fourth quarter '25 in some more detail, as well as addressing some of the some the full-year results.

As mentioned, revenues came in at 8.5 billion for the quarter, which is up 4% compared with the same period last year, and Widerøe contributing a nice 2 billion to that number. What's driving that is really a robust traffic figures across the group.

We're seeing that the the unit revenue is up 6% year-over-year, both on the back of higher loads as well as higher yields, and then also Widerøe having a good quarter. Meaning that the quarterly operating results for the group ended at 21 million plus, which is up from a from a negative figure last year, and with with, of course, as mentioned by Geir, Widerøe contributing very nicely, and with Norwegian just marginally negative of of with -91, and then with Widerøe with 124.

Full-year result, a great result for Norwegian, earnings before before tax of 3 billion and 16 million, or so 3.016 billion, very happy to see that figure, EBIT margin of 9.9%, and then again going back to Widerøe, a great result from Widerøe, significant improvement from last year. Last year, 2024 that is, was a good year, 2025 even better, and their actually bottom-line result is 528 million before tax.

It it's a good good combination between the two airlines. Unit revenue, full-year unit revenue, as guided previously, at 0.5 kroner, happy to see that figure.

I think we've been quite predictable in our in our guidance. We've taken down the guidance through the year and we're ending up exactly where we had hoped to be.

I think it's good to see also that the cost control in the in the business during 2025 has been good. We have had very few surprises, and I think that really is a encouraging for the for for a strong organization to continue to deliver predictable cost cost levels.

Needless to say, the unit revenue or the CASK is impacted by by the transactions on the aircraft where we purchased 13 aircraft during the year, and then we as a consequence of that, we reversed some of the maintenance reserves related to these leases. That obviously impacts the the the CASK, but a good level and as guided, happy to see that.

I think very important for 2025 was the cleanup of the balance sheet. We now, coming out of the of 2025, we really have a balance sheet which is well positioned for the activities ahead of us.

We did repay the corporate debt, the legacy debt. We got rid of the convertible bond.

We got clear cleared with what on the government ownership that held a portion of the convertible bond, they are now they sold out. We did the aircraft transactions, which is very good use of the balance sheet, bringing down the cost as we move forward.

We came into the year with owning 4 aircraft, now we own 17 aircraft, which is a really good on the way to to on our ambition to own a much higher portion of the fleet. Finally, of course, that enabled us to pay a dividend last year, which which we have worked very hard to to do.

Then with all these transactions, we're still coming out with a very robust balance sheet, liquidity position of 10.1 billion, that includes some some short-term investments and also deposit for the outstanding bond, equity ratio a solid 18.2%, and then very happy to announce the the 0.8 kroner dividend equal to a payout ratio of 31%, is actually an increase of 33% from last year, a total of 844 million. Happy to see that, and then we're sort of setting the stage for for being a business that gives priority to dividend as we move forward, balancing the dividend amount with investment requirements.

Of course very happy to to to have that and and being our second dividend for for the company. All right, so that's kind of the broader summary.

Revenues, obviously we see from quarter-to-quarter quarter last year coming from from 6.4 billion for Norwegian to 6.6 billion, obviously driven by lower ASK, but we see the benefit of the lower capacity on the yields as well as the load factor coming up. Then just a small other factor bringing the total revenue to 6.6 billion, adding a very nice contribution from Widerøe, and then ending up with the group revenue of 8.

8.5 billion. A little bit of a deep dive into the P&L.

On the on the top line, we can clearly see operating revenues going up by 4%. We're seeing that the cost lines are as expected.

We're we have the personnel cost expenses which are up as expected due to the salary increases, both particularly among the the flying crew. Not no unexpected events there.

We see the aviation fuel at a pretty stable level. There they're we have the benefit of the of the weaker US dollar, and also lower fuel price, but we also have additional costs relating to the ETS allowance, reduced ETS allowance and increased SAF mandate.

The increase in the airport and ATC charges, as well known, we've talked about that for several quarters, up 16% compared with the same period last year, bringing us down to a an EBIT of 21 million, that we just mentioned, compared with -93 last year, and then with a bottom-line result of -16 versus -233 million last year. A good improvement, of course seasonally impacted by by by particularly on the Norwegian side, with Widerøe being kind of the stabilizing factor, having a more stable quarterly variation.

Overall, we're happy, it's a good fourth quarter for for Norwegian. Looking at the full year, obviously very happy to see the earnings before tax of 3 billion and 16 million, just about 3 billion, nice improvement on operating revenues, 7%.

Personnel expenses, we've talked about that several times, same on the aviation fuel, some headwind, some tailwind on that. Then the airport charges, as with as we've talked about so many times, coming up going up by 21%.

A good result. Obviously aircraft lease depreciation, amortization quite a bit down, impacted by these 13 aircraft purchases where we reversed previous maintenance reserves relating to the leases, having kind of obviously a very positive impact on the on the depreciation line.

Then we have the the EBIT of 3.7 billion and a profit before tax of 3,016, a significant improvement from 2024. Balance sheet: this is between the quarters, not a big difference between each each of the quarters.

Really total assets is literally the same. We did take delivery of 2 aircraft in the in the quarter, impacting impacting tangible assets slightly, but otherwise other than that no big big differences.

Seasonally down on the on the on the cash balance, I'll come back to that in a minute, but in a very strong position, and as Geir mentioned earlier, since since the end of the quarter, since the end of the year, it's seasonally up as we always expected. We are in a in a good position.

Final comment on the balance sheet: we're we're happy to see that the group on the aircraft air air traffic settlement liabilities, it's up by 6%. That's kind of proof that our sales is is better than last year, and we're happy to see that number and that matches very well with the load curve and and the load figures that Geir just just mentioned.

Then with equity ratio of 18.2%, pretty much the same as at the end of the previous quarter. Net interest-bearing debt slightly up by 1.1 billion driven by seasonal reduction in cash, and also the aircraft financing related to the delivery of the of the two aircraft.

Total control of of net interest-bearing debt in a very good position. We are as a business literally debt-free with the exception of the aircraft financing.

There is a little bit of small debt in Widerøe, but with that exception, with all these transactions that we actually undertook during 2025 has left Norwegian without corporate debt, and that's a really good position to be in as we move into 2026 and the years beyond where we have a lot of deliveries and and, great financing deals ahead of us for the financing of the aircraft aircraft fleet fleet growth. Again, going back to the dividend, happy to see the that we can announce, subject to AGM approval of course, 0.8 kroner equal to a payout ratio of 31%, an increase of 33% compared with 2024, and and kind of signaling a strong commitment from from Norwegian to shareholders that we would like to continue to have a dividend-friendly mindset on that, having a responsible level of dividend as we move forward.

Final comments on the cash: I think we've talked through that a lot, not very big variations, largely driven by normal seasonal variations, with the cash going from that is this is the cash excluding the short-term interest investments as well as the the the money placed on deposit for the retained claim bonds, with the cash going from 7.8 or 7.9 billion to 7.4 billion, reduction in prepayment, seasonal, a good operational operational cash flow, normal level of investments, and then also normal level of financing activities in the quarter. It's also worth noting that we have prepaid to date 3.6 billion of the order book that we have with Boeing, and we have very, very limited remaining prepayments before 2028, 2028 of less than 0.5 billion.

Overall, we are in a robust financial situation, and I think 2025, also from a balance sheet point of view, and how we've been driving the the the the debt levels down and getting rid of the corporate debt, has been a good outcome enabling us us also to pay dividend. All right.

Thank you.

To you, Geir. Thank you.

Okay. The way forward.

To the left, you can see a beautiful picture from when we took delivery of the first of the 80 aircraft in Seattle in October. We are very cost-conscious.

We're not planning to do deliveries as glossy as that on all the aircraft. This was a special occasion and it's the first aircraft, and this aircraft also delivered with the new logo, the new Norwegian logo, which looks fantastic, I have to say.

On the aircraft side, these new 737 MAX 8s are burning less fuel, which is extremely important. It also delivers a better experience for the customers and for the employees in Norwegian with less noise, it's just a better product on many areas.

We are also very comfortable on the fleet that we need for the upcoming summer. We are having one delivery prior to the summer, which we expect to happen within the next few weeks, and then we're all set on the fleet side for what looks like a good summer coming up.

I like the optionality that we have also on the fleet side. As you can see on the chart, we still have quite a few 737 NGs, most of them are leased, and looking at the growth for the coming years, building the fleet from 95 aircraft in the upcoming summer to 104, we have the flexibility of potentially extending the leased aircraft if we should wish so, and if the market allows, we could grow more aggressively.

That's an optionality we like and we like to play that in the next coming years. We have also done quite a few acquisitions during 2025 of the leased aircraft, and if opportunities comes up on similar basis, we are more than welcoming that, and time will show whether that will materialize.

That is the fleet side. I'm also going to share a little bit more on Program X this time.

In 2025, Program X delivered 1.3 billion NOK. 900 of that is what we call non-recurring.

The majority of that includes the profit that we booked on the acquisitions of the 13 aircraft, and a portion of that also is included in the 400 million, which is recurring, and which will take down the ownership costs on these aircraft going forward. In 2026, we do expect to materialize 600 million in effect from Program X.

In total in 2026, you will have 1 billion recurring effects coming out of Program X. If you take that 1 billion and look at the pie chart on the right-hand side there, that is how it divides.

So 22% is applicable to the fleet side, acquisitions of the aircraft. 32% is coming from the new distribution platform and the revenue opportunities that gives us, that also includes the interlining capabilities that will bring, and we will start interlining with Widerøe as soon as absolutely possible.

Group synergies is synergies between the two airlines that includes facilities, it includes organizational synergies, and not at least the procurement synergies that we are seeing on the basis of the fact that we are a bigger company with more power towards our vendors. Also on the cost control, it includes the huge areas in the airline.

It includes the whole, kind of fuel value chain, it includes the ground ops operation that is quite significant. It also includes another big area which is crew efficiency, and how we utilize our crew, and it also includes, as mentioned, the whole value chain around fuel, not talking about the fuel price, but everything else related to fuel, including the handling of fuel, etc.

We have, during the last quarters, been guiding more than 1 billion in effect in what you call profitability improvements. We are increasing that to more than 1.25 billion as per today, and then we will see during the next quarters how that delivers.

I would say that Program X is delivering in accordance to plan, and happy to kind of increase the guiding slightly this time. Finally, outlook on capacity: 3% up for the year as a whole.

We have reduced capacity in the first quarter, but then we are going into a ramp-up period for the remaining three quarters in 2026. On unit costs, we are saying low single-digit percentage increase versus prior year, but have in mind, comparing to prior year, we are adjusting for the non-recurring effect in CASK in 2025, the basis for the low single-digit increase is a CASK of 0.52.

We have been writing it at the bottom of the page, have that in mind. All in all, 2025 was a good year.

2026 is also looking to be quite good year for actually both airlines. Hopefully, we can beat 2025.

That ends the presentation. Jesper?

All right. Thank you.

Hans-Jørgen, as well, if you can come up.

All right.

We'll then start with some questions. We'll start with the audience.

Any questions here? Start with Hans Jørgen.

Hans Jørgen Elnæs, Winair. A few questions for me.

Happy to note that you did the best year ever in 2025, congratulations for that. Also very happy to learn that the new distribution platform is now soon in place.

That has been something we have been waiting for some time. That will open up for able to sell into Widerøe.

Can you explain a bit about that? Does that only apply on your own booking engine or will it go on the GDS for travel agents as the one use?

Will this also open up for interlining that other airlines like long-haul airlines, Thai, Singapore Airlines, British Airways, or Finnair, that you can do agreement with them so you can fly passengers to their points in and out of Europe and how are your plans with that? Also Wizz Air has recently tested what they call Wizz Class, which is a kind of could be based of SAS's new Europe business class product where they block the middle seat.

This was a success and Wizz Air this week informed that they will roll this out on all their routes in Europe. What is the Norwegian plans for this segment as you are so keen on improving your corporate and premium leisure sales?

Then the last one is on Starlink.

Many questions, Hans Jørgen.

Starlink is Southwest just announced that they will fit Starlink on all their 810 aircraft. Norwegian has a Wi-Fi system today which is aircraft-ground based.

Do you have any plans to migrate to Starlink? Because it seems like Starlink is going to be a standard for the aviation and for the airlines going forward.

Thank you.

Let's start with the first one. Yes, the new distribution platform is delayed, no doubt about that, but we are now currently, as we speak, running a so-called A/B testing where 50% of our customers is going to the new platform and 50%.

Then we will test the conversion. Hopefully that shows good results, and then we can go live in all the three, let's say, important markets, meaning Norway, Sweden, and Denmark.

That will give us the ability to do interlining with Widerøe, that means that we will also be able to sell Widerøe on Norwegian's platform. We think that that will definitely have an effect, do Widerøe.

When it comes to kind of the SAS portion of that, what we are seeing is that the transfer passengers between Widerøe and Norwegian or Widerøe or us is developing in the right direction for us, meaning that the transfer passengers going to SAS aircraft is going down while it's going up for us, and that is, I would say, as expected. We are not planning to go the Wizz direction by blocking the middle seat.

As you saw today, we had in the fourth quarter 86% load, which is very promising. That said, I think you could say that what you're seeing in the let's call it the ultra-low-cost market or low-cost market, if you include the US, is the fact that the low-cost carriers are actually moving towards the legacy players, offering a more premium product, not all the way, but partly moving in that direction.

That is actually the position that we have today in Norwegian. We are very happy with the position that we are currently having, where we think we are actually having a better product than the ultra-low-cost guys.

That is so we are very happy about that. What was the last one?

It was about Starlink.

Starlink. Yes, we are seeing that a few players are making a lot of media attention on Starlink.

We are upgrading our Wi-Fi system on board our aircraft. As per today, Starlink is not even certified for a 737 MAX.

Then we will see down the road what we decide to do. Right now we are staying with what we have, but on an upgraded version.

Just one comment before we have the next one. You didn't answer my question on Norwegian's plans of interlining with other airlines outside the group.

Is there anything that we can see in the near future to happen?

We would like to come into a position where we can actually do interlining, and we are now very close of being in that position. I've said earlier that we are in dialogue with a few of the airlines that are currently flying into Scandinavia, and then we'll see.

It depends on a few things, not at least, a commercial agreement, and whether that makes sense for us. It brings complexity into our operation, and we need to get paid for that complexity.

That is the status.

Move to the next question. Thomas?

Yes, thank you. Thomas Helgesen from Danske.

On airport and ATC costs, now that some airports have put out their price increases for this year compared to last, how much of an increase can we expect this year compared to 2025? Then I have a follow-up question after that.

I'm sure you have. This is a constant, I would say dialogue that we have, first of all, here in Norway with Avinor, and they've had over the last couple of years quite aggressive fee increases.

For 2026, it looked quite bad during a period, but how we ended up was in a much better place, meaning it's a single-digit increases on the fees. I've said many times that I think we need to be careful when we're looking at the cost level at, for example, Avinor and the fee increases they are bringing on to us and other airlines in a way that we have to be careful so we're not kind of pricing us out of the market.

The fact is that neither us or SAS, which is our main competitor, is actually growing in Norway these days, and Avinor fees is a factor in that picture. We are free to move aircraft where we want, and we have also been moving aircraft around in 2026 compared to 2025.

This is a constant, I'm calling it a dialogue, and it's a tough dialogue.

Thank you. Then on the follow-up question regarding carbon quotas or prices, or actually regarding the need to acquire these quotas for 2026, have you hedged a portion of that, or do you pay kind of spot prices when needed?

The policy that we have is to stay current. Meaning that when you have been flying a month, you buy the quotas for that month, and then by that, you are staying current.

Right as we speak, we are more or less covered for 2025, because we have been expecting that the prices for those quotas to come down. As we discussed with you this morning, what you have seen just during the last couple of weeks is that price has come down from, let's say, mid-90s down to mid-70s.

Why has that happened? Yes, because there is a speculation that EU will postpone or even keep the free quotas not for airline industry, but for other industries, and that's why you are seeing a selling off of these quotas over the last weeks.

That is an opportunity for us. Should we take the benefit of that opportunity and buy more?

Maybe.

Thank you.

Just I think both on that area, also on the currency side, we have seen, as many of you have seen, the dollar weakening. There is some tailwind both on ETS and on the development of the strengthening of the Norwegian krone, weakening of the US dollar, which at the moment has a positive impact for Norwegian.

I then think we move on to some questions from the web. Start with Ole Martin Westgaard from DNB Carnegie.

Can you comment on the current competitive landscape, and adding to that, how do you see industry capacity growth in 2026? Is there a risk that the capacity growth represents potentially any negative yield impact?

I think the short answer on that, Jesper, is that the competitive landscape is, I would say, relatively stable in the markets where we are flying.

Okay. I think actually we move over to a question from Andrew Lobbenberg there.

Competitive pressure from SAS specifically, okay, growing quite a bit in Copenhagen. Do you see any pressure from that?

SAS is our main competitor, and it's a constant fight between the two airlines, and yes, they are focusing very much on Copenhagen. What we need to do in Copenhagen is just to make sure that we are treated fair in kind of SAS's main hub.

The fact that they are moving towards Copenhagen as a hub also gives Norwegian an opportunity, and that's why we are coming up with the slogan 'Why connect when you can fly direct?' .

It's a slogan, but it's an opportunity, big time. Okay.

Another question from Andrew: the outlook for Widerøe and Widerøe margins into 2026 coming out of a strong 2025, how big of, call it, an impact or how big of a factor is the PSO routes to this?

The PSO routes is performing well, also due to the fact that the ticket prices has been reduced by 50%, that continues into 2026. Then, the opportunity that we have between the airlines is to make sure that the commercial part of Widerøe can be even better aligned with the Norwegian network going forward, so that can actually increase the performance from the commercial part of Widerøe.

Looking into 2026, as mentioned here on Norwegian, and the bookings, and how the market is developing, it looks equally as promising for Widerøe in 2026 as 2025 turned out to deliver.

Okay. Final question from Andrew: outlook for cost and revenues given the recent strengthening of the NOK?

Hans-Jørgen?

I think obviously the quite significant weakening of the US dollar has a big impact on our cost base. We're hedged just about 20%, 25% at the moment at good levels, they've come further down.

I think that is something which has to go into the spreadsheets of the analysts to factor in should we believe in a continued weaker dollar, which a lot of analysts believe, and also the consensus is, that should impact our CASK and also our cost level positively during 2026. You

have in mind that 40, 45% of our costs is in US dollars, and that converts into the fact that 10 cents on the NOK is more than 100 million on the bottom line NOK. It's not only obviously on the CASK, it's also the fuel, CASK including fuel.

Then we move on to question from Petter Nystrøm, ABG. Interest cost, it was a bit up in the fourth quarter.

Is this a representative level for the coming quarters, and how is the interest cost impacted by new aircraft entering the fleet?

That is the answer to the question. We're adding aircraft, and that is really the reason why our interest costs are up, and so the net interest is developing not negatively, but as expected on the cost side.

It's really only the impact of the additional aircraft that is impacting. There may be some fluctuations, also currency fluctuations, particularly in Widerøe, on the net financial costs, but overall, it's purely impacted at the moment on the increase or changes in the aircraft fleet.

Okay. That's the final question we have from the web.

I'll ask again if there are any questions from the audience? There are none, so that means that we conclude the session.

Thank you

very much.

Thank you.